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HomeMy Public PortalAbout05 Fund Financial StatementsCOMPREHENSIVE ANNUAL FINANCIAL REPORT CITY OF RANCHO MIRAGE, CALIFORNIA CITY OF R NCHO MIRAGE zl 13 CITY OF RANCHO MIRAGE BALANCE SHEET GOVERNMENTAL FUNDS June 30, 2010 Special Revenue Funds Housing Low Cost General Library Fire Tax Authority Housing Fund Fund Fund Fund Fund Assets Cash and investments (note 2) $ 75,743,913 2.638,028 1.700,725 6.192378 2,504,274 Cash and investments with fiscal agent (note 2) 483.007 - - - 16,207.747 Receivables: Interest 16,173 461 209 1,832 1,273 Accounts 741.215 335 - 41 Special assessments - - - Loans - - 1.874,509 Trusts - 9,890 - - Due from other governments 1,637,075 67,214 160.750 - Due from other funds (note 3) 58210 59,099 211,180 - 6.059 Advances to other funds (note 4) - - - 12,583.600 - Escrow deposits - - - 3,395,875 - Prepaid items 61,884 452 - - - Total assets $ 78,741,477 2,775,479 2,072.864 24,048,635 18,719,353 Liabilities and fund balances Liabilities: Accounts payable $ 641,612 80,096 11,639 185,721 Accrued salaries and benefits 127,143 50,743 12,932 Due to other governments 1,292,332 424 1,311,655 7,981 Due to other funds (note 3) 11,599 - - Advances from other funds (note 4) - - - - Deposits payable 27.655 136,674 - 99,171 Unearned revenue 926,897 77,104 160,750 Total liabilities 1027.238 345.041 1,484,044 305,805 Fund balances: Reserved for encumbrances 699,341 51,436 33,192 13,278.881 Reserved for prepaid items 61.884 452 - - Reserved for loans receivable - - - 1,874,509 Reserved for escrow deposits - Reserved for special assessment receivable - Reserved for debt service - - - - 2.453.131 Reserved for advances to other funds - - - 12,583.600 Reserved for Cancers Survivor Park - Reserved for Agua Caliente mitigation 420,230 Reserved for license tax 2.663.789 Reserved for COPS program - Reserved for Quimby fees Unreserved: Designated for unrealized gains and (losses) 2.213.299 67.902 26.116 241.629 2,300 Designated for equipment replacement - - 166.200 Designated for prudent reserve 30.000,000 Designated for disaster recovery 25,000,000 Designated for public facilities 10,000,000 - 49.126 Designated for capital projects - Design ated for continuing appropriations 3,179,917 37,307 170,498 Undesignated, reported in: General fund 1,475,779 - Special revenue funds - 2273,341 143,688 (4.235,789) 16.263,922 Capital projects funds - - - - - Total fund balance (deficit) 75,714,239 2,430.438 588,820 23,742,830 18.719,353 14 Total liabilities and fund balances $ 78,741,477 2,775,479 2,072,864 24,048,635 18,719.353 See accompanying notes to basic financial statements Debt Service Funds Whitewater Northside Debt Service Debt Service Fund Fund 7,995,051 10,166,833 - 1,996,192 1,534 1,752 30.295 17,680 37,743 8,026,880 12.220,200 4.782,452 4.125,014 3,047,317 7.013 4,132.027 3.047.317 3.692.604 8.748,543 202.249 231,082 3,894,853 9.172,883 Capital Pr Whitewater Capital Projects Fund 2.274,528 1,859,806 337 7,124 546,512 94.145 19.015 6,985 13 26.013 316.853 94.145 546,512 193,258 771,777 2,222,043 4,756,439 ojects Funds Northside Capital Projects Fund 15 47.182,325 14 135,000 28 1,743,866 49.061,233 68,774 6,985 13 37,743 12,583,600 91,500 12,788,615 565,824 135,000 1,743,866 17,912,029 775,349 16,127,173 36,272,618 Non -major Total Governmental Governmental Funds Funds 15.035,648 124.251,778 398,764 68,127.841 3,938 75.224 781,845 29,760 (211,274) 406,830 25,000 16,295,419 216,743,992 167.343 4,915 10.471 315,964 3,515 502.208 99,784 88.584 88,849 27.523 823.939 546,512 2.103,654 9.890 2,694,859 372319 12,583.600 5,139,741 62,336 1,174,200 209,703 9.795,220 372.319 12,583.600 358.515 1,164,751 25,658.308 15,045,311 62,336 2,103.654 546,512 398.764 15,293.042 - 12,583,600 50,000 50,000 420.230 2,663,789 1,650,046 1,650,046 3,209,893 191,200 30,000.000 25,000.000 10,137,710 18,965,913 2,218,473 22,508.717 - 1,475.779 8,082,988 22,528,150 2,683,893 4,905,936 15,793,211 191,085,684 8,026,880 12,220200 4,782452 49,061,233 16,295,419 216,743.992 CITY OF RANCHO MIRAGE GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NEW ASSETS June 30. 2010 Fund balances of governmental funds $ 191,085,684 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 ACBI "pay back deficit" 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. (1,995,008) Certain revenues will be collected after year end, but are not available soon enough to pay for current period's expenditures, and are therefore reported as deferred revenue in governmental funds. 926,897 Net assets of governmental activities $ 188,540,906 See accompanying notes to basic financial statements. 16 228,773,924 (58,457,112) (5.145,000) (164,673,158) (228,063) (180,955) (1,566,303) 17 Revenues: Taxes Intergovernmental Licenses and permits Charges for services Fines and forfeitures Special assessments Developer fees Interest income Net increase (decrease) in investment fair value Miscellaneous Total revenues Expenditures: Current: General government Public safety Public works Cultural and recreation Capital projects Debt service: Principal Interest Payments under pass - through agreements SERAF payment Service fees and issuance costs Total expenditures Excess (deficiency) of revenues over (under) expenditures Other financing sources (uses): Transfers in (note 5) Transfers out (note 5) Total other financing sources (uses) Total change in fund balances Fund balances, beginning of year Fund balances, end of year CITY OF RANCHO MIRAGE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS Year ended June 30, 2010 General Fund 304,733 815,503 16,849,384 2,480,715 (523,102) 1,957,613 223,278 75,490,961 $ 75,714,239 18 Library Fund $ 12,218,946 308,506 274,695 568,750 - 403,247 113,063 58,663 2,116,636 53,355 7,376,367 - 6,490,951 - 3,415,234 41,700 3,317,549 1,259,467 18,583,719 3,317,549 2,684,179 2,684,179 (31,810) 2,462,248 2,430,438 See accompanying notes to basic financial statements. Special Revenue Funds Housing Fire Tax Authority Fund Fund 22,574 58,759 4,020 31,728 418,918 22,040 13,844 (199,291) (102,432) 192,807 - 1,005,708 601,560 68,146 1,288,114 504,583 4,150,833 6,077 4,487,489 (295,986) 884,806 588,820 9,401,742 4,487,489 13,552,575 2,635,191 (1,734,335) (2,715,989) (4,419,343) (12,264,461) (2,130,608) 4,123,357 14,868,089 6,971,723 (230,356) (14,868,089) 4,123,357 14,637,733 (7,896,366) 2,373,272 21,369,558 23,742,830 Low Cost Housing Fund 607,015 1,135,000 1,377,956 116,158 (10,026,974) 28,746,327 18,719,353 Debt Service Funds Whitewater Debt Service Fund 19,358,617 15,500,000 119,122 289,864 63,896 48,193 19,541,635 15,838,057 1,850,000 1,844,489 8,818,949 Northside Debt Service Fund 2,220,000 4,726,228 5,389,985 208,002 295,476 12,721,440 12,631,689 6,820,195 3,206,368 (5,415,443) (5,415,443) 1,404,752 2,490,101 3,894,853 72,785 (3,100,000) (3,027,215) 179,153 8,993,730 9,172,883 Capital Projects Funds Whitewater Northside Capital Projects Capital Projects Fund Fund 80,079 811,366 30,122 (734,549) 3,600 113,801 205,313 1,082,998 128,496 111,492 1,153,182 12,583,600 1,194,490 14,822,429 (1,080,689) (14,617,116) 1,543,720 (520,176) 1,023,544 (57,145) 4,813,584 4,756,439 1,085,647 232,304 520,176 (72,785) 447,391 (14,169,725) 50,442,343 36,272,618 19 Non -major Governmental Funds 3.680,849 3.569,089 216,474 74,240 5,282,156 579,666 473,001 100,253 13.975,728 752,510 440,414 3,913,755 165,000 223,483 5,727,466 89,674,037 8,248,262 (20,687,716) 471,850 (9.006,643) (8.534,793) (286,531) 16.079,742 15,793,211 Total Governmental Funds 50,758,412 4,211,049 572,770 770,791 245,966 5,282,156 579,666 5,001,084 (453,191) 2,017,618 68,986,321 13,934,226 10,978,440 4,167,744 3,799,663 15,839,638 5,370,000 8,172,156 14,208,934 12,583,600 619,636 33,736,594 (33,736,594) (20,687,716) 211,773,400 191,085,684 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, 2010 Net change in fund balances - total governmental funds $ (20,687,716) 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. 5,046,528 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 period: Compensated absences Claims payable Accrued interest and service fees for the current period. 48,031 Certain revenues will be collected after year end, but are not available soon enough to pay for current period's expenditures, and are therefore reported as deferred revenue in governmental funds. This is the net change. Change in net assets of governmental activities $ (7.942,698) See accompanying notes to basic financial statements. 20 6,488,155 (28,225) 263,632 926,897 CITY OF RANCHO MIRAGE AGENCY FUNDS STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES June 30, 2010 Balance at Assets June 30, 2010 Cash and investments (note 2) $ 3,204,858 Cash and investments with fiscal agent (note 2) 1,313,569 Interest receivable 113 Accounts receivable 4,569 Due from other governments 85,308 Total assets $ 4,608,417 Liabilities Accounts payable $ 861,224 Deposits payable 1,755,009 Due to bondholders 1,992,184 Total liabilities $ 4,608,417 See accompanying notes to basic financial statements. 21 22