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CITY OF ROSEMEAD
California
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 309 1992
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1992
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, 1992
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) page
Combining and Individual Funds and Account Groups
(Supplementary Information):
GENERAL FUND: (cont.)
Statement of Revenue, Expenditures and Changes in Fund
Balance 32
Revenue Detail - Budget and Actual 33
Expenditure Detail - Budget and Actual 34
SPECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds 39
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds 41
Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund 43
Statement of Revenue, Expenditures and Changes in
Fund Balance - State Gas Tax Fund 44
Statement of Revenue, Expenditures and Changes in
Fund Balance - Air Quality Management District 45
Statement of Revenue, Expenditures and Changes in
Fund Balance - Local Transportation Fund 46
Statement of Revenue, Expenditures and Changes in
Fund Balance - Public Transportation Fund 47
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1992
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Page
Combining and Individual Funds and Account Groups
(Supplementary Information):
SPECIAL REVENUE FUNDS: (cont.)
Statement of Revenue, Expenditures and Changes in
Fund Balance - Community Development Block Grant Fund 48
Statement of Revenue, Expenditures and Changes in
Fund Balance - 1976 Community Parklands Grant Fund 49
Statement of Revenue, Expenditures and Changes in
Fund Balance - Street Lighting Fund 50
Statement of Revenue, Expenditures and Changes in
Fund Balance - Narcotics Seizure Fund 51
Statement of Revenue, Expenditures and Changes in
Fund Balance - R. Z'Berg Harris Fund 52
Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 53
Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 54
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund 58
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 59
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1992
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Page
Combining and Individual Funds and Account Groups
(Supplementary Information):
DEBT SERVICE FUND:
Balance Sheet - Debt Service Fund 62
Statement of Revenue, Expenditures and Changes in
Fund Balance 63
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 64
FIDUCIARY FUND TYPES:
Combining Balance Sheet 68
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds 69
ACCOUNT GROUPS:
Statement of General Fixed Assets 72
STATISTICAL SECTION
General Governmental Expenditures by Function - All Governmental
Fund Types 75
General Revenues by Source - All Governmental Fund Types 77
Other Tax Revenues by Source - All Governmental Fund Types 79
Assessed Valuations of Taxable Property 81
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1992
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.) Page
Special Assessment Levies and Collections - Lighting and
Maintenance District
83
Computation of Legal Debt Margin
84
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Total General Expenditures
85
Property Tax Rates - All Overlapping Governments
87
Schedule of Direct and Overlapping Bonded Debt
88
Demographic Statistics
89
Principal Taxpayers
91
Schedule of Insurance in Force
92
Construction Activity 93
Miscellaneous Statistics 94
Vicinity Map 95
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MAYOR:
'
MARGARET CLARK
MAYOR PRO TEM:
ROBERT W. BRUESCH
COUNCILMEN:
OENN LD
GARY A. TAYLOR
JOE VASQUEZ
December 8
1992
'
,
The Honorable Mayor
and Members of the
Rosemead City Council
,osiemead
P
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (818) 288.6671
TELECOPIER 8183079218
Councilmembers:
Submitted for your information and consideration is the Annual Financial Report for
the year ended June 30, 1992. 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, and 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.
The City of Rosemead has a population of approximately 52,812 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 1991-92
Administration: This year marked a continuation of the City's efforts to address the
gang issue in the community. In addition to providing funds and resources to several
community groups who are working with at-risk youth, the City began working closely
with the Los Angeles County Sheriff's Department in implementing a community-
oriented policing program in Rosemead.
Additionally, the City spent in excess of $120,000 for the second consecutive year
defending the Transportation Leasing lawsuit. This litigation is continuing and could
result in a tremendous expense for the City.
Engineering: The City completed several street improvements projects during the
fiscal year. The most significant street improvement project completed this year was
the Garvey Avenue project, a five million dollar ($5 million) project. Further, The
Garvey Avenue project was the largest single construction effort undertaken by the
City in over 10 years. Garvey Avenues was totally reconstructed from the westerly
City limits to the easterly City limits. Improvements included landscaped medians and
parkways, new street lighting and the installation of Portland Cement Concrete
pavement at three major intersections within the project limits.
Graves Avenue, from New Avenue to San Gabriel Boulevard, were reconstructed and
widened as a joint project with the Los Angeles County and the City of Monterey
Park. Concrete repairs and street resurfacing was performed on various streets
throughout the City.
Funds were provided for the reconstruction of Rosemead Place and the completion of
the undergrounding of electrical and telephone lines along Valley Boulevard, between
Charlotte and Muscatel Avenues.
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' Planning: The City had several developments completed and under construction this
year. Majority of the new developments are on Garvey Avenue, the newly
' reconstructed street. The most significant development completed this year was the
Diamond Square Shopping Center, approximately 93,000 square feet.
' Development of two (2) office buildings and one (1) Asian cultural center were
completed this year as well along Garvey Avenue.
' Although the City is roughly five percent (5%) below last year's developments, the
City is still keeping pace with the surrounding cities of the Los Angeles County.
I Parks and Recreation: Rosemead Park had additional picnic slabs and tables installed
as well as tile counter tops throughout the Rosemead Community Center. The
revamping of play areas at Rosemead Park, Delta Mission Park and the Rosemead
Community Center began this year and will be completed in Fiscal Year 1992-93.
Finance: The Finance Department's new computer system was implemented
' successfully. The computer system enables the finance department to generate faster
and more completely financial information. Currently only four users are "on-line",
however, the department is striving to get all twenty-three (23) user "on-line" by the
end of the next fiscal year.
1 PROSPECTS FOR THE FUTURE
' The Fiscal Year 1992-93 will prove'to be especially painful in the sense that the
California Legislature reduced subventions to the City and the Redevelopment Agency
by an amount exceeding six hundred sixty thousand dollars ($660,000)• It is likely
that we will face a similar battle with the Legislation this Summer. Fiscal Year 1992-
93, the State is projecting a budget shortfall of five million to seven million five
hundred thousand dollars ($5 - 7.5 million). As a result, it is likely that the Legislature
will make further cuts in AB 8 bailout funds to cities next Summer. In response to
that probability, the City of Rosemead is examining potential sources of revenue in
fees, surcharges and taxes.
As a alternative of using General Funds, the City is intending 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, traffic signal at the intersection of Temple City Boulevard and Loftus street,
I and San Gabriel Boulevard storm drain improvements.
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Air Quality Management District funds will be used to fund the traffic signal at the '
intersection of Walnut Grove Avenue and Marshall Street to facilitate the vehicular
movement. '
Various streets throughout the City will be repaired and resurfaced, reflecting the
City's continuing efforts to maintain the City's streets. ,
Many development projects are foreseen for Fiscal Year 1992-93. Development
projects along Garvey Avenue are a self-storage structure, three story office building, '
and a shopping center.
Garvey Park will undergo resurfacing of the five (5) tennis courts, repainting of the
interior pool, and regrading of the baseball diamond. These projects will be funded
by the Redevelopment Agency.
Rosemead Park improvements include construction of a set of restroom facilities,
concession stand, and fifteen (15) picnic areas equipped with tables and barbecues.
Further, the Community Center play area will be revamped using State Grant funds. '
The Parks and Recreation department intends to purchase twenty-four (24) booths to
be used for various City wide events, such as the Cinco de Mayo and Fourth of July '
festivities.
REPORTING ENTITY AND ITS SERVICES 1
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 and in some selected areas
outside the project area, but benefitting the project area. The City of Rosemead '
provides a broad range of services to its citizens including general government, public
safety, street construction and maintenance, sanitation, building safety, parks and
recreational facilities, and cultural services. ,
Some of the functions 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.
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' REPORTING STANDARDS
' The financial reports have been prepared in conformance with the generally accepted
accounting principles as set forth by the Governmental Accounting Standards Board
(GASB), applicable pronouncements of the American Institute of Certified Public
' Accountants, and the full financial disclosure guidelines of the Governmental
Finanance 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.
' 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.
I3. Statistical Section - which includes relevant financial and non-financial data
presenting historical trends and other information about the City.
I 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
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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 1991-92 fiscal year revenues for the Governmental Fund types totaled
$15,958,762. 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.
The most notable increase change in revenues is the increase shown in the Property
Tax Increment, Special Assessments, which is the result of an increase in property tax
revenues the Redevelopment Agency received during the fiscal year. The most
notable decrease change in revenues is the decrease shown in the Other Taxes, 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 and the closure on the
City's only new car sales business. However, overall the City's revenues are up, from
last fiscal year. The City and the Redevelopment Agency will lose over $660,000 in
subvention revenues in fiscal year 1992-93 due to the State legislative action, which
the State will be taking the cigarette and a percentage of the financial aid to local
agencies and the one time transfer of tax increment revenues to the Educational
Revenue Allocation fund.
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GENERAL FIXED ASSETS
' As of June 30, 1992, the general fixed assets of the City totaled eight million six
hundred fifty-two thousand six hundred sixty-nine dollars ($8,652,669). This amount
represents the original cost of the assets, net of additions and deductions from July
' 1, 1991 to June 30, 1992, 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.
I ACCOUNTING SYSTEM
The City's accounting records are maintained on the accrual basis of accounting for
the governmental fund types, the expendable trust fund (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
1 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
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The 1991-92 fiscal year expenditures for the Governmental Fund types totaled
$22,117,083. 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 1991-92 over 1990-91, as shown
below, are due to the increase of Public Works expenditures, which is primarily due
to the Garvey Avenue Project. The most significant decrease in expenditures is in the
Community Service, which is due to the elimination of the rubbish subsidy program.
GENERALFUND
The City of Rosemead remains in a strong financial position at June 30, 1992 with
a surplus of approximately five million four hundred thousand dollars($5.4 million).
There was a reduction of General Fund's surplus from the prior year by approximately
one million five hundred thousand dollars ($1.5 million). This was primarily due to the
Federal Aided Urban Grant reimbursement of one million six hundred thousand dollars
the City anticipated to receive, but did not receive the reimbursement during the fiscal
year. However, the City does expect to receive the federal grant reimbursement in
fiscal year 1992-93.
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' to these appropriations.
The City Manager is authorized to transfer budgeted amounts between funds. 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.
CASH MANAGEMENT
' The City and the Agency maintain separate cash and investment pools. Each fund's
or fund's type's share of the pool balance is reported in the financial statements as
"cash and cash investments." Earnings from the pooled investments are allocated
monthly to each participating fund based on a formula that takes into consideration
each fund's average investment in the pool.
DEBT ADMINISTRATION
The City of Rosemead, as a general law city, is restricted from incurring general
' obligation bonded indebtedness which would exceed 3.75% of the total assessed
valuation of all real and personal property within the city. The City of Rosemead
presently has no bonded indebtedness.
' The Rosemead Redevelopment Agency issued $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, 1992 the outstanding notes totaled $8,605,000 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 $6,855,922 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.
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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 42% of
the calculated limit at June 30, 1992. The
City's 1992-93 estimated revenues and
budgeted expenditures indicate that by June
30, 1993 the City will be approximately 40%
of the limit.
Millions
20
$17.1 $17.2
15
10-
$7.1 $6.9
5 -
0
1991-92 1992-93
APPLICABLE FUNDS ® APPROPRIATION LIMIT
OTHER INFORMATION
The City of Rosemead was pleased to receive a Certificate of Award for Outstanding
Financial Reporting from the California Society of Municipal Finance Offices (CSMFO)
for the City's Comprehensive Annual Financial Report, Fiscal Year Ended June 30,
1991. 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 ofl 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 Icontinues to meet the Certificate of
Achievement program requirements and are again submitting it to the CSMFO to
determine its eligibility for another certificate.
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to
the City of Rosemead for its Comprehensive Annual Financial Report for the fiscal year
ended June 30, 1991. The Certificate of Achievement is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local
government financial reporting.
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' 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 Mayor and members of the City Council for their continued
' support, leadership and concern for the financial stability of the community.
Respectfully submitted,
L
I arty manager
' Karen L. Ogawa
Assistant Finance Officer
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CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 1992
ELECTED OFFICIALS:
City Council:
Margaret F. Clark Mayor
Robert W. Bruesch Mayor Pro Tern
Dennis McDonald Councilman
Gary A. Taylor Councilman
Joe Vasquez Councilman
APPOINTED OFFICIALS:
Planning Commissioners:
Merced "Bill" Ortiz Chairman
Marvin H. Lowrey Vice Chairman
Robert Green Commissioner
Robert Young Commissioner
Frank Ruiz Commissioner
Traffic Commissioners:
Al Pinon
Chairman
Dan Tirre
Vice Chairman
Eldon Beezley
Commissioner
Holly Knapp
Commissioner
Frank E. Larson
......................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
in Financial
1 Reporting
' Presented to
City of Rosemead,
California
For its Comprehensive Annual
' Financial Report
for the Fiscal Year Ended
' June 30, 1991
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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-IF
i~ NIlEO Siff ~y
M o
i WAM
SLAALL " President
10, .14:7
Az cutive Director
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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
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I 30, 1992, and the results of its operations and the cash flows of its pension trust fund for the
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
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.
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Pasadena, California
t October 23, 1992
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED FINANCIAL STATEMENTS
YEAR ENEDED JUNE 30, 1992
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1992
Governmental Fund Tvnes
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
Special
Debt
General
Revenue
Service
$ 14,645
$ 4,973,941
$
-
-
4,006,652
3,977,874
4,050,905
-
_ 1,515,344
854,453
106,027
1,035,201
6,762
-
173,786
-
Total assets and other debits
6,716,850
$ 9,886,061
$ 4,112,679
LIABILITIES, MUNICIPAL EQUITY AND OTHER CREDITS
LIABILITIES
Accounts payable and accrued liabilities $
1,261,840
$ 141,463
$ -
Due to other funds
108,404
Due to other governmental agencies
237,488
Refundable deposits
_
Deferred compensation
Tax allocation notes
-
-
-
Accrued vacation pay and compensatory time
9J12
Total liabilities $
1.270952
$ 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 $
6,716,850
$ 9,886,061
$ 4,112,679
See Notes to Financial Statements.
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Governmental
Fiduciary
Total
Fund Types
Fund Types
Accou
nt Groups
(Memorandum Only)
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Trust
General
General
Capital
and
Fixed
Long-Term
Projects
Agency
Assets
Debt
1992
1991
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$ 262,938
$ 101,112
$
$
$ 5,352,636
$ 6,366,295
-
-
4,006,652
2,668,179
7,819,069
-
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
1,041,963
2,268,917
419,920
173,786
-
8,652,669
-
8,652,669
8,356,624
'
-
4,112,679
4,112,679
2,774,206
16,328,873
t6,328,873
7,678,283
'
$ 8,273,073
$ 1365,242
$ 8,652,669
$ 20,441,552
$ 59,48,126
$ 43,381,386
'
$ 584,432
$ $
$
$ 1,987,735
$ 2,471,834
933,559
1,041,963
419,920
237,488
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
'
-
- -
6,837,331
7,445,055
$ 6,755,082
$ 1,073,989 $ 052,669
$ -
$35,439,023
$29,536,137
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$ 8,273,073
$ 1,365,242 $ 8,652,669
$20,441.552
$ 59,448,126
$43,381,386
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 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
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 11462
$ 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
10,314,950 $ 2,137,391 $ 2,588,617
$ (2,463320) $ 1,415,895 $ (2,303,870)
967,563 6,855,922
3,767,795
- (20,263)
(125 452)
$ 967,563 $ 6,835,659
$ 1642,343
$ (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
See Notes to Financial Statements.
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Governmental
Total
Fund Types
(Memorandum Only)
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Capital
Proiects
1992
1991
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$ 3,746,398
$ 4,130,434
3,787,547
$ 3,406,953
4,245,201
-
554,935
479,084
-
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
$ 4269249
$15,958,912
$15,282199
$ 224,111
$ 2,710,801
$ 2,215,912
-
4,268,763
3,994,221
6,798,037
8,757,535
6,374,969
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-
95,495
1,014,349
1,959,686
1,838,493
-
1,592,156
2,079,722
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54,127
144,180
160,397
-
1,760,000
1,630,000
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-
$ 7,076,275
828,617
$ 22,117,233
972,350
$ 20,280,413
$ (2,807,026)
$ (6,158321)
$ (4,998,214)
$ 11,568,356
$ 11,568,356
$ -
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415,939
12,007,219
2,123,642
_(11,861,504)
(12,007,219)
(2,123,642)
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$ 122,791
$ 11,568356
$
$ (2,684,235)
$ 5,410,035
$ (4,998,214)
9,439,317
20,284,586
25,282,800
17 7dd
1 $ 6,755,082 $ 25,712,365 $ 20,284,586
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CITY OF ROSEMEAD] CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES i BUDGET AND ACTUAL -
GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES
Year Ended June 30, 1992
REVENUE
Property taxes and special assessments
Other taxes
Licenses and permits
intergovernmental
Charges for services
Fines, forfeitures and penalties
Use of money and property
Other
EXPENDITURES
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
Capital outlay
Debt service:
Principal
Interest
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES)
Operating transfers:
From other funds
(To) other funds
Revenue and other financing sources over
(under) expenditures
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER
FUND BALANCE, ENDING
See Notes to Financial Statements.
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General Fund
Over
(Under)
Budget Actual Budget
4,376,500
3,787,547
(588,953)
488,200
554,935
66,735
3,894,730
2,308,398
(1,586,332)
333,900
366,345
32,445
280,000
246,185
(33,815)
570,000
425,100
(144,900)
25,500
163,120
137,620
$ 9,968,830
$ 7,851.630
$ (23 17,200)
$ 2,288,630 $ 2,354,909 $ 66,279
3,940,628
4,021,574
80,946
874,380
584,609
(289,771)
87,000
95,495
8,495
1,902,940
1,959,686
56,746
1,225,710
1,264,588
38,878
145,180
34,089
(111,091)
110,464.468 $10,314 10,314,950 $ (149,518)
$ (495,638) $ (2,463,320) $ (1,967,682)
$ 947,300 $ 967,563 $ 20,263
$ 947,300 $ 967,563 $ 20,263
$ 451,662 $ (1,495,757) (1,947.4191
6,923,911
17,744
$ 5.445,898
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Special Revenue
Debt Service
Over
Over
(Under)
(Under)
Budget
Actual
Budd
Budizet
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
$ 284347
$ 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
828,617
828,617
-
$ 3
362,310
$ 2,137,391 $
(1,224,919)
$ 2,588,617
$ 2,588,617
$
,
$ (155560)
$ 1,415,895 $
1571,455
$ (2,363,617)
$ (2,303,870)
$ 59,747
$
$ 6,855,922 $
6,855,922
$ 2,588,617
$ 3,642,343
$ 1,053,726
(20,263)
(20,263)
-
-
$
$ 6 835 659 $
6,835,65 9
$ 2,588,617
$ 3,642,343
$ 1,053,726
$ (155,560) $ 8,251,554 $ 8,407,114 $ 225,000 $ 1,338,473 L1,103 ,473
1,147,152 2,774,206
$ 9,398.706 $ 4,]12,679
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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 1,073,989
See Notes to Financial Statements.
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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.
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$ 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
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Reporting entity
The
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bility, 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
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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
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to exc
ude certain organizations and activities from the City
s combined financial statements
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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
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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.
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NOTES TO FINANCIAL STATEMENTS
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' 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
' 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.
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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
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/Hams 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) ac(
the acquisition or construction of major capital
:s for financial resources to be used for
lities within the Agency.
Fiduciary Fund
The Pension Trust Fund, an expendable trust
retirement plan for employees of the City.
accounts for the activity of the
The Agency Fund accounts for the assets held in a trustee capacity or as an agent. The cash
being held primarily represents amounts placed Ion deposit for refundable permits and
performance bonds and deferred compensation plans for qualified employees.
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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
I 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).
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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.
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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
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.
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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
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
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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.
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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
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The components of cash and cash investments at June 30, 1992 are as follows:
Cash in bank
Time certificates of deposit
$ 578,237
4,774,399
0
$ 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 thIe pool.
At year end, the carrying amount of the City andI 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 I $ 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
17
$ 5.553,576
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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 Type 1 2 3 Amount Value
U.S. government and
government agency
securities $ $ $ 2,545,211 $ 2,545,211 $ 2,605,781
State and municipal bonds 193,300 193,300 207,681
Corporate bonds 5,371,612 5,371,612 5,407,225
$ - $ $ 8,110,123 $ 8,110,123 $ 8,220,687
Investment in mutual fund 450,005 451,448
Investment in State Treasurer's
Investment Pool 7,287,720 7.287 720
Total other investments $ 15,847,848 $15,959,855
Annuity contracts and cash in bank include $190,141 and $21,307, respectively, in the City's
1 deferred compensation plan as of June 30, 1992. The annuity contracts are recorded at
market value and would be included in Category #3.
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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 lax increment $ - $ - $ 43,640 $ - $ 43,640
Accrued interest 72,180 84,443 147,426 106,027 410,076
Due from local utility companies (A) 605,863 - - - 605,863
Due from other governmental agencies 547,000 770,010 - - 1,317,010
Transient occupancy tax 141,430 - - - 141,430
Other 148371 148371
(A) During the year ended June 30, 1990, tNe Agency approved a reimbursement
agreement with a local utility company, advahcing 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 contributedd 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.
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NOTES TO FINANCIAL
STATEMENTS
'
Note 5. Interfund Receivables and Payables
Interfund receivables and payables as of June 30,
1992 are as follows:
Interfund
Funds
Receivables
Payables
'
General Fund
$ 1,035,201 $
'
Special Revenue Funds:
Traffic Safety
$ $
6,632
Community Development Block Grant
-
47,187
'
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
$ - $
933,559
$ 1,041,963 $
1,041,963
Note 6. Property and Equipment
Changes in property and equipment during the yea
r ended June 30, 1992 were as follows:
Balance
Balance
June 30,
June 30,
1991
Acquisitions Disposals
1992
'
d
Lan
$ 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
$ 8,652 669
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NOTES TO FINANCIALI 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 they 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 planlbut does have the duty of due care that
would be required of an ordinary prudent inve tor. The administrative and reporting
functions of the plan are being handled by an insurance company.
21
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' 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-Term 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 I and March I.
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.
1
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NOTES TO FINANCIAL STATEMENTS
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.
Balance, June 30, 1991
Proceeds of
long-term debt
(Payments) of
principal
Increase (decrease)
Accrued
Tax
Tax
Vacation
Allocation
Allocation
and
Bonds
Notes
Compensatory
Series 1991
Series 1987
Time Total
$ $ 10,365,000 $
11,725,240
87,489 $ 10,452,489
11,725,240 1
(1,760,000) - (1,760,000)
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, tdamortize 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
1993
$ $ 1,900,000
$ 669,813
$ 2,569,813
1994
2,055,000
496,781
2,551,781
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
Thereafter
9,660,149
6,809,851
16,470,000
23
' 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.
' 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 24
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.
25
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NOTES TO FINANCIAL STATEMENTS
' Note 11. Subsequent Events, Continued
1
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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.
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CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1992
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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.
30 II
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
BALANCE SHEET
June 30, 1992
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
Accrued vacation pay and compensatory time
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Long-term receivable
Unreserved:
Undesignated
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
1992 1991
$14,645
3,977,874
1,515,344
1,035,201
173,786
$6,716,850
$1,663,683
4,685,872
1,459,626
419,920
$8,229,101
$1,261,840
$1,294,279
9,112
10,911
$1,270,952
$1,305,190
$605,863 $626,008
4,840,035 6,297,903
$5,445,898 $6,923,911
$6,716,850 $8,229,101
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
1992
1991
REVENUES:
Other taxes
$3,787,547
$4,245,201
Licenses and permits
554,935
479,084
Intergovernmental
2,308,398
2,763,673
Charges for services
366,345
228,615
Fines, forfeitures and penalties
246,185
270,466
Use of money and property
425,100
679,484
Other
163,120
56,605
Total Revenue
$7,851,630
$8,723,128
EXPENDITURES:
Current:
General government
$2,354,909
$1,579,042
Public safety
4,021,574
3,659,871
Public works
584,609
1,033,173
Public health
95,495
1,014,349
Public recreation
1,959,686
1,804,330
Community service
1,264,588
1,230,417
Capital outlay
34,089
127,984
Total Expenditures
$10,314,950
$10,449,166
Revenue over (under) expenditures
($2,463,320)
($1,726,038)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$967,563
$87,816
(To) other funds
-
(20,209)
Total Other Financing Sources (Uses)
$967,563
$67,607
Revenues and Other Financing
Sources over (under) expenditures
($1,495,757)
($1,658,431)
FUND BALANCE, BEGINNING
6,923,911
8,582,342
RESIDUAL EQUITY TRANSFER
17,744
-
FUND BALANCE, ENDING
$5,445,898 $6,923,911
32
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
REVENUE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1992
TAXES
Maintenance district
Real estate transfer tax
Trailer coach fees
Sales and use tax
Franchise fees
Transient occupancy tau
LICENSES AND PERMITS
Business license fees
Building permit fees
Occupancy permit fees
Sewer connection
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
Filing and certification fees
Other current charges
Environmental impact reports
Recreation fees
Assessments
FINES, FORFEITURES AND
PENALTIES
Court rmes 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
Budget
$2,000
120,000
1,500
3,280,000
485,000
488,000
$4,376,500
$30,000
442,000
11,000.
5,200
$488,200
225,000
1,950,900
830
85,000
1,630,000
3,000
$3,894,730
$9,006
94,450
150
208,300
22,000
$333,900
$280,000
$560,000
10,000
$570,000
Actual
$1,309
55,567
2,474
2,679,103
625,327
523,767
$3,787,547
$37,216
489,935
4,626
23,158
$554,935
300,071
1,944,204
29,362
34,761
$14,905
103,312
220,839
27,289
$366,345
$246,185
$399,913
25,187
$425,100
Over
(Under)
Budget
($691)
(64,433)
974
(600,897)
40,327
35,767
($588,953)
$7,216
47,935
(6,374)
17,958
$66,735
75,071
(61696)-
28,532
(50,239)
(1,630,000)
(3,000)
($1,586,332)
$5,905
8,862
(150)
12,539
5,289
$32,445
($33,815)
($160,087)
15,187
($144,900)
1,000
24,500
$25,500
$42,629
48,248
784
71,459
$163,120
Total Revenue $9,968 830 $7,851,630
33 1
42,629
48,248
(216)
46,959
$137,620
($2,117 200)
1991
$1,157
62,734
4,206
3,069,138
556,710
551,256
$4,245,201
$32,830
416,084
12,249
17,921
$479,084
$17,677
92,861
1,865,271
814
75,408
711,642
$2,763,673
$7,680
49,066
168,848
3,021
$228,615
$270,466
$669,102
10,382
$679,484
145
56,460
$56,605
_$723,128
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FORNIA
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GENERAL FUND
EXPENDITURE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1992
Over
'
(Under)
Budget
Actual
Budget
1991
GENERAL GOVERNMENT
Travel and meeting
$16,000
$16,366
$366
$20,406
City council
47,300
46,597
(703)
32,200
City adminstration
702,910
691,351
(11,559)
492,423
'
City clerk
Finance
145,400
234,030
135,266
360,628
(10,134)
126,598
66,874
141,902
City treasurer
12,270
12,196
(74)
5218
City attorney
333,620
266,586
(67,034)
257782
1
General government buildings
403,500
368,653
(34,847)
307347
Community promotion
371,000
430,376
59,376
240,385
City garage
22,600
26,890
4,290
14,505
'
$2,288,630
$2,354,909
$66,279
$1,579,042
PUBLIC SAFETY
Law enforcement
Animal regulation
$3,756,800
25,000
$3,827,200
31,477
$70,400
6,477
$3,489,926
26,331
Parking control
100,188
109,603
9,415
100,830
Crossing guard
52,840
45,851
(6,989)
40146
Emergency services
5,800
7,443
1,643
2,638
$3,940,628
$4,021,574
$80,946
$3,659,871
'
PUBLIC WORKS
Engineering and administration
$36,880
$29,246
($7,634)
$25,504
Street construction
800,000
400,042
(399,958)
908,097
Traffic signs and striping mainten
ance 37,500
155,321
117,821
99,572
$874,380
$584,609
($289,771)
$1,033,173
PUBLIC HEALTH
'
Public health services
$87
000
$95
495
$$495
$1
014
349
,
,
,
,
PUBLIC RECREATION
'
Administration
$205,400
$204,542
($858)
$194,415
Parks
877,170
912,951
35,781
8232450
Recreation
555,220
522,366
(32,854)
513,148
Aquatics
265,150
319,827
54,677
273,317
$1,902,940
$1,959,686
$56,746
$1,804,330
COMMUNITY SERVICE
'
Planning
$267,610
$236,203
($31,407)
$147,728
Building regulation
600,000
583,849
(16,151)
692229
Engineering
Community improvements
313,100
45,000
322,039
122,497
8,939
77,497
293855
96,605
$1,225,710
$1,264,588
$38,878
$1,230,417
CAPITAL OUTLAY
$145,180
$34,089
($111,091)
$127,984
Total Expenditures
$10,464468
$10,314950
($149,518)
$10449166
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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.
36
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SPECIAL REVENUE FUNDS
TRAFFIC SAFETY FUND
Established to account for the receipt of vehicle code fines which are expended for
traffic safety enforcement.
STATE GAS TAX FUND
Established to account for funds collected from the State of California which
are used for street construction, street maintenance, engineering and administrative
costs.
AIR QUALITY MANAGEMENT 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.
37
I
1
I
1
I
1
' SPECIAL REVENUE FUNDS (cont'd)
R. TBERG/HARRIS GRANT FUND
' Established to account for a state grant for preapproved park projects.
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.
1
1
38
'
CITY OF ROSEMEAD, CALIFORNIA
SPECI
AL REVEN
UE FUNDS
COMBINING BALANCE SHEET
June 30, 1992
'
Air Quality
Local
Public
Community
Traffic
State
Management
Trans-
Trans-
Development
Safety
Gas Tax
District
portation
portation
Block Grant
'
Fund
Fund
Fund
Fund
Fund
Fund
ASSETS
'
Cash and cash investments
$ -
$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
,
Municipal Equity
$6,632
$414,063
$41,688
$58,527
$1,132,064
$328,953
39
'
1
1
1
1
1976
Community
Parklands
Street
Grant
Lighting
Fund
Fund
Low-Moderate
Narcotics R. Z'Berg
California Income Hous-
Seizure Harris Grant
Wildlife ing Set-Aside
Fund Fund
Fund 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 -
$50,080 $325,103 $72,378 $8,817 $46,346 $7,401,410 49,886,061 $1,826,304
$17,716 $ - $ - $ - $578 $ - $141,463 $185,330
8,817 45,768 - 108,404 249,986
- - - - 237,488 243,836
$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
$32,364
$325,103
$72,378
$ - $ - $7,401,410 $9,398,706
$1,147,152
$50,080 $325,103 $72,373 $8,817 $46,346 $7,401,410 $9,886,061 $1,826,304
40
Totals
CITY OF ROSEMEAD, CA
LIFORNIA
SPECIAL REVENUE FUNDS
COMBIN
ING STATEMENT OF REV
ENUE, EXPENDITURES
AND CHANGES IN FUND
BALANCES
Fiscal Year Ended June
30, 1992
Air Quality
Local
Public
Community
Traffic State
Management
Trans-
Trans-
Development
Safety Gas Tax
District
portation
portation
Block Grant
'
Fund Fund
Fund
Fund
Fund
Fund
REVENUES:
'
Special assessments
$ - E -
E -
$ -
$ -
$ -
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
-
_
_
_
-
T
t
l R
$32
068 $910
643
evenues
o
a
,
,
$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
- -
-
-
_
-
,
Total Expenditure
$32,068 $640,206
-
-
$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 fmancing
sources over (under) expenditu
res $ - $270,437
$41,688
$16,014
$368,945
$ -
,
FUND BALANCE, BEGINNING
- 84,233
-
42,513
743,621
-
NG
$354
$
670
6
FUND BALANCE, ENDI
,
-
$41,
88
$58,527
$1,112,566
$ -
41
'
1976
x:
'
Community
R. Z'Berg
Low-Moderate
Parklands
Street
Narcotics
Harris
California
Income llous-
'
Grant
Fund
Lighting
Fund
Seizure
Fu ad
Grant
Fund
Wildlife
Fund
ing Set-Aside
Fund
Totals
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
-
-
-
-
50,546
59,546
-
'
$3,236
$384,036
$4,894
$8,817
$46,346
$545,488
E3,553,286
$2,305,160
r-
i
I'
$ -
$2,921
$ _
$ _
$ -
$131,781
$80,845
215,121
247,189
334,350
-
-
-
-
-
-
1,374,589
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
$
,
,
,
,
-
$2,137,391
$2,087,810
-
'
($15,836)
$168,915
($19)
$8,817
$11,446
$545,488
$1,415,895
$217,350
'
$ -
$ -
$ -
$ -
$ -
$6,855,922
$6,855,922
$20,209
-
-
-
-
(8,817)
(11,446)
-
(20,263)
(87,816)
$ -
$ -
$ -
($8,817)
($11,446)
$6,855,922
E6,835,659
($67,607)
r
($15,836)
$168,915
($19)
$ -
$ -
$7,401,410
$8,251,554
$149,743
'
48,200
156,188
72,397
-
-
-
1,147,152
997,409
$32364
$325,103
$72378
$7401,410
$9,398,706
$1,147,152
42
,
1
CITY OF ROSEMEAD, CALIFORNIA
TRAFFIC SAFETY FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 1992
Over
'
(Under)
Budget Actual
Budget
1991
t
REVENUES:
Fines, forfeiture and penalties $100,000 $32,068
($67,932)
$84,581
,
Total Revenue $100,000 $32,068
($67,932)
$84,581
'
EXPENDITURES:
Public safety $100,000 $32,068
($67,932)
$84,581
'
Total Expenditure $100,000 $32,068
($67,932)
$84,581
Revenue over (under) expenditures $ - $ -
$ -
$ -
'
FUND BALANCE, BEGINNING
'
FUND BALANCE, ENDING $ - $
$
43
,
CITY OF ROSEMEAD, CALIFORNIA
'
STATE GAX TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 1992
Over
(Under)
Budget Actual
Budget
1991
'
REVENUES:
Intergovernmental $632,500 $891,844
$259,344
$720,792
'
Use of money and property 8,000 18,799
$10,799
5,175
Total Revenue $640,500 1910,643
$270,143
$725,967
1
EXPENDITURES:
'
Public Works $753,380 $640,206
($113,174)
$641,734
Total Expenditure $753,380 $640,206
($113,174)
$641,734
Revenue over (under) expenditures ($112,880) $270,437
$383,317
$84,233
'
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From other funds $112,880 $ -
($112,880)
$ -
Revenue and other financing sources
over (under) expenditures $ - $270,437
$270,437
$84,233
FUND BALANCE, BEGINNING 84,233
$84,233
-
'
FUND BALANCE, ENDING $ - $354,670
$354,670
$84,233
'
44
CITY OF ROSEMEAD,' CALIFORNIA
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
REVENUES:
Intergovernmental
Total Revenue
Over
(Under)
Budget Actual Budget
$ $41,688 $41,688
$ $41,688 $41,688
EXPENDITURES:
Public works $ -
Total Expenditure $ -
Revenue over (under) expenditures $ -
OTHER FINANCING SOURCES (USES):
Operating transfers:
(To) other funds $ -
Revenue and other financing sources
over (under) expenditures $ -
FUND BALANCE, BEGINNING
$41,688 ($41,688)
$41,688
$41,688
FUND BALANCE, ENDING $ - $41,688 $41,688
45
t
1991
i
$
$
'
$
'
CITY OF ROSEMEAD, CALIFORNIA
LOCAL TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1992
Budget
' REVENUES:
Intergovernmental $35,000
' Use of money and property -
Total Revenue $35,000
Over
(Under)
Actual Budget 1991
$13,154
($21,846)
$13,874
2,860
2,860
2,431
$16,014
($18,986)
$16,305
EXPENDITURES:
'
Public works
$74,000
$ -
($74,000)
$ -
Total Expenditure
$74,000
$ -
($74,000)
$ -
Revenue over (under) expenditures
$39,000
$16,014
($55,014)
$16,305
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From other funds (To) other funds
$ -
$ -
$ -
Revenue and other financing sources
over (under) expenditures
($39,000)
$16,014
$55,014
$16,305
FUND BALANCE, BEGINNING
43,108
42,513
(595)
26,208
FUND BALANCE, ENDING
$4,108
$58,527
$54,419
$42,513
'
'
46
CITY OF ROSEMEAD, (CALIFORNIA
PUBLIC TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
Budget
REVENUES:
Intergovernmental $600,000
Use of money and property 60,000
Total Revenue
EXPENDITURES:
Current:
General government $ -
Public works 693,020
Public recreation -
Community services
Capital outlay
Over
(Under)
Actual Budget
$941,832 $341,832
45,997 (14,003)
$987,829 $327,829
618,766
118
(74,254)
118
Total Expenditure
$693,020
$618,884
($74,136)
Revenue over (under) expenditures
($33,020)
$368,945
$401,965
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $ -
Revenue and other financing sources
over (under) expenditures ($33,020)
FUND BALANCE, BEGINNING 583,204
FUND BALANCE, ENDING $550,184
47
$368,945
743,621
$1,112,566
$401,965
$562,382
i
1991 '
$526,445 '
56,244
$582,689 '
$20,378
22,718 '
496,516
21,492 '
$561,104
$21,585
$ ,
$21,585 '
722,036 '
$743,621
1
1
1
1
1
t
CITY OF ROSEMEAD, CALIFORNIA
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
REVENUES:
Intergovernmental
Total Revenue
Over
(Under)
Budget Actual Budget 1991
$678,000 $572,227 ($105,773) $518,683
$678,000 $572,227 ($105,773) $518,683
EXPENDITURES:
Cu rrent:
General government
Public works
Community services
Total Expenditure
Revenue over (under) expenditures
$108,170
$128,860
20,690
195,000
115,917
(79,083)
375,000
327,450
(47,550)
$678,170
$572,227
($105,943)
($170)
$ -
($170)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $ - $ - $ -
Revenue and other financing sources
$60,267
115,000
352,789
($9,373)
over (under) expenditures
($170)
$ - $170
($9,373)
FUND BALANCE, BEGINNING
9,373
(9,373)
9,373
FUND BALANCE, ENDING
$9,203
$ - ($9,203)
$ -
48
I
CITY OF ROSEMEAD, CALIFORNIA
1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
Over
'
(Under)
Budget Actual
Budget
1991
'
REVENUES:
Intergovernmental $43,000 $ -
Use of money and property - 3
236
(43,000)
3
236
$ -
3
668
,
,
,
Total Revenue $43,000 $3,236
($39,764)
$3,668
EXPENDITURES:
Capital Outlay $42,550 $19,072
($23,478)
$ -
'
Total Expenditure $42,550 $19,072
($23,478)
$ -
Revenue over (under) expenditures $450 ($15,836)
$16,286
$3,668
'
C
G SO
S
'
OTHER FINAN
URCE
(USES):
IN
Operating transfers:
From other funds (To) other funds $ - $ -
$
Revenue and other financing sources
over (under) expenditures $450 ($15,836)
($16,286)
$3,668
'
FUND BALANCE, BEGINNING 44,532 48,200
3,668
44,532
'
FUND BALANCE, ENDING $44,982 $32,364
($12,618)
$48,200
49
I
'
1
1
1
1
t
CITY OF ROSEMEAD, CALIFORNIA
STREET LIGHTING FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
Over
(Under)
Budget Actual Budget 1991
REVENUES:
Special assessments $350,000 $384,036 $34,036 $347,061
Total Revenue $350,000 $384,036 $34,036 $347,061
EXPENDITURES:
Current:
Public safety $281,000
Total Expenditure $281,000
Revenue over (under) expenditures $69,000
$215,121
$215,121
$168,915
($65,879) $249,769
$99,915 $97,292
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds
$ -
$ -
$ -
$ -
Revenue and other financing sources
over (under) expenditures
$69,000
$168,915
$99,915
$97,292
FUND BALANCE, BEGINNING
114,896
156,188
41,292
58,896
FUND BALANCE, ENDING
$183,896
$325,103
$141,207
$156,188
50
CITY OF ROSEMEAD, (CALIFORNIA
NARCOTICS SEIZURE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 1992
1
Over
'
(Under)
Budget Actual
Budget
1991
'
REVENUES:
Intergovernmental $192
Use of money and property 4
702
$192
$4
702
$14,043
5
480
'
,
,
,
Total Revenue $ - $4,894
$192
$19,523
'
EXPENDITURES:
Current:
'
General government $66,000 $2,921
($63,079)
$200
Capital outlay - 1,992
$1,992
1,921
,
Total Expenditure $66,000 $4,913
($61,087)
$2,121
R
d
dit
$66
000
evenue over (un
er) expen
ures (
,
) ($19)
($61,279)
$17,402
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds $ - $ -
$ -
$ -
,
Revenue and other financing sources
over (under) expenditures ($66,000) ($19)
$61,279
$17,402
'
FUND BALANCE, BEGINNING 69,995 72,397
2,402
54,995
'
FUND BALANCE, ENDING $3,995 $72,378
$68,383
$72,397
51
'
1
1
1
i
CITY OF ROSEMEAD, CALIFORNIA
R. Z'BERG HARRIS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
REVENUES:
Intergovernmental
Total Revenue
Over
(Under)
Budget Actual Budget
$26,250 $8,817 ($17,433)
$26,250 $8,817 ($17,433)
1991
EXPENDITURES:
Capital outlay $17,250 $ - ($17,250) $9,000
Total Expenditure $17,250 $ - ($17,250) $9,000
Revenue over (under) expenditures $9,000 $8,817 ($183) ($9,000)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds ($8,764) ($8,817) ($53) $8,764
Revenue and other financing sources
over (under) expenditures $236 $ - ($236) ($236)
FUND BALANCE, BEGINNING - 236
FUND BALANCE, ENDING $236 $ - ($236) $ -
52
CITY OF ROSEMEAD, CALIFORNIA
CALIFORNIA WILDLIFE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
REVENUES:
Intergovernmental
Total Revenue
Budget Actual
$139,000 $46,346
$139,000 $46,346
EXPENDITURES:
Public recreation $121,940
Total Expenditure $121,940
Revenue over (under) expenditures $17,060
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds (To) other funds ($17,060)
Revenue and other financing sources
over (under) expenditures $ -
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
$34,900
$34,900
$11,446
Over
(Under)
Budget
($92,654)
($87,040)
($87,040)
($5,614)
($11,446) $5,614
53
1
1
1
1
1
1991
1
1
1
$11,445 1
$11,445
($11,445) 1
$11,445 1
$1
1
1
1
1
a
1
ti,
CITY OF ROSEMEAD, CALIFORNIA
'
LOW-MODERATE INCOME HOUSING FUND
St
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30
1992
,
I' ; r
j:
'
Over
(Under)
Budget Actual
Budget
1991
REVENUES:
Use of money and property $ - $485,942
$485,942
$ _
'
Other 59,546
59,546
Total Revenue $ - $545,488
$545,488
$ _
EXPENDITURES:
'
Community services $ _ $ _
$
$
'
Total Expenditure $ _ $ _
$ _
$
Revenue over (under) expenditures $ - $545,488
$545,488
$ _
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From other funds (To) other funds $ - $6,855,922
$6,855,922
$ _
'
Revenue and other financing sources
over (under) expenditures $ - $7,401,410
$7,401,410
$ _
'
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING $ - $7,401,410
$7,401,410
$ _
'
54
THIS PAGE INTENTIONALLY LEFT BLANK
55
1
1
1
1
CAPITAL PROJECTS FUND
(Redevelopment Fund)
The Capital Projects Fund accounts for financial resources to be used for the acquisition
or construction of major capital facilities 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.
56
I
I
I
I
THIS PAGE INTENTIONALLY LEFT BLANK '
4
I
57
,
CITY OF ROSEMEAD, CALIFORNIA
CAPTIAL PROJECTS FUND
BALANCE SHEET
June 30, 1992
1992 1991
ASSETS
Cash and cash investments
Other investments
Receivables
Total Assets
$262,938
7,819,069
191,066
$8,273,073
$584,432
933,559
$1,517,991
$3,157,519
7,123,147
320,810
$10,601,476
$992,225
169,934
$1,162,159
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Due to City of Rosemead
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
58
6,755,082 9,439,317
$6,755,082 $9,439,317
$8,273,073 $10,601,476
CITY OF ROSEMEAD, CALIFORNIA '
CAPITAL PROJECTS FUND '
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL '
Fiscal Year Ended June 30, 1992
1992
REVENUES:
Property tax increment
$3,746,398
Interest
367,785
Other
155,066
Total Revenue $4,269,249
EXPENDITURES:
Current:
Improvements to project area
$6,798,037
Professional fees
125,282
City administrative services
980,747
Issuance costs
65,382
Capital outlay
54,127
Total Expenditures
$8,023,575
Revenue over (under) expenditures
($3,754,326)
OTHER FINANCING SOURCES (USES):
Proceeds from sale of bonds, net of
descounts of $156,884
$11,568,356
Operating transfers:
From other funds
415,939
(To) other funds
(10,914,204)
Total Other Financing Sources (Uses)
$1,070,091
Revenues and Other Financing
Sources over (under) expenditures
($2,684,235)
FUND BALANCE, BEGINNING
9,439,317
FUND BALANCE, ENDING
$6,755,082
59
1991
$3,059,892
817,037
95,169 '
$3,972,098
$4,585,062
33,867
522,158 '
$5,141,087 '
($1,168,989) '
$ '
(2,015,617) ,
($2,015,617)
($3,184,606)
12,623,923
$9,439,317 '
i
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DEBT SERVICE FUND j
' 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, 1992
ASSETS I
Cash and investments with fiscal agent
Receivables
Total Assets
LIABILITIES AND MUNICIPAL EQUITY f
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
62
1992 1991
$4,006,652
$2,668,179
106,027
106,027
$4,112,679
$2,774,206
- a-
$4,112,679 $2,774,206
$4,112,679 $2,774,206
$4,112,679 $2,774,206
'
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
'
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1992
'
1992
1991
REVENUES:
Interest 271,285
268,350
'
Other 13,462
13,463
Total Revenue $284,747
$281,813
EXPENDITURES:
Debt service:
'
Principal $1,760,000
$1,630,000
Interest 828,617
972,350
t
Total Expenditures $2,588,617
$2,602,350
R
'
evenue over (under) expenditures ($2,303,870)
($2,320,537)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds $3,767,795
$2,015,617
(To) other funds (125,452)
Total Other Financing Sources (Uses) $3,642,343
$2,015,617
Revenues and Other Financing
Sources over (under) expenditures $1,338,473
($304,920)
FUND BALANCE, BEGINNING 2,774,206
3,079,126
FUND BALANCE, ENDING $4,112,679
$2,774,206
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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, 1992
REVENUE
Interest
Other
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
Budget Actual
$225,000 $271,285
- 13,462
Over
(Under)
Budget 1991
$46,285 $268,350
13,462 13,463
$225,000
$284,747
$59,747
$281,813
$1,760,000
$1,760,000
$ -
$1,630,000
828,617
828,617
972,350
$2,588,617
$2,588,617
$ -
$2,602,350
($2,363,617)
($2,303,870)
$59,747
($2,320,537)
$2,588,617
$2,588,617
$3,767,795
$1,179,178 $2,015,617
(125,452)
(125,452)
$3,642,343
$1,053,726 $2,015,617
$225,000
$1,338,473
$1,113,473
($304,920)
3,299,126
2,774,206
(524,920)
3,079,126
$3,524,126
$4,112,679
$588,553
$2,774,206
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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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ASSETS
Cash and cash investments
Investments in deferred compensation plan
Investments in annuity contracts
Total Assets
LIABILITIES 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, 1992
Pension Agency Ponds
Trust Refundable Deferred
Fund Deposits Compensation
Totals
1992 1991
$ - $79,805 $21,307 $101,112
$101,243
- - 190,141 190,141
145,016
1,073,989 - - 1,073,989
894,927
$1,073,989 $79,805 $211,448 $1,365,242
$1,141,186
$ - $79,805 $ - $79,805 $78,204
- 211,448 211,448 168,055
$ - $79,806 $211,448 $291,253 $246,259
$1,073,989
$ -
$ -
$1,073,989
$894,927.
$1,073 989
$79,805
$211,448
$1,365,242
$1,141 186
68
CITY OF ROSEMEAD, CALIFORNIA
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Fiscal Year Ended June 30, 1992
Balance
July 1, 1991 Additions
Deductions
Balnce
June 30, 1992
REFUNDABLE DEPOSIT FUND:
Assets
Cash and cash investments $78,204 $17,784 $16,183 $79,805
Liabilities
Refundable deposits
EMPLOYEES DEFERRED
COMPENSATION FUND:
Assets
Cash and cash investments
Investments in deferred
compensation plan
Total Assets
Liabilities
Deferred compensation
$78,204 $17,784 $16,183 $79,805
$23,039
$15,810
145,016
48,713
$168,055
$64,523
$17,542
$21,307
3,588
190,141
$21,130
$211,448
$168,055 $64,523 $21,130 $211,448
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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.
70
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CITY OF ROSEMEAD, CALIFORNIA
' STATEMENT OF GENERAL FIXED ASSETS
June 30, 1992
Land
' Buildings and improvements
Vehicles
Furniture and office equipment
Special equipment and machinery
Other improvements
Total
a
0
v
a
0
0
0
0
a
Redevelopment
City
Agency
$542,926
$2,350,308
1,979,278
1,463,377
308,248
-
422,734
348,243
489,063
-
748,492
$4,490,741
$4,161,928
72
Totals
1992
1991
$2,893,234
$2,893,234
3,442,655
3,421,367
308,248
261,091
770,977
567,626
489,063
464,814
748,492
748,492
$8,652,669
$8,356,624
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Note: The City of Rosemead does
T
not have revenue bonds, therefore
8
the Revenue Bond Coverage -
Last Ten Fiscal Years schedule
is not included.
A
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Public 1
Recreation
CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal Public
Year Safety
Public General Public
Works Government Health
1982-83
$ 1,948,358
S 3,467,355
$ 945,380
$ 57,743
$ 1,225,757
1
1983-84
2,180,413
3,123,134
1,180,583
85,347
1,288,242
1
1984-85
2,730,594
3,566,007
1,129,129
138,033
1,277,711
1
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
1
1987-88
3,397,611
5,360,172
1,354,625
525,187
1,409,388
1
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
1
1990.91
3,994,221
6,374,969
2,215,912
1,014,349
1,838,493
1
1991-92
4,268,763
8,757,535
2,710,801
95,495
1,959,686
(1) General Governmenta
l expenditures includes expenditures of the General, Special
Revenue,
and Debt Service Funds only. Operating
Transfers Out have been excluded from
all years.
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Community
Issuance
Capital
Debt
Inter-
Services
Costs
Projects
Service
governmental Total
$ 449,149
$ -
$ -
$ 1,050,350
$ $ 9,144,092
506,470
163,411
-
1,657,169
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
339,240
36,184
1,912,681
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
156,884
144,180
2,588,617
22,274,117
Millions
f10
1111
fe
f•
fz
® Public Works ® Public Safety 0 Debt Services General Oovt.
® Public Recr. ® Comm. Serv. M Misc.
76
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Property
Tax
$ 1,461,860
2,099,410
2,301,028
1,655,865
4,235,972
2,905,521
3,921,667
3,204,232
3,059,892
3,746,398
. Special
Assessments
$ 160,668
169,845
160,997
193,097
215,186
241,257
273,777
303,374
347,061
384,036
$253,720
261,110
365,544
429,481
480,529
512,699
496,966
533,050
479,084
554,935
Other Licenses
Taxes and Permits
$ 2,245,459
2,397,987
2,953,090
2,903,490
3,048,707
3,351,856
3,591,798
4,176,257
4,245,201
3,787,547
(1) Includes General and Special Revenue Funds.
(2) Includes Proceeds from Tax Allocation Notes.
77
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Inter- 1
governmental !
$ 3,016,204
3,291,717 1
3,938,028 1
3,925,603
5,309,161 !
3,464,227 1
4,518,697
3,725,299
4,557,510
1
4,824,498
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Fines,
Use of
Charges for
Forfeitures
Money and
Services
and Penalties
Property
Other
Total
$ 312,298
$ 324,178
$ 1,607,829
$ 142,583
$ 9,524,799
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
Millions
$6
$4
$3
$2
$1
so
® Intergovt. ® Prop. Tax Other Tams Use of M a P
® Misc. ® Lic. 8 Permits Fines. For. a Pan.
78
1987-88 1988-89 1989-90 1990-91 1991-92
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
1982-83
$
$ 23,386
$ 1,240
$ 1,853,771
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
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Franchise
Fees
246,487
266,966
301,383
293,302
269,760
336,628
461,620
494,223
556,710
525,327
Transient
Occupancy
Tax
$ 120,575
125,733
185,580
216,341
232,736
251,170
312,261
332,140
551,256
523,767
Total
$ 2,245,459
2,397,987
2,953,090
2,903,490
3,048,707
3,351,856
3,591,798
4,176, 257
4,245,201
3,787,547
80
CITY OF ROSEMEAD, CALIFORNIA
ASSESSED VALUATIONS OF TAXABLE PROPERTY
Last Ten Fiscal Years
Fiscal
Year
1982-83 (1)
1983-84
1984-85 (3)
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Land
$246,372,524
261, 079, 758
337,467,010
372, 828, 816
423,556,926
443, 973, 950
533,974,252
618,578,205
687,981,018
State Assessed
Personal
Improvements Property
$321,301,957 $4,927,752
357,506,952 4,753,925
554,010,610
600,750,171
667, 096, 486
589,616,183
652, 418, 780
722,428,1 13
783,764,885
30,623,894
57,430,515
60,746,385
8,095,040
6,569,433
8,491,869
8,531,233
Unitary and Operating (2)
Non-unitary Property
159,654,640
160,283,765
117,327,265
157,129,799
(1) Effective with fiscal year 1981-82, assessed valuations are listed at 100% of full cash
value rather than 25% as in all previous fiscal years. This change in procedure was
according to the provisions of Proposition 13 and accounts for the significantly larger
assessed valuation figures for all subsequent fiscal years.
(2) Effective with fiscal year 1988-89, Unitary and Operating Non-unitary assessed valuation
are listed separately.
(3) 1984-85 Assessed Valuation detail not available.
Source: Los Angeles County Auditor-Controller, Tax Division
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Locally Assessed
Net
Personal
Property
Property
' Land
Improvements
Property
Total
Exemptions
Value
$
$14,877,917
$10,351,170
$597,831,320
$20,373,635
$577,457,685
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
'
11,518,291
44,963,801
1,207,881,889
26,639,873
1,181,242,016
'
11,690,310
42,915,285
1,255,945,408
28,171,346
1,227,774,062
14,019,566
48,546,323
1,415,812,119
26,320,466
1,389,491,653
'
13,855,289
41,336,467
1,522,017,208
28,314,973
1,493,702,235
t
13,991,213
40,321,969
1,691,720,117
29,940,297
1,661,779,820
Millions
$2000
'
$1500-
$1000-
$500-
NET PROPERTY VALUE
$0 1982-93 1093-14 1081-90 ws-oe vu-v 1091-u 1010-~a 1010-co 19r0-91 1091-92
' 82
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
1982-83
$144,851
$160,668
110.92%
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
83
CITY OF ROSEMEAD, CALIFORNIA
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1992
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
$20,330,240
20, 330, 240
84
$ 1,661,779,820
$ 62, 316, 743
0
$ 62,316,743
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Debt Service
Total (1)
To Total
Fiscal
Total Debt
General
General
Year
Principal
Interest
Service
Expenditure
Expenditure
1982-83
$ 910,000
$ 140,350
$1,050,350
$ 9,144,092
11.49%
1983-84
1,310,000
329,169
1,639,169
10,184,769
16.09
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
22,274,117
11.62
(1( Includes
all Governmental Fund Types.
(2( Premium
for defeasement of
bonds not included.
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TOTAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES
Millions
$20
$16
$10
$6
Millions
$25
$20
$15
$10
$6
s0
1987-88 1988-89 1989-90 1990-91
86
1991-92
s0
1982-83 1983-81 1981-86 1986-86 1988-87
G
CITY OF ROSEMEAD, CALIFORNIA
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Valuation)
Last Ten Fiscal Years
Los
Los Angeles County
Fiscal
City of
Angeles
School
Water
Flood
Sanitation
Year
Rosemead
County
Districts
Districts
Control
District
Total
1982-83
0
1.000604
0.295449
0.110918
0.023521
0.001204
1.431696
1983-84
0
1.000649
0.255128
0.111114
0.017284
0.001126
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
1.001409
0.078219
0.044300
0.003397
0
1.127325
Source: Tax Rates By Tax Rate Areas, Los Angeles County Tax Collector
87
I
I
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 1992
1991-92 Assessed Valuation: $1,256,163,115 after deducting $248,486,906
redevelopment tax allocation increments
Direct and Overlapping Bond Debt:
O Applicable
Debt 6/30/91
Los Angeles County
0.301 %
$ 244,788
Los Angeles County Building Authorities
0.301
6,197,503
Los Angeles County Superintendent of Schools
0.301
65,362
Los Angeles County Flood Control District
0.313
381,610
Los Angeles County Flood Control District
Certificates of Participation
0.313
125,419
Metropolitan Water District
0.168
1,146,659
Los Angeles Community College District
Certificates of Participation
0.264
158,902
Montebello Unified School District
Certificates of Participation
1.911
227,616
El Monte Union High School District
Certificates of Participation
13.345
479,753
El Monte School District and
Certificates of Participation
0.005
168
City of Rosemead
100.000
`
Total Direct and Overlapping Debt:
$ 9,027,780
Ratios to Assessed Valuations: Direct Debt
0%
Total Debt
0.72 %
1 Share of Authorized and Unsold General Obligations Bonds:
Metropolitan Water District
Los Angeles County Flood Control District
Garvey School District
State School Building Aid Repayable as of 6/30/92
1
` Excludes tax allocation bonds.
Source: California Municipal Statistics, Inc.
$ 84,000
57,749
20,408
$ 1,462,418
1 88
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Income
Unemployment
Fiscal Year
Population
Households
Per Capita
Rate
(1)
(2)
(3)
(3)
1982-83
44,914
13,350
$ 13,427
9.7 %
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
8.0
Source:
(1) California State Department of Finance, Ctffice 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.
89
1
1
00
40
80
20
10
0
60
60
40
80
20
10
0
DEMOGRAPHIC STATISTICS
Thousands
Thousands
90
1082-88 1998-84 1984-88 19ae-88 1988-87
_ =Income Per Capita =Households ®Populet Ion
1987-88 1999-89 1989-90 1990-91
Income Per Capita = Households ® Population
CITY OF ROSEMEAD
PRINCIPAL TAXPAYERS
June 30, 1992
Percentage
of Total City's
Assessed
Assessed
Valuation
Valuation
Southern California Edison Company
$181,517,970
10.92 %
California Federal Savings
46,128,774
2.78
Chicago Title Insurance & Trust
16,508,700
0.99
Vikon Center
5,433,38A
0.33
Diamond Square
5,124,838
0.31
Lucky Plaza
3,213,930
0.19
San Gabriel Center
2,433,778
0.15
Friendly Inn
2,398,328
0.14
ABC Plaza
2,390,626
0.14
TraveLodge, East
1,926,015-
0.12
$267,076,3A3
16.07 %
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
91
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF INSURANCE IN FORCE
June 30, 1992
Southern California Joint Powers
Insurance Authority
State Compensation Insurance Fund
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Source: City Finance Department
Policy
Expiration
Number
Date
Type of Coverage
07/01/93
General Liability
228962-90
12/31/92
Workers Compensation
Coverage
057,43382
10/10/93
Public Employees
Blanket Bond
9922993-03
10/19/93
Boiler and Machinery
2781 100
10/10/93
Notary Public Bond
Error & Ommissions
CP8119571C 07/01/93
Property Insurance
92
'
CITY OF ROSEMEAD, CALIFORNIA
CONSTRUCTION ACTIVITY
'
Last Ten Fiscal Years
'
'
Number of
Building Permit
Number of
Fiscal
Residential
Valuations (In Thousands)
Building
Year
Dwelling Units
Residential Nonresidential
Total
Permits Issue
'
1982-83
37
$ 5,166,668 $ 8,499,444
$13,666,112
466
1983-84
60
3,903,558 9,678,541
13,582,099
569
1984
85
152
9
-
6,0
1,723 13,450,688
19,542,411
581
1985-86
92
10,697,897 20,577,307
31,275,204
568
t
1986-87
114
18,613,860 11,244,838
29,858,698
541
'
1987-88
143
15,384,272 19,972,636
35,356,908
737
1988-89
154
14,707,466 3,997,523
18,704,989
782
'
1989-90
76
14,571,516 15,132,741
29,704,257
794
'
1990-91
52
13,764,492 9,308,610
23,073,102
726
1991-92
62
16,145,335 15,522,368
31,667,703
827
'
1
93
'
I
1
I and operates as a general law city under a Council - City Manager form of government. The Rosemead
MISCELLANEOUS STATISTICS
June 30, 1992
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
Redevelopment Agency, activated on January 4, 1972, includes 511 acres within he City's 5.5 square miles.
Population
' Land Area
Streets & Alleys
Parks
1
1
1
0
Percentage of Land Use:
Residential
Public Facilities
Commercial (stores & shops)
Mixed Commercial/Residential
Office & Light Industrial
Public Facilities
Community Centers
Swimming Pools
Libraries
Gymnasiums
Ball Diamonds (lighted)
Tennis Courts (lighted)
Education Facilities:
' Elementary Schools
Secondary Schools
High Schools
1
I
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
Hoffman Electric
Crown City Plating
Ball Corporation
Sargent-Fletcher
Chicago Title
Sirens
10
3
2
36
3
32
4,150
1,100
1,040
422
400
390
380
353
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.
CITY OF ROSEMEAD, CALIFORNIA
52,812
5.5 square miles
74.42 miles
50 acres
64 %
14
9
7
6
100 %
2
2
2
1
4
5
1 94
Q
City of
)SEME/
01 Pasad n
Los Angeles r
■
1
1
■ San Bernardino
iverside
Anaheim
LbQg Bea
a
San Ditg
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 mas of 5.5 square miles with
an approximate population of 52,812. F-F
0
95
Rosemead Ci
8838 E. Valley Boulevard
Telephone: (818)
Hall
CA 91770