HomeMy Public PortalAbout05 Government Wide Financial StatementCOMPREHENSIVE
ANNUAL
FINANCIAL REPORT
CITY OF RANCHO MIRAGE, CALIFORNIA
CITY OF RANCHO MIRAGE
STATEMENT OF NET ASSETS
June 30, 2008
Governmental
Activities
Assets:
Cash and investments (note 2) 128,744,802
Cash and investments with fiscal agent (note 2) 68,701,539
Receivables.
Interest 216,113
Accounts 780,773
Special assessments 546,512
Loans 2,952,332
Trust 9,890
Due from other governments 3,056,334
Prepaid items 133,500
Capital assets (note 5):
Non depreciable capital assets 33,409,368
Depreciable capital assets 174,828,518
Accumulated depreciation (49,003,278)
Total assets 364,376,403
Liabilities:
Accounts payable 3,883,974
Accrued salaries and benefits 136,474
Accrued interest payable 1,828,207
Due to other governments 3,262,573
Deposits payable 99,663
Unearned revenue 101,390
Long -term liabilities (note 6).
Due within one year 5,453,684
Due in more than one year 154,517,201
Total liabilities 169,283,166
Net assets:
Investment in capital assets, net of accumulated depreciation
and related debt 69 ,623,504
Restricted for
Community development 38,537,448
Public safety 699,795
Public works 5,574,235
Cultural and recreation 5,600,825
Unrestricted 75,057,430
Total net assets 195,093,237
See accompanying notes to basic financial statements.
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Governmental activities:
General government
Public safety
Public works
Cultural and recreation
Interest on long -term debt
and other charges
Expenses
16,021,080
10,201,495
12,040,334
3,964,894
7,972,330
Total governmental activities 50,200,133
CITY OF RANCHO MIRAGE
STATEMENT OF ACTIVITIES
Year ended June 30, 2008
Net (Expense)
Revenue and
Changes in
Program Revenues Net Assets
Operating Capital Total
Charges for Grants and Grants and Program Governmental
Services Contributions Contributions Revenues Activities
3,061,157 460,341 797,410 4,318,908 (11,702,172)
375,842 30,232 406,074 (9,795,421)
1,110,051 1,901,476 3,011,527 (9,028,807)
686,272 457,706 1,143,978 (2,820,916)
(7,972,330)
5,233,322 2,849,755 797,410 8,880,487 (41,319,646)
General revenues:
Taxes:
Property taxes 22,366,938
Transient occupancy taxes 5,157,302
Sales taxes 5,515,465
Franchise taxes 1,222,758
Motor vehicle in lieu tax, unrestricted intergovernmental 71,072
Library and fire services tax 7,924,540
Interest income, net of increase (decrease) in fair value 9,199,944
Other 994,205
Total general revenues 52,452,224
Change in net assets 11,132,578
Net assets at beginning of year 183,960,659
Net assets at end of year 195,093,237
See accompanying notes to basic financial statements.
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