HomeMy Public PortalAbout06 Fund Financial StatementsCOMPREHENSIVE
ANNUAL
FINANCIAL REPORT
CITY OF RANCHO MIRAGE, CALIFORNIA
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Assets
Cash and investments (rote 2)
Cash and investments with
fiscal agent (note 2)
Receivables:
Interest
Accounts
Special assessments
Loans
Trusts
Due from other governments
Due from other funds (note 3)
Prepaid Items
Total assets
Liabilities and fund balances
Liabilities:
Accounts payable
Accrued salaries and benefits
Due to other governments
Due to other funds (note 3)
Deposits payable
Deferred revenue
Total liabilities
Fund balances:
Reserved for encumbrances
Reserved for prepaid items
Reserved for loans receivable
Reserved for special assessment receivable
Reserved for debt service
Reserved for Cancer's Survivor Park
Reserved for Agua Caliente mitigation
Reserved for public safety
Reserved for license tax
Reserved for COPS program
Reserved for Quimby fees
Unreserved.
Designated for unrealized gains and (losses)
Designated for equipment replacement
Designated for prudent reserve
Designated for disaster recovery
Designated for public facilities
Designated for capital projects
Designated for continuing
appropriations
Designated. reported in non- major
Special revenue funds
Capital projects funds
Undesignated, reported in.
General fund
Special revenue funds
Debt service funds
Capital projects funds
Total fund balance (deficit)
Total liabilities and fund
balances
CITY OF RANCHO MIRAGE
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2008
General
Fund
74.819,957
41.360
126,049
709.866
892.527
93.223
133.500
76.816 482
2.128.658
84.900
97
2,213.655
2,224.524
133.500
420.230
82.073
1 781.052
34,614
25.000.000
25.000.000
10.000.000
4 447 442
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Library Fire Tax
Fund Fund
2.396.051 1.608.482 21 469.911
3 431 896 29 194
556 151 200
2.757.633
9.890
37.228 105
86.544 245 705
2.533,700 1.855.234 24.257,043
62,281 1.287.576 194,776
32.994 9.112
4,152 85,205
9.890
109,317 1,287.576 289.093
138.659 105.640 202.982
2.757.633
744.965 19,802
4 734 427 20.000
Special Revenue Funds
Housing
Authority
Fund
166.200
46.990
168.471
248.828 8.842.994
Low Cost
Housing
Fund
651,066
31.098.354
6.293
86.257
31,841.970
1.750
1 750
36.313
31.172.402
2.245.922 11.995.870 631.505
74.602,827 2.424,383 567.658 23,967.950 31,840.220
76,816.482 2.533,700 1.855,234 24.257,043 31,841.970
See accompanying notes to basic financial statements
Debt Service Funds Capital Projects Funds
Whitewater Northside Whitewater Northside Non- nnnejor TotaI
Debt Service Debt Service Capital Projects Capital Projects Governnnnneatal Governmental
Fund Fund Funnel Fund Funds Funds
1463.819 3.812.378 3,160,939 .4,977.586 14,384 613 128.744,802
457,625 4 775.204 31.936.644 392.352 68.701,539
5.376 7,887 4.238 5.609 27 140 216,113
70,000 780,773
546.512 546.512
9,699 185,000 2,952.332
9.890
431,288 731.347 963.839 3,056.334
511,729
133.500
1.900,483 5.009,237 8,496,592 37,104.839 15.837.944 205,653,524
1,000 5,293 3 179 199.461 3,883,974
2.941 2.941 3.586 136,474
813.590 2,446,603 2,380 3,262,573
99.827 411,902 511,729
10.209 99,663
91,500 101,390
913,417 2,447,603 8,234 97,620 627.538 7,995.803
107 788 2.578 849.084 3,631,255
133,500
9.699 185.000 2,952,332
546,512 546,512
956.045 2,516,118 392,352 3,864,515
50,000 50,000
420,230
82,073
1,781,052
34,614
1,543.930 1,543,930
31.021 45,516 24 452 32,370 100,048 1.202,958
166,200
25.000.000
25.000,000
10,046,990
764.040 22.654,476 54,590,918
3,854 498 9 190,668 26.891.415
4,597.750 4,597,750
2.968.938 2.968,938
4 447,442
4,708.304 19,581,601
3181.369 4.942,127 8,123.496
987,066 2.561,634 8,488.358 37.007,219 15,210,406 197,657,721
1.900,483 5.009,237 8,496,592 37,104,839 15,837,944 205.653,524
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Net assets of governmental activities
CITY OF RANCHO MIRAGE
Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2008
Fund balances of governmental funds 197,657,721
Amounts reported for governmental activities in the statement of net assets are
different because.
Capital assets net of related accumulated depreciation have not been included
as financial resources in governmental fund activity.
Capital assets
Accumulated depreciation
Long term debt and compensated absences have not been included in
the governmental fund activity:
Revenue bonds payable
Tax allocation bonds payable
Claims payable
Compensated absences
Accrued interest payable for the current portion of interest due on debt
service has not been reported in the governmental funds.
See accompanying notes to basic financial statements.
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208,237,886
(49,003,278)
(5,470,000)
(152,842,643)
(293,114)
(1,365,128)
(1,828,207)
195,093,237
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CITY OF RANCHO MIRAGE
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
Year ended June 30, 2008
Special Revenue Funds
Housing Low Cost
General Library Fire Tax Authority Housing
Fund Fund Fund Fund Fund
Revenues:
Taxes 15,410,843
Intergovernmental 214,436 288,819 2,849
Licenses and permits 755,037 10,330
Charges for services 1,223,949 35,083
Fines and forfeitures 106,554 27,921
Special assessments
Developer fees
Interest income 3,699,227 88,681 33,603 952,074 1,390,016
Net increase (decrease)
in investment fair value 1.155,965 28,415 7,031 239,388 (54,710)
Miscellaneous 1,202,050 51,791 831,232
Total revenues 23,768.061 485,627 78,566 2,033,024 1,335,306
Expenditures:
Current:
General government 8,820,120 3,954,524 94,132
Public safety 5,689,440 4,363,983
Public works 3,533,764
Cultural and recreation 41,500 2,958,104
Capital projects 5,449,964 1,034,020
Debt service
Pnncipal 1,075,000
Interest 1,440,669
Payments under pass through agreements
Service fees and issuance costs
Total expenditures 23,534,788 2,958,104 4,363,983 4,988,544 2,609,801
Excess (deficiency) of revenues
over (under) expenditures 233,273 (2,472,477) (4,285,417) (2,955,520) (1,274,495)
Other financing sources (uses)
Transfers in (note 4) 1,862,117 2,534,183 4,438,972 5,262,235 6,978,989
Transfers out (note 4) (1,254,638) (34,588) (5,262,235)
Total other financing sources (uses) 607,479 2,534,183 4,438,972 5,227,647 1,716,754
Total change in fund balances 840,752 61,706 153,555 2,272,127 442,259
Fund balances, beginning of year 73,762,075 2,362,677 414,103 21,695,823 31,397,961
Fund balances, end of year 74,602,827 2,424,383 567,658 23,967,950 31,840,220
See accompanying notes to basic financial statements.
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Debt Sery
Whntte watten
11ebtt Service
Fund
19,394,944
103,021
51,105
19,549,070
1,725,000 1,645,000
1,975,670 3.816,914
10,923,973 4,962,341
145,525 230,074
14,770,168 10,654,329
4,778,902 5,078,116
ice Funds
Northside
Debt Service
Fund
15,500,000
163,720
68,725
(4,759,566) (4,863,344)
(4,759,566) (4,863,344)
19,336 214,772
967,730 2,346,862
987,066 2,561,634
Cppni1all Pr
White water
Capital ]Projects
Fund
379,984
6,511
3,156
15,732,445 389,651
990,404 1,007,498 268,833
1,972,043
(1,582,392)
880,577
880,577
(701,815)
9,190,173
8,488,358
Pro Funds
Northside
Capital Projects
Fund
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69,806
1,602,115
(249,340)
1,422,581
981,639 192,343
1,199,841
222,740
1,763,344
(23,086)
1,740,258
1,962,998
35,044,221
37,007,219
Noon -mayor
Governmental
Food
3,746,164
2,240,099
311,450
64,007
4,484,852
687,465
733,389
157,268
12,424,694
727.404
449,544
2,427,264
155,000
233,533
4,261,578
8,163,116
380,319
(7,903,279)
(7,522,960)
640,156
14,570,250
15,210,406
Total
Governmental
Funds
54,051,951
2,746,203
765,367
1,640,288
198,482
4,484,852
687,465
9,145,830
1,410,358
2,088,229
77,219,025
15,135,511
10,053,423
4,261,168
3,449,148
10,085,230
4,600,000
7,466,786
15,886,314
375,599
71,313,179
5,905,846
24,100,736
(24,100,736)
5,905,846
191,751,875
197,657,721
CITY OF RANCHO MIRAGE
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Year ended June 30, 2008
Net change in fund balances total governmental funds 5,905,846
Amounts reported for governmental activities in the statement of activities differs
from the amounts reported in the statement of activities because:
Governmental funds report capital projects (outlays) as expenditures. However, in the
statement of activities, the costs of those assets are allocated over their estimated useful
lives as depreciation expense. This is the amount by which capital outlays exceeded
depreciation in the current period (net of capital asset and related accumulated
deletions)
Repayment of debt service principal (net of accretion is an expenditure in the governmental
funds, however, the repayment reduces long -term liabilities in the statement of net assets. 4,431,578
Compensated absences, capital leases and claims payable expenses reported in the statement
of activities do not require the use of current financial resources and therefore are not
reported as expenditures in the governmental funds. The following represent the net change
for the current penod:
Compensated absences
Capital leases
Claims payable
Accrued interest and service fees for the current period. 38,477
Change in net assets of governmental activities $11,132,578
See accompanying notes to basic financial statements.
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892,438
(150,871)
(20,199)
35,309
Total assets 5,269,350
Cash and investments (note 2) 3,911,656
Cash and investments with fiscal agent (note 2) 1,325,910
Interest receivable 1,485
Accounts receivable 1,128
Due from other governments 29,171
Accounts payable
Deposits payable
Due to bondholders
Total liabilities
CITY OF RANCHO MIRAGE
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30, 2008
Assets
Liabilities
See accompanying notes to basic financial statements
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880,890
2,006,864
2,381,596
5,269,350
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