HomeMy WebLinkAbout1996-12-10 - AGENDA REPORTS - ANNUAL FIN RPT MGMT LETTER (2)AGENDA REPORT
City Manager Approval
Item to be presented by:
Steve Stark
CONSENT CALENDAR
DATE: December 10, 1996
SUBJECT: 6-30-96 COMPREHENSIVE
MANAGEMENT LETTER
DEPARTMENT: Administrative Services
BACKGROUND
ANNUAL FINANCIAL REPORT AND
The City's independent audit firm, Diehl, Evans and Company, has completed the City's annual audit
for fiscal year ending June 30, 1996. 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 FYE 6-30-96. An excerpt of this letter is shown as Attachment 1.
As part of the audit engagement, Diehl, Evans and Company prepared a Management Letter
(Attachment 2) 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 weaknesses in internal controls. For FYE 6-30-96, there were no significant
material weakness comments by the auditors. Diehl, Evans and Company has incorporated the City's
response into their recommendations and comments.
RECOMMENDATIONS
1. Receive Comprehensive Annual Financial Report and Management Letter for FYE 6-30-96.
ATTACHMENTS
- 6-30-96 Comprehensive Annual Financial Report - Available in the City Clerk's reading file
- Attachment 1 - Audit Opinion Letter dated September 27, 1996
- Attachment 2 - Management Letter for FYE 6-30-96
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DIEHL, EVANS & COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS
18401 VON KARMAN, SUITE 200
IRVINE, CALIFORNIA 92612-1542
(714) 757-7700 • FAX (714) 757-2707
September 27, 1996
City Council
City of Santa Clarita
Santa Clarita, California
RODNEY K. McDANIEL. CPA
MICHAEL R. LUDIN, CPA
CRAIG W. SPRAKER, CPA
PHILIP H. HOLTKAMP CPA
THOMAS M. PERLOWSKI. CPA
HARVEY J SCHROEDER. CPA
• A PROFESSIONAL CORPORATION
In planning and performing our audit of the general purpose financial statements of the City of Santa
Clarita for the year ended June 30, 1996, we considered its internal control structure in order to
determine our auditing procedures for the purpose of expressing our opinion on the general purpose
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, and that transactions are
executed in accordance with management's authorization and recorded properly.
During our audit, we noted other 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.
COMMUNITY RECOVERY AGENCY LOAN
Auditor's Comment and Recommendation:
The promissory note for the City's loan to the Community Recovery Agency requires interest to be
charged per annum on the principal balance of the loan. We noted that interest had not been accrued
since the inception of the loan. To more accurately account for the balance due by the Community
Recovery Agency to the City, we recommend that interest be accrued on an annual basis.
Management's Response:
As part of the year-end audit process, interest was accrued from inception through June 30, 1996.
The interest will be accrued on an annual basis.
-1-
OTHER OFFICES AT: 2965 ROOSEVELT STREET 613 W VALLEY PARKWAY, SUITE 330
CARLSBAD, CALIFORNIA 92008-2389 ESCONDIDO, CALIFORNIA 92025-2598
(619) 729.2343 • FAX (619) 729-2234 (619) 741-3141 • FAX (619) 741-9890
INVESTMENTS
Auditor's Comment and Recommendation:
The City's purchase of investments and the safekeeping of the investments are done by the same
bank. The investments held by the bank are kept in a legally separate department of the bank and
the investments are in the name of the City in the internal records of the bank. The arrangement
described above is the minimum legal requirement. The Local Agency Investment Guidelines
published by the California Debt Advisory Commission recommends the use of a safekeeping service
that is not related in any way to the broker/dealer who sold the investments (securities). Government
agencies should strive to "perfect" the delivery of securities purchased by avoiding situations where
a relationship between the broker/dealer and holder exists. Even in situations when the safekeeping
function is in a subsidiary or trust department that is legally independent of its parent company,
strong ties between the two may remain. In the event the bank fails, governmental agencies may have
some difficulty in regaining possession of their securities. We recommend that the City use a
safekeeping service that is not related in any way to the bank who sold the securities.
Management Response:
A request for quotations for safekeeping services is being prepared and will be completed during the
1996-97 fiscal year.
These conditions were considered in determining the nature, timing and extent of the audit tests to
be applied in our audit of the City of Santa Clarita general purpose financial statements and this letter
does not affect our report on these general purpose financial statements dated September 27, 1996.
This letter is intended solely for the information and use of the City Council and management.
We wish to thank the accounting 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 clarifying the above,
please do not hesitate to contact us.
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CITY OF SANTA CLARITA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
June 30, 1996
INTRODUCTORY SECTION: Page
Number
Table of Contents r
Letter of Transmittal iv
GFOA Certificate of Achievement for Excellence in Financial Reporting xviii
CSMFO Certificate of Award for Outstanding Financial Reporting xix
Officials of the City of Santa Clarita xx
Organizational Chart xxi
Map of the City xxii
FINANCIAL SECTION:
Independent Auditors' Report
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups
2 - 3
Combined Statements of Revenues, Expenditures and Changes in Fund
Balances - All Governmental Fund Types and Expendable Trust Fund
4-5
Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - General, Special Revenue Funds,
Debt Service Funds and All Budgeted Capital Project Funds
6-9
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
10
Combined Statement of Cash Flows - All Proprietary Fund Types
11
Notes to Financial Statements
12-41
Supplementary Information:
General Fund:
Comparative Balance Sheet 42
Comparative Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 43
CITY OF SANTA CLARTTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
(CONTINUED)
June 30, 1996
Page
Supplementary Information (Continued): Number
Special Revenue Funds:
Combining Balance Sheet 44-47
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 48-51
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - All Special Revenue Funds 52-60
Debt Service Funds:
Combining Balance Sheet 61
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 62
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual 63-64
Capital Project Funds:
Combining Balance Sheet
65
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances
66
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - All Budgeted Capital
Project Funds
67-68
Transit Enterprise Fund:
Comparative Balance Sheet
69
Comparative Statement of Revenues, Expenses and Changes in
Retained Earnings
70
Comparative Statement of Cash Flows
71
Internal Service Funds:
Combining Balance Sheet 72-73
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings 74-75
Combining Statement of Cash Flows 76-77
CITY OF SANTA CLARrFA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
(CONTINUED)
June 30, 1996
Page
Numbe
Supplementary Information (Continued):
Fiduciary Fund Types - Trust and Agency Funds:
Combining Balance Sheet 78
Comparative Statement of Revenues, Expenditures and Changes in
Fund Balance - Expendable Trust Fund 79
Statement of Changes in Assets and Liabilities - All Agency Funds 80
Account Groups:
General Fixed Assets Account Group:
Comparative Schedule of General Fixed Assets by Source 81
Schedule of General Fixed Assets by Function and Activity 82
Schedule of Changes in General Fixed Assets by Function and Activity 83
General Long -Term Debt Account Group:
Comparative Schedule of General Long -Term Debt 84
STATISTICAL SECTION:
General Governmental Revenues by Source
85
General Governmental Expenditures by Function
86
Assessed and Estimated Actual Values of All Taxable City Property
87
Scheduled of Direct and Overlapping Bonded Debt
88
Schedule of Legal Debt Margin
89
Property Tax Levies and Tax Collections
90
Insurance in Force
91-92
Demographic Statistics
93
Principal Taxpayers and Major Employers
94
Property Value, Constructions, and Bank Deposits
95
Property Tax Rates - All Overlapping Governments
96
Miscellaneous Statistics
97
iii
23920 Valencia Blvd.
Suite 300 '
Santa Clarita
California 91355-2196
City of
Santa Clarita
November 30, 1996
Phone
(805) 259-2489
Fax
(805)259-8125
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, 1996.
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 to all material
respects and are reported to 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 fudged to substantially
conform to program standards. In order to receive the awards, agovernmental 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 seven years' financial
reports and, in my opinion, the accompanying financial report conforms to the high
standards of public financial reporting and will again this year be submitted to both
award programs for review.
PRINTAMN RECYCLED PAPER
In accordance with the above-mentioned guidelines, the Comprehensive Annual
Financial report is divided into three sections:
I. 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
II. Financial Section
Independent auditors' report
General purpose financial statements
Notes to general purpose financial statement
Supplemental financial statements and schedules
III. Statistical Section
Pertinent financial and nonfinancial data that presents
historical trends and facts about the City
The Financial Section of this report has been structured so as to represent a "reporting
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, 1996, 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.
v
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 when 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 loss from unauthorized use or disposition; and 2) the reliability of
financial records for preparing financial statements and maintaining accountability for
assets. The concept of reasonable assurance recognizes that: 1) the cost of a specific
control feature should not exceed the benefits likely to be derived; and 2) the .
evaluation of costs and benefits requires estimates and judgments by -management.
All evaluation of the City's system of internal control will continue to occur within the
above framework. We believe that the City's internal accounting controls adequately
safeguard assets and provide reasonable assurance of proper recording of financial
transactions.
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, debt service fund, and capital project fund are included in
the annual appropriated budget. 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 expenditures 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 governmental funds. Encumbrances at year end lapse and then are added to the
following year's 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 mupal 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 Clarity Santa Clarity
Redevelopment Agency and Santa Clanta Public Financing Authority.
vi
General Government Functions
A summary of the general government functions overall operating results for the fiscal
year ended June 30, 1996 and the amount and percentage of increases and decreases
to relation to prior year revenues and expenditures is presented below. General
government functions include the General, Special 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.
FISCAL YEAR 1995-96 REVENUES
Other Agencie
37.4%
Fines & Forfeitu
0.8%
Use of Money & Prop.
4.1% nPVPinnPr Fees
Taxes
39.1%
Vii
nses & Permits
3.0%
Service Chrgs & Others
9.2%
INCREASE
PERCENT
Fy 95-96
PERCENT
(DECREASE)
OF INCREASE
REVENUES;
AMOUNT
OF TOTAL
FROM FY 94-95
(DECREASE)
TAS
$ 22,706
39.1 %
S 537
2.4 %
LICENSES AND PERMITS
1,749
3.0
477
37.5
DEVELOPER FEES
3,747
6.5
(1,049)
(21.9)
USE OF MONEY & PROPERTY
2,397
4.1
57
2.4
REVENUES FROM OTHER AGENCIES
21,698
37.4
(5,740)
(20.9)
FINES AND FORFEITURES
445
0.8
27
6.5
SERVICE CHARGES & OTHERS .
5,332
9.2
887
20.0
TOTALS
$ ' 58.074
100.0%
$ (4,804)
(7.6)
Other Agencie
37.4%
Fines & Forfeitu
0.8%
Use of Money & Prop.
4.1% nPVPinnPr Fees
Taxes
39.1%
Vii
nses & Permits
3.0%
Service Chrgs & Others
9.2%
The City experienced an overall decrease of 7.6% in general government revenues.
The stability of the City's tax revenues, which comprises 39.1% of the total revenue
base has been consistent in minimizing the effects of a weak economy in prior years
This is reflected by Revenue from Taxes gain of 2.4% from last year's total. Sales
tax, the City's largest revenue source, increased by 2.4% due to a modest recovery in
the state's economy. The largest increase in taxes was seen in the real property
transfer tax which increased by 20.1% from last year as a result of a County audit
which showed the City was due additional revenues. At the same time, franchise tax
revenue increased 5.6% due to growth in the Cityty. Business license taxes along with
the City's new Peddler permits increased by 9.6% from last year showing that
businesses are continuing to make Santa Clarita their home.
Revenues from Licenses and Permits showed the largest gain with an increase of
37.5% due to an overall rise in the issuance of various types of building and safety
permits.
Developer Fees revenues are collected at the approval of a project but not recognized
until the expenditures are incurred. During the 1995-96 fiscal year, developer project
expenditures were significantly less than last year thus accounting for the 21.9%.
decrease in Developer Fee revenues.
An overall increase of 2.4% in Use of Money & Property occurred during the fiscal
year. This is due mainly to the high occupancy rate maintained in City Hall
throughout 1995-96. Interest income actually decreased slightly due to the slow
decrease of interest rates.
Revenues from Other Agencies include many of the State and County subventions
that the City receives.. This revenue category experienced.an overall decrease of
20.9% for several reasons. The most significant decrease occurred in the City's
revenue received from FEMA as a result of the 1994 Northridge Earthquake. This
amounted to a 98% decrease from last year. Park grants experienced a 95.8%
decrease due to the rescheduling of projects for next year. As a result of obtaining.
new grant funds, the City has been able to offset some of these decreases: Some of
the new grants obtained include the Office of Traffic Safety Grant, Economic
Development Administration Grant, Federal Transit Grant, U.S. Department of
Agriculture Grant, and the Los Angeles County Open Space Grant.
Fines and Forfeitures, which consists primarily of Vehicle Code Fines, increased by
6.5% as a result of increased efforts made by the City's code enforcement staff.
Revenues from Service Charges and Others experienced a decrease of 20.0%. This
increase can be attributed mainly to the receipt of funds in the prior fiscal year from
various Homeowner's Associations to reimburse the City for earthquake repairs of the
paseos.
viii
FISCAL YEAR 1995-96 EXPENDITURES
INCREASE• PERCENT
FY 95-96 PERCENT (DECREASE) OF INCREASE
EXPENDITURES AMOUNT OF TOTAL FROM FY 94-95 (DECREASE)
GENERAL GOVERNMENT
$ 6,708
12.0% $
1,522
29.4 %
PUBLIC SAFETY
9,755
17A
(362)
(3.6)
PUBLIC WORKS
3,772
6.7
. (2,013)
(34.8)
PARKS & RECREATION
7,066
12.6
651
10.2
COMMUNITY DEVELOPMENT
6,633
11.9
1,886
39.7
CAPITAL OUTLAY
19,182
34.3
(6,305)
(24.7)
DEBT SERVICE
2,794
5.0
109
4.1
TOTALS
$ 55,910
100.0% $
(4,511)
(75)
Park
Community
11
Public Safety
Public Works 17,4%0
34.3%
Government .
12.0% .
ervice
1%
During fiscal year 1995-96, the City saw an overall decrease of 7.5% in expenditures.
The first category of expenditures, General Government increased by 29.4%. This
increase is mostly due to a reorganization which occurred at the onset of the fiscal
9.x
year. General Services. and Property Management divisions moved from Public
Works to the newly created Administrative Services Department which also includes
Finance and Information Resources: Additionally, the Community Recovery Agency
decreased by 37% due to reduced activity while in litigation. And lastly, CDBG
expenditures were moved from general government to Community Development.
Public Safety had a 3.6 % decrease due to vacancies in some of the police positions
which were a direct result of the County cutbacks. Although we contracted with
them for a certain number of positions, the County would not allow certain positions
to be filled thus creating savings.
Public Works experienced a 34.8% decrease in expenditures mainly due to Property
Management. and General Services being reclassified to general government. Solid
Waste division decreased by 59% because the funds used to fight the Elsmere Landfill
were no longer budgeted in Solid Waste. However, along with these decreases, the
Street Maintenance and Vehicle Maintenance experienced an increase in expenditures
due to increased demands placed on our roads due to growth.
Parks, Recreation, and Community Services expenditures went up 10.2% from last
year. The biggest increase was in the Emergency Preparedness division due to the
reclassification of the Special Projects division which was previously under General
Government. Recreation programs were also expanded to meet the needs of the
community and as a result experienced a 17.7% increase in expenditures.
An overall increase of 39.7% occurred in the Community Development category.
The Stormwater Utility showed a 37.9% increase from last year due to the ongoing
expenses developing the Stormwater master plan, and the hiring of full-time staff.
The newly created Building and Engineering Services department which includes
Building and Safety, Engineering, and Code.Enforcement had a cumulative average
increase of 20.5%.
The near completion of all earthquake repairs throughout the City contributed to the
24.7% decrease in the Capital Outlay expenditures. This amounted to a 72.3%
reduction in expenditures from last year.
Debt Service expenditures increased by 4.1% from last year primarily because of the
interest accrued on the loan from general fund to the Community Recovery Agency.
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; the San Fernando
Valley, and the Antelope Valley. This enterprise fund was created to. provide
management with information relating to transit operations, which include debt
service, depreciation and amortization. For fiscal year 1995-96, Proposition A funds
of $2,411,671; Proposition C funds of $593,800, and TDA funds of $2,626,605 were
used to subsidize transit activity not covered by user fees.
The internal service funds provide services to other City departments. The City's
internal service funds consist of Self Insurance, Equipment Replacement and .
Computer 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. Accordin to California law, cities must
use the 1978779 ap ropriations as a base year and modigfy that figure by the composite
consumer price index and population changes which have accrued in subsequent
years. Because Santa Clanta is a newly incorporated city, the Los Angeles County
Local Agency Formation Commission used 1985-86 fiscalyear appropriations at
incorporation as the base year on which the City will modify each year. The City has
sinceperformed 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 recently received a Certificate of Excellence award from the .
Municipal Treasurer's Association of the United States and Canada for its Treasurer's
Investment Policy. This is the fourth time the City submitted and was successful in
receiving this award which commends the City for enhancing its fiscal responsibility
in the management of fiscal funds.
.Temporarily idle cash was invested in a variety of investment vehicles, including the
State Treasurer's Local Agency Investment Fund, Federal and Federal Agency
instruments, Bankers Acceptances, and Commercial Paper. The City's diversified
investment portfolio allows for.flexibility and safety of the total invested funds. The
weighted average yield on such investments for the year was 5.453% with total
interest earnings for all funds at $1,302,311.
Debt Administration
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 6.7% 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, 1996, the
master lease obligation aggregated $1,250,526.
Xi
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 corporate 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. As of June 30,
1996, the City's obligation for Public Financing Authority Revenue Bonds - Series
1991 is $19,715,000.
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,
2004. Balance of the LACTC lease obligation as of June 30, 1996, equals
$3,610,000.
In September, 1992, the City entered into an agreement whereby the Los Angeles
County Transportation Commission loaned the City $2,500000 for the construction
of a commuter rail station. Interest on the note accrues at the equivalent rate earned
by the Los Angeles County Pooled Investment Fund plus one-half percent. Payments
are due annually for five years. As of June 30, 1996, the City's obligation is
$1,000,000.
In October 1992, the City received a distribution of loan proceeds totaling $2,557,436
from the Price Company. This money has been used for the acquisition of certain
infrastructure improvements surrounding the Price Club. Interest on the note accrues
at the rate of 10% per year. Payments are due quarterly and will equal 70% of the
sales tax revenue generated monthly from the operation of the Price Club Center. The
payments will be made for a period of 30 years. As of June 30, 1996, the City's
obligation for the Note Payable is $2,557,436.
In April, 1993, the City entered into an agreement whereby the City will reimburse
Home Depot Company $690,000 for certain public improvements. Interest on the
note accrues at the rate of 7% per year. Payments are due quarterly and will equal up
to 50% of the sales tax revenue generated monthly from the operation of the Home
Depot. The payments will be made for a period of seven years or until accrued
interest and principal are paid in full.
In June, 1995, the City entered into an agreement with Newhall Land and Farming
Company for the purchase of land to be developed for a rail station. Interest on the
note accrues at the rate of 7-1/2% per year. Interest and principal payments are due
quarterly. The City's obligation as of June 30, 1996 is $677,769.
In April; 1996, the City entered into a lease with an option to purchase agreement in
the amount of $525,000 for the lease of a computer system from Municipal Leasing
Associates, Inc. As of June 30, 1996, the City had received $195,848 in proceeds
from the Capital Lease which was used to acquire computer equipment. The
remaining proceeds will be received in fiscal year 1996-97. Interest, at 4.9%, and
principal are payable semi-annually from November 9, 1996 through May 9, 1999.
xii
Elduciary 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 fundis custodial in nature and is used to receive and disburse funds which
do not belong to the City. The Ciry's agency funds are the Deferred Compensation
Plan which represents employee contributions invested in accounts with the
International City Managers Association (ICMA) Retirement Corporation and the
Community Facilities District No. 92-1 which represents bond proceeds from the sale
of Special Tax Bonds, Series A. These bonds were issued to finance aportion of the
costs of acquiring certain public infrastructure improvements located within the .
vicinity of the Valencia Town Center. The bonds were issued pursuant to the Mello -
Roos Community Facilities Act of 1982. This fund was established during fiscal year
1992-93.
Risk Management
The City of Santa Clarita maintains full coverage for all municipal events under its
general liability. policy. This policy provides a $250,000 self-insured retention and is
layered to a total coverage of $10 million per occurrence. In additionto general
liability; the City maintains individual policies for autos, property, flood and
earthquake damage where appropriate. As a precautionary measure, all employees in
a position with significant fmancial responsibility are independently bonded. The
individual bond compliments the blanket dishonesty bond extended to all employees.
Workers' compensation claims are currently administered through the State Fund.
Overall, Santa Clarita has continued to maintain an excellent loss history in this area
due to departmental and City-wide safety training sessions.
To protect the self-insured retention mentioned, Santa Clarita maintains a
comprehensive risk management program which focuses on detection and prevention
of claims though frequent inspection. An annual review of potential hazards is .
conducted in conjunction with our general liability provider, Insurance Company of
the West. This early identification of potential hazards, along with departmental
daily, monthly and quarterly inspections, ensures that issues are addressed in a timely
manner before inures occur. In addition, the City.has implemented a stringent risk
assessment and contract review system which ensures that all contracts have
appropriate indemnification and insurance provisions, thus protecting the City in all
events. Finally, the City as a policy takes a position to aggressively defend all claims
for damages. This fiduciary responsibility is not taken lightly, as is proven in the
excellent loss record sustained by the City since incorporation.
General Fixed Assets
The City's general fixed assets represent those fixed assets used in the performance of
general government functions. At June 30, 1996, the City's general fixed assets
aggregated $49,187,319. 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.
I
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 is fortunate in that it has many community assets to draw
upon. Consequently, the community as a whole, as well as individual groups, have
been very active in assisting in the formulation of goals and setting priorities for the
City. One primary means for gamering citizen input is the Community Wide Strategic
Plan, Share the Vision Il. This short-range planning document, prepared in October
of 1994, set the 'tone and direction for the City into 1997: Key items focused upon .
within the strategic plan included obtaining new roads, enhancing Youth and Family
Programs, revitalizing Old Newhall, defeating the proposed Elsmere Canyon Landfll,
preserving open space and reducing gangs and gang -related activity to name a few.
Each of these projects has received significant attention and are now.well on their way
to completion. While the Strategic Planning process has proven a successful vehicle
for citizen participation, we as an organization are consistently looking for new
avenues to re-engage or connect others with. their local government so that the
community can' be a better place for all.
Capital Improvements
Santa Clarita takes great pride in its ability to obtain various forms of funding for its
complete Citywide Capital Improvement Program. Since 1988, general fund dollars
have not been utilized to fund any facet of the capital program. Rather we look to the
ingenuity of staff to seek out grants and obtain funding from various local, state and
federal sources. During the 1996-97 fiscal year, a variety of significant projects were
set in motion or completed. These include the Valencia Soledad Canyon corridor
traffic improvements, the San Fernando Road widening project and construction of
sidewalk curb and gutter repair in east Newhall.
In the area of parks and trails capital improvements, the City was very proud to
dedicate phase, IV of the South Fork Trail, as well as phase H of the Santa Clara River
Trail. These links in the overall trail system brought the City one step closer to the
premier trail system envisioned within the General Plan. Secondly, the City began
construction of the eight -acre Creekview Park. This park, complete. with soccer fields,
hard courts, and a tot lot, will provide additional recreational opportunities for our
residents within the Newhall area of the City.
xiv
In addition to the brick and mortar capital projects, the Parks Development Division
was successful in obtaining special funding to allow for the acquisition of open space
both in and outside of the City limits. The acquisition included Santa Clarita
Woodlands Park (60 acres), Lost Canyon (26 acres) and 8 acres of property at Mint
Canyon. Each of these acquisitions further the City's stated strategic planninggoals
of preservation of open space.
Significant projects initiated yet not completed in 1995/96 include the alignment
study for the Magic Mountain ParkwayNia Princessa project. This is the first major
roadway proposed for construction since incorporation. In addition, the City is
currently, working with Newhall Land and Farm and the Castaic Lake Water Agency
in the development of a 500 -acre park located within the center -of the City.. In concert
with this project is the planning for the future Santa Clarita Parkway.
Another significant effort now underway is the formation of the Newhall
Redevelopment Agency. The Cityhas held numerous public meetings with interested
stakeholders to develop a shared vision for the Downtown Newhall area. This vision
is expressed in the completed Freedman, Tung and Bottomley report adopted by the
City Council. As a means to finance the capital cost associated with achieving this
vision, a redevelopment feasibility analysis was initiated. Santa Clarita is now in the
process of conducting a preliminary study to determine appropriate boundaries for the
proposed redevelopment agency.
A major source of community pride was also the Congressional approval of the
Ommbus Parks and Public Lands Management Act of 1996, which prohibited the
exchange of National Forest Land for the siting of urban landfills. This bill achieved
through the leadership of Congressman Howard Buck McKeon was a great win for
the City in its ongoing efforts to oppose the siting of what has been termed the world
largest dump directly outside of the City boundaries.
Economic Condition and Outlook
After a difficult and prolonged recession, California's economy has begun to show
strong signs of renewal. By early 1996, the state's economy had replaced all of the
jobs lost to the recession of the early 1990's. Economic forecasts from those including
UCLA, Merrill Lynch; First Interstate Bank and the California State Department of
Finance.all expect this uptum to continue, if not accelerate. Many believe that this
recovery has been propelled by particular growth sectors, many of which rank among
the most promising fields in the future. These growth sectors are also found in Santa
Clarita.
Key among the areas for future growth are the field of technology, design, tourism
and entertainment related industries. Specifically in Southern California, the film
industry has become a key source of new higher wage obs paying more than 40%
above the statewide average. These new areas of CalVornia Economy have been
termed the knowledge value sector. This can be readily seen in Santa Clarita with
over four film studios including, The Disney Golden Oak Ranch, Santa Clarita
Studios and Melody Ranch to name a few. The industrial center, located in the
western portion of the City; houses over 780 firms of this nature embellishing the
xv
City's overalljobs and economic base.
In addition to its increasing knowledge value base economy, Santa Clarita is fortunate
to have a healthy business community. In recent years the City attracted various
commercial names such as Barnes and Noble Bookstore and additional nationally
known businesses. In addition the Creekside auto mall, the Valencia Town Center,
Price Club, Lucky and Hughes Market continue to be several of the largest sales tax
producers and mayor non industrial employers in the City.
Like others municipalities in Southern California, Santa Clarity is not without its
challenges. In 1996 the Valencia Market Place, located directly across from the City
boundaries, opened. This retail center contains many big box retailers such as Toys
R Us, Wal Mart,.! Linens and Things and a future Circuit City. The City is currently
conducting an analysis of the potential sales tax leakage and indirect impacts of the
center on Santa Clarita s revenue picture.
Still, with this and other challenges, all are extremely optimistic about the City's
continued economic growth. Santa Clarita is continuing to experience a steady rise in
property taxes and building permits which, along with sales tax form a strong
foundation for City revenues. On the horizon for 1996/97 there are several new office
complexes, the annexation of Lockheed, a 250 -room Hilton hotel with conference
center, a Spectrum health club, neighborhood commercial developments and a
promising Galpin Saturn dealership.
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.
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, 1996. Based on the latest available data from
GFOA, the Cityof Santa Clarita was one of 1,299 municipalities nationwide, of
approximately 36,000 municipal governments, to receive 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 submitting it to GFOA to determine its eligibility.
for another certificate.
xvi
Acknowledgments
The preparation of this report could not be accomplished without the efficient and
dedicated service of the entire staff of the Finance Division..I should like to express
my appreciation to all members of the department who assisted and contributed to its
preparation, in particular; Barbara Boswell, Acting Accounting Manager; Michele
HHansen and April Skinner, Accountants; Chris Roman, Administrative Analyst; and
Jackie Bialas, Account Clerk. Thanks also to Terri Maus, Assistant to the City
Manager; and Nina Giangreco, the City's Graphic Artist for their contributions. 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, ��II
Stevei�Stark
Director of Administrative Services
xvii
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, 1995
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.
OF
= URRA SfAhS �
MO w
yt MMUT tl s Preside t
sFae
r�ncwo
AExecutive
Director
Xviii
CALIFORNIA SOCIETY OF
MUNICIPAL FINANCE OFFICERS
Certificate of Award
Outstanding Financial Reporting 1994-95
Presented to .
City of Santa Clarita
This certificate is issued in recognition of tneeting professional standards and criteria In reporting which reflect a high level of quality
in the annualfinanclal statements and in the underlying accounting system from which the reports wereprepared.
February 26;1996
Chair, ofessional & Technical Standar onuniaee
1 i
E
PresJdent -
cl
"FT, c 39 Dedicated to Excellence in Municipal Financial Management 39
City. Council
Carl Boyer III
Hamilton C. Smyth
Jo Anne Darcy
Janice H. Heidt
Jill Klajic
City Officials'
George Caravalho
Kenneth Pulskamp
Carl Newton
Jenny Roney
Steve Stark
Lynn M. Harris
Rick Putnam
Anthony Nisich
Officials of the City of Santa Clarita
MAYOR
MAYOR PRO -TEM
COUNCE.MEMBER
COUNCILMEMBER
'COUNCILMEMBER
CITY MANAGER
ASSISTANT CITY MANAGER
ACTING COMMUNITY DEVELOPMENT DIRECTOR
CITY ATTORNEY
INTERIM CITY CLERK
DIRECTOR OF ADMINISTRATIVE SERVICES
DEPUTY CITY MANAGER
DIRECTOR OF PUBLIC WORKS
DIRECTOR OF PARKS, RECREATION & COMMUNITY SERVICES
DIRECTOR OF BUILDING & ENGINEERING SERVICES
CITY ENGINEER
M
City of Santa Clarita
Organization Chart
Citizens of
Santa Clarita
i
City Council
City Manager F— —
City Attorney
• City Clerk
Assistant . Budget
City Manager . Risk Management
• Intergovernmental
Relations
• Elsmere • Public Information
Special Projects • Anti -Gang • Personnel
•Human Relations
Budding& Community Public Administrative Parks,Recreation. Public
Engineering Development Warks Services &Community Safety
Services Services
xxi
City of Santa Clarita
CITY OF. SANTA CLARITA
LEGEND
Financial Section
. I
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•
•
• ®DIEHL, EVANS & COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
• A PARTNERSHIP INCLUDING ACCOUNTANCYCORPORATIONS
• 18401 VON KARMAN, SUITE 200
• IRVINE, CALIFORNIA 92612-1542
• (714) 757-7700 • FAX (714) 757.2707
� September 27, 1996
INDEPENDENT AUDITORS' REPORT
City Council
City of Santa Clarita
Santa Clarita, California
• RODNEY K. McDANIEL, CPA
MICHAEL R LUDIN, CPA
CRAIG W. SPRAKER, CPA
• PHILIP H. HOLTKAMP, CPA
THOMAS M. PERLOWSKI, CPA
• HARVEY). 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, 1996, as listed in the table of contents. These general purpose financial statements
• are the responsibility of the City's management. Our responsibility is to express an opinion on these general
• purpose financial statements based on our audit.
• We conducted our audit in accordance with generally accepted auditing standards. Those standards required
• that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial
• statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting
• the amounts and disclosures in the general purpose 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, 1996 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.
As discussed in Note 14 to the financial statements, the City has implemented Governmental Accounting
Standards Board Statement No. • 22, "Accounting for Taxpayer -Assessed Tht Revenues in Governmental
Funds"
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 combining individual funds and account group statements and
schedules listed in the table of contents under supplementary information are presented for purposes of
additional analysis and are not a required part of the general purpose financial statements of the City of 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.
OTHER OFFICES AT,
D ea , aevi_ct G , i-1.1
-1-
2965 ROOSEVELT STREEI
CARLSBAD, CALIFORNIA 92008-2389
(619) 729-2343 • FAX (619) 729-2234
613 W VALLEY PARKWAY, SUITE 330
ESCONDIDO, CALIFORNIA 92025-2598
(619) 741.3141 • FAX (619) 741-9890
4
Z;L
1*7l";
4
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF SANTA CLARITA
COMBINED BALANCE SHEET—ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1996
With comparative totals for June 30. 1995
ASSETS AND OTHER DEBITS
ASSETS:
Cash and investments (Notes If and 2)
Cash and investments with fiscal agent
(Notes If, 2 and 10)
Accounts receivable
Interest receivable
Due from other funds (Note 8)
Due from other governments
Deposits
Prepaid items
Advances to other funds
Property, plant and equipment (Notes IS and 3)
Deferred bond issue costs
OTHER DEBITS:
Amount available for retirement of long—term debt
Amount to be provided for retirement of
long—term debt
TOTAL ASSETS AND OTHER DEBITS
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable and accrued liabilities
Deferred revenues (Note 5)
Due to other governments (Note 6)
Deposits
Due to other funds (Note 8)
Deferred compensation payable (Note 10)
Long—term obligations (Notes 4 and 7)
TOTAL LIABILITIES
EQUITY AND OTHER CREDITS:
Investment in general fixed assets (Notes IS and 3)
Contributed capital (Note 17)
Retained earnings (deficits) (Notes 11 and 13):
Reserved
Unreserved
Fund balances (deficits)(Note 13):
Reserved
Unreserved:
Designated
Undesignated
TOTAL EQUITY AND OTHER CREDITS
TOTAL LIABILITIES, EQUITY
AND OTHER CREDITS
Governmental Fund Types
Special Debt Capital
General Revenue Service Proiect
$ 6,961,514 $ 19,031,478 S — S 1,680,704
—
— 2,279,094 22,324
2,915,918
1,082,912 — —
104,018
162,124 — 800
3,177,642
— — —
492,414
4,236,883 — 1,287,053
37,298
12,560 — —
1,612,248
— — —
S 15301.052 S 24.523.957 S 2,279094 S 2.990.681
S 2,111,731 S 1,163,047 $
651,218 2,246,526
— 11,133,946
44,030 -
- 1,843,533
2,806,979 16,387,052
S 26,841
18,924
45,765
4,324,568 3,421;353 2,279,094 857,195
8,169,505 10,709,236 — 2,087,921
(5,991,684)
12,494,073 8,138,905 2,279,094 2,945,116
$ 15301,052 S 24,525.957 S 2,279,094 S 2,990,881
See independent auditors' report and notes to financial statements.
—2—
20,966,662 16,092,202
(5,991,684) (3,672,332)
2,488,980 313.083 49,187,319 - 77,846,570 71,451,998
S 11.173,003 E 1.056.627 $ 5.521.446S 49,187.319 $ 25.087,984 S 137,123.363$ 135,923,957_
_3-
Fiduciary
Totals
Proprietary
Fund Types
Fund Types
Account Groups
(Memorandum Only)
Trust
General
General
Internal
and
Fixed
Long -Term
June 30,
June 30,
Enterprise
Service
Agency
Assets
Debt
1996
1995
E 57,673
$ 850,875
$ 286,763
S -
S -
S 28,869,007 S
30,064,240
-
-
5,142,134
-
-
7,443,552
9,148,627
16,136
-
92,399
-
-
4,107,365
4,007,127
-
6,698
150
-
-
273,790
331,973
-
-
-
-
-
3,177,642
3,573,764
1,052,969
-
-
-
-
7,069,319
6,995,153
489,500
-
-
-
-
489,500
489,500
14,198
3,206
-
-
-
67,262
46,261
-
-
-
-
-
1,612,248
1,063,129
9,466,001
195,848
-
49,187,319
-
58,849,168
54,621,204
76,526
-
-
-
-
76,526
88,921
-
-
-
-
2,279,094
2,279,094
2,273,257
22,808,890
22,808,890
23,220,801
E 11.173.003
S 1.056.627S
5.521.446
S 49.187.319
S 25.087.984
E 137,123.363 S
135,923.957
$ 846,293
S 530,347
$ 44,706
S -
S -
S 4,722,965 S
9,210,012
600
-
-
-
-
2,898,344
2,356,544
-
-
-
-
-
11,152,870
10,592,585
-
-
2,300,563
-
-
2,344,593
2,704,376
1,316,760
17,349
-
-
-
3,177,642
3,573,764
-
-
3,176,177
-
-
3,176,177
2,345,377
6,520,370
195,848
25,087,984
31,804,202
33,689,301
8,684,023
743,544
5,521,446
25,087,984
59,276,793
64,471,959
-
-
-
49,187,319
-
49,187,319
45,035,659
1,622,071
-
-
-
-
1,622,071
452,704
489,500
-
-
-
-
489,500
489,500
377,409
313,083
-
-
-
690,492
(1,467,666)
_
-
_
_
-
10,882,210
14,521,931
20,966,662 16,092,202
(5,991,684) (3,672,332)
2,488,980 313.083 49,187,319 - 77,846,570 71,451,998
S 11.173,003 E 1.056.627 $ 5.521.446S 49,187.319 $ 25.087,984 S 137,123.363$ 135,923,957_
_3-
CITY OF SANTA CLARITA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL GOVERNMENTAL FUND TYPES
AND EXPENDABLE TRUST FUND
For the year ended June 30, 1996
With comparative totals for the year ended June 30, 1995
REVENUES:
Taxes
Licenses and permits
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
TOTALREVENUES
EXPENDITURES:
Current operating:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Advances from other funds (Note 4c)
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER(UNDER)EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCES—BEGINNING OF YEAR
PRIOR PERIOD AD] USTMENT(NOTE 14)
FUND BALANCES—BEGINNING OF YEAR,
AS RESTATED
Governmental Fund Types
Special Debt Capital
General Revenue Service Project
S 22,706,122 $ - 5 - $ -
1,749,220 — — -
- 3,746,441 — —
1,060,362 939,821 117,431 279.245
6,428,731 13,613,099 — 1,656,042
131,635 313,775 — —
1,630,350 2,038,494 — —
637,476 405,621
34,343,896 21,057,251 117,431 1,935,287
6,213,054
14,345 — 480,218
9,754,629
— — —
1,174,295
1,977,556 — —
7,065,890
— — —
4,547,573
2,085,595 — —
836,947
11,568,280 — 6,776,850
— — 1,039,967 —
1,753,956
29,592.388 15,645,776 2,793,923 7,257.068
4,751,508 5,411,475 (2,676,492) (5,321,781)
— — 98,978 498,103
2,263,783 84,892 2,583,351 —
(2,840,447) (6,563,655) (1,250,000)
(576,664) (6,478,763) 2,682,329 (751,897)
4,174,844 (1,067,288) - 5,837 (6,073,678)
6,600,949 9,048,801 2,273,257 9,018,794
1,718,280 157,392
8,319,229 9,206,193 2,273,257 9,018,794
FUND BALANCES—END OF YEAR S 12.494,073 S 8,138,905 S2.279.094 S 2.945.116
See independent auditors' report and notes to financial statements.
—4—
Fiduciary Totals
Fund Type (Memorandum Only)
Expendable June 30, June 30,
Trust 1996 1995
$ —
$ 22,706,122
$ 22,169,202
—
1,749,220
1,272,109
—
3,746,441
4,795,744
—
2,396,859
2,339,564
—
21,697,872
27,022,734
—
445,410
418,353
—
3,668,844
3,421,783
620,404
1,663,501
1,023,055
620.404
58,074,269
62,462,544
—
6,707,617
5,185,377
—
9,754,629
10,116,169
620,404
3,772,255
5,784,519
—
7,065,890
6,414,630
—
6,633,168
4,747,081
—
19,182,077
25,487,576
—
1,039,967
1,096,167
1,753,956
1.588,879
620,404
55,909.559
60,420,398
2,164,710
2,042.146
—
597,081
899,399
—
4,932,026
4,174,334
(10,654,102)
(10,953,537)
(5,124,995) (5,879,804)
(2.960,285) (3,837,658)
26,941,801 31,114,954
1.875.672 (335.495)
28,817,473 30,779,459
$ E25.857.188 $ 26.941.801
-5-
CITY OF SANTA CLARITA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS, ALL BUDGETED DEBT SERVICE FUNDS
AND ALL BUDGETED CAPITAL PROJECT FUNDS
For the year ended June 30, 1996
REVENUES:
Taxes
Licenses and permits
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USESk
Advances from other funds
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCES—BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT (NOTE 14)
FUND BALANCES— BEGINNING OF YEAR,
AS RESTATED
FUND BALANCES—END OF YEAR
General Fund
36,274,153 34,343,896 (1,930,257)
9,841,447
6,213,054
Variance
9,801,543
9,754,629
Favorable
Budget
Actual
(Unfavorable)
$ 21,826,460
S 22,706,122
S 879,662
2,025,900
1,749,220
(276,680)
838,515
1,060,362
221,847
9,561,338
6,428,731
(3,132,607)
116,000
131,635
15,635
1,603,690
1,630,350
26,660
302.250
637,476
335,226
36,274,153 34,343,896 (1,930,257)
9,841,447
6,213,054
3,628,393
9,801,543
9,754,629
46,914
1,366,885
1,174,295
192,590
7,582,228
7,065,890
516,338
5,888,249
4,547,573
1,340,676
5,565,685
836,947
4,728,738
40,046,037 29,592.388 10,453.649
(,3,771,884) 4,751:508 8,523,392
1,247,653 2,263,783 1,016,130
(250,000) (2,840,447) (2,590,447)
997453 (576,664) (1,574,317)
(2,774,231) 4,174,844 6,949,075
6,600,949 6,600,949 —
1,718,280 1,718,280
8,319,229 8,319,229
S SS44,998 S 12A94,073 L_6 949,075
See independent auditors' report and notes to financial statements.
Sfl
Snecial Revenue Funds
Budget
Actual
Variance
Favorable
(Unfavorable)
$ -
$ -
$ -
4,857,710
3,746,441
(1,111,269)
142,500
939,821
797,321
23,971,532
13,613,099
(10,358,433)
283,600
313,775
30,175
1,931.077
2,038,494
107,417
22,625
405,621
382,996
31,209,044
21,057,251
(10,151,793)
All Budeeted Debt Service Funds
Variance
Favorable
Budget Actual (Unfavorable)
$
117,431 117,431
117,431 117,431
14,340
14,345
(5)
—
—
—
2,367,099
1,977,556
389,543
—
—
—
8,403,683
2,085,595
6,318,088
—
—
—
29,055,271
11,568,280
17,486,991
—
—
—
—
—
—
1,040,000
1,039,967
33
—
—
1,585,500
1,654,978
(69,478)
39,840,393
15,645,776
24,194,617
2,625,500
2,694,945
(69,445)
(8.631,349)
5.411,475
14,042,824
(2,625,500)
(2,577,514)
47,986
32,600
84,892
52,292
478,652
2,583,351
2,104,699
(6,732,235)
(6,563.655)
168.580
—
—
—
(6,699,635)
(6,478,763)
220,872
478,652
2,583,351
2,104,699
(15.330,984) (1,067,288) 14,263,696 (2,146.848) 5,837 2,152,685
9,048,801 9,048,801 — 2,273,257 2,273,257 —
157,392 157,392
9,206,193 9,206,193 —
(6.124.7911 $ 8.138.905 $ 14.26 69696
2,273,257 2,273,257 —
$ 126.4092.152.685
(Continued)
—7—
CITY OF SANTA CLARITA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS, DEBT SERVICE FUNDS
AND ALL BUDGETED CAPITAL PROJECT FUNDS
(CONTINUED)
For the year ended June 30, 1996
REVENUES:
Taxes
Licenses and permits
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USESk
Advances from other funds
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCES—BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT (NOTE 14)
FUND BALANCES— BEGINNING OF YEAR,
AS RESTATED
FUND BALANCES—END OF YEAR
All Budgeted Canital Proiect Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ — $ — $
198,244 198,244
1,300,000 1,656,042 356,042
1,300,000 1,854,286 554,286
503,495 480,218 23,277
6,288,878 4,276,224 2,012,654
6,792,373 4,756,442 2,035,931
(5.492.373) (2.902,156) 2.590,217
498,103 498,103
(1,250,000) 11,250,000)
(751,897) (751,897)
(5,492.373) (3,654,053) 1,838,320
6,576,845 6,576,845 —
6,576,845 6,576.845 —
S 1.084.472 S 2.922.792 S 1.838.320
See independent auditors' report and notes to financial statements.
Totals (Memorandum Only)
Variance
Favorable
Budget Actual (Unfavorable)
$ 21,826,460 $ 22,706,122 $ 879,662
2,025,900
1,749,220
(276,680)
4,857,710
3,746,441
(1,111,269)
981,015
2,315,858
1,334,843
34,832,870
21,697,872
(13,134,998)
399,600
445,410
45,810
3,534,767
3,668,844
134,077
324,875
1,043,097
718,222
68,783,197
57.372,864
(11,410.333)
10,359,282
6,707,617
3,651,665
9,801,543
9,754,629
46,914
3,733,984
3,151,851
582,133
7,582,228
7,065,890
516,338
14,291,932
6,633,168
7,658,764
40,909,834
16,681, 451
24,228,383
1,040,000
1,039,967
33
1,585,500
1.654,978
(69,478)
89,304,303
52,689,551
36,614,752
(20,521,106)
4,683,313
25,204,419
— 498,103 498,103
1,758,905 4,932,026 3,173,121
(6,982,235) (10,654,102) (3,671,867)
(5,223,330) (5,223,973) (643)
(25,744,436) (540,660) 25,203,776
24,499,852 24,499,852 —
1.875.672 1.875.672
26,375.524 26,375.524
$ 631.088 $ 25.834.864 $25.203.776
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NOTES TO FINANCUL STATEMENTS
CITY OF SANTA CLARITA
NO'T'ES TO FINANCIAL STATEMENTS
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. Reporting Entity:
The City of Santa Clarita (the City), California was incorporated on December 15, 1987
as a general law city. The City operates under a council-manager form of government
and provides its citizens with a full range of municipal services, either directly or under
contract with the County of Los Angeles. Such services include public safety (police and
fire protection), building permit/plan approval, planning, community development and
recreation, animal control and street maintenance.
The Santa Clarita Redevelopment Agency (the Agency) was established in July 1991,
pursuant to the State of California Health and Safety Code, Section 33000. The primary
purpose of the Agency is to encourage private redevelopment of property and to
rehabilitate areas suffering from economic disuse arising from inadequate street layout
and street access, lack of open space, landscaping and other improvements and facilities
necessary to establish and maintain the economic growth of the City.. The Agency is in
the process of forming a project area.
The Santa Clarita Public Financing Authority (the Authority) was established in
July 1991, as a joint power of authority between the City and the Agency for the purpose
of providing financing and funding of public capital improvements and the acquisition of
property.
The criteria used in determining the scope of the reporting entity are based on the
provisions of GASB Statement 14. The City of Santa Clarita is the primary government
unit. Component units are those entities which are financially accountable to the primary
government, either because the City appoints a voting majority of the component unit's
board; or because the component unit will provide a financial benefit or impose a
financial burden on the City. The Agency and the Authority have been accounted for as
"blended" component units of the City. Despite being legally separate, these entities are
so intertwined with the City that they are, in substance, part of the City's operations.
Accordingly, the balances and transactions of these component units are reported within
the funds of the City. The Agency's transactions are reported as a separate Capital
Project Fund and Debt Service Fund and the Authority transactions are set forth as a
separate fund in the Debt Service Funds.
See independent auditors' report.
-12-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
a. Reporting Entity (Continued):
The following specific criteria were used in determining that the Agency and the
Authority were blended component units:
• The members of the City Council also act as the governing bodies of the Agency and
the Authority.
• The Agency and the Authority are managed by employees of the City.
Financial statements for each of the individual component units may be obtained at the
City's administrative offices.
The City's comparative financial statements as of, and for the year ended, June 30, 1995,
have been presented herein to include the City, Agency and Authority. However, prior
year comparisons for each individual fund are not presented, since their inclusion would
make the statements unduly complex and difficult to read.
b. Description of Fund Types and Account Groups:
The accounts of the City are organized and operated on the basis of funds, each of which
is considered a separate accounting entity with a self -balancing set of accounts,
established for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions or limitations. For financial reporting
purposes, the various funds for the City have been grouped. according to defined fund
types and account groups and are presented in this report as follows:
Governmental Fund Types:
General Fund - accounts for all the general revenue of the City not specifically levied
or collected for other City funds and for expenditures related to the rendering of general
services by the City.
Special Revenue Funds - account for the proceeds of specific revenue sources that are
restricted by law or administrative action for specified purposes.
Debt Service Funds - account for accumulation of resources for, and payment of, interest
and principal on long-term debt.
Capital Project Funds - account for financial resources used for the acquisition or
construction of major capital facilities (other than those financed by proprietary funds).
See independent auditors' report.
-13=
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
b. Description of Fund Types and Account Groups (Continued):
Proprietary Fund Types:
Enterprise Fund - accounts for operations that are financed and operated in a manner
similar to private enterprises, where the intent of City Council is that the costs and
expenses, including depreciation and amortization, of providing goods or services to the
general public on a continuing basis, be financed or recovered primarily through user
charges, or where periodic determination of revenues earned, expenses incurred and/or
net income is appropriate for capital maintenance, public policy, management control,
accountability or other purposes.
Internal Service Funds - account for activities involved in rendering services to
departments within the City. Costs of materials and services used are accumulated in
these funds and are charged to the user departments as such goods are delivered or
services rendered.
Fiduciary Fund Types:
Expendable Trust Fund - account for assets and activities restricted to a specific purpose
in accordance with a trust agreement.
Agency Funds - account for assets held by the City as an agent for the City employees'
deferred compensation plan and assets held by the City as agent for the Community
Facilities District 92-1.
Account Groups:
General Fixed Assets Account Groun - account for fixed assets of the City, except for
those accounted for in proprietary fund types.
General Lone Term Debt Account Group - account for long-term debt of the City, except
for debt accounted for in proprietary fund types.
See independent auditors' report.
-14-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
c. Basis of Accounting:
Governmental fund types and the -expendable trust fund are accounted for using the
modified accrual basis of accounting. Generally, revenues are recognized when they
become "susceptible to accrual", that is, measurable and available to finance expenditures
of the current period. Revenues which are susceptible to accrual include property taxes
received within 60 days after year end, taxpayer assessed taxes, such as sales taxes, and
earnings on investments. Licenses, permits, fines, forfeits, charges for services and
miscellaneous revenues are recorded as governmental fund type revenues when received
in cash because they are not generally measurable until actually received. Grant funds
which are reported in 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. Generally grant funds received before
the revenue recognition criteria have been met are reported as deferred revenue.
Expenditures are recognized when the fund liability is incurred, if measurable, except for
unmatured interest on general long-term debt, which is recognized when due.
The accrual basis of accounting is followed by the proprietary funds. Revenues are
recognized when they are earned and expenses are recognized when the liability is
incurred.
Agency fund types are accounted for on the modified accrual basis of accounting.
Agency type funds are purely custodial in nature (assets equal liabilities) and thus do not
involve measurement of results of operations.
For purposes of these general purpose financial statements, the City has conformed to the
pronouncements of the Governmental Accounting Standards Board (GASB) which are
acknowledged as the primary authoritative statements of generally accepted accounting
principles applicable to state and local governments. In accordance with GASB Statement
No. 20, the City applies all applicable GASB pronouncements as well as the following
pronouncements issued on or before November 30, 1989, unless those pronouncements
contradict GASB pronouncements: Financial Accounting Standards Board Statements and
Interpretations, Accounting Principals Board Opinions and Accounting Research Bulletins
of the Committee on Accounting Procedure.
See independent auditors' report.
-15-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
d. Measurement Focus:
All governmental funds and the expendable trust fund are accounted for on a spending
or "financial flow" measurement focus. This means that generally only current assets and
current liabilities are included on their balance sheets, with the exception that the
noncurrent portion of long-term receivables due to governmental funds are reported on
their balance sheets, offset by fund balance reserve accounts. Statements of revenue,
expenditures and changes in fund balances for governmental funds generally present
increases (revenues and other financing sources) and decreases (expenditures and other
financing uses) in net current assets.
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 activity are included on the balance sheets. Their
reported fund equity presents total net assets. Proprietary fund operating statements
present increases (revenues) and decreases (expenses) in total net assets.
e. Budgetary Accounting:
The City follows these procedures in establishing the budgetary data reflected in the
financial statements:
1) The annual budget adopted by the City Council provides for the general operation of
the City. It includes proposed expenditures and the means of financing them.
2) The City Council approves total budgeted appropriations and any amendments to
appropriations throughout the year. There were no significant non -budgeted financial
activities. Actual expenditures may not exceed budgeted appropriations at the
functional or program level. The City Manager is authorized to.transfer budgeted
amounts at the program level. The City has the following programs accounted for
through its governmental funds - general government, public safety, public works,
parks and recreation, community development and capital expenditures.
See independent auditors' report.
-16-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
e. Budgetary Accounting (Continued):
3) Budgets for the General, Special Revenue Funds, Debt Service Funds and Capital
Project Funds are adopted on a basis substantially consistent with generally accepted
accounting principles. Accordingly, actual revenues and expenditures can be
compared with related budgeted amounts without any significant reconciling items.
No budgetary comparison is presented for the Community Facilities District No. 92-1
Capital Project Fund, or the Redevelopment Debt Service Fund as the City does not
adopt annual budgets for these .types of funds. The following is a reconciliation of
fund balance for budgeted and nonbudgeted funds.
Capital
Proiect
Fund Balance - Budgeted Funds $ 2,922,792
Fund Balance - Nonbudgeted Funds 22.324
Total Fund Balance $ 2,945,116
4) The budgetary information shown for revenues and expenditures represent the original
adopted budget adjusted for any changes made by the City Council or City
Administrator. For the year ended June 30, 1996, budgeted appropriation in the
governmental funds increased from $77,840,109 to $89,304,303.
5) Formal budgetary integration is employed as a - management control device.
Commitments for materials and services, such as purchase orders and contracts, are
recorded during the year as encumbrances to assist in controlling expenditures.
Appropriations at year end lapse, and then reappropriated amounts are added to the
following year's budgeted appropriations. At June 30, 1996 fund balances have been
reserved for encumbrances carried forward.
f. Cash and Investments:
Investments are stated at cost (see Note 2), except that investments recorded in the
Deferred Compensation Agency Fund are reported at market value. If market values
decline below cost, no loss is recorded as such declines are considered temporary. The
City's practice is to hold investments until maturity or until market values equal or
exceed cost. However, if the liquidity needs of the City were to require that investments
be sold at a loss subsequent to year end, the decline in value would be recorded as a loss
at year end.
See independent auditors' report.
-17-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
f. Cash and Investments (Continued):
A substantial portion of the City's investments are . in short -tern, highly liquid
instruments, with original maturities of three months or less, including investments in the
California Local Agency Investment Fund and Los Angeles County Pooled Investment
Fund totaling $15,884,531. For purposes of the statements of cash flows, all pooled cash
and investments held by the enterprise and internal service funds are considered to be
short-term and, accordingly, are classified as cash and cash equivalents.
g. Fixed Assets:
General fixed assets are not capitalized in the fund used to acquire or construct them.
Instead, capital acquisition and construction costs are reflected as expenditures in
governmental fund types, and the related assets are reported in the General Fixed Assets
Account Group. All purchased fixed assets are valued at cost where 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.
General fixed assets acquired by capital lease are recorded as expenditures and other
financing sources in the acquiring governmental fund. These obligations are then
reflected in the general fixed assets and long-term debt account groups. Public domain
("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems and lighting systems are not capitalized, as these
assets are immovable and of value only to the government. Assets in the General Fixed
Assets Account Group are not depreciated.
Fixed assets purchased by proprietary fund types are capitalized at historical cost, while
contributed assets are recorded at fair market value on the date donated. Depreciation
is charged to operations using a straight-line method, based on the average useful life of
the asset. The estimated useful lives of the assets are as follows:
Equipment 5-12 years
Building 35 years
See independent auditors' report.
-18-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
h. Employee Compensated Absences:
It is the government's policy to permit employees to accumulate earned but unused
vacation (compensated absences). Vacation pay which is expected to be liquidated with
expendable available resources is reported as an expenditure and liability of the
governmental fund that will pay it. Compensated absences in the amount of $482,038
which are not expected to be liquidated with expendable available financial resources are
reported in the General Long Term Debt Account Group.
i. Property Taxes:
Property taxes are an enforceable lien on property as of March 1. Taxes are levied on
July I and are payable in two installments on November 1 and February 1, which become
delinquent on December 10 and April 10, respectively. The County of Los Angeles bills
and collects property taxes for the City. Remittance of property taxes to the City is
accounted for in the City's General Fund.
j. Inventories:
Inventories are accounted for on the purchase (expenditure) method, whereby
expenditures for inventory are written off as incurred. There were no significant
inventories on hand at June 30, 1996.
k. Claims and Judgements:
When it is probable that a claim liability has been incurred at year. end and the amount
of the loss can be reasonably estimated, the City records the estimated loss, net of any
insurance coverage under its self insurance program claims payable, which include an
estimate for incurred but not reported claims (IBNR), and is recorded in an Internal
Service Fund.
1. Total Columns on Combined Financial Statements:
The combined financial statements include total columns which aggregate the financial
statements of the various fund types and account groups. The columns are designated
"Memorandum Only" because the totals are not comparable to a consolidation in that
interfund transactions .are not eliminated.
See independent auditors' report.
-19-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
The City manages its pooled idle cash and investments under a formal investments policy
reviewed and adopted annually by the City Council and which follows the guidelines of the
State of California Government Code. The City's investment policy specifically authorizes
the City to invest in the following instruments: Treasury bills, Treasury notes, Federal
agency securities, bankers' acceptances, negotiable and nonnegotiable certificates of deposit,
commercial paper, the California Local Agency Investment Fund, the Los Angeles County
Pooled Investment Fund, and money market mutual funds.
Classification of Deposits and Investments By Credit Risk:
GASB 3 requires that deposits and investments be classified into three categories of credit
risk. These categories are as follows:
Deposits:
Category 1 - Deposits which are insured by the FDIC.
Category 2 - Deposits which are collateralized. The California Government Code requires
California banks and savings and loan associations to secure a City's deposits
by pledging government securities with a value of 110% of a City's deposits.
California law also allows financial institutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150% of a City's
total deposits. The City Treasurer may waive the collateral requirement for
deposits which are fully insured up to $100,000 by the FDIC. The collateral
for deposits in Federal and state chartered banks is held in safekeeping by an
authorized Agent of Depository recognized by the State of California
Department of Banking. The collateral for deposits with savings and loan
associations is generally held in safekeeping by the Federal Home Loan Bank
in San Francisco, California as a third -party trustee. These securities are
physically held in an undivided pool for all California public. agency
depositors. Under Government Code Section 53655, the placement of
securities by a bank or savings and loan association with an "Agent of
Depository" has the effect of perfecting the security interest in the name of the
local governmental agency. Accordingly, all collateral held by California
Agents of Depository are considered to be held for, and in the name of, the
local governmental agency.
Category 3 - Deposits which are uninsured or uncollateralized.
See independent auditors' report.
510.1
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Classification of Deposits and Investments By Credit Risk (Continued):
Investments:
Category 1 - Investments which are insured by the Securities Investors Protection
Corporation (SIPC), or investments which are held in definitive (i.e. physical)
form by the City or the City's agent in the City's .name, or investments
acquired through the federal reserve book -entry system where the financial
institution or broker/dealer associated with the purchases is separate from the
custodial safekeeping agent on the same investments and where the
investments are recorded on the books and records of the financial institution
or broker/dealer in the name of the City.
Category 2 - Investments which are uninsured, where the investments are acquired through
a financial institution's investment or trading department, but are held in the
same financial institution's trust department and are -recorded in the City's
name in the trust department's systems and records.
Category 3 - Investments which are uninsured, 1) where the investments are acquired
through a financial institution's investment department but are held for
custodial purposes in the same financial institution's safekeeping department,
or 2) where the investments are acquired through a financial institution's trust
department, and held for custodial safekeeping by the same trust department,
or 3) where the investments are acquired through, and held for safekeeping
by, the same broker/dealer or 4) where investments are not held in the City's
name in the systems and records of the financial institution or broker/dealer.
See independent auditors' report.
-21-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Investments Not Subject to Categorization:
Investments in the California Local Agency Investment Fund (LAIF) and the Los Angeles
County Pooled Investment Fund are not categorized, as GASB 3 does not require
categorization of investment pools managed by another government. Also, investments of
the Deferred Compensation Plan are not categorized, because tha underlying assets of these
funds consist primarily of guaranteed investment contracts (GICs) issued by insurance
companies annuity contracts or open-ended mutual funds. All such investments' are not
required to be categorized under interpretive guidelines issued by the GASB.
California Local Agency Investment Fund (LAIF):
The LAIF is a special fund of the California State Treasury through which local governments
may pool investments. The City and the Agency each may invest up to $20,000,000 in the
fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within
24 hours without loss of interest. At June 30, 1996, the total market value of LAIF was
$26,851,615,143. The City's proportionate share of that value is $15,863,432. Included
in LAIF's investment portfolio are certain derivative securities or similar products such as
structured notes totalling $1,100,720,000 and asset backed securities totalling $313,945,000.
LAIF's and the City's exposure to credit, market, or legal risk is not available.
Los Angeles County Pooled Investments Fund (LACPIF):
The LACPIF is a pooled investment fund program governed by the Los Angeles County
Board of Supervisors and is administered by the Los Angeles County Treasurer. Investments
in LACPIF are highly liquid as deposits and withdrawals can be made at any time without
penalty. At June 30, 1996, the market value of LACPIF was $6,038,418,669. The City's
proportionate share of that value is $62,672. In addition, there is no investment limit and
interest earnings are calculated monthly and credited quarterly. Information on LACPIF's
use of derivative securities in its investment portfolio, and LACPIF's and the City's
exposure to credit, market, or legal risk is not available.
See independent auditors' report.
-22-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Deposits and investments were categorized as follows at June 30, 1996:
Category Bank Carrying
Deposits: 1 2 3 Balance Amount
Demand accounts 141,850 618 869 $ - 760 719 $ 381,357
Not Required
CategM To Be
Investments: 1 2 3 Categorized
Investments with
fiscal agents:
Los Angeles
County Pooled
Investment
Fund(LACPIF) $
Mutual Funds
United States
Treasury Bills
Federal National
Mortgage Assoc.
United States
Treasury Notes
Federal Home
Loan Bank
Commercial paper
Bankers
acceptance
California Local
Agency Investment
Fund (LAIF)
Los Angeles County
Pooled Investment
-$ -$ -$ 13,915
- 4,253,459
2,091,753 -
2,442,328
2,597,999
Contractual/
Market
Value
13,915 $ ' 13,902
4,253,459 4,253,459
2,091,753
2,090,981
2,442,328
2,440,407
2,597,999
2,589,419
1,502,089 - 1,502,089 1,493,820
1,498,069 - 1,498,069 1,497,450
2,484,797 - 2,484,797 2,483,650
- 15,821,802 15,821,802 15,821,802
Fund (LACPIF) - - 48,814 48,814 48,770
Deferred
compensation 3,176,177 3,176,177 3,176,177
Total
Investments 12 617 035 23 314 167 35,931,202 $ 35,909,837
TOTAL CARRYING AMOUNT (BOOK BALANCES) $ 36,312.559
See independent auditors' report.
-23-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Cash and investments are reported in the accompanying combined balance sheet as follows:
Cash and investments $ 28,869,007
Cash and investments with fiscal agent 7:443.552
36.312.559
Allocation of Interest Income Among Funds:
Interest income from pooled investments is allocated to those funds which are required by
law or administrative action to receive interest and to the proprietary funds. Interest is
allocated monthly based on the cash balances in each fund receiving interest. Investments
from bond proceeds are maintained separately and interest on these investments are
allocated specifically to the capital projects fund which received the bond proceeds.
3. PROPERTY, PLANT AND EQUIPMENT:
Changes in the General Fixed Assets Account Group for the year ended June 30, 1996 are
as follows:
See independent auditors' report.
-24=
Balance
Balance
July 1,
June 30,
1995
Additions Retirements
1996
Land and improvements
'$25,897,515
$ 3,402,609 $ -
$ 29,300,124
Buildings
13,487,501
152,603 -
13;640,104
Equipment
5.650.643
596.448 -
6,247.091
Totals
5 035 659
$ 4,151.660 $ -
49.187.319
See independent auditors' report.
-24=
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
3. PROPERTY, PLANT AND EQUIPMENT (CONTINUED):
Changes in the proprietary fund property, plant and equipment for the year ended June 30,
1996 are as follows:
Balance Balance
July 1, June 30,
1995 Additions Deletions 1996
Enterprise Fund
Equipment acquired by
capital lease
$ 6,162,479
Equipment purchased
311,924
Building
3,657,462
Land
1,743.027
Less: accumulated
11,874,892
depreciation
(2,289,347)
Net Assets $ 9.585,545
$ $ - $ 6,162,479
6,308 - 318,232
551,493 - 4,208,955
1.743:027
12,432,693
(2.966.692)
$ 9,466.001
Internal Service Fund
Equipment $ - 195.848= $ 195.848
4. GENERAL LONG-TERM DEBT:
The following is a summary of the changes in the City's general long-term debt for the year
ended June 30, 1996:
Financing Authority
Revenue Bonds -
Series 1991
Notes payable
Advances to
other funds
Compensated absences
Totals
See independent auditors' report.
Balance Balance
July 1, June 30,
1995 Additions Deletions 1996
$20,580,000 $ - $ 865,000 $ 19,715,000
3,435,724 17,941 174,967 3,278,698
1,015,167 597,081 - 1,612,248
415.205 66.833 482.038
$25:446.096 681 855 $ 1.039.967 25.087.984
-25-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
4. GENERAL LONG-TERM DEBT:
a. Financing Authority Revenue Bonds - Series 1991:
On October. 1, 1991 the Santa Clarity Public Financing Authority issued $22,940,000 of
Revenue Bonds - Series 1991. The Authority, simultaneously with the receipt of the
Bond proceeds, acquired $22,940,000 of Certificates of Participation issued by the Santa
Clarita Redevelopment Agency. The proceeds from the Certificates were transferred
from the Agency to the City to finance and/or refinance the design, acquisition,
improvement or construction of land, the City Hall Building and certain road
improvements, and to refinance certain debt. In exchange for transferring the proceeds
from the Certificates to the City, the Agency acquired a leasehold interest in land, the
City Hall Building and certain public improvements (the facilities). The Agency leased
back the facilities to the City for lease payments to be made by the City to the Financing
Authority equal to the principal 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
bonds in the amounts of $3,035,000, $7,000,000 and $6,850,000 are due October 1,
2011, 2020 and 2021, respectively,and bear interest at 6.70%, 7.00% and 6.75%,
respectively. Interest is payable semi-annually on April i and October 1 beginning in
1992.
The bonds are subject to optional redemption on or after October 1, 2001, and on any
interest payment date thereafter at a price equal to the principal amount plus accrued
interest to the redemption date, plus a premium ranging from 0.0% to 2.00%.
The term bonds are subject to mandatory redemption on any October 1, from 1999 to
2021, in amounts ranging from $145,000 to $905,000, at a price equal to the principal
amount plus accrued interest to the redemption date.
In addition, the bonds are subject to mandatory redemption under various other
circumstances as described in the official statement dated October 1, 1993.
See independent auditors' report.
-26-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
4. GENERAL LONG-TERM DEBT:
a. Financing Authority Revenue Bonds - Series 1991 (Continued):
Future debt service requirements on the bonds are as follows:
Year Ending
June 30, Principal Interest Total
1997
$ 915,000 $
1,300,278
$ 2,215,278
1998
320,000
1,264,760
1,584,760
1999
345,000
1,244,970
1,589,970
2000
365,000
1,222,835
1,587,835
2001
390,000
1,211,050
1,601,050
Thereafter
17.380.000
14.920.604
32.300.604
$19,715.000 $ 21.164.497 $40.879,497
b. Notes Payable:
1. The City entered into an agreement whereby the Price Company loaned the City
$2,557,436 for the acquisition of certain public improvements. Interest on the note
accrues at the rate of 10% per year. Payments are due quarterly and will equal 70%
of the sales tax revenue generated monthly from the operation of the Price Club
Center (owned by the Price Company). The payments will be made for a period of
30 years or until the accrued interest and principal are paid in full, beginning
October 1, 1993. In the event that payments are insufficient to fully discharge the note
in 30 years, the unpaid. balance of principal and interest will be forgiven. Current
information is not available of when sales tax is expected to exceed accrued interest
on the note. Therefore, the City is adding accrued interest payable on the outstanding
principal balance of the note. At June 30, 1996, the balance outstanding of
$2,929,823 on the note included $2,557,436 in original loan proceeds and $372,387
of accrued interest. Information is not available to provide a debt payment schedule.
See independent auditors' report.
-27-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
4. GENERAL LONG-TERM DEBT (CONTINUED):
b. Notes Payable (Continued):
2. In April, 1993 the City entered into an agreement whereby the City will reimburse
Home Depot Company $690,000 for certain public improvements. Interest accrues
at a rate of 7% per year. Payments are due quarterly and will equal up to 50% of the
sales tax revenue generated monthly from the operation of the Home Depot. The
payments will be made for a period of 7 years or until accrued interest and principal
are paid in full. In the event that payments are insufficient to fully discharge the note
in 7 years, the unpaid balance of principal will be forgiven. As of June 30, 1996, the
unpaid principal balance was $348,875. Information is not available to provide a debt
payment schedule.
c. Advances from Other Funds:
The Agency has received advances totaling $1,612,248, which includes $1,499,762 of
principal and $112,486 of accrued interest, from the City's General Fund, which are
recorded as "Advances to Other Funds" in the General Fund. Current year principal
advances of $498,103 are recorded as "Other Financing Sources" in the Agency's Capital
Projects Fund and interest for fiscal year 1995-96 of $98,978 in the Agency's Debt
Service Fund. Beginning balance was decreased $61,470 for reduction in the debt in a
prior year which had been erroneously classified as an operating transfer and increased
by $13,508 for interest expense for the year ended June 30; 1995. Since the debt will
be repaid from future tax increments as it becomes available, the debt from the_Agency
to the General Fund has been classified in the General Long Term Debt Account Group.
d. Compensated Absences:
There is no fixed payment to pay the outstanding liability for compensated absences
earned at June 30, 1996 of $482,038.
5. DEFERRED REVENUE:
At June 30, 1996, deferred revenue consisted of the following:
a. The City collects funds in advance to provide for reimbursement of costs for providing
recreation classes to the public. At June 30, 1996, $364,215 in fees collected in advance
for providing recreation classes were recorded as deferred revenue in the General Fund
to reflect fees not earned.
See independent auditors' report.
_28-
CITY OF SANTA CLARITA •
i
NOTES TO FINANCIAL STATEMENTS •
(CONTINUED) •
June 30, 1996 •
i
•
5. DEFERRED REVENUE (CONTINUED): •
•
b. In the General Fund, accrued interest receivable of $112,486 added to the Advance to •
the Redevelopment Agency has been recorded as deferred revenue as the accrued interest •
is not considered a resource to finance current expenditures. •
c. Other deferred revenue in the General Fund consisted of.$174,517 in advances received
for construction projects for which the related expenditures had not been incurred.
d. The City collects funds in advance from developers and receives grants to provide funds
for construction of related projects. At June 30, 1996, $281,316 in the Bikeway Special
Revenue Fund, $1,934,264 in the Developer Fees Special Revenue Fund, and $30,946
in the Sewer Maintenance Fund related to grant and developer receipts were recorded as
deferred revenue as the related expenditures for the construction projects had not been
incurred.
6. DUE TO OTHER GOVERNMENTS:
a. The City has received $26,694,874'in grant funds in the Earthquake Special Revenue
Fund to provide for repairs related to the 1994 Northridge Earthquake. As of June 30,
1996, the City has incurred $16,308,347 in expenditures related to the grant funds.
$605,970 of these expenditures have not been reimbursed as of year end. The City has
recorded a liability for due to other governments in the amount of $10,992,497 to reflect
the balance of working capital loans.
b. The City received State and Local Partnership Project funds to provide for. the
construction of the Commuter Rail Trail. The provisions of the contract provide for a
portion of these funds to be paid to Metropolitan Transit Authority (MTA). As of
June 30, 1996, the balance payable to MTA was $141,449 in the Proposition C Special
Revenue Fund and $18,924 in the 1991 Revenue Bonds Capital Project Fund.
See independent auditors' report.
_29_
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
7. PROPRIETARY FUND TYPE LONG-TERM DEBT:
The following is a summary of the changes in the proprietary fund type long-term debt for
the year ended June 30, 1996:
Enterprise Fund:
Transit
Master lease obligations
Lease payable
Notes payable
Less:. Lease Discount
Total Transit
Enterprise Fund
Long -Term Debt
Internal Service Fund:
Computer Replacement Fund:
Lease payable
a. Master Lease Obligations:
Balance
Balance
July 1,
June 30,
1995 Additions
Deletions
1996
$ 1,454,877 $ -
$ 204,351
$ 1,250,526
3,955,000 -
345,000
3,610,000
2,807,000
1,129,230
1,677,769
8,216,877 -
1,678,581
6,538,296
(21,634)
(3,7081
(17,926)
$ 8.195,243® 1 674 873 $ 6.520,370
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 rate at 6.7% payable semiannually, 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 citywide local public transit system.
See independent auditors' report.
-30-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
7. PROPRIETARY FUND TYPE LONG-TERM DEBT:
a. Master Lease Obligations (Continued):
Future lease payments under such obligations are as follows:
Year
190,598
575,598
410,000
Ending
576,940
435,000
141,373
June 30,
Principal
Interest
Total
1997
$ 218,271
$ 80,189 $
298,460
1998
233,140
65,320
298,460
1999
249,023
49,438
298,461
2000
265,986
32,475
298,461
2001
284.106
14.355
298.461
$ 1.250.526 241.777 $ 1.492,303
b. Lease Payable:
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. Such agreement carries interest rates ranging from 4.9%
to 6.5%, payable semi-annually from July 1, 1992 through January 1, 2004.
Future lease payment requirements are as follows:
Year
Ending
June 30.
1997
1998
1999
2000
2001
Thereafter
See independent auditors' report.
Principal Interest Total
$ 365,000 $ 211,358 $ 576,358
385,000
190,598
575,598
410,000
166,940
576,940
435,000
141,373
576,373
460,000
113,845
573,845
1.555,000
154.573
1.709.573
$ 3.610.000
$ 978,687
$ 4.588,687
-31-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
7. PROPRIETARY FUND TYPE LONG-TERM DEBT (CONTINUED):
c. Notes Payable:
1) In September, 1992, the City entered into an agreement whereby the Los Angeles
County Transportation Commission loaned the City. $2,500,000 for the construction
of a commuter rail station. Interest on the note accrues at the equivalent rate earned
by the Los Angeles County Pooled Investment Fund plus one-half percent. Payments
are due annually for five years.
Based on current available information, estimated future loan payments are as follows:
Year
Ending
June 30, Principal Interest Total
1997 $ 500,000 $ 29,000 $ 529,000
1998 500,000 7.250 507,250
$ 1,000,000 $ 36,250 $ 1,036,250
2) In June, 1995 the City entered into an agreement with the Newhall Land and Fane
Company for the purchase of land to be developed for a rail station. Interest on the
note accrues at the rate of 7-1/2% per year. Interest and principal payments are due
quarterly.
Future debt service requirements on the note are as follows:
Year
Ending
June 30 Principal Interest Total
1997 $ 677.769 $ 32.337 $ 710,106
d. Lease Payable:
In April, 1996, the City entered into a lease with an option to purchase agreement in the
amount of $525,000 for the lease of a computer system from Municipal Leasing
Associates, Inc. As of June 30, 1996, the City had received $195,848 in proceeds from
the Capital Lease which wasused to acquire computer equipment. The remaining
proceeds will be received in fiscal year 1996-97. Interest, at 4.9%, and principal are
payable semi-annually from November 9, 1996 through May 9, 1999.
See independent auditors' report.
-32-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
7. PROPRIETARY FUND TYPE LONG-TERM DEBT (CONTINUED):
d. Lease Payable (Continued):
Future lease payment requirements for the lease, assuming all proceeds have been
received, are as follows:
Year
Ending
June 30,
1997
1998
1999
8. INTERFUND BALANCES:
Principal Interest Total
$ 166,634 $ 23,612 $ 190246
174,864 15,381 190,245
183.502 6.743 190.245
$ 525,000 $ 45.736 $ 570.736
Interfund receivable and payable balances as of June 30, 1996 are as follows:
Fund
General Fund
Special Revenue Funds:
Proposition A
State Park Fund
Traffic Safety
Community Development Block Grant (CDBG)
Federal Aid Urban (FAU)
Miscellaneous Grants Fund
Transit Enterprise Fund
Self -Insurance Internal Service Fund
9. DEFINED BENEFIT PENSION PLAN:
Due From Due To
$ 3,177,642 $ -
- 255,873
- 904,899
- 22,916
- 161,746
- 336,811
- 161,288
- 1,316,760
17.349
$ 3,177.642 $ 3.177,642
The City contributes to the State of California Public Employees Retirement System (the
System), an agent multiple -employer public employee retirement system that acts as a
common investment and administrative agency for participating public entities within the
State of California. The City's payroll for employees covered by the System for the year
ended June 30, 1996 was $8,852,072. The total payroll for the year was $10,423,790.
See independent auditors' report.
-33-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) .
June 30, 1996
9. DEFINED BENEFIT PENSION PLAN (CONTINUED):
All full-time City employees are eligible to participate in the System. Part-time employees
generally do not participate in the System. Benefits vest after five years of service. City
employees who retire at or after age fifty, with five years of credited service, are entitled
to an annual retirement benefit,. payable monthly for life, in an amount equal to a benefit
factor multiplied by their final compensation. Final compensation is the average monthly
pay rate for the last consecutive 36 months of employment. The benefit factor is an account
equal to between 1.92% and 2.418% multiplied by the number of years of credited
employment. The percentage amount is based on the age of the employee at retirement,
increasing from age 50 to age 63.
Employee and Employer Contribution Obligations:
The City makes the contributions required of City employees on their behalf and for their
account. The employee contribution rate is set by statute. The present member rate is 7%
of wages.
The City is required to contribute the remaining amounts necessary to fund the benefits for
its members, using the actuarial basis recommended by the PERS actuaries and actuarial
consultants, and adopted by the Board of Administration.
Funding Status and Progress:
The amount shown below as the "pension benefit obligation" is a standardized measure of
the present value of pension benefits, adjusted for the effects of step -rate benefits, -estimated
to be payable in the future as a result of employee service to date. The measure is intended
to help assess the funding status of the system on a going -concern basis, assess progress
made in accumulating sufficient assets to pay benefits when due, and make comparisons
among employers. The measure is the actuarial present value of credited projected benefits
and is independent of the funding method used to determine contributions to the System.
The pension benefit obligation was computed as part of an actuarial valuation performed as
of June 30, 1995. Significant actuarial assumptions used in the valuation include (a) a rate
of return on the investment of present and future assets of 8.5% a year compounded
annually, (b) projected. payroll increases of 4.5% a year compounded annually, attributable
to inflation and across the board real salary increases, (c) no projected payroll increases
attributable to seniority/merit, and (d) no post-retirement benefit increases.
See independent auditors' report.
-34-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
9. DEFINED BENEFIT PENSION PLAN (CONTINUED):
The excess of net assets available for benefits over the pension benefit obligation applicable
to the City.employees was $1,250,057 at June 30, 1995, as listed below.
Pension benefit obligation:
Retires and beneficiaries currently receiving benefits
and terminated employees not yet receiving benefits $ 360,469
Current employees:
Accumulated employee contributions, including
allocated investment earnings 2,749,437
Employer -financed vested 1,366,355
Employer -financed nonvested 655.914
Total pension benefit obligation 5,132,175
Net assets available for benefits, at cost
(Market value, $6,784,312) 6.382.232
Excess of net assets over pension benefit obligation $ 1,250,057
There were no changes in the pension benefit obligation from last year as a result of changes
in benefit provisions or changes in actuarial methods and assumptions.
Actuarially Determined Contribution Requirements and Contribution Made:
The System uses the Entry Age Normal Actuarial Cost Method which is a projected benefit
cost method. That is, it takes into account those benefits that are expected to be earned in
the future as well as those already accrued.
According to this cost method, the normal cost for an employee is the level amount which
would fund the projected benefit if it were paid annually from date of employment until
retirement. The System uses a modification of the Entry Age Cost method in which the
employer's total normal cost is expressed as a level percentage of payroll. The System also
uses the level percentage of payroll method to amortize any unfunded actuarial liabilities.
The City of Santa Clarita had no unfunded actuarial liability at June 30, 1996.
The significant actuarial assumptions used too compute the actuarially determined contribution
requirement are the same as those used to compute the pension benefit obligation, as
previously described.
A contribution of $1,283,757 for normal costs was made to the system for 1996 in
accordance with actuarially determined requirements computed through an actuarial valuation
performed as of June 30, 1995. The City contributed employer contributions of $640,979,
(7.2% of current covered payroll) and on behalf of employees. contributed $591,731 (6.7%
of.current covered payroll). An additional $51,047 was contributed by the employees (.58%
of current covered payroll),
See independent auditors' report.
-35-
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
9. DEFINED BENEFIT PENSION PLAN (CONTINUED):
Trend Information:
Trend information gives an indication of the progress made in accumulating sufficient assets
to pay benefits when due. Ten year trend information for the City of Santa Clarita is not
published in the California Public Employees Retirement System Annual Report.
The City entered the system in fiscal year 1988-1989. Therefore, the trend information from
1988-1989 through 1994-95 and employer contributions and covered payroll for 1988-1989
through 1995-1996 is summarized as follows:
Net assets available for
benefits (in hundreds)
Pension benefit obligation
(in hundreds)
Net assets available for
benefits expmssed as a
percentage of pension
benefit obligation
Assets in excess (deficit)
of pension benefit obligation
(in hundreds)
Annual covered payroll
(in hundreds)
Unfunded (assets in excess of)
pension benefit obligation
expressed as a percentage
of annual covered paymll
Employer contributions
(in hundreds)
Employer coattibutions expressed
as a percentage of annual
covered payroll. (These
contributions were made in
accordance via actuarially
determined requirements).
• Information at June 30, 1996
was not available.
1988-89 1989-90 1990-91 1991-92 1992.93 1993-94 1994-95 1995-96
$ 231.9 $ 4,452.8 $10,589.7 $18,952.3 $30,025.2 $46,886.0 $63,822.3 $ '
406.9 3,230.4 8,527.1 15,912.0 27,591.3 35,785.9 51,321.8
57.0%
137.8%
124.2%
119.1%
108.8%
131.0%
124.4% '
(174.9)
1,224.4
2,062.6
3,040.4
2,433.9
11,100.1
12,500.6 '
10,084.4 29,630.2 55,144.9 76-,089.6 72,445.3 74,087.5 83,113.3 - 88,520.7
1.7% (4,1%) (3.7%) (4.0%) (336%) (14.8%) (14.12%)
1,170.0 3,217.6 2,908.9 3,911.9 4,129.5 4,071.0 6,018.2 6,409.8
11.6% 10.9% 7.2% 6.5% 5.7% 5.5% 7.2% 7.2%
See independent auditors' report.
-36,
CITY OF SANTA CLARITA •
•
NOTES TO FINANCIAL STATEMENTS •
(CONTINUED) •
June 30, 1996
10. DEFERRED COMPENSATION PLAN:
The City has established a deferred compensation plan for all officers and employees of
the City under Internal Revenue code Section 457. Participation in the plan is voluntary
and may be revoked at any time upon advance written notice. Generally, the amount of
compensation subject to deferral until retirement, disability or other termination by a
participant may not exceed the lesser of $7,500 or 33-1/3% of includible compensation.
The City has established an additional plan for City management under Internal Revenue
Service Code Section 401(a). Participation and City contribution in the plan are
mandatory. The City is obligated to contribute amounts ranging from $1,500 to $7,500
per participant per year.
Amounts withheld by the City under these plans are deposited regularly with the
International City Managers Association (ICMA) Fund for investment. As required by
Section 1.457-20) of Internal Revenue Service regulation, plan assets are held as
unrestricted City assets subject only to the claims of the general creditors of the City.
Participant rights under the plan are equal to those of general creditors of the City in an
amount equal to the fair market value of the deferred account for each participant. The
City believes that it is unlikely that it will use the assets to satisfy the claims of general
creditors in the future.
The City's fiduciary responsibilities under the Plan include the deduction of deferred
compensation from employee compensation and the remittance of such deductions to ICMA
for investment.
The assets of the Plan in the amount of $3,176,177 are included in an Agency Fund in the
City's financial statements.
11. INDIVIDUAL FUND DISCLOSURES:
a. Deficit Fund Balances/Retained Earnings:
Funds which have deficit fund balances/retained earnings at June 30, 1996 are as
follows:
Special Revenue Funds:
Bikeway $ 73,936
Developer Fees 458,047
State Park 762,433
FAU 336,843
Earthquake 4,344,081
Miscellaneous Grants 3,784
Internal Service Fund - Self-insurance 544,490
•
See independent auditors' report. •
•
-37- •
•
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
11. INDIVIDUAL FUND DISCLOSURES (CONTINUED):
a. Deficit Fund Balances/Retained Earnings (Continued):
The City plans to remove the deficit in the Special Revenue Funds through operating
transfers from the General Fund, developer fees and additional grant revenue from other
governmental agencies. The deficit in the Self-insurance Fund has been designated in
the General Fund and the City plans on recovering this amount through future operating
transfers.
b. Funds Where Expenditures Exceeded Appropriations:
Actual expenditures exceed appropriations by $1,404 in the Park Improvement Special
Revenue Fund, by $5 in the AQMD Special Revenue Fund, $68,152 in the General
City Debt.Service Fund and by $1,293 in the Public Financing Authority Debt Service
Fund.
12.. SELF-INSURANCE:
The City is self-insured for the first $250,000 on each general liability claim against the
City. At June 30, 1996 $522,730 was accrued for generally liability claims. These
accruals represent estimates of amounts to be paid for incurred and reported claims as well
as incurred but unreported claims based upon past experience and modified for current
trends and information. While the ultimate amounts of losses incurred through June 30,
1996 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.
Purchased insurance coverage is currently maintained for general liability claims greater
than $250,000 up to a limit of $12,500,000.
Settled claims have not exceeded any of these coverage amounts in any of the last three
fiscal years and there were no reductions in the City's insurance coverage during the year
ended June 30, 1996.
Changes in the reported liability since June 30, 1994, resulted in the following:
Liability as of June 30, 1994
Claims and changes in estimates
during the year ended June 30, 1995
Claims payments during the year ended June 30, 1995
Liability as' of June 30, 1995
Claims and changes in estimates
during the year ended June 30, 1996
Claims payments during the year ended June 30, 1996
Liability as of June 30, 1996
See independent auditors' report.
-38-
$ 589,045
1,311,714
(902.787)
997,972
111,113
(586.355)
$ 522.730
CITY OF SANTA CLARI
NOTES TO FINANCIAL STATE qENTS
(CONTINUED)
June 30, 1996
13. RESERVES AND DESIGNATIONS OF FUND EQUITY:
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
for a specific future use. Fund "designations" also may be established to indicate tentative
plans for financial resource utilization in a future period.
The City's reserves and designations at. June 30, 1996, are tabulated below, followed by
explanations as to the nature and purpose of each reserve and designation.
TOTAL RESERVES 4,324,568 $ 3.421.353 $ 2.279.0948$ 57.195 $ 489.500
Special Capital
General Revenue Project
Designations: Fund Funds Funds
Self-insurance $ 544,490$ -
Earthquake 4,344,081 -
Capital improvements - -
Special revenue purposes - 10,709,236
Contingencies 3.280.934 -
TOTAL DESIGNATIONS 8,169,505 $10.709.236
See independent auditors' report.
-39-
2,087,921
$ 2.087.921
Special
Debt
Capital
General
Revenue
Service
Project Enterprise
Reserves:
Fund
Funds
Funds
Funds Fund
Continuing appropriations
$ 379,131 $
676,729$
- $
188,608 $ -
Encumbrances
2,169,989
2,732,064
-
668,587 -
Advances to other funds
1,612,248
-
-
- -
Accounts receivable
125,902
-
-
- -
Prepaid items
37,298
12,560
-
- -
Debt service
-
2.279.094
489,500
TOTAL RESERVES 4,324,568 $ 3.421.353 $ 2.279.0948$ 57.195 $ 489.500
Special Capital
General Revenue Project
Designations: Fund Funds Funds
Self-insurance $ 544,490$ -
Earthquake 4,344,081 -
Capital improvements - -
Special revenue purposes - 10,709,236
Contingencies 3.280.934 -
TOTAL DESIGNATIONS 8,169,505 $10.709.236
See independent auditors' report.
-39-
2,087,921
$ 2.087.921
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) .
June 30, 1996
13. RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED):
a. Reserved for Continuing Appropriations - Appropriations for capital projects and other
expenditures which are unexpended as of June 30, 1996 will carry forward as
continuing appropriations to.be expended in 1996-97.
b. Reserved for Encumbrances - Amounts reserved for encumbrances are commitments for
materials and services on purchase orders and contracts which are unperformed.
c.. Reserved for Advances to Other Funds - This reserve is set up to reflect the advances
to the Redevelopment Agency so that they will not be considered as current funds
available.
d. Reserved for Accounts Receivable - This reserve is to indicate that these accounts
receivables are not "available" as a resource to meet expenditures of the current year.
e. Reserved for Prepaid Items - This reserve is to indicate these prepaid items are not
"available" as a resource to meet expenditures of the current year.
f. Reserved for Debt Service - These reserves represent amounts accumulated in
accordance with a bond indenture or similar covenant.
g. Designated for Self-insurance - This reserve is for the deficit retained earnings in the
Internal Service Fund for Self-insurance.
h. Designated for Earthquake This amount has been designated to fund the deficit fund
balance in the Special Revenue Earthquake Fund.
i. Designated for Capital Improvements - These funds are designated to provide for new
capital additions as determined by the City Council.
j. Designated for Special Revenue Purposes - These funds are designated for the specific
special revenue purpose as restricted by law or administrative action.
k. Designated for Contingencies - The remainder of the unreserved. fund balances in the
General Fund has been designated for general contingencies.
See independent auditors' report.
CITY OF SANTA CLARITA
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
14. PRIOR PERIOD ADJUSTMENTS:
Noted below are adjustments to fund balance and retained earnings at June 30, 1995.
a. The beginning retained earnings in the Transit Enterprise Fund was increased by $93,629 to
correct for expenses related to building improvements not capitalized at June 30, 1995.
b. As a result of the City's implementation of Governmental Accounting Standards Board
Statement No. 22, "Accounting for Taxpayer -Assessed Tax Revenues in Governmental Funds",
prior period adjustments were made to the beginning fund balance in the following funds:
1) Beginning fund balance in the General Fund was increased by $1,718,280 for adjustments
made to sales tax revenues.
2) Beginning fund balance in the Gas Tax Fund was increased by $157,392 for adjustments
made to gas tax revenues.
15. SEGMENT INFORMATION:
Net working capital deficit of the Transit Enterprise System at June 30, 1996 was as follows:
Current assets $ 1,140,976
Current liabilities payable from current assets (3.926.767)
Net working capital (deficit) $ (2.785.791)
16. POST EMPLOYMENT BENEFITS:
In addition to the retirement benefits described in Note 9, the City provides post-retirement health
care benefits in accordance with a City resolution to all employees who retire from the City on or
after attaining age 50 with 5 years PERS credited service. The City pays the cost of the retirees
enrollment including the enrollment of family members in a health benefits plan to a maximum of
$363 per month, according to the following schedule:
From date of retirement to August 1 of same year the City pays $1 per month. On August 1
and each August 1 thereafter, the City's portion of the premium is increased by 5% per year
of the maximum until the maximum is reached.
The City funds these amounts on a pay-as-you-go basis. For fiscal year 1995-96 there were two
eligible participants, for which the City paid $1,607 for medical insurance premiums.
17. CONTRIBUTED CAPITAL:
Changes in the Transit Enterprise Fund's contributed capital were as follows:
Balance June 30, 1995 $ 452,704
Grants restricted for capital outlay 1,292,560
Current depreciation on contributed assets (123.1931
Balance June 30, 1996 $ 1.622.071
See independent auditors' report.
-41-
10
41
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SUPPLEMENTARY INFORMATION
CITY OF SANTA CLARITA
COMPARATIVE BALANCE SHEET
GENERAL FUND
June 30, 1996 and 1995
ASSETS
Cash and investments
Accounts receivable
Interest receivable
Due from other funds
Due from other governments
Prepaid items
Advances to other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Accounts payable and accrued liabilities
Deferred revenues
Deposits
TOTAL LIABILITIES
FUND BALANCE:
Reserved for continuing appropriations
Reserved for encumbrances
Reserved for advances to other funds
Reserved for accounts receivable
Reserved for prepaid items
Unreserved:
Designated for self—insurance
Designated for earthquake
Designated for contingencies
• J m IWE6 J
TOTAL LIABILITIES AND FUND BALANCE
—42—
June 30, June 30,
1996 1995
S 6,961,514 S 4,110,232
2,915,918
951,467
104,018
59,619
3,177,642
3,512,294
492,414
—
37,298
40,384
1,612,248
1,063,129
S 15,301,052 S 9,737,125
S 2,111,731 S 2,783,358
651,218 284,406
44,030 68,412
2,806,979 3,136,176
379,131
441,876
2,169,989
1,268,498
1,612,248
1,063,129
125,902
74,528
37,298
40,384
544,490 1,326,173
4,344,081 2,386,361
3,280,934 —
12,494,073 6,600,949
S 15,301,052 S 9,737,125
GENERAL FUND i
•
The General Fund is the general operating fund of the City. All general tax revenues and other •
receipts not allocated by law or contractual agreement to some other fund are accounted for in •
this fund. Expenditures of this fund include general operating costs not paid through other 40
funds. •
CITY OF SANTA CLARITA
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE—BUDGET AND ACTUAL
GENERALFUND
For the year ended June 30, 1996
With comparative actual amounts for the year ended June 30,1995
REVENUES:
Taxes
Licenses and permits
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCE—BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCE—BEGINNING OF YEAR,
AS RESTATED
FUND BALANCE —END OF YEAR
1996 1995
Variance
Favorable
Budget Actual (Unfavorable) Actual
$ 21,826,460 S 22,706,122 S 879,662 S 22,169,202
2,025,900
1,749,220
(276,680)
1,272,109
838,515
1,060,362
221,847
902,009
9,561,338
6,428,731
(3,132,607)
5,654,276
116,000
131,635
15,635
122,996
1,603,690
1,630,350
26,660
1,484,845
302,250
637,476
335,226
501,710
36,274,153
34,343,896
(1,930,257)
32,107,147
9,841,447
6,213,054
3,628,393
3,618,910
9,801,543
9,754,629
46,914
10,116,169
1,366,885
1,174,295
192,590
3,414,684
7,582,228
7,065,890
516,338
6,414,630
5,888,249
4,547,573
1,340,676
3,702,011
5,565,685
836,947
4,728,738
1,125,679
40,046,037
29,592,388
10,453,649
28,392,083
(3,771,884)
4,751,508
8,523,392
3,715,064
1,247,653 2,263,783 1,016,130 1,441,584
(250,000) (2,840,447) (2,590,447) (2,668,022)
997,653 (576,664) (1,574,317) (1,226,438)
(2,774,231) 4,174,844 6,949,075 2,488,626
6,600,949 6,600,949 — 4,154,932
1,718,280 1,718,280 — (42,609)
8,319,229 8,319,229 — 4,112,323
$ 5,544,998 $ 12,494,073 S 6,949,075 S 6,600,949
—43—
SPECIAL REVENUE FUNDS
The Special Revenue Funds account for the proceeds of specific revenue sources that are legally
restricted to expenditure for specific purposes.
Funds included are:
Bikeway - To account for monies received from the State of California restricted for bicycle and
pedestrian facilities available under Article 3 of Transportation Development Act (SB821).
Bridee and Thoroughfare - To account for monies received from developers for street and
highway construction through bridge and thoroughfare districts.
Developer Fees - To account for monies received from developers for street improvements.
Gas Tax - To account for monies received and expended from the state and county gas tax
allocation restricted to fund various street and highway improvements including maintenance.
Park Improvement - To account for monies received from developers restricted to fund the
acquisition and development of new park land space.
Proposition A - As " Proposition A" increased sales tax in Los Angeles County by one-half
percent (.5%) this fund accounts for financial activity relative to the City's share of these
monies. "Proposition A" revenue is to be used for transportation -related purposes.
Special Assessment To account for monies received for small special assessment districts.
State Park - To account for grant monies received from the State of California Department. of
Parks and Recreation for construction or improvements of park lands within the City.
TDA Funds - To account for monies received from the State of California under Article 8 of
the Transportation Development Act (TDA). These funds may be used for local streets and
road expenditures when the City's unmet transportation needs have been satisfied.
Traffic Safety - To account for monies received from vehicle code fines.: This fund is used to
finance law enforcement expenditures.
CDBG (Community Development Block Grant) - To account for Federal entitlements under the
Housing and Community Development Act of 1974, as amended. The City Council annually
allocates .CDBG Funds to various programs.
FAU (Federal Aid Urban) - To account for receipts and disbursements of Federal contributions
to infrastructure capital improvements.
Proposition C - As "Proposition C" increased sales tax in Los Angeles County by one-half
percent (.5 %), this fund. accounts for financial activity relative to the City's share of these
monies. "Proposition C" revenue is to be used for transportation -related purposes.
SPECIAL REVENUE FUNDS (CONTINUED)
Funds included are (Continued):
AOMD (Air Quality Management District) - To account for revenues and expenditures for Air
Quality Management.
Aid to Cities - To account for receipts and disbursements associated with County Aid to cities
grant.
Earthouake Fund - To account for receipts and disbursements associated with reconstruction
projects as a result of the 1994 Northridge earthquake.
Landscaoe Maintenance District #1 - To account for receipts and disbursements for landscape
district.
Stormwater Utility Fund - To account for receipts and disbursements for stormwater and run-off
programs.
Miscellaneous Grants Fund - Tb account for receipts and disbursements for miscellaneous
grants.
Sewer Maintenance Fund - To account for monies received from developers as sewer frontage
fees to be used to fund sewer maintenance projects.
CITY OF SANTA CLARITA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
June 30, 1996
With comparative totals for June 30, 1995
ASSETS
Cash and investments
Accounts receivable
Interest receivable
Due from other funds
Due from other governments
Prepaid items
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable and accrued liabilities
Deferred revenues
Due to other governments
Due to other funds
TOTAL LIABILITIES
FUND BALANCES (DEFICITS):
Reserved for encumbrances
Reserved for continuing appropriations
Reserved for prepaid items
Unreserved:
Designated for special revenue purposes
Undesignated
Bridge
and Developer
Bikeway Thoroughfare Fees
Gas
Tax
$ 213,036 $ 6,445,366 $ 479,192 $ 1,616,226
— — 26,253 246,790
1,625 50,717 3,674 12,698
1,164,753 —
S 214,661 S 6,496,083 $ 1,673,872 S 1.875,714
$ 7,281 S — S 197,655 $ 215,800
281,316 — 1,934,264 —
288,597 — 2,131,919 215,800
— — — 550,081
57,170
— 6,496,083 — 1,052,663
(73,936) — (458,047) —
TOTAL FUND BALANCES (DEFICITS)
(73,936)
6,496,083
(458,047)
1,659,914
TOTAL LIABILITIES AND FUND BALANCES
$ 214,661 $
6,496.053
S 1,673,872 $
1,875,714
—44—
Park
Proposition
Special
State
TDA
Traffic
Improvement
A
Assessment
Park
Funds
Safety
CDBG
S 351,742
$ 16,476
S 234,333
S 4,360
$ 1,877,314
S 2,916
$ -
-
372,037
-
79,500
-
22,916
-
2,775
3,424
11850
-
22,296
2,374
-
-
29,385
2,678
75,000'
-
-
380,908
-
-
-
-
-
-
12,560
S 354.517
S 421.322
S 238,861
S 158,860
$ 1,899.610
S 28,206
$ 393,468
S 3,153 S 1,018 S 7,182 $ 16,394 S 43,851 S - S 231,722
255,873 - 904,899 - 22,916 161,746
3,153 256,891 7,182 921,293 43,851 22,916 393,468
164,431 29,869 - 566,585 - -
- - - 197,188 - -
- - 12,560
351,364 - 201,810 - 1,091,986 5,290 -
- - - (762,433) - - (12,560)
351,364 164,431 231,679 (762,433) 1,855,759 5,290
S 35 S 421,322 S 238.861 $ 158,860 $ 1.899,610 S 28,206 $ 393,468
(Continued)
-45-
CITY OF SANTA CLARITA
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
June 30, 1996
With comparative totals for June 30, 1995
ASSETS
Cash and investments
Accounts receivable
Interest receivable
Due from other funds
Due from other governments
Prepaid items
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable and accrued liabilities
Deferred revenues
Due to other governments
Due to other funds
TOTAL LIABILITIES
FUND BALANCES (DEFICITS):
Reserved for encumbrances
Reserved for continuing appropriations
Reserved for prepaid items
Unreserved:
Designated for special revenue purposes
Undesignated
TOTAL FUND BALANCES (DEFICITS)
TOTAL LIABILITIES AND FUND BALANCES
Proposition
FAU C AQMD —
S —
$ 618,514 E 131,166 S
2,544 36,391
— 4,724 1,000
— 1,884,950 15,570
Aid to
Cities
78,507
600
$ — S 2,510,732 S 184,127 $ 79,107
$ 32 $ 224,638 $ 1,793 S —
— 141,449 — —
336,811 — — —
336,843 366,087 1,793
— 951,326 — —
312,271 — —
881,048 182,334 79,107
(336,843) — — —
(336,843) 2,144,645 182,334 79,107
S — S 2,510,732 $ 184,127 S 79,107
—46—
S 24,834 $ 8,667 S 176,881 $ 2,146 S - S 1,163,047 $ 4,303,787
- - - - 30,946 2,246,526 2,072,138
10,992,497 - - - - 11,133,946 10,592,585
- - - 161,288 - 1.843,533 1,926,988
11,017,331 8,667 176,881 163,434 30,946 16,387,052 18,895,498
3,987 465,785 - - 2,732,064 4,936,095
- - 110,100 - - 676,729 711,630
- - - 12,560 -
-
(4,344,081)
Landscape
Stormwater
Miscellaneous
Sewer
Totals
- 8,138,905
Earthquake
Maintenance
Utility
Grants
Maintenance
June 30,
June 30,
Fund
District#1
Fund
Fund
Fund
1996
1995
S 5,881,998
S 57,500
S 991,886
$ -
$ 30,946
S 19,031,478 S
18,164,634
61,470
-
75,361
159,650
-
1,082,912
2,837,755
46,143
450
7,774
-
-
162,124
235,637
-
-
-
-
-
-
61,470
683,639
-
-
-
-
4,236,883
6,644,508
-
-
-
-
-
12,560
295
S 6,673,250
S 57,950
S 1,075,021
$ 159,650
S 30,946
$ 24,525,957 S
27,944,299
S 24,834 $ 8,667 S 176,881 $ 2,146 S - S 1,163,047 $ 4,303,787
- - - - 30,946 2,246,526 2,072,138
10,992,497 - - - - 11,133,946 10,592,585
- - - 161,288 - 1.843,533 1,926,988
11,017,331 8,667 176,881 163,434 30,946 16,387,052 18,895,498
3,987 465,785 - - 2,732,064 4,936,095
- - 110,100 - - 676,729 711,630
- - - 12,560 -
-
(4,344,081)
45,296 322,255 -
- - (3,784)
_ - 10,709,236
- (5,991,684)
7,055,523
(3,654,447)
(4,344,081)
49,283 898,140 (3,784)
- 8,138,905
9,048,801
S 6,673,250 $
57,950 S-1,075,021 S 159,650 S
30,946 S 24,525,957.
S 27.944,299
-47-
CITY OF SANTA CLARTTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
For the year ended June 30, 1996
With comparative totals for the year ended June 30. 1995
REVENUES:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General government
Public works
Community development
Capital outlay
TOTAL EXPENDITURI
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCES (DEFICITS)—
BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCES (DEFICITS)—
BEGINNING OF YEAR, AS RESTATED
FUND BALANCES (DEFICITS)—END OF YEAR
Bridge
and Developer Gas
Bikeway Thoroughfare Fees Tax
S 859,256 $ 2,205,087 $ 682,098 $ —
22,398 257,566 20,358 78,532
147,580 — — 2,653,837
— — — 44,829
1,029,234 2,462,653 702,456 2,777,198
— 1,977,556
856,875 — 484,069 319,298
856,875 — 484,069 2,296,854
172,359 2,.462,653 218,387 480,344
32,600
(149,961) — — (118,642)
(149,961) — — (86,042)
22,398 2,462,653 218,387 394,302
(96,334) 4,033,430 (676,434) 1,108,220
— — — 157,392
(96,334) 4,033,430 (676,434) 1,265,612
S (73,936) E 6,496,083 E (458,047) .S 1,659,914
—48—
Park
Proposition
Special
State
TDA
Traffic
Improvement
A
Assessment
Park
Funds
Safety CDBG
$ -
$ -
$ -
$ -
E -
$ - $ -
9,981
9,760
10,617
4,904
114,499
10,568 -
287,776
2,475,398
-
523,716
2,676,363
- 1,180,503
-
-
-
-
-
313,775 -
-
-
104,357
-
-
- -
-
-
-
-
-
- 140
297,757
2,485,158
114,974
528.620
2,790,862
324,343 1,180,643
-
-
97,969
-
-
-
630,781
28,752
39,991
-
1,722,106
1,986,139
-
551,388
28,752
39,991
97,969
1,722,106
1,986,139
-
1,182,169
269,005
2,445.167
17,005
(1,193,486)
804,723
324,343
(1,526)
-
(2,289,307)
(9,712)
-
(2,626,605)
(321,969)
-
-
(2,289,307)
(9,712)
-
(2,626,605)
(321,969)
-
269,005
155,860
7,293
(1,193,486)
(1,821,882)
2,374
(1,526)
82,359
8,571
224,386
431,053
3,677,641
2,916
1,526
82,359
8,571
224,386
431,053
3,677,641
2,916
1.526
$ 351,364
S 164,431
S 231,679
S (762,433)
E 1,855,759
$ 5,290
E -
(Continued)
-49-
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended June 30, 1996
With comparative totals for the year ended June 30, 1995
REVENUES:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General govern men t
Public works
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCES (DEFICITS)—
BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCES(DEFICITS)—
BEGINNING OF YEAR, AS RESTATED
FUND BALANCES (DEFICITS)—END OF YEAR
Proposition Aid to
FAU C AQMD Cities
—
34,529 4,153 9,534
3,244,899 154,744 —
— 3,279,428 158,897 9,534
— 14,345
322 2,602,145 — 149,202
322 2,602,145 14,345 149,202
(322) 677,283 144,552 (139,668)
45,195 —
(745,790) (15,569) —
(700,595) (15,569) —
(322) (23,312) 128,983 (139,668)
(336,521) 2,167,957 53,351 218,775
(336,521) 2,167,957 53.351 218,775
S (336,843) f 2,144,645 $ 182,334 S 79,107
—50—
(1,802,653)
Landscape
Stormwater
Miscellaneous Sewer
Totals
Earthquake
Maintenance
Utility
Grants Maintenance
June 30,
June 30,
Fund
District#1
Fund
Fund Fund
1996
1995
15,842,898
-.
-
-
-
$ -
S -
S -
s - $ -
S 3,746,441
$ 4,795,744
291,931
2,173
58,318
- -
939,821
913,988
108,633
-
-
159,650 -
13,613,099
20,766,249
-
-
-
- -
313,775
295,357
-
51,706
1,882,431
- -
2,038,494
1,936,938
360,652
-
-
- -
405,621
11,059
761,216
53,879
1,940,749
159,650 -
21,057,251
28,719,335
-
-
-
- -
14,345
804,168
-
-
-
- -
1,977,556
1,859,644
-
-
1,356,845
- -
2,085,595
1,045,070
2,563,869
15,590
88,830
159,704 -
11,568,280
23,507,605
2,563,869
15,590
1,445,675
159,704 -
15,645,776
27,216,487
(1,802,653)
38,289
495,074
(54) -
5,411,475
1,502,848
-
7,097
-
- -
84,892
140,728
-
-
(286,100)
- -
(6,563,655)
(8,144,787)
-
7,097
(286,100)
- -
(6,478,763)
(8,004,059)
(1,802,653)
45,386
208,974
(54)
- (1,067,288)
(6,501,211)
(2,541,428)
3,897
689,166
(3,730)
- 9,048,801
15,842,898
-.
-
-
-
- 157,392
(292,886)
(2.541,428)
3,897
689,166
(3,730)
- 9,206,193
15,550,012
$ (4,344,081) $
49,283 $
898.140
S (3,784) $
- S 8,138,905
$ 9,048,801
-51-
CITY OF SANTA CIARIIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGETANDACTUAL
REVENUES:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTALREVENUES
EXPENDITURES:
Current operating:
General government
Public works
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES}
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES(USES)
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES
FUND BALANCES(DEFICTFS)-
BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCES (DEFICITS)
BEGINNING OF YEAR.
AS RESTATED
FUND BALANCES (DEFICITS)—
END OF YEAR
ALL SPECIAL REVENUE FUNDS
For the year ended June 30, 1996
1,169.970 856,875 313,095 — —
1,169,970 856,875 313,095 — — —
(157,970) 172.359 330,329 447,000 2.462,653 2.015.653
(152,000) (149,961) 2,039 — — --
(152.000) (149,961) 2.039 — — —
(309.970) 22.398 332.368 447,000 2,462,653 2.015.653
(96.334) (96,334)
(96.334) (96.334)
4.033.430 4,033.430
4.033.430 4,033,430
S (4 S (73,936) S 332.368 S 4.480.430 S 6,496,083 S 2.015,653
—52—
Bikeway
Bridge and Thoroughfare
•
Variance
Variance
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 962,000
$ 859,256
S (102,744) S
375,000
$ 2.205.087
S 1.830.087
—
22,398
22.398
72,000
257,566
185,566
50.000
147,580
97,580
—
—
—
1,029,234
17,234
447,000
1.012.000
2,462.653
2,015,653
1,169.970 856,875 313,095 — —
1,169,970 856,875 313,095 — — —
(157,970) 172.359 330,329 447,000 2.462,653 2.015.653
(152,000) (149,961) 2,039 — — --
(152.000) (149,961) 2.039 — — —
(309.970) 22.398 332.368 447,000 2,462,653 2.015.653
(96.334) (96,334)
(96.334) (96.334)
4.033.430 4,033.430
4.033.430 4,033,430
S (4 S (73,936) S 332.368 S 4.480.430 S 6,496,083 S 2.015,653
—52—
- - - 2,367,099
Developer Fees
389,543
Gas Tax
4,782,441 484,069 4.298,372 779.325
319,298
Part Improvement
27,348 28.752
4,782,441 484,069 4.298.372 3.146,424
Variance
849,570
27,348 28,752 (1,404)
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
S 3,518,010
S 682,098
S (2,835,912) S
-
S -
S -
S -
$ -
S -
-
20,358
20.358
10,000
78,532
68,532
2,000
91981
7,981
-
-
-
2,584,619
2,653,837
69,218
-
287,776
287,776
-
-
22,625
44,829
22,206
-
3,518,010
702,456
(2.815,554)
2.617244
2,777,198
159,954
2.000
297,757
295,757
- - - 2,367,099
1,977,556
389,543
- - -
4,782,441 484,069 4.298,372 779.325
319,298
460,027
27,348 28.752
4,782,441 484,069 4.298.372 3.146,424
2,296,854
849,570
27,348 28,752 (1,404)
(1,264,431) 218.387 1,482.818 (529,180) 480,344 1,009.524 (25,348) 269.005 294,353
- - - 32,600
- - - (267,810)
32,600 - - - -
(118,642) 149,168 - - -
- - - (235,210)
(86,042) 149,168 - - -
(1,264,431) 218,367 11482AIS (764,390) 394,302 1.158,692 (25.348) 269,005 294,353
(676,434)
-
(676,434)
-
- 1,108220
- 157,392
1.108220 - 82,359 82,359 -
157.392 -
(676.434)
(676.434)
- 1.265,612
1.265.612 - 82.359 82.359 -
S (1,940.865) L_(458.047) S 1.482.818 S 501.222 S 1,659,914 S 1,158.692 S 57.011 S 351.364 S 294.353
(Continued)
-53-
CITY OF SANTA CL4RITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES -BUDGET ANDACTUAL
REVENUES:
Developer fees
Use of money and property
Revenue from orb" agencies
Fines and forfeitures
Service charges
Other revenue
TOTALREVENUES
EXPENDITURES:
Current operating
General govern ment
Public works
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES}
Operating transfers in
Operating trans6:rs out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES
FUND BALANCES (DEFICITS) -
BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCES (DEFICITS)
BEGINNING OF YEAR,
AS RESTATED
FUND BALANCES (DEFICITS) -
END OF YEAR
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended June 30, 1996
PropositionA Special Assessment
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
S - S - S
- S
2,700 S - $
(2,700)
- 9,760
9,760
3,000 10,617
7,617
2.252,600 2,475,398
222,798
- -
-
- -
-
99,487 104,357
4,870
2,252,600 2,485,158
232,558
105,187 114,974
9,787
- -
- 180,714
97,969
82,745
200,000 39,991
160,009
-
200,000 39,991
160,009 180,714
97,969
82.745
2.052.600 2,445.167 392,567 (75,527) 17,005 92,532
(2,411.538) (2.289,307) 122.231 (8,500) (9,712) (1.212)
(2,411,538) (2,289,307) 122.231 (8,500) (9,712) (1,212)
(358.938) 155.860 514,798 (84,027) 7.293 91,320
8.571 8,571 - 224,386 224,386
8.571 8,571 - 224,386 224.386
S (350.367) S 164,431 1 514,798 S 140,359 S 231.679 S 91,320
-54-
5,046,653
State Park
3,324,547
4,162,988
TDA Funds
2.176,849 — —
5.046,653
Traffic Safety
3,324,547
4,162,988
Variance
2,176,849 — — —
55.782
Variance
(33,369)
3,677,641
Variance
2.916 —
Favorable
(744,653) (1,193,486) (448,833) (4,162,988)
(1,821.882)
Favorable
— 2.374
2,374
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
E —
E —
3 —. S
—
S —
$ — S
S —
S -
-
4,904
4.904
—
114,499
114,499
51000
10,568
5,568
4,302,000
523,716
(3,778.284)
2.682,387
2,676,363
(6,024)
—
—
-
-
—
—
—
—
—
283,600
.313,775
30,175
4,302.000
528.620
(3,773,380)
2,682,387
2.790,862
108.475
288,600
324,343
35.743
5,046,653
1,722,106
3,324,547
4,162,988
1,986.139
2.176,849 — —
5.046,653
1,722,106
3,324,547
4,162,988
1.986.139
2,176,849 — — —
(744.653) (1,193.486) (448,833) (1.480,601) 804,723 2.285.324 288.600 324,343 35,743
— — — (2.682.387)
(2,626,605)
55.782
(288,600) (321,969)
(33.369)
2.916 —
— — — (2,682,387)
(2.626.605)
55.782
(288,600) (321.969)
(33,369)
3,677,641
— 2.916
2.916 —
(744,653) (1,193,486) (448,833) (4,162,988)
(1,821.882)
2,341,106
— 2.374
2,374
431,D53
431,053
— 3,677,641
3,677,641
— 2,916
2.916 —
431.053
431,053
— 3,677,641
3,677,641
— 2.916
2.916 —
S (313,600) S[762.433) t (448.833) f (48 5,347) $ 1,855,759 S 2.341.106 S 2.916 S 5.290 S 2,374
(Continued)
QfM
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
REVENUES:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTALREVENUES
EXPENDITURES:
Current operating:
General govern meat
Public works
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES}
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended June 30, 1996
CDBG FAU
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ S — S
7,010.757 11180,503 (5,830,254) 694,200 — (694,200)
140 140 — — —
7,010,757 1,180,643 (5.830,114) 694,200 (694,200)
5,856228 630,781 5.225.447 — — —
830,078 551,388 278,690 700.586 322 700,264
6,686,306 1.182,169 5,504.137 700,586 322 700.264
324.451 (1.526) (325.977) (6,386) (322) 6.064
(5,300) — 5.300 — — —
(5.300) — 5.300 — — —
319,151 (1.526) (320.677) (6.386) (322) 6,064
FUND BALANCES (DEFICITS)-
BEGINNINGOFYEAR 1,526 1.526 — (336,521) (336,521)
PRIOR PERIOD ADSUSTMENT
FUND BALANCES (DEFICITS)
BEGINNING OF YEAR.
AS RESTATED
FUND BALANCES (DEFICITS)—
END OF YEAR
1.526 1,526 — (336.521) (336.521)
S 320,677 f — S (320.677) S (342.907) L11361411 S 6,064
—56—
14340 14,345 (5) - -
4,296,410 2,602,145 1,694265 - - 149,202 149,202 -
4,296,410 2,602,145 1,694265 14,340 14,345 (5) 149,202 149,202
(1,009.601) 677.283 1.686,884 143,492 144452 1.060 (149,202) (139.668) 9.534
45,195 45,195 - - - - -
(600,000) (745.790) (145,790) (30.000) (15,569) 14.431 - - -
(600,00(y) (700,595) (100.595) (30.000) (15,569) 14.431 - - -
(1,609.601) (23,312) 1,586289 113,492 128,983 15,491 (149,202) (139.668) 9,534
2.167.957 2,167,957
2.167,957 2.167.957
53,351 53.351
218,775 218.775
53.351 53.351 - 218.775 218,775
S 559,356 S 2344.645 S 1,586289 S 166,843 S 182.334 S 15,491 S 69.573 S 79,107 S 9,534
(Continued)
-57-
PropwitionC
AQMD
Aid to Cities
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable) Budget
Actual
(Unfavorable)
$ -
S -
S - S
-
S
S - $ -
S -
S -
50.000
34,529
(15,471)
-
4,153
4,153 -
9,534
9.534
3,236.809
3.244,899
8,090
157,832
154,744
(3,088) -
-
-
3,286,809
3,279,428
(7,381)
157,832
158,897
1,065 -
9,534
9,534
14340 14,345 (5) - -
4,296,410 2,602,145 1,694265 - - 149,202 149,202 -
4,296,410 2,602,145 1,694265 14,340 14,345 (5) 149,202 149,202
(1,009.601) 677.283 1.686,884 143,492 144452 1.060 (149,202) (139.668) 9.534
45,195 45,195 - - - - -
(600,000) (745.790) (145,790) (30.000) (15,569) 14.431 - - -
(600,00(y) (700,595) (100.595) (30.000) (15,569) 14.431 - - -
(1,609.601) (23,312) 1,586289 113,492 128,983 15,491 (149,202) (139.668) 9,534
2.167.957 2,167,957
2.167,957 2.167.957
53,351 53.351
218,775 218.775
53.351 53.351 - 218.775 218,775
S 559,356 S 2344.645 S 1,586289 S 166,843 S 182.334 S 15,491 S 69.573 S 79,107 S 9,534
(Continued)
-57-
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
REVENUES:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
TOTAL REVENUES
EXPENDITURES:
Current operating:
General govern meat
Public works
Community development
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES
FUND BALANCES (DEFICM)-
BEGINNING OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALANCES (DEFICITS)
BEGINNING OF YEAR,
AS RESTATED
FUND BAL4NCES(DEFICITS)-
ENDOFYEAR
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended June 30. 1996
Earthquake Fuad
2,563,869
Landscape Maintenance District01
59,860
Variance
44,276
5.816.866
Variance
3.252,997
Favorable
15,590
44,270
Favorable
Budget Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
-
- 291,931
291,931
500
2,173
1.673
293.328 108.633
(184,695)
-
-
-
- -
-
55,500
51,706
(3.794)
- 360,652
360,652
-
293,328 761.216
467,888
56,000
53,879
(2,121)
5.816.866
2,563,869
3,252,997
59,860
15,590
44,276
5.816.866
2,563.869
3.252,997
59,860
15,590
44,270
(5,523,538) (1,802.653) 3,720.885 (3,860) 38.289 42.149
- 7,097 7,097
7.097 7.097
(5.523.538) (1.802.653) 31720.885 (3,860) 45,386 49.246
(2,541,428) (2.541,428) - 3,897 3.897
(2.541.428) (2.541.428) - 3.897 3.897
S_18.064.9661 S (4.344.081) S 3,720.885 S 37 S 49.283 S 49.246
—58—
Stormwater Utility
Fund
Miscellaneous Grants Fund
Sewer Maintenance Fund
—
Variance
208,274
Variance
Variance
825,270
Favorable
665,566 — —
Favorable
Favorable
Budget Actual
(Unfavorable)
Budget
Actual (Unfavorable)
Budget Actual (Unfavorable)
$ — S —
S —
S —
S — $ — E
— $ — S -
- 58,318
58,318
—
— —
— — -
- —
—
707,000
159,650 (547,350)
— — —
1,776,090 1.882.431
106,341
—
— —
— — —
1,776.090 1,940,749
164,659
707,000
159,650 (547,350)
— — —
2.216,741
1,356.845
859.896
150,000
—
150,000 — — —
208,274
88,830
119.444
825,270
159,704
665,566 — —
2.425.015
1,445.675
919,340
975.270
159,704
815.566 — — —
(648.925)
495.074
1,143,999
(268,270)
(54)
268.216 — — —
(286.100) (286.100) — — — — — — —
(286.100) (286.100) — — — — — — —
(935.025) 208,974 1.143.999 (268.270) (54) 268.216 — —
689.166 689.166 — (3.730) (3,730) — — —
689.166 689,166 — (3.730) (3.730) — — —
S (245.859) 1 898.140 S 1.143,9991 (272,000) S (3,784) S 268.216 S
(Continued)
—59—
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended June 30, 1996
OTHER FINANCING SOURCES (USES}
Operating transfers in
32,600 84.892 52,292
Totals
(6,732235) (6,563,655) 168,580
TOTAL OTHER FINANCING
SOURCES (USES)
Variance
'Favorable
Budget
Actual
(Unfavorable)
REVENUES:
Developer fees
S 4,857,710
S 3,746,441
S (1,111269)
Useof money and property
142,500
939,821
797,321
Revenue from other agencies
23,971,532
13,613.099
(10,358.433)
Fines and forfeitures
283,600
313.775
30.175
Service charges
1,931,077
2,038.494
107,417
Other revenue
22.625
405,621
382,996
TOTAL REVENUES
317209,044
21,057,251
(10,151,793)
EXPENDITURES:
Current operating:
General government
14,340
14,345
(5)
Public works
2367,099
1,977,556
389343
Community development
8,403.683
2.085.595
6,318,088
Capital outlay
29,055,271
11.568,280
17,486,991
TOTAL EXPENDITURES
39.840,393
15,645,776
24,194.617
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
(8.631.349)
5,411,475
14,042,824
OTHER FINANCING SOURCES (USES}
Operating transfers in
32,600 84.892 52,292
Operating transfers out
(6,732235) (6,563,655) 168,580
TOTAL OTHER FINANCING
SOURCES (USES)
(6,699,635) (6,478,763) 220,872
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES (15,330,984) (1.067288) 14;263,696
FUND BALANCES (DEFICITS)—
BEGINNING OF YEAR 9,048.801 9.048,801 —
PRIOR PERIOD ADJUSTMENT 157.392 157392
FUND BALANCES (DEFICITS)
BEGINNING OF YEAR,
AS RESTATED 9,206,193 9,206.193 —
FUND BALANCES(DEFICITS)—
ENDOFYEAR S (6.124,791) S 8.138.905 S 14,263.696
1
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for' accumulation of resources for, and payment
of, interest and principal on long-term debt.
Funds included are:
General City Debt- To account for principal and interest payment on City's general long -tern
obligations.
Public Financing Authority - To account for principal and interest payments on the 1991
Revenue Bonds issued by the Santa Clarita Public Financing Authority.
Redevelopment A eg ncy - To account for principal and interest payments on the loan from the
City.
ASSETS:
Cash and investments
with fiscal agent
CITY OF SANTA CLARITA
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
June 30, 1996
With comparative totals for June 30, 1995
General Public
City Financing Redevelopment
Debt Authority Agency
Totals
June 30, June 30,
1996 1995
S — S 2,279,094 S — S 2,279,094 $ 2,273,257
FUND BALANCES:
Reserved for debt service S S 2,279,094 S — S 2,279,094 S 2,273,257
—61—
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL DEBT SERVICE FUNDS
For the year ended June 30, 1996
With comparative totals for the year ended June 30, 1995
General Public Totals
City Financing Redevelopment June 30, June 30,
Debt Authority Agency 1996 1995
REVENUES:
Use of money
and property $ — $ 117,431 $ — S 117,431 S 105,808
EXPENDITURES:
Principal retirement 174,967 865,000 — 1,039,967 1,096,167
Interest and fiscal charges 303,685 1,351,293 98,978 1,753,956 1,588,879
TOTAL
EXPENDITURES
EXCESS OF
REVENUES
(UNDER)
EXPENDITURES
OTHER FINANCING
SOURCES:
Advances from
other funds
Operating transfers in
TOTAL OTHER
FINANCING
SOURCES
EXCESS OF
REVENUESAND
OTHER FINANCING
SOURCES
EXPENDITURES
FUND BALANCES—
BEGINNING OF YEAR
FUND BALANCES—
END OF YEAR
478,652 2,216,293 98,978 2,793,923 2,685,046
47( 8,652) (2,098,862) (98,978) (2,676,492) (2,579,238)
478,652 2,104,699
98,978 98,978 -
- 2,583,351 2.592,022
478,652 2,104,699 98,978 2,682,329 2,592,022
5,837
— 2,273,257
5,837 12,784
— 2,273,257 2,260,473
$ — S 2,279,094 $ — $ 2,279,094 $ 2,273,257
—62—
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
ALL BUDGETED DEBT SERVICE FUNDS
For the year ended June 30, 1996
REVENUES:
Use of money and property
EXPENDITURES:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES:
Operating transfers in
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
FUND BAL.ANCES—
BEGINNING OF YEAR
FUND BALANCES—
END OF YEAR
—63—
General City Debt
Variance
Favorable
Budget Actual (Unfavorable)
s — $ — S —
175,000 174,967 33
235,500 303,685 (68,185)
410,500 478,652 (68,152)
(410,500) (478,652) (68,152)
478,652 478,652 —
68,152 — (68,152)
S 68,152. $ — S (68,152)
Public Financing Authority Totals
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
S — S 117,431 S 117,431 $ — S 117,431 S 117,431
865.000 865,000 — 1,040,000 1.039,967 33
1,350.000 1,351,293 (1.293), 1,585,500 1,654,978 (69,478)
21215,000 2,216,293 (1,293) 2,625,500 2,694,945 (69,445)
(2.215,000) (2,098,862) 116,138 (2,625,500) (2,577,514) 47,986
2,104,699 2,104,699 478,652 2,583,351 2,104,699
(2,215.000) 5,837
2.273,257 2.273.257
2,220,837 (2,146,848) 5,837
2.273,257 2.273.257
2,152,685
S 58.257 S 2,279,094 S 2.220,837 S 126.409 S 2.279,094 S 2,152,685
—64—
CAPITAL PROJECT FUNDS
The Capital Project Funds are used to account for the acquisition or construction of the City's
major capital facilities, other than those financed by proprietary funds.
Redevelopment Agency - To account for the construction of all capital projects located within
the project area financed by the Redevelopment Agency.
CommunitFacilities District No. 92-1 - To account for capital asset construction within
community facilities district No. 92-1.
1991 Revenue Bonds - To account for capital asset acquisition and construction from the 1991
Revenue Bond proceeds issued by the Santa Clarita Public Financing Authority.
CITY OF SANTA CLARITA
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
June 30, 1996
With comparative totals for June 30, 1995
Community
LIABILITIES AND
FUND BALANCES
LIABILITIES:
Facilities
1991
Totals
Redevelopment
District
Revenue
June 30,
June 30,
Due to other governments
Agency
No. 92-1
Bonds
1996
1995
ASSETS
3,047 — 42,718
45,765
220,022
Cash and investments
$ 3,047
$ —
$ 1,677,657
S 1,680,704 $
6,766,103
Cash and investments with
668,587
—
Reserved for continuing
fiscal agent
—
22,324
—
22,324
2.441,949
Interest receivable
—
—
800
800
30,764
Due from other governments
—
—
1,287,053
1,287,053
—
TOTALASSETS
S 3.047
S 22,324
S 2,965,510
L 2,990,881 $
9,238,816
LIABILITIES AND
FUND BALANCES
LIABILITIES:
Accounts payable and
accrued liabilities
S 3,047 S — $ 23,794
S 26,841
$ 220,022
Due to other governments
— — 18,924
18,924
—
TOTAL LIABILITIES
3,047 — 42,718
45,765
220,022
FUND BALANCES:
Reserved for encumbrances
— — 668,587
668,587
—
Reserved for continuing
appropriations
— — 188,608
188,608
—
Unreserved:
Designated for capital
improvements
— 22,324 2,065,597
2,087,921
9,036,679
Undesignated
— — —
—
(17,885)
TOTAL FUND
BALANCES
— 22,324 2,922,792
2,945,116
9,018,794
TOTAL LIABILITIES
AND FUND BALANCES S 3,047 $ 22,324 $ 2,965,510 S 2.990,881 S 9,238.816
—65—
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL CAPITAL PROJECT FUNDS
For the year ended June 30, 1996
With comparative totals for the year ended June 30, 1995
Community
EXCESS OF REVENUES
OVER(UNDER)
(480.218) (2,419,625) (2,421,938) (5,321.781) (596,528)
OTHER FINANCING
Facilities
1991
Totals
SOURCES (USES):
Redevelopment
District
Revenue
June 30, .lune
30,.
— —
Agency
No. 92-1
Bonds
1996
1995
REVENUES:
(140,728)
TOTAL OTHER FINANCING
Use of money and property
S —
$ 81,001
$ 198,244
S 279,245 S
417,759
Revenue from other agencies
—
—
1,656,042
1,656,042
602,209
Other revenue
—
—
—
—
95
TOTALREVENUES
—
81,001
1,854,286
1,935,287
1,020,063
OTHER FINANCING USES
17,885
(2,419,625) (3,671,938)
EXPENDITURES:
162,143
FUND BALANCES (DEFICITS)—
Current operating:
BEGINNINGOFYEAR
(17,885)
2,441,949 6,594,730
9,018,794
8,856,651
General government
480,218
—
—
480,218
762,299
Capital outlay
—
2,500,626
4,276,224
6,776,850
854,292
TOTAL EXPENDITURES
480,218
2,500,626
4,276,224
7,257,068
1,616,591
EXCESS OF REVENUES
OVER(UNDER)
(480.218) (2,419,625) (2,421,938) (5,321.781) (596,528)
OTHER FINANCING
SOURCES (USES):
Advances from other funds
498,103
— —
498,103
899,399
Operating transfers out
—
— (1,250,000)
(1,250,000)
(140,728)
TOTAL OTHER FINANCING
SOURCES (USES)
498,103
— (1,250,000)
(751,897)
758,671
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCESOVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES
17,885
(2,419,625) (3,671,938)
(6,073,678)
162,143
FUND BALANCES (DEFICITS)—
BEGINNINGOFYEAR
(17,885)
2,441,949 6,594,730
9,018,794
8,856,651
FUND BALANCES—
END OF YEAR S — S 22,324 $ 2.922.792 L 2,945,116 S 9,018,794
'S,Lfl
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
ALL BUDGETED CAPITAL PROJECT FUNDS
For the year ended June 30, 1996
REVENUES:
Use of money and property
Revenue from other agencies
TOTALREVENUES
EXPENDITURES:
Current operating:
General government
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDI
OTHER FINANCING SOURCES (USES):
Advances from other funds
Operating transfers out
TOTAL OTHER FINANCING SOURCES (USES)
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER FINANCING USES
FUND BALANCES (DEFICITS)—BEGINNING OF YEAR
FUND BALANCES (DEFICITS)—END OF YEAR
—67—
Redevelopment Agency
Variance
Favorable
Budget Actual (Unfavorable)
$ — a — $ —
503,495 480,218 23,277
503,495 480,218 23,277
(503,495) (480,218) 23,277
498,103 498,103
_ 498,103 498,103
(503,495) 17,885 521,380
(17,885) (17,885) —
S (521,380) S — S 521,380
1991 Revenue Boad Totals
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
S — S 198,244 S 198,244 $ — S 198,244 S 198,244
1,300,000 1,656,042 356,042 1,300,000 1,656,042 356,042
1,300,000 1,854,286 554,286 1,300,000 1,854,286 554,286
— — — 503,495 480,218 23,277
6,288,878 4,276,224 2,012,654 6,288,878 4,276,224 2,012,654
6,288,878 4,276,224 2,012,654 6,792,373 4,756,442 . 2,035,931
(4,988,878) (2,421,938) 2,566,940 (5,492,373) (2,902,156) 2,590,217
(1,250,000) (1.250,000)
(1,250,000) (1,250,000)
498,103 498,103
— (1,250,000) (1,250,000)
(751,897) (751,897)
(4,988,878)
(3,671,938)
1,316,940 (5,492,373)
(3,654,053) 1,838,320
6,594,730
6,594,730
— 6,576,845
6,576,845 —
$ 1,605,852 $ 2,922,792 $ 1,316,940 S 1,084,472 S 2,922,792 $ 1,838,320
•
s
•
•
CITY OF SANTA CLARITA
COMPARATIVE BALANCE SHEET
TRANSIT ENTERPRISE FUND
June 30, 1996 and 1995
ASSETS
CURRENT AS SETS:
Cash
Accounts receivable
Due from other governments
Prepaid items
TOTAL CURRENTS ASSETS
RESTRICTED ASSETS:
Deposit
Deferred bond issue costs
TOTAL RESTRICTED AS SETS
PROPERTY, PLANT AND EQUIPMENT (NET)
TOTAL AS SETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities
Deferred revenue
Due to other funds
Current portion of long—term debt
TOTAL CURRENT LIABILITIES
LONGTERM DEBT, NET OF CURRENT PORTION
TOTAL LIABILITIES
FUND EQUITY:
Contributed capital
Retained earnings:'
Reserved for debt service
Unreserved
Total retained earnings (deficit)
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
June 30, June 30,
1996 1995
$ 57,673 $
16,136
6,739
1,052,969
350,645
14,198
5,582
1,140,976
362,966
489,500
489,500
76,526
88,921
566,026
578,421
9,466,001 9,585,545
S 11,173,003 S 10,526,932
S 846,293 $ 863,815
600 —
1,316,760 1,342,677
1,763,114 1,677,771
3,926,767 3,884,263
4,757,256 6,517,472
8,684,023 10,401,735
1,622,071 452,704
489,500 489,500
377,409 (817,007)
866,909 (327,507)
2,488,980 125,197
S 11,173,003 S 10,526,932
CITY OF SANTA CLARITA
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
TRANSIT ENTERPRISE FUND
For the years ended June 30, 1996 and 1995
June 30, June 30,
1996 1995
OPERATING REVENUES:
Transportation revenue $ 1.832,299 $ 1,648,075
OPERATING EXPENSES:
5,632,076
6,685,503
Administrative
311,484
294,903
Transportation services
5,556,867
6,147,943
Depreciation and amortization
693,449
657,432
TOTAL OPERATING EXPENSES
6,561,800
7,100,278
(327,507)
OPERATING LOSS
(4,729,501)
(5,452,203)
—
NONOPERATING REVENUES (EXPENSES):
Interest expense
(451,812)
(459,683)
Intergovernmental grants
524,662
27,337
Other revenue
2,169
33,908
TOTAL NONOPERATING REVENUES (EXPENSES)
75,019
(398,438)
NET LOSS BEFORE OPERATINGTRANSFERS
(4,654,482)
(5,850,641)
OPERATING TRANSFERS:
Operating transfers in 5,632,076 6,703,203
Operating transfers out — (17,700)
TOTAL OPERATINGTRANSFERS
5,632,076
6,685,503
NET INCOME
977,594
834,862
ADD DEPRECIATION ON CONTRIBUTED ASSETS
123,193
—
NET INCREASE IN RETAINED EARNINGS
1,100,787
834,862
RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR
(327,507)
(1,162,369)
PRIOR PERIOD ADJUSTMENT
93,629
—
RETAINED EARNINGS (DEFICIT) AT BEGINNING OF YEAR,
AS RESTATED
(233,878)
(1,162.369)
RETAINED EARNINGS (DEFICIT) AT END OF YEAR
S 866,909
$ (327,507)
—70—
CITY OF SANTA CLARITA
COMPARATIVE STATEMENT OF CASH FLOWS
TRANSIT ENTERPRISE FUND
For the years ended June 30, 1996 and 1995
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Intergovernmental grants
June 30,
June 30,
Cash received from other funds
1996
1995
CASH FLOWS FROM OPERATING ACTIVITIES:
5,632,076
6,703,203
Operating loss
S (4,729,501)
S (5,452,203)
Adjustments to reconcile operating loss to net
(1,342,677)
(2,445,866)
cash used by operating activities:
NET CASH PROVIDED BY
Depreciation and amortization
693,449
657,432
Other revenue
2,169
33,908
Changes in operating assets and liabilities:
FINANCING ACTIVITIES:
(Increase) decrease in accounts receivable
(9,397)
3,094
(Increase) decrease in due from other governments
(702,324)
1,057,215
(Increase) decrease in deposit
—
(489,500)
(Increase) decrease in prepaid items
(8,616)
(5,582)
Increase (decrease)in accounts payable
(17,522)
—
Increase (decrease)in deferred revenue
600
(211,031)
Total adjustments
(41,641)
1,045,536
RELATED FINANCING ACTIVITIES
NET CASH USED BY OPERATING ACTIVITIES
(4,771,142)
(4,406,667)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Intergovernmental grants
524,662
27,337
Cash received from other funds
1,316,760
1,342,677
Operating transfers in from other funds
5,632,076
6,703,203
Operating transfers out to other funds
—
(17,700)
Cash paid to other funds
(1,342,677)
(2,445,866)
NET CASH PROVIDED BY
NONCAPITAL FINANCING ACTIVITIES
6,130,821
5,609,651
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Acquisition of capital assets
(464,172)
(1,971,187)
Contributed capital
1,292,560
452,704
Proceeds from long—term debt
—
1.307,000
Principal payments on long—term debt
(1,678,582)
(1,021,318)
Interest expense on long—term debt
(451,812)
(459,683)
NET CASH USED BY CAPITAL AND
RELATED FINANCING ACTIVITIES
(1,302,006)
(1,692,484)
NET (INCREASE) DECREASE IN
CASH AND CASH EQUIVALENTS
57,673
(489,500)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—
489,500
CASH AND CASH EQUIVALENTS AT END OF YEAR
S 57,673
S -
-71—
hYM t M_ _ �
Internal Service Funds are used to account for goods or services provided by a central service
department to other.City departments.
Self -Insurance - To account for the financing of the .City's self-insurance program.
Computer Replacement - To account for the financing of the replacement of the City's computer
equipment.
Vehicle Replacement - To account for the Financing of the replacement of the City's automotive
equipment.
CITY OF SANTA CLARTTA
COMBINING BALANCE SHEET
ALL INTERNAL SERVICE FUNDS
June 30, 1996
With comparative totals for June 30, 1995
Self Computer
ASSETS Insurance Replacement
CURRENT AS SETS:
Cash and investments $ — $ 217,457
Interest receivable — 1,724
Prepaid items 3,206 —
TOTAL CURRENT ASSETS 3,206 219,181
PROPERTY, PLANT AND EQUIPMENT
Equipment — 195,848
Less accumulated depreciation — —
NET PROPERTY, PLANT AND EQUIPMENT — 195,848
TOTALASSETS $ 3.206 $ 415,029
LIABILITIES AND FUND EQUITY
Accounts payable and accrued liabilities S 530,347 S —
Lease payable, current portion — 166,634
Due to other funds 17,349 —
TOTAL CURRENT LIABILITIES 547,696 166,634
LONG-TERM LIABILITIES:
Lease payable, net of current portion — 29.214
TOTAL LIABILITIES 547,696 195,848
FUND EQUITY (DEFICIT):
Retained earnings:
Unreserved (544,490) 219,181
TOTAL LIABILITIES AND FUND EQUITY S 3,206 $ 415,029
—72—
•
•
•
•
•
•
•
•
•
•
•
Totals
.
Vehicle
June 30,
June 30,
•
Replacement
1996
1995
•
S
633,418
S
850.875
S
669,621
4,974
6,698
•
3,206
5,893
•
•
638,392
860,779
675,514
•
•
—
195,848
—
•
—
195,848
—
S
638,392
S
1,056,627
S
675,514
•
•
•
•
•
S
—
S
530,347
S
1,022,074
•
—
166,634
-
-
17,349
304,099
•
—
714,330
1,326,173
•
•
•
—
29,214
—
—
743,544
1,326,173
•
•
638,392
313,083
(650,659)
•
•
S
638,392
S
1.056.627
S
675,514
•
•
•
•
•
—73—
•
CITY OF SANTA CLARITA
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
ALL INTERNAL SERVICE FUNDS
For the year ended Tune 30, 1996
With comparative totals for the year ended June 30, 1995
OPERATING REVENUES:
Charges for services
Insurance reimbursement
TOTAL OPERATING REVENUE
OPERATING EXPENSES:
Services and supplies
OPERATING INCOME (LOSS)
NONOPERATING REVENUES:
Interest income
NET INCOME (LOSS) BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS:
Operating transfers in
Operating transfers out
NET INCOME (LOSS)
RETAINED EARNINGS (DEFICITS) AT BEGINNING OF YEAR
RETAINED EARNINGS (DEFICITS) AT END OF YEAR
—74—
Self Computer
Insurance Replacement
$ 735,989 S 215,000
26,233 —
762,222 215,000
230,539 —
531,683 215,000
— 4,181
531,683 219,181
250,000
250,000
781,683 219,181
(1,326,173) —
S (544,440) $ 219,181
Totals
Vehicle June 30, June 30,
Replacement 1996 1995
S 88,085 S 1,039,074 S 543,514
— 26,233 —
88,085 1,065,307 543,514
230,539 1,026,153
88,085 834,768 (482,639)
34,793 38,974 20,590
122,878 873,742 (462,049)
250,000 —
(160,000) (160,000) 93,700
(160,000) 90,000 93,700
(37,122) 963,742 (368,349)
675,514 (650,659) (282,310)
S 638,392 S 313,083 S (650,659)
—75—
CITY OF SANTA CLARIPA
COMBINING STATEMENT OF CASH FLOWS
ALL INTERNAL SERVICE FUNDS
For the year ended June 30, 1996
With comparative totals for the year ended June 30, 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities:
(Increase) decrease in interest receivable
(Increase) decrease in prepaid expenses
Increase (decrease)in accounts payable
Total adjustments
Self Computer
Insurance Replacement
$ 531,683 $ 215,000
(1,724)
(3,206)
(491,727)
(494,933) (1,724)
NET CASH PROVIDED(USED) BY OPERATING ACTIVITIES 36,750 213,276
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash received from other funds
Operating transfers in from other funds
Operating transfers out to other funds
Cash paid to other funds
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES:
Purchase of equipment
Proceeds from debt
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on investments
NET INCREASE(DECREASE)IN
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
—76—
17,349
250,000 —
(304,099) —
(36,750) —
(195,848)
195,848
4,181
217,457
S — S 217,457
Totals
Vehicle June 30, June 30,
Replacement 1996 1995
S 88,085 S 834,768 $ (482,639)
919 (805) (1,343)
— (3,206) —
(491,727) 357,381
919 (495,738) 356,038
89.004 339,030 (126,601)
17,349 304,099
250,000 —
(160,000) (160,000) 93,700
(304,099) (172,241)
(160.000) (196.750) 225,558
(195,848) —
195,848 —
34,793 38,974 20,590
(36,203) 181,254 119,547
669,621 669.621 550,074
S 633,418 S 850,875 S 669,621
—77—
FIDUCIARY FUND TYPES - TRUST AND AGENCY FUNDS
The Expendable Trust Fund accounts for assets and activities restricted to a specific purpose
in accordance with a formal intent.
General Trust To account for funds held in trust by the City restricted for use only in
accordance with a trust agreement.
The Agency Fund accounts for assets held by the City as an'agent for individuals.
Deferred Compensation - To account for monies held by the City for restricted cash and
investments of the ICMA deferred compensation plan.
Community Facilities District No. 92-1- To account for monies held to account for debt service
requirements of the Community Facilities District No. 92-1.
CITY OF SANTA CLARITA
COMBINING BALANCE SHEET
ALL TRUST AND AGENCY FUNDS
June 30,1996
With comparative totals for June 30, 1995
LIABILITIES
Accounts payable and
accrued liabilities $ 44,706 S — S — $ 44,706 $ 16,956
Deposits 334,606 — 1,965,957 2,300,563 2,635,964
Deferred compensation payable — 3,176,177 — 3,176,177 2,345,377
TOTAL LIABILITIES S 379,312 S 3,176,177 S 1,965,957 S 5,521,446 S 4,998,297
—78—
Expendable
Trust
Agency
Totals
Community
Facilities
General
Deferred
District
June 30,
June 30,
Trust
Compensation
No. 92-1
1996
1995
ASSETS
Cash and investments
$ 286,763
S —
S — $
286,763 S
353,650
Cash and investments
with fiscal agent
—
3,176,177
1,965,957
5,142,134
4,433,421
Accounts receivable
92,399
—
—
92,399
211,166
Interest receivable
150
—
—
150
60
TOTALASSETS
S 379,312
S 3,176,177
$ 1,965,957 $
5,521,446 $
4,998,297
LIABILITIES
Accounts payable and
accrued liabilities $ 44,706 S — S — $ 44,706 $ 16,956
Deposits 334,606 — 1,965,957 2,300,563 2,635,964
Deferred compensation payable — 3,176,177 — 3,176,177 2,345,377
TOTAL LIABILITIES S 379,312 S 3,176,177 S 1,965,957 S 5,521,446 S 4,998,297
—78—
CITY OF SANTA CLARITA
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
EXPENDABLE TRUST FUND
For the years ended June 30, 1996 and June 30, 1995
REVENUES:
Other revenue
EXPENDITURES:
Current operating:
Public works
EXCESS OF REVENUES OVER EXPENDITURES
FUND BALANCE AT BEGINNING OF YEAR
FUND BALANCE AT END OF YEAR
—79—
June 30, June 30,
1996 1995
$ 620,404 $ 510,191
620,404 510,191
CITY OF SANTA CLARITA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
For the year ended June 30, 1996
DEFERRED COMPENSATION
ASSETS:
Cash and investments with fiscal agent
LIABILITIES:
Deferred compensation payable
COMMUNITY FACILITIES
DISTRICT NO. 92-1
ASSETS:
Cash and investments with fiscal agent
LIABILITIES:
Deposits
TOTALS
ASSETS:
Cash and investments with fiscal agent
LIABILITIES:
Deferred compensation payable
Deposits
Balance Balance
at at
July 1, June 30,
1995 Additions Deletions 1996
$ 2,345,377 $ 960,949 S 130,149 $ 3,176,177
S 2,345,377 S 960,949 S 130,149 S 3,176,177
S 2,088,044 S 1,635,448 S 1,757,535 S 1,965,957
$ 2,088,044 $ 1,635,448 S 1,757,535 $ 1,965,957
S 4,433,421 S 2,596,397 $ 1,887,684 $ 5,142.134
$ 2,345,377 S 960,949 S 130,149 $ 3,176,177
2,088,044 1,635, 448 1,757,535 1,9 65,957
TOTAL LIABILITIES L4,433,421 $ 2,596,397 S 1,887,684 S5,142.134
—80—
s
•
•
•
•
•
•
•
ACCOUNT GROUPS
General Fixed Assets - To account for capital assets acquired by the City for general City
purposes and which are not accounted for in proprietary fund operations.
General Long -Term Debt - To account for the City's long-term debt not reported in proprietary
fund. operations.
CITY OF SANTA CLARTTA
COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE
June 30, 1996 and 1995
GENERAL FDCED ASSETS:
Land and improvements
Buildings
Equipment
TOTAL GENERAL FIXED ASSETS
INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE:
Donation of general fixed assets from the County of
Los Angeles, at estimated fair market value
General fund
TOTAL INVESTMENT IN GENERAL FIXED ASSETS
—81—
June 30, June 30,
1996 1995
S 29,300,124 S 25,897,515
13,640,104 13,487,501
6,247,091 5,650,643
S 49,187,319 S 45,035.659
S 12,448,203 S 12,448,203
36,739,116 32,587,456
S 49,187,319 S 45,035,659
!�1*7 Y�r�1I:5IM1►5;i Rn
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
June 30,1996
FUNCTION AND ACTIVITY:
General government
Public safety
Public works
Parks and recreation
Community development
TOTAL GENERAL FIXED ASSETS
Land
and
Improvements Buildings Equipment Totals
$ 13,570,291 $ 10,245,069 $ 3,614,484 $ 27,429,844
— — 34,799
34,799
— 179,278 1,343,387
1,522,665
15,729,833 2,156,233 779,655
18,665,721
— 1,059,524 474,766
1,534,290
$ 29,300,124 $ 13,640,104 S 6,247,091 $ 49,187,319
—82—
CITY OF SANTA CLARITA
SCHEDULE OF CHANGES IN GENERAL FIXED
ASSETS BY FUNCTION AND ACTIVITY
For the year ended June 30, 1996
General General
Fixed Assets Fixed Assets
July 1, 1995 Additions Deletions June 30, 1996
FUNCTION AND ACTIVITY:
General government
$ 25,779,397
$ 1,650,447 $
— $ 27,429,844
Public safety
11,330
23,469
— 34,799
Public works
1,447,343
75,322
— 1,522,665
Parks and recreation
16,424,992
2,240,729
— 18,665,721
Community development
1,372,597
161,693
— 1,534,290
TOTAL GENERAL FIXED ASSETS
$ 45,035,659
$ 4,151,660 $
— S 49,187,319
—83—
CITY OF SANTA CLARITA
COMPARATIVE SCHEDULE OF GENERAL LONG—TERM DEBT
June 30, 1996 and 1995
June 30,
1996
AMOUNT AVAILABLE AND TO BE PROVIDED FOR
PAYMENT OF GENERAL LONG—TERM DEBT:
June 30,
1995
Amount available for retirement of long—term debt $ 2,279,094 S 2,273,257
Amount to be provided for payment of long—term debt 22,808,890 23,220,801
TOTAL AMOUNT AVAILABLE AND TO BE PROVIDED
FOR PAYMENT OF GENERAL LONG—TERM DEBT S 25,087,984 $ 25,494,058
GENERAL LONG—TERM DEBT PAYABLE:
1991 Revenue Bonds—Public Financing Authority S 19,715,000 $ 20,580,000
Notes payable 3,278,698 3,435,724
Advance to Santa Clarita Redevelopment Agency 1,612,248 1,063,129
Compensated absences 482,038 415,205
TOTAL GENERAL LONG—TERM DEBT PAYABLE S 25,087,984 $ 25,494,058
—84—
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M X t°
STATISTICAL SECTION
CITY OF SANTA CLARITA
General Governmental Revenues by Source (1)
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1996
WA prior to incorporation of 12/15/87
(1) Includes General, Special Revenue, Capital Projects and Expendable Trust Funds
Source: City Finance Department
��
Contribution
Use of
From
Fiscal
Licenses
Developer
Money
Fines &
Charges for
Property
Year
Taxes
& Permits
Fees
& Property
Forfeits
Services
.Owners
TOTAL
1987-88
S 4,448,732
$ 3,616,504
$ 573,822
$ 128,544
$ 191,774
$ 100,645
$ -0-
$ 9,060,021
1988-89
24,314,813
3,357,887
241,880
1,273,718
599,019
233,122
-0-
30,020,439
1989-90
26,834,186
3,794,874
1,423,741
2,068,275
709,736
1,122,268
-0-
35,953,080
1990-91
30,991,900
2,094,528
1,351,546
2,168,902
686,889
1,370,229
-0-
38,663,994
1991-92
33,050,804
2,113,408
904,210
2,914,787
401,793
1,825,496
-0-
41,210,498
1992-93
37,333,210
1,299,844
2,799,645
2,399,228
317,540
1,987,493 .
16,685,720
62,822,680
1993-94
43,999,218
1,177,963
1,511,342
1,879,079
329,687
5,369,490
111,479
54,378,268
199495
49,191,936
1,272,109
4,795,744
2,339,564
418,353
4,444,838
-0-
62,462,644
1995-96
44,403,994
1,749,220
3,746,441
2,396,859
445,410
5,332,345
-0-
58,074,269
(1) Includes General, Special Revenue, Capital Projects and Expendable Trust Funds
Source: City Finance Department
��
WA prior to incorporation of 12/15/87
Fiscal
General
Year
Government
1987-88
$ 535,975
1988-89
1,982,151
1989-90
3,721,584
1990-91
4,337,791
1991.92
3,566,198
1992-93
3,491,725
1993-94
4,119,942
1994-95
5,185,377
CRY OF SANTA CLARITA
General Governmental Expenditure by Function (1)
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1995
Public
Public
Parks &
Community
Mainte-
Capital
Debt
Safety
Works
Recreation
Develop.
nance
Outlay
Service
TOTAL
$2,329,899
$1,235,438
$ 237,932
$ 150,032
$ 60,298
$ 80,357
$ 62,704
$ 4,692,635
7,281,724
3,079,575
1,084,379
680,954
-0-
1,897,366
852,561
16,858,710
7,047,498
7,174,219
2,448,765
1,421,896
-0-
11,589,753
1,149,551
34,553,266
7,498,105
6,427,528
3,818,211
1,871,961
-0-
9,591,664
403,909
33,949,169
8,419,797
5,293,024
5,609,782
5,021,236
-0-
24,424,817
3,548,433
55,883,287
8,389,392
5,591,281
5,869,522
4,587,470
-0-
25,636,052
4,243,319
57,808,761
9,256,950
4,686,014
5,676,932
3,895,879
-0-
26,201,540
2,471,080
56,308,337
10,116,169
5,784,519
6,414,630
4,747,081
-0-
25,487,576
2,685,046
60,420,398
(1) Includes General, Special Revenue, Capital Projects and Expendable Trust Funds
Source: City Finance Department
M. U.
CITY OF SANTA CLARITA
Assessed and Estimated Actual Values of
All Taxable City Property
June 30,1996
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1996
(Numbers expressed in thousands)
The Los Angeles County Tax Collector's Office did not have rates available for
the fiscal year ended June 30,198&
Source: City Finance Department
MN
Common
Public
Full
Fiscal
Property
Utilities
Unsecured
Market
Percent
Year
Valuation
Valuation
Valuation
Valuation
Increase
• 1987-88
$ WA
$ "WA
$ WA
$ WA
WA
1988-89
4,061,732
7,207
WA
4,068,939
WA
1989-90
4,856,876
5,592
141,561
5,004,029
' 23%
1990-91
5,644,003
6,270
299,042
5,949,315
19%
1991-92
6,761,266
9,625
351,717
7,122,608
20'/0
1992-93
7,170,561
366
342,726
7,513,653
501.
1993-94
7,371,712
1,476
338,205
7,711,393
3%
1994-95
7,659,425
1,900
347,743
8,007,168
4%
1995-96
7,436,483
1,878
375,315
7,813,676
2%
The Los Angeles County Tax Collector's Office did not have rates available for
the fiscal year ended June 30,198&
Source: City Finance Department
MN
CITY OF SANTA CLARITA
Schedule of Direct and Overlapping Bonded Debt
June 30,1996
1995-96 Assessed Valuation: $7.813.675.967
DIRECT AND OVERLAPPING BONDED DEBT: % Applicable
Los Angeles County,
1.739
Los Angeles County Building Authorities
1.739
Los Angeles County Pension Obligations
1.739
Los Angeles County Superintendent of Schools Certificates of Participation
1.739
Los Angeles County Flood Control District
1.795
Los Angeles County Flood Control District Certificates of Participation
1.795
Los Angeles County Sanitation District #23 and Authorities
0.117
Los Angeles County Sanitation District #26 and Authorities
84.529
Los Angeles County Sanitation District #32 and Authorities
70.397
Castaic Lake Water Agency
72.646
Newhall County. Water District, I.D. #2 (Sewer and Water Issues) 80.924.83.270
Santa Clarita Community College District
72.166
William S. Hart Union High School District and Certificates of Participation
72.149
William S. Hart Union High School District Community Facilities District #87.1
100.
Castaic Union School District and Certificates of Participation
31.661
Newhall School District and Certificates of Participation
85.755
Saugus Union School District Certificates of Participation
70.991
Sulphur Springs Union School District and Certificates of Participation
76.263
Los Angeles Community College District and Unified School District
Certificates of Participation
0.001
City of Santa Clarita Certificates of Participation
100.000
City of Santa Clarita Community Facilities District #92-1
100.000
TOTAL GROSS DIRECT AND OVERLAPPING BONDED DEBT
Less: Los Angeles County Certificates of Participation (100% self-supporting
from leasehold revenues on properties In Marina del Rey)
TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT
•
Ratios to Assessed Valuation:
Direct Debt ($19,715,000) 0.25%
•
Total Gross Debt 2.60%
Total Net Debt .2.57%
STATE SCHOOL BUILDING AID REPAYABLE AS OF 06/30/96: $164
Source:. California Municipal Statistics, Inc., September 17, 1996
ff.".
Debt 06/30/96
$ 1,158,087
32,244,110
43,626,330
176,968
1,112,451
3,879,085
7,419
13,861,213
8,789,313
4,358,760
1,257,843
1,064,449
1,111,095
4,672,309
6,666,042
1,960,972
10,030,649
25,687,484
2,609
19,715,000
19:335,000
$202,777,188
2.231,050
$200,546,138
CITY OF SANTA CLARITA
Schedule of Legal Debt Margin
June 30,1996
Net Assessed Value of All Taxable Property $7,813,675,967
Legal Debt Limit -15°/C of Total Assessed Valuation $1.172.051.395
Section 43605 of the Government Code of the State of California limits the
amount of Indebtedness for public improvements to 15% of the assessed
valuation of all real and personal property of the City.
Source: City Finance Department
f M
C7
CITY OF SANTA CLARITA
Property Tax Levies and Tax Collections
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1996
NOTE: Article XIII -A of the Constitution of the State of California adopted by the
electorate in June, 1978, precludes the City from a local property tax levy.
All general purpose property taxes are levied by the County and allocated
to other governmental entities on a predetermined formula.
Source: City Finance Department
Total
Total
Current
Fiscal Year
Current Levy
Collections
1987.88
N/A
WA
198889
$2,628,992
$2,457,851
1989-90
2,673,787
2,515,423
1990-91
3,396,903
3,159,977
1991-92
3,992,654
3,704,424
1992-93
3,674,709
3,410,769
1993-94
3,807,415
3,557,146
199495
3,854,637
3,676,538
199596
3,949,833
3,763,989
NOTE: Article XIII -A of the Constitution of the State of California adopted by the
electorate in June, 1978, precludes the City from a local property tax levy.
All general purpose property taxes are levied by the County and allocated
to other governmental entities on a predetermined formula.
Source: City Finance Department
CITY OF SANTA CLARITA
` Insurance in Force
June 30, 1996
AMOUNT OF
CARRIER
POLICY
COVERAGE
COVERAGE
TERM
Insurance Company of the West
CSR117475006
Public Entity
$1,000,000
03101/96-03/01197
General Liability
& Auto Liability
Insurance Company of the West
ESR117475106
Excess Public
9,000,000
03/01/96-03/01/97
Entity General
Liability &
Auto Liability
Planet Insurance Company
KZ1813718
Extended Reporting
900,000
12!15/90 -unlimited
Endorsement
Planet Insurance Company
KRI735681
Extended Reporting
4,000,000
12/15/90 -unlimited
Endorsement
Hartford Steam Boiler &
LA993059007
Property Damage
unlimited
03101/95-03/01/96
Inspection Insurance Company
Business Interruption
& Extra Expense
12 months
Scottsdale Insurance Company
CLS310237
"Special Events" Liability
2,ODD,000
10116/95-10/16/96
General Aggregate
2,000,000
10116/95-10116196
Products/Completed Operations 1,000,000
70116/95-10/16/96
Each Occurrence
11000,000
10116195.10/16196
Personal/Advertising Injury
11000,000
10116/95-10/16/96
Fire Legal Liability
50,000
10/16195-10/16/96
St. Paul Fire & Marine
400HV9733
Public Official
100,000
08/05195-0a/05/96
Bond for
City Manager
St. Paul Fire & Marine
400JH1797
Public Official
100,000
=18/96.02/18197
Bond for Assistant
City Manager
SL Paul Fire & Marine
400HV9732
Public Official
50,000
08105/95-08/05/96
Bond for
City Clerk
St. Paul Fire & Marine
40DJM3404
Public Official
100,000
08/06/95-08106/96
Bond for Program
Coordinator-CDBG
-91-
CITY OF SANTA CLARITA
Insurance In Force (continued)
June 30,1996
Great American Insurance Company
FS7316338
Public Official
300,000
05/11/96-05/11/97
Bondfor
Finance Director
State Compensation Fund
1060671
Worker's Compensation
3,000,000
05/01/95-05/01/96
Reliance Insurance Company
QB8570922
Business Income
4,500,000
03/01/96.03/01/97
Reliance Insurance Company
OB8572264
Building
15,524,500
03/01/96-03/01/97
Personal Property
1,374,500
Employee Dishonesty
300,000
Valuable Papers
500,000
Mini Computer
802,981
Fine Arts
5,000
Contractors Equipment
286,850
Miscellaneous Property
641,000
Automobile Liability
250,000
• Uninsured/Underinsured
Motorist
250,000
• Medical Payments
5,000
• CompJCollision
Self -Insured
Houston Casualty Insurance
HP12710
Difference in
4,000,000
11/26/94-11/26/95
Company
Conditions
American National Fire
IMP706237704
Excess Flood
10,000,000
11/26194-11/26/95
RLI Insurance Company
IMF022442
Excess Earthquake
5,000,000
12/15195-12115/96
'
Coverage
Excess 5,000,000
'
Pacific Insurance Company, LTD.
ZG0002367
Earthquake
2,500,000
12115/95-12/15/96
Coverage
Part of 5,000,000
Westchester Fire Insurance Co.
IML456629
Excess Earthquake
5,000,000
12/15/95-12115196
Excess 57,500,000
Progressive Casulty
CA074684470
Commercial Auto
250,000
05/06/96-05106/97
Each Accident
500,000
Property Damage
100,000
On selected vehicles only
Source: City Risk Management
-92-
CITY OF SANTA CLARITA
Demographic Statistics
All Fiscal Periods From December 15,1987
(Date of Incorporation) to June 30,1996
Fiscal
Number of
Year
Square Miles
Housing Units
Population**
'1987-88
39.40
36,006
147,228
1988-89
39.40
38,278
147,228
1989-90
39.70
39,280
147,228
1990-91
41.98
44,387
147,228
1991-92
41.98
44,904
147,228
1992-93
42.72
45,306
147,228
1993-94
42.80
46,281
147,228
1994-95
42.88
46,328
147,228
1995-96
42.88
46,556
"'129,861
Year of Incorporation
"At the time of incorporation, the City's population is stated at three times the
registered voters. This figure remains valid for eight years according to State
law.
"'Source: Los Angeles County Population and Housing Estimate Report dated January 1, 1996.
Source: City Finance Department
-93-
CITY OF SANTA CtARITA
Principal Sales Taxpayers and Major Employers
June 30,1996
Principal Taxpayers
Frontier Chrysler/Toyota
Home Depot
Hughes Markets
Lucky Food Centers
Magic Ford
Price Club
Robinsons -May
Scott Irvin Chevrolet Geo
Target Stores
Terry York's Dodgellsuzu
Employment
Products/Services
130
Car Dealership
169
Building Materials Store
305
Grocery Store
277
Grocery Store
279
Car Dealership
140
Wholesale Store
200
Department Store
67
Car Dealership
210
Department Store
170
Car Dealership
Source: City Finance Department, State Board of Equalization
-94-
CITY OF SANTA CLARITA
Property Value, Construction, and Bank Deposits
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1996
(Dollar Amounts Expressed in Thousands)
During the period December 15,1987 (date of incorporation) to November, 1988, the City contracted
building and safety services with the County of Los Angeles. Information is not available from this
agency at this time.
(1) Represents the number of new commercial buildings. Source: City of Santa Clarita
(2) Represents the number of new dwelling units. Source: City of Santa Clarita
(3) Latest available date is June 30 of prior year. Source: The Findley Report
(4) Breakdown between commercial and residential property is not available at this time.
-95-
Commercial
Residential
Total
Fiscal
Number of
Construction
Number of
Construction
Bank
Assessed
Year
Units 1
Value
Units 2
Value
Deposits (3)
Valuations (4)
1987-88
WA'
$ � WA'
WA'
$ NW
$ 705,894
$ N/A'
1988-89
43'
18,090'
276'
41,698'
809,891
4,068,939
1989-90
64
21,628
302
86,203
969,355
5,004,029
1990-91
31
6,355
86
25,686
1,009,961
5,949,315
1991-92
41
48,407
173
32,748
1,031,996
7,122,608
1992-93
18
5,529
202
25,630
921,728
7,513,654
1993-94
14
3,336
193
27,250
1,097,977
7,711,393
1994-95
31
11,173
48
10,415
1,155,427
8,007,168
1995-96
36
16,353
63
11,456
WA
7,813,676
During the period December 15,1987 (date of incorporation) to November, 1988, the City contracted
building and safety services with the County of Los Angeles. Information is not available from this
agency at this time.
(1) Represents the number of new commercial buildings. Source: City of Santa Clarita
(2) Represents the number of new dwelling units. Source: City of Santa Clarita
(3) Latest available date is June 30 of prior year. Source: The Findley Report
(4) Breakdown between commercial and residential property is not available at this time.
-95-
CITY OF SANTA CLARITA
Property Tax Rates - Direct and Overlapping Governments
(per $100 of assessed value)
All Fiscal Periods from December 15,1987
(Date of Incorporation) to June 30,1996
• The Los Angeles County Tax Collector's Office did not have rates available for the Oscal year ended June 30,1988.
Source: Los Angeles County Tax Auditor/Controller
T-
Los
Castaic
County
County
Angeles
Lake Water
School
Sanitation
Flood
General
County
Agency
Districts
Districts
Control
Total
WA
WA
WA
WA
WA
WA
WA
1.000000
0.002781
0.101825
0.082829
0.002750
0.010042
1200227
1.000000
0.002242
0.081833
0.062990
0.002230
0.006679
1.155974
1.000000
0.002104
0.067713
0.049088
0.001879
0.005626
1.126410
1.000000
0.001880
0.059573
0.037935
0.001457
0.005204
1.106049
1.000000
0.001713
0.068031
0.022308
0.001045
0.004098
1.097195
1.000000
0.001993
0.067630
0.028250
0.001533
0.005876
1.105282
1.000000
0.001933
0.067630
0.028250
0.001528
0.005885
1.105286
1.000000
0.001814
0.064348
0.020451
0.001354
0.000963
1.088930
• The Los Angeles County Tax Collector's Office did not have rates available for the Oscal year ended June 30,1988.
Source: Los Angeles County Tax Auditor/Controller
T-
CITY OF SANTA CLARITA
Miscellaneous Statistics
June 30,1996
The Santa Clarita Valley is surrounded by the Santa Susana and San Gabriel mountain ranges
forming a triangle that separates Santa Clarita from the San Joaquin Valley, Mojave Desert, and
Angeles National Forest to the north and the Los Angeles Basin and San Fernando Valley on the
south. The Santa Clarita River flows westerly through the mountains and canyons that form the
valley, a watershed area totaling approximately 490,000 acres of drainage.
The Santa Clarita climate has warm, dry; and sunny summers with mild and moist winters.
Rainfall averages between 15 to 18 inches annually and falls mostly between the months of
November and March.
Elevation of the valley floor ranges from 1,200 to 1,400 feet with the Santa Clarita Valley defined
by Whitaker Peak to the north (4,148 feet), Mt Gleason to the east (6,502 feet), and Oat Mountain
to the south (3,747 feet)..
Type of City
General Law
Form of Government
Council/Manager
Population
129,861"
Land Area
42.8 square miles
Number of Local Parks
13'
Water Utilities Newhall County Water Co.
Santa Clarita Water Co.
Valencia Water Co.
Castaic Lake Water Agency
Electric Utility Southern California Edison Co.
Gas Utility Southern California Gas Co.
The City of Santa Clarita has 10 completed parks, and 3 sites reserved for future parks.
Source: Los Angeles County Population and Housing Estimate Report dated January 1, 1996.
Source: City Finance Department
_97_
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