HomeMy Public PortalAbout12) 10A Comprehensive Annual Financial Report for year ended June 30, 2014 ocrCity Council
December 16, 2014
Page 2 of 5
4 . On June 17, 2014, the City Council approved an amendment to the Consultant
Services Agreement with Vasquez & Company, LLP, for a one year extension
providing for auditing services for the period ending June 30, 2014.
5. On July 30, 2014, the Admin istrative Services Department received notice from the
Government Finance Officers' Association (GFOA) that the City had received the
Excellence in Financial Report Award program for the FY 2012-13 CAFR.
6 . On July 15, 2014, the City Council appointed an Audit Standing Committee (i.e.,
Steve Curran, CPA, Chairperson, Councilmember Yu, Vice Chairperson, and Mayor
Pro-Tem Chavez) and adopted an Audit Standing Committee Charter.
7. On September 5, 2014, the Audit Standing Committee met with City staff and audit
staff from Vasquez & Company, LLP, and reviewed the planned engagement for the
independent audit for the Fiscal Year Ending June 30, 2014 .
8. On October 13, 2014, Vasquez & Company completed the Auditor's field work.
9. On October 31, 2014, the Audit Standing Committee once again met with City staff
and audit staff from Vasquez & Company, LLP , and discussed the results of the
Auditor's field work.
10. On December 5, 2014, the Audit Standing Committee met with City staff and audit
staff from Vasquesz & Company, LLP, for a preliminary review of the final Draft of
the CAFR.
11. On December 9, 2014, the Audit Standing Committee met with City staff for a final
review of the final Draft of the CAFR and will recommend to the City Council that
they receive and file the CAFR for the period ended June 30, 2014, at their
regularly scheduled meeting on December 16, 2014 .
ANALYSIS:
A CAFR is a set of United States government financial statements compnstng the
financial report of a state, municipal or other governmental entity that complies with the
accounting requirements, Generally Accepted Accounting Principles (GAAP), created
and circulated by the Governmental Accounting Standards Board (GASB).
The CAFR accounting structure provides for standardization financial reporting. All
levels of government including federa l, state, local and municipal, produce a CAFR to
document an accurate picture of institutional funds, enterprise or financial holdings,
assets and total investment incomes for those government and nongovernmental
entities us ing the report.
City Council
December 16, 2014
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Beginning with FY 2010-11, the City moved from a bas ic financial statement presentation
to the more transparent, CAFR reporting. Most governmental agencies utilize this type of
reporting, providing for ease of comparing financ ial data from one agency to another.
In addition, as a recipient of Federal grant funds in past years, the City has been required
to be in compliance with the requirements of the Office of Management and Budget
Circular A-133, Audits of States, Local Governments and Non-Profit Organizations. The
process, to ensure that the City is in compliance with th is Circular, commonly known as the
"Single Audit". For the FY 2013-14, the City did receive in excess of $500,000 in Federal
grant monies, therefore requiring a Single Audit and corresponding reports . The reports
are in the process of being completed. All Single Audits are due to the Federal reporting
agencies nine months after the close of the fiscal year, (i.e., March 31, 2015). Once these
reports are complete, staff will return to the Audit Standing Committee and the City Council
for a recommendation of receive and file.
Vasquez & Company, LLP, has issued an unmodified ("clean") op1n1on on the City
financial statements for the year ended June 30, 2014. The City also provides a narrative
introduction, overview and analysis of the CAFR in the form of Management's Discussion
and Analysis (MD&A). It can be found immediately following the independent auditors'
report .
The City's net position increased by $2 .7 million from $67.8 at June 30, 2013, to $70.5
million as of June 30, 214, as a result of this year's operations. Total revenues from all
sources was $20.1 million and the total cost of all City programs was $17.4 million. As of
June 30, 2014, the City's governmental funds reported combined ending fund balances of
$20.4 million, a decrease of $9.4 million over the prior fiscal year. This is primarily a result
of the completion of the Rosemead Boulevard improvements and other one-time
expenditures in the General Fund, i.e., purchase of the Primrose property, on-going
expenses related to the General Plan and Zoning Code updates and Capital Outlays.
Approximately $1.7 million of the $20.4 million balance is unassigned and is available for
spending at the government's discretion.
In keeping with the theme of a high performance organization, the staff will once again
submit the FY 2013-14 CAFR to the Government Finance Officers Association (GFOA) for
the Excellence in Financial Report Award. The GFOA recognizes i nnovative programs,
contributions to the practice of government finance that exemplify outstanding financi al
management. The award stresses practical, documented work that offers leadership to
the profession and promotes improved public finance.
For greater transparency and accountability the City Council appointed an Audit
Standing Committee, making it directly respons ible for monitoring the work performed
by the independent auditor. As outlined in the Audit Committee Charter, also adopted
by the City Council, the responsibi lities of the Audit Standing Committee include:
City Council
December 16, 2014
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• Assisting the City Council in monitoring, overseeing, and assessing the City's:
~ Accounting and financial reporting processes;
~ The quality and integrity of the City's financial statements, including audits
of the financial statements;
~ The qualifications, independence and performance of the independent
auditor;
~ Compliance with applicable legal and regulatory financial accounting
requirements; and
~ Management's ability to evaluate adequacy of internal controls and
capably identify and control risks posed by its current and planned
activities.
Provide an avenue for communication among the independent auditors, City
management and the City Council. The Committee shall also have such other duties as
set forth in this charter and as directed by the City Council.
As noted above, the Audit Standing Committee has met on a number of occasions
throughout the Fall and has completed their due diligence as outlined in the Audit Standing
Committee Charter and has brought forward their recommendation to this meeting.
FISCAL IMPACT:
This action of receiving and filing the CAFR does not have a fiscal impact on the FY 2014-
15 City Budget. However, staff has begun the mid-year budget analysis and will be
incorporating the results of actual spending in the FY 2013-14, as reflected in the CAFR, in
the FY 2014-15 Mid-Year Budget Report, which will be presented to the entire City Council
on February 3, 2015.
CONCLUSION:
It is recommended that the City Council receive the recommendation from the Audit
Committee from their meeting of December 9, 2014, to receive and file CAFR for the
year ended June 30, 2014.
City Council
December 16, 2014
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ATTACHMENT:
A. Comprehensive Annual Financial Report for the Year Ended June 30, 2014.
CITY OF TEMPLE CITY
CALIFORNIA
Comprehensive Annual
Financial Report
Fiscal Year Ended
June 30, 2014
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CITY OF TEMPLE CITY,
CALIFORNIA
Comprehensive Annual Financial Report
Year Ended June 30, 2014
Prepared by:
ADMINISTRATIVE SERVICES DEPARTMENT
Tracey L. Hause
Administrative Services Director
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City of Temple City
Table of Contents
PAGE
INTRODUCTORY SECTION
Letter of Transmittal i
List of Elected Officials and Management Personnel vi
Organizational Chart vii
Certificate of Achievement for Excellence in Financial Reporting (GFOA) viii
FINANCIAL SECTION
Report of Independent Auditors 1
Management’s Discussion and Analysis 4
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position 12
Statement of Activities 13
Fund Financial Statements
Description of Major Funds 14
Balance Sheet 15
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position 16
Statement of Revenues, Expenditures, and Changes in Fund Balances 17
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 18
Proprietary Fund
Description of Proprietary Fund 19
Statement of Net Position 20
Statement of Revenues, Expenses, and Changes in Net Position 21
Statement of Cash Flows 22
Fiduciary Funds
Description of Fiduciary Funds 23
Statement of Fiduciary Net Position 24
Statement of Changes in Fiduciary Net Position 25
Notes to Financial Statements 26
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule
General Fund
Capital Improvement Fund
Permanent Fund
Special Revenue Fund
55
59
60
61
Traffic Safety Fund 62
High Tech Grant Fund 63
COPS Fund 64
Public Transportation – Prop A Fund 65
Public Transportation – Prop C Fund 66
Used Oil Fund 67
City of Temple City
Table of Contents
PAGE
State Gas Tax Fund 68
Asset Seizure Fund 69
CDBG Fund 70
Bicycle and Pedestrian Fund 71
Air Quality Improvement Fund 72
Measure R Fund 73
Parking Concession Fund 74
Affordable Housing Fund 75
Sewer Reconstruction Fund 76
Congestion Management Fund 77
HSIP Fund 78
Surface Transportation Local Program Fund 79
1992/1996 Park Bond Fund 80
State Recycling Fund 81
Tree Restoration Fund 82
Park Acquisition Fund 83
Lighting and Landscape District Fund 84
High Priority Legacy User Fund 85
Congestion Mitigation & Air Quality Fund 86
OPEB Fund 87
Public Art Fund 88
Bicycle Transportation Fund 89
Notes to Budgetary Comparison Schedule 90
Schedule of Funding Progress - California Public Employees Retirement System 91
Schedule of Funding Progress - Other Postemployment Benefits 92
SUPPLEMENTARY SCHEDULES
Nonmajor Governmental Funds
Combining Balance Sheet 93
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances 94
Nonmajor Special Revenue Funds
Description of Nonmajor Special Revenue Funds 95
Combining Balance Sheet 98
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 104
STATISTICAL SECTION
Description of Statistical Section Contents 108
Financial Trends
Net Position by Component - Last Ten Fiscal Years 109
Change in Net Position - Expenses and Program Revenues - Last Ten Fiscal Years 110
Fund Balances of Governmental Funds - Last Ten Fiscal Years 112
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 113
Revenue Capacity
Assessed Value of Taxable Property - Last Ten Fiscal Years 115
Direct and Overlapping Government Property Tax Rates - Last Ten Fiscal Years 116
City of Temple City
Table of Contents
PAGE
General Fund Revenues - Last Ten Fiscal Years 117
Principal Property Taxpayers - Current Fiscal Year and Nine Fiscal Years Ago 118
Top 25 Sales Tax Producers - Current Fiscal Year 119
Debt Capacity
Direct and Overlapping Debt 120
Demographic and Economic Information
Demographic and Economic Statistics - Last Ten Fiscal Years 121
Operating Information
Construction Activity – Last Ten Fiscal Years 122
Full-Time Equivalent City Employees by Function - Last Ten Fiscal Years 123
Operating Indicators by Function - Last Ten Fiscal Years 124
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9701 LAS TUNAS DRIVE TEMPLE CITY CA 91780 (626) 285-2171
i
June 10, 2014
To the Honorable City Council,
The Comprehensive Annual Financial Report (CAFR) of the City of Temple City (“City”) for the year
ended June 30, 2014, is hereby submitted as mandated by applicable State of California statues.
These statues require that the City annually issue a report on its financial position and activity, and
that an independent firm of certified public accountants audit this report. Responsibilities for both the
accuracy of the data and the completeness and fairness of the presentation, including all disclosures
rests with the City’s management. The information in this report is intended to present the reader
with a comprehensive view of the City’s financial position and the results of its operations for the
fiscal year ending June 30, 2014, along with additional disclosures and financial information
designed to enable the reader to gain an understanding of the City’s financial activities.
Vasquez & Company, LLP, Certified Public Accountants, have issued an unmodified (“clean”)
opinion on the City’s financial statements for the year ended June 30, 2014. The independent
auditor concluded, based upon the audit that the City’s financial statements for the fiscal year ended
June 30, 2014 are fairly presented in conformity with generally accepted accounting principles
(GAAP). The auditor’s report is presented as the first component of the financial section of this
report. Generally accepted accounting principles also require that management provide a narrative
introduction, overview and analysis of the basic financial statements in the form of Management’s
discussion and analysis (MD&A). It can be found following the independent auditor’s report.
PROFILE OF THE GOVERNMENT
The City is centrally located in the west San Gabriel Valley approximately 13 miles east of downtown
Los Angeles. The City was incorporated on May 25, 1960 under the general laws of the State of
California. On April 16, 1971, the City adopted Resolution No. 71-1084 declaring it a charter city.
The City is approximately 3.85 square miles and is surrounded by the cities of Arcadia, San Gabriel,
El Monte, Rosemead and unincorporated portions of Los Angeles County. The 2010 U.S. Census
Bureau indicates a total population of 35,558. The City is predominately a residential community
with over 10,000 residential parcels. The City operates under the Council – Manager Form of
government and contracts for many of its public services including law enforcement.
LOCAL ECONOMY
The City has weathered the current economic environment as a result of substantial reserves and a
solid property tax base. The San Gabriel Valley has a varied residential, commercial and industrial
base that adds to the stability of the unemployment rate.
ii
MAJOR ACCOMPLISHMENTS
Toward sustaining high-performance, below is list of noteworthy accomplishments completed over
the past fiscal year:
Vision and Long-Range Planning
Continued developing the Strategic Plan prioritizing and program recommendations from
recent planning studies.
Continued the General Plan process, which establishes both vision and policies to guide
the physical development of Temple City through 2050.
Continued work on Zoning Code Updates; the final product will simplify language that
makes the ordinance clear, concise and easy to use for property owners.
Public Art Commission established and is working on a program creating Art in Public
Places .
Partnered with the County of Los Angeles to conduct library needs assessment.
Completion of 2014-21 Housing Element update.
Continuing strides in planning for and constructing bicycle infrastructure.
Sound Fiscal Policy
Completed performance based budgeting, which aligns limited resources with community
priorities to provide sound basis for long-term funding decisions.
Continued to receive unmodified (i.e., “clean”) audit findings on the City’s financial
reporting via enhanced fiscal controls and checks and balances.
Recognition of excellence in financial reporting from Government Finance Officers
Association of the United States and Canada.
Increases in investment returns against nation trend of flat interest rates.
Public Health and Safety
Installed more than 100 ADA-compliant curb ramps to significantly improve pedestrian
accessibility for those with limited mobility.
Raised grade from “F” to “A” for antismoking policies.
Continued emergency preparation and training for residents.
Continues successful Neighborhood Watch Program.
iii
Basic City Services
Implemented an Electronic Content Manage System. All City Council and Commission
Resolutions, Ordinances and Meeting Minutes since the inception of the City, 1960, are
now available to the public.
Building plan checks now completed in-house with shorter approval times.
Quality of Life
Completion of a comprehensive Parks and Recreation Masterplan.
Completed and adopted a Tree Preservation and Protection Ordinance.
Introduced new recreational offerings to serve the growing Baby Boomer and Asian
populations, and to keep programming regionally competitive.
Continued discussions of a public-private partnership that reinvents the Civic Center as a
community destination through new and enhanced public facilities.
Saw sustained growth in property tax revenue, affirming effectiveness of the City and
community’s collaborative approach to neighborhood enhancement.
Established Yard of the Quarter Awards to promote beautiful homes and gardens.
Offered Brush with Kindness programs, uniting neighbors through improvement projects.
Sponsorships secured to enhance Summer Concerts in the Park.
Celebrated 70 years of the Camellia Festival.
City continues to applaud and recognize volunteers for lending helping hands.
Citizen Education/Communication
Continuation of Citizen’s Academy, a signature program that educates and engages
community members on City Hall processes and platforms.
Updated the City’s Website for a more user friendly experience.
Improved public meetings page integrates multimedia functions.
Online agendas now linked to video of Council discussion, action
Sustainable Infrastructure
Adopted pavement management study that assesses the condition of all city streets and
programs annual funding for repairs.
Completed the $20 million Rosemead Boulevard Safety and Beautification Enhancement
Project.
iv
Renovation of City Council Chambers including technology upgrades.
Began improvements on bikeways and pedestrian facilities near 9 schools.
Began major improvements to aging sewer system.
Acquisition of two properties, to open more opportunities for added creative public uses.
OTHER FINANCIAL INFOMRATION
Internal Control
Management assumes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that it has
established for this purpose. The internal control structure is designed to protect the City’s assets
from loss, theft, or misuse and to ensure that adequate accounting data is compiled for the
preparation of financial statements in conformity with GAAP. Because the cost of internal control
should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute
assurance that the financial statements are free of any material misstatements.
Budgetary and Accounting System
The City is required to adopt a budget for the following year before the end of each fiscal year. The
objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual
appropriated budget approved by the City Council. The City’s budgetary control is maintained at the
individual departmental level and any change in the adopted appropriations by a department
requires approval from the City Manager and/or City Council.
AWARDS AMD ACKNOWLEDGEMENTS
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Report to the City of Temple City for its Comprehensive Annual Financial
Report (CAFR) for the fiscal year ended June 30, 2013. This was the second year that Temple City
has received this prestigious award. In order to be awarded a Certificate of Achievement, a report
must be published that satisfies both GAAP and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to
the GFOA to determine its eligibility for another certificate.
The City’s CAFR was prepared through combined efforts of City staff. Special recognition is due the
Administrative Services Department staff for their effort to ensure timely and accurate reporting. I
would also like to thank the City Council and the City Manager for their continued support and
interest in planning and conducting the financial operations of the City in a responsible and
progressive manner.
v
Sincerely,
Tracey L. Hause
Administrative Services Director
vi
City of Temple City, California
List of Elected Officials and Management Personnel
June 30, 2014
City Council
Carl Blum, Mayor
Tom Chavez, Mayor Pro Tempore
Cynthia Sternquist, Councilmember
Fernando Vizcarra, Councilmember
Vincent Yu, Councilmember
Administration and Department Heads
Interim City Manager Donald E. Penman
Administrative Services Director Tracey L. Hause
Assistant to the City Manager/Economic Development Manager Brian S. Haworth
City Clerk Peggy Kuo
Community Development Director Michael D. Forbes
Parks and Recreation Director Cathy Burroughs
vii
Organizational Chart
Public Works /
Maintenance
Division
Public Safety
Division
Planning / Building
Division
City Council
Transportation &
Public Safety
Commission
Public Arts
Commission
Management
Services
Department
Administrative
Services
Department
Community
Development
Department
Parks and
Recreation
Department
Parks and
Recreation
Commission
City Attorney City Manager Planning
Commission
1
REPORT OF INDEPENDENT AUDITORS
The Honorable Mayor and the Members of the City Council
City of Temple City, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the City
of Temple City, California (the City), as of and for the year ended June 30, 2014, and the related
notes to the financial statements, which collectively comprise the City's basic financial statements as
listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the enti ty’s
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
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2
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of Temple City, California, as of June
30, 2014, and the respective changes in financial position, and cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis on pages 4 through 11 and budgetary comparison
information and funded progress for pension and other postemployment benefit plans on pages 55
through 64 be presented to supplement the basic financial statements. Such information, although
not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain
limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management
about the methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Temple City, California’s basic financial statements. The
introductory section, combining and individual nonmajor fund financial statements and statistical
section, are presented for purposes of additional analysis and are not a required part of the basic
financial statements.
The combining and individual nonmajor fund financial statements are the responsibility of
management and were derived from and relate directly to the underlying accounting and other
records used to prepare the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the combining and individual
nonmajor fund financial statements are fairly stated in all material respects in relation to the basic
financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied
in the audit of the basic financial statements and, accordingly, we do not express an opinion or
provide any assurance on them.
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 9, 2014, on our consideration of the City’s internal control over financial reporting and on
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to
provide an opinion on internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in
considering the City’s internal control over financial reporting and compliance.
Los Angeles, California
December 9, 2014
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City of Temple City
Management’s Discussion and Analysis
June 30, 2014
4
The following discussion and analysis of the City of Temple City’s financial performance provides an
overview of the financial activities for the fiscal year ended June 30, 2014. Readers are encouraged
to consider the information presented here in conjunction with the accompanying basic financial
statements.
Financial Highlights
Government-wide Financial Statements:
The City’s net position increased by $2.7 million from $67.8 million as of June 30, 2013, to
$70.5 million as of June 30, 2014, as a result of this year’s operations;
The total revenue from all sources was $20.1 million;
The total cost of all City programs was $17.4 million; and
The City’s total debt increased by $876 thousand during the current fiscal year. The key
factors in this increase are the net increase in Other Post Employment Benefits (OPEB)
obligation of $924 thousand and the decrease in the compensated absences liability by $48
thousand.
Fund Financial Statements:
As of June 30, 2014, the City’s governmental funds reported combined ending fund balances
of $20.4 million, a decrease of $9.4 million over the prior fiscal year. Approximately $1.7 million
of the $20.4 million balance is unassigned and is available for spending at the government’s
discretion;
As of June 30, 2014, the total fund balance of the City’s General Fund was $18 million,
a decrease of $3.4 million from the prior year level of $21.4 million; and
In the General Fund, expenditures exceeded revenues by $0.5 million, before other
financing sources/uses.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of Temple City’s
basic financial statements. The City of Temple City’s Comprehensive Annual Financial Report
(CAFR) is comprised of three components: Introduction, Financial Section and Statistical Section.
Government-wide financial statements. The government-wide financial statements are designed
to provide readers with a broad overview of the City of Temple City’s finances, in a manner similar to
a private-sector business.
The government-wide financial statements include not only the City, but also all legal entities for
which the City is financially accountable, including the Successor Agency Private-Purpose Trust.
The statement of net position presents information on all of the City of Temple City’s total assets and
deferred outflows of resources and total liabilities and deferred inflows of resources, with the
difference between the two reported as total net position. Over time, increases and decreases in net
position may serve as a useful indicator of whether the financial position of the City is improving or
deteriorating.
The statement of activities presents information showing how the City’s net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing related to cash flows. Thus, revenues and
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
5
expenditures are reported in this statement for some items that will only result in cash flows in future
fiscal periods (e.g., uncollected taxes).
Both of the government-wide financial statements report on functions of the City of Temple City that
are principally supported by taxes and inter-governmental revenues (governmental activities). The
governmental activities of the City of Temple City include general government, community
development, public safety, public works and community services.
Fund financial statements. A fund is a group of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City of Temple
City, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the City of Temple City are
governmental funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike
the government-wide financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources, as well as balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a government’s
near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long-term impact of the City’s near-term financing
decisions. Both the governmental funds balance sheet and the statement of revenues, expenditures,
and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City of Temple City maintains two individual governmental funds. Information is presented
separately in the governmental funds balance sheet and in the statement of revenues, expenditures,
and changes in fund balances for the General Fund and Capital Improvement Fund, both of which
are considered to be major funds.
The City of Temple City adopts an annual appropriated budget. A budgetary comparison statement
has been provided to demonstrate compliance with this budget.
Proprietary funds. The City maintains only one category of a proprietary fund, an internal service
fund. The Self Insurance Fund accounts for goods and services related to insurance premiums by
one department to other departments on a cost reimbursement basis.
Agency funds. The City also maintains two Agency funds to account for assets held by the City as
an agent for the Successor Agency and the resources held and administered by the City of Temple
City in a fiduciary capacity acting as the Successor Agency to the former Temple City
Redevelopment Agency.
Notes to basic financial statements. The notes provide additional information that is essential to a
full understanding of the data provided in the government-wide and fund financial statements.
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
6
Other information. In addition to the basic financial statements and accompanying notes, this
report also presents certain required supplementary information concerning the City’s budget
comparison schedules for the General Fund and each major revenue fund and progress in funding
its obligation to provide pension benefits to its employees.
Government-wide Financial Analysis
Our analysis focuses on the net position and changes in net position of the City’s governmental
activities for the fiscal year ended June 30, 2014 and 2013.
Net position. As noted earlier, net position may serve over time as a useful indicator of a
government’s financial position.
The City’s net position increased by $2.7 million during FY 2013-14, primarily as a result of the
addition of Investment in Capital Assets, (i.e., Rosemead Boulevard Safety and Beautification
Enhancement Project). The largest portion of the City’s net position is its investment in capital
assets (e.g. land, infrastructure, building and equipment) representing 72.6% of its total net position.
The City uses these capital assets to provide services to citizens; consequently these assets are not
available for future spending. A portion of the City’s net position, $4.1 million or 5.8%, represents
resources that are subject to external restrictions on how they may be used. The remaining balance
of unrestricted net assets of $15.3 million or 21.6% may be used to meet the government’s ongoing
obligations to citizens and creditors.
City of Temple City
Condensed Statement of Net Position
Increase
2014 2013 (Decrease)
Current and other assets $ 25,012,243 $ 34,371,574 $ (9,359,331)
Capital assets 51,168,623 38,038,920 13,129,703
Total assets 76,180,866 72,410,494 3,770,372
Deferred outflows of resources - - -
Current and other liabilities 2,789,568 2,626,142 163,426
Long-term liabilities 2,849,816 1,969,632 880,184
Total liabilities 5,639,384 4,595,774 1,043,610
Deferred inflows of resources - - -
Net position, investment in capital assets 51,168,623 38,038,920 13,129,703
Restricted 4,083,955 8,445,931 (4,361,976)
Unrestricted 15,288,904 21,329,869 (6,040,965)
Total net position $ 70,541,482 $ 67,814,720 $ 2,726,762
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
7
Statement of Activities. Governmental activities increased the City’s net position by $2.7 million for
fiscal year 2013-2014. The total revenue for the fiscal year is $20.1 million, which is an increase of
$1.4 million from the prior year. The total expenses increased by $1.3 million to $17.4 million from
the prior year total of $16.1 million. The following table presents the comparative revenue and
expenditure data for fiscal years ended June 30, 2014 and 2013.
City of Temple City
Condensed Statement of Changes in Net Position
Key elements of the significant revenues in fiscal year 2013-2014 are as follows:
Taxes are comprised of sales tax, property tax, franchise and transient occupancy taxes.
Total taxes increased primarily because of a significant increase in property taxes.
During the year, the City continued to receive substantial grant funds from a federal agency
to partially fund the improvements of Rosemead Boulevard.
Intergovernmental revenue, i.e., Motor Vehicle In-Lieu Tax from the State of California also
realized an increase.
Increase
2014 2013 (Decrease)
Revenues
Program revenues
Charges for services $ 3,677,816 $ 3,914,981 $ (237,165)
Operating contributions and grants 7,381,556 6,158,717 1,222,839
General revenues
Taxes 5,113,739 4,924,493 189,246
Intergovernmental 3,483,825 3,317,759 166,066
Investment income 203,571 132,565 71,006
Other revenue 237,723 262,068 (24,345)
Total revenues 20,098,230 18,710,583 1,387,647
Expenditures
General government 3,512,190 3,769,018 (256,828)
Community development 2,222,569 1,692,614 529,955
Public safety 5,718,966 5,122,868 596,098
Public works 2,970,264 2,520,925 449,339
Community services 2,947,479 2,990,670 (43,191)
Total expenditures 17,371,468 16,096,095 1,275,373
Increase in net position 2,726,762 2,614,488 112,274
Net position, beginning of year 67,814,720 65,200,232 2,614,488
Net position, end of year $ 70,541,482 $ 67,814,720 $ 2,726,762
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
8
Revenues by Source- Governmental Activities
The following chart represents the cost of each of the City’s operations – general government,
community development, public safety, public works, community services, and interest on long-term
debt.
Expenses of the governmental activities totaled $17.4 million, which is an increase of $1.3 million or
8% from the prior year. Most expenses of the various governmental activities increased during the
year, which include community development ($530 thousand), public safety ($596 thousand), and
public works ($449 thousand). General government decreased during the year ($256 thousand) as
well as community services ($43 thousand).
Charges for
services, 18%
Operating
Contributions and
Grants, 37%
Taxes, 25%
Intergovernmental
18%
Investment
income, 1% Other revenue, 1%
General
government
20%
Community
development
13%
Public safety
33%
Public works
17%
Community
services
17%
Interest on long-
term debt
0%
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
9
Financial Analysis of the City’s Funds
The City uses fund accounting to ensure and demonstrate compliance with finance related legal
requirements. This section provides an analysis and discussion of individual funds and fund types
presented in the fund financial statements.
Governmental Funds. The City of Temple City’s governmental funds reported a combined fund
balance of $20.4 million at the end of the fiscal year. The capital improvement fund, as a result of the
Rosemead Boulevard Safety and Beautification Enhancement Project, is now a major fund due to
significant contributions and is reported as part of the Governmental fund balance. This fund is
currently in a deficit Fund Balance position, as the City is waiting for reimbursement for Federal
grants that funded a portion of this project.
The General Fund’s fund balance decreased by $3.4 million during the FY 2013-2014. This is
primarily as a result of the purchase of the Primrose property of $1.28 million and additional funding
for the improvements of Rosemead Boulevard. The General Fund expenditures of $13.1 exceeded
General Fund revenues of $12.6 million which provided for a deficiency of revenues over
expenditures of $495 thousand. Further, after the net transfers out, primarily for capital projects, the
General Fund realized a decrease in fund balance of $2.9 million. Primary revenue sources for this
fund are sales tax, property tax and motor vehicle in lieu. The General Fund is responsible for
general services of the City. This includes public safety, public works, community development,
community services and administration. The largest expenditure is for public safety, which was $5.2
million for fiscal year 2013-2014.
Proprietary Funds. As noted earlier, net position may serve over time as a useful indicator of a
government’s financial position. In the case of the Proprietary Fund, assets exceeded liabilities by
$448 thousand. This Fund accounts for insurance premium transactions. Since this fund has been
declining without a dedicated revenue stream, management will be evaluating this fund’s activities
during the FY 2014-15 City Budget process.
General Fund Financial and Budgetary Highlights
The General Fund is the chief operating fund of the City. The fund balance reported a decrease of
$3.4 million at June 30, 2014. This is primarily as a result of the purchase of the Primrose property.
As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund
balance and total fund balance to total fund expenditures. Unassigned fund balance represents
18.5% of total General Fund expenditures, while total fund balance represents 117.2% of that same
amount.
Revenues: Actual revenue received was lower than the final budget by $261 thousand.
Expenditures: Actual expenditures were lower than the final budget by $2.25 million largely due to
operations and multi-year projects that have yet to be completed, i.e., the General Plan Update.
Capital Assets and Debt Administration
Capital Assets. As shown in the following table, as of June 30, 2014, the City of Temple City had
$51 million invested in capital assets, including land, buildings, improvements, furniture and
equipment, vehicles and infrastructure. See Note 7 for additional information.
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
10
Capital Assets at Year-End
Long-term Debt. In December 1993, the Temple City Financing Authority (Authority) issued
$1,400,000 of Serial Bonds and two issues of Term Bonds totaling $3,245,000 for a total amount of
$4,645,000. In September 2005, the Temple City Financing Authority issued $5,780,000 of Serial
Bonds and $2,220,000 of Term Bonds to be paid from tax increment revenues. The Authority issued
the 2005 Refunding Revenue Bonds to refund 1993 loan and made a new loan to the Agency. With
the dissolution of the Temple City Community Redevelopment Agency and the Temple City
Financing Authority, the long-term debt was transferred to the Private-Purpose Trust (see Note 15).
The outstanding principal amount on the bonds of $5,605,000 is no longer considered an obligation
of the City.
Other Long-term liabilities. Other long-term liabilities of the City are comprised of compensated
absences and net OPEB obligation. The net OPEB obligation pertains to unfunded annual required
contributions accrued as of June 30, 2014. A summary of other long-term liabilities follows:
Governmental
Activities
Land and land rights $13,614,730
Construction in progress 21,903,410
Buildings and improvements 14,228,577
Furniture and equipment 1,870,304
Vehicles 1,275,790
Infrastructure 13,394,398
Subtotal 66,287,209
Less Depreciation (15,118,586)
Net total, capital assets $51,168,623
Outstanding Debt Governmental Activities
Net OPEB Obligation $2,696,319
Compensated absences 153,497
Total $2,849,816
City of Temple City
Management’s Discussion and Analysis
June 30, 2014
11
Contacting the City’s Financial Management
This financial report is designed to provide our citizens, taxpayers, customers, investors and
creditors with a general overview of the City’s finances and to show the City’s accountability for the
money it receives. If you have any questions about this report or need additional financial
information, contact the Administrative Services Department, at the City of Temple City, 9701 Las
Tunas Drive, Temple City, CA. 91780, (626) 285-2171.
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
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City of Temple City
Statement of Net Position
June 30, 2014
See notes to financial statements.
12
Governmental
Activities
Cash and investments $ 20,774,814
Accounts receivable 550,969
Interest receivable 103
Due from Fiduciary Funds 36,719
Due from government agencies 1,100,025
Prepaid items 10,531
Loans receivable 1,414,655
Other investments 1,124,427
Capital assets:
Capital assets, not being depreciated 35,518,140
Capital assets, being depreciated,
net of accumulated depreciation 15,650,483
Total assets 76,180,866
DEFERRED OUTFLOWS OF RESOURCES -
Accounts payable 2,226,642
Accrued payroll 263,325
Interest Payable 52,535
Refundable deposits 230,011
Unavailable revenue -
Long-term liabilities:
Portion due within one year:
Compensated absences 17,055
Portion due beyond one year:
Compensated absences 153,497
Net OPEB obligation 2,696,319
Total liabilities 5,639,384
DEFERRED INFLOWS OF RESOURCES -
Net position, investment in capital assets 51,168,623
Restricted for:
Education scholarships 172,534
Special revenue funds 3,911,421
Unrestricted 15,288,904
Total net position $ 70,541,482
LIABILITIES
NET POSITION
ASSETS
City of Temple City
Statement of Activities
Year ended June 30, 2014
See notes to financial statements.
13
Charges Operating Capital Net
for Contributions Contributions Governmental
Expenses Services and Grants and Grants Activities
Governmental Activities
General government $ 3,512,190 $ 142,880 $ 141,216 $ - $ (3,228,094)
Community development 2,222,569 1,424,955 2,279,234 - 1,481,620
Public safety 5,718,966 596,058 100,000 - (5,022,908)
Public works 2,970,264 917,044 4,772,938 - 2,719,718
Community services 2,947,479 596,879 88,168 - (2,262,432)
Total Governmental Activities $ 17,371,468 $ 3,677,816 $ 7,381,556 $ - $ (6,312,096)
General revenues
Taxes:
Property taxes 2,597,549
Sales taxes 1,735,613
Transient occupancy taxes 46,849
Franchise taxes 562,535
Other taxes 171,193
Investment income 203,571
State motor vehicle in lieu 3,472,659
State revenue - other 11,166
Other revenue 237,723
9,038,858
2,726,762
Net position - beginning 67,814,720
Net position - ending $ 70,541,482
Total general revenues
Program Revenues
Change in net position
FUND FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
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GOVERNMENTAL FUND
FINANCIAL STATEMENTS
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City of Temple City
Description of Major Funds
June 30, 2014
14
Major Governmental Funds
General Fund
The General Fund has been classified as a major fund and is used to account for all of the general
revenues of the City not specifically levied or collected for some special purpose, and for the
expenditures related to the rendering of general services by the City. The General Fund is used to
account for all resources not required to be accounted for in another fund.
Capital Improvement Fund
The Capital Improvement Fund is used to account for funds received from the various special
revenue funds to finance various capital improvements and projects.
Nonmajor Governmental Funds
Nonmajor governmental funds include the Special Revenue Funds and the Permanent Fund. Since
total assets, liabilities, revenues or expenditures of these funds do not exceed 10% of total
governmental funds, they do not meet the criteria to be classified as major funds.
City of Temple City
Governmental Funds
Balance Sheet
June 30, 2014
See notes to financial statements.
15
Capital
Projects
City-Wide Non-Major
General Capital Governmental
Fund Improvements Funds Total
ASSETS AND DEFERRED OUTFLOWS
OF RESOURCES
Assets
Cash and investments $ 17,019,911 $ - $ 3,306,099 $ 20,326,010
Accounts receivable 239,006 - 311,963 550,969
Interest receivable - - 103 103
Due from other funds 1,975,213 - - 1,975,213
Due from fiduciary funds 36,719 - - 36,719
Due from other governments 389,451 - 710,574 1,100,025
Prepaid items 10,531 - - 10,531
Loans receivables 414,664 - 999,991 1,414,655
Other Investments - - 1,124,427 1,124,427
2,236,825 - - 2,236,825
Total assets 22,322,320 - 6,453,157 28,775,477
Deferred outflows of resources - - - -
Total deferred outflows of resources - - - -
Total assets and deferred outflows of resources $ 22,322,320 $ - $ 6,453,157 $ 28,775,477
Liabilities
$ 1,109,654 $ 1,027,659 $ 89,328 $ 2,226,641
263,325 - - 263,325
Interest payable 52,535 - - 52,535
- 695,330 1,279,883 1,975,213
230,011 - - 230,011
Total liabilities 1,655,525 1,722,989 1,369,211 4,747,725
Deferred inflows of resources
Unavailable revenue 2,661,280 - 999,991 3,661,271
Total deferred inflows of resources 2,661,280 - 999,991 3,661,271
Fund balances
Prepaid items 10,531 - - 10,531
Restricted - - 4,083,955 4,083,955
Committed 3,500,000 - - 3,500,000
Assigned 12,769,580 - - 12,769,580
General funds 1,725,404 - - 1,725,404
Capital projects - (1,722,989) - (1,722,989)
Total fund balances 18,005,515 (1,722,989) 4,083,955 20,366,481
Total liabilities, deferred inflows of
resources and fund balances $22,322,320 $- $6,453,157 $28,775,477
Unassigned
Refundable deposits
Nonspendable
RESOURCES AND FUND BALANCES
Advances to Successor Agency
LIABILITIES, DEFERRED INFLOWS OF
Accounts payable
Accrued payroll
Due to other funds
City of Temple City
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
June 30, 2014
See notes to financial statements.
16
Fund balance of governmental funds $20,366,481
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets net of depreciation have not been included
as financial resources in governmental fund activity.
Cost of capital assets, not being depreciated 35,518,140
Cost of capital assets, being depreciated 30,769,069
Accumulated depreciation (15,118,586)
Long-term liabilities applicable to the City's governmental activities are
not due and payable in the current period and, accordingly, are not
reported as governmental fund liabilities. All liabilities (both current and
long-term) are reported in the Statement of Net Assets.
Compensated absences (170,552)
Net OPEB obligation (2,696,319)
Unavailable revenue balances relating to certain loans receivable are not
reported as liabilities in the Statement of Net Assets since revenue
Statement of Activities.recognition is not based upon measurable and available criteria.3,661,271
Allowance for doubtful accounts that is not reported in the governmental fund
financial statements (2,236,826)
The Internal Service Fund is used by management to charge the costs of
self-insurance activities to individual funds. The cash and investments of
the Internal Service Fund are included in governmental activities in the
Statement of Net Assets because it primarily services governmental
activities of the City. 448,804
Net assets of governmental activities $70,541,482
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City of Temple City
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances
Year ended June 30, 2014
See notes to financial statements.
17
Capital
Projects
City-Wide Non-Major
General Capital Governmental
Fund Improvements Funds Total
Revenues
Taxes $ 5,113,739 $- $ 1,197,044 $ 6,310,783
Licenses and permits 1,434,610 - - 1,434,610
Intergovernmental 3,480,366 - 5,854,455 9,334,821
Charges for services 1,510,392 - 249,763 1,760,155
Fines 554,805 - 25,234 580,039
Investment income 203,571 - 139,675 343,246
Rental income 68,411 - - 68,411
Donations - - 2,000 2,000
Other 246,206 - 17,960 264,166
Total revenues 12,612,100 - 7,486,131 20,098,231
Current:
General government 3,123,963 - 6,471 3,130,434
Community development 2,023,085 - 24,454 2,047,539
Public safety 5,213,419 - - 5,213,419
Public works 690,583 81,116 1,772,588 2,544,287
Community services 2,056,182 - 682,989 2,739,171
Capital outlay - 13,929,743 - 13,929,743
Total expenditures 13,107,232 14,010,859 2,486,502 29,604,593
Excess (deficiency) of revenues
over expenditures (495,132) (14,010,859) 4,999,629 (9,506,362)
Transfers in 382,530 12,287,870 371,301 13,041,701
Transfers out (3,308,945)- (9,732,756) (13,041,701)
Net other financing sources (uses)(2,926,415) 12,287,870 (9,361,455) -
Net change in fund balance (3,421,547) (1,722,989) (4,361,826) (9,506,362)
Fund balance, beginning of year 21,427,062 - 8,445,781 29,872,843
Fund balance, end of year $ 18,005,515 $ (1,722,989) $ 4,083,955 $ 20,366,481
Expenditures
Other financing sources (uses)
City of Temple City
Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances of Governmental Funds to the Statement of Activities
Year ended June 30, 2014
See notes to financial statements.
18
Net change in Fund Balances - total governmental funds before extraordinary items $ (9,506,362)
Amounts reported for governmental activities in
the Statement of Activities are different because:
When capital assets that are to be used in governmental activities are
purchased or constructed, the resources expended for those assets
are reported as expenditures in governmental funds. However, in the
Statement of Activities, the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. As a result,
fund balance decreases by the amount of financial recourses expended,
whereas net assets decreased by the amount of depreciation expenses
charged for the year.
Capital outlay 13,668,234
Depreciation expense (538,531)
Expenses in the Statement of Activities are increased by the City's actuarially
determined annual required contribution for its other postemployment
benefits whereas the governmental funds only report the actual cash
payments the City made for insurance premiums on behalf of retirees and
their eligible family members.
Other post employment benefits (924,022)
Compensated absences expenses reported in the Statement of Activities
do not require the use of current financial resources and, therefore, are
not reported as expenditures in governmental funds.48,708
Accrued but unpaid interest on loans is recorded as unavailable revenue in the
governmental funds but is recognized as income in the Statement of Activities.79,862
The Internal Service Fund is used by management to charge the costs of
self insurance activities to individual funds. The adjustments for the
Internal Service Fund "close" the fund by charging additional amounts to
participating governmental activities to completely cover the Internal
Service Fund's costs for the year.(101,127)
Change in net assets of governmental activities before extraordinary items $2,726,762
PROPRIETARY FUND
FINANCIAL STATEMENTS
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City of Temple City
Description of Proprietary Fund
Year ended June 30, 2014
See notes to financial statements.
19
Internal Service Fund
Self Insurance Fund
To account for goods and services relating to insurance premiums provided by one department to
other departments on a cost reimbursement basis.
City of Temple City
Statement of Net Position
Proprietary Fund
June 30, 2014
See notes to financial statements.
20
Self Insurance
Internal
Service Fund
Totals
ASSETS
Cash and investments $448,804
Total assets 448,804
LIABILITIES
Due to other governments -
Total liabilities -
NET ASSETS
Unrestricted 448,804
Total net position $ 448,804
City of Temple City
Statement of Revenues, Expenses, and Changes in Net Position
Proprietary Fund
Year ended June 30, 2014
See notes to financial statements.
21
Self Insurance
Internal
Service Fund
Totals
Operating revenues:
Intergovernmental $45,958
Total operating revenues 45,958
Operating expenses:
Insurance premiums 147,085
Total operating expenses 147,085
Change in net position (101,127)
Net position at beginning of year 549,931
Net position at end of year $ 448,804
City of Temple City
Statement of Cash Flows
Proprietary Fund
Year ended June 30, 2014
See notes to financial statements.
22
Self Insurance
Internal
Service Fund
Totals
Cash flows from operating activities:
Cash payments to suppliers for goods and services $ (147,085)
Cash received for operating activities 45,958
Net cash used in operating activities (101,127)
Change in cash and cash equivalents (101,127)
Cash and cash equivalents at beginning of year 549,931
Cash and cash equivalents at end of year $ 448,804
Operating loss reconciles with the net cash used in operating activities at June 30, 2014.
Noncash transactions:
There were no significant noncash investing, capital or financing activities during the year
ended June 30, 2014.
FIDUCIARY FUNDS
FINANCIAL STATEMENTS
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City of Temple City
Description of Fiduciary Funds
Year ended June 30, 2014
See notes to financial statements
23
Agency Fund
To account for maintenance fees held by the City as an agent for the Successor Agency. This fund
was an agency fund of the former redevelopment agency.
Successor Agency Private-purpose Trust Fund
To account for the resources held and administered by the City of Temple City in a fiduciary capacity
acting as the Successor Agency to the former Temple City Redevelopment Agency.
City of Temple City
Statement of Fiduciary Net Position
June 30, 2014
See notes to financial statements
24
Successor Agency
Private-purpose Agency
Trust Fund
ASSETS
Cash and investments $ 1,666,571 $-
Cash with fiscal agent 627,225 -
Accounts receivable 43,726 15,827
Total assets 2,337,522 15,827
LIABILITIES
Accounts payable 13,455 2,767
Interest payable 92,775 -
Due to City of Temple City 23,659 13,060
Advances from the City of Temple City 3,703,805 -
Refunding Revenue Bonds, Series 2005 5,605,000 -
Total liabilities 9,438,694 $ 15,827
FIDUCIARY NET POSITION (DEFICIT)
Net position (Deficit)$ (7,101,172)
City of Temple City
Statement of Changes in Fiduciary Net Position
Successor Agency to the Former Temple City Community Redevelopment Agency
Private-Purpose Trust Fund
Year ended June 30, 2014
See notes to financial statements
25
Additions:
Tax increment $ 713,584
Total additions 713,584
Deductions:
Administration 30,003
Professional fees 13,991
Debt service:
Interest expense 272,955
Total deductions 316,949
Change in net position 396,635
Fiduciary net position at beginning of year (7,497,807)
Fiduciary net position at end of year $ (7,101,172)
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NOTES TO
FINANCIAL STATEMENTS
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City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
26
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of the Reporting Entity
The City of Temple City was incorporated on May 25, 1960 under the general laws
of the State of California. On April 16, 1971 the City adopted resolution number 71-
1084 declaring itself a charter city. The City operates under the Council - Manager
form of government.
The City provides the following services as authorized by its general laws: Public
Safety, Highways and Streets, Health and Sanitation, Cultural and Park Facilities,
Public Improvements, Planning, Recreation and General Administrative Services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. As required by generally accepted
accounting principles, these financial statements present the government and its
component units, entities for which the government is considered to be financially
accountable. The City is considered to be financially accountable for an
organization if the City appoints a voting majority of that organization's governing
body and the City is able to impose its will on that organization or there is a
potential for that organization to provide specific financial benefits to or impose
specific financial burdens on the City. The City is also considered to be financially
accountable if an organization is fiscally dependent (i.e., it is unable to adopt its
budget, levy taxes, set rates or charges, or issue bonded debt without approval
from the City). In certain cases, other organizations are included as component
units if the name and significance of their relationship with the City are such that
their exclusion would cause the City's financial statements to be misleading or
incomplete.
All of the City's component units are considered to be blended component units.
Blended component units, although legally separate entities, are, in substance,
part of the government's operations and so data from these units are reported with
the interfund data of the primary government. The following organization is
considered to be a component unit of the City:
City of Temple City Housing Authority
The Temple City Housing Authority (Housing Authority) was established on
November 1, 2005, pursuant to the State of California Health and Safety Code
34200 entitled, "Housing Authority Law." The purpose of the Housing Authority of
Temple City is to provide safe and sanitary dwelling accommodations to persons of
low income in the City. Even though it is legally separated, it is reported as if it is
part of the City because the City Council also serves as the governing board of the
Housing Authority. No separate financial statements are issued for the Housing
Authority.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
27
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to basic financial statements
Government-wide Financial Statements
Government-wide financial statements display information about the reporting
government as a whole, except for its fiduciary activities. These statements include
separate columns for the governmental and business-type activities of the primary
government (including its blended component units), as well as its discretely
presented component units. The City has no business-type activities or discretely
presented component units. Eliminations have been made in the Statement of
Activities so that certain allocated expenses are recorded only once (by the
function to which they were allocated). However, general government expenses
have not been allocated as indirect expenses to the various functions of the City.
Government-wide financial statements are presented using the economic
resources measurement focus and the accrual basis of accounting. Under the
economic resources measurement focus, all (both current and long-term)
economic resources and obligations of the reporting government are reported in
the government-wide financial statements. The basis of accounting refers to when
revenues and expenditures are recognized in the accounts and reported in the
financial statements. Under the accrual basis of accounting, revenues, expenses,
gains, losses, assets, and liabilities resulting from exchange and exchange-like
transactions are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from nonexchange transaction are
recognized in accordance with the requirements of GASB Statement No. 33.
Program revenues include charges for services, operating contributions and
grants, and payments made by parties outside of the reporting government's
citizenry if that money is restricted to a particular program. Program revenues are
netted with program expenses in the statement of activities to present the net cost
of each program.
Amounts paid to acquire capital assets are capitalized as assets in the
government-wide financial statements, rather than reported as expenditures.
Proceeds of long-term debt are recorded as a liability in the government-wide
financial statements, rather than as another financing source. Amounts paid to
reduce long-term indebtedness of the reporting government are reported as a
reduction of the related liability, rather than as an expenditure.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
28
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fund Financial Statements
The underlying accounting system of the City is organized and operated on the
basis of separate funds, each of which is considered to be a separate accounting
entity. The operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity, revenues and
expenditures or expenses, as appropriate. Governmental resources are allocated
to and accounted for in individual funds based upon the purposes for which they
are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government's governmental, proprietary
and fiduciary funds are presented after the government-wide financial statements.
These statements display information about major funds individually and nonmajor
funds in the aggregate for governmental funds. Fiduciary fund statements include
financial information for fiduciary funds and similar component units. The Fiduciary
Fund of the City primarily represents assets held by the City in a custodial capacity
for other individuals or organizations.
Governmental Funds
In the fund financial statements, governmental funds and agency funds are
presented using the modified-accrual basis of accounting. The revenues are
recognized when they become measurable and available as net current assets.
Measurable means that the amounts can be estimated, or otherwise determined.
Available means that the amounts were collected during the reporting period or
soon enough thereafter to be available to finance the expenditures accrued for the
reporting period. The City generally considers revenues available if they are
collected within ninety days after the fiscal year-end. Significant revenues subject
to accrual under the measurable and available criteria include property taxes, sales
taxes and motor vehicle in-lieu.
Revenue recognition is subject to the measurable and availability criteria for the
governmental funds in the fund financial statements. Exchange transactions are
recognized as revenues in the period in which they are earned (i.e., the related
goods or services are provided). Locally imposed derived tax revenues are
recognized as revenues in the period in which the underlying exchange transaction
upon which they are based takes place. Imposed non-exchange transactions are
recognized as revenues in the period for which they were imposed. If the period of
use is not specified, they are recognized as revenues when an enforceable legal
claim to the revenues arises or when they are received, whichever occurs first.
Government-mandated and voluntary non-exchange transactions are recognized
as revenues when all applicable eligibility requirements have been met.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
29
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
In the fund financial statements, governmental funds are presented using the
current financial resources measurement focus. This means that only current
assets and current liabilities are generally included on the balance sheets. The
reported fund balance (net current assets) is considered to be a measure of
"available spendable resources." Governmental fund operating statements present
increases (revenues and other financing sources) and decreases (expenditures
and other financing uses) in net current assets. Accordingly, they are said to
present a summary of sources and uses of "available spendable resources" during
a period.
Noncurrent portions of long-term receivables due to governmental funds are
reported on the balance sheets in spite of their spending measurement focus.
Special reporting treatments are used to indicate, however, that they should not be
considered "available spendable resources," since they do not represent net
current assets. Recognition of governmental fund type revenues represented by
noncurrent receivables are deferred until they become current receivables.
Because of their spending measurement focus, expenditure recognition for
governmental fund types excludes amounts represented by noncurrent liabilities.
Since they do not affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the
year that resources were expended, rather than as fund assets. The proceeds of
long-term debt are recorded as other financing source rather than as a fund
liability. Amounts paid to reduce long-term indebtedness are reported as fund
expenditures.
When both restricted and unrestricted resources are combined in a fund, expenses
are considered to be paid first from restricted resources, and then from unrestricted
resources.
Proprietary Funds
The City's Internal Service Fund is a proprietary fund. In the fund financial
statements, proprietary funds are presented using the accrual basis of accounting.
Revenues are recognized when they are earned and expenses are recognized
when the related goods or services are delivered. In the fund financial statements,
proprietary funds are presented using the economic resources measurement
focus. This means that all assets and all liabilities (whether current or noncurrent)
associated with their activity are included on their balance sheets. Proprietary fund
type operating statements present increases (revenues) and decreases
(expenses) in total net position.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
30
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Proprietary funds distinguish operating revenues and expenses from nonoperating
items. Operating revenues and expenses result from providing goods and services
related to the funds' ongoing operations. The principal operating revenue of the
City's Internal Service Fund is reimbursements relating to self-insurance.
Operating expenses include the cost of insurance premiums relating to the
services provided. All revenues and expenses not meeting this definition are
reported as nonoperating revenues and expenses.
Amounts paid to acquire capital assets are capitalized as assets in the Internal
Service Fund financial statements, rather than reported as an expenditure.
Proceeds of long-term debt are recorded as a liability in the Internal Service Fund
financial statements, rather than as another financing source. Amounts paid to
reduce long-term indebtedness of the Internal Service Fund are reported as a
reduction of the related liability, rather than as an expenditure.
Fund Types
The basic accounting and reporting entity is a "fund." A fund is defined as an
independent fiscal and accounting entity with a self-balancing set of accounts,
recording resources, related liabilities, obligations, reserves and equities
segregated for the purpose of carrying out specific activities or attaining certain
objectives in accordance with special regulations, restrictions or limitations.
The accounting records of the City are organized on the basis of the various fund
types as follows:
GOVERNMENTAL FUND TYPES
General Fund
The General Fund is the general operating fund of the City. All general tax
revenues and other receipts that are not allocated by law or contractual agreement
to some other fund are accounted for in this fund. Expenditures of this fund include
the general operating expenses and capital improvement costs which are not paid
through other funds.
Special Revenue Funds
The Special Revenue Funds are used to account for proceeds of specific revenue
sources that are restricted by law or administrative action for specific purposes.
Debt Service Fund
The Debt Service Fund is used to account for resources set aside for repayment of
long-term debt.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
31
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Capital Projects Funds
Capital Projects Funds are used to account for financial resources to be used for
the acquisition, construction or improvement of major capital facilities and
infrastructure.
Permanent Fund
The Permanent Fund is used to account for financial resources that are legally
restricted to the extent that only earnings, and not principal, may be used to
support the City or its citizenry.
Major Funds
The City reports the following major governmental funds:
General Fund - To account for all of the general revenues of the City not
specifically levied or collected for some special purpose, and for the
expenditures related to the rendering of general services by the City.
Capital Improvement Fund – To account for funds received from various
special revenue funds to finance capital improvements and projects.
PROPRIETARY FUND TYPE:
Internal Service Fund
The Internal Service Fund is used to account for goods and services provided by
one department to other departments on a cost reimbursement basis. The City’s
Internal Service Fund is the Self Insurance Fund.
FIDUCIARY FUND TYPE:
Agency Fund
The Agency Fund is used to account for assets that the City holds for others in an
agency capacity. The Fund is custodial in nature (assets equal liabilities) and does
not involve measurement of results of operations. This fund was an agency fund of
the former Redevelopment Agency.
Successor Agency Private-purpose Trust Fund
This fund is used to report the assets, liabilities and activities of the Successor
Agency to the Dissolved Temple City Community Redevelopment Agency. Unlike
the limited reporting typically utilized for the Agency Fund, the Private-purpose
Trust Fund reports a Statement of Fiduciary Net Position and a Statement of
Changes in Fiduciary Net Position.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
32
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Reclassification and Eliminations
Interfund balances must generally be eliminated in the government-wide financial
statements, except for net residual amounts due between governmental activities.
Amounts involving fiduciary funds are reported as external transactions. Any
allocations must reduce the expenses of the function from which the expenses are
being allocated, so that expenses are reported only once - in the function in which
they are allocated.
Loans Receivable
Certain loans receivable are not expected to be collected within one year. These
loans receivable are offset by unavailable revenue on the balance sheet of
governmental funds.
Cash and Investments
Cash and investments are reported in the accompanying balance sheet at fair
value, except for certain certificates of deposit that are reported at cost because
they are not transferable and they have terms that are not affected by changes in
market interest rates.
Changes in fair value that occur during a fiscal year are recognized as investment
income reported for that fiscal year. Investment income includes interest earnings,
changes in fair value, and any gains or losses realized upon the liquidation or sale
of investments.
The City pools cash and investments of all funds, except for assets held by fiscal
agents. Each fund's share in this pool is displayed in the accompanying financial
statements as cash and investments. Investment income earned by the pooled
investments is allocated to the various funds based on each fund's average cash
and investment balance, except for interest income (associated with funds not
legally required to receive pooled investment income) that has been assigned to
and recorded as revenue of the general fund, as provided by California
Government Code Section 53647.
Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as
short-term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they do not present significant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary funds' share in the cash and investment pool of the City.
Cash equivalents in the Permanent Fund include the fund's share in the cash and
investments pool of the City and a certificate of deposit.
Employee Leave Benefits
Vacation time begins to accumulate as of the first day of employment to a
maximum of 240 hours. Sick leave accumulates at the rate of 8 hours per month
without limit. Employees are not entitled to compensation for accrued sick time
upon separation from the City.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
33
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Claims and Judgments
The City records a liability for material litigation, judgments, and claims (including
incurred but not reported losses) when it is probable that an asset has been
impaired or a material liability has been incurred prior to year end and the probable
amount of loss (net of any insurance coverage) can be reasonably estimated.
Capital assets (including infrastructure) are valued at cost where historical records
are available and at an estimated historical cost where no historical records exist.
Donated capital assets are valued at their estimated fair value on the date
received. Public domain (infrastructure) capital assets consist of streets, bridges,
traffic signals, street lights, bus shelters and sewers. Generally, the City capitalizes
capital asset purchases in excess of $500 for general capital assets, $50,000 for
sewers (infrastructure) and $10,000 for all other infrastructure.
Capital assets used in operations are depreciated over their estimated useful lives
using the straight-line method in the government-wide financial statements.
Provision for depreciation is charged as an expense against operations and
accumulated depreciation is reported on the statement of net assets. The ranges
of lives used for depreciation purposes for each capital asset class are as follows:
Buildings and improvements 40 years
Furniture and equipment 5-7 years
Vehicles 5 years
Infrastructure:
Streets 50-80 years
Bridges 50 years
Traffic signals 20 years
Property Tax Calendar
The County of Los Angeles assesses, levies, and collects property taxes for the
City. Property taxes levied for the year ended June 30, 2014 were due and payable
in two installments on November 1 and February 1 and became delinquent on
December 10th and April 10th, respectively. At the date of incorporation, the City
elected to be a no/low property tax city as an incentive for current and prospective
residents to reside in the City.
The property tax calendar is as follows:
Lien Date: March 1
Levy Date: July 1
Due Date: First Installment - November 1
Second Installment - February 1
Delinquent Date: First Installment - December 10
Second Installment - April 10
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
34
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Taxes are collected by Los Angeles County and are remitted to the City
periodically. Dates and percentages are as follows:
December 10 30% Advance
January 16 Collection No. 1
April 10 10% Advance
May 15 Collection No. 2
July 31 Collection No. 3
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses, during the reporting period. Actual
results could differ from those estimates.
Fund Balances
Government Accounting Standards Board (GASB) Statement No. 54, Fund
Balance Reporting and Government Fund-type Definitions, defines fund balance
as the difference between the assets and liabilities reported in the City’s
governmental funds. There are generally limitations on the purpose for which all
or a portion of the resources of a governmental fund may be used. The force
behind these limitations can vary significantly, depending upon their source.
Consequently, the fund balance reported in the annual financial statements is
categorized into five components whereby each component identifies the extent to
which the City is bound to honor constraints on the specific purposes for which
amounts in the fund can be spent. The five components of fund balance are as
follows:
Nonspendable: Resources that are 1) not in spendable form, such as
inventories, prepayments, long-term receivables, or non-financial assets held
for resale, or 2) required to be maintained intact such as an endowment.
Restricted: Resources that are subject to externally enforceable legal
restrictions; these restrictions would be either 1) externally imposed by
creditors (such as through debt covenants), grantors, contributors, or laws or
regulations of other governments or 2) imposed by law through constitutional
provisions or enabling legislation.
Committed: Resources that are constrained to specific purposes by formal
action approved by the City Council, which is the City’s highest level of
decision making authority. The formal action that is required to be taken to
establish, modify, or rescind a fund balance is a resolution. The constraint
remains binding unless removed in the same formal manner by the City
Council. Council action to commit fund balance must occur within the fiscal
reporting period while the amount committed may be determined subsequently.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
35
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assigned: Resources that are constrained by the City’s intent to be used for
specific purposes, but that are neither restricted nor committed. The City
Council delegates the authority to assign fund balance to the City Manager for
purposes of reporting in the annual financial statements, established by the
governing body in the GASB 54 Fund Balance Policy resolution adopted and
approved on May 15, 2012.
Unassigned: Within the General Fund, the residual resources, either positive
or negative, in excess of what can be properly classified in one of the other
four fund balance categories. Within all other governmental funds, the
negative residual resources in excess of what can be properly classified as
nonspendable, restricted, or committed.
The City considers the restricted fund balances to have been spent when an
expenditure is incurred for purposes for which both unrestricted and restricted fund
balance is available. When expenditures are incurred for purposes for which
amounts in any of the unrestricted fund balance classifications could be used, it is
the policy of the City to reduce the committed amounts first, followed by assigned
amounts, and then unassigned amounts.
On June 17, 2014, the City reaffirmed the committed and assigned fund balance
classifications for the General Fund for financial statement purposes at June 30,
2014, in accordance with the City’s adopted GASB 54 Fund Balance Policy, as
follow:
Committed $ 3,500,000
Assigned 12,769,580
Any remaining fund balance at the close of the fiscal year will be designated as
Unassigned.
Net Position
The governmental and business-type activities in the government-wide financial
statements utilize a net position presentation. Net position is categorized as net
investment in capital assets, restricted and unrestricted.
Net investment in capital assets – This category groups all capital assets,
including infrastructure, into one component of net position. Accumulated
depreciation and the outstanding balances of debt that are attributable to the
acquisition, construction or improvement of these assets reduce the balance of
this category.
Restricted net position – This category presents external restrictions imposed by
creditors, grantors, contributors, laws or regulations of other governments and
restrictions imposed by law through constitutional provisions or enabling
legislation.
Unrestricted net position – This category represents the City’s net position, which
is not restricted for any project or other purpose.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
36
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Statement of Cash Flows
For purposes of the statement of cash flows, cash equivalents are defined as
investments with original maturities of 90 days or less, which are readily
convertible to known amounts of cash and are not subject to significant changes in
value from interest rate fluctuations.
NOTE 2 CASH AND INVESTMENTS
Cash and investments at June 30, 2014 are classified in the accompanying
financial statements as follows:
Investments Authorized by the California Government Code and the City’s
Investment Policy
The table below identifies the investment types that are authorized for the City by
the California Government Code (or the City's investment policy, where more
restrictive). The table also identifies certain provisions of the California
Government Code (or the City's investment policy, where more restrictive) that
address interest rate risk, credit risk, and concentration of credit risk. This table
does not address investments of debt proceeds held by bond trustee that are
governed by the provisions of debt agreements of the City, rather than the general
provisions of the California Government Code or the City's investment policy.
Statement of Net Assets:
Cash and investments $20,774,814
Fiduciary Fund:
Cash and investments 1,666,571
Cash with fiscal agent 627,225
Total cash and investments $23,068,610
Cash on hand $2,100
Deposits with financial institutions 3,604,971
Investments 19,461,539
Total cash and investments $23,068,610
Cash and investments as of June 30, 2014 consist of the following:
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
37
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee are governed by provisions of
the debt agreements, rather than the general provisions of the California
Government Code or the City's investment policy. The table below identifies the
investment types that are authorized for investments held by fiscal agent. The table
also identifies certain provisions of these debt agreements that address interest
rate risk and concentration of credit risk.
Authorized by Maximum Maximum
Investment Types Investment Maximum Percentage Investment
Authorized by State Law Policy Maturity* of Portfolio* In One Issuer*
Local Agency Bonds Yes 5 years None None
U.S. Treasury Obligations Yes 5 years None None
U.S. Agency Securities Yes 5 years None None
State of California Obligation Yes 5 years None None
Local Agency Obligation Yes 5 years None None
Banker’s Acceptances*Yes 180 days 40%Fed Reserve
Eligible
Commercial Paper**Yes 270 days 25%A1/P1 Rating
Certificates of Deposit Yes 5 years 30%None
Repurchase Agreements Yes 1 year None None
Reverse Repurchase Agreements*** Yes 92 days 20% of base value None
Medium-Term Notes Yes 5 years 30%A Rating
Mutual Funds****Yes N/A 20%Multiple
Money Market Mutual Funds Yes N/A 20%Multiple
Collateralized Bank Deposits Yes 5 years None None
Mortgage Pass-Through Securities Yes 5 years 20%AA Rating
County Pooled Investment Funds Yes N/A None None
Local Agency Investment Fund (LAIF) Yes N/A None None
Time Deposits Yes 5 years None None
**** No more than 10% of an agency's surplus funds may be invested in any one mutual fund
*Based on state law requirements or investment policy requirements, whichever is more restrictive.
N/A - Not applicable
** Commercial paper issuers must be U.S. Corporations with $500 million plus in assets. Purchases
may not represent more than 10% of outstanding paper of an issuing corporation
*** Reverse Repurchase Agreements must be made with primary dealers of the Federal Reserve
Bank of New York and the securities used for the agreements must have been held by the issuer
for at least 30 days
* No more than 30% of surplus funds may be invested in Bankers Acceptance of any one
commercial banks
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
38
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely
affect the fair value of an investment. Generally, the longer the maturity of an
investment the greater the sensitivity of its fair value to changes in market interest
rates. One of the ways that the City manages its exposure to interest rate risk is by
purchasing a combination of shorter-term and longer-term investments and by
timing cash flows from maturities so that a portion of the portfolio is maturing or
coming close to maturity over time as necessary to provide the cash flow and
liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investments
(including investments held by bond trustee) to market interest rate fluctuations is
provided by the following table that shows the distribution of the City's investments
by maturity:
Maximum Maximum
Maximum Percentage Investment
Authorized Investment Type Maturity of Portfolio In One Issuer
Local Agency Bonds 5 years None None
U.S. Treasury Obligations 5 years None None
U.S. Agency Securities 5 years None None
Banker’s Acceptances 1 year None None
Commercial Paper 1 year 25% 10%
Certificates of Deposit 1 year 30%None
Repurchase Agreements 30 days None None
Money Market Mutual Funds N/A 20% 10%
Local Agency Investment Fund
(LAIF)
N/A None None
Investment Agreements N/A None None
Time Deposits 5 years None None
12 Months or 12 to 60
Total Less Months
State Investment Pool (LAIF)$ 1,747,355 $ 1,747,355 $-
Los Angeles County Investment Pool 3,500,000 3,500,000 -
U.S. Agency Securities 8,174,722 - 8,174,722
Certificates of Deposit 5,412,016 1,046,074 4,365,942
Money Market Funds 627,446 627,446 -
Total $ 19,461,539 $ 6,920,875 $ 12,540,664
Remaining Maturing (in Months)
Investment Type
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
39
Minimum
Legal Not
Amount Rating AAA/AA+AA-Rated
State Investment Pool (LAIF) $ 1,747,355 N/A $ - $- $ 1,747,355
Los Angeles County Investment Pool 3,500,000 N/A - - 3,500,000
U.S. Agency Securities 8,174,722 A 7,075,902 1,098,820 -
Certificates of Deposit 5,412,016 N/A - - 5,412,016
Money Market Funds 627,446 N/A - - 627,446
Total $ 19,461,539 $ 7,075,902 $1,098,820 $ 11,286,817
Investment Type
Rating as of June 30, 2014
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its
obligation to the holder of the investment. This is measured by the assignment of a
rating by a nationally recognized statistical rating organization. Presented below is
the minimum rating required by (where applicable) the California Government
Code, the City’s investment policy, or debt agreements, and the actual rating, as
reported by Standard & Poor’s, as of year-end for each investment type:
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be
invested in any one issuer beyond that stipulated by the California Government
Code. As of June 30, 2014, the City had no investments in any one issuer (other
than U.S. Treasury Securities, mutual funds, and external investment pools) that
represent 5% or more of total City investments.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a
depository financial institution, a government will not be able to recover its deposits
or will not be able to recover collateral securities that are in the possession of an
outside party. The custodial credit risk for investments is the risk that: in the event
of the failure of the counterparty (e.g., broker-dealer) to a transaction, a
government will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The California Government
Code and the City's investment policy do not contain legal or policy requirements
that would limit the exposure to custodial credit risk for deposits or investments,
other than the following provision for deposits: The California Government Code
requires that a financial institution secure deposits made by state or local
governmental units by pledging securities in an undivided collateral pool held by a
depository regulated under state law (unless so waived by the governmental unit).
The market value of the pledged securities in the collateral pool must equal at least
110% of the total amount deposited by the public agencies. California law also
allows financial institutions to secure District deposits by pledging first trust deed
mortgage notes having a value of 150% of the secured public deposits.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
40
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
For investments identified herein as held by fiscal agent, the fiscal agent selects
the investment under the terms of the applicable trust agreement, acquires the
investment, and holds the investment on behalf of the reporting government.
Investment in State and County Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that
is regulated by the California Government Code under the oversight of the
Treasurer of the State of California. The fair value of the City's investment in this
pool is reported in the accompanying financial statements at amounts based upon
the City's pro-rata share of the fair value provided by LAIF for the entire LAIF
portfolio (in relation to the amortized cost of that portfolio). The balance available
for withdrawal is based on the accounting records maintained by LAIF, which are
recorded on an amortized cost basis.
The City also has an investment in the Los Angeles County Pooled Investment
Fund under the supervision of the County of Los Angeles Treasurer and Tax
Collector.
NOTE 3 INTERFUND RECEIVABLES AND PAYABLES
Current interfund receivables and payables balances at June 30, 2014 are as
follows:
Payable Fund Amount
General Fund Nonmajor Governmental Funds $ 1,975,213 (a)
General Fund Agency Fund 13,060
General Fund Successor Agency Private-Purpose 23,659
Trust Fund
Total $ 2,011,932
(a) As of June 30, 2014, the nonmajor governmental funds owed $1,975,213 to the
General Fund. This interfund advance was to fund temporary cash deficits.
Receivable Fund
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
41
NOTE 4 INTERFUND ADVANCES
Noncurrent interfund advances at June 30, 2014 are as follows:
In 1998, the City General Fund made a loan to the former Redevelopment Agency
of the City. The loan included both new funding and the amendment and
restatement of previous loans from the City to the former Redevelopment
Agency. The total principal amount owed to the City was $1,466,980. In June
2011, Assembly Bill 26 (1st extraordinary session) dissolved the former Agency,
effective February 1, 2012. On April 26, 2013, the Department of Finance allowed
the loan to be placed on the Recognized Obligation Payment Schedule (ROPS) of
the Successor Agency to the former Redevelopment Agency as an enforceable
obligation. However, loan repayment depends on the availability of excess
property tax increment. Because of the uncertainty as to when the former
Redevelopment Agency will have excess property tax distribution to pay for the
loan, the full amount of the loan including $2,236,825 of accrued interest has been
reserved as potentially uncollectible as of June 30, 2014 in the government-wide
financial statements.
NOTE 5 INTERFUND TRANSFERS
Interfund transfers for the year ended June 30, 2014 are as follows:
The City transfers monies from various funds to its City-wide Capital Improvement
Fund and the General Fund for the payment of certain capital projects such as the
Rosemead Boulevard Safety Enhancements and Beautification Project and
reimbursement of administrative expenses.
Payable Fund Amount
Successor Agency Fund $ 3,703,805
Receivable Fund
General Fund
Capital
Projects
City-Wide Non-Major
General Capital Governmental
Fund Improvements Funds Total
General Fund $ - $ - $382,530 $382,530
Capital Improvement Fund 3,060,512 - 9,227,358 12,287,870
Nonmajor Governmental Funds 248,433 - 122,868 371,301
Total $ 3,308,945 $- $9,732,756 $13,041,701
Transfers In
Transfers Out
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
42
NOTE 6 LOANS RECEIVABLE
Loans receivable consist of the following at June 30, 2014:
(a) In August 2003, the City entered into a loan agreement with Calabee's, Inc, for
up to $1,105,000 in order to facilitate the construction and operation of a
certain restaurant located within the City. Interest accrues on the loan at a rate
of 4.50% per year from the final disbursement date until the first payment date.
The loan is payable in 132 months (11 years). Payment of the loan principal
and interest, which is due monthly, commenced on the thirteenth month after
the restaurant's opening date. The outstanding balance of the loan as of June
30, 2014 is $353,289.
(b) The City provides deferred payment loans to low and moderate income
homeowners for repairs of building and zoning code violations through its
Community Development Block Grant program. The maximum amount of each
loan is $25,000 with 3% interest. Loan repayment is deferred until the home is
sold or changes title.
Amount
General Fund:
Calabee's, Inc.$ 353,289 (a)
Low and Moderate Income Housing 56,775
Temple City Chamber of Commerce 4,600
414,664
Community Development Block Grant:
Home improvement loans 999,991 (b)
Total $ 1,414,655
Description
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
43
NOTE 7 CAPITAL ASSETS
Capital assets activity for the year ended June 30, 2014 was as follows:
Depreciation expense is charged to operations, as follows:
Balance Balance
July 1, 2013 Additions Deletions June 30, 2014
Capital assets, not being depreciated:
Land $3,268,952 $147,156 $106,732 $3,309,376
Land improvements 1,839,413 - - 1,839,413
Construction in progress 10,630,364 11,427,086 154,040 21,903,410
Infrastructure:-
Land rights relating to streets 8,465,941 - - 8,465,941
Total capital assets, not being depreciated 24,204,670 11,574,242 260,772 35,518,140
Capital assets, being depreciated:
Buildings 7,324,749 1,468,982 - 8,793,731
Improvements 5,329,647 105,199 - 5,434,846
Furniture, fixtures and equipment 1,633,128 311,207 74,031 1,870,304
Vehicles 1,277,161 - 1,371 1,275,790
Infrastructure:
Streets 10,701,223 544,778 - 11,246,001
Traffic signals 1,190,394 - - 1,190,394
Bridges 958,003 - - 958,003
Total capital assets, being depreciated 28,414,305 2,430,166 75,402 30,769,069
Less accumulated depreciation for:
Buildings 1,859,877 187,390 - 2,047,267
Improvements 2,053,636 59,750 - 2,113,386
Furniture, fixtures and equipment 1,361,388 102,427 - 1,463,815
Vehicles 1,124,175 40,613 - 1,164,788
Infrastructure:
Streets 6,076,530 137,777 - 6,214,307
Traffic signals 1,146,446 10,574 - 1,157,020
Bridges 958,003 - - 958,003
Total accumulated depreciation 14,580,055 538,531 - 15,118,586
Net capital assets being depreciated 13,834,250 1,891,635 75,402 15,650,483
Governmental activities capital assets, net $38,038,920 $13,465,877 $336,174 $51,168,623
General Government $118,117
Community Development 20,547
Public Safety 202,850
Public Works 37,530
Community Services 159,487
Total $538,531
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
44
NOTE 8 DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources consisted of the following unavailable revenue as of
June 30, 2014:
NOTE 9 LONG-TERM LIABILITIES
Changes in long-term liabilities for the year ended June 30, 2014 were as follows:
Other Postemployment Benefit Obligation
Refer to Note 12 for related disclosures regarding other postemployment benefits.
The liability is primarily liquidated from the general fund.
Compensated Absences Payable
The outstanding balance of compensated absences payable at June 30, 2014 was
$170,553. The liability is primarily liquidated from the general fund.
General CDBG
Fund Fund Total
Amounts associated with long-term
loans or advances:
Accrued interest portion of City's
advances to the Successor Agency $ 2,246,616 $- $2,246,616
Noncurrent loans receivable 414,664 999,991 1,414,655
$2,661,280 $999,991 $3,661,271
Amount Due Amount
Balance at Balance at Within One Due After
July 1, 2013 Additions Retirements June 30, 2014 Year One Year
Net OPEB Obligation $ 1,772,297 $ 1,080,000 $ (155,978) $ 2,696,319 $ - $ 2,696,319
Compensated Absences 219,261 16,146 (64,855) 170,552 17,055 153,497
$ 1,991,558 $ 1,096,146 $ (220,833) $ 2,866,871 $ 17,055 $ 2,849,816
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
45
NOTE 10 DEFINED BENEFIT PENSION PLAN (PERS)
Plan Description
The City of Temple City contributes to the California Public Employees Retirement
System (PERS), a cost-sharing multiple-employer public employee defined benefit
pension plan. PERS provides retirement, disability benefits, and death benefits to
plan members and beneficiaries. PERS acts as a common investment and
administrative agent for participating public entities within the State of California.
PERS issues a publicly available financial report that includes financial statements
and required supplementary information for the cost sharing plans that are
administered by PERS. Copies of PERS' annual financial report may be obtained
from its executive office at 400 P Street, Sacramento, California 95814.
Funding Policy
Miscellaneous participants are required to contribute 7% of their annual covered
salary. The City makes the contributions required of City employees on their behalf
and for their account.
In December 2011, the City adopted (a) Resolution No. 11-4781, a Resolution of
the City Council of the City of Temple City reducing the amount of employer paid
member contribution to the PERS for full-time employees hired before January 1,
2012 by one percent (1%) and (b) Resolution No. 11-4782, a Resolution of the City
Council of the City of Temple City eliminating payment of employer paid member
contributions to PERS for employees hired on or after January 1, 2012.
The City has contributed at the actuarially determined rate provided by PERS'
actuaries. Under GASB 27, an employer reports an annual pension cost (APC)
equal to the annual required contribution (ARC) plus an adjustment for the
cumulative difference between the APC and the employer's actual plan
contributions for the year. The cumulative difference is called the net pension
obligation (NPO). The ARC for the period July 1, 2013 to June 30, 2014 has been
determined by an actuarial valuation of the plan as of June 30, 2012.
The employer contribution rate for the years ended June 30, 2014, 2013 and 2012
was 15.58%, 14.82% and 14.20% for miscellaneous employees, respectively.
Benefit provisions and all other requirements are established by state statute.
Annual Pension Cost
For the years ended June 30, 2014, 2013 and 2012, the City's annual pension cost
(employer contribution) of $562,468, $586,597, and $499,771 for miscellaneous
employees was equal to the City's required and actual contributions, respectively.
The annual required contribution (ARC) for the period July 1, 2013 to June 30,
2014 has been determined by the actuarial valuation of the plan as of June 30,
2012.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
46
NOTE 10 DEFINED BENEFIT PENSION PLAN (PERS) (CONTINUED)
A summary of principal assumptions and methods used to determine the ARC is
shown below:
Valuation Date: June 30, 2013
Actuarial Cost Method: Entry Age Normal Cost Method
Amortization Method: Level Percent of Payroll
Asset Valuation Method: Market Value
Actuarial Assumptions:
Investment Rate of Return: 7.50% (net of administrative expenses)
Projected Salary Increases: 3.30% to 14.20% depending on Age, Service,
and type of employment
Inflation: 2.75% (compounded annually)
Payroll Growth: 3.00%
Individual Salary Growth: A merit scale varying by duration of
employment coupled with an assumed annual
inflation growth of 2.75% and an annual
production growth of 0.25%
Initial unfunded liabilities are amortized over a closed period that depends on the
plan’s date of entry into CalPERS. Subsequent plan amendments are amortized as
a level percentage of pay over a closed 20-year period. Gains and losses that occur
in the operation of the plan are amortized over a 30 year rolling period. If the plan’s
accrued liability exceeds the actuarial value of plan assets, the annual contribution
with respect to the total unfunded liability may not be less than the amount produced
by a 30-year amortization of the unfunded liability.
NOTE 11 LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority
(Authority). The Authority is composed of 119 California public entities and is
organized under a joint powers agreement pursuant to California Government
Code 6500 et seq. The purpose of the Authority is to arrange and administer
programs for the pooling of self-insured losses, to purchase excess insurance or
reinsurance, and to arrange for group purchased insurance for property and other
lines of coverage. The Authority began covering claims of its members in 1978.
Each member government has an elected official as its representative on the
Board of Directors. The Board operates through a 9-member Executive
Committee.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
47
NOTE 11 LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION
(CONTINUED)
Self-Insurance Programs of the Authority
Each member pays an annual contribution to cover estimated losses for the
coverage period. This initial funding is paid at the beginning of the coverage
period. After the close of the coverage period, outstanding claims are valued. A
retrospective deposit computation is then conducted annually thereafter until all
claims incurred during the coverage period are closed on a pool-wide basis. This
subsequent cost re-allocation among members based on actual claim development
can result in adjustments of either refunds or additional deposits required.
The total funding requirement for self-insurance programs is estimated using
actuarial models and pre-funded through the annual contribution. Costs are
allocated to individual agencies based on exposure (payroll) and experience
(claims) relative to other members of the risk-sharing pool. Additional information
regarding the cost allocation methodology is provided below.
Liability. In the liability program, claims are pooled separately between police and
non-police exposures. (1) The payroll of each member is evaluated relative to the
payroll of other members. A variable credibility factor is determined for each
member, which establishes the weight applied to payroll and the weight applied to
losses within the formula. (2) The first layer of losses includes incurred costs up to
$30,000 for each occurrence and is evaluated as a percentage of the pool’s total
incurred costs within the first layer. (3) The second layer of losses includes
incurred costs from $30,000 to $750,000 for each occurrence and is evaluated as
a percentage of the pool’s total incurred costs within the second layer. (4) Incurred
costs in excess of $750,000 up to the reinsurance attachment point of $5 million
are distributed based on the outcome of cost allocation within the first and second
loss layers. (5) Costs of covered claims from $5 million to $10 million are paid
under a reinsurance contract subject to a $2.5 million annual aggregate
deductible. The $2.5 million annual aggregate deductible is fully covered under a
separate policy; as such no portion of it is retained by the Authority. Costs of
covered claims from $10 million to $15 million are paid under two reinsurance
contracts subject to a combined $3 million annual aggregate deductible. The $3.0
million annual aggregate deductible is fully retained by the Authority. (6) Costs of
covered claims from $15 million up to $20 million are paid under reinsurance
agreements. (7) Costs of covered claims from $20 million to $50 million are paid
under excess insurance policies.
The overall coverage limit for each member including all layers of coverage is $50
million per occurrence.
Costs of covered claims for subsidence losses are paid by reinsurance and excess
insurance with a pooled sub-limit of $30 million per occurrence. This $30 million
subsidence sub-limit is composed of (a) $5 million retained within the pool’s SIR,
(b) $15 million in reinsurance, subject to the same annual aggregate deductibles
previously stated, and (c) $10 million in excess insurance. The excess insurance
layer has a $10 million annual aggregate limit.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
48
NOTE 11 LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION
(CONTINUED)
Workers’ Compensation. In the workers’ compensation program, claims are
pooled separately between public safety (police and fire) and non-public safety
exposures. (1) The payroll of each member is evaluated relative to the payroll of
other members. A variable credibility factor is determined for each member, which
establishes the weight applied to payroll and the weight applied to losses within the
formula. (2) The first layer of losses includes incurred costs up to $50,000 for each
occurrence and is evaluated as a percentage of the pool’s total incurred costs
within the first layer. (3) The second layer of losses includes incurred costs from
$50,000 to $100,000 for each occurrence and is evaluated as a percentage of the
pool’s total incurred costs within the second layer. (4) Incurred costs in excess of
$100,000 up to the reinsurance attachment point of $2 million are distributed based
on the outcome of cost allocation within the first and second loss layers. (5) Costs
of covered claims from $2 million up to statutory limits are paid under a
reinsurance policy. Protection is provided per statutory liability under California
Workers’ Compensation Law.
Employer’s Liability losses are pooled among members to $2 million. Coverage
from $2 million to $5 million is purchased as part of a reinsurance policy, and
Employer’s Liability losses from $5 million to $10 million are pooled among
members.
Purchased Insurance
Pollution Legal Liability Insurance. The City participates in the pollution legal
liability insurance program (formerly called environmental insurance) which is
available through the Authority. The policy covers sudden and gradual pollution of
scheduled property, streets, and storm drains owned by the City. Coverage is on a
claims-made basis. There is a $50,000 deductible. The Authority has a limit of
$50 million for the 3-year period from July 1, 2011 through July 1, 2014. Each
member of the Authority has a $10 million sub-limit during the 3-year term of the
policy.
Property Insurance. The City participates in the all-risk property protection program
of the Authority. This insurance protection is underwritten by several insurance
companies. The City property is currently insured according to a schedule of
covered property submitted by the City to the Authority. The City property currently
has all-risk property insurance protection in the amount of $14,040,460. There is a
$5,000 deductible per occurrence except for non-emergency vehicle insurance
which has a $1,000 deductible. Premiums for the coverage are paid annually and
are not subject to retrospective adjustments.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
49
NOTE 11 LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION
(CONTINUED)
Earthquake and Flood Insurance. The City purchases earthquake and flood
insurance on a portion of its property. The earthquake insurance is part of the
property protection insurance program of the Authority. The City property currently
has earthquake protection in the amount of $9,754,348. There is a deductible of
5% per unit of value with a minimum deductible of $100,000. Premiums for the
coverage are paid annually and are not subject to retrospective adjustments.
Crime Insurance. The City purchases crime insurance coverage in the amount of
$1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the
Authority. Premiums are paid annually and are not subject to retrospective
adjustments.
Special Event Tenant User Liability Insurance. The City further protects against
liability damages by requiring tenant users of certain property to purchase low-cost
tenant user liability insurance for certain activities on agency property. The
insurance premium is paid by the tenant user and is paid to the City according to a
schedule. The City then pays for the insurance. The insurance is arranged by the
Authority.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection
experienced settlements or judgments that exceeded pooled or insured coverage.
There were also no significant reductions in pooled or insured liability coverage i n
fiscal year 2013-14.
NOTE 12 OTHER POSTEMPLOYMENT BENEFIT PLAN
Employees who retire from the City are eligible to receive health care benefits
covering themselves and any qualified family members. The City pays 100% of the
cost of the medical insurance premiums of the retired employees and one-half of
the cost of the medical insurance premiums of their family members. The City also
pays 100% of the cost of dental and vision insurance premiums of the retired
employees. Expenditures for post-retirement health care benefits for fiscal year
2014 amounted to $155,978 which included 27 participants.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
50
NOTE 12 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
The City’s annual Other Postemployment Benefits (OPEB) cost, the percentage of
annual OPEB cost contributed to the plan, and the net OPEB obligation for 2012,
2013 and 2014 were:
(1) The City had an actuarial report prepared by Bartel Associates, LLC dated
October 31, 2011 with a valuation date of June 30, 2011. The results of the
report concluded a change in the City’s annual required contribution amount
starting at zero-based pre-funding or no OPEB accrued liability as of July 1,
2010.
City's Funding Policy
The plan provisions and contribution requirements of plan members and the City
are established and may be amended by the City Council. The contribution
required to be made under City Council requirements is based on a pay-as-you-go
basis (i.e., as premiums become due).
On September 4, 2012, the City adopted Resolution No. 12-4845 authorizing
participation in the Public Agency Retirement Services Post-Retirement Health
Care Plan Trust Program and pre-funding of $1.0 million to the Trust.
Annual OPEB Cost and Net OPEB Obligation
The City's annual other postemployment benefit (OPEB) cost (expense) is
calculated based on the annual required contribution of the employer (ARC), an
amount actuarially determined in accordance with the parameters of GASB
Statement No. 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover normal cost each year and amortize any
unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty
years.
Percentage of
Fiscal Year Annual Contribution Annual OPEB Cost Net OPEB
Ended OPEB Cost Made Contributed Obligation
6/30/2012 (1)$1,080,000 $153,349 14.20%$1,851,623
6/30/2013 (1)1,080,000 1,159,326 107.35% 1,772,297
6/30/2014 (1)1,080,000 155,978 14.44% 2,696,319
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
51
NOTE 12 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
The following table shows the components of the City's annual OPEB cost for the
current fiscal year, the amount actually contributed to the plan, and changes in the
City's net OPEB obligation for these benefits:
Actuarial Methods and Assumptions
Actuarial valuations of an ongoing plan involve estimates of the value of reported
amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumptions about future employment, mortality, and the
healthcare cost trend. Amounts determined regarding the funded status of the plan
and the annual required contributions of the employer are subject to continual
revision as actual results are compared with past expectations and new estimates
are made about the future. The schedule of funding progress, presented in the
required supplementary information section, presents multi-year trend information
about whether the actuarial value of plan assets is increasing or decreasing over
time relative to the actuarial accrued liabilities for the benefits.
Projections of benefits for financial reporting purposes are based on the
substantive plan (the plan as understood by the employer and the plan members)
and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing of benefit costs between employer and plan members
to that point. The actuarial methods and assumptions used include techniques that
are designed to reduce the effects of short-term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long-term
perspective of the calculations.
The actuarial cost method used for determining the benefit obligations is the Entry
Age Normal Cost Method. The actuarial assumptions included a 4 percent
investment rate of return, which is the assumed rate of the expected long-term
investment returns on plan assets calculated based on the funded level of the plan
at the valuation date, and annual cost trend rate of 9 percent for Non-Medicare and
9.4 percent for Medicare initially, reduced by decrements of 0.5 percent to 0.6
percent per year to an ultimate rate of 5 percent after the eight year. The UAAL is
being amortized over a maximum 30-year combined period using a level-percent of
payroll. It is assumed the City's payroll will increase 3.25% per year and merit
increases are based on the CalPERS 1997-2007 Experience Study.
Annual required contribution $ 1,080,000
Interest on net OPEB obligation 133,509
Adjustment to annual required contribution (133,509)
Annual OPEB cost 1,080,000
Contribution made (155,978)
Decrease in net OPEB obligation 924,022
Net OPEB obligation, beginning of year 1,772,297
Net OPEB obligation, end of year $ 2,696,319
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
52
NOTE 12 OTHER POSTEMPLOYMENT BENEFIT PLAN (CONTINUED)
Refer to Required Supplementary Information Section for the Plan’s Schedule of
Funding Progress.
NOTE 13 NEW GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)
PRONOUNCEMENTS ISSUED, NOT YET EFFECTIVE
The Governmental Accounting Standards Board (GASB) has issued several
pronouncements prior to June 30, 2014, that have effective dates that may impact
future financial presentations. Management has not yet determined any impact the
implementation of the following statements may have on the financial statements
of the City.
GASB No. 68 - GASB has issued Statement No. 68, Accounting and Financial
Reporting for Pensions-an Amendment of GASB Statement No. 27. The
requirements of this Statement are intended to improve the decision-usefulness of
information in employer and governmental nonemployer contributing entity
financial reports and enhance its value for assessing accountability and interperiod
equity by requiring recognition of the entire net pension liability and a more
comprehensive measure of pension expense. Note disclosures and required
supplementary information will be expanded. The provisions of this Statement are
effective for financial statements for periods beginning after June 15, 2014.
GASB No. 69 - GASB has issued Statement No. 69, Government Combinations
and Disposals of Government Operations. This Statement establishes accounting
and financial reporting standards related government combinations and disposals
of government operations. As used in this Statement, the term government
combinations include a variety of transactions referred to as mergers, acquisitions,
and transfers of operations. This Statement requires disclosures to be made about
government combinations and disposals of government operations to enable
financial statement users to evaluate the nature and financial effects of those
transactions. The provisions of this Statement are effective for financial statements
for periods beginning after December 15, 2013.
NOTE 14 CONTINGENT LIABILITIES
The City is a defendant in various litigations arising in the normal course of
operations. In the opinion of management and counsel, the outcome is not
expected to materially adversely affect the financial position of the City.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
53
NOTE 15 SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY
The accompanying financial statements also include the Private-purpose Trust
Fund for the Successor Agency to the City’s former Redevelopment Agency
(Successor Agency). The City, as the Successor Agency, serves in a fiduciary
capacity, as custodian for the assets and to wind down the affairs of the former
Redevelopment Agency. Its assets are held in trust for the benefit of the taxing
entities within the former Redevelopment Agency’s boundaries and as such, are
not available for the use of the City.
Disclosures related to the certain assets and long-term liabilities of the Successor
Agency are as follows:
Agency’s Advance to the General Fund
As of June 30, 2014, the Successor Agency owes the City General Fund
$3,703,805 for advances made by the City General Fund to the former
redevelopment agency to support the redevelopment activities. For more
information, refer to Note 4.
Information about the Outstanding Bonds of the Successor Agency Trust
Fund
REFUNDING REVENUE BONDS, SERIES 2005
In September 2005, the former Temple City Community Redevelopment Agency
(Agency) issued $5,780,000 of Serial Bonds and $2,220,000 of Term Bonds for a
total amount of $8,000,000 to be paid from future tax increment revenues. The
Series 2005 bonds were issued to refund $3,600,000 of outstanding Temple City
Financing Authority (Authority) 1993 Revenue Bonds and to provide the Agency
with additional funds for redevelopment activities. Interest is payable semi-annually
on March 1 and September 1 of each year, commencing March 1, 2006. Interest
rates range from 3.0% to 4.9% on the serial bonds and 4.875% on the term bonds
in amounts ranging from $240,000 to $495,000. The bonds maturing on or after
September 1, 2015 are subject to redemption prior to maturity in whole or in part at
the option of the Agency in amount of 100% of the principal amount. The Term
Bonds maturing on September 1, 2025 will be subject to mandatory redemption, on
September 1, 2022 and each September 1 thereafter at a redemption price equal
to the principal amount thereof together with accrued interest thereon to the
redemption date without premium. Under terms of the issue, a minimum of
$627,225 is to be set aside in reserve funds. The balance in the reserve account at
June 30, 2014 was $627,225. The outstanding balance owed on the bonds as of
June 30, 2014 is $5,605,000. This was recognized by the California Department of
Finance as enforceable obligation of the Successor Agency.
City of Temple City
Notes to Financial Statements
Year ended June 30, 2014
54
NOTE 15 SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
Annual debt service requirements to maturity for the refunding revenue bonds
payable are as follows:
NOTE 16 SUBSEQUENT EVENTS
The City has evaluated events subsequent to June 30, 2014 to assess the need for
potential recognition or disclosure in the financial statements. Such events were
evaluated through December 9, 2014, the date the financial statements were
available to be issued. Based upon this evaluation, it was determined that no
subsequent events occurred that require recognition or additional disclosure in the
financial statements.
Year Ending
June 30, Principal Interest Total
2015 $ 360,000 $ 256,095 $ 616,095
2016 375,000 240,105 615,105
2017 395,000 222,968 617,968
2018 410,000 204,650 614,650
2019 430,000 185,223 615,223
2020-2024 2,470,000 593,413 3,063,413
2025-2026 1,165,000 57,403 1,222,403
Total $ 5,605,000 $ 1,759,857 $ 7,364,857
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REQUIRED SUPPLEMENTARY INFORMATION
(This page intentionally left blank.)
City of Temple City
Budget to Actual Comparison
General Fund
55
The General Fund has been classified as a major fund and is used to account for all of the general
revenues of the City not specifically levied or collected for some special purpose, and for the
expenditures related to the rendering of general services by the City. The General Fund is used to
account for all resources not required to be accounted for in another fund. The budget-to-actual
comparison for this fund has been presented in the accompanying financial statements as required
supplementary information.
City of Temple City
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2014
56
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Taxes
Real estate transfer tax $ 120,000 $ 170,000 $ 171,193 $ 1,193
Sales and use tax 1,323,000 1,323,000 1,285,091 (37,909)
In lieu sales tax 415,000 450,500 450,522 22
Franchise fees 560,000 560,000 562,535 2,535
Transient occupancy tax 35,000 35,000 46,849 11,849
Property tax allocation 2,450,000 2,585,000 2,597,549 12,549
Total taxes 4,903,000 5,123,500 5,113,739 (9,761)
Licenses and permits
Business license fees 200,000 220,000 190,874 (29,126)
Building permit fees 460,000 610,000 681,601 71,601
Parking permit fees 75,000 55,000 52,192 (2,808)
Encroachment permit fees - 190,000 208,994 18,994
Animal license fees 70,000 90,000 92,892 2,892
Vehicle impound fees 35,000 20,000 16,020 (3,980)
Temp parking permit fees 113,000 138,000 129,874 (8,126)
Code enforcement fees 50,000 60,000 62,163 2,163
Total licenses and permits 1,003,000 1,383,000 1,434,610 51,610
Intergovernmental
Motor vehicle in lieu tax - 15,300 15,253 (47)
State mandate reinbursement - 4,250 7,707 3,457
In lieu Vehicle License Fees 3,250,000 3,457,400 3,457,406 6
Total intergovernmental 3,250,000 3,476,950 3,480,366 3,416
Charges for services
Shared maintenance charges 4,000 4,000 3,900 (100)
Zoning fees 160,000 240,000 210,245 (29,755)
Recreation fees 590,000 600,000 596,879 (3,121)
Plan check fees 460,000 660,000 579,163 (80,837)
Facility rental fees 65,300 65,300 70,569 5,269
PW/Engineering fees - 49,000 49,636 636
Total charges for services 1,279,300 1,618,300 1,510,392 (107,908)
Fines, forfeitures and penalties
Court fines 525,000 615,000 554,805 (60,195)
Investment income
Interest - LAIF 25,000 25,000 (1) (25,001)
Interest - Others 250,000 20,000 - (20,000)
Interest - CD 170,000 170,000 203,572 33,572
Total investment income 445,000 215,000 203,571 (11,429)
Other
Other reimbursement 90,000 287,000 160,042 (126,958)
Recyclable revenue 50,000 30,000 34,054 4,054
AB939 reimbursement 15,000 15,000 11,166 (3,834)
Rental Income 30,000 68,000 68,411 411
Sale of City property - 4,600 4,595 (5)
Donations 10,000 10,000 11,000 1,000
CRA/LLD reimbursement 6,300 6,300 9,857 3,557
Sundry 1,000 21,000 15,492 (5,508)
Total other income 202,300 441,900 314,617 (127,283)
Total revenues $ 11,607,600 $ 12,873,650 $ 12,612,100 $ (261,550)
Budgetary Amounts
City of Temple City
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2014
57
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Expenditures
General government:
City Council $ 198,575 $ 213,575 $ 192,244 $ 21,331
City Manager 977,540 1,105,540 993,928 111,612
Council support 280,425 331,165 297,066 34,099
Accounting 484,390 552,350 557,303 (4,953)
City Attorney 222,000 502,000 402,028 99,972
Support services 164,210 227,010 220,745 6,265
Insurance/ benefits 332,415 558,015 295,117 262,898
Purchasing 148,200 148,200 164,782 (16,582)
Elections - - 750 (750)
Total general government 2,807,755 3,637,855 3,123,963 513,892
Community development
Planning 573,090 2,265,195 844,568 1,420,627
Housing 44,500 405,500 207,376 198,124
Building 535,175 900,175 971,141 (70,966)
Total community development 1,152,765 3,570,870 2,023,085 1,547,785
Public safety:
Law enforcement 3,799,295 3,988,660 3,885,066 103,594
Traffic engineering 8,280 15,880 22,559 (6,679)
Animal control 199,615 199,615 198,273 1,342
Emergency services 160,755 183,565 184,108 (543)
Community Preservation 444,770 490,770 514,964 (24,194)
Parking administration 394,320 412,505 408,449 4,056
Total public safety 5,007,035 5,290,995 5,213,419 77,576
Public works:
Parking facilities 162,340 162,340 198,017 (35,677)
Solid waste management - 58,690 47,859 10,831
General government buildings 288,240 413,605 400,965 12,640
Graffiti abatement 26,400 36,400 43,742 (7,342)
Total public works 476,980 671,035 690,583 (19,548)
Community services:
Recreation / human services 1,200,625 1,253,685 1,168,941 84,744
Parks - Maintenance/Facilities 809,025 935,445 887,241 48,204
2,009,650 2,189,130 2,056,182 132,948
11,454,185 15,359,885 13,107,232 2,252,653
Excess (deficiency) of revenue
over expenditures 153,415 (2,486,235) (495,132) (2,514,203)
Total expenditures
Budgetary Amounts
City of Temple City
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2014
58
Other financing sources (uses)
Transfers in 110,586 590,550 382,530 (208,020)
Transfers out (2,231,906) (3,967,075) (3,308,945) 658,130
Total other financing
sources (uses)(2,121,320) (3,376,525) (2,926,415) 450,110
(1,967,905) (5,862,760) (3,421,547) (2,441,213)
Fund balance at beginning of year 21,427,062 21,427,062 21,427,062 -
Fund balance at end of year $ 19,459,157 $ 15,564,302 $ 18,005,515 $ 2,441,213
Net change in fund balances
City of Temple City
Budgetary Comparison Schedule
Capital Improvement Fund
Year ended June 30, 2014
59
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Expenditures
Capital outlay:
Parks-maintenance/facilities $ 50,500 $ 95,500 $ 93,715 $ 1,785
Traffic engineering 250,000 250,000 5,199 244,801
Street cleaning 300,000 300,000 77,700 222,300
Street maintenance 2,979,250 16,890,930 11,967,112 4,923,818
Sidewalk maintenance 75,000 335,000 247,152 87,848
General government buildings 130,000 1,701,175 1,616,565 84,610
Parking facilities 230,000 230,000 3,416 226,584
Total capital outlay 4,014,750 19,802,605 14,010,859 5,791,746
4,014,750 19,802,605 14,010,859 5,791,746
Excess (deficiency) of revenue
over expenditures (4,014,750) (19,802,605) (14,010,859) (5,791,746)
Other financing sources (uses)
Transfers in 18,026,430 14,226,835 12,287,870 (1,938,965)
Transfers out - - - -
Total other financing
sources (uses)18,026,430 14,226,835 12,287,870 (1,938,965)
14,011,680 (5,575,770) (1,722,989) (7,730,711)
Fund balance at beginning of year - - - -
Fund balance at end of year $ 14,011,680 $ (5,575,770) $ (1,722,989) $ 3,852,781
Total expenditures
Net change in fund balances
Budgetary Amounts
City of Temple City
Budgetary Comparison Schedule
Permanent Fund
Year ended June 30, 2014
60
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Investment income $ 1,000 $ 1,000 $683 317
Donations - 2,000 2,000 -
Total revenues 1,000 3,000 2,683 317
Current:
Community services 5,000 5,000 5,977 (977)
Total expenditures 5,000 5,000 5,977 (977)
Excess (deficiency) of revenues
over expenditures (4,000) (2,000) (3,294) 1,294
Transfers in - - - -
Transfers out - - - -
Net other financing sources (uses)- - - -
Net change in fund balance (4,000) (2,000) (3,294) 1,294
Fund balance, beginning of year 175,828 175,828 175,828 -
Fund balance, end of year $ 171,828 $ 173,828 $ 172,534 1,294
Revenues
Expenditures
Other financing sources (uses)
Budgetary Amounts
City of Temple City
Budgetary Comparison Schedule
Special Revenue Fund
Year ended June 30, 2014
61
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Taxes $ 2,161,000 $ 2,236,000 $ 1,197,044 1,038,956
Intergovernmental 921,520 2,593,220 5,854,455 (3,261,235)
Charges for services 1,152,000 931,250 249,763 681,487
Fines - 50,000 25,234 24,766
Investment income 34,800 85,760 138,992 (53,232)
Donations - 2,000 - 2,000
Other - 24,500 17,960 6,540
Total revenues 4,269,320 5,922,730 7,483,448 (1,560,718)
Current:
General government - - 6,471 (6,471)
Community development - 24,500 24,454 46
Public works 2,667,505 2,706,665 1,772,588 934,077
Community services 191,860 282,810 677,012 (394,202)
Total expenditures 2,859,365 3,013,975 2,480,525 533,450
Excess (deficiency) of revenues
over expenditures 1,409,955 2,908,755 5,002,923 (2,094,168)
Transfers in - - 371,301 (371,301)
Transfers out - (11,190,310) (9,732,756) (1,457,554)
Net other financing sources (uses)- (11,190,310) (9,361,455) (1,828,855)
Net change in fund balance 1,409,955 (8,281,555) (4,358,532) (3,923,023)
Fund balance, beginning of year 8,269,953 8,269,953 8,269,953 -
Fund balance, end of year $ 9,679,908 $ (11,602) $ 3,911,421 (3,923,023)
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TRAFFIC SAFETY FUND
Year ended June 30, 2014
62
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Fines $ 50,000 $ 50,000 $ 25,234 $ (24,766)
Total revenues 50,000 50,000 25,234 (24,766)
Transfers out (40,000) (40,000) (33,096) 6,904
Net other financing sources (uses)(40,000) (40,000) (33,096) 6,904
Net change in fund balance 10,000 10,000 (7,862) (17,862)
Fund balance, beginning of year 7,862
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
HIGH TECH GRANT FUND
Year ended June 30, 2014
63
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Total revenues $ - $ - $ - $ -
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - - -
Net change in fund balance - - - -
Fund balance, beginning of year 8,784
Fund balance, end of year $ 8,784
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
COPS FUND
Year ended June 30, 2014
64
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 100,000 $ 100,000 $ 100,000 -
Investment income 100 100 - (100)
Total revenues 100,100 100,100 100,000 (100)
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 100,100 100,100 100,000 (100)
Transfers out (100,000) (100,000) (100,000) -
Net other financing sources (uses)(100,000) (100,000) (100,000) -
Net change in fund balance 100 100 - (100)
Fund balance, beginning of year 1,083
Fund balance, end of year $ 1,083
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PUBLIC TRANSPORTATION – PROP A FUND
Year ended June 30, 2014
65
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 560,000 $ 595,000 $ 610,170 15,170
Charges for services 150,000 150,000 126,990 (23,010)
Investment income 8,000 8,000 1,826 (6,174)
Total revenues 718,000 753,000 738,986 (14,014)
Current:
Community services - 792,875 661,919 130,956
Total expenditures - 792,875 661,919 130,956
Excess (deficiency) of revenues
over expenditures 718,000 (39,875) 77,067 116,942
Transfers in - - - -
Transfers out (792,875) (1,500,000) (1,505,723) 5,723
Net other financing sources (uses)(792,875) (1,500,000) (1,505,723) 5,723
Net change in fund balance (74,875) (1,539,875) (1,428,656) (111,219)
Fund balance, beginning of year 2,152,263
Fund balance, end of year $ 723,607
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PUBLIC TRANSPORTATION – PROP C FUND
Year ended June 30, 2014
66
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 442,000 $ 492,000 $ 504,889 12,889
Investment income 15,000 15,000 37 (14,963)
Total revenues 457,000 507,000 504,926 (2,074)
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 457,000 507,000 504,926 (2,074)
Transfers out - (2,780,645) (878,198) 1,902,447
Net other financing sources (uses)- (2,780,645) (878,198) 1,902,447
Net change in fund balance 457,000 (2,273,645) (373,272) 1,900,373
Fund balance, beginning of year 36,875
Fund balance, end of year $ (336,397)
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
USED OIL FUND
Year ended June 30, 2014
67
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 15,000 $ 15,000 $ 10,304 (4,696)
Other - - 413 413
Total revenues 15,000 15,000 10,717 (4,283)
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 15,000 15,000 10,717 (4,283)
Transfers out (8,690) (8,690) (11,165) (2,475)
Net other financing sources (uses)(8,690) (8,690) (11,165) (2,475)
Net change in fund balance 6,310 6,310 (448) (6,758)
Fund balance, beginning of year 9,834
Fund balance, end of year $ 9,386
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
STATE GAS TAX FUND
Year ended June 30, 2014
68
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 1,046,000 $ 1,046,000 $ 1,119,922 73,922
Investment income 3,000 3,000 836 (2,164)
Total revenues 1,049,000 1,049,000 1,120,758 71,758
Current:
Public works 766,360 952,240 740,792 (211,448)
Total expenditures 766,360 952,240 740,792 (211,448)
Excess (deficiency) of revenues
over expenditures 282,640 96,760 379,966 283,206
Transfers in - 259,580 248,432 11,148
Transfers out - (2,079,900) (801,312) 1,278,588
Net other financing sources (uses)- (1,820,320) (552,880) 1,267,440
Net change in fund balance 282,640 (1,723,560) (172,914) (1,550,646)
Fund balance, beginning of year 944,777
Fund balance, end of year $ 771,863
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
ASSET SEIZURE FUND
Year ended June 30, 2014
69
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Total revenues - - - -
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - - -
Net change in fund balance - - - -
Fund balance, beginning of year 729
Fund balance, end of year $729
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
CDBG FUND
Year ended June 30, 2014
70
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 226,860 $ 226,860 $ 324,934 98,074
Other - 24,500 17,547 (6,953)
Total revenues 226,860 251,360 342,481 91,121
Current:
Community development - 24,500 24,454 46
Total expenditures - 24,500 24,454 46
Excess (deficiency) of revenues
over expenditures 226,860 226,860 318,027 91,167
Transfers out (151,860) (486,860) (318,027) 168,833
Net other financing sources (uses)(151,860) (486,860) (318,027) 168,833
Net change in fund balance 75,000 (260,000) - (260,000)
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
BICYCLE AND PEDESTRIAN FUND
Year ended June 30, 2014
71
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 22,000 $ 22,000 $ 15,403 (6,597)
Investment income 10 10 - (10)
Total revenues 22,010 22,010 15,403 (6,607)
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 22,010 22,010 15,403 (6,607)
Transfers out - - (103,935) (103,935)
Net other financing sources (uses)- - (103,935) (103,935)
Net change in fund balance 22,010 22,010 (88,532) (110,542)
Fund balance, beginning of year (150)
Fund balance, end of year $ (88,682)
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
AIR QUALITY IMPROVEMENT FUND
Year ended June 30, 2014
72
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 40,000 $ 40,000 $ 44,474 4,474
Investment income 150 150 55 (95)
Total revenues 40,150 40,150 44,529 4,379
Current:
Community services - (80,000) - (80,000)
Total expenditures - (80,000) - (80,000)
Excess (deficiency) of revenues
over expenditures 40,150 120,150 44,529 (75,621)
Net change in fund balance 40,150 120,150 44,529 (75,621)
Fund balance, beginning of year 70,875
Fund balance, end of year $ 115,404
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
MEASURE R FUND
Year ended June 30, 2014
73
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 340,000 $ 370,000 $ 377,714 7,714
Investment income 1,500 1,500 777 (723)
Total revenues 341,500 371,500 378,491 6,991
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 341,500 371,500 378,491 6,991
Transfers out - (1,194,230) (799,456) 394,774
Net other financing sources (uses)- (1,194,230) (799,456) (394,774)
Net change in fund balance 341,500 (822,730) (420,965) 401,765
Fund balance, beginning of year 942,227
Fund balance, end of year $ 521,262
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PARKING CONCESSION FUND
Year ended June 30, 2014
74
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Total revenues - - - -
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - - -
Net change in fund balance - - - -
Fund balance, beginning of year 10,000
Fund balance, end of year 10,000
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
AFFORDABLE HOUSING FUND
Year ended June 30, 2014
75
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Charges for services $ - $ - $ 6,365 6,365
Total revenues - - 6,365 6,365
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - 6,365 6,365
Net change in fund balance - - 6,365 (6,365)
Fund balance, beginning of year -
Fund balance, end of year $ 6,365
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
SEWER RECONSTRUCTION FUND
Year ended June 30, 2014
76
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Charges for services $ 60,000 $ 75,000 $ 78,000 3,000
Total revenues 60,000 75,000 78,000 3,000
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 60,000 75,000 78,000 3,000
Transfers out - (400,000) (434,498) (34,498)
Net other financing sources (uses)- (400,000) (434,498) (34,498)
Extraordinary item - - - -
Net change in fund balance 60,000 (325,000) (356,498) (31,498)
Fund balance, beginning of year 709,724
Fund balance, end of year $ 353,226
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
CONGESTION MANAGEMENT FUND
Year ended June 30, 2014
77
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Charges for services $ 1,000 $ 2,250 $ (5,984) (8,234)
Total revenues 1,000 2,250 (5,984) (8,234)
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 1,000 2,250 (5,984) (8,234)
Transfers out - - (20,014) (20,014)
Net other financing sources (uses)- - (20,014) 20,014
Net change in fund balance 1,000 2,250 (25,998) 28,248
Fund balance, beginning of year 25,998
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
HSIP FUND
Year ended June 30, 2014
78
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ 153,850 $ 301,447 147,597
Total revenues - 153,850 301,447 147,597
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - 153,850 301,447 147,597
Transfers out - (340,000) (301,447) 38,553
Net other financing sources (uses)- (340,000) (301,447) 38,553
Extraordinary item - - - -
Net change in fund balance - (186,150) - 186,150
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
SURFACE TRANSPORTATION LOCAL PROGRAM FUND
Year ended June 30, 2014
79
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ 258,870 $ 483,131 224,261
Total revenues - 258,870 483,131 224,261
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - 258,870 483,131 224,261
Transfers out - - (483,131) (483,131)
Net other financing sources (uses)- - (483,131) 483,131
Net change in fund balance - 258,870 - (258,870)
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
1992/1996 PARK BOND FUND
Year ended June 30, 2014
80
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 40,000 $ 40,000 $ 40,000 -
Total revenues 40,000 40,000 40,000 -
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 40,000 40,000 40,000 -
Transfers out (40,000) (40,000) (40,000) -
Net other financing sources (uses)(40,000) (40,000) (40,000) -
Net change in fund balance - - - -
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
STATE RECYCLING FUND
Year ended June 30, 2014
81
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ 9,700 $ 9,700 $ 9,857 157
Total revenues 9,700 9,700 9,857 157
Current:
Community services - 9,900 7,446 (2,454)
Total expenditures - 9,900 7,446 (2,454)
Excess (deficiency) of revenues
over expenditures 9,700 (200) 2,411 2,611
Net change in fund balance 9,700 (200) 2,411 2,611
Fund balance, beginning of year 20
Fund balance, end of year $ 2,431
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TREE RESTORATION FUND
Year ended June 30, 2014
82
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ - $ 9,456 9,456
Total revenues - - 9,456 9,456
Current:
Public works - - 4,718 4,718
Community services - - 7,647 7,647
Total expenditures - - 12,365 12,365
Excess (deficiency) of revenues
over expenditures - - (2,909) (2,909)
Net change in fund balance - - (2,909) (2,909)
Fund balance, beginning of year 2,909
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PARK ACQUISITION FUND
Year ended June 30, 2014
83
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Charges for services $ 17,000 $ 29,000 $ 38,311 9,311
Total revenues 17,000 29,000 38,311 9,311
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 17,000 29,000 38,311 9,311
Net change in fund balance 17,000 29,000 38,311 9,311
Fund balance, beginning of year 47,196
Fund balance, end of year $ 85,507
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
LIGHTING AND LANDSCAPE DISTRICT FUND
Year ended June 30, 2014
84
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Taxes $ 1,115,000 $ 1,190,000 $ 1,197,044 7,044
Investment income 6,000 6,000 1,952 (4,048)
Other - - - -
Total revenues 1,121,000 1,196,000 1,198,996 2,996
Current:
Public works 959,580 1,149,460 1,027,078 (122,382)
Total expenditures 959,580 1,149,460 1,027,078 (122,382)
Excess (deficiency) of revenues
over expenditures 161,420 46,540 171,918 125,378
Transfers in - 124,900 122,869 (2,031)
Transfers out - (2,000,000) (2,000,000) -
Net other financing sources (uses)- (1,875,100) (1,877,131) (2,031)
Net change in fund balance 161,420 (1,828,560) (1,705,213) 123,347
Fund balance, beginning of year 2,301,558
Fund balance, end of year $ 596,345
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
HIGH PRIORITY LEGACY USER FUND
Year ended June 30, 2014
85
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ 21,340 $ 21,342 2
Total revenues - 21,340 21,342 2
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - 21,340 21,342 2
Transfers in - - - -
Transfers out - - (21,342) (21,342)
Net other financing sources (uses)- - (21,342) 21,342
Net change in fund balance - 21,340 - (21,340)
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
CONGESTION MITIGATION & AIR QUALITY FUND
Year ended June 30, 2014
86
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ 248,600 $ 1,569,449 1,320,849
Total revenues - 248,600 1,569,449 1,320,849
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - 248,600 1,569,449 1,320,849
Transfers out - - (1,569,449) (1,569,449)
Net other financing sources (uses)- - (1,569,449) (1,569,449)
Net change in fund balance - 248,600 - (248,600)
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
OPEB FUND
Year ended June 30, 2014
87
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Investment income $ - $ - $ 133,509 133,509
Total revenues - - 133,509 133,509
Current:
General government - - 6,471 6,471
Total expenditures - - 6,471 6,471
Excess (deficiency) of revenues
over expenditures - - 127,038 127,038
Net change in fund balance - - 127,038 127,038
Fund balance, beginning of year 997,389
Fund balance, end of year $ 1,124,427
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
PUBLIC ART FUND
Year ended June 30, 2014
88
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Charges for services $ - $ - $ 6,081 6,081
Fines - - - -
Investment income - - - -
Other - - - -
Total revenues - - 6,081 6,081
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - 6,081 6,081
Net change in fund balance - - 6,081 6,081
Fund balance, beginning of year -
Fund balance, end of year $ 6,081
Budgetary Amounts
Revenues
Expenditures
City of Temple City
Nonmajor Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
BICYCLE TRANSPORTATION FUND
Year ended June 30, 2014
89
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Intergovernmental $ - $ - $ 311,963 311,963
Total revenues - - 311,963 311,963
Current:
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures - - 311,963 311,963
Transfers out - - (311,963) (311,963)
Net other financing sources (uses)- - (311,963) (311,963)
Net change in fund balance - - - -
Fund balance, beginning of year -
Fund balance, end of year $ -
Budgetary Amounts
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Notes to Budgetary Comparison Schedule
Year ended June 30, 2014
90
NOTE 1 BUDGETS AND BUDGETARY ACCOUNTING
The City adopts an annual budget prepared on the modified accrual basis for all of its
governmental funds. During the year, there were budget modifications and
supplemental appropriations amounting to $19,588,585. The City Manager or his
designee is authorized to transfer budgeted amounts between the accounts of any
program. Revisions that alter the total appropriations of any program or fund are
approved by City Council. Prior year appropriations lapse unless they are
appropriated through the formal budget process. Expenditures may not legally
exceed appropriations at fund level. Reserves for encumbrances are not recorded by
the City.
City of Temple City
Schedule of Funding Progress
California Public Employees Retirement System (CalPERS)
Year ended June 30, 2014
91
Actuarial
Accrued Value of Unfunded Funded Annual
Valuation Liabilities Assets Liabilities Ratio Covered UL as a %
Date (AL)(AVA)(UL) (AVA/AL) Payroll of Payroll
6/30/2010 $ 3,309,064,934 $2,946,408,106 $362,656,828 89.0%$748,401,352 48.5%
6/30/2011 3,619,835,876 3,203,214,899 416,620,977 88.5% 759,263,518 54.9%
6/30/2012 * 4,175,139,166 3,686,598,343 488,540,823 88.3% 757,045,663 64.5%
*latest available actuarial valuation
City of Temple City
Schedule of Funding Progress
Other Postemployment Benefits (OPEB)
Year ended June 30, 2014
92
Unfunded
Actuarial Actuarial Actuarial
Value of Accrued Accrued Funded Annual
Valuation Assets Liability Liability Ratio Covered UAAL as a %
Date (AVA)(AAL)(UAAL) (AVA/AAL) Payroll of Payroll
6/30/2009 $- $ 7,850,000 $ 7,850,000 0.0% $ 2,261,000 347.2%
6/30/2011*- 6,481,000 6,481,000 0.0%2,335,000 277.6%
*latest available actuarial valuation
SUPPLEMENTARY SCHEDULES
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NONMAJOR
GOVERNMENTAL FUNDS
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City of Temple City
Nonmajor Governmental Funds
Combining Balance Sheet
Year ended June 30, 2014
93
Special Camellia
Revenue Permanent
Funds Fund Totals
Cash and investments $3,133,668 $172,431 $3,306,099
Accounts receivable 311,963 - 311,963
Interest receivable - 103 103
Due from other governments 710,574 - 710,574
Loans receivables 999,991 - 999,991
Other investments 1,124,427 - 1,124,427
$6,280,623 $172,534 $6,453,157
$89,328 $ - $89,328
1,279,883 - 1,279,883
999,991 - 999,991
2,369,202 - 2,369,202
- 172,534 172,534
Special revenue funds 3,911,421 - 3,911,421
Total fund balances 3,911,421 172,534 4,083,955
Total liabilities and fund balances $6,280,623 $172,534 $6,453,157
Due to other funds
Unavailable revenue
Total liabilities
FUND BALANCES
Restricted:
Education scholarships
ASSETS
Total assets
LIABILITIES
Accounts payable
City of Temple City
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2014
94
Special Camellia
Revenue Permanent
Funds Fund Totals
Taxes $ 1,197,044 $ - $ 1,197,044
Intergovernmental 5,854,455 - 5,854,455
Charges for services 249,763 - 249,763
Fines 25,234 - 25,234
Investment income 138,992 683 139,675
Donations - 2,000 2,000
Other 17,960 - 17,960
Total revenues 7,483,448 2,683 7,486,131
Current:
General government 6,471 - 6,471
Community development 24,454 - 24,454
Public works 1,772,588 - 1,772,588
Community services 677,012 5,977 682,989
Total expenditures 2,480,525 5,977 2,486,502
Excess (deficiency) of revenues
over expenditures 5,002,923 (3,294) 4,999,629
Transfers in 371,301 - 371,301
Transfers out (9,732,756)- (9,732,756)
Net other financing sources (uses)(9,361,455) - (9,361,455)
Net change in fund balance (4,358,532) (3,294) (4,361,826)
Fund balance, beginning of year 8,269,953 175,828 8,445,781
Fund balance, end of year $ 3,911,421 $ 172,534 $ 4,083,955
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Description of Nonmajor Special Revenue Funds
June 30, 2014
95
The following Special Revenue Funds have been classified as nonmajor funds in the accompanying
financial statements:
Traffic Safety Fund - To account for the Vehicle Code fines which are expended for traffic safety
enforcement.
High Tech Grant Fund - To account for California Law Enforcement Equipment Purchase - High
Technology (CLEEP) funds distributed to the City which are used for law enforcement activities,
including the development of the Los Angeles Regional Crime Information System (LARCIS).
Citizens Option for Public Safety (COPS) Fund - To account for the revenues received from the
California Department of Justice to be used to enhance existing law enforcement services.
Public Transportation - Proposition A Fund - To account for the City's share of additional sales tax
collected in the County of Los Angeles as a result of Proposition A. The fund is used to finance
public transportation projects.
Public Transportation - Proposition C Fund - To account for the City's share of additional sales tax
collected in the County of Los Angeles as a result of Proposition C. The fund is used to finance
public transportation projects.
Used Oil Fund - To account for the revenues and expenditures of the Used Oil Recycling Block
Grant.
State Gas Tax Fund - To account for the revenues and expenditures of the City's proportionate
share of gas tax monies collected by the State of California which are used for street construction,
street maintenance and engineering, and administrative expenses.
Asset Seizure Fund - To account for the revenues and expenditures from the seizure of properties.
CDBG - The CDBG Special Revenue Fund met the criteria to be classified as a major fund and is
used to account for resources in managing the different programs under the Community
Development Block Grant funded by the U.S. Department of Housing and Urban Development.
Bicycle and Pedestrian Fund - To account for the revenues received from the State of California to
maintain and improve the safety and practicality of bicycling and walking for everyday travel.
Air Quality Improvement District Fund - To account for the City's share of automobile registration
fees collected from the State and distributed to the City by the South Coast Air Quality Management
District. The funds are used to improve transportation systems and reduce the reliance on private
vehicles.
Measure R Fund - These are similar to local return type funds to be used for traffic relief and
transportation upgrades citywide over the next 30 years. These funds may be for projects such as
pothole repairs, major street resurfacing, left-turn signals, bikeways, pedestrian improvements,
streetscapes, traffic signal synchronization, local transit services and programs.
Parking Concession Fund - To account for revenues and expenditures related to the operation of the
parking concession agreements.
City of Temple City
Description of Nonmajor Special Revenue Funds
June 30, 2014
96
Affordable Housing Fee Fund - An optional development impact fee used on City approved
affordable housing programs geared towards assisting low-income households (e.g. handyworker
grant, home improvement loan, Brush with Kindness grant, senior housing development, first-time
homebuyers program, etc.).
Sewer Reconstruction Fund - To account for special fees collected to be used for new sewer lines
and sewer line replacement.
Congestion Management Fund - To account for the maintenance of specified levels of services on
identified roadways of regional significance, as required by California Government Code Section
65088.
HSIP Fund - The Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for
Users (SAFETEA-LU), which was signed into law on August 10, 2005, established the Highway
Safety Improvement Program (HSIP) as a core Federal-aid program. The overall purpose of this
program is to achieve a significant reduction in traffic fatalities and serious injuries on all public roads
through the implementation of infrastructure-related highway safety improvements.
Surface Transportation Program Local Fund - To account for the grant revenues received from the
Federal Highway Administration through the California Department of Transportation to partially fund
the City’s Rosemead Boulevard Improvement Project.
1992/1996 Park Bond Fund - To account for revenues received from the Los Angeles County
Regional Park and Open Space Grant. This grant was approved November 3, 1992 and November
5, 1996 to benefit property through the improvement of neighborhood parks and recreation facilities
for youth and senior citizens.
State Recycling Fund - To account for revenues received from fiscal year ended June 30, 2002
through fiscal year ended June 30, 2003 from the State Department of Conservation under Section
14581(a)(4)(a) of the California Beverage Container Recycling and Litter Reduction Act for beverage
container recycling and litter cleanup activities.
Tree Restoration Fund - To account for revenues and expenditures for the tree restoration program
of the City.
Park Acquisition Fund - To account for City imposed fees from the construction of new dwellings
within the City. Expenditures are for the acquisition or improvement of neighborhood or community
parks in conformance with the priorities established by the General Plan.
Lighting and Landscape District Fund - To account for assessments and ad valorem taxes which are
used for the operation and maintenance of street lights, traffic signals, and trees and parkways
within the City.
High Priority Legacy User Fund - To account for the grant revenues received from the Federal
Highway Administration through the California Department of Transportation to partially fund th e
City’s Rosemead Boulevard Improvement Project.
Congestion Mitigation and Air Quality Fund - To account for the grant revenues received from the
Federal Highway Administration through the California Department of Transportation to partially fund
the City’s Rosemead Boulevard Improvement Project.
City of Temple City
Description of Nonmajor Special Revenue Funds
June 30, 2014
97
OPEB Fund - To account for contributions and activities of the Other Postemployment Benefits
(OPEB) Plan trust program to fund OPEB liability.
Public Art Fee Fund - An optional development impact fee used to procure, commission, install
and/or maintain art in a public place. The impact fee could be identified for an individual art piece per
the development agreement. If the development agreement does not specify a particular art piece
for the impact fee, it shall be deposited into the City’s Public Art Fund.
Bicycle Transportation Account Fund - To account for the grant revenues received from the
Department of Transportation to partially fund the City’s Rosemead Boulevard Improvement Project.
98
Public
Traffic High Tech Transportation -
Safety Grant COPS Prop A
Cash and investments $ - $8,784 $1,083 $786,965
Accounts receivable - - - -
Due from other governments 1,758 - - -
Loans receivables - - - -
Other investments - - - -
$1,758 8,784 1,083 786,965
$ - $ - $ - $63,358
1,758 - - -
- - - -
1,758 - - 63,358
- 8,784 1,083 723,607
- - - -
Total fund balances (deficits)- 8,784 1,083 723,607
Total liabilities and fund balances (deficits)$1,758 $8,784 $1,083 $786,965
ASSETS
Total assets
Total liabilities
LIABILITIES
Restricted
Unassigned
Accounts payable
Due to other funds
Unavailable revenue
FUND BALANCES (DEFICITS)
City of Temple City
Nonmajor Special Revenue Funds
Combining Balance Sheet
June 30, 2014
99
Air
Public Bicycle Quality
Transportation - Used State Asset and Improvement
Prop C Oil Gas Tax Seizure CDBG Pedestrian District
$- $ 9,386 $ 718,807 $729 $ - $ - $ 103,822
- - - - - - -
- - 108,583 - 144,366 15,404 11,582
- - - - 999,991 - -
- - - - - - -
- 9,386 827,390 $729 1,144,357 15,404 115,404
$- $ - $ 55,527 $ - $ - $ - $-
336,397 - - - 144,366 104,086 -
- - - - 999,991 - -
336,397 - 55,527 - 1,144,357 104,086 -
(336,397) 9,386 771,863 729 - (88,682) 115,404
- - - - - - -
(336,397) 9,386 771,863 729 - (88,682) 115,404
$- $9,386 $827,390 $729 $1,144,357 $15,404 $115,404
100
Affordable
Parking Housing Sewer
Measure R Concession Fund Reconstruction
Cash and investments $521,262 $10,000 $6,365 $353,226
Accounts receivable - - - -
Due from other governments - - - -
Loans receivables - - - -
Other investments - - - -
521,262 10,000 6,365 353,226
$ - $ - $ - $-
- - - -
- - - -
- - - -
521,262 10,000 6,365 353,226
- - - -
Total fund balances (deficits)521,262 10,000 6,365 353,226
Total liabilities and fund balances (deficits)$521,262 $10,000 $6,365 $353,226
LIABILITIES
Accounts payable
Due to other funds
FUND BALANCES (DEFICITS)
Unassigned
Unavailable revenue
Total liabilities
ASSETS
Total assets
Restricted
City of Temple City
Nonmajor Special Revenue Funds (Continued)
Combining Balance Sheet
June 30, 2014
101
Surface 1992/
Congestion Transportation 1996 State Tree Park
Management HSIP Local Program Park Bond Recycling Restoration Acquisition
$ 8,602 $- $- $ - $ 2,431 $ - $ 85,507
- - - - - - -
- 147,598 224,259 - - 9,456 -
- - - - - - -
- - - - - - -
$ 8,602 147,598 224,259 - 2,431 9,456 85,507
$ 8,602 $- $- $ - $ - $ - $ -
- 147,598 224,259 - - 9,456 -
- - - - - - -
8,602 147,598 224,259 - - 9,456 -
- - - - 2,431 - 85,507
- - - - - - -
- - - - 2,431 - 85,507
$8,602 $147,598 $224,259 $- $2,431 $9,456 $85,507
102
High
Lighting and Priority Congestion
Landscape Legacy Mitigation &
District User Air Quality
Cash and investments $ 510,618 $ - $ -
Accounts receivable - - -
Due from other governments 47,568 - -
Loans receivables - - -
Other investments - - -
558,186 - -
$ (38,159) $ - $ -
- - -
- - -
(38,159) - -
596,345 - -
- - -
Total fund balances (deficits)596,345 - -
Total liabilities and fund balances (deficits)$558,186 $- $-
ASSETS
Total assets
LIABILITIES
Accounts payable
Due to other funds
Unavailable revenue
Total liabilities
FUND BALANCES (DEFICITS)
Restricted
Unassigned
City of Temple City
Nonmajor Special Revenue Funds (Continued)
Combining Balance Sheet
June 30, 2014
103
Bicycle
Public Art Transportation
OPEB Fund Account Total
$ - $ 6,081 $ - $ 3,133,668
- - 311,963 311,963
- - - 710,574
- - - 999,991
1,124,427 - - 1,124,427
1,124,427 6,081 311,963 6,280,623
$ - $ - $ - $ 89,328
- - 311,963 1,279,883
- - - 999,991
- - 311,963 2,369,202
1,124,427 6,081 - 3,911,421
- - - -
1,124,427 6,081 - 3,911,421
$1,124,427 $6,081 $311,963 $6,280,623
104
Public Public
Traffic High Tech Transportation - Transportation - Used
Safety Grant COPS Prop A Prop C Oil
Taxes $ - $ - $ - $- $- $-
Intergovernmental - - 100,000 610,170 504,889 10,304
Charges for services - - - 126,990 - -
Fines 25,234 - - - - -
Investment income - - - 1,826 37 -
Other - - - - - 413
Total revenues 25,234 - 100,000 738,986 504,926 10,717
Current:
General government - - - - - -
Community development - - - - - -
Public works - - - - - -
Community services - - - 661,919 - -
Total expenditures - - - 661,919 - -
Excess (deficiency) of revenues
over expenditures 25,234 - 100,000 77,067 504,926 10,717
Transfers in - - - - - -
Transfers out (33,096) - (100,000) (1,505,723) (878,198) (11,165)
Net other financing sources (uses)(33,096) - (100,000) (1,505,723) (878,198) (11,165)
Extraordinary item - - - - - -
Net change in fund balance (7,862) - - (1,428,656) (373,272) (448)
Fund balance, beginning of year 7,862 8,784 1,083 2,152,263 36,875 9,834
Fund balance, end of year $ - $ 8,784 $ 1,083 $723,607 $ (336,397) $9,386
Other financing sources (uses)
Expenditures
Revenues
City of Temple City
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2014
105
Air
Bicycle Quality Affordable
State Asset and Improvement Parking Housing Sewer
Gas Tax Seizure CDBG Pedestrian District Measure R Concession Fund Reconstruction
$ - $ - $- $ - $- $ - $ - $ - $-
1,119,922 - 324,934 15,403 44,474 377,714 - - -
- - - - - - - 6,365 78,000
- - - - - - - - -
836 - - - 55 777 - - -
- - 17,547 - - - - - -
1,120,758 - 342,481 15,403 44,529 378,491 - 6,365 78,000
- - - - - - - - -
- - 24,454 - - - - - -
740,792 - - - - - - - -
- - - - - - - - -
740,792 - 24,454 - - - - - -
379,966 - 318,027 15,403 44,529 378,491 - 6,365 78,000
248,432 - - - - - - - -
(801,312) - (318,027) (103,935) - (799,456) - - (434,498)
(552,880) - (318,027) (103,935) - (799,456) - - (434,498)
- - - - - - - - -
(172,914) - - (88,532) 44,529 (420,965) - 6,365 (356,498)
944,777 729 - (150) 70,875 942,227 10,000 - 709,724
$ 771,863 $729 $- $ (88,682) $115,404 $ 521,262 $ 10,000 $ 6,365 $ 353,226
106
Surface 1992/
Congestion Transportation 1996 State Tree
Management HSIP Local Program Park Bond Recycling Restoration
Taxes $- $- $- $ - $ - $ -
Intergovernmental - 301,447 483,131 40,000 9,857 9,456
Charges for services (5,984) - - - - -
Fines - - - - - -
Investment income - - - - - -
Other - - - - - -
Total revenues (5,984) 301,447 483,131 40,000 9,857 9,456
Current:
General government - - - - - -
Community development - - - - - -
Public works - - - - - 4,718
Community services - - - - 7,446 7,647
Total expenditures - - - - 7,446 12,365
Excess (deficiency) of revenues
over expenditures (5,984) 301,447 483,131 40,000 2,411 (2,909)
Transfers in - - - - - -
Transfers out (20,014) (301,447) (483,131) (40,000) - -
Net other financing sources (uses)(20,014) (301,447) (483,131) (40,000) - -
Extraordinary item - - - - - -
Net change in fund balance (25,998) - - - 2,411 (2,909)
Fund balance, beginning of year 25,998 - - - 20 2,909
Fund balance, end of year $- $- $- $ - $ 2,431 $ -
Revenues
Expenditures
Other financing sources (uses)
City of Temple City
Nonmajor Special Revenue Funds (Continued)
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2014
107
Lighting High
and Priority Congestion Bicycle
Tree Park Landscape Legacy Mitigation &Public Art Transportation
Restoration Acquisition District User Air Quality OPEB Fund Account Total
$ - $ - $1,197,044 $- $- $- $ - $ - $ 1,197,044
9,456 - - 21,342 1,569,449 - - 311,963 5,854,455
- 38,311 - - - - 6,081 - 249,763
- - - - - - - - 25,234
- - 1,952 - - 133,509 - - 138,992
- - - - - - - - 17,960
9,456 38,311 1,198,996 21,342 1,569,449 133,509 6,081 311,963 7,483,448
- - - - - 6,471 - - 6,471
- - - - - - - - 24,454
4,718 - 1,027,078 - - - - - 1,772,588
7,647 - - - - - - - 677,012
12,365 - 1,027,078 - - 6,471 - - 2,480,525
(2,909) 38,311 171,918 21,342 1,569,449 127,038 6,081 311,963 5,002,923
- - 122,869 - - - - - 371,301
- - (2,000,000) (21,342) (1,569,449) - - (311,963) (9,732,756)
- - (1,877,131) (21,342) (1,569,449) - - (311,963) (9,361,455)
- - - - - - - - -
(2,909) 38,311 (1,705,213) - - 127,038 6,081 - (4,358,532)
2,909 47,196 2,301,558 - - 997,389 - - 8,269,953
$ - $ 85,507 $596,345 $- $- $1,124,427 $ 6,081 $ - $ 3,911,421
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STATISTICAL SECTION
City of Temple City
Description of Statistical Section Contents
108
Financial Trends
These schedules contain trend information to help the reader understand
how the city's financial performance and well-being have changed over
time.
Revenue Capacity
These schedules contain information to help the reader assess the city's
most significant local revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the
affordability of the city's current levels of oustanding debt and the city's
ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the city's financial
activities take place.
Operating Information
These schedules contain service and infrastructure data to help the
reader understand how the information in the city's financial report relates
to the services the city provides and the activities it performs.
This part of the City of Temple City's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements,
note disclosures,and required supplementary information says about the city's overall
financial health.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevent year.
City of Temple City
Net Position by Component – Last Ten Fiscal Years
109
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Governmental activities:
Net position, investment in capital assets 22,680,134$ 22,123,584$ 22,411,970$ 24,916,427$ 26,109,373$ 27,542,462$ 28,131,358$ 29,208,039$ 38,038,920$ 51,168,623$
Restricted 6,207,393 10,094,196 10,569,111 8,637,170 9,924,588 10,961,386 14,736,866 11,889,013 8,445,931 4,083,955
Unrestricted 15,887,321 15,368,695 17,966,076 21,393,668 20,313,976 18,729,825 16,112,547 24,103,180 21,329,869 15,288,904
Total governmental activities net assets 44,774,848$ 47,586,475$ 50,947,157$ 54,947,265$ 56,347,937$ 57,233,673$ 58,980,771$ 65,200,232$ 67,814,720$ 70,541,482$
% changes from prior year 5.13% 6.28% 7.06% 7.85% 2.55% 1.57% 3.05% 10.54% 4.01% 4.02%
The City of Temple City implemented GASB 34 for the fiscal year end June 30, 2003.
Information prior to the implementation of GASB 34 is not available.
City of Temple City
Change in Net Position – Expenses and Program Revenues – Last Ten Fiscal Years
110
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Expenses:
Governmental activities:
General government 2,173,412$ 1,929,063$ 1,932,634$ 2,060,431$ 2,410,692$ 2,716,505$ 2,827,384$ 3,281,194$ 3,769,018$ 3,512,190$
Public safety 3,340,097 3,477,139 3,773,419 4,197,010 4,528,763 4,484,281 4,662,120 4,818,217 5,122,868 5,718,966
Public works 2,715,305 3,012,664 3,422,014 4,624,945 2,827,551 2,969,555 1,960,629 2,162,481 2,520,925 2,970,264
Community development 1,194,837 1,297,393 1,181,969 1,277,870 1,620,525 1,480,064 1,657,399 1,562,859 1,692,614 2,222,569
Community services 1,715,670 1,821,923 2,088,649 2,380,609 2,813,843 2,581,200 3,016,958 3,357,423 2,990,670 2,947,479
Interest on long-term debt 239,760 714,252 352,823 343,561 333,209 321,043 429,238 149,503 - -
Total governmental activities expenses 11,379,081 12,252,434 12,751,508 14,884,426 14,534,583 14,552,648 14,553,728 15,331,677 16,096,095 17,371,468
Program revenues:
Governmental activities:
Changes for services
General government 171,523 164,010 165,695 149,281 149,576 151,245 82,910 39,317 1,128,428 142,880
Public safety 569,685 538,813 560,933 555,632 647,841 877,083 516,034 719,955 588,380 596,058
Public works 8,720 699,729 208,002 87,170 61,068 56,906 88,506 220,136 314,631 917,044
Community development 1,195,003 1,178,687 1,251,314 1,469,402 927,150 1,056,657 1,007,719 1,322,476 1,315,893 1,424,955
Community services 600,899 645,626 718,686 797,332 790,357 686,185 517,381 528,043 567,649 596,879
Operating grants and contributions
General government 53,337 55,006 58,335 54,002 51,038 45,555 44,773 --141,216
Public safety 102,313 130,764 113,801 103,176 100,589 133,272 136,935 100,238 100,135 100,000
Public works 721,799 890,949 981,538 1,299,422 928,018 1,886,781 4,065,287 3,749,837 5,128,889 4,772,938
Community development 151,668 202,457 178,948 104,763 717,302 349,299 273,917 246,086 856,693 2,279,234
Community services 1,328,053 1,256,579 1,627,245 1,309,753 1,168,478 975,576 83,035 99,848 73,000 88,168
Capital grants and contributions
Public works 422,216 - - 1,762,314 78,551 - - - - -
Total governmental activities revenues 5,325,216 5,762,620 5,864,497 7,692,247 5,619,968 6,218,559 6,816,497 7,025,936 10,073,698 11,059,372
Net revenues (expenses):
Governmental activities:(6,053,865) (6,489,814) (6,887,011) (7,192,179) (8,914,615) (8,334,089) (7,737,231) (8,305,741) (6,022,397) (6,312,096)
City of Temple City
Change in Net Position – Expenses and Program Revenues – Last Ten Fiscal Years (Continued)
111
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General revenues and other changes in net position:
Taxes
Property taxes 2,592,096 3,041,999 3,438,142 3,610,345 3,764,946 2,780,452 3,259,485 2,253,677 2,474,978 2,597,549
Transient occupancy taxes 38,885 41,881 47,325 45,013 41,536 34,844 34,221 32,966 28,898 46,849
Sales taxes 1,476,564 1,552,704 1,607,510 1,764,523 1,675,895 1,475,728 1,614,726 1,642,318 1,711,128 1,735,613
Franchise taxes 502,259 526,725 569,796 560,375 581,526 533,542 542,523 553,598 550,527 562,535
Other taxes 189,046 193,785 153,579 118,497 91,886 127,573 99,701 99,417 158,962 171,193
Investment income 263,853 907,319 1,363,484 1,233,122 712,967 262,636 409,097 378,269 132,565 203,571
State motor vehicle in lieu 2,923,061 3,012,017 2,752,706 3,482,229 3,059,138 3,549,571 3,229,851 3,196,237 3,310,180 3,472,659
State revenue-other 12,505 37,248 6,737 13,063 8,203 6,975 8,844 12,276 7,579 11,166
Net loss on sale of assets - (297,601)- - - - - - - -
Other revenue 241,334 285,364 308,414 365,120 379,190 448,504 285,881 1,071,678 262,068 237,723
Total general revenues and transfers 8,239,603 9,301,441 10,247,693 11,192,287 10,315,287 9,219,825 9,484,329 9,240,436 8,636,885 9,038,858
Changes in net position 2,185,738 2,811,627 3,360,682 4,000,108 1,400,672 885,736 1,747,098 934,695 2,614,488 2,726,762
Extraordinary items - RDA dissolution:- - - - - - - 3,744,062 - -
Change in net position 2,185,738 2,811,627 3,360,682 4,000,108 1,400,672 885,736 1,747,098 4,678,757 2,614,488 2,726,762
Net position at beginning of year 42,589,110 44,774,848 47,586,475 50,947,157 54,947,265 56,347,937 57,233,673 60,521,475 65,200,232 67,814,720
Net position at end of year 46,960,586$ 50,398,102$ 54,307,839$ 58,947,373$ 57,748,609$ 58,119,409$ 60,727,869$ 65,200,232$ 67,814,720$ 70,541,482$
Source: City of Temple City Basic Financial Statements
The City of Temple City implemented GASB 34 for the fiscal year ended June 30, 2003
City of Temple City
Fund Balances of Governmental Funds – Last Ten Fiscal Years
112
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General fund
Nonspendable - $ - $ - $ - $ - $ - $ - $ 1,678$ 12,795$ 10,531$
Restricted 9,065,656 3,187,512 2,966,122 2,751,507 2,563,065 2,360,171 1,771,165 - - -
Committed - - - - - - - 4,500,000 4,500,000 3,500,000
Assigned - - - - - - - 17,200,000 15,150,000 12,769,580
Unassigned 10,249,544 18,253,707 20,906,179 22,063,783 22,052,532 22,340,207 23,542,553 2,352,402 1,764,267 1,725,404
Total general fund 19,315,200 21,441,219 23,872,301 24,815,290 24,615,597 24,700,378 25,313,718 24,054,080 21,427,062 18,005,515
All other governmental funds:
Nonspendable - - - - - - - - - -
Restricted 5,539,337 1,598 6,074 10,129 10,931 22,706 14,736,866 11,889,013 8,445,931 4,083,955
Committed - - - - - - - - - -
Assigned - - - - - - - - - -
Unassigned, reported in:
Special revenue funds 6,048,251 11,038,120 11,636,875 11,944,610 12,495,281 12,846,187 (84,843)- (150) -
Capital projects funds - - - - - - - - - (1,722,989)
Debt service funds (9,301,492) (3,391,240) (3,357,488) (3,352,088) (3,314,129) (3,424,412) (3,223,856)- - -
Total all other governmental funds (3,253,241) 7,646,880 8,279,387 8,592,522 9,181,152 9,421,775 (3,308,699)- (150) (1,722,989)
Total governmental funds 21,601,296$ 29,089,697$ 32,157,762$ 33,417,941$ 33,807,680$ 34,144,859$ 36,741,885$ 35,943,093$ 29,872,843$ 20,366,481$
(1) This schedule reports using the modified accrual basis of accounting.
Source: City of Temple City basic financial statements
City of Temple City
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years
113
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenues:
Taxes 4,324,688$ 4,808,989$ 5,173,859$ 5,417,410$ 5,514,153$ 4,641,626$ 6,303,326$ 6,126,340$ 6,068,935$ 6,310,783$
Licenses and permits 1,144,414 1,092,015 1,200,311 1,385,267 950,216 1,096,347 1,028,284 1,345,183 1,335,720 1,434,610
Intergovernmental 5,618,423 5,075,515 5,710,223 6,135,863 5,792,744 6,923,107 6,462,142 6,026,300 7,980,590 9,334,821
Charges for services 1,545,748 2,381,260 1,981,477 1,966,285 1,968,828 1,781,384 1,104,495 929,351 2,180,285 1,760,155
Fines 406,187 361,278 365,335 347,871 399,053 631,064 495,469 697,246 568,553 580,039
Use of money and property 626,801 1,377,813 1,794,913 1,654,677 1,024,633 610,529 562,190 493,070 220,984 411,657
Grant and loan repayment (low income)139,541 135,026 55,873 103,493 87,326 23,590 49,195 74,632 85,359 -
Other 222,882 265,039 277,738 288,075 306,020 349,851 415,145 128,805 269,647 266,166
Total revenues 14,028,684 15,496,935 16,559,729 17,298,941 16,042,973 16,057,498 16,420,246 15,820,927 18,710,073 20,098,231
Expenditures
Current:
General government 1,888,078 1,727,929 1,759,354 1,879,166 2,012,604 2,263,820 2,492,012 2,773,777 3,648,367 3,130,434
Community development 1,196,840 1,277,887 1,128,219 1,208,947 1,708,161 1,323,870 1,231,126 1,227,221 1,635,843 2,047,539
Public safety 3,296,099 3,450,236 3,679,592 4,147,359 4,358,517 4,285,919 4,353,874 4,676,268 5,103,805 5,213,419
Public works 3,768,556 2,964,906 3,846,473 5,373,030 3,790,966 2,376,038 1,665,506 1,803,025 2,207,950 2,544,287
Community services 1,593,200 1,178,899 1,370,103 2,190,855 2,517,786 2,246,777 2,733,160 2,994,515 2,784,456 2,739,171
Capital outlay:190,071 634,647 756,406 250,600 233,868 2,106,266 1,132,410 1,520,720 9,399,902 13,929,743
Debt services
Principal retirement 100,000 3,705,000 240,000 280,000 285,000 295,000 305,000 315,000 - -
Interest and fiscal charges 473,667 505,843 504,814 490,352 471,281 452,423 433,050 153,684 - -
Bond issuance costs - 320,500 - - - - - - - -
Pass-through payment - - - 12,197 51,612 40,046 36,333 10,897 - -
ERAF payment - - - - - 330,160 67,974 - - -
Total expenditures 12,506,511 15,765,847 13,284,961 15,832,506 15,429,795 15,720,319 14,450,445 15,475,107 24,780,323 29,604,593
Excess (deficiency) of revenues over
(under) expenditures 1,522,173 (268,912) 3,274,768 1,466,435 613,178 337,179 1,969,801 345,820 (6,070,250) (9,506,362)
City of Temple City
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years (Continued)
114
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Other financing sources (uses):
Transfers in 7,434,338 10,625,244 1,952,033 3,002,181 2,709,757 2,881,170 1,740,640 2,345,392 10,038,826 13,041,701
Transfer out (7,624,247) (10,800,611) (2,158,736) (3,208,437) (2,933,196) (2,881,170) (1,740,640) (2,345,392) (10,038,826) (13,041,701)
Issuance of Refunding Revenue Bonds - 8,000,000 - - - - - - - -
Bond Discount - (67,320)- - - - - - - -
Net other financing sources (uses)(189,909) 7,757,313 (206,703) (206,256) (223,439) - - - - -
Change in fund balance before
extraordinary items 1,332,264 7,488,401 3,068,065 1,260,179 389,739 337,179 1,969,801 345,820 (6,070,250) (9,506,362)
Extraordinary items - RDA dissolution transactions:- - - - - - - (517,387) - -
Net change in fund balance 1,332,264 7,488,401 3,068,065 1,260,179 389,739 337,179 1,969,801 (171,567) (6,070,250) (9,506,362)
Fund balances at beginning of year:20,269,032 21,601,296 29,089,697 32,157,762 33,417,941 33,807,680 34,144,859 36,114,660 35,943,093 29,872,843
Fund balances at end of year:21,601,296$ 29,089,697$ 32,157,762$ 33,417,941$ 33,807,680$ 34,144,859$ 36,114,660$ 35,943,093$ 29,872,843$ 20,366,481$
Note: This schedule reports using the modified accrual basis of accounting.
Source: City of Temple City basic financial statements
City of Temple City
Revenue Capacity
Assessed Value of Taxable Property – Last Ten Fiscal Years
115
CATEGORY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Residential 2,090,941,250$ 2,315,701,302$ 2,545,342,272$ 2,750,833,559$ 2,914,566,164$ 2,952,976,525$ 3,049,375,507$ 3,176,587,665$ 3,291,734,411$ 3,466,485,194$
Commercial 172,013,034 184,839,402 202,110,656 215,663,103 224,186,414 233,159,971 235,240,642 241,334,139 247,949,455 256,434,441
Industrial 26,941,655 28,983,752 30,663,567 34,880,561 34,717,363 39,131,023 38,968,701 39,934,596 41,224,415 42,828,810
Institutional 9,876,585 9,786,833 10,930,100 13,537,061 17,074,075 17,328,942 17,129,301 19,415,635 14,560,720 14,528,414
Irrigated 450,000 458,999 468,178 477,541 487,091 496,832 495,652 499,382 459,000 468,180
Miscellaneous 80,767 467,444 476,791 53,351 586,417 55,504 55,370 55,784 56,898 58,033
Recreational 2,679,906 2,349,153 292,895 2,376,252 3,302,989 3,249,693 2,150,752 1,191,956 1,213,113 1,522,574
Vacant 15,814,622 21,244,944 19,708,862 37,540,887 40,399,192 31,388,447 28,565,197 27,242,717 32,285,185 32,646,273
SBE Nonunitary 764,320 752,690 724,004 591,361 362,891 362,891 252,011 252,011 252,011 252,011
Cross Reference 8,576,443 7,989,250 8,798,674 7,381,576 7,646,698 7,724,752 7,959,915 8,116,437 9,176,726 10,334,699
Unsecured 24,610,709 24,368,140 24,989,966 26,391,071 27,096,629 26,963,336 29,917,083 32,360,705 32,947,948 32,675,627
Exempt (5,665,659) (5,661,444) (5,661,444) (5,495,198) (5,856,015) (5,735,744) (5,735,744) (5,735,744) (5,735,744) (5,735,744)
Totals 2,347,083,632$ 2,591,280,465$ 2,838,844,521$ 3,084,231,125$ 3,264,569,908$ 3,307,102,172$ 3,404,374,387$ 3,541,255,283$ 3,666,124,138$ 3,852,498,512$
Total Direct Rate 0.09354 0.0941 0.08976 0.09254 0.09188 0.09197 0.09202 0.0912 0.09076 0.08886
Note: Exempt values are not included in totals.
Source: L.A. County Assessor 2004/05 - 2013/14 Combined Tax Roll
City of Temple City
Revenue Capacity
Direct and Overlapping Government Property Tax Rates – Last Ten Fiscal Years
116
Agency 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Basic Levy (1)1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Arcadia Lighting 0.00447 0.00230 0.00630 0.00326 0.00445 0.00472 0.00000 0.00000 0.00000 0.00000
Arcadia Unified 0.02908 0.02746 0.02831 0.08086 0.07911 0.07561 0.07456 0.07691 0.07670 0.07550
County Detention Facilities 1987 Debt 0.00092 0.00080 0.00066 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000
El Monte City School District 0.07247 0.08057 0.06402 0.08068 0.09045 0.11907 0.12388 0.12733 0.13288 0.12735
El Monte Union High School 0.03928 0.05425 0.05847 0.02820 0.05160 0.09654 0.08475 0.09591 0.08992 0.09799
LA CCD Ds 2008-2012 Series F 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.01119 0.00000
LA Community College District 0.01810 0.01429 0.02146 0.00879 0.02212 0.02311 0.04031 0.00000 0.03756 0.04454
LA County Flood Control 0.00025 0.00005 0.00005 0.00000 0.00000 0.00000 0.00000 0.03530 0.00000 0.00000
Metropolitan Water District 0.00580 0.00520 0.00470 0.00450 0.00430 0.00430 0.00370 0.00000 0.00350 0.00350
Pasadena Ccd Ds 2002, 2006 Ser D 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00370 0.00000 0.00000
Pasadena Community College District 0.00879 0.00410 0.02080 0.01972 0.01742 0.02300 0.01986 0.00000 0.02056 0.01899
Rosemead School District 0.07095 0.07515 0.05420 0.08283 0.06875 0.11358 0.10743 0.01956 0.10240 0.10314
San Gabriel Unified 0.05729 0.05284 0.04930 0.05741 0.09294 0.10070 0.10190 0.10507 0.10523 0.10082
Temple City Unified 0.04778 0.04465 0.04977 0.04414 0.04661 0.04910 0.04950 0.08454 0.04981 0.10744
Temple City Unified Ds 1998 Series A 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04590 0.00000 0.00000
Total Direct & Overlapping (2) Tax Rates 1.35517 1.36165 1.35803 1.41039 1.47774 1.60973 1.60589 1.59422 1.62975 1.67927
City's Share of 1% Levy Per Prop 13 (3)0.09370 0.09370 0.09370 0.09370 0.09370 0.09370 0.09370 0.09370 0.09370 0.09370
General Obligation Debt Rate
Redevelopment Rate (4)1.00697 1.00604 1.00541 1.00450 1.00430 1.00430 1.00370 1.00370
Total Direct Rate (5)0.09354 0.09410 0.08976 0.09254 0.09188 0.09197 0.09202 0.09120 0.09076 0.08886
(1) In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount.
This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00%
fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment
of any voter approval bonds.
(2) Overlapping rates are those of local and county governments that apply to property owners within the City.
Not all overlapping rates apply to all city property owners.
(3) City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net
taxable value within the city. ERAF general fund tax shifts may not be included in the tax ratio figures.
(4) RDA rate is based on the largest RDA tax rate area (TRA) and includes only rate(s) from indebtedness adopted
prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental
property values. The approval of ABX1 26 eliminated Redevelopment from the State of California for the fiscal
year 2012/2013 and years thereafter.
(5) Because basic and debt rates vary by tax rate area individual rates cannot be summed. Total Direct Rate is the
weighted average of all individual direct rates applied by the government preparing the statistical section
information.
Source: L.A. County Assessor 2004/05 - 2013/14 Tax Rate Table
City of Temple City
Revenue Capacity
General Fund Revenues – Last Ten Fiscal Years
117
Fiscal
year Licenses and Charges for Investment Rental Other Total
ended Taxes Permits Intergovernmental Services Fines Income Income Revenues Taxes
2005 3,615,329 $ 1,144,414 $ 2,923,061$ 529,768 $ 271,007$ 382,601 $ 32,005$ 220,834 $ 9,119,019$
2006 3,970,043 1,092,015 2,721,891 585,885 256,879 897,594 33,698 264,039 9,822,044
2007 4,359,660 1,200,311 3,068,372 621,383 254,024 1,167,407 37,413 276,738 10,985,308
2008 4,578,801 1,385,267 3,482,229 674,154 242,337 1,034,417 90,108 287,075 11,774,388
2009 4,542,514 950,216 3,051,888 662,360 287,575 694,444 80,794 305,020 10,574,811
2010 3,830,602 1,096,347 3,549,571 542,976 534,287 442,363 65,928 348,851 10,410,925
2011 4,451,470 1,028,284 3,229,851 631,355 423,041 409,097 57,442 414,145 10,644,685
2012 4,581,975 1,345,183 3,196,237 757,496 646,498 378,269 57,268 128,805 11,091,731
2013 4,924,493 1,335,720 3,310,180 957,437 521,440 132,565 53,369 269,647 11,504,851
2014 5,113,739 1,434,610 3,480,366 1,510,392 554,805 203,571 68,411 246,206 12,612,100
Source: City of Temple City basic financial statements
City of Temple City
Revenue Capacity
Principal Property Taxpayers
Current Fiscal Year and Nine Fiscal Years Ago
118
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Calac Investment 21,453,398$ 1 0.56%18,580,945$ 1 0.79%
Gradiazio Investment Company 14,824,055 2 0.38%12,839,259 2 0.55%
(Pending Appeals On Parcels)
Gateway Limited Partnership 12,296,100 3 0.32%
(Pending Appeals On Parcels)
Ralphs Grocery Company 7,385,304 4 0.19%6,274,886 4 0.27%
5600 Gracewood LLC 7,051,960 5 0.18%
James J. and Sue Femino Trust 5,774,605 6 0.15%5,001,441 5 0.21%
Sunnyslope Water Company 5,303,592 7 0.14%
Barchester Temple City 5,222,381 8 0.14%
Golden Pineapple LLC 5,062,586 9 0.13%
Xiaochun Zou and Peiwen Chang 4,889,279 10 0.13%
Santa Anita Convalescent Hospital 6,906,819 3 0.29%
TCD Enterprise Inc.4,514,596 6 0.19%
5561 Sultana LLC 4,176,546 7 0.18%
Miller Drive Partnership 3,530,762 8 0.15%
Ramshorn Corp.3,412,894 9 0.15%
Preetpal Neeshi LLC 3,407,878 10 0.14%
Top Ten Total 89,263,260$ 2.32%68,646,026$ 2.92%
City Total 3,858,234,256$ 2,352,749,291$
Source: L.A. County Assessor 2013/14 Combined Tax Rolls and the SBE Non Unitary Tax Roll
2013-2014 2004-2005
City of Temple City
Revenue Capacity
Top 25 Sales Tax Producers – Current Fiscal Year
119
Business Name Business Category
99 Cents Only Variety Stores
AT & T Mobility Electronics/Appliance Stores
Chevron Service Stations
CVS Pharmacy Drug Stores
Green Island Restaurant Casual Dining
Hometown Buffet Fast-Casual Restaurants
In N Out Burgers Quick-Service Restaurants
K Mart Discount Department Stores
McDonalds Quick-Service Restaurants
Modern Lighting Plumbing/Electronics Supplies
Office Depot Office Supplies/Furniture
OO Kook BBQ Casual Dining
Pep Boys Automotive/Supply Stores
Peters Mobil Service Service Stations
Ralphs Grocery Stores Liquor
Rite Aid Drug Stores
Seafood Village Casual Dining
Super A Foods Grocery Stores Liquor
Super Pets Specialty Stores
Temple City Mobil Service Stations
Temple City Powersports Boats/Motorcycles
Temple City Shell Service Stations
The Hat Quick-Service Restaurants
TJ Maxx Family Apparel
Zen Buffet Casual Dining
Note: Firms listed alphabetically. Period April 2013 Thru March 2014
Source: Hinderliter, de Llamas & Associates, State Board of Equalization
City of Temple City
Debt Capacity
Direct and Overlapping Debt
120
Percent
Gross bonded applicable Net bonded
debt balance to City debt
Direct debt -$ 0.000 -$
Overlapping debt
337.05 Metropolitan Water District (1)64,271,492 0.407 261,481
473.51 El Monte City SD DS 1999 Series A 565,000 10.381 58,652
473.54 El Monte City SD DS 2004 Refund Bonds 33,505,000 10.381 3,478,116
473.55 El Monte City SD DS 2004 Series A 2005 13,852,013 10.381 1,437,962
473.56 El Monte City SD DS 2005 Ref Bonds 1,359,250 10.381 141,102
473.57 El Monte City SD DS 2004 Series B 8,495,000 10.381 881,856
473.60 El Monte City SD DS 2008 Series A 9,150,747 10.381 949,929
473.61 El Monte City SD DS 2008 Series A-1BABS 18,540,000 10.381 1,924,617
473.62 El Monte City SD DS 2008, Series B 5,998,159 10.381 622,662
629.52 Rosemead SD DS 2000 Series C 6,250,000 2.732 170,724
629.53 Rosemead SD DS 2007 Series D 13,025,000 2.732 355,790
629.54 Rosemead SD DS 2008 Series A 8,326,503 2.732 227,446
629.55 Rosemead SD DS 2011 Ref Bond 8,915,000 2.732 243,521
629.56 Rosemead SD DS 2012 Ref Bonds 5,385,000 2.732 147,096
745.51 El Monte Union HSD 2002 Series A 1,185,000 6.007 71,186
745.52 El Monte Union HSD 2002 Series B 1,210,000 6.007 72,688
745.53 El Monte Union HSD 2006 Refund Bonds 33,482,675 6.007 2,011,390
745.54 El Monte Union HDS 2002 Series C 27,565,000 6.007 1,655,900
745.55 El Monte Union HDS 2008 Series A 52,339,850 6.007 3,144,188
745.56 El Monte Union HDS 2008 Series B 30,297,787 6.007 1,820,065
805.55 LA CCD DS 2003 Taxable Series 2004B 74,235,000 0.018 13,724
805.56 LA CCD DS 2001 Taxable Series 2004A 8,850,000 0.018 1,636
805.57 LA CCD DS Refunding 2001 Series 2005A 403,320,000 0.018 74,563
805.58 LA CCD DS 2001, 2006 Series B 266,185,000 0.018 49,211
805.59 LA CCD DS 2003, 2006 Series C 381,585,000 0.018 70,545
805.60 LA CCD DS 2001, 2008 Series E-1 267,340,000 0.018 49,424
805.62 LA CCD DS 2003, 2008 Series F-1 341,565,000 0.018 63,146
805.64 LA CCD DS 2008, 2009 Taxable Series A 350,000,000 0.018 64,706
805.65 LA CCD DS 2008, 2009 Taxable Series B 75,000,000 0.018 13,865
805.66 LA CCD DS 2008, 2010 Taxable Series D 219,889,950 0.018 40,652
805.67 LA CCD DS 2008, 2010 Taxable Series E (BABS) 900,000,000 0.018 166,386
805.68 LA CCD DS 2008, 2010 Series C 177,885,060 0.018 32,886
805.70 LA CCD DS 2013 Refund Bonds 54,480,000 0.018 10,072
805.71 LA CCD DS 2008 Series G 220,000,000 0.018 40,672
812.51 Pasadena CCD DS 2006 Series B 26,985,000 5.645 1,523,250
812.52 Pasadena CCD DS 2006 Refunding Bond Series C 19,443,312 5.645 1,097,536
812.53 Pasadena CCD DS 2002, 2006 Series D 25,645,000 5.645 1,447,610
812.54 Pasadena CCD 2002, 2009 Series E (BABS)25,295,000 5.645 1,427,853
817.51 Arcadia Unified DS 1993 Series A 3,860,109 3.138 121,122
817.53 Arcadia Unified DS 1993 Series C 1,008,429 3.138 31,642
817.54 Arcadia Unified DS Ref. Bonds 1993 2005 Series A 2,735,000 3.138 85,819
817.55 Arcadia Unified DS 2006 Series A 185,150,423 3.138 5,809,631
920.52 San Gabriel USD DS 2002 Series B 6,111,492 2.545 155,534
920.53 San Gabriel USD DS 2005 Ref Bonds 16,155,000 2.545 411,136
920.54 San Gabriel USD DS 2002 Series 2007 C 10,557,878 2.545 268,692
920.55 San Gabriel USD DS 2008 Series A 17,748,245 2.545 451,683
920.56 San Gabriel USD DS 2010 Ref Bonds 6,400,000 2.545 162,877
920.57 San Gabriel USD DS 2008 Series B 38,396,424 2.545 977,168
920.58 San Gabriel USD DS 2012 Ref Bond Series B 2,665,000 2.545 67,823
947.51 Temple City USD DS 1998 Series A 2,417,248 70.721 1,709,509
947.52 Temple City USD DS 1998 Series B 4,771,501 70.721 3,374,467
947.53 Temple City USD DS 2005 Refunding Bond 9,340,000 70.721 6,605,368
947.54 Temple City USD DS 2012 Series A 39,998,164 70.721 28,287,217
Total overlapping debt 74,383,796
Total direct and overlapping debt 74,383,796$
2013-2014 Assessed Valuation:3,758,781,142$
Debt to Assessed Valuation Ratios:
Direct debt 0.00%
Overlapping debt 1.98%
Total debt 1.98%
(1) This fund is a portion of a larger agency, and is responsible for debt in areas outside the City.
(2) Debt figures include general obligation debt which is being repaid through property taxes.
It excludes revenue, mortgage revenue, interim financing obligations, non-bonded capital
lease obligations, and certificates of participation.
Source: HdL Coren & Cone, Los Angeles County Assessor Combined 2013/14 Lien Date Tax Rolls
City of Temple City
Demographic and Economic Statistics – Last Ten Fiscal Years
121
Per Capita % of Pop 25+ % of Pop 25+
Calendar Personal Unemployment with with
Year Population Income Rate Median Age High School Degree Bachelor's Degree
2004 35,202 $21,708 4.1%---
2005 35,396 $22,513 3.4%---
2006 35,336 $23,709 3.0%---
2007 35,360 $24,504 3.2%---
2008 35,423 $24,688 4.8%---
2009 35,615 $24,112 7.5%40.5 87.1%32.4%
2010 35,892 $27,889 8.2%40.8 86.3%32.2%
2011 35,749 $26,194 8.0%40.6 86.5%36.0%
2012 35,952 $26,347 6.0%40.9 85.4%35.9%
2013 36,134 $25,306 4.9%41.5 86.0%35.9%
Notes and Data Sources:
Population: California State Department of Finance.
Unemployment Data: California Employment Development Department
2004-2009 Income, Age, and Education Data: ESRI- Demographic Estimates ae based on the last available Census. Projections are developed by incorporating
all of the prior census data release to date. Demographic Data is totaled from Census Block Groups that overlap the City's boundaries.
2010 and later - Income, Age, and Education Data - US Census Bureau, most recent American Community Survey.
City of Temple City
Operating Information
Construction Activity - Last Ten Fiscal Years
122
New
Calendar New New Value of
year ended Residential Commercial Total Demolitions Construction
2005 22,514,787$ 1,916,300$ 24,431,087$ 238,100 $ 24,192,987$
2006 21,957,999 1,980,100 23,938,099 258,150 23,679,959
2007 25,630,380 3,240,390 28,870,770 209,560 28,661,210
2008 20,980,153 1,340,500 22,320,653 123,390 23,537,763
2009 19,127,998 3,892,187 23,020,185 99,000 22,921,185
2010 20,200,934 2,156,535 22,357,469 162,000 22,195,469
2011 23,754,355 1,175,540 24,929,895 139,048 24,790,847
2012 19,536,413 2,490,427 22,026,840 144,000 21,882,840
2013 21,298,596 14,433,160 35,731,756 322,000 35,409,756
2014 32,964,118 1,298,205 34,262,323 429,900 33,832,423
Source: City of Temple City Community Development Department
City of Temple City
Operating Information
Full-Time Equivalent City Employees by Function – Last Ten Fiscal Years
123
Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Government
Full Time 10.86 8.85 7.85 7.80 7.80 7.80 7.80 7.80 8.80 9.95
Part Time 0.79 0.83 0.86 0.64 0.61 0.65 0.85 3.11 3.11 1.85
11.65 9.68 8.71 8.44 8.41 8.45 8.65 10.91 11.91 11.80
Community Development
Full Time 8.00 7.10 8.10 7.15 7.15 7.15 6.10 6.10 6.20 6.90
Part Time 0.00 0.00 0.01 0.44 0.16 0.26 0.06 1.64 2.64 1.60
8.00 7.10 8.11 7.59 7.31 7.41 6.16 7.74 8.84 8.50
Parks & Recreation
Full Time 15.09 14.70 12.70 11.70 11.70 11.70 12.15 12.15 12.25 12.05
Part Time 11.18 11.78 16.68 19.56 21.88 21.46 18.96 22.66 18.92 26.05
26.27 26.48 29.38 31.26 33.58 33.16 31.11 34.81 31.17 38.10
Public Safety
Full Time 5.60 4.40 4.40 5.40 5.40 5.40 7.05 7.05 7.65 7.55
Part Time 0.00 0.00 0.00 0.00 0.00 1.43 2.33 4.22 4.07 4.51
5.60 4.40 4.40 5.40 5.40 6.83 9.38 11.27 11.72 12.06
Public Works
Full Time 3.45 2.95 2.95 3.95 3.95 3.95 2.90 2.90 3.10 3.55
Part Time 0.07 0.00 0.03 0.04 0.00 0.34 0.00 0.28 1.79 0.46
3.52 2.95 2.98 3.99 3.95 4.29 2.90 3.18 4.89 4.01
Full Time Total 43.00 38.00 36.00 36.00 36.00 36.00 36.00 36.00 38.00 40.00
Part Time Total (1)12.04 12.61 17.58 20.68 22.65 24.14 22.20 31.91 30.53 34.47
TOTAL 55.04 50.61 53.58 56.68 58.65 60.14 58.20 67.91 68.53 74.47
Note: (1) 2,080 Hours of Part Time equals to 1 Full Time Equivalent
Source: City of Temple City Administrative Services Department
City of Temple City
Operating Information
Operating Indicators by Function – Last Ten Fiscal Years
124
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Public Safety:
Arrests 367 389 438 513 559 411 514 949 1,105 852 626
Parking Citations 4,102 8,190 6,385 7,089 6,947 6,879 12,681 9,024 9,926 10,025 10,260
Public Works:
Sewers new connections 126 59 83 78 55 30 36 25 30 59 94
Parks & Recreation:
Number of rereation classes 400 352 401 398 341 363 330 390 400 368 380
Number of facility rentals N/A N/A N/A 904 1,050 1,076 1,179 1,083 1,110 1,178 1,072
Source: City of Temple City Community Development Department
City of Temple City Parks & Recreation Department
Los Angeles County Sheriff Department