HomeMy Public PortalAbout10 Other Governmental Funds - Debt ServiceCOMPREHENSIVE
ANNUAL
FINANCIAL REPORT
CITY OF RANCHO MIRAGE, CALIFORNIA
MAJOR AND NONMAJOR DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and
the payment of, principal and interest on specific long -term obligations of the City.
The WHITEWATER PROJECT AREA
FUND is used to account for tax increment
revenues and debt service transactions of bonds
and other obligations of the Whitewater
redevelopment project area.
The NORTHSIDE PROJECT AREA FUND
is used to account for tax increment revenues
and debt service transactions of bonds and
other obligations of the Northside
redevelopment project area.
123
The JOINT POWERS FINANCING
AUTHORITY FUND is used to account for the
debt service transactions of the 2005A Lease
Revenue Bond issue.
Assets:
Cash and investments with fiscal agent
Total assets and other debits
Liabilities and Fund Balances
Liabilities:
Accounts payable
Total liabilities
Fund balances:
Reserved for debt service
Total fund balance (deficit)
Total liabilities and fund balances
CITY OF RANCHO MIRAGE
COMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUNDS
June 30, 2009
124
Joint Powers
Financing
Authority
393,640
393,640
393,640
393,640
393,640
Revenues:
Interest income
Expenditures:
Debt service:
Principal
Interest
Other financing sources:
Transfers in
CITY OF RANCHO MIRAGE
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR DEBT SERVICE FUND TYPES
Year ended June 30, 2009
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
125
Joint Powers
Financing
Authority
9,704
Total revenues 9,704
160,000
228,883
388,883
(379,179)
380,467
Total other financing sources 380,467
Total change in fund balances 1,288
Fund balances, beginning of year 392,352
Fund balances, end of year 393,640
Total revenues
CITY OF RANCHO MIRAGE
BUDGETARY COMPARISON SCHEDULE
WHITEWATER PROJECT AREA
DEBT SERVICE FUND
Year ended June 30, 2009
126
Final
Budget
Actual
Variance with
Final Budget
Positive
Negativel
Revenues:
Taxes 19,200,000 20,071,825 871,825
Interest income 30,000 164,449 134,449
Net increase (decrease) in investment fair value 107,332 107,332
19,230,000 20,343,606 1,113,606
Expenditures:
Debt Service:
Principal 1,785,000 1,785,000
Interest 1,912,085 1,912,085
Payments under pass through agreements 9,850,100 9,718,263 131,837
Service fees 201,155 195,530 5,625
Total expenditures 13,748,340 13,610,878 137,462
Excess (deficiency) of revenues
over (under) expenditures 5,481,660 6,732,728 1,251,068
Other financing sources (uses):
Transfers out (5,515,600) (5,229,693) 285,907
Total other financing uses (5,515,600) (5,229,693) 285,907
Total change in fund balance (33,940) 1,503,035 1,536,975
Fund balances at beginning of year 987,066 987,066
Fund balances at end of year 953,126 2,490,101 1,536,975
Total revenues
CITY OF RANCHO MIRAGE
BUDGETARY COMPARISON SCHEDULE
NORTHSIDE PROJECT AREA
DEBT SERVICE FUND
Year ended June 30, 2009
127
Variance with
Final Budget
Final Positive
Budget Actual (Neaativel
Revenues:
Taxes 15,500,000 15,500,000
Interest income 125,300 190,513 65,213
Net increase (decrease) in investment fair value 137,376 137,376
15,625,300 15,827,889 202,589
Expenditures:
Debt service:
Principal 2,480,000 2,480,000
Interest 4,464,470 4,464,470
Payments under pass through agreements 5,433,000 5,400,970 32,030
Service fees 274,725 298,710 (23,985)
Total expenditures 12,652,195 12,644,150 8,045
Excess (deficiency) of revenues
over expenditures 2,973,105 3,183,739 210,634
Other financing sources (uses):
Transfers in 1,492,544 6,348,357 4,855,813
Transfers out (3,100,000) (3,100,000)
Total other financing uses (1,607,456) 3,248,357 4,855,813
Total change in fund balance 1,365,649 6,432,096 5,066,447
Fund balances at beginning of year 2,561,634 2,561,634
Fund balances at end of year 3,927,283 8,993,730 5,066,447
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