HomeMy WebLinkAbout2010-01-12 - AGENDA REPORTS - JUNE 30 2009 ANNUAL FIN RPT (2)Agenda Item: Wh A O-L
CITY OF SANTA CLARITA
JOINT CITY COUNCIL / REDEVELOPMENT AGENCY
AGENDA REPORT
City Manager Approval:
CONSENT CALENDAR Item to be presented by: Darren Hernandez
DATE: January 12, 2010
SUBJECT: JUNE 30, 2009 COMPREHENSIVE ANNUAL FINANCIAL
REPORT AND AUDIT COMMITTEE LETTER
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council and Redevelopment Agency approve:
1. The Component Unit Financial Statements and the Redevelopment Agency State Controller
Report for fiscal year ending June 30, 2009.
2. The Comprehensive Annual Financial Report (CAFR) and Audit Committee Letter for fiscal
. year ending June 30, 2009.
BACKGROUND
The City's independent audit firm, Caporicci & Larson, CPA, has completed the City's and
Agency's annual audit for fiscal year ending June 30, 2009. Caporicci & Larson, CPA conducted
the audit in accordance with generally accepted auditing standards, whereby an audit plan was
prepared and followed to obtain reasonable assurance the City's and Agency's financial
statements were free from material misstatements. The audit included a review, on a test basis,
of documents 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.
No significant findings were noted as a result of the audit.
Based on the audit performed, Caporicci & Larson, CPA issued an unqualified audit opinion
letter. The opinion reflects the best level an organization can receive on its financial statements.
APPROVED,
/
The letter is identified as the "Independent Auditor's Report" in the City's CAFR for fiscal year
ending June 30, 2009.
In accordance with professional standards, an Audit Committee Letter has been prepared by
Caporicci & Larson, CPA to provide specific information related to the audit scope and
performance. No items of concern were noted by the auditors.
ALTERNATIVE ACTIONS
No feasible alternative action has been identified by staff.
FISCAL IMPACT
None.
ATTACHMENTS
Component Unit Financial Statements - RDA available in the City Clerk's Reading File
Comprehensive Annual Financial Report available in the City Clerk's Reading File
Redevelopment Agency State Controller Report available in City Clerk's Reading File
Audit Committee Letter available in the City Clerk's Reading File
-,2-
CkL
Caporicci & Larson
Certified Public Accountants
December 17, 2009
To the Honorable Mayor and Members of City Council
of the City of Santa Clarita
Santa Clarita, California
We have audited the financial statements of the governmental activities, the business -type activities,
each major fund, and the aggregate remaining fund information of the City of Santa Clarita (City) for
the year ended June 30, 2009, and have issued our report therein dated December 17, 2009.
Professional standards require that we provide you with the following information related to our
audit.
Our Responsibilities under U.S. Generally Accepted Auditing Standards and OMB Circular A-133 ,
Our responsibility, as described by professional standards, is to express an opinion about whether the
financial statements prepared by management with oversight by the City Council are fairly presented,
in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit
of the financial statements does not relieve the City Council and management of their financial
statement responsibilities.
In planning and ' performing our audit, we considered the City's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and not to provide assurance on the internal control over financial reporting.
We also considered internal control over compliance with requirements that could have a direct and
material effect on a major federal program in order to determine our auditing procedures for the
purpose of expressing our opinion on compliance and to test and report on internal control over
compliance in accordance with OMB Circular A-133.
As part of obtaining reasonable assurance about whether the City's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grants, noncompliance with which could have a direct and material effect
on the determination of financial statement amounts. However, providing an opinion on compliance
with those provisions was not an objective of our audit. Also in accordance with OMB Circular A-
133, we examined, on a test basis, evidence about the City's compliance with the types of compliance
requirements described in the "U.S. Office of Management and Budget (OMB) Circular A-133
Compliance Supplement" applicable to each of its major federal programs for the purpose of
expressing an opinion on the City's compliance with those requirements. While our audit provides a
reasonable basis for our opinion, it does not provide a legal determination on the City's compliance
with those requirements.
Toll Free Ph: (877) 862-2200
Oakland Orange County
180 Grand Ave., Suite 1365 9 Corporate Park, Suite 100
oakland, California 94612 Irvine, California 92606
Toll Free Fax: (866) 436-o927
Sacramento San Diego
777 Campus Commons Rd., Suite 200 4858 Mercury, Suite 166
Sacramento, California 95825 San Diego, California 92111
To the Honorable Mayor and Members of City Council
of the City of Santa Clarita
Santa Clarita, California
Page 2
Other Information in Documents ContaininL- Audited Financial Statements
Our responsibility for other information in documents containing the audited financial statements is
as follows:
• Our responsibility for other information in documents containing the City's financial
statements and reports does not extend beyond the financial information identified in our
reports.
• We do not have an obligation to perform any procedures to corroborate other information
contained in those documents.
Planned Scope and Timing of the Audit
We performed the audit according to the planned scope and timing previously communicated to you
in our engagement letter dated July 6, 2009.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the City are described in Notes to the Basic Financial
Statements including new accounting policies adopted. The City adopted the following new
accounting standards during 2009.
• GASB Statement No. 45, Financial. Reporting for Postemployment Benefit Plans (OPEB)
other than Pension Plans - this Statement establishes standards for the measurement,
recognition, and display of OPEB expense/ expenditures and related liabilities (assets),
note disclosures, and, if applicable, required supplementary information (RSI) in the
financial reports of state and local governmental employers.
• GASB Statement No. 49, Financial Reporting for Pollution Remediation Obligations - This
Statement addresses accounting and financial reporting standards for pollution
(including contamination) remediation obligations, which are obligations to address
the current or potential detrimental effects of existing pollution by participating in
pollution remediation activities such as site assessments and cleanups.
• GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for
State and Local Governments - The Statement incorporates the hierarchy of generally
accepted accounting principles (GAAP) for, state and local governments into the
GASB's authoritative literature.
• GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance
Contained in the AICPA Statements on Auditing Standards - This Statement incorporates
accounting and financial reporting guidance previously only contained in the
American Institute of Certified Public Accountants (AICPA) auditing literature, into
the GASB's accounting and financial reporting literature for state and .local
governments.
To the Honorable Mayor and Members of City Council
of the City of Santa Clarita
Santa Clarita, California
Page 3,
We noted no transactions entered into by the City during the year for which there is a lack of
authoritative guidance or consensus. We found no significant transactions that have been recognized
in the financial statements in a different period than when the transaction occurred.
Accounting estimates are an integral part of the financial statements prepared by management and
are based on management's knowledge and experience about past and current. events and
assumptions about future events. Certain accounting estimates are particularly sensitive because of
their significance to the financial statements and because of the possibility that future events affecting
them may differ significantly from those expected. The most sensitive estimates affecting the
financial statements were as follows:
• Investment Valuations
• Capital Assets Depreciation
• Other Post Employment Benefits Obligations
• Accrual for Workers' Compensation and General Liabilities
The disclosures in the financial statements are transparent, consistent, and clear. Certain financial
statement disclosures are particularly sensitive because of their significance to the financial statement
users. The most sensitive disclosures affecting the financial statements were as follows:
• Summary of Significant Accounting Polices - Note 1
• Cash and Investments - Note 2
• Capital Assets - Note 3
• Long -Term Debt - Note 4
• Pension Plan - Note 8
• Post Employment Benefits - Note 9
• Self Insurance - Note 12
• Subsequent Events - Note 18
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing
our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during
the audit, other than those that are trivial, and communicate them to the appropriate level of
management. Management has corrected all such misstatements. We proposed nine audit adjusting
entries during.our audit.
To the Honorable Mayor and Members of City Council
of the City of Santa Clarita
Santa Clarita, California
Page 4
Account No.
Account Description
100.1014.002
Fair Value Adjustment others
100.1014.002
Fair Value Adjustment others
100.4305.001
Unrealized Gain/ Loss
100.4305.001
Unrealized Gain/Loss
DR CR
1,548,695
1,548,695
1,548,695
1,548,695
3,097,390 3,097,390
To correct the GASB 31 Adjustment, which was booked the wrong way
Adjustments to each fund is recorded, but not reflected in the AJE tab, see back of AJE h
Auditor Proposed
1022.001
Interest receivable others
11697,661
1022.001
Interest receivable others
1,697,661
4303.001
Interest -. other investment
975,249
4303.001
Interest - other investment
975,249-
2051.001.
Deferred Revenue
722,412
2051.001
Deferred Revenue
722,412
159
3,395,322 3,395,322
To correct JE 102575 Accrue/Defer interest receivable
Auditor Proposed
391.1014.002
Fair Value Adjustment others
151,770
390.4305.001
Unrealized Gain/Loss
2,727
358.4305.001
Unrealized Gain/Loss
4,045
100.1014.001
Fair Value Adjustment LAIF
17,768
358.1014.001
Fair Value Adjustment LAIF
159
391.4305.001
Unrealized Gain/ Loss
151,770
390.1014.002
Fair Value Adjustment others
2,727
358.1014.002
Fair Value Adjustment others
4,045
100.4305.001
Fair Value Adjustment others
17,768
358.4305.001
Unrealized Gain/Loss
159
176,469
176,469
GASB 31 Adjustment to record bonds and laif investments - Per auditors's notes
Auditor Proposed
To the. Honorable Mayor and Members of City Council
of the City of Santa Clarita
.Santa Clarita, California
Page 5
Account No.
100.1022.001 Interest receivable
Account Description
DR CR
460,033
Various Funds
Interest receivable
460,033
100.2051.001
Deferred revenue
460,033
Various Funds
Deferred revenue
460,033
920,066
920,066
To correct JE102587 to reverse incorrect interest receivable and corresponding interest receivabl
Auditor Proposed
100.1022.001
Interest receivable
491,873
Various Funds
Interest receivable
491,873
100.2051.001
Deferred revenue
491,873
Various Funds
Deposits payable
491,873
983,746
983,746
To correct deferred interest receivable
Auditor Proposed
700.3031.002
Contributed Capital.
517,225
700.4721.001
Revenue
517,225
To correct error in booking to contributed capital
Auditor Proposed
51001303
Expenditures
24,000
303.1001.001
Cash
24,000
100.1001.001
Cash
24,000
100.2005.100
AP
24,000
900.3032.001
Invested in Capital Assets
24,000
900.1111.001
Land
24,000
To correct error in booking deposits payable
Auditor Proposed
f
To the Honorable Mayor and Members of City Council
of the City of Santa Clarita
Santa Clarita, California
Page 6
Account No. Account Description DR CR
230.1001.001
14504.5211.004
721.4571.003
721.1001.001
100.1022.002
100.1051.002
100.4611.003
100.4621.001
Cash 44,820
Expenditures 44,820
Revenue 44,820
Cash 44,820
To correct error in booking to contributed capital
Auditor Proposed
Interest receivable 11,660
Loan receivable 48,706
Revenue
Revenue
Write off Medina Loan
Auditor Proposed
Disagreements with Management
11,660
48,706
For purposes of this letter, professional standards define a disagreement with management as a
financial accounting, reporting or auditing matter, whether or not resolved to our satisfaction that
could be significant to the financial statements or the auditor's report. We are pleased to report that
no such disagreements. arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated December 17, 2009, a signed copy of which is attached for your review.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and
auditing standards, with management each year prior to retention as the governmental unit's
auditors. However, these discussions occurred in the normal courseof our professional relationship
and our responses were not a condition to our retention.
This information is intended solely for the use of the City Council and management of the City and' is
not intended to be and should not be used by anyone other than these specified parties.
Very truly yours,
Caporicci & Larson, CPAs
Irvine, California
Redevelopment Agency
Of the City of
Santa Clarita
Santa Clarita, California
Basic Financial Statements and
Independent Auditors' Reports
For the year ended June 30, 2009
C&L
Caporicci & Larson
Certified Public Accountants
Redevelopment Agency of the `City of Santa Clarita
Basic Financial Statements
For the year ended June 30, 2009
Table of Contents
Page
IndependentAuditors' Report................................................................................................................................1
Management's Discussion and Analysis (Required Supplementary Information) (Unaudited) ..............3
Basic. Financial Statements:
Government -Wide Financial Statements:
Statementof Net Assets..............................:................................................................................................10
Statement of Activities and Changes in Net Assets................................................................................11
Fund Financial Statements:
Governmental Funds:
BalanceSheet..........................................................................................................................................14
Reconciliation of the Governmental Funds Balance Sheet to the Government -Wide
Statementof Net Assets...................................................................................................................15
Statement of Revenues, Expenditures and Changes in Fund Balances........................................16
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balances to the Government=Wide Statement of Activities.
andChanges in Net Assets.......................................................................................................:......17
Notesto Basic Financial Statements................................................................................................................19
Supplementary Information:
Computation of Set -Aside Capital Projects Fund's Excess Surplus.....................................................33
Report on Internal Control over Financial Reporting and
on Compliance and Other Matters................................................................................................................35
C&
Caporicci & Larson
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
of the Redevelopment Agency of the City of Santa Clarita
Santa Clarita, California
We have audited the accompanying basic financial statements of the governmental activities
and each major fund of the Redevelopment Agency of the City of Santa Clarita (Agency), a
component unit of the City of Santa Clarita, California (City), as of and for the year ended June
30, 2009, as listed in the foregoing table of contents. These financial statements are the
responsibility of the Agency's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in the
United States 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 financial
statements' are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall basic financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
Subsequent to the basic financial statements date of June 30, 2009 and the year then ended, the
State of California (State) has borrowed, deferred paying certain revenues and proposed taking
other funds from local governments including cities, counties, districts and agencies. These
actions by the State include:
o Amounts to be taken from Redevelopment Agency funds in fiscal year 2010
These amounts are significant to the Agency and. may affect its ongoing operations. Certain
lawsuits are -in process to stop such State actions. For more detailed information, see Note 7 in
the Notes to Basic Financial Statements.
In our opinion, the basic financial statements referred to above present fairly, in all material
respects, the financial position of the governmental activities and each major fund of the
Agency as of June 30, 2009, and the respective changes in financial position for the year then
ended in conformity with generally accepted accounting principles in the United States.
Toll Free Ph: (877) 862-2200 Toll Free Fax: (866) 436-0927
Oakland Orange County Sacramento San Diego .
180 Grand Ave., Suite 1365 9 Corporate Park, Suite 100 777 Campus Commons Rd., Suite 200 4858 Mercury, Suite 106
Oakland, California 94612 Irvine, California 92606 Sacramento, California 95825 San Diego, California 92111
To the Board of Directors
of the Redevelopment Agency of the City of Santa Clarita
Santa Clarita, California
Page 2
In accordance with Government Auditing Standards, we have also issued our report dated .
December 17, 2009 on our consideration of the Agency's internal control over financial
reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grants. The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not
to .provide an opinion on the internal control over financial reporting or on compliance. That
report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our
audit.
The accompanying Required Supplementary Information, such as Management's Discussion
and Analysis as listed in the table of contents, is not a required part of the basic financial
statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of
inquiries of management regarding the methods of measurement and presentation of the
Required Supplementary Information. However, we did not audit the information and express
no opinion on it.
Our audit was conducted -for the -purpose of forming an opinion on the financial statements that
collectively comprise the Agency's basic financial statements. The accompanying
Supplementary Information is presented for purpose of additional analysis and is not a
required part of the basic financial statements. The Supplementary Information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.
(7 .. .
Irvine, California
December 17, 2009
4
REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA, CALIFORNIA
MANAGEMENT'S DISCUSSION AND ANALYSIS
Fiscal Year Ended June 30, 2009
Our discussion and analysis of the City of Santa Clarita Redevelopment Agency's (the Agency) financial
performance for the fiscal year ended June 30, 2009 provides a comparison of current -year to prior -year
ending results based on the government -wide statements, an analysis on the Agency's overall financial
position, results of operations to assist users in evaluating the Agency's financial position, and a discussion
of significant changes that occurred in the funds. In addition, it describes the activities during- the year for
capital assets and long-term debt. We end our discussion and analysis with a description of currently
known facts, decisions, and conditions that are expected to have a significant effect on the financial position
or result of operations. Please read it in conjunction with the Agency's financial statements.
FINANCIAL HIGHLIGHTS
• The Agency's tax increment revenues increased by $308,993, or 8.37% over the previous fiscal year.
• The change in the Agency's net assets (deficit) totaled ($716,196), resulting in a net addition to the
deficit of 18.47%.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements in three components as follows:
1) Government -Wide Financial Statements
The "Statement of Net Assets" and "Statement of Activities" provide information about the
activities of the Agency as a whole and present a long-term view of the Agency's finances.
2) Fund Financial Statements
The Fund Financial Statements tell how the Agency's services were financed in the short term, as
well as what remains for future spending. Fund financial statements also report the Agency's
operation in more detail than the government -wide statements by providing information about each
of the Agency's funds.
3) Notes to the Basic Financial Statements
The notes provide additional information necessary to enable the user to fully understand the
various financial statements.
See independent auditors report.
3
REPORTING THE AGENCY AS A WHOLE - Government -wide Financial Statements
The Statement of Net Assets and the Statement of Activities
One of the most important questions asked about the Agency's finances is, "Is the Agency as a whole better
or worse off as a result of the year's activities?" The Statement of Net Assets and the Statement of Activities
report information about the Agency as a whole and its activities, in a. way to answer this question. These
statements include all assets and liabilities of the City using the accrual basis of accounting, which is similar to
the accounting used by most private -sector companies. All of the current year's revenues and expenses are
taken into account, regardless of when cash is received or paid.
These two statements report the Agency's net assets and changes. Net assets are the difference between
assets and liabilities, which is one way to measure the Agency's financial health or financial position. Over
time, increases or decreases in the Agency's net assets are an indication of whether its financial health is
improving or deteriorating. You will need to consider other nonfinancial factors, however, such as changes
in the Agency's tax base and the effects of changes in statutory requirements to assess the overall health of
the Agency.
The. "Statement of Net Assets" and the "Statement of Activities and Changes in Net Assets" presents
information distinguished by function type. The Agency's basic service of community development is
principally supported by tax increment revenues and investment income and, therefore, all related activities
are considered to be within the governmental activities function.
The statement of net assets reports all of the Agency's assets and liabilities,. with the difference between the
two reported as net assets. Net assets are one way to measure the City's financial health or financial position.
Over time, increases or decreases in the City's net assets are an indication of whether its financial health is
improving or deteriorating. Other things to consider are non-financial factors, such as changes in the
economy due to external factors that would cause an increase or decrease in consumer spending.
REPORTING THE AGENCY'S FUNDS - Fund Financial Statements
Fund Financial Statements
The fund financial statements provide detailed information about the Agency's funds. A fund is a
grouping of related accounts used to account for and accumulate financial information related to a specific
activity or objective. Some funds are,required to be established by state law and bond covenants; however,
management established other funds to help it control and manage money for particular purposes or to
show it is meeting legal responsibilities for using certain taxes, grants, .and other resources. The Agency has
only governmental type funds. .
Governmental Funds
The Agency's basic services are reported in governmental funds. Governmental funds financial statements
focus on how money flows in and out of those fund's and the balances left at year-end that are available for
spending. These funds are reported using an accounting method called "modified accrual" accounting,
which measures cash and all other financial assets that can readily be converted to cash. The governmental
fund statements provide a detailed short-term view of the Agency's general government operations and the
basic services it provides. Governmental fund information helps determine whether there are more or
fewer financial resources that can be .spent in the near future to finance the Agency's programs. The
differences between the results of the governmental- fund financial statements and those of the government -
wide financial statements are explained in a reconciliation following. each governmental fund financial
statement.
See independent auditors report.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
The following is .a condensed version of the statement of net assets for the fiscal years ended June 30, 2008'
and 2009.
TABLE 1
Net Assets
Assets:
. Current assets
Liabilities:
Long-term liabilities outstanding
Other liabilities
Total liabilities
Net Assets (Deficit):
Restricted
Unrestricted
Total Net Assets (Deficit)
Governmental Activities
2009 2008
$ 52,009,403 $ 52,393,295
54,644,937 55,331,833
1,959,020 939,820
56,603,957 56,271,653
50,041,586 40,344,272
.(54,636,140) (44,222,630)
$ (4,594,554) $ (3,878,658)
The ,Agency's net assets are comprised of two :components: restricted net assets and unrestricted net assets.
As of 'June 30, 2009, restricted net assets realized an overall improvement in net asset position, with the
restricted assets exceeding the related liabilities by an additional $9,697,314. Unrestricted net assets realized
a decrease in net asset position of $(10,413,510).
Restricted net assets are subject to external restrictions and must be used to satisfy the Agency's
requirement for compliance related to low- and moderate -income housing.
The unrestricted net asset deficit is representative of the Agency's funding, through the support of advances
from the City of Santa Clarita, of those operational and program expenditures that exceed the amount of tax
increment revenues and other income.
The cost of the Agency's activities for 2009 was $6,158,832, which represents a decrease of $938,509 from the
previous year. This decrease was primarily the result of approximately $1,669,622 of additional ' interest
payments, a decrease of personnel expenditures of $183,379, and a decrease in land purchases of $2,545,335.
Agency activities are funded by tax increment revenues, advances from the City of Santa Clarita, and tax
revenue bonds.
See independent auditors report.
5
GOVERNMENT -WIDE FINANCIAL ANALYSIS (Continued)
The following is a condensed version of the changes in net assets for the fiscal years ended June 30, 2009
and 2008.
TABLE 2
Changes in Net Assets
REVENUES:
Tax increment
Investment earnings
Transfer in from the City of Santa Clarita
Other revenue
Total Revenues
EXPENSES:
Community development expenses
Interest expense
Total Expenses
CHANGE IN NET ASSETS
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The Agency does not own any capital assets.
Debt
Governmental Activities
2009 2008
$ 4,002,643
$ 3,693,650
1,309,240
513,464
60,673
-
69,780
40,704
5,442,636
4,247,818
3,183,951
5,792,082
2,974,881
1,305,259
6,158,832
7,097,341
$ (716,196) $ (2,849,523)
At the end of fiscal year 2009, the Agency had total debt outstanding of $56,478,930, which is an increase of
$1,147,097 or 20.73% from the prior year. Long-term liabilities at June 30, 2009 and June 30, 2008 are
summarized below:
Tax allocation bonds payable, net
Less: unamortized net bond discount
Advances.from the City of Santa Clarita
Total long-term liabilities
2009
$ 38,710,000
(160,376)
17,929,306
20085
$ 38,710,000
(165,906)
16,787,739
56.478.930 S 55.331.833
The Agency's change in long-term liabilities consisted of the following:
• Interest of $1,141,567 was added to the advances from the City of Santa Clarita.
CONTACTING THE AGENCY'S FINANCIAL DIVISION
This financial report is designed to provide a general overview of the Agency's finances and to show the
Agency's accountability for the money it receives. If you have questions about this report, or need
additional financial information, contact the City's Administrative Services Department, at the City of Santa
Clarita, 23920 Valencia Boulevard, Suite 295, Santa Clarita, California 91355, or call (661).255-4920.
See independent auditors report.
6
BASIC FINANCIAL STATEMENTS.
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8
GOVERNMENT -WIDE FINANCIAL STATEMENTS
9
Redevelopment Agency of the City of Santa Clarita
Statement of Net Assets
June 30, 2009
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Accounts
Tax increment
Interest receivable
Land field for resale
Total assets
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities
Accrued interest payable
Due to other governments
Long term debt - due within one year
Total current liabilities
Noncurrent liabilities:
Advance from the City of Santa Clarita
Long term debt - due in more than one year
Total noncurrent liabilities
Total liabilities
NET ASSETS
Restricted for:
Low and moderate income housing
Debt service
Redevelopment projects
Total restricted
Unrestricted (deficit)
Total net assets (deficit)
See accompanying Notes to Basic Financial Statements.
10
Governmental
$ 48,998,169
1,171,624
91,489
20,164
120,761
242,598
447,426
748,996
520,000
1,959,020
17,929,306
36,715,631
54,644,937
12,246,730
J V, VY l,Jou
(54,636,140)
$ (4,594,554)
Redevelopment Agency of the City of Santa Clarita
Statement of Activities and Changes in Net. Assets
For the year ended June 30, 2009
PROGRAM EXPENSES:
Community development - redevelopment
Interest expense
. Total governmental expenses
GENERAL REVENUES:
Tax increment
Investment earnings
Transfer in from the City of Santa Clarita
Other revenue
Total general revenues
Changes in net assets
NET ASSETS:
Beginning of year
End of year
See accompanying Notes to Basic Financial Statements.
Governmental
Activities
$ 3,183,951
2,974,881
6,158,832
4,002,643
1,309,240
60,973
69,780
5,442,636
(716,196)
(3,878,358)
$ (4,594,554)
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12
FUND FINANCIAL STATEMENTS
13
Redevelopment Agency of the City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2009
ASSETS
Cash and investments
Cash and investments with fiscal agents
Receivables:
Accounts
Tax increment
Interest
Land held for resale
Total assets
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities
Due to other governments
Deferred revenues
Advances from other funds
Total liabilities
Fund Balances:
Reserved for:
Land held for resale
Debt service
Capital projects fund "
Unreserved, reported in:
Debt service fund
Undesignated
Total fund balances (deficit)
Total liabilities and fund balances
Debt Service Funds Capital Projects Funds Total
Low -Moderate Low -Moderate Governmental
Redevelopment Income Housing Redevelopment Income Housing Funds
$ 22,090 $ 9,223 $ 37,029,227 $ 11,937,629 $ 48,998,169
902,745 268,879 - - 1,171,624
- 91,489 - 91,489
- 20,164 20,164
87,944 32,817 120,761
- - 1,607,196 - 1,607,196
$ 924,835 $ 278,102 $ 38,815,856 $ 11,990,610 $ 52,009,403
234,581 $ 8,017 $ . 242,598
748,996 - 748,996
37,423 13,965 51,388
1,021,000 21,982 1,042,982
- - 1,607,196 - 1,607,196
924,835 278,102 - - 1,202,937
- - 36,187,660 - 36,187,660
- - - 11,968,628 11,968,628
924,835 278,102 37,794,856 11,968,628 50,966,421
$ 924,835 $ 278,102 $ 38,815,856 $ 11,990,610 $ 52,009,403
See. accompanying Notes to Basic Financial Statements.
14
Redevelopment Agency of the City of Santa Clarita
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Assets
June 30, 2009
Total Fund Balances = Total Governmental Funds $ 50,966,421
Amounts reported for governmental activities in the Statement of Net Assets were different because:
Debt issuance costs are reported as an expenditures in the governmental funds in the year that the costs
are incurred. On the Statement of Net Assets, such costs are reported as deferred charges and amortized
over the life of the debt. Unamortized deferred charges at June 30, 2009 are: 1,313,993
Long-term liabilities applicable to government activities are not due and payable in the current period
and, therefore, are not reported in the governmental funds. The Agency's long-term liabilities are:
Advances from the City of Santa Clarita (17,929,306)
Tax allocation bonds payable (38,710,000)
Less: Unamortized net bond discount 160,376
(56,478,930)
Interest on long-term liabilities is not accrued in the governmental funds. On the statement of net assets
-such costs are reported as interest payable. (447,426)
A "portion of interest receivable is not available to pay for current period expenditure_ s and, therefore, are
deferred in the governmental funds. 51,388
Net Assets of Governmental Activities $ (4,594,554)
See accompanying Notes #o Basic Financial Statements.
15
Redevelopment Agency of the City of Santa Clarita
Statement of Revenues, Expenditures. and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2009 -
REVENUES:
Tax increment
Investment income
Other revenue
Total revenues
EXPENDITURES:
Current:
Community development:
Administration
Professional services
Tax increment passed through to other agencies
Capital outlay
Debt service:
Bond issuance costs
Interest
Total expenditures .
REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers:
In
Out "
Transfer from the City of Santa Clarita
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES: .
Beginning of year, as restated,
End of year
Debt Service Funds Capital Projects Funds Total
Low -Moderate . Low -Moderate Governmental
Redevelopment Income Housing Redevelopment Income Housing Funds
$ - $ - $ 3,202,114 $ 800,529 $ 4,002,643
20,820 2,745 889,591 396,084 1,309,240
- 69,780 - 69,780
20,820 2,745 4,161,485 1,196,613 5,381,663
- - 208,611
169,280
377,891
- - 214,953
15,975
230,928
- - 1,079,382
-
1,079,382
- 1,495,750
-
1,495,750
- - 11,814
6,593
18,407
2,255,942 335,205 -
-
2,591,147
2,255,942 335,205 3,010,510
191,848
5,793,505
(2,235,122) (332,460) 1,150,975 1,004,765 (411,842)
1,114,374
335,205
9,888
13,195
1,472,662
(9,888)
(13,195)
(1,114,374)
(335,205)
(1,472,662)
60,973
60,973
1,104,486
322,010
(1,043,513)
(322,010)
60,973
(1,130,636)
(10,450)
107,462
682,755
(350,869)
2,055,471
288,552
37,687,394
11,285,873
51,317,290
$ 924,835 $
278,102 $
37,794,856 $
11,968,628 $
50,966,421
See accompanying Notes to Basic Financial Statements.
16
Redevelopment Agency of the City of Santa Clarita
Reconciliation of the Governmental Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Government -Wide Statement of Activities and Changes in Net Assets
For the year ended June 30, 2009
Net Change in.Fund Balances - Total Governmental Funds $ (350,869)
Amounts reported for governmental activities in the Statement of Activities were different because:
The issuance of long-term liabilities provides current nnancial resources to governmental tunas wtule the
repayment of the principal of long-term liabilities consumes the current financial resources of
governmental funds. Also, governmental funds report the effect of issuance costs, premiums, discounts,
and similar items when debt is first issued, whereas the amounts are deferred and amortized in the
Statement of Activities. The net effect of these differences in the treatment of long-term liabilities and
.related items is as follows:
Amortization of bond discount (5,530)
Amortization of bond issuance costs (38,647)
(44,177)
interest expense on long-term aebt was reportea to me government-wtae statement of Activities ana
Changes in Net Assets, but it did not require the use of current financial resources. Therefore, interest
expense was not reported as an expenditure in the governmental funds. The reconciling amount was the
change in accrued interest from the prior year. (333,524)
Investment income in the Statement of Activities that does not provide current financial resources is not
reported as revenue in the, governmental funds 12,374
Change in Net Assets of Governmental Activities $ (716,196)
See accompanying Notes to Basic Financial Statements.
17
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18
NOTES TO BASIC FINANCIAL STATEMENTS
19
Redevelopment Agency of the City of. Santa Clarita
Notes to Basic Financial Statements
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the Redevelopment Agency of the City of Santa Clarita (Agency), a
component unit of the City of Santa Clarita, California, (City) have been prepared in conformity with
generally accepted accounting principles (GAAP) as applied to governmental agencies. The Governmental
Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental
accounting and financial reporting principles. The more significant of the Agency's accounting policies are
described below.
A. The Financial Reporting Entity
The Agency was established on November 29, 1989, 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.
On February 22, 1994, the Board of Directors of the Agency passed Ordinance No. 94-3, which adopted the
Agency's redevelopment plan (the Plan). The Plan was formed pursuant to applicable provisions of the
Community Redevelopment Law (Section 33000 of the Health and Safety Code) . and the Community
Redevelopment Financial Assistance and Disaster Project Law (Section 34000 of the Health and Safety
Code) to reconstruct areas destroyed. or damaged by the Northridge Earthquake on January 17, 1994. On
February 28, 1996, the Superior Court of the State of California for the County of Los Angeles invalidated
the Plan. A new plan was adopted by the City's Board of Directors on July 8, 1997 by Ordinance No. 97-12.
GASB Statement No. 14, The Financial Reporting Entity, defines the reporting entity as the primary
government and those component units for which the primary government is, or has the potential to be,
financially accountable. Financial accountability is defined as appointment of a voting majority of the
component unit's Board and either (a) the primary government.has the ability to impose its will or (b) the
possibility that the component unit will provide a financial benefit to or impose a financial burden on the.
primary government. Since the City Council of the City also serves as the Board of Directors of the Agency,
the City, in effect, has the ability to influence and control operations. Therefore, the City has oversight
responsibility for the Agency. Accordingly, in applying the criteria of GASB Statement No. 14, the .financial
statements of the Agency are included in the City's Comprehensive Annual Financial Report. The Agency
has the same fiscal year as the City. The Comprehensive Annual Financial Report of the City can be
obtained from the Finance Department of the City.
B. Basis of Accounting and Measurement Focus
The accounts of the Agency are organized on the basis of funds, each of which is considered a separate
accounting entity with its own self -balancing set of accounts that comprise its assets, liabilities, fund
balance, revenues and expenditures. These funds are established for the purpose of carrying out specific
activities or certain objectives in accordance with specific regulations, restrictions or limitations.
Government resources are allocated to and accounted for in individual funds based upon the purpose for
which they are to be spent and the means by which spending activities are controlled.
20
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B.. Basis of Accounting and measurement Focus, Continued
Government - Wide Financial Statements
0
The Agency's Government -Wide Financial Statements include a Statement of Net Assets and a Statement of
Activities and Changes in Net Assets. These statements present summaries of governmental activities for
the Agency accompanied by a total column. The Agency does not have any business -type activities,
therefore only governmental activities are reported.
These basic financial statements are presented on an "economic resources" measurement focus and the
accrual basis of accounting. Accordingly, all of the Agency's assets and liabilities, including capital assets
and long-term liabilities, are included in the accompanying Statement of Net Assets. The Statement of
Activities presents changes in net assets. Under the accrual basis of accounting, revenues are recognized in
the period in which they are earned while expenses are recognized in the period in which the liability is
incurred.
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund
activities, payables and receivables. The following interfund activities have been eliminated:
Due from and to other funds
Transfers in and out
Governmental Fund Financial Statements
Governmental. fund financial statements include a Balance Sheet and a Statement of Revenues,
Expenditures and Changes in Fund Balances for all major governmental. funds and non -major funds. The
Agency has presented all of its funds as major.
All governmental funds are accounted for on a spending or current financial resources measurement focus
and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are
included on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances
present increases (revenues and other financing sources) and decreases (expenditures and other financing
uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the
accounting period in which they become both measurable and available to finance expenditures of the
current period.
Revenues are recorded when received in cash, except that revenues subject to accrual (generally 60 days
after year-end) are recognized when due. The primary revenue sources, which have been treated as
susceptible to accrual by the Agency, are increment property tax, interest revenue, and other revenue.
Expenditures are. recorded in the accounting period in which the related fund liability is incurred.
Deferred revenues arise when potential revenues do not meet both the "measurable' and "available"
criteria for recognition in the current period. Deferred revenues also arise when the government receives
resources before it has a legal claim to them, as when grant monies are received prior to incurring
qualifying expenditures. In subsequent periods when both revenue recognition criteria are met or when the
government has a legal claim to the resources, the deferred revenue is removed from the balance sheet and
revenue is recognized.
21
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Accounting and Measurement Focus, Continued
The reconciliations of the Fund Financial Statements to the Government -Wide Financial Statements are
provided to explain the differences created by the integrated approach of GASB Statement No. 34.
The Agency reports the following governmental funds as major funds:
Redevelopment Debt Service Fund - is used to account for the resources accumulated and payments made
for principal and interest on long-term liabilities.
Low and Moderate Income Housing Debt Service Fund - is used to account for the restricted financial
resources accumulated and payments made for principal and interest on long-term liabilities associated
with low and moderate income housing activities.
Redevelopment Capital Projects Fund - is used to account for financial resources to be used for the
administration of the Agency's redevelopment activities and the improvement of blighted areas within
the project area, except those_ resources required to be accounted for in another fund.
Low and Moderate Income Housing Capital Projects Fund - is used to account for the restricted financial
resources to be usedto increase the supply of available low and moderate income housing in the area.
C. Cash and Investments
The Agency pools cash resources from all funds with the City in order to facilitate the management of cash
and achieve the goal of obtaining the highest yield with the greatest safety and least risk. Cash in excess of
current requirements is invested in various interest-bearing accounts and other investments for varying
terms.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for
External Investment .Pools, highly liquid money market investments. with maturities of one year or less at
time of purchase are stated at amortized cost. All other investments are stated at fair value. Market value
is used as fair value for those securities for which market quotations are readily available.
The City participates in an investment pool managed by the State of California titled Local Agency
Investment Fund (LAIF) which has invested a portion of the pooled funds in structured notes and asset-
backed securities. LAIF determines fair value on its investment portfolio based on market quotations for
those securities where market quotations are readily available and based on amortized cost or best estimate
for those securities where market value is not readily available. LAIF's investments are subject to credit risk
with the full faith and credit of the State of California collateralizing these investments. In addition, these
investments are subject to market risk as to change in interest rates.
Cash equivalents are considered amounts in demand deposits and short-term investments with a. maturity
date within three months of. the date acquired by the Agency and are presented as "Cash and Investments
in the accompanying basic.financial statements.
22
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Cash and Investments, Continued
Because the Agency pools its cash with the City, certain disclosure requirements in accordance with GASB
Statement No. 40, Deposit and Investment Risk Disclosures (an amendment of GASB Statement No. 3), if
applicable, for deposit and investment risks are specified in the. City's financial statements for the following
areas:
➢ Interest Rate Risk
➢ Credit Risk
o Overall
• Custodial Credit Risk
• Concentration of Credit Risk
Foreign Currency Risk
D. Cash and Investments with Fiscal Agents
Cash and investments with fiscal agents are restricted for the redemption of bonded .debt and for
acquisition and construction of capital projects.
E. Encumbrances
Encumbrance accounting is employed in the governmental funds. Encumbrances (e.g. purchase orders,
contracts, etc.) outstanding at year-end are reported as reservations of fund balances and do not constitute
expenditures or liabilities .because the commitments .will be reappropriated and honored during the
subsequent year.
F. Land Held for Resale
Land held for resale is recorded at the lower of acquisition cost or market value, but not greater than net
realizable value. Reported amounts are fully reserved, which indicates that they do not constitute available
spendable resources.
G. Capital Assets
Government -Wide Financial Statements
Capital assets, which include land, site improvements, buildings and improvements, equipment and
infrastructure assets, are reported in the government -wide financial statements. Purchased or constructed
capital assets are recorded at historical cost or estimated historical cost. Donated capital assets are valued at
the fair market value of the asset on the date on which they were contributed. The costs of normal
maintenance and repairs that do not add value to the assets or materially extend the life are not capitalized.
Capital assets are defined as assets with an initial individual cost of more than $5,000 and an estimated
useful life in excess of one year. Depreciation is charged to operations using the straight-line method of
depreciation over the estimated useful lives of the assets as follows:
Site improvements . 5-25 years
Equipment 5-25 years
Buildings and improvements 5-50 years
Infrastructure 20-60 years
23
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
G. Capital Assets, Continued
Fund Financial Statements
The fund financial statements do not present capital assets. As such, capital assets are shown as a
reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government -Wide
Statement of Net Assets.
The Agency has no capital assets as of June 30, 2009.
H. Deferred Charges
Deferred charges represent capitalized costs incurred in connection with the issuance . of long-term
liabilities. These costs are amortized over the life of the debt on a straight-line basis.
L Property Taxes and Tax Increment Financing
The Agency's primary source of revenue comes from property taxes, referred to in the accompanying
financial statements as "tax increment revenue." The assessed valuation of all property within each project
area was determined on the date of adoption of the project area. Except for certain amounts provided by
law (see Note 5), property taxes related to the incremental increase in assessed values after the adoption of
the project area have been allocated to the Agency,. while allproperty taxes on the "frozen" assessed
valuation as of the adoption date have been allocated to the City and other districts.
The Agency is required by law to set aside 20% of gross tax increment revenues allocated to it for the
purpose of increasing, improving or preserving the community's supply of low and moderate income
housing. The Agency accounts for these monies in the Low -Moderate Income Housing Capital Projects
Fund. The entire fund balance of this fund is reported as a reservation.
Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied on July 1 and are
payable in two installments on November 1 and February 1 and become delinquent after December 10 and
April 10. The County bills and collects the property taxes for the Agency.
J. Long -Term Debt
Government -Wide Financial Statements
Long-term debt and other financed obligations are reported as liabilities in the Government -Wide Financial
Statements.
Bonds premiums and discounts, as .well as issuance costs, are deferred and amortized over the life of the
bonds using the effective interest method. Bonds payable are reported net of applicable premium or
discount.
Fund Financial Statements
The fund financial statements do not present long-term debt. Consequently, long-term debt is shown as a
reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government -Wide
Statement of Net Assets.
24
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
K. Risk Management
The Agency participated in the City's self-insurance programs for workers' compensation and liability
losses. Excess insurance is purchased to protect the City from losses above the self-insured retention. At
no time during the past three years have insurance claims exceeded insurance coverage.
L. Net Assets
In the government -wide financial statements, net assets are classified in the following categories:
Restricted Net Assets - This amount is restricted by external creditors, grantors, contributors, or laws or
regulations of other governments.
Unrestricted Net Assets - This amount is all net assets that do not meet the definition of "invested in
capital assets, net of related debt" or "restricted net assets."
M. Fund Balances
In the fund financial statements, reservations of fund balances are created to. either satisfy legal covenants,
including State laws, that require a portion of the fund balance be segregated or identify the portion of the
fund balances not available for future expenditures.
N. `Use of Restricted/Unrestricted Net Assets
When an expense is incurred for purposes for which both restricted and unrestricted net assets are
available, the Agency's policy is to apply restricted net assets first.
O. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses. Actual results could differ from those estimates.
2. CASH AND INVESTMENTS
The Agency had the following cash and investments at June 30, 2009:
Cash and Investments $ 48,998,169
Cash and Investments with Fiscal Agents 1,171,624
Total • $ 50,169,793
The Agency's funds are pooled_ with the City's cash and investments in. order to generate optimum interest
income. See the City's basic financial statements for disclosures related to cash and investments including
those disclosures relating to interest rate risk, credit rate risk, custodial credit risk, and concentration risk.
25
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
3. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS .
Interfund transfers:
Transfers Out
Debt Service Fund:
Santa Clarita Redvelopment
Low and Moderate Income Housing
Capital Projects Fund:
Santa Clarita Redvelopment
Low and Moderate Income Housing
Totals
Transfers In
Debt Service Fund Capital Projects
Redevelopment Low and Moderate Redevelopment Low and Moderate
Agency Income Housing Agency Income Housing Total
$ - $ - $ 9,888 • $ - $ 9,888
- 13,195 13,195
1,114,374 - 1,114,374
- 335,205 - 335,205
$ 1,114,374 $ 335,205 $ 9,888 $ 13,195 $ 1,472,662
Transfers were primarily made for the purpose of making debt service payments and transferring the 20%
set-aside for the tax increment monies.
The transfers from the debt service funds to the capital projects funds provide funding for the Agency's
redevelopment activities. The transfers from the capital projects funds to the debt service funds provide
funding for debt service.
Transfers from Ci
Capital Projects
Redevelopment
Agency
Transfers from the City of Santa Clarita $ 60,973
Totals $ 60,973
4. LONG TERM LIABILITIES
The Agency had the following long-term liabilities at June 30, 2009:
26
Classification
Balance
Balance
Due Within
Due More
July 1, 2008
Additions Deletions
June 30, 2009
One Year
Than One Year
Tax Allocation Refunding Bonds Series 2008
$ 29,860,000 $
- $ -
$ 29,860,000
$ 400,000
$ 29,460,000
Tax Allocation Bonds - Housing Set -Aside
8,850,000
- -
8,850,000
120,000
8,730,000
Less deferred amounts:
Issuance discount for 2008 Tax Allocation Bonds
(165,906)
- 51530.
(160,376)
-
(160,376)
Bond issuance costs for 2008 Tax Allocation Bonds
(1,354640)
- 38,647
(1,31.3,993)
-
(1,313,993)
Advances payable
16,787,739
1,141,567 -
17,929,306
17,929,306
Totals
$ 53,979,193 $
-.1,141,567 $ 44,177
$ 55,164,937
$ 520,000
$: 54,644,937
26
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, .2009
4. LONG TERM LIABILITIES, Continued
Tax Allocation Refunding Bonds, Series 2008
On June 12, 2008,: the Agency issued the Santa Clarita Redevelopment Agency Tax Allocation Bonds, Series
2008 (2008 Bonds) in the amount of $29,860,000. Proceeds of the 2008 Bonds will be used to finance certain
redevelopment projects of the Agency, fund a debt service reserve account, and pay for costs of the bond
issuance. The bonds were issued at a net discount of $165,906, which will be amortized and recognized as
interest expense over the life of the debt on a straight-line basis for government -wide financial statement
purposes. This, bond issue is comprised of $12,065,000 serial bonds maturing annually on October 1 through
2028 and three term bonds (totaling $17,795,000) maturing on October 1, 2032, October 1, 2037, and October
1, 2042 that are payable in annual sinking fund installments commencing October 1, 2029. Interest on the
2008 Bonds is payable semi-annually on October 1 and April at rates ranging from 4.00% to 4.75% for the
serial bonds and 4.7.5% to 5.00% for the term bonds.
The total principal and interest remaining to be paid on the Bonds is $60,181,010 as of June 30, 2009. For the
current year, principal and interest paid on the Bonds was $1,104,098 and .property tax increment net
revenues were $3,202,114. The Bonds required 34% of net property tax increment revenues. The
outstanding balance of the Bonds was $29,860,000 at June 30, 2009.
The, annual debt service requirements on these bonds are as follows:
Year Ending
June 30,
Principal
2010
$ 400,000
2011
420,000
2012
435,000
2013
450,000
2014
470,000 .
2015-2019
2,655,000
2020-2024
3,230,000
2025-2029
4,005,000
2030-2034
5,050,000
2035-2039
6,395,000
2040-2043
6,350,000
Total
$ 29,860,000
Tax Allocation Bonds - Housing Set -Aside
Interest
Total
$ 1,380,148
$ 1,780,148
1,363,748
1,783,748
1,346,648
1,781,648
1,328,948
1,778,948
1,310,548
1,780,548
6,248,638
8,903,638
5,651,066
8,881,066
4,849,191
8,854,191
3,783,053
8,833,053
2,404,775
8,799,775
654,250
7,004,250
$ 30,321,010
$ 60,181,010
On June 2008, the Agency issued the Santa Clarita Redevelopment Agency Housing Set -Aside Tax.
Allocation Bonds, Series 2008 (Housing Set -Aside Bonds) in the amount of $8,850,000. Proceeds of the
Housing Set -Aside Bonds will be, used to finance low and.moderate income housing projects and programs,
fund a reserve fund, and pay for costs of the bond issuance. The bonds were issued at a. net discount of
$5,241. The bond issue is comprised of $3,550,000 serial bonds maturing annually on October 1 .through
2028 and three term bonds (totaling $5,300,000) maturing on October 1 , 2032, October 1, 2037, and October
1, 2042 that are payable in annual sinking fund installments commencing October 1, 2029. Interest on the,
Housing Set -Aside Bonds is payable semi-annually on October 1 and April 1 at rates ranging from 4.00% to
4.875% for the serial bonds and 5.00% for the term bonds.
27
`Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG TERM LIABILITIES, Continued
Tax Allocation Bonds - Housing Set -Aside, Continued
The total principal and interest remaining to be paid on the Bonds is $17,999,159 as of June 30, 2009. For the
current year, principal and interest paid on the Bonds was .$332,575 and property tax 'increment net
revenues were $800,529. The Bonds required 41% of net property tax increment revenues. The outstanding .
balance of the Bonds was $8,850,000 at June 30, 2009.
The annual debt service requirements on the Housing Set -Aside Bonds are as follows:
Year Ending
June 30,
Principal
Interest
Total
2010
$ 120,000
$ 415,156 $
535,156
2011
125,000.
410,256
535,256
2012
125,000
405,256
530,256
2013
135,000
400,056
535,056
2014
140,000
394,556
534,556
2015-2019
780,000
1,883,181
2,663,181
2020-2024
945,000
1,707,825
2,652,825
2025-2029
1,180,000
1,471,122
2,651,122
2030-2034
1,500,000
1,145,000
2,645,000
2035-2039
1,905,000
721,375
2,626,375
2040-2043
1,895,000
195,375
2,090,375
Total
$ 8,850,000
$ 9,149,159 $
17,999,159
The following is a summary of the unamortized premiums and discounts outstanding at June 30, 2009:
Balance Balance
July 1, 2008 Additions Deletions June 30, 2009
$ (165,906) $ - $ 5,530 $ (160,376)
Amortization. expense was $5,530 for June '30, 2009.
Bond Issuance Costs
The following is a summary of bond issuance costs at June 30, 2009:
Balance Balance
July 1, 2008 Additions . :Deletions June 30, 2009
2008 Tax Allocation Bonds $ (1,352,640) $ $ 38,647 $ (1,313,993)
Amortization expense for the .year ended June 30, 2009 was. $38,647.
28.
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG TERM LIABILITIES, Continued.
Advances from the Ci
Prior to June 1, 2009, interest at an annual rate of prime minus one percent. (7.25% for the eleven months
ended May 31, 2008) was charged on the advances: On June 1, 2008, the advances were refinanced and
consolidated into one note. The new note matures June 1; 2043 and bears simple interest calculated on an
annual basis at a fixed rate of 6.8%. There is no fixed payment schedules for this note; however, all
outstanding principle and accrued interest are due at maturity. The amount outstanding at June 30, 2009 is
$17,929,306.
5. DUE TO OTHER GOVERNMENTS
Pursuant to California Health and Safety Code Section 33607.5, the Agency is required to make statutory
payments to taxing entities that were affected -by the adoption of the Agency's redevelopment plan. The
payments to the affected taxing entities are to be allocated between each taxing entity to proportion to the
share of property taxes each entity receives in the year the funds are allocated. The Agency is currently
required to make annual payments equal to 20% of the gross tax increment received. Beginning in the
eleventh fiscal year that tak "increments are received, the Agency will be required to pay an additional 16.8%
of gross tax increment revenue based on the increase in assessed value over the tenth fiscal year. Beginning
in the thirty-first fiscal year, the Agency will be required to pay an additional 11.2% of gross.tax increment
revenue based on the increase in assessed value over the thirtieth fiscal year. In addition to these statutory
payments, the Agency is required to make additional payments to certain affected taxing entities pursuant
to separate agreements. For the fiscal year ended June 30, 2009, the Agency's required pass through
payments totaled $800,528. As of June 30, 2009, the Agency still owed $748,996 of this amount to other
governments.
6. COMMITMENTS AND CONTINGENCIES
There are various claims and legal actions pending against the Agency for which no provision has been
made in the accompanying basic financial statements. In the opinion of Agency management, liabilities
arising from these claims and legal actions, if any, will not have an adverse material effect on the financial
position of the.Agency.
The Agency has received Federal grants for specific purposes that are subject to review and audit by the
Federal government. Although such audits could result in expenditure disallowance under grant terms,
any required reimbursements are not expected to be material.
As of June 30, 2009, in the opinion of Agency Management, there were no additional outstanding matters
that would have a significant effect on the financial position of the funds of the Agency.
29
Redevelopment Agency of the City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
"6.• COMMITMENTS AND CONTINGENCIES, Continued
The Agency's'Low/Moderate Income Housing Fund has accumulated excess surplus fund balances as
defined by the California Health and Safety Code. The Agency is required to develop a plan to eliminate
the excess surplus within the time frame allowed by the California Health and Safety Code. If the Agency
does not eliminate the excess surplus within the time frame, significant penalties could be assessed,
including transferring such excess surplus to the County Housing Authority and/or California Department
of Housing and Community Development.
7. DEFICIT NET ASSETS
Government -Wide Financial Statements
Deficit
Unrestricted net assets $ " (4,593,764)
Total net assets $ (4,593,764)
The negative amounts in unrestricted net assets and net assets were primarily caused by the recording of
long-term debt. =It is anticipated that the deficit will be eliminated in future years from the receipt of tax
increment revenues and the sale of other Agency assets.
8. SUBSEQUENT EVENTS
Subsequent to June 30, 2009, the State of California (State) decided to borrow, to defer certain revenue
payments and to take certain funds from local governments including the Agency. These amounts are
significant to the Agency and are as follows:
Property Taxes $1,375,082
Redevelopment Agency funds have been estimated. for a two year takeaway by the State. This decision is to
be litigated by. the California Redevelopment Association and other parties with hope that this will be
considered unconstitutional as was last year's State proposed takeaway.
30
SUPPLEMENTARY INFORMATION
31
This page intentionally left blank.
Redevelopment Agency of the City of Santa. Clarita
Computation of the Low/Moderate Income Housing
Capital Projects Fund - Excess Surplus
For the year ended July 1, 2008
OPENING FUND BALANCE, JULY 1, 2008
$
2,269,242
LESS: Encumbrances
166,631
Available Low/Moderate Income Housing Funds
2,435,873
LIMITATION (GREATER OF $1,000,000 OR FOUR YEARS SET-ASIDE):
Set-aside for last four years:
2007-2008
629,316
2006-2007
565,935
2005-2006
332,994
2004-2005
208,145
Total set-aside for last four years
$ 1,736,390
Base limitation
$ 1,000,000
Greater amount
1,736,390
COMPUTED EXCESS SURPLUS - June 30, 2008
$
699,483
33
This page intentionally left blank..
34
REDEVELOPMENT AGENCIES
FINANCIAL TRANSACTIONS REPORT
COVER PAGE
Santa Clarita Redevelopment Agency
Fiscal Year: 2009 ID Number: 13981983600
Submitted by:
Signature
Name (Please Print)
Title
Date
Per Health and Safety Code section 33080, this report is due within six months after the end of the fiscal year. The report is to
include two (2) copies of the agency's component unit audited financial statements, and the report on the Status and Use of the
Low and Moderate Income Housing Fund (HCD report). To meet the filing requirements, all portions must be received by the
California State Controller's Office.
To file electronically:
1. Complete all forms as necessary.
2. Transmit the completed output file using a File
Transfer Protocol (FTP) program or via diskette.
3. Sign this cover page and mail to either address
below with 2 audits and the HCD report.
Report will not be considered filed until receipt of this
signed cover page.
Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
P. O. Box 942850
Sacramento, CA 94250
To file a paper report:
1. Complete all forms as necessary.
2. Sign this cover page, and mail complete report to either address
below with 2 audits and the HCD report.
Express Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street, Suite 700
Sacramento, CA 95816
Supplement to the Annual Deport of Community Redevelopment Agencies
Redevelo ment Agency
ID Number:
13981983600
Name of Redevelopment
Agency:
Santa Clarita Redevelopment Agency
Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report
data for that period only.
r -J September 2008 F December 2008 M June 2009
Return this form to the California State Controller's Office. If you have any questions
regarding this form, please contact:
U.S. Bureau of the Census, Shannon Doyle, 1-800-242-4523
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects.
Z00 1 $ 250,617
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20 $ 0
U.S Bureau of the Census — Revised 3/2009
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REDEVELOPMENT AGENCIES
FINANCIAL TRANSACTIONS REPORT
COVER PAGE
Santa Clarita Redevelopment Agency
Fiscal Year: 2009 ID Number: 13981983600
Subbmitted by:
�Z) �Inane2 lh4ye�
Signature Title
C4C`M2Y\ Q Maaana 12 -30 -chi
Name (Please Print) Date
Per Health and Safety Code section 33080, this report is due within six months after the end of the fiscal year. The report is to
include two (2) copies of the agency's component unit audited financlal statements, and the report on the Status and Use of the
Low and Moderate Income Housing Fund (HCD report). To meet the filing requirements, all portions must be received by the
California State Controllers Office.
To file electronically:
1. Complete all forms as necessary.
2. Transmit the completed output file using a File
Transfer Protocol (FTP) program or via diskette.
3. Sign this cover page and mail to either address
below with 2 audits and the HCD report.
Report will not be considered filed until receipt of this
signed cover page.
Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
P. O. Box 942850
Sacramento, CA 94250
To file a paper report:
1. Complete all forms as necessary.
2. Sign this cover page, and mail complete report to either address
below with 2 audits and the HCD report.
Express Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street, Suite 700
Sacramento, CA 95816
Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment A
enc ID Number:
13981983600
Name of Redevelopment
Agency:
Santa Clarita Redevelopment Agency
Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report
data for that period only.
r September 2008 r December 2008 F' June 2009
Return this form to the California State Controller's Office. If you have any questions
regarding this form please contact:
U.S. Bureau of the Census, Shannon Doyle, 1-800-242-4523
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects.
Z00 $ 250,617
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20 1 $ 0
U.S Bueau of the Census — Revised 32009
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FIIX
California
CITY OF SANTA CLARITA
(CALIFORNIA)
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
PREPARED BY THE ADMINISTRATIVE SERVICES DEPARTMENT
CITY OF SANTA CLARITA, CALIFORNIA
City of Santa Clarita
Comprehensive Annual Financial Report
For the year ended June 30, 2009
Table of Contents
Page
INTRODUCTORY SECTION
Letterof Transmittal................................................................................................................................................. i
GFOA Certificate of Achievement for Excellence in Financial Reporting ........................................................vii
Officials of the City of Santa Clarita.......................................................................................................................viii
OrganizationChart....................................................................................................................................................ix
Mapof the City of Santa Clarita..............................................................................................................................x
FINANCIAL SECTION
Independent Auditors' Report.....
1
Management's Discussion and Analysis (Unaudited)......................................................................................3
Basic Financial Statements:
Government -wide Financial Statements:
Statementof Net Assets...............................................................................................................................19
Statementof Activities.................................................................................................................................20
Fund Financial Statements:
Governmental Fund Financial Statements
BalanceSheet..........................................................................................................................................24
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Assets.....................................................................27
Statement of Revenues, Expenditures and
Changes in Fund Balances.............................................................................................................28
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Government -Wide
Statement of Activities and Changes in Net Assets...................................................................30
Proprietary Fund Financial Statements:
Statementof Net Assets........................................................................................................................33
Statement of Revenues, Expenses and Changes in Fund Net Assets.............................................34
Statementof Cash Flows.......................................................................................................................35
Fiduciary Fund Financial Statements:
Statementof Net Assets........................................................................................................................39
Notes to Basic Financial Statements...............................................................................................................41
City of Santa Clarita
Comprehensive Annual Financial Report
For the year ended June 30, 2009
Table of Contents, Continued
FINANCIAL SECTION, Continued
Required Supplementary Information (Unaudited)..................................................................................81
Notes to Required Supplementary Information......................................................................................82
Budgetary Comparison Schedule:
GeneralFund..........................................................................................................................................83
Bridge and Thoroughfare Special Revenue Fund.............................................................................84
Developer Fees Special Revenue Fund...............................................................................................85
Open Space Preservation District Special Revenue Fund................................................................86
Supplementary Information:
Non -Major Governmental Funds:
Description of Nonmajor Governmental Funds......................................................................................91
CombiningBalance Sheet............................................................................................................................94
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ...........................100
Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
Bikeway Special Revenue Fund...........................................................................................................105
Gas Tax Special Revenue Fund............................................................................................................106
Park Dedication Special Revenue Fund..............................................................................................107
Proposition A Special Revenue Fund.................................................................................................108
Special Assessment Special Revenue Fund........................................................................................109
State Park Special Revenue Fund........................................................................................................110
TDASpecial Revenue Fund.................................................................................................................111
Traffic Safety Special Revenue Fund...................................................................................................112
CDGBSpecial Revenue Fund...............................................................................................................113
AQMDSpecial Revenue Fund.............................................................................................................114
Landscape Maintenance District # 1 Special Revenue Fund ...........................................................115
Stormwater Utility Special Revenue Fund.........................................................................................116
Miscellaneous Grants Special Revenue Fund....................................................................................117
Federal Urban Aid Special Revenue Fund............................:............................................................118
BJA Law Enforcement Special Revenue Fund...................................................................................119
Supplemental Law Grant Special Revenue Fund..............................................................................120
HOMESpecial Revenue Fund.............................................................................................................121
Library Facility Fees Special Revenue Fund......................................................................................122
Public Education and Government Special Revenue Fund.............................................................123
Proposition C Special Revenue Fund..................................................................................................124
Federal Grants Special Revenue Fund................................................................................................125
City of Santa Clarita
Comprehensive Annual Financial Report
For the year ended June 30, 2009
Table of Contents, Continued
FINANCIAL SECTION, Continued
Internal Service Funds:
Combining Statement of Net Assets..........................................................................................................128
Combining Statement of Revenues, Expenses and Changes in Net Assets.........................................129
Combining Statement of Cash Flows........................................................................................................130
Fiduciary Funds:
Combining Statement of Fiduciary Assets and Liabilities.....................................................................132
Schedule of Changes in Fiduciary Assets and Liabilities - All Agency Funds ...................................133
STATISTICAL SECTION (Unaudited)
NetAssets by Component........................................................................................................................................137
Changesin Net Assets..............................................................................................................................................138
Fund Balances of Governmental Funds.................................................................................................................140
Changes in Fund Balances of Governmental Funds............................................................................................142
Assessed Value and Actual Values of Taxable Property.....................................................................................144
Assessed Value - Taxable Property........................................................................................................................148
Assessed Value - Use Category Summary............................................................................................................150
Direct and Overlapping Property Tax Rates.........................................................................................................151
PrincipalProperty Tax Payers.................................................................................................................................153
Property Tax Levies and Collections......................................................................................................................155
Ratiosof Outstanding Debt by Type......................................................................................................................156
Ratio of General Bonded Debt Outstanding..........................................................................................................158
Directand Overlapping Debt..................................................................................................................................159
LegalDebt Margin Information..............................................................................................................................160
Pledged- Revenue Coverage..................................................................................................................................162
Demographic and Economic Statistics...................................................................................................................163
PrincipalEmployers..................................................................................................................................................164
Full -Time and Part -Time City Employees by Function.......................................................................................165
OperatingIndicators by Function...........................................................................................................................166
Capital Asset Statistics by Function........................................................................................................................167
City of
SANTA CLARITA
23920 Valencia Boulevard • Suite 300 • Santa Clarita., California 91355-2196
Phone: (661)259-2489 a PAA: (661)259-8125
www.sanm-clariraxom
December 17, 2009
Honorable Mayor, Mayor Pro Tem, and City Councilmembers:
The Comprehensive Annual Financial Report (CAFR) of the City of Santa Clarita for fiscal year ended
June 30, 2009 is hereby submitted, in accordance with Chapter 2.12 of the City of Santa Clarita
Municipal Code. This report provides the City Council and the public with an understanding of the
financial condition of the City of Santa Clarita as of June 30, 2009.
This report consists of management's representations concerning the finances of the City of Santa
Clarita. As such, management assumes full responsibility for the completeness and reliability of the
information contained in this report. To provide a reasonable basis for making these representations,
management of the City has established a comprehensive framework of internal controls that is
designed to protect the City's assets from loss, theft or misuse, and to compile sufficient reliable
information for the preparation of the City's financial statements. Because the cost of internal controls
should not outweigh their benefits, the City's comprehensive framework of internal controls has been
designed to provide reasonable, rather than absolute, assurance that the financial statements are free
from material misstatement. To the best of our knowledge and belief, the enclosed data is accurate in
all material respects and reported in a manner designed to present fairly the financial position and
results of operations of the various funds of the City of Santa Clarita.
State Law requires the City to prepare an annual financial report. This report fulfills that obligation.
Caporicci & Larson, Certified Public Accountants, an independent firm of certified public accountants,
has issued an unqualified "clean" opinion on the City of Santa Clarita's financial statements for the
year ended June 30, 2009. The independent auditor's report is located at the front of the financial
section of this report. The CAFR has been prepared in conformity with Generally Accepted
Accounting Principles (GAAP) and with the financial reporting requirements prescribed by the
Governmental Accounting Standards Board (GASB). These reporting requirements specify that
management provide a narrative introduction, overview, and analysis to accompany the financial
statements in the form of a Management's Discussion and Analysis (MD&A). The MD&A, which
immediately follows the independent auditor's report, complements this letter of transmittal and should
be read in conjunction with it.
Also, as a recipient of federal and state financial assistance, the City is required to have a "Single
Audit" performed by our independent audit firm. The Single Audit was designed to meet the special
needs of the federal grantor agencies. The standards governing the Single Audit engagements require
that the independent auditor report not only on the fair presentation of the financial statements, but also
on the audited government's internal controls and compliance with legal requirements, with special
emphasis on internal controls and legal requirements involving the administration of federal awards.
These reports are available in the City's separately issued Single Audit Report.
0 '
CITY PROFILE
The City of Santa Clarita officially incorporated on December 15, 1987 as a General Law City, and
operates under a City Council/City Manager form of government. Located 35 miles northwest of
downtown Los Angeles and 40 miles east of the Pacific Ocean, between Interstate 5 and State
Highway 14, Santa Clarita forms an inverted triangle with the Santa Susana and San Gabriel mountain
ranges. Encompassing the communities of Canyon Country, Newhall, Saugus, and Valencia, Santa
Clarita covers approximately 52 square miles. With a population of over 180,000, the City is the 26th
largest city in the State of California. Santa Clarita residents enjoy an expansive year-round parks and
recreation network, featuring 20 beautiful parks totaling 250 acres, and more than 60 miles of
picturesque trails and paseos designed for commuting and recreational use, including walking, riding,
jogging, and skating. With its unique blend of rural, old west heritage, and urban sophistication, this
fast-growing City has established an enviable balance between quality living and growth.
Santa Clarita
has attracted
regional and national sports events
like the AT&T Champions Classic,
Amgen Tour
of California,
Volcom Skate Park event, Southern
California Junior Olympics, and the
2009 Western
States Police
& Fire Games.
The City of Santa Clarita's five City Councilmembers are elected at large to four-year overlapping
terms, with elections held bi-annually. The position of Mayor is selected from among the
Councilmembers. The governing Council is responsible, among other things, for passing ordinances,
adopting the budget, setting policy, and appointing committees. The City Council appoints the City
Manager, who is responsible for carrying out the policies and ordinances of the Council, overseeing
the day-to-day operations of the government, and for appointing the various Department Heads. The
City Council also appoints the City Attorney.
The City provides, either directly or under contract, a full range of municipal services including public
safety, construction, maintenance of streets and other infrastructure, public works, parks and
recreation, community development, and cultural events. The City also provides services through the
Santa Clarita Redevelopment Agency (RDA) and the Santa Clarita Public Financing Authority (PFA),
which are blended component units of the City of Santa Clarita. The financial activities of these
entities are included on this report as their activities are under the control of the City. Separate
component unit reports for each entity are also available.
The City operates on a fiscal year basis which begins July I and ends June 30. The City's Municipal
Code requires the City Manager to prepare a budget and present it to the City Council each year. The
budget process begins by January of each year and is carried out under the direction of the City
Manager in cooperation with the various City departments. The proposed operating and capital budget
is submitted by the City Manager to City Council for adoption by June 30, to take effect at the
beginning of the fiscal year on July 1. Budgetary control for the City is maintained through its
accounting systems. Once adopted, the budget may be amended throughout the year as necessary.
Budgetary control is established at the function or program level within each fund.
ll
LOCAL ECONOMY
Located minutes from the Bob Hope Airport in Burbank, the City of Santa Clarita enjoys a prime
position in north Los Angeles County and is one of Southern California's most sought-after places to
live and to do business. City officials pride themselves on the organization's ability to balance the
needs of locally based companies with those of the community, resulting in an unmatched quality of
life that is quintessentially California.
The instability of national and world financial markets in the last fiscal year heightened awareness of
city programs and budgets throughout the state. The City has a 100 percent track record for adopting a
balanced, on-time budget, with ample reserves and contingency funds. Santa Clarita is proud to share
Fiscal Year 08-09 was successful and stable for the City.
Earlier this year, the City's bond rating advanced to AA+ by Standard & Poor's Ratings Service
(S&P). Per Standard & Poor's, this upgrade is representative of the City's strong economic stability,
strong financial performance, and good management practices. The S&P report further states "The
city is characterized by, in our opinion, very strong wealth and income levels. The market value per
capita is $129,056 and median household income is 159% of the national average."
Santa Clarita boasts one of the lowest unemployment rates in Los Angeles County at 7.0 percent,
compared to 11.4 for Los Angeles County and 11.6 percent for the state of California. Targeted
employment sectors in Santa Clarita include aerospace, biotechnology, entertainment, and technology.
Several noted and internationally recognized brands are based in the Santa Clarita Valley opened new
operation centers or expanded existing facilities in the last year including, Advanced Bionics, Boston
Scientific, Bioness, Princess Cruises, Pharmavite, Aerospace Dynamics International, Santa Clarita
Studios, and more.
While prudent fiscal planning on behalf of the City of Santa Clarita City Council has lessened the
affect of the global economic slowdown, which has devastated some local communities, the City was
not immune to the hardships of the recession.
On April 28, 2009, the City of Santa Clarita City Council unanimously approved the 21 -Point Business
Plan for Progress. This program, which includes more than $5 million dollars of investment in results -
driven initiatives to stimulate the economy at the local level, was developed at the request of the City
Council and designed with input from several key industry liaisons and business -minded community
organizations, including the Santa Clarita Chamber of Commerce, College of the Canyons, and
Valencia Industrial Association.
The City's entertainment industry enjoyed many successes in the year, with FY 08-09 resulting in an
economic impact of nearly $21 million to local businesses from location filming alone. Santa Clarita
is home to more than 20 sounds stages and 10 movie ranches and hundreds of film related businesses.
Five network television shows, including HBO's "Big Love," CBS's "The Unit," and "NCIS," and
ABC's Family "Make it or Break it" and "10 Things I Hate About You," base in Santa Clarita and
regularly film on location in the City.
iii
Tourism continues to be one of the City of Santa Clarita's largest economic generators contributing
more than $2.3 million to the general fund from Transient Occupancy Tax (T.O.T.). Attraction of
regional and national sports tourism events like the AT&T Champions Classic, Amgen Tour of
California, Volcom Skate Park event, Southern California Junior Olympics, and the 2009 Western
States Police & Fire Games, generates additional visitors in Santa Clarita and increased revenue for the
City and its businesses
The City of Santa Clarita has developed and is implementing programs to help existing businesses
succeed while also initiating programming designed to grow targeted business sectors in the coming
years. Los Angeles Economic Development Corporation (LAEDC) recently named the City of Santa
Clarita the most business -friendly city in the county. Santa Clarita was named one of the Top 25 City
Retail Markets in California by the California Retail Survey for the second consecutive year, and new
retail centers such as Bridgeport Marketplace and Plaza at Golden Valley are anchored with strong
retailers like Bristol Farms, Lowe's, Kohl's, and Target. The City's continued control of expenditure
growth is a key factor in maintaining the City's strong financial position.
The City of Santa Clarita continues to use business attraction and retention programs like the
Enterprise Zone Program to support business by providing tax incentives to businesses located within
the zone. The Santa Clarita Enterprise Zone encompasses 97 percent of all commercial and industrial
zoned property in the City, including both existing and proposed development areas, and has proven to
be a powerful business attraction and retention tool. To date, Santa Clarita Enterprise Zone staff has
issued over 792 employee vouchers to businesses in Santa Clarita as part of the Enterprise Zone
program, potentially saving local employers over $28 million because of tax credits.
Santa Clarita recognizes the important role education plays in the success of the community. The City
is home to three premier colleges, including California histitute of the Arts (CalArts), College of the
Canyons, and the Masters College, all of which offer world-class instruction and programming that
prepares students to become the next generation of business professionals and leaders. Santa Clarita
was named one of the best communities for young people by America's Promise, the nation's largest
private -public partnership.
LONG -TERM FINANCIAL PLANNING
Santa Clarita's well-planned community is home to more than 180,000 residents and is consistently
ranked one of California's model cities, boasting the essential elements needed for well-balanced
living and total wellbeing. Santa Clarita ranks as one of the safest cities in California among cities
with populations exceeding 150,000. Santa Clarita is home to a well-educated population, with more
than 61 percent of adults over age 25 and older having attained some college or higher, as compared to
Los Angeles County, which averages 43 percent.
The City of Santa Clarita has experienced continuous growth since its inception in 1987 and City
officials work directly with the private and public sectors to attract new businesses to the Santa Clarita
Valley. This year the City was successful in attracting Advanced Bionics to locate in the City that
added 350 high -paying jobs. The City of Santa Clarita is focused on retaining existing companies and
encouraging their growth within the City, while working to attract new business, thereby creating new
jobs for residents. Santa Clarita has set an aggressive goal of creating two jobs for every household,
providing increased opportunities for residents to work close to home.
iv
The current economic downturn has directly affected the City's revenue growth, producing decreases
in sales tax and real property transfer tax revenues. However, the City's property tax, property tax in -
lieu of Vehicle License Fee (VLF), and TOT have all increased for Fiscal Year 08-09.
Millions Major Tax Revenues
35
30
■ Sales Taxes
25 ■ Property Taxes
20 O VLF
5 ❑ Transient Occupancy
Taxes
■ Real Property Transfer
10 Tax
5
0
2004-05 2005-06 2006-07 2007-08 2008-09
Fiscal Year
The City provides necessary funding for essential services for City Council and community identified
priorities, while taking steps to ensure the City remains in good financial health. Annually, the City
prepares extended forecasts for the General Fund to determine the future impact of current actions.
These forecasts indicate a flat or stable General Fund over the next few years, primarily due to
projected decreases in sales, property taxes, and property taxes in lieu of VLF. However, because the
City of Santa Clarita has practiced smart growth in successful times, the City is well prepared for these
times when revenue projections do not include growth.
The City maintains a General Fund balance sufficient to provide for various identified contingencies,
as well as an established operating reserve. In addition, the General Fund contributes annually to the
City's facilities replacement fund, which provides for major maintenance and replacement of
infrastructure and capital improvements. The City's Capital Improvement Program (CIP) is a
component of the annual budget process that addresses the City's short -and -long-term capital needs.
Just as important, the CIP emphasizes a plan of action that effectively maintains the existing
infrastructure to a sound physical standard, as well as providing new facilities to support current
growth and complement new development.
V
MAJOR MILESTONES IN FISCAL YEAR 2008-2009
❖ Santa Clarita was named "the most Business Friendly City," in Los Angeles County by the Los
Angeles Economic Development Corporation (LAEDC), citing the City's many business -friendly
practices and policies including, no utility user tax, no business license tax, and Santa Clarita's
state designation as an Enterprise Zone.
❖ The City celebrated major milestones in 2009 including the grand opening of the new state-of-the-
art 40,000 square -feet Skate Park and Sports Complex expansion, the Magic Mountain
Parkway/Interstate 5 expansion project complete after a three-year span, and Phase one of the Old
Town Newhall Streetscape transformation project of Newhall's Main Street.
On January 26, 2009, the City held a special groundbreaking event for the last phase of the Cross
Valley Connector project. This final phase of the roadway involves construction of two bridges,
north and south bound. Each bridge is 1,100 feet long and will provide for six lanes of roadway.
AWARDS AND ACKNOWLEDGMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting, to the City of Santa Clarita for its
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2008. This was the
twentieth consecutive year the City has achieved this prestigious award. In order to be awarded a
Certificate of Achievement for Excellence in Financial Reporting, a government unit must publish an
easily readable and efficiently organized Comprehensive Annual Financial Report. This report must
satisfy GAAP and applicable legal requirements.
A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year
only. We believe our current comprehensive annual financial report continues to meet the
requirements of the GFOA Certificate of Achievement Program, and we are submitting it to GFOA to
determine its eligibility for another certificate.
This report is a joint effort by many people from many different areas of responsibility. The
preparation of this report could not have been accomplished without the hard work and team effort of
the Finance Division. I would like to express my appreciation to all members of the Division who
assisted and contributed to its preparation. I would also like to thank the Mayor, Mayor Pro Tem,
Councilmembers, City Manager Ken Pulskamp, Assistant City Manager Ken Striplin, Director of
Public Works Robert Newman, Director of Parks, Recreation and Community Service Rick Gould, and
Director of Community Services Paul Brotzman, for their continuing efforts in administering the
financial operations of the City in a conservative and responsible manner.
Sincerely,
Darren Hernandez,
Deputy City Manager
Vi
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, 2008
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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vii
OFFICIALS OF THE CITY OF SANTA CLARITA
As of June 30, 2009
City Council
Frank Ferry MAYOR
Laurene Weste MAYOR PRO TEM
Laurie Ender COUNCILMEMBER
Marsha McLean COUNCILMEMBER
Bob Kellar COUNCILMEMBER
City Officials
Ken Pulskamp CITY MANAGER
Ken Striplin ASSISTANT CITY MANAGER
Carl Newton CITY ATTORNEY
Paul Brotzman DIRECTOR OF COMMUNITY DEVELOPMENT
Richard Gould DIRECTOR OF PARKS, RECREATION & COMMUNITY
SERVICES
Darren Hernandez DEPUTY CITY MANAGER
Robert Newman DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
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C&L
Caporicci & Larson
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
We have audited the accompanying financial statements of the governmental activities, the business -
type activities, each major fund, and the aggregate remaining fund information of the City of Santa
Clarita, California (City), as of and for the year ended June 30, 2009, which collectively comprise the
City's basic financial statements as listed in the table of contents. These financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in the United
States 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 financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
basic financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
Subsequent to the basic financial statements date of June 30, 2009 and the year then ended, the State of
California (State) has borrowed and proposed taking funds from local governments including the
City of Santa Clarita. These actions by the State include:
0 8% of Property Taxes borrowed --to be repaid in 3 years
o Redevelopment Agency funds -- prepared to be taken for fiscal year 2010
These above amounts are very significant to the local governments and may affect their ongoing
operations. Certain lawsuits are in process to stop such State actions. For more detailed information,
see Note 18 in the Notes to Basic Financial Statements.
In our opinion, the basic financial statements referred to above present fairly, in all material respects,
the financial position of the governmental activities, the business -type activities, each major fund, and
the aggregate remaining fund information of the City as of June 30, 2009, and the respective changes
in financial position and cash flows, where applicable, thereof for the year then ended in conformity
with generally accepted accounting principles in the United States.
Toff Free Ph: (877) 862-2200
Oakland Orange County
180 Grand Ave., Suite 1365 9 Corporate Park, Suile 100
Oakland, California 94612 Wine, Caefomin 92606
Toll Free F= (866) 436-0927
Sacramento Saa Diego
777 Campus Commons Rd., Suite 200 4858 Mercury, Salle 106
Sacramento, California 95825 San Diego, California 92111
To the Honorable Mayor and Members of the City Council
of the City of Santa Clarita
Santa Clarita, California
Page 2
As described in Note 1 to the basic financial statements, the City adopted Statement of Governmental
Accounting Standards Board No. 45, Financial Reporting by Employers for Postemployment Benefit Plans
Other Than Pensions, No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations,
No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments and No.
56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on
Auditing Standards.
In accordance with Government Auditing Standards, we have also issued our report dated December 17,
2009 on our consideration of the City s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grants. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.
The accompanying Required Supplementary Information, such as Management's Discussion and
Analysis, budgetary comparison information and other information as listed in the table of contents,
is not a required part of the basic financial statements but is supplementary information required by
the Governmental Accounting Standards Board. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and
presentation of the Required Supplementary Information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the financial statements that
collectively comprise the City's basic financial statements. The accompanying Supplementary
Information is presented for purpose of additional analysis and is not a required part of the basic
financial statements. The Supplementary Information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole. The Introductory and Statistical
Sections have not been subjected to the auditing procedures applied in the audit of the basic financial
statements and, accordingly, we express no opinion on them.
Irvine, California
December 17, 2009
70
City of
SANTA CLARITA
23920 Valencia Boulevard • Suite 300 • Santa Clarita., California 91355-2196
Phone: (661)259-2489 a PAA: (661)259-8125
www.sanm-clariraxom
MANAGEMENT'S DISCUSSION AND ANALYSIS
Fiscal Year Ended June 30, 2009
This discussion and analysis of the City of Santa Clarita's financial performance provides an overview of
the financial activities of the City of Santa Clarita (City) for the fiscal year ended June 30, 2009. Our analysis
includes information regarding the City's overall financial position and results of operations to assist users
in evaluating the City's financial position, a discussion of significant changes that occurred in funds, and
information regarding significant budget variances. In addition, it describes the activities during the year
for capital assets and long-term debt. We end our discussion and analysis with a description of currently
known facts, decisions, and conditions that are expected to have a significant effect on the financial position
or results of operations. Please read it in conjunction with the accompanying transmittal letter, the basic
financial statements and the accompanying notes to those financial statements.
FINANCIAL HIGHLIGHTS
• The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $895.6
million. Of this amount, $101.6 million represents unrestricted net assets that may be used to meet
the City's ongoing obligations to citizens and creditors.
• The City's total net assets increased by 1.01 %, primarily as a result of the increase in capital assets.
Net assets of the business -type activities increased by $3.6 million, or 5.4%, and net assets of the
governmental activities increased by $5.3 million, or .65%.
• The capital assets of the City's governmental activities decreased by $11.4 million due to a recording
of a prior period adjustment, or 1.6% over last fiscal year.
• As of the close of the current fiscal year, the City's governmental funds reported combined ending
fund balances of $155 million. This represents a decrease of $13.6 million as compared to the prior
year.
USING THIS ANNUAL REPORT
The financial statements presented herein include all of the activities of the City of Santa Clarita and its
component units using the integrated approach as prescribed by GASB Statement No. 34. The three
components of the basic financial statements are as follows:
1) Government -Wide Financial Statements
The Government -Wide Financial Statements present the financial picture of the City from the
economic resources measurement focus using the accrual basis of accounting in a manner similar to
a private -sector business. These statements include all assets of the City (including infrastructure) as
well as all liabilities (including long-term debt).
See independent auditors report.
0
USING THIS ANNUAL REPORT (CONTINUED)
2) Fund Financial Statements
The Fund Financial Statements include statements for each of the three categories of activities:
governmental, proprietary and fiduciary. For governmental activities, these fund statements tell
how these services were financed in the short term, as well as what remains for future spending.
Fund financial statements also report the City's operations in more detail than the government -wide
statements by providing information about the City's most significant funds and other funds.
3) Notes to the Basic Financial Statements
The notes provide additional information necessary to enable the user to fully understand the
various financial statements.
In addition to the basic financial statements and notes, this report contains other supplementary
information.
REPORTING THE CITY AS A WHOLE - GOVERNMENT -WIDE FINANCIAL STATEMENTS
The Statement of Net Assets and the Statement of Activities
One of the most important questions asked about the City's finances is, "Is the City as a whole better or
worse off as a result of the year's activities?" The Statement of Net Assets and the Statement of Activities
report information about the City as a whole, and its activities, in a way to answer this question. These
statements include all assets and liabilities of the City using the accrual basis of accounting, which is similar to
the accounting used by most private -sector companies. All of the current year's revenues and expenses are
taken into account, regardless of when cash is received or paid.
The statement of net assets reports all of the City's assets and liabilities, with the difference between the two
reported as net assets. Net assets are one way to measure the City's financial health or financial position.
Over time, increases or decreases in the City's net assets are an indication of whether its financial health is
improving or deteriorating. Other things to consider are non-financial factors, such as changes in the
economy due to external factors that would cause an increase or decrease in consumer spending.
The statement of activities presents information relating to how the City's net assets changed during the
fiscal year. All activities resulting in changes in net assets are reported when earned or incurred, regardless
of the receipt or disbursement of the related transactions cash flows. Some of the revenues and expenses
reported in this statement will result in future fiscal period cash flows, such as the receipt of uncollected
taxes and the payment of interest expense or compensated absences.
In the Statement of Net Assets and the Statement of Activities, we separate the City Activities as follows:
Governmental Activities - Most of the City's basic services are reported in this category, including general
administration (City Manager, City Clerk, Finance, etc.), public safety, public works, parks and recreation,
community services, economic development, planning, and engineering. These activities are distinguished
due to the use of property taxes, sales tax, transient occupancy tax, user fees, interest income, franchise fees,
state and federal grants, contributions from other agencies, and other revenues to finance these activities.
Business -Type Activities - City functions that are intended to be primarily self-supporting through the
imposition of user fees and charges are reported in the business -type activity category. Business -type
activities for the City consist of transit activities related to the operation of the City's local public
transportation system.
See independent auditors report.
C!
REPORTING THE CITY AS A WHOLE - GOVERNMENT -WIDE FINANCIAL STATEMENTS
(CONTINUED)
Component Unit Activities - The City of Santa Clarita is the primary government unit to two legally
separate entities. The financial activity and data of the Santa Clarita Public Financing Authority and the
Redevelopment Agency of the City of Santa Clarita have been accounted for within the funds of the City,
and therefore separate component unit financial information is not presented within the financial
statements.
REPORTING THE CITY'S MOST SIGNIFICANT FUNDS - FUND FINANCIAL STATEMENTS
A fund is a grouping of related accounts used to account for and accumulate financial information related
to a specific activity or objective. Some funds are required to be established by State law and bond
covenants; however, management established many other funds to help it control and manage money for
particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants, and
other resources. The fund financial statements provide detailed information about the most significant
funds and other funds - not the City as a whole. The City's three types of funds are governmental,
proprietary, and fiduciary.
Governmental Funds - Most of the City's basic services are reported in governmental funds.
Governmental funds financial statements focus on how money flows in and out of those funds and the
balances left at year-end that are available for spending. These funds are reported using an accounting
method called "modified accrual" accounting, which measures cash and all other financial assets that can
readily be converted to cash. The governmental fund statements provide a detailed short-term view of the
City's general government operations and the basic services it provides. Governmental fund information
helps determine whether there are more or fewer financial resources that can be spent in the near future to
finance the City's programs. Because the focus of the governmental funds is narrower than that of the
government -wide financial statements, it is useful to compare the information presented for the
governmental funds with similar information presented for the governmental activities in the government -
wide financial statements. Reconciliation of the Fund Financial Statements to the Government -Wide
Financial Statements is provided to explain the differences created by this integrated approach.
The City reports governmental fund financial information within 33 governmental funds. The general
fund, bridge and thoroughfare fund, developer fees fund, open space preservation district special revenue
fund, capital projects -redevelopment agency fund, and debt service -redevelopment agency fund are
presented separately as major funds in the governmental fund balance sheet and in the governmental fund
statement of revenues, expenditures, and changes in fund balances. Financial data for the remaining 27
governmental funds are combined into a single, aggregated presentation. Supporting financial information
on each of the other governmental funds is also provided within the report.
Proprietary Funds -The City maintains two different types of proprietary funds. When the City charges
customers for the services it provides, these services are generally reported in a type of proprietary fund
known as an enterprise fund. Enterprise funds are used to report the same functions presented as business -
type activities in the government -wide financial statement, but the proprietary fund statements provide
more detail and additional information, such as a statement of cash flows. The City uses the transit
enterprise fund to account for the activities related to transit operations.
Internal service funds are an accounting device used to accumulate and allocate costs internally among the
City's various functions. The City uses four internal service funds to account for costs related to self-
insurance, computer replacement, vehicle replacement, and public facilities replacement.
See independent auditors report.
5
REPORTING THE CITY'S MOST SIGNIFICANT FUNDS - FUND FINANCIAL STATEMENTS
(CONTINUED)
Proprietary funds are reported in the same way all activities are reported in the Statement of Net Assets and
the Statement of Activities. The proprietary fund financial statements provide separate information for the
transit enterprise fund, which is considered to be a major fund of the City. All of the internal service funds
are combined into a single, aggregated presentation in the proprietary fund financial statements.
Individual fund data for the internal service funds is provided in the form of combining statements in the
supplementary information section of this report.
THE CITY AS TRUSTEE - FIDUCIARY FUND STATEMENTS
Reporting the City's Fiduciary Responsibilities
The City is the trustee, or fiduciary, for certain funds held for the benefit of other parties outside of the City.
The City's fiduciary activities are reported in separate Statements of Fiduciary Assets and Liabilities. These
activities were excluded from the City's other financial statements, because the City cannot use these assets
to finance its operations. The City is responsible for ensuring that the assets reported in these funds are
used for their intended purposes.
NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in
the government -wide and fund financial statements.
OTHER INFORMATION
In addition to the basic financial statements and accompanying notes, this report also presents certain
required supplementary information concerning the comparison of budget and actual results for the major
governmental funds. Required supplementary information can be located on pages 81-88 of this report.
The combining statements referred to earlier in connection with the other governmental funds, internal
service funds, and fiduciary funds are presented immediately following the required supplementary
information described in the previous paragraph. Combining and individual fund statements and
schedules, as well as schedules related to the capital assets used in the operation of governmental funds,
can be found on pages 91-133 of this report.
THE CITY AS A WHOLE
The analysis below focuses on the net assets (Table 1) and changes in net assets (Table 2) of the City's
governmental and business -type activities.
The City's net assets may be analyzed and used as an indicator of the City's overall financial condition. The
City's combined net assets increased by $8.9 million, increasing from $886.7 million to $895.6 million. There
was a prior period adjustment of $26 million recorded in FY09.
See independent auditors report.
THE CITY AS A WHOLE (CONTINUED)
ASSETS:
Current and Other Assets
Capital assets
TOTAL ASSETS
LIABILITIES:
Long Term Liabilities
Other Liabilities
TOTAL LIABILITIES
NET ASSETS:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
TOTAL NET ASSETS
TABLET
CITY OF SANTA CLARITA'S NET ASSETS
Governmental Activities Business -type Activities Total
2009 2008 2009 2008 2009 2008
$ 272,202,340
$ 268,634,435 $
6,580,204 $
6,416,378 $
278,782,544
$ 275,050,813
711,663,024
723,115,624
66,963,851
64,396.391
778,626,875
787,512,015
983,865,364 991,750,059 73,544,055 70,812,769 1,057,409,419 1,062,562,828
84,375,842 86,790,293 248,304 485,304 84,624,146 87,275,597
73,940,786 58,758,162 3,213,808 3,843,612 77,154,594 62,601,774
158,316,628 145,548,455 3,462,112 4,328,916 161,778,740 149,877,371
629,621,720 672,306,820 66,963,851 63,526,242 696,585571 735,833,062
97,414,312
107,644,883
- - 97,414,312
107,644,883
98512,704
66,249,901
3,118,092 2,957,611 101,630,796
69,207,512
$ 825,548,736 $ 846,201,604 $ 70,081,943 $ 66,483,853 $ 895,630,679 $ 912,685,457
The City's
Net
Assets
is made up of three components:
Investment in Capital Assets
(Net of Related
Debt),
Restricted
Net
Assets,
and Unrestricted Net Assets.
As of June 30, 2009, assets exceeded liabilities by $895.6 million. The largest component of the City's net
assets, 78.0%, is represented by its $697 million investment in capital assets (e.g., infrastructure, land,
buildings and improvements, equipment, and construction in progress) less any related outstanding debt
used to acquire the assets. These capital assets are used to provide services to the citizens, and therefore,
are not available to finance future operations. h1 addition, resources necessary to repay the related debt
must be provided by sources other than the capital assets, as the assets themselves cannot be used to satisfy
these liabilities.
An additional portion of the City's net assets, 10.9%, represents resources subject to external restrictions on
how they may be used. The remaining 11.3% of unrestricted net assets, $101.6 million may be used to meet
the City's ongoing obligations to citizens and creditors.
Consistent with the prior year, at the end of the current fiscal year, the City is able to report positive
balances in both categories of governmental and business -type net assets. Net assets for governmental
activities increased by $5.3 million over the prior year, $11.4 million of which is represented by decreased
capital assets due to the recording of a prior period adjustment and reductions in their related debt.
Increase in capital assets and decrease in total liabilities accounted for the majority of the overall increase in
net assets for business -type activities of $3.6 million. The unrestricted portion of the business -type activities
increased by $160,481.
See independent auditors report.
THE CITY AS A WHOLE (CONTINUED)
Governmental Activities
Revenues from governmental activities were down by $2.3 million or -1.31%. The cost of all governmental
activities this year was $158.7 million, an increase of 30.27% over the past year. However, as shown in the
Statement of Activities, the governmental activities expenses were ultimately financed in part by the
taxpayers, as $41.7 million in revenues were generated by service revenues received from the performance
of these activities; another $9.9 million was received from government agencies and other organizations
that subsidized certain programs with operating grants and contributions; and another $38.8 million in
revenues was generated from capital grants and contributions. Community Development programs were
the only activities that generated net revenues of $32.6. Overall, the City's governmental program and
general revenues amounted to $172 million, which funded the expenses and resulted in a $5.3 million
increase in net assets. Part of the $172 million program and general revenue is other non -program
governmental revenue amounting to $82 million that the City realized this past year.
See independent auditors report.
3
THE CITY AS A WHOLE (CONTINUED)
TABLE2
CITY OF SANTA CLARITA'S CHANGES IN NET ASSETS
Program Revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General Revenues
Taxes:
Property taxes, levied for general
purposes
Other Taxes
Grants and contributions not restricted
to specific programs
Other
Total Revenues
General government
Public safety
Public works
Parks and recreation
Community development
Unallocated infrastructure
depreciation
Interest on long term debt
Transit
Total Expenses
Government Activities
2009 2008
$ 41,768,203 $ 35,601,495
9,931,109 22,600,793
38,785,876 39,003,536
26,820,068 24,482,930
45,876,287 46,866,631
Business -type Activities
2009 2008
Total
2009 2008
$ 3,299,263 $ 3,216,239 $ 45,067,166 $ 38,817,734
13,653,177 11,876,720 23,584,286 34,477,513
- 617,421 38,785,576 39,620,957
- - 26,820,068 24,482,930
- - 45,876,287 46,866,631
1,015,413
1,252,281
- - 6,020,940
1,252,281
7,893,380
4,566,884
938,901 48,961 3,826,754
4,615,845
48,514,645
30,549,888
- - 48,514,645
172,090,036
174,374,550
17,891,341 15,759,341 189,981,379
190,133,891
30,094,380
27,488,731
- - 30,094,380
27,488,731
17,489,870
16,482,917
- - 17,489,870
16,482,917
48,514,645
30,549,888
- - 48,514,645
30,549,888
32,747,618
21,817,251
- - 32,747,618
21,817,251
9,761,681
9,257,881
- - 9,761,681
9,257,881
14,405,047 13,128,617 - - 14,105,047
13,128,617
5,725,201 3,127,998 - - 5,725,201
3,127,998
- - 22,299,379 21,506,317 22,299,379
21,506,317
46,774,291
158,738,442 121,853,283 22,299,379 21,506,317 181,037,821
143,359,600
Increase in Net Assets before transfers
13,351,594
52,521,267
(4,408,038)
(5,746,976)
8,943,556
46,774,291
Transfers
(8,006,128)
(8,431,120)
8,006,128
8,431,120
-
-
Increase In Net Assets
5,345,466
44,090,147
3,598,090
2,684,144
8,943,556
46,774,291
Net Assets - Beginning of Year,
As Restated (Note 16)
820,203,270
802,111,457
66,483,853
63,799,709
886,687,123
865,911,166
Net Assets - End of Year
$ 825,548,736
$ 846,201,604
$ 70,081,943
$ 66,483,8-53
S 895,630,679
$ 912,685,457
See independent auditors report.
9
THE CITY AS A WHOLE (CONTINUED)
Business -Type Activities
Business -type activities increased the City's net assets by $3.5 million for the current year. Business -type
activities revenues increased by $2.1 million during the year for a total of $17.8 million in revenues, not
including the $8 million of transfers in from other governmental activities. This was largely due to an
increase of $1.7 million in operating grants and contributions. Related transit activity expenses increased by
$793,062.
THE CITY'S FUNDS, AS RESTATED (Note 16)
The governmental funds reported a combined fund balance at the end of the current fiscal year of $155
million, a decrease of $13.6 million over the prior year. In FY08-09, the City recorded a liability amount of
$21.3 million for developer credits in the Bridges & Thoroughfare fund. Approximately $90 million is
reserved and already committed for specific restricted purposes, and approximately $65 million of the
unreserved portion may be used to meet the City's ongoing obligations to citizens and creditors.
The total governmental fund balance includes the general fund balance of $73.9 million, an increase of $7.8
million over the prior year. The general fund is the chief operating fund of the City of Santa Clarita. At the
end of the current fiscal year, the $32.6 million in reserved general fund balance accounted for 32% of the
total reserved governmental fund balance. The unreserved general fund balance of $41.2 million, which is
available for spending at the City's discretion, is up by $10 million from prior year. The City's general fund
balance has reserved $32.6 million for advances, encumbrances, deposits and prepaid items. More detailed
information about the combined fund balance reserves and designations and restatement are presented in
Note 11 to the financial statements.
Other major fund balance changes are noted below:
• The bridge and thoroughfare fund balance has realized a decrease of $19.1 million or 125% from the
prior year. This unusual and large decrease in fund balance is due to the recording of liability from
developer fee credits. These credits are issued to developers when a particular project has been
completed in which developers have contributed portions of bridges and thoroughfares in
conjunction with a particular project.
• The developer fees fund balance
decreased in the
current year by $712,474.
This is due primarily to
an increase in deferred revenues
from developers.
• The Open Space Preservation District fund realized an increase of $1.2 million this fiscal year. The
purpose of this fund is to accelerate vacant land acquisition in and around the City. The total fund
balance for the current year is $17.6 million.
• Presented separately in the major funds category is the debt service fund - redevelopment agency
and the capital projects fund - redevelopment agency. The total fund balance for the current year
for the debt service fund - redevelopment agency is a negative $17 million and $37.8 million for the
capital projects fund - redevelopment agency.
See independent auditors report.
10
THE CITY'S FUNDS, AS RESTATED (Note 16) (CONTINUED)
Other major fund balance changes are noted below (continued):
In addition to the major funds, the fund balances for the other governmental funds experienced an
aggregate decrease of $3.2 million, resulting in an overall 6.6% decrease in other governmental funds'
balances.
The City's proprietary funds provide the same type of information found in the government -wide financial
statements, but in more detail. The total net assets for the transit enterprise fund increased over the prior
year by $3.6 million or 5%. This $3.6 million increase was primarily due to the increase in total assets and
decrease in total liabilities. The unrestricted portion of the business -type activities net assets increased by
$160,000 from prior year. The Internal Service funds net assets decreased by $5.8 million or 23.7%, ending
the fiscal year with a fund balance of $18.7 million, of which $17.8 million is unrestricted.
General Fund Budgetary Highlights
Comparison of the fiscal year 2008-09 original (adopted) general fund budgeted expenditures and transfers
of $78.1 million to the final budgeted expenditures of $84.04 million results in a net increase of $5.9 million.
Included in this net increase is $1.27 million in committed purchase orders and contracts from the prior
June 30 balance, as well as $665,056 of prior fiscal year operating and capital improvement projects
approved for carryover into fiscal year 2009-10. The resulting beginning budget balance was equal to $96.6
million.
Original Budget +
Cont. Appropriations +
Encumbrances =
Beg. Balance +
Supplemental Changes =
Final Budget
$78,131,694 +
$665,056+
$1,272,355 =
$96,600,554 +
$1,560,339 =
$84,039,660
Comparing the beginning budget of $78.1 million with the final budget of $84.0 million indicates the
general fund had supplemental budgetary appropriations of $1.56 million during the fiscal year. Included
in the supplemental appropriations are the results of this year's budget review.
At the mid -year budget review, the City Council approved additional appropriations for non -represented
employee cost -of -living salary increases of 2.0%, as well as increased costs related to the City's contribution
towards employees' health benefits.
During the mid -year budget review, budgeted general fund revenue had a net decrease of $3.1 million.
Included in the net decrease is $1.6 million decrease in sales and use tax.
At year end,
the City's actual revenues are $1.3 million more than the final
budgetary estimates.
Actual
expenditures
were less than the final budgetary estimates by over $7.2 million.
This was partly due
to large
infrastructure commitments that were not liquidated at year end and projects
that are multi-year.
See independent auditors report.
11
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City had $778.6 million (net of accumulated depreciation) invested in a broad range of capital assets.
This investment in capital assets includes land, buildings and related improvements, vehicles and
equipment, and infrastructure (including infrastructure placed in service prior to July 1, 2002), such as
streets, bridges, traffic signals, medians, sidewalks, trails, sewers, curbs and gutters, and drainage systems.
(See Table 3)
TABLE3
CITY OF SANTA CLARITA'S CAPITAL ASSETS, (net of depreciation)
Major capital asset events during the year included:
• Completion of the I-5/Magic Mountain Freeway Interchange. This project was a joint City -
Developer effort with Los Angeles County and Caltrans oversight to reconstruct the Interstate 5
Magic Mountain Interchange.
• Final phase of the Cross Valley Connector project. This project involves construction of two bridges,
north and south -bound, each will have a length of 1,100 feet and will span the Santa Clara River.
The bridges will provide for six lanes of roadway.
• Newhall Streetscape Project - This project is located on Main Street in downtown Newhall and is a
major public improvement effort which will construct and create landscaping, hardscaping, street
furniture, street lights, pavers, and mid -block crossings.
Additional
Governmental Activities
Business Type Activities
Total
statements
on pages 55
2009
2008
2009
2008
2009
2008
Land
$ 84,071,279
$ 82,955,324
$ 10,787,880
$ 10,787,880
$ 94,859,159
$ 93,743,204
Construction in progress
43,776,640
106,605,795
2,097,683
762,096
45,874,323
107,367,891
Infrastructure, net
531,550,499
480,771,124
-
-
531,550,499
480,771,124
Depreciable site
improvements,
Net
12,917,720
12,693,526
1,607566
-
14,525,286
12,693,526
Depreciable buildings and
improvements, net
36,378,551
37,381,460
35555,280
38,095,978
71,933,831
75,477,438
Depreciable equipment, net
2,968,335
2,708,395
16,915,442
14,750,437
19,883,777
17,458,832
TOTALS
711,663,024
$ 723,115,624
$ 66,963,851
$ 64,396,391
$ 778,626,875 $
787,512,015
Major capital asset events during the year included:
• Completion of the I-5/Magic Mountain Freeway Interchange. This project was a joint City -
Developer effort with Los Angeles County and Caltrans oversight to reconstruct the Interstate 5
Magic Mountain Interchange.
• Final phase of the Cross Valley Connector project. This project involves construction of two bridges,
north and south -bound, each will have a length of 1,100 feet and will span the Santa Clara River.
The bridges will provide for six lanes of roadway.
• Newhall Streetscape Project - This project is located on Main Street in downtown Newhall and is a
major public improvement effort which will construct and create landscaping, hardscaping, street
furniture, street lights, pavers, and mid -block crossings.
Additional
information
on the City
of Santa Clarita's capital assets can be located in Note 3 to the financial
statements
on pages 55
through 57.
See independent auditors report.
12
CAPITAL ASSETS AND DEBT ADMINISTRATION (CONTINUED)
Debt Administration
At year-end, the City's total debt amounted to $87.7 million in bonds, notes, capital leases, contracts, claims
payable, and compensated absences as shown in Table 4. A summary of debt activity for the year follows.
TABLE4
CITY OF SANTA CLARITA'S OUTSTANDING DEBT
Lease Revenue Bonds
Governmental Activities Business -type Activities
Total
- - 13,430,912
13,679,570
Contract and Leases
2009
2008 2009 2008
2009
2008
Refunding Certificates of
485,304 870,149 3,320,099
4,487,559
Compensated Absences
2,471,047
Participation, net
$ 14,420,000
$ 15,388,369 $ - $ -
$ 14,420,511
$ 15,388,369
Tax Allocation Bonds
38,549,624
38,544,094 - -
38,549,624
38,544,094
Certificates of
$ 485,304 $ 870,149 $ 87,767,193
$ 89,687,871
Participation
15,525,000
15525,000 - -
15,525,000
15,525,000
Lease Revenue Bonds
13,430,912
13,679570
- - 13,430,912
13,679,570
Contract and Leases
Payable
2,834,795
3,617,410
485,304 870,149 3,320,099
4,487,559
Compensated Absences
2,471,047
1,993,279
- - 2,471,047
1,993,279
Claims Payable
50,000
70,000
- - 50,000
70,000
TOTALS
$ 87,281,889 $
88,817,722
$ 485,304 $ 870,149 $ 87,767,193
$ 89,687,871
The City's governmental activities had $87.3 million in debt at year-end. Governmental Activities long-
term debt decreased overall by $1.5 million during the year. A summary of the activity giving rise to new
increases in debt is as follows:
• Compensated absences liability for that portion of unused, earned vacation compensation that is
not expected to be paid within the coming fiscal year, increased by $691,971.
• Claims payable liability for that portion of incurred and reported claims, as well as incurred but
unreported claims, which are not expected to be paid within the coming fiscal year decreased by
$20,000. Additional information on the City of Santa Clarita's self-insurance can be located in the
financial statements on page 76.
• Contract & leases payable for that portion of incurred and reported payables decreased by $782,615,
from $3,617,410 to $2,834,795.
The City's business -type activities debt decreased by $384,845, from $870,149 to $485,304. No new debt
related to business -type activities was issued or refinanced during the current fiscal year. Debt in the
business -type activities is for capital leasing of buses and other transit -related equipment.
During the fiscal year ended June 30, 2009, the City was able to meet its current year debt obligation in a
timely matter. State statutes limit the amount of general obligation debt a governmental entity may issue to
15% of its total assessed valuation. The debt limitation for the City as of June 30, 2009, was $3,240,132,127.
Additional information on the City of Santa Clarita's debt can be located in Note 4 to the financial
statements, on pages 58 through 67.
See independent auditors report.
13
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS
In preparing the budget for fiscal year 2009-10, management considered the devastating economic climate
and the impacts that it has had on our revenues.
• General fund sales tax revenue remains one of the primary sources of revenue to operate general
governmental functions, accounting for 34.1% or $26.5 million in 2009-10. Although five sales tax
generators will open between May to September 2009, the City projected an 18.7% decline in sales
tax revenue.
• Property tax revenues accounts for 32.4% or $25.1 million in 2009-10. This is a decline of 5.6%. The
projection is based on assessed valuation for fiscal year 2008-09. The decline is due to the County's
rising delinquency rate of up to 6%. Also, Proposition 8 appeals continue to make a significant
negative impact.
Budgeted general fund revenues for fiscal year 2009-10 is $73.0 million, 11.6% lower than the original
budget revenues of the prior year. The City's general fund operating and capital expenditures for the
coming year are budgeted at $69.8 million, a decrease of 11.8% over previous year. The City made a
conscious effort to limit the amount of ongoing general fund expenditures. Instead, the City utilized special
funds to take the burden off the general fund to continue providing essential services. Operational
expenditures decreased by 7.1% or $5.5 million, and capital expenditures had a dramatic decrease of 93.4%
or $4.0 million. The City's 2009-10 operating budget for all funds increased by .1 % or $71,463.
The City has successfully secured $13.5 million of federal stimulus money that will help fund capital
projects. The City Council has also created the "21 Point Business Plan for Progress', this is a $5.2 million
local economic development stimulus strategy to stimulate local businesses. The 2009-10 budget is a
reflection of the City's commitment to the residents of Santa Clarita. The
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS (CONTINUED)
City's departments
worked very hard to
identify ways to reduce
budgets with the goals of not seriously
impacting services.
This is consistent with the City's long tradition
of ensuring that programming for Santa
Clarita's youth and
children is a priority
to help curb teen crimes.
A copy of the City's 2009-10 budget can
be obtained by
contacting the
City Finance Division
or visit the web at santa-
clarita.com/cityhall/cmo/budget.
CONTACTING THE CITY'S FINANCE DIVISION
This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with
a general overview of the City's finances and to show the City's accountability for the money it receives. If
you have questions about this report, or need additional financial information, contact the City's Finance
Division, at the City of Santa Clarita, 23920 Valencia Boulevard, Suite 295, Santa Clarita, California 91355, or
(661) 255-4920.
See independent auditors report.
14
BASIC FINANCIAL STATEMENTS
15
16
GOVERNMENT -WIDE FINANCIAL STATEMENTS
17
18
City of Santa Clarita
Statement of Net Assets
June 30, 2009
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Accounts
Interest
Taxes
Prepaid costs
Due from other governments
Land held for resale
Deferred charges
Deposits
Loans receivable
Internal balances
Capital assets:
Not being depreciated:
Land
Construction in progress
Being depreciated:
Site improvements, net of accumulated depreciation
Building, net of accumulated depreciation
Equipment, net of accumulated depreciation
Infrastructure, net of accumulated depreciation
Total capital assets, net
Total assets
LIABILITIES
Accounts payable and accrued liabilities
Unearned revenue
Due to other governments
Deposits payable
Interest payable
Other postemployment benefits payable
Noncurrent liabilities:
Due within one year
Due in more than one year
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Capital improvements
Other special purposes
Redevelopment projects
Low and moderate income housing
Special assessments
Unrestricted
Total net assets
See accompanying Notes to Basic Financial Statements.
19
Governmental Business -type
Activities Activities Total
$ 231,706,839 $
2,984,134
$ 234,690,973
1,171,624
-
1,171,624
7591,494
34,537
7,626,031
1,667,631
-
1,667,631
2552,463
-
2,552,463
191,263
-
191,263
8510,387
3,509,270
12,019,657
1,607,196
-
1,607,196
2,616,761
-
2,616,761
13,333,807
-
13,333,807
1,307,138
-
1,307,138
(52,263)
52,263
-
84,071,279
10,787,880
94,859,159
43,776,640
2,097,683
45,874,323
12,917,720
1,607,566
14,525,286
36,378551
35,555,280
71,933,831
2,968,335
16,915,442
19,883,777
531,550,499
-
531,550,499
711,663,024
66,963,851
778,626,875
983,867,364
73,544,055
1,057,411,419
26,779,646
7,178,286
862,942
31,491,425
1,023,467
3,700,973
2,906,047
84,375,842
158,318,628
629,621,720
4,769,573
18,889,244
12,246,730
37,794,856
23,713,909
98,512,704
$ 825,548,736 $
2,964,943
11,865
237,000
248,304
3,462,112
66,478,547
29,744,589
7,190,151
862,942
31,491,425
1,023,467
3,700,973
3,143,047
84,624,146
161,780,740
696,100,267
- 4,769,573
- 18,889,244
- 12,246,730
- 37,794,856
- 23,713,909
3,603,396 102,116,100
70,081,943 $ 895,630,679
City of Santa Clarita
Statements of Activities and Changes in Net Assets
For the Year Ended June 30, 2009
See accompanying Notes to Basic Financial Statements.
W,
General Revenues:
Taxes:
Sales taxes
Property taxes, levied for general purposes
Franchise taxes
Transient occupancy taxes
Property transfer tax
Unrestricted revenue in lieu of sales taxes
Grant and contributions not restricted to specific programs
Unrestricted investment earnings
Miscellaneous revenue
Transfers
Total general revenues and transfers
Changes in net assets
Net assets - beginning of year, as restated
Net assets - end of year
Program Revenues
Operating
Capital
Charges for
Grants and
Grants and
FunctiongPrograms
Expenses
Services
Contributions
Contributions
Governmental activities:
General government
$ 30,094,380
$ 621,624
$ 51,707
$ -
Public safety
17,489,870
1,898,022
2,604
-
Public works
48,514,645
260,524
7,276,310
31,378,428
Parks and recreation
32,747,618
3,849,699
327,201
2,405,061
Community development
9,761,681
35,138,334
2,273,287
5,002,087
Unallocated infrastructure depreciation
14,405,047
-
-
-
Interest and fiscal charges
5,786,174
-
-
-
Total governmental activities
158,799,415
41,768,203
9,931,109
38,785,576
Business -type activities:
Transit
22,299,379
3,299,263
13,653,177
-
Total
$ 181,098,794
$ 45,067,466
$ 23,584,286
$ 38,785,576
See accompanying Notes to Basic Financial Statements.
W,
General Revenues:
Taxes:
Sales taxes
Property taxes, levied for general purposes
Franchise taxes
Transient occupancy taxes
Property transfer tax
Unrestricted revenue in lieu of sales taxes
Grant and contributions not restricted to specific programs
Unrestricted investment earnings
Miscellaneous revenue
Transfers
Total general revenues and transfers
Changes in net assets
Net assets - beginning of year, as restated
Net assets - end of year
Net (Expense) Revenue and
Changes in Net Assets
Governmental Business -type
Activities Activities Total
$ (29,421,049) $
- $ (29,421,049)
(15,589,244)
- (15,589,244)
(9,599,383)
- (9,599,383)
(26,165,657)
- (26,165,657)
32,652,027
32,652,027
(14,405,047)
- (14,405,047)
(5,786,174)
- (5,786,174)
(68,314,527) - (68,314527)
- (5,346,939) (5,346,939)
(68,314,527) (5,346,939) (73,661,466)
27,751,506
-
27,751506
26,820,068
-
26,820,068
6,704,074
-
6,704,074
2,260,708
-
2,260,708
4,816,638
-
4,816,638
3,083,353
-
3,083,353
1,015,413
-
1,015,413
6,020,940
-
6,020,940
3,193,421
938,901
4,132,322
(8,006,128)
8,006,128
-
73,659,993
8,945,029
82,605,022
5,345,466
3,598,090
8,943,556
820,203,270
66,483,853
886,687,123
$ 825,548,736 $
70,081,943
$ 895,630,679
21
22
FUND FINANCIAL STATEMENTS
23
City of Santa Clarita
Balance Sheet
Governmental Funds
June 30, 2009
ASSETS
Cash and investments
Cash and investments with
fiscal agents
Receivable:
Accounts
Interest
Taxes
Prepaid costs
Due from other funds
Due from other governments
Land held for resale
Deposits
Loans receivable
Advance to other funds
Total assets
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities
Deferred revenue
Due to other governments
Deposits
Due to other funds
Advance from other funds
Total liabilities
Fund Balances:
Reserved:
General fund
Special revenue fund
Debt service fund
Capital projects fund
Unreserved, designated:
General fund
Special revenue fund
Debt service fund
Capital projects fund
Unreserved, undesignated
Total fund balances
Total liabilities and fund balances
See accompanying Notes to Basic Financial Statements.
Special Revenue Funds
Open Space
Bridge and Developer Preservation
General Thoroughfare Fees District
$ 66,641,607 $ 22,695,490 $ 15,087,183 $ 17,564,038
6,626,520
157,150
448,246
68,573
686,124
210,024
142,576
20,167
191,263
-
-
-
3,802,017
-
-
-
379,099
-
-
-
13,330,807
-
-
3,000
17,822,713
18,334,071
600,422
-
$ 109,480,150 $
41,396,735 $
16,278,427 $
17,655,778
$ 19,927,127 $ 1,651,604 $ 55,596 $ 3,795
5,546,153 2,506,568 14,353,442 8,582
10,107,673 21,383,752 - -
- 19,693,690 - -
35580,953 45,235,614 14,409,038 12,377
32,617,139
220,616
22,071,710 1,093,129 17,643,401
776,260
41,061,442 (25,910,589) - -
73,899,197 (3,838,879) 1,869,389 17,643,401
$ 109,480,150 $ 41,396,735 $ 16,278,427 $ 17,655,778
24
Debt
Capital
Service Fund
Projects
Fund
1,528,114
Nonmajor Total
Redevelopment
Redevelopment Governmental Governmental
Agency
Agency Funds Funds
$ 22,090 $ 37,029,227 $ 54,949,191 $ 213,988,826
902,745 - 268,879 1,171,624
- 91,489
196,856
7,588,834
- 87,944
381,279
1,528,114
- -
2,552,463
2,552,463
- -
-
191,263
- -
-
3,802,017
- -
8,131,288
8,510,387
- 1,607,196
-
1,607,196
- -
-
13,333,807
- -
1,307,138
1,307,138
- -
-
36,757,206
$ 924,835 $ 38,815,856 $
67,787,094 $
292,338,875
$ - $ 234,581 $
6,272,525 $
28,145,228
- 37,423
12,945,704
35,397,872
- 748,996
113,946
862,942
- -
-
31,491,425
- -
3,802,017
3,802,017
17,929,306 -
-
37,622,996
17,929,306 1,021,000 23,134,192 137,322,480
32,617,139
- 11,968,628 52,776,868
- 571,063 571,063
3,292,586 735,459 4,028,045
- 220,616
- 25,010,146 25,786,406
- 34502,270 4,769,573 39,271,843
(17,004,471) - 1,598,033 (255,585)
(17,004,471) 37,794,856 44,652,902 155,016,395
$ 924,835 $ 38,815,856 $ 67,787,094 $ 292,338,875
25
26
City of Santa Clarita
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Assets
June 30, 2009
Total Fund Balances - Total Governmental Funds $ 155,016,395
Amounts reported for governmental activities in the Statement of Net Assets are different
because:
Government- Less
Capital assets used in governmental activities are not financial resources and therefore Wide Statement Internal Service
are not reported in governmental funds. Those assets consist of: of Net Assets Funds
Nondepreciable $ 127,847,919 $ -
Depreciable, net of accumulated depreciation 583,815,103 894,124
Total capital assets $ 711,663,022 $ 894,124 710,768,898
Bond issuance costs from issuing debt were expenditures in the fund financial
statements. However, they were deferred and subject to capitalization and amortization
in the Government -Wide Financial Statements:
Deferred charges, net of accumulated amortization 2,616,761
Long-term receivables were not current available resources. Therefore, they were offset
by a deferred revenue amount equal to the net receivable in the governmental funds. 28,219,586
Government -
Liabilities were not due and payable in the current period. Therefore, they were not Wide Statement Internal Service
reported in the governmental funds: of Net Assets Funds
Compensated absences - current
$ (285,797) $ -
Capital leases -current
(9,278) -
Long-term debt - due within one year
(2,610,972) -
Compensated absences - noncurrent
(2,185,250) -
Capital leases - noncurrent
(1,610) -
Long-term debt - noncurrent
(80,382,685) -
Deferred discount/premiums
428,953 -
Claims payable
(50,000) (50,000)
OPEB obligations
(3,700,973) -
$ (88,797,612) $ (5Q000) (88,747,612)
Interest payable on long-term debt did not require current financial resources. Therefore,
interest payable was not reported as a liability in the governmental funds. (1,023,467)
Internal service funds are used by management to charge the costs of certain activities to
individual funds. The assets and liabilities of the internal service funds are included in
governmental activities in the Government -Wide Statement of Net Assets. 18,698,175
Net assets of governmental activities $ 825,548,736
See accompanying Notes to Basic Financial Statements.
27
City of Santa Clarita
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2009
EXPENDITURES
Current:
General government
13,779,808
-
Special Revenue Funds
17,966
Public safety
17,155,497
-
-
Open Space
Public works
14,665,832
Bridge and
Developer
Preservation
Parks and recreation
General
Thoroughfare
Fees
District
REVENUES:
4,438,666
-
97,088
-
Taxes
$ 64,594,946
$ -
$ - $
1,645,398
Licenses and permits
3,697,218
-
-
-
Developer fees
-
14,671,591
569,715
-
Investment income
4,768,812
1,558,040
1,332,025
291,006
Revenue from other agencies
1,444,610
-
-
-
Fines and forfeitures
402,851
-
-
-
Service charges
5,364,011
-
-
-
Other revenue
314,169
-
39,985
-
Overhead reimbursement
2,395,549
-
-
-
Total revenues
82,982,166
16,229,631
1,941,725
1,936,404
EXPENDITURES
Current:
General government
13,779,808
-
-
17,966
Public safety
17,155,497
-
-
-
Public works
14,665,832
21,500,307
-
-
Parks and recreation
19,926,371
-
-
-
Community development
4,438,666
-
97,088
-
Capital outlay
-
13,704,434
1,132,163
-
Debt service:
Bond issuance costs
39,011
-
-
-
Principal retirement
411,994
-
-
-
Interest and fiscal charges
35,845
688,463
-
-
Total expenditures
70,453,024
35,893,204
1,229,251
17,966
REVENUES OVER (UNDER) EXPENDITURES
12,529,142
(19,663,573)
712,474
1,918,438
OTHER FINANCING SOURCES (USES):
Transfers in
4,551,323
515,517
-
-
Transfers out
(9,255,694)
-
-
(710,507)
Total other financing sources (uses)
(4,704,371)
515,517
-
(710,507)
Net change in fund balances
7,824,771
(19,148,056)
712,474
1,207,931
FUND BALANCES:
Beginning of year
66,074,426
15,309,177
1,156,915
16,435,470
End of year
$ 73,899,197 5
(3,838,879) $
1,869,389 $
17,643,401
See accompanying Notes to Basic Financial Statements.
28
Debt Capital
Service Fund Proiects Fund
Nonmajor
Redevelopment Redevelopment Govemmental
Agency Agency Funds
Total
Governmental
Funds
$ - $ 3,202,114 $
17,824,729 $
87,267,187
- -
-
3,697,218
- -
521,764
15,763,070
20,820 889,591
1,928,077
10,788,371
- -
27,399,631
28,844,241
- -
1,356,520
1,759,371
- -
3,011,760
8,375,771
- 69,780
2,257,917
2,681,851
- -
-
2,395,549
20,820 4,161,485
54,300,398
161,572,629
- 13,452,282
27,250,056
- 283,798
17,439,295
- 6,771,029
42,937,168
- 200,041
20,126,412
1,502,947 1,056,685
7,095,386
1,495,750 25,494,164
41,826,511
- 11,814
6,690
57,515
- -
1,602,832
2,014,826
2,255,941 -
2,299,300
5,279,549
2,255,941 3,010,511
51,166,821
164,026,718
(2,235,121) 1,150,974
3,133,577
(2,454,089)
1,114,374
70,862
5,648,350
11,900,426
(9,889)
(1,114,374)
(11,941,090)
(23,031,554)
1,104,485
(1,043,512)
(6,292,740)
(11,131,128)
(1,130,636)
107,462
(3,159,163)
(13,585,217)
(15,873,835)
37,687,394
47,812,065
168,601,612
$ (17,004,471) $
37,794,856 $
44,652,902 $
155,016,395
29
City of Santa Clarita
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes
in Fund Balances to the Government -Wide Statement of Activities and Changes in Net Assets
For the Year Ended June 30, 2009
Net change in fund balance - total governmental funds: $ (13585,217)
Amounts reported for governmental activities in the Statement of Activities are different because:
Acquisition of capital assets was reported as expenditures in the governmental funds. However, in the Government -
Wide Statement of Activities and Changes in Net Assets, the cost of those assets was allocated over the estimated
useful lives as depreciation expense. The following was the amount of capital assets recorded in the current period:
Capital outlay 31,297,318
Depreciation expense on capital assets was reported in the Government -Wide Statement of Activities and Changes in
Net Assets, but it did not require the use of current financial resources. Therefore, depreciation expense was not
reported as an expenditure in the governmental funds. The adjustment is the difference between the depreciation
expense of the governmental activities in the amount of $17,038,171 and the depreciation expense of the internal
service funds in the amount of $294,355. (16,743,818)
Amortization expense was reported in the Government -Wide Statement of Activities and Changes in Net Assets, but
it did not require the use of current financial resources. Therefore, amortization expense was not reported as an
expenditure in the governmental funds:
Amortization of bond premiums and discounts (34,014)
Amortization of discount and deferred amount on refunding (68,765)
Proceeds from long-term debt provided current financial resources to governmental funds, but issuing debt
increased long-term liabilities in the Government -Wide Statement of Net Assets. Repayment of bond principal was
an expenditure in the governmental funds, but the repayment reduced long-term liabilities in the Government -Wide
Statement of Net Assets.
Issuance of certificates of participation and tax allocation bonds, loans, and capital leases:
Principal payments 2,027,615
Some expenses reported in the Statement of Activities do not require the use of current financial resources and,
therefore, are not reported as expenditures in governmental funds. The following amount represents the change from
the prior year:
Compensated absences (477,768)
Accrued interest (359,120)
Other post employment benefits (1,454,750)
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenue in
the governmental funds. Conversely, collection of these revenues are reported in the governmental funds, but not in
the Statement of Activities since they have been recognized in previous years. 10,578,380
Internal service funds are used by management to charge the costs of self-insurance and capital replacements to
individual funds. The net revenue of internal service funds is reported with governmental activities. (5,834,395)
Change in net assets of governmental activities $ 5,345,466
See accompanying Notes to Basic Financial Statements.
PROPRIETARY FUND FINANCIAL STATEMENTS
31
32
City of Santa Clarita
Statement of Net Assets
Proprietary Funds
June 30, 2009
ASSETS
Current assets:
Cash and investments
Receivables:
Accounts
Interest
Due from other governments
Advances to other fund
Total current assets
Noncurrent assets:
Capital assets:
Land
Construction in progress
Site improvements, net of accumulated depreciation
Building, net of accumulated depreciation
Equipment, net of accumulated depreciation
Total noncurrent assets
Total assets
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities
Deferred revenue
Accrued interest payable
Capital leases payable
Total current liabilities
Noncurrent liabilities:
Claims payable
Capital leases payable
Total noncurrent liabilities
Total liabilities
NET ASSETS
Invested in capital assets
Unrestricted
Total net assets
Net assets reconciliation:
Net assets of proprietary funds
Adjustment to reflect the consolidation of
internal service fund activities related to the
Transit Fund
Net assets of business -type activities
See accompanying Notes to Basic Financial Statements.
M
Business -Type
Government
Activity
Activities
Transit
Internal
Enterprise
Service Fund
$ 2,984,134 $
17,718,013
6,655
2,660
27,882
139,517
3509,270
-
-
865,790
6,527,941
18,725,980
10,787,880 -
2,097,683 -
1,607,566
35,555,280 -
16,915,442 894,124
66,963,851 894,124
73,491,792 19,620,104
2,964,943 819,666
11,865 -
237,000
3,213,808 819,666
- 50,000
248,304
248,304 50,000
3,462,112 869,666
66,478,547 894,124
3,551,133 17,856,314
$ 70,029,680 $ 18,750,438
$ 70,029,680
52,263
S 70,081,943
City of Santa Clarita
Statement of Revenues, Expenses and Changes in Net Assets
Proprietary Funds
For the Year Ended June 30, 2008
OPERATING REVENUES:
Charges for services
Other revenues
Total operating revenue
OPERATING EXPENSES:
Administrative and personnel services
Transportation services
Service and supplies
Depreciation
Total operating expenses
OPERATION INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES):
Intergovernmental grants
Investment income
Miscellaneous revenues
Interest
Total nonoperating revenues (expenses)
INCOME (LOSS) BEFORE TRANSFERS
TRANSFERS AND CAPITAL CONTRIBUTIONS:
Transfers in
Transfers out
Total transfers
Changes in net assets
NET ASSETS:
Beginning of the year
End of the year
Net assets reconciliation:
Net assets of proprietary funds
Adjustment to reflect the consolidation of
internal service fund activities related to the
Transit Fund
Net assets of business -type activities
See accompanying Notes to Basic Financial Statements.
W
Business -Type
Government
Activity -
Activities -
Transit
Internal
Enterprise
Service Fund
$ 3,044584 $
2,420,383
254,679
13,258
3,299,263
2,433,641
1,764,355
-
15,261,207
-
1560,011
11,881,900
3,713,806
294,355
22,299,379
12,176,255
(19,000,116)
(9,742,614)
13,653,177
-
-
783,219
969,819
-
(30,918)
14,592,078
783,219
(4,408,038)
(8,959,395)
8,172,930
(166,802)
3,125,000
-
8,006,128
3,125,000
3,598,090
(5,834,395)
66,483,853 24,584,833
$ 70,081,943 $ 18,750,438
$ 3,598,090
$ 3598,090
City of Santa Clarita
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2009
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets
Business -Type
Government
Principal payments on financed debt
Activity -
Activities -
Interest expense
Transit
Internal
-
Enterprise
Service Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH FLOWS FROM INVESTING ACTIVITIES:
Receipts from customers and users
$ 3,063,079
$ 2,425,581
Other operating expenses
(781,113)
13,258
Payment to suppliers
(16,055,049)
(11,608,569)
Payments to employees
(1,764,355)
(3,313,458)
Net cash provided by (used for) operating activities
(15,537,438)
(9,169,730)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash contributed by other governments
13,653,177
-
Other income
969,819
-
Cash received from other funds
8,172,930
5,335,410
Cash paid to other funds
(166,802)
-
Net cash provided by (used for) noncapital financing activities
22,629,124
5,335,410
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets
(6,281,266)
(286,587)
Principal payments on financed debt
(384,845)
-
Interest expense
(53,747)
(1,218,715)
-
Net cash provided by (used for) capital and related financing activities
(6,719,858)
(286,587)
CASH FLOWS FROM INVESTING ACTIVITIES:
(9,169,730)
Interest expense
(968)
807,449
Net cash provided (used) by investing activities
(968)
807,449
Net increase (decrease) in cash and cash equivalents
370,860
(3,313,458)
CASH AND CASH EQUIVALENTS:
Beginning of year
End of year
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income to net cash
provided by (used for) operating activities:
Depreciation expense
Change in assets and liabilities:
Increase (decrease) in accounts receivable
Increase (decrease) in due from other governments
Increase (decrease) in accounts payable and accrued liabilities
Increase (decrease) in due to other governments
Increase (decrease) in claims payable
Increase (decrease) in deferred revenues
Net cash provided (used) by operating activities
See accompanying Notes to Basic Financial Statements.
W
2,613,274 21,031,471
$ 2,984,134 $ 17,718,013
$ (19,000,116) $ (9,742,614)
3,713,806
294,355
18,495
5,198
171,058
-
766,169
293,331
(1,218,715)
-
-
(20,000)
11,865
$ (15537,438) $
(9,169,730)
36
FIDUCIARY FUND FINANCIAL STATEMENTS
im
38
City of Santa Clarita
Statement of Fiduciary Net Assets
Fiduciary Fund
June 30, 2009
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
See accompanying Notes to Basic Financial Statements.
T
$ 2,045
754
2,029,145
$ 2,031,944
Agency Funds
ASSETS
Cash and investments
$ 227,747
Cash and investments with fiscal agent
1,799,564
Taxes receivable
21504
Interest receivable
21129
Total assets
$ 21031,944
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
See accompanying Notes to Basic Financial Statements.
T
$ 2,045
754
2,029,145
$ 2,031,944
40
NOTES TO BASIC
FINANCIAL STATEMENTS
41
City of Santa Clarita
Notes to Basic Financial Statements
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Santa Clarita, California (City) have been prepared in
conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies.
The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for
establishing governmental accounting and financial reporting principles. The more significant of the City's
accounting policies are described below.
A. Financial Reporting Entity
The City 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.
As required by GAAP, these basic financial statements present the City and its component units for
which the City is considered to be financially accountable. GASB Statement No. 14, The Financial
Reporting Entity, defines component units as legally separate entities that meet any one of the following
tests:
1. The City appoints the voting majority of the board of the potential component unit and:
is able to impose its will on the component unit and/or
is in a relationship of financial benefit or burden with the potential component unit.
2. The potential component unit is fiscally dependent upon the City.
3. The financial statements of the City would be misleading if data from the potential component
unit was omitted.
Management determined that the following component units should be blended based on the criteria
above:
The Redevelopment Agency of the City of Santa Clarita (Agency) was established in July 1991,
pursuant to the State of California Health and Safety Code, Section 33000. The Agency is governed
by the members of the City Council. The Agency's primary purpose 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's
financial data and activity are reported within the debt service and capital projects fund types of the
City. The Agency's basic financial statements can be obtained at the City's administrative offices.
The Santa Clarita Public Financing Authority_ (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 Authority's financial
data and activity are reported within the debt service and capital projects fund types of the City. The
Authority's basic financial statements can be obtained at the City's administrative offices.
0
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Accounting and Measurement Focus
The accounting policies of the City conform to GAAP in the United States for local governmental units.
The accounts of the City are organized on the basis of funds, each of which is considered a separate
accounting entity. The operations of each fund are accounted for by providing a separate set of self -
balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures or
expenses, as appropriate. Governmental resources are allocated to and accounted for in individual
funds based upon the purpose of which they are to be spent and means by which spending activities are
controlled.
Government - Wide and Fund Financial Statements
The City's government -wide financial statements include a Statement of Net Assets and a Statement of
Activities and Changes in Net Assets. These statements present summaries of governmental and
business -type activities for the City accompanied by a total column. Fiduciary activities of the City are
not included in these statements.
These basic financial statements are presented on an "economic resources" measurement focus and the
accrual basis of accounting. Accordingly, all of the City's assets and liabilities, including capital assets,
as well as infrastructure assets, and long-term liabilities, are included in the accompanying Statement of
Net Assets. The Statement of Activities presents changes in net assets. Under the accrual basis of
accounting, revenues are recognized in the period in which they are earned while expenses are
recognized in the period in which the liability is incurred.
Certain types of transactions are reported as program revenues for the City in three categories:
• Charges for services
• Operating grants and contributions
• Capital grants and contributions
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund
activities. All internal balances in the Statement of Net Assets have been eliminated except those
representing balances between the governmental activities and the business -type activities, which are
presented as internal balances and eliminated in the total primary government column. In the Statement
of Activities, internal service fund transactions have been eliminated; however, those transactions
between governmental and business -type activities have not been eliminated. The following interfund
activities have been eliminated:
Due to and from other funds
Advances to and from other funds
Transfers in and out
43
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Accounting and Measurement Focus, Continued
The City has conformed to the pronouncements of the Governmental Accounting Standards Board
(GASB), which are acknowledged as the primary authoritative statements of accounting principles
generally accepted in the United States of America applicable to state and local governments. In
accordance with GASB Statements 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 Principles Board Opinions and Accounting Research Bulletins of the
Committee on Accounting Procedures. The City has elected not to follow subsequent private -sector
guidance.
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues,
Expenditures and Changes in Fund Balances for all major governmental funds and non -major funds
aggregated. The City has presented all major funds that met meet the required criteria. An
accompanying schedule is presented to reconcile and explain the differences in net assets as presented
in these statements to the net assets presented in the government -wide financial statements.
The City reports the following major governmental funds:
The General Fund is the primary operating fund of the City. It is used to account for all financial
resources of the City that are not required to be accounted for in another fund.
The Bridge and Thoroughfare Special Revenue Fund is used to account for monies received from
developers for street and highway construction through bridge and thoroughfare districts.
The Developer Fees Special Revenue Fund is used to account for monies received from developers for
street improvements.
The Open Space Preservation District Special Revenue Fund is used to account for monies received from
assessments for the costs of acquiring open space lands, parks, and parkland in accordance with the
City's programs.
The Redevelopment Agency Debt Service Fund is used to account for debt service on loans from the
City to the Redevelopment Agency.
The Redevelopment Agency Capital Projects Fund is used to account for the Agency's construction of
all capital projects located within the project area that are not financed with housing set-aside funds.
Proprietary Fund Financial Statements
Proprietary funds are accounted for using the "economic resources' measurement focus and the accrual
basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included
on the Statement of Net Assets. The Statement of Revenues, Expenses and Changes in Net Assets
presents increases (revenues) and decreases (expenses) in total net assets. Under the accrual basis of
accounting, revenues are recognized in the period in which they are earned while expenses are
recognized in the period in which the liability is incurred.
U
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Accounting and Measurement Focus, Continued
Operating revenues in the proprietary funds are those revenues that are generated from the primary
operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses
are those expenses that are essential to the primary operations of the fund. All other expenses are
reported as non-operating expenses.
The City reports the following major enterprise fund:
The Transit Enterprise Fund is used to account for the operation of the City's local public transit bus
system.
Fiduciaru Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Assets. The City's fiduciary funds
represent agency funds. Fiduciary fund types are accounted for according to the nature of the fund.
Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results
of operations. Agency funds are accounted for using the accrual basis of accounting.
The City reports the following agency funds:
The Assessment District No. 92-2 Fund is used to account for assets held by the City as an agent and
related to the debt service activity on no -commitment special assessment debt.
The Assessment District No. 99-1 Fund is used to account for assets held by the City as an agent and
related to the debt service activity on no -commitment special assessment debt.
The Assessment District No. 2002-1 Fund is used to account for assets held by the City as an agent and
related to the debt service activity on no -commitment special assessment debt.
Fund Types reported by the Citu
Additionally, the City reports the following fund types:
The Special Revenue Funds are used to account for the proceeds of specific revenue sources that are
legally restricted to expenditures for special purposes.
The Debt Service Funds are used to account for the accumulation of resources for, and payment of,
interest and principal on long-term debt.
The Capital Projects Funds are used to account for financial resources used for the acquisition or
construction of major capital facilities (other than those financed by the proprietary funds).
The Internal Service Funds are used to account for the financing of special activities that provide
services within the City. Such activities include self-insurance, computer replacement, vehicle
replacement and public facilities replacement.
ER
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Cash and Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of
three months or less from the date of acquisition. Cash and cash equivalents are combined with
investments and displayed as Cash and Investments.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and
for External Investment Pools, highly liquid market investments with maturities of one year or less at time
of purchase are stated at amortized cost. All other investments are stated at fair value. Market value is
used as fair value for those securities for which market quotations are readily available.
The City participates in an investment pool managed by the State of California titled Local Agency
Investment Fund (LAIF) which has invested a portion of the pool funds in structured notes and asset-
backed securities. LAIF's investments are subject to credit risk with the full faith and credit of the State
of California collateralizing these investments. In addition, these structured notes and asset-backed
securities are subject to market risk as to change in interest rates.
The City also participates in the Los Angeles County Pooled Investment Fund.
In accordance with GASB Statement No. 40, Deposit and Investment Risk Disclosures (an amendment of
GASB No. 3), certain disclosure requirements, if applicable, are provided for deposit and investment risk
in the following areas:
➢ Interest Rate Risk
➢ Credit Risk
Overall
Custodial Credit Risk
• Concentration of Credit Risk
➢ Foreign Currency Risk
D. Interfund Transactions
Activity between funds that are representative of lending/ borrowing arrangements outstanding at the
end of the fiscal year are referred to as "due to/from other funds' (i.e., current portion of interfund
loans) or "advances from/to other funds' (i.e., noncurrent portion of interfund loans). Any residual
balances outstanding between the governmental activities and business -type activities are reported in
the governmental -wide financial statements as "internal balances."
E. Prepaids
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both government -wide and fund financial statements.
M
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
F. Capital Assets
Government -Wide Financial Statements
Capital assets, which include land, site improvements, buildings and improvements, equipment and
infrastructure assets, are reported in the applicable governmental or business -type activities columns in
the government -wide financial statements. General infrastructure assets consist of roads, curbs and
gutters, sidewalks, medians, street trees, street signs, bus shelters, bridges, trails, traffic signals, storm
drains/catch basins, sewer manholes, and sewer lines. Capital assets are defined by the City as assets
with an initial cost of more than $5,000 ($25,000 for site improvements and building improvements and
$100,000 for infrastructure) and an estimated useful life in excess of one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital assets are
recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital
assets are recorded at estimated fair market value at the date of donation. The costs of normal
maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not
capitalized.
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Equipment
5
- 25
years
Site Improvements
5
- 25
years
Buildings and Improvements
5
- 50
years
Infrastructure
20
- 60
years
Fund Financial Statements
The fund financial statements do not present capital assets. As such, capital assets are shown as a
reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government -
Wide Statement of Net Assets.
G. Land Held for Resale
Land held for resale is carried at cost. An amount equal to the carrying value of land is reserved in fund
balance because such assets are not available to finance the City's current operations.
H. Long Term Debt
Government -Wide Financial Statements
Long-term debt and other financed obligations are reported as liabilities in the government -wide and
proprietary fund financial statements.
Bond premiums
and discounts, as well as issuance costs, are deferred and
amortized over the life of the
bonds using the
effective interest method. Bonds
payable are reported net
of the applicable premium or
discount. Issuance costs are reported as deferred
charges.
47
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
H. Long Term Debt, Continued
Fund Financial Statements
The fund financial statements do not present long-term debt. As such, long-term debt is shown as a
reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government -
Wide Statement of Net Assets.
L Employee Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation (compensated
absences). All vacation pay is accrued when incurred in the government -wide and proprietary fund
financial statements. Vacation pay which is expected to be liquidated in the current period with
expendable available resources is reported in the governmental funds that will pay it (primarily the
General Fund). Compensated absences are reported in governmental funds only if they have matured.
J. Claims Payable
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.
K. Property Taxes
Property taxes are an enforceable lien on property as of January 1 of each year. Taxes are levied on each
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.
L. Net Assets and Fund Balances
Government -Wide Financial Statements - In the government -wide financial statements, net assets are
classified in the following:
Invested in Capital Assets, Net of Related Debt - This amount consists of capital assets net of
accumulated depreciation and reduced by outstanding debt that is attributed to the acquisition,
construction, or improvement of the assets.
Restricted Net Assets - This amount is restricted by external creditors, grantors, contributors, or
laws or regulations of other governments.
Unrestricted Net Assets - This amount is all net assets that do not meet the definition of "invested
in capital assets, net of related debt" or "restricted net assets."
0
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
L. Net Assets and Fund Balances, Continued
Fund Financial Statements - Reservations represent the fund balance which are not appropriable for
expenditure or which are legally segregated for specific future use. Designated fund balance represents
tentative plans for future use of financial resources. Undesignated fund balance represents the fund
balance which is available for appropriation in future periods.
M. Use of Restricted/Unrestricted Net Assets
When an
expense
is incurred
for purposes for which both restricted and unrestricted net assets are
available,
the City's
policy is to
apply restricted net assets first.
N. Estimates
The preparation of the basic financial statements in conformity with GAAP requires management to
make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the basic financial statements and the related
reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Management believes that the estimates are reasonable.
O. Unearned and Deferred Revenue
Government -Wide Financial Statements - Unearned revenue is recognized for transactions for which
revenue has not yet been earned. Unearned revenue includes monies received in advance from the
fiscal agents on the amounts deposited in the reserve funds for various bonds and prepaid charges for
services.
Fund Financial Statements - Deferred revenue represents money received during the current or
previous years that has not been earned or is not considered available to finance expenditures of the
current period.
P. New Pronouncements
In 2009, the
City
adopted new
accounting standards in order to
conform to the following GASB
Statements:
• GASB Statement No. 45, Financial Reporting for Postemployment Benefit Plans (OPEB) other than
Pension Plans - this Statement establishes standards for the measurement, recognition, and
display of OPEB expense/ expenditures and related liabilities (assets), note disclosures, and,
if applicable, required supplementary information (RSI) in the financial reports of state and
local governmental employers.
• GASB Statement No. 49, Financial Reporting for Pollution Remediation Obligations - This
Statement addresses accounting and financial reporting standards for pollution (including
contamination) remediation obligations, which are obligations to address the current or
potential detrimental effects of existing pollution by participating in pollution remediation
activities such as site assessments and cleanups.
M
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
P. New Pronouncements, Continued
• GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and
Local Governments - The Statement incorporates the hierarchy of generally accepted
accounting principles (GAAP) for state and local governments into the GASB's authoritative
literature.
• GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained
in the AICPA Statements on Auditing Standards - This Statement incorporates accounting and
financial reporting guidance previously only contained in the American Institute of
Certified Public Accountants (AICPA) auditing literature into the GASB's accounting and
financial reporting literature for state and local governments.
2. CASH AND INVESTMENTS
A. Cash and Investments
Cash and investments at June 30, 2009, are classified in the accompanying financial statements as
follows:
Cash and Investments
Cash and Investments
with fiscal agent
Total
Government -Wide Statement of Net Assets
Fiduciary Funds
Governmental Business -Type Statement of
Activities Activities Total Net Assets Total
$ 231,706,839 $ 2,984,134 $ 234,690,973 $ 227,747 $ 234,918,720
1,171,624 - 1,171,624 1,799,564 2,971,188
$ 232,878,463 $ 2,984,134 $ 235,862,597 $ 2,027,311 $ 237,889,908
Cash and investments consisted of the following at June 30, 2009:
Cash and cash equivalents:
Cash on hand $ 3,535
Deposits with financial institutions 1,826,706
Total cash and cash equivalents 1,830,241
Investments
US Treasury Securities
35,243,998
Federal Agencies
128,760,634
Money Markets
10,711,881
Certificates of Deposit
403,188
Corporate Securities
42,776,753
Local Agency Pool
13,758,058
LA County Pool
1,433,967
Total investments
233,088,479
Total cash and investments
$ 234,918,720
50
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2, CASH AND INVESTMENTS, Continued
B. Investments Authorized by the California Government code and the City's Investment Policy
The table below identifies the investment types that are authorized for the City by the California
Government Code (or the City's investment policy, where more restrictive). The table also identifies
certain provisions of the California Government Code (or the City's investment policy, where more
restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not
address investments of debt proceeds held by bond trustees that are governed by the provisions of debt
agreements of the City, rather than the general provisions of the California Government Code or the
City's investment policy.
* - Excluding amounts held by bond trustees that are not subject to California Government Code
restrictions
51
Maximum
Percentage or
Maximum
Amount of
Investment in
Authorized Investment Type
Maximum Maturity
Portfolio *
One Issuer
Local Agency Bonds
5 years
None
None
U.S. Treasury Obligations
5 years
None
None
State of California Obligations
5 years
None
None
CA Local Agency Obligations
5 years
None
None
U.S. Government Sponsored Enterprise
Securities
5 years
None
None
Banker's Acceptances
180 days
40%
30%
Commercial Paper
270 days
25%
10%
Negotiable Certificates of Deposit
5 years
30%
None
Repurchase Agreements
1 year
None
None
Medium -Term Notes
5 years
30%
None
Money Market Mutual Funds
5 years
15%
10%
Mortgage Pass -Through Securities
5 years
20%
None
County Pooled Investment Funds
Not Applicable
None
None
Local Agency Investment Fund (LAIF)
Not Applicable
$ 40 M
None
* - Excluding amounts held by bond trustees that are not subject to California Government Code
restrictions
51
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2, CASH AND INVESTMENTS, Continued
C. Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements,
rather than the general provisions of the California Government Code or the City's investment policy.
The table below identifies the investment types that are authorized for investments held by bond
trustees. The table also identifies certain provisions of these debt agreements that address interest rate
risk, credit risk, and concentration of credit risk.
Maximum
Percentage
Maximum or Amount of
Authorized Investment Type Maturity Portfolio *
U.S. Treasury Obligations
Money Market Mutual Funds
Local Agency Investment Fund (LAIF)
D. Disclosures Relating to Interest Rate Risk
Maximum
Investment
in One
Issuer
5 years None None
5 years 15% 10
Not Applicable $40M None
As a means of limiting its exposure to fair value losses arising from rising interest rates, the City's
investment policy (Policy) limits investments to a maximum maturity of five years from the date of
purchase.
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. One of the ways that the City manages its exposure to interest
rate risk is by purchasing a combination of shorter term and longer term investments and by timing
cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity
evenly over time, as necessary, to provide the cash flow and liquidity needed for operations.
At June 30, 2009, the City had the following investment maturities:
Investment Type
US Treasury Securities
Federal Agencies
Money Markets
Certificates of Deposit
Corporate Securities
Local Agency Pool
LA County Pool
Total
52
Investment Maturities (In Years)
Fair Value
Less than 1
1 to 2
2 to 3
3 to 4 4 to 5
$ 35,243,998
$ 19,040,335
$ 6,388,127
$ 3,268,617
$ 6,546,919 $ -
128,760,634
61,393,498
31,658,829
18,599,538
12,614,683 4,494,086
10,711,881
10,711,881
-
-
- -
403,188
403,188
-
-
- -
42,776,753
10,068,565
8,551,162
20,246,834
3,910,192 -
13,758,058
13,758,058
-
-
- -
1,433,967
1,433,967
-
-
- -
$ 233,088,479
$ 116,809,492
$ 46,598,118
$ 42,114,989
$ 23,071,794 $ 4,494,086
52
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2, CASH AND INVESTMENTS, Continued
E. Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder
of the investment. This is measured by the assignment of a rating by a nationally recognized statistical
rating organization. Presented below is the minimum rating required by (where applicable) the
California Government Code, the City's investment policy, or debt agreements, and the actual rating, as
reported by Standard and Poor's, as of year-end for each investment type:
Credit Quality Distribution for Securities
with Credit Exposure as a Percentage of Total Investments
F. Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one
issuer beyond that stipulated by the California Government Code. Investments in any one issuer that
represent 5% or more of the City's total investments are as follows:
Issuer
Federal National Mortgage
Association
Federal Home Loan Bank
Federal Home Loan Mortgage
Corporation
Federal Farm Credit Bank
Investment Type Reported Amount % of Total Investments
U.S. Government Sponsored
Enterprise Securities $ 25,397,601 11.38%
U.S. Government Sponsored
Enterprise Securities 31,964,178 14.33%
U.S. Government Sponsored
Enterprise Securities 40,040,994 17.95%
U.S. Government Sponsored
Enterprise Securities 26,697,374 11.97%
53
Moody's
S&P's
% of Investments
Credit
Credit
with Interest
Investment Type
Rating
Rating
Rate Risk
US Treasury Securities
AAA
AAA
15.12%
Federal Agencies
AAA
AAA
55.24%
Money Markets
Not Rated
Not Rated
4.60%
Certificates of Deposit
Not Rated
Not Rated
0.17%
Corporate Securities
Various
Various
18.35%
Local Agency Pool
Not Rated
Not Rated
5.90%
LA County Pool
Not Rated
Not Rated
0.62%
Total
100.00%
F. Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one
issuer beyond that stipulated by the California Government Code. Investments in any one issuer that
represent 5% or more of the City's total investments are as follows:
Issuer
Federal National Mortgage
Association
Federal Home Loan Bank
Federal Home Loan Mortgage
Corporation
Federal Farm Credit Bank
Investment Type Reported Amount % of Total Investments
U.S. Government Sponsored
Enterprise Securities $ 25,397,601 11.38%
U.S. Government Sponsored
Enterprise Securities 31,964,178 14.33%
U.S. Government Sponsored
Enterprise Securities 40,040,994 17.95%
U.S. Government Sponsored
Enterprise Securities 26,697,374 11.97%
53
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2, CASH AND INVESTMENTS, Continued
G. Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover collateral
securities that are in the possession of an outside party. The custodial credit risk for investments is the
risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a
government will not be able to recover the value of its investment or collateral securities that are in the
possession of another party. The California Government Code and the City's investment policy do not
contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or
investments, other than the following provision for deposits: the California Government Code requires
that a financial institution secure deposits made by state or local governmental units by pledging
securities in an undivided collateral pool held by a depository regulated under state law (unless so
waived by the governmental unit). The market value of the pledged securities in the collateral pool
must equal at least 110% of the total amount deposited by the public agencies. California law also
allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a
value of 150% of the secured public deposits. At June 30, 2009, the City deposits (bank balances) were
insured by the Federal Depository Insurance Corporation or collateralized as required under California
Law.
H. Investment in State Investment Pool
The City is a participant in LAIF which is regulated by California Government Code Section 16429
under the oversight of the Treasurer of the State of California. Each City may invest up to $40,000,000
and may also invest without limitation in special bond proceeds accounts. Investments in LAIF are
highly liquid, as deposits can be converted to cash within twenty-four hours without loss of interest.
The City's investments with LAIF at June 30, 2008, included a portion of the pool funds invested in
Structured Notes and Asset -Backed Securities:
Structured Notes: debt securities (other than asset-backed securities) whose cash flow characteristics
(coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that
have embedded forwards or options.
Asset -Backed Securities: generally mortgage-backed securities that entitle their purchasers to receive a
share of the cash flows from a pool of assets such as principal and interest repayments from a pool
of mortgages (for example, Collateralized Mortgage Obligations) or credit card receivables.
As of June 30, 2008, the City had $13,758,058 invested in LAIF, which had invested 14.71% of the pool
investment funds in Structured Notes and Asset -Backed. The LAIF fair value factor of 1.001304743 was
used to calculate the fair value of the investments in LAIF.
LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in
accordance with State statute.
54
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2, CASH AND INVESTMENTS, Continued
L Investment in County Investment Pool
The LACPIF is a pooled investment fund program governed by the Los Angeles County Board of
Supervisors and administered by the Los Angeles County Treasurer and Tax Collector. Investments in
the LACPIF are highly liquid, as deposits and withdrawals can be made at anytime without penalty.
LACPIF does not impose any maximum investment limit. The fair value of the City's investment in this
pool is reported in the accompanying financial statements at amounts based upon the City's prorated
share of the fair value provided by LACPIF for the entire LACPIF portfolio (in relation to the amortized
cost of that portfolio). The balance available for withdrawal is based on the accounting records
maintained by LCPIF, which are recorded on an amortized cost basis.
3. CAPITAL ASSETS
A. Government -Wide Financial Statements
At June 30, 2009, the City's capital assets consisted of the following:
5
Total
$ 94,859,159
45,874,323
140,733,482
20,606,249
86,951,270
45,654,897
732,979,344
886,191,760
(6,080,963)
(15,017,439)
(25,771,120)
(201,428,845)
(248,298,367)
637,893,393
$ 778,626,875
Governmental
Business -Type
Activities
Activities
Non -depreciable assets:
Land
$ 84,071,279
$ 10,787,880
Construction -in -progress
43,776,640
2,097,683
Total non -depreciable assets
127,847,919
12,885,563
Depreciable assets:
Site improvements
18,711,484
1,894,765
Building and improvements
46,537,031
40,414,239
Equipment
10,456,562
35,198,335
Infrastructure
732,979,344
-
Total depreciable assets
808,684,421
77,507,339
Less accumulated depreciation:
Site improvements
(5,793,764)
(287,199)
Building and improvements
(10,158,480)
(4,858,959)
Equipment
(7,488,227)
(18,282,893)
Infrastructure
(201,428,845)
-
Total accumulated depreciation
(224,869,316)
(23,429,051)
Total depreciable assets, net
583,815,105
54,078,288
Total capital assets, net
$ 711,663,024
$ 66,963,551
5
Total
$ 94,859,159
45,874,323
140,733,482
20,606,249
86,951,270
45,654,897
732,979,344
886,191,760
(6,080,963)
(15,017,439)
(25,771,120)
(201,428,845)
(248,298,367)
637,893,393
$ 778,626,875
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
3, CAPITAL ASSETS, Continued
A. Government -Wide Financial Statements, Continued
The following is a summary
of changes in
the capital
assets for governmental
activities during the fiscal
year:
(5,040,898)
Balance
-
- (5,793,764)
Less accumulated depreciation
was charged
to functions/ programs
Governmental Activities
ended
Site improvements
(5,040,898)
Balance
-
- (5,793,764)
Prior Period
Balance
(1,002,909)
July 1, 2008
Additions
Deletions
Adjustments
June 30, 2009
Non -depreciable assets:
- (7,488,227)
Infrastructure
(187,023,798)
(14/105,047)
-
Land
$ 82,955,324
$ 11115,955
$ - $
-
$ 84,071,279
Construcfion4n-progress
106,605,795
24,784,347
(61,615,168)
(25,998,334)
43,776,640
Total non -depreciable assets
189,561,119
25,900,302
(61,615,168)
(25,998,334)
127,847,919
Depreciable assets:
Site improvements
17,734,424
977,060
-
-
18,711,484
Building and improvements
46,537,031
-
-
-
46,537,031
Equipment
9,434,533
1,146,558
(124,529)
-
10/156,562
Infrastructure
667,794,922
65,184,422
-
-
732,979,344
Total depreciable assets
741,500,910
67,308,040
(124529)
-
808,684,121
Less accumulated depreciation
was charged
to functions/ programs
of governmental activities for the fiscal year
ended
Site improvements
(5,040,898)
(752,866)
-
- (5,793,764)
Building and improvements
(9,155,571)
(1,002,909)
-
- (10,158,480)
Equipment
(6,726,138)
(877,349)
115,260
- (7,488,227)
Infrastructure
(187,023,798)
(14/105,047)
-
- (201,428,845)
Total accumulated depreciation
(207,946,405)
(17,038,171)
115,260
- (224,869,316)
Total depreciable assets, net
533,554505
50,269,869
(9,269)
- 583,815,105
Governmental activities capital assets, net
$ 723,113,624 S
76,170,171 $
(61,624,437) 5
(25,998,334) $ 711,663,024
Depreciation expense
was charged
to functions/ programs
of governmental activities for the fiscal year
ended
June 30, 2009 as
follows:
Governmental Activities
General government
Public safety
Public works
Parks and recreation
Community development
Intemal service funds depreciation charged to programs
Allocated depreciation
Unallocated infrastructure depreciation
Total depreciation expense - governmental activities
56
$ 418,369
50,575
304,537
1,544,075
21,213
294,355
2,633,124
14,405,047
$17,038,171
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
3, CAPITAL ASSETS, Continued
A. Government -Wide Financial Statements, Continued
The following is a
summary of changes in the
capital assets
for business -type
activities during the fiscal
year:
70,666,894 4,945,680 -
- 77,507,339
Non -depreciable assets:
Land
Construction -in -progress
Total non -depreciable assets
Depreciable assets:
Site improvements
Building and improvements
Equipment
Total depreciable assets
Less accumulated depreciation:
Site improvements
Building and improvements
Equipment
Total accumulated depreciation
Total depreciable assets, net
Business -type activities capital assets, net
Business -Type Activities
Balance Balance
July 1, 2008 Additions Deletions Reclassification June 30, 2009
$ 10,787,880 $ - $ - $ - $ 10,787,880
762,096 1,545,348 (209,761) - 2,097,683
11,549,976 1,545,348 (209,761) - 12,885,563
1,894,765 - -
- 1,894,765
40,414,239 - -
- 40,414,239
30,252,655 4,945,680 -
- 35,198,335
70,666,894 4,945,680 -
- 77,507,339
(216,023) (71,176) - - (287,199)
(3,997,003) (861,956) - - (4,858,959)
(15,502,218) (2,780,675) - - (18,282,893)
(19,715,244) (3,713,807) - - (23,429,051)
50,951,650 1,231,873 - - 54,078,288
$ 62,501,626 $ 2,777,221 $ (209,761) $ - $ 66,963,851
Depreciation expense for business -type activities for the fiscal year ended June 30, 2009 was charged as
follows:
Transit
Total depreciation expense
57
$ 3,713,807
$ 3,713,807
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4, LONG-TERM DEBT
The following is a summary of long-term debt transactions of the City for the year ended June 30, 2009:
Governmental Activities:
Lease Revenue Bonds:
Series 2007
Plus deferred amount for issuance
premium
Total Lease Revenue Bonds
Certificates of Participation
Balance
July 1, 2008 Additions
$ 13,57500 $
Classification
Balance Due Within Due More
Deletions June 30, 2009 One Year Than One Year
$ (24500) $ 13,330,000 $ 255,000 $ 13,075,000
104,570
(3,658)
100,912
- 100,912
13,679,570
(24808)
13,430,912
25500 13,175,912
Refunding, Series 2005
15,790,000
Series 2007
15,52500
Less deferred amounts:
5530
For issuance discounts
(78,172)
On refunding
(323,459)
Total Certificates of Participation
X913,369
2,471,047
Tax Allocation Bonds:
Series 2008
Housing Set -Aside
Less deferred amounts:
For issuance discounts
Total Tax Allocation Bonds
Capital leases payable
Loans payable
Compensated absences
Claims payable
Total
29,860,000
8,850,000
(1,000,000) 14,790,000 1,0301000 131760,000
15,525,000 1552500
4,614 (73,558) (73558)
27528 (295,931) (295,931)
(967,858) 29,945,511 1,030,000 28,915,511
2900,000 400,000 29,460,000
8,85000 120,000 8,730,000
(165,90(i)
5530
(160,376)
- (160,376)
38,544,094
5530
38,549,624
520,000 38,029,624
23,676
(12,788)
10,888
9,278
1,610
3593,734
- (769,827)
2,823,907
805,972
2,017,935
1,993,279
1,770,398 (1,292,630)
2,471,047
285,797
2,185,250
70,000
- (20,000)
50,000
-
50,000
$ 88,817,722
$ 1,770,398 $ (3,306,231)
$ 87,281,889
$ 2,906,047
$ 84,375,842
58
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4, LONG-TERM DEBT, Continued
Governmental Activities
Lease Revenue Bonds - Series 2007
On January 16, 2007, the Authority issued $13,785,000 Lease Revenue Bonds, Series 2007. Concurrent with
this bond issuance, the Authority entered into a lease and lease -back arrangement with the City whereby
the Authority used the proceeds of the bond issuance to make a lump -sum lease payment to the City. In
return, the City will make lease -back payments to the Authority sufficient to cover the principal and
interest due on the Series 2007 Bonds. The property subject to the lease and lease -back arrangement is City
Hall. The City used the proceeds from the lump -sum lease payment to make a valuation deposit with the
Los Angeles County Superior Court in connection with the acquisition of right-of-ways.
Principal amounts on serial bonds mature annually each February 1 in the years 2008 through 2018 and
bear interest at rates ranging from 4.0% to 5.0%. $2,495,000 term bonds mature February 1, 2033 and bear
interest at 4.3%. $2,965,000 term bonds mature February 2037 and bear interest at 4.375%. Interest is payable
semi-annually on February 1 and August 1, commencing August 1, 2007.
The term bonds maturing February 1, 2033 are subject to mandatory redemption commencing February 1,
2030. The term bonds maturing February 1, 2037 are subject to mandatory redemption commencing
February 1, 2034. Bonds maturing on or after February 1, 2018 are subject to optional redemption on or after
February 1, 2017.
The total principal and interest remaining to be paid on the Bonds is $23,038,848 as of June 30, 2009. For the
current year, principal and interest paid on the Bonds was $822,156 and property tax increment net
revenues were $27,212,480. The Bonds required 3% of net revenues. The outstanding balance of the Bonds
was $13,330,000 at June 30, 2009.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Principal
2010 $ 255,000 $
2011
2012
2013
2014
2015-2019
2020-2024
2025-2029
2030-2034
2035-2037
Total
270,000
280,000
295,000
310,000
1,750,000
2,125,000
2,585,000
3,190,000
Interest
566,460
555,304
541,804
527,804
513,054
2,368,469
1,990,069
1,521,913
922,504
Total
821,460
825,304
821,804
822,804
823,054
4,118,469
4,115,069
4,106,913
4,112,504
2,270,000 201,469 2,471,469
$ 13,330,000 $ 91708,848 S 23,038,848
59
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4, LONG-TERM DEBT, Continued
Governmental Activities, Continued
The following is a summary of the unamortized premiums and discounts outstanding at June 30, 2009:
Balance
July 1, 2008
Additions
Deletions
Balance
June 30, 2009
$ 104,570 $ $ (3,658) $ 100,912
Amortization expense was $3,658 for June 30, 2009.
Refunding Certificates of Participation - Series 2005
On July 1, 2005, the Authority issued $17,700,000 in Certificates of Participation with an average interest
rate of 3.4% to advance refund $17,640,000 of outstanding 1997 Series certificates with an average interest
rate of 4.9%. These securities were deposited in an irrevocable trust with an escrow agent to provide for all
future debt service payments on the 1997 series certificates. As a result, the 1997 Series certificates are
considered to be defeased, and the liability for those certificates has been removed from the long-term
liabilities. The defeased 1997 Series certificates have been retired. The Authority amended and restated the
lease agreement with the City that was entered into simultaneously with the refunded certificates issue.
Principal amounts
mature
annually each October 1
in the years 2006 through 2020 and bear interest at rates
ranging from 3.0%
to 4.0%.
Interest is payable semi-annually
on April 1 and October 1.
The certificates maturing on or after October 1, 2016, are subject to optional prepayment on any date on or
after October 1, 2015, at a price equal to the principal amount plus accrued interest to the prepayment date,
without premium.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Principal Interest Total
2010
$ 1,030,000 $
501,751 $
1,531,751
2011
11060,000
470,401
1,530,401
2012
1,090,000
438,151
1,528,151
2013
11125,000
404,223
1,529,223
2014
11160,000
368,085
1,528,085
2015-2019
61410,000
11197,675
7,6071675
2020-2021
2,915,000
117,700
3,032,700
Total
$ 14,790,000 $
3,497,987 $
18,287,987
60
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4, LONG-TERM DEBT, Continued
Governmental Activities, Continued
The following is a summary of the unamortized premiums and discounts outstanding at June 30, 2009:
C
July 1, 2008 Additions Deletions June 30, 2009
$ (78,172) $ - $ 4,614 $ (73,558)
The advance refunding resulted in a difference between the reacquisition price and the net carrying amount
of the bonds. This difference is considered to be a deferred loss on refunding. The deferred loss on
refunding, reported in the basic financial statements as a deduction from long-term debt, is amortized on a
straight-line method over 20 years. The following is a summary of unamortized deferred loss on refunding
outstanding at June 30, 2009:
C
July 1, 2008 Additions Deletions June 30, 2009
$ (32 3,459) $ $ 27,528 $ (295,931)
Amortization expense was $32,142 for June 30, 2009.
Certificates of Participation - Series 2007
On December 12, 2007, the Authority issued $15,525,000 in Certificates of Participation to provide financing
for the costs of acquiring open space lands, parks, and parkland in accordance with the City's open space,
park and parkland programs, purchase a reserve fund surety and fund the costs of delivery of the
Certificates. The Certificates are backed by lease payments to be made by the City to the Authority for the
use and occupancy of the Aquatic Center and Sports Complex.
The Certificates were issued at a discount of $60,776, which will be amortized and recognized as interest
expense over the life of the debt on a straight-line basis for government -wide financial statement purposes.
This issuance is comprised of $6,000,000 serial certificates maturing annually on October 1 from 2011 to 2028
and two term certificates (totaling $9,525,000) maturing on October 1, 2033 and October 1, 2037 that are
payable in annual sinking fund installments commencing October 1, 2029. Interest on the certificates is
payable semi-annually on October 1 and April 1 at rates ranging from 4.00% to 4.60% for the serial
certificates and 4.75% for the term certificates.
61
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4, LONG-TERM DEBT, Continued
Governmental Activities, Continued
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30,
Principal
Interest
2010
$ -
$ 713,651
2011
-
713,651
2012
35,000
712,951
2013
60,000
711,051
2014
90,000
708,051
2015-2019
930,000
3;451,856
2020-2024
11855,000
3,1701164
2025-2029
3,030,000
2,633,710
2030-2034
41535,000
1,755,956
2035-2038
4,990,000
493,763
Total
$ 151525,000
$ 15,064,806
Tax Allocation Bonds - Series 2008
Total
$ 713,651
713,651
747,951
771,051
798,051
4,381,856
5,025,164
5,663,710
6,290,956
5,483,763
$ 30,5891806
On June 12, 2008, the Agency issued the Santa Clarita Redevelopment Agency Tax Allocation Bonds, Series
2008 (2008 Bonds) in the amount of $29,860,000. Proceeds of the 2008 Bonds will be used to finance certain
redevelopment projects of the Agency, fund a debt service reserve account, and pay for costs of the bond
issuance. The bonds were issued at a net discount of $165,906, which will be amortized and recognized as
interest expense over the life of the debt on a straight-line basis for government -wide financial statement
purposes. This bond issue is comprised of $12,065,000 serial bonds maturing annually on October 1 through
2028 and three term bonds (totaling $17,795,000) maturing on October 1, 2032, October 1, 2037, and October
1, 2042 that are payable in annual sinking fund installments commencing October 1, 2029. Interest on the
2008 Bonds is payable semi-annually on October 1 and April 1 at rates ranging from 4.00% to 4.75% for the
serial bonds and 4.75% to 5.00% for the term bonds.
The total principal and interest remaining to be paid on the Bonds is $60,181,010 as of June 30, 2009. For the
current year, principal and interest paid on the Bonds was $1,104,098 and property tax increment net
revenues were $3,202,114. The Bonds required 34% of net property tax increment revenues. The
outstanding balance of the Bonds was $29,860,000 at June 30, 2009.
62
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG-TERM DEBT, Continued
Governmental Activities, Continued
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30,
2010
2011
2012
2013
2014
2015-2019
2020-2024
2025-2029
2030-2034
2035-2039
2040-2043
Total
Principal
$ 400,000 $
420,000
435,000
450,000
470,000
2,655,000
3,230,000
4,005,000
5,050,000
6,395,000
6,350,000
Interest
1,380,148
1,363,748
1,346,648
1,328,948
1,310,548
6,248,638
5,651,066
4,849,191
3,783,053
2,404,775
654,250
Total
$ 1,780,148
1,783,748
1,781,648
1,778,948
1,780;548
8,903,638
8,881,066
8,854,191
8,833,053
8,799,775
7,004,250
$ 29,860,000 $ 30,321,010 $ 60,181,010
Tax Allocation Bonds - Housing Set -Aside
On June 2008, the Agency issued the Santa Clarita Redevelopment Agency Housing Set -Aside Tax
Allocation Bonds, Series 2008 (Housing Set -Aside Bonds) in the amount of $8,850,000. Proceeds of the
Housing Set -Aside Bonds will be used to finance low and moderate income housing projects and programs,
fund a reserve fund, and pay for costs of the bond issuance. The bonds were issued at a net discount of
$5,241. The bond issue is comprised of $3,550,000 serial bonds maturing annually on October 1 through
2028 and three term bonds (totaling $5,300,000) maturing on October 1 , 2032, October 1, 2037, and October
1, 2042 that are payable in annual sinking fund installments commencing October 1, 2029. Interest on the
Housing Set -Aside Bonds is payable semi-annually on October 1 and April 1 at rates ranging from 4.00% to
4.875% for the serial bonds and 5.00% for the term bonds.
The total principal and interest remaining to be paid on the Bonds is $17,999,159 as of June 30, 2009. For the
current year, principal and interest paid on the Bonds was $332,575 and property tax increment net
revenues were $800,529. The Bonds required 41% of net property tax increment revenues. The outstanding
balance of the Bonds was $8,850,000 at June 30, 2009.
63
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG-TERM DEBT, Continued
Governmental Activities, Continued
The annual debt service requirements on the Housing Set -Aside Bonds are as follows:
Year Ending
June 30,
2010
2011
2012
2013
2014
2015-2019
2020-2024
2025-2029
2030-2034
2035-2039
2040-2043
Total
Principal
$ 120,000
125,000
125,000
135,000
140,000
780,000
945,000
1,180,000
1,500,000
1,905,000
1,895,000
$ 8,850,000
Interest
$ 415,156
410,256
405,256
400,056
394,556
1,883,181
1,707,825
1,471,122
1,145,000
721,375
195,375
$ 9,149,159
Total
$ 535,156
535,256
530,256
535,056
534,556
2,663,181
2,652,825
2,651,122
2,645,000
2,626,375
2,090,375
$ 17,999,159
The following is a summary of the unamortized premiums and discounts outstanding at June 30, 2009:
Balance Balance
July 1, 2008 Additions Deletions June 30, 2009
$ (165,906) $ $ 5530 $ (160,376)
Amortization expense was $5,530 for June 30, 2009.
Capital Leases Payable
In August 2005, the City entered into a lease with an option to purchase agreement in the amount of $40,608
for the lease of a copier. Payments of $812 are due monthly through August 2010.
Future lease payment requirements are as follows:
Year Ending
June 30, Principal
2010 $ 9,278
2011 1,610
Total $ 10,888
m
Interest Total
$ 468 $ 91746
14 1,624
$ 482 $ 11,370
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG-TERM DEBT, Continued
Governmental Activities, Continued
Capital Leases Payable
The remaining assets acquired through existing capital leases are as follows:
Loans Payable
Assets:
Equipment $ 40,608
Less: accumulated depreciation (15,566)
Total assets, net $ 25,042
Balance
Balance
Due within
Due in more
July 1, 2008 Additions
Deletions June 30, 2009
one year
than one year
HUD Loans
$ 11960,000 $
- $ (230,000)
$ 1,730,000
$ 230,000
$ 1500,000
2002 Zion First National Bank
548,857
- (127,833)
421,024
133,835
287,189
2003 Zion First National Bank
1,084,877
- (411,994)
672,883
442,137
230,746
Total
$ 3,593,734 S
- $ (769,827)
S 2,823,907
$ 805,972
S 2,017,935
HUD Loans
In December 1999, the City entered into a loan agreement with the Secretary of Housing and Urban
Development in the amount of $2,000,000. The purpose of this loan was to provide financing for the
installation of curbs, gutters and sidewalks in the West Newhall area. Payments are due semi-annually,
commencing on August 1, 2001, and continuing through August 1, 2014. Future CDBG grant funding will
be used to repay the loan. The interest rate on this loan is fixed.
In August 2002, the City entered into a loan agreement with the Secretary of Housing and Urban
Development in the amount of $1,150,000. The purpose of this loan was to provide financing for the
construction of improvements to Scherzinger Lane. Payments are due semi-annually, commencing on
February 1, 2003, and continuing through August 1, 2017. Future CDBG grant funding will be used to repay
the loan. The interest rate on this loan is fixed.
In August 2002, the City entered into a loan agreement with the Secretary of Housing and Urban
Development in the amount of $350,000. The purpose of this loan was to assist the Boys and Girls Club in
financing the construction of a new gymnasium. Payments are due semi-annually, commencing on
February 1, 2003, and continuing through August 1, 2017. Future CDBG grant funding will be used to repay
the loan. The interest rate on this loan is fixed.
65
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG-TERM DEBT, Continued
Governmental Activities, Continued
Future loan payment requirements are as follows:
Year Ending
June 30,
Principal
2010
$ 230,000
2011
230,000
2012
230,000
2013
230,000
2014
230,000
2015-2018
580,000
Total
$ 11730,000
2002 Zion National Bank Loan
Interest
$ 92,974
88,424
73,949
59,184
44,056
52,408
$ 410,995
Total
$ 322,974
318,424
303,949
289,184
274,056
632,408
$ 2,1401995
On April 8, 2002, the City entered into a lease purchase agreement with the Authority to finance the
purchase of real property that was developed as an employee parking lot for the City. The Authority
assigned all of its rights under the lease purchase agreement to Zions First National Bank. In consideration
of this assignment, Zions First National Bank advanced the City $1,200,000. The lease purchase agreement
calls for interest at a rate of 4.79% per annum on the unpaid balance. Principal and interest are payable to
Zions First National Bank semi-annually, commencing on October 8, 2002, and continuing through April 8,
2012. The asset acquired with the loan proceeds is reported in the governmental activities' capital assets as
land (not being depreciated).
Future payment requirements are as follows:
Year Ending
June 30,
2010
2011
2012
Total
2003 Zion National Bank Loan
Principal
$ 133,835
140,322
146,867
Interest
$ 18,595
12,108
5,307
Total
$ 152,430
152,430
152,174
$ 421,024 $ 36,010 $ 457,034
On October 3, 2003, the City entered into a seven year fixed rate lease/leaseback transaction for certain
capital transfer facilities with the Authority. The Authority assigned all of its rights under the leaseback
transaction to Zions First National Bank. In consideration of this assignment, Zions First National Bank
loaned the Authority $2,590,955, which the Authority used to pay the up -front rental payment due to the
City. This amount was used to prepay, in full, the note payable to Price Enterprise, Inc. The balance of the
proceeds were used to pay for delivery costs. The lease/leaseback transaction calls for the City to make
semi-annual payments of principal and interest to Zions First National Bank, commencing on May 1, 2004.
Interest is fixed at a rate of 3.64%.
W
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. LONG-TERM DEBT, Continued
Governmental Activities, Continued
Future payment requirements are as follows:
Year Ending
June 30,
Principal
Interest
Total
2010
$ 442,137
$ 20,570
$ 462,707
2011
230,746
4,200
234,946
Total
$ 672,883
$ 24,770
$ 697,653
Compensated absences
There is no fixed payment schedule for earned but unpaid compensated absences.
Business -Type Activities
Capital Leases Payable
In December 1998, the City entered into a lease with an option to purchase agreement in the amount of
$2,335,964 for the lease of six buses. Such agreement carries interest at 4.77%, payable annually on
December 31 through 2010.
Future lease payment requirements are as follows:
Year Ending
June 30,
Principal
Interest
Total
2010
$ 237,000
$ 23,148
$ 260,148
2011
248,304
11,844
260,148
Total
$ 485,304
$ 34,992
$ 520,296
The remaining book value of assets acquired through the above capital leases are as follows:
Assets:
Equipment
Less: accumulated depreciation
Total assets, net
67
$ 3,875,196
(31508,377)
$ 366,819
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
5, LOANS RECEIVABLE
The City has provided deferred -payment rehabilitation loans to qualified homeowners in connection with
CDBG and HOME rehabilitation programs. The loans receivable balance totaling $1,307,138 at June 30,
2009, has been offset by deferred revenue in other governmental funds, since these loans are not available to
finance current expenditures.
6, INTERFUND TRANSACTIONS
Due To/Due From - At June 30, 2009, the City had the following short-term interfund receivables and
payables.
0
F" Non -Major Governmental Funds
q Total
Due From Other Funds
General Total
$
31802,017
$
31802,017
$
3,802,017
$
31802,017
Bridge and Thoroughfare
C
v
ORDA
Debt Service
The General Fund amounts were made to cover negative cash situations.
The interfund payables balance represents routine and temporary cash flow assistance from the General
Fund until the amounts receivable from other governments are collected to reimburse eligible expenditures.
Long -Term Advances - At June 30, 2009, the City had the following interfund long-term advances:
Advances To Other Funds
Bridge and
General Thoroughfare Developer Fees Self Insurance Total
493,829 $ 18,334,071 $ - $ 865,790 $ 19,693,690
17,328,884
600,422
17,929,306
$ 17,822,713 $ 18,334,071 $ 600,422 $ 865,790 $ 37,622,996
Advances between funds are to fund
capital projects.
Repayments will be funded
w
developer
Governmental Funds:
$
w
Bridge and Thoroughfare
C
v
ORDA
Debt Service
Q
Total
Advances To Other Funds
Bridge and
General Thoroughfare Developer Fees Self Insurance Total
493,829 $ 18,334,071 $ - $ 865,790 $ 19,693,690
17,328,884
600,422
17,929,306
$ 17,822,713 $ 18,334,071 $ 600,422 $ 865,790 $ 37,622,996
Advances between funds are to fund
capital projects.
Repayments will be funded
through future
developer
fees and tax increment revenues.
0
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6, INTERFUND TRANSACTIONS, Continued
Transfers - At June 30, 2009, the City had the following transfers:
Transfers Out
Redevelopment Redevelopment Other
Agency Debt Agency Capital Governmental Transit Enterprise
Service Fund Projects Fond Funds Fund Total
$ - $ - $ 1,901,323 $ 1501000 $ 4551,323
- - 515,517
1,114,374 - - 1,114,374
Capital Projects Fund
Open Space
9,889 - 15,122
Preservation
Other Governmental Funds
District Special
- - 1,851,715
General Fund Revenue Fund
Transfers In
- -
- - 8,172,930
- 8,172,930
General Fund
$ 2,500,000 $
Bridge and Thoroughfare
515,517 -
Open Space Preservation District
9,255,694 710,507
Special Revenue Fund
- -
Redevelopment Agency
(6,678)
Debt Service Fund
- -
Redevelopment Agency
(6,810)
Redevelopment Redevelopment Other
Agency Debt Agency Capital Governmental Transit Enterprise
Service Fund Projects Fond Funds Fund Total
$ - $ - $ 1,901,323 $ 1501000 $ 4551,323
- - 515,517
1,114,374 - - 1,114,374
Capital Projects Fund
45,851 -
9,889 - 15,122
- 70,862
Other Governmental Funds
3,069,326 710,507
- - 1,851,715
16,802 5,648,350
Transit Enterprise
- -
- - 8,172,930
- 8,172,930
Internal Service Funds
3,125,000 -
- - -
- 3,125,000
Total
9,255,694 710,507
9,889 1,114,374 11,941,090
166,802 $ 23,198,356
BJA Law Enforcement Special Revenue Fund
(6,678)
Supplemental Law Enforcement Revenue Fund
(33,204)
Transfers provide funding for capital projects, capital acquisitions, and debt service.
7. INDIVIDUAL FUND DISCLOSURES
A. Deficit Fund Balances
Funds which have a deficit fund balance at June 30, 2009, are as follows:
Fund
Deficit Fund
Balance
Major Funds:
Bridge and Thoroughfare
$ (3,838,879)
Redevelopment Agency Debt Service Fund
(17,004,471)
Other Governmental Funds:
State Park Special Revenue Fund
(16,880)
Air Quality Management District Revenue Fund
(50,949)
Miscellaneous Grants Special Revenue Fund
(871,730)
Sewer Maintenance Special Revenue Fund
(18,930)
Federal Urban Aid
(480,000)
BJA Law Enforcement Special Revenue Fund
(6,678)
Supplemental Law Enforcement Revenue Fund
(33,204)
Library Facility Fees Revenue Fund
(6,810)
Federal Grants Special Revenue Fund
(3,031,500)
The City plans to remove these deficits through transfers from the General Fund, receipt of developer
fees, receipt of tax increment revenues and receipt of deferred grant revenues from other government
agencies.
M
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
7, INDIVIDUAL FUND DISCLOSURES, Continued
B. Expenditures In Excess Of Appropriations
For the year ended June 30, 2009, expenditures exceeded appropriations in the following
programs/ functions (legal level of budgetary control) of the respective funds:
8, DEFINED BENEFIT PENSION PLAN
Plan Description:
The City contributes to the California Public Employees' Retirement System (CALPERS), an agent multiple -
employer public employee defined benefit pension plan. CalPERS provides retirement and disability
benefits, annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. CalPERS
acts as a common investment and administrative agent for participating public entities within the State of
California. Benefit provisions and all other requirements are established by state statute and city ordinance.
Copies of CalPERS' annual financial report may be obtained from their executive office: 400 P Street,
Sacramento, CA 95814.
Funding Policy:
Participants
are required to contribute 8% of their annual covered
salary. The
Excess Expenditures
Funds
Appropriations
Expenditures
over Appropriations
General Fund:
determined rate; the rate for the year ended June
30, 2009,
was 10.943% for non -safety
Debt Service
$ 35,844
$ 74,856
$ 39,012
Bridge and Thoroughfare Special Revenue
Public Works
154,053
21,500,307
21,346,254
Debt Service
-
688,463
688,463
Non -Major Governmental Funds:
Special Assessment Special Revenue
General government
2,4261087
2,838,122
412,035
State Park Special Revenue
Parks and Recreation
190,607
200,041
9,434
8, DEFINED BENEFIT PENSION PLAN
Plan Description:
The City contributes to the California Public Employees' Retirement System (CALPERS), an agent multiple -
employer public employee defined benefit pension plan. CalPERS provides retirement and disability
benefits, annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. CalPERS
acts as a common investment and administrative agent for participating public entities within the State of
California. Benefit provisions and all other requirements are established by state statute and city ordinance.
Copies of CalPERS' annual financial report may be obtained from their executive office: 400 P Street,
Sacramento, CA 95814.
Funding Policy:
Participants
are required to contribute 8% of their annual covered
salary. The
City makes the contributions
required of
City employees on their behalf and for their account.
The City is
required to contribute at an
actuarially
determined rate; the rate for the year ended June
30, 2009,
was 10.943% for non -safety
employees.
The contribution requirements of plan members and the City
are established and maybe
amended by CalPERS.
70
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
8, DEFINED BENEFIT PENSION PLAN, Continued
Annual Pension Cost:
For 2009, the City's annual pension cost of $5,060,293 for CalPERS was equal to the City's required and
actual contribution. The required contribution was determined as part of the June 30, 2006, actuarial
valuation using the entry age normal actuarial cost method. The contributions were determined as a level
percent of payroll over an average remaining period of fifteen years from the valuation date. The actuarial
assumptions included (a) a 7.75% investment rate of return (net of administrative expenses), (b) projected
annual salary increases of 3.25% to 14.45%, depending on age, service and type of employment, (c) an
inflation rate of 3.00%, (d) a payroll growth rate of 3.25%. The actuarial value of CAPERS' assets was
determined using techniques that smooth the effect of short-term volatility in the market value of
investments over a three-year period (smoothed market value). Initial unfunded liabilities are amortized
over a closed period that depends on the plan's date of entry into CaIPERS. Subsequent plan amendments
are amortized as a level percentage of pay over a closed 20 -year period. Gains and losses that occur in the
operation of the plan are amortized over a rolling period, which results in an amortization of 6% of
unamortized gains and losses each year. If the plans accrued liability exceeds the actuarial value of plan
assets, then the amortization payment on the total unfunded liability may not be lower than the payment
calculated over a 30 -year amortization period.
THREE-YEAR TREND INFORMATION FOR PERS
Funded Status and Funding Progress:
As of June 30, 2007, the most recent actuarial valuation date, the plan was 83.9% funded. The actuarial
accrued liability for benefits was $60.401 million, and the actuarial value of assets was $50.699 million,
resulting in an unfunded actuarial accrued liability (UAAL) of $9.702 million. The covered payroll (annual
payroll of active employees covered by the plan) was $22.981 million, and the ratio of the UAAL to the
covered payroll was 42.2%.
The schedule of funding progress presented below, presents 3 years of trend information about the
actuarial value of plan assets and the actuarial accrued liability for benefits.
Actuarial
Annual
Percentage
of Assets
Pension Cost
of APC Net Pension
Fiscal Year
(APC)
Contributed Obligation
6/30/2007
$ 4,280,000
100% $ -
6/30/2008
4,622,000
100% -
6/30/2009
5,060,293
100% -
Funded Status and Funding Progress:
As of June 30, 2007, the most recent actuarial valuation date, the plan was 83.9% funded. The actuarial
accrued liability for benefits was $60.401 million, and the actuarial value of assets was $50.699 million,
resulting in an unfunded actuarial accrued liability (UAAL) of $9.702 million. The covered payroll (annual
payroll of active employees covered by the plan) was $22.981 million, and the ratio of the UAAL to the
covered payroll was 42.2%.
The schedule of funding progress presented below, presents 3 years of trend information about the
actuarial value of plan assets and the actuarial accrued liability for benefits.
Actuarial
Actuarial Value
Valuation
of Assets
Date
(A)
6/30/2005
$ 36,024 $
6/30/2006
42,487
6/30/2007
50,699
Schedule of Funding Progress for PERS
Most Current Available (in thousands)
(Overfunded)
Actuarial Liability
as Percentage of
Covered Payroll
(C/E)
40.9%
36.8%
42.2%
Unfunded
(Overfunded)
Entry Age
Actuarial
Actuarial
Accrued
Funded
Accrued Liability
Liability (B -A)
Ratio (A/B)
Covered Payroll
(B)
(C)
(D)
(E)
44,138
$ 8,114
81.6%
$ 19,842
50,463
7,976
84.2%
21,669
60,401
9,702
83.9%
22,981
71
(Overfunded)
Actuarial Liability
as Percentage of
Covered Payroll
(C/E)
40.9%
36.8%
42.2%
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
9, POST EMPLOYMENT HEALTH BENEFITS
Plan Description. City retirees, spouse and eligible dependents, receive health plan coverage through the
CAPERS Health Plan (Plan). The Plan is a defined benefit plan. The Plan provides medical and dental
insurance benefits to eligible retirees and their spouses and dependents.
Eligibility.
City employees are eligible who
have a service retirement from the
City at age 50 with five or
more years
of service are eligible to receive
postemployment medical benefits.
Employees who have a
disability retirement
or retire directly from the
City are also eligible.
Participants
as of July 1, 2006 Total
Active employees 326
Retirees 22
Total 348
Funding Policy. The contribution requirements are established and amended by the City. The required
contribution is based on projected pay-as-you-go financing requirements. For fiscal year 2009, the City
contributed $283,027 to the plan.
For fiscal
year 2008-2009,
the City contributed, on an individual basis,
for employees and retirees the
following
amounts:
989.11
Unrepresented
$
989.11
SEIU Local 347
$
989.11
Annual OPEB Cost and Net OPEB Obligation. The City's annual Other Postemployment Benefit (OPEB)
cost (expense) is calculated based on the Annual Required Contribution of the Employer (ARC), an amount
actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a
level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize
any unfunded actuarial liabilities (or funding excesses) over a period not to exceed thirty years. The
following table shows the components of the City's annual OPEB cost for the year, the amount actually
contributed to the plan, and changes in the City's net OPEB Obligation to the Plan:
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB cost (expense)
Contributions made
Increase in net OPEB obligation
Net OPEB obliation - beginning of year
Net OPEB obliation - end of year
72
Total
$ 3,98000
3,984,000
(283,027)
3,700,973
$ 3,700,973
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
9, POST EMPLOYMENT HEALTH BENEFITS, Continued
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB
obligation for 2009 was as follows:
Fiscal
Annual
Year
OPEB
Ended
Cost
6/30/2009
$ 31984,000
of Annual Net
OPEB Cost OPEB
Contributed Obligation
7.1% $ 3,700,973
Funded Status and Funding Progress. As of July 1, 2006, the most recent actuarial valuation date, the plan
was zero percent funded. The Actuarial Accrued Liability for benefits was $24,046,000, and the actuarial
value of assets was $0, resulting in an UAAL of $24,046,000. The covered payroll (annual payroll of active
employees covered by the plan) was $21,200,000 and the ratio of UAAL to the covered payroll was 113.42
percent. The most recent available funding progress is listed below.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are subject to
continual revision as actual results are compared with past expectations and new estimates are made about
the future. The schedule of funding progress, presented as Required Supplementary Information following
the notes to the financial statements, presents multi-year trend information about whether the actuarial
value of plan assets is increasing or decreasing over time relative to the Actuarial Accrued Liabilities for
benefits.
Actuarial Methods and Assumptions. Projections of benefits for financial reporting purposes are based on
the substantive plan (the plan as understood by the employer and the plan members) and include the types
of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members to that point. The actuarial methods and assumptions used
include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.
In the July 1, 2006, actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions include a 4.25% investment rate of return which is based on the expected return on funds
invested by CaIPERS, and an annual healthcare cost trend rate of 9.70% initially and reduced by decrements
of 0.6% to an ultimate rate of 4.5% thereafter. The actuarial value of assets was determined using techniques
that spread the effects of short-term volatility in the market value of investments over a five-year period.
The UAAL is being amortized as level percentage of projected payroll on an open basis. The remaining
amortization period at July 1, 2006, was 30 years.
73
Unfunded
Actuarial
Actuarial
(Unfunded)
Liability as
Actuarial
Actuarial Accrued
Actuarial
Percentage of
Valuation
Asset Liability
Accrued Funded
Covered
Covered
Date
Value Entry Age
Liability Ratio
Payroll
Payroll
7/1/2006
$ $ 241046,000
$ (24,046,000) 0.0%
$ 21,889,000
109.85%
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are subject to
continual revision as actual results are compared with past expectations and new estimates are made about
the future. The schedule of funding progress, presented as Required Supplementary Information following
the notes to the financial statements, presents multi-year trend information about whether the actuarial
value of plan assets is increasing or decreasing over time relative to the Actuarial Accrued Liabilities for
benefits.
Actuarial Methods and Assumptions. Projections of benefits for financial reporting purposes are based on
the substantive plan (the plan as understood by the employer and the plan members) and include the types
of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members to that point. The actuarial methods and assumptions used
include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.
In the July 1, 2006, actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions include a 4.25% investment rate of return which is based on the expected return on funds
invested by CaIPERS, and an annual healthcare cost trend rate of 9.70% initially and reduced by decrements
of 0.6% to an ultimate rate of 4.5% thereafter. The actuarial value of assets was determined using techniques
that spread the effects of short-term volatility in the market value of investments over a five-year period.
The UAAL is being amortized as level percentage of projected payroll on an open basis. The remaining
amortization period at July 1, 2006, was 30 years.
73
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
10, DEFERRED COMPENSATION PLAN/DEFINED CONTRIBUTION PLAN
The City has established Deferred Compensation/ Defined Contribution plans for certain classifications of
management under Internal Revenue Service Code Section 401(a). City participation in contributions to the
plans is mandatory. The City is obligated to contribute amounts ranging from $2,000 to $16,500 per
participant per year. Employee contributions to certain plans are voluntary. During the year ended June 30,
2009, there were 619 participants in the plans. The City contributions totaled $197,798, and employees'
contributions totaled $1,877,640.
11. RESERVES AND DESIGNATIONS OF FUND BALANCES
The City's
reserves and
designations at June 30, 2009, are
tabulated below, followed by
explanations as to
the nature
and purpose
of each reserve and designation.
Reserves
Encumbrances
Prepaid costs
Deposits
Debt service
Land held for resale
Low/moderate
income housing
Open space
preservation district
Advance to
other funds
Total Reserves
Unreserves
Designated:
Self-insurance
Special revenue
purposes
Capital
improvements
Undesignated
Total unreserves
Special Revenue Funds
Open Space
Bridge and Preservation
General Fund Thoroughfare Developer Fees District
$ 1,272,356 $ 3,737,639 $ 492,707 $ 741,301
191,263 - - -
13,330,807 - - 253,000
Redevelopment Redevelopment Other
Agency Debt Agency Capital Governmental
Service Projects Funds
$ - $ 1,685,390 $ 735,459
- - - - 571,063
- - - 1,607,196 -
- - - - 11,968,628
- 16,649,100
17,822,713 18,334,071 60OA22 -
32,617,139 22,071,710 1,093,129 17,643,401
220,616
- 3,292,586 13,275,150
776,260 - - - 25,010,146
41,061,442 (25,910589) - -
41,282,058 (25,910589) 776,260 -
34502,270 4,769,573
(17,004,471) - 1,598,033
(17,004,471) 34502,270 31,377,752
Total fund balance $ 73,899,197 $ (3,838,879) $ 1,869,389 $ 17,643,401 $ (17,004,471) $ 37,794,856 $ 44,652,902
74
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
11, RESERVES AND DESIGNATIONS OF FUND BALANCES, Continued
Special Revenue Funds
A. Reserved for Encumbrances - Amounts reserved for encumbrances are commitments for materials and
services on purchase orders and contracts which are unperformed.
B. Reserve for Prepaid Costs - This reserve is for prepaid costs since they are not available as a resource to
meet expenditures of the current year.
C. Reserved for Deposits - This reserve is for deposits since they are not available as a resource to meet
expenditures of the current year.
D. Reserved for Debt Service - These reserves represent amounts accumulated in accordance with a bond
indenture or similar covenant.
E. Reserved for Land Held for Resale - This reserve is for land held for resale by the Agency since it is not
available as a resource to meet expenditures of the current year.
F. Reserve for Low/Moderate Income Housing - This reserve is for amounts set-aside from tax increment
money received by the Agency for the purpose of spending on projects that benefit low/moderate
income households.
G.
Reserved for Advances to Other Funds - This reserve
is established to reflect the
advances to the
Open Space
Redevelopment
Other
General
Bridge and
Developer
Preservation
Agency Capital
Governmental
Fund
Thoroughfare
Fees
District
Projects
Funds
Designations
J.
Designated for Capital Improvements - These funds
are designated to provide
for new capital
Self-insurance
$ 220,616
$ -
$ -
$ -
$ -
$ -
Special revenue
purposes
-
-
-
-
-
25,010,146
Capital
improvements
-
-
-
-
-
4,769,573
Total Designations
$ 220,616
$ -
$ -
$ -
$ -
$ 29,779,719
A. Reserved for Encumbrances - Amounts reserved for encumbrances are commitments for materials and
services on purchase orders and contracts which are unperformed.
B. Reserve for Prepaid Costs - This reserve is for prepaid costs since they are not available as a resource to
meet expenditures of the current year.
C. Reserved for Deposits - This reserve is for deposits since they are not available as a resource to meet
expenditures of the current year.
D. Reserved for Debt Service - These reserves represent amounts accumulated in accordance with a bond
indenture or similar covenant.
E. Reserved for Land Held for Resale - This reserve is for land held for resale by the Agency since it is not
available as a resource to meet expenditures of the current year.
F. Reserve for Low/Moderate Income Housing - This reserve is for amounts set-aside from tax increment
money received by the Agency for the purpose of spending on projects that benefit low/moderate
income households.
G.
Reserved for Advances to Other Funds - This reserve
is established to reflect the
advances to the
Redevelopment Agency, so they will not be considered as
current funds available.
H.
Designated for Self-insurance - This designation is held
to cover any shortfalls in the
Self-insurance
Internal Service Fund.
I.
Designated for Special Revenue Purposes - These funds are designated for specific
special revenue
purposes, as restricted by law or administrative action.
J.
Designated for Capital Improvements - These funds
are designated to provide
for new capital
additions, as determined by the City Council.
75
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
12. SELF INSURANCE
The City joined Special Districts Risk Management Authority (SDRMA) in the fall of 2005. SDRMA is a self
insurance risk pool that serves as a not-for-profit public agency to its members. Through SDRMA the City
currently holds a $500 general liability deductible. All general liability claims above $500 and up to a limit
of $10,000,000 are handled by SDRMA. On June 30, 2009, $50,000 was accrued by the City for general
liability claims that were received prior to the partnership with SDRMA. While the ultimate amounts of
losses that occurred prior to SDRMA are dependent of 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.
The City's workers' compensation coverage is
also administered by SDRMA.
The City
is under statutory
workers' compensation coverage and claims
are handled by SDRMA up
to a limit
of $5,000,000 per
occurrence.
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, 2009.
Changes in the reported liability since June 30, 2006 resulted in the following:
Liability as of June 30, 2007 $ 100,000
Claims and changes in estimates during the year ended June 30, 2008 1,251,935
Claims and payments during the year ended June 30, 2008 (1,281,935)
Liability as of June 30, 2008 $ 70,000
Claims and changes in estimates during the year ended June 30, 2009 1,854,791
Claims and payments during the year ended June 30, 2009 (1,874,791)
Liability as of June 30, 2009 $ 50,000
13. SEGMENT INFORMATION
Net working capital (deficit) of the Transit Enterprise System at June 30, 2009, was as follows:
Current assets
Current liabilities payable from current assets
Net working capital (deficit)
76
$ 6,5271941
(2,976,808)
$ 3,5511133
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
14, NO COMMITMENT DEBT
1915 Act Limited Obligation Improvements Bonds
A. On September 2, 1992, $879,432 of 1915 Act Limited Obligation Improvement Bonds (1915 Golden
Valley Road Bonds) for the Golden Valley Road Improvement Assessment District (Assessment District)
were issued. The 1915 Golden Valley Road Bonds are not a general obligation of the City, and neither
the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The source
of the debt service is from the property assessments within the Assessment District. The principal
amount of debt outstanding at June 30, 2009, was $555,000.
B. On January 13, 2001, $790,000 of 1915 Act Limited Obligation Improvement Bonds (1915 Vermont
Drive/Everett Drive Bonds) for the Vermont Drive/Everett Drive Improvement Assessment District
(Assessment District) were issued. The 1915 Vermont Drive/Everett Drive Bonds are not a general
obligation of the City, and neither the faith and credit nor the taxing power of the City is pledged to the
payment of the bonds. The source of the debt service is from the property assessments within the
Assessment District. The principal amount of the debt outstanding at June 30, 2009, was $590,000.
Community Facilities District No. 2002-1 Special Tax Bonds
On October 29, 2002, $17,370,000 of Special Tax bonds were issued for Community Facilities District No.
2002-1 (Community Facilities District). The Special Tax bonds are not a general obligation of the City, and
neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds. The
source of the debt service is from the property assessments within the Community Facilities District. The
principal amount of the debt outstanding at June 30, 2009, was $17,105,000.
15. SANTA CLARITA WATERSHED RECREATION AND CONSERVANCY AUTHORITY
In June 1992, the City entered into a joint powers agreement with the Santa Monica Mountains Conservancy
(Conservancy) to create the Santa Clarita Watershed Recreation and Conservancy Authority (the Watershed
Authority). The purpose of the Watershed Authority is to acquire, develop and conserve additional park
and open space lands, including water -oriented recreation and conservation projects. The governing board
consists of two representatives from the Conservancy and two from the City.
Upon termination of the agreement, personal property and funds will be returned to the originating party.
Any real property owned by the Watershed Authority shall be conveyed to the City unless the Watershed
Authority deems otherwise. The City performs administrative functions for the Watershed Authority;
however, it does not have an equity interest.
Financial statements of the Watershed Authority may be obtained at the City's administrative offices.
77
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
16. COMMITMENTS AND CONTINGENCIES
The City has active construction projects as of June 30, 2009. At year-end, the City's commitments with
contractors for the projects are as follows:
Project
Streets
Bridges
Traffic signals
Trails
Sidewalk
Remaining
Commitment
$ 11857,483
15,487,597
527,727
135,948
35,647
Total $ 18,044,402
The City has received Federal grants for specific purposes that are subject to review and audit by the
Federal government. Although such audits could result in expenditure disallowance under grant terms,
and any required reimbursements are not expected to be material.
In addition, the City is a defendant in certain other legal actions arising in the normal course of operations.
In the opinion of management and legal counsel, any liability resulting from these actions will not result in
a material adverse effect on the City's financial position.
As of June 30,
2009, in the opinion of City management, there were
no additional
outstanding matters that
would have a
significant effect on the financial position of the funds
of the City.
Capital Net Assets,
17. PRIOR PERIOD ADJUSTMENTS
Government -Wide Financial Statements
During the fiscal year ended June 30, 2009, the City recorded the following prior period adjustments in the
Government -Wide Financial Statements:
Capital assets, net - The City performed a review of its capital assets during the year ended June 30,
2009. As a result of the review, the City identified an error and recorded an adjustment removing some
previous capitalized assets that do not belong to the City in the amount of $25,998,334 for governmental
activities as of June 30, 2008. This was a continuation of the GASB No. 34 effort.
0
Prior Period
Adjustments
Net Assets,
as Previously
Capital Net Assets,
Reported
Assets, Net as Restated
Governmental Activities:
Net assets $ 8461201,604
$ (251998,334) $ 820,203,270
0
City of Santa Clarita
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
18. SUBSEQUENT EVENTS
Subsequent to June 30, 2009, the State of California (State) decided to borrow, to defer certain revenue
payments and to take certain funds from local governments including the City. These amounts are
significant to the City and are as follows:
8% of Property Taxes $3.046.488
Redevelopment Agency $1.375.082
Property Taxes borrowed by the State for fiscal year 2009-2010 were nearly $2 billion statewide to help the
State's budget shortfall. Legislators and the Governor promised to allow local agencies to sell their eventual
repayment from the State to investors to cover the property taxes and to pay the full cost of the sale, or
securitization. Passage of Senate Bill 67 (SB67) was accomplished on October 14, 2009. A future bond sale is
necessary to complete the funding or securitization. The City has planned to use these funds in the 2009-10
budget.
Redevelopment Agency funds have been estimated for a two year takeaway by the State. This decision is to
be litigated by the California Redevelopment Association and other parties, with hope that this will be
considered unconstitutional, as was last year's State proposed takeaway.
79
This page is intentionally left blank.
0
REQUIRED SUPPLEMENTARY
INFORMATION
(Unaudited)
81
City of Santa Clarita
Required Supplementary Information (Unaudited)
For the year ended June 30, 2009
1, BUDGETARY INFORMATION
Annual budgets are adopted on a basis consistent with generally accepted accounting principles in the
United States for all governmental funds, except that encumbrances are shown in the year incurred for
budgetary purposes. All annual appropriations lapse at fiscal year end.
On or before the last day in January of each year, all operational units submit requests for appropriations to
the City Manager for budget preparation purposes. Before April 30, the proposed budget is presented to
the City Council for review. The City Council holds public hearings and a final budget must be prepared
and adopted no later than June 30.
The appropriated budget is prepared by fund, function, and department. The City's department heads,
with approval of the City Manager, may make transfers of appropriations within a department and
between departments within a fund. The legal level of budgetary control (i.e. the level at which
expenditures may not legally exceed appropriations) is the fund level.
Under encumbrance accounting, purchase orders, contracts and other commitments for expenditures are
recorded to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as
an extension of formal budgetary accounting. Since encumbrances do not yet constitute expenditures or
liabilities, encumbrances outstanding at year-end are reported as reservations of fund balances.
Unexpended appropriations lapse at year-end.
Following are the budget comparison schedules for the General Fund and all major special revenue funds.
m
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Budget Comparison Schedule - General Fund
Fund balance, July 1, 2008
Resources (inflows):
Taxes
Licenses and permits
Use of money and property
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
Overhead reimbursement
Transfers in
Amount available for appropriation
Charges to appropriations (outflows):
Current:
General government
Public safety
Public works
Parks and recreation
Community development
Debt service:
Bond issuance costs
Principal retirement
Interest and fiscal charges
Transfers out
Total charges to appropriations
Fund balance, June 30, 2009
Variance with
Budgeted Amounts Actual Final Budget
Original Final Amounts Positive (Negative)
$ 66,074,426 $ 66,074,426 $ 66,074,426 $
6707,431
65,468,487
645941946
(873541)
4,772,372
4,843,377
3,6971218
(1,146,159)
21121,753
2,1211753
4,730,169
2,608,416
11495,500
1,4421953
1,483,253
40,300
434,225
496,225
402,851
(93,374)
5,8861908
5563,008
5,364,011
(198,997)
3,000
103,000
314,169
211,169
21264,014
2,2641014
2,395549
131535
2,437,981
4,325,197
4551,323
226,126
153,377,610
152,702,440
15307,915
905,475
14,626,661
15,2491045
13,779,808
1,469,237
181542,547
19,002,569
17,155,497
1,847,072
16,569,025
16,988,816
1405,832
2,322,984
20506,388
20,8101228
19,926,371
883,857
4,378,663
4,845,937
4,43066
407,271
-
39,011
(39,011)
- 411,994
411,994
-
- 35,844
35,845
(1)
3,508,410 6051227
9,25504
(25K467)
78,131,694 84,039,660
79,708,718
4,330,942
$ 75,245,916 S 68,662,780 S 73,899,197
83
$ 5,236,417
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Budget Comparison Schedule - Bridge and Thoroughfare Special Revenue Fund
Fund balance, July 1, 2008
Resources (inflows):
Developer fees
Investment income
Transfers in
Amount available for appropriation
Charges to appropriations (outflows):
Current:
Public works
Capital outlay
Debt service - interest and fiscal charges
Total charges to appropriations
Fund balance, June 30, 2009
Budgeted Amounts
Original Final
$ 15,309,177 $ 15,309,177
Actual
Amounts
$ 15,309,177
Variance with
Final Budget
Positive (Negative)
4,954,411 201600,090
14,671,591
(5,928,499)
538,508 538508
1558,040
1,019,532
- 515,517
515,517
-
-
2002,096 36,963,292
32,054,325
(008,967)
154,461
154,053
21500,307
(21,346,254)
5,420,450
21,279,225
13,704,434
7,574,791
-
-
688,463
(688,463)
5,574,911
21,433,278
35,893,204
(14,459,926)
$ 15,227,185
$ 15,530,014
$ (3,838,879) $
(19,368,893)
84
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Budget Comparison Schedule - Developer Fees Special Revenue Fund
85
Variance with
Budgeted Amounts
Actual
Final Budget
Original
Final
Amounts
Positive (Negative)
Fund balance, July 1, 2008
$ 1,1561915
$ 1,156,915
$ 11156,915
$
Resources (inflows):
Developer fees
21925,479
569,715
(2,355,764)
Investment income
442,201
442,201
11332,025
889,824
Other revenue
-
-
39,985
39,985
Amount available for appropriation
1,599,116
4,524,595
31098,640
(1,425,955)
Charges to appropriations (outflows):
Current:
Community development
-
670,331
97,088
573,243
Capital outlay
122,000
21240,419
11132,163
1,108,256
Total charges to appropriations
122,000
21910,750
1122%251
1,681,499
Fund balance, June 30, 2009
$ 1,477,116
$ 1,613,845
$ 1,869,389
$ 255,544
85
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Budget Comparison Schedule - Open Space Preservation District Special Revenue Fund
86
Variance with
Budgeted Amounts
Actual
Final Budget
Original
Final
Amounts
Positive (Negative)
Fund balance, July 1, 2008
$ 16,435,470
$ 16,435,470
$ 161435,470
$ -
Resources (inflows):
Taxes
11618,341
1,618,341
11645,398
27,057
Investment income
17,500
17,500
291,006
273,506
Transfers in
-
250,000
-
(250,000)
Amount available for appropriation
181071,311
18,321,311
18,371,874
50,563
Charges to appropriations (outflows):
Current:
General government
741,652
11478,003
17,966
1,460,037
Transfers out
-
710,507
710,507
Total charges to appropriations
741,652
2,1881510
728,473
11460,037
Fund balance, June 30, 2009
$ 17,329,659
$ 16,132,801
$ 17,643,401
$ 1,510,600
86
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
2. DEFINED PENSION PLAN
PUBLIC EMPLOYEE RETIREMENT SYSTEMS (PERS)
SCHEDULE OF FUNDING PROGRESS
($ Amount in Thousands)
Miscellaneous Employees
* Based on most recent actuarial valuation
99
(A)
(B)
(C)
(D)
(E)
(F)
(Unfunded)
(Unfunded)
Actuarial
Entry Age
Actuarial
Liability as
Actuarial
Actuarial
Actuarial
Accrued
Funded
Annual
Percentage of
Valuation
Value of
Accrued
Liability
Ratio
Covered
Covered Payroll
Date*
Assets (AVA)
Liability
[(B) -(A)]
[(A)/(B)]
Payroll
[(C)/(E)]
6/30/2005
$ 36,024
$ 44,138
$ 8,114
81.62%
$ 19,842
40.89%
6/30/2006
42,487
50,463
7,976
84.19%
21,669
36.81%
6/30/2007
50,699
60,401
9,702
83.94%
22,981
42.22%
* Based on most recent actuarial valuation
99
City of Santa Clarita
Required Supplementary Information (Unaudited), Continued
For the year ended June 30, 2009
3. OTHER POST EMPLOYMENT BENEFITS
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Funding Progress for the City's Plan
0
(A)
(B)
(C)
(D)
(E)
(F)
Unfunded
(Unfunded)
Actuarial
Actuarial
Actuarial
Liability as
Actuarial
Actuarial
Accrued
Accrued
Funded
Percentage of
Valuation
Asset
Liability
Liability
Ratio
Covered
Covered Payroll
Date
Value
Entry Age
[(B) -(A)]
[(A)/(B)]
Payroll
[(C)/(E)]
7/1/2006
$
$ 24,0461000
$ (24,046,000)
0.0%
$ 21,200,000
113.42%
0
SUPPLEMENTARY INFORMATION
F
90
NONMAJOR GOVERNMENTAL FUNDS
The Special
Revenue Funds are used to account
for the proceeds
of specific
revenue sources that are legally
restricted to
expenditures for specific purposes.
the City's unmet
transportation needs have
been satisfied.
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).
These funds may be
used for local streets and road expenditures when
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 Dedication - To account for monies received from developers restricted to fund the acquisition and
development of new park land space.
Proposition A - As "Proposition A" increased sales tax in Los Angeles County by one-half percent (.5%), this fund
accounts for financial activity relative to the City's share of these monies "Proposition A" revenue is to be used for
transportation -related purposes.
Special Assessment - To account for monies received for small 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 (Transportation
Development Act) -
To account for monies received from the State of
California under
Article 8 of the 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.
AQMD (Air Quality Management District) - To account for revenues and expenditures for Air Quality
Management.
Landscape Maintenance District #1 - To account for receipts and disbursements related to a landscape district.
Stormwater Utility - To account for receipts and disbursements related to stormwater and run-off programs.
Miscellaneous Grants - To account for receipts and disbursements for non-federal miscellaneous grants.
Sewer Maintenance - To account for monies received from developers as sewer frontage fees to be used to fund
sewer maintenance projects.
051
NONMAJOR GOVERNMENTAL FUNDS
Federal Aid Urban -To account for receipts and disbursements associated with Federal Urban Aid.
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.
HOME - To account for receipts and disbursements for the activity for the HOME grant program.
Library Facilities Fees - To account for receipts and disbursements for the library facilities.
Public Education and Government - To account for the 1% PEG Capital Grant funds received from video service
providers pursuant to Digital Infrastructure and Video Competition Act of 2006.
Proposition C - To account for the City's share of the one-half percent (.5%) increased sales tax in Los Angeles
County as a result of "Proposition C". This revenue is to be used for transportation related purposes.
Federal Grants - To account for receipts and disbursements of miscellaneous federal grant monies not accounted
for in other funds.
The Debt Service Funds are used to account for the accumulation of resources for, and payment of, interest and
principal on general long-term debt.
Redevelopment Agency Low/Mod To account for principal and interest payments on the Housing Set -Aside Tax
Allocation Bonds, Series 2008.
Public Financing Authority To account
for principal
and interest payments
on the 1991 Revenue Bonds issued by the
Santa Clarita Public Financing Authority.
The Capital Projects Funds are used to account for the acquisition or construction of the City's major capital
facilities, other than those financed by proprietary funds.
General Capital Projects - To account for major capital improvement projects not accounted for in other funds.
Redevelopment Agency Low/Mod - To account for the 20% set-aside of tax increment revenues, bond proceeds
and other revenues to be used for development of low and moderate income housing.
Public Financing Authority - To
account for the construction of all capital
projects that utilize public
financing
authority funds.
ow
93
City of Santa Clarita
Combining Balance Sheet
Non -Major Governmental Funds
June 30, 2009
Special Revenue Funds
LIABILITIES AND
Park
Special
FUND BALANCES
Bikeway
Gas Tax
Dedication
Proposition
Assessment
ASSETS
Cash and investments
$ 137,445
$ 4,774,609
$ 1,494,390
$ 654,780
$ 6,223,290
Cash and investments with fiscal agents
-
-
-
-
-
Receivables:
-
-
-
-
-
Accounts
-
20,731
-
-
28,352
Interest
1,284
44,192
13,963
6,117
58,148
Taxes
-
356,991
-
-
316,621
Due from other governments
-
-
-
-
-
Notes and loans receivable
-
-
-
-
-
Land held for resale
-
-
-
-
-
Total assets
$ 138,729
$ 5,196,523
$ 1508,353
$ 660,897
$ 6,626,411
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities
$ 10,781 $
201,623 $
49,205 $
97,941 $
322,457
Deferred revenue
83,742
2,652,496
5,942
2,603
24,744
Due to other governments
-
-
-
-
-
Due to other funds
-
-
-
-
208,702
Total liabilities
94,523
2,854,119
55,147
100,544
555,903
Fund Balances (Deficit):
Reserved for:
Special revenue fund
-
-
-
-
Debt service
-
-
571,063
-
-
Capital projects fund
-
-
-
-
-
Unreserved:
Designated
-
2,342,404
882,143
560,353
-
Undesignated
44,206
-
-
-
6,070,508
Total fund balances (deficit)
44,206
2,342,404
1,453,206
560,353
6,070,508
Total liabilities and fund balances
$ 138,729 $
5,196,523 $
1,508,353 $
660,897 $
6,626,411
94
Special Revenue Funds
Landscape
State Traffic Maintenance Stormwater Miscellaneous
Park TDA Safety CDBG AQMD District #1 Utility Grants
$ 250,000 $ 3,277,729 $ 49,511 $ 59,376 $ - $ 16,000,075 $ 3,889,712 $
- - - - - 36,938 109,611 -
- 30,625 463 - - 149,496 36,343 -
- - 118,467 - - 554,423 1,105,481 -
266,880 142,060 - 143,857 50,600 - - 1,106,954
- - - 141,954 - - - -
$ 516,880 $ 3,450,414 $ 168,441 $ 345,187 $ 50,600 $ 16,740,932 $ 5,141,147 $ 1,106,954
$ 25,494 $ 1,297,473 $ - $ 147,825 $ 25,000 $ 1,138,192 $ 225,199 $ 475,936
266,880 2,005,715 197 141,954 50,600 63,616 15,465 1,084598
26,215 - - - - - - -
215,171 - - - 25,949 - - 418,150
533,760 3,303,188 197 289,779 101,549 1,201,808 240,664 1,978,684
- 147,226 168,244 55,408 - 15539,124 4,900,483
(16,880) - - - (50,949) - - (871,730)
(16,880) 147,226 168,244 55,408 (50,949) 15539,124 4,900,483 (871,730)
$ 516,880 $ 3,450,414 $ 168,441 S 345,187 $ 50,600 $ 16,740,932 $ 5,141,147 $ 1,106,954
City of Santa Clarita
Combining Balance Sheet, Continued
Non -Major Governmental Funds
June 30, 2009
Special Revenue Funds
LIABILITIES AND
Sei%er Federal Aid
BJA Law
Supplemental
Maintenance Urban
Enforcement
Law Grant
HOME
ASSETS
Liabilities:
Cash and investments
$ - $ -
$ -
$ -
$ 61,355
Cash and investments with fiscal agents
- -
-
-
-
Receivables:
480,000
3,754
33,798
1,165,184
Accounts
- -
-
-
-
Interest
- -
-
-
-
Taxes
- -
-
-
-
Due from other governments
- 480,000
5,608
33,798
-
Notes and loans receivable
- -
-
-
1,165,184
Land held for resale
- -
-
-
-
Total "sets
$ - $ 480,000
$ 5,608
$ 33,798
$ 1,226,539
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities
$ - $
- $
- $
- $
-
Deferred revenue
-
480,000
3,754
33,798
1,165,184
Due to other governments
-
-
-
-
-
Due to other funds
18,930
480,000
8,532
33,204
-
Total liabilities
18,930
960,000
12,286
67,002
1,165,184
Fund Balances (Deficit):
Reserved for:
Special revenue fund
-
-
-
-
-
Debt service
-
-
-
-
-
Capital projects fund
-
-
-
-
-
Unreserved:
Designated
-
-
-
-
61,355
Undesignated
(18,930)
(480,000)
(6,678)
(33,204)
-
Total fund balances (deficit)
(18,930)
(480,000)
(6,678)
(33,204)
61,355
Total liabilities and fund balances
$ - S
480,000 $
5,608 $
33,798 $
1,226,539
96
Special Revenue Funds Debt Service Funds
Library Public Redevelopment Public
Facility Education and Federal Agency Financing
Fees Government Proposition C Grants Total Low/Mod Authority Total
$ - $ 292,760 $ 545,370 $ - $ 37,710,402 $ 9,223 $ 457,357 $ 466,580
- - - - - 268;879 - 268,879
1,224 - - - 196,856 - - -
- 2,735 5,096 - 348,462 - - -
- 80,316 - - 2,532,299 - - -
- - 2,183,616 3,717,915 8,131,288 - - -
- - - - 1,307,138 - - -
$ 1,224 $ 375,811 $ 2,734,082 $ 3,717,915 $ 50,226,445 $ 278,102 $ 457,357 $ 735,459
$ 2,190 $ 80,666 $ 1,278,720 $ 820,799 $ 6,199,501-
- 1,164 1,395,937 3,453,350 12,931,739 - - -
- - - 87,731 113,946 - - -
5,844 - - 2,387,535 3,802,017 - - -
8,034 81,830 2,674,657 6,749,415 23,047,203 - - -
- - - - 571,063 - - -
- - - - - 278,102 457,357 735,459
293,981 59,425 25,010,146 - - -
(6,810) - - (3,031,500) 1,598,033 - - -
(6,810) 293,981 59,425 (3,031,500) 27,179,242 278,102 457,357 735,459
$ 1,224 $ 375,811 $ 2,734,082 S 3,717,915 $ 50,226,445 $ 278,102 $ 457,357 $ 735,459
97
City of Santa Clarita
Combining Balance Sheet, Continued
Non -Major Governmental Funds
June 30, 2009
LIABILITIES AND
Capital Projects Funds
FUND BALANCES
Total
General
Redevelopment
Public
Accounts payable and accrued liabilities
Noomajor
8,017 $
Capital
Agency
Financing
-
Governmental
- 13,965
Projects
Low/Mod
Authority
Total
Funds
ASSETS
Due to other funds
-
-
- -
3,802,017
Cash and investments
$ 4,834,395
$ 11,937,629
$ 185 $
16,772,209
$ 54,949,191
Cash and investments with fiscal agents
-
-
-
-
268,879
Receivables:
Special revenue fund
-
11,968,628
Accounts
-
-
-
-
196,856
Interest
-
32,817
-
32,817
381,279
Taxes
-
20,164
-
20,164
2,552,463
Due from other governments
-
-
-
-
8,131,288
Notes and loans receivable
-
-
-
-
1,307,138
Land held for resale
-
-
-
-
-
Total assets
$ 4,834,395
$ 11,990,610
$ 185 $
16,825,190
$ 67,787,094
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities
$ 65,007 $
8,017 $
- $ 73,024 $
6,272,525
Deferred revenue
-
13,965
- 13,965
12,945,704
Due to other governments
-
-
- -
113,946
Due to other funds
-
-
- -
3,802,017
Total liabilities
65,007
21,982
- 86,989
23,134,192
Fund Balances (Deficit):
Reserved for:
Special revenue fund
-
11,968,628
- 11,968,628
11,968,628
Debt service
-
-
- -
571,063
Capital projects fund
-
-
- -
735,459
Unreserved:
Designated
4,769,388
-
185 4,769,573
29,779,719
Undesignated
-
-
- -
1,598,033
Total fund balances (deficit)
4,769,388
11,968,628
185 16,738,201
44,652,902
Total liabilities and fund balances
$ 4,834,395 $
11,990,610 $
185 $ 16,825,190 $
67,787,094
98
99
City of Santa Clarita
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non -Major Governmental Funds
For the Year Ended June 30, 2009
REVENUES:
Taxes
Developer fees
Investment income
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
Debt service:
Bond issuance costs
Principal retirement
Interest and fiscal charges
Total expenditures
REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers in
Transfers out
Bonds and certificates issued
Issuance premiums (discounts)
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Special Revenue Funds
-
-
Park
-
Special
Bikeway
Gas Tax
Dedication
Proposition A
Assessment
456,820
2,903,511
730,847
677,813
930,508
$ -
$ -
$ -
$ -
$ 4,178,026
245,506
-
131,527
-
-
8,667
85,780
74,640
45,230
269,725
94,282
7,190,347
-
2555,366
-
-
184
-
-
13,153
348,455
7,276,311
206,167
2,600596
4,460,904
-
-
-
-
2,838,122
-
2,780,744
-
30,715
992,715
456,820
2,903,511
730,847
677,813
930,508
456,820
5,684,255
730,847
708,528
4,761,345
(108,365)
1,592,056
(524,680)
1,892,068
(300,441)
- 217,024 - - 751,926
- (309,351) - (2,214,426) (763,628)
- (92,327) - (2,214,426) (11,702)
(108,365) 1,499,729 (524,680) (322,358) (312,143)
152,571 842,675 1,977,886 882,711 6,382,651
$ 44,206 $ 2,342,404 $ 1,453,206 $ 560,353 $ 6,070,508
100
Special Revenue Funds
-
-
-
-
-
Landscape
-
197,840
State
-
Traffic
-
-
Maintenance
Stormwater
Miscellaneous
Park
TDA
Safety
CDBG
AQMD
District #1
Utility
Grants
200,041
-
-
-
-
-
-
-
$ - $
-
$ -
$ -
$ -
$ 12,768,082
$ 78,092
$ -
-
142,331
12,052
2,806
8,366
607,657
167,031
-
568,329
6,639,991
-
1,351,680
152,397
-
-
1,652,400
-
-
1,356,520
-
-
-
-
-
-
-
-
-
-
-
3,011,760
-
-
-
-
-
-
-
-
129,332
568,329
6,782,322
1,368,572
1,354,486
160,763
13,375,739
3,256,883
1,781,732
-
-
-
-
-
10,194,573
-
197,840
-
-
-
-
-
-
-
47,653
-
-
-
-
43,461
-
2,828,047
62,081
200,041
-
-
-
-
-
-
-
-
-
-
871,430
-
-
-
-
82,944
6,022,399
-
41,717
-
510,006
185,652
981,412
-
-
-
230,000
-
-
-
-
-
-
-
116,159
-
-
-
-
282,985
6,022,399
-
1,259,306
43,461
10,704,579
3,013,699
1,288,986
285,344
759,923
1,368,572
95,180
117,302
2,671,160
243,184
492,746
-
-
-
-
-
-
182,626
-
-
(617,592)
(1,367,813)
-
(929,488)
(38,149)
(16,920)
(15,517)
-
(617,592)
(1,367,813)
-
(929,488)
(38,149)
165,706
(15,517)
285,344
142,331
759
95,180
(812,186)
2,633,011
408,890
477,229
(302,224) 4,895 167,485 (39,772) 761,237 12,906,113 4,491,593 (1,348,959)
$ (16,880) $ 147,226 $ 168,244 $ 55,408 $ (50,949) $ 15,539,124 $ 4,900,483 $ (871,730)
101
City of Santa Clarita
Combining Statement of Revenues, Expenditures and Changes in Fund Balances, Continued
Non -Major Governmental Funds
For the Year Ended June 30, 2009
Special Revenue Funds
Sewer
Federal Aid
BJA Law
Supplemental
Maintenance
Urban
Enforcement
Law Grant
HOME
REVENUES:
Taxes
$ - $
-
$ -
$ -
$
Developer fees
-
-
-
-
-
Investment income
-
-
-
-
-
Revenue from other agencies
-
-
2,604
195,819
63,222
Fines and forfeitures
-
-
-
-
-
Service charges
-
-
-
-
-
Other revenue
-
-
-
-
-
Total revenues
-
-
2,604
195,819
63,222
EXPENDITURES:
Current:
General government
-
-
-
-
-
Public safety
-
-
6,298
229,847
-
Public works
-
-
-
-
-
Parks and recreation
-
-
-
-
-
Community development
-
-
-
-
-
Capital outlay
-
480,000
-
-
-
Debt service:
Bond issuance costs
-
-
-
-
-
Principal retirement
-
-
-
-
-
Interest and fiscal charges
-
-
-
-
-
Total expenditures
-
480,000
6,298
229,847
-
REVENUES OVER
(UNDER) EXPENDITURES
-
(480,000)
(3,694)
(34,028)
63,222
OTHER FINANCING SOURCES (USES):
Transfers in
-
-
-
-
-
Transfers out
-
-
-
-
-
Bonds and certificates issued
-
-
-
-
-
Issuance premiums (discounts)
-
-
-
-
-
Total other financing sources (uses)
-
-
-
-
-
NET CHANGE IN FUND BALANCE
-
(480,000)
(3,694)
(34,028)
63,222
FUND BALANCE:
Beginning of year
(18,930)
-
(2,984)
824
(1,867)
End of year
$ (18,930) $
(480,000)
$ (6,678)
$ (33,204)
$ 61,355
102
20,632 146,919 3,177,840 (607,757) 29,593,539 288,552 458,030 746,582
$ (6,810) $ 293,981 $ 59,425 S (3,031500) $ 27,179,242 $ 278,102 S 457,357 $ 735,459
103
Special Revenue Funds
Debt Service Funds
Library
Public
Redevelopment
Public
Facility
Education and
Federal
Agency
Financing
Fees
Government
Proposition C
Grants
Total
Low/Mod
Authority
Total
$ -
$ -
$ - $
-
$ 17,024,200
$ -
$ - $
-
144,731
-
-
-
521,764
-
-
-
128
11,227
91,824
-
1,527,464
2,745
1,462
4,207
-
-
5,953,441
979,753
27,399,631
-
-
-
-
-
-
-
1,356520
-
-
-
-
-
-
-
3,011,760
-
-
-
-
330,012
-
1,785,236
2,257,917
-
-
-
144,859
341,239
6,045,265
2,764,989
53,099,256
2,745
1,462
4,207
27,570
194,177
-
-
13,452,282
-
-
-
-
-
-
-
283,798
-
-
-
-
-
-
33,266
6,771,029
-
-
-
-
-
-
-
200,041
-
-
-
-
-
-
-
871,430
-
-
-
-
-
4,752,256
5,155,466
23,911,351
-
-
-
-
-
-
-
-
-
16
16
-
-
-
-
230,000
-
1,372,832
1,372,832
-
-
-
-
116,159
335,205
1,847,936
2,183,141
27,570
194,177
4,752,256
5,188,732
45,836,090
335,205
3,220,784
3,555,989
117,289
147,062
1,293,009
(2,423,743)
7,263,166
(332,460)
(3,219,322)
(3,551,782)
-
-
-
-
1,151576
335,205
3,218,649
3,553,854
(144,731)
-
(4,411,424)
-
(10,829,039)
(13,195)
-
(13,195)
(144,731)
-
(4,411,424)
-
(9,677,463)
322,010
3,218,649
3,540,659
(27,442)
147,062
(3,118,415)
(2,423,743)
(2,414,297)
(10,450)
(673)
(11,123)
20,632 146,919 3,177,840 (607,757) 29,593,539 288,552 458,030 746,582
$ (6,810) $ 293,981 $ 59,425 S (3,031500) $ 27,179,242 $ 278,102 S 457,357 $ 735,459
103
City of Santa Clarita
Combining Statement of Revenues, Expenditures and Changes in Fund Balances, Continued
Non -Major Governmental Funds
For the Year Ended June 30, 2009
REVENUES:
Taxes
Developer fees
Investment income
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlay
Debt service:
Bond issuance costs
Principal retirement
Interest and fiscal charges
Total expenditures
REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Bonds and certificates issued
Issuance premiums (discounts)
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Capital Projects
Funds
- - - -
1,602,832
Total
General Redevelopment Public
Nonmajor
Capital Agency Financing
Governmental
Projects Low/Mod Authority
Total Funds
$ - $ 800,529 $ - $ 800,529 $ 17,824,729
- - - 521,764
- 396,084 322 396,406 1,928,077
- - - - 27,399,631
- - - 1,356,520
- - - - 3,011,760
- - - - 2,257,917
1,196,613 322 1,196,935 54,300,398
- - - - 13,452,282
- - - - 283,798
- - - - 6,771,029
- - - 200,041
- 185,255 - 185,255 1,056,685
1,582,813 - - 1,582,813 25,494,164
- 6,593 81 6,674
6,690
- - - -
1,602,832
- - - -
2,299,300
1582,813 191,848 81 1,774,742
51,166,821
(1,582,813) 1,004,765 241 (577,807)
3,133,577
219,218
13,195
710,507
942,920
5,648,350
(50,000)
(335,205)
(713,651)
(1,098,856)
(11,941,090)
169,218
(322,010)
(3,144)
(155,936)
(6,292,740)
(1,413,595)
682,755
(2,903)
(733,743)
(3,159,163)
6,182,983 11,285,873 3,088 17,471,944 47,812,065
$ 4,769,388 $ 11,968,628 $ 185 $ 16,738,201 $ 44,652,902
104
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Bikeway Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Developer fees
Investment income
Revenue from other agencies
Total revenues
EXPENDITURES:
Capital outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 352,290 $ 341,302 $
71000 7,000
144,777 177,477
504,067 525,779
Variance from
Final Budget
Positive
Actual (Negative)
245506 $
(95,796)
067
1,667
94,282
(83,195)
497,067
348,455
(177,324)
497,067
650,314
456,820
193,494
497,067
650,314
456,820
193,494
$ 71000 $
(124,535)
(108,365) $
1070
105
152,571
$ 44,206
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Gas Tax Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenue from other agencies
Other revenue
Total revenues
EXPENDITURES:
Current:
Public works
Capital outlay
Total expenditures
REVENUES OVER (UNDER)
OTHER FINANCING SOURCES (USES):
Transfers in
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 31500 $ 31500
4,981,113 708,842
5,012,613 71700,342
Variance from
Final Budget
Positive
Actual (Negative)
$ 85,780 $ 54,280
71190,347 (478,495)
184 184
71276,311 (424,031)
2,838,654
2,856,958
21780,744
76,214
2,103,065
71202,650
21903,511
4,299,139
(52,655)
(92,397)
4,9411719
10,059,608
51684,255
4,3751353
70,894 (2,359,266) 1,592,056
250,000
217,024
217,024
(302,655)
(30%421)
(30%351)
(52,655)
(92,397)
(92,327)
$ 18,239 $
(2,451,663)
1,499,729
106
842,675
$ 2,342,404
3,951,322
70
70
$ 3,951,392
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Park Dedication Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Developer fees
Investment income
Total revenues
EXPENDITURES:
Capital outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
52,500 52,500
Variance from
Final Budget
Positive
Actual (Negative)
131,527 $ 131,527
74,640 22,140
52,500 52,500 206,167 15307
360,000
1,328,428
730,847
597581
360,000
1,328,428
730,847
597,581
$ (307,500)
$ (1,275,928)
(524,680) $
751,248
107
1,977,886
$ 1,453,206
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Proposition A Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenue from other agencies
Total revenues
EXPENDITURES:
Current:
Public works
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 122,500 $ 122,500 $ 45,230 $ (77,270)
2,852,436 2,540,379 21555,366 14,987
2,974,936 2,662,879 2,600,596 (62,283)
31,850 81,850
30,715
51,135
989563
677,813
311,750
31,850 11071,413
708,528
362,885
2,943,086 1,591,466 1,892,068 300,602
(2,9431086) (2,214,426) (21214,426)
(2,943,086) (2,214,426) (21214,426)
$ - $ (622,960) (322,358) $ 300,602
108
882,711
$ 560,353
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Special Assessment Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Taxes
Investment income
Service charges
Other revenue
Total revenues
EXPENDITURES:
Current:
General government
Public works
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers in
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 3,279,344
213,780
155,000
3,648,124
$ 3,278,344 $
213,780
20,000
3,512,124
Actual
4,178,026
269,725
13,153
4,460,904
Variance from
Final Budget
Positive
(Negative)
$ 899,682
55,945
(6,847)
948,780
2,4071328
21426,087
21838,122
(412,035)
1,022,500
11058,828
992,715
66,113
1,1171000
1,770,400
930,508
839,892
4,5461828
5,255,315
41761,345
493,970
(898,704)
(11743,191)
(300,441)
1,442,750
776,243
729,531
751,926
(22,395)
(785,645)
(738,933)
(763,628)
(24,695)
(9,402)
(91402)
(11,702)
(47,090)
$ (908,106) $
(1,752,593)
(312,143) $
1,440,450
6,382,651
S
6,070,508
109
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Park Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Revenue from other agencies
Total revenues
EXPENDITURES:
Current:
Parks and recreation
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDIT
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 192,290 $ 827,422 $ 568,329 $ (259,093)
192,290 827,422 568,329 (259,093)
192,290 190,607
200,041
(9,434)
- 122,280
82,944
39,336
192,290 312,887
282,985
29,902
514,535
285,344
(229,191)
(250,000) 250,000
(250,000) - 250,000
$ $ 264535 285,344 $ 20,809
110
(302,224)
$ (16,880)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TDA Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenue from other agencies
Total revenues
EXPENDITURES:
Current:
Capital outlay
Total expenditures
REVENUES OVER (UNDER)
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
6,230,916 91542,254
6,230,916 9542,254
Actual
Variance from
Final Budget
Positive
(Negative)
142,331
$ 142,331
6,63%991
(2,902,263)
61782,322
(2,7591932)
1,667,181
8,980,213
6,022,399
2,957,814
107,181
8,980,213
6,022,399
2,957,814
4563,735 562,041 759,923 197,882
(764,033)
(775,391)
(617,592)
157,799
(764,033)
(775,391)
(617,592)
157,799
$ 3,7991702 $
(213,350)
142,331 $
355,681
111
4,895
$ 147,226
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Traffic Safety Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Fines and forfeitures
Total revenues
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 31,500 $ 31,500 $ 12,052 $ (19,448)
1,912,685 1,200,000 1,356,520 156,520
1,944,185 1,231500 1,368,572 137,072
(1,944,185) (1,13605) (1,367,813) (231,128)
(1,944,185) (1,13605) (1,367,813) (231,128)
$ - $ 94,815 759 $ (94,056)
112
167,485
$ 168,244
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
CDBG Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenue from other agencies
Total revenues
EXPENDITURES:
Current:
Community development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
1,196,631 1,439,967
1,196,631 1,439,967
Variance from
Final Budget
Positive
Actual (Negative)
$ 2,806 $ 2,806
11351,680 (88,287)
1,354,486 (85,481)
839,145
11092,614
871,430
221,184
-
41,718
41,717
1
230,000
230,000
230,000
116,159
116,159
116,159
1,185,304
1,480,491
1,259,306
221,185
$ 11,327 $
(40524)
95,180 $
135,704
113
(39,772)
$ 55,408
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
AQMD Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenue from other agencies
Total revenues
EXPENDITURES:
Current:
Public works
Total expenditures
REVENUES OVER (UNDER) EXPENDIT
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 21,000 $ 21,000 $
322,120 236,864
343,120 257,864
Actual
Variance from
Final Budget
Positive
(Negative)
8,366 $
(12,634)
152,397
(84,467)
160,763
(97,101)
5300
53,000
43,461
9,539
53,000
53,000
43,461
9,539
290,120
204,864
117,302
(87562)
(1,066,159) (964,108) (929,488) 3020
(1066,159) (964,108) (929,488) 34,620
$ (776,039) $ (759,244) (812,186) $ (52,942)
761,237
$ (50,949)
114
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Landscape Maintenance District #1 Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Taxes
Investment income
Total revenues
EXPENDITURES:
Current:
General government
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 11,362,187 $ 11,494,747
385,000 385,000
11,747,187 11,879,747
Variance from
Final Budget
Positive
Actual (Negative)
$ 121768,082 $ 1,273,335
607,657 222,657
13,375,739 1,495,992
12,0261372
12,235,729
101194,573
2,041,156
720,000
11391,081
510,006
881,075
12,7461372
13,626,810
101704,579
2,922,231
(999,185) (11747,063) 21671,160
(38,149) (38,149) (38,149)
(38,149) (38,149) (38,149)
$ (1,037,334) $ (1,785,212) 21633,011
115
12,906,113
$ 15,539,124
4,418,223
$ 4,418,223
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Storrowater Utility Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Taxes
Investment income
Service charges
Total revenues
EXPENDITURES:
Current:
Public works
Capital outlay
Total expenditures
REVENUES OVER (UNDER)
OTHER FINANCING SOURCES (USES):
Transfers in
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
$ 84,100 $ 78,100
87,500 87,500
2,610,900 2,477,000
Variance from
Final Budget
Positive
Actual (Negative)
$ 78,092 $ (8)
167,031 79,531
3,011,760 534,760
2,782,500 2,642,600 31256,883 614,283
2,840,454
31341,676
27828,047
513,629
150,000
424,644
185,652
238,992
155,400
2,9901454
3,766,320
3,01309
752,621
(207,954) (1,123,720) 243,184 1,3661904
169,350
183,126
182,626
500
(13,950)
(18,160)
(16,920)
1,240
155,400
16066
165,706
1,740
$ (52,554) $ (958,754)
116
408,890 $ 1,367,644
4,491,593
$ 4,900,483
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Miscellaneous Grants Special Revenue Fund
For the Year Ended June 30, 2009
EXPENDITURES:
Current:
General government
Public safety
Parks and recreation
Capital outlay
Total expenditures
REVENUES OVER (UNDER)
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
257,636
222,646
197,840
24,806
Variance from
219,009
4703
171,356
-
Final Budget
62,081
Original
Final
2,193,956
Positive
1,212,544
Budget
Budget
Actual
(Negative)
2,728579
1,288,986
1,439,593
REVENUES:
Revenues from other agencies
$ 367,330
$ 21371,614
$ 1,6521400
$ (719,214)
Other revenue
28,500
756,080
129,332
(626,748)
Total revenues
395,830
3,127,694
11781,732
(1,3451962)
EXPENDITURES:
Current:
General government
Public safety
Parks and recreation
Capital outlay
Total expenditures
REVENUES OVER (UNDER)
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
257,636
222,646
197,840
24,806
162,656
219,009
4703
171,356
-
92,968
62,081
3007
694,469
2,193,956
981,412
1,212,544
1,1141761
2,728579
1,288,986
1,439,593
(718,931)
399,115
$ (718,931) $ 399,115
117
492,746 93,631
(15,517) (15,517)
(15,517) (15,517)
477,229 $ 78,114
(1,348,959)
5 (871,730)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Federal Urban Aid Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Revenues from other agencies
Total revenues
EXPENDITURES:
Current:
Capital Outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
2,966,462
2,966,462
$ $ (2,966,462)
118
Variance from
Final Budget
Positive
Actual (Negative)
480,000
2,486,462
480,000
2,4861462
(480,000) $
2,486,462
$ (480,000)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
BJA Law Enforcement Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Revenues from other agencies
Total revenues
EXPENDITURES:
Current:
Public safety
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 91700 $ 61,137 $ 2,604 $ (58,533)
91700 61,137 2,604 (58,533)
61,137 6,298 5039
61,137 6,298 5039
$ 9,700 $ - (304) $ (3,694)
119
(2,984)
$ (6,678)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Supplemental Law Grant Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Revenues from other agencies
Total revenues
EXPENDITURES:
Current:
Public safety
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
229,617 195,819 (33,798)
229,617 195,819 (33,798)
336,563 229,847 106,716
336563 229,847 106,716
$ $ (106,946) (34,028) $ 72,918
120
824
$ (33,204)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
HOME Special Revenue Fund
For the Year Ended June 30, 2009
Variance from
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment income $ $ $ - $ -
Revenues from other agencies - - 63,222 63,222
Total revenues - - 63,222 63,222
EXPENDITURES:
Current:
Community development - - - -
Total expenditures - - - -
NET CHANGE IN FUND BALANCE $ - $ - 63,222 $ 63,222
FUND BALANCE:
Beginning of year (1,567)
End of year 5 61,355
121
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Library Facilities Fees Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Developer fees
Investment income
Total revenues
EXPENDITURES:
Current:
General government
Total expenditures
REVENUES OVER (UNDER) EXPENDIT
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
21625 2,625
21625 21625
Variance from
Final Budget
Positive
Actual (Negative)
$ 144,731 $ 144,731
128 (21497)
144,859 142,234
27,571 27,570
27,571
21625 (24,946)
27,570
117,289 142,235
(135,671) (144,731) (9,060)
(135,671) (144,731) (9,060)
$ 2,625 $ (16017) (27,442) $ 133,175
122
20,632
5 (6,810)
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Education and Government Special Revenue Fund
For the Year Ended June 30, 2009
REVENUES:
Investment income
Other revenue
Total revenues
EXPENDITURES:
General government
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
Original Final
Budget Budget
225,000 225,000
Variance from
Final Budget
Positive
Actual (Negative)
11,227 $ 11,227
330,012 105,012
225,000 225,000 341,239 116,239
96,000
276,000
194,177
81,823
96,000
276,000
194,177
81,823
$ 129,000 $
(51,000)
147,062 $
198,062
123
146,919
$ 293,981
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Proposition C Special Revenue Fund
For the Year Ended June 30, 2009
EXPENDITURES:
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
4526,679
9,97606
4,752,256
5,22040
Variance from
4526,679
9,97606
4,752256
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Investment income
$ 87,500
$ 87,500
$ 91,824
$ 4,324
Revenue from other agencies
4,633,225
10,603,313
51953,441
(4,649,872)
Total revenues
4,720,725
10,690,813
6,045,265
(4,645,548)
EXPENDITURES:
Capital outlay
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
4526,679
9,97606
4,752,256
5,22040
4526,679
9,97606
4,752256
5,224,640
194,046 713,917 11293,009
(2,791,001) (4,411,424) (47411,424)
(2,7911001) (4,411,424) (4,411,424)
$ (2,596,955) $ (3,697,507) (31118,415) $
124
3,177,840
$ 59,425
579,092
579,092
City of Santa Clarita
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Federal Grants Special Revenue Fund
For the Year Ended June 30, 2009
EXPENDITURES:
Current:
Public works
Capital outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
20,397 295,000
37,000 17,054,399
57,397 17,349,399
$ 274,803 $ 1,009,930
125
33,266
5,155,466
261,734
11,898,933
57188,732
12,160,667
Variance from
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Revenues from other agencies
$ 332,200
$ 16,108,104
$ 979,753
$ (15,128,351)
Other revenue
-
2,251,225
1,785,236
(465,989)
Total revenues
332,200
18,359,329
21764,989
(15,5941340)
EXPENDITURES:
Current:
Public works
Capital outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE:
Beginning of year
End of year
20,397 295,000
37,000 17,054,399
57,397 17,349,399
$ 274,803 $ 1,009,930
125
33,266
5,155,466
261,734
11,898,933
57188,732
12,160,667
(21423,743) $ (3,433,673)
(607,757)
S (3,031,500)
126
INTERNAL SERVICE FUNDS
The Internal Service Funds are used to account for goods or services provided by a central service department to
other City departments.
Self -Insurance - To account for the 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.
Public Facilities Replacement - To account for the financing of the replacement of the City's public facilities.
127
City of Santa Clarita
Combining Statement of Net Assets
Internal Service Funds
June 30, 2009
ASSETS
Current assets:
Cash and investments
Receivables:
Accounts
Interest
Advances to other fund
Total current assets
Noncurrent assets:
Capital assets:
Equipment, net of accumulated depreciation
Total noncurrent assets
Total assets
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities
Total current liabilities
Noncurrent liabilities:
Claims payable
Total noncurrent liabilities
Total liabilities
NET ASSETS
Invested in capital assets
Unrestricted
Total net assets
Public
Computer Vehicle Facilities
Self -Insurance Replacement Replacement Replacement
Total
$ 3,639,257 $ 1,474,500 $ 3,271,866 $ 9,332,390 $ 17,718,013
2,660 - - - 2,660
35,067 13,778 30,571 60,101 139,517
865,790 - - - 865,790
4,542,774 1,488,278 3,302,437 9,392,491 18,725,980
30,717
426,748
436,659 - 894,124
- 894,124
4,462,833
1,370,003
30,717
426,748
436,659 - 894,124
4,573,491
1,915,026
3,739,096 9,392,491 19,620,104
8,721,041 $ 18,750,438
29,941
118,275
- 671,450 819,666
29,941
118,275
- 671,450 819,666
50,000 - - - 50,000
50,000 - - - 50,000
79,941 118,275 - 671,450 869,666
30,717
426,748
436,659
- 894,124
4,462,833
1,370,003
3,302,437
8,721,041 17,856,314
$ 4,493,550 $
1,796,751 $
3,739,096 $
8,721,041 $ 18,750,438
128
City of Santa Clarita
Combining Statement of Revenues, Expenses and Changes in Net Assets
Internal Service Funds
For the Year Ended June 30, 2009
129
Public
Computer
Vehicle
Facilities
Self -Insurance
Replacement
Replacement
Replacement
Total
OPERATING REVENUES:
Charges for services
$ 1,695,883
$ 398,100
$ 326,400
$ - $
2,420,383
Other revenues
850
-
12,408
-
13,258
Total operating revenues
1,696,733
398,100
338,808
-
2,433,641
OPERATING EXPENSES:
Services and supplies
2,197,421
205,171
13,913
9,465,395
11,881,900
Depreciation
2,792
144,894
146,669
-
294,355
Total operating expenses
2,200,213
350,065
160,582
9,465,395
12,176,255
OPERATING INCOME (LOSS)
(503,480)
48,035
178,226
(9,465,395)
(9,742,614)
NONOPERATING REVENUES (EXPENSES):
Investment income
185,707
57,914
135,799
403,799
783,219
Total nonoperating revenues (expenses)
185,707
57,914
135,799
403,799
783,219
INCOME (LOSS) BEFORE TRANSFERS
(317,773)
105,949
314,025
(9,061,596)
(8,959,395)
TRANSFERS:
Transfers in
125,000
-
-
3,000,000
3,125,000
Total other financing sources (uses)
125,000
-
-
3,000,000
3,125,000
CHANGE IN NET ASSETS
(192,773)
105,949
314,025
(6,061,596)
(5,834,395)
NET ASSETS:
Beginning of year
4,686,323
1,690,802
3,425,071
14,782,637
24,584,833
End of year
$ 4,493,550
$ 1,796,751
S 3,739,096
$ 8,721,041 $
18,750,438
129
City of Santa Clarita
Combining Statement of Cash Flows
All Internal Service Funds
For the Year Ended June 30, 2009
Public
Computer Vehicle Facilities
Self -Insurance Replacement Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund service provided
$ 1,698,081 $ 398,100 $
329,400 $ -
$ 2,425,581
Other operating receipts
850 -
12,408 -
13,258
Payments to suppliers
(2,212,175) (271,038)
(69,672) (9,055,684)
(11,608,569)
Net cash provided by (used for) operating activities
(513,244) 127,062
272,136 (9,055,684)
(9,169,730)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash received from other funds 2,335,410 - - 3,000,000 5,335,410
Cash paid to other funds - - - - -
Net cash provided by (used for)
noncapital financing activities 2,335,410 - - 3,000,000 5,335,410
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition and construction of capital assets (33,509) (98,753) (154,325) - (286,587)
Net cash provided (used for) by capital
and related financing activities (33509) (98,753) (154,325) - (286,587)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income 164,824 56,835 132,875 452,915 807,449
Net cash provided (used for) by investing activities 164,824 56,835 132,875 452,915 807,449
Net increase (decrease) in cash and cash equivalents 1,953,481 85,144 250,686 (5,602,769) (3,313,458)
CASH AND CASH EQUIVALENTS
Beginning of year 1,685,776 1,389,356 3,021,180 14,935,159 21,031,471
End of year $ 3,639,257 $ 1,474,500 $ 3,271,866 $ 9,332,390 $ 17,718,013
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss) $
(503,480) $
48,035 $
178,226
$ (9,465,395) $
(9,742,614)
Adjustments to reconcile operating income to (loss)
to net cash provided by (used for) operating activities:
Depreciation expense
2,792
144,894
146,669
-
294,355
Change in assets and liabilities:
(Increase) decrease in accounts receivable
2,198
-
3,000
-
5,198
Increase (decrease) in account payable and accrued liabilities
5,246
(65,867)
(55,759)
409,711
293,331
Increase (decrease) in claims payable
(20,000)
-
-
-
(20,000)
Total adjustments
(9,764)
79,027
93,910
409,711
572,884
Net cash provided (used) by operating activities $
(513,244) $
127,062 $
272,136
$ (9,055,684) $
(9,169,730)
130
AGENCYFUNDS
The Agency Funds are used to account for assets held by the City as an agency for individuals.
Assessment District No. 92-2 - To account for monies held to account for debt service requirements of Assessment
District No. 92-2.
Assessment District No. 99-1- To account for monies held to account for debt service requirements of Assessment
District No. 99-1.
Community Facilities District No. 2002-1 -To account for monies held to account for debt service requirements of
Community Facilities District No. 2002-1.
131
City of Santa Clarita
Combining Statement of Fiduciary Assets and Liabilities
Fiduciary Funds
June 30, 2009
132
Community
Assessment
Assessment
Facilities
District
District
District
No, 92-2
No. 99-1
No. 2002-1
Total
ASSETS
Cash and investments
$
105,211
$
84,519
$
38,017
$
227,747
Cash and investments with fiscal agent
63,908
60,228
1,675,428
1,799,564
Receivables:
Accounts
1,643
861
-
2,504
Interest
983
790
356
2,129
Total assets
$
171,745
$
146,398
5
1,713,801
$
2,031,944
LIABILITIES
Accounts payable and accrued liabilities
$
960
$
934
$
151
$
2,045
Due to other funds
418
336
-
754
Due to bondholders
170,367
145,128
1,713,650
2,029,145
Total liabilities
$
171,745
$
146,398
5
1,713,801
$
2,031,944
132
City of Santa Clarita
Schedule of Changes in Fiduciary Assets and Liabilities
All Agency Funds
For the Year Ended June 30, 2009
ASSESSMENT DISTRICT NO. 92-2
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Accounts
Interest
Total assets
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
ASSESSMENT DISTRICT NO. 99-1
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Accounts
Interest
Total assets
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
Balance at
July 1, 2008 Additions
$ 122,303 $
64,250
1,187
1,111
$ 188,851 $
Balance at
Deletions June 30, 2009
$ 17,092 $ 105,211
342 63,908
456 - 1,643
- 128 983
456 $ 17,562 $ 171,745
$ 1,306 $ - $ 346 $ 960
30,000 - 29,582 418
157,545 12,822 - 170,367
$ 188,851 $ 12,822 $ 29,928 $ 171,745
$ 22,911 $ 61,608 $
60,837 -
1,951 -
217 573
$ 85,916 $ 62,181 $
$ 922 $ 12 $
- 336
84,994 60,134
$ 85,916 $ 60,482 $
133
$ 84,519
609 60,228
1,090 861
- 790
1,699 $ 146,398
$ 934
336
145,128
5 146,398
City of Santa Clarita
Schedule of Changes in Fiduciary Assets and Liabilities
All Agency Funds
For the Year Ended June 30, 2009
COMMUNITY FACILITIES
DISTRICT NO. 2002-1
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Interest
Total assets
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
TOTAL -ALL AGENCY FUNDS
ASSETS
Cash and investments
Cash and investments with fiscal agent
Receivables:
Accounts
Interest
Total assets
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Due to bondholders
Total liabilities
Balance at
July 1, 2008
Additions Deletions
Balance at
June 30, 2009
$ 39,826 $ - $ 1,809 $ 38,017
1,685,953 - 10,525 1,675,428
364 8 356
$ 1,726,143 $ - $ 12,342 $ 1,713,801
$ 147 $ 4 $ - $ 151
14,350 - 14,350 -
1,711,646 2,004 - 1,713,650
$ 1,726,143 $ 2,008 $ 14,350 $ 1,713,801
$ 185,040 $ 61,608 $ 18,901 $ 227,747
1,811,040 - 11,476 1,799,564
3,138
456
1,090
2,504
1,692
573
136
2,129
$ 2,000,910 $
62,637 $
31,603 $
2,031,944
$ 2,375 $ 16 $
44,350 336
1,954,185 74,960
$ 2,000,910 $ 75,312 $
134
346 $ 2,045
43,932 754
- 2,029,145
44,278 $ 2,031,944
STATISTICAL SECTION
(Unaudited)
This part of the City of Santa Clarita's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements,
note disclosures, and required supplementary information say about the government's overall
financial health.
CONTENTS
Financial Trends
These tables contain trend information that may assist the reader in 137-143
the City's current financial performance by placing it in historical
perspective.
Revenue Capacity
These tables contain information that may help in assessing the 144-155
viability of the City's most significant revenue sources, the property
and sales taxes.
Debt Capacity
These tables present information that may assist the reader in 156-162
analyzing the affordability of the City's current levels of outstanding
debt and the City's ability to issue additional debt in the future.
Demographic and Economic Information
These tables offer demographic and economic indicators to help the 163-164
reader understand the environment within which the City's financial
activities take place.
Operating Information
These tables contain service and infrastructure indicators that can 165-167
inform one's understanding how the information in the City's financial
statements relate to the services the City provides and the activities
it performs.
135
136
City of Santa Clarita
Net Assets by Component (1)
Last Six Fiscal Years Ended June 30, 2009
(accrual basis of accounting)
Business -type Activities
FISCAL
YEAR
05-06
Investment in capital assets,
08-09
07-08
06-07
As Restated
04-05
03-04
Governmental Activities
net of related debt
$
66,963,851
$
63,526,242
$ 62,246,621
Investment in capital assets,
$
57,378,860
$
38,827,474
Restricted for:
net of related debt
$ 629,621,722
$ 672,306,820
$ 661,210,117
$ 614,300,517
$ 160,829,971
$ 110,924,177
Restricted for:
Debt Service
-
-
Capital Projects
4,769,573
45,993,804
18,134,924
32,030,928
14,530,809
14,679,895
Debt Service
-
632,680
-
174,028
347
49
Specific Projects and Programs
92,644,739
61,018,399
34,441,539
30,547,345
27,009,644
25,683,042
Total Restricted
97,414,312
107,644,883
52,576,463
62,752,301
41,540,800
40,362,986
Unrestricted
98,512,704
66,249,901
87,737,817
71,001,423
53,357,322
49,662,321
Total governmental activities net assets
$ 825,548,738
$ 846,201,604
$ 801,524,397
$ 748,054,241
$ 255,728,093
$ 200,949,484
Business -type Activities
Investment in capital assets,
net of related debt
$
66,963,851
$
63,526,242
$ 62,246,621
$ 63,741,429
$
57,378,860
$
38,827,474
Restricted for:
Debt Service
-
-
-
-
-
-
Unrestricted
3,118,092
2,957,611
1,553,088
(406,224)
(890,648)
(1,959,972)
Total business -type activities net assets
$
70,081,943
$
66,483,853
$ 63,799,709
$ 63,335,205
$
56,488,212
$
36,867,502
Primary Government
Investment in capital assets,
net of related debt
696,585,573
735,833,062
723,456,738
678,041,946
218,208,831
149,751,651
Restricted
97,414,312
107,644,883
52,576,463
62,752,301
41,540,800
40,362,986
Unrestricted
101,630,796
69,207,512
89,290,905
70,595,199
52,466,674
47,702,349
Total Primary Government Net Assets
$
895,630,681
$
912,685,457
$ 865,324,106
$ 811,389,446
$
312,216,305
$
237,816,986
Note: (1) Accounting standards require that net assets be reported in three components in the financial
statements: invested in capital assets, net of related debt, restricted, and unrestricted. Net assets
are considered restricted only when (1) an external party, such as the State of California
or the federal government, places a restriction on how the revenues may be used, or (2)
enabling legislations is enacted by the City.
(2) City of Santa Clarita implemented GASB 34 reporting module for the fiscal year ended June 30, 2003.
Fiscal Year 2005-06 balance was restated as a result of the City's valuation of the estimated historical cost
of infrastructure placed in service prior to July 1, 2002. See Notes to Basic Financial Statements #16.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
137
City of Santa Clarita
Changes in Net Assets
Last Six Fiscal Years Ended June 30, 2009 (1)
(accrual basis of accounting)
Program Revenues
FISCAL
YEAR
Governmental Activities
08-09
07-08
06-07
05-06
04-05
03-04
Expenses
12,616,641 3,351,941 15,834,845 8,937,213
Capital grants and contributions
0
617,421
750,200 - - -
Total business -type activities program revenues:
Governmental Activities
$ 621,624 $
2,737,355 $
302,075
$ 186,171 $
377,202 $
325,190
General government
$ 30,094,380
$ 27,488,731
$ 26,029,070
$ 24,225,414 $
9,930,958
$ 10,645,351
Public safety
17,489,870
16,482,917
14,398,408
13,821,626
12,437,170
12,113,853
Public works
48,514,645
30,549,888
19,273,980
6,417,841
11,754,949
8,859,452
Parks and recreation
32,747,618
21,817,251
20,573,077
20,988,533
17,637,475
15,370,145
Community development
9,761,681
9,257,881
8,985,449
16,939,976
22,371,678
20,482,573
Unallocated infrastructure depreciation
14,405,047
13,128,617
12,920,310
1,268,939
701,261
243,369
Interest on long-term debt
5,725,201
3,127,998
2,087,949
1,669,701
1,560,223
1,608,577
Total governmental activites expenses:
158,738,442
121,853,283
104,268,243
85,332,030
76,393,714
69,323,320
Business -type Activities
Transit
22,299,379
21,506,317
18,315,106
16,508,457
15,239,173
14,557,850
Total business -type activities expenses:
22,299,379
21,506,317
18,315,106
16,508,457
15,239,173
14,557,850
Total primary government expenses:
$ 181,037,821
$ 143,359,600
$ 122,583,349
$ 101,840,487 $
91,632,887
$ 83,881,170
Program Revenues
Charges for services:
Governmental Activities
Transit
3,299,263
3,216,239
5,827,778 4,950,584 5,224,575 4,581,799
Operating grants and contributions
13,653,177
Charges for services:
12,616,641 3,351,941 15,834,845 8,937,213
Capital grants and contributions
0
617,421
750,200 - - -
Total business -type activities program revenues:
General government
$ 621,624 $
2,737,355 $
302,075
$ 186,171 $
377,202 $
325,190
Public safety
1,898,022
2,291,100
2,131,060
2,032,652
1,921,796
1,143,772
Public works
260,524
355,817
3,575,546
2,512,093
2,423,865
2,697,751
Parks and recreation
3,849,699
3,875,539
3,895,422
3,794,662
3,874,109
3,133,880
Community development
35,138,334
26,341,684
20,182,722
19,068,982
20,127,873
20,740,859
Operating grants and contributions
9,931,109
22,600,793
26,641,145
23,465,852
21,301,215
18,503,221
Capital grants and contributions
38,785,576
39,003,536
24,770,306
60,971,404
34,503,830
12,239,868
Total governmental activities program revenues:
90,484,888
97,205,824
81,498,276
112,031,816
84,529,890
58,784,541
Business -type Activities
Charges for services:
Transit
3,299,263
3,216,239
5,827,778 4,950,584 5,224,575 4,581,799
Operating grants and contributions
13,653,177
11,876,720
12,616,641 3,351,941 15,834,845 8,937,213
Capital grants and contributions
0
617,421
750,200 - - -
Total business -type activities program revenues:
16,952,440
15,710,380
19,194,619 8,302,525 21,059,420 13,519,012
Total primary government revenues: $ 107,437,328 $ 112,916,204 $ 100,692,895 $ 120,334,341 $ 105,589,310 $ 72,303,553
Note: (1) City of Santa Clarita implemented GASB 34 reporting module for the fiscal year ended June 30, 2003.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
138
City of Santa Clarita
Changes in Net Assets
Last Six Fiscal Years Ended June 30, 2009 (1)
(accrual basis of accounting)
Net Revenues (expenses):
Governmental activities
Business -type activities
Total net revenues (expenses):
General Revenue and Other Changes in Net Assets
Governmental activities
Taxes:
Sales taxes
Property taxes, levied for general purposes
Franchise taxes
Real property transfer taxes
Transient occupancy taxes
Unrestricted revenue in lieu of motor vehicle taxes
Unrestricted revenue in lieu of sales taxes
Grants and contributions not restricted
to specific programs
Unrestricted investment earnings
Miscellaneous
Transfers
Total governmental activities
Business -type activities
Grants and contributions not restricted
to specific programs
Unrestricted investment earnings
Transfers
Total business -type activities:
Total primary government:
Change in Net Assets
Governmental activities
Business -type activities
Total primary government:
FISCAL YEAR
08-09 07-08 06-07 05-06 14-1 03-04
$ (68,253,554)
$ (24,647,459)
$ (22,769,967) $
26,699,786 $
8,136,176
$ (10,538,779)
(5,346,939)
(5,795,937)
879,513
(8,205,932)
5,820,247
(1,038,838)
$ (73,600,493)
$ (30,443,396)
$ (21,890,454) $
18,493,854 $
13,956,423
$ (11,577,617)
(8,006,128)
(8,431,120)
441,376
(12,054,795)
(13,702,591)
(9,737,217)
$ 27,751,506 $ 29,076,388 $ 23,790,825
26,820,068
24,482,930
27,891,202
6,704,074
6,028,903
6,248,912
4,816,638
836,824
1,073,774
2,260,708
2,433,651
1,804,923
3,083,353 8,490,865 8,156,017
$ 22,204,192 $ 22,674,470 $ 27,329,574
23,106,806
9,023,363
9,452,945
5,560,153
5,314,454
5,131,964
1,544,534
1,611,216
11327,924
1,824,394
1,632,137
1,458,388
603,990
10,224,572
10,216,165
6,965,521
7,328,638
-
1,015,413
1,252,281
1,862,901
223,241
872,475
1,279,029
6,020,940
4,566,884
4,970,193
1,891,292
1,663,699
655,106
3,132,450
-
-
-
-
-
(8,006,128)
(8,431,120)
441,376
(12,054,795)
(13,702,591)
(9,737,217)
73,599,022
68,737,606
76,240,123
51,869,328
46,642,433
47,113,878
-
-
-
883,615
93,334
-
938,901
48,961
26,367
1,050
4,538
17,800
8,006,128
8,431,120
(441,376)
12,054,795
13,702,591
9,737,217
8,945,029
8,480,081
(415,009)
12,939,460
13,800,463
9,755,017
$ 82,544,051
$ 77,217,687
$ 75,825,114 $
64,808,788
$ 60,442,896
$ 56,868,895
$ 5,345,468
$ 44,090,147
$ 53,470,156
$ 78,569,114
$ 54,778,609
$ 36575,099
3,598,090
2,684,144
464,504
4,733,528
19,620,710
8,716,179
$ 8,943,558
$ 46,774,291
$ 53,934,660
$ 83,302,642
$ 74,399,319
$ 45,291,278
Note: (1) City of Santa Clarita implemented GASB 34 reporting module for the fiscal year ended June 30, 2003,
Source: City of Santa Clarita, Administrative Services Department - Finance Division
139
City of Santa Clarita
Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2009
(modified accrual basis of accounting)
All Other Governmental Funds
Reserved
$ 70,417,494 $
FISCAL YEAR
48,303,588 $
80,399,389
Unreserved:
05-06
Special revenue fund
08-09
07-08
06-07
As Restated
General Fund
(17,004,471)
(15,873,835)
(10,461,382)
(4,743,697)
Reserved
$ 32,617,139 $
34,920,547 $
34,699,034 $
20,786,040
Unreserved
41,282,058
31,153,879
28,500,824
18,232,779
Total general fund
$ 73,899,197 $
66,074,426 $
63,199,858 $
39,018,819
All Other Governmental Funds
Reserved
$ 70,417,494 $
51,972,970 $
48,303,588 $
80,399,389
Unreserved:
Special revenue fund
(6,798,095)
28,377,796
3,827,570
(7,159,062)
Debt service funds
(17,004,471)
(15,873,835)
(10,461,382)
(4,743,697)
Capital projects fund
34,502,270
38,050,255
4,592,332
(249,111)
Total all other governmental funds
$ 81,117,198 $
102527,186 $
36,151,718 $
68,247,519
FUND BALANCES
Fiscal Year Ended June 30, 2009
All Other
Governmental Funds
52.2%
■ General Fund
47.8%
Note: (1) Balance as restated, see Notes to Basic Financial Statements #16B.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
140
FISCAL YEAR
04-05 03-04 02-03 01-02 00-01 99-00
$ 15,638,513 $
12,042,182 $
14,034,615 $
21,368,003 $
16,330,098 $
13,412,456
30,780,939
23,109,773
12,927,211
3,168,903
12,209,902
11,948,231
(4,402,225)
(3,944,409)
(4,082,126)
(4,066,749)
-
-
$ 46,419,452 $
35,151,955 $
26,961,826 $
24,536,906 $
28,540,000 $
25,360,687
$ 30,388,825 $
41,563,581 $
9,203,674 $
10,852,416 $
8,426,033 $
18,574,159
2,843,589
(867,508)
30,014,266
34,078,558
30,758,147
22,571,066
(4,402,225)
(3,944,409)
(4,082,126)
(4,066,749)
-
-
(698,632)
(100,527)
(196,889)
437,307
228,777
474,522
$ 28,131,557 $
36,651,137 $
34,938,925 $
41,301,532 $
39,412,957 $
41,619,747
120
100
80
0 60
c
40
20
0
FUND BALANCES
ALL OTHER GOVERNMENTAL FUNDS
Last Ten Fiscal Years
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Fiscal Year
141
City of Santa Clarita
Changes In Fund Balances Of Governmental Funds
Last Ten Fiscal Years Ended June 30, 2009
(modified accrual basis of accounting)
Revenues:
Taxes
Licenses and permits
Developer fees
Investment income
Revenue from other agencies
Fines and forfeitures
Service charges
Other revenues
Total Revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks and recreation
Community development
Capital outlays
Debt service:
Principal
Interest, professional services, and fiscal charges
Total Expenditures
Excess of Revenues over (under) Expenditures
Other Financing Sources (Uses)
Revenue bonds issued/issuance premium
Proceeds of long-term debt
Escrow payment, costs of bonds issuance, and others
Transfers -in
Transfers -out
Total Other Financing Sources (Uses)
Net change in fund balances
Fund balances (deficit) - Beginning of Year, as restated
Fund balances (deficit) - End of Year
FISCAL YEAR
2009 2008 2007 2006
$ 87,267,187 $
88,088,786 $
70,576,755 $
66,164,485
3,697,218
5,256,748
4,203,933
6,907,826
15,763,070
22,290,808
6,747,767
28,028,933
10,749,728
8,287,441
7,926,763
2,881,133
28,882,884
24,247,611
37,300,213
38,526,364
1,759,371
2,121,570
1,918,954
1,904,273
8,375,771
9,931,041
13,463,673
13,081,649
5,077,400
3,368,879
4,356,961
12,651,674
161572,629 163592,884 146,495,019 170,146,337
27,250,056
25,965,196
23,411,750
24,668,150
17,439,295
16,342,979
14,347,833
13,658,723
42,937,168
25,977,763
19511,097
6,802,081
20,126,412
20,156,343
18,943,146
17,376,609
7,095,386
7,583,236
9,051,652
17,164505
41,826,511
44,906,802
57,926,955
49,435,744
2,072,341
1,927,198
2,374,870
1,367,359
5,279,549
4,632,979
2,298,974
2,878,536
164,026,718
147,492,496
147,866,277
133,351,707
(2,454,089)
16,100,388
(1,371,258)
36,794,630
- - 13,894,752
- 54,235,000
- 17,700,000
- (226,682)
- (17,225,304)
11,900,426 43,112,541
27,468,089 7,865,612
(23,031,554) (54,668,661)
(29,881,193) (19,409,716)
(11,131,128) 42,452,198
11,481,648 (11,069,408)
(13,585,217) 58,552,586 10,110,390 25,725,222
168,601,612
110,049,026
99,351,576
74,551,009
S 155,016,393 S
168,601,612 $
109,461,966 $
100,276,231
Debt service as percentage of non capital expenditures 5.73% 5.87% 4.95% 5.04%
142
FISCAL YEAR
2005 2004 2003 2002 2001 2000
$ 53,763,779 $
43,940,454 $
39,813,089 $
35,589,227 $
34,053,282 $
30,320,166
5,127,705
5,303,309
3,512,857
11,264,808
2,759,637
3,341,660
11,963,054
7,570,352
7,857,087
17,016,274
16,295,503
7,916,830
3,148,731
919,858
3,788,121
4,165,144
6,303,050
3,439,177
33,089,887
36,119,851
31,157,062
30,209,371
30,133,734
25,047,788
1,803,686
1,051,371
1,041,945
1,008,466
972,443
1,019,370
13,339,462
12,580,933
18,095,424
17,089,401
15,489,302
15,219587
2,408,463
3,767,800
2,309,846
1,948,808
1,298,924
859,511
124,644,767 111,253,928 107,575,431 107,026,691 107,305,875 87,164,089
11,217,783
12,436,244
9,282,089
9,778,478
8,768,573
8,156,391
12,429,192
12,102,441
12,124,427
11,264,808
11,386,290
10,386,922
8,901,359
8,692,908
8,823,785
8,112,935
7,450,660
6,785,186
15,964,949
14,226,090
11,546,673
10,492,037
9,052,687
8,769,545
22,531,795
21,039,274
23,900,882
16,450,228
13,566,023
10,978,733
35,096,683
19,251,357
33,179,578
46,917,311
43,364,800
27,909,694
2,060,319
4,332,159
1,496,087
533,279
176,061
29,161
1,570,581
1,760,134
1,958,388
1,598,807
1,547,751
1,501,752
109,772,661
93,840,607
102,311,909
105,147,883
95,312,845
74,517,384
14,872,106
17,413,321
5,263,522
1,878,808
11,993,030
12,646,705
- 1,558,097 4,400,000 - -
- 1,558,097 4,400,000 - -
- 2,590,955 - - -
8,157,999 8,278,692 7,662,207 9,550,514 2,989,329 3,927,765
(20,282,188) (18,380,627) (18,421,513) (18,120,682) (11,591,270) (16,392,428)
(12,124,189) (7,510,980) (7,643,112) 229,832 (8,601,941) (12,464,663)
2,747,917 9,902,341 (2,379,590) 2,108,640 3,391,089 182,042
71,803,092
61,900,751
65,838,438
64,722,707
61,331,618
61,149,576
S 74,551,009 S
71,803,092 S
63,458,848 $
66,831,347 S
64,722,707 S
61,331,618
4.73% 8.24% 4.21% 3.66% 3.32% 3.28%
Source: City of Santa Clarita, Administrative Services Department - Finance Division
143
City of Santa Clarita
Assessed Valuation (1) and Actual Value of Taxable Property
Last Ten Fiscal Years
STATE ASSESSED LOCALLY ASSESSED
1999-00
SECURED -UTILITY
323,181 $
SECURED
$ 2,241,331
Fiscal
IMPROVE- PERSONAL
IMPROVE-
PERSONAL
OTHER
Year
LAND MENTS PROPERTY TOTAL
LAND MENTS
PROPERTY
EXEMPTIONS TOTAL
1999-00
$ 1,733,140 $
323,181 $
185,010
$ 2,241,331
$ 3,549,417,695
$ 5,661,843,960 $
91,953,388
$ (121,319,796)
$ 9,181,895,247
2000-01
2,961,227
298,757
171,028
3,431,012
3,945,586,755
6,169,813,280
91,784,122
(155,105,480)
10,052,078,677
2001-02
2,759,375
327,081
187,242
3,273,698
4,337,350,843
6,540,398,513
95,719,580
(188,756,582)
10,784,712,354
2002-03
2,743,160
314,910
180,275
3,238,345
4,742,666,578
7,042,138,889
91,308,887
(183,110,538)
11,693,003,816
2003-04
5,301,621
43,969,100
205,876
49,476,597
5,312,201,652
7,688,524,882
79,538,536
(187,628,805)
12,892,636,265
2004-05
5,420,327
11,091,534
256,894
16,768,755
6,068,433,252
8,136,867,187
73,449,031
(194,782,110)
14,083,967,360
2005-06
2,098,608
10,833,957
239,620
13,172,185
7,440,682,741
8,947,087,936
89,939,825
(211,472,197)
16,266,238,305
2006-07
2,156,981
8,312,011
197,013
10,666,005
8,556,960,792
9,766,997,767
104,509489
(253,946,364)
18,174,521,684
2007-08
1,515,305
6,727,866
8,243,171
9,899,005,161
10,912,016,138
98,107,607
(214,371,451)
20,694,757,455
ASSESSED VALUATION by CATEGORIES
(Total Secured and Unsecured)
Fiscal Year Ended June 30, 2009
PERSONAL
PROPERTY
1.27%
Im
■ L43AN2D
25,000
15,000
N
C
O
10,000
111
TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Fiscal Year
(2) Direct Rate includes Redevelopment Agency areas.
145
LOCALLY ASSESSED
TOTALS
HOME -
UNSECURED
BEFORE
TAXABLE
°/a
TOTAL
OWNER
IMPROVE-
PERSONAL
OTHER
OTHER
ASSESSED
INCR
DIRECT
PROPERTY
MENTS
PROPERTY
EXEMPTIONS
TOTAL
EXEMPTIONS
VALUE
(DECK.)
RATE (2)
TAX RELIEF
$ 282,745,700 $
319,794,318
$ - $
602,540,018
$ 9,907,996,392
$ 9,786,676,596
0.05794% $
199,793,885
240,385,121
369,315,436
(87,800)
609,612,757
10,820,315,726
10,665,122,446
8.98%
0.05824%
199,566,151
273,0221187
407,191,186
(639,000)
679,574,673
11,656,956,307
11,467,560,725
7.52%
0.06100%
199,815,494
281,002,279
422,950,745
(95,000)
703,858,024
12,583,305,723
12,400,100,185
8.13%
0.06192%
199,128,847
254,085,173
411,805,661
(1,135,000)
664,755,834
13,795,632,501
13,606,868,696
9.73%
0.06279%
199,643,032
242,047,848
399,549,912
(76,000)
641,521,760
14,937,115,985
14,742,257,875
8.34%
0.06432%
205,852,669
216,098,046
453,406,084
(9,513,134)
659,990,996
17,160,386,817
16,939,401,486
14.90%
0.06909%
206,658,586
255,417,833
482,574,856
(7,299,385)
730,693,104
19,177,126,742
18,915,880,793
11.67%
0.08039%
206,464,204
264,708,723
558,804,055
(32,916,267)
790,596,511
21,740,884,855
21,493,597,137
13.63%
0.08327%
220,192,568
25,000
15,000
N
C
O
10,000
111
TOTAL ASSESSED VALUATION
(Taxable Values)
Last Ten Fiscal Years
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Fiscal Year
(2) Direct Rate includes Redevelopment Agency areas.
145
City of Santa Clarita
Redevelopment Agency (1)
Assessed Valuation (2) and Actual Value of Taxable Property
Last Ten Fiscal Years
STATE ASSESSED LOCALLY ASSESSED
1998-99 S
SECURED (UTILITY)
51,759 S
SECURED
150,335
FISCAL
IMPROVE- PERSONAL
IMPROVE-
PERSONAL
OTHER
YEAR
LAND MENTS PROPERTY TOTAL
LAND MENTS
PROPERTY
EXEMPTIONS TOTAL
1998-99 S
68,944 $
51,759 S
29,632 $
150,335
$ 115,222,237
$ 127,657,072 $
4,474,912 $
(4,120,954) $
243,233,267
1999-00
47,103
35,364
20,244
102,711
119,628,829
131,911,448
3,855,740
(1,609,625)
253,786,392
2000-01
43,544
32,692
18,715
94,951
129,489,221
136,444,009
4,069,074
(1,624,719)
268,377,585
2001-02
47,672
35,789
20,489
103,950
142,657,899
145,596,895
3,810,222
(2,524,574)
289,540,442
2002-03
45,897
34,458
19,726
100,081
149,325,297
149,506,716
5,028,543
(2,575,054)
301,285,502
2003-04
52,416
39,351
22,527
114,294
161,106,889
159,691,365
3,806,986
(4,148,124)
320,457,116
2004-05
65,404
49,101
28,109
142,614
180,810,905
166,935,237
2,314,234
(5,083,826)
344,976,550
2005-06
61,007
45,801
26,219
133,027
273,260,130
176,564,344
2,435,378
(4,859,824)
447,400,028
2006-07
50,158
37,657
21,558
109,373
295,792,467
185,299,271
2,545,972
(5,085,710)
478,552,000
2007-08
335,974,647
205,086,767
2,346,546
(4,630,171)
538,777,789
2008-09
348,100,511
217,393,278
2,064,527
(3,754,719)
563,803,597
SECURED ASSESSED VALUATION
(before other exemptions)
Fiscal Year 2008-09 Y PERSONAL
PROPERTY
0.36%
LAND
IMPROVEMENTS End
61.33%
38.30%
(1) -The Redevelopment Agency of the City of Santa Clarita was established on November 28, 1989, pursuant to the State of California Health
and Safety Code, Section 33000. However, the Agency was not active until fiscal year 1998-99 and the Base Year was calculated in fiscal year
1996-97, which included the Homeowners Tax Relief of that year.
(2) -Assessed valuation is based on 100% of full value in accordance with Section 135 of the California Revenue and Taxation Code.
Source: County of Los Angeles, Auditor-Controller/Tax Division
146
LOCALLY ASSESSED
UNSECURED
IMPROVE- PERSONAL OTHER
MENTS PROPERTY EXEMPTIONS TOTAL
TOTALS
HOME -
TOTALS TAXABLE OWNER
BEFORE ASSESSED VALUE PROPERTY
BASEYEAR BASEYEAR VALUE GROWTH TAX RELIEF
$ 4,972,866 $
12,239,116 $
(3,000) $
17,208,982
$ 260,592,584
$ (266,351,517) $
(5,758,933)
$ - $
1,870,400
4,143,500
14,484,623
-
18,628,123
272,517,226
(266,351,517)
6,165,709
11,924,642
1,860,600
3,796,012
16,424,155
(10,000)
20,210,167
288,682,703
(266,351,517)
22,331,186
16,165,477
1,895,600
4,515,557
14,923,310
(15,000)
19,423,867
309,068,259
(266,351,517)
42,716,742
20,385,556
1,918,000
5,983,748
19,053,059
(30,000)
25,006,807
326,392,390
(266,351,517)
60,040,873
17,324,131
1,890,000
6,272,382
19,035,089
(33,000)
25,274,471
345,845,881
(266,351,517)
79,494,364
19,453,491
1,923,600
6,326,173
22,151,970
(33,000)
28,445,143
373,564,307
(266,351,517)
107,212,790
27,718,426
2,161,147
5,901,959
23,034,914
(91,000)
28,845,873
476,378,928
(266,351,517)
210,027,411
102,814,621
2,053,943
26,593,269
25,569,962
(16,300)
52,146,931
530,808,304
(266,351,517)
264,456,787
54,429,376
1,971,567
28,204,577
48,299529
(217,300)
76,286,806
615,064595
(266,351,517)
348,713,078
84,256,291
2,034,432
39,771,667
48,437,084
(77,000)
88,131,751
651,935,348
(266,351,517)
385,583,831
36,870,753
2,002,848
UNSECURED ASSESSED VALUATION
(before other Exemption)
Fiscal Year 2008-09
147
City of Santa Clarita
Assessed Value- Taxable Property
Last Ten Fiscal Years
CATEGORY
08-09
07-08
FISCAL YEAR
06-07
05-06
04-05
Residential
$ 16,491,425,500
$ 16,165,919,271
$ 13,962,2751972
$ 12,56916401999
$ 11,097,987,787
Commercial
21541,908,257
21081,576,763
11836,340,797
11588,835,810
11258,3891787
Industrial
1,420,480569
1,29300539
11148,469,489
980,395598
833,455573
Irrigated
3,5591558
3,4891768
29,374,674
281272,540
4,351,050
Dry faun
-
49,088,244
48,5121253
451145,241
Recreational
119,459,165
114,868,032
901435,287
94,916,719
841727,948
Institutional
1361418,924
130,907,129
94,705,673
91,312,643
80,606,769
Government
201,629
197,676
194,922
190,000
-
Miscellaneous
826,513
810,312
795,449
779,859
764,577
Vacant land
6641562,300
6641792,342
65616%955
5541551,820
4401215,418
SBE Nommitary
1,073,171
8,243,171
10,666,005
13,172,185
16,768,755
Possessory Int.
158,723,783
239,115,623
222,654,730
205,526,182
201,323,600
Unsecured
8711039,834
7901596,511
7301697,804
6591990,996
6411526,760
Unknown
-
83,525,492
103,30302
36,994,610
TOTALS:
$ 22,409,6791203 $ 21,493,597,137 $ 181915,885,493 $ 161939,401,486 $ 141742,257,875
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
ASSESSED VALUE - TAXABLE PROPERTY
Last Ten Fiscal Years
99.00 00.01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Fiscal Year
Source: HdL Coren & Cone, Los Angeles County Assessor 2008/09 Combined Tax Rolls.
148
Residential
■Commercial
Olndustrial
GVacant land
DAR others
FISCAL YEAR
03-04 02-03 01-02 00-01 99-00
$ 10221,634,945 $ 9,373,657,630 $ 8,630,320,972 $ 71948529,358 $ 7,306570,760
1,13258501
1,043,922,879
955,529,671
8791942,873
797,649,082
817,508,597
735,063,812
693,214,978
660288,367
597,514,771
3,962,743
3,933,315
5,7981245
3,871,007
5,055,001
43,542,990
2905,961
3074,195
38,04105
47,333,049
94,69074
60,212,317
46,322531
421015,479
41,371556
113,908577
102,142,853
82,619,342
96,186,317
105,63507
493,814
484,173
47073
465,377
456,265
667,091
7,591,441
2,697,123
7,823,618
707,998
280,744,871
212233528
228,265,224
2601536,412
1791422,468
49,476,597
3,2381345
3,273,698
3,431,012
2,2411331
153,302,360
109,259,714
751116,757
731906,800
771224,408
664,760,834
703,858,024
679,574,673
6091612,757
602,540,018
29,585,002
14,846,193
30,2781643
40,471,414
15,974,282
$ 1306,86806 $ 12,400,1001185 $ 111467560,725 $ 1005,122446 $ 9,786,676596
Notes: In 1978 the voters of the State of California passed Proposition 13 which limited taxes to a total maximum
rate of 1 % based upon the assessed value of the property being taxed. Each year, the assessed value of
property may be increased by an "inflation factor" (limited to a maximum of 2%). With few exceptions,
property is only reassessed as a result of new construction activity or at the time it is sold to a new owner.
At that point, the property is reassessed based upon the added value of the construction or at the purchase
price (market value) or economic value of the property sold. The assessed valuation data shown above
represents the only data currently available with respect to the actual market value of taxable property and
is subject to the limitation just mentioned.
149
City of Santa Clarita
Assessed Value- Use Category Summary
Fiscal Year 2008-09
NET
ASSESSED TAXABLE
CATEGORY PARCELS VALUE PERCENT EXEMPTIONS VALUE PERCENT
Residential 48,674 $ 16,511,335,521 72.91% $ 191910,021 $ 16,491,4251500 73.591%
Commercial 860 2,549,916,541 11.26% 81008,284 21541,908,257 11.343%
Industrial 672 1,421,577,263 6.28% 1,096,694 1,420,4801569 6.339%
Irrigated 6 31559,558 0.02% - 3,5591558 0.016%
Recreational 35 122,209,018 0.54% 2,7491853 1191459,165 0.533%
Institutional 89 306,328,345 1.35% 169,909,421 136,418,924 0.609%
Government 5 202,795 0.001% 1,166 201,629 0.001%
Miscellaneous 10 826,513 0.004% 826,513 0.004%
Vacant land 3,559 665,237,238 2.94% 674,938 6641562,300 2.966%
SBE Nommitary (108) 1,0731171 0.00% - 11073,171 0.005%
Possessory Int. (2,124) 159,547,778 0.70% 823,995 158,723,783 0.708%
Unsecured (7,227) 904,991,640 4.00% 33,951,806 871,039,834 3.887%
Unknown
TOTALS: 53,910 $ 22,646,805,381 100.00% $ 2371126,178 $ 221409,679,203 100.000%
ASSESSED VALUE by USE NET TAXABLE VALUE by USE CATEGORY
CATEGORY Fiscal Year 2008-09
Fiscal Year 2008-09
13 B Industrial
Industrial 6.34%
618 G Commercial ■ All Others
0 Commerci o
11.34% 8.73 /°
al ■ All Others
11.26,, 9.56
Residential
72.91%
Source: HdL Coren & Cone, Los Angeles County Assessor 2008/09 Combined Tax Rolls.
150
Residential
73.59%
City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
Last Ten Fiscal Years
Fiscal
Year
GENERAL
LOS
ANGELES
COUNTY
CASTAIC
LAKE
WATER
AGENCY
SCHOOL
DISTRICTS
COUNTY
SANITATION
DISTRICTS
COUNTY
FLOOD
CONTROL
TOTAL
1999-00
1.000000
0.001314
0.060614
0.026663
0.001015
0.001519
1.091125
2000-01
1.000000
0.001314
0.060614
0.000298
0.000498
0.001552
1.064276
2001-02
1.000000
0.001128
0.123017
0.041235
0.000561
0.001073
1.167014
2002-03
1.000000
0.001033
0.106227
0.069731
0.000487
0.000881
1.178359
2003-04
1.000000
0.000992
0.066000
0.079461
0.000328
0.000462
1.147243
2004-05
1.000000
0.000923
0.056169
0.064493
0.000321
0.000245
1.122151
2005-06
1.000000
0.000795
0.049327
0.064422
0.000000
0.000049
1.114593
2006-07
1.000000
0.000660
0.040000
0.060360
0.000000
0.000050
1.101070
2007-08
1.000000
0.000000
0.040000
0.074050
0.000000
0.000000
1.114050
2008-09
1.000000
0.000000
0.040000
0.077110
0.000000
0.000000
1.117110
iR'IIDDbL=
1.000000
0.800000
0.600000
0.400000
0.200000
0.000000
DIRECT and OVERLAPPING PROPERTY TAX RATES
Fiscal Year 2008-09
LA COUNTY
FLOOD CONTROL
Source: HdL Coren & Cone, Los Angeles County Assessor 2008-09 Tax Rate Table
151
City of Santa Clarita
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
One Year Detail of Rates producing Revenue for City and Associated Redevelopment Agencies
City General Fund Direct Rates
RDA Incremental Rate
Total Direct Rate
City Share
Prop. 13
Notes: General fund tax rates are
of 1%
plus applicable
representative and based upon the direct
Roll Year per Prop. 13 Debt Rates Total City Rates
voter approved debt
and overlapping rates for the largest
2008-09 0.079870 0.000000 0.079870
1.040009/o
0.08313%
Agency
2008-09
City of Santa Clarita Tax District 1 (249.01)
0.05735
Notes: General fund tax rates are
Castaic Lake Water Agency (302.01)
0.05779
representative and based upon the direct
Children's Institutional Tuition Fund (400.21)
0.00283
and overlapping rates for the largest
Consolidated Fire Protection District of LA Co. (007.30)
0.16341
General Fund tax rates area (TRA) by net
County School Service Fund Newhall (581.06)
0.00801
taxable value. Total Direct Rate is the
County School Service Hart William S. Hart (757.06)
0.00034
weighted average of all individual direct
County School Services (400.15)
0.00143
rates applied by the government preparing
Development Center Handicapped Minor Newhall (581.07)
0.00088
the statistical section information.
Educational Augmentation Fund Impound (400.01)
0.13377
The percentages presented in the columns
Educational Revenue Augmentation Fund(ERAF) (400.00)
0.08255
above do not sum across rows. RDA rate
Greater LA Co. Vector Control (061.80)
0.00032
is based on the largest RDA tax rate area
LA County Library (003.01)
0.02364
(TRA) and includes only rate(s) from
LA County Fire - Ffw (007.31)
0.00323
indebtedness adopted prior to 1989 per
LA County Flood Control Improvement District (030.10)
0.00176
California State statute. RDA direct and
LA County Flood Control Maintenance (030.70)
0.00996
overlapping rates are applied only to the
LA County General (001.05)
0.14051
incremental property values. In 1978,
LA County Accum Cap Outlay (001.20)
0.00009
California voters passed Proposition 13
Newhall Scholl District (581.01)
0.08349
which set the property tax at a 1.00% fixed
Santa Clarita Community College (814.04)
0.03744
amount. This 1.00% is shared by all the
Santa Clarita Street Light Maintenance #2 (249.32)
0.02253
taxing agencies for which the subject
Santa Clarita Valley Sanitation Dist. La Co.
0.02503
property resides within. In addition to
Valencia Areawide Landscape T1A S.C.
0.01924
1.00% fixed amount, property owners are
William S. Hart Elementary School Fund (757,07)
0.04289
charged taxes as a percentage of assessed
William S. Hart Union High (757.02)
0.08151
property values for the payment of any
Total Prop. 13 Rate:
1.00000
voter approved bonds.
Castaic Lake Water Agency (302.01)
William S. Hart Un.Hsd Debt Services (757.51)
Newhall Elementary School District Debt Services 1999 Ser. B (581.53)
Newhall Elementary School District Debt Services 1999 Ser. A (581.52)
Santa Clarita Community College Debt Services 2001 Ser. 2005 (814.54)
Santa Clarita Community College Debt Services 2006 Ser. 2007 (814.55)
Santa Clarita Community College Debt Services 2005 Refunding Bonds (814.53)
Santa Clarita Community College Debt Services 2001 Ser. 2003 (814.52)
Santa Clarita Community College Debt Services 2001 Ser. 2002 (814.51)
William S. Hart Unified Debt Services (757.52)
Total Tax Rate
Source: HdL Coren & Cone, Los Angeles County Assessor 2008/09 Tax Rate Table
152
0.04000
0.01035
0.01634
0.01329
0.00619
0.01069
0.00396
0.00247
0.00046
0.01336
0.11711
City of Santa Clarita
Principal Property Taxpayers
Current Fiscal Year and Two Fiscal Years Ago
Valencia Town Center
EQR Valencia LLC
Casden Santa Clarita LLC
Sam's Real Estate Business Trust/ WalMart
Prado Town Center West LLC
VTC Business Center
C -Native Exchange LLC Time Warner
Rreef America Reit II Corporation DD
EQR-Wellfan 2008
Gateway Village
Rreef America Reit II Corporation
Newhall Land and Farming Company
Princess Cruises Inc.
ERP Operating
Prism River Oaks Limited Partnership
Total
All Others
Total Assessed Valuation
31
FISCAL YEAR 2008-09
1.30 %
FISCAL YEAR 2007-08
$ 277,077,500
FISCAL YEAR 2006-07
30
$ 227,588,130
PERCENT of
218
93,110,745
PERCENT of
218
91,285,050
PERCENT of
Number
TOTAL
TOTAL CITY
Number
TOTAL
TOTAL CITY
Number
TOTAL
TOTAL CITY
of
ASSESSED
ASSESSED
of
ASSESSED
ASSESSED
of
ASSESSED
ASSESSED
OWNER/TAXPAYER Parcels
VALUE
VALUE
Parcels
VALUE
VALUE
Parcels
VALUE
VALUE
Valencia Town Center
EQR Valencia LLC
Casden Santa Clarita LLC
Sam's Real Estate Business Trust/ WalMart
Prado Town Center West LLC
VTC Business Center
C -Native Exchange LLC Time Warner
Rreef America Reit II Corporation DD
EQR-Wellfan 2008
Gateway Village
Rreef America Reit II Corporation
Newhall Land and Farming Company
Princess Cruises Inc.
ERP Operating
Prism River Oaks Limited Partnership
Total
All Others
Total Assessed Valuation
31
$ 283,259,367
1.30 %
30
$ 277,077,500
1.63 %
30
$ 227,588,130
1.34 %
218
93,110,745
0.43
218
91,285,050
0.54
217
54,881,137
0.32
25
79,590,546
0.37
25
78,029,956
0.46
25
74,999,960
0.44
9
75,424,767
0.35
9
74,050,394
0.44
-
-
-
264
71,125,630
0.33
267
72,754,504
0.43
8
48,696,944
0.29
10
157,307,514
0.72
-
-
12
78,960,993
0.36
-
-
2
74,150,497
0.34
-
-
3
70,617,530
0.32
-
-
1
67,743,300
0.31
-
-
-
-
-
2
72,650,100
0.43
-
-
-
296
72,554,608
0.43
142
124,754,967
0.74
-
-
-
5
66,006,818
0.39
7
60,186,928
0.36
-
-
-
5
65,098,719
0.38
-
-
-
-
-
-
7
53,641,335
0.32
-
-
-
1,051,290,889
4.84 %
923,148,984
5.45 %
591,108,666
3.49 %
20,689,593,966
95.16
16,357,948,724
94.66
16,357,948,724
96.51
521,740,884,855
100.00 0/1
517,281,097,708
100.10 %
516,949,057,390
100.00 11�
NOTE: The amounts shown above include assessed value data for both the City and the Redevelopment Agency. Prior yews' information
are not available at this time.
Source: HdL Coren & Cone, LA County Assessor 2008/09 Combined Tax Rolls
153
154
City of Santa Clarita
Property Tax Levies, Tax Collections, and Delinquency
Last Ten Fiscal Years
FISCAL
TAXES
DELINQUENT
PERCENT
YEAR
LEVIED
COLLECTIONS AMOUNT
DELINQUENCY
1999-00
$ 6,652,430 $
6,456,536 $
195,894
2.94%
2000-01
7,188,685
6,993,761
194,924
2.71%
2001-02
7,741,409
7,542,204
199,205
2.57%
2002-03
8,494,397
8,274,896
219,501
2.58%
2003-04
9,271,388
9,066,213
205,175
2.21%
2004-05
10,118,983
9,878,450
240,533
2.38%
2005-06
11,593,852
11,292,337
301,515
2.60%
2006-07
12,804,630
12,317,614
487,016
3.80%
2007-08
14,483,825
13,754,184
729,641
5.04%
2008-09
11,925,285
11,361,604
563,681
4.73%
TAX COLLECTIONS & DELINQUENCY -
LAST TEN FISCAL YEARS
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0;
1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
FISCALYEAR
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: County of LA, Department of Auditor -Controller
155
City of Santa Clarita
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
NOTES:
(1) In 1991 the Santa Clarita Public Financing Authority issued $22,940,000 aggregate principal amount of
Local Agency (Redevelopment) Revenue Bonds Series 1991. Simultaneously with the receipt of the Bond
proceeds, the Authority acquired $22,940,000 Certificates of Participation issued by the Santa Clarita
Redevelopment Agency, of which the proceeds were transferred 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. The Agency leased back the facilities to the City for lease
payments to be made by the City to Financing Authority equal to the principal and interest due on the
principal and interest due on the revenue bonds. At this point of time, the RDA was not active.
-The 1991 Series certificates were later refunded in fiscal year 1997-98 by the Certificates of Participation
Series 1997 of $19,670,000. As a result, the 1991 Series certificates are considered to be defeased and
the liability for those certificates were removed from the general long-term debt.
-On July 1, 2005, the Santa Clarita Public Financing Authority issued $17,700,000 in Certificates of
advance refund $17,640,000 of outstanding 1997 Series certificates. As a result, the 1997 Series were
considered defeased and the liability for those certificates were removed from the long-term liability.
-In November 2001, the Authority issued $3,200,000 in Certificates of Participation for the acquisition of
parkland.
(2) On January 16, 2007, the Santa Clarita Public Financing Authority issued $13,785,000 Lease Revenue
Bonds, Series 2007 for the acquisition of right-of-way.
(3) On December 1, 2007, the Santa Clarita Public Financing Authority issued $15525,000 in Certificates of Participation
for the acquisition of open space and parkland.
(4) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $29,860,000 in Non Housing Tax Allocation Bonds
to fund certain redevelopment projects within the Newhall Redevelopment Project area.
(5) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $8,850,000 in Low/Mod Housing Tax Allocation Bonds
to fund certain redevelopment Housing projects within the Newhall Redevelopment Project area.
Sources: City of Santa Clarita, Administrative Services Department - Finance Division
156
GOVERNMENTAL ACTIVITIES
FISCAL
CERTIFICATES
TAX ALLOCATION
CAPITAL
YEAR
OF PARTICIPATION (1) (3)
LOANS
NOTES
BONDS (2)
BONDS (4) (5)
LEASES
TOTAL
1999-00
$ 19,670,000
$ -
$ 2,000,000
$ 3,019,844
$ -
$ - $ -
$ 394,878
$ 25,084,722
2000-01
19,670,000
3,200,000
1,870,000
2,859,195
-
- -
322,347
27,921,542
2001-02
19,475,000
3,200,000
2,940,000
2,665,846
-
- -
262,056
28,542,902
2002-03
18,975,000
2,665,000
4,213,913
2,507,371
-
- -
183,909
28,545,193
2003-04
18,335,000
2,040,000
6,333,828
-
-
- -
103,275
26,812,103
2004-05
17,640,000
1,390,000
5,698,192
-
-
- -
23,798
24,751,990
2005-06
17,700,000
710,000
5,029,113
-
-
- -
12,211
23,451,324
2006-07
16,760,000
-
4,328,207
-
13,785,000
- -
36,401
34,909,608
2007-M
15,790,000
15,525,000
3,593,734
-
13,575,000
29,860,000 8,850,000
23,676
87,217,410
2008-09
14,790,000
15,525,000
2,823,907
-
13,330,000
29,860,000 8,850,000
11,370
85,190,277
NOTES:
(1) In 1991 the Santa Clarita Public Financing Authority issued $22,940,000 aggregate principal amount of
Local Agency (Redevelopment) Revenue Bonds Series 1991. Simultaneously with the receipt of the Bond
proceeds, the Authority acquired $22,940,000 Certificates of Participation issued by the Santa Clarita
Redevelopment Agency, of which the proceeds were transferred 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. The Agency leased back the facilities to the City for lease
payments to be made by the City to Financing Authority equal to the principal and interest due on the
principal and interest due on the revenue bonds. At this point of time, the RDA was not active.
-The 1991 Series certificates were later refunded in fiscal year 1997-98 by the Certificates of Participation
Series 1997 of $19,670,000. As a result, the 1991 Series certificates are considered to be defeased and
the liability for those certificates were removed from the general long-term debt.
-On July 1, 2005, the Santa Clarita Public Financing Authority issued $17,700,000 in Certificates of
advance refund $17,640,000 of outstanding 1997 Series certificates. As a result, the 1997 Series were
considered defeased and the liability for those certificates were removed from the long-term liability.
-In November 2001, the Authority issued $3,200,000 in Certificates of Participation for the acquisition of
parkland.
(2) On January 16, 2007, the Santa Clarita Public Financing Authority issued $13,785,000 Lease Revenue
Bonds, Series 2007 for the acquisition of right-of-way.
(3) On December 1, 2007, the Santa Clarita Public Financing Authority issued $15525,000 in Certificates of Participation
for the acquisition of open space and parkland.
(4) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $29,860,000 in Non Housing Tax Allocation Bonds
to fund certain redevelopment projects within the Newhall Redevelopment Project area.
(5) On June 1, 2008, the Santa Clarita Redevelopment Agency issued $8,850,000 in Low/Mod Housing Tax Allocation Bonds
to fund certain redevelopment Housing projects within the Newhall Redevelopment Project area.
Sources: City of Santa Clarita, Administrative Services Department - Finance Division
156
2,500
2.
2,000
1,500
1,000—�-Oyy�y7t $19026
L$9241$$712
500
0
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-05
Fiscal Year
157
PERCENTAGE
BUSINESS -TYPE ACTIVITIES
of
OUTSTANDING
MASTER
TOTAL
TAXABLE
DEBT
DEBT TO
LEASE
LEASE
PRIMARY
ASSESSED
PER
PERSONAL
OBLIGATIONS
PAYABLE
TOTAL GOVERNMENT
VALUE
CAPITA
INCOME
$ 284,106
$ 5,378,351
$ 5,662,457 $
30,747,179
0.31%
$ 1,099
4%
-
4,656,704
4,656,704
32,578,246
0.31%
1,114.47
4%
-
3,897,133
3,897,133
32,440,035
0.28%
1,063.50
4%
-
3,088,996
3,088,996
31,634,189
0.26%
1,026.15
4%
-
2,236,624
2,236,624
29,048,727
0.21%
923.59
3%
-
1,919,312
1,919,312
26,671,302
0.18%
803.86
3%
-
1,586,319
1,586,319
25,037,643
0.15%
711.54
2%
-
1,236,869
1,236,869
36,146,477
0.19%
979.13
3%
-
870,149
870,149
88,087,559
0.41%
2,254.84
6%
-
485,304
485,304
85,675,581
0.40%
2,046.28
5%
OUTSTANDING
DEBT per
CAPITA
Last Ten
Fiscal Years
2,500
2.
2,000
1,500
1,000—�-Oyy�y7t $19026
L$9241$$712
500
0
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-05
Fiscal Year
157
City of Santa Clarita
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
350
300
250
200
150
100
50
0
GENERAL BONDED DEBT OUTSTANDING
per CAPITA
Last Ten Fiscal Years
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Source: (1) State of California, Finance Department
Fiscal Year
158
PERCENTAGE
OUTSTANDING GENERAL BONDED DEBT
of
TAXABLE
DEBT
FISCAL
REVENUE
CERTIFICATES of
ASSESSED
PER
YEAR
POPULATION (1)
BONDS
PARTICIPATION
TOTAL
VALUE
CAPITA
1999-00
151,260 $
-
5 19,670,000 $
19,670,000
0.20%
$ 130
2000-01
155,124
-
22,870,000
22,870,000
0.21%
147
2001-02
158,289
-
22,675,000
22,675,000
0.20%
143
2002-03
162,875
-
21,640,000
21,640,000
0.17%
133
2003-04
164,916
-
20,375,000
20,375,000
0.15%
124
2004-05
166,958
-
19,030,000
19,030,000
0.13%
114
2005-06
167,412
-
18,410,000
18,410,000
0.11%
110
2006-07
175,676
13,893,228
16,760,000
30,653,228
0.16%
174
2007-08
176,030
13,575,000
31,315,000
44,890,000
0.21%
255
2008-09
177,150
13,330,000
30,315,000
43,645,000
0.21%
246
350
300
250
200
150
100
50
0
GENERAL BONDED DEBT OUTSTANDING
per CAPITA
Last Ten Fiscal Years
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Source: (1) State of California, Finance Department
Fiscal Year
158
City of Santa Clarita
Direct and Overlapping Bonded Debt
June 30, 2009
2008-09 Assessed Valuation: $22AI0,452,203 (Net of Redevelopment Agency
Incremental Value of $375,808-0271
2008-09 Population: 177,150
Percent City's Share
Total Debt Applicable of Debt
06/30/2009 To City (1) 06/30/2009
OVERLAPPING TAX AND OVERLAPPING BONDED DEBT:
Los Angeles County Flood Control District
Newhall County Water District - I.D. No. 2 (Sewer and Water issues)
Santa Clarita Community College District
William S. Hart Union High School District
William S. Hart Union High School District - Community Facilities District No. 87-1
William S. Hart Union High School District - Community Facilities District No. 89-1
William S. Hart Union High School District - Community Facilities District No. 90-1
Los Angeles County Community College and Unified School Districts
Castaic Union School District
Newhall School District
Saugus Union School District
Sulphur Springs Union School District
City of Santa Clarita Open Space and Parkland Assessment District
City of Santa Clarita Community Facilities District No. 2002-1
City of Santa Clarita 1915 Act Bonds
Los Angeles County Regional Park and Open Space Assessment District
Total Overlapping Tax and Assessment Debt
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations
Los Angeles County Pension Obligations
Los Angeles County Superintendent of Schools - Certificates of Participation
Los Angeles County Sanitation District No. 32 Authority
Los Angeles County Sanitation District No. 23 Authority
Santa Clarita Community College District - Certificates of Participation
William S. Hart Union High School District - Certificates of Participation
Castaic Union School District - Certificates of Participation
84,705,000
50,000
150,093,952
214,725,872
2,590,000
835,000
715,000
10,454,825,000
10,268,194
30,650,000
89,486,391
10,268,000
15,525,000
17,105,000
1,145,000
246,875,000
Newhall School District - Certificates of Participation
Saugus Union School District - Certificates of Participation
Sulphur Springs Union School District - Certificates of Participation
Los Angeles Unified School District - Certificates of Participation
City of Santa Clarita - Certificates of Participation
Total Direct and Overlapping General Fund Debt
Less: William S. Hart Union High School District QZABs supported by investment fund payments
TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT
COMBINED GROSS TOTAL DEBT
COMBINED NET TOTAL DEBT
(1) Percentage of overlapping agency's assessed valuation located within boundaries of the City
2.378 % $
99.218
61.498
61.489
100.000
100.000
100.000
0.00002
24.798
57.484
72.537
70.875
100.000
100.000
100.000
2.360
2,014,285
49,609
92,304,779
132,032,791
2,590,000
835,000
715,000
2,091
2,546,307
17,618,846
64,910,743
7,277,445
15,525,000
17,105,000
1,145,000
5,826,250
362,498,146
928,941,195
2.360 %
21,923,012
235,690,861
2.360
5,562,304
15,904,264
2.360
375,341
36,194,601
63.327
22,920,955
4,025,616
0.189
7,608
36,200,000
61.498
22,262,276
6,000,000
61.489
3,689,340
21,581,725
24.798
5,351,836
4,548,275
57.484
2,614,530
435,000
72.537
315,536
28,799,058
70.875
20,411,332
484,576,710
0.00002
97
28,120,000
100.000
28,120,000
133,554,167
3,689,340
129,864,827
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and tax allocation
bonds and non -bonded capital lease obligations.
Ratios to 2008-09 Assessed Valuation
Per Capita
Total Overlapping Tax and Assessment Debt..................................................................
1.62%
$2,046.28
Ratios to Adjusted 2008-09 Assessed Valuation
Combined Direct Debt ($43,645,000)...........................................................................
0.20%
158.74
Combined Gross Total Debt.......................................................................................
2.25%
$2,800.18
Combined Net Total Debt.............._.......__.........................................._...................
2.23%
$2,779.36
STATE SCHOOL BUILDING AID REPAYABLE AS OF (4/30/2009: $0
Source: Halt,
159
$ 496,052,313 (2)
$ 492,362,973
City of Santa Clarita
Legal Debt Margin Information
Last Ten Fiscal Years
Assessed valuation
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
Total net debt applicable to limit:
General obligation bonds
Legal debt margin
Total debt applicable to the limit
as a percentage of debt limit
FISCAL YEAR
08-09
07-08
06-07
05-06
$ 21,600,880,848 $
25%
21,740,884,855 $
25%
19,177,131,442 $
25%
17,160,386,817
25%
5,400,220,212
15%
5,435,221,214
15%
4,794,282,861
15%
4,290,096,704
15%
810,033,032
815,283,182
719,142,429
643,514,506
$ 810,033,032 $
815,283,182 $
719,142,429 $
643,514,506
0%
0%
0%
0%
Section 43605 of the Government Code of the State of California provides for a legal debt limit of
15% of gross assessed valuation. However, this provision was enacted when assessed valuation
was based upon 25% market value. Effective with 1981-82 fiscal year, each parcel is now
assessed at 100% of market value (as of the most recent change in ownership for that parcel).
The computations shown above reflect a conversion of assessed valuation data for each fiscal year
from current full valuation perspective to the 25% level that was in effect at the time the legal
debt margin was enacted by the State of California for local governments located within the State.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
160
FISCAL YEAR
04-05
03-04
02-03
01-02
00-01
99-00
$ 14,937,115,985 $
25%
13,795,632,501 $
25%
12,583,305,723 $
25%
11,656,956,307 $
25%
10,820,315,726 $
25%
9,907,996,392
25%
3,734,278,996
15%
3,448,908,125
15%
3,145,826,431
15%
2,914,239,077
15%
2,705,078,932
15%
2,476,999,098
15%
560,141,849
517,336,219
471,873,965
437,135,862
405,761,840
371,549,865
$ 560,141,849 $
517,336,219 $
471,873,965 $
437,133,862 $
405,761,840 $
371,549,865
01%
01,10
0%
01,110
0%
00,10
FISCAL YEAR
161
1.
'll
:11
.11
ids I
11
'd
l "t
,
It
FISCAL YEAR
161
City of Santa Clarita
Pledged -Revenue Coverage
Last Ten Fiscal Years
TRANSIT
NOTE: (1) Includes Other revenues, Transfers -in, and Capital contributions
(2) Includes Transfers -out and Other expenses
162
LESS
NET
Fiscal
TRANSIT
OPERATING
AVAILABLE
DEBT SERVICE
Year
REVENUES (1)
EXPENSES (2)
REVENUES
Principal
Interest
COVERAGE
1999-00
S 12,108,910
$ 10,217,313
S 1,891,597
$ 950,317 $
351,533
10.75%
2000-01
21,469,569
11,636,514
9,833,055
1,005,753
445,170
6.76%
2001-02
25,041,599
12,582,811
12,458,788
759,571
228,698
3.95%
2002-03
15,714,048
13,167,728
2,546,320
808,137
192,799
6.37%
2003-04
24,171,361
13,693,876
10,477,485
852,372
135,063
4.09%
2004-05
35,677,983
14,037,109
21,640,874
317,312
102,395
1.18%
2005-06
22,041,436
17,242,035
4,799,401
332,993
86,230
1.90%
2006-07
19,468,288
19,033,240
435,048
349,449
69,388
2.15%
2007-08
24,888,921
22,204,777
2,684,144
366,720
60,298
1.72%
2008-09
26,612,418
23,014,324
3,598,094
384,846
42,172
1.60%
NOTE: (1) Includes Other revenues, Transfers -in, and Capital contributions
(2) Includes Transfers -out and Other expenses
162
City of Santa Clarita
Demographic and Economic Statistics
Last Ten Calendar Years
YEAR
CITY OF
SANTA CLARITA
POPULATION (1)
AVERAGE
ANNUAL
PERCENTAGE
INCREASE
LOS ANGELES
COUNTY
POPULATION (1)
AVERAGE
ANNUAL
PERCENTAGE
INCREASE
PER
CAPITA
PERSONAL
INCOME (2)
UNEMPLOYMENT
RATE (3)
1998
143,836
1.51%
9,225,788
0.86%
$ 27,220
6.60%
1999
146,979
2.19%
9,330,116
1.13%
27,973
5.90%
2000
151,260
2.91%
9,487,409
1.69%
29,232
5.40%
2001
155,124
2.55%
9,653,900
1.75%
30,503
5.70%
2002
158,289
2.04%
9,817,400
1.69%
30,828
6.80%
2003
162,875
2.90%
9,966,200
1.52%
31,452
7.00%
2004
164,916
1.25%
10,107,451
1.42%
33,179
6.50%
2005
166,958
1.24%
10,166,417
0.58%
35,188
5.30%
2006
167,412
0.27%
10,245,572
0.78%
36,917
4.20%
2007
177,158
5.82%
10,331,939
0.84%
39,066 (4)
2.70%
2008
177,045
-0.06%
10,363,850
0.31%
41,875
4.70%
2009
177,150
0.06%
10,393,185
0.28%
42,916
7.70%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
91% 2
2
2.90%
1
5.82%
2000 2001 2002 2003 2004 2005 2006 2007 2008
YEAR
Sources: (1) State of California, Finance Department
(2) U.S. Department of Commerce, Bureau of Economic Analysis (BEA)
Personal Income and Unemployment rates are for the regional area, Los Angeles. The City of
Santa Clarita's related information is not available.
(3) State of California, Department of Employment Development (EDD)
(4) Annual data is not available; average figures for first 10 months of the calendar year were utilized.
163
City of Santa Clarita
Principal Employers (1)
Current Fiscal Year and Three Fiscal Years Ago
2009 (2) 2005
PERCENT PERCENT
NUMBER of NUMBER of
of TOTAL of TOTAL
EMPLOYER EMPLOYEES EMPLOYMENT EMPLOYEES EMPLOYMENT
Six Flag Magic Mountain
3,689
15.64%
3,878
19.56%
Princess Cruises
2,100
8.90%
1,577
7.95%
Henry Mayo Newhall Memorial Hospital
1,212
5.14%
1,240
6.25%
H.R. Textron
845
3.58%
662
3.34%
The Master's College
755
3.20%
755
3.81%
Specialty Laboratories
725
3.07%
670
3.38%
Arvato Services
586
2.48%
474
2.39%
California Institute of Arts
500
2.12%
515
2.60%
Aerospace Dynamics
450
1.91%
435
2.19%
Fanfare Media Works
407
1.73%
490
2.47%
Total
11,269
47.77%
10,696
53.95%
All Others
12,323
52.23%
9,131
46.05%
Total employment in Santa Clarita (1)
23,592
100.000/0
19,827
100.000/0
NOTE: (1) Non-governmental employers
(2) 2009 data not available, represents data from 2008
Source: 2008 Santa Clarita Valley - Real Estate and Economic Outlook
W
City of Santa Clarita
Full -Time and Part -Time City Employees
by Function
Last Ten Fiscal Years
Function
General government
Public safety (1)
Public works
Community development
Parks and Recreation
Transit
Totals
FISCAL YEAR
08-09 07-08 06-07 05-06 04-05 03-04 02-03 01-02 00-01 99-00
95.75 91.75 86.00 96.00 79.00 78.00 78.00 75.00 68.50 64.50
135.50
136.50
133.50
115.00
146.00
138.00
150.00
150.50
138.00
134.00
36.00
35.00
33.00
36.00
20.00
20.00
20.00
19.00
18.00
18.00
111.50
110.50
108.00
106.00
101.00
99.00
84.00
80.00
80.00
73.00
14.00
11.00
11.00
8.00
8.00
8.00
7.00
7.00
7.00
8.00
392.75 384.75 371.50 361.00 354.00 343.00 339.00 331.50 311.50 297.50
CITY OF SANTA CLARITA - EMPLOYEES
Last Ten Fiscal Years
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
19a A1C inn n
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
Fiscal Year
(1) Police and Fire services have been provided by the County
Source: City of Santa Clarita, Administrative Services Department - Finance Division
165
City of Santa Clarita
Operating Indicators
by Function
Last Ten Fiscal Years
Police
Parking citation issued (1)
4,126
5,257
FISCAL YEAR
6,042
5,960
5,040
3,893
FISCAL YEAR
3,322
Not Available
Parking revenue collected
$ 235,634
$ 288,076
$ 334,927
$ 27,257
$ 10,427
$ 10,324
$ 7,011
$ 6,239
Function
08-09
07-08
06-07
05-06
04-05
03-04
02.03
01-02
00-01
99-00
Police
Parking citation issued (1)
4,126
5,257
4,587
6,042
5,960
5,040
3,893
3,674
3,322
Not Available
Parking revenue collected
$ 235,634
$ 288,076
$ 334,927
$ 27,257
$ 10,427
$ 10,324
$ 7,011
$ 6,239
$ 5,762
Not Available
Public works:
Street resurfacing (mites)
14.0
15.4
15.4
16.5
12.5
7.5
6.5
6.5
6.5
5.5
Parks and Recreation:
Number of recreation classes
21284
2,393
2,535
2,357
2,443
2469
2,267
1,929
1,874
1,479
Number of facility rentals (times)
9,801
9,767
19,645
19,435
17,739
15,005
12,765
11,505
10,245
8,985
Transit:
Number of customers served (2)
4,210,842
3,821,299
3,733,299
3,718,640
3,527,000
3,429,913
3,006,739
2,991,605
2,964,613
2,384,919
NOTE: (1) The City of Santa Clarita contracts Los Angeles County, Sheriff Department for its Police services.
The number of citation issued and money collected me within the City's boundaries.
(2) Number of customers served include those outside of the City boundaries.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
166
City of Santa Clarita
Capital Assets Statistics
by Function
Last Ten Fiscal Years
Function
Public works:
Streets (miles)
Street lights (1)
Traffic signals (City Jurisdiction)
Traffic signals Qoint-Jurisdiction)
Parks and recreation:
Number of parks
Community centers
Transit:
Stations
FISCAL YEAR
08-09 07-08 06-07 05-06 04-05 03-04 02-03 01-02 00-01 99-00
496
496
496
496
462
462
452
452
452
426
14,739
14,429
14,000
13,200
13,000
12,000
12,000
11,647
11,647
-
172
176
166
167
165
158
151
141
134
129
5
4
4
5
5
4
2
2
2
-
20
20
19
18
17
16
16
15
13
12
1
1
1
1
-
-
-
-
-
-
4
4
4
4
4
4
4
4
3
3
NOTE: (1) All of the above referred street lights are/were owned and maintained by Edison Company.
The Highway Safety Lights (HSL) are the streetlights attached to traffic signals (732) and those are
City owned and maintained through a contract with the County. The City took over the streetlights from
County in 1998 and the City Engineering division established the inventory reports since 2001.
Source: City of Santa Clarita, Administrative Services Department - Finance Division
167
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