1992 City Financial ReportI
1
I
CI
CITY OF ROSEMEAD, CALIFORNIA
FINANCIAL REPORT
JUNE 30, 1992
I
1
I
CONTENTS
INDEPENDENT AUDITORS' REPORT 1
SUPPLEMENTARY INFORMATION
General Fund:
'
GENERAL PURPOSE FINANCIAL STATEMENTS
23
'
Combined balance sheet, all fund types and account groups
2
Combined statement of revenue, expenditures and changes
'
in fund balances, all governmental fund types
3
'
Combined statement of revenue, expenditures and changes
'
in fund balances - budget and actual - general, special
26
revenue and debt service fund types
Statement of revenue, expenses and changes in fund balance,
4
pension trust fund
5
'
Statement of cash flows, pension trust fund
6
'
Notes to financial statements
7-22
SUPPLEMENTARY INFORMATION
L -
General Fund:
'
Revenue detail - budget and actual
23
Expenditure detail - budget and actual
24
Special Revenue Funds:
'
Combining balance sheet j
25
Combining statement of revenue, expenditures and
'
changes in fund balances
26
Combining balance sheet, fiduciary funds
27
Combining statement of changes in assets and liabilities,
'
all Agency funds
28
Graphs:
Composition of general fund revenue
29
'
General fund revenue - budget and actual
30
General fund expenditures
31
General fund revenue
32
L -
•L
McGLADREY & PULLEN
' Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
' To the Honorable Mayor and
Members of the City Council
City of Rosemead
Rosemead, California
We have audited the accompanying general purpose financial statements of the City of
' Rosemead, California, as of and for the year ended June 30, 1992, 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, 1992, 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, listed
in the table of contents as supplementary information, are presented for purposes of
additional analysis and are not a required part of the general purpose financial statements
of the City of Rosemead, California. Such information has been subjected to the auditing
' procedures applied in the audit of the general purpose financial statements and, in our
opinion, is fairly presented in all material respects in relation to the general purpose
financial statements taken as a whole.
Il
Pasadena, California
t October 23, 1992
-; e otW7
� �h
I
L
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
i June 30, 1992
Governmental Fund Types
Total liabilities, municipal equity and other credits
See Notes to Financial Statements.
$ 6,716,850 $ 9,886,061 $ 4,112,679 '
-2-
11
11
Special
Debt
General
Revenue
Service
ASSETS AND OTHER DEBITS
Cash and cash investments $
14,645
$ 4,973,941
$ -
Cash and investments with fiscal agent
-
-
4,006,652
Other investments
3,977,874
4,050,905
-
Investments in deferred compensation plans
-
-
-
Investments in annuity contracts
-
-
-
Receivables
1,515,344
854,453
106,027
Due from other funds
1,035,201
6,762
-
Prepaid expenses
173,786
-
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 $
6,716,850
$ 9,886,061
$ 4,112,679
LIABILITIES, MUNICIPAL EQUITY AND OTHER CREDITS
i LIABILITIES
Accounts payable and accrued liabilities $
1,261,840
$ 141,463
$
i Due to other funds
-
108,404
Due to other governmental agencies
-
237,488
i Refundable deposits
-
-
-
Deferred compensation
-
-
-
Tax allocation notes
-
-
-
Accrued vacation pay and compensatory time
9,112
-
-
- Total liabilities $
1,270,952
$ 487,355
$
MUNICIPAL EQUITY AND OTHER CREDITS
Investment in general fixed assets $
-
$ -
$ -
Fund balance:
Reserved:
Long -term receivable
605,863
-
-
Debt service
-
-
4,112,679
Low- moderate income housing
-
7,401,410
-
Employees retirement
-
Unreserved:
Designated for capital projects
-
Undesignated
4,840,035
1,997,296
Total municipal equity and other credits $
5,445,898
$ 9,398,706
$ 4,112,679
Total liabilities, municipal equity and other credits
See Notes to Financial Statements.
$ 6,716,850 $ 9,886,061 $ 4,112,679 '
-2-
11
11
I
1
1
'
Governmental
Fiduciary
Total
$ $ $ 1,987,735
Fund Types
Fund Types
Account
Groups
(Memorandum Only)
'
79,805
Trust
General
General
211,448
211,448
168,055
Capital
and
Fixed
Long -Term
_
= 111,312 120,424
Projects
Aeency
Assets
Debt
1992
1991
$ - $ -
$ 8,652,669 $ - $ 8,652,669
$ 8,356,624
'
$ 262,938
$ 101,112
$
$ -
$ 5,352,636
$ 6,366,295
626,008
4,112,679
-
4,006,652
2,668,179
- 7,401,410
7,819,069
1,073,989
_
1,073,989
15,847,848
11,809,019
190,141
190,141
145,016
-
1,073,989
-
1,073,989
894,927
191,066
-
-
2,666,890
2,268,917
'
_
1,041,963
419,920
-
173,786
-
=
8,652,669
-
4,112,679
8,652,669
4,112,679
8,356,624
2,774,206
16,328,873
16328,873
7,678,283
$ 8,273,073
$ 1,365,242
$ 8,652,669
$ 20,441,552
$ 59,448,126
$ 43,381386
'
$ 584,432 $
$ $ $ 1,987,735
$ 2,471,834
'
933,559
_ = 1,041,963
237,488
419,920
243,836
79,805
79,805
78,204
211,448
211,448
168,055
-
20,330,240 20,330,240
10,365,000
_
= 111,312 120,424
98,400
$ 1,517,991 $ 291,253
$ $20,441,552 $24,009,103
$13,845,249
$ - $ -
$ 8,652,669 $ - $ 8,652,669
$ 8,356,624
'
- - 605,863
626,008
4,112,679
2,774,206
-
- 7,401,410
-
1,073,989
_
1,073,989
894,927
' 6,755,082 _ = 6,755,082 9,439,317
6.837331 7.445.055
$ 6,755,082 $ 1,073,989 $ 8,652,669 $ $35,439,023 $29,536,137
' $ 8,273,073 $ 1,365,242 $ 8,652,669 $ 20,441,552 $ 59,448,126 $ 43381386
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1992
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
EXPENDITURES
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
Capital outlay
Debt service:
Principal
Interest
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 financing uses
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER
FUND BALANCE, ENDING
See Notes to Financial Statements.
Governmental Fund Types
Special Debt
General Revenue Service
$ -
$ 384,036 $
3,787,547
-
554,935
-
2,308,398
2,516,100
366,345
-
246,185
32,068
425,100
561,536 271,285
163,120
59,546 13,462
$ 7,851,630
$ 3,553,286 $ 284,747
$ 2,354,909 $ 131,781 $
4,021,574
247,189
584,609
1,374,889
95,495
-
1,959,686
-
1,264,588
327,568
34,089
55,964
1,760,000
828,617
$ 10.314950 $ 2.137.391 $ 2.588,617
$ (2,463,320) $ 1,415,895 $ (2,303,870)
967,563 6,855,922 3,767,795
- (20,263) (125,452)
$ 967,563 $ 6,835,659 $ 3,642,343
$ (1,495,757) $ 8,251,554 $ 1,338,473
6,923,911 1,147,152 2,774,206
$ 5,445,898 $ 9,398,706 $ 4,112,679
-3
I
'
-
4,268,763
3,994,221
'
Governmental
8,757,535
95,495
Total
Fund Tyges
(Memorandum Only)
1,838,493
Capital
-
1,592,156
2,079,722
Projects
1992
1991
160,397
$ 3,746,398
$ 4,130,434
$ 3,406,953
'
3,787,547
4,245,201
972,350
-
554,935
479,084
$ 20280,413
-
4,824,498
4,557,510
'
366,345
228,615
-
278,253
355,047
$ -
367,785
1,625,706
1,844,552
'
155,066
391,194
165,237
2,123,642
$ 4,269,249
$15,958,912
$15,282,199
' $ 224,111 $ 2,710,801 $ 2,215,912
-
4,268,763
3,994,221
'
6,798,037
8,757,535
95,495
6,374,969
1,014,349
1,959,686
1,838,493
-
1,592,156
2,079,722
'
54,127
144,180
160,397
-
1,760,000
1,630,000
-
828,617
972,350
'
$ 7,076,275
$ 22,117,233
$ 20280,413
$ (2,807,026)
$ (6,158321)
$ (4,998,214)
$ 11,568,356
$11,568,356
$ -
'
415,939
12,007,219
2,123,642
(11,861,504)
(12,007219)
(2123,642)
'
$ 122391
$11,568356
$
$ (2,684,235)
$ 5,410,035
$ (4,998,214)
9,439,317
20,284,586
25,282,800
17,744
'
$6,755,082
$ 25,712365
$ 20284,586
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
I GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES
Year Ended June 30, 1992
FUND BALANCE, ENDING $ 5,445,898
See Notes to Financial Statements.
M
General Fund
Over
(Under)
Budget
Actual
Budget
REVENUE
Property taxes and special assessments
$ -
$ -
$
Other taxes
4,376,500
3,787,547
(588,953)
Licenses and permits
488,200
554,935
66,735
Intergovernmental
3,894,730
2,308,398
(1,586,332)
Charges for services
333,900
366,345
32,445
Fines, forfeitures and penalties
280,000
246,185
(33,815)
Use of money and property
570,000
425,100
(144,900)
Other
25,500
163,120
137,620
$ 9,968,830
$ 7,851,630
$ (2,117,200)
EXPENDITURES
Current:
General government
$ 2,288,630
$ 2,354,909
$ 66,279
Public safety
3,940,628
4,021,574
80,946
Public works
874,380
584,609
(289,771)
Public health
87,000
95,495
8,495
Public recreation
1
1,902,940
1,959,686
56,746
Community service
1,225,710
1,264,588
38,878
Capital outlay
145,180
34,089
(111,091)•
Debt service:
Principal
-
-
Interest
-
-
-
$10,464,468
$10314,950
$ (149,518)
Revenue over (under) expenditures
$ (495,638)
$ (2,463,320)
$ (1,967,682)
jOTHER FINANCING SOURCES (USES)
Operating transfers:
From other funds
$ 947,300
$ 967,563
$ 20,263
(To) other funds
$ 947300
$ 967,563
$ 20,263
Revenue and other financing sources over
(under) expenditures
$ 451,662
$ (1,495,757)
(1.947.4191
FUND BALANCE, BEGINNING
6,923,911
RESIDUAL EQUITY TRANSFER
173 44
FUND BALANCE, ENDING $ 5,445,898
See Notes to Financial Statements.
M
I
1
$ (155.560) $ 8,251,554 J .407,114 $ 225,000 $ 1,338,473 $ 1.11 3,473
1,147,152 2,774,206
' $ 9,398.706 L 2,679
Special Revenue
Debt Service
Over
Over
'
(Under)
(Under)
Budget
Actual
Budget
Budget
Actual
Budget
$ 350,000
$ 384,036 $
34,036
$ _
$ _
$ =
2,688,750
2,516,100
(172,650)
_
100,000
32,068
(67,932)
68,000
561,536
493,536
225,000
271,285
46,285
-
59,546
59,546
-
13,462
13,462
$ 3,206,750
$ 3,553,286 $
346,536
$ 225,000
$ 284,747
$ 59,747
$ -
$ 131,781 $
131,781
$ -
$ -
$ -
447,000
247,189
(199,811)
2,025,900
1,374,889
(651,011)
'
675,500
327,568
(347,932)
213,910
55,964
(157,946)
-
-
-
-
-
1,760,000
1,760,000
-
-
$ 3,362,310
-
$ 2,137,391 $
(1,224,919
828,617
$ 2,588,617
828,617
$ 2,58017
-
$
$ (155,560)
$ 1,415,895 $
1571,455
$ (2,363,617)(2,303370)
$ 59347
$
$ 6,855,922 $
6,855,922
$ 2,588,617
$ 3,642,343
$ 1,053,726
(20,263)
(20,263
-
-
'
$
$ 6,835,659 $
6,835.659
$ 2.588,617
$ 3,642,343
$ 1.053326
$ (155.560) $ 8,251,554 J .407,114 $ 225,000 $ 1,338,473 $ 1.11 3,473
1,147,152 2,774,206
' $ 9,398.706 L 2,679
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN FUND BALANCE
PENSION TRUST FUND
Year Ended June 30, 1992
Operating revenue:
Contributions $ 141,435
Interest and other investment income 64,185
$ 205,620
Operating expenses:
Administrative fees $ 5,839
Pension benefits 20,719
$ 26,558
Net income $ 179,062
FUND BALANCE, BEGINNING 894,927
FUND BALANCE, ENDING L 73,989
See Notes to Financial Statements.
5-
1
t
1
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CASH FLOWS
PENSION TRUST FUND
Year Ended June 30, 1992
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
Adjustment to reconcile net income to net cash
provided by operating activities, interest income
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of annuity contracts
Proceeds from the sale and maturity of annuity
contracts
Interest received on annuity contracts
Net cash (used in) investing activities
Net increase in cash and cash equivalents
CASH AND CASH EQUIVALENTS, beginning
CASH AND CASH EQUIVALENTS, ending
See Notes to Financial Statements.
$ 179,062
(64,185)
$ 114,877
$ (205,620)
26,558
64,185
$ (114.877)
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. 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 Rosemead Housing Development Corporation, the Fire
' Protection District, the Library District and the County Flood Control District.
Nature of operations
' City of Rosemead
The City provides a broad range of services to its citizens, including general government,
public safety, streets, sanitation and health, cultural and park facilities, and social services.
Many of the functions often provided by municipal government are, in the City, provided
by special districts. Examples of some of these special districts, which usually encompass
' areas larger than the City itself, are the Fire Protection District, the Library District and the
County Flood Control District. Certain other governmental functions are paid for by the
City but performed by Los Angeles County departments under contract. Some of the
' contracts now in effect are for police, street maintenance and animal control.
Rosemead Redevelopment Agency
' The Agency finances street, park and utility improvements within the Rosemead Project
Area No. 1.
' NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account
' Groups, and Significant Accounting Policies, Continued
Description of funds and account groups
The accounts of the reporting entity are organized on the basis of funds or groups of
' accounts, 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
t 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.
The Public Transportation Fund accounts 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.
' - 8 -
F
1
I
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account
Groups, and Significant Accounting Policies, Continued
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 R. Z'Berg /Harris Grant Fund accounts for a state grant for preapproved park
projects.
The California Wildlife Grant Fund accounts for a state grant for preapproved specified
park projects.
The Low - Moderate Income Housing Set -Aside Fund accounts for the 20% of gross property
tax increment revenue received by the Agency to fund future projects involving the
replacing or rehabilitation of low and moderate income housing within City limits.
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 Agency.
Fiduciary Fund Types
The Pension Trust Fund, an expendable 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.
I
Ll
1
1
J
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account
Groups, and Significant Accounting Policies, Continued
Account Groups
The General Fixed Assets Account Group accounts for all property and equipment except for
public domain fixed assets (e.g., streets, bridges, sidewalks, curbs, gutters and storm drainage
systems).
The General Long -Term Debt Account Group accounts for the outstanding principal balances
of all long -term debt expected to be financed from governmental fund types.
Significant accounting policies
Basis of accounting
Governmental fund types, the expendable trust fund (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 sixty 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.
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 of accrual include taxes and interest.
Major revenues that are determined to not be susceptible of 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.
-10-
I
1
11
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account
Groups, and Significant Accounting Policies, Continued
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 ninety days
after year end; otherwise, it is recorded as an expenditure when it is paid.
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 which are stated at market value. No loss is recognized when market
values decline below costs since it is generally the policy of the City to hold such
investments until they mature. Investment earnings are allocated based on the source of
funds.
Receivables
Property taxes receivable represent the uncollected March 1, 1992, levy which is due to the
Agency at June 30, 1992. 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
improvements other than buildings, such as roads, sidewalks and bridges, are not capitalized.
Property and equipment acquired or constructed for general governmental operations are
recorded as expenditures in the fund making the expenditure and capitalized in the general
fixed assets account group.
- 11 -
n
NOTES TO FINANCIAL STATEMENTS
' Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account
Groups, and Significant Accounting Policies, Continued
' All general fixed assets which were purchased or constructed are stated at cost. Assets
acquired by gift or bequest are recorded at their fair market value at the date of transfer.
No depreciation is recorded on general fixed assets.
Fund balances
' The reserved portion of the fund balances represents that amount which has been legally
identified for the specific purpose or it represents that amount which is not available to
liquidate current liabilities. The unreserved portion represents the amount available for
budgeting future operations.
Vacation pay and compensatory time
City employees accumulate vacation hours which may be paid upon termination, death or
retirement. Employees can accumulate up to three weeks of accrued vacation per year
depending on the length of employment. Employees can accumulate up to 160 hours of sick
leave. Any hours in excess of 160 are considered to be vested and are paid to the employee
based on a vesting schedule. In addition, employees can accrue up to 240 hours of
compensatory time. Any hours in excess of 240 are paid to the employee.
The vested portion of vacation and sick leave by employees at June 30, 1992 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.
-12-
NOTES TO FINANCIAL STATEMENTS
Note 2. Budget Matters, Continued
' The City Manager is authorized to transfer budgeted amounts between funds within the
' same department. Budget amendments were nominal for the year.
Budget -to- actual comparisons are not presented for the Capital Projects Funds since the
budget relates to all future appropriations as well as current appropriations.
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.
In all budgeted funds, unexpended budgeted amounts lapse at the end of the budget year.
Note 3. Cash and Investments
The components of cash and cash investments at June 30, 1992 are as follows:
Cash in bank
Time certificates of deposit
I
$ 578,237
4,774,399
$ 5.352,636
The City and the Agency maintain cash and investment pools that are available for use by
all funds. Each fund's or fund type's share of the pool balance is reported in the financial
statements as "cash and cash investments." Earnings from the pooled investments are
allocated monthly to each participating fund based on a formula that takes into
consideration each fund's average investment in the pool.
At year end, the carrying amount of the City and the Agency's deposits were $5,352,636
(cash and cash investments above) and the bank balance was $5,553,576.
' 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 $ 825,646
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 4.727.930
L5
- 13 -
I
I
F
NOTES TO FINANCIAL STATEMENTS
Note 3. Cash and Investments, Continued
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, 1992, consisted of $1,215,272 of money
market funds (of which $101,602 were insured or collateralized with securities held by the
City or its agent in the City's name) and $2,791,380 of U.S. government and government
agency securities (with a market value of $2,796,400).
Other investments are categorized in the following schedule to give an indication of the
level of risk assumed by the entity at year end.
Category Carrying Market
Investment Tyne 1 2 3 Amount Value
U.S. government and
government agency
securities
State and municipal bonds
Corporate bonds
Investment in mutual fund
Investment in State Treasurer's
Investment Pool
Total other investments
$ $ $ 2,545,211 $ 2,545,211 $ 2,605,781
193,300 193,300 207,681
5,371,612 5,371,612 5,407,225
$ - $ - $ 8,110,123
$ 8,110,123 $
8,220,687
450,005
451,448
7,287,720
7,287,720
$15,847,848 $
959.855
Annuity contracts and cash in bank include $190,141 and $21,307, respectively, in the City's
deferred compensation plan as of June 30, 1992. The annuity contracts are recorded at
market value and would be included in Category #3.
-14-
i
1
I
I
I
I
NOTES TO FINANCIAL STATEMENTS
Note 3. Cash and Investments, Continued
The three preceding risk description categories are defined as follows:
Category Description
1 Investments that are insured, registered or for which the securities are held by the
City or its agent in the City's name
2 Uninsured and unregistered investments for which the securities are held by the
financial institution or by its trust department or agent in the City's namel.5
3 Uninsured and unregistered investments for which the securities are held by the
financial institution, broker or dealer, or by its trust department or agent but not
in the City's name.
Note 4. Receivables
Receivables as of June 30, 1992 consist of the following:
Special Capital Debt
General Revenue Projects Service Total
Property tax increment $
- $
Accrued interest
72,180
Due from local utility companies (A)
605,863
Due from other governmental agencies
547,000
Transient occupancy tax
141,430
Other
148,871
- $ 43,640 $ - $ 43,640
84,443 147,426 106,027 410,076
- - - 605,863
770,010 - - 1,317,010
- - - 141,430
- - 149.971
$ 1,515,344 $ 854,453 $ 191,066 $ 106,027 $2,666,890
(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 fifteen noninterest- bearing
annual installments of $35,987 and $1,958, with the final installments due June 30,
2005 and September 30, 2006.
Also, 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 forty annual installments of $12,345, with the final installment due June
30, 2027.
15-
e
' NOTES TO FINANCIAL STATEMENTS
Note 5. Interfund Receivables and Payables
Interfund receivables and payables as of June 30, 1992 are as follows:
Capital Projects Fund
Note 6. Property and Equipment
$ 1,041,963 $ 1,041,963
11
I
C
Changes in property and equipment during the year ended June 30, 1992 were as follows:
$ $ 933,559
Balance Balance
June 30, June 30,
1991 Acquisitions Disposals 1992
Land
$ 2,893,234
Interfund
$ 2,893,234
Funds
Receivables
Payables
3,442,655
General Fund $
1,035.201
$
19,206 308,248
Special Revenue Funds:
567,626
203,351
- 770,977
Traffic Safety $
464,814
$ 6,632
489,063
Community Development Block Grant
-
47,187
- 748.492
California Wildlife Grant
_
45,768
R. Z'Berg Harris Grant
8,817
Low- Moderate Income Housing Set -Aside Fund $
6.762
$ -
$
6.762
$ 108.404
Capital Projects Fund
Note 6. Property and Equipment
$ 1,041,963 $ 1,041,963
11
I
C
Changes in property and equipment during the year ended June 30, 1992 were as follows:
$ $ 933,559
Balance Balance
June 30, June 30,
1991 Acquisitions Disposals 1992
Land
$ 2,893,234
$ - $
$ 2,893,234
Buildings and improvements
3,421,367
21,288
3,442,655
Vehicles
261,091
66,363
19,206 308,248
Furniture and office equipment
567,626
203,351
- 770,977
Special equipment and machinery
464,814
24,249
489,063
Other improvements
748.492
-
- 748.492
$ 8,356,624 $ 315,251 $ 19,206 S 8,652,669
- 16 -
I
I
I
I
I
1
I
I
NOTES TO FINANCIAL STATEMENTS
Note 7. Pension Plan and Deferred Compensation Agreements
The City has a defined contribution pension plan. The plan covers substantially all
employees and is funded by a group annuity insurance contract. Employees eligible for the
plan are vested 100% upon completion of five years of full -time employment. Employees
are not vested before five years. The contributions to the plan are at the discretion of the
City Council. This plan does not allow for employee contributions. The total payroll for
employees covered by this plan for the calendar year ended December 31, 1991 was
$1,009,063. The total payroll for all employees for the calendar year ended December 31,
1991, was $1,825,195. The total pension contribution for the year ended June 30, 1992 was
$141,435 which represented 14% of the City's current year covered payroll. The value of
the annuity contract was $1,073,989 as of June 30, 1992.
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
accumulated earnings thereon totaled $211,448 at June 30, 1992.
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 deposits.
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 an ordinary prudent investor. The administrative and reporting
functions of the plan are being handled by an insurance company.
-17-
I
I
I
I
NOTES TO FINANCIAL STATEMENTS
Note 8. Self - Insurance Obligation
The City of Rosemead is a member of the Southern California Joint Powers Insurance
Authority (a joint powers authority of 65 California cities) for the purpose of pooling their
losses and claims of 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 that City. Each board member has one vote
regarding control of all budgeting, financial and management issues coming before the
Board of Directors. For comprehensive general liability claims, the self - insurance retention
level is $20,000, with a pro rata share of all members' incurred losses up to $500,000 and
excess insurance coverage up to $10,000,000 per occurrence. The coverage includes bodily
injury, property damage, errors and omissions, and personal injury.
Note 9. Long -Tenn Debt
Tax Allocation Notes, Series 1987
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 9.20% 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.
I 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.
1 °
1
I
I
' - 18 -
' NOTES TO FINANCIAL STATEMENTS
1
' Note 9. Long -Term Debt, Continued
Compensated absences
' That portion of the liability for the vested compensated absences totalling $111,312 which
is not expected to be paid from available resources is reported in the General Long -Term
' Debt Account Group.
The following is a summary of the general long -term debt transactions for the year ended
' June 30, 1992.
Accrued
' Tax Tax Vacation
Allocation Allocation and
Bonds Notes Compensatory
' Series 1991 Series 1987 Time Total
Balance, June 30, 1991 $ - $ 10,365,000 $ 87,489 $ 10,452,489
' Proceeds of
long -term debt 11,725,240 11,725,240
(Payments) of
' principal - (1,760,000) - (1,760,000)
Increase (decrease) 23.823 23,823
'
Balance, June 30, 1992
$ 11,725,240
$ 8,605,000
$ 111,312
$ 20,441,552
The annual requirements,
principal and interest,
to amortize
the outstanding
debt as of June
'
30, 1992, are as follows:
Tax
Tax
Allocation
Allocation
Years Ending
Bonds
Notes
'
June 30,
Series 1991
Series 1987
Interest
Total
1993
$ -
$ 1,900,000
$ 669,813
$ 2,569,813
'
1994
1995
_
2,055,000
2,230,000
496,781
309,312
2,551,781
2,539,312
1996
-
2,420,000
105,875
2,525,875
1997
2,065,091
679,909
2,745,000
'
Thereafter
9,660,149
_
6,809,851
16,470,000
'
$ 11,725,240
$ 8,605,000
$ 9,071,541
$ 29,401,781
1
' - 19 -
II
NOTES TO FINANCIAL STATEMENTS
Note 10. Commitments and Contingencies
Low and 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 30,
1992, the accumulated set -aside amount not yet funded was approximately $3,650,000. The
law requires the Agency to devise a plan to fund the accumulating amount and to begin
funding it by 1996.
In October 1991, the Agency funded its Low- Moderate Income Housing Set -Aside Fund
' with $6,855,922 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 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.
L I
L
1
As a result of such deposit, 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.
Rosemead Housing Development Corporation
On March 16, 1992, the Agency established the Rosemead Housing Development
Corporation (RHDC), a local nonprofit housing development corporation organized under
section 501(c)(3) of the Internal Revenue Code of 1986. The corporation was established
to develop, construct, finance and assist with low and moderate income housing and to assist
the Agency with redevelopment purposes related to housing.
The RHDC will be financed by the Agency and will be managed by a contracted
management company. The corporation's year end is June 30.
As of June 30, 1992, the RHDC is not considered a component unit of the City; however,
starting with the fiscal year 1993 -1994, the RHDC will be considered a component unit of
the City according to Governmental Accounting Standard No. 14, which takes effect for
fiscal years beginning after December 15, 1992.
1 -20-
I
NOTES TO FINANCIAL STATEMENTS
Note 10. Commitments and Contingencies, Continued
' Litigation
' The City is a defendant in a lawsuit along with 23 other cities 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 July 21, 1992, the court announced its intention to rule against the
defendant cities on the issue of liability. No trial dates for the remaining phases of the trial
have been set. The City intends to defend the case vigorously and may assert claims for
indemnity against other third party defendants which, if successfully litigated, would offset,
at least partially, any recovery against the City. The parties have engaged in settlement
negotiations but no agreement has yet been reached.
Note 11. Subsequent Events
' Low and Moderate Income Housing Set -Aside Fund
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 are expected to equal approximately 16% of gross property tax increment
of the 1990 -1991 fiscal year, which equate to approximately $581,000 for the Agency. This
amount is required to be paid by May 10, 1993.
' Employee benefits
' On September 8, 1992, the City passed two resolutions that transfer the City's employee
health care and retirement programs to the California Public Employees Retirement System
(PERS), effective on November 1, 1992.
1
11
I
t -21-
NOTES TO FINANCIAL STATEMENTS
Note ll. Subsequent Events, Continued
' As of October 23, 1992, the City had approximately $1,084,000 in its retirement fund which
' was on deposit with the Equitable Life Insurance Society. The PERS retirement plan will
cover only current eligible employees, including city council members and the city attorney.
All former employees will remain covered under the old plan. The City will transfer
' $956,000, which includes a $160,000 contribution for the fiscal year 1992 -1993, to PERS from
the Equitable while the remaining $288,000 will remain in the Equitable to fund existing
obligations to former employees.
' In addition to the change in retirement benefits described above, the City also switched to
the PERS health care plan for both active employees and retirees. The City pays 100 of
' the cost of the premiums for active employees and a calculated amount for retired
employees based on the number of years of employment with the City. The retired
employees are liable for the difference, if any.
1
-22-
I
u
p
k
r
SUPPLEMENTARY INFORMATION
1
I
I
1
CITY OF ROSEMEAD, CALIFORNIA
REVENUE DETAIL - BUDGET AND ACTUAL
GENERAL FUND
Year Ended June 30, 1992
INTERGOVERNMENTAL
Supplemental subvention
Financial aid to local agencies
Motor vehicle in lieu tax
Other vehicle taxes
Cigarette tax
F.A.U. Grant
FETSIM Grant
CHARGES FOR SERVICES
$ -
Over
225,000
Other current charges
75,071
Environmental impact reports
(Under)
Recreation fees
(6,696)
Budget
Actual
Budget
Actual
TAXES
85,000
34,761
(50,239)
75,408
Maintenance district
$ 2,000
$ 1,309
$ (691)
$ 1,1.57
Real estate transfer tax
120,000
55,567
(64,433)
62,734
Trailer coach fees
1,500
2,474
974
4,206
Sales and use tax
3,280,000
2,679,103
(600,897)
3,069,138
Franchise fees
485,000
525,327
40,327
556,710
Transient occupancy tax
488,000
523,767
35,767
551256
$ 4,376,500
$ 3,787,547
$ (588,953)
$ 4,245,201
LICENSES AND PERMITS
Business license fees
$ 30,000
$ 37,216
$ 7,216
$ 32,830
Building permit fees
442,000
489,935
47,935
416,084
Occupancy permit fees
11,000
4,626
(6,374)
12,249
Sewer connection
5,200
23,158
17,958
17,921
$ 488,200
$ 554,935
$ 66,735
$ 479,084
INTERGOVERNMENTAL
Supplemental subvention
Financial aid to local agencies
Motor vehicle in lieu tax
Other vehicle taxes
Cigarette tax
F.A.U. Grant
FETSIM Grant
Assessments
FINES, FORFEITURES AND
PENALTIES, court fines and forfeitures
USE OF MONEY AND PROPERTY
Interest earned on investments
Rental income
OTHER
SANE program
Joint powers rebate
Repairs to and sale of City property
Miscellaneous
Total revenue
$ -
CHARGES FOR SERVICES
$ -
Filing and certification fees
225,000
Other current charges
75,071
Environmental impact reports
'
Recreation fees
Assessments
FINES, FORFEITURES AND
PENALTIES, court fines and forfeitures
USE OF MONEY AND PROPERTY
Interest earned on investments
Rental income
OTHER
SANE program
Joint powers rebate
Repairs to and sale of City property
Miscellaneous
Total revenue
$ -
$
$ -
$ 17,677
225,000
300,071
75,071
92,861
1,950,900
1,944,204
(6,696)
1,865,271
830
29,362
28,532
814
85,000
34,761
(50,239)
75,408
1,630,000
$ 366345 $
(1,630,000)
711,642
3,000
(3,000)
-
$ 3,894,730
$ 2,308,398
$ (1,586,332)
$ 2,763,673
$ 9,000
$ 14,905 $
5,905 $
7,680
94,450
103,312
8,862
49,066
150
-
(150)
-
208,300
220,839
12,539
168,848
22,000
27,289
5,289
3,021
$ 333,900
$ 366345 $
32,445 $
228,615
$ 280,000 $ 246,185 $ (33,815) $ 270,466
$ 560,000 $ 399,913 $ (160,087) $ 669,102
10,000 25,187 15,187 10,382
$ 570,000 $ 425,100 $ (144,900) $ 679,484
$ $ 42,629 $ 42,629 $
48,248 48,248 -
1,000 784 (216) 145
24,500 71,459 46,959 56,460
$ 25,500 $ 163,120 $ 137,620 $ 56,605
$ 9,968,830 $ 7,851,630 $ (2,1172011) $ 8,723,128
-23-
I
LJ
CITY OF ROSEMEAD, CALIFORNIA
EXPENDITURE DETAIL - BUDGET AND ACTUAL
GENERAL FUND
Year Ended June 30, 1992
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
CAPITAL OUTLAY
Total expenditures
1
Over
(Under)
Budget Actual Budget Actual
$ 16,000
PUBLIC RECREATION
366
Administration
47,300
Parks
(703)
Recreation
Aquatics
702,910
COMMUNITY SERVICE
(11,559)
Planning
'
Building regulation
(10,134)
Engineering
234,030
Street projects
126,598
Community improvements
CAPITAL OUTLAY
Total expenditures
1
Over
(Under)
Budget Actual Budget Actual
$ 16,000
$ 16,366 $
366
$ 20,406
47,300
46,597
(703)
32,200
702,910
691,351
(11,559)
492,423
145,400
135,266
(10,134)
66,874
234,030
360,628
126,598
141,902
12,270
12,196
(74)
5,218
333,620
266,586
(67,034)
257,782
403,500
368,653
(34,847)
307,347
371,000
430,376
59,376
240,385
22,600
26,890
4,290
14,505
$ 2,288,630
$ 2354,909 $
66,279
$ 1,579,042
$ 3,756,800 $ 3,827,200 $ 70,400 $ 3,489,926
25,000
31,477
6,477
26,331
100,188
109,603
9,415
100,830
52,840
45,851
(6,989)
40,146
5,800
7,443
1,643
2,638
$ 3,940,628
$ 4,021,574 $
80,946
$ 3659.871
$ 36,880 $
29,246 $
(7,634)
$ 25,504
800,000
400,042
(399,958)
908,097
37,500
155,321
117,821
99,572
$ 874380 $
584,609 $
(289,771)
$ 1,033,173
$ 87,000 $ 95,495 $ 8,495 $ 1,014,349
$ 205,400 $ 204,542 $ (858) $ 194,415
877,170
912,951
35,781
823,450
555,220
522,366
(32,854)
513,148
265,150
319,827
54,677
273,317
$ 1,902,940
$ 1,959,686 $
56,746
$ 1,804,330
$ 267,610 $ 236,203 $ (31,407) $ 147,728
600,000
583,849
(16,151)
692,229
313,100
322,039
8,939
293,855
2,680
2,680
-
45,000
119,817
74,817
96,605
$ 1,225,710
$ 1,264,588 $
38,878
$ 1,230,417
$ 145,180 $ 34,089 $ (111,091) $ 127,984
$ 10,464,468 $ 10314,950 $ (149.518) $ 10,449,166
24 -
CITY OF ROSEMEAD, CALIFORNIA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
June 30, 1992
-25-
Air Quality
Local
Public
Community
Traffic
State
Management
Trans-
Trans-
Development
Safety
Gas
District
portation
portation
Block Grant
ASSETS
Fund
Tax Fund
Fund
Fund
Fund
Fund
Cash and cash
investments
$
$ 400,063
$ 23,958
$ 45,373
$
644,515
$ 155,000
Other investments
-
-
-
-
-
Receivables
6,632
14,000
17,730
13,154
487,549
173,953
Due from other funds
Total assets
$
6,632
$ 414,063
$ 41,688
$ 58,527
$
1,132,064
$ 328,953
LIABILITIES AND
MUNICIPAL EQUITY
LIABILITIES
Accounts payable
$
-
$ 59,393
$
$
$
19,498
$ 44,278
Due to other funds
6,632
-
-
47,187
Due to other governmental
agencies
-
-
-
237,488
Total liabilities
$
6,632
$ 59,393
$
$
$
19,498
$ 328,953
MUNICIPAL EQUITY
Reserved for low- moderate
income housing
$
-
$ -
$
$
$
-
$ -
Unreserved, undesignated
-
354,670
41,688
58,527
1,112,566
Total equity
$
-
$ 354,670
$ 41,688
$ 58,527
$
1,112,566
$ -
Total liabilities
and equity
$
6,632
$ 414,063
$ 41,688
$ 58,527
$
1,132,064
$ 328,953
-25-
$ - $ - $ - $ $ $ 7,401,410 $ 7,401,410 $ -
32,364 325,103 72,378 - 1,997,296 1,147,152
$ 32364 $ 325.103 $ 72,378 $ $ $ 7,401,410 $ 9,398,706 $ 1,147,152
$ 50,080 $ 325,103 $ 72,378 $ 8,817 $ 46,346 $ 7,401,410 $ 9,886,061 $ 1,826,304
1
L,
1976
' Community
California
Low- Moderate
Parklands
Street
Narcotics
R. Z'Berg
Wildlife
Income
Grant
Lighting
Seizure
Harris Grant
Grant
Housing
Totals
Fund
Fund
Fund
Fund
Fund
Set -Aside Fund
1992
1991
$
50,080
$ 323,274
$ 72,378
$
$
$ 3,259,300 $
4,973,941 $
1,443,850
4,050,905
4,050,905
1,829
8,817
46,346
84,443
854,453
382,454
6.762
6,762
$
5000
$ 325.103
$ 72.378
$ 8.817
$ 46.346
$ 7,401,410 $
9,886,061 $
1.826.304
$
17,716
$
$
$ -
$ 578
$ - $
141,463 $
185,330
_
_
8,817
45,768
108,404
249,986
$
17.716
$
$
$ 8.817
$ 46,346
$ $
487,355 $
679.152
$ - $ - $ - $ $ $ 7,401,410 $ 7,401,410 $ -
32,364 325,103 72,378 - 1,997,296 1,147,152
$ 32364 $ 325.103 $ 72,378 $ $ $ 7,401,410 $ 9,398,706 $ 1,147,152
$ 50,080 $ 325,103 $ 72,378 $ 8,817 $ 46,346 $ 7,401,410 $ 9,886,061 $ 1,826,304
1
L,
Revenue and other
financing sources over
(under) expenditures $ - $ 270,437 $ 41,688 $ 16,014 $ 368,945 $
FUND BALANCE,
BEGINNING 84,233 42,513 743,621
FUND BALANCE,
ENDING $ $ 354,670 $ 41,688 $ 58,527 $ 1.112,566 $
WINE
CITY OF ROSEMEAD, CALIFORNIA
' COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
Year Ended June 30, 1992
Air Quality Local
Public
Community
Traffic State Management Trans-
Trans-
Development
Safety Gas District portation
portation
Block Grant
Fund Tax Fund Fund Fund
Fund
Fund
REVENUE
Special assessments
$ $ - $ - $ -
$ -
$ -
Intergovernmental
891,844 41,688 13,154
941,832
572,227
Fines, forfeiture and penalties
32,068 - - -
-
-
Use of money and property
- 18,799 2,860
45,997
Other
$ 32,068 $ 910,643 $ 41,688 $ 16,014
$ 987,829
$ 572,227
EXPENDITURES
Current:
General government
$ - $ - $ - $ -
$ -
$ 128,860
Public safety
32,068 -
-
-
Public works
- 640,206
618,766
115,917
Public recreation
-
-
Community services
118
327,450
Capital outlay
-
-
$ 32,068 $ 640206 $ $
$ 618,884
$ 572,227
Revenue over (under)
expenditures
$ - $ 270,437 $ 41,688 $ 16,014
$ 368,945
$ -
OTHER FINANCING
SOURCES (USES)
Operating transfers:
From other funds
$ - $ $ $
$
$
(To) other funds
-
$
Revenue and other
financing sources over
(under) expenditures $ - $ 270,437 $ 41,688 $ 16,014 $ 368,945 $
FUND BALANCE,
BEGINNING 84,233 42,513 743,621
FUND BALANCE,
ENDING $ $ 354,670 $ 41,688 $ 58,527 $ 1.112,566 $
WINE
I
'
- $ - $ 6,855,922
$ 6,855,922
$ 20,209
(8,817) (11,446) -
(20163)
1976
$ $ $ $
(8,817) $ (11,446) $ 6,855,922
California
Low - Moderate
Community
Street
Narcotics R. Z'Berg
Wildlife
Income
$ 8,251,554
Parklands
Lighting
Seizure Harris Grant
Grant
Housing Totals
Grant Fund
Fund
Fund Fund
Fund
Set -Aside Fund 1992 1991
$ $ 384,036 $ - $ - $ - $ _ $ 384,036 $ 347,061
192 8,817 46,346 2,516,100 1,793,837
- - - 32,068 84,581
3,236 4,702 = = 485,942 561,536 79,681
59.546 59,546
X1236 $ 384,036 $ 4,894 $ 8,817 $ 46,346 $ 545,488 $ 3,553,286 $ 2,305,160
$ $ - $ 2,921 $ $ $ $ 131,781 $ 80,845
215,121 - 247,189 334,350
1,374,889 756,734
34,163
- 327,568 849,305
19,072 1,992 34,900 55,964 32,413
$ 19,072 $ 215,121 $ 4,913 $ - $ 34,900 $ $ 2.137391 $ 2.087,810
$ (15,836) $ 168,915 $ (19) $ 8317 $ 11,446 $ 545,488 $ 1,415,895 $ 217,350
11
$ $ $ $
- $ - $ 6,855,922
$ 6,855,922
$ 20,209
(8,817) (11,446) -
(20163)
(87,816)
$ $ $ $
(8,817) $ (11,446) $ 6,855,922
$ 6,835,659
$ (67,607j
(15,836) $ 168,915 $ (19) $
$ $ 7,401,410
$ 8,251,554
$ 149,743
48,200 156,188 72,397
-
1,147,152
997,409
$_ 32,364 $ 325,103 $ 72,378 $
$ $ 7,401.410
$ 9398.706
$ 1.147.152
iJ
CITY OF ROSEMEAD, CALIFORNIA
COMBINING BALANCE SHEET
FIDUCIARY FUNDS
June 30, 1992
LIABILITIES AND
MUNICIPAL EQUITY
'
LIABILITIES
Refundable deposits $
$ 79,805 $ $ 79,805
Aeencv
Funds
Totals
- 211,448 211,448
168,055
'
Pension
Refundable
Deferred
MUNICIPAL EQUITY
ASSETS
Trust Fund
Deposits
Compensation
1992
1991
r Cash
1,073,989
894,927
Total liabilities and
and cash
$ 79,805 $ 211,448 $ 1365,242
$ 1,141,186
investments
$ -
$ 79,805
$ 21,307
$ 101,112 $
101,243
Investments in deferred
compensation plans
190,141
190,141
145,016
Investments in
annuity contracts
1,073,989
-
-
1,073,989
894,927
Total assets
$1,073,989
$ 79,805
$ 211,448
$ 1,365,242 $
1,141,186
LIABILITIES AND
MUNICIPAL EQUITY
'
LIABILITIES
Refundable deposits $
$ 79,805 $ $ 79,805
$ 78,204
Deferred compensation -
- 211,448 211,448
168,055
'
Total liabilities $ -
$ 79,805 $ 211,448 $ 291,253
$ 246,259
MUNICIPAL EQUITY
Fund balance, reserved for
employees retirement 1,073,989
1,073,989
894,927
Total liabilities and
municipal equity $1,073,989
$ 79,805 $ 211,448 $ 1365,242
$ 1,141,186
I
I
I
1 -27-
Total assets $ 168,055 $ 64,523 $ 21,130 $ 211,448
Liabilities
' Deferred
compensation 168,055 $ 64,523 $ 21,130 $ 211,448
-28-
CITY OF ROSEMEAD, CALIFORNIA
1
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
ALL AGENCY FUNDS
June 30, 1992
Beginning
Ending
REFUNDABLE
Balance Additions Deductions
Balance
DEPOSIT FUND
Assets
Cash and cash
investments
78,204 $ 17,784 $ 16,183 $
_79,805
Liabilities
Refundable deposits
$ 78,204 $ 17,784 $ 16,183 $
79,805
EMPLOYEES
DEFERRED
'
COMPENSATION
FUND
Assets
Cash and cash
investments
$ 23,039 $ 15,810 $ 17,542 $
21,307
Investments in
deferred
compensation plans
145,016 48,713 3,588
190,141
Total assets $ 168,055 $ 64,523 $ 21,130 $ 211,448
Liabilities
' Deferred
compensation 168,055 $ 64,523 $ 21,130 $ 211,448
-28-