HomeMy Public PortalAbout05 Fund Financial StatementsCOMPREHENSIVE
ANNUAL
FINANCIAL REPORT
CITY OF RANCHO MIRAGE, CALIFORNIA
CITY OF R NCHO MIRAGE
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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
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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.
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228,773,924
(58,457,112)
(5.145,000)
(164,673,158)
(228,063)
(180,955)
(1,566,303)
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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
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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
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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.
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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.
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