1993 CAFRI
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CITY OF ROSEMEAD
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California
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 309 1993
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1993
TABLE OF CONTENTS
INTRODUCTORY SECTION Page
Letter of Transmittal i
List of Principal Officials xii
Organizational Chart xiii
Certificate of Award for Outstanding Financial Reporting xiv
Certificate of Achievement for Excellence in Financial Reporting xv
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 31
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1993
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Page
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
GENERAL FUND: (cont.)
Statement of Revenue, Expenditures and Changes in Fund
Balance 32
Revenue Detail - Budget and Actual 33
Expenditure Detail - Budget and Actual 35
SPECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds 41
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds 43
Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund 45
Statement of Revenue, Expenditures and Changes in
Fund Balance - State Gas Tax Fund 46
Statement of Revenue, Expenditures and Changes in
Fund Balance - Air Quality Management District 47
Statement of Revenue, Expenditures and Changes in
Fund Balance - Local Transportation Fund 48
Statement of Revenue, Expenditures and Changes in
Fund Balance - Public Transportation Fund 49
' CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
' Fiscal Year Ended June 30, 1993 .
I TABLE OF CONTENTS (cont.)
1 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 50
' Statement of Revenue, Expenditures and Changes in
Fund Balance - 1976 Community Parklands Grant Fund 51
Statement of Revenue, Expenditures and Changes in
Fund Balance - Street Lighting Fund 52
' Statement of Revenue, Expenditures and Changes in
Fund Balance - Narcotics Seizure Fund 53
' Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 54
I Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 55
' Statement of Revenue, Expenditures and Changes in
Fund Balance - Rosemead Housing Development Corporation 56
I Statement of Revenue, Expenditures and Changes in
Fund Balance - Federal Highways Grants 57
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund 60
Statement of Revenue, Expenditures and Changes in
Fund Balance 61
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1993
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Page
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
DEBT SERVICE FUND:
Balance Sheet - Debt Service Fund 64
Statement of Revenue, Expenditures and Changes in
Fund Balance 65
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 66
FIDUCIARY FUND TYPES:
Combining Balance Sheet 70
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds 71
ACCOUNT GROUPS:
Statement of General Fixed Assets 74
STATISTICAL SECTION
General Governmental Expenditures by Function - All Governmental
Fund Types 77
General Revenues by Source - All Governmental Fund Types 79
Other Tax Revenues by Source - All Governmental Fund Types 81
Assessed Valuations of Taxable Property 83
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1993
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.) Page
Special Assessment Levies and Collections - Lighting and
Maintenance District
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Computation of Legal Debt Margin
86
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Total General Expenditures
87
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Assessed Valuation
89
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt Per Capita
90
Property Tax Rates - All Overlapping Governments
91
Schedule of Direct and Overlapping Bonded Debt
92
Demographic Statistics
93
Principal Taxpayers
95
Schedule of Insurance in Force
96
Construction Activity
97
Miscellaneous Statistics
98
Vicinity Map 99
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MAYOR:
ROBERT W. BRUESCH
MAYOR PRO TEM:
JOE VASQUEZ
COUNCILMEMBERS:
MARGARET CLARK
DENNIS MCDONALD
GARY A. TAYLOR
1
1 December 1, 1993
The Honorable Mayor
and Members of the
Rosemead City Council
Poscmead
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (818) 288-6671
TELECOPIER 8183079216
Councilmembers:
Submitted for your information and consideration is the Annual Financial Report for
' the year ended June 30, 1993. 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 our citizens, the City Council, and the
' investment community.
' The responsibility for both the accuracy and completeness of the financial report rests
with the City. To the best of our knowledge the information presented is accurate in
all material aspects and includes all disclosures necessary to enable the reader to gain
' an understanding of the City's financial activities.
' GENERAL INFORMATION
The City of Rosemead was incorporated on August 4, 1959, and operates as a
general law city. It has a Council-Manager form of government, with five council
members elected at large for four-year overlapping terms. The Council selects a
Mayor and a Mayor Pro-Tem each year from its membership.
' The Council is responsible for enacting local legislation, establishing general policy 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 Board, and
' oversees the responsibility for the operation and accountability of the Redevelopment
Agency.
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The City of Rosemead has a population of approximately 52,922 living in an area
encompassing 5.5 square miles. The City is located in the central northwestern
section of Los Angeles County, approximately 9 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, such as stores and shops. This accounts for
approximately 20% of the land use within the City. The remaining 80% of land area
used for residential purposes (65%), and by public facilities activities (14%).
HIGHLIGHTS OF FISCAL YEAR 1992-93
Administration: This year, the City was successful in settling the Transoortation
Leasing litigation which the City estimates its maximum exposure to be $950,000.
The City Council, however, took action in recovering these costs by instituting a
residential and commercial refuse collection surcharge. In addition, the council
adjusted other fees and charges to help address the revenue shortfall experienced
during the past two fiscal years.
In other areas, the City Council continued funding its promotion community programs
offered through different semi-public and private agencies. In addition, the City
Council continued its examination of service provision alternatives, and decided this
year to bring the graffiti removal program "in house", commencing in Fiscal Year
1993-94. This move is expected to yield a significant reduction in general fund and
Community Development Block Grant (CDBG) expenditures for that program.
Engineering: The City completed several street improvements projects during the
fiscal year. Evelyn Avenue, from Van Dorf to Wasola, Van Dorf Street, from Del Mar
to Evelyn, Wasola Street, from Del Mar to Evelyn, and Garvalia Avenue, from Daroca
to Evelyn, were reconstructed and widened from the existing thirty (30) foot roadway
to thirty-six (36) feet within the existing right-of-way.
Funds were provided from General Fund and Community Development Block Grant
(CDBG) for the reconstruction and widening of Brighton Street, from Garvey to the
North End, and Alley Way, from Del Mar to Brighton Street. Right-of-way acquisition
was required for the construction of the Brighton Street cul-de-sac bulb affecting six
(6) properties.
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State Proposition "C" funds were used to construct a storm drain system on San
Gabriel Boulevard to collect drainage on San Gabriel Boulevard from Hellman avenue
' to Alhambra Wash. Proposition "C" funds were also used to install a traffic signal on
Walnut Grove Avenue at Wells Street and to modify the existing traffic signal at
Marshall Street and Walnut Grove Avenue.
Planning: The City had several developments completed and under construction this
year. The majority of the new developments are on Garvey Avenue, which was the
' newly reconstructed street the City in Fiscal Year 1991-92 spent over five million
dollars ($5 million). The most significant development completed this year was the
Empire Shopping Center, approximately 58,000 square feet of retail and restaurants.
A 10,000 square foot church is currently under construction on Glendon Way along
with several other projects.
Even though the City is roughly five percent (5%) below last year's level established
in Fiscal Year 1991-92, the City is keeping pace with the surrounding cities of the Los
' Angeles County.
' Parks and Recreation: Rosemead Community Recreation Center had new storage
rooms and restrooms built and floors re-tiled. Garvey Park had five (5) tennis courts
resurfaced and the pool deck areas were revamped.
' Parks and Recreation purchased twenty-four (24) metal booths to be used for various
City wide events, such as Cinco de Mayo and Fourth of July festivities.
' PROSPECTS FOR THE FUTURE
' The future, though not quite as bleak as the past two years, is not particularly
optimistic. Fiscal Year 1994-95 will again present a situation in which revenues are
diminished and the need for services unabated. The recession continues to impact
negatively sales tax revenues, and subventions from the State. The upside this year
is that the State's budget situation seems to be improving slightly. The State
Department of Finance is projecting that the State will again face a deficit by June
30th, but nowhere near the magnitude of the multi-billion dollar shortfalls faced during
the past two fiscal years.
The Rosemead City Council took action in 1993 to bolster local sources of revenue
by increasing various fees and levying a residential and commercial refuse surcharge.
' In all, the action should result in an additional $600,000 in General Fund revenues
annually.
' On November 2, 1993 the Rosemead Redevelopment Agency issued tax allocation
bonds amounting to $34,275,000 and taxable tax allocation refunding bonds
amounting to $2,435,000 to finance various projects in the redevelopment Project
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Area No. 1.
As a alternative of using General Funds, the City is scheduled to use Special Revenues '
to fund many of its street improvement projects. 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.
State Proposition "C" funds will be used to fund Temple City boulevard. resurfacing '
project, installation of a traffic signal at the intersection of Temple City Boulevard and
Marshall Street.
Air Quality Management District funds will be used to fund the traffic signal at the
intersection of Temple City Boulevard and Loftus to facilitate the vehicular movement.
Construction of the Glenmead Storm Drain project is expected to commence in Fiscal '
Year 1993-94. The project will consist of the installation of approximately 60,000
feet of storm drain mainline on various City streets. The storm drain project is being '
funded by the Los Angeles County Flood Control District and administered by the
Department of Public Works.
Various streets throughout the City will be repaired and resurfaced, reflecting the '
City's continuing efforts to maintain the City's streets. t
Several development projects are foreseen for the future. These projects include an
Electric Vehicle Station at Southern California Edison, a 53,000 square foot addition '
of classrooms to the Don Bosco Technical Institute, various small office buildings, and
numerous two (2) to three (3) lot residential subdivisions.
Rosemead Park improvements include regrading two (2) baseball infields, rebuild the ,
two (2) play areas, build a new snack bar and restroom facility, and acquiring three
(3) aluminum bleachers. ,
Parks and Recreation department intends to repair the warehouse roofs at the
Maintenance Yard and replace the boilers at Rosemead Pool.
REPORTING ENTITY AND ITS SERVICES I
The reporting entity is comprised of all funds and account groups of the City of
Rosemead and the Rosemead Redevelopment Agency. '
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 City of Rosemead
provides a broad range of services to its citizens including general government, public
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safety, street construction and maintenance, sanitation, building safety, parks and
recreational facilities, and cultural services.
' Some of the functions often provided by municipal government are, in the City of
Rosemead, provided by special districts. These districts, which usually encompass
' area larger than the City itself, include the Consolidated Fire Protection District of Los
Angeles County, the Los Angeles County Library District, the Los Angeles County
Sanitation District. Other Governmental functions paid for by the City but performed
' by County. departments under contract with the City are Police protection, street
maintenance, and animal control.
1 REPORTING STANDARDS
' The financial reports have been prepared in conformance with the generally accepted
accounting principles as set forth by the Governmental Accounting Standards Board
(GASB), applicable pronouncements of the American Institute of Certified Public
Accountants, and the full financial disclosure guidelines of the Governmental Finance
Officers Association of the United States and Canada. 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 and the
Redevelopment Agency.
I FINANCIAL STATEMENT
' The City requires that its financial statements be audited by a Certified Public
Accountant selected by the City Council. This requirement has been satisfied, and the
Auditor's opinion is included in the financial section of this report.
In addition, the City is required to undergo an annual single audit in conformity with
' the provisions of the Single Audit Act 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.
' 2. Financial Section - which includes the auditor's opinion, general purpose
financial statements, and the combining and individual fund and account group
financial statements.
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3. Statistical Section - which includes relevant financial and non-financial data '
presenting historical trends and other information about the City.
NOTES TO THE FINANCIAL STATEMENTS
The Notes to the Financial Statements, which are part of the General Purpose
Financial Statements within the Financial Section, are an integral part of the financial
report and are essential to the fair presentation and adequate disclosure of the '
financial position of the City and the Redevelopment Agency. 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 1992-93 fiscal year revenues for the Governmental Fund types totaled
$15,634,014. Listed below 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.
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The most notable increase
change
in revenues is the increase shown in
Intergovernmental revenues,
which is
the result of an increase of Community
Development Block Grant (CDBG) funds received during the year. The increase of
these federal funds were primarily due to the increase of General Governmental
activities. The most notable decrease change in revenues is the decrease shown in
' the Use of Money and Property, which is the result of a decrease in sales and use tax
revenues. The decrease in sales and use tax revenues is primarily due to the
depressed economy. The Redevelopment Agency will lose approximately one hundred
seventy-five thousand two hundred ninety dollars ($175,290) in Property Tax
Increment revenues in fiscal year 1993-94 due to the State legislative action, which
the State will be transferring Tax Increment revenues to the Educational Revenue
' Allocation Fund (ERAF).
The 1992-93 fiscal year expenditures for the Governmental Fund types totaled
' $16,964,469. Listed below 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 1992-93 over 1991-92, as shown
below, are due to State Legislative action, California Trailer Bill S61 135, which helps
offset the cost of education in California. The most significant decrease in
expenditures is Public Works, which is primarily due to the completion of the Garvey
' Avenue project in Fiscal Year 1991-92.
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EXPENDITURES BY FUNCTION
rINCREASE
1992-93
iPERCENT:
(DECREASE)-
EXPENDITURF.
OF TOTAL:
FROM 1991-92
General Administration
$2,429,325
.14.32: %
($281,47G)
Public Safety
4,264,3G6
25.14:
(4,397)
Public Works
3,598,687
21.2 Y1
1.(5;158,848)
Public Health
1,677
0.01:
(93,818).
Public Recreation
1,858,238
10.951
; (101,448)
Community Service
1,411,467
8.32.
' (180,689)
Intergorvernmental
580,791
3.42
580791 i
Capital Outlay
36,384
0.21.
(107,796)
Debt Service
2,569,813
15.15
(18,804)
Arbitrage Rebate
213,721
1.27
213721
$16 964 469
100.00 %
($6 152 764)
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GENERALFUND
The City of Rosemead remains in a strong financial position at June 30, 1993 with
a surplus of approximately five million seven hundred thousand dollars ($5.7 million).
There was an increase of General Fund's surplus from the prior year by approximately
three hundred thousand dollars ($300,000). This was primarily due to the increase
of 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.
GENERAL FIXED ASSETS
As of June 30, 1993, the general fixed assets of the City totaled eight million six
hundred twenty-seven thousand six hundred sixty-eight dollars ($8,627,668)• This
amount represents the original cost of the assets, net of additions and deductions
from July 1, 1992 to June 30, 1993, and is considerably less than their present
value. The system of accounting presently recommended by the Governmental
Accounting Standards Board does not allow for the recording of depreciation of
general fixed assets as an expense of governmental funds.
ACCOUNTING SYSTEM
The City's accounting records are maintained on the modified accrual basis of
accounting for the governmental fund types, 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.
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BUDGETARY CONTROL
' In addition to internal accounting controls, the City also maintains budgetary controls.
The objective of these budgetary controls are to insure compliance with the City's
budget policy embodied in the annual appropriated budget approved by the city
Council. Activities of the general fund, special revenue funds, debt service fund, and
capital projects fund are included in the annual approved budget.
Budgetary control is maintained at a functional level by division within departments
through use of object level account appropriations. Actual expenditures are compared
' to these appropriations.
The City Manager is authorized to transfer budgeted amounts between funds within
' the same department. Any new appropriations must be authorized by City Council.
All budgeted funds unexpended lapse at the end of the budget year. With the
' exception of capital projects fund because the budgeted appropriations relate to all
future appropriations as well as current year appropriations.
I CASH MANAGEMENT
' The City and the Agency maintain separate cash and investment pools. Each fund's
or fund's type's share of the pool balance is reported in the financial statements as
"cash and cash investments." Earnings from the pooled investments are allocated
' monthly to each participating fund based on a formula that takes into consideration
each fund's average investment in the pool.
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DEBT ADMINISTRATION
' The City of Rosemead, as a general law city, is restricted from incurring general
obligation bonded indebtedness which would exceed 3.75% of the total assessed
valuation of all real and personal property within the city. The City of Rosemead
presently has no bonded indebtedness.
The Rosemead Redevelopment Agency issued $11,725,240 of Tax Allocation Bonds
in October 1991 to finance public improvements within the redevelopment agency's
project area. The 1991 Tax Allocation Bonds principal payments begins October 1,
1996 and interest payments payable semi-annually on October 1 and April 1 beginning
in 1996.
' The Rosemead Redevelopment Agency issued $14,930,000 of Tax Allocation Notes
in August 1987 to finance public improvements within the redevelopment agency's
project area. At June 30, 1993 the outstanding notes totaled six million seven
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hundred five thousand ($6,705,000) with interest payments payable semi-annually
on September 1 and March 1, and principal payments due annually on September 1
through 1995.
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 1991-92 through 2002-2003.
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 the appropriation 37% of
the calculated limit at June 30, 1993. The
City's 1993-94 estimated revenues and
budgeted expenditures indicate that by June
30, 1994 the City will be approximately 37%
of the limit.
20
$17.2 Ens
15
10 '
$6.4 $6.6
0
1992-93 1993-94
® APPLICABLE FUNDS ®APPROPRIATION LIMIT' I
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OTHER INFORMATION
The City of Rosemead was pleased to receive a Certificate of Award for Outstanding
Financial Reporting from the California Society of Municipal Finance Offices (CSMFO)
for the City's Comprehensive Annual Financial Report, Fiscal Year Ended June 30,
1992. This Certificate is awarded to governmental units who publish an easily
readable, efficiently organized, comprehensive annual financial report which conforms
to program standards and satisfies both generally accepted accounting principles and
applicable legal requirements. The City of Rosemead has been awarded this
Certificate for the last four 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.
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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, 1992. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local
government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish
an easily readable and efficiently organized Comprehensive Annual Financial Report,
whose contents conform to program standards. Such CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of
Rosemead has received a Certificate of Achievement last year. We believe our current
report continues to conform to the Certificate of Achievement program requirements,
and we are submitting it to GFOA.
ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished without the efficient
and dedicated efforts of the entire Rosemead Finance Department. The department's
effort to upgrade the quality of financial reporting for the City of Rosemead has led
to improved quality of financial information available to the City Council and citizens.
We would like to thank the members of the City. Council for their continued support,
leadership and concern for the financial, stability of the community.
Respectfully submitted,
Frank G. Tripepi
City Manager
Karen L. Ogawa
Finance Director
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CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 1993
ELECTED OFFICIALS:
City Council:
Robert W. Bruesch
Mayor
Joe Vasquez
Mayor Pro Tem
Margaret F. Clark
Councilwoman
Dennis McDonald
Councilman
Gary A. Taylor
Councilman
APPOINTED OFFICIALS:
Planning Commissioners:
Robert Young
Chairman
Marvin H. Lowrey
Vice Chairman
Robert Breen
Commissioner
Merced "Bill" Ortiz
Commissioner
Rudolfo Ruiz
...............Commissioner
Robert Young `
Commissioner
Traffic Commissioners:
Dan Tirre
Chairman
Frank E. Larson
..............Vice Chairman
Eldon Beezley
Commissioner
Holly Knapp
Commissioner
AI Pinon
Commissioner
Frank G. Tripepi
City Manager
Hubert E. Foutz
City Treasurer
Robert L. Kress
City Attorney
Janice Warner
City Clerk
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Certificate of
Achievement
for Excellence
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in Financial
Reporting
Presented to
City of Rosemead,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1992
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.
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CE Or
y`- pf 111E ~jW OXIIEOµo A16 H
i QWA President
COXPOMM S
5ff1A
CHgA60
Executive Director
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McGLADREY & PULLEN
Certified Public Accountants and Consultants
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INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor
and Members of the City Council
City of Rosemead
Rosemead. California
We have audited the accompanving general purpose financial statements of the City of
Rosemead. California, as of and for the year ended June 30, 1993, 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, 1993, 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 Cit_v 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.
~&YZ4
Pasadena. California
September 21, 1993, except for Note 12, as to which the date is November 2, 1993.
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL PURPOSE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1993
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1993
ASSETS AND OTHER DEBITS
Cash and cash investments
Cash and investments with fiscal agent
Other investments
investments in deferred compensation plans
Investments in annuity contracts
Receivables
Due from other funds
Prepaid expenses
Property and equipment
Amount available in debt service fund
Amount to be provided for retirement of general long-term debt
Total assets and other debits
LIABILITIES, MUNICIPAL EQUITY AND OTHER CREDITS
LIABILITIES
Accounts payable and accrued liabilities
Arbitrage rebate payable
Due to other funds
Due to other governmental agencies
Refundable deposits
Deferred compensation
Deferred revenue
Tax allocation notes
Accrued vacation pay and compensatory time
Estimated litigation settlement
California Trailer Bill SB1135
Total liabilities
MUNICIPAL EQUITY AND OTHER CREDITS
Investment in general fixed assets
Fund balance:
Reserved:
Long-term receivable
Prepaid expenses
Debt service
Low-moderate income housing
Employees retirement
Unreserved:
Designated for:
Capital projects
Building and equipment replacement
Litigation settlements
Self-insurance
Undesignated
Total municipal equity and other credits
Total liabilities, municipal equity and other credits
See Notes to Financial Statements.
Governmental Fund Types
Special Debt
General Revenue Service
$ 10,121 $ 5,620,435 $ -
3,889,464
5,266,675 3,618,590 -
1,691,190 519,563 33,374
156,093 882,287 -
7,124,079 $10-640.875 $ 3,922,838
$ 1,170,547 $ 396,293 $
94,992 152,208
- 237,331
150,000
4,684
$ 1,420,223 $ 785.832 $ -
760,954
- 3,922,838
7,633,478 -
969,000
500,000
280,000
3.193.902 221,565
$ 5,703,856 $ 91855,043 . $ 3,922,838
$ 7,124,079 $10,640,875 $ 3,922,838
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Governmental
Fiduciary
Total
'
Fund Types
Fund Types
Account
Groups
W emorandum Only)
Trust
General
General
Capital
and
Fixed
Long-Term
Projects
Agency
Assets
Debt
1993
1992
'
$
$ 116,332
S
$ -
$ 5,746.888
$ 5,352,636
3,889,464
4,006,652
'
5,716,371
14,601,636
15,847,848
240,236
-
240,236
190,141
-
249,552
-
249552
1,073,989
439,682
-
-
2,683.809
2,666,890
970
1,039,350
1,041,963
-
173,786
8,627,668
-
8,627,668
8,652,669
_
3,922,838
3,922.838
4,112,679
15,75U55
15,756,855
16.328.873
S 6 .157.023
S 606120
S 8.627668
S 19.679,693
$ 56,758196
S 59,448.126
S 38,548
$ -
S -
S -
$ 1,605388
$ 1,987,735
213,721
791150
213.721
1,039350
,041,963
-
-
237331
237,488
98,473
-
-
98,473
79,805
258,095
-
-
258,095
2111448
150,000
-
-
18,430.240
18,430140
20,33,7,240
-
-
124,165
128,849
120,424
-
_
-
950.000
950,000
_
'
175,288
175,188
$ 1044 419
S 356,568
$
$19,679,693
$ 23-U6,735
$ 24,009.103
S -
S -
S 8,627,668
$ -
$ 8,627,668
$ 8,652,669
-
760,954
605,863
_
_
173,786
-
-
3,922.838
4,112,679
'
249,552
7,633,478
249552
7,401,410
1,073,989
5,112.604
-
-
=
5,112.604
6,755,082
t
969,111111
500.000
280.000
-
-
-
5,415,467
t063,54>
S t 12 fii 14
S '49_)5' _
5 S,627,668
S
5 33,471,561
$ 35,439,023
S 6.157-01
606,1-0
S R 627,fifiS '
S 1067060-,
$ 56,75,4~96
S 54,438 1'_6
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1993
REVENUE
Property tax increment and special assessments
Other taxes
Licenses and permits
Intergovernmental
Charges for services
Fines, forfeitures and penalties
Use of money and property
Other
E.\PEN'DITURES
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
Intergovernmental
Capital oudav
Debt service:
Principal
Interest
Arbitrage rebate expense
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds, net of discounts
of $156,884
Operating transfers:
From other funds
(To) other funds
Revenue and other financing sources over
(under) expenditures and other fmancing uses
FUND BALANCE. BEGINNING
Governmental Fund Types
Special Debt
General Revenue Service
$
S 395,646 $
3,866,690
-
579,124
-
2,372.483
2,801.953
346,859
403
216.215
97,765
338,453
446.967 130,502
98,823
109, 678 1.683
$ 7,808 647
S 3,852,412 S 132,185
S 1,952,089
S 427,575
S
■
3,916,602
347,764
81,578
2,078,291
1,677
1,858.238
-
1,002,917
408,550
7,300
23,914
-
,
-
-
1
900.000
,
669,813
,
$ 8,820,401
$ 3 286,094
$ 2,569,813
$ (1,011,754)
S 566,318
S (2,437,628)
'
$
S
$
1,097,300
417,548
2,247,787
(40.019)
529)
(527
S 1,057181
,
S (109,981)
$ 2,247,787
S 45,5"'7
S 456,337
S (189,841)
5.445.898
9,398.706
4,112,679
RESIDUAL EQUITY TRANSFER (Note 4)
FUND BALANCE, ENDING
S 5,703.S56 4 9,855.043 S ;,922,818 1
See Notes to Financial Statements.
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Governmental
Total
Fund Tvnes
(Memorandum Only)
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Capital
Proiects
1993
1992
$ 3,379,446
5 3,775,092 $
4,130.434
3,866,690
3,787,547
-
579.124
554,935
-
5,174,436
4,824,498
347162
366,345
313,980
278,253
342.905
1258.827
1.625,706
118,419
318,663
391,194
S 3,W,770
$15,6344114 $
15.958.912
1 s 49.661 $ 2.429325 $ 2,710,801
4164366
4,268,763
1,438.818
3598.687
8,757,535
'
1.677
95.495
1,858238
1,959,686
1.411.467
1.592.156
550.791
580.791
-
'
5.170
36384
144.180
_
1,900.000
1,760.000
'
669.813
828.617
113-721
213,721
$ 1,1-M,161
516,964,469
$22,117,233
$ 1 5s? 609
$ (133(1455)
$ (6,158.321)
'
S
$ -
S 11.568.356
3.762.635
12.007,219
(3195.087)
(3,762.635)
(12.007.219)
$ (3-195 087)
S
$ 11 568,356
S (1.64_.475)
S (133(1.4:5)
S 5.410.035
6.755.0,3
2=.712365
20.284.586
212,431
17,7-W
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j 24.594 341
S 25 711_.36:
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES
Year Ended June 30, 1993
REVENUE
Property taxes and special assessments
Other taxes
Licenses and permits
Intereovernmental
Charges for services
Fines, forfeitures and penalties
Use of money and property
Other
EXPENDITURES
Current:
General government
Public safetv
Public works
Public health
Public recreation
Community service
Capital outlay
Debt service:
Principal
Interest
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES)
Operating transfers:
From other funds
(To) other funds
Revenue and other financine sources over
(under) expenditures
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER
FUND BALANCE. ENDING
See Notes to Financial Statements.
General Fund
Over
(Under)
Budget Actual Bud eg t
4,154,800
3,866,690
(288,110)
559,700
579,124
19,424
2,720,954
2,371483
141,529
212,850
346.859
134,009
253,500
216,215
(37.285)
430,800
338.453
(92.347)
29,150
88,823
59,673
$ 7 471 754
$ T808,647
S - (63,102)-
S 2,196,493 $ 1,952,089 S (244,404)
4,305,390
3,916,602
(388.788)
467,900
81,578
(386,322)
5,000
1,677
(3.323)
1,988,140
1,858.238
(129,902)
1,050.190
1,002.917
(47,273)
3,000
7,300
4,300
$10,016,113 $ 8320,401 $ (1,195,712)
$ (2,144,359) S (1,011,754) $ 1.132,605
$ 947,300 S 1,097,300 S 150,000
(40,019) .(40.019)
$ 947300 $ 1057.281 $ 109,981
S(1.197,059) S 45,527 $ 1'42,58fi
5,445,898
'_12,431
S 5,703.356
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Special Revenue
Debt Service
Over
Over
1
(Under)
(Under)
Bud
et
Actual
Budget
Budget
Actual
Budget
g
1
$ 375,000
$
395,646
$ 20,646
$
$
_
$
4,832,740
2,801,953
(2,030,787)
1
403
403
90,000
97,765
7,765
34,435
446,967
412,532
156,000
130,502
(25,498)
-
109,678
109,678
1,683
1,683
1
175
$ 5
332
$
852
412
3
479,763)
$ (1
$ 156,000
$
13-)145
$ (23,815)
,
,
,
,
,
1
$ 307,190
$
427,575
$ 120,385
$ -
$
$
371,650
347,764
(23,886)
3,595,980
2,078,291
(1,517,689)
1
_
130,480
(130,480)
1,317,905
408,550
(909,355)
1
326,000
23,914
(302,086)
_
-
-
1,900,000
1,900,000
669,813
669,813
$ 6
049
205
$
094
28 6
3
$ (2.763,111)
$ 2 569 813
$
2,569,813
$
,
,
.
,
1
$ (717 030)
$
566,318
$ 1,283,348
$ (2,411913)
$
(2,437,628)
$ (23,815)
1
22
026
$ 251,300
$
417,548
$ 164,348
$ 2,569,813
$
2,247,787
,
)
$ (3
(251 300)
(527 529)
(274,329)
$ -
$
(109 981)
$ (109,981)
$ 2,569,813
$
2,247,787
$ (322,026)
$ (717,030) $
456,337
$ 1,173,367
$ 156,000 $
(189,841)
$ (345.841)
1
9,398,706
4,112,679
1
$ 9,855,043
$ 3,922,838
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN FUND BALANCE
PENSION TRUST FUND
Year Ended June 30, 1993
Operating revenue, interest and other investment income
Operating expenses:
Administrative fees
Pension benefits
Net (loss)
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
See Notes to Financial Statements.
$ 33.827
$ 5,405
852.859
$ 858,264
$ (824,437)
1,073.989
$ 249,552
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CASH FLOWS
PENSION TRUST FUND
Year Ended June 30, 1993
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)
S (824,437)
Adjustment to reconcile net (loss) to net cash
(used in) operating activities, unrealized
loss on sale of annuity contracts
33,146
Interest income
(66,973)
Administrative expenses
5,405
Net cash (used in) operating activities
$ (852,859)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES,
proceeds from the sale and maturity of annuity contracts
$ 852,859
Net increase in cash and cash equivalents
$ -
CASH, BEGINNING
CASH, ENDING
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies
Reporting entity
The criteria of oversight responsibility, special financing relationships and scope of public
service was used in determining the agencies or entities which comprise the City of
Rosemead, California (the City) for financial reporting purposes. Oversight responsibility
is determined by the extent of financial interdependency, control over the selection of the
governing authority and management, ability to significantly influence operations, and
accountability for fiscal matters. Based on these criteria, the Rosemead Redevelopment
Agency (the Agency) is included in the combined financial statements of the City, and the
Rosemead Housing Development Corporation is included in the combined financial
statements of the Agency. The Agency has the same fiscal year as the City.
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 organizations excluded from
the City's reporting entity are the Fire Protection District, the Library District and the
County Flood Control District.
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.
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.
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NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
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 of 1986.
Description of funds and account groups
The accounts of the reporting 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:
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, street 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.
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NOTES TO FINANCIAL STATEMENTS
Note I. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
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 2001o of gross
property tax increment revenue received by the Agency to fund future projects involving
the replacing or rehabilitation of low and moderate income housing within City limits.
The Rosemead Housing Development Corporation accounts for the construction and
financing of low and-moderate income housing. It is a California nonprofit public benefit
corporation organized under Section 501(c)(3) of the Internal Revenue Code of 1986.
The Debt Service Fund accounts for the accumulation of resources for the payment of
general long-term debt principal, interest and related costs.
Capital Projects Fund (Redevelopment Fund) accounts for financial resources to be used for
the acquisition or construction of major capital facilities within the Rosemead Redevelop-
ment Agency.
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NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
' Fiduciary Fund Types
The Pension 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-Tenn 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
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Basis of accounting
Governmental fund types, Pension Trust Fund 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.
Property taxes that have been levied and are due on or before year end are recognized as
revenue if they have been collected within W days after year end. Sales taxes are
considered to be measurable when they have been collected by the City and are recognized
as revenue at that time. Special assessments are recognized as revenue at the time
individual installments come due.
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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. Investment earnings are accrued.
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.
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NOTES TO FINANCIAL STATEMENTS
' Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
' Receivables
Property taxes receivable represent the portion of the March 1, 1992 levy which was
' collected after June 30, 1993 and before August 31, 1993. 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. An allowance based on historical collection experience is
provided for uncollectible taxes.
' All other receivables are reported at their gross value and, where appropriate, are reduced
by the estimated portion that is expected to be uncollectible.
' Property and equipment
' All property and equipment of the City are accounted for in the general fixed assets account
group. Public domain (infrastructure) general fixed assets consisting of certain improve-
ments other than buildings; such as roads, sidewalks and bridges, are not capitalized.
' Property and equipment acquired or constructed for general governmental operations are
recorded as expenditures in the fund making the expenditure and capitalized in the general
fixed assets account group.
' All general fixed assets which were purchased or constructed are stated at cost. Assets,
acquired by gift or bequest are recorded at their fair market value at the date of transfer.
No depreciation is recorded on general fixed assets.
Fund balances
The reserved portion of the fund balances represents that amount which has been legally
identified for the specific purpose or it represents that amount which is not available to
' liquidate current liabilities. The unreserved portion represents the amount available for
budgeting future operations.
' Vacation pay and compensatory time
City employees accumulate vacation hours which may be paid upon termination, death or
retirement. Employees can accumulate up to three weeks of accrued vacation per year
depending.on the length of employment. Employees can accumulate up to 160 hours of sick
leave. Any hours in excess of 160 are considered to be vested and are paid to the employee
1 based on a vesting schedule. In addition, employees can accrue compensatory time
1 -16-
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
The vested portion of vacation and sick leave by employees at June 30, 1993 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 one year is included in the General
Long-Term Debt Account Group.
Memorandum totals
Total columns on the combined financial statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns
do not present financial position or results of operations in conformity with generally
accepted accounting principles. Interfund transactions have not been eliminated in arriving
at these amounts.
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 except the Capital Projects Fund. 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. The modified accrual basis of
accounting is employed.in the preparation of the budget. 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.
Budget-to-actual comparisons are not presented for the Capital Projects Fund since the
budget relates to all future appropriations as well as current appropriations.
In all funds, except the Capital Projects Fund, unexpended budgeted amounts lapse at the
end of the budget year.
-17-
NOTES TO FINANCIAL STATEMENTS
1
Note 3. Cash and Investments
The components of cash and cash investments at June 30, 1993 are as follows:
' Cash in bank $ 1,927,628
Time certificates of deposit 3.819.260
L5 6888
,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 consider-
ation each fund's average investment in the pool.
' At year end, the carrying amount of the City and the Agency's deposits were $5,746,888
(cash and cash investments, above) and the bank balance was $5,872,892.
' A summary of collateralization of the bank balances is presented below:
Insured or collateralized with securities held by
the City or its agent in the City's name $ 1,008,677
' Uncollateralized (in accordance with GASB 3), 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 4,864 215
$ 5,872,892
' 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, 1993 consisted of $1,254,512 of money
market funds (of which $106,501 were insured or collateralized with securities held by the
City or its agent in the City's name) and $2,634,952 of U.S. government and government
agency securities (with a market value of $2,663,202).
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NOTES TO FINANCIAL STATEMENTS
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
Cateeorv Carrying Market
1 2 3 Amount Value
$ $ $ 3,533,937 $ 3,533,937 $ 3,624,953
1,147,504 1,147,504 1,142,971
1,685,571 1,685.571 109,408
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$ $ $ 6,367,012 $ 6,367,012 $ 6,467,332 '
8,234,624 8,234,624
$14 14,601,636 $ 14,701,956
Annuity contracts and cash in bank include $240,236 and $17,859, respectively,, in the City's
deferred compensation plan as of June 30, 1993. The annuity contracts are recorded at
market value and would be included in Category #3.
The three preceding risk description categories are defined as follows:
Category Description
I Investments that are insured, registered or for which the securities are
held by the City or its agent in the City's name
2 Uninsured and unregistered investments for which the securities are
held by counter-party's trust department (if a bank) or agent in the
City's name.
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.
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NOTES TO FINANCIAL STATEMENTS
Note 4. Receivables
Receivables as of June 30, 1993 consist of the following:
Special
Debt
Capital
General
Revenue
Service
Projects
Total
Property tax increment
$ -
$ -
$ -
$ 382,366
$ 382,366
Accrued interest
68,835
76,983
33,374
57,316
236,508
Due from local utility
companies (n)
760,954
-
-
-
760,954
Due from other
governmental agencies
547,000
442,580
-
-
989,580
Transient occupancy tax
183,793
-
-
-
183,793
Other
130,608
-
130,608
$ 1,691,190
$ 519,563
33,374
$ 439,68?
$ 2,683,809
(A) During the year ended June 30, 1990, the Agency approved a 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 $1,958, with the final installments due June 30, 2005 and September 30,
2006.
During the year ended June 30, 1987, the Agency approved a similar 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, 1993, the Agency approved an additional reimburse-
ment 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.
-20-
NOTES TO FINANCIAL STATEMENTS
Note 5. Interfund Receivables and Payables
Interfund receivables and payables as of June 30, 1993 are as follows:
Interfund t
Funds Receivables Payables
General Fund $ 156,093 $ 94,992 '
Special Revenue Funds:
t
Traffic Safety
$ -
$ 3,489
State Gas Tax
110,014
-
Local Transportation Fund
76,398
47,862
Community Development Block Grant
-
100,857
Community Parkland Grant Fund
3,489
Low-Moderate Income Housing Set-Aside Fund
692.386
-
$ 882,287
$ 152,208
'
Capital Projects Fund
$ 970
$ 792350
$ 1,039,350
$ 1,039.350
'
Note 6. Property and Equipment
t
Changes in property and equipment during the year ended June 30, 1993 were as follows:
Balance Balance
June 30, June 30, '
1992 Acquisitions Disposals 1993
Land
$ 2,893,234 $
- $
$ 2,893,234
Buildings and
improvements
3,442,655
28,252
3,470,907
Vehicles
308,248
21,287
98,947 230,588
Furniture and
office equipment
770,977
22,705
- 793,682
Special equipment
'
and machinery
489,063
1,702
490,765
Other improvements
748,492
-
- 748,492
2
668
8,652,66 $
73,946 $
98,947 $ 8,6
7,
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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, 1993. 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
was $249,552 as of June 30, 1993.
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 year ended June 30, 1993 was approximately $855,000 and total payroll was
approximately 51,231,000.
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.
_22_
NOTES TO FINANCIAL STATEMENTS
Note 7. Employee Pension Plans, Continued
Funding status and progress
Starting with the fiscal year 1993-94 (the next fiscal year), the City will show the "pension
benefit obligation" as a standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and step-rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure
will be intended to help users assess the funding status of PERS on a going-concern basis,
assess progress made in accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure will represent the actuarial present value of
credited projected benefits, and will be independent of the funding method used to
determine contributions to PERS.
Since the City started contributing to PERS in November 1992, funding status information
is not presently available.
Actuarially determined contribution requirements and contributions made
PERS' 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 fiscal year ended June 30, 1993 were
$291,598. The contributions consisted of:
Normal cost S 131,598
Deposit 160.000
$ 291.598
Amounts of calculated contributions by the City:
City's portion (8.491% of current covered payroll) $ 72,132
Employees' portion (7.0% of current covered payroll) 59.466
$ 131,598
Trend information
Since the City entered PERS in November 1992, trend information is not applicable.
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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 includible
compensation. The deferred compensation is not available to employees until termination,
retirement, death or unforeseeable emergency. The deferred compensation and accumulat-
ed earnings thereon totalled $258,095 at June 30, 1993.
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 Obligation
The City of Rosemead is a member of the Southern California Joint Powers Insurance
Authority (a joint powers authority of 68 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.
For Workers' Compensation claims, the City of Rosemead, through the Authority, has a self-
insured retention of $50,000. The amount exceeding the self-insured retention level will,be
shared proratably 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.
-24-
NOTES TO FINANCIAL STATEMENTS
Note 9. Self-Insurance Obligation, Continued
A summary of financial information for the Southern California Joint Powers Insurance
Authority for fiscal year ended June 30, 1992 (1993 information not available) follows:
Total assets
Accounts payable and accrued expenses
Unearned deposits
Unpaid claim liabilities
Total liabilities
Retained earnings
Total liabilities and retained earnings
Other items:
Total revenue
Claims paid
All other expenditures
Net income
Note 10. Long-Term Debt
Tax Allocation Notes, Series 1987
$ 70,844.475
$ 193,337
17,588,838
46,034,730
$ 63,816,905
7,027.570
$ 70,844;475
$ 26,962,103
$ 22,565,284
3,575,150 26,140,434
$ 821,669
In August 1987, $14,930,000 of bonds were issued by the Agency to finance public
improvements within the Agency's Project Area No. 1. The bonds outstanding bear interest
from 7.75% to 9.201/'o with interest payable semiannually on September 1 and March 1.
Principal matures annually on September 1 through 1995. Payment of the bonds is
collateralized by a pledge of tax revenues to be received by the Agency.
Subordinate Lien Tax Allocation Bonds, Series 1991
In October 1991, the Agency issued $11,725,240 of bonds to finance public improvements
within the Agency's Project Area No. 1. The bonds outstanding bear interest ranging from
5.80% to 6.75% with interest compounded on each October 1 and April 1 and payable at
maturity. Principal matures annually on October 1, 1996 through 2002. Payment of the
bonds is collateralized by a pledge of tax revenues to be received by the Agency.
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Compensated absences
NOTES TO FINANCIAL STATEMENTS
Note 10- Long-Term Debt, Continued
That portion of the liability for the vested compensated absences totalling $124,165 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 an estimated
litigation settlement and amounts owed the State of California, which were a result of the
state budget (see Note 13).
The following is a summary of the general long-term debt transactions for the year ended
June 30, 1993.
Balance,
June 30, 1992
(Payments) of
principal
Increase
Accrued
Tax
Tax
Vacation
California
Allocation
Allocation
and
Budget
Estimated
Bonds
Notes
Compensatory
Trailer
Litigation
Series 1991
Series 1987
Time
Bill SB1135
Settlement Total
$11,725,240 $ 8,605,000 $ 111,312 $ - $ - $20,441,552
- (1,900,000) - (1,900,000)
12 853 175,288 950 000 1,138,141
Balance,
June 30, 1993
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$11 7~5 240 $ 6,705,000 $ 124,165 $ 175,288 $ 950,000 $19 19,679,693
The annual requirements, principal and interest, to amortize the outstanding debt as of
June 30, 1993, are as follows:
Tax
Tax
California
Allocation
Allocation
Budget
Years Ending
Bonds
Notes
Trailer
June 30,
Series 1991
Series 1987
Bill SB1135
Interest
Total
1994
$ -
$ 2,0557000
$ 175,288
$ 496,781
$ 2,727,069
1995
-
2,230,000
-
309.312
2,539,312
1996
-
2,420,000
-
105,875
2,525,875
1997
2,065,091
-
-
679,909
2,745,000
1998
1,927,813
-
817,187
2,745,000
Thereafter
7,732,336
-
-
5,992,664
13,725,000
$ 11,725,244)
$ 6,705,000
$ 1751S8
$ 8,401,728
$ 27,007,256
I -2C,
NOTES TO FINANCIAL STATEMENTS
Note 11. Low-Moderate Income Housing Set-Aside Fund
In October 1991, the Agency funded its Low-Moderate Income Housing Set-Aside Fund
with $6,813,850 of proceeds from the Tax Allocation Notes, Series 1987. This amount was
deposited in the Low-Moderate Income Housing Fund to satisfy set-aside requirements, at
a rate of $870,700 per year, for fiscal years 1991-1992 through 2002-2003. While the law in
California is not specific on the issue, the Agency takes the position that the Housing Fund
set-aside requirement may be prepaid in this manner.
As a result of the $6,813,850 deposit described above, the $870,700, otherwise required to
be deposited in the Low-Moderate Income Housing Fund in each such year, will be made
available as tax revenues. On November 2, 1993, the $6,813,850 deposit was restructured
(see Note 14).
Note 12. Tax Increment Shift to Fund Education in California
in September 1992, the State of California passed its annual budget for the period July 1,
1992 through June 30, 1993. Included in the budget were substantial cuts in funding to
cities, including Redevelopment Agencies, to help offset the cost of education in California.
The funding cuts equated to $580,791 for the Agency. This amount was paid on May 10,
1993.
Of this amount ($580,791), $423,574.was borrowed for the 200/0 Low-Moderate Income
Housing Fund. On November 2, 1993, the Agency paid back the 20% Low-Moderate
Income Housing Fund with a portion of the reallocation of the $6,813,850 which was
prefunded in October 1991 (see Note 14).
Note 13. Commitments and Contingencies
Low-Moderate Income Housing Set-Aside Fund
Under state law, the Agency is required to set aside a portion of its property tax increment
revenue for low 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 3Q
1993 (no additional deferrals after June 30, 1991), the accumulated set-aside amount not yet
funded was approximately $3,982,000. The law requires the Agency to devise a plan to fund
the accumulating amount and to begin funding it by 1996.
_27_
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NOTES TO FINANCIAL STATEMENTS
Note 13. Commitments and Contingencies, 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 landfill into the environment. The. trial has been
divided into several phases. On October 29, 1992, the court issued its ruling against the
defendant cities on the issue of liability. No trial dates have been set for the remaining
phases of the trial which will determine the allocation of liability between the defendants.
The parties have engaged in settlement negotiations and a tentative agreement has been
reached. The City estimates that its total settlement in this matter is approximately
$950,000. This amount is included in the City's long-term group of accounts as of June 30,
1993. In addition, the City enacted a user fee, imposed on residential and commercial
refuse bills, that would also help offset any recovery against the City.
State of California Budget Trailer Bill SB1135
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 5.67517,o of net property tax increment of the 1990-1991 fiscal year, which
equates to $175,288 for the Agency. This amount will be paid May 10, 1994 from the Low-
Moderate Income Housing Set-Aside Fund, and will reduce the amount of property tax
revenue that the Agency will record for the fiscal year ending June 30, 1994.
Tax Allocation Bonds Series 1993
Note 14. Subsequent Events
On November 2, 1993, the Agency issued tax allocation bonds amounting to $34,275,000
(Series 1993A) and taxable tax allocation refunding bonds amounting to $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.
-28-
NOTES TO FINANCIAL STATEMENTS
Note 14. Subsequent Events, Continued
The notes will be repaid with tax increment revenues of the project area and are scheduled
to mature as follows:
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During the
Year Ending Series 1993A Bonds Series 19938 Bonds
June 30, Principal Interest Principal Interest Total
1994
$ - $ 1,892,193
$ 260,000
$ 133,720
$ 2,285,913
1995
- 1,892,193
265,000
120,200
2,277,393
1996
- 1,892,193
280,000
106,420
2,278,613
1997
- 1,892,193
295,000
91,860
2,279,053
1998
- 1,892,193
310,000
76,520
2,278,713
Years thereafter
34,275,000 45,523,163
1,025M0
120,780
80,943,943
Total $ 34 275 000 $ 54M4.128 $ ? 435 000 $ 649,500 $ 92,343,628
In addition, the $6,813,850 deposited in the Low-Moderate Income Housing Set-Aside Fund
in October 1991 (see Note 8) was reallocated as follows:
• Satisfied the Housing Set-Aside requirements for the fiscal years ended June 30, 1992
and 1993 totalling $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.
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CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1993
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GENERAL FUND
' The General Fund accounts for all financial resources except those required to be accounted
for in another fund. These resources are devoted to financing the general services that the
City performs for its citizens.
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
BALANCE SHEET
June 30, 1993
ASSETS
Cash and cash investments
Other investments
Receivables
Due from other funds
Prepaid expenses
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
1993 1992
$10,121
$14,645
5,266,675
3,977,874
1,691,190
1,515,344
156,093
1,035,201
173,786
$7,124,079 $6,716,850
$1,170,547
94,992
150,000
4,684
$1,261,840
9,112
$1,420,223 $1,270,952
$760,954 $605,863
3,193,902 4,840,035
1,749,000 -
$5,703,856 15,445,898
$7,124,079 $6,716,850
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CITY OF ROSEMEAD, CALIFORNIA
'
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
1993
Fiscal Year Ended June 30
,
1993
1992
REVENUES:
'
Other taxes
$3,866,690
$3,787,547
Licenses and permits
579,124
554,935
Intergovernmental
2,372,483
2,308,398
'
Charges for services
346,859
366,345
Fines, forfeitures and penalties
216,215
246,185
Use of money and property
338,453
425,100
Other
88,823
163,120
Total Revenue
$7.808,647
$7,851.630
EXPENDITURES:
'
Current:
General government
$1,952,089
$2,354,909
Public safety
3,916,602
4,021,574
Public works
81,578
584,609
Public health
1,677
95,495
Public recreation
1,858,238
1,959.686
'
Community service
1,002,917
1,264,588
Capital outlay
7,300
34,089
'
Total Expenditures
$8,820,401
$10,314,950
Revenue over (under) expenditures
($1,011,754)
($2,463,320)
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From other funds
$1,097,300
$967,563
(To) other funds
(40,019)
-
Total Other Financing Sources (Uses)
$1,057,281
$967,563
Revenues and Other Financing
Sources over (under) expenditures
$45,527
($1,495,757)
'
FUND BALANCE, BEGINNING
5,445,898
0
RESIDUAL EQUITY TRANSFER
212,431
17,744
856
5
03
478
013)
($1
FUND BALANCE, ENDING
,7
,
$
,
,
-32-
CITY OF ROSEMEAD, CALIFORNIA
REVENUE DETAIL - BUDGET AND ACTUAL
GENERAL FUND
Year Ended June 30, 1993
Over (Under)
Budget
Aetna[
Budget
Actual
TAXES
Maintenance district
$ 1,300
$ 2,427
$ 1,127
$ 1,309
Real estate transfer tax
45,000
38,974
(6,026)
55,567
Trailer coach fees
1,500
2,810
1,310
2,474
Sales and use tax
3,000,000
2,647,816
(352,184)
2,679,103
Franchise fees
527,000
547,920
20,920
525,327
Transient occupancy tax
580,000
626,743
46,743
523.767
$ 4,154,800
$ 3,866,690
$ (288,110)
$ 3.787.547
LICENSES AND PERMITS
Business license fees
$ 30,000
$ 40,171
$ 10,171
$ 37,216
Building permit fees
421,500
433,479
11,979
489,935
Public work permit
60,000
29,213
(30,787)
82,764
Tentative map fees
7 200
13,485
6-185
2,270
Development review fees
15,000
850
(14,150)
2,481
Final map fees
16,000
19,670
3,670
15,647
Occupancy permit fees
5,000
19,413
14,413
4,626
Sewer connection
5,000
22,843
17,843
23,158
$ 559,700
$ 579,124
$ 19,424
$ 658,097
INTERGOVERNMENTAL
Financial aid to local agencies
$ 222,754
$ 433,996
$ 211~42
$ 300,071
Motor vehicle in lieu tax
1,810.320
1,933,602
123,282
1,944,204
Caltrans - SB300
69,000
(69,000)
-
Other vehicle taxes
880
889
9
29,362
Cigarette tax
60,000
3,996
(56,004)
34,761
FA.U. Grant
68,000
(68,000)
-
$ 2 30.954
$ 2,372,483
$ 141,529
$ 2,308,398
CHARGES FOR SERVICES
Filing and certification fees
$ 1110011
$ 31,584
$ 20,584
$ 14,905
Other current charges
28,139
28,139
150
Environmental impact reports
150
t00
(50)
-
Recreation fees
165,6110
227,832
62.232
220,539
Assessments
5,000
20,129
15,129
27,259
Shared maintenance charges
211,011(1
(20,000)
-
Special community events
11,1110
39,075
27,975
25,348
$ 212,850
$ 346,859
$ 134,009
S 2S8531
Subtotals forward $ 7.15&304 $ 7,165,156 $ 6,852 $ 7,042.573
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CITY OF ROSEMEAD, CALIFORNIA
REVENUE DETAIL - BUDGET AND ACTUAL
GENERAL FUND, CONTINUED
Year Ended June 30, 1993
1993 1992
Over (Under)
Budget Actual Budget Actual
Subtotals carried forward $ 7,158,304 $ 7,165,156 $ 6,852 $ 7.042.573
FINES, FORFEITURES AND
PENALTIES, court fines and forfeitures $ 253,500 $ 216,215 $ (37185) $ 246,185
USE OF MONEY AND PROPERTY
Interest earned on investments $ 400,000 $ 287,013 $ (112,987) $ 399,913
Rental income 30,800 51,440 20,640 25,187
$ 430,800 $ 338,453 $ (92347) $ 425,100
OTHER
SANE program
$ 25,000
$ 49,733 $
24,733
$ 42,629
Joint powers rebate
-
-
48,248
Repairs to and sale of City property
1,000
2,025
1,025
784
Miscellaneous
3,150
37,065
33,915
71,459
$ 29,150
$ 88,823 $
59,673
$ 163,120
Total revenue
$ 7,87t,754
$ 7,808,647 $
J63,1 QZL
$ 7,876,978
-34-
CITY OF ROSEMEAD, CALIFORNIA
EXPENDITURE DETAIL - BUDGET AND ACTUAL
GENERAL FUND
Year Ended June 30, 1993
GENERAL GOVERNMENT
Travel and meeting
City council
City administration
City clerk
Finance
City treasurer
City attorney
General government buildings
Community promotion
City garage
PUBLIC SAFETY
Law enforcement
Animal regulation
Parking control
Crossing guard
Emergency services
PUBLIC WORKS
Engineering and administration
Street construction
Traffic signs and striping maintenance
PUBLIC HEALTH, services
PUBLIC RECREATION
Administration
Parks
Recreation
Aquatics
Sublotals forward
1993 1992
Over (Under)
Budget Actual Budget Actual
$ 12,000 $
10,465
$ (1,535) $
16,366
60,997
61.373
376
46,597
654,816
583,269
(71,547)
691,351
74,300
68,173
(6,127)
135,266
214,050
194,697
(19,353)
360,628
11,540
11,936
396
12,196
345,700
211,631
(134,069)
266,586
397,170 '
398,052
882
368,653
387,900
390,268
2,368
455,724
38,020
22,225
(15,795)
26,890
$ 2,196,493 $ 1,952,089 $ (244,404) $ 2,380,257
$ 4,106,400 $ 3,709,619 $ (396,781) $ 3,827,200
34,000
36,114
2,114
31,477
114,890
115,447
557
109,603
44,140
50,744
6,604
45,851
5,960
4,678
(1.282)
7,443
$ 4,305,390 $ 3,916,602 $ (388,788) $ 4,021,574
$ 36,520 $ 35,475 $ (1,045) $ 29,246
410,000 45,745 (364,255) 400,042
21,380 358 (21022) 155,321
$ 467,900 $ 81,578 $ (386,322) $ 584,609
$ 5,000 $ 1,677 $ (3323) $ 95,495
$ 210,830
$ 132,860
$ (77,970)
$ 204,542
939,200
800,327
(138,873)
912,951
542,320
575,356
33,036
522,366
295,790
349,695
53,905
319,827
$ 1,988,140
$ 1858,38
$ (129,902)
$ 1,959,686
$ 8,962,923 $ 7,810,184 $ (1,152,739) S 9,041,621
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' CITY OF ROSEMEAD, CALIFORNIA
' EXPENDITURE DETAIL - BUDGET AND ACTUAL
GENERAL FUND, CONTINUED
' Year Ended June 30, 1993
I Subtotals carried forward
1993 1992
Over (Under)
Budget Actual Budge[ Actual
$ 8,962,923 $ 7,810,194 S (1,152,739) S 9,041,621
'
COMMUNITY SERVICE
Planning
Building reattlation
Engineering
'
Street projects
Community improvements
CAPITAL OUTLAY
'
Total expenditures
1
I
I
S 229,090
S
209.607
$ (19.483)
S
236.203
452.000
403.095
(48.905)
583.849
281,100
292.726
11.626
322.039
2.680
88,000
97,499
9.499
119,817
$ 1,050,190
S
1002 917
$ (47273)
S
1264 5SS
3,000
$
7,300
$ 4,300
S
34,0S0
S 10.0 16113
S
8,820,401
S (1.195.712)
S
10,340.29S
THIS PAGE INTENTIONALLY LEFT BLANK
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SPECIAL REVENUE FUNDS
' Special Revenue Funds account for the proceeds of specific revenue sources (other than
special assessments, expendable trusts and major capital projects) that are legally restricted
to expenditures for specified purposes.
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1 -38-
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.
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
detetection programs.
-39-
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SPECIAL REVENUE FUNDS (cont'd)
CALIFORNIA WILDLIFE GRANT FUND
' Established to account for a state grant for preapproved 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
1 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.
I
1 -40-
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS ,
COMBINING BALANCE SHEET
June 30, 1993
ASSETS
Cash and cash investments
Other investments
Receivables
Due from other funds
Total Assets
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts payable
Due to other funds
Due to other governmental
agencies
Total Liabilities
Municipal Equity:
Reserved for low-moderate
income housing
Unreserved, undesignated
Total Equity
Total Liabilities and
Municipal Equity
Air Quality
Local
Public
Community
State Management
Trans-
Trans-
Development
Gas Tax District
portation
portation
Block Grant
Fund Fund
Fund
Fund
Fund
Traffic
Safety
Fund
$ - $397,642 $85,342
3,489 2,000
- 110,014
$3,489 $509,656 $85,342
$ - $90,188 $
3,489 -
$ -
$1,140,374
$155,000
42,395
388,351
76,398
-
'
$76,398
$1,182,769
$543,351
$92
$79,959
$205,163
47,862
100,857
-
237,331
$3,489 $90,188
$ -
$47,954
$79,959
$543,351
$ - $ -
$ -
$ -
$
$
419,468
85,342
28,444
1,102,810
$ - $419,468
$85.342
$28,444
$1,102,810
$ '
$3.489 $509,G5G $85,342 $76,398 $1,182,769 $543,351 1
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r
r
1
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r
r
r
r
r
1
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1976
Community
Low-Moderate
Rosemead
Parklands
Street
Narcotics Income Hous-
Housing
Grant
Lighting
Seizure ing Set-Aside
Development Totals
Fund
Fund
Fund Fund
Corporation 1993 1992
$30,454 $483,412
- 6,345
3,489 -
$33,943 $489,757
$ - $19,007
$ - $19,007
$80,808 $3,142,648
$104,755 $5,620,435
$4,973,941
- 3618590
- 3,618,590
4,050,905
76,983
519,563
854,453
692,386
882,287
6,762
$80.808 $7,530,607
$104,755 $10,640,875
$9,886,061
$ - $ - $1,884 $396,293
- 152,208
237,331
$ - $ - $1,884 $785,832
$141,463
108,404
237,488
$487,355
$ -
$ -
$ - $7,530,607
$102,871 $7,633,478
$7,401,410
33,943
470,750
80,808
2,221,565
1,997,296
$33,943
$470,750
$80.808 $7,530.607
$102,871 $9,855,043
$9,398,706
$33,943 $489,757 $80,808 $7,530,607 $104,755 $10,640,875 $9,886,061
-42-
'
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
'
COMBI
NING STATEMENT OF REVENUE, EXPEN
DITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1993
'
i
i
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Air Qual
ty
Local
Publ
c
Commun
ty
Traffic State Management
Trans-
Trans-
Development
Safety Gas Tax District
portation
portation
Block Grant
Fund Fund Fund
Fund
Fund
Fund
REVENUES:
Special assessments
$ - $ - $ -
$ -
$ -
$ -
'
Intergovernmental
- 874,435 43,654
-
950,146
926,195
Charges for services
- - -
-
88
315
Fines, forfeiture and penalties
97,765 - -
-
-
Use of money and property
- 17,338 -
1,551
52,726
-
Other
- - -
-
1,001
-
Total Revenues
$97,765 $891,773 $43,654
$1,551
$1,003,961
$926,510
'
EXPENDITURES:
Current:
Q
General government
$ - $ - $ -
$ -
$ -
$397,464
u
Public safety
97,765 - -
-
-
-
Public works
- 845,602 -
31,634
965,261
168,017
D
Community services
- - -
-
-
408,550
Capital outlay
- - -
-
20,927
-
$31
634
$986
188
$974
031
Total Expenditure
$97,765 $845,602
,
,
,
Revenue over (under) expendit
ures $ - $46,171 $43,654
($30,083)
$17,773
($47,521)
n
OTHER FINANCING SOURCES (USES):
Operating transfers:
,
From other funds
$ - 18,627 $ -
$ -
$ -
$47,521
(To) other funds
- - -
- -
(27,529)
$ - $18,627 $ -
$ -
($27 529)
$47,521
Revenue and other financing
sources over (under) expend
itures $ - $64,798 $43,654
($30,)83)
($9,756)
$ -
FUND BALANCE, BEGINNING
- 354,670 41,688
58,527
1,112,566
-
FUND BALANCE, ENDING
$ - $419468 $85,342
-$28444
$1,10`2,810
$ -
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1976
Community
Low-Moderate
Rosemead
Parklands
Street
Narcotics
California
Income Ilous-
Housing
Grant
Lighting
Seizure
Wildlife
ing Set-Aside
Development
Totals
Fund
Fund
Fund
Fund
Fund
Corporation
1993
1992
'
$ -
$395,646
$ -
$ -
$ -
$ -
$395,646
$384,036
-
-
7,559
(36)
-
-
2,801,953
2,516,100
403
-
_
-
_
_
97,765
32,068
1,579
-
3,206
-
370,567
-
446,967
561,536
'
-
-
-
-
108,677
-
109,678
59,546
81,579
$395,646
$10,765
($36)
$479,244
$ -
$3,852,412
$3,553,286
$ -
$ -
$712
$ -
$47
$29,352
$427,575
$131,781
-
249,999
-
-
-
-
347,764
247,189
67,777
2,078,291
1,374,889
_
408,550
327,568
-
-
1,623
1,364
-
-
23,914
55,964
129
$97
$3
286
094
391
$2
137
$249,999
$2,335
$1,364
$47
,
,
,
,
,
1
$1,579
$145,647
$8,430
($1,400)
$479,197
($97,129)
$566,318
$1,415,895
i
$ -
$ -
$ -
1,400
$ -
$350,000
$417,548
$6,855,922
-
-
-
-
(350,000)
(150,000)
(527,529)
(20,263)
S_
$ -
$ -
$1 4,_00
($350 000)
$2011,000
($109,981)
$6,835 659
579
51
8145
647
$8,430
$ -
$129,197
$102,871
$456,337
$8,251,554
,
,
32,364
325,103
72,378
-
7,401,410
-
9,398,706
1,147,152
$33,943
$470,750
$8(),808
$ -
$7,530,607
$102,871
$9,855,043
$9,398,706
1 -44-
i
CITY OF ROSEMEAD, CALIFORNIA
TRAFFIC SAFETY FUND
,
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
1
i
Over
(Under)
Budget Actual
Budget
1992
REVENUES:
,
Fines, forfeiture and penalties $90,000 $97,765
$7,765
$32,068
Total Revenue $90,000 $97,765
$7,765
$32,068
i
i
EXPENDITURES:
Public safety $90,000 $97,765
$7,765
$32,068
765
$7
$32
068
Total Expenditure $90,000 $97,765
,
,
Revenue over (under) expenditures $ - $ -
$ -
$ -
i
FUND BALANCE, BEGINNING
D
FUND BALANCE, ENDING $ - $
$
$
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CITY OF ROSEMEAD, CALIFORNIA
STATE GAX TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Over
(Under)
Budget Actual
Budget
1992
REVENUES:
Intergovernmental $890,840 $874,435
($16,405)
$891,844
1
Use of money and property 5,000 17,338
$12,338
18,799
Total Revenue $895,840 $891,773
($4,067)
$910,643
EXPENDITURES:
'
Public Works $1,160,480 $845,602
($314,878)
$640,206
Total Expenditure $1,160,480 $845,602
($314,878)
$640,206
437
0
2
Revenue over (under) expenditures ($264,640) $46,171
$310,811
7
,
$
'
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds $ - $18,627
$18,627
$ -
'
Revenue and other financing sources
798
640) $64
enditures ($264
(u
der) ex
$329
438
$270,437
,
,
p
over
n
,
FUND BALANCE, BEGINNING 270,073 354,670
354,670
84.233
FUND BALANCE, ENDING $5,433 $419,468
$684,108
$354.670
'
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CITY OF ROSEMEAD, CALIFORNIA
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Over
(Under)
Budget Actual Budget
REVENUES:
Intergovernmental $66,000 $43,654 ($22,346)
Total Revenue $66,000 $43.654 ($22,346)
EXPENDITURES:
Public works $95,000 $ - ($95,000)
Total Expenditure $95,000 $ - ($95,000)
Revenue over (under) expenditures ($29,000) $43,654 ($72,654)
OTHER FINANCING SOURCES (USES):
Operating transfers:
(To) other funds $ - $ - $ -
Revenue and other financing sources
over (under) expenditures ($29,000)
FUND BALANCE, BEGINNING 33,000
FUND BALANCE, ENDING $4,000
$43,654
41,688
$85,342
$72,654
-47-
8,688
$81,342
1
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1992
$41,688
$41,688 1
$1
$41,688 n
1
■
$41,688 1
$41,688
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CITY OF ROSEMEAD, CALIFORNIA
LOCAL TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Budget
REVENUES:
Intergovernmental $13,000
Use of money and property 2,240
Total Revenue $15,240
EXPENDITURES:
Public works $68,000
Total Expenditure $68,000
Revenue over (under) expenditures $52,760
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $ -
Over
(Under)
Actual Budget 1992
$ -
($13,000)
$13,154
1,551
(689)
2,860
$1,551
($13,689)
$16,014
$31,634
($36,366)
$
$31,634
($36,366)
$
($30,083)
($22,677)
$16,014
Revenue and other financing sources
over (under) expenditures ($52,760) ($30,083) $22,677 $16,014
FUND BALANCE, BEGINNING 57,387 58,527 1,140 42,513
FUND BALANCE, ENDING $4,627 $28,444 $23,817 $58,527
-48-
CITY OF ROSEMEAD, CALIFORNIA
PUBLIC TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
REVENUES:
, Over
(Under)
Budget Actual Budget
Intergovernmental
$1,300,000
$950,146
($349,854)
Charges for services
-
88
88
Use of money and property
25,000
52,726
27,726
Other
-
1001
1,001
Total Revenue
$1,325,000
$1-,003,961
($321,039)
EXPENDITURES:
Current:
Public works
$1,463,325
$965,261
($498,064)
Community services
-
-
Capital outlay
26,000
-20,927
(5,073)
Total Expenditure
$1,489,325
$986,188
($503,137)
Revenue over (under) expen
ditures ($164,325)
$17,773
$182,098
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $ -
Revenue and other financing sources
over (under) expenditures ($164,325)
FUND BALANCE, BEGINNING 676,369
FUND BALANCE, ENDING $512.044
($27,529)
($27,529)
($9,756)
$154,569
1,112,566
436,197
$1,102,810
$590,766
i ~
1
1992
$941,832
45,997 ,
$987,829
$618,766 '
118
$618,884 '
$368,945
i
$368,945 ,
743,621
$1,112,566 ,
0
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CITY OF ROSEMEAD, CALIFORNIA
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Budget Actual
Over
(Under)
Budget
1992
REVENUES:
Intergovernmental
$1,082,970
$926,195
($156,775)
$57,227
Charges for services
315
315
Total Revenue
$1.082,970
$926,510
($156,460)
$57,227
EXPENDITURES:
Current:
General government
$447,470
$397,464
(50,006)
$128,860
Public works
146,000
168,017
22,017
115,917
Community services
489,500
408,550
(80,950)
327,450
Total Expenditure
$1,082,970.
$974,031
($108,939)
$572,227
Revenue over (under) expenditur
es
($47,521)
$47,521
$ -
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$ -
$47,521
$ -
$ -
Revenue and other financing sourc
es
over (under) expenditures
$ -
$ -
($47,521)
$
FUND BALANCE, BEGINNING
-
-
FUND BALANCE, ENDING
$ -
$ -
$
$
-59-
CITY OF ROSEMEAD, CALIFORNIA
1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Over
(Under)
Budget
Actual
Budget
REVENUES:
Intergovernmental
$
$
$
Use of money and property
2,000
1,579
(421)
Total Revenue
$2,000
$1,579
($421)
EXPENDITURES:
Capital Outlay
$22,550
($22,550)
Total Expenditure
$22,550
($22,550)
Revenue over (under) expenditures
($20,550)
$1,579
$22,129
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
Revenue and other financing sources
over (under) expenditures ($20,550) $1,579
FUND BALANCE, BEGINNING 49,700 32.364
FUND BALANCE, ENDING $29,150 $33,943
-51-
$22,129
(17,336)
$4,793
1992 .
3,236 ,
$3,236
$19,072 ,
$19,072
($15.836) '
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($15,836)
48.200
$32,364 a
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CITY OF ROSEMEAD, CALIFORNIA
STREET LIGHTING FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
REVENUES:
Special assessments
Total Revenue
Budget
Over
(Under)
Actual Budget 1992
$375,000 $395,646
$375,000 $395.646
EXPENDITURES:
Current:
Public safety $281,000
Total Expenditure $281,000
Revenue over (under) expenditures $94,000
$20,646
$384,036
$384,036
$249,999
($31,001)
$215,121
$249,999
($31,001)
$215,121
$145,647
$51,647
$168,915
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$ -
$ -
$
$
Revenue and other financing sources
over (under) expenditures
$94,000
$145,647
$51,647
$168,915
BEGINNING
FUND BALANCE
246,188
325,103
78,915
156,188
,
FUND BALANCE, ENDING
$340,188
$470,750
$130,562
$325.103
-52-
,
CITY OF ROSEMEAD, CALIFORNIA
NARCOTICS SEIZURE FUND
,
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
,
I
Over
(Under)
,
Budget
Actual
Budget
1992
'
REVENUES:
Intergovernmental
$ -
$7,559
$7,559
$192
Use of money and property
195
3,206
$3,011
4,702
,
Total Revenue
$195
$10,765
$10,570
$4,894
I
EXPENDITURES
Current:
'
General government
$650
$712
$62
$2,921
Capital outlay
1,623
$1,623
1,992
Total Expenditure
$650
$2,335
$1,685
$4,913
Revenue over (under) expenditures
($455)
$8,430
($8,885)
($19)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$ -
$ -
$ -
$ -
8
Revenue and other financing sources
over (under) expenditures
($455)
$8,430
$8,885
($19)
a
FUND BALANCE, BEGINNING
4,865
72,378
67,513
72,397
FUND BALANCE, ENDING
$4,410
$80,808
$76,398
$72,378
-53-
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CITY OF ROSEMEAD, CALIFORNIA
CALIFORNIA WILDLIFE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
Budget Actual
Over
(Under)
Budget
1992
REVENUES:
Intergovernmental $90,680 ($36) ($90,716) $46,346
Total Revenue $90,680 ($36) ($90,716) $46,346
EXPENDITURES:
Capital Outlay
$90,680
$1,364
($89,316)
$34,900
Total Expenditure
$90,680
$1,364
($89,316)
$34,900
Revenue over (under) expenditures
($1,400)
($1,400)
$11,446
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$1,400
$1,400
($11,446)
Revenue and other financing sources
over (under) expenditures
$
$ -
$ -
$
FUND BALANCE, BEGINNING
FUND.BALANCE, ENDING
$
$
$
$
-54-
,
CITY OF ROSEMEAD, CALIFORNIA
LOW-MODERATE INCOME HOUSING FUND
,
STATEMENT OF REVENUE, EXPENDITURE
S
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
,
Over
(Under)
'
Budget Actual
Budget
1992
REVENUES:
Use of money and property $ - $370,567
$370,567
$485,942
Other 108,677
108,677
59,546
,
Total Revenue $ $479,244
$479,244
$545,488
EXPENDITURES
General Government
$ -
$47
$47
$ -
'
Total Expenditure
$
$47
$47
$ -
,
Revenue over (under) expenditures
$ -
$479,197
$479,197
$545,488
'
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$ -
000)
($350
($350,000)
$6,855,922
,
,
Revenue and other financing sources
over (under) expenditures
$ -
$129,197
$129,197
$7,401,410
FUND BALANCE, BEGINNING
7,401,410
$7,401,410
v
FUND BALANCE, ENDING
$ -
$7,530,607
$7,530,607
$7,401,410
D
0
0
0
-55-
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CITY OF ROSEMEAD, CALIFORNIA
'
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
'
Over
(Under)
Budget Actual
Budget
1992
'
REVENUES:
Use, of money and property $ $
$
$
Total Revenue $ $
$
$
EXPENDITURES:
General Government $733,000 $29,352
($703,648)
$
'
Public Works 4,000,000 67,777
(3,932,223)
Total Expenditure $4,733,000 $97,129
($4,635.871)
$
'
35
$
Revenue over (under) expenditures $ - ($97,129)
,871
$4,6
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $4,733,000 $200,000
($4,533,000)
$
'
Revenue and other financing sources
871
000 $102
733
enditures $4
) ex
d
(
($4,630,129)
$
,
,
,
p
un
er
over
FUND BALANCE, BEGINNING -
FUND BALANCE, ENDING $4,733,000 $102,871
($4,630,129)
$
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-56--
,
CITY OF ROSEMEAD, CALIFORNIA
FEDERAL HIGHWAY GRANTS
,
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
,
Over
(Under)
'
Budget Actual
Budget
1992
REVENUES:
,
Intergovernmental $1,372,000 $ -
($1,372,000)
$ -
000 $
372
$1
372
000)
($1
$ -
,
,
,
-
Total Revenue
,
,
EXPENDITURES:
Public Works $1,372,000 $ -
($1,372,000)
$ -
372
000
$
'
Total Expenditure $1,372.000
)
($1,
,
-
Revenue over (under) expenditures $ $
$ -
$ -
1
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 $ $
$
$
O
O
S
_57_
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CAPITAL PROJECTS FUND
(Redevelopment Fund)
The Capital Projects Fund accounts for financial resources to be used for the acquisition
or construction of major capital facilities with in the Redevelopment Agency.
Budget-to-actual comparisons are not presented for the capital projects fund since the
budgeted appropriations relate to all future appropriations as well as current year
appropriations.
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-59-
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CITY OF ROSEMEAD, CALIFORNIA
CAPTLAL PROJECTS FUND
BALANCE SHEET
June 30, 1993
1993
ASSETS
Cash and cash investments
Other investments
Receivables
Due from other funds
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Arbitrage rebate payable
Due to City of Rosemead
Due to other funds
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
-60-
5,716,371
439,682
970
$6,157,023
$38,548
213,721
99,764
692,386
$1,044,419
5,112,604
$5,112,604
1992
$262,938
7,819,069
191,066
$8,273,073
$584,432
933,559
$1,517,991
6,755,082
$6,755,082
$6,157.023 $8.273,073
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
REVENUES:
Property tax increment
Interest
Other
1993
$3,379,446
342,905
118,419
Total Revenue
$3,840,770
EXPENDITURES:
Current:
Improvements to project area
$1,438,818
Professional fees
36,716
City administrative services
960,245
Intergovernmental
580,791
Issuance costs
-
Arbitrage rebate expense
213,721
Capital outlay
5,170
Total Expenditures
$3,235,461 ,
Revenue over (under) expenditures
$605,309
OTHER FINANCING SOURCES (USES):
Proceeds from sale of bonds, net of
descounts of $156,884
Operating transfers:
From other funds
(To) other funds
(2,247,787)
Total Other Financing Sources (Uses)
($2,247,787)
Revenues and Other Financing
Sources over (under) expenditures
($1,642,478)
FUND BALANCE, BEGINNING
6,755,082
FUND BALANCE, ENDING
--61-
$5,112, 604
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1992
$3,746,398 ,
367,785
155,066 '
$4,269.249
$6,798.037 '
125,282
980,747
65,382 '
54,127 ,
$8,023,575
($3,754,326) '
$11,568,356 '
415,939
(10,914,204) '
$1,070,091
($2,684,235)
9,439.317 '
$6,755,082 '
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DEBT SERVICE FUND
1 The Debt Service Fund account for the accumulation of resources for the payment of
general long-term debt principal, interest and related costs.
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CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
BALANCE SHEET
June 30, 1993
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
-64--
1993 1992
$3,889,464
33,374
$4,006,652
106,027
$3,922,838
$4,112,679
$3,922,838 $4,112,679
$3,922,838 $4,112,679
$3,922,838 $4,112,679
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1993
1993
REVENUES:
Interest
Other
Total Revenue
EXPENDITURES:
Debt service:
Principal
Interest
Total Expenditures
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenues and Other Financing
Sources over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
-65-
$130,502
1,683
$132,185
$1,900,000
669,813
$2,569,813
($2,437,628)
$2,247,787
$2,247,787
($189,841)
4,112,679
$3,922,838
1992
$271,285 ,
13,462
$284,747 ,
$1,760,000
828,617 ,
$2,588,617
($2,303,870) ,
$3,767,795
(125,452) ,
$3,642,343
$1,338,473 '
2,774,206
$4,112,679 '
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CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1993
Over
(Under)
Budget Actual
Budget
1992
REVENUE
Interest $156,000 $130,502
($25,498)
$271,285
Other - 1,683
1,683
13,462
$156,000 $132,185
($23,815)
$284,747
EXPENDITURES
Debt Service:
Principal
Interest
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
$1,900,000 $1,900,000 $ - $1,760,000
669,813 669,813 828,617
$2,569,813
$2,569,813
$ -
$2,588,617
($2,413,813)
($2,437,628)
($23,815)
($2,303,870)
$2,569,813 $2,247,787 ($322,026) $3,767,795
(125,452)
$2,569,813 $2,247,787 ($322,026) $3,642,343
$156,000
($189,841)
($345,841)
$1,338,473
4,173,385
4,112,679
(60,706)
2,774,206
$4,329,385
$3.922,838
($406,547)
$4,112,679
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FIDUCIARY FUND TYPES
PENSION TRUST FUND
Established to account for the activity of the retirement plan for employees of the City.
AGENCY FUND
Established to account for the assets held in trustee capacity or as an agent. The
cash being held primarily represents amounts placed on deposit for refundable permits
and performance bonds and deferred compensation plans for qualified employees.
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-69-
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ASSETS
Cash and cash investments
Investments in deferred compensation plan
Investments in annuity contracts
Total Assets
I.IABILITIES AND MUNICIPAL EQUITY
Liabilities:
Refundable deposits
Deferred compensation
Total Liabilities
Municipal Equity:
Fund balance, reserved for
employees retirement
Total Liabilities and Municipal Equity
CITY OF ROSEMEAD, CALIFORNIA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1993
Pension Agency Funds
Trust Refundable Deferred
Fund Deposits Compensation
Totals
1992 1992
$ - $98,473 $17,859 $116,332
$116,332
- - 240,236 240,236
240,236
249,552 - - 249,552
1,073,989
$249,552 $98,473 $258,095 $606,120
$1,430,557
$ - $98,473 $ - $98,473 $79,805
- 258,095 258,095 211,448
$ - $98,473 $258,095 $356,568 $291,253
$249,552
$ -
$ -
$249,552
$1,073,989
$249,552
$98,473
$258,095
$606,120
$1,365,242
-70-
CITY OF ROSEMEAD, CALIFORNIA
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Fiscal Year Ended June 30, 1993
Balance Balnce
July 1, 1992 Additions Deductions June 30, 1993
REFUNDABLE DEPOSIT FUND:
Assets
Cash and cash investments $79,805 $37,399 $18,731 $98,473
Liabilities
Refundable deposits
EMPLOYEES DEFERRED
COMPENSATION FUND:
Assets
Cash and cash investments
Investments in deferred
compensation plan
Total Assets
liabilities
Deferred compensation
$79,805 $37,399 $18,731 $98,473
$21,307
$752
$4,200
$17,859
190,141
55,957
5,862
240,236
$211,448
$56,709
$10,062
$258,095
$211,448
$56,709
$10,062
$258,095
-71-
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ACCOUNT GROUPS
GENERAL FIXED ASSESTS ACCOUNT GROUP
Established to account for all property and equipment except for.public domain
fixed assets (e.g., streets, bridges, sidewalks, curbs, gutters and storm drainage
systems).
GENERAL LONG-TERM DEBT ACCOUNT GROUP
Established to account for the outstanding principal balances of all long-term
debt expected to be financed from governmental fund types.
-72-
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF GENERAL FIXED ASSETS
June 30, 1993
Redevelopment
Land
Buildings and improvements
Vehicles
Furniture and office equipment
Special equipment and machinery
Other improvements
Total
City
Agency
$542,926
$2,350,308
1,987,800
1,483,107
230,588
427,588
366,094
490,765
-
OA4 A09
$4,428,159 $4,199,509
_74_
Totals
1993
1992
$2,893,234
$2,893,234
3,470,907
3,442,655
230,588
308,248
793,682
770,977
490,765
489,063
748,492
748,492
$8,627,668
$8,652,669
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPE
NDITURES BY FUNCTION (1)
,
ALL GOVERNMENTAL FUND TYPES
Last Ten
Fiscal Years
'
Fiscal
Public
Public
General
Public
Public
Year
Safety
Works
Government
Health
Recreation
1983-84
$2,180,413
$3,123,134
$1,180,583
$85,347
$1,288,242.
'
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
3,397,61.1
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
(1) General Governmen
tal expenditures includes expenditures of the General, Special
Revenue,
Capital Projects, and Debt Service funds only
. Operating Transfers Out have bee
n excluded
from all years.
-77-
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Community
Capital
Debt
Inter-
Other
Services
Projects
Service
governmental
Total
$506,470
$1,657,169
$
$163,411
$10,184,769
679,109
2,043,462
11,564,045
604,797
1,297,837
11,042,691
1,239,472
-
1,319,863
16,535,507
906,176
36,184
1,912,681
339,240
15,241,264
1,528,378
840,338
2,640,807
7,459
-
20,039,703
1,510,545
123,443
2,618,539
-
20,942,080
2,070,348
160,397
2,602,350
-
20,271,039
1,592,156
144,180
2,588,617
-
22,117,233
1,411,467
36,384
2,569,813
580,791
213,721
16,964,469
Milllcns
$to
$a
$B
$4
$2
Public Works Public SaletY O Deft Services General Govt. I
Public Recr. Comm. Se". Misc.
-78-
s0
1888-89 1989-90 1890-91 1991-92 1982-83
CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
8
ALL GOVERNMENTAL FUND TYPES
Last Ten F
iscal Years
1
Fiscal
Property
Special
Other
Licenses
Inter-
Year
Tax
Assessments
Taxes a
nd Permits
governmental
'
1983-84
$2,099,410
$169,845
$2,397,987
$261,110
$3,291,717
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
3,204,232
303,374
4,176,257
533,050
3,725,299
"
99
9
92
061
347
4
245
201
479
084
4
557
510
0-91
1
,8
3,05
,
,
,
,
,
,
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
i
(1) Includes General, Spe
cial Revenues, and Capi
tal Projects Funds.
(2) Includes Proceeds from Tax Allocation Notes.
-79-
I
1
Fines,
Use of
Charges for
Forfeitures
Money and
Services
and Penalties
Property
Other
Total
$326,725
$342,947
$2,041,269
$7,140,701 (2)
$18,071,711
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
9e
$5
t,
93
$2
fl
$0
M
Inter9ovt.
Prop. Tex
Other Taxes E Use of M e P I
=11
Misc.
VA Lie. 8 Permits
® Fine,. For. 6 Pen.
-80-
1888-BB 1980-90 1890-01 1991-92 1992-93
CITY OF ROSEMEAD, CALIFORNIA
OTHER TAX REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Maintenance
Real Estate
Trailer Coach
Sales and
Year
District
Taxes
Tax
Use Tax
1983-84
$38,360
$5,260
$1,961,668
1984-85
39,150
1,052
2,425,925
1985-86
4,061
49,308
1,351
2,339,127
1986-87
7,300
83,170,
3,618
2,452,123
1987-88
2,155
105,223
-
2,656,680
1988-89
2,200
147,115
2,926
2,665,676
1989-90
698
142,520
1,334
3,205,342
1990-91
1,157
62,734
4,206
3,069,138
1991-92
1,309
55,567
2,474
2,679,103
1992-93
2,427
38,974
2,810
2,647,816
-81-
'
Transient
Franchise
Occupancy
Fees
Tax
Total
$266,966
$125,733
$2,397,987
'
090
953
2
301,383
185,580
,
,
293,302
216,341
2,903,490
269,760
232,736
3,048,707
336,628
251,170
3,351,856
'
461,620
312,261
3,591,798
494,223
332,140
4,176,257
'
556,710
551,256
4,245,201
525,327
523,767
3,787,547
547,920
626,743
3,866,690
1
'
-82-
CITY OF ROSEMEAD, CALIFORNIA
ASSESSED VALUATIONS OF TAXABLE PROPERTY
Last Ten Fiscal Years
State Assessed
.
Fiscal
Personal
Unitary and Operating
Year
Land
Improvements
Property
Non-unitary Property
1983-84
$261,079,758
$357,506,952
$4,753,925
$
1984-85
(2)
1985-86
337,467,010
554,010,610
30,623,894
1986-87
372,828,816
600,750,171
57,430,515
1987-88
423,556,926
667,096,486
60,746,385
1988-89
443,973,950
589,616,183
8,095,040
159,654,640
1989-90
533,974,252
652,418,780
6,569,433
160,283,765
1990-91
618,578,205
722,428,113
8,491,869
117,327,265
1991-92
687,981,018
783,764,885
8,531,233
157,129,799
1992-93
753,698,398
832,424,224
11,587,587
160,638,918
(1)
Effective with fiscal year
1988-89, Unitary and Operating Non-unitary assessed valuation
are listed separately.
(2)
1984-85 Assessed Valuation detail not available.
Source: Los Angeles County Auditor-Controller, Tax Division
-83-
1
'
Locally Assessed
Net
Personal
Property
Property
' Land
Improvements
Property
Total
Exemptions
Value
$
$17,686,006
$11,771,608
$652,798,249
$19,081,156
$633,717,093
708, 325,166
'
10,441,676
44,234,638
976,777,828
18,142,141
958,635,687
11,393,530
38,789,686
1,081,192,718
26,507,377
1,054,685,341
'
016
81
242
11,518,291
44,963,801
1,207,881,889
26,639,873
,
,
1,1
11,690,310
42,915,285
1,255,945,408
28,171,346
1,227,774,062
14,019,566
48,546,323
1,415,812,119
26,320,466
1,389,491,653
13,855,289
41,336,467
1,522,017,208
28,314,973
1,493,702,235
'
13,991,213
40,321,969
1,691,720,117
29,940,297
1,661,779,820
13,854,565
34,011,333.
1,806,215,025
31,116,915
1,775,098,110
NET PROPERTY VALUE
I Millions
$2000
'
$1500-
$1000-
$500
$0
1999-89 1984-96 1285-9e 1099-u uv-68 1989-99 1900-90 1990-91 1991-02 1992-93
1 -84-
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
LIGHTING AND MAINTENANCE DISTRICT
Last Ten Fiscal Years
Current
Percentage
Assessment
Assessment
Collected
Fiscal Year
Levy
Collected
Currently
1983-84
$138,450
$169,845
122.68 %
1984-85
187,936
160,997
85.67
1985-86
206,704
193,097
93.42
1986-87
223,795
215,186
96.15
1987-88
250,406
241,257
96.35
1988-89
285,712
275,977
96.59
1989-90
315,287
304,072
96.44
1990-91
314,824
355,366
112.88
1991-92
350,800
385,345
109.85
1992-93
388,417
398,073
102.49
-85-
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1993
Total assessed valuation
Debt limit: 3.75% of total assessed valuation
Amount of debt applicable to debt limit:
Total bonded debt
Less tax allocation notes exempt by law
Total amount of debt application
to debt limit
Legal debt margin
$18,430,240
18, 430, 240
$ 1,775,098,110
$ 66,566,179
0
-86--
$ 66,566,179
,
CITY
OF ROSEME
AD, 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
9
9
1
9
$10
184
769
09 %
16
1
1983-84
$1,310,000
$329,16
$1,63
,
6
,
,
.
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
16,535,507
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
O
(1) Includes all Governmental Fund Types. Premium for clefeasement of bonds not included.
a
a
D
-87-
1
t
1
$20
$15
$10
$5
$25
$20
$15
$10
$5
TOTAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES
Millions
Millions
_893
50
1983-84 1984-85 1985-88 1988-87 1987-88
so
1988-89 1989-90 1990-91 1991-92 1992-93
'
CITY
OF ROSEME
AD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
'
FOR TOTAL BONDED DEBT TO TOTAL ASSESSED VALUATION
Last Ten Fiscal Years
Debt Service
Total
To Total
Fiscal
Total Debt
Assessed
Assessed
'
Year
Principal
Interest
Service
Valuation
Valuation
09
0
A
1983-84
$1,310,000
$329,169
$1,639,169
$633,717,
3
.26
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
1,054,685,341
0.12
1987-88
1,000,000
902,173
1,902,173
1,181,242,016
0.16
t
1988-89
1,420,000
1,218,143
2,638,143
1,227,774,062
0.21
a
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
O
1991-92
1,760,000
828,617
2,588,617
1,661,779,820
0.16
Q
1992-93
1,900,000
669,813
2,569,813
1,775,098,110
0.15
-89-
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Fiscal
Year
Principal
1983-84
$1,310,000
1984-85
1,570,000
1985-86
875,000
1986-87
950,000
1987-88
1,000,000
1988-89
1,420,000
1989-90
1,515,000
1990-91
1,630,000
1991-92
1,760,000
1992-93
1,900,000
Total Debt
Interest Service
$329,169
473,462
404,000
346,875
902,173
1,218,143
1,101,760
972,350
828,617
669,813
$1,639,169
2,043,462
1,279,000
1,296,875
1,902,173
2,638,143
2,616,760
2,602,350
2,588,617
2,569, 813
Debt Service
To Total'
Population
Population
45,737
3,583.90 %
46,208
4,422.31
46,627
2,743.05
46,893
2,765.60
47,425
4,010.91
47,707
5,529.89
51,156
5,115.26
52,247
4,980.86
52,812
4,901.57
52,922
4,855.85
-90-
CITY OF
ROSEMEAD,
CALIFORNIA
PROPERTY TAX
RATES - ALL OVERLAPPING GOVERNMENTS
,
(Per $100 of Asse
ssed 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
1983
84
0
1
000649
255128
0
111114
0
017284
0
2
-
.
.
.
.
0.0011
6
1.385301
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
01
09
7
2
9
-
.0
4
1
0.0
8
0.044300
0.003397
0
1.127325
1992-93
0
1.001713
0.144909
0.014100
0.004212
0
1.164934
a
Source:
Tax Rates By
Tax Rate Areas,
Los Angeles County Tax Collector
a
' CITY OF ROSEMEAD, CALIFORNIA
' SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
' June 30, 1993
11992-93 Assessed Valuation: $1,365,247,299 (after deducting $249,211,893
redevelopment tax allocation increment)
'
Direct and Overlapping Bond Debt:
Applicable
Debt 6/30/93
Los Angeles County
0.309 %
$240,835
'
Los Angeles County Building Authorities
0.309
7,432,685
Los Angeles County Superintendent of Schools
Certificates of Participation
0.309
59,003
Los Angeles County Flood Control District
0.321
334,942
Los Angeles County Flood Control District
Certificates of Participation
0.321
121,129
'
Los Angeles County Sanitation District # 2 Authority
0.001
415
Los Angeles County Sanitation District # 15 Authority
7.171
2,270,644
Metropolitan Water District
0.173
1,157,803
'
Los Angeles Community College District
Certificates of Participation
0.267
184,203
Montebello Unified School District
'
Certificates of Participation
1.983
478,005
El Monte Union High School District
'
Certificates of Participation
El Monte School District and
13.812
379,139
Certificates of Participation
0.005
158
'
San Gabriel Valley Municipal Water District and
t Certificates of
tri
t Di
t
it
Ab
M
emen
s
c
o
a
osqu
Participation .004 & 3.212
59774
City of Rosemead 1
00.000
-
'
Total Gross Direct and Overlapping Bonded Debt:
$12,718,735 (1)
Less: Los Angeles County Certificates of Participation (
100%
self-supporting from leasehold revenues on properties in
'
Marina Del Rey)
416,486
Total Net Direct and Overlapping Bonded Debt:
$12,302,249
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax
allocation bonds and non-bonded capital lease obligations.
'
Ratios to Assessed Valuations: Direct Debt
0.00 %
Total Gross Debt
0.93 %
'
Total Net Debt
0.90 %
State School Building Aid Repayable as of 6/30/93
$ 1,1 11,581
Source: California Municipal Statistics, Inc.
'
-92-
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Income
Unemployment
Fiscal Year
Population
Households
Per Capita
Rate
(1)
(2)
(3)
(3)
1983-84
45,737
13,447
$13,945
7.9 %
1984-85
46,208
13,350
15,118
7.0
1985-86
46,627
13,510
16,058
6.7
1986-87
46,893
13,529
16,988
5.9
1987-88
47,425
13,687
17,863
5.4
1988-89
47,707
13,841
18,790
4.9
1989-90
51,156
13,870
19,906
4.7
1990-91
52,247
14,153
20,786
5.8
1991-92
52,812
14,169
20,967
8.0
1992-93
52,922
14,193
9.6
Source:
(1) California State Department of Finance, Office of Demographic Research
(2) City of Rosemead, Planning Department
` (3) California State Department of Finance, Finance and Economic Research Unit
' Information presented is for the County of Los Angeles, which includes the City of Rosemead.
Income Per Capita and Unemployment Rate specifically for the City of Rosemead is not available.
" Data not available at this time.
-93-
50
10
30
20
10
0
80
50
10
30
20
10
0
DEMOGRAPHIC STATISTICS
Thousands
Thousands
_94_
1983-81 1981-85 1985-85 1988-87 1987-88
-Income Per Capita =Household. M Population
1980-B9 1888-90 1990-91 1991-92
=Income Per Capita =Households MPopulation
'
CITY OF ROSEMEAD
PRINCIPAL TAXPAYERS
June 30, 1993
Percentage
of Total City's
Assessed Assessed
Valuation Valuation
Southern California Edison Company
$204,319,473
11.51 %
California Federal Savings
47,051,349
2.65
Chicago Title Insurance & Trust
16,838,874
0.95
Diamond Square
6,429,810
0.36
Vikon Center
5,542,051.
0.31
Lucky Plaza
3,278,208
0.18
ABC Plaza
2,438,437
0.14
Friendly Inn
2,349,217
0.13
San Gabriel Center
2,083,860
0.12
East-West Savings Plaza
1,879,259
0.11
$292,210,538 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.
Source: I. Los Angeles County Auditor-Controller, Tax Division
-9.5-
1
1
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF INSURANCE IN FORCE
June 30, 1993
Southern California Joint Powers
Insurance Authority
State Compensation Insurance Fund
Kelley, liggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Source: City Finance Department
Policy
Expiration
Number
Date
Type of Coverage
07/01/94
General Liability
228962-90
12/31/93
Workers Compensation
Coverage
05743382
10/10/94
Public Employees
Blanket Bond
9922993-03
10/19/94
Boiler and Machinery
2781100
10/10/94
Notary Public Bond
Error & Ommissions
CP8119571C 07/01/94
Property Insurance
-96
1
CITY OF ROSEMEAD, CALIFORNIA
CONSTRUCTION ACTIVITY
1
Last Ten Fiscal Years
1
1
Number of
Building Permit
Number of
Fiscal
Residential
Valuations (In Thousands)
Building
,
Year
Dwelling Units
Residential Nonresidential
Total
Permits Issue
1983-84
60
$3,903,558 $9;678,541
$13,582,099
569
1984-85
152
6,091,723 13,450,688
19,542,411
581
1
1985-86
92
10,697,897 20,577,307
31,275,204
568
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
1
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
1
1990-91
52
13,764,492 9,308,610
23,073,102
726
1
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
,
!
1
1
i
I
1
1
1
1
I
CITY OF ROSEMEAD, CALIFORNIA
MISCELLANEOUS STATISTICS
June 30, 1993
The City of Rosemead is located in Los Angeles County, California approximately nine miles east of the City of Los
Angeles. Incorporated in 1959, the City of Rosemead now encompasses a total land mass of 5.5 square miles
and operates as a general law city under a Council - City Manager form of government. The Rosemead
Redevelopment Agency, activated on January 4, 1972, includes 511 acres within he City's 5.5 square miles.
Population
Land Area
Streets & Alleys
Parks
Percentage of Land Use:
Residential
Public Facilities
Commercial (stores & shops)
Mixed Commercial/Residential
Office & Light Industrial
Public Facilities
Community Centers
Swimming Pools
Libraries
Gymnasiums
Ball Diamonds (lighted)
Tennis Courts (lighted)
Education Facilities:
Elementary Schools
Secondary Schools
High Schools
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I " The City of Rosemead contracts with the Los Angeles County Sheriff's Department for all police services with the
Fire Pprotection: '
Number of firefighters and officers
Polic 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
52,922
5.5 square miles
74.42 miles
50 acres
64 %
14
9
7
6
100 %
2
2
2
1
4
5
10
3
2
36
4
32
4,000
500
400
390
350
326
300
' The City of Rosemead is part of the Los Angeles County Fire Protection District which provides fire fighting, fire
prevention, and plan check services for the City.
exception of parking control which is provided by City personnel.
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City of
8SEMEA®
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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
52,922
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