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Home My Public Portal About06 Fund Financial StatementsCOMPREHENSIVE ANNUAL INANCIAL REPORT CITY OF RANCHO MIRAGE, CALIFORNIA CITY 01 NCHO MIRAGE Assets Cash and investments Cash and investments with fiscal agent Receivables: Interest Accounts Loans Due from other governments Due from other funds Advances to RDA Successor Agency Prepaid items Land held for resale CITY OF RANCHO MIRAGE BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2012 Special Revenue Funds Housing Low Cost General Library Fire Tax Authority Housing Fund Fund Fund Fund Fund $ 77,465,442 $ 2,660,892 $ 1,425,618 $ 7,702,194 $ 3,267,883 6,222 182 443,559 25,019 1,496,351 - 1,114,111 67,214 164,533 32,395 Total assets $ 83,825,963 $ 2,917,840 $ 1,625,044 $ 21,208,420 $ Liabilities and Fund Balances Liabilities: Accounts payable $ 2,078,166 $ 29,803 $ 1,032,125 $ 314,087 $ Accrued salaries and benefits 206,246 72,243 - 10,694 Due to other governments 174 180 - 2,441,894 Due to other funds 203,186 19 - Deposits payable 27,592 11,935 219,496 Deferred revenue - 77,104 160,750 - Total liabilities 2,515,364 191,284 1,192,875 2,986,171 Fund balances: Non - spendable 1,528,746 - - - Restricted - 2,726,556 432,169 18,222,249 Assigned 10,442,621 Unassigned 69,339,232 14 4 160,750 38,672 464 220 1,761,509 11,509,033 235,000 Total fund balance 81,310,599 2,726,556 432,169 18,222,249 Total liabilities and fund balances $ 83,825,963 $ 2,917,840 $ 1,625,044 $ 21,208,420 $ See accompanying notes to basic financial statements. Capital Debt Service Funds Projects Fund Whitewater Northside Redevelopment Non major Total Debt Service Debt Service Capital Projects Governmental Governmental Fund Fund Fund Funds Funds $ - $ - $ - $ 16,731,617 $ 105,985,763 602,536 3,870,419 1,299 8,171 - - 70,751 539,549 3,257,860 - - 170,194 1,512,269 - - - - 203,205 11,509,033 - - - - 32,395 235,000 $ - $ - $ - $ 17,576,397 $ 127,153,664 $ - $ - $ - $ 163,875 $ 3,618,056 - 2,915 292,098 - - - 277 2,442,525 - - - - 203,205 3,515 262,538 - - - - 237,854 1,528,746 14,201,753 35,582,727 3,204,062 13,646,683 69,339,232 17,405,815 120,097,388 $ - $ - $ 17,576,397 $ 127,153,664 15 170,582 7,056,276 CITY OF RANCHO MIRAGE GOVERNMENTAL FUNDS RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS JUNE 30, 2012 Fund balances of governmental funds $ 120,097,388 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: Non - depreciable capital assets 45,022,948 Depreciable capital assets 198,882,103 Accumulated depreciation (67,709,307) Long term debt and related balances, and compensated absences have not been included in the governmental fund activity: Revenue bonds payable (4,790,000) ACBI "Pay Back Deficit" (652,548) DOE ARRA loan payable (298,726) Claims payable (434,255) Compensated absences (1,172,718) Deferred gain/(loss) on refunding (265,927) Deferred cost of issuance 198,246 Accrued interest payable for the current portion of interest due on debt service has not been reported in the governmental funds. (102,739) 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. Net assets of governmental activities $ 289,012,319 See accompanying notes to basic financial statements. 16 237,854 CITY OF RANCHO MIRAGE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended June 30, 2012 Special Revenue Funds ]lousing Low Cost General Library Fire Tax Authority Housing Fund Fund Fund Fund Fund Revenues: Taxes 8 13,384,284 $ 857,717 $ 1,623,445 $ - S 3,265,202 Intergovernmental 2,236,273 1,342,290 683,773 53,195 Licenses and permits 514,418 - - 4,516 Charges for services 524,126 450 6,653 1,426,086 Fines and forfeitures 164,771 56,016 - - Special assessments 2,590,618 260,207 1,767,917 - Developer fees 30,836 - - - Interest income 1,537,056 45,570 4,708 96,947 36,939 Net increase (decrease) in investment fair value (58,678) (808) 5,777 65,674 - Miscellaneous 491,289 58,148 - 4,760 - Total revenues 21,414,993 2,619,590 4,092,273 1,651,178 3,302,141 Expenditures: Current: General government 10,050,592 Public safety 6,581,869 Public works 3,532,310 Cultural and recreation - Capital projects 2,368,104 Debt service: Principal Interest Payments under pass - through agreements 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) Extraordinary Item: Dissolution of former Redevelopment Agency (note 16) Net change in fund balances Fund balances, beginning of year Fund balances, end of year 2,748,408 4,546,294 432 17,850 878,358 5,144,942 115,842 651,478 22,532,875 2,748,840 4,564,144 6,023,300 767,320 (1,117,882) (129,250) (471,871) (4,372,122) 2,534,821 2,774,881 109,450 731,829 1,861,478 (705,680) (37,880) - (1,563,739) Total other financing sources (uses) 2,069,201 71,570 731,829 297,739 (1,861,478) - (10,862,828) 951,319 (57,680) 259,958 (4,074,383) (10,189,485) 80,359,280 2384,236 172211 22,296,632 10,189485 81,310,599 $ 2,726,556 S 432,169 $ 18,222,249 S See accompanying notes to basic financial statements. 17 (1,861,478) 8 Capital Debt Service Funds Projects Fund Nhitewater Northside Redevelopment Non major Total Debt Service Debt Service Capital Projects Governmental Governmental Fund Fund Fund Funds Funds $ 7,013,738 $ 6,047,074 $ $ 749,873 3 32,941,333 - - 511,894 4,827,425 518,934 213,819 2 ,171,134 - - - 220,787 - - 1,218,843 5,837,585 - 91,878 122,714 42,542 81,430 166,222 357,043 2,368,457 177,551 5,015,683 7,056,280 6,128,504 168,322 3,736,879 50,170,160 270,637 - - 180,000 180,000 848,078 2,277,746 - 212,008 3,989,310 3,981,389 2,588,481 - 6,569,870 8,665 16,865 - - 25,530 5,153,729 714,581 (8,947) 3,018 2,100 602,476 1,158,773 157,842 333,041 16,250,447 11,128,163 674,544 4,206,854 654,819 3,403,227 556,739 2,569,121 6,390,604 2,040,597 974,775 (546,259) (886,654) (1,973,845) (1,289,328) (1,289,328) 4,623,533 52,144,005 56,072 (75,605) (19,533) (5,886,098) (10,034,373) (32,516,670) - (59,299,969) (3,845,501) (9,059,598) (34,352,257) (906,187) (61,273,814) 3,845,501 9,059,598 34,352,257 18,312,002 181,371,202 - $ - $ - $ 17,405,815 $ 120,097,388 18 5,533,710 (5,533,710) CITY OF RANCHO MIRAGE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVIITES For the Year Ended June 30, 2012 Net change in fund balances - total governmental funds $ (61,273,814) Amounts reported for governmental activities in the statement of activities differs from the amounts reported in the governmental funds 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 depreciation) Capital outlay, net of adjustments for deletions 5,258,626 Depreciation expense, net of adjustments for deletions (4,774,789) 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. 2005A lease refunding revenue bonds 180,000 DOE -ARRA Loan 18,329 Compensated absences, claims payable and deferred bond issue costs 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 represents the net change for the current period: Compensated absences 207,960 Claims payable 193,169 ACBCI "Pay Back Deficit" (215,732) Amortization of deferred loss on refunding 14,774 Amortization of deferred costs of issuance (11,014) Accrued interest for the current period. (679,287) Certain revenues were collected after year end, but were not available soon enough to pay prior period expenditures, and were therefore reported as deferred revenue in governmental funds, this amount represents the net change in deferred revenue (110) Effect of extraordinary items due to dissolution of former redevelopment agency Reduction of capital assets, net of depreciation (755,000) Reduction of long -term debt (tax allocation bonds, net of accretion and deferred costs) 158,936,693 Reduction of interest payable associated with long-term debt 2,518,202 Reduction of deferred cost of issuance, net of amortization (2,848,718) Change in net assets of governmental activities $ 96,769,289 See accompanying notes to basic financial statements. 19 Net Assets: Held in trust for beneficiaries CITY OF RANCHO MIRAGE FIDUCIARY FUNDS STATEMENT OF FIDUCIARY NET ASSETS JUNE 30, 2012 See accompanying notes to basic financial statements. 20 Redevelopment Successor Agency Private - purpose Agency Assets: Trust Fund Fund Cash and investments (note 2) $ 14,460,875 $ 3,956,365 Cash and investments with fiscal agent (note 2) 52,668,189 1,327,956 Receivables: Interest 768 94 Accounts 13,593 Special assessments (note 1) Loans 147,072 Due from other governments 38,529 Escrow deposits 1,754,014 Land held for resale 255,000 - Deferred cost of issuance 2,698,767 Capital assets: Non - depreciable capital assets 500,000 Total assets 72,498,278 $ 5,322,944 Liabilities and Net Assets: Accounts payable 118,269 $ 829,126 Due to other governments 1,310,374 Advances payable to City of Rancho Mirage 11,509,033 Deposits payable 91,500 1,703,216 Due to bondholders 2,790,602 Interest payable 1,830,968 Long -term liabilities: Due within one year 5,778,960 - Due in more than one year 147,812,980 Total liabilities $ 168,452,084 $ 5,322,944 $ (95,953,806) CITY OF RANCHO MIRAGE FIDUCIARY FUNDS STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FOR THE YEAR ENDED JUNE 30, 2012 See accompanying notes to basic financial statements. 21 Redevelopment Successor Agency Private - purpose Trust Fund Additions: Tax increment $ 8,707,127 Investment earnings 223,836 Net increase (decrease) in investment fair value (298,321) Total Additions 8,632,642 Deductions: General government 2,523,024 Interest and fiscal charges 3,495,266 Deferred issuance cost amortization 16,950 Total Deductions 6,035,240 Extraordinary Item: Dissolution of Redevelopment Agency (note 16) (98,551,208) Change in Net Assets (95,953,806) Net Assets, Beginning of Year Net Assets, End of Year $ (95,953,806)