HomeMy Public PortalAbout06 FUND FINANCIAL STATEMENTSCity of Rancho Mirage
California
Comprehensive Annual Financial Report
YEAR ENDED JUNE 30, 2003
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Assets
Cash and investments (note 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 4)
Due from Assessment District Agency Fund
Prepaid Items
Advances to other funds (note 5)
Total assets
Liabilities and fund balances
Liabilities:
Accounts payable
Accrued salaries and benefits
Due to other governments
Due to other funds (note 4)
Deposits payable
Deferred revenue
Advances from other funds (note 5)
Total liabilities
Fund balances:
Reserved for encumbrances
Reserved for prepaid items
Reserved for loans receivable
Reserved for special assessments
Reserved for debt service
Reserved for advances to other funds
Reserved for Cancer's Survivor Park
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 public facilities
Designated for capital projects
Designated for continuing
appropriations
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 30,2003
General
Fund
$ 56,656,471
47,294
643,492
648,020
824,914 22,357
534,354 149,000 269,788
121,058
116,500
7,685,496
$ 67,277,599 422.120 2,611,098 17,462,661
$ 2,122,036
14,833
3
187,632
3
2,324,504 382 924 748,750 100,210
554,320 24,307
116,500
579,723
7,685,496
9,328,152
185,016
1,353,476
7,245,230
37,905,182
Snecial Revenue Funds
Housing
Fire Tax Parkland Authority
Fund Fund Fund
272,965 2,586,685 14,243,948
155 2,056 10,700
2,940
2,935,285
4,863 8,614 75,603
734 1,242
78,061
- 113,809 23,365
- 625 593
710,542
99,562
2,935,285
50,000
972,403
59,077 307,512
14,889 70,326
14,020,092
64,953,095 39,196 1,862,348 17,362,451
67,277,599 422 120 2,611, 98 17,462661
See accompanying notes tbtasic financial statements.
Debt Service Funds
Whitewater Northside
Debt Service Debt Service
Fund Fund
201,232
4,198,504
1,739
3,776,678
1,204,725
3,074
256,220 223,356
4,657,695 5,207,833
417,834 175,969
154,696 172,846
572,530 348,815
4,198,504
1,204,726
133,951
(113,339) 3,520,341
4,085,165 4,859,018
4,657,695 5,207,833
Canital Pr
Whitewater
Capital Projects
Fund
1,705,151
23,734
988
560,146
1,026,294
6,797,307
10,113,620
42,015
231
200,0 00
6,100,000
7,059,903
13,402,149 551,938
456,173
1,026,2 94
560,146
oiects Funds
Northside
Capital Projects
Fund
18,450
37,401,761
775,000
38,195,211
19,445
231
532,262
42,188
775,000
Other
Governmental
Funds
10,113,620 38
See accompanying notes tasic financial statements.
Total
Governmental
Funds
8,191,753 87,653,333
293,464 43,122,188
5,881 71,887
145,825 792,257
560,146
5,384,599
9,890 9,890
494,753 8,618,907
363,758 1,316,900
121,058
116,500
7,685,496
9,505,324 155,45 .161
309,611 3,175,990
2,949 20,220
148,240 526,301
457,096 1,316,900
- 337,177
9,890 6,297,522
7,685,496
927,786 19,359,606
169,155 1,345,705
116,500
5,316,302
560,146
293,464 5,696,694
7,685,496
50,000
9,328,152
185,016
972,403
18,450 175,520 2,047,986
25,000 25,000
85,215
3,228,574 3,228,574
33,579,061 2,732,534 57,576,917
37,905,182
5,181,865 5,892,407
3,407,002
(5,331,142) (5,331,142)
(3,288,529) 37,643,273 8,577,538 136,093,555
9,505,324
155.453 161
CITY OF RANCHO MIRAGE
Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2003
Fund balances of governmental funds $ 136,093,555
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. 130,174,437
Long term debt and compensated absences have not been included in
the governmental fund activity:
Revenue bonds payable (3,150,000)
Tax allocation bonds payable (100,670,000)
Capital leases payable (101,440)
Claims payable (294,508)
Compensated absences (966,309)
Accrued interest payable for the current portion of interest due on debt
service has not been reported in the governmental funds. (1,326,215)
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 $ 165,859,520
See accompanying notes to basic financial statements.
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6,100,000
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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
Proceeds from property owner debt
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
Payments for ERAF Shift
Service fees
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Transfers in (note 6)
Transfers out (note 6)
Proceeds from sale of capital assets
Issuance of long -term debt
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, 2003
Special Revenue Funds
Housing
General Fire Tax Parkland Authority
Fund / Fund '7 Fund Fund
$14,002,618
1,509,210
1,580,638
2,107,545
31,087
2,300,147
402,885
260,576
22,194,706
6,221,004
3,851,307
2,736,868
21,228
2,662,233
15,492,640
6,702,066
(350,394)
690,112
101,440
441,158
7,143,224
57,809,871
$ 64,953,095
3,062,756
3,062,756 248,809
(3,028,948) 458,944
2,395,074 1,555
2,395,074 1,555
See accompanying notes to basic financial statements.
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26,896 57,389
- 295,862 -
- 249,748
12,893 80,280 449,596
(5,981) 24,474 128,941
393,689
33,808 707,753 976,809
248,809
4,583
1,610,074
734,312
2,344,386
(1,367,577)
4,296,788
(133,385)
4,163,403
(633,874) 460,499 2,795,826
673,070 1,401,849 14,566,625
39,196 1,862,348 17,362,451
Debt Service Funds
Whitewater Northside
Debt Service Debt Service
Fund Fund
12,367,668 9,010,086
170,171 179,532
44,682 (248,057)
12,582,521 8,941,561
1,110,000 665,000
2,277,575 2,997,406
6,341,855 2,817,804
283,572 303,951
167,327 200,000
10,180,329 6,984,161
2,402,192 1,957,400
69,533 318,428
(2,473,534) (2,609,714)
(2,404,001) (2,291,286)
(1,809) (333,886)
4,086,974 5,192,904
4,085,165 4,859,018
Capital Projects Funds
Whitewater Northside
Capital Projects Capital Projects
Fund Fund
695,142
2,275
145,255 1,429,835
7,623 (18,535)
850,295 1,411,300
862,791 573,515
4,079,700 2,499,456
4,942,491
(4,092,196)
8,970
(69,533)
(60,563)
(4,152,759)
864,230
(3,288,529)
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3,072,971
(1,661,671)
807,697
(1,899,442)
(1,091,745)
(2,753,416)
40,396,689
37,643,273
Other
Governmental
Funds
2,157,819
1,397,926
305,422
109,802
1,572,812
262,923
76,331
1,178,244
114,188
7,175,467
87,402
520,089
1,453,972
3,870,318
45,000
198,764
167,292
6,342,837
832,630
7,442,522
(7,804,566)
(362,044)
470,586
8,106,952
8,577,538
Total
Governmental
Funds
37,538, 191
3,602,278
1,585,221
2,497,252
140,889
1,868,674
249,748
5,030,632
412,363
1,178,244
770,728
54,874,220
9,354,786
6,914,063
3,256,957
1,724,009
13,846,019
1,820,000
5,473,745
9,159,659
587,524
534,619
52,671,381
2,202,839
15,340,567
(15,340,567)
690,112
101,440
791,552
2,994,391
133,099,164
136,093,555
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, 2003
Net change in fund balances - total governmental funds $ 2,994,391
Amounts reported for governmental activities in the statement of activities differs
from the amounts reported in the fund statements because:
Governmental funds report capital projects (outlays) as expenditures. However, in the statement
of activities, the costs of those assets is 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 is an expenditure in the governmental funds, but the
repayment reduces long -term liabilities in the statement of net assets. 1,820,000
Compensated absences, capital leases and claims payable expenses reported in the statement
of activities 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 (72,295)
Capital leases 40,296
Claims payable 43,826
Proceeds from long -term debt is an other fmancing source in the governmental funds, but
the new debt issuances increase long -term liabilities in the statement of net assets. (101,440)
Accrued Interest for debt service. This is the net change in
accrued interest for the current period. 18,709
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. 136,000
Change in net assets of governmental activities $ 8,940,927
See accompanying notes to basic financial statements.
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4,061,440
Assets
Liabilities
CITY OF RANCHO MIRAGE
Agency Fund
Statement of Fiduciary Assets and Liabilities
June 30, 2003
Total assets $ 2,088,825
City and Assessment
A¢encv Fund Districts Fund Total
Cash and investments (note 2) $ 2,088,825 1,632,795 3,721,620
Cash and investments with fiscal agent (note 2) - 1,692,566 1,692,566
Interest receivable - 1,199 1,199
Due from other governments - 62,227 62,227
3,388,787 5,477,612
Accounts payable $ 881,924 11,027 892,951
Deposits payable 1,206,901 - 1,206,901
Due to City of Rancho Mirage 121,058 121,058
Due to bondholders 3,256,702 3,256,702
Total liabilities $ 2,088,825 3,388,787 5,477,612
See accompanying notes to basic financial statements.
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