HomeMy WebLinkAbout1993-01-12 - AGENDA REPORTS - ANNUAL FIN REPORT MGMT LETTER (2)A,_
NEW BUSINESS
DATE:
SUBJECT:
AGENDA REPORT
City ManagerApprova
Item to be presented
Steve Stark L7 /
January 12, 1993
6/30/92 Comprehensive Annual Financial Report and Management Letter
DEPARTMENT: Finance
BACKGROUND
The City's independent audit firm, Diehl, Evans and Company, has completed the City's annual
audit for fiscal year ending June 30, 1992. Diehl, Evans and Company conducted the audit in
accordance with generally accepted auditing standards whereby an audit plan was prepared
and followed to obtain reasonable assurance that the City's financial statements were free from
material misstatements. The audit included an examination, on a test basis, of evidence
supporting the amounts and disclosures in the financial statements. The audit also included
assessing the accounting principles used and significant estimates made by management as
well as evaluating the overall general purpose financial statement presentation.
Based on the audit performed, Diehl, Evans and Company issued an unqualified audit opinion
letter which reflects the best level of opinion an organization can receive on its financial
statements. This letter is identified as the "Independent Auditors' Report" in the City's
Comprehensive Annual Financial Report for FY 6/30/92. An excerpt of this letter is shown at
Attachment I.
As part of the audit engagement, Diehl, Evans and Company prepared a Management Letter
to comment on the City's internal control structure and its operations. The purpose of this letter
is to make recommendations for management to implement procedures to improve systems in
place or note significant material weaknesses in internal controls which could jeopardize City's
assets. For FY 6/30/92 there were no significant material weaknesses commented by the
auditors. Diehl, Evans and Company has incorporated the City's response to their
recommendations and comments.
RECOMMENDATIONS
Receive oral presentation from Diehl, Evans and Company covering City's financial audit
and internal control structure and its operation.
/fle CZ4-4-ed
Onda I�c�n:___Ja ..
2. Receive Comprehensive Annual Financial Report and Management LetterforFYE 6/30/92.
ATTACHMENTS
o 6/30192 Comprehensive Annual Financial Report - On File
o Management Letter dated December 1, 1992
o Attachment I - audit opinion letter dated September 25, 1992.
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DIEHL,EUANS
&COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
A PARINMHIP WOLNNO AIXSMIMA]I NPPoRAi S
18401 VON KARMAN, SUITE 200
WINE • CALIFORNIA 92715-1542
PHONE (714) 757-7700
FAX (714) 757-2707
Honorable Mayor,
Members of City Council
and City Manager of the
City of Santa Clarita, California
December 1, 1992
RODNEY K. MdWN1EL, CPA
RALPH H. WENTRAUB, CPA
MICHAEL R. LUDN, CPA
ROBERT R. WINE CPA
CRAIG W. SPRAUR. CPA
PHILIP K HOLTKAMP, CPA
THOMAS M. PERLOWSK6 CPA
HARVEY I SCHROEDER, CPA
In planning and performing our audit of the financial statements of the City of Santa Clarita for the
year ended June 30, 1992, we considered its internal control structure in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial statements and not to
provide assurance on the internal control structure. Our study and evaluation was more limited than
would be necessary to express an opinion on the system of internal accounting control taken as a whole
and we do not express such an opinion.
The management of the City of Santa Clarita is responsible for establishing and maintaining a system
of internal accounting control. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of control procedures. The objectives of
a system are to provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, andthat transactions are executed in
accordance with management's authorization and recorded properly.
During our audit, we noted certain matters involving the internal control structure and its operation that
we wish to call to your attention. These matters are set forth below, together with our
recommendations for improvement and the City's response to these matters:
CASH DISBURSEMENTS
Auditor comment and recommendation:
During our audit, wenoted several instances where invoices were not marked paid, or otherwise
cancelled. To prevent possible resubmission of invoices and duplication of payment, we recommend'
that all invoices be properly cancelled upon payment.
Management response:
The Finance Department currently has in place a procedure to cancel invoices as "paid" to prevent
duplication of payment. The exceptions noted during the audit process occurred during a time period
when new staff in accounts payable were being trained. The Finance Department will be setting up
training sessions regarding this procedure on a regular basis as needed to reinforce the importance of
following this procedure.
OTHER OFFICES AT: 2955 ROOSEVELT ST. 613 W. VALLEY PIM'Y.. SURE 330
CARISBAD, CA 9200.9.2389 ESCONDIDQ CA 92025-2552
16191729.2N3 16191 7413141
16191729.2234 FAX - 161917419P90 FAX
.I V
Honorable Mayor, Members of City Council and September 25, 1992
City Manager of the City of Santa Clarita page 2
FIXED ASSETS
Auditor comment and recommendation:
We noted that the City accounts for fixed assets only by compiling a yearly list of additions and
deletions. Tb more accurately account for fixed assets, we recommend that a "cumulative total" fixed
asset schedule be prepared and reconciled as to additions, deletions,. and transfers between departments
on a quarterly basis.
Management response:
The Finance Department is currently working on a strategic plan item to track fixed assets. A
completion date of June, 1993 is anticipated to implement a new software program which will provide
a cumulative listing with a total that agrees with the general ledger and other reports relating to
additions and deletions of assets.
INVESTMENTS
Auditor comment and recommendation:
We noted that premiums paid on the purchase of investments
period of the investment. Any premium paid (or discount
amortized over the maturity period of the investment in such
return.
Management response:
were not amortized over the maturity
received) on investments should be
a way as to result in a constant rate of
In previous years, the Finance Department has elected not to amortize premiums/discounts over the
maturity period of the investment due to the immaterial amounts involved. For fiscal year 1992-93,
the Finance Department will implement procedures to amortize all premiums/discounts on the purchase
of investments ori a quarterly basis. This will more closely match the revenues/expenditures with the
proper period resulting in a more constant rate of return.
These conditions were considered in determining the nature, timing and extent of the audit tests to be
applied in our audit of the June 30, 1992 financial statements and this letter does not affect our report
on these financial statements dated September 25, 1992.
This letter is intended solely for the information and use of the City Council and City management.
We wish to thank the Finance Department staff of the City of Santa Clarita for their cooperation and
assistance to our staff during our audit. If we can be of further assistance in discussing any of the
above points, please do not hesitate to contact us.
00 AA -Q, �Wa c"r�
DIEHL,EUANs
&COMPANY
CERMED PUBIUC ACCOUNTANTS
A PAWNEA49P PK]A1L�PG.�UMAl1Cl'NItRRtAl1IX5
18401 VON KARMAN, SUITE 200
UUM • CAI]FORNIA 92715.1542
PHONE (714) 757-7700
FAX (114) 757-2707
City Council
City of Santa Clarita
Santa Clarita, California
ATTACHMENT I
September 25, 1992
INDEPENDENT AUDITORS' REPORT
RODNEY K. kDAN1EL. CPA
RALPH H. WEINTRAUB. CPA
MICHAEL R. LUDIN. CPA
ROBERT A. WINE. CPA
CRAIG W SPRAKER. CPA
PHILIP H. HOLTKAMP. CPA
THOMAS M. PERIO&W. CPA
HARVEY I SCHROEDER. CPA
We have audited the general purpose financial statements of the City of Santa Clarita, California as of
and for the year ended June 30, 1992, as.listed in the table of contents. These financial statements are
the responsibility of the City's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The general purpose financial statements of the City of Santa
Clarita as of June 30, 1991, were audited by other auditors whose report dated September 23, 1991
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
required 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 general purpose 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 Santa Clarita as of June 30, 1992 and the results of its
operations and the cash flows of its proprietary fund types 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 financial statements of the individual funds and account groups listed in the
table of contents are presented for purposes of additional analysis and are not a -required part of the
general purpose financial statements of the City of Santa Clarita. The information has been subjected
to the auditing procedures applied in the audit of the general purpose financial statements and, in our
opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements
taken as a whole. The statistical information listed in the table of contents is not a required part of the
basic financial statements, and we did not audit or apply limited procedures to such information and
do not express any assurance on such information.
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OTHER OFFICES AT:
2%5 ROOSEVELT SE.
613 %' VALLEY PKWY.. SUITE 31J
CARLSBAD. CA 92" 2389
ESCONDmO CA 92025 3 5 52
16191:29-2343 -
16191741 JH1
16191729'234 FAX
(619) 741 Qp9' EA.X
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CITY; OF SANTA CLARITA
1
COMPREHENSIVE `ANNUAL FINANCIAL REPORT ,
June 30, 1992
Tabled Contents
INTRODUCTORYSECTION
".. Table of Contents
Letter of Transmittal...:. f ...»:. .:»:. _ m F `
' GFOA Certificate of Achievement for Excellence in Financial Reporting k ...... .. ........ ...: xvi }
CSAM Certificate of Award for Outstanding Financial Reporting : zni
of he City of Santa Clanta xvui
'
Officials
z tional Chart ...... »:..:. ` ....:. » xiz
O ah .
-Map Of the Cityl r y d -.b .. :•r. »XX" r .�
4 FINANCIAL SECTION
Independent Auditois' Report ;_ r_
General Purpose Financial Statements { " r
Combined $alance Sheet -All Fund Types and Account Groups '23
Combined Statement'of Revenues, Expenditures and Changes in Fund
i/ Balances' All Governmental Fund Types and Expendable haat Fund 4 5
it Combined Statement of Revenues, Expenditures and Changes ]n Fund
Baiances Budget and Actual` -General and Special Revenue Funds , ! .......
67
Combined Statement of Revenues; Expenses and Changes m Retained „
L` r
Eanungs All Proprietary Fund Types
Combined Statement of Cash Flows All Pro
pnetary Fund Types 1)
"Notes to Finanaal Statements' 10 34
Supplementary Information
a
r ,General Fund; �:'s , - 1 ',., t �.. , 1 t ,
Comparative Balance Sheet i» ,.. 35
' Comparative Statement of Revenues, Expenditures and Changes in r
Fund_ Balance -Budget and Actual 36
Special Revenue Finds
g Balance Sheet .:»» .. ... . 37 40
Combining
1 Combining Statement of Revenues, Expenditures and Changes m
J Fund Balances i. 4144
Combining Statement pf Revenues, Expenditures and Changes in
a Fund Balances -Budget and Actual .: J 46 64
r
•. t
Debt Service Funds
Combining Balance Sheet........, ..... ... .:_ ....... ;.55
,.F l r. � }
Combining Statement of Revenues', Expenditures and Changes in
Fhnd Balances .. 58
CaC mibProng Funds.
a ,
1 Tl I
i
Sheet...-
...........�.r......57 > 1
1 1 1
i
1
CITY OF SANTA CLARITA;
COMPREHENSIVE ANNUAL FINANCIAi REPORT
June 30,1992 f! r
3 } 3 4 _'� i
t ;Tab16 of Contents (Continued) "f y
r`::
Supplementary Information (Conhnned) I „ • , �; ��
r : Combining Statement o£Revenues; Expenditures and Changes in j -
1 .". Fund Balances :.....s r : 58 t �'
, � � '� Transit Enterpnse Fund: �
Comparative Balance Sheet ..`... „;:..;59
1 Comparative Statement of Revenues, Expenses and Changes inr `
7 Retained Earnings ..... .,: `f 60
Comparative Statement of Cash Flow' L. �K
61
In y l Sn rvi Balance r 1 I Interua
� J
1 Sernce Fun
Com g Sheet ...... .. , r .. 62
Combining Statement of Revenues, Expgnses and Changes rn',TJ
rY f, r ^ •t1 COmb1n1I1'Retain Statement a�r , t
r w
Combining of Cash Flows .i 64 1
rid
Trust and'Ag'ency Ftinds ° f
Combining Balance Sheet .....: ..... 65 ,
Comparative Statement of Revenues, Expenditures and Changes in
Fund Balance Expendable Trust Fund, . 66
Statement of Changes in Assets and Liabilities Agency Fund ............P ' .. 6? "
f�Account Groups f ll
General Fixed Assets Account Group
. .,
Schedule of General Fixed'Asseta by Source.;....
f Schedule of General Fined Assets by Funftion-and Activity.."..'.
Schedul
J ,
e of Changes in General Faxed Assets by Function and Activity 70
y General Long Term Debt Account Group:, s Y
Combining Schedule of General hong Term Debt 71 '
STATISTICALI SECTION '
t General Governmental Revenues by Source .: 72
,
r r General Governmental Expenditures by Function ..... ! 73 ;
r Assessed and Estimated Actual Values of All Taxable City Property ` 74 t) r
y d Overlapping Bonded Debt ' 75
Property:Tax Leases bt Margin :::i . 76
Schedule of Dared an
1 Schedule of Legal De
' and Tax Collections ! t 77
Insurance in Force` :: ! '.78-79
'
,. ,_.<�
Pnnm a1.Tax a ers andMa or
Demographic Statistics 80
P P Y 7 Employers .: 81'
PropertyValue Construction and Bankbeposrts ..... 82
'Property Tax Rates -Direct and Overlapping Goveruments ° r
2 f- Miscellaneous Statistic..y
c P
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23920 Valencia Blvd.
Suite 300
City of Santa Clarita
California 91355
City of
Santa Clarita
November 30,1992
Phone
(805) 259-2489
Fax
(805) 259-8125
r
Honorable Mayor
and Members of the City Council
of the City of Santa Clarita, California
To: City Manager
It is a pleasure to submit for your information the Comprehensive Annual Financial Report of the City
of Santa Clarita for the fiscal year ended June 30, 1992. Responsibility for both the accuracy of the
data and the completeness and fairness of the presentation, including all disclosures, rests with the
City's management. To the best of our knowledge and belief, the enclosed data are accurate in all
material respects and are reported in a manner designed to present fairly the financial position and
results of operations of the various funds and account groups of the City. All disclosures necessary to
enable the reader to gain an understanding of the City's financial activities have been included.
Organization of This Report
The Comprehensive Annual Financial Report is prepared in accordance with generally accepted
accounting principles (GAAP) as promulgated by the Governmental Accounting Standards Board
(GASB) and includes the report of the independent public accounting firm of Diehl, Evans & Company.
Organization of the financial report follows the guidelines set forth by the Government Finance Officers
Association of the United States and Canada (GFOA) and the California Society of Municipal Finance
Officers (CSMFO). A Certificate of Achievement for Excellence in Financial Reporting is presented by
the GFOA and a Certificate of Award for Outstanding Financial Reporting by the CSMFO to those
entities whose comprehensive annual financial reports are judged to substantially conform to program
standards. In order to receive the awards, a governmental unit must publish an easily readable and
efficiently organized comprehensive annual financial report that conforms to program standards. Such
a report must satisfy both generally accepted accounting principles and applicable legal requirements.
The City of Santa Clarita received both awards for the last three years' financial reports and, in my
opinion, the accompanying financial report conforms to the high standards of pub&c financial reporting
and will again this year be submitted to both award programs for review.
In accordance with the above-mentioned guidelines, the Comprehensive Annual Financial Report is
divided into three sections:
iii
I
L Introductory Section
Letter of transmittal
GFOA Certificate of Achievement for Excellence in
Financial Reporting
CSMFO Certificate of Award for Outstanding Financial
Reporting
Officials of the City of Santa Clarita
City organization chart
M Financial Section
Independent auditors' report
General purpose financial statements
Notes to general purpose financial statements
Supplemental financial statements and schedules
M. Statistical Section
Pertinent financial and nonfinancial data that presents
,
historical trends and facts about the City
"reporting
The Financial Section of this report has been structured so as to represent a pyramid." The
significance of the levels of this pyramid are as follows:
General Purpose Financial Statements - This level includes the Independent Auditors'
Report, the General Purpose Financial Statements, and Notes thereto. The combined Financial
Statements provide a summary of the City's financial position at June 30, 1992, and the results
of its operations and cash flows for its proprietary funds, for the period then ended, by fund
type or account group.
Combining, Individual Fund and Account Group Statements and Schedules -Also
presented are separate sections for the various financial statements and schedules for each
fund type. They reflect financial data on each generic fund type with separate columns for each
individual fund. Each separate column serves as a financial statement for that particular fund,
and combining financial statements are presented in each instance where the City has more
than one fund of a given fund type.
'
The City's accounting records for general operations are maintained on the modified -accrual basis of
accounting. The revenues are recorded when measurable and available, and expenditures, except for
accrued interest on long-term debt, which is recorded when due, are recorded wlien the liability is
,
incurred.
The City's Accounting System and Budgetary Control ,
In evaluating the City's accounting system needs, consideration is given to the adequacy of internal
accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute,
assurance regarding: 1) the safeguarding of assets against lost from unauthorized use or disposition;
iv i
and 2) the reliability of financial records for preparing financial statements and maintaining account-
ability for assets. The concept of reasonable assurance recognizes that: 1) the cost of a spec control
feature should not exceed the benefits likely to be derived; and 2) the evaluation of costs and benefits
Lrequires estimates and judgements by management.
All evaluation of the City's system of internal control will continue to occur within the above frame-
work. We believe that the City's internal accounting controls adequately safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
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The City of Santa Clarita maintains budgetary controls. The objective of these budgetary controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget approved by the
City Council. Activities of the general fund, special revenue funds and debt service fund are included in
the annual appropriated budget. Project -length financial plans are adopted for the capital projects
funds. In addition, yearly operating budgets are adopted for the City's proprietary fund types to
facilitate management evaluation. The level of budgetary control, that is, the level at which expendi-
tures cannot legally exceed the appropriated amount, is established by function or program within an
individual fund. The City also maintains an encumbrance accounting system as one technique of
accomplishing budgetary control. Commitments for materials and services, such as purchase orders
and contracts, are recorded during the year as encumbrances to assist in controlling expenditures.
Open encumbrances are reported as a reserve of fund balance at the end of a fiscal year for all govern-
mental funds. Encumbrances at year end lapse and then are added to the following years budgeted
appropriations.
The Reporting Entity
The City of Santa Clarita was officially incorporated on December 15, 1987, after a ballot measure was
passed by the City's residents. The City operates under a Council -Manager form of government and
provides, either directly or under contract with the County of Los Angeles, a full range of municipal
services including public safety, public works, parks and recreation, community development, etc. This
report includes all funds and account groups of the City of Santa Clarita. In addition to general govern-
ment activities, the City of Santa Clarity has oversight responsibilities over the Santa Clarita Redevel-
opment Agency and Santa Clarita Public Financing Authority.
The oversight responsibility is determined by criteria such as, financial interdependency, selection of
governing authority, designation of management, ability to significantly influence operations, and fiscal
accountability. There are no other separate legal entities with accounting activities for which the City
Council has continuing oversight responsibilities.
General Government Functions
A summary of the general government functions overall operating results for the fiscal year ended June
30, 1992 and the amount and percentage of increases and decreases in relation to prior year revenues
and expenditures is presented below. General government functions include the General, Special
v
Revenue, Debt Service, Capital Project and Expendable Trust funds. Details of these revenue and
expenditure amounts (all amounts are in thousands) by fund, can be found in the accompanying
general purpose financial statements.
Fines & Forfeitures 1.0% Service Charges & Others 4.4%
Taxes 42.5%
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Revenues from Other Agencies 37.7% 1
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Use of Money & Property 7.1% Licenses and Permits 5.1% '
Developer Fees 2.2%
As the recession lingers on in California, the City of Santa Clarity is also seeing its effects on its rev-
enues. However, the overall impact of the recession on the City's revenues has been limited in compari-
son to its effects on the State and other local jurisdictions.
The City experienced an overall increase of 6.6% in general government revenues from the previous
fiscal year's general government revenues. The stability of the City's tax revenues, which comprise
almost half of the total revenue base, played a key role in minimizing the effects of the weak economy.
Revenues from Taxes gained .4% from last year's total primarily due to an increase of 28% in property ,
tax revenues as a result of many previous years' assessments going unrecorded by the County
Assessor's Office until this year. This helped offset much of the decline in sales tax revenues of 8%.
Revenues from Licenses and Permits also remained relatively stable in comparison to last year I
vi .
Fiscal Year 1991.92 Revenues
INCREASE
PERCENT
FY 91-92
PERCENT
<DECREASE>
OF INCREASE
REVENUES:
AMOUNT
OF TOTAL
FROM FY 90.91
<DECREASE>
TAXES
$17,520
42.5%
S 62
.4%
LICENSES AND PERMITS
2,113
5.1
19
.9
DEVELOPER FEES
904
2.2
<448>
<33.1>
USE OF MONEY & PROPERTY
2,915
7.1
746
34.3
REVENUES FROM OTHER AGENCIES
15,531
37.7
1,997
14.8
FINES AND FORFEITURES
402
1.0
<285>
<41.5>
SERVICE CHARGES & OTHERS
1,825
4.4
455
33.2
TOTALS
$41,210
100.0%
$2,646
Fines & Forfeitures 1.0% Service Charges & Others 4.4%
Taxes 42.5%
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Revenues from Other Agencies 37.7% 1
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Use of Money & Property 7.1% Licenses and Permits 5.1% '
Developer Fees 2.2%
As the recession lingers on in California, the City of Santa Clarity is also seeing its effects on its rev-
enues. However, the overall impact of the recession on the City's revenues has been limited in compari-
son to its effects on the State and other local jurisdictions.
The City experienced an overall increase of 6.6% in general government revenues from the previous
fiscal year's general government revenues. The stability of the City's tax revenues, which comprise
almost half of the total revenue base, played a key role in minimizing the effects of the weak economy.
Revenues from Taxes gained .4% from last year's total primarily due to an increase of 28% in property ,
tax revenues as a result of many previous years' assessments going unrecorded by the County
Assessor's Office until this year. This helped offset much of the decline in sales tax revenues of 8%.
Revenues from Licenses and Permits also remained relatively stable in comparison to last year I
vi .
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' reflecting an increase of .9%. While most of the revenues in this category showed declines as a result of
the slowdown in the building industry, revenues from Building and Safety Permits increased 25%. This
is specifically due to the permit fees paid to the City from several large retail developments, such as the
Price Club and the Valencia Town Center. However, as previously noted, the recession has had a deep
impactonthe building industry as evidenced by decline in revenues from Developer Fees of 33.1%.
Although interest rates have fallen dramatically over the year, the City was able to increase its interest
earnings (Use of Money & Property) by 34.3% from last year as a result of an increase in the size of
the investment portfolio. The City's investment portfolio increased approximately $11.0 million as a
' result of the band proceeds from the Public Financing Authority (PFA) construction fund.
Revenues from Other Agencies include many of the State and County subventions that the City
' receives. This revenue category experienced an increase of 14.8% although there was a decline of
Transportation Development Act (TDA) Article 8 funds which is generated by sales tax, and State park
grants. These declines were offset by Proposition C, a new revenue source of approximately $1.0
million per year for the City to be utilized for transportation related projects. Also the City recognized
revenue of almost $2.0 million from Federal Aid Urban (FAU) grant money which primarily represents
reimbursement for cost incurred on San. Fernando Road - Phases 3 and 4 project.
Revenues from Fines and Forfeitures experienced the most significant decline of 41.5% compared to
last year. This is a result of the balancing of the State's 1991-92 budget in which half of the cities' and
counties' fines and forfeitures were shifted to fund the trial courts system. The City of Santa Clarita
lost approximately $270,000 as a result of this State budgetary decision.
Revenues from Service Charges and Others, on the other hand, experienced a significant increase of
1 33.2% from last year's total. Two primary revenue sources led to this increase. Revenues from Parks
and Recreation fees increased almost 19%4 as a result of increased participation and expansion of the
recreational programs. The City also acquired the City Hall building which led to the generation of
approximately $500,000 in rental income from the lease of the building's office space.
So, while the recession has claimed some of its revenues, the City has been able to minimize its effects
by expanding and implementing other areas of revenue generation.
Fiscal Year 1991.92 Expenditures
INCREASE PERCENT
FY 91-92 PERCENT <DECREASEs OFINCREASE
EXPENDITURES AMOUNT OF TOTAL I FROM FY 90-91 4DECREASE>
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GENERAL GOVERNMENT
$ 3,566
6.4%
$ <772>
<17.8%>
PUBLIC SAFETY
&420
15.1
922
12.3
PUBLIC WORKS
4,902
118
<1,526>
<23.7>
PARKS & RECREATION
6,001
10.7
2,183
572
COMMUNITY DEVELOPMENT
5,021
9.0
3,149
16&2
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CAPITAL OUTLAY
24,425
43.7
14,833
154.6
DEBT SERVICE
3,548
6.3
3,145
778.5
TOTALS
$55,883
100.0°%
$21,934
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Community Development 9.0%
Parks & Recreation 10.i
Public Works 8.8%
Public Safety 15.1%
Capital Outlay 43.7%
Debt Service 6.3%
General Government 6.4%
The 17.8% decrease in General Government expenditures is reflective of the City's reorganization,
which became effective July 1, 1992. As a result of this process, the General Services division is now
being reported as a part of the Public Works function. When general government expenditures for the
prior year are reduced by prior year general services expenditures for comparison purposes, there is an
11.4% increase, or approximately $365,000 in general government expenditures. The primary portion of
this increase relates to some new staff additions in general government and salary and benefit in-
creases. Computer services expenditures increased by approximately $59,000 as the Information
Resources division continues to add new software and enter into maintenance agreements to service
the City's increased demand for data processing. Fiscal year 91-92 was an election year for Santa
Clarita which generated costs of almost $100,000. Overall, recruitment expenditures have been re-
duced by approximately $53,000 as the filling of newly created positions levels out. Professional ser-
vices expenditures in the Finance division shows a significant decrease of approximately $329,000. A
portion of this decrease is related to amounts paid to Municipal Resource Consultants (MRC), who
provide sales tax audit services. Their fee is directly linked to locating errors in reporting by the State
Board of Equalization (BOE). In FY 90-91 there was a large number of coding errors in resale numbers
by the BOE. For the current year, MRC's findings were minimal. The remainder of the decrease
resulted from the City receiving reimbursement for costs associated with the Public Financing Author-
ity bond issuance.
Public Safety expenditures increased 12.3%. This was due primarily to the negotiated contract with
the County for police services in which the City absorbed a 9% increase in salaries and added services
to the base contract over the previous year. In August 1991, the City of Santa Clarita terminated its
contract for crossing guard services. This translates into a $200,000 decrease in contractual services
and expenditures. The City began administering its own program in August 1991. Crossing guard
salaries and related benefits are now reflected in the Public Works function.
Public Works went through a substantial amount of cbange during FY 91-92 with the City's reorgani-
zation which resulted in Building and Safety division being moved to Community Development and
General Services division being added to Public Works. For comparison purposes, when amounts are
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restated to reflect divisions as they were reported in FY 90-91, the results are that Public Works has an
increase in expenditures of 13.0%, or approximately $434,000. Approximately $282,000 of this increase
relates to additional street sweeping services incurred to service new annexations and housing tracts'
added to the City of Santa Clarita. Another major portion of the $434,000 was used to set up a $100,000
traffic signal replacement account FY 91-92. The balance went toward salaries and benefits for six new
positions to perform curb and sidewalk and storm damage maintenance services previously contracted
with the County of Los Angeles. Public Works was able to implement major reductions in County
contracts by assuming additional striping, signing and painting responsibilities. The General Services
division, when compared to the previous year, experienced a 33.1% increase. This was a result of
hiring twenty-four crossing guards; expanding phone service at the Corporate Yard and City Hall
facilities; and maintaining the City Hall building, which was acquired during FY 91-92. Some of the
major accomplishments for Public Works were: receiving approval of Regulation XV program, sponsor-
ing the Teen Spring Clean 92 for graffiti removal, developing and implementing a ride share program,
sponsoring the Clean Air Expo 92, putting on-line curbside recycling program servicing 30,859 single
family residences, and implementing an annual Christmas tree recycling program which diverted 273
tons of trees from the landfill.
The City of Santa Clarita has a commitment to its diverse community of providing a means for pursu-
ing the ultimate quality of life. Meeting this commitment to its citizens is represented by the 57.2%
increase in Parks and Recreation expenditures. Newly added services in the Recreation and Aquat-
ics divisions include expanded Day Camps and after school recreation programs, expanded youth sports
programs, special events, Concerts in the Park, and an extensive expansion of the swim program which
includes a year-round program. The recreation program is now offering over 200 classes. In the Parks
division, FY 91-92 reflects a full year of personnel cost which completes the transition from County to
City provided services. City staff have enhanced the City's beauty by successfully planting 1,000 trees
per year for the past two years, designing Begonias Lane Park, completing Newhall Park concession
and restroom buildings, and rehabilitating sports fields and all park buildings. An exciting develop-
ment for the Emergency Preparedness division is the implementation of the SECURE program. This
program, which operates similarly to a neighborhood watch, involves the community by offering
training classes to neighborhoods, businesses, and child care providers to enable them to be self
sufficient for the first seventy-two hours in the event of a major disaster. Included in the Parks and
Recreation function is the City's Community Development Block Grant Program (CDBG) in which its
purpose is to meet the community development and housing needs of the low and moderate income
persons of the City of Santa Clarita. In FY 91-92 the CDBG program completed the drainage study for
East Newhall, assisted 55 residents with minor home repairs through the Handyworker Program, and
completed the City's first comprehensive Housing Affordability Strategy.
As stated previously, the Building and Safety and Engineering divisions were transferred to Commu-
nity Development due to the City's reorganization. Restated figures for comparison purposes reflect
a 2.8% increase, or approximately $52,000, in Community Development expenditures. One area which
assisted in offsetting any normal inflationary increases was the decrease in professional services
expenditures of approximately $177,000, due to completion of the General Plan in FY 90-91. Both the
Building and Safety and the Engineering divisions show decreases of 3.7% and 3.5%, respectively, over
the previous year. A savings was generated as a result of both divisions hiring staff to take over build-
ing and safety inspections and engineering services previously contracted to Willdan and Associates.
This year Engineering designed and administered its first slurry and first overlay project without
consultant assistance. During FY 91-92 Engineering, Building and Safety, and Planning were inte-
grated into a single development processing center. In order to secure and expand the City's current
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sales tax revenue base, the Economic Development division established a Small Business Development
Center, developed a three year Economic Development Strategy and established a film marketing
program with the Santa Clarita Valley Chamber of Commerce. The City continues to obtain commu-
nity involvement on major issues to ensure that the health, safety and welfare of the public are pro-
tected. This was demonstrated by a well-received public participation program for the Uniform Devel-
opment Code. To envision and plan for the prosperous, well-planned and efficient community, the
Ridgeline Preservation and Hillside Development Ordinance and Sign Guidelines were adopted in FY
91-92 to complement the policies necessary to lead the City into the future.
During FY 91-92 there were substantial funds expended on Capital Outlay which translates to a
154.6% increase over the previous year. The major purchase was the acquisition of the City Hall
facility. Other items which contributed to the increase are the remodeling of the first floor in City Hall
to house the Parks and Recreation Department, the acquisition of computer equipment for City growth
and the implementation of LAN network at the corporate yard and City Hall sites, the purchase of fleet
vehicles and the purchase of vehicles and equipment for street maintenance.
Debt Service shows a significant increase in expenditures due to the interest plus principal payoff on
corporate yard loan and interest and bond issuance cost relating to the Public Financing Authority
Revenue Bonds -Series 1991 issued in October 1991.
Proprietary Funds
These types of funds consist of enterprise and internal service funds. The City operates one enterprise
fund, Transit Service, which offers Dial -a -Ride, local fixed route service, and commuter service to
downtown Los Angeles. This enterprise fund was created to provide management with information
relating to transit operations, which include debt service and depreciation and amortization. For FY
91-92, Proposition A funds of $3,639,504 were used to subsidize transit activity not covered by user
fees: In October 1991, the City entered into a capitalized lease agreement with the Los Angeles Trans-
portation Commission (LACTC) for the acquisition of eleven Metroliner-Over-the-Road and five Phan-
tom buses, resulting in a total obligation of $4,895,000. This brings the City's total bus inventory to
twenty-nine buses. Fiscal year 91-92 represents the first full year in which the City operated the
transit service. Ridership is up 30% over the previous year when it was operated by the County.
The internal service funds provide services to other City departments. The City's internal service
funds consist of Self Insurance and Vehicle Replacement funds. Combining statements for these funds
and descriptions of each fund are presented in the Supplemental Information portion of this report.
Gann Limit
Proposition 4, the "Gann" initiative, was passed by California voters in 1978 and is intended to limit
government appropriations. According to California law, cities must use the 1978-79 appropriations as
a base year and modify that figure by the composite consumer price index and population. changes
which have accrued in subsequent years. Because Santa Clarita is a newly incorporated city, the Los
Angeles County Local Agency Formation Commission used 1985-86 fiscal year appropriations at
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1 incorporation as the base year on which the City will modify each year. The City has since performed a
study to increase the limit, and City appropriations remain below the Gann limitation and are expected
' to continue in that respect in the near future.
Cash Management
The City operates its pooled idle cash investments under the "Prudent Man Rule" and has adopted a
' formal investment policy. Such policy affords the City a broad spectrum of investment opportunities as
long as the investment is deemed prudent and is permissible under current effective legislation of the
State of California and other regulations. The City received a Certificate of Excellence award in 1991
from the Municipal Treasurer's Association of the United States and Canada for its Treasurer's Invest-
ment Policy. Santa Clarita was one of fourteen cities to ever receive this award.
' Temporarily idle cash was invested in a variety of investment vehicles, including the State Treasurer's
Local Agency Investment Fund; Los Angeles County Pooled Investment Fund, deposits with commer-
cial banking institutions and U.S. government agency instruments. Other permissible investment
' vehicles, in which the City did not invest this year, are commercial paper and bankers acceptances.
The City's diversified investment portfolios allows for flexibility and safety of the total invested funds.
The weighted average yield on such investments for the year was 5.3% with total interest earnings for
' all funds at $2,334,499.
Debt Administration
At the time of incorporation, the City incurred "start-up" cost for contract municipal services performed
' by the County of Los Angeles. The amount still remaining at June 30, 1992, totaled over $1,358,680. As
a condition of incorporation, such incurred costs are payable over a five-year period ending in 1993.
These advanced costs bore interest at an estimated 3.5% for FY 91-92.
In October 1990, the City acquired the corporation yard facility and assumed a loan in the amount of
$1,946,346. Payments due of $18,300 per month, including 10.5% interest, commenced November 1,
1990. The loan was refinanced in October 1991 with the Public Financing Authority Revenue Bonds -
Series 1991.
' In May 1991, the City entered into a master lease and option to purchase agreement in the amount of
$2,150,000 for the lease of thirteen buses. Such agreement carries an interest of 6.6% payable semi-
annually, due from November 1, 1991, through May 1, 2001. Under the terms of the agreement, the
' City has leased these transit buses for the establishment of a City-wide local public transit system. As
of June 30, 1992, the master lease. obligation aggregated $1,993,003.
In October 1991, the Public Financing Authority Revenue Bonds - Series 1991 were issued in the
amount of $22,940,000. The proceeds were used to purchase the City Hall building, pay off the corpo-
rate yard debt and will be used on certain capital road improvement projects. This was the City's first
rated bond issue in which Standard and Poor assigned an A- Bond rating to the City of Santa Clarita.
The Notes to the Financial Statement section of the financial report provides an in-depth description of
1
the make-up of the bond issuance comprised of serial and term bonds and the related interest and due
dates. As of June 30, 1992, the City's obligation for Public Financing Authority Revenue Bonds - Series
1991 is $22,940,000.
In October 1991, the City received a distribution of loan proceeds totalling $2,557,436 from the Price
Company. This money has been used for the acquisition of certain infrastructure improvements sur-
rounding the Price Club. As of June 30, 1992, no principal payments have been made. Payments will
equal a percentage of sales tax revenue generated from the operation of the Price Club Center.
In October 1991, the City entered into a lease with an option to purchase agreement in the amount of
$4,895,000 for the lease of sixteen buses from the Los Angeles County Transportation Commission
(LACTC). The agreement carries interest rates ranging from 4.9% to 6.5%, payable semi-annually from
July 1, 1992, through January 1, 1994. Balance of the LACTC lease obligation as of June 30,1992,
equals $4,895,000.
Fiduciary Operations
Trust and agency funds are maintained to account for assets held by the City in a trustee capacity for
individuals, private organizations, other governments, and other funds. The City's General Trust Fund
is an expendable trust fund which accounts for assets and activities restricted to a specific purpose in
accordance with a formal intent. An Agency fund is custodial in nature and is used to receive and
disburse funds which do not belong to the City. The City's agency fund is the Deferred Compensation
Plan which represents employee contributions invested in accounts with the International City Man-
gers Association (ICMA) Retirement Corporation.
Fisk Management
The City is self-insured for the first $250,000 on each general liability claim against the City. Third
party coverage is currently maintained for general liability claims greater than $250,000 up to a limit
of $10,000,000. and all workers compensation claims. During FY 91.92 the City established the Safety
Committee to promote safe and healthy work practices. Some of the objectives of the Safety Committee
are to identify and review unsafe conditions and practices and to provide a means for their correction or
elimination in a timely manner, establish employee safety training programs, and to promote a system
of communication with employees regarding safety and health matters.
General Fixed Assets
The City's general fixed assets represent those fixed assets used in the performance of general govern-
ment functions. At June 30, 1992, the City's general fixed assets aggregated $42,295,004. This amount
represents the original cost of the assets or fair market value at the date of contribution to the City. No
depreciation of general fixed assets is recognized in the City's accounting system.
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The General Fixed Assets Account Group does not include those assets defined as "infrastructure
assets" (i.e., roads, curbs, gutters, sidewalks, etc.). Such assets are generally immovable and are
deemed to be of value only to the City.
' Other City Highlights
The City of Santa Clarita has been very active in the community this past fiscal year. Despite the
troubled economy, Santa Clarita has been fortunate in obtaining funding for a variety of new capital
projects, extensive recycling programs, a new transit system, and many recreation activities for the
citizens of Santa Clarita.
' Among the major capital projects which have begun this fiscal year are the widening of San Fernando
and Soledad Canyon Roads and the extension of Via Princessa from Whites Canyon Road to Sierra
Highway. These are much-needed, multi-million dollar projects that are being funded through a joint
venture between the County of Los Angeles and the City of Santa Clarita.
' The Department of Parks and Recreation has also begun major improvements around the City this
year. Among them are the construction of the Begonias Lane Park in Canyon Country, a five -acre park
to be equipped with a play and picnic area, restreoms, and basketball court and the construction of the
South Fork Trail, a multi -use trail system for use by equestrians, pedestrians, and bicyclists.
' In addition to capital improvements, recycling has become a primary concern for the City this year.
With the enactment of the state mandate requiring a 25% reduction in waste going to landfills by 1995
and a 50% reduction by 2000, the City has developed a comprehensive recycling plan. As part of this
plan, the City began the first City -Wide Residential Curbside Recycling program for multi -family as
well as single family dwellings this year. This program has already been successful in diverting
hundreds of tons of recyclable trash from local landfills. The City also began the first phone book and
Christmas tree recycling programs during FY 91.92.
' A recent development in public transportation has been the Metrolink, a commuter train which began
operation in October 1992 linking the Santa Clarita Valley to the San Fernando Valley and Los Ange-
les areas. The Metrolink station now serves as the City's local transit center functioning as a layover
and transfer facility for all local bus routes and a connection point for Amtrak buses.
Other highlights of the City of Santa Clarity include the coming of the Valencia Town. Center and the
' Price Club to the area. These two endeavors, made possible by cooperation between the City and the
businesses themselves, will generate over $1 million in sales tax for the City in FY 92-93.
The City's dedication to serving the citizens of Santa Clarita as well as its dedication to high standards
' and high quality in every task it performs has earned the City various honors and awards. One such
award, granted by the National Arbor Day Foundation, named the City of Santa Clarita "Tree City
U.S.A." for the second year in a row. To receive this honor, the City had to comply with requirements
' of the National Arbor Day Foundation such as having a legally constituted municipal tree administra-
tion division, adopting a city-wide tree ordinance, creating a comprehensive community forestry pro-
gram, and hosting an Arbor Day event.
Economic Condition and Outlook
Fiscal year 91-92 has been a difficult year for California. With the recession hitting hard in this state,
cities have witnessed some of the most drastic cutbacks in years. Santa Clarita, despite state budget
cuts and declines in sales and property taxes, has remained financially sound. This is due partly to the
fact that Santa Clarita is still a young city continuing to experience growth and development, both
residential and commercial. This brings additional revenues to the City and has helped insulate Santa
Clarita from major financial hardships in the face of'a severe recession. Additionally, excellent fiscal
management, a dedicated staff, and a diverse economic base, has helped keep Santa Clarita strong.
The Commission on State Finance has predicted that California's economy will remain stagnant
through 1994 and that the State's General Fund revenues will fall short, producing a deficit in both
FY 92-93 and FY 93-94. The State Legislators have developed a number of solutions to cope with the
recession and to solve other serious economic troubles facing California.
Santa Clarita, like other cities, will no doubt be affected by the State's ongoing fiscal crisis. To what
extent the State's future fiscal decisions will impact the City of Santa Clarita remains to be seen.
However, Santa Clarita is among the fortunate municipalities that will experience growth to cushion
the decline in State revenue. Below are just a few of the many projects in store for Santa Clarita in the
coming years.
The Valencia Industrial Center, already home to over 500 companies, is expected to become the largest
single industrial park in Los Angeles County, according to the LOS ANGELES BUSINESS JOURNAL.
The Valencia Commerce Center is currently being built to accommodate additional commercial and
industrial offices and will serve as a second industrial park. Estimates are that this new development
will bring employment for 20,000 people .when completed.
The Valencia Corporate Center, also currently being developed, will be the new site for United States
Borax and Chemical Corporation. Borax is combining its corporate headquarters with its research
operations and moving to Santa CIarita bringing over 200 jobs to the area.
The future of Santa Clarita, despite the ongoing recession and the likelihood of more State cutbacks,
points to a flourishing community with a growing business sector. According to the `Keplinger Califor-
nia Letter," Santa Clarita will be the second best place to work in Southern California. By taking a
pro -active approach in implementing sound fiscal policies, Santa Clarita promises to be a thriving city
providing its citizens with top-notch services and the highest quality of life.
Independent Audit
State statutes require an annual audit by independent certified public accountants. The accounting
firm of Diehl, Evans & Company has been selected by the City Council to perform this service.. The
auditors report on the general purpose financial statements and combining and individual fund
statements and schedules is included in the financial section of this report.
xiv
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1 Awards
I am pleased to report that CSMFO awarded its Outstanding Financial Reporting Award and GFOA
' awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Santa Clarita
for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 1991. Based on the
latest available data from GFOA, the City of Santa Clarita was one of 134 cities in California that
' received this award. Nationwide, only 1438 of approximately 39;000 municipal governments received
this award.
' A GFOA Certificate of Achievement is valid for a period of one year only. We believe our current report
continues to conform to GFOA Certificate of Achievement Program requirements, and we are submit-
ting it to GFOA to determine its eligibility for another certificate.
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Mmowledgments
The preparation of this report could not be accomplished without the efficient and dedicated service of
the entire staff of the Finance Department. I should like to express may appreciation to all members of
the department who assisted and contributed to its preparation, in particular, Susie LaSoya, Account-
ing Manager; Kwan Beilin, Administrative Assistant; Richard Inzunza and Barbara Boswell, Accoun-
tants; April Skinner, Accounting Intern; Ginger Hoffman, Executive Secretary; and Nina Giangreco,
the City's Graphic Artist. I should also like to thank the Mayor; members of the City Council; and the
City Manager, George Caravalho, for their continuing efforts in planning and administering the
financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
1 Steve Stark
Director of Finance
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XV
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Santa Clarita,
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.
W PkOA
GMW e
conrannroa r^ President
>� sFa�. mss`
rxium A
A&Cuti: - iirector
xvi
s Cafifornia Society of
Municipaf Finance Officers
Certificate of Award
Outstanding Finandaf9?§porting 1990-91
Presented to
s: City of Santa Clarita
47iis certificate is issued in recognition of meeting professional standards and criteria in reporting which reflect a hjyh level of
quality in the annuatfinancialstatements andin the underlying accounting system from which the reports were prepared.
_ February 28, 1992
&044 A;
Chair, Pmfmsional & Technical Slamlards Conurd=
President 1
Dedicated to Excellence in Municipalgrinancia[Manigement
Officials of the City of Santa Clarita
City Council
Jill Klajic
MAYOR
Jan Heidt
MAYOR PRO -TEM
Carl Boyer
COUNCILMAN
Jo Anne Darcy
COUNCILWOMAN
George Pederson
COUNCILMAN
City Officials
George Caravalho CITY MANAGER
Kenneth Pulskamp ASSISTANT CITY MANAGER
Carl Newton
CITY ATTORNEY
Donna Grindey
CITY CLERK
Steve Stark
DIRECTOR OF FINANCE
Jeff Kohn
DEPUTY CITY MANAGER,
DIRECTOR PUBLIC WORKS
Lynn M. Hams
DEPUTY CITY MANAGER,
COMMUNITY DEVELOPMENT
Rick Putnam
DIRECTOR PARKS,
RECREATION & COMMUNITY SERVICES
xviii
City of Santa Clarita
Organization Chart
Citizens of ,
Santa Clarita
City Council
City Attorney l _ j City Manager.
Assistant Management
City Manager Services
Community ' I Public' I Finance ' I Parks and
Development Works Recreation
xix
ANGELES NATIONAL FOREST
City of Santa Clarity
Map of the City of Santa Clarity
LEGEND
�••�••-••� CITY LIMIT BOUNDARY
..................•• PLANNING AREA BOUNDARY
---------- NATIONAL FOREST BOUNDARY
J � ...................
IPAANGELES NATIONAL FOREST
�E�1P 6v
a
f 1 W
�• LMNS AVE. � j /1 A,
xx
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♦'
ANGELES NATq L FOREST
2
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IN
DIEHL,EVANS RODNEY K. McD4NIEL CPA
&COLVlPA 1 RALPH H. WEINTRAUB, CPA
CERI`I ]UD PUBLIC ACCOUNTANTS MICHAEL R. LUDIN, CPA
' ROBERT R. WINE, CPA
A �]P NCW01 ACNUNTk4 WRPOMnI CRAIG W. SPRAKER, CPA
PHILIP H. HOLTKAMP, CPA
18401 VON KARMAN, SUITE 200 September 25, 1992 THOMAS M. PERLOWSKI, CPA
IRVINE • CALIFORNIA 92715-1542 HARVEY y SCIMEDER, CPA
' PHONE (714) 757-7700
FAX (714) 757.2707
INDEPENDENT AUDITORS' REPORT
City Council
City of Santa Clarita
' Santa Clarita, California
We have audited the general purpose financial statements of the City of Santa Clarita, California as of
' and for the year ended June 30, 1992, as listed in the table of contents. These financial statements are
the responsibility of the City's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The general purpose financial statements of the City of Santa
CMta as of June 30, 1991, were audited by other auditors whose report dated September 23, 1991
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
required 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 general purpose 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 Santa Clarita as of June 30, 1992 and the results of its
operations and the cash flows of its proprietary fund types 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 financial statements of the individual funds and account groups listed in the
table of contents are presented for purposes of additional analysis and are not a required part of the
general purpose financial statements of the City of Santa Clarita. The information has been subjected
' to the auditing procedures applied in the audit of the general purpose financial statements and, in our
opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements
taken as a whole. The statistical information listed in the table of contents is not a required part of the
' basic financial statements, and we did not audit or apply limited procedures to such information and
do not express any assurance on such information.
-1-
' OTHER OFFICES AT:
2%5 ROOSEVELT ST.
613 W. VALLEY PKWY. SUITE 330
CARLSB.AD, CA 92" 2389
ESCONDIDO, CA 92025.2552
(619)7293343
(619)741-3141
(619) 7293234 FAX
(619) 741-9890 FAX
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`CITY OF SANTA CLARITA , r ±
` f : COMBINED BALANCE SHEET -ALL FUND TYPES AND' ACCOUNT- GROj7PS
June
3Q, 1992
t,.With comparative to4als for June 30, 1991
f = i _- f
1 F Governmental Fund Types
,, r r r r ` 1�' . ,'- Spectal::.t . `•.Debt y,Capttal
General '�—Rer6me.Seryke ''Project
' e ASSETS AND OTTIER DEBTfS,
r
"aid investments (Notes4f and,2) -' $ 7,057,096 S 9,683,414
t:Cash•and imestment with fiscal agent
(NotesIf, 2 andi8) I g" 2,250,700 ".Ir,
Accounts receivable;- " �:; x850,895 32,044 y
4 + Interest receivable ;; �� 214,310 r,' a 134,439 45,585;
Due from other funds (Noted 2,337,309; \ 944,247,
' � 'y ''Due from'other governinents';,. • :.°. 1 ,' _ 6,182,212��" � r` �° • �.; ',_ � ( ' !�
i•' Property>:plarit and equjpment (Notes ig and 3) , " - , . P'
Amount. available for retirement of � � 1 \ ' � c ; ' a ,. °
I �Amouju tobye provided for retirementAl
of- a I
'Jong-term debt P >t r \ ,a - t ' '
TOTAL ASSETS AND
OTHER DEBrTS J `$10,502466 $16,032,109 $ 2 250,700 12 1 5 45
Li"mrITES EQUITY : , J `
AND OTHER' CREDTIS : r y
LIABILITIES ` 'S t i i r
y -• Accounts, payable and accrued liabilities $ 2,121,472 $ , 369,366 $ l $::1,315,939'
DDeriedrievenues'(Note lc) %'i �973,082
rD59467 eposits19ue to other fnds'(Note 6) 7
a 1
3,194,5271 l J rJ
;•+ 1 b\',. ? yDeferred conlpellsation plan (Note 8)
`Long term obligations (Notes 4 and 5) : '
' x1' TIIlAL LIABII TITES a 2,478,3S2 "+' "4M6,975
r _ �1,315,939 `��
4 ) �'1 f
EQUITY; AND OTHER CREDTIS
Investment m'general fined assets (Note 3)
Retained earnings (deficit) (Notes,9 and
Reserved
< 41Fund balances (Note 11) r
r RTeserved 4;428,749 314,512 2,250,700 v r
` Designated t 3,595,365 1I,18Q,622 ;, t 1Q789,516� r
s Undesignated
` r > TOTAL EQUITY i' \
` AND OTHER CREDITS " 8,024,114 11'495 134 2 MUM 10 789 5164 `
VIAL LI'ABUITIES, EQUITY `
AND, OTHER CREDITS e ' j i 10 502 466 16 0S 32.109 2 2$ 50:700 12$ .105.455 '
' See independent auditors report and notes to financial statements ` r
a r'
L F i � � •'J
a/
r �
CITY OF SANTA CLARITA
COMBINED STATEMENT OF REVENUES;;EXPENDITURES AND -k, 4
CHANGES,,IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES
, AND EXPENDABLE TRUST FUND��
For the year ended June 30'1992,:'
With comparative totals for' year ended June 30, 1991 v \
� i_ t � t / j y "., , .i :'� ` ,, i / , y t r t i r l -. •` _; `L
,
✓ ,,. 1 e5 `� r t` 1 f �'4 �. d -" 1 ' r .-GovemmenUl ELnd •hoar ,
Special.:_: Debt apt
CUl
e Sernce ' Protect
Revenu
fj
REVENiTES
i 1.Tixea (Note I)' $ 17,520095 S $
'. ' d' Licenses sad perauU - + 2.113 408 a 4,
r ` D)evalopea face. / ,y 904,210
%._, ' 1;472 702 1 822 538 ` 210 427 409 120.,
i toss of money and property , , " > :L Y
L ? r • RevemLoinathet t8encies �" -�(� % r 5,143,540 10387,169
tes , 7 '
'', �, r• r ,tr v� .1C,, ., .`:.6217 395 576
_ Fina and forfetmns �.. �� , . J I . -
-, x ,.It
se
rvice+chaiiycs ';," ,) t ^i\ .1.315 958 1 r r
a a^ 'Other teveauea , r - ^ 60 895 "•- 57 265' 1
!y. •AL REVENUES \ r r 27 632,U5 1 12 566 758 210 427 409.120-),+
EXPENDITURES
y { S bicron operattn8 ` /
t y ( 1 ,'.Ganem SwemtaN r ' r- 'x 3,566 198-
i
+ r Public YfMY s 8,419797+
Pblc word
21481,679' 2419969 ;
`t r r.�4,998456 -•6113261' r .',�
ij Arl;a and keceunon r ; r ' ,� > ' .,?
t 3021,236 ''�
Community davebp�ot r I
^ k ' 1 y; Capitj outlay:' t r ' ; f " 7 1 ` 4 3,370,521 ` 355,174'.
r , ! Debt seance: � �+./ t',1 S ! '.h "r " ✓ � Z,. ' / < S. 1 �� � L t ,\ �, '• t ti
PnactpAl eat MMnt 1 ` f `� , �" t , ti ,:,; J. r r °�7+ •,1,934,514 .�. „ T t +
4 I lnmm t
Coat of bond las wa ` * i „ i • <. 673 778 r +I '
a
a TOTAL EXPENDITURES/ r 1� 29 857 886 3 386.46S 3 548 433'IS 699 127
, EXCESS OF REVENUES.,� `�} .-• � 1 } d ( r P: 1 1 i
D OVER (UNDER) EXPENDITURES I , } ,_(2,225.071 90 6.'3i38. ,006) (IS 290
1
OTHER FINANCING SOURCES (USES).;(
22 940 000
=Bond proceeds (Note 4p': r Y t p
'Proceeds from loan (Note 4) 2,557,436 tL
422 626 0(v";1' -/,2,674,I04
! `.t 260 ( 29,310 82?: ^
Opening tnnden m c 'a ,-
Opentita8 tmmfen out 1' r •. i. , s, ' l " t` !3.214 415) (10 835 939) (20.025.3981 (?31.304)
1VTAL'OTHIII FINANCING SOURCES (USES) a 3 2.234 3531 (10,575-939 5,588,706'- 29 079.518. v _
` v
EXCESS OF REVENUES :AND '�.OTHER FINANCING , ,'! _.�'1
SOURCES OVER E UTNDII'URE3 AND Y.. „ r `�'. ( ) ) r =:: d :,",•
OTHER FINANCING USPS F ` (4.459 424) f1 395 649) -' 2250 700 10 789 516
E , _ ! , 12,022 492 12 887 286r
1 + FUND BALANCES' BEGINNING OF YEAR r
i. t PRIOR PERIOD ADJUSTMENT (NC7fB 12)461 046 3 497. " q + ' •F
FUND BALANCES BEGINNING OF YEAR,lAS RESTATED �. j 12.483 538 - 12 890 783
" FUND BALANCES SID OF YEAR °'- x y' ti + $ 8.024 114 111 495,134. 225 0 700 t0 789 516 r
t t �' , ..; •-, +. ,
µ• t . `See independent auditors"reportand notes to financial statements ,
1
l c / l+ '�•l r V d r,
}
..
MYOFSANTA CLARITA
COMBINED STATEMENT,OF REVENUES,': EXPENDITURES AND)
r
CHANGES IN BALANCES = BUDGET AND ACTUAL
GENERAL. AND SPECIAL REVENUE FUNDS , .
� - ) �r' l �' +') � r � •rr r,
`For, the year ended June 30 1992
r; General Fund 1
f
r 1 REVENUES: 1 Budget `< Acnial (Unfawrable) �, y
`j Taxes (Note: i) i S 17,319,426,$17 520 095$ ;200,669
+ t .Licenses and permits>' r `f 2,416,490+ ,2,113;408 , . (303,082)
F v
''Developer
w Use of money and property r `' f �1,463,77F 1,472;702 8,931
Revenues from other agencies ;`, 5,158,628 5,143,540 ' (15,088)` , ,,'
w Fines and forfeitures_' ", . 20"000" 6,217 (13,783);
Service charges `, 1,433,125. ,1,315,958
Other revenues
` f 7.000 60.895 53 895 ,
r i ',.TOTAL REVENUES 27 818 440 27 632:815 1 (185 625)'
nj
EXPENDITURES
ti
r +
Current `p �,;", 1 1r �•�.r l ° +� '` - .r_ r
' 1 ''Geneial; overnmenr 4 554,163',. 3,566;198 f 987,965
„ 8
r " PubliCsafety , + '18,324 372,% + 8,419,797
r
r .. 1 . r -
` 2,765;337' : 2,481,678 283,659• r
r i r 'Parlcs,andrecreation ;.L ` 5;459,451' ;,4,998;456 460,995:: s"
Community development 1r ) �' o- , t, 6,100,939 r,,; 5,021;236 , -1,079,703
/ x'C tal outl ` — 5:806.323, =`5:370.521 435.802
vaP aY � ' � z ,
` IOZAI: EXPENDITURES r , 33 010 585 ' 29 857:886 r 3.152,699 s
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES i'' ' + (5 1911455 F (2 225:071) 2.967 074
t .. :. �- ' � .; /, ar•�, , r ;1 ) .'.1 I J .,( t P = i S I r \ C'.
CrTHER FINANCING SOURCES (USES);
`' Proceeds from loan 7,051,937. I " 2,557,436 (4,494,501)'./
' f y , Operatu>g transfers m 4 .r ,,.533,021: 422,626 (110,395)' 1
Operating transfers out ' _ , 11 , ' t (13.970 297) .(5-214 415) 8.755 882 'I
f *
TOM. OTHER, FINANCING SOURCES (USES) 1(6 385 339) (2 234.353) � 4150 986
$ ; EXCESS OF, REVENUES. AND OTHER
` 1•' FINANCING' SOURCES OVER ;, r �-v•
' r (UNDER) EXPENDITURES AND
OTHER FINANCING USES (1 ] 577 484) '(4 459424) 7.118 060
FUND BAI:ANCES .BEGINNING OF YEAR 12,022,492 12,022,492y
is
PRIOR PERIOD ADJUSTMENT-(NOTE,12) 461:046 ' 461 0461 ' '
FUND BALANCE BEGINNING OF YEAR,
12 483.538
AS RESTATED; t`r 12 022 492 '�bl•Q4¢.' r <
„+
r (r, 'FUND BALANCES END OF YEAR 6 144 ' 4 114 S 7.579 106
J � .
'- !See independent auditors' report and notes to financial statements �' ` � � '
r CTTY,OF SANTA CLARTTA
1 COMBINED STATEMENT• OF::REVENUES, EXF'ENSES:'AND CHANGES
;IN + r
1
` RETAINED EARNINGS ALL' PROPRIETARY,FUND TYPES v+„
} For the;year ended June 30, 1992
With comparative totals dor the year ended June 30, 1991
s. - ( la , i a ',,7 d,+v. ;.• t. •t r +: 'II1teInal , 'TOtals
,
' ' Enterpnse :Service ::` memorandum
Fund r> 'Fun _r 122L__,'1991 -
OPERATING REVENUES
" Transportation revenue ' +q $ (,688,208 $l ;$ 688,208 P$ `
Charges;for services ` ` 682,899-.> 682;899
r TOTAL OPERATING REVENUES 688,208 ' 682,899 ` 1 371 107;--
.
07 -r
r r
y; OPERATING EXPENSES
sir : Adnimistrahve r.i: rl. \ .-32,360' ` ::32;360 19;704"
Transporhation services 3,308,074 (?, " 3;308,074 2,065,817 l "'
\ :533,671 533 671 890,622
Services and supplies ' , � s � , ' ',ti - . a s
Depreciation and amorhration 446 750 I 446.750
` I TOTAL OPERATING EXPENSES 3.787 184 533.671' 4j20,855,-1_; 2 976 143
r OPERATING INCOME'(LOSS).?'.' 43 098 976) a`149.22g' (2,949,748 , {2976 143) X
NONOI?ERATING `REVENUES Y 4 Y 2 W 1ST
) r : ' , z 5
i
' Interest 18,126 43,696% 61822 4` 443559 ,
" r :Interest ex}y+nse'�' ' (356 780) =» (356.780) '�
TOTAL NONOPERATING
r
REVENUES, (EXPENSES) (�'
r
' J ` 338 654) 4 294958) 44 559 '
X a . NET.INCOME (LOSS),BEFORE
;= OPERATING,TRANSFERS 192.924 (3,244.70 ' f2,931c584) r • ,;,
m
OPERATING TRANSFERS r ' .
` Operaring transfer in , 3.639,504 3,639 :504 2 465,817 J '
NET INCOME'(LOSS) ` ' ( 201;874 192,924. „,394;798 (465,767)
RETAINED EARNINGS . EFIC
r AMBEGINNING OF YEAR' R (12 374) '2 1 (32:990) 432 777
'RETAINED EARNINGS (DEFICIT)"
ATx END OF YEAR 189 500 172 30 361' 80 A 2 0
See independent auditors report and no S\ financial statements
a :" � '� , _� > •: � ;y/ / ''.� ' a •, S � � vh � r`t '' J
t _,+ � � � U ', f'l r .+:5 ,`' •*rte ,>� J ) •.k j.
,
'J
7
1 r
d
t
w r
� 1 1 \
Y
' r
\ � r
l,.
r
�'I
1 � v �I.
}\.,
� t
�
\� P j Vii. ✓ � e') �,r\/'; J
J E
_{
r t- /y.__��� r�./�T��T/;����� r��,r��,���r�_r��
NOTES LV lil\[11\CIAL STATEMENTS.
E S
l
f
1/
7 l1. . A
f�
1.
ht
T...J i
y • . 'i CITY OF SANTA CLARITA r
} NOTES TD 'FINANCIAL STAT EhIENTS,
4 June 30,
1 r �SI7IviIvi RY OF SIGNIFICANT,ACCOUNTINO POLICIES
a, Reporting Entity
\" r'
t,
The City; of `Santa Clanta!(the City)'ezenci, overstght)responsibilitt wer1the Santa
' \;Clarity Community Redevelopment"Agency (theAgenry) and the Santa Clarity Public '
t " ' Financing Authority (the Authority) T herefoie,`those,entities are included as part of the .;
reporting 'entity in,' the accompauying financial statements, .The
criteria used, in
i -determining oversight, , included t financial interdependency, ,selection of governing 1 :'
authority, : designation'of management, abilityto 'significantly influence opetauons and
" accountability for fiscal matters These criteria are further discussed below r '
r•r t ,-• f l pt �,1/ irf�.} ,iTtH F.x .t
} ` ' The'City 'of-Santar" Clanta, ; Cahfonua ,was incorporated on December 15, ;1987 as ,a
general law city The.City operates under a .buncilmaozger fonri of gwemment
provides�itsr,'citizens ;with a, fuil range of municipal services; either directly or under �• .
contract with the County of L.os Angeles.:;. Such services include public safety" (police and r
4 fire protection), building permittplan approval,%planning, community development and '
r
r , , recreation; animal control and street mainteaance.
r ` ,The' Santa Clarity Redevelopment'Agenry was established in July ,1991, pursuant to the
State of California'Health and Safe Cod Section 33000. ,T'he ri se of the
Agenry is ; to 'encourage private redevel
CITY.OF SANTA CLARITA
y NOTES TO.FINANCIAL STATEMENTS'`
(CON R a M)
a
r
June 30,'.1992 t
r , T'. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -(CONTINUED) w
to
71
Ir
b Description of Fund Types and Account Getups(Continued) / r ;
t V ,j
Proprietary Fund Types y ,' , t ;+ 1. ,, 3 •Y'. <
En=rise Fund accounts, for operations that are financed and operated in a manner
similar, to private enterprises; :►vher'e the"intent of'City;'Council`is that the costs and
I
expenses, .including depreciation and amortization, of providing goodS". services to, the '
`
general putihc,on'a.continuing basis, be, financed or recovered primlythmugh user
charges, or where periodic determinatton of revenues earned, expenses incurred and/or
net: income is appropriate for:capital mauitenance, pubhc;pohcy, management control, ,
1 accountability or other purposes
. b, .°.i, ' I, / '.'i b :�,•. '1 i !'' J ,+ye
3 iniPrnai''Service Funds accounts for activities involved m rendering
services to
departments within the City., Costs of materials and services used are accumulated in this r
fund t and ' charged to the user departments as such goods are .'.dehvered' or, services
jr. , „ l yr -.,� , 15 ( 'I -k_ 1, r ..✓ '-. 1 i r 1 +
h
/ t F1duCiary. Fund Types ,
ter, � ( .•� < 71', l , �• t � � 1 , f ,
't tr
Expendable Trust Fund `accounts for assets and activities restricted to,i specific,,
purpose `
1
m accordance with a trust agreement ' �.� �� ! ' , `
gencv Fund accounts for assets held by the City as an agent for the City employees'
deferred compensation plan t
i Account Groups
y '��la�
c
` Genesi Fined Assets AccounC Ginun -accounts for fixed assets of the City; except for ,
those accounted`for in proprietary, fund types y T �
i � w ,
' General Long Ibrm Debt Account Grouv accounts fo> long term debt of the City
except for'debt accounted for in proprietary,,fund types , r, '
vi
r
1. r See independent auditors' report
CITY OF SANTA CLARITA , y
NOTES TOFINANCIAL STATEMENTS'
(CONTINUED),
d
June 30 1992 '
' L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES'(CONTINUED):.-.'i
c. Basis of Accounting
Governme,ntal fund are accounted' foi .'ukng>'the modified -accrual basis of
- tYP . ,
'accounting.` -'Generally, revenues are recognised when -they become . susceptible, to
accnial", that is, measurable and'mailable to finance .expenditures of the current period
Revenues which are susceptible:to accrual mclude'property taxes received within 60 days J, r
A`' after year end, sales taxes, and earnings on investments. . Licenses, permits; %fines,
forfieits, _charges for"sernces and miscellaneods. revenues"are recorded as gove3 en
' fund type revenues when`received in cash because they are not generally measurable until
:• actually: received `'Grant funds which+, are reported ur: governmental fund types are � � �
recorded as`a receivable when earned rather than when susceptible to accrual' `Generally, '
this occurs":when `authorized expenditures`are made under the grant program 'Grant
�,`funds received before the revenue recogmhon'cnteria have been met are reported a's
.4 deferred= revenue: `Expenditures are recognized when the fundsliability:is incurred'. if
measurable, except for unmatured interest on general long teerm debt; 'which is recognized
t'.
d,A + wnen dne.
The accrual ;basis` of: accounting is followed b' the proprietary funds r Revenues3 are
}, recd when' they. are -yearned and expenses are riecognized when the liability, is
curled.,
Y
iduc' fund are accounted for on the:madified'accriial basis, of accounting,
F t iaiy. \5..
Agency type funds are purely custodial in nature (assets equal liabilities) and thus do not
involvemeasurement of results of operations T
.. c
Idl MeasurementFocus
All governmental funds are% accounted foi on a spending or ".financial flaw", measurement ; .'
focus This means that generally only current assets and current liabilities are included
on'their"balance tsheets, with the exception3that the noncurrent, portion of; long ter n
receivables due to governmental funds are reported on their balance;sheets;, offsei by fund '
balance''reserve
accounts..]. Statements of revenue, expenditures and changes in 'fund l
' x •j `balances for governmental funds generally present increases (revenues and other financing t
sources) avid decreases (expenditures and other financing uses) m net current assets
' , r All proprietary funds`are accounted for on a cost of services or "capital maintenance" '
measurement focus ', This means that all assets and liabilities: (whether. current_or
noncurrent)' associated with the activityareuicluded on the balance sheets Their `
reported fund equity presents ,,total• net' assets....Proprietary fund. -opera ting statements
present iricieases (ievenues)'and decreases (expenses) m:total net assets
+
' 4SO.', independent auditors"report
f t - � > ♦ "� V t -
r {}
CTTY OF SANTA CLARTI'A
NOTES -TO FINANCIAL' {
STATEMENTS `
„(CON'TINUED)P:�
June 30, 1992
j.' �,[ � ` " /i-. i(� J' ,.. .w ) '..; .•:' 1. .: r�<,, :. v .:} } . ,. -.
1'.� SUMMARY OF SIGNIF lC .ACCOUNTING POLICIES: (CONTINUED). /
r ,
e '\ Budgetary
`s•. E i R 1 ,i �,: iy '�.,t e ' i r.ti i •� S � ., � r r �w f i -., , �
The City follows these procedures m establishing the budgetary data reflected m the
financial statements
1 . The annual bud et ado ted the Ci Council des for the eneral', tion of
)' g. " P by tY provides g opera
}- the City It includes proposed expendituresinnd the means of_financinPI
g them
�> V if l�.p,F t !';n .� ,.+;iT '�'l `'lln:r /♦ \ .. .., r.
2) <The CityCouncil appioves total budgeted'appropmu,ons and'any ameiidments:to
a ro tions throu hout the This." m riated budget". cavers'substantiall
PP P� g Y� , .: aPP P g Y
' all City expenditures, with exception of capital improvement projects carried forward
r yin i from prior years, which expenditures constitute legally -authorized "non -appropriated
%budget"y There were `- no � significant noirbudgeted; financial activities �. Actual
j' �' ,expenditures rmay not -exceed budgeted,appmpnahons at, the functional or',`
The City has thefollawing programs accounted for. through its governmental
funds .<;; general`, government, 'public safety, public works, :parks and :recreation„ /
}
community development'and capital expenditures
` f3) Budgets for the 4 Geneial' and Special Revenue Funds are adopted _on al., basis
r�
J
.'•. J � CaA iniiMV
actual'revenues and expenditures' can be compared:with related budgeted amounts r
without any; significant reconciling items ;,:No budgetarycomparisons are presented
for the; Capital Project,;;Debt Service arid' Proprietary. Funds, as thelCity does.not.,.,,
7.
adopt_annual budgets for'these,types of funds.!
The budgetaryinformation ,shown for revenues and expenditures represent the
original, adopted budget adjusted for. any _changes made by the,,CityCoun. or -City
Administrator For the',year ended June 30, 1992,' budgeted:; appropriation in the
governmental funds\increased from $32,,577,4 6',$36,954,638.,,
Formal~budgetaryintegration is employed as, a tmanagement control device '
Commitments for materials and services; such as puichase orders and contracts; are
o.
recorded during the year, as , encumbrances to assist 'in controlling expenditures.
Encumbrances at year end lapse, and then ale added to the following years l a --•-a
appropriations :'. At ` June',,"30,," 1992 fund balances have been ;reset
_
',.r T 1p11 r w'.
ident auditors'. report.,\ + i
^r e I r
J
1 = I
' L CITY OF SANTA
v �71(NartS T6FINANCIAL
SSTATEMENTS
(CON INlJL:1J) ' / '% i I,J ♦ C �,u
k
�
' 1 SUMMARY OF SIGNIFICANT ACCOUNTING.POLICIES (CO
' kf. .Cash• ndInvestments
Investments�`are,stated lit cost -(see Note 2), except that investments recordedxn the
Deferred Co reported at market'.value If values
decline below cost, no loss is recorded as such"deelines are considered temporary.; The
a . City's practice is to, hold investments".until-maturity ,or. until market values equal or y
` exceed cost However, if theli uidi needs of the Ci were to require that investments
4 tY ty . re4 ,
F4 be sold ata loss subsequent to year end, id ecline m value would be recorded as a loss
F at _year. end:-' ;= ` ✓ ;�
�. 1
A, , substantial ,portion of :the, .City's :'investments are in short-term, :highly ' liquid
instruments, with original maturities of three months or less, including in4esfinents inthe`t T
Cafiforma' Local. Agency Investment Fund and Los; Angeles County Pooled Investment ;i
t s Fund totalii' $22 '412 411. For ses of the'statements of cash flows all Ied cash
' g P P ',. P°°
' and investments`field by the`enterprise`and,inteanal'service funds are considered to be
short-term and, accordingly, are classified as cash and cash equivalents
g. Fixed Assets ` r
n -
' + _ General fixed assets are no't, capitalized m the, fund- used to "acquire or construct :them
Instead, "capital , acquisitton =and construction' costs. are reflected - as expenditures,
`in' F
' governmental Rind types, and the related assets are reported m the General Fixed Assets `
Account Group r, All purchased fixed assets'are;valued at costwhere historical records
„
are available and; at an estimated' historical ,cost where no historical records; exist
Donated fixed assets are valued at their estimated fair, market value on the date received
GenerA'fixed assets`acquired by capital lease are recorded as;expendituies and"other
l financing sources in the acquiring` governmental 'fund: These obligations ire :then' ti
r reflected in' the general fixed assets and long term' debt account groups • Public domain M
i("infrastructure")general fixed insets consistuig of.roads; bridges, curbs<and gutters, t'•,
streets and sidewalks; drainage systems and lighting systems are,not capitalized, as.these a {,
' assets are _immovable and of value'only to the government Assets'ut the General Fixed
r Assets Account Group are not depreciated t
Fixed assets purchased by proprietary. fund types are capitalized at historical, cost, while 7
contributed assets are recorded at fair.marketvalue on'the date donated k,.Depreciation
is c1.harged to operations using a straight-fine'method, based on the'average useful life; of
the asset ;The estimated useful fives of the `assets are as follows
x
r Equipment f� 5 = 12 years
IIY . See independent auditors' report
r
r t I
v` CITX OF SANTA CLARTTA
=NOTES'I}0 FINANCIAL STATEMENTS l.�. � ,r. "_`,
„ CONTINUED r
1
June 30,-1991':,
r I ,
r
1' SUMIAARY'OFSIGNIFICANT;ACCOUNTING POLICIES,(COIVTTNLJED) : J.
f h ,Employee Compensated Absences
In governmental funds, compensated' absences (unpaid 'vacatton) are recorded'as` \y'
` �expenditu;es m the year paid, as ir=is the City's pohcy.to liquidate any. unpaid vacation
= at `June 30 from'future resources rather than currently available expendable resources
at June 30 1992 the entu+e tun d liabih of $243,680 for' the
1. +governmental funds is recorder m the General Long -Term Debt AccounrGroup `t /I
,i
,,
r
ti r Property Mazes are an enforceable hen.on property as of.March 1 +' Taxes are leased on
July 1 and j are payable 'in. two installments
on November 1 aad February: 1, ,which ;,,,y ,
ti become delinquent on December`l0 and Apii1 l0, respectively ;The County 10,
'10
k Angeles bills and •collects piopeity taxes for the City ,Remittance of property taxes'to
the City, is accounted for m the City's General
, �
r
j ' Inventories:
:`f tJ 4 ' fa ,, 1 \ , � 1.� � <, i;• f r I' :.; , 7 � e ,,_, lV s.)x-+ Z ;_
j: Inventories are ' accounted for on, the purchase • (expendituie) method, wheieby '
` < expenditiires for inventory: are wnttea off as ancurred: There were no sigmficanti ' 'J
tones on hand at June 30, 1992
CIalI11s and Judgements:S t 1 r, r
When it is probable that'a claim liability has been incurred at year end and the amount lr. ,
{,
'.,of the loss can tie reasonably, estimated, the City records the estimated loss, net of any
insurance caverage,-under its "self insurance program claims payable, which mclude'an r
!estimate for incurred but noi; reported claims
(IBNR), and is 'recorded in
an Internal ' , ?:
rService Fund
w', 1 Total Columns on Combined Financial Statements
The'combined fmancial statements include total columns which. aggregate the financial ,
! statements of the various fund types, and account groups. The columns are designated
F ` , "Memorandum Only" because the totals are -not comparable to a' consolidation m that
interfund,:transactions are'not eliminated
$ee independent'auditors`..report}
Ili
'16- ti
r :.`a,� i-_.X� 7 r ♦ r i is 1t 1 i.:�
s Sin... -
9i
CITY OF SANTA CLAIUTA r
:µ
NOTES TOFINANCIAL'STATEMENTS J I f t
(CONTINUED),
l ,
r June 30,1992' ,
1 2 `. CASH AND INVESTMENTS (CONTINUED)
`l h Investments Not Subject to Categorization
+ Investments in the California Local Agency;Investment Fund; (LAIF)`and the Los Angeles
;• Co}inty; Pboled'.Investinent Fundam not: categorized, ,as GASB,'3r does not iequire ' I'
categorization of investment pools: managed by another government Also, investments:of
se
the Deferred Compensation Plan'are not categonzed;',berzuhe underlying assets of these '
F y- 'funds consist primanly:of guaranteed investment contracts issued.tiy insuruice companies
(GICs), annuity contracts. or open-ended mutual funds. All such investments are not required ''
V
be categorized under interprettve guidelines issued by the GASB 1
!` y Cahforma Local Atge Investment Fund
1 ! ., 1 t 1 t rk � .p• ,�, ` .., T 3 � � . l �:� � i ,, " ° i", f ,. O �' •' 1 r , r (
The LAIF is a.special fund of the California State Treasury'through( which local governments
�.. ,
r 1 t may pool mvestnients ': e City and the Agency each may invest up to $15,000,000
' fund., Investments in LAIF arehighly liquid, as deposits can be coiroerted to cash within 2
hours;wtthoi►t loss of interest
r
1 rl c Angeles CountPooled`Imestments Fund (LACPIFI ! ,
The LACPIF is `a pooled investment fund program governed by l the Las Angeles County,
1 Board of Supervisors and is administered by the Los Angeles Countymeasuier'; Investments '
in LACPIF,are highly liquid as deposits and withdrawal canshe made at anytime without �,:,
+ 1.
penalty" In addition, there is no investment liinit and interest earnings are calculated monthly {, 4
and credited quarterly
r i ) I r �/ i ✓ 3 d P V J
Y • 1
t � � 1 < f-. +_ _ r v , ✓ � `fir
r�: ''See independent auditors' repoIt18
CITY, OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
r (CON I IN[TED) w _ ti
4.
.+ ✓ Y. l r i 1 / x f 1 T June'i 30,..12
i.
2 CASH AND INVFSTMENTS'4CONTINUEDpe
Cash and investments are reported in the accompanying combined balance's as'follow
w �
Cash'and imestmerits �; c $.30,836;439��
;c Cash and :investments with fiscal agent
t l y i t
i
`P 4Allocation of Interest Income Among Funds \ ` \
/ x` t I, y i;. ! 5..,{ '..'. •a,;, k.. -: ,1.., � Y ,:.; { v t :- ! -'' ?'':. ,, is
r i• f ` `Interest income from pooled investments is allocated (1) to those funds which are requm
{ ='bylaw, or administrative action to.reve interest'and (2) the proprietary funds `?Interest
' n allocated, monthly, based.,ori the cash balances terest.
in each fund ieceavuig in, Investoren
1 specifically to the capital projects fund which,received,the bond proceeds J t
IIr k
3 ,'PROPER i PLANT1 AND
Changes`inltheGeneral Fixed Assets Account Group for theyear ended'June 30, `1992 are'
Balance :: '
is lbllcpv�s:
,Balance; a � •" , ,_
June June 30,
1991" ' `Additions s Retirements 1992
" Land and improvements $23;022,515 $ 52,875,000 $ $ 25,897,515
`Buildings ,3,569,746 8,720;217: ` ` 12;289,963',
i/ .. `Equi merit; \' ' 3:015:863 'f `1:091.663' 4[107.526
P
t >'lbtais • $29;608i124 $12:686.880 - 95,004;'-
' Changes m the enterprise f_ andproperty, dant and egiupment for the year ended' June 30; '
.. <
4992 -areas follows } ,
4 June:30, { ,• June 30,5 .. ,
1991 Additions Deletions
Equipment:, acquiiedby
t X
,capi lease $ 2 010'275 $''4'152 204 $ = $ 6 162 479
I ')'Equipment purchased_ 69 016,' - `69,016 }
2,010,275 $ 4,221,220-$-,- 6;231,495
Uss-aC.C.umulalGY s ' r+ + i . i •.
' depreciation
Net' Assets k'. r $ 2 010 $ '5.798 981
1
i See in
auditors' report ,
i \':,J r, rfi ly 1 ( ' • t * � I �` ) / C x f � � � 1 -20- ^ i -� / { ' u L 1 j " l ,'`Y"' A, ✓ 5't
5 �
✓ i,. _ L I - �i I^ u'. Al r {1
CTTY OF, SANTA CLARITA`
. NOTES TO FINANCIAL:: STATEMEN S
(CONTINUED) ` l l r
' June 3071992 r : y
C GENERAL LONG TERIv1 DEBT '
- The"following is a summary of the'changes in the City's general long term debt for the year
ended June 30,,1992:.
v % BdlaI1ce�BalanCe
June 30 "r
Additions-
Pit DeletionsP� 1992
Los Angeles `
County Debt l ,'$1,358,680 $ ` .,1 $ $ 1;358,680 }
,.Corporate yard. debt , 1,934,514 1,934,514
Financing Authority {et F r
Revenue Bonds `v
r..
!
Series-19 22;940,000 22,940,000* J
,Note payable , , ;; " 2,557,436 2,557,436
r: Compensated absences.,-"ti 159:697 83:983 <- , 243.680 ,
Total'$1452,891.-$25,t581,4191 1 934:514 $ 27.099 796 r l
�a LosAngeles'County Debt \ ti
' During the penod between June 30, 1988 and the incorporation of the City, Los Angeles
\ County (the County) pmyided vanous municipal services to;the City. :,•The County of Los t
Angeles computed the value',of such cervices to' be $3;736,519 As: a condition of
'incorporation, such amount is payable`over a five-year period and carnes interest at a rate
J 'equivalent; to the rate of inierest yearned by the` Los:A igeles County Treasury ]?oo1 for
e,.
^ T each year" in the(five year?penod The mterest :rate for. fisWa ,,year 1991 was
`) "appiozimately 3.5% ;; As of June 30,;:1992,'the;pnncipal amount due to-the County
'aggregated $1;358;680
}t
''Principal-and -,interest, payment on such indebtedness will fluctuate depending on the+ n
County Treasurer's ,rate of return iPrincipal and'iriterest'payrrients of $1,358,680 and } .
interest estimated at $437,569, _respectively, are due m the year ending June 30, 1993:
b Corporate Yard Debt
On October 15, 1990, the City acquired a facility for its public works activ'ties.and park
maintenance: ''Through,this ,acquisition;',the City. assumed fa loan for $1,946,348,;with F
7' payments due of $18,300.per month;, including, interest at :'10.5°!o,''commencing '
`November 1;.1990 A final payment of $1,934,514, including uiteest, was niade'with,
the'proceeds of the Financing `Authonty Revenue Bonds Senes 1991 (Note�4c) dunng
the fiscal year
See independent auditors' report W
v a 21
" { CITY OF SANTA`CLARUA
NOTFS TO'FINANCIAL STATEMENTS' pF� x
�.;
71
(CONTIIQUED) r a
lune 30; 1992
4 ' GENERAL LONG TERM :DEW;( _
t
r K
r A a Futancing Authority Revenue Bonds Series 1991 '
y r Oa October 1, 1991 the Santa Clanta Public Fiirancmg Authority issued $22,940,000 of
" Revenue,Bondsr Series 1991.--' The Authonty:srmultaneously with;the receipt of tfie 1
a t Bond proceeds acquried $22,940,000'of.Cemficates of Pamcrpation-issued by the Santa
f a , Clarity Redevelopment Agency.. The proceeds froni the Certificates were transferred from,
the Agency to the* City to finance,and/orrefinance the design,'acquisrtton,-.improvement
;or, construction of 1and,Qhe:CityHall' Building:and'ceztairt road improvements, and `to d
refinance "the, Co rate,Yard;Debt (Note 4b In exchange for. transferrin the proceeds `
r �.. (N ) •. $ 8.
frim the. Certificates to the City; the Agency acquired a leasehold interest'in land,'.the I '
Ci Hatt Buildm and."public im rovements the facilities The Agency, leased
back the facilities to the City for lease payments'to be made by the tity: toe. the Financing z
'Authorityequal to the`pnI.ncipal and interest due on the revenue bonds '
Principal amounts on$6,055,000 of serial bonds mature annually each October 1, in -the
:years 1992,through:2003 and -bear interest at rates ranging from 4:80% to 6.50%.,,Term
f bonds in:the amounts"of $3 035 000 $7,000 000 and $6 850 000=aredue October. 1 `
., .. f r a'., — ' '
` b 2011, 2020 and,,,2021, respectively, and bear interest at 6.70%,.1700% and 6 7590,
respectively.. , Interest is']ayable semi=annually,oft Aprils l and October 1 beginning in
M r
1992
' s .'The bonds are subject to optional redemption -on or'after October I, 2001,' andon
` interest` payment date. thereafter at a'piice'equal to the` -principal, amount plus accrued
i,
interest to the redemption date;. plus' a,premrum ranging from 0.090 to 2.00%."'1':
F� 'a• 1 I I.; ;.4 \.` r m , �- ,l.l � , J :; rt `fir
.,
` The term bonds are subject to mandatory redemption on any October 1, from 1999 to
r :i
,2021; inamounts ranging from, $145,000 to $905,000; at price equal to the principal\
r Y
amount plus accrved'interest to the redemption date
-
' In 4 addition r f the% rbonds are subject to
-1mandato redemption under various other i
f 1 r circumstances as described iii the official statement dated"October l; 1991 ,
�.
See independent auditors' reportr
a Niast6r, Lease Oblig
In May 1991 'the
.1n the 4 . irbunt'of 3
j
carnes an mterest.:
_-t 'h bofay� 1 20
transit hroug
ses fbri-th(
S d t'iu
See in ditlirsl,reF
off the changes
I _1 -"I ..
payment to pay
92,of $243,68C
gmmng balanceinthe
1, - , -1 , . .
e outs g nability. for...
e.
-V
md,typ.e'long -.term 'debt 1for I
CC. Balance .
'June '30
Addrhons ` Deletions 1992
0000 $'156,9971,1993'003'��
5
-0()0
J
888,000,� 156 9rj
Ar
Q 708)(32.7611 m A
Fund:
$ 6.855,242
9
$4a895 000,
(tions -1,
-A
[ty- enteied'ifiw -a master lease and option to purchase agreement'
150,000forthe lease- o. uses., Such. agreement'—
ite at,6.17%,px-*�pble swe tie ra Navembe,r.'I" 1991 -
"'th"
f 'the City has eased
ese.
1.�,Undei'the terms'o 7, ,
Citywide public transit tem.
establishment of
c
e
Cf
ClTY OF SANTA -CL ARM wi
j
'NOTES TO71NANCLAL-STATEMENTS
3
(CONTINUED)
June 30, 1992,,
GENERAL LONG TERM DEur. (CONTINUED).'.,
-',e.'-_Compensit6d
Absences -
Jn,prioryears,4159,697of comp6risat6d-absences had been incorrecdX, in u cl.dedasa.
liability! the Generil"Fund and CisTaxFund.-,:"The, fund balance of ,
-in -begftuiin
a Niast6r, Lease Oblig
In May 1991 'the
.1n the 4 . irbunt'of 3
j
carnes an mterest.:
_-t 'h bofay� 1 20
transit hroug
ses fbri-th(
S d t'iu
See in ditlirsl,reF
off the changes
I _1 -"I ..
payment to pay
92,of $243,68C
gmmng balanceinthe
1, - , -1 , . .
e outs g nability. for...
e.
-V
md,typ.e'long -.term 'debt 1for I
CC. Balance .
'June '30
Addrhons ` Deletions 1992
0000 $'156,9971,1993'003'��
5
-0()0
J
888,000,� 156 9rj
Ar
Q 708)(32.7611 m A
Fund:
$ 6.855,242
9
$4a895 000,
(tions -1,
-A
[ty- enteied'ifiw -a master lease and option to purchase agreement'
150,000forthe lease- o. uses., Such. agreement'—
ite at,6.17%,px-*�pble swe tie ra Navembe,r.'I" 1991 -
"'th"
f 'the City has eased
ese.
1.�,Undei'the terms'o 7, ,
Citywide public transit tem.
establishment of
c
CITY OF SANTA' CLARM
NOTES -TO FINANCIAL STATEMENTS , ' s.
(I..x r '
f ti. /+
ONTl1�UED)
June 30; 1992 \
-J)
F Interfund receivable and'payable:.b'alances"as of June ,30, 1992' areas follows
Fund Dlle From , ^ Due To
General Fund:' Y$ 2,337;309 $, ; <14,179
r
/ Special Revenue Funds � •k J ' 1 �
17 166 _
f .
f 6' E, Gas •(iC r .: 1 \ ' t rr2'� tt •�.
Impmvement ' '< a 137,500- a;
SpeCial,AsSessment
r 1 r State Park Grants ' ( ` y' ' S44a646 ,
Tr�aynsportation Development Act (TDA) Fun .
f.Tiaffic Safety r^1�,.1 t �.. r. '„ p A 'l� a -i. (' . 36�854�, ( .�'...
Community'' Develop mentBlock Giant (CDBG) ` x`145,840'
w
Y' / Federal AidUrban(FAU)14,734 i
Capital Projects Funds; c , t
r General Capital Projects 944247 r
" Transit Enterprise Fund 72:850, .:
$' 3 281:556 ' 28155
I
-7' DEFINED BENEFIT PENSION PLAN
t[:I / x
The.: Crt;!'coritnbutes to the State ofCalifomra Public•Employees'R *rnent System (the S
w System"), an agent multiple -employer; public employee retirement system that acts as a
F common investment and administrative agency for participating public entities',within the",',
f ' $tate of California' The Crty's.`payroll for employees covered by the System for the year
t - ended J66'30,49§2 was $5,982,613' The total payroll�for,the year was $6,953,338
[(
�s All full time Cityemployees are eligible to participate in the System.-,! Part-time employees l
` generally do'not participate in the System. ;Benefits vest after five years of service `City
employees; who retire at or. after e fi with five ears of credited servrce,;are entitled
age Y `
z > to an annual retirement benefit, payable 'monthly for life, in :an amount equal to a benefit
,x , factor multiplied by their final compensation' Final compensation is the average monthly 4
1, „ pay rate for the last consecutive 36 rtioriths of ;employment 'The' benefit factor is an
f 'y account equal to between 1 92 % and 2,418% multiplied by the ;number of years of, t f
"credited employments The percentage amount Is' based ow the age `of the employee at
retirement, increasing from age, 50 to age'
Employee and Employer Contribution Obligations:
The,Citymakes the contributions required of City' employees on.their behalf:and far their
account The; employee contnbution rate is set by statute The present member ate rs 7%'
of wage$ � r.,. / 1 � . ', i • xV I� i I / �} � \
s !'See independent auditors' report
26-
1 - r _'. f � i i ` rt /thy . •, *i I � ir.{ ati •,
1 r ✓/. L I J 1 ...
CITY OF SANTA CLARTTA
-NOTES TO FINANCIAL STATEMENTS
,r (CONTINUED),
June 30;,,l992_:,:'.
r L.
DEFINED7BENEFTT PENSION ELAN (CONTINifED) '
.Funding- Status and Progress (Continued)
u' Pension benefit obligation ' -
`� Retires and beneficiaries,currently,receiving.benefits
t \ and terminated employees not yet recexvmg benefits f $ '7 20,658 ;
Current'employees:. r, ��'}
Accumulated employed contributions; including allocated
' �nvestmenteaimngs 488,56$::
EmployerFfuianced vested` F, 343.485
Employer financed nonvested t
pension benefit obligation 852,711'`
Net assets'available' for benefits, at cost ' : d
4 (marba value;, $1,174,403)
r
Excess of net assets over pension benefit obligation
17
Actuarially Determined, Contribution Requirements' and Contribution Made v /
_
The System uses the Entry Age Normal Actuarial Cost Method which is a pmlected benefit '
t ,
it method That is; _ it takes into account those benefits that are expected to be earnexi inv
the future as wellas those already accrued.'
, -.` ,, V •.:`I ( „1- \ ac.t.. -' }.�,
rAccoift to'this cost method the, normal cost for an employee ms theievel amount which
] ;would fund the,pmojected benefit.mf rt were paid annually,fmom•date,of employment until �.
retirement)-The System uses;a modification of,the-Entry,Age Cost method in which the
employers total normal cost is .expressed as a level percentage,of payroll =The System also
uses the level' percentage of payroll method to amortize airy,-unfunded actuarmal.lmabilrties
{ The Cityof Santa Clanta had no unfunded actuanal'lmabmhty, at lune 30, 1992
The significant actuarial assumptions used to compute the actuarially, determined contribution
' „r>; ✓ requirement„are the same as those used to),compute the pension benefit obligation, as
% > previously
A contribution of $811,727 was made to the system: for 1992 in accordance with actuarially
determined. requirements computed through an actuarial yaluation performed as of June 30,
t
-'49§1::The City contributed employer contributions of $391;196, (6 54W of current coyereti
payroll) and `on behalf of employees wntributed; $409,357; (6 84% oftcumrent covered
payroll) ,Employees contributed, $11,174' (189b of current covered payroll) on their own
' 'behalf
r
1 �z
See independent auditors' report
1 },- V t\. '' 1r .d 1 ,l 1„ I -. jI .J r rk 4 , `. �C A .•
i � 1
CITY. OF SANTA Cr ARrr - ,
NOTES,TO FINANCIAL ST[1TEMIIVTS
'r (CONTINUED)
1 tip; June '30j,1 w e n
1 g DEFERRED CO '
i.r J i 1 t 1 ,'•" J,i �F:i rf ' r ` f_� ! I ( '.•• J f 6, y , �.' f r
The City has established a deferied compensation plan for all officers and employees of the ,
'.City under Internal` Revenue code Section: 457. Participation in the plan is,voluntary(and 1
may: be rewl�d at a�! time upon advance wntten .notice. r } Geneially, ttie: amount' of J
r Vcompensauon; subject to, deferral until retirement,: disability or other termination by a.:,-.:
pamcipant may not exceed the lesser of $7,500'or, 33 1/3 % of includible compensation
Amounts withheld by the Crty_under this` plan are'depositedregularly;with "the ,Iaternauonal
Ci ers Association CMA Fund for investment. As uired Section 1.457 2G) i,� '
h' Mang ,(I ) by,
of Intimal• Revenue Service iegulation,. plan assets are held as unrestncted,,City assets ,
R r subject only to the claims of the"general creditors 'of the City, Participant rights under the I
>, plan ate equal to those of general credlfors o� the City m an; amount equal to the fart marl
value of the deferred account for each participant ,The City believes that it is unli�ly that ,\
n it will use the "assets to satisfy" the claims of general creditors<in the future
rr
r
The : City's fiduciary responsibilities under the Plan include the deduction of defesied ,
".compensation from'employee compensation and the remittance of such rdeductions to ICMA t
'for investment.• r A " 1 1- e •. (' f x).:'1� y f r
vThe assets ofthe Pfau is the amount of $873,124 are included in an Agenry Fund in the
city financial
statements
tc 9. INDIVIDUAL
bISCLOSURES.
The Self Insurance Internal Service Fund'expenenced a net loss of $22,479 for the year 1
�.
r resulting in an accumulated deficit of $243,095.-., Such loss chiefly arose from ttie continuing
evaluation of /the City'sloss ecperience and the e§tabhshment of an: appropriate provision
,.
# for awaited but not reported losses This deficit has been,appropnately reserved for in the
General: Fund's f�und :balance.:` The City: plans on ,\recovering flus amount through future 7 :;
perating
trart�!�JF': �
w ;' The '17ransit Enterprise :Fund has,
anunreserved' deficit retained earnings of,,$300,000
June.309,1992 1'Fund balance:ia.the'genertl fund has not been reserved for•tlus;amount V
' because the City expects to recover the deficit by, an increase m fares andytransfers from
other funds
i
J
r:
See independent -auditors' report r +
r : - a ;
CTTX OF SANTA CLARTTA r
.i
NOTES TO FINANCIAI; STATEMENTS
' ✓ r `ICON DTUED)
4 June'30,
A 10 SELF-INSURANCE
!� � '.� �.,, t � _{ �:�.+ _� , •+„13� it -.` tl ._• �° I'A� 1 -n
The City. is self-assured for.the fust $250,000 on each general liability claim against the ;
` City.'; , At June 30, 1992, $805,000 was accrued for,generally, liability .claims. - These
accruals represent estimates'of
of,,
to, be paid for incurred and:reported claims as wellr
as incurred but unreported claims based upon past experience andmodified for current
trends Iand information„ --While the ultimate'amounts of losses incurred through June 30, ,
1992 are dependent on future developments; based upon information provided from the City.
Attorney; outside, counsel and others involved with the administration of the programs, the
' City's -management .believes that -the aggregate accrual is+adequate to cover such losses S
Third -party. coverage : is, ,curiently maintained; for. general _liabilityclaims ` greater than `
$250,000 up to a limit, of $10,000,000 and all workers', compensation claims.:
11 RESERVES 'AND DESIGNATIONS OF FUND EQUITY'' y
A city may set .up "reserves” of fund equity to segregate fund balances or retained earnings '
which are not appropriable for expenditure in future periods; or which' are legally set aside
: fora specific. future use:. Fuad "designations also maybe established to indicate tentative
plans for financial resource utilisation m a future period '
The City's reserves and designations at June 30, :1992;1 are tabulated below, ,followed by
,I explanations as to the nature and'purpose.of each reserve and designation
Special Debt
r Geneial Revenue
Service Enterprise
a' Reserves. Fund Fund Fund Fund '
` ,Continuing apprapnations
Encumbrances ' :760,318: ?- 314,152
Self insurance `,'J 243095
.viicc6unt&receivable ' �i ;'150,000
f : Prepaid items 42,856
'< 2 4.
Debt.service , - •- - .250.700 ; .89.500
'Tol RESERVES 4 428 749 $ 314,152 $ 2.250 700 489 500
s ,. Special Capital y
Revenue
Designations ,, Fund Funds - Funds-,-', r
Capitat unpmvements $ }' $ $10,789,516
r�
Specialrevenue purposes 11,180,622
�. Contingencies 3,595,365
TOTAL DESIGNATIONS. X3.595.3651 180.6 22 $1
See and pendent auditors' rt "
=ice repo
31
CITY OF SANTA CLARITA
Nt71'F.S TO FINANCIAL STATEMENTS
f"
lune 30, 1992
i - .: L-,' y ,t. ''•. � � "., { — :�' " l,: els •
' 11 RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED)
/ Ile
4 ; a Reserved for Contmumg Appropnations
Appmpnauons for capital projects and other expenditures. which are unexpended as :of
" g ` Jime 30,'1992 willcarry forward as continuing appropriations to be expended in 1992 �_
t 1 , 93
b' Reserved for Encumbrances = ti,
Amounts reserved for encumbrance§ are commitments for materials and services on ,
purchase 'orders and contracts which' ate unperformed
I�
M.
'Reserved for Self ItISUIance °�,
This reserve is for the deficit retamed earnings m the Internal Service Fund for self
i
C `
:. ,� d Reserved for Accounts`Receivable , ,
This reserve i§ to `indicate that these accounts receivables are not "available" as a ,
F , resource to meet expenditures of the current year: {
l
ti r
e Reserve for Prepaid Items
This reserve is to indicate these prepaid items are not "available 2s a resource to meet
s� expenditures of the current year
1,S l/ c; i'eJA 1
Reserved for Debt Service:.-, '
I A %•.ti 1 t �} f _J'l (, 1 r f. - t I },,r_ 4:
+ ` ' These reserves represent amounts accumulated in accordance with a bond indenture or ,
t
1 _. •..0 I '1 t r� _similar covenant
g Designated -for Capital Improvements:
6 ti ..
V. -,
These funds are xdesignated to provide for new..capital addittons as determinedrby the
-City Council
,
\ wt: ` p ..� /f � 4 "`,' i 11 rl �+ r*i . 1� � i F � ':!✓ ! e - lr.°� Y
f
Z `
e See mdependerit auditors' report `
L,
+I �l: ,.Y. I '�'I:�J 4 r ,_a t ~ ,::r .. ( .", < �.•j t n�\..V ,` �, F:"
.4
CIWORSAMk, CLAMA..
q,
N OTES FINANCIAL S
TO
(CONTH-TUED)
Yj-
1992
une 30
I.;
14% POST�EMPLOYMENT BENEFM' Io
In'addition- to the'r6tir6mint benefits In o e i des st-' m6nt'
rn.�-
��-','i,��-,,�.,�hiWth.care6'e�efits'in'a6c6rdaiice..with:i o %to all 6mpl who rre'
'attainin
the City" on 'or "after ining age 50 with e
IT,
'of"the redicei:enrollment including e. ment! of flamily."mimb �j 'a:h
T. --cost,
4
'j""benefits plah to a ma7dmum of $362.50 perlznonth.�, The coniribution�by fi,
''in of $1b per'
farnil
employee s members is limited to a maxunu mon m ann yl;
'August ty f th6 -monthly contribution by, the employee unff such. time aslhe,.,,�
every, 5 %:o,,
6iributions equak.
tirees employee cc
"hie,
City ffinds* thek amounts on'a pay'- s -you -go basis..: For:fiscal year 1991-92 there'was',
one eligible',participant, for, which the.Cit id $211 �fhr medical'insurance prenuums.,
'y
q
"K,
0 �7,
I r
q ,
I
f1, A
. . . . . . I IT-
T j
he City pays th
ers in ealth
the C ty the
creased uall
'K
j e'independefit auditors -Tepo
Se
IT T;
34�
r
D
1
Al
SUPPLEMENTARY INFORMATION
,
r l
I )
All
CITY OF SANTAfCLARITA
v
a
J I
'
COMPARATIVE BALANCE SHEET ;
, ,
GFNFRAT FUND
June 30;J992 and 1991
+
1992 1991
ASSETS. r
,t
t
°c Cash and investments
y.
$ 7 057 096 $14,279,788 ,
Accounts receivable
850,895 731;069
'
`.Interest receivable.a"
214,310 264;466 ,
Due from other funds 1
2,337,309 480,028
Due from other governments'
,.'
Prepaiditems '
'a 42 856 65:403
{
y
`c
TUTAL ASSETS
$10,502,466 $15,822,097
`
-` L AND FUND MALANCE, <
TARTT.7TiFC
`Accounts payable "and accrued liabilities ;Y y
$ 2;121,472 $ 3,365,941
Deferred revenues
* 296,734 108,658
:Deposits:
Due to other funds
' 14 179 325.006
TOTAL LIABII.IT.S ", !;
2.478 352 " `3 799.605
.
FUND BALANCE: a
` ,
Reserved for capital.improvements
4,500,000
`-
Reserved for continuing appropnations -
3;232,480 1,861,502
Reserved for"encumbrances ` �,
" 760,318 , ,'�.. 542;375
Reserved for self-insurance v `
243,095 �" 220,616
`
,
VReserved for long-term. obligations
3,293;194
Reserved for prepaid items.; ' '
42, 856
'
Reseived for accounts receivable
150 000 -
Unreserved
'
c„ Designated for capital ° improvements
X
+ Designated for contingencies "'
3,595,365 '
'
UndesignatedX604
805
TOTAL BALANCE
=
8.024,114,- 12 022,492
FUND .: i
TOTAL LIAB11 I IES AND FUND BALANCE $10.502 466 15$ 822.097 F
t�
)
rfl J
i
Ir
11
TDA Traffic
Proposition) Totals
!� ,
\
"Funds Safety. CDBG
'• FAU C 1992 °.
1991
$ $ ' 904;210
$ 1;351,546;
'
410,132 r 9;915
;= 12,516 ` = 822;538
. 763;603,: 1
2,368,479 611,817
%1,992,796 1,0`12,726 '10,395576
8,126,635
�i
395,576
597,099 �
57.265
31 `615
-2 778.611 4 4 1 611.817
1,992.796 1,.025 302 12 566.758
10,870,498"L
L`
611,326'
- ' " 2,419,968
`2;168,589.
.`
611;326.
79,000: 4
f
355:174
'
=-
-611.3263.386.
4 68
2.249:345'
{`1.992.796.
2.778.611 ` 405.49 1 491,
1.025.302,,_- 9.180.290
8:621.153
r
`
' :{
! � - 260;000
\4690000
�
� ,,
(1:947.227) (402,6271
,y•
(1:992:796) LLLLL ).:.710.835.9391
(5:926.256)
=
1.947.227 X402:627) -
_(1 992796) (10375,939
-(5,236.256)
A
Ir
831 384 ' 2.864 `�4
'° � ` "�� '1.025.302 (1 ,395,
13,384.897-
h I
7,981,713 `.
12,887,286
9,502,389�
'I
7.981:713 -
128 783
9,502.389
`
8 13097, 2 64 - 491
$" -` $ 1.025.302 $11 495134
286
M887,28
I
J
J�
•.
�� x i i J A �
�' 9 � i
V , �
C ..J
`CDBG !
< t
x ,
FAU
{
H '>• , t ,.. Y6alalll�.
•)
YaiianQe
h Favorable „
`I ; Fawrable
Budget Actual (jjnfavorable) Budget
s Actual :. (Unfavorable)
,
,
'
' 611;817 89 817 400 000 ,
l;992,796--: 1,592%796
.522,000 ,
■
22 1' 7 89.817 400 000
4:992,796 1.592.796
J
868,857',:- -6111326 257,531
A,
868.857 611,326
If
400,000
(346.851,992.796
7) r' 491 r 'S ' 347.348
1,592.796jr
j
'. „• ' - 16?136.173)?
` (1.992c796) ,'4.143:377,`
-
r
"':16,136,173
(1,992,796Y '4.143,377
4{3 6 8571: = ' `491. ,347,548 173)
�' = �5 736 173) I
,4,5.736
$ (346 7":$ d91 " 347 348 $(5,736:173
16"
�_5,736,173
7
I
r
t r
CTTY`OF SANTA CL'ARITA
;
COMBINING BALANCE'S
'
ALL DEBT SERVICEFUNDS
i,June 30, 1992 '
e
With coinpacarive totals for June 30, 1991 Y
I General PublicY
J
City `. Finanang Totals
�.r Debt' ` IAuthonty ♦ 1992 1991
ASSETS:
Cash and investments with; x.
fiscal agent !$ $ 2.250.700.$ ° i256,7;' 250.7 $
` BALANCES
! FUND
Reserved for debt service $ $ 2.250 700 $,'2 250.700
-
i
P �
♦ A 4
r
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t
1.•:
i fi
1
h
': .55 r
-
CTTY.OF SANTA CLARTTA
COMBINING, STATEMENT OF:REVENUES;>EXPENDTTURES;AND CHANGES
;.
IN' FUND BALANCES1
c
, r
ALL DEBT SERVICE FUNDS`
,
For the `year. ended June 30, 1992
-'With totals for the ended June 30'.1991
comparative year
!
" General Pubh'c
t r ! City Financing ' Total's
\ Debt ° s Authority 1992 1991
REVENUES
Use of money an property $-' — S 210,427,$ 210.427 t
�
E3�fp
ENDTTURES
Principal retirement 1,934,514 1,934;514
Interest •'; 193;090 ; -;,747,051--, 940;141
.
Cost ofboad issuance -.2673.778 673:778-)'�
TOTAL EXPENDITURES 2 ` 1,420,824 548 433
rr "' EX/''yVCEESpS� REVENUES
(UND
EXPENDTTURFS �: _(2 127b04) x,210 402)'1 33� 8006_)
Y
s < r OTHER FINANCING..,,`w
SOURCES (USES); f 1 i -, 1 _
a Bond p'ioceeds :_ 22,940,000 22,940,000
Operating"transfers m 2jV,,604 .546,500 2,674;104 `
Operating, transfers out' !20.025 398)120 025:398) J
TIITAL OTHER'FINANCING
SOURCES (USES) r ;' l 2 127 604 ' X3.461 102 - 5.58 8706
= r 17; j �
r 4
_
l ;EXCESS OF:REVENUES
` AND.OrHER•FINANCING ' h
h { ` (SOURCES OVER
EXPENDITURES AND
\ I
OTHERFINANCINGUSES ,'�-2,250,700': 2,250,700
'FUND. BALANCES"
' BEGINNING OF YEAR
z
FUND BALANCES
END OF ,YEAR `, j u / $ - $ 2,250.700 2 2 0 700 S x
,
i
' CITY OF SANTA CLARITA
`
COMBINING STATEMENT OF EXPENSES AND ,
F :REVENUES;,
CHANGES IN RETAINED EARNINGS✓ }
1
;ALL INTERNAL SERVICE FUNDS'
For the year ended June 30, 1992
t
i With comparative totals for theyear. ended Pune 30, 1991
,-Self Vehicle, Totals
.' r
' ' `• ; `1 " _enlacement ` `1992
ti' Insurance
OPERATING REVENUES J tv Q
Charges for services' $ 482,616 $ 200,283 $ 682,899 $ : i t� ,
',
OPERATING EXPENSES
Services and supplies 533 671 71 890,'622%;
'
r ' OPERATING INCOME (LOSS) (51,055): 200,283 1490228 (890,622)'
`=NONOPERATING REVENUES:,`f
1:
Interest mcome -15.120r
!
Ul
} ; INCOME (LOSS) BEFORE "• ' . ti '
1 : , OPERATING TRANSFERS Y '(22147 9) 215;403 192,924
OPERATING TRANSFERS SIN 40d'QQQ" FI
` NET INCOME (LASS) `, '(22,479) • 215,403 ' 192,924 '(453,393)
;
' RETAINED, EARNINGS (DEFICTI'S) -
BEGINNING OF: YEAR @20, 6161 200 000 (20.6161 ' 432
�. ✓
RETAINED EARNINGS (DEFICITS)'_ r:
r. 2$ f 43.095)^ 415,403172 08
END OF-YEAR
r
et'
r _
1 C
•
CITY OF SANTA CLARITA
Y
COMBINING BALANCE SHEET:'
`
ALL TRUST AND AGENCY FUNDS
June 30, 1992.
'
With comparative totals for June 30, 1991
Expendable'
a /Trust _ ,:AEen�'Y '
'
General Deferred Totals
� TSL Compensation 1992' 1991-,1
_
ASSETS " TY !; e `• r r ' 7 _ m ! _
v
_'
t'
Cash and investments' $`,593,943 $� ..` ,; . `, \ $ 593,943 $ ; 452 986
•'Cash and'mVestments , R
m.
withagent ' %-< 873;124 ` 873,124 623,41
,fiscal
Interest receivable - 902
s
TOTAL ASSETS , ` , 94 4 $ " 873.124 1 467 969 1' 076 592
r
LIABILITIES:
Accountsle:'and �:..
Pa Y�
accrued liabilities;' s : $ '26,635 $ 4-` $ .26,635 $ 27,007
'
l
Deposits "1 -' 568,210 568,210 �" 426;115,
'
Deferred,compensadon pa}able y - = 873:124 " 873.124 ' 47
;
TOTAL LIABILITIFS 94 84 $ 873.124 1 467 969 1076 592
$ $
.
f
f
1 � •(
r^
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.e
Statist Aa ct
i ' f
' " CITY. OF SANTA, CLARITA
- 'General Governmental Expenditures byFunction (1)
Aki Fiscal Periods from December. �15\1 1987 i ' r I ,1?
(Date of Incorporation),.to June 30,`1992
`.✓ S I � , - r ( J. (`I r " , P � ` � ire � -
\NIA prior to lncorporation of 12/15/87
Fiscal" GeneralPublie Public �' Parks i Community Main '.Capitate_;, Debt;:
' Yearl, Government l/ r,Safety .; Yorks Recreation Develop. -. nanee Yt EOutI Service
z 1987-88 /8'1535 ?75'.S2,329,8991. S7 235 438 S 237,932 f ' 150 032 `860 298 r` 880 'j57' S 62.704
r r .7
1988=89 1,982,151 }7,281,724 { 3,079,575 1,084;379 680,954 0 1 1,897,366E i 852,561 116,858,710
v
X1989_=90 13,721,584 '7;047,498 `7,174,219 2 448,765 1,.21,896 '�0 'y 11,589,753; 1,149,551 34,553,266 ,
Y:
f 1990-41 4,337,791 7,498,105 ,6,427,528 3,818,211 1 871,961 OA 9,591,664; ' 403,909 r 33,449,169. _
1,. •1, 52 y ,...
1991.921(7 3,566,198 ti 8;419,797 x;5,293,024 5,609782 /5,021,236 ' 0 24,424,817: 3,548,433 55,883,287
!� 0)'lncludas General, Special Revenue, Capi;al,Projeets and Expendable;Trust
Source City. Finance Department
Y i L' � ft. 1 r:• 1 'r ..�1 1�,.. _`ti's{ l .. ,t)
/ i � i L 4 ^ l f• r J � t ,.. k � [, f { a , 1� � A
, I
1 I
r \
J,
CITY OFl SANTA
Schedule of, Direct and; Overlapping Bonded. Debt ' w'�F t FIrl
:\`
r \J "` e:. I r ti � r+, � June 30,1992 3 .^, � -" ! , � •-
L 4 , •� ) � t \ t �i, w J
92 Assessed Vatuatiom 57,122,607 746 ;i t ro' f 4 y i 'C'.
!�
DIRECT 'AND OVERLAPPING BONDED DEBT f X Aootieablel 30/92'.
Los Angeles County - " t 1,705% , -5 1;386,591 r'
:Los Apgeles,County Building Authorities , { r 11 705 4# 34 '441 529,'
Los Angeles County Super Intendent`of Schools' ) `, " .1 705 ,'t .'370,240• ,
los Angeles County Flood.'.Control District _ \ !� !1 j84 .` .2j175 053
Los:AngelesCounty.Flood�Control,District
r... _ --. > -, '
certificates;;of Participation 4 784 � S; �; , ,
' ,1 ter:'" Los Angeles CountytSanitation District #'26 11 •83 716 S F 611,127
y r F 7 Los Angeles`County Sanitation District"N32r ,!1,74 269 v":,r :- 468,021.,,,
-`� Castaia Lake Wstar Agency`-�` r, '� �. ;,T3 488 (, 4 7 348,800 %jl
Newhall`;County.`Weter District, 1.Da�E2 (Serer,& Water);, y 93:182 94 104"
Santa ClaritaCommunity,College District ZV, 73 101-
k
01 k William, S. NartUnion High_ Sehool'Diatriet ' '��r ;f `-
r,
wl
endCertifes of Participation �, }� !' 73 086, kl '(w,2,309,518 '' )t
New hailrSchOoly District /_ / i
�aertificates of Partici ation `;' 1.y;: --.86 5251
r ,-�-Saugus,UMon School,Pistrict ^
ertilitcates,of Partieipatlon.l I �_.F r` , 70.464 a .* 3;332,947 .
r Sulphur'Springs,Union School, District` I`•. s r }.., I I f='`�
and.CertifiCates of Participation 79 462 22,863,602 j.:' •'
•�' City 0 Santa Clarity Certificates of Participation (�+ " L,'100.'000 't +22.940 600
r ,I TOTAL DIRECT AND QYERLAPPINC BONDEp DEBT; y" ✓ r -1" 5107f 241 645
Ratfos'to Assessed Valuation
� � ,f Direct Debt' " 0 32X I /� " �•! �� s'i+ 't > < ,.,.� .:'.
" Total Debt.' ' 1.51%
'
' STATE SCHOOL BUDDING AtD ,REPAYABLE AS OF 6/30/92
A 1
,,Source: California MunicipaI Statisiies
, . ✓,, I
i Y .
k r l �,1 ✓ 1e t -� F I � fr ��'�: L i ( � �.` V ,I ( r \. i r
f
IT
^•' f-> f + I ✓ �' ✓'CITY OF SANTA CLARITA n '�"'" 1 '✓ `'
\ it �!l� 1 s e( X�/, ' I Y�,, ! ,i �} _:>'✓ 1 l 1 1�" 1 "` �� \ � '.�l\ � .r'rl
Property°Tax Levies and Tax:Collections t
4 c, r
7 / 1 ' ` r ALL Fiscai'Periods from December 15„1987 \
I (Date of( IT Lneorporation) to June 30, 1992
Ip '�• 5:” / f 1 Total'
1:� ` F 'Total Current' i' h
fiscal 'Year F Current Lew : _ Collections K
> > A hvv 1987 88 rr� ` \.> N/�1dJ I r J ✓ a 1::.r N/A}
J.-
_1988-89 I / \I, 52,628,992 r ':f2,45T,851;`
a
' ✓
1989-90, 2,673,787 } A2,515,423:=;
199041- +,; {,) \ ;X 3,396,9031--.3,159,97T�;• k :~ '
/ Y
!
1991-92— I' 1 ,1 - ' 3,992,6541 4 Y 3,704 424,
N-1
J I �� l P.'� �' }It I•' �l - J , y ✓ /,,� , a
\+ NOTE -"''Article.,%IIIA ofxthe ConstItution:of the'. State of, California adopted, by the
,`electorate in June, 1978,-pr�ecludes 't a City from a loeal�pir'operty tax levy All
general'; purpose propertyttaxeslare, :.levia yithe county, allooated'to
governmental entities on a;predeteFmined formula 1 {
�•1 / 1 4 J �,J t'.: �v
b.
'Source: ' City ,Finance Department I
q� ;. ° t y II o., 1+ V.: I. r 'k1 + ( " ti,• Il 11x'.) \ +� ;
x t I J
Nirr i'.. I \ ! i:�iF
f e !' I{ +' t - 1 k,
a. 1 1,• r z Z \ _ -
I,
If � -• a 'J ft'1 ..•'J J([ `.1 A I P'; L E ) 1 `..:
Z' r' [ ` t tr i y 1 • , i Y ,,
711
> � ,.•,1 � F t} " : r "{ , / Y I � • � ' + + 'IY � ! 1'� 1 y +� i. � t u 4,� 9 } + :+ ( Y + } �.,- y ?
4:
7 - � � ., -•(}' + 1 CITT •OF tWTA CLARITA
a
r I' ;. } , , - �'•I nsurance,in Force -,(continued)
t I' \ -- •� ' June 30.111992 ,r•c i- ..-f,• { ` , a .v:?.r. . '
St,!Paul. Insurance I •400JA2403 �r „-Employee Ofshonesty f \ 25,000 s ,: , 1/18/92 1/18/93
`St Peulrtnsuranea ��'I ` f., 40OHV9732 ,� Publico Official S 0.80 ,000 .` 8/5%91 8/5/92'
\17{ Bond for
f _ 1.
city Clerk
I N "., I x +1 � 'S r l :, J ✓ : �.. i � � � v I/ v 1/ 1 �' 1 i _.
St. Paul Insurance v,., t"" 1 �' 400JE6122 `� .^, Public .Official, . f' 4 �, 50000 a -� _9/3/91 9/3/92:+) ,
Li
l
Bond foe„Admin:,,%' a f
r
Assist.,'- On
r State Compensation Fund +' \{ �. 1060671 ^1 'r YorkeNsrCompensation S""150,000 5/1!/91 5/1/92
�Relience Insurance Company ,�� 08851182201 A Business'tneome c t +f4�500 000 t:.
i .;rt �.'
itLI,Insurane6'Company,,( INFOO7505 'Earth eke ( f15;000,000
t
Houston'Cas-UaLty Insurance J .HP11M 14 ''= Oiffernce in ''y 55,102,500 `':1 11/26/91 11/26/92
Company Y {.. 1 v ” "i ! ': Condltio'nS
American MatIonat Fire,,,,'!a-` IMP706237700 - Extess Flood �f10;000,000 '11/26/91-11/26/92
4 JI � �. 1 L i' � � vv f l / I. f + r,, �aG {� ➢ ( -
1F �
f ' o
J
\ •.. 4 \ 1 / r >` 1 - 1 ` tib/ i , . {
f _
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1 Source city Risk Management i� r ' \' \\
t �� I l�Y \} �.' + r 'Ir �' i � 11 +f a '� 6 �� } , � ••t {� '{,. }' t r_� .,
I
T.
79-' e' r' C.
a
1 3 n r,•
r p...: , �; n .. f J. ._ _
� v` Z '� 0 A ti !` d I �; @y;
1 f
} ' ;:
ai ♦ ll v `.i 1 r
` ' - f , y I `'� ' ` °.�
r ,.-� .I a ..V - if -/ ,!
v . i .. '. .CITY OF SAMTA CLARITA 1 r ' r r- i1 . r �2 . -
f r',° , f : „ / ` v ,r Principe l" Taxpayers and Xalor1. Employers fl 1 } ' ,-, ,xF ,
sf +r 1 `/ ,II �1 r :v f �r lc� e,1 \ 11. rI 1t� � (t .., % I . F,,�1S f , ��'� '/ �, j 1 ����t�.
ti,11�,, ,r!t� June 30, 1992 '., �r 1 f' A 4n p 1 ''t
` . 1Prineioel'Taxoavers 1 Emolovment I products/Services '
cam ' r F , : ..:' i ) I t ,, '.I \ , f l \, !.i
? t ti/ d': Magic Ford i �' ,.t F •, '•'c200 Car/Dealership `. 1
.��_. �r
} + `. it f, � -v ,f, , S
. t "f_' r `, , t^ Frontier -;Auto Sales v I ;10W \,Y.!`` "Car Dealership " r f
( 1 .; :i , r;r i , II..., A' e r a�, r ')f r r , :_ r
p , k n
i ti 'Tar et Stores1. f ` I, a I �'� .(
9 r 200 , , Department Store ✓ �"f. i
+, F' y 'Hughes Xei'kets ,` r _, .} • t ��.'-Grocery Store 1 �� `y '�'11
'
k Y rI'll c,1.
?.' ucky Stores I ''
307 Y 1 `Grocery Store t
1 r A'1.r�v \ t 7)., t/i / I ,,'. l I _\1. `j ..i 1 ., �. � , 1 l �� '�
� , ' , J�Mervyn's ^^" ` ,1 � '150 l/ til S 'Department Store '' ' � } 'ri
�., "� -. ,� ` 'The YonsCompames\ -+ " 281 - Grocery Store 1 r ° �`, i '
a
f � 7 . I >'1` . I
I,Valencia Motors f , 60 I/ ,Car Dealership , " :-
1 f �` Scott Irvin ChevroleU ' -"��85 ,Car Dealership -, �' ( �
IIf. , f.i i ... t
! y1 �, 1 ,( 'I T..K Xart��- I f , rl .1. �A19� , t Department Store �� r. -
,
I, ! 1. ( a I - t 11 v' 1i t �,� 1� If ••I �, I, ;:} v �t 1 r `� I-
? ✓ �/, -.:.7 �., t Yrs I I �. �+ ' �'. t I .\ 41 S
f, 1, 1 :< I > /, } ., AF 3 ' S .i '' - , ( � rt.lf ��..� ii'.
v A 1. N.L '0 i r E' '. A-
` r ./ •I Inform11 Iation not available'; I .•- ` ' ' , '-- :.
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All Fiscal Periods fromDecember'15, 1987�;�
t (Date of;Incorporation).to Juna:30, 'I 942
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1988-8V "I.000000 _ .002781o'—,.1 0 825 082829 /-• .002750 04
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1989 90'1.000000 002242', / .( 081833 ' 1' I ' 062990002230 066679�� i 155974
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11991 92 '1L000000';`I 001880\ �_� 059573;;' .:037935 .001457 / 0052045 ` 1'.106049
Source Los Angst asl County Auditor/Controller ' \`� _ ( r,
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'' •t The Los Angeles County TaxCollecto 'a;Offiee,bid not have rates available for the fiscal "year,. ended
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