HomeMy WebLinkAbout1998-01-13 - AGENDA REPORTS - FIN ANNUAL RPT MGMT LETTER (2)AGENDA REPORT
CONSENT CALENDAR
DATE: January 13, 1998
City Mana
Item to be
Steve Stark
SUBJECT: 6-30-97 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND
MANAGEMENT LETTER
DEPARTMENT: Administrative Services
Receive Comprehensive Annual Financial Report and Management Letter for FYE 6-30-97.
The City's independent audit firm, Moreland & Associates, has completed the City's annual audit
for fiscal year ending June 30, 1997. Moreland & Associates 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, Moreland & Associates 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 6-30-97. An excerpt of this letter is shown as Attachment 1.
As part of the audit engagement, Moreland & Associates 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 6-30-97, there were no significant material
weakness comments by the auditors. Moreland and Associates has incorporated the City's response
into their recommendations.
ALTERNATIVE ACTIONS
No feasible alternative action has been identified by staff,
k�01 19MOO
None.
1) Audited Opinion Letter dated September 26, 1997
2) Management Letter for FYE 6-30-97
Comprehensive Annual Financial Report Year Ended June 30, 1997 is available in the City Clerk's
reading file.
s:\tin\aplil\ymnd97\agenda.wpd
1201 DOVE STREET, SUITE 680
�1� r �/ ��� f NEWPORT BEACH, CALIFORNIA 92660
M oreland (7 C16LddaGLCGL6GV (714) 221-0025
CERTIFIED PUBUCACCOUNTANTS 570 RANCHEROS DRIVE, SUITE 260
SAN MARCOS, CA 92069
(760)752-3390
September 26, 1997
The Honorable City Council of
the City of Santa Clarita, California
Independent Auditors, Report
We have audited the accompanying general purpose fmancial.statements of the City of Santa Clarita,
California as of and for the year ended June 30, 1997, as listed in the table of contents. These general
Purpose financial . statements are the responsibility of the City of Santa Clarita 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 and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonableassurance 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, 1997, and the results of its
operations and cash flows of its proprietary fund types for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated September 26,
1997 on our consideration of the City of Santa Clarita internal control over financial reporting and our
tests of its compliance with certain provisions of laws, regulations, contracts and grants,
Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Clarita taken as a whole. The accompanying combining, individual fund and
account group financial statements and schedules listed as supplementary information in the table of
contents are presented for purposes of additional analysis and are not a required part of the general
purpose financial statements. 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 was not audited by us and, accordingly, we do not
express an opinion thereon. f
1 MAQ-Il"= 1
1201 DOVE STREET, SUITE 660
r� �/j - - .� f_' NEWPORT BEACH, CALIFORNIA 92660
oreland C7 ,Wjj"ia4 � (714) 221-0025
MCERTIFIED PUBLIC ACCOUNTANTS 570 RANCHEROS DRIVE, SUITE 260
SAN MARCOS, CA 92069
(760)752-3390
September 26, 1997
Mr. Steve Stark
Director of Administrative Services
City of Santa Clarita
23920 Valencia Blvd., Suite 300
Santa Clarita, CA 91355-2196
Dear Mr. Stark:
We have audited the general purpose financial statements of the City of Santa Clarita,
California as of and for the year ended June 30, 1997, and have issued our report thereon
dated September 26, 1997. In planning and performing our audit of the general purpose
financial statements of the City of Santa Clarita for the year ended June 30, 1997, we
considered its internal control over financial reporting 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 over financial reporting. We
noted no matters involving the internal control over financial reporting and its operation that
we considered to be material weaknesses under standards established by the American
Institute of Certified Public Accountants which was reported to the City.Council in a separate
letter dated September 26, 1997. However we noted items of less significance which are
discussed below.
BANK RECONCILIATIONS
Auditors' Comments and Recommendations:
During our review of the monthly bank reconciliations, we noted the following:
a) Six of twelve reconciliations tested did not indicate who prepared the
reconciliation or the date of preparation.
b) Two of twelve reconciliations tested were not prepared in a timely manner (within
30 days of month end).
c) The general account bank reconciliation indicated several reconciling items to the
general ledger during the period from November 1996 to May 1997, resulting in a
net difference of approximately $20,000. This was due to system difficulties in
posting transactions to the new Pentamation system. These differences were not
fully resolved until June 1997.
AITACIDIMA, (page 1 of 2)
Mr. Steve Stark
Director of Administrative Services
City of Santa Clarita
September 26, 1997
Page 2
We recommend the City identify the preparer of the reconciliation and indicate the date of
preparation. We also recommend the City prepare the reconciliations within thirty days of the
month end. Additionally, we recommend reconciling items be identified and resolved prior to
the monthly Treasurer's Report being submitted to Council, in order to ensure the accuracy of
the information provided in the Treasurer's Report
Management's Response:
a) Although the bank reconciliations did not indicate who prepared them, they were
prepared by the same employee all year. Procedures have since been implemented
to ensure that both the preparer's and the approver's signature and date appear on all
reconciliations.
b) Due to difficulties related to the conversion of the City's financial system from
NISSI to Pentamation, as well as the transfer of the City's.bank accounts to a new
bank, reconciliations required additional time to prepare. These issues have since
been resolved and.the reconciliations are being prepared and approved within 30
days of month end.
C) These system difficulties have been resolved. Steps are now taken to ensure that any
differences in any given month are identified and explained and are cleared by the
following month.
This report is intended for the use of management, although we recognize that it may become
a public document when issued to the City.
We would like to express our appreciation for the courtesy and assistance extended to us
during our audit by all of your staff.
We would be pleased to discuss with you at your convenience the matters contained in this
letter or any other matters which you would like to discuss.
Very truly yours,
MORELAND & ASSOCIATES
Michael C. Moreland, Partner
MCM:shn =IAMM i 2 (page 2 of 2)
•
•
Comprehensive Annual Financial Report
-Year Ended June 30,1997
M,
M<4
w:�
•
•
•
•
mfg
•
/
rw/Uj
•
•
Comprehensive Annual Financial Report
-Year Ended June 30,1997
M,
M<4
w:�
1\ Q.
.omprehensive Annual Financial Report n
uw
®^....r—
I
i.`� I YY■
e-�
• >1� � �yW� � ����SQ5{{ '�.'.�. � "'� �E ��>�� iii
✓' �� 2�� e Shin � � � .
>� � Via' _ �d�,./r//.�:�,,� a;,-� �•� .�' `'�. �_ �.
'"" `> \
• Ary` JYQ� '��,x_x
A L I F O R N I A
Ia LcC[MccM `\\ `.
� it \\Jf I Y
CTI'Y OF SANTA CLARITA
Comprehensive Annual Financial Report
Year Ended June 30, 1997
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
Table of Contents
i
Letter of Transmittal
v
GFOA Certificate of Achievement for Excellence in Financial Reporting
xix
CSMFO Certificate of Award for Outstanding Financial Reporting
xx
Officials of the City of Santa Clarita
xxi
Organization Chart
xxii
Map of the City
xxiii
FINANCIAL SECTION:
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups
2-5
Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - All Governmental Fund Types and Expendable Trust Fund
6-7
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 Projects Funds
8-11
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All Proprietary Fund Types
12
Combined Statement of Cash Flows - All Proprietary Fund Types
13
Notes to Financial Statements
15-40
Supplementary Information:
General Fund:
Comparative Balance Sheets 42
Statement of Revenues, Expenditures and
Changes in Fund Balance—Budget and Actual 43
Special Revenue Funds:
Combining Balance Sheet 46-51
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 52-57
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual — All Special Revenue Funds 58-74
i
CITY OF SANTA CLARITA
Comprehensive Annual Financial Report
Year Ended June 30, 1997
TABLE OF CONTENTS
(Continued)
PAGE
Supplementary Information (Continued):
Debt Service Funds:
Combining Balance Sheet 77
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 78-79
Combining Statement ofRevenues, Expenditures and
Changes in Fund Balances — Budget and Actual —
All Budgeted Debt Service Funds 80-81
Capital Projects Funds:
Combining Balance Sheet 84-85
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 86-87
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances—Budget and Actual —
All Budgeted Capital Projects Funds 88-89
Transit Enterprise Fund:
Comparative Balance Sheet 93
Comparative Statement of Revenues, Expenses
and Changes in Retained Earnings 94
Comparative Statement of Cash Flows 95
Internal Service Funds:
Combining Balance Sheet 98-99
Combining statement of Revenues, Expenses
and Changes in Retained Earnings 100-101
Combining Statement of Cash Flows 102-103
Fiduciary Fund Types — Trust and Agency Funds:
Combining Balance Sheet 106-107
Comparative Statement of Revenues, Expenditures and
Changes in Fund Balance — Expendable Trust Fund 108
Statement of Changes in Assets and Liabilities — All Agency Funds 109
ii
CITY OF SANTA CLARTTA
Comprehensive Annual Financial Report
Year Ended June 30, 1997
TABLE OF CONTENTS
(Continued)
PAGE
Supplementary Information (Continued):
Account Groups:
General Fixed Assets Account Group:
Comparative Schedule of General Fixed Assets by Source 113
Schedule of General Fixed Assets by Function and Activitiy 114
Schedule of Changes in General Fixed Assets by Function and Activity 115
General Long -Term Debt Account Group:
Comparative Schedule of General Long -Term debt 116
STATISTICAL SECTION (Unaudited)
General Governmental Revenues by Source
118
General Governmental Expenditures by Function
119
Taxable Assessed Values
120
Schedule of Direct and Overlapping Bonded Debt
121
Schedule of Legal Debt Margin
122
Property Tax Levies and Tax Collections
123
Insurance in Force
124-125
Demographic Statistics
126
Principal Taxpayers and Major Employers
127
Property Value, Construction, and Bank Deposits
128
Property Tax Rates — Direct and Overlapping Governments
129
Miscellaneous Statistics
130
iii
23920 Valencia Blvd.
Suite 300
Santa Clarita
California 91355-2196
City of
Santa Clarita
November 30, 1997
Honorable Mayor
Phone
(805)259-2489
Fax
(805) 259-8125
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, 1997. Responsibility for both the
• accuracy of the data and the completeness and fairness of the presentation, including all
• disclosures, rests with the City's management. To the best of our knowledge and belief, the
• enclosed data are accurate in all material respects and are reported in a manner designed to
present fairly the financial position and results of operations of the various funds and account
• groups of the City. All disclosures necessary to enable the reader to gain an understanding of
the City s financial activities have been included.
•
•
- Organization of This Report
• The Comprehensive Annual Financial Report is prepared in accordance with generally
• accepted accounting principles (GAAP) as promulgated by the Governmental Accounting
Standards Board (GASB) and includes the report of the independent public accounting firm
• of Moreland & Associates.
•
Organization of the financial report follows the guidelines set forth by the Government
•
Finance Officers Association of the United States and Canada (GFOA)'and the California
•
Society of Municipal Finance Officers (CSMFO). A Certificate of Achievement for
•
Excellence in Financial Reporting is presented by the GFOA and a Certificate of Award for
•
Outstanding Financial Reporting by the CSMFO to those entities whose comprehensive
•
annual financial reports are judged to substantially conform to program standards. In order to
it •
receive the awards, a governmental unit must publish an easily readable and efficiently
•
organized comprehensive annual financial report that conforms to program standards. Such a
report must satisfy both generally accepted accounting principles and applicable legal
•
requirements.
•
The City of Santa Clarita received both awards for the.last eight 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.
•
v®
•
- - PRINTED ON RECYCLED PAPER
it •
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 statements
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, 1997,
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.
vi
4
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. I 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 municipal services including public safety, public works, parks and
• recreation, community development, etc. This report includes all funds and account groups
vii
•
of the City of Santa Clarita, Santa Clarita Redevelopment Agency and Santa Clarita Public
Financing Authority. .
5
General Government Functions
A summary of the general government functions overall operating results for the fiscal year
ended June 30, 1997 and the amount and percentage of increases and decreases in relation to
prior year revenues and expenditures is presented below. General government functions
include the General, Special 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. .
REVENUES:
FISCAL YEAR 1996-97 REVENUES
INCREASE PERCENT
FY 96-97 PERCENT (DECREASE) OF INCREASE
AMOUNT OF TOTAL FROM FY 95-96 (DECREASE)
TAXES $
23,230
36.0 % $
524
2.3 %
LICENSES AND PERMITS
1,513
2.3
(236)
- (13.5)
DEVELOPER FEES
2,215
3.4
(1,532)
(40.9)
USE OF MONEY & PROPERTY
2,382
3.7
(15)
0.6
REVENUES FROM OTHER AGENCIES
27,932
43.3
6,234
28.7
FINES AND FORFEITURES
454
0.7
9
2.0
SERVICE CHARGES & OTHERS
6,719
10.4
1,387
26.0
TOTALS $
64,445
100.0 % $
6,371 -
11.0
Licenses & Permits
2.3%
Developer FE
3.4%
Use of Money & Prol
3.7%
Taxes
Other Agencies
43.3%
viii
Service Chrgs & Others
10.4%
ies & Forfeitures
0.7%
The City experienced an overall increase of 11.0 % in general government revenues. This
increase is a reflection of the improvement of California's economy in general, as well as the
rapid growth of the City in particular.
The City saw a gain in revenue from Taxes of 2.3% from last year's total primarily due to an
increase in the Transient Occupancy Tax of 20.1% and Real Property Transfer Tax of 44.6%.
The increase in Transient Occupancy Tax is due to increased tourism. Real Property Transfer
Tax has seen an increase due to the modest recovery in California's housing market. Sales
tax, the City's largest revenue source, increased by 1.1% as Santa Clarita continues to attract
new businesses.
Revenue from Licenses and Permits fell by 13.5% partially as a result of fewer residents
needing building permits for earthquake repairs. This 13.5% decrease is also due to fewer
Highway Encroachment Permits being issued this year.
Developer Fees revenues are collected at the approval of a project, but not recognized until
expenditures are incurred. This revenue source experienced a 40.9% decrease during fiscal
year 1996-97 as the City is beginning to rely more on alternative sources of funding for
. capital projects.
A Revenues from Use of Money and Property decreased a slight 0.6 % due to several tenants
moving out of the City Hall building. This loss in revenue was partially offset by an increase
in interest income.
Revenues from Other Agencies include many of the State and County subventions that the
City receives. This revenue category experienced an overall increase of 28.7 % due to
several reasons. The City has obtained funds from new grant programs in fiscal year 1996-97
including the Office of Criminal Justice Grant, BJA Law Enforcement Grant and the
Supplemental Law Enforcement Grant. A large part of this increase is also due to the City
receiving over 100% more funds for the Community Development Block Grant programs
consisting of the Home Program, the CDBG Supplement Program, and the CDBG HUD
program. Finally, revenue from other agencies also increased due to an Economic
Development Administration Grant of over $2 million the City received this year.
Fines and Forfeitures, which consist primarily of Vehicle Code Fines, increased by 2.0% as
a result of increased efforts related to parking enforcement.
Revenues from Service Charges and Others experienced an increase of 26.0 %. This large
increase can be attributed to two factors. The most significant factor is the transfer of several
landscape maintenance districts from the County to the City in fiscal year 1996-97 resulting .
in over $1 million in additional revenue. Other factors that generated additional revenue
include higher charges for various building and safety services as a result of a cost recovery
audit the City recently underwent, as well as new recreation programs being added this year.
ix
FISCAL YEAR 1996-97 EXPENDITURES
EXPENDITURES:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
PARKS & RECREATION
COMMUNITY DEVELOPMENT
CAPITAL OUTLAY
DEBT SERVICE
TOTALS
Public W
6.8%
Parks & Recreation
14.7%
Community Deveiopment
16.6%
Public Safety
21.3%
ieneral Government
15.3%
Debt Service
5.8%
r.. Outlay
19.5%
During fiscal year 1996-97, the City saw an overall decrease of 13.1 % in expenditures. The
first category of expenditures, General Government increased by 10.5 % due to several
factors. One is the reclassification of Public Works Administration from Public Works
category. In addition, the Office of Criminal Justice program was only partially under way in
fiscal year 1995-96.
Public Safety saw an increase of 5.9%. This is due to Emergency Preparedness Division
expenditures having been classified in this category in fiscal year 1996-97 and in Parks and
Recreation in fiscal year 1995-96.
x
INCREASE
PERCENT
FY 96-97
PERCENT
(DECREASE)
OF INCREASE
AMOUNT
OF TOTAL
FROM FY 95.96
(DECREASE)
$ 7,415
15.3 %
$ 707
10.5 %n
10,330
21.3
575
5.9
3,326
6.8
(446)
(11.8)
7,167
14.7
101
1,4
8,091
16.6
1,458
22.0
' 9,483
19.5
(9,699)
(50.6)
2,796
5.8
2
0.1
$ 48,608
100.0
$ (7,302)
(13.1)
Public Safety
21.3%
ieneral Government
15.3%
Debt Service
5.8%
r.. Outlay
19.5%
During fiscal year 1996-97, the City saw an overall decrease of 13.1 % in expenditures. The
first category of expenditures, General Government increased by 10.5 % due to several
factors. One is the reclassification of Public Works Administration from Public Works
category. In addition, the Office of Criminal Justice program was only partially under way in
fiscal year 1995-96.
Public Safety saw an increase of 5.9%. This is due to Emergency Preparedness Division
expenditures having been classified in this category in fiscal year 1996-97 and in Parks and
Recreation in fiscal year 1995-96.
x
•
•
•
•
Public Works experienced an 11.8 96 decrease in fiscal year 1996-97 due to Public Works
administration expenditures being classified in general government this year.
A slight increase of 1.4% in Parks and Recreation occurred due to new recreation programs
•
such as Pride in Parenting and additional community center programs. These increases were
partially offset by reclassifying Emergency Preparedness in Public Safety this year.
• "An overall increase of 22.0% in Community Development from fiscal year 1995-96 to fiscal
year 1996-97 reflects increase in development activity as well as additional Building and
. Safety personnel and engineers. Planning staff have also been added to accommodate
workload increases.
• Capital Outlay decreased by 50.6 % primarily due to earthquake related projects being
nearly complete. Earthquake projects decreased by more than 90% in fiscal year 1996-97.
Projects funded by State Park grants were nearly complete such as the South Fork Trail Phase
• IV. The Bouquet Bike Trail Phase Il project, funded by Bikeway funds, was also completed
• in fiscal year 1996-97. These decreases were partially offset by increases in other capital
• project expenditures such as the Via Princessa Roadway and the Newhall neighborhood and
- West Newhall projects, as well as the new Hotel Conference Center project.
• Debt Service expenditures decreased by 0.1 % indicating that the City's long-term liabilities
• have remained almost constant.
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 theAntelope
Valley. This enterprise fund was created to provide management with information relating to
• transit operations, which include debt service and depreciation and amortization. For fiscal
year 1996-97, Proposition A funds of $2,734,685, Proposition C funds of $839,289, and TDA
• funds of $2,892,371 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
o the Supplemental Information portion of this report.
• Gann Limit
• Proposition 4, the "Gann initiative, was passed by California voters in 1978 and is intended
• to limit government appropriations. According to California law, cities must use the 1978-79
•
•
•
xi
•
•
appropriations as a base year and modify that figure by the composite consumer price index
and population changes which have accrued in subsequent years. Because Santa Clarita is a
newly incorporated city, the Los Angeles County Local Agency Formation Commission used
1985-86 fiscal year appropriations at incorporation as the base year on which the City will
modify each year. The City has since performed a study to increase the limit, and City
appropriations remain below the Gain 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 Investor" standard 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
fifth 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
Treasurers Local Agency Investment Fund, Los Angeles County Pooled 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 5.644% with total
interest earnings for all funds at $1,795,239.
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
6.6% payable Simi -annually, due from November 1, 1991, through May'l, 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, 1997, the master lease obligation aggregated
$1,032,255.
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 fust rated bond issue in which Standard and Poor assigned an A- Bond
rating to the City of Santa Clarita. As of June 30, 1997, the City's obligation for Public
Financing Authority Revenue Bonds - Series 1991 is $18,800,000.
xii
•
•
• 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, 1997, equals $3,245,000.
• 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
j • 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, 1997, the City's obligation is $500,000.
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, 1997, the City's obligation for the Note Payable is
$2,557,436 in original loan proceeds and $367,713 of accrued interest.
• 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 7 years or until accrued interest and principal are paid in full. As of
• June 30, 1997, the unpaid principal balance was $177,727.
• 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, 1997, the City had received $452,273 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.
•. In August -1996, the City entered into a lease with an option to purchase agreement in the
• amount of $107,381 for the lease of property through Municipal Leasing Associates, Inc.
• Such agreement carries interest at the rate of 5.38% per annum on the unpaid principal
• balance payable semi-annually from. January 30, 1997 through July 30, 2000. As of June 30,
1997 the unpaid principal balance was $95,828.
•
•
a
• Fiduciary Operations
• Trust and agency funds are maintained to account for assets held by the City in a trustee
• capacity for individuals, private organizations, other governments, and other funds. The
• xiii
•
•
City's General Trust Fund is an expendable trust fund which accounts for assets and
activities restricted to a specific purpose in accordance with a formal intent. An Agency fund
is custodial in nature and is used to receive and disburse funds which do not belong to the
City.
The City's agency funds are the Deferred Compensation Plan, the Community Facilities
District No. 92-1, and Assessment District No. 92-2: The Deferred Compensation Plan
represents employee contributions invested in accounts with the International City Managers
Association (ICMA) Retirement Corporation. The Community Facilities District No. 92-1
represents bond proceeds from the sale of Special Tax Bonds, Series A. These bonds were
issued to finance a portion 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. Finally, Assessment District No. 92-2 represents
bond proceeds from Limited Obligation Improvement Bonds, Series 1996 which were issued
to finance the acquisition of certain public improvements ih the area of Golden Valley Road.
These bonds were issued pursuant to the Improvement Bond Act of 1915. This fund was
established during fiscal year 1996-97.
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 addition to general liability, the City
maintains individual policies for autos, property, flood, special events, and earthquake
damage where appropriate. As a precautionary measure, all employees in a position with
significant financial responsibility are independently bonded. The individual bond
compliments the blanket dishonest 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 through 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 injuries occur. In addition, the City has
implemented a stringent risk assessment and contract review system which ensures that'a11
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 excellent loss
record sustained by the City since incorporation.
xiv
•
•
• General Fixed Assets
• The City's general fixed assets represent those fixed assets used in the performance of general
• government functions. At June 30, 1997, the City's general fixed assets aggregated
• $49,960,960. 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.
•
• 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 garnering citizen input is the Community Wide Strategic Plan, Share the Vision M. This
short-range planning document to be prepared in February of 1998, will set the tone and
• direction for. the City into 2000: Key items will be identified through the plan and acted upon
• through a collaborative effort between different agencies and community groups.
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. We look to the ingenuity of staff to seek
out grants and obtain funding from various local, state and federal sources. A variety of
significant projects were set in motion or completed during the 1996-97 fiscal year.
Construction of the McBean Parkway storm drain and street improvements was completed
this year which allows for development of the adjacent land including the future
hotel/conference center. This project is funded entirely by a grant by the Economic
Development Administration.
• The first of five phases of the West Newhall street improvements was constructed by March
• 1997. This project increases pedestrian safety by installing curb, gutter, and sidewalk in the
• neighborhood. The design of the second phase of this project began design this year with
construction anticipated by December 1997.
•
xv
The Four Oaks dewatering wells design was completed. These wells will alleviate the high
ground water problem in the Four Oaks neighborhood.
The Metrolink Station located on Soledad Canyon Road and Commuter Way provides the
City of Santa Clarita with multiple transit related functions. Not only is it the first and
primary light-rail commuter station, but also serves as the City's only Transit Center. The
station received approximately $650,000.00 in upgrades that included the construction of a
new security and transit supervisor's building, landscape and restroom upgrades, canopy and
windbreak improvements and the completion of phases II and III of the City's first Art
Project.
The City of Santa Clarita's Field Services Facility serves as the primary facility to conduct
the majority of Public Works, Parks, Solid Waste Management and Transit functions within
the City limits. A project completed this year at the Field Services Facility constructed 4200
square feet of new office space and 4200 square feet of mezzanine. The improvement was
conducted primarily to provide adequate office and storage space for the City's Transit
contractor. Additional mezzanine space will be utilized for the City's growing storage needs.
The Bouquet/Seco traffic signal interconnect project began this year which will link all traffic
signals along these roads. The purpose of this project is synchronization of all the traffic
signals which improves traffic flow and reduces travel times.
The alignment study for both the Magic Mountain ParkwayVia Princessa project and the
Wiley Canyon realignment project were also. completed this year.
In conjunction with the Newhall Redevelopment Agency, revitalization efforts are underway
and include the reconstruction of Railroad Avenue and a Newhall Metrolink Station. This
project will begin construction in October 1997.
In addition to these projects were the annual overlay, slurry, sidewalk replacement and
median modification projects.
The City began construction of a 1.5 mile stretch of the Santa Clara River Trail which will
connect the entire twelve mile system. These links in the overall trail system bring the City
one step closer to the premier trail system envisioned within the General Plan. The City also
began the design of the first phase of the City Central Park. This phase, complete with sport
fields, will provide additional recreational opportunities for our residents of the City. In
concert with this project is the planning for the future Santa Clarita Parkway.
Economic Condition and Outlook
Southern California's economy has rebounded extraordinarily and is expected to outpace the
nation's economy in 1998. While the state enjoys continued strength in the entertainment,
tourism, apparel, and new technology industries, we are beginning to see a migration of
xvi
people back to California after a long recession. According to local realtors, California's
real estate market is also making a recovery from one of the worst declines in California's
history. According to expert economists, the outlook of California's overall economy is
favorable.
• Santa Clarita's economy remains one of the strongest in the areas with representative
industries in three of the four strong growth sectors --entertainment, tourism, and new
technology. The California Retail Survey listed Santa Clarita as the fastest growing Southern
• California retail market over the past six years with a 41% growth rate. This diversity
contributes to Santa Clarita's healthy economy which has remained strong even during
• downturns.
•
Santa Clarita has the lowest unemployment rate of any city in Los Angeles County with a
population of over 100,000, has the sixth largest labor force in Los Angeles County and was
• named by the California Business Mdgazine as the second best city in California in which to
• do business.
= Examples of recent commercial development include a 95,000 square foot commercial center
with an Albertson's supermarket, an auto repair shop and two restaurants; a new Mitsubishi
• dealership, Price/Costco store expansion; and a shopping center which includes Orchard
• Supply and Hardware, Office Max, Hollywood Video, Aaron Brothers art store, and
• Presidente restaurant; and the Spectrum Health Club, 70,000 square foot facility to name a
few. Future developments include a Valencia Entertainment Center, an IMAX theater, a
Saturn dealership, and a 273 room regional hotel and conference center.
The City of Santa Clarita's robust economy, desirable location, award-winning schools, and
low crime rate makes this one of the most enviable cities in which to live and work. And as
the City continues to attract new businesses, our financial status is expected to remain very
solid in many years to come.
Independent Audit
• An audit by independent certified public accountants is required annually. The accounting
firm of Moreland & Associates 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
xvii
•
June 30, 1996. Based on the latest available data from GFOA, the City of Santa Clarity was
one of 1,395 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.
Acknowledgments
The preparation of this report could not have been 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 division who assisted and contributed to its preparation, in
particular, Barbara Boswell, Accounting Manager; Michele. Hansen and April Jordan,
Accountants; Jackie Bialas, General Accounting Specialist; and Nina Giangreco, Graphic
Designer. 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,
Steve Stark
Director of Administrative Services
xviii
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, 1996
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
W ice ??G
ITA
NIIEO TA y
H
i 7
Po ..
COROMIOIM s^ Preside
Executive Director
xix
U
0
California Society of
Municipaf Finance Officers
Certificate of Award
Outstanding Financial Reporting 1995-96
Presented to the
City of Santa Clarita
This cernfleate is Issued in recognition ofineeting professional standards and criteria In reporting which reflect a high level of quality
In the annual financial statements and In the underlying accounting system from which the reports were prepared
February 24,1997
1hLjsi YC
asfoo�I TteIt I St d de Committee
. _ Presideo4 CSMFO . r.
39 Dedicated to Excellence in Municipal Financial Management H
OFFICIALS OF THE CITY OF SANTA CLARITA .
City Council
Hamilton C. Smyth
Janice H. Heidt
Carl Boyer III
Jo Anne Darcy
Jill Klajic
City Officials
MAYOR
MAYOR PRO -TEM
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
George Caravalho CITY MANAGER.
Kenneth Pulskamp ASSISTANT CITY MANAGER
xxi
DIRECTOR OF PLANNING &. BUILDING SERVICES
Carl Newton
CITY ATTORNEY
Sharon Dawson
CITY CLERK
Steve Stark
DIRECTOR OF ADMINISTRATIVE SERVICES
Terri Maus
ACTING DIRECTOR OF FIELD SERVICES
Rick Putnam
DIRECTOR OF PARKS, RECREATION& COMMUNITY SERVICES
Anthony Nisich
DIRECTOR OF TRANSPORTATION & ENGINEERING SERVICES
CITY ENGINEER
xxi
City of Santa Claiita
ORGANIZATION CHAR
Citizens of
Santa Clarita
City Council
City Manager L
Assistant
City Manager
T
•
•
•
•
•
•
�
•
•
•
•
•
•
Ci[y Attomry
•
•
•
•
•
•
•
Parks, Recreation & Public -
Community
Services .Safety .
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• City Clerk .
• Budget
• Risk Management
• Intergovernmental Relations
• Publiclnformation
• Human Resources -
Transportation & I I Planning & I I Field I I Administrative
Engineering Services BuildingServices Services Services
City of Santa Clarita
�-t
Ar
/
�---• 'L 14
N
LEGEND
CITY LIMIT BOUNDARY
1201 DOVE STREET, SUITE 680
c, �// - .-- f- , NEWPORT BEACH, CALIFORNIA 92660
M
oreland &,Wj4 cm&, (714)221-0025
CERTIFIED PUSUC ACCOUNTANTS 570 RANCHEROS DRIVE, SUITE 260
SAN MARCOS, CA 92069
(760) 752-3390
September 26, 1997
The Honorable City Council of
the City of Santa Clarita, California
Independent Auditors' Report
We have audited the accompanying general purpose financial statements of the City of Santa Clarita,
California as of and for the year ended June 30, 1997, as listed in the table of contents. These general
purpose financial statements are the responsibility of the City of Santa Clarita 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 and the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of.the United States. Those standards require 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, 1997, and the results of its
operations and cash flows of its proprietary fund types for the year then ended in conformity with
li generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated September 26,
1997 on our consideration of the City of Santa Clarita internal control over financial reporting and our
tests of its compliance with certain provisions of laws, regulations, contracts and grants.
Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Clarita taken as a whole. The accompanying combining, individual fund and
account group financial statements and schedules listed as supplementary information in the table of
contents are presented for purposes of additional analysis and are not a required part of the general
purpose financial statements. 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 was notauditedby us and, accordingly, we do not
express an opinion thereon. W4' '
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF SANTA CLARITA
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1997
With Comparative Totals for June 30, 1996
Assets:
Cash and investments (Notes if and 2)
Cash and investments with fiscal agents
(Notes If, 2 and 10)
Accounts receivable
Interest receivable
Due from other funds (Note 8)
Due from other governments
Deposits
Prepaid items
Loans receivable (Note 5)
Advances to other funds
Property, plant and equipment
(Notes Ig 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
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
$ 8,000,732 $ 25,309,286
$ 1,013,130
$ 1,687,948 199,894
3,145,332 859,048
129,509 200,120 204
5,135,646
554,933 7,804,018 1,280,477
61,163 14,790
236,000
1,998,306 61,470
$ 19,025,621 $ 34,484,732 $ 1,687,948 $ 2,493,705
See Accompanying Notes to Financial Statements.
2
Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long -Tenn (Memorandum Only)
Enterprise Service Agency Assets Debt 1997 1996
22,856,983 22,856,983 22,808,890
$ 11,024,747 $ 1,405,836 $ 6,998,360 $49,960,960 $ 24,544,931 $ 151,626,840 $ 137,123,363
(Continued)
3
$ 1,007,797
$ 376,224
$ 35,707,169
$ 28,869,007
6,450,887
8,338,729
7,443,552
$ 38,025
119
170,937
4,213,461
4,107,365
7,651
312
337,796
273,790
5,135,646
3,177,642
1,066,833
10,706,261
7,069,319
489,500
489,500
489,500
295
76,248
67,262
236,000
2,059,776
1,612,248
9,365,963
390,269
$ 49,960,960
59,717,192
58,849,168
64,131
64,131
76,526
$ 1,687,948 1,687,948
2,279,094
22,856,983 22,856,983 22,808,890
$ 11,024,747 $ 1,405,836 $ 6,998,360 $49,960,960 $ 24,544,931 $ 151,626,840 $ 137,123,363
(Continued)
3
CITY OF SANTA CLARITA
Combined Balance Sheet - All Fund Types and Account Groups (Continued)
June 30, 1997
With Comparative Totals for June 30, 1996
Liabilites. Equity and Other Credits
Liabilities:
Accounts payable and accrued liabilities
Deferred revenue (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 Ig and 3)
Contributed capital (Note 16)
Retained Earnings (deficits) (Note 13:
Reserved
Unreserved
Fund Balances (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 Projects
$ 1,944,205 $ 1,152,192 $ 203,934
1,143,524 2,939,538
9,666,989 18,924
12,250
4,252,101
3,099,979 18,010,820 222,858
5,763,912 5,697,731 $ 1,687,948 1,413,725
10,161,730 16,869,443 949,433
(6,093,262) (92,311)
15,925,642 16,473,912 1,687,948 2,270,847
$ 19,025,621 $ 34,484,732 $ 1,687,948 $ 2,493,705
See Accompanying Notes to Financial Statements.
4
Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long -Term (Memorandum Only)
Enterprise Service Agency Assets Debt 1997 1996
$ 896,195 $ 1,002,453 $ 123,373
600
2,421,470
883,545
4,453,517
4,763,038 285,639
6,543,378 1,288,092 6,998,360
$ 49,960,960
2,226,649
489,500
1,765,220 117,744
4,481,369 117,744 49,960,960
$ 5,322,352
$ 4,722,965
4,083,662
2,898,344
9,685,913
11,152,870
2,433,720
2,344,593
5,135,646
3,177,642
4,453,517
3,176,177
$ 24,544,931 29,593,608
31,804,202
24,544,931 60,708,418 59,276,793
49,960,960 49,187,319
2,226,649 1,622,071
489,500 489,500
1,882,964 690,492
14,563,316 10,882,210
27,980,606 20,966,662
(6,185,573) (5,991,684)
90,918,422 77,846,570
$ 11,024,747 $ 1,405,836 $ 6,998,360 $ 49,960,960 $ 24,544,931 $ 151,626,840. $ 137,123,363
5
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, 1997
With Comparative Totals for the Year Ended June 30, 1996
Other Financing Sources (Uses):
Contributions from property owners
Governmental Fund Types
787,155
Proceeds from long-term debt (Note 4c)
Special
Debt
Capital
General
Revenue
Service
Projects
Revenues:
Operating transfers in
598,692
74,619
1,946,353
Taxes
$ 23,230,334
(2,148,277)
(7,089,062)
Licenses and permits
1,513,469
(1,442,204)
(7,014,443)
2,095,393
Developer fees
Excess (Deficiency) of Revenues
$ 2,214, 931
Use of money and property
947,136
1,202,768
$ 109,510
$ 122,807
Revenue from other agencies
6,154,122
21,772,326
5,467
Fines and forfeitures
152,506
301,485
8,335,007
(591,146)
Service charges
2,725,039
3,083,643
8,138,905
2,279,094
Otherrevenue
408,767
90,949
$ 16,473,912
$ 1,687,948
Total Revenues
35,131,373
28,666,102
109,510
128,274
Expenditures:
Current Operating:
General government
6,797,943
265,152
351,655
Public safety
10,163,153
167,178
Public works
747,618
2,167,733
Parks and recreation
7,166,622
Community development
5,253,205
2,837,881
Capital outlay
129,059
7,878,708
1,475,060
Debt service:
Principal retirement
1,090,822
Interest and fiscal charges
1,705,227
Total Expenditures
30,257,600
13,316,652
2,796,049
1,826,715
Excess (Deficiency) of
Revenues Over Expenditures
4,873,773
15,349,450
(2,686,539)
(1,698,441)
Other Financing Sources (Uses):
Contributions from property owners
787,155
Proceeds from long-term debt (Note 4c)
107,381
Advances from other funds (Note 4d)
149,040
237,017
Operating transfers in
598,692
74,619
1,946,353
Operating transfers out
(2,148,277)
(7,089,062)
Total Other Financing Sources (Uses)
(1,442,204)
(7,014,443)
2,095,393
1,024,172
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
3,431,569
8,335,007
(591,146)
(674,269)
Fund Balances - Beginning of Year
12,494,073
8,138,905
2,279,094
2,945,116
Fund Balances - End of Year
$ 15,925,642
$ 16,473,912
$ 1,687,948
$ 2,270,847
See Accompanying Notes to Financial Statements.
2
Fiduciary
Fund Type Totals
Expendable _ (Memorandum Only)
Trust 1997 1996
$ 23,230,334
$ 22,706,122
1,513,469
1,749,220
2,214,931
3,746,441
2,382,221
2,396,859
27,931,915
21,697,872
453,991
445,410
5,808,682
3,668,844
$ 410,672 910,388
1,663,501
410,672 64,445,931 58,074,269
7,414,750 6,707,617
10,330,331
9,754,629
410,672 3,326,023
3,772,255
7,166,622
7,065,890
8,091,086
6,633,168
9,482,827
19,182,077
1,090,822
1,039,967
1,705,227
1,753,956
410,672 48,607,688
55,909,559
15,838,243 2,164,710
787,155
107,381
386,057
597,081
2,619,664
4,932,026
(9,237,339)
(10,654,102)
(5,337,082)
(5,124,995)
10,501,161 (2,960,285)
25,857,188 28,817,473
$ $ 36,358,349 $ 25,857,188
7
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 Projects Funds
For the Year Ended June 30, 1997
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 (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Proceeds from long-term debt (Note 4c)
Advances from other funds (Note 4d)
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances - Beginning of Year
Fund Balances - End of Year
See Accompanying Notes to Financial Statements. 8
General Fund
Variance
Favorable
Budget Actual (Unfavorable)
$ 22,960,095 $ 23,230,334 $ 270,239
1,564,415 1,513,469 (50,946)
793,295
947,136
153,841
5,364,013
6,154,122
790,109
102,465
152,506
50,041
2,400,135
2,725,039
324,904
96,200
408,767
312,567
33,280,618
35,131,373
1,850,755
11,653,074
6,797,943
4,855,131
10,295,684
10,163,153
132,531
836,675
747,618
89,057
7,833,991
7,166,622
667,369
6,261,721
5,253,205
1,008,516
701,439
129,059
572,380
37,582,584 30,257,600 7,324,984
(4,301,966) 4,873,773 9,175,739
107,381 107,381
718,940
598,692
(120,248)
(171,924)
(2,148,277)
(1,976,353)
654,397
(1,442,204)
(2,096,601)
(3,647,569) 3,431,569 7,079,138
12,494,073 12,494,073
$ 8,846,504 $ 15,925,642 $ 7,079,138
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,512,886 $ 2,214,931 $ 702,045
15,000
1,202,768
1,187,768
35,673,451
21,772,326
(13,901,125)
265,700
301,485
35,785
2,255,527
3,083,643
828,116
23,500
90,949
67,449
39,746,064
28,666,102
(11,079,962)
477,821
265,152
212,669
302,182
167,178
135,004
2,985,188
2,167,733
817,455
6,610,578
2,837,881
3,772,697
28,712,731
7,878,708
20,834,023
39,088,500 13,316,652 25,771,848
657,564 15,349,450 14,691,886
44,020
74,619
30,599
(6,855,849)
(7,089,062)
(233,213)
(6,811,829)
(7,014,443)
(202,614)
(6,154,265) 8,335,007 14,489,272
8,138,905 8,138,905
$ 1,984,640 $ 16,473,912 $ 14,489,272
All Budgeted Debt Service Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ 109,510 $ 109,510
109,510 109,510
$ 1,090,822 1,090,822
1,590,776 1,556,187 34,589
2,681,598 2,647,009 34,589
(2,681,598) (2,537,499) 144,099
431,731 1,946,353 1,514,622
431,731 1,946,353 1,514,622
(2,249,867) (591,146) 1,658,721
2,279,094 2,279,094
$ 29,227 $ 1,687,948 $ 1,658,721
9 (Continued)
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 Projects Funds
For the Year Ended June 30, 1997
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 (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Proceeds from long-term debt (Note 4c)
Advances from other funds (Note 4d)
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances - Beginning of Year
Fund Balances - End of Year
See Accompanying Notes to Financial Statements. 10
All Budgeted Capital Projects Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ 112,812 $ 112,812
5,467 5,467
118,279 118,279
$ 538,000 351,655 186,345
2,508,704 855,480 1,653,224
3,046,704 1,207,135 1,839,569
(3,046,704) (1,088,856) 1,957,848
237,017 237,017
237,017 237,017
(3,046,704) (851,839) 2,194,865
2,922,792 2,922,792
$ (123,912) $ 2,070,953 $ 2,194,865
•
•
•
!
•
•
Totals (Memorandum Only)
Variance
•
Favorable
•
Budget
Actual
(Unfavorable)
•
$ 22,960,095
1,564,415
$ 23,230,334
1,513,469
$ 270,239
(50,946)
•
1,512,886
2,214,931
702,045
•
808,295
2,372,226
1,563,931
•
41,037,464
27,931,915
(13,105,549)
!
368,165
453,991
85,826
4,655,662
5,808,682
1,153,020
•
119,700
499,716
380,016
•
73,026,682
64,025,264
(9,001,418)
•
•
•
12,668,895
7,414,750
5,254,145
•
10,597,866
10,330,331
267,535
•
3,821,863
2,915,351
906,512
•
7,833,991
7,166,622
667,369
12,872,299
8,091,086
4,781,213
!
31,922,874
8,863,247
23,059,627
•
•
1,090,822
1,090,822
•
1,590,776
1,556,187
34,589
•
82,399,386
47,428,396
34,970,990
•
-
(9,372,704)
16,596,868
25,969,572
•
107,381
107,381
237,017
237,017
•
1,194,691
2,619,664
1,424,973
•
(7,027,773)
(9,237,339)
(2,209,566)
•
(5,725,701)
(6,273,277)
(547,576)
•
•
•
•
(15,098,405)
10,323,591
25,421,996
•
25,834,864
25,834,864
•
$ 10,736,459
$ 36,158,455
$ 25,421,996
•
•
11
CITY OF SANTA CLARITA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
For the Year Ended June 30, 1997
With Comparative Totals for the Year Ended June 30, 1996
Operating Expenses:
Administrative
379,862
Internal
Totals
311,484
Transportation services
Enterprise
Service
(Memorandum Only)
5,556,867
Funds
Funds
1997
1996
Operating Revenues:
Depreciation and amortization
708,034
90,454
798,488
Transportation revenue
$ 1,825,913
6,931,066
$ 1,825,913 $
1,832,299
Charges for services
Operating (Loss)
$ 912,573
912,573
1,039,074
Insurance reimbursement
Retained Earnings
10,000
10,000
26,233
Otherrevenue
49,465
49,465
2,169
Total Operating Revenues
1,875,378
922,573
2,797,951
2,899,775
Operating Expenses:
Administrative
379,862
37,748
379,862
311,484
Transportation services
5,843,170
(23,611)
5,843,170
5,556,867
Services and supplies
195,410
1,196,595
1,196,595
230,539
Depreciation and amortization
708,034
90,454
798,488
693,449
Total Operating Expenses
6,931,066
1,287,049
8,218,115
6,792,339
Operating (Loss)
(5,055,688)
(364,476)
(5,420,164)
(3,892,564)
Non -Operating Revenues (Expenses):
Interest income
6,466,345
37,748
37,748
38,974
Interest expense
(338,418)
(23,611)
(362,029)
(451,812)
Intergovernmental grants
195,410
155;000
195,410
524,662
Net Non -Operating
1,263,979
(195;339)
1,068,640
1,941,336
Revenues (Expenses)
(143,008)
14,137
(128,871)
111,824
Net loss before operating transfers
(5,198,696)
(350,339)
(5,549,035)
(3,780,740)
Operating Transfers:
Operating transfers in
6,466,345
155,000
6,621,345
5,882,076
Operating transfers out
(3,670)
(3,670)
(160,000)
Total Operating Transfers
6,462,675
155;000
6,617,675
5,722,076
Net Income (Loss)
1,263,979
(195;339)
1,068,640
1,941,336
Add depreciation on contributed assets
123,832
123,832
123,193
Net Increase (Decrease) in
Retained Earnings
1,387,811
(195,339)
1,192,472
2,064,529
Retained Earnings (Deficit) -
Beginning of Year 866,909 313,083 1,179,992 (884,537)
Retained Earnings - End of Year $ 2,254,720 $ 117,744 $ 2,372,464 $ 1,179,992
See Accompanying Notes to Financial Statements.
12
CITY OF SANTA CLARITA
Combined Statement of Cash Flows
All Proprietary Fund Types
For the Year Ended June 30, 1997
With Comparative Totals for the Year Ended June 30, 1996
Cash Flows From Operating Activities:
Operating loss
Adjustments to reconcile operating loss to net
cash provided (used) by operating activities:
Depreciation and amortization
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in due
from other governments
(Increase) decrease in prepaid items
Increase (decrease) in accounts payable
Increase(decrease)in deferred revenue
Total Adjustments
Net Cash Provided (Used)
by Operating Activities
Cash Flows from Noncapital Financing Activities:
Intergovemmental grants
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 by
Noncapital Financing Activities
Cash Flows from Capital and Related
Financing Activities:
Acquisition of capital assets
Contributed capital
Proceeds from long-term debt
Principal payments on long-term debt
Interest expense on long-term debt
Net Cash Used by Capital and
Related Financing Activities
Cash Flows from Investment Activities:
Interest on investments
Net Increase (Decrease) in
Cash and Cash Equivalents
Cash and cash equivalents - Beginning of Year
Cash and cash equivalents - End of Year (Note If)
See Accompanying Notes to Financial Statements.
Internal Totals
Enterprise Service (Memorandum Only)
Fund Funds 1997 1996
$ (5,055,688) $ (364,476) $ (5,420,164) $ (3,892,564)
708,034
90,454
798,488
693,449
(21,889)
(119)
(22,008)
(9,397)
(13,864)
(13,864)
(702,324)
13,903
3,206
17,109
(5,929)
49,902
472,106
522,008
(509,249)
600
736,086
565,647
1,301,733
(532,850)
(4,319,602)
201,171
(4,118,431)
(4,425,414)
195,410
195,410
524,662
883,545
883,545
1,334,109
6,466,345
155,000
6,621,345
5,882,076
(3,670)
(3,670)
(160,000)
(1,316,760)
(17,349)
(1,334,109)
(1,646,776)
6,224, 870
137,651
6,362,521
5,934,071
(591,893)
(284,874)
(876,767)
(660,020)
728,410
728,410
1,292,560
256,424
256,424
195,848
(1,761,040)
(166,633)
(1,927,673)
(1,678,582)
(338,418)
(23,611)
(362,029)
(451,812)
(1,962,941)
(218,694)
(2,181,635)
(1,302,006)
36,794
36,794
32,276
(57,673)
156,922
99,249
238,927
57,673
850,875
908,548
669,621
$ - $ 1,007,797
13
$ 1,007,797 $ 908,548
NOTES TO FINANCIAL STATEMENTS
•
•
• MY OF SANTA CLARITA
Notes to Financial Statements
• June 30, 1997
• 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, 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
rea
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, 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 financial data and activity are reported within the debt service
and capital projects fund.types and the general fixed assets and general long-term debt
account groups, and the authority's financial data and activity are reported within the
debt service fund type.
The following specific criteria were used in determining that the Agency and the
Authority were blended component units:
15
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
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.
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 the accumulation of resources for, and payment of,
interest and principal on long-term debt.
Capital Projects Funds - account for financial resources used for the acquisition or
construction of major capital facilities (other than those financed by proprietary funds).
Proprietary Fund Types:
Enterprise Fund - accounts for operations that are financed and operated in a manner
similar to private business 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.
16
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
Internal Service Funds - a(
departments within the City.
these funds and are charged
services rendered.
Fiduciary Fund Types:
count for activities involved in rendering services to
Costs of materials and services used are accumulated in
to the user departments as such goods are delivered or
Exoendable Trust Fund - accounts for assets and activities restricted to a specific
purpose in accordance with a trust agreement.
w 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 and Assessment District 92-2.
Account Groups:
General Fixed Assets Account Grouo -accounts for fixed assets of the City, except for
those accounted for in proprietary fund types.
General Lone -Tenn Debt Account Grouo - accounts for long-term debt of the City,
except for debt accounted for in proprietary fund types.
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 principal and 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.
17
9
e.
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
Agency fund types are accounted for using 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 Standards Board
Statements and Interpretations, Accounting Principals Board Opinions and
Accounting Research Bulletins of the Committee on Accounting Procedure,
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.
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.
lu
f.
CIT)(OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
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, capital expenditures and debt service expenditures.
3) Budgets for the General, Special Revenue Funds, Debt Service Funds and
Capital Projects 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 and Assessment District 92-2 Capital
Projects Funds, or the Redevelopment Agency 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.
Fund Balance — Budgeted Funds
Fund Balance — Nonbudgeted Funds
Total Fund Balance
Debt Capital
Service Proiects
$1,687,948 $2,070,953
199,894
] 687 948 2 270 847
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 Manager. For the year ended June 30, 1997, budgeted
appropriations in the governmental funds increased from $75,582,480 to
$82,399,386.
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, 1997 fund balances have been reserved for encumbrances carried forward.
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
19
91
h.
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30,1997
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.
A substantial portion of the City's investments are in short-term, 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 $18,052,221. 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 cashand cash
equivalents.
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
Building
Employee Compensated Absences:
5-12 years
35 years
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
20
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
governmental fund that will pay it. Compensated absences in the amount of $547,922
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 1 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, 1997.
k. Claims and Judgments:
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 includes
an estimate for incurred but not reported claims (IBNR), and is recorded in an Internal
Service Fund.
• 1. Comparative Data
•
• Comparative total data from the prior year have been presented in the accompanying
financial statements in order to provide an understanding of changes in the City's
• financial position and operations. However, comparative (i.e., presentation of prior
• year totals by fund type) data have not been presented in each of the statements since
• their conclusion would make the statements unduly complex and difficult to read.
M. 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 since interfund transactions are not eliminated.
21
CITY OF SANTA CLARTTA
Notes to Financial Statements (Continued)
June 30, 1997
n. New Funds
The City has established four new special revenue funds (Economic Development
Administration, OCJP Grant Fund, BJA Law Enforcement and Supplemental
Law Grant) to account for various grants. The OCJP Grant was previously
reported within the City's General Fund and the Economic Development Grant
was included in the Miscellaneous Grants special revenue fund. This fund
restructuring had no effect on fund balance. In addition, the City created the
Assessment District No. 92-2 Capital Projects and Agency funds to account for
activities related to special assessment debt for which the City has no
commitment.
2. CASH AND INVESTMENTS
Authorized Investments
Under provisions of the City's Investment Policy and bond indentures and in
accordance with Section 53601 of the California Government Code, the City may
invest in the following types of instruments:
Mutual Funds Composed Entirely of U.S. Governmental
Securities or other allowable investments
Negotiable Certificates of Deposit
U.S. Government Securities
Bankers Acceptances
Commercial Paper
Medium -Term Corporate Notes
California Local Agency Investment Fund (LAIF)
Los Angeles County Pooled Investment Fund
Federal Agency Obligations
California Local Agency Investment Fund (LAIF)
The LAIF is a special fund of the California State Treasury through which local
governments may pool investments. Each City or Agency 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.
Los Any County Pooled Investment Fund
The Los Angeles County Pool is a special fund of the County of Los Angeles through
which Cities in Los Angeles County may pool investments. Each City may invest an
unlimited amount in the fund. Investments in the pool are highly liquid, as deposits can
be converted to cash within 24 hours.
22
CITY OF SANTA CLARTTA
Notes to Financial Statements (Continued)
June 30,1997
Classification of Del2osits and Investments By Credit Risk
Statement No. 3 of the Governmental Accounting Standard Board 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 or collateralized with securities held by the
City or the City s agent in the City s name.
Category 2 - Deposits which are collateralized with securities held by the pledging
financial institution's trust department in the City's name.
Category 3 - Deposits which are uncollateralized.
Investments:
Category 1 - Investments which are insured or registered, or where the securities are
held by the City or the City's agent in the City's name.
Category 2 - Investments which are uninsured and unregistered with securities held by
the purchasing financial institution's trust department or agent in the
- City's name.
Category 3 - Investments which are uninsured and unregistered, with the securities
held by the purchasing financial institution's trust department or agent,
but not in the City's name.
Investments Not Subiect to Categorization:
Investments in the California Local Agency Investment Fund (LAIF) and the Los
Angeles County Pooled Investment Fund are not categorized, as GASB Statement 3
does not require categorization of investment pools managed by another government.
Also, investments of the Deferred Compensation Plans and investments held by fiscal
agents are not categorized because the underlying assets of these investments consist
primarily of guaranteed investment contracts issued by insurance companies (GIC's),
annuity contracts or open-ended mutual funds. All such investments are not required to
be categorized under interpretive guidelines issued by the GASB.
23
CITY OF SANTA CLAR]TA
Notes to Financial Statements (Continued)
June 30, 1997
The City's deposits and investments were categorized as follows at June 30, 1997:
Category Carrying
1 2 3 Amount
Deposits
Pooled Deposits
Demand Accounts:
$ 58,945"'
$ 58,945"'
Bank balances
$230,341
$870,458
$1,100,799
Deposits in transit
17,993,276"'
95,508
Outstanding checks
$4,864,925
4,864,925
(1,499,303)
Book balance
230,341
870,548
(302,996)
Total Deposits
3,651,221
S87DJ48
3,634,507
United States Treasury Notes
2,886,846
2,886,846
Contractual/
Federal Home Loan Bank
2,968,482
Category
Carrying Market
Commercial paper
1
2 3
Amount Value
Investments:
Los Angeles County
Pooled Investment Fund
$ 58,945"'
$ 58,945"'
California Local Agency
Investment Fund
17,993,276"'
17,993,276(2)
United States Treasury Bills
$4,864,925
4,864,925
4,865,684
Federal National
Mortgage Association
3,651,221
3,651,221
3,634,507
United States Treasury Notes
2,886,846
2,886,846
2,882,266
Federal Home Loan Bank
2,968,482
2,968,482
2,954,282
Commercial paper
1,517,872
1,517,872
1,518,130
Bankers acceptances
2,066,477
2,066,477
2,054,036
Total Investments
17,955,823
36,008,044
35,961,126
24
CH Y OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30,1997
Contractual/
Category Carrying Market
1 2 3 Amount Value
Investments Held By Fiscal Agents:
Mutual Funds 3,885,212(1) 31885,212
Deferred Compensation 4.453.517(1) 4.453.517
Total Investments
With Fiscal Agents 8338.729 8.338.729
Total Investments $17955.823 S_ $44.346.773 $44299.855
1
Not subject to categorization.
(2) The management of the State of California Pooled Money Investment Account
(generally referred to as LAIF) has indicated to the City that as of June 30, 1997 the
carrying amount of the pool was $28,515,398,747 and the estimated market value of
the pool (including accrued interest) was $28,637,448;331. The City's proportionate
share of that value is $18,070,286. Included in 6&s investment portfolio are
certain derivative securities or similar products in the form of structured notes
totaling $740,750,000 and asset-backed securities totaling $406,649,000. LAIF's
(and the City's) exposure to risk (credit, market, or legal) is not currently available.
(3) At June 30, 1997, market value for the Los Angeles County .Investment Pool
(LACIP) was $6,408,288,032 compared to principal cost of $6,410,083,799. The
City's proportionate share of the market value was $58,928. Included in the
LACIP's investment portfolio are certain derivative securities in the form of asset-
backed securities and floating rate notes, representing approximately 4.8% of the
LACIP total investment portfolio. Information regarding LACIP's (and the City's)
exposure to credit, market or legal risk is currently not available.
Total cash and investments at June 30, 1997 consisted of the following:
Cash and investments
(including petty cash $2,121)
Cash and investments held by fiscal agents
Total Cash and Investments
25
$35,707,169
8.338,729
$44.045.898
3
CITY OF SANTA CLARTTA
Notes to Financial Statements (Continued)
June 30, 1997
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.
PROPERTY, PLANT AND EQUIPMENT
Changes in General Fixed Assets for the year ended June 30, 1997 are as follows:
Balance at Balance at
July 1, 1996 Additions Deletions June 30, 1997
Land and improvements
$29,300,124
$ 26,069
$29,326,193
Buildings
13,640,104
190,180
13,830,284
Equipment
6,247.091
557,392
6.804,483
Equipment acquired
Totals
$49187.319
773 641 �_
$49.960.960
Changes in the proprietary fund property, plant and equipment for the year ended June 30,
1997 are as follows:
Internal Service Fund
Equipment $195,84828$ 4.875 $ $480,723
Less: Accumulated
depreciation (90,454)
Net Assets 195 848 3 0 269
M.
Balance at
Balance at
July 1, 1996
Additions Deletions
June 30, 1997
Enterprise Fund
Equipment acquired
by capital lease
$6,162,479
$6,162,479
Equipment purchased
318,232
$ 54,517
372,749
Buildings
4,208,955
537,375
4,746,330
Land
1,743,027
1,743,027
Less: Accumulated
12,432,693591
892
13,024,585
depreciation
(2,966,692
(3,658,62
Net Assets
9 466 00
9 365 963
Internal Service Fund
Equipment $195,84828$ 4.875 $ $480,723
Less: Accumulated
depreciation (90,454)
Net Assets 195 848 3 0 269
M.
.1
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
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, 1997:
Financing Authority Revenue
Bonds - Series 1991
Notes payable
Lease payable
Advances to other funds
Compensated absences
Totals
Balance at Balance at
July 1, 1996 Additions Deletions June 30, 1997
$19,715,000 $ 915,000 $18,800,000
3,278,698 175,822 3,102,876
$107,381 11,553 95,828
1,612,248 386,057 1,998,305
482.038 65.884 547.922
25.087.984 559 3 1 102 375 24.544931
a. Financing Authority Revenue Bonds — Series 1991:
On October 1, 1991 the. Santa Clarita 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 1 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
27
CITY OF SANTA CLARiTA
Notes to Financial Statements (Continued)
June 30, 1997
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.
Future debt service requirements on the bonds are as follows:
Year Ending
June 30,
1998
1999
2000
2001
2002
Thereafter
b. Notes Payable:
Principal Interest
$ 320,000
345,000
365,000
390,000
415,000
16,965,000
$ 1,264,760
1,244,970
1,222,835
1,198,340
1,171,980
13.761,335
$19.864220
Total
$ 1,584,760
1,589,970
1,587,835
1,588,340
1,586,980
30,726,335
38.664.220
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 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.
Sales tax generated has been less than current interest due during certain periods.
Therefore, the City has added unpaid. accrued interest payable to the outstanding
principal balance of the note. At June 30, 1997, the balance outstanding of
$2,925,149 on the note included $2,557,436 in original loan proceeds and
$367,713 of accrued interest.
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, 1997, the unpaid principal balance was $177,727.
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
C. Lease Payable
In August 1996, the City entered into a lease with an option to purchase agreement in
the amount of $107,381 for the lease of property through Municipal Leasing
• Associates, Inc. Such agreement carnes interest at the rate of 5.38% per annum on the
unpaid principal balance, payable semi-annually from January 30, 1997 through July
• 30, 2000.
•
Future lease payment requirements are as follows:
Year Ending
June 30, Princioal
Interest
Total
1998 $24,501
$ 4,836
$ 29,337
1999 26,755
3,488
30,243
2000 29,161
2,017
31,178
2001 15.411
415
15,82
95 828
] 0 756
] 0 584
d. Advances from Other Funds:
The Agency has received advances totaling $1,998,305, which includes $1,736,778 of
principal and $261,527 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 $237,017 are recorded as "Other Financing Sources" in the Agency's
Capital Projects Fund and interest for fiscal year 1996-97 of $149,040 in the Agency's
Debt Service Fund. 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 recorded in
the General Long -Term Debt Account Group.
5. DEFERRED REVENUE
At June 30, 1997, deferred revenue consisted of the following:
a. The City collects funds in advance as reimbursement for costs of providing recreation
classes to the public. At June 30, 1997, $391,246 in fees collected in advance for
providing recreation classes were recorded as deferred revenue in the General Fund to
reflect fees not earned.
• b. In the General Fund, accrued interest receivable of $261,527 added to the Advances to
• the Redevelopment Agency has been recorded as deferred revenue since the accrued
• interest is not considered a resource to finance current expenditures.
29
•
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
C. Other deferred revenue in the General Fund consisted of $478,974 in advances
received for construction projects for which the related expenditures had not been
incurred and $12,377 of miscellaneous fees collected in advance.
d. The City collects funds in advance from developers and receives grants to provide
funds for construction of related projects. At June 30, 1997, $832,004 in the Bikeway
Special Revenue Fund, $1,840,588 in the Developer Fees Special Revenue Fund, and
$30,946 in the Sewer Maintenance Special Revenue Fund related to grant and
developer receipts. All were recorded as deferred revenue since the related
expenditures for the construction projects had not been incurred.
e. Loans receivable of $236,000 funded by grant funds have been offset by deferred
revenue in the CDBG special revenue fund.
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,
1997, the City has incurred $18,482,622 in expenditures related to the grant funds.
$1,313,288 of these expenditures has not been reimbursed as of year end. The City has
recorded a liability for Due to Other Governments in the amount of $9,525,540 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 the Metropolitan Transit Authority (MTA). As of
June 30, 1997, the balance payable to the MTA was $141,449 in the Proposition C
Special Revenue Fund and $18,924 in the 1991 Revenue Bonds Capital Projects Fund.
7. PROPRIETARY FUND TYPE OF 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, 1997:
Balance at Balance at
July 1. 1996 Additions Deletions June 30. 1997
Transit Enterprise Fund:
Master lease obligations
$1,250,526
Lease payable
3,610,000
Notes payable
1.677,769
6,538,295
Less: Lease Discount
(17,926
Total Transit Enterprise
Fund Long -Term Debt 6 520 369
30
$ 218,271 $1,032,255
365,000 3,245,000
1.177,769 500.000
1,761,040 4,777,255
(3,709) 14 21 7)
�_ 1 75 331 4 763 03
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
Balance at Balance at
July 1, 1996 Additions Deletions June 30 1997
Internal Service Fund:
Computer Replacement Fund:
Lease payable 195 848 S256 42 16$ 6.634 285 639
a.
Master Lease Obligations:
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 carnes 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.
Future lease payments under such. obligations are as follows:
Year Ending
June 30-
Principal
Interest
Total
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
1 032 255 161 588 1 193
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,
Principal
Interest
Total
1998
$ 385,000
$190,598
$ 575,598
1999
410,000
166,940
576,940
2000
435,000
141,373
576,373
2001
460,000
113,845
573,845
31
C.
9
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
Year Ending
June 30
Principal
Interest
Total
2002
485,000
84,308
569,308
Thereafter
1.070,000
70,265
1,140265
3 245 000
767 329
4 0 2 329
Note Payable:
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
1998 $500,000 $30,818 $530,818
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 through Municipal Leasing
Associates, Inc. As of June 30, 1997, the City had received $452,273 in proceeds from
the capital lease which was used to acquire computer equipment. The remaining
proceeds will be received in fiscal year 1997-98. Interest, at 4.9%, and principal are
payable semi-annually from November 9, 1996 through May 9, 1999.
Future lease payment requirements for the lease, assuming all proceeds have been
received, are as follows:
Year Ending
June 30
Principal
Interest
Total
1998
$174,864
$15,381
$190,245
1999
183,502
6,743
190,245
35�
22 124
380 490
32
CITY OF SANTA CLARTTA
Notes to Financial Statements (Continued)
June 30, 1997
8. INTERFUND BALANCES:
Interfund receivable and payable balances as of June 30, 1997 are as follows:
Fund
Due From Due To
General Fund
$5,135,646
Special Revenue Funds:
Proposition A - Transportation
$1,388,867
State Park Fund
944,654
Traffic safety
20,462
Community Development Block Grant (CDBG)
685,900
Federal Aid Urban (FAU)
382,715
Earthquake Fund
18,798
Economic Development Administration
700,172
Miscellaneous Grants Fund
9,889
OCJP Grant Fund
100,644
Transit Enterprise Fund
883.545
$5,135,646
5 135 646
• 9. DEFINED BENEFIT PENSION PLAN
. 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, 1997 was $9,768,844. The total payroll for the year was $11,109,282.
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 amount 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
amount. The employee contribution rate is set by statute. The present member rate is 7% of
wages.
33
CITY OF SANTA CLAR1TA
Notes to Financial Statements (Continued)
June 30, 1997
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.
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 (the most recent information
available), as listed below.
Pension benefit obligation:
Retirees 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.
34
CrfY OF SANTA CLAR1TA
Notes to Financial Statements (Continued)
June 30,1997
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 significant actuarial assumptions used to compute . the actuarially determined
contribution requirement are the same as those used to compute the pension benefit
obligation, as previously described.
A contribution of $1,371,149 for normal costs was made to the system for 1997 in
accordance with actuarially determined requirements computed through an actuarial
valuation performed as of June 30, 1995. The City contributed employer contributions of
$662,400 (7.2% of current covered payroll) and on behalf of employees contributed
$648,062 (6.7% of current covered payroll). An additional $60,687 was contributed by the
employees (.58% of current covered payroll).
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 1988-89. Therefore, the trend information from
1988-1989 through 1994-95 and employer contributions and covered payroll for 1988-1989
through 1996-97 is summarized as follows:
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97
Net Assets
Available for
Benefits
(In Thousands) $23 $445 $1,059 $1,895 $3,003 $4,689 $6,382
Pension Benefit
Obligation
(In Thousands) 41 323 853 1,591 2,759 3,579 5,132
35
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30,1997
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95' 1995-96 1996-97
Net Assets
Available for
Benefits
Expressed as a
Percentage of the
Pension Benefit
Obligation
57.0%
Assets in Excess of
Pension (Unfunded)
Benefit
Obligation
(In Thousands)
(18)
Annual Covered
Payroll
(In Thousands)
1,008
Assets in Excess
of (Unfunded)
Pension Benefit
Obligation,
Expressed as
a Percentage
of Annual
Covered Payroll
(1.71/o)
Employer
Contributions
(In Thousands)
117
Employer
Contributions
Expressed as a
Percentage of
Annual Covered
Payroll. These
contributions
were made in
accordance with
actuarially
determined
requirements.
11.6%
137.8% 124.2% 119.1% 108.8% 131.0% 124.4%
122 206 304 244 1,110 1,250
2,963 5,515 7,609 7,245 7,409 8,311
4.1% 3.7% 4.0% 3.36% 15.0% 15.0%
321 291 391 413 407 602
10.9% 5.3% 5.1% 5.7% 5.5% 7.2%
*Information at June 30, 1997 was not available.
10. DEFERRED COMPENSATION PLAN
8,852 9,769
641 662
7.2% 6.8%
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.
36
•
•
• CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
• June 30, 1997
•
The City has established an additional plan for City management under Internal Revenue
• Service Code Section 401(a). City participation in contributions to 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. The assets of the
Section 457 plan are held in trust with the City serving as trustee, for the exclusive benefit of
- the participants. 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 $4,453,517 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, 1997 are. as
• follows:
•
• Special Revenue Funds:
• Bikeway $ 48,466
Developer Fees 360,493
• State Park 956,507
• CDBG 973
Earthquake 1,963,268 .
• Economic Development Administration 5,101
Miscellaneous Grants 72448
• Capital Projects Fund — Redevelopment Agency 92,311
Internal Service Fund — Self -Insurance 923,385
The Ci plans to remove the deficit in the Special Revenue Funds
• City p p through operating
transfers from the General Fund, developer fees and additional grant revenue from
• other governmental agencies. The deficit in the Redevelopment Agency will be
covered by future advances from the General Fund. 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.
•
•
I•
•
37
•
CITY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
12. SELF-INSURANCE
The City is self-insured for the first $250,000 on each generalliability claim against the City.
At June 30, 1997 $998,423 .was accrued for general liability claims. This accrual represents
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, 1997 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 $10,000,000.
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, 1997.
Changes in the reported liability since June 30, 1995, resulted in the following:
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
Claims and changes in estimates
during the year ended June 30, 1997
Claims payments during the year ended June 30, 1997
Liability as of June 30, 1997
13. RESERVES AND DESIGNATIONS OF FUND EQUITY
$ 997,972
111,113
(586,355
522,730
1,016,126
(540,433
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, 1997, are -tabulated below, followed by
explanations as to the nature and purpose of each reserve and designation.
M
MY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30, 1997
Reserves:
Continuing appropriations
Encumbrances
Advances to other funds
Prepaid items
Debt service
TOTAL RESERVES
Designations:
Self-insurance
Earthquake
Special revenue purposes
Capital improvements
Contingencies
TOTAL DESIGNATIONS
Special
Debt
Capital
General Revenue
Service
Projects
Enterprise
Fund Funds
Funds
Funds
Fund
$1,606,313 $ 480,504 $ 170,965
2,098,130 5,202,437 1,242,760
1,998,306
61,163 14,790
$1,687M8 489 500
$5.763"912 5 697 731 1 687 948 4 3 7 489 500
$ 923,385
1,968,369
$16,869,443
7.269.976
$ 949,433
0 161 730 6 869 443 $ S
a. Reserved for Continuing Appropriations — Appropriations for capital projects and other
expenditures which are unexpended as of June 30, 1997 will cant' forward as
continuing appropriations to be expended in 1997-98.
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 established to reflect the
advances to the Redevelopment Agency so that they will not be considered as current
funds available.
e.
f.
9.
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.
Reserved for Debt Service - These reserves represent amounts accumulated in
accordance with a bond indenture or similar covenant.
Designated for Self-insurance — This designation is for the deficit retained earnings in
the Internal Service Fund for Self-insurance.
Designated for Earthquake — This amount has been designated to fund the deficit fund
balance in the Special Revenue Earthquake Fund.
Designated for Special Revenue Purposes — These funds are designated for the specific
special revenue purpose as restricted by law or administrative action.
Rid
CTTY OF SANTA CLARITA
Notes to Financial Statements (Continued)
June 30,1997
Designated for Capital Improvements — These funds are designated to provide for new
capital additions as determined by the City Council.
j. Designated for Contingencies — The remainder of the unreserved fund balance in the
General Fund has been designated for general contingencies.
14. SEGMENT INFORMATION
Net working capital deficit of the Transit Enterprise System at June 30, 1997 was as follows:
Current assets $ 1,105,153
Current liabilities payable from current assets (2,898,480)
Net working capital (deficit) SaIL3.327)
15. 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 1996-97 there were
three eligible participants, for which the City paid $1,676 for medical insurance premiums.
16. CONTRIBUTED CAPITAL
Changes in the Transit Enterprise Fund's contributed capital were as follows:
Balance June 30,1996 $1,622,071
Grants restricted for capital outlay 728,410
Current depreciation on contributed assets (123,832)
Balance June 30, 1997 2 226 64
17. SUBSEQUENTEVENT
In August, 1997, the City issued $19,670,000 refunding certificates of participation with
interest rates of 4.5% to 5.0% and maturity dates from October 1, 2001-2021 for the purpose
of refinancing outstanding obligations related to the 1991 Lease Agreement and the 1991
Financing Authority Revenue Bonds (See Note 4a).
!1
SUPPLEMENTARY INFORMATION
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 funds.
CITY OF SANTA CLARITA
General Fund - Comparative Balance Sheets
June 30, 1997 and 1996
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 revenue
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
Total Fund Balance
Total Liabilities and Fund Balances
42
1997
$ 8,000,732
3,145,332
129,509
5,135,646
554,933
61,163
1,998,306
$ 19,025,621
$ 1,944,205
1,143,524
12,250
..;
$ 6,961,514
2,915,918
104,018
3,177,642
492,414
37,298
1,612,248
$ 15,301,052
$ 2,111,731
651,218
44,030
3,099,979 2,806,979
1,606,313
2,098,130
1,998,306
61,163
923,385
1,968,369
7,269,976
379,131
2,169,989
1,612,248
125,902
37,298
544,490
4,344,081
3,280,934
15,925,642 12,494,073
$ 19,025,621
$ 15,301,052
CITY OF SANTA CLARITIA
General Fund
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
For the Year Ended June 30, 1997
With Comparative Totals for the Year Ended June 30, 1996
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 (Deficiency)
of Revenues
Over Expenditures
Other Financing Sources (Uses):
Proceeds from long-term debt
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of
Revenues and Other
Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balance - Beginning of Year
Fund Balance - End of Year
Budget
$ 22,960,095
1,564,415
793,295
5,364,013
102,465
2,400,135
96,200
33,280,618
11,653,074
10,295,684
836,675
7,833,991
6,261,721
701,439
37,582,584
1997
Variance
Favorable
Actual (Unfavorable)
1996
Actual
$ 23,230,334 $ 270,239 $ 22,706,122
1,513,469
(50,946)
1,749,220
947,136
153,841
1,060,362
6,154,122
790,109
6,428,731
152,506
50,041
131,635
2,725,039
324,904
1,630,350
408,767
312,567
637,476
35,131,373
1,850,755
34,343,896
6,797,943
4,855,131
6,213,054
10,163,153
132,531
9,754,629
747,618
89,057
1,174,295
7,166,622
667,369
7,065,890
5,253,205
1,008,516
4,547,573
129,059
572,380
836,947
30,257,600 7,324,984 29,592,388
(4,301,966)
4,873,773
9,175,739
4,751,508
107,381
107,381
718,940
598,692
(120,248)
2,263,783
(171,924)
(2,148,277)
(1,976,353)
(2,840,447)
654,397
(1,442,204)
(2,096,601)
(576,664)
(3,647,569) 3,431,569
12,494,073 12,494,073
$ 8,846,504 $ 15,925,642
43
7,079,138 4,174,844
8,319,229
$ 7,079,138 $ 12,494,073
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).
Bridge 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 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.
Snecial Assessment — To account for monies received for small 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)
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.
Earthquake — To account for receipts and disbursements associated with reconstruction
projects as a result of the 1994 Northridge earthquake.
Landscape Maintenance District 41 — To account for receipts and disbursements for a
landscape district.
Stormwater Utility — To account for receipts and disbursements for stormwater and run-off
programs.
Economic Development Administration — To account for receipts and disbursements for the
EDA grant.
Miscellaneous Grants — To account for receipts and disbursements for miscellaneous grants.
Sewer Maintenance — To account for monies received from developers as sewer frontage
fees to be used to fund sewer maintenance projects.
OCJP Grant — To account for receipts and disbursements for the OCJP grant.
BJA Law Enforcement — To account for receipts and disbursements for the BJA law
enforcement grant.
Supplemental Law Grant — To account for receipts and disbursements for the supplemental
law grant.
CITY OF SANTA CLARITA
Combining Balance Sheet - Special Revenue Funds
June 30, 1997
Liabilities and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities $ 12,482 $ 120,618 $ 370,997
Deferred revenue 832,004 1,840,588
Due to other governments
Due to other funds
Total Liabilities 844,486 1,961,206 370,997
Fund Balances (Deficits):
Reserved for encumbrances 594,626 144,763 946,368 334,336
Reserved for continuing
appropriations 12,720 139,241
Reserved for prepaid items
Unreserved:
Designated for special
revenue purposes 8,624,593 1,545,178
Undesignated (643,092) (1,306,861)
Total Fund Balances (Deficits) (48,466) 8,782,076 (360,493) 2,018,755
Total Liabilities and
Fund Balances $ 796,020 $ 8,782,076 $ 1,600,713 $ 2,389,752
Q
Bridge and
Developer
Assets
Bikeway
Thoroughfare
Fees
Gas Tax
Cash and investments
$ 456,953
$ 8,714,027
$ 1,405,536
$ 2,140,499
Accounts receivable
335,163
143,033
232,545
Interest receivable
3,904
68,049
10,962
16,708
Due from other governments
41,182
Prepaid items
Loans receivable
Advances to other funds
Total Assets
$ 796,020
$ 8,782,076
$ 1,600,713
$ 2,389,752
Liabilities and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities $ 12,482 $ 120,618 $ 370,997
Deferred revenue 832,004 1,840,588
Due to other governments
Due to other funds
Total Liabilities 844,486 1,961,206 370,997
Fund Balances (Deficits):
Reserved for encumbrances 594,626 144,763 946,368 334,336
Reserved for continuing
appropriations 12,720 139,241
Reserved for prepaid items
Unreserved:
Designated for special
revenue purposes 8,624,593 1,545,178
Undesignated (643,092) (1,306,861)
Total Fund Balances (Deficits) (48,466) 8,782,076 (360,493) 2,018,755
Total Liabilities and
Fund Balances $ 796,020 $ 8,782,076 $ 1,600,713 $ 2,389,752
Q
Park Proposition Special
Improvement A Assessment
$ 508,698 $ 355,041
1,791
3,968 3,060
$ 1,589,780
State Park
TDA
$ 1,126,843
10,680
240,860
Traffic
Safety
$ 26,111
$ 512,666 $ 1,589,780 $ 359,892 $ - $ 1,378,383 $ 26,111
$ 5,135 $ 2,682 $ 11,853 $ 72,213
1,388,867 944,654 $ 20,462
1,394,002 2,682 956,507 72,213 20,462
27,509 463,490 625,523
80,110 195,073
$ 512,666 195,778 329,701 485,574 5,649
(1,500,107)
512,666 195,778 357,210 (956,507) 1,306,170 5,649
$ 512,666 $ 1,589,780 $ 359,892 $ - $ 1,378,383 $ 26,111
47 (Continued)
CITY OF SANTA CLARITA
Combining Balance Sheet - Special Revenue Funds (Continued)
June 30, 1997
Assets
Cash and investments
Accounts receivable
Interest receivable
Due from other governments
Prepaid items
Loans receivable
Advances to other funds
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities
Deferred revenue
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
CDBG
$ 748,072
13,200
236,000
Proposition
FAU C AQMD
$ 2,476,270 $ 253,716
37,758
19,331 1,967
$ 881,223 1,085,935
$ 997,272 $ 881,223 $ 3,581,536 $ 293,441
$ 76,345 $ 52,244 $ 76,536 $ 187
236,000
141,449
685,900 382,715
998,245
434,959
217,985
187
650,138
216,013
627,524
53,575
785
13,200
229,466 2,736,027 239,679
(664,311)
(973) 446,264 3,363,551 293,254
$ 997,272 $ 881,223 $ 3,581,536 $ 293,441
G1:3
61,470
$ 83,166 $ 7,583,631 $ 1,101,857 $ 1,120,525 $ 894,127 $ 5,559
$ 2,561 $ 11,875 $ 68,154 $ 199,056 $ 3,118
9,525,540
18,798 700,172 9,889
9,546,899 11,875 68,154 899,228 13,007
33,758 480,915 3,074
52,575
1,590
$ 83,166 1,056,224 517,291
(1,963,268) (5,101) (10,522)
83,166 (1,963,268) 1,089,982 1,052,371 (5,101) (7,448)
$ 83,166 $ 7,583,631 $ 1,101,857 $ 1,120,525 $ 894,127 $ 5,559
49 (Continued)
Landscape
Economic
Aid to
Maintenance
Stormwater
Development Miscellaneous
Cities
Earthquake
District #1
Utility
Administration Grants
$ 82,510
$ 6,160,780
$ 218,435
$ 1,034,903
6,704
75,943
656
48,093
1,718
8,089
1,313,288
875,000
$ 894,127 $ 5,559
1,590
61,470
$ 83,166 $ 7,583,631 $ 1,101,857 $ 1,120,525 $ 894,127 $ 5,559
$ 2,561 $ 11,875 $ 68,154 $ 199,056 $ 3,118
9,525,540
18,798 700,172 9,889
9,546,899 11,875 68,154 899,228 13,007
33,758 480,915 3,074
52,575
1,590
$ 83,166 1,056,224 517,291
(1,963,268) (5,101) (10,522)
83,166 (1,963,268) 1,089,982 1,052,371 (5,101) (7,448)
$ 83,166 $ 7,583,631 $ 1,101,857 $ 1,120,525 $ 894,127 $ 5,559
49 (Continued)
CITY OF SANTA CLARITA
Combining Balance Sheet - Special Revenue Funds (Continued)
June 30, 1997
Assets
Cash and investments
Accounts receivable
Interest receivable
Due from other governments
Prepaid items
Loans receivable
Advances to other funds
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities
Deferred revenue
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
Sewer OCJP BJA Law Supplemental
Maintenance Grant Enforcement Law Grant
$ 32,095 $ 162,978 $ 180,002
250
$ 128,992
1;280 1,405
$ 32,345 $ 128,992 $ 164,258 $ 181,407
$ 28,348 $ 1,953 $ 35,835
$ 30,946
100,644
30,946 128,992 1,953 35,835
1,399
825
162,305 144,747
Total Fund Balances (Deficits) 1,399 162,305 145,572
Total Liabilities and
Fund Balances $ 32,345 $ 128,992 $ 164,258 $ 181,407
50
Totals
1997
1996
$ 25,309,286 $
19,031,478
859,048
1,082,912
200,120
162,124
7,804,018
4,236,883
14,790
12,560
236,000
61,470
$ 34,484,732 $ -24,525,957
$ 1,152,192 $ 1,163,047
2,939,538 2,246,526
9,666,989 11,133,946
4,252,101 1,843,533
18, 010, 820 16,387,052
5,202,437 2,732,064
480,504 676,729
14,790 12,560
16,869,443 10,709,236
(6,093,262) (5,991,684)
16,473,912 8,138,905
$ 34,484,732 $ 24,525,957
51
CITY OF SANTA CLARITA
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
All Special Revenue Funds
For the Year Ended June 30, 1997
With Comparative Totals for the Year Ended June 30, 1996
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of
Revenues and Other Financing
Sources Over Expenditures
and Other Financing Uses
Fund Balances (Deficit) - Beginning of Year
Fund Balances (Deficit) - End of Year
52
Bridge and Developer
Bikeway Thoroughfare Fees
$ 32,583 $ 1,918,096 $ 264,252
22,129 376,271 56,372
44,778 302,648
1,042
100,532 2,294,367 623,272
75,062 8,374 525,718
75,062 8,374 525,718
25,470 2,285,993 97,554
25,470 2,285,993 97,554
(73,936) 6,496,083 (458,047)
$ (48,466) $ 8,782,076 $ (360,493)
Park Proposition Special State
Gas Tax Improvement A Assessment Park TDA
$ 92,443 $ 20,659 $ 24,524 $ 13,561 107,915
2,593,323 140,643 2,844,657 $ 2,050 $ 3,044,353
160,001
21,556
2,707,322 161,302 2,869,181 173,562 2,050 3,152,268
2,167,733
39,531
146,404 103,149 196,124 809,486
2,314,137 103,149 39,531 196,124 809,486
393,185 161,302 2,766,032 134,031 (194,074) 2,342,782
74,619
(108,963) (2,734,685) (8,500) (2,892,371)
(34,344) (2,734,685) (8,500) (2,892,371)
358,841•
161,302
31,347
125,531
(194,074)
(549,589)
1,659,914
351,364
164,431
231,679
(762,433)
1,855,759
$ 2,018,755
$ 512,666
$ 195,778
$ 357,210
$ (956,507)
$ 1,306,170
(Continued)
53
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, 1997
With Comparative Totals for the Year Ended June 30, 1996
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of
Revenues and Other Financing
Sources Over Expenditures
and Other Financing Uses
Fund Balances (Deficit) - Beginning of Year
Fund Balances (Deficit) - End of Year
54
Traffic
Safety CDBG FAU
$ 6,308
$ 2,874,602 $ 1,116,531
301,485
23,094
307,793 2,897,696 1,116,531
1,249,833
1,648,836 333,424
2,898,669 333,424
307,793 (973) 783,107
(307,434)
(307,434)
359 (973) 783,107
5,290 (336,843)
$ 5,649 $ (973) $ 446,264
Landscape
Proposition Aid to Maintenance Stormwater
C AQMD Cities Earthquake District #1 Utility
$ 121,897 $ 9,575 $ 4,059 $ 276,787 $ 9,438 $ 42,104
3,223,812 136,245 2,294,237
1,076,104 1,847,538
44,962 295
3,345,709 145,820 4,059 2,615,986 1,085,542 1,889,937
34,900
1,537,886
1,287,514 235,173 44,843
1,287,514 34,900 235,173 44,843 1,537,886
2,058,195 110,920 4,059 2,380,813 1,040,699 352,051
(839,289)
(839,289)
(197,820)
(197,820)
1,218,906 110,920 4,059 2,380,813 1,040,699 154,231
2,144,645 182,334 79,107 (4,344,081) 49,283 898,140
$ 3,363,551 $ 293,254 $ 83,166 $ (1,963,268) $ 1,089,982 $ 1,052,371
(Continued)
55
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, 1997
With Comparative Totals for the Year Ended June 30, 1996
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of
Revenues and Other Financing
Sources Over Expenditures
and Other Financing Uses
Fund Balances (Deficit) - Beginning of Year
Fund Balances (Deficit) - End of Year
56
Economic
Development Miscellaneous Sewer
Administration Grants Maintenance
$ 1,379 $ 1,399
$ 2,448,840 5,617
2,448,840 6,996 1,399
2,453,941 10,660
2,453,941 10,660
(5,101) (3,664) 1,399
(5,101) (3,664) 1,399
(3,784)
$ (5,101) $ (7,448) $ 1,399
OCJP BJA Law Supplemental
Grant Enforcement Law Grant
Totals
1997 1996
$ 2,214,931 $ 3,746,441
$ 76 $ 5,304 $ 10,568 1,202,768 939,821
230,176 167,632 302,182 21,772,326 13,613,099
301,485 313,775
3,083,643 2,038,494
90,949 405,621
230,252 172,936 312,750 28,666,102 21,057,251
230,252 265,152
14,345
167,178 167,178
2,167,733
1,977,556
10,631 2,837,881
2,085,595
7,878,708
11,568,280
230,252 10,631 167,178 13,316,652
15,645,776
162,305 145,572 15,349,450
5,411,475
74,619
84,892
(7,089,062)
(6,563,655)
(7,014,443)
(6,478,763)
162,305 145,572 8,335,007 (1,067,288)
8,138,905 9,206,193
$ $ 162,305 $ 145,572 $ 16,473,912 $ 8,138,905
57
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds
For the Year Ended June 30, 1997
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
W:
Bikeway
Variance
Favorable
Budget Actual (Unfavorable)
$ 292,886 $ 32,583 $ (260,303)
22,129 22,129
50,000 44,778 (5,222)
1,042 1,042
342,886 100,532 (242,354)
661,700 75,062 586,638
661,700 75,062 586,638
(318,814) 25,470 344,284
(318,814) 25,470 344,284
(73,936) (73,936)
$ (392,750) $ (48,466) $ 344,284
Bridge and Thoroughfare
Variance
Favorable
Budget Actual (Unfavorable)
$ 635,000 $ 1,918,096 $ 1,283,096
376,271 376,271
635,000 2,294,367 1,659,367
400,000 8,374 391,626
400,000 8,374 391,626
235,000 2,285,993 2,050,993
235,000 2,285,993 2,050,993
6,496,083 6,496,083
$ 6,731,083 $ 8,782,076 $ 2,050,993
59
Developer Fees
Variance
Favorable
Budget Actual (Unfavorable)
$ 585,000 $ 264,252 $ (320,748)
56,372 56,372
84,540 302,648 218,108
669,540 623,272 (46,268)
2,312,723 525,718 1,787,005
2,312,723 525,718 1,787,005
(1,643,183) 97,554 1,740,737
(1,643,183) 97,554 1,740,737
(458,047) (458,047)
$ (2,101,230) $ (360,493) $ 1,740,737
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Gas Tax
Variance
Favorable
Budget Actual (Unfavorable)
$ 10,000 $ 92,443 $ 82,443
2,629,465 2,593,323 (36,142)
23,500 21,556 (1,944)
2,662,965 2,707,322 44,357
2,985,188 2,167,733 817,455
401,800 146,404 255,396
3,386,988 2,314,137 1,072,851
(724,023) 393,185 1,117,208
44,020 74,619 30,599
(113,445) (108,963) 4,482
Total Other Financing Sources (Uses) (69,425) (34,344) 35,081
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
(793,448) 358,841 1,152,289
1,659,914 1,659,914
$ 866,466 $ 2,018,755 $ 1,152,289
Park Improvement
Variance
Favorable
Budget Actual (Unfavorable)
$ 2,000 $ . 20,659 $ 18,659
140,643 140,643
2,000 161,302 159,302
2,000 161,302 159,302
2,000 161,302 159,302
351,364 351,364
$ 353,364 $ 512,666 $ 159,302
Proposition A
Variance
Favorable
Budget Actual (Unfavorable)
$ 24,524 $ 24,524
$ 5,498,777 2,844,657 (2,654,120)
5,498,777 2,869,181 (2,629,596)
503,424 103,149 400,275
503,424 103,149 400,275
4,995,353 2,766,032 (2,229,321)
(2,136,269) (2,734,685) (598,416)
(2,136,269) (2,734,685) (598,416)
2,859,084 31,347 (2,827,737)
164,431 164,431
$ 3,023,515 $ 195,778 $ (2,827,737)
61
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
62
Special Assessment
Variance
Favorable
Budget Actual (Unfavorable)
$ 13,561 $ 13,561
$ 102,150 160,001 57,851
102,150 173,562 71,412
121,369 39,531 81,838
121,369 39,531 81,838
(19,219) 134,031 153,250
(8,500) (8,500)
(8,500) (8,500)
(27,719) 125,531 153,250
231,679 2315679
$ 203;960 $ 357,210 $ 153,250
State Park
Variance
Favorable
Budget Actual (Unfavorable)
$ 2,680,452 $ 2,050 $ (2,678,402)
TDA
Variance
Favorable
Budget Actual (Unfavorable)
$ 107,915 $ 107;915
$ 2,805,900 3,044,353 238,453
2,680,452 2,050 (2,678,402) 2,805,900 3,152,268 346,368
3,051,156 196,124 2,855,032
3,051,156 196,124 2,855,032
(370,704) (194,074) 176,630
(370,704) (194,074) 176,630
(762,433) (762,433)
$ (1,133,137) $ (956,507) $ 176,630
63
1,835,773 809,486 1,026,287
1,835,773 809,486 1,026,287
970,127 2,342,782 1,372,655
(2,737,550) (2,892,371) (154,821)
(2,737,550) (2,892,371) (154,821)
L
(1,767,423) (549,589) 1,217,834
1,855,759 1,855,759
$ 88,336 $ 1,306,170 $ 1,217,834
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing. Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
U
Traffic Safety
Variance
Favorable
Budget Actual (Unfavorable)
$ 3,000 $ 6,308 $ 3,308
265,700 301,485 35,785
268,700 307,793 39,093
268,700 307,793 39,093
(265,700) (307,434) (41,734)
(265,700) (307,434) (41,734)
3,000 359 (2,641)
5,290 5,290
$ 8,290 $ 5,649 $ (2,641)
CDBG
Variance
Favorable
Budget Actual (Unfavorable)
$ 11,123,906 $ 2,874,602 $ (8,249,304)
23,094 23,094
11,123,906 2,897,696 (8,226,210)
FAU
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,623,812 $ 1,116,531 $ (507,281)
1,623,812 1,116,531 (507,281)
3,954,174 1,249,833 2,704,341
6,357,087 1,648,836 4,708,251 1,630,151 333,424 1,296,727
10,311,261 2,898,669 7,412,592 1,630,151 333,424 1,296,727
812,645 (973) (813,618) (6,339) 783,107 789,446
812,645 (973) (813,618) (6,339) 783,107 789,446
(336,843) (336,843)
$ 812,645 $ (973) $ (813,618) $ (343,182) $ 446,264 $ 789,446
(Continued)
M
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
.P
Proposition C
Variance
Favorable
Budget Actual (Unfavorable)
$ 121,897 $ 121,897
$ 3,059,011 3,223,812 164,801
3,059,011 3,345,709 286,698
4,400,802 1,287,514 3,113,288
4,400,802 1,287,514 3,113,288
(1,341,791) 2,058,195 3,399;986
(1,239,022) (839,289) 399,733
(1,239,022) (839,289) 399,733
(2,580,813) 1,218,906 3,799,719
2,144,645 2,144,645
$ (436,168) $ 3,363,551 $ 3,799,719
AQMD
Variance
Favorable
Budget Actual (Unfavorable)
$ 9,575 $ 9,575
$ 131,700 136,245 4,545
131,700 145,820 14,120
125,500 34,900 90,600
125,500 34,900 90,600
6,200 110,920 104,720
(157,543) 157,543
(157,543) 157,543
(151,343) 110,920 262,263
182,334 182,334
$ 30,991 $ 293,254 $ 262,263
51
Aid to Cities
Variance
Favorable
Budget Actual (Unfavorable)
$ 4,059 $ 4,059
4,059 4,059
4,059 4,059
4,059 4,059
$ 79,107 79,107
$ 79,107 $ 83,166 $ 4,059
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
M.
Earthquake
Variance
Favorable
Budget Actual (Unfavorable)
$ 276,787 $ 276,787
$ 90,485 2,294,237 2,203,752
44,962 44,962
90,485 2,615,986 2,525,501
2,059,864 235,173 1,824,691
2,059,864 235,173 1,824,691
(1,969,379) 2,380,813 4,350,192
(1,969,379) 2,380,813 4,350,192
(4,344,081) (4,344,081)
$ (6,313,460) $ (1,963,268) $ 4,350,192
Landscape Maintenance District #1 Stormwater Utility
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 9,438 $ 9,438 $ 42,104 $ 42,104
$ 303,377 1,076,104 772,727 $ 1,850,000 1,847,538 (2,462)
295 295
303,377 1,085,542 782,165
194,764 44,843 149,921
194,764 44,843 149,921
108,613 1,040,699 932,086
108,613 1,040,699 932,086
49,283 49,283
$ 157,896 $ 1,089,982 $ 932,086
1,850,000 1,889,937 39,937
2,350,640 1,537,886
812,754
25,000
25,000
2,375,640 1,537,886
837,754
(525,640) 352,051 877,691
(197,820) (197,820)
(197,820) (197,820)
(723,460) 154,231 877,691
898,140 898,140
$ 174,680 $ 1,052,371 $ 877,691
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
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 safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
70
Economic Development Administration
Variance
Favorable
Budget Actual (Unfavorable)
$ 4,550,000 $ 2,448,840 $ (2,101,160)
4,550,000 2,448,840 (2,101,160)
4,798,723 2,453,941 2,344,782
4,798,723 2,453,941 2,344,782
(248,723) (5,101) 243,622
(248,723) (5,101) 243,622
$ (248,723) $ (5,101) $ 243,622
Miscellaneous Grants
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,379 $ 1,379
$ 556,839 5,617 (551,222)
556,839 6,996 (549,843)
79,764 10,660 69,104
79,764 10,660 69,104
477,075 (3,664) (480,739)
477,075 (3,664) (480,739)
(3,784) (3,784)
$ 473,291 $ (7,448) $ (480,739)
71
Sewer Maintenance
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,399 $ 1,399
1,399 1,399
1,399 1,399
1,399 1,399
$ - $ 1,399 $ 1,399
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
72
OCJP Grant
Variance
Favorable
Budget Actual (Unfavorable)
$ 76 $ 76
$ 318,750 230,176 (88,574)
318,750 230,252 (88,498)
352,321 230,252 122,069
352,321 230,252 122,069
(33,571) 33,571
(33,571) 33,571
$ (33,571) $ - $ 33,571
BJA Law Enforcement
Variance
Favorable
Budget Actual (Unfavorable)
$ 5,304 $ 5,304
$ 167,632 167,632
167,632 172,936 5,304
184,395 10,631 173,764
184,395 10,631 173,764
(16,763) 162,305 179,068
(16,763) 162,305 179,068
$ (16,763) $ 162,305 $ 179,068
73
Supplemental Law Grant
Variance
Favorable
Budget Actual (Unfavorable)
$ 10,568 $ 10,568
$ 302,182 302,182
302,182 312,750 10,568
302,182
167,178 135,004
302,182 167,178 135,004
145,572 145,572
145,572
$ - $ 145,572 $ 145,572
(Continued)
CITY OF SANTA CLARITA
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
All Special Revenue Funds (Continued)
For the Year Ended June 30, 1997
Revenues:
Developer fees
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Otherrevenue
Total Revenues
Expenditures:
Current Operating:
General government
Public safety
Public works
Community development
Capital outlay
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Budget
$ 1,512,886
15,000
35,673,451
265;700
2,255,527
23,500
Totals
Actual
$ 2,214,931
1,202,768
21,772,326
301,485
3,083,643
90,949
Variance
Favorable
(Unfavorable)
$ 702,045
1,187,768
(13,901,125)
35,785
828,116
67,449
39,746,064 28,666,102 (11,079,962)
477,821
302,182
2,985,188
6,610,578
28,712,731
39,088,500
265,152
167,178
2,167,733
2,837,881
7,878,708
13,316,652
212,669
135,004
817,455
3,772,697
20,834,023
25,771,848
657,564 15,349,450 14,691, 886
44,020
(6,855,849)
Total Other Financing Sources (Uses) (6,811,829)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances (Deficits) - Beginning of Year
Fund Balances (Deficits) - End of Year
74,619
(7,089,062)
(7,014,443)
(6,154,265) 8,335,007
8,138,905 8,138,905
30,599
(233,213)
(202,614)
14,489,272
$ 1,984,640 $ 16,473,912 $ 14,489,272
74
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 payments on the .City's general
long-term 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 Agency — To account for principal and interest payments on the loan from
the City.
Assets:
Cash and investments
with fiscal agents
Fund Balances:
Reserved for debt service
CITY OF SANTA CLARITA
Combining Balance Sheet
All Debt Service Funds
June 30, 1997
With Comparative Totals for June 30, 1996
General Public
City Financing Redevelopment Totals
Debt Authority Agency 1997 1996
$ - $ 1,687,948 $ - $ 1,687,948 $ 2,279,094
$ - $ 1,687,948 $
77
$ 1,687,948 $ 2,279,094
CITY OF SANTA CLARITA
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
All Debt Service Funds
For the Year Ended June 30, 1997
With Comparative Totals for the Year Ended June 30, 1996
Revenues:
Use of money and property
Expenditures:
Principal retirement
Interest and fiscal charges
Total Expenditures
(Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Advances from other funds
Operating transfers in
Total Other Financing Sources
Excess (Deficiency) of
Revenues and Other Financing
Sources Over Expenditures
Fund Balances - Beginning of Year
Fund Balances - End of Year
General
Public
City
Financing
Debt
Authority
$ 109,510
Redevelopment
Agency
$ 175,822 915,000
255,909 1,300,278 $ 149,040
431,731 2,215,278 149,040
(431,731) (2,105,768) (149,040)
149,040
431,731 1,514,622
431,731 1,514,622 149,040
(591,146) •
•
2,279,094 •
$ - $ 1,687,948 $ - •
•
•
•
•
e
•
•
78 •
•
•
F
Totals
1997
1996
i
•
$ 109,510 $
117,431
•
1,090,822
1,039,967
1,705;227
1,753,956
•
2,796,049
2,793,923
•
•
(2,686,539)
(2,676,492)
i
r
149,040
98,978
i
1,946,353
2,583,351
i
2,095,393
2,682,329
(591,146)
5,837
i
2,279,094
2,273,257
$ 1,687,948 $
2,279,094
•
•
•
s
•
79
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, 1997
Revenues:
Use of money and property
Expenditures:
Principal retirement
Interest and fiscal charges
Total Expenditures
(Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Operating transfers in
Deficiency of Revenues and
Other Financing Sources
Over Expenditures
Fund Balances - Beginning of Year
Fund Balances - End of Year
M
General City Debt
Variance
Favorable
Budget Actual (Unfavorable)
$ 175,822 $ 175,822
290,498 255,909 $ 34,589
466,320 431,731 34,589
(466,320) (431,731) 34,589
431,731 431,731
(34,589)
(34,589)
$ (34,589) $ - $ (34,589)
Public Financing Authority
Variance
Favorable
Budget Actual (Unfavorable)
$ 109,510 $ 109,510
$ 915,000 915,000
1,300,278 1,300,278
2,215,278 2,215,278
(2,215,278) (2,105,768) 109,510
1,514,622 1,514,622
(2,215,278) (591,146) 1,624,132
2,279,094 2,279,094
$ 63,816 $ 1,687,948 $ 1,624,132
Ell
Totals
Variance
Favorable
Budget Actual (Unfavorable)
$ 109,510 $ 109,510
$ 1,090,822 1,090,822
1,590,776 1,556,187 34,589
2,681,598 2,647,009 34,589
(2,681,598) (2,537,499) 144,099
431,731 1,946,353 1,514,622
(2,249,867) (591,146) 1,658,721
2,279,094 2,279,094
$ 29,227 $ 1,687,948 $ 1,658,721
CAPITAL PROJECTS 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.
Community Facilities 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.
Assessment District No. 92-2 — To account for certain public improvements within
Assessment District No. 92-2.
CITY OF SANTA CLARITA
Combining Balance Sheet
All Capital Projects Funds
June 30, 1997
With Comparative Totals for June 30, 1996
Assets
Cash and investments
Cash and investments
with fiscal agents
Interest receivable
Due from other governments
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable and
accrued liabilities
Due to other governments
Total Liabilities
Fund Balances:
Reserved for encumbrances
Reserved for continuing
appropriations
Unreserved:
Designated for capital
improvements
Undesignated
Total Fund Balances
Total Liabilities and
Fund Balances
$ 2,839
$ 16,317
W
$ 1,010,291
172
1,280,477
$ 183,577
$ 2,871 $ 16,317 $ 2,290,940 $ 183,577
$ 95,182 $ 108,752
18,924
95,182 127,676
1,242,760
170,965
$ 16,317 749,539 $ 183,577
(92,311)
(92,311) 16,317 2,163,264 183,577
$ 2,871 $ 16,317 $ 2,290,940 $ 183,577
M
Community
Redevelop-
Facilities 1991 Assessment
ment
District Revenue Disctrict
Agency
No. 92-1 Bonds No. 92-2
$ 2,839
$ 16,317
W
$ 1,010,291
172
1,280,477
$ 183,577
$ 2,871 $ 16,317 $ 2,290,940 $ 183,577
$ 95,182 $ 108,752
18,924
95,182 127,676
1,242,760
170,965
$ 16,317 749,539 $ 183,577
(92,311)
(92,311) 16,317 2,163,264 183,577
$ 2,871 $ 16,317 $ 2,290,940 $ 183,577
M
Totals
1997 1996
$ 1,013,130 $ 1,680,704
199,894 22,324
204 800
1,280,477 1,287,053
$ 2,493,705 $ 2,990,881
$ 203,934 $ 26,841
18,924 18,924
222,858 45,765
1,242,760 668,587
170,965 188,608
949,433 2,087,921
(92,311)
2,270,847 2,945,116
$ 2,493,705 $ 2,990,881
M
CITY OF SANTA CLARITA
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
All Capital Projects Funds
For the Year Ended June 30, 1997
With Comparative Totals for the Year: Ended June 30, 1996
Revenues:
Use of money and property
Revenue from other agencies
Total Revenues
Expenditures:
Current Operating:
General government
Capital outlay
Total Expenditures
(Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Contributions from property owners
Advances from other funds
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balances - Beginning of Year
Fund Balances - End of Year
Community
Redevelop- Facilities 1991 Assessment
ment District Revenue District
Agency No. 92-1 Bonds No. 92-2
$ 47 $ (6,007) $ 112,765 $ 16,002
5,467
47 (6,007) 118,232 16,002
329,375 22,280
855,480 619,580
329,375 877,760 619,580
(329,328) (6,007) (759,528) (603,578)
787,155
237,017
237,017 787,155
(92,311) (6,007) (759,528) 183,577
22,324 2,922,792
$ (92,311) $ 16,317 $ 2,163,264 $ 183,577
ffl
Totals
1997 1996
$ 122,807 $ 279,245
5,467 1,656,042
128,274 1,935,287
351,655 480,218
1,475,060 6,776,850
1,826,715 7,257,068
(1,698,441) (5,321,781)
787,155
237,017 498,103
(1,250,000)
1,024,172 (751,897)
(674,269) (6,073,678)
2,945,116 9,018,794
$ 21270,847 $ 2,945,116
m
CITY OF SANTA CLARITA
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual -
All Budgeted Capital Projects Funds
For the Year Ended June 30, 1997
Revenues:
Use of money and property
Revenue from other agencies
Total Revenues
Expenditures:
Current Operating:
General government
Capital outlay
Total Expenditures
(Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Advances from other funds
(Deficiency) of Revenues and
Other Financing Sources
Over Expenditures
Fund Balances - Beginning of Year
Fund Balances - End of Year
iE
Redevelopment Agency
Variance
Favorable
Budget Actual (Unfavorable)
$ 47
$
47
47
47
$ 500,000 329,375 170,625
500,000 329,375 170,625
(500,000) (329,328) 170,672
237,017 237,017
(500,000) (92,311) 407,689
$ (500,000) $ (92,311) $ 407,689
1991 Revenue.Bonds
$ 38,000
Variance
15,720
Favorable
Budget Actual
(Unfavorable)
$ 112,765
$ 112,765
5,467
5,467
118,232
118,232
$ 38,000
22,280
15,720
2,508,704
855,480
1,653,224
$ 112,812
2,546,704
877,760
1,668,944
(2,546,704) (759,528) 1,787,176
(2,546,704) (759,528) 1,787,176
2,922,792 2,922,792
$ 376,088 $ 2,163,264 $ 1,787,176
m
Totals
$ 538,000
Variance
186,345
Favorable
Budget Actual
(Unfavorable)
$ 112,812
$ 112,812
5,467
5,467
118,279
118,279
$ 538,000
351,655
186,345
2,508,704
855,480
1,653,224
3,046,704
1,207,135
1,839,569
(3,046,704) (1,088,856) 1,957,848
237,017 237,017
(3,046,704) (851,839) 2,194,865
2,922,792 2,922,792
$ (123,912) $ 2,070,953 $ 2,194,865
•
•
TRANSIT ENTERPRISE FUND
Transit Enterprise Fund — To account for the operation of the City's local public transit bus
system.
is
CITY OF SANTA CLARITA
Transit Enterprise Fund - Comparative Balance Sheet
June 30, 1997 and 1996
Assets
Current Assets:
Cash and investments
Accounts receivable
Due from other governments
Prepaid items
Total Current Assets
Restricted Assets:
Deposit
Deferred bond issue costs
Total Restricted Assets
Property, Plant and Equipment (Net)
Total Assets
Liabilities and Fund Equity
Current Liabilities:
Accounts payable and accrued liabilities
Deferred revenues
Due to other funds
Current portion of long-term debt
Total Current Liabilities
Long -Term Debt, Net of Current Portion
Total Liabilities
Fund Equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved
Total Retained Earnings
Total Fund Equity
Total Liabilities and Fund Equity
93
1997 1996
$ 57,673
$ 38,025 16,136
1,066,833 1,052,969
295 14,198
1,105,153 1,140,976
489,500
64,131
553,631
9,365,963
$ 11,024,747
$ 896,195
600
883,545
1,118,140
2,898,480
489,500
76,526
566,026
9,466,001
$ 11,173,003
$ 846,293
600
1,316,760
1,763,114
3,926,767
3,644,898 4,757,256
6,543,378 8,684,023
2,226,649 1,622,071
489,500
1,765,220
2,254,720
4,481,369
$ 11,024,747
489,500
377,409
866,909
2,488,980
$ 11,173,003
CITY OF SANTA CLARITA
Comparative Statement of Revenues, Expenses and
Changes in Retained Earnings
Transit Enterprise Fund
For the Years Ended June 30, 1997 and 1996
Operating Revenues:
Transportation revenue
Other revenue
Total Operating Revenues
Operating Expenses:
Administrative
Transportation services
Depreciation and amortization
Total Operating Expenses
Operating Loss
Nonoperating Revenues (Expenses):
Interest expense
Intergovernmental grants
Total Nonoperating Revenues (Expenses)
Net Loss Before Operating Transfers
Operating Transfers:
Operating transfers in
Operating transfers out
Total Operating Transfers
Net Income
Add depreciation on contributed assets
Net Increase in Retained Earnings
Retained Earnings (Deficit) - Beginning of Year
Retained Earnings - End of Year
94
1997
$ 1,825,913
49,465
1996
$ 1,832,299
2,169
1,875,378 1,834,468
379,862
311,484
5,843,170
5,556,867
708,034
693,449
6,931,066 6,561,800
(5,055,688) (4,727,332)
(338,418) (451,812)
195,410 ' 524,662
(143,008) 72,850
(5,198,696) (4,654,482)
6,466,345 5,632,076
(3,670)
6,462,675 5,632,076
1,263,979 977,594
123,832 123,193
1,387,811 1,100,787
866,909 (233,878)
$ 2,254,720 $ 866,909
•
•
• CITY OF SANTA CLARITA
• Comparative Statement of Cash Flows
Transit Enterprise Fund
• For the Years Ended June 30, 1997 and 1996
Cash Flows from Operating Activities:
Operating loss
Adjustments to reconcile operating loss to net
cash used by operating activities:
Depreciation and amortization
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in due from other governments
(Increase) decrease in prepaid items
Increase (decrease)in accounts
payable and accrued liabilities
Increase (decrease)in deferred revenue
Total Adjustments
Net Cash Used by Operating Activities
Cash Flows from Noncapital Financing.Activities:
Intergovernmental grants
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 by Noncapital
Financing Activities
Cash Flows from Capital and Related Financing Activities:
Acquisition of capital assets
Contributed capital
Principal payments on long-term debt
Interest expense on long-term debt
Net Cash Used by Capital and
Related Financing Activities
Net (Increase) Decrease in
Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning of Year
Cash and Cash Equivalents - End of Year
95
1997 1996
$ (5,055,688) $ (4,727,332)
708,034 693,449
(21,889)
(9,397)
(13,864)
(702,324)
13,903
(8,616)
49,902 (17,522)
600
736,086 (43,810)
(4,319,602) (4,771,142)
195,410
883,545
6,466,345
(3,670)
(1,316,760)
6,224,870
(591,893)
728,410
(1,761,040)
(338,418)
524,662
1,316,760
5,632,076
(1,342,677)
6,130,821
(464,172)
1,292,560
(1,678,582)
(451,812)
(1,962,941) (1,302,006)
(57,673) 57,673
57,673
$ - $ 57,673
INTERNAL SERVICE FUNDS
Intemal Service Funds are used to account for goods or services providedbya 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 CLARITA
Combining Balance Sheet
All Internal Service Funds
June 30, 1997
With Comparative Totals for June 30, 1996
Assets
Current Assets:
Cash and investments
Accounts receivable
Interest receivable
Prepaid items
Total Current Assets
Property, Plant and Equipment
Equipment
Less accumulated depreciation
Net Property, Plant and Equipment
Total Assets
Liabilities and Fund Equity
Current Liabilities:
Accounts payable and accrued liabilities
Lease payable,. current portion
Due to other funds
Total Current Liabilties
Long -Term Liabilities:
Lease payable, net of current portion
Total Liabilities
Fund Equity (Deficit):
Retained earnings:
Unreserved
Total Liabilities and Fund Equity
M
Self -
Insurance
78,324
119
625
Computer
Vehicle
Replacement
Replacement
$ 142,099
$ 787,374
874 6,152
79,068 142,973 793,526
452,273 28,450
(90,454)
361,819 28,450
$ 79,068 $ 504,792 $ 821,976
$ 1,002,453
$ 174,864
1,002,453 174,864
110,775
1,002,453 285,639
(923,385) 219,153 $ 821,976
$ 79,068 $ 504,792 $ 821,976
Totals
1997 1996
$ 1,007,797 $ 850,875
119
7,651 6,698
3,206
1,015,567 860,779
480,723 195,848
(90,454)
390,269 195,848
$ 1,405,836 $ 1,056,627
$ 1,002,453 $ 530,347
174,864 166,634
17,349
1,177,317 714,330
110,775 29,214
1,288,092 743,544
117,744 313,083
$ 1,405,836 $ 1,056,627
CITY OF SANTA CLARITA
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
All Internal Service Funds
For the Year Ended June 30, 1997
With Comparative Totals for The Year Ended June 30, 1996
Operating Revenues:
Charges for services
Insurance reimbursement
Total Operating Revenues
Operating Expenses:
Services and supplies
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest income
Interest expense
Net Nonoperating
Revenues (Expenses)
Net Income (Loss) Before
Operating Transfers
Operating Transfers:
Operating transfers in
Operating transfers out
Net Operating Transfers
Net Income (Loss)
Retained Earnings (Deficits) -
Beginning of Year
Retained Earnings (Deficits) - End of Year
100
Self- Computer Vehicle
Insurance Replacement Replacement
$ 681,673 $ 78,800 $ 152,100
10,000
691,673 78,800 152,100
1,196,595
90,454
1,196,595 90,454
(504,922) (11,654) 152,100
1,027 5,237 31,484
(23,611)
1,027 (18,374) 31,484
(503,895) (30,028) 183,584
125,000 30,000
125,000 30,000
(378,895) (28) 183,584
(544,490) 219,181 638,392
$ (923,385) $ 219,153 $ 821,976
Totals
1997 1996
$ 912,573 $ 1,039,074
10,000 26,233
922,573 1,065,307
1,196,595 230,539
90,454
1,287,049 230,539
(364,476) 834,768
37,748 38,974
(23,611)
14,137 38,974
(350,339) 873,742
155,000 250,000
(160,000)
155,000 90,000
(195,339) 963,742
313,083 (650,659)
$ 117,744 $ 313,083
101
CITY OF SANTA CLARITA
Combining Statement of Cash Flows
All Internal Service Funds
For the Year Ended June 30, 1997
With Comparative Totals for The Year Ended June 30, 1996
Cash Flows from Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in prepaid items
Increase (decrease)in accounts
payable and accrued liabilites
Total Adjustments
Net Cash Provided (Used)
by Operating Activities
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:
Acquisition of capital assets
Proceeds from long-term debt
Principal payments on long-term debt
Interest expense on long-term 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 - Beginning of Year
Cash and Cash Equivalents - End of Year
102
Self- Computer Vehicle
Insurance Replacement Replacement
$ (504,922) $ (11,654) $ 152,100
90,454
(119)
3,206
472,106
475,193 90;454
(29,729) 78,800 152,100
125,000 30,000
(17,349)
107,651 30,000
(256,424) (28,450)
256,424
(166,633)
(23,611)
(190,244) (28,450)
402 6,086 30,306
78,324 (75,358) 153,956
217,457 633,418
$ 78,324 $ 142,099 $ 787,374
Totals
1997 1996
$ (364,476) $ 834,768
90,454
(119)
3,206 2,687
472,106 (491,727)
565,647 (489,040)
201,171 345,728
17,349
155,000 250,000
(160,000)
(17,349) (304,099)
137,651 (196,750)
(284,874) (195,848)
256,424 195,848
(166,633)
(23,611)
(218,694)
36,794 32,276
156,922 181,254
850,875 669,621
$ 1,007,797 $ 850,875
103
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 Community Facilities District No. 92-1.
Assessment District No. 92-2 — To account for monies held to account for debt service
requirements of Assessment District No. 92-2.
CITY OF SANTA CLARITA
Combining Balance Sheet
All Trust and Agency Funds
June 30, 1997
With Comparative Totals for June 30, 1996
Assets
Cash and investments
Cash and investments
with fiscal agents
Accounts receivable
Interest receivable
Total Assets
Liabilities and Fund Balances
Expendable
Trust Agency
Community
Facilities Assessment
General Deferred District District
Trust Compensation No. 92 - 1 No. 92-2
$ 376,224
$ 4,453,517 $ 1,918,762 $ 78,608
170,937
312
$ 547,473 $ 4,453,517 $ 1,918,762 $ 78,608
Liabilities:
Accounts payable and
accrued liabilities $ 123,373
Deposits 424,100
Deferred compensation payable
$ 4,453,517
$ 1,918,762 $ 78,608
Total Liabilities $ 547,473 $ 4,453,517 $ 1,918,762 $ 78,608
106
Totals
1997 1996
$ 376,224 $ 286,763
6,450,887 5,142,134
170,937 92,399
312 150
$ 6,998,360 $ 5,521,446
$ 123,373 $ 44,706
2,421,470 2,300,563
4,453,517 3,176,177
$ 6,998,360 $ '5,521;446
107
CITY OF SANTA CLARITA
Comparative Statement of Revenues, Expenditures and
Changes in Fund Balance
General Trust Expendable Trust Fund
For the Years Ended June 30, 1997 and 1996
Revenues:
Other revenue
Expenditures:
Current Operating:
Public works
Excess of Revenues Over Expenditures
Fund Balance - Beginning of Year
Fund Balance - End of Year
In
1997
$ 410,672
1996
$ 620,404
410,672 620,404
CITY OF SANTA CLARITA
Combining Statement of Changes in Assets and Liabilities
All Agency Funds
For the Year Ended June 30, 1997
Deferred Compensation
Assets:
Cash and investments
with fiscal agents
Liabilities:
Deferred compensation payable
Community Facilities District No, 92-1
Assets:
Cash and investments
with fiscal agents
Liabilities:
Deposits
Assessment District No. 92-2
Assets:
Cash and investments
with fiscal agents
Liabilities:
Deposits
Totals
Assets:
Cash and investments
with fiscal agents
Liabilities:
Deferred compensation payable
Deposits
Total Liabilities
Balance
July 1, 1996 Additions
$ 3,176,177 $ 1,277,340 $
$ 3,176,177 $ 1,277,340 $
Balance
Deletions June 30, 1997
$ 4,453,517
$ 4,453,517
$ 1,965,957 $ 1,883,857 $ 1,931,052 $ 1,918,762
$ 1,965,957 $ 1,883,857 $ 1,931,052 1,918,762
$ - $ 930,779 $ 852,171 $ 78,608
$ - $ 930,779 $ 852,171 $ 78,608
$ 5,142,134 $ 4,091,976 $ 2,783,223 $ 6,450,887
$ 3,176,177 $ 1,277,340 $ 4,453,517
1,965,957 2,814,636 $ 2,783,223 1,997,370
$ 5,142,134 $ 4,091,976 $ 2,783,223 $ 6,450,887
W
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 Lone -Term Debt —To account for the City's long-term debt not reported in
proprietary fund operations.
CITY OF SANTA CLARITA
Comparative Schedule of General Fixed
Assets by Source
June 30, 1997 and 1996
General Fixed 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
113
W*A
$ 29,326,193
13,830,284
6,804,483
1996
$ 29,300,124
13,640,104
6,247,091
$ 49,960,960 $ 49,187,319
$ 12,448,203 $ 12,448,203
37,512,757 36,739,116
$ 49,960,960 $ 49,187,319
CITY OF SANTA CLARITA
Schedule of General Fixed Assets
by Function and Activity
June 30, 1997
114
Land and
Improvements
Buildings
Equipment
Totals
Function and Activity:
General government
$ 13,572,791
$ 10,434,197
$ 3,949,357
$ 27,956,345
Public safety
55,167
55,167
Public works
180,330
1,488,001
1,668,331
Parks and recreation
15,753,402
2,156,233
800,818
18,710,453
Community development
1,059,524
511,140
1,570,664
Total Fixed Assets
$ 29,326,193
$ 13,830,284
$ 6,804,483
$ 49,960,960
114
CITY OF SANTA CLARITA
Schedule of Changes in General Fixed
Assets by Function and Activity
For the Year Ended June 30, 1997
115
General
General
Fixed Assets
Fixed Assets
July 1, 1996
Additions
Deletions June 30, 1997
Function and Activity:
General government
$ 27,429,844
$ 526,501
$ 27,956,345
Public safety
34,799
20,368
55,167
Public works
1,522,665
145,666
1,668,331
Parks and recreation
18,665,721
44,732
18,710,453
Community development
1,534,290
36,374
1,570,664
$ 49,187,319
$ 773,641
$ - $ 49,960,960
115
CITY OF SANTA CLARITA
Comparative Schedule of General Long -Term Debt
June 30, 1997 and 1996
1997 1996
Amount Available and to be Provided for
Payment of General Long -Term Debt:
Amount available for retirement of long-term debt $ 1,687,948 $ 2,279,094
Amount to be provided for payment of long-term debt 22,856,983 22,808,890
Total Amount Available and to be Provided for
Payment of General Long -Term Debt:
General Long -Term Debt Payable:
1991 Revenue Bonds - Public Financing Authority
Notes payable
Lease payable
Advances to Santa Clarita Redevelopment Agency
Compensated absences
Total General Long -Term Debt Payable
U1
$ 24,544,931 $ 25,087,984
$ 18,800,000
3,102,876
95,828
1,998,305
547,922
$ 24,544,931
$ 19,715,000
3,278,698
1,612,248
482,038
$ 25,087,984
STATISTICAL SECTION
(Unaudited)
CITY OF SANTA CLARITA
General Governmental Revenues by Source (1)
All Fiscal Periods from December 15, 1987
(Date of Incorporation) to June 30, 1997
Fiscal
Year
Taxes
Licenses &
Permits
Developer
Fees
Use of
Money&
Property
Fines '&
Forfeits
Charges
for
Services
Contribution
from
Property
Owners
Total
1987-88
$ 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
2,917,787
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
54,378,258
1994-95
49,191,936
1,272,109
4,795,744
2,339,564
418,353
4,444,838
0
62,462,544
1995-96
44,403,994
1,749,220
3,746,441
2,396,859
445,410
5,332,345
0
58,074,269
1996-97
i 51,162,249
1,513,469
2;214,931 i
2,382,221
453,991
6,719,070
0
64,445,931
(1) Includes General, Special Revenue, Debt Service, Capital Projects, and Expendable Trust Funds
Source: City Finance Division
General Governmental Revenues by Sources
70,000,000
® Contributions from Property
60,000000 Owners
5 13 Charges for services
4 ■ Fines & Forfeits
3 ® Use of Money & Property
2 [3000
Developer Fees
10,Q�000
■ Licenses & Permits
04.
T m 9 m m T m T T m praxes
r` m 01 O N n O a) W
m m m m rn m m m m m
m m rn m rn rn m m m m
�'��Q� �aa
0, q
118
PBq`dp A
M xAp
000000
«�.,
ks
tlrB
d�p9Vd�ad 6A i
V'. �.
tl06
0,000000
4
a
0000
y
Ak4F �
AN
B
exile) n �` p�
ggBx
ia�
LAt
4k"
4. i1A
P
�
118
CITY OF SANTA CLARITA
General Governmental Expenditure by Function (1)
All Fiscal Periods from December 15, 1987
(Date of Incorporation) to June 30, 1997
Fiscal
Year
General -
Govt„
Public
Safety
Public
Works
Parks
&
Rec.
Comm
Dev.
Maint.
Capital
Outlay
Debt
Service
Total
1987-88
$ 535,975
$2,329,899
$1,235,438
$ 237,932
$150,032
$60,298
$ 80,357
$ 62,704.
$ 4,692,635
1988-89
1,982,151
7,281,724
3,079,575
1,084,379
680,954
0
1,897,366
852,561
16,858,710
1989-90
3,721,584
7,047,498
7,174,219
2,448,765
1;421,896
0
11,589,753
1,149,551
34,553,266
1990-91
4,337,791
7,498,105
6,427,528
3,818,211
1,871,961
9
9,591,664
403,909
33,949,169
1991-92
3,566,198
8,419,797
5,293,024
5,609,782
5,021,236
0
24,424,817
3,548,433
55,883,287
1992-93
3,491,725
8,389,392
5,591,281
5,869,522
4,587,470
0
25,636,052
4,243,319
57,808,761
1993-94
4,119,942
9,256,950
4,686,014
5,676,932
3,895879
0
26,201,540
2,471,080
56,608,337
1994-95
5,185,377
10,116,169
5,784,519
6,414,630 1
4,747,081
0
1 25,487,576
2,685,046
60,420,398
1995-96
6,707,617
9,754,629
3,772,255
7,065,890
6,633,168
0
19,182,077
2,793,923
55,909,559
1996-97
7,414,750
10,330,331
3,326,023
7,166,622 1
8,091,086
0
9,482,827
1
2,796,049 1
48,607,688
t1) Includes tieneral, bpectal Kevenue, Debt Service, Capital Projects, and Expendable Trust Funds
Source: City Finance Division -
f T k Y Y t k
General Governmental Expenditure by Function
70,000,000
5 R
{jx
kW4
xt`Add
k k{ Pk kkvb
y I�Y�Nk
4A#ek
}YN
PoP> 3
Y
-
4a#
b ib9
pry &tr tl 4 8 k P>y �
AMo-kB
p
��
Sa
a'k P P4G
p Debt Service
60,000,000
M
)a
4%ef
f Rx.
yyY, AX1p-0P
N4"1111
.nY.
k
�£ £ Skk�kk. #k�
MbA
3�k�
BgtlY
- Jk
t gpL
E Capital Outlay
50,000 000
P "' i rtAA4
E3 Maintenance
R qe,
di A
k�
F
YNi
40,000 000
a
kA0
by k
94
ry.
p Y 2e
■ Community Development
.y
g
k
" ai
Po eW MY
�
4b
i�
g^
Ck
W
P"�
�lA
♦CQ
30,000 000
k
M u
xk
RPP
y'k:`.
ak��".
r3 Parks & Recreation
i�p
A�4
�
Rx
la •6A °YC
w
a
ni
{.. �
e.
O Public Works
20,000 000
■ Public Safety
' 0000 000
p General Covemment
0
m rn
rn m
m m
m m
m m
f T k Y Y t k
Po
s 3A9 3 }} #q
dg_Sbk
5 R
{jx
kW4
xt`Add
k k{ Pk kkvb
y I�Y�Nk
4A#ek
}YN
PoP> 3
Y
-
4a#
b ib9
pry &tr tl 4 8 k P>y �
AMo-kB
p
��
Sa
a'k P P4G
p e.
&Z
)a
4%ef
f Rx.
yyY, AX1p-0P
yy3
.nY.
k
�£ £ Skk�kk. #k�
MbA
3�k�
BgtlY
- Jk
t gpL
P "' i rtAA4
k
R qe,
di A
k�
F
YNi
£• k� y
a
kA0
by k
94
ry.
p Y 2e
.y
g
k
" ai
Po eW MY
�
4b
i�
g^
Ck
W
P"�
�lA
♦CQ
IPo&a2v nP.
k
M u
xk
RPP
y'k:`.
ak��".
kk
i�p
A�4
�
Rx
la •6A °YC
w
a
ni
{.. �
e.
119
CITY OF SANTA CLARITA
Taxable Assessed Values- Ten Year History
Fiscal Year
1987-88 *
1988.89
1989.90
1990.91
1991-92
Common
mK
�efr Z9 KA {kN 8 P6p 4d�
tlp�pPp•
Property
$ N/A
$ 4,061,732
$ 4,856,876
$ 5,644,003
$ 6,761,266
Value
P
Public
[�qd�
i a&rc
n-
Utilities
N/A
7,207
5,592
6,270
9,625
Valuation
Unsecured
Valuation
N/A
N/A
141,561
299,042
351,717
Full Market
Valuation
N/A
4,068,939
5,004,029
5,949,315
7,122,608
Fiscal Year
1992-93
1993-94
1994-95
1995-96
1996-97
Common
mK
�efr Z9 KA {kN 8 P6p 4d�
tlp�pPp•
Property
$ 7,170,561
$ 7,371,712
$ 7,659,425
$ 7,436,483
$ 7,470,840
Value
P
Public
[�qd�
i a&rc
n-
Utilities
366
1,476
1,900
1,878
2,164
Valuation
Unsecured
Valuation
342,726
338,205
347,743
375,315
432,467
Full Market
Valuation
7,513,654
7,711,393
8,007,168
7,813,676
7,905,471
The Los Angeles County Tax Collector's Office did not have rates available for
the fiscal year ended June 30, 1988.
Source: Los Angeles County Assessor
Taxable Assessed Values - 10 Year History
9,000,000
6,000,000
7,000,000
6,000,000 ❑Unsecured Valuations
5,000,000
an
4,000,000 ■Public Utilities. Valuation
3,000,000 2,000,000
®Common Property Value
1,000,000
0
m m m m m m m m m m
m
Q, rn m m m m m rn m m
0 9 8➢d Xk t$5 BtlPNN&p Sdpp�bpiY^Q9B@ 7y -
0,1B ppS k,OM 1dYd% IQry Hdg{�0r
3��BdE FA d p pddtl dp M�d,fAi WPPiA YXWSy pi
P,
120
mK
�efr Z9 KA {kN 8 P6p 4d�
tlp�pPp•
PoN
9P
Btlik i' a � �'{3
kv
v
f9
4E AdV Pde�§"�a§i
P
wtd
OV
� X Xp��e 194
P
[�qd�
i a&rc
n-
5 arta
Y&
p�
oaw
� �Pp
y ^vv
8$j9i YSP .gqiev
B
oy�
e dam• A e�
n s
�v
'� nn rv. P
r
120
CITY OF SANTA CLARITA
Schedule of Direct and Overlapping Bonded Debt
June 30,1997
1996-97 Assessed Valuationi $7 905,470-911
DIRECT AND OVERLAPPING BONDED DEBT: % Applicable Debt 06/30/97
Los Angeles County
1.765
$ 1,100,389
Los Angeles County Building Authorities
1.765
32,616,947
Los Angeles County Pension Obligations
1.765
43,278,813
Los Angeles County Superintendent of Schools
Certificates of Participation
1.765
139,612
Los Angeles County Flood Control District
1.808
978,761
Los Angeles County Flood Control District Certificates of Participation
1.808
3,738,311
Los Angeles County Sanitation District #23 and Authorities
0.141
8,661
Los Angeles County Sanitation District #26 and Authorities
84.226
13,529,033
Los Angeles County Sanitation District #32 and Authorities
68.044
8,326,777
Castaic Lake Water Agency
71.843
3,592,150
Newhall County Water District, I.D. #2 (Sewer and Water Issues) 82.583-80.202
1,129,369
Santa Clarita Community College District
71.370
695,858
William S. Hart Union High School District
and Certificates of Participation
71.354
799,164
William S. Hart Union High School District
Community Facilities District #87.1
100.00
4,598,767
Castaic Union School District and Certificates of Participation
31.537
6,564,000
Newhall School District and Certificates of Participation
85.118
1,870,461
Saugus Union School District Certificates of Participation
69.227
9,552,956
Sulphur Springs Union School District and Certificates of Participation
76.412
25,499,369
Los Angeles Community College District and Unified School District
Certificates of Participation
0.001
3,244
City of Santa Clarita 1915 Act Bonds
100.000
869,432
Los Angeles County Regional Park
and Open Space Assessment District
1.765
3,002,265
City of Santa Clarita Certificates of Participation
100.000
18,800,000
City of Santa Clarita Community Facilities District #92-1
100.000
16.930.000
TOTAL GROSS DIRECT AND OVERLAPPING BONDED DEBT
$199,624,339
Less: Los Angeles County Certificates of Participation (100% self-supporting
from leasehold revenues on properties in Marina del Rey)
2.144.389
TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT
X197.479.950
Ratios to Assessed Valuation:
Direct Debt ($18,800,000) 0.24%
Total Gross Debt 2.53%
Total Net Debt 2.50%
STATE SCHOOL BUILDING AID REPAYABLE AS OF 06/30/97, $106
Source: California Municipal Statistics, Inc., September 24, 1997
121
CITY OF SANTA CLARITA
Schedule of Legal Debt Margin
June 30, 1997
Net Assessed Value of All Taxable Property $7,905,470,911
Legal Debt Limit - 15% of Total Assessed Valuation 1.185.520.636
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
122
CITY OF SANTA CLARITA
Property Tax Levies and Tax Collections
All Fiscal Periods from December 15, 1987
(Date of Incorporation) to June 30, 1997
1987-88
$ N/A
Total
1988-89
Total
Current
Fiscal Year
Current Levy
Collections
1987-88
$ N/A
$ N/A
1988-89
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
1994-95
3,854,637
3,676,538
1995-96
3,949,833
3,763,989
1996-97
3,973,109
3,826,207
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
123
CITY OF SANTA CLARITA
Insurance in Force
June 30, 1997
Bond for
S. Becker
124
AMOUNTOF
CARRIER
POLICY
COVERAGE
COVERAGE
TERM
Insurance Company of the West
CSR117475007
Public Entity -
$1,000,000
03101/97-03101198
General Liability
& Auto Liability
Insurance Company of the West
ESR117475107
Excess Public
9,000,000
03/01/97.03/01/98
Entity General
Liability &
Auto Liability
Planet Insurance Company
KZ1813718
Extended Reporting
900,000
12/15/90 -unlimited
Endorsement
Planet Insurance Company
KR1735681
Extended Reporting
4,000,000
12/15/90 -unlimited
Endorsement
Scottsdale Insurance Company
CLS391857
"Special Events" Liability
2,000,000
10/16/96-10116197
General Aggregate
2,000,000
10/16/96-10/16/97
Products/Completed Operations
1,000,000
10/16/96-10/16/97
Each Occurrence
1,000,000
10/16/96-10/16/97
Personal/Advertising Injury
1,000,000
10/16/96-10/16/97
Fire Legal Liability
50,000
10/16/96-10/16/97
St. Paul Fire & Marine
400HV9733
Public Official
100,000
08/05/96-08/05/97
Bond for
G. Caravalho
St. Paul Fire & Marine
400JH1797
Public Official
100,000
02/18/97-02/18/98
Bond for
K. Pulskamp
Great American Insurance Company
FS9562531
Public Official
100,000
01/13/97-01/13/98
Bond for
K. Tonoian
Great American Insurance Company
FS7316338
Public Official
300,000
05/11/97-05/11/98
Bond for
S. Stark
Great American Insurance Company
FS9562530
Public Official
100,000
01/13/97-01/13198
Bond for
S. Becker
124
•
•
•
COVERAGE
•
TERM
•
Worker's Compensation
•
05/01/97-05101/98
•
Business Income
4,500,000
03101197-03/01198
•
Building
•
03/01/97-03101/98
CARRIER
•
State Compensation Fund
300,000
-
Reliance Insurance Company
•
•
Reliance Insurance Company
1,252,981
!
Fine Arts
•
!
Contractor's Equipment
!
•
Miscellaneous Property
•
American National Fire
•
•
RLI Insurance Company
•
Pacific Insurance Company
•
• Medical Payments
Progressive Casualty
!
•
Self -Insured
•
• On selected vehicles only
Excess Flood
2,500,000
•
Source: City Risk Management
!
IMFO25963
•
7,500,000
!
•
Excess 5,500,000
•
ZG0007703
Differencein
5,000,000
•
s
CA074684470
•
250,000
CITY OF SANTA CLARITA
Insurance in Force (continued)
June 30, 1997
125
AMOUNTOF
P LTCY.
COVERAGE
COVERAGE
TERM
1060671
Worker's Compensation
3,000,000
05/01/97-05101/98
QB8570922
Business Income
4,500,000
03101197-03/01198
QB8572264
Building
15,974,500
03/01/97-03101/98
Personal Property
1,482,500
Employee Dishonesty
300,000
Valuable Papers
500,000
Mini Computer
1,252,981
Fine Arts
5,000
Contractor's Equipment
384,324
Miscellaneous Property
641,000
Automobile Liability
250,000
• Uninsured/Underinsured
Motorist
250,000
• Medical Payments
5,000
• CompJCollision
Self -Insured
IMP988033500
Excess Flood
2,500,000
12115/96-12115197
Excess 12,500,000
IMFO25963
Excess Earthquake
7,500,000
12115/96-12/15/97
Coverage
Excess 5,500,000
ZG0007703
Differencein
5,000,000
12115/96-12/15197
Conditions
CA074684470
Commercial Auto
250,000
05106/97-05/06/98
Each Accident
500,000
Property Damage
100,000
125
CITY OF SANTA CLARITA
Demographic Statistics
All Fiscal Periods from December 15, 1987
(Date of Incorporation) to June 30, 1997
Fiscal Year
Square Miles
Number of
Housing Units
Population**
*1987-88
39.40
36,006
147,228
1988-89
39.40
38,278
147,228
1989-90
39.80
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
1472228
1995-96
42.88
46,556
129,861
***1996-97
45.12
50,391
141,690
* 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, 1997.
Source: City Finance Department
126
CITY OF SANTA CLARITA
Principal Sales Taxpayers and Major Employers
June 30, 1997
Employment I Products/Services
Best Buy
100
Appliance Store
Frontier Chrysler/Toyota
160
Car Dealership
Home Depot
175
Building Materials Store
Lucky Food Centers
254
Grocery Store
Magic Ford
202
Car Dealership
Price Club
145
Wholesale Store
Robinson's -May
252
Department Store
Scott Irvin Chevrolet/Geo
80
Car Dealership
Target Stores
180
Department Store
Terry York's Dodge/Isuzu
160
Car Dealership
Source: City Finance Department, State Board of Equalization
127
CITY OF SANTA CLARITA
Property Value, Construction, and Bank Deposits
All Fiscal Periods from December 15, 1987
(Date of Incorporation) to June 30, 1997
(Dollar Amounts Expressed in Thousands)
Fiscal
Year
Commercial
Number of
Units (1)
Construction
Value
Residential
Number of
Units (2)
Construction
Value
Bank
Deposits
(3)
Total
Assessed
Valuations
(4)
1987-88
N/A*
$ N/A*
N/A*
$ N/A*
$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-Q5
31
11,173
48
10,415
1,155,427
8,007,168
1995-96
36
16,353
63
11,456
1,006,677
7,813,676
1996-97
18
5,261
169
30,098
N/A
7,905,471
* 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 0£ prior year. Source: The Findley Report
(4) Breakdown between commercial and residential property is not available at this time.
128
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, 1997
Fiscal
Year
General
Los
Angeles
County
Castaic
Lake..
Water
Agency
School,
Districts
County
Sanitation
Districts
County
Flood
Control
Total
*1987-88
N/A
N/A
NIA
NIA
N/A
N/A
N/A
1988-89
1 1.000000
0.002781
1 0.101825
0.082829
0.002750
0.010042
1.200227
1989-90
1.000000
0.002242
0.081833
0.062990
0.002230
0.006679
1.155974
1990-91
1.000000
0.002104
0.067713
0.049088
0.001879
0.005626
1.126410
1991-92
1.000000
0.001880
0.059573
0.037935
0.001457
0.005204:
1.106049
1992-93
1.000000
0.001713
0.068031
0.022308
0.001045
0.004098.
1.097195
1993-94
1.000000
0.001993
0.067630
0.028250
0.001533
0.005876
1.105282
1994-95
1.000000
0.001933
0.067630
0.028250
0.001528
0.005885
1.105226
1995-96
1.000000
0.001814
0.064348
0.020451
0.001354
0.000963
1.088930
1996-97
1.000000
0.001604
0.061024
0.018054
0.000525
0.001940
1.083147
*The Los Angeles County Tax Collector's Office did not have rates available for the fiscal
year ended June 30, 1988.
Source: Los Angeles County Tax Auditor/Controller
129
CITY OF SANTA CI ARITA
Miscellaneous Statistics
June 30,1997
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
141,690**
Land Area
45.12 square miles
Number of Local Parks
15*
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 11 completed parks, and 4 sites reserved
for future parks
** Source: Los Angeles County Population and Housing Estimate Report
dated January 1, 1997
Source: City Finance Department
130