1990 City Financial ReportI
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CITY OF ROSEMEAD, CALIFORNIA
FINANCIAL REPORT
JUNE 30, 1990
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INDEPENDENT AUDITORS' REPORT 1
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined balance sheet, all fund types and account groups 2
Combined statement of revenue, expenditures and changes
in fund balances, all governmental fund types 3
Combined statement of revenue, expenditures and changes
in fund balances - budget and actual - general,
special revenue and debt service fund types 4
Statement of revenue, expenses and changes in fund balance,
pension trust fund 5
Statement of changes in financial position, pension trust fund 6
Notes to financial statements 7 - 16
SUPPLEMENTARY INFORMATION
General Fund
Revenue detail - budget and actual 17
Expenditure detail - budget and actual 18
Special Revenue Funds:
Combining balance sheet 19
Combining statement of revenue, expenditures
and changes in fund balances 20
Graphs:
Composition of general fund revenue 21
General fund revenue - budget and actual 22
Governmental funds expenditures 23
General fund revenue 24
McGLADREY & PULLEN
Certified Public Accountants and Consultants
' INDEPENDENT AUDITORS' REPORT
' To the Honorable Mayor and Members
of the City Council
City of Rosemead
Rosemead, California
We have audited the accompanying general purpose financial statements of the City
of Rosemead, California, as of and for the year ended June 30, 1990, as listed
in the table of contents. These general purpose financial statements are the
responsibility of the City's management. Our responsibility is to express an
' opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
' . assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
' In our opinion, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the City of
Rosemead, California, as of June 30, 1990, and the results of its operations and
' the changes in financial position of its pension trust fund for the year then
ended in conformity with generally accepted accounting principles.
' Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining and individual fund
financial statements, listed in the table of contents as supplementary
information, are presented for purposes of additional analysis and are not a
' required part of the general purpose financial statements of the City of
Rosemead, California. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and,
' in our opinion, is fairly presented in all material respects in relation to the
general purpose financial statements taken as a whole.
JI
' Pasadena, California
October 10, 1990
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GENERAL PURPOSE FINANCIAL STATEMENTS
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1990
ASSETS
Cash and cash investments
Cash and investments with fiscal agent
Other investments
Annuity contracts
Receivables
Due from other funds
Property and equipment
Amount available in debt service fund
Amount to be provided for retirement
of general long -term debt
Total assets
LIABILITIES AND MUNICIPAL EQUITY
Governmental Fund Types
Special Capital
General Revenue Projects
$ 3,492,546 $ 1,287,220 $ 3,803,232
4,898,178 8,366,402
976,397 302,206 1,072,143
355,868 - -
$ 9.722.989 S 1.589.426 513.241.777
LIABILITIES
-
Accounts payable and accrued liabilities
$ 980,489
$ 230,178
$ 448,958
Due to other funds
-
186,972
168,896
Deferred revenue
150,000
174,867
-
Refundable deposits
-
-
Deferred compensation
-
_
_
Equipment purchase contracts
-
-
-
Tax allocation notes
-
-
-
Accrued vacation pay and
compensatory time
10.158
-
-
S 1.140.647
$ 592.017
$ 617.854
MUNICIPAL EQUITY
Investment in general fixed assets
$
$ -
$ -
Fund balance:
Reserved:
Long -term receivable 626,486
Debt service -
Unreserved:
D i t d f bl' ti
es gna a or pension o iga ons
-
Designated for capital projects
-
-
12,623,923
Undesignated
7,955.856
997.409
Total municipal equity
$ 8.582.342
$ 997.409
$12.623.923
Total liabilities and
municipal equity
$ 9.722.989
S 1.589.426
$13.241.777
See Notes to Financial Statements.
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Governmental
Fiduciary
Total
Fund Types
Fund Twes
Account
Groups
(Memorandum Only)
Trust
General
General
Debt
and
Fixed
Long -Term
Service
Aeencv
Assets
Debt
1990
1989
$ -
$ 68,660
$
$ -
$ 8,651,658
$12,320,139
2,973,099
-
-
2,973,099
2,842,587
-
-
-
13,264,580
15,707,537
-
620,335
-
620,335
520,244
106,027
39,095
-
2,495,868
2,620,454
-
-
-
355,868
498,081
7,588,261
-
7,588,261
5,828,735
-
3,079,126
3,079,126
2,948,614
8.983.303
8.983.303
10.616.084
S 3.079.126
728.090
S 7.588.261
$12.062.429
$48.012.098
$53.902.475
$ $ 4,970 $ $ $ 1,664,595 $ 2,004,827
- 355,868 498,081
- 324,867 194,001
78,209 78,209 315,752
24,576 24,576 74,527
- - 1,732
11,995,000 11,995,000 13,510,000
67,429 77,587 61,206
$ $ 107,755 $ $12,062.429 $14.520.702 $16,660,126
$ $ - $ 7,588,261 $ - $ 7,588,261 $ 5,828,735
- - 626,486 469,111
3,079,126 - - - 3,079,126 2,948,614
- 620,335 - - 620,335 520,244
- - - 12,623,923 17,623,433
- - 8.953.265 9.852.212
$ 3.079.126 $ 620.335 $ 7.588.261 $ $33.491.396 $37.242.349
S 3.079.126 S 728.090 S 7.588.261 .12.062.429 548.012.098 $53.902.475
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1990
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
Loan repayments
Other
EXPENDITURES
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
Intergovernmental
Capital outlay
Debt service:
Principal
Interest
Governmental Fund TvDes
$ 1,398,452
Special
Capital
General
Revenue
Projects
$ -
$ 303,374
$ 3,204,232
4,176,257
-
-
533,050
15,638
1,728
2,108,603
1,603,100
$12.623.923
284,851
-
319,756
204,245
-
813,647
83,050
1,223,582
82.085
95.842
$ 8.318.249
$ 2.193.769
$ 4.523.656
$ 1,398,452
$ 11,512 $ 302,138
3,417,893
391,738 -
420,856
1,359,476 6,755,996
856,298
- -
1,762,254
12,940
1,226,626
270,323
107,805
15,638
1,728
-
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$12.623.923
S 9.191.963
$ 2.061.627 $ 7.058.134
Revenue over (under)
expenditures
OTHER FINANCING SOURCES (USES)
Operating transfers:
From other funds
(To) other funds
Revenue and other
financing sources over
(under) expenditures
and other financing uses
FUND BALANCE, BEGINNING
IQM01F7\ /\1Is) � Zia lNe
See Notes to Financial Statements.
S (873.714 $ 132.142 $(2.534.478
$ -
$ 75,307
$
(75.307
_(2.465.032
$ (75.307
S 75.307
$(2.465.032
$ (949,021)
$ 207,449
$(4,999,510)
9.531.363
789.960
17.623.433
S 8.582.342
S 997.409
$12.623.923
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Governmental
Fiduciary
Totals
Fund Types
Fund Tye
(Memorandum Only)
Debt
Expendable
Service
Trust
1990
1989
$
$
$ 3,507,606
$ 4,195,444
4,176,257
3,591,798
533,050
496,966
13,596
3,725,299
4,518,697
-
284,851
338,686
524,001
477,896
268,778
2,389,057
2,788,346
-
-
7,459
13.462
191.389
90.009
$ 282.240
$ 13.596
$15.331.510
$16.505.301
$ -
$ -
$ 1,712,102
$ 1,611,328
-
-
3,809,631
3,651,535
-
-
8,536,328
7,624,877
-
-
856,298
605,353
-
-
1,775,194
1,529,628
-
13,596
1,510,545
1,528,378
-
-
7,459
-
123,443
840,338
1,515,000
1,516,728
1,422,423
1.101.760
1.101.811
1.218.384
$ 2.616.760
$ 13.596
$20.942.080
$20.039.703
$(2.334.520 $ $(5.610.570 $(3.534.402
$ 2,465,032 $ $ 2,540,339 $ 2,503,899
- (2,540,339 (2,503,899
$ 2,465,032 $ $ $
$ 130,512 $ $(5,610,570) $(3,534,402)
2.948.614 30.893.370 34.427.772
S 3.079.126 S $25,282.800 530.893.370
S
CITY OF ROSEMEAD. CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES
Year Ended June 30, 1990
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 (to)
other funds
Revenues and other
financing sources over
(under) expenditures
E xiPJ�i:T:l in�Ltl �)1 i.liii� (el
FUND BALANCE, ENDING
See Notes to Financial Statements.
General Fund
Over
(Under)
Bud eg t Actual Budget
$ 1,452,159
$ 1,398,452
$ (53,707)
3,773,000
4,176,257
403,257
587,500
533,050
(54,450)
2,808,770
2,108,603
(700,167)
360,800
284,851
(75,949)
260,000
319,756
59,756
761,600
813,647
52,047
32.860
82.085
49.225
$ 8.584.530
$ 8.318.249
$ (266.281
$ 1,452,159
$ 1,398,452
$ (53,707)
3,455,460
3,417,893
(37,567)
1,613,940
420,856
(1,193,084)
819,880
856,298
36,418
1,718,450
1,762,254
43,804
977,070
1,226,626
249,556
131,700
107,805
(23,895)
1,800 1,728 (72)
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$10.170.459 $ 9.191.963 $ (978.496
S(1.585.929 S (873.714 $ 712.215
S
$ (75.307 $ (75.307
$(1.585.929 $ (949,021) S 636.908
9.531.363
LL.
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Special
Revenue
$ (2,488)
Debt Service
$ $
465,000
391,738
Over
Over
1,354,270
1,359,476
(Under)
(Under)
Bud et
Actual
Budget Budget
Actual
Bud et
556,790
270,323
(286,467)
$ 295,000
$ 303,374
$ 8,374 $
$
$
1,938,053
1,603,100
(334,953)
-
170,000
204,245
34,245
55,600
83,050
27,450 210,000
268,778
58,778
$ 2.616.760
$ 2.616.760 $ -
13.462
13.462
S 2.458.653
S 2.193.769
$ (264.884 $ 210.000
$ 282.240
$ 72.240
$ 14,000
$ 11,512
$ (2,488)
$
$ $
465,000
391,738
(73,262)
1,354,270
1,359,476
5,206
21,990
12,940
(9,050)
556,790
270,323
(286,467)
187,273
15,638
(171,635)
-
-
1,515,000
1,515,000
1.101.760
1.101.760
$ 2.599.323
$ 2,061.627
$ (537.696
$ 2.616.760
$ 2.616.760 $ -
$ (140.670
S 132.142
$ 272.812
$(2.406.760
$(2.334.520 $ 72.240
S S 75.307 $ 75.307 $ 2.616.760 $ 2.465.032 $ (151.728
$ (140.670 $ 207,449 S 348,119 S 210.000 $ 130,512 S (79.488
789.960 2.948.614
$ 997.409 $ 3.079.126
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN FUND BALANCE
PENSION TRUST FUND
Year Ended June 30. 1990
Operating revenue:
Contributions $ 84,505
Interest and other investment income 49.544
S 134.049
Operating expenses
Administrative fees $ 3,720
Pension benefits 30.238
S 33.958
Net income $ 100,091
FUND BALANCE, BEGINNING 520.244
FUND BALANCE, ENDING $ 620.335
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CHANGES IN FINANCIAL POSITION
PENSION TRUST FUND
Year Ended June 30, 1990
FINANCIAL RESOURCES PROVIDED BY
OPERATIONS, net income
SUMMARY OF NET CHANGES IN CASH
AND INVESTMENTS, increase in
annuity contracts
See Notes to Financial Statements.
S 100.091
6 K m
' CITY OF ROSEMEAD. CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
' Rosemead Redevelopment Agency
The Rosemead Redevelopment Agency (the Agency) finances street, park
and utility improvements within the Rosemead Project Area No. 1.
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:
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Note 1. Reporting Entity, Nature of Operations, Description of
Funds and
City of Rosemead
Accounts Groups and Significant Accounting Policies
The City of Rosemead (the City) provides a broad range of services to
its citizens, including general government, public safety, streets,
Reporting Entity
services.
The criteria of oversight responsibility, special
financing
relationships and scope of public service was used in determining the
'
agencies or entities which comprise the City for financial
reporting
of these special districts, which usually encompass areas larger than
the City itself, are the Fire Protection District, the Library District
purposes. Oversight responsibility is determined by the
extent of
financial interdependency, control over the selection of the
authority and management, ability to significantly
governing
influence
departments under contract. Some of the contracts now in effect are
operations, and accountability for fiscal matters. Based
on these
criteria, the Rosemead Redevelopment Agency (the Agency) is included
'
in the combined financial statements of the City.
' Rosemead Redevelopment Agency
The Rosemead Redevelopment Agency (the Agency) finances street, park
and utility improvements within the Rosemead Project Area No. 1.
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:
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Nature of Operations
City of Rosemead
'
The 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 of Rosemead, 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 Rosemead Redevelopment Agency (the Agency) finances street, park
and utility improvements within the Rosemead Project Area No. 1.
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:
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' NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and
t Accounts Groups and Significant Accounting Policies, Continued
Governmental Fund Tyves
' 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 Aid to Cities Fund accounts for funds received from the County
of Los Angeles for street construction and maintenance projects.
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 Proposition A. The funds are used to finance public
transportation projects.
The Community Development Block Grant Fund accounts for Community
' Development Block Grants received from the United States Department
of Housing and Urban Development.
The 1976 Community Parklands Grant Fund accounts for funds to be
used for park projects.
The Street Lighting Fund accounts for the operation of street lights
' within the City.
The Narcotic 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 crimes prevention
' and detection programs.
The R. Z'Berg /Harris Grant Fund accounts for a state grant for
preapproved park projects.
Note 1
NOTES TO FINANCIAL STATEMENTS
Reporting Entity, Nature of Operations, Description of Funds and
Account Groups and Significant Accounting Policies, Continued
Capital Projects Fund (Redevelopment Fund) account for financial
resources to be used for the acquisition or construction of major
capital facilities within the Agency.
The Debt Service Fund accounts for the accumulation of resources for
the payment of general long -term debt principal, interest and related
costs.
Fiduciary Fund Types
The Pension Trust Fund accounts for the activity of the retirement
plan for employees of the City.
The Emendable Trust Fund accounts for the repair, replacement or
restoration of disaster damaged publicly owned and certain nonpublicly
owned facilities.
The Agency Fund accounts for the assets held in a trustee capacity or
as an agent. The cash being held primarily represents amounts placed
on deposit for refundable permits and performance bonds.
Account Groups
The General Fixed Assets Account Group accounts for all property and
equipment except for public domain fixed assets (e.g., streets,
bridges, sidewalks, curbs, gutters and storm drainage systems).
The General Long -Term Debt Account Group accounts for the outstanding
principal balances of all long -term debt expected to be financed from
governmental fund types.
Significant Accountine Policies
Basis of Accountine
Governmental fund types are accounted for using the modified accrual
basis of accounting. Revenue is recognized when it becomes both
measurable and available. Taxes are considered to be measurable
when collected by an intermediary and are recognized as revenue at
that time. Expenditures are generally recognized when the related
liability is incurred. An exception to this general rule exists for
unmatured principal and interest on general long -term debt which is
recognized as an expenditure when due.
The pension trust fund is accounted for using the accrual basis of
accounting. Revenue is recognized when it becomes measurable and
expenses are recognized when the liability is incurred.
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Note 1
NOTES TO FINANCIAL STATEMENTS
Reporting Entity, Nature of Operations, Description of Funds and
Account Groups and Significant Accounting Policies, Continued
Cash and investments
The City pools cash and investment resources of its various 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. 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
All receivables are reported at their gross value and, where
appropriate, are reduced by the estimated portion that is expected to
be uncollectible.
Property and ecuipment
All property and equipment of the City are accounted for in the general
fixed assets account group. Public domain (infrastructure) general
fixed assets consisting of certain improvements other than buildings,
such as roads, sidewalks and bridges, are not capitalized. Property
and equipment acquired or constructed for general governmental
operations are recorded as expenditures in the fund making the
expenditure and capitalized in the general fixed assets account group.
All general fixed assets which were purchased or constructed are stated
at cost. Assets acquired by gift or bequest are recorded at their fair
market value at the date of transfer. No depreciation is recorded on
general fixed assets.
Fund balances
The reserved portion of the fund balances represents that amount which
has been legally identified for the specific purpose or it represents
that amount which is not available to liquidate current liabilities.
The unreserved portion represents the amount available for budgeting
future operations.
Vacation nay 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.
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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
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
Budgets presented in this report for comparison to actual amounts are
presented in accordance with generally accepted accounting principles.
Reported budget amounts represent the original adopted budget as
amended.
In all budgeted funds, unexpended budgeted amounts lapse at the end
of the budget year. Spending control for most funds is established
by the amount of expenditures budgeted for the fund, but management
control is exercised at budgetary line item levels.
' Note 3. Cash and Investments
'
The components of cash and cash investments at June 30, 1990 are as
follows:
Cash in bank $ 678,403
'
Time certificates of deposit 7.973.255
S 8.651.658
'
The City and the Agency maintain cash and investment pools that are
available for use by all funds. Each fund's or fund type's share of
'
the pool balance is reported in the financial statements as "cash and
cash investments." Earnings from the pooled investments are allocated
monthly to each participating fund based on a formula that takes into
consideration each fund's average investment in the pool.
'
At year -end, the carrying amount of the City and the Agency's deposits
was $8,651,658 and the bank balance was $8,653,417.
'
All deposits at year -end were entirely covered by federal depository
insurance or by collateral held by the City's agent in the City's name.
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.
Note 3. Cash and Investments, Continued
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Other investments are categorized in the following schedule to give an
indication of the level of risk assumed by the entity at year -end.
Investment
Tyne
U.S. govern-
ment and
government
agency
securities
State and
municipal
bonds
Corporate
bonds
NOTES TO FINANCIAL STATEMENTS
Category Carrying Market
1 2 3 Amount Value
$1,402,514 $ $ $ 1,402,514 $ 1,386,026
243,284 243,284 245,600
6.528.777 6.528.777 6.389.389
$1.645.798 $6.528.777 $ 8,174,575 $ 8,021,015
450,005 411,392
4.640.000 4.640.000
investments $13.264.580 513.072.407
The three preceding risk description categories are defined as follows:
Cateeory 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 broker's or dealer's trust department or agent in the
City's name.
3 Uninsured and unregistered investments for which the securities are
held by the broker or dealer, or by its trust department or agent
but not in the City's name.
Investment
'
in mutual
fund
'
Investment
in State
Treasurer's
Investment
'
Pool
Total other
$1.645.798 $6.528.777 $ 8,174,575 $ 8,021,015
450,005 411,392
4.640.000 4.640.000
investments $13.264.580 513.072.407
The three preceding risk description categories are defined as follows:
Cateeory 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 broker's or dealer's trust department or agent in the
City's name.
3 Uninsured and unregistered investments for which the securities are
held by the broker or dealer, or by its trust department or agent
but not in the City's name.
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Note 5
1
' Note 6
Note 7
NOTES TO FINANCIAL_ STATEMENTS
Interfund Receivable and Payables
The June 30, 1990 interfund receivable and payables are as follows:
Funds
General Fund
Special Revenue Funds:
Traffic Safety
Community Development Block Grant
R. Z'Berg /Harris Grant
Capital Projects Fund
Property and Equipment
Interfund
Receivable Payables
$ 355.868 S
$ - $ 11,882
- 162,150
- 12,940
$ 355,868 $ 186,972
168.896
S 355,868 S 355.868
Changes in the property and equipment during the year ended June 30,
1990 were as follows:
Balance Balance
June 30, June 30,
1989 Acquisitions 1990
Land
Buildings and improvements
Vehicles
Furniture and office
equipment
Special equipment
and machinery
Other improvements
$ 1,060,734 $ 1,655,000 $ 2,715,734
2,955,316 - 2,955,316
252,149 1,723 253,872
402,155 70,978 473,133
436,238 10,869 447,107
722.143 20.956 743.099
S 5.828,735 S 1.759.526 S 7.588.261
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 1008 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, 1989 was $882,278. The total
payroll for all employees for the calendar year ended December 31,
1989 was $1,507,396. The total pension contribution for the fiscal
year ended June 30, 1990 was $84,505.
�' 17
' NOTES TO FINANCIAL STATEMENTS
Note 7. Pension Plan and Deferred Compensation Agreements, Continued
' 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 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.
' All amounts of compensation deferred under the Plan, all property and
rights purchased with those amounts, and all income attributable to
those amounts, property, or rights are (until paid or made available
to the employee or other beneficiary) solely the property and rights
of the City (without being restricted to the provisions of benefits
under the Plan), subject only to the claims of the City's general
' creditors. Participants' rights under the Plan are equal to those of
general creditors of the City in an amount equal to the fair market
value of the deferred account for each participant.
' Note 8. Long -Term Debt
' The following is a summary of the general long -term debt transactions
for the year ended June 30, 1990.
Tax Accrued
Equipment Allocation Vacation
Purchase Notes, and Sick
Contracts Series 1987 Leave Total
' Balance,
June 30, 1989 $ 1,732 $13,510,000 $ 52,966 $13,564,698
Additions, net - 14,463 14,463
Retirements (1.732 (1.515.000 (1.516.732
Balance,
June 30, 1990 S $11.995.000 $ 67.429 $12.062.429
Prior -Year Defeasance of Debt
' In prior years, Rosemead Redevelopment Agency defeased its tax
allocation bonds Series 1983 by placing the proceeds of new tax
allocation notes Series 1987 in an irrevocable trust to provide for
all future debt service payments on the old bonds. Accordingly, the
trust account assets and the liability for these defeased bonds are
not included in. these financial statements. At June 30, 1990,
$1,275,000 of these defeased bonds remain outstanding.
' Compensated Absences
' That portion of the liability for the vested compensated absences
totalling $67,429 which is not expected to be paid from available
resources is reported in the general long -term debt account group.
' The annual requirements, principal and interest, to amortize the
outstanding debt as of June 30, 1990 are as follows:
15/ g
'
Under state law, Rosemead Redevelopment Agency is required to set
aside a portion of its property tax increment revenue for low and
NOTES TO FINANCIAL STATEMENTS
year ended June 30, 1990, it was exempt from funding any of the set
aside. As of June 30, 1990, the accumulated set aside amount not yet
'
funded was approximately $2,974,000. The law requires the Agency to
Note 8. Long -Term Debt, Continued
devise a plan to fund the accumulating amount and to begin funding it
by 1996.
'
Tax
several local governments, including the City, asking for monetary
'
Years Allocation
landfill now contaminated by hazardous waste. Management and legal
counsel for the City are unable to reasonably estimate the amount of
Ending Notes,
liability which may be incurred if an adverse decision is rendered.
June 30. Series 1987
Interest
Total
1991 $ 1,630,000
$ 972,350
$ 2,602,350
1992 1,760,000
828,617
2,588,617
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
'
Thereafter 2.420.000
105.875
2.525.875
$11.995.000
S 3.382.748
$15.377.748
1
Note 9. Budget Overexpenditures
Expenditures exceeded appropriations for the
year ended
June 30, 1990
in the following special revenue funds:
Amount of
Overexpendi-
'
Appropriation
Expenditures
tunes
Local Transportation
Fund $ 36,280
$ 50,400
$ 14,120
'
State Gas Tax Fund $ 713,590
$ 721,376
$ 7,786
The budget overexpenditures were due to
the margin
of error in
estimating appropriations based on the best known facts at the time
'
the budgets were adopted. The effect on
the financial statements
caused by these overexpenditures was not considered material as the
actual revenue of these funds was also more
than the estimated
revenue
'
used in preparing the budgets.
'
Note 10. Commitments and Contingent Liabilities
' However, the City intends to vigorously defend itself in regard to
this lawsuit.
- 1� L
Under state law, Rosemead Redevelopment 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, 1990, it was exempt from funding any of the set
aside. As of June 30, 1990, the accumulated set aside amount not yet
'
funded was approximately $2,974,000. The law requires the Agency to
devise a plan to fund the accumulating amount and to begin funding it
by 1996.
'
During the year ended June 30, 1990, a lawsuit was filed against
several local governments, including the City, asking for monetary
damages in order to assist the plaintiffs in cleanup of a former
'
landfill now contaminated by hazardous waste. Management and legal
counsel for the City are unable to reasonably estimate the amount of
liability which may be incurred if an adverse decision is rendered.
' However, the City intends to vigorously defend itself in regard to
this lawsuit.
- 1� L
I
1
1
I
I
I
I
r
SUPPLEMENTARY INFORMATION
1
'
CITY
OF ROSEMEAD,
CALIFORNIA
REVENUE
DETAIL - BUDGET AND ACTUAL
GENERAL FUND
Year Ended June
30, 1990
1
1990
1989
Over
(Under)
TAXES
Budget
Actual
Bud eg t
Actual
Maintenance district
$ 3,000
$ 698
$ (2,302)
$ 2,200
Real estate transfer tax
100,000
142,520
42,520
147,115
Trailer coach fees
-
1,334
1,334
2,926
'
Sales and use tax
2,840,000
3,205,342
365,342
2,665,676
Franchise fees
470,000
494,223
24,223
461,620
'
Transient occupancy tax
360.000
332.140
(27.860
312.261
$ 3.773.000
$ 4.176.257
$ 3.591.798
$ 403.257
LICENSES AND PERMITS
Business license fees
$ 31,000
$ 33,073
$ 2,073
$ 33,849
Building permit fees
538,000
488,290
(49,710)
444,960
Occupancy permit fees
14,000
9,138
(4,862)
13,851
Sewer connection
4.500
2.549
(1.951
4.306
$ 587.500
$ 533.050
$ (54.450
$ 496.966
INTERGOVERNMENTAL
Transfer of Agency receivable
$ -
$ 169,720
$ 169,720
$ -
Supplemental subvention
750
-
(750)
1,186
Financial aid to local
agencies
200,000
150,139
(49,861)
179,386
Motor vehicle in lieu tax
1,668,000
1,689,632
21,632
1,641,702
Other vehicle taxes
960
773
(187)
758
'
Cigarette tax
99,000
82,839
(16,161)
93,388
F.A.U. Grant
830,760
-
(830,760)
-
'
FETSIM Grant
9.300
15.500
6.200
-
$ 2.808.770
$ 2.108.603
$ (700.167
$ 1.916.420
CHARGES FOR SERVICES
Filing and certification fees
$ 10,000
$ 6,472
$ (3,528)
$ 12,525
Other current charges
104,600
89,885
(14,715)
128,148
Environmental impact reports
1,000
300
(700)
600
Recreation fees
245,200
170,061
(75,139)
190,256
Assessments
-
18.133
18,133
7.157
'
$ 360.800
$ 284.851
$ (75.949
S 338.686
FINES, FORFEITURES AND
'
PENALTIES,
Court fines and forfeitures
$ 260.000
$ 319.756
$ 59.756
$ 295.209
USE OF MONEY AND PROPERTY
Interest earned on
investments
$ 760,000
$ 808,445
$ 48,445
$ 784,058
Rental income
1.600
5.202
3.602
4.523
$ 761.600
S 813.647
S 52.047
$ 788.581
'
OTHER
Repairs to and sale of City
property
$ 1,000
$ 28,035
$ 27,035
$ 70
'
Miscellaneous
31.860
54.050
22.190
18.098
$ 32.860
$ 82.085
$ 49.225
$ 18.168
' Total revenue $ 8.584.530 S 8.318.249 $ (266.281 S 7.445.828
- 17
I
CITY OF ROSEMEAD, CALIFORNIA
'
EXPENDITURE DETAIL -
BUDGET AND ACTUAL
GENERAL
FUND
Year Ended June 30, 1990
'
1990
1989
Over
(Under)
'
GENERAL GOVERNMENT
Budget
Actual
Budget
Actual
Travel and meeting
$ 13,000
$ 26,011
$ 13,011
$ 13,706
City council
31,180
31,743
563
29,249
City administration
553,250
372,930
(180,320)
508,747
'
City clerk
84,480
80,624
(3,856)
52,334
Finance
192,680
160,744
(31,936)
150,904
City treasurer
5,630
7,537
1,907
5,262
'
City attorney
64,000
101,000
37,000
62,659
General government
buildings
174,900
290,282
115,382
345,786
'
Community promotion
311,579
297,130
(14,449)
314,938
City garage
21.460
30.451
8.991
29.813
$ 1.452.159
$ 1.398.452
$ (53.707
$ 1.513.398
PUBLIC SAFETY
'
Law enforcement
$ 3,245,840
$ 3,263,996
$ 18,156
$ 3,027,797
Animal regulation
40,000
25,266
(14,734)
44,752
Parking control
93,000
90,843
(2,157)
97,632
'
Crossing guard
42,620
37,788
(4,832)
35,178
Street lighting
34.000
-
(34.000
$ 3.455.460
$ 3.417.893
$ (37.567
$ 3.205.359
PUBLIC WORKS
Engineering and
administration
$ 51,680
$ 38,039
$ (13,641)
$ 116,214
Street construction
Traffic signs and
1,295,760
93,992
(1,201,768)
127,686
striping maintenance
266.500
288.825
22.325
72.758
$ 1.613.940
$ 420.856
S(1.193.084
$ 316.658
PUBLIC HEALTH, services
$ 819.880
$ 856.298
$ 36.418
$ 605.353
PUBLIC RECREATION
Administration
$ 163,120
$ 188,127
$ 25,007
$ 141,178
Parks
774,870
834,026
59,156
657,353
'
Recreation
Aquatics
548,420
232.040
493,425
246.676
(54,995)
14.636
491,620
192.457
S 1.718.450
$ 1.762.254
$ 43.804
$ 1.482.608
COMMUNITY SERVICE
'
Planning
$ 285,100
$ 232,076
$ (53,024)
$ 230,043
Building regulation
405,000
626,562
221,562
458,170
Engineering
225,100
317,012
91,912
296,778
Redevelopment
15,870
9,039
(6,831)
14,154
'
Community improvements
46,000
41,937
(4,063)
18,293
Street projects
-
24
$ 977.070
$ 1.226.626
S 249.556
S 1.017..462
'
CAPITAL OUTLAY
$ 131.700
$ 107.805
$ (23.895
$ 133.366
DEBT SERVICE
$ 1.800
$ 1.779
$ (21
$ 2.664
'
Total expenditures
$10.170.459
S 9.191.963
S (978.496
S 8.276.868
- 18 -
CITY OF ROSEMEAD, CALIFORNIA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
June 30, 1990
Local Public
Traffic State Aid to Trans- Trans -
Safety Gas Cities portation portation
ASSETS Fund Tax Fund Fund Fund Fund
CASH AND CASH INVESTMENTS $ - $ 123,746 $ 81,133 $ 12,768 $ 711,037
RECEIVABLES 11.882 2.029 _ 13,440 _ 45.076
Total assets $ 11.882 S 125.775 $ 81.133 S 26.208 S 756.113
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
$ -
$ 125,775
$
$
$ 34,077
Due to other funds
11,882
-
-
Deferred revenue
Total liabilities
$ 11,882
$ 125,775
$
$
$ 34,077
FUND BALANCES
81.133
26.208
722.036
Total liabilities
and fund balances
S 11.882
S 125.775
$ 81.133
S 26.208
S 756.113
- 19 -
1
1
1
$ 49,697 $ $ 20,629 $ $ - $ 230,178 $ 300,984
162,150 12,940 186,972 353,602
174.867 - 174.867 194.001
$ 386,714 $ - $ 20,629 $ $ 12,940 $ 592,017 $ 848,587
9.373 44.532 58.896 54.995 236 997.409 789.960
S 396.087 S 44.532 S 79.525 $ 54.995 $ 13.176 S1.589.426 $1.638.547
1976
Community
Community
Development
Parklands
Street
Narcotics
R. Z'Berg
Block Grant
Grant
Lighting
Seizure
Harris
Totals
Fund
Fund
Fund
Fund
Fund
1990
1989
$ 179,484
$ 44,532
$ 79,525
$ 54,995
$ -
$1,287,220
$1,133,401
216,603
13.176
302.206
505.146
S 396.087
$ 44.532
$ 79.525
S 54.995
$ 13.176
S1.589.426
$1.638.547
$ 49,697 $ $ 20,629 $ $ - $ 230,178 $ 300,984
162,150 12,940 186,972 353,602
174.867 - 174.867 194.001
$ 386,714 $ - $ 20,629 $ $ 12,940 $ 592,017 $ 848,587
9.373 44.532 58.896 54.995 236 997.409 789.960
S 396.087 S 44.532 S 79.525 $ 54.995 $ 13.176 S1.589.426 $1.638.547
CITY OF ROSEMEAD, CALIFORNIA
COMBINING STATEMENT OF REVENUE, EXPENDITURES '
AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
Year Ended June 30, 1990 '
1
REVENUE
'Special assessments
Intergovernmental
Fines, forfeitures and
penalties
Use of money and
property
EXPENDITURES
Current:
General government
Public safety
Public works
Public recreation
Community services
Capital outlay
Revenue over
(under)
expenditures
Other financing sources,
operating transfer
from other funds
Revenue and
other
financing
sources over
(under)
expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Local
Public
Traffic
State
Aid to
Trans-
Trans -
Safety
Gas
Cities
portation
portation
Fund
Tax Fund
Fund
Fund
Fund
'
-
641,601
13,440
542,286
136,972
-
-
-
-
4.468
6.864
3.497
61.093
$ 136.972
S 646.069
$ 6.864
$ 16.937
S 603.379
1
136,972
-
-
-
-
721,376
50,400
476,938
$ 136.972
$ 721.376
S
$ 50.400
$ 476.938
$ -
$ (75,307)
$ 6,864
$ (33,463)
$ 126,441
75.307
'
$
$ -
$ 6,864
$ (33,463)
$ 126,441
'
74.269
59.671
595.595
S
S
S 81.133
$ 26.208
S 722.036
'
20
'
1
1
1
' 1976
Community Community
Development Parklands Street Narcotics R. Z'Berg
Block Grant Lighting Seizure Harris Total
Grant Fund Fund Fund Fund Fund 1990 1989
' $ - $ $ 303,374 $ $ - $ 303,374 $ 273,777
392,597 13,176 1,603,100 2,504,279
- 67,273 - 204,245 182,687
3.768 3.360 83.050 76.581
S 392.597 $ 3.768 $ 303.374 S 70.633 $ 13.176 $2.193.769 $3.037.324
1
' $ 11,512 $ $ - $ _ $ $ 11,512 $ 13,068
254,766 391,738 446,176
110,762 1,359,476 2,190,830
- 12,940 12,940 47,020
' 270,323 = - 270,323 412,918
15.638 15.638 21.579
$ 392.597 $ $ 254.766 $ 15.638 $ 12.940 S2.061.627 $3.131.591
$ - $ 3,768 $ 48,608 $ 54,995 $ 236 $ 132,142 $ (94,267)
' 75.307 128.790
' $ $ 3,768 $ 48,608 $ 54,995 $ 236 $ 207,449 $ 34,523
9.373 40.764 10.288 789.960 755.437
' S 9.373 S 44.532 S 58.896 $ 54.995 S 236 S 997.409 S 789.960
1
1
1
1
t
Intergovernm
25%
CITY OF ROSEMEAD, CALIFORNIA
COMPOSITION OF GENERAL FUND REVENUE
Year Ended June 30, 1990
Other Taxes
51%
- 21 -
Other
1%
Charges for
Services
3%
of Money/
'roperty
10%
Fines/ and 7 arm 1!ta
Forfeit/ 6%
Penalties
4%
1
1
1
1
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND REVENUE - BUDGET AND ACTUAL
Year Ended June 30. 1990
1= Actual ® Budget
- 22 -
1
1
1
1
1
1
1
1
1
$4000
$3500
$3000
$2500
$2000
$1500
$1000
$500
$0
CITY OF ROSEMEAD, CALIFORNIA
GOVERNMENTAL FUNDS EXPENDITURE
Years Ended June 30, 1990, 1989 and 1988
Thousands
F= 1990 ® 1989 ® 1988
- 23 -
General Public Public Public Public Community Capital Debt
Government Safety Works Health Recreation Service Outlay Service
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND REVENUE
Years Ended June 30. 1990. 1989 and 1988
0 "1 I ffff.r- --]
- 24 -