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Home My WebLink About; ; 1979-1980 Financial Audit; 1980-06-30� ,� i � i Y ;� �• , ,� � .� �- � " � �2/�' _ .j? ' � }� , , �, , ��. ,� , � ,. 4 4._ CITY Oi' CARLSBAD REPORT Ol�i FINANCTAL STATEM�:NTS (�JZTH S�PPZErtWNTAL MAT�RIAL) YEAR ENDEA JUNE 30, 1980 G�ORGE A.PETERSON & CO. CERTFf1�A PUBLIC ACCOUNTAN7S �SIEf IVANHqE AVENUE LA JOLLr, CAI.iFORNIA 92037 ,; � i a � u 1 S i z 1 t � a � r ' 4 s i i � i � � r � a . � ; i a i i , i i t � ; � ; i � 1 i � � I � CITY OF CARLSB�D TABLE OE CONTE�ITS Auditors' Report Financial Statements: Combined Balance Sheet - Al1 Funds Combined Statement of Changes in Fund Balances General Fund - Statement of Revenues, Expenditures and Encumbranr.es Special Revenue Funds - Combined Balance Sheet O�her Special Revenue Funds - Combined Balance Sheet Special Revenue Funds - Combined Statement of 12ev�nues, Expenditures and Encumbrances Other Special Revenue Funds - Combined Statemen� of Re��enues, EYpenditures and Encumbrances Special Revenue Funds - Combined Statement of Changes in Func� Balances Other Special Revenue Funds - Comb�.ned Statement af Changes in Fund Balances Debt Service Funds - Combined Balance Sheet Debt Service Funds - Combined Statement of Reventtes, Expenditu�es and Fund Balances Sewer Construction (Capital �rojects Fund) Staternent of Revenues, Expenditures and Fund Balance Water Department (Enterprise Fund) Statement of Operations Water Department (Ent�r�rise Fund) Statement o£ Chanqes in Re�ained Earnings Water Department {Enterprise F�xnd) 5tatem�nt, of Changes in Financial Position Exhibit �i B C D-1 D-1a D-2 D-2a D-3 D-3a E-1 E-2 � G-1 G-2 G-3 �e 1 2-3 4 5 6 Sa 7 7a $ 8a 9 ; � � ; , > 10 11 12 13 14 �i �` � 4 t •- xa , ; i � i [ i x � � � TAF3I,E OF CONTENTS (CONTiNUED) Trust and Agency runds - Combined BaI.ance Sheet Summary of Acr_aunting Policies Notes to P'inancial Statements Supplemental Schedules: Combined ScheduZe of Investments Schedule of U�ility Plant in Service Schedule o£ Gen�rai Fixed Assets Schedule of Genera� �b�.igation Bc�nds Payable Schedule of Water Revenue Bonds Payable Schedule of Revenues -- GeneraZ E'und Schedule c,f Expenditures and Encumbran�es - General Fund Exhibi� H AA BB CC DD EE FF GG Paq e 15 16-17 18-23 24 25 26 27 28 29 30 � ; ;� L_ � � e � AUDITORS' REPORT Honorable City Council City of Carlshad, California i We have exami.ned tlie financial statements oi the various ' funds and account groups of �he City of Carlsbad for the year i i ended June 30, 1980, listed in the foregoing table of contents. } � dur examination was made in accordance with gen.erally accepted , auditing standards and accord�,ngly, incI.uded such tests of the accounting records and such other auditing proeedures as we � consid�red nec�ssary iii the circumstances. OCOqbC A.PCitRSON�C,�.A PICMMD t.CVANS�G, r.A. �NOMA3 J.lRADY�A.P,C.�C.P,A 6CN� R, KON RAD�C, p, A. GEORGE A. PETERSON & CO. .:ERTIFIED PUBLIC ACCOUNTAN75 7816 IVANHOE AVENUE: LA JOLLA, CALIFORNIA 92037 TLLCPNONt (i14) ♦S4•617G MCMOEF:S ARiCqICAN INSTITUTC Of CLRiICICO �UELiC AGCOUNiANTS CAUi011NIA SOCILTY OF GLpT1i�CD PUBCIC �CCOUNTANTS In our opinion, the a�ozem�:n�ioned financial statements ; present tair].y the £inancial position of the various funds and � ; account gxoups of the City of Carl.sbad at June 30, 1980, and ; the results of operatioizs o� �uch funds and �he changes in 4 , financial position of the Water Departmeat Ftind for tha y�ar then ended, in conformity with qenerally accepted accounting � principlEs applied Qn a basis consistent with that of the ' p�ec�ding year. � � The accompanying sugplemental schedules and the columns on the accompanying combined balance sheet and combined state- men� o t changes in fund balances captioned "To�al -- Memorandum On1y", are not necessary for a tair presentation of the tinancial statements, but are presented as addita.onal analytical data. •The supple�ental schedules have been subjected to the tests and ather audi�ing grocedures applied in the examination ot the finax�cial statement� l,isted in fihe foregoing �able of c�ntents and, in our c?pinion, ar� 'fairly stated in a1J. material resnec�s in reJ.ation ta the �inancial statements taken as a whole. Septemb�r 12, 1980 GEORGE .a. P�TERSON & C0. �,Q.e,c� ,e,,, �, ��d'r''W�1 r` t-�t7`� -1- �J L- , I # ! i t ' � w m vt o v m r �r'� Q �D O OD lD M O` P1 .1 C'. Y1 N N .�1 V' 115 N Vl W�`! .� Q+ s�i �O N 4? 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N r/ � O O N Y1 r H l�Y � vi � vA av r� �o h � � � N � 1l! r a O� h 0 N N T � N O h n �s d li O � O N 1� O\ N t0 R � N .y 0 0 �v o � � in r� N I m � a� .r � N If� n1 N � � � a H O� n t+ 1'1 N ry MM I� h � � [ ^i M O V' V f�l V OD �� v m O N o. .t oi �•, O O Of O OD t0 O� Q� CO tl' N N tR `C' v tr e� rq w v�n r e� eo M o � � N � ef MI O� Y� r n 0 N N h � � N � f'1 M 7 7 � o, o, � a� m �o � N n M N a n .� M MOO 11 � N f'f O d' � fO tb W O N O� f� G O� O tD <9 CD Vf N Uf �1' �f W r'1 �1' �+f t� N O Y7 N M �� Y� b i� M •+ n � �n �. N , � •1 M a�i � n � � � N CGy � � K � L m co a Q � � O O q � O V � .�.�� q R N W .d � � w ..�� m d n r '" a � a r°. � "� V' CD C M R v � Q` m G "; !9 '�' M V ~ � ^ � g N � � `� N � Y A N M L C 3 O V U N W w ° r, � � y � p � � �u ►�i m t+ �.yi C � �WWa� a� +' Y z° M c aw � m a�a w C wA U�.�O w u v� c v d ..� „� p� � � p ..� ? W Al/ G,-�1r~1aC��C7t'. � Nb� 4 AQG11Q C �� tl M MC +�i itl G JJ A.Q 1) !l 1J G 0 M U C G tT»�/ W R! G' W M V W .�t a 'h O..0 C �C Q+/ ? rl .l ..1 ••1 tl M W C t1 Y L �.1 iJ W G pJ W C w "•� �.a a s+ � v4 •� a u>.a �+ r a .N R :�."1 �C°u'o�0.Q,'�cM�"��ppp� m s�iq m?"cuuumv .� ��(�la n b �� ' N� :IiQiWaqqCul W�W�j�.�j O�p t7LGUN G f�i p!U A y�{ �A �j µ u° �ub��`a~°'o N�� aa��a� a a� �� h � �z°� �an�`�°'m�`� x 3 �o au ua$ �,�,u� w' a a a v N rt I � y. ( t J � , Exl�ibit B CI�Y OF CARLSBaD COMBINEA STATEMENT OF CHANG�S IN FUND BAL.ANCES -- ALL FUNDS Year ended June 30, 1980 �ewer Construction : Special Debt (Capi�.al Total. ' G�neral Revenue Service Projects (Meno�andum � Fund Funds Funds Fund) On1y) , Balances, � � June 30, 1979 $ {20,35:�) $4,210,599 $].46,465 �1,193,883 $5,530,594 Prior y�ar's ; � ad�•is�tments: Acceunts � recsivable 4,107 4,107 � Taxes r.eceivable ,(14,000) 14,000 � � ; Resta�ted � ; B�I.anc�s � ; June 30, 1979 (30,246) 4,224,599 146,465 1,193,883 5,534,,7Q1 , . ; �Excess ' ; (3eficiency) of revenues ; ovex expen- � ditures and ; encumbrances 759,447 482,940 13,583 (63,440) 1,192,53Q • ; Acljustment � � i to pria�r � ' year's en- � cumbrances 20,264 123,973 14'4,237 - � Change in � reserve for ? contin�ing � appropri'ati�n 16�r948 (796,739) (1,9d1,916) (2,534,707) jFunds tzans- ' ; ferred to j City control 13,184 13,184 � � Tn�ertund ` � trans�ers �2,326,803) 2,3�6,803 , Balances, Juz�e 30r ].980 $(1,41____3�3�) $6,374,760 $160,048 S (771,473) $4,349,945 r— � See accompanying s�.unmary of accounting golicies and notes ta f�.nancial statements. �� ti �X}1].�J1'� C �.T.`�'Y .^.i C i�oBAu GENERAL FliND STATEAIENT OF REVENU�S, EXPENDITU�2E;S AND ENCUMBRANCES Year ended June 30, 1980 {A Y t Revenues: (Exhibit FF) Taxes Licenses and permits Intergovernm�ntal revenue Charges for ssrvices Fines and forfeitures �Earnings on investments NTi sceT 1 aneous Total revenues ; � i ; � a i Expendi�ures and encumbrances: (Exhibit GG) General government Public S�fety Public works Lease� fiotal expenditures and encumbrances Excess (de�iciency) of rsvenues over e:.penditures and en.^.umbrances Over Final (Underl Bu3get Actual Budqet $6,711,000 $6,557,781 $(153,219) 200,000 181,839 (18,151) 1,062,000 1,051,534 (10�,466) 590.,000 730,032 140,032 1_30,000 152,Z71 22,17I s75,00Q 823,414 248,414 150,700 141,259 (49,44I) 9,418,7Q0 9,.598,030 179,330 4,676,855 4,212,245 (464,610) 3,027,900 2,994,443 (33,457) 1,598,167 1,406,141 (132,026) 231,658 225,754 (5,9Q4} 9,534,580 8,838,583 (695,997} $ (1��) $ 759,447 $ 87.�5,327 See accompanying summary af accounting policies and no�es to financia], statements. -5- �� s . ,,. � , , i i � i 0 �I R'i O I!f O �DI G� �D O N fb O� ,y p •t o w r� �o � v rf ao �n n F mMGc~w v� p � � H t�eJ>WS t?� N y �N0.' v ai •+ += u ai n o .00.i N C.C•.1 v0 a NF+i »°r�uc '' a�oom z�w3� " "r- 4.i � .. .i O � f0 O y � W O � X�CG7 M�n ti � '� jJ iwCwZ �N � .�{ u � O v o C O O tp n{ N�.�I C v t�p N Oma3W N �1 1� L V" H W � da Nm � N N �� C �N N N � > � W m N � a y C .�1 � � � y N nw� �Cz � .�iaf nc � m N O .f e�1 N !C m �•7 (6 C �E� �v� �� o n �y M r � ,� y �.''� � �' � t� w ?1 C � N N � � V�� C N C� N � � y a � � � °�a � G �O O d O� V � N D O M CNp N +�i P�i � N N � W ro � � y � O O� pp riXC rt:0 v � n C: iq W rl f"N1 N M �V � H�+ N b tv r1� � O� N t�1 � � ~ � � �b � ' H � N .o�-r .r � °� N � � W Vr v W, ;.�� : �v n� �� n a o o a i. r� < nt a � a n c� o0 M � � N ^� 7' 00 N � �� N co m � ,� N N �p p� v v .� � N y� � p Q N .i M .-1 V1 N CO ri .-1 .� 1R h N N p+ y N NN � �,� � �. � �, � � e� .�1 V' �0 � � �D O M ey� � K � N 4'1 rt Qi` N �O �-1 1p1 et N r�i N� �O m N �-1� .i N b N V' rl �p � ' '' ( ai �c to� a� a H ; b �� H � N O O P1 O M a m o �o s� m o. v o� � N N M M � +rr y ro � � � � N N W M M h O n aotl � �I �:1 7f1 t+ O b OD � M N o .�-i h • N N t�0 � n � � �-1 fV •'I N � a w a .-� o r� P1 l0 O� a� �-1 �O rt r `4' � N �D h c0 ro� M h .�M b � t�., p�j N M N �O I�f � � r1 �O W fq, y N u � C � m � � ..vi � v u ��, 'o ++ .%+ :u a N q al � uN �W N V C) Q� '1 Y .1 .N N SJ N N d�,t W� A� M 0� �1.�Q N C 'V J.�7 N T1 N N@� �tl U �.1 U'� C '�.�i! 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Cl 7 a�' M � i'l � � us � �"` N C ao t'1 of ��> � t� r�i �-�i�a�iC m .�•1 �° auwo .` ao m �6 a� 0� F� U q K� y ..i �y` O � v 0 0 0 A M> Q �. C 0 CCl � a Qu7 � 0 0 O G�WdW � � � � � a �' �� I:i O�� N � � � W q F� ri P'f �r N �� v �, M � a ,� `� 0 C)A� G � .�r � N a C 0 C� U 7 Y O ��aro�aw � � � H � � rl W � O� ri i�# � N 01 O �-1 .i t; oJ �OI (� H �, H a �c ro 1� �n m M� v .i .� .i O M V% � 'i V' �� N � kp d+ 1 0 G uH o dOri •• • �N'O � �% 07 l� M w� dO�i U�+ y G Ol 4 U 3t N U O b� a� � O U.-1 F U C7d'tlG CafG GWC�G �U N C �J � "J Q7 � '�a C �tl 0) C1 al •el �.t YI @ R7 H �0 � .-+ o a •ti a� k m u H a. s+ m ti H �+ >. c v .� o �E M Q+ t0 U> Cl 11 L A N? C W � i+ i W �C f'1 ACl � NW1�11r W� �O� C07171�i qV lIC �N 47 t7d C1NV �n}�.�tU �6NCC1, '� dM C ��-. � W�O�uaFl �y C d U f�iu a wa�i H� �h N ,� C G E O u A y N � � u a A R W O L � � 1 i � � � CI�Y OF CARLSBAD DEBT SERVICE FUNDS COMBINE� BAL.ANGE SHEET �'rune 30, 1980 � � t f i � i ; � i i ; 4 i t i i � { ASSETS Cash Inv�stments, at cast Accounts and taxes rec�ivable Accrued interest receivable Total FUND BALANCES � Exhi�i� E-1 Library �zwer Bond Bond Total Fund Fund $ 61,689 $ 60,814 $ 8/9 92,000 21,000 7=1,000 1,639 34 1,605 4,720 76 4,644 $160,048 $ 8Z,920 $.78,128 $-160,4�8 $ 81.920 $ '78,128 See accomga�nying summaxy o£ accountinq policies and no�es ta financial s�a.�:emen�s. - 9- i t s ! � � f + � F�hih;t F-? CITY OF CARLSBAD DEBT SERVICE FUNDS COMB�NED STATEMENT OF REVENUES, EXPENDI�i3RES AND FUND BALANCES Xear ended June 30, 19�0 , , r : i ; # � � ; i ; Revenues: Taxes Earnings on investmerits Total reveaues Final budget Over (under) budget Expenc�itures: Debt service Final budget Ovex (under) budget Excess (deFiciency) o£ revenues over expenditures Total $139,194 22,553 161,74? 144,500 $ 17,247 � Library Bond Fund $ 1,914 10,654 12,568 12,000 $ 568 �.�_ Sewe� Bond Fund $137,280 7.1, 899 149,179 132,500 $ 16,679 ..�...... $148,164 $ 18,884 �129,280 149,893 19,Q00 130,893 $ t ��, ,�) �� c �� $ 13,583 $ (6,310) $ 19,899 --� See accompanying summary o£ accounting policies and nc�es to financial statements. -10- w , F.xhih9.�- r, S�:WER CONST�tliCTI�N (CAPETALPROJECTS FUNDj SZ'ATEMENT �F Ri,VENUES AN.n EXPENDITURES Year ended June 30, I980 Revenue�: Earninc�s o:� inv�stments Total revenues �'inal budge� Over (underj budget Expenditures: Sewer construction Final budget Over (under) budget Deficiency of revenues over expenditures an�d encumbrances � $ 149,793 149,793 100,000 $ 49,793 $ 213,233 2,042,555 $(1,8�29,322� $ (G�� 3,3 440) See aacompanying summary ot accounting policies and notes to iinanc�a]. statemen�s. -11-� 0 � � # . 4 i i t F� Exhibi4 G-1 . �._.. CITv OF CARL5BAD �•tia•�n UC;YAttl'In�:tVl (ENTEFtPRTSE FUND2 STATEMENT OF OPERr1TSONS Year ended June 30, 1980 Operacinr revenues: Wa�er saYes Conne�tibn charges and other fees Total operating revenuEs Operating expense�: Water production and purifica�ion Water transmi�sion and distribution General and administxative Total operating e.cpenses Operating inccame N�n-opera'ting revenue; Earnings on investmen�s aale oE �axed assets Total non-opeza�ing revenue Non-apera�.ing expenses: Interest ar.d fiscal agents' fees Net incpme $1,479,826 11,980 1,491,806 821, 6i4 267,589 244,297 1,333,56Q 1S� 233,385 81,626 315,Q11 ��,��x � $ 395,G85 _� See accompanying summary at accot�n�ing palicies and nates �o financial sta�ements. -za- L , .:, r� �i _ i, ' � . � , , � + i � , Exhibit G-2 CITY OF CARLS�3AD WATER DEPA�TMENT (ENmERPRISE FUND) STATEMENT OF CHANGES IN RET�IINED EARNINGS Year ended June 30, 1980 Balance at beginning of year $2,7gq,25g Add: ne� income for the year 395,685 3,179,944 Aeduct: Tncrpase in reserve for bond debt service 91,1G3 Balance at end of year $3,088,781 See accompanying summary of accoun�ing policies and n�tes to �inancia7, statements. -13- � .� 3 , , , a � � .+ � � Exhibit G-3 CITY Ok� CARLSBAD WATER DEPARTMENT (EIVTERPRISE I'UND) , STATEMENT OF CHANGES IN FINAN"CIAi, POSITION Year ended June 30, 1980 i 1 � � �OURCE OF Ft�NDS Operations: • Net income Items not requiri.ng current outlay oi funds: Depreciation and amortization Tota1 �per�,�tions Increase in r�serve far construction Tota1 APPLICATION OF FUNDS Aclditions to u�ility plant in Service Retirement of revenue bonds Tncrease in construction in p.rogress Increase in restr�,cted assets Increase in working capital Total VARIOUS ELEMENTS OF NET DECREAaE IN WORKING CAPITAI, Cash Investments Accounts receivable Accrued interest reaeivabl� znventory Prepaid expenses Accoun�s payable Due to geiieral fund Boncis payable--current portion Accrued interest payabZe Deposits Total $395,685 144,702 536,387 49,S61 $585, 948 $ 22,690 100,000 80,310 146,507 236,4�1 $585,948 $ 2II,672 131,732 83,057 10,783 4,834 (2,419) (23,123) 13,337 (5,000) 2,521 (7,953) $236,441 'See ac�o3npanying summazy of accounting po].icies and notes tn financial sta�ements. -14- S� 4 . ...r 0 � �xhibit H CITY Q�' CARLSBAD Ti?UST AND AGENCY FUNDS COMBINED BAJLI�N�E SHEET June 30, 1980 Tr.ust Sewer Trust Funds- Trust Revolving Funds- Miscel.- Funds- Total Fund Payro7.1 laneoua Contr�ctors ASSETS Cash $ 200,516 $ Z9,&96 $ 26,399 $1O1,,Q$6 $ 53,335 Investments, , at cost 1,538,000 42,000 200,0�0 5ii,(300 725,pp0 Accounts receivable Accru�d interest receivable 12,021 12,021 ' 3 TotaJ. ass�ts $1,750,537 $,61,696 $226,399 $684,I07 $778,335 LIABILIfiIES � Accoun�s,payaiale $ 229,949 $ 288 $ 76,399 $152,762 $ ' T�eposits 1,521,Q88 61,408 150,000 531,345 778,335 � Total � liabi�lities $1,75� $ 61,b96 $226,399 $684,107 $.778,335 � � ; � � 3 t � � i i � � ; SPe accompanying summary of accounting policies and notes to f inancial statemen�.s. -15- 0 i ; 0 � � � , `� .. ,�r m m ) � } C�TY OF CARLSBAA SUMMARY OF ACCOUNTTNG POLICIES ; ThE accounting policies of the city con.form to generaZly , accepted accounting principles as appZicable to governmental , ' units. The following is a summary of the significan�t policies. � BA51S OF ACCOUNTING The General, Special Rev�nue and Debt Service Funds ars � ; maintained on the modifiec� accruaZ basis of accounting. Under this method, revenues are generally recorded when considered ' � to be both measurable and available, etherwise when received , � in cash. Expenditures are generally recorded when incurred or ; � ; encumbered, except prepaid �xpenses, which normally are not ' i recorded and interest on long-�erm debt, which is considered � an expenditure when due. Ths Capital Projects, Enterprise and Trust and Agenc� Funds are maintained on an accrual basis of accounting. Such � method provides an accurate matching �f revenues with asso- � ciated benefits. ' ; UTILITY PLANT IN SERVICE � The Water Department utility plant in service is stated � ; at cost. Expenditures for additions, rene�vals and i�etterments , ' are capitalized; expenditures for maintenance and repairs are ' # charged to eYpenses as incurred. Upon retirement or dispasal � � o£ assets, the cost and accumulated depreciation are elimir.ated ' ; ? from the accounts and the resulting gair� or loss is included in � income. D�preciation is computed on the straight-line method ; ; over the estimated useful lives of the assets. � S � i GENERAL FIXED ASSETS General fixed assets purchased are recorded as eYpenditurEs in the respective funds at time of purchase. Such assets a,re capitalized at cost in the general tixed assets group of accounts except for streets and sidewalks. No depreciation has been pra- vided on general fixed assets. �16- (Continued) ;. �� .} � � CSTY OF CARLSBAD SUMMARY OF ACCOUNTING POLSCIES ; GENERAL FIXED ASSETS {Con�inued) � �n recognition of current interpretations of accounting principles relative to leasehold interests, certain lands and � buildings being�leased by the City under lease contracts con- ; sidered to be noncancellable, were capitalized at cost in , General. Fixed Assets. The unpaid partions of lease rentals � t � allocabl:e to cost (principal) are set up in the appropriate � ; liability accounts. � s, t � ! ; , , ; � ' , _ i � , , i i � � 3 � � � t ` t I } 1 � �7� �i. . � " t . .�.. � ,{ CITY OF CARLSBAD ivv'tr;5 •�•U r'1iVANC'.IAt� 5'1'A`1'EMENTS NOTE 1--CASH AND INVESTNLNTS The CitX maintains one general bank account for all funds. Inuestments are purchased through thi� account ax�d are then allocated to the respecti�re funds based upon excess cash balances. Included in the general fund cash of $(453,016) is $14,368 kept in a separate checking account which is used for workmen's com- ' pensation payments administered by an agent. , NnTE 2--RESTRICTED ASSETS , 1�t June 30, 1980 the use of certain Water Department asse�s � is xestricted as follows: � � For construction: Cash $ 33,967 � Tnvest;nents 394, 000 Accrued interest rece�vable 1,866 � � . Total 429,833 � Fc�r debt service: � 4 Cash wi�h fiscal agent 140,195 Inv�stments 641,844 Acr.rued interest receivable 6,396 , � Total 788,435 For customers' meter d�posits: ' ' Cash 33,448 ' s ; Total restricted assets $1,251,77.6 (Continued) -18- �ti + � : CITY OF CARLSBAD NQTES TO FI�IANCIAL STATEMENTS NOTE 3--WATER REVENUE �30NDS PAYABLE Water r�venue bonds payable are special obligations of the City and are secured by a lien �n grass r�venues of the Water Department. At 3une 30, 1980 authori-zed but unissued � 1970 rev�nue bonds amounted to $575-,000. � i i � 1 The bond resolutions reqiz'? x'P the City to impose taxes and charges sufficient to maintain net revenue coverage of 1.35 �imes maximum debt service requirements in any futur� year and 1 times any other obligations payable by the Water Department. Net revenues for these purposes in the y�ar. ended June 30, 1980 fulfilled these requiremen.ts. Also, pursuant to the bond resolutions, the City has maintained the required insurance coverage to the extent reasonably necessary to pro- tect the �ity and the bondholders. NOTE 4--RETIREMENT PLAN ; The City�s trusteed retirement plan is mandatory for ail , ; fuZ�-time and regular par�-time emp].oyees from the first day ' of employment. For the year ended June 30, 1980 the City i ; contribu�ed 10.046$ of salary for misc�llaneous employees and � � 17.759$ of sa�.ar,y for safety eMployees. Miscellaneous employees y contribute 7� of the remainder of to�al salary less $61 for all � � sal.aries aver $184. Those with salaries less thdn $184 contri- t � bute 7$. The safety employees contribute 5.64$ to ].1.E5$ based j on age upon beginning service with the City, of 100$ of monthly y salaxy. The charge to expenditures for the plan was $633,900 � � Eor the year ended June 30+ 1980. i . f k ; NOTE 5--VACaTION AND STCK PAY BENEFTTS i � As of June 30, 1980, employees of the Gity had earned but '' no� taken vacation arid sick leave benetits which, a� their current salary rates on such date, amounted to a�proximately (Continued) _lg.. , r f t CITY OF CARL�BAD NOTES TO FINANCIAL STATEMENTS NOTE S--VACATION AND SICK PAY BENEFITS (Continued) $568,000. If annual leave is not ta'cen by the employees duri.ng their employment, the City is committed to make cash paym�nts to them on termination or retirement at the salary rates then in effec,::. Under exicting policy. Police and Fire Degartment employees are eligible to receive one-fourth to one-half of their accumulated and unused sick le�ve for those retiring ; pmployees who have worked over ten years and over fifteen years, - respectively. NOTE 6--LEASED PROPERTY UNDER CAPITAL LEASE : The City participated wi�h the County of San Diego in the t � Carlsbad Building Authority under a joint-powers agreement, � ( dated October 1, 1967, for the construction of a Civic Center ' � and its sul�sequent use by the City. The City is obl,igated to � pay an annual base rental of $36,000 plus amounts necessary � ' for other specified expenses of the Authority as provided for ; by �he lease. The l.ease shall remain in effect for forty years � �rom the date of thE agreement or until al.l revenue bonds assumed , by the Au�chority and interest due on the bonds have been paid or " ; provided £or, whichever sha11 occur fixst. The property shall ' automatically vest to the City at the end of the terrn of the ; lease. The City's leasehold interest has been valued at $460,201 � which repr�sents the discounf:ed value of the total lease payments ' to be paid under the lease. The lease obligation has been valued at the discounted value of the remaining annual lease payments as af June 30r 1980 at $318,697. The City participated with the City of Oceanside under �n agreement dated May 16, 1978, tor the �urchase of an automated circulation system tor their respective libraries. The Citv's share of �he purchase price is $102,025. The lease obliqation has been valued at the discounted value of tlle total remaining (Con�inued) ��Z ti. f m Vili VL ��..CITLJDfiL NO`rES TO FINANCIAL STATEMENTS NOTE 6--LEASED PROPERTY UNDER CAPITAL LEASE (Continued) annual lease payment (5-year lease purchase agreement} as of June 30, 1980 at $63,380. The City is currently negatiating a lease with the City of Oceanside whereby the Cit� will lease public parking near a major shopping center fram the rity of Oceanside for a t�tal rental of $700,040 ($70,000 annually for each of the first ten years and $1 annually for each of th� remainin5 forty years of a fifty-year lease). NOTE 7--RENTALS UNDER OPERATING I�EASES Under an agreement, dated August 21, 1969 •aith the Parking Authority of the City of Carlsbad, the City has leased the off- street parking facilities surraunding the Plaza Camino I2ea1 � Shopping Center. The City has agreed �o pay an annual rental of � $138,400� plus tar.es, insurance and other operating costs. The : lease �erminates on the date the revenue bonds issued by �he Parking Authori�y have been re�ired or provision for payments � made. The last o�f the bonds mature October 1, 1995, but are , aallable Erom October l, 1979. �� i' On 1Vovemb�r 21, 1972, the City entered into an agreemen� with the Tri-City Au�o Dealers Associati.on for the constructi�n of a road and a.ts subsequent use by the City. The Ci.�y is obliyated to pay an annual renta]: of $54,658 through 1983, sulaject �o cer- �ain conditions to be met by th� Association. The folloWing is a schedule by years of minimum iuture rentals on non�cancel.lable operating leas�� as of June 30, 1980: (Con�a.nued� ..21_ ti e l V I!9 .� � � CIT'Y Uk' CARL5BAD NOTES `X'0 FINAIvi;�AL STATEMENTS ; NOTE 7--RENTALS UNDER OP�itATING LEASES (Cnntinued) Year ending June 30, 1981. 1982 1983 1984 1985 Later y�ars Total minimum future rentals NOTE 8--PARK-IN-LIEU FUND $ 193,058 1.93,058 193,058 138,900 138,400 1,418,600 $2, 274 , 574 The Fund requires subdividers of land to dedica�e a portion of the land or pay a fee for the purpose of providing park and recreational facilities. The amount of land required to be dedicated is based on the gross area of the subdivision determined by a density formula. Tn some instances a fee is required to be paid in lieu of land dedicati.on. The amount of the fee is based upon the fair market value of land required to be dedicated. As oi June 30, 1980, �welve park lands i�ave been dedicated �or which values have not been assiqned. Nineteen park lands have been designated Lor deve].opment. NOTE 9--FUNDS ESTABLISHED TN FISCAL YEAR 1979-1980 Public Facilities Construction Fund This fund was created to aceumula�e a new public facil,ities fee charged tor new development in the City. The proceeds may be used only fo� �he puxpose ot acc�uir- ing� building, improving, expanding and �quipping public praper�y and tacilities. (Continued) -22- � ; - -- . _ � _. :� CIT`� OF CARLSBAD I10TES TO FINANCIAL STATEMEitiTS NOTE 9--FUNDS ESTABLISHE� IN FI5C�1L Y�;AR 1979-1980 (Continued) ?�ational Endowment for the Humanities This �und was created to accumulate funds not to exaeed $10,4d�J received under a one year planning grant by �he Na�tional Endo�an,ent for the Humanities �o suppor� a].ocal hi�tory project. Housing and Urban Development Fund This fund was controlled by the Housing Authori�y but was reorganized under City control as part of the Carlsbad Housinq , and Red�velopment Commission. The fund balance transferred represents the ba].aizce as of July 1, 1979 and the excess o£ revenue over expenditures is for �he entire fiscal year ended June 3Q, 198Q. ; , ! � ' I 1 i � i -23- i ;. � ; � r ; CIT,Y OF CARLSBAD COMBINED S CNEDULE QF IV'JESTMENTS June 30, 1980 Interest Ra�� Savings Account: Bank of America Certificates of Deposit: Rancho Santa r^� Savings & Loan Southwest Bank Southwest Bank Southwest Bank Southwest Bank Southwest Bank Santa Fe Federal Savings & I,oan La �7olla Bank a� Trust La Jolla Bank & Trust �,a Jolla Bank & Trust La Jolla Bank & Trust Allstate Savings & Loan Security Pacifac Na�ional Bank Hawthorne Savings & Loan Bank of Commerce Union Hank First F'ederal Savings & Loan o� Santa Monica San Aiega Federal Savings & Loan Calif�rni.a Federal. Savings & Loan Central Federa�, Savings & Loan Glendale Federal Savings & I,oan Eiome Federal Savings & Loan Fixst National Bank of San Dieqo Fed�ral Farm Credit Bure�u Notes: Bank of Fime�ica Bank �f Amexica Bank of Ame "r:,ica Bankers' Acceptance Notes: (at cos�) 5.500 I4.500 14.500 ].7.900 1�.900 17.500 9.500 15.000 18.000 9.875 9.750 8.375 18.250 15.000 1a.500 12.000 9.750 10.750 9.500 10.000 10.000 10.250 10.000 10.500 13.1�0 1.3.150 15.300 Bank o� America �.8.000 Bank o� America 18.;.OQ Bank at America 14.650 Bank a� America 8.650 S�at+e o£ Cali�arnia �nvestment �'und Various TQta], inves�ments Exhibit A�1 Yield Rate J.$ .860 19.210 �.5.580 8.820 See accompanya.ny summary ca� accoun�ing polica.es and no�es ta �inancial stat��ents. -29- Amount $ 11,998 100,000 40Q,OOQ 100,000 500,000 600,000 aoo,000 lOQ,Ohi� 600,000 300,�00 800,000 500,Q00 100,000 1,275,000 300,000 40Q,nQ0 20Q,000 100,000 ].00, 000 100,000 lOQ,004 lOQ,000 100,000 q00,000 500,000 100,000 SOO,Q00 95�;,000 471,090 234�943 784�238 2,SOO,OQO $13,331,2f9 ! G � f �i � �. 0 t i f i i � t: � � M � N X W V M 1 a N� x � p M ►1 � L O (/� 1C� f�i �a� ILHy �KFd EDc M d UW O� �7 �� O N O c tA h a6 M M !V � � N 0� N N M .�/ �/} 7 � � U O O N � �D f`� lh N a n :D ef �6 'V.' O� �`3� e-t Q C N co v ev M �� p h ~� N � �' ^.� � � v � � yU y � � � J 3� � :! �G � N L � 3 ] � y � y :! ( + C Mf .i .� t� Ir v .� �I 7 O .1 7 C� f"Y tn f'1 W rU � � M 00 �9 O O� W r•! C N � N N o � y� 3 •� N uY h .-/ .r 4' v N ) O s a � � c� c v .o c� v m ..� o �op [�f M O) C'} � .i �I W M �p. G7 O C �O C� V.1 tl1 M 0� N l0 C'�) U M N ..j� L h v O t� M O CO 0� N p �p�{ H Crl � �i M M N N M N . �-i�l t2l h N � M� .� C? y �C Oe N C' Q' IA M U1 .1 t� �D N� � If1 c� m {D .�I t9 O� �D C� N �O N OD � U� O 01 (O �D �D \O Q� lD N , V t; C' P1 C W N lD O \O �O t� N N V .r M1 N O �D `U O� M to .-1 C1 O M �'f � tf7 v O� .i O 0', � N N rt �C ri .-i N f0 CO W h � .� ey � vs N� � � '� N N b r n N � O O y� N N M y � O i i � tll V' b t� N 0� G W O� YI 0 eo o� t� o� v vl U M I� O �: b � �1 'C} N � � 4 �D Uf N Q' sT 41'1 I'1 O� O (� lO !Q 10� Vi �D � �D i�1 l0 Q� 10 N Il1 l0 O Q1 U M O� Q� O� t0 �D \D O� tO Q� OD V 1f1 �'f 10 � �` .� f`1 O W t7 !� N O N +�1 t� N h �-�i G.�i N N � .�/ V � ri � M N Q� O t� N N (� W h � r�i r1 � � RX C H G O 1.��f N W � � Ny N G 0` � w ?� G C.-�1 X y �� •'� .� �lt 0 ? � �G � C � S�i C G N tJ .� w c a e o N a R o �+ c� ro f+ VS 'y O 3A O•.i 1i tJ 3+ •H C Y 1U.� � G ME i} 4. N M� N R7 il �.xl C � 7 5�.� G [..Q� 3•� N d G lt O �.Ni �.Ai F q t�d W0.�EE �£�.�i .��. � H l0 ro W 1�1 11 N J� b t9 � U•„ PS id � 4 ti7 �O .K R7 •.i c! b C t0 .� Q N M � Sa N W G �Gp C .1 C 3� pO iJ n} �H �.i t� •'.t W 0` Sd �.i 3� L f7 � $ W a W� F� Ci R W O u F ro A. E N N G I � U � � N � � ,U C c ..� w O L N lJ O G R7 C � N w .,, M O � U` C t�i C 7 O U U ro w O � 4 b � � � Qt G M � e t. Gg U U h G u y i � i � i i � 0 Er.hibit CC CITY OF CARLSBAD SCHEDUI,E QF GENERp,L r TXED ASSETS Year ended June 30, 1980 �� 1 5 � :i �, t, ;, L�nd Buildings Other impravem�nts Furniture and equipment Lease proper�y under capita�. 1Pase (Note 6) Total general fixed assets Balance Balance June 30, 19?9 Additions Disposals Jur�e 30, 19�Q $ 333,885 $ 100,895 $ $ 434,780 689,985 485,807 1,175,792 2,480,139 267,820 2,74.7,959 1,947,289 149,521 118,132 1,97$,678 562,226 562,226 $6,013,524 $1,004,Q43 $118,132 $6�899,435 See accompanying summary of accounting policies and notas �o financial statements. -26-- f � > �ti _ s t � EYhibi� DD �ITX OF CARLSBAD SCHEDULE OF GENERAL OBLIGATION BdNDS PAYABLE June 30, 1980 ,, ,� Amc�unt Principal Due on Yeaxs nf Interest Due each Juiie 30,, Maturity Rate _ `Year 1980 TotaZ I962 Sewer Bonds Ser�es A July 1, , 1951-82 3.50$ � 30,000 $ 60,000 1983-87 3.50 ��0,000 200,000 1988 3.50 SO,E100 50,000 $ 310,000 1962 Sewer Bonds Series B July l, � 1981-86 3.50 40,000 240,000 1987-88 3.60 40,OOQ 80,000 1989-90 3.60 90,000 18Q,.000 1991 3.60 100,000 100,000 600,000 ' 1962 Sewer Bonds Series C July l, ' 1981 3.60 15.000 15,000 1982-84 3.60 Z0,000 60,000 1985-86 3.70 �0,000 40,000 ' 1987- 3.70 25,000 25,00� ' 1988-91 3.75 25,000 100,00Q 240,000 I966 Librar.y Bonds January 1, ; 1981-82 4.50 10,d00 20,000 �' 1983-89 4.50 15,000 105,000 1990-91 4.50 20,Qd0 40,000 �; 1992 4.50 25,000 25,000 190,000 i' Total general obligat�on bonds payable $1,340,000 I� See accompanying summary oi accounting policies and no�es �o financial = statements. -27- � „ ,,.► ;■ � Exhibit EE � CITY OF CXRLSBAD SCHEDULE OF WATER REVENUE BONPS PAYABLE ' Ju�e 30, 1980 f � Amaunt Principal Due on Years ot Interest Due each �7une 30, Maturity Rate _ Year . 1980 Tatal , WA'x'ERWORKS REVENUE BONDS, 19�8 , July 1, � 1980-81 4.250 $ 35,000 $ 70,000 ' 1982-84 4.25 40,00� 120,000 1985 4.1�Q 40,000 ��0,000 1986-87 4.Z0 45,Q00 90�,000 1988 4.10 47,000 �7,000 $ 367,000 L�IA'I'ERWORKS RE�IENUE i BONDS, 1960• July 1, 1980-85 4.25 198?-88 4.00 � 1989 4.00 1990 3.875 ' WATERWORKS REVENUr� � BONDS, 1970 - Series A �'�uly 1, ' 1'980 6.00 1981 6.15 1982 6.30 � 1983 6.40 �� 1984 6.50 " 1985 6.60 �+ 1�86 6.70 ' 1987 6.80 f, 1988 6.90 1,939-90 6.00 i � Total water revenue bonds payable 10,U00 70,000 15,000 30,000 60,000 60,000 65,000 65,000 225,000 55,000 55,000 60,040 60,000 60,000 60,000 65,000 65,000 75,000 75,000 80,000 80,OQ0 $5,000 85,000 90,OU0 90,000 95, 000 95, i100 100,0�0 200,000 865,000 $1,457,000 See accompanying summary of accounting polici�s and notes to financial statements. -28- � a -. .; � # � � � e Licenses and Permiis: Construction permits Intergav�rnmental Revenue: Alcoholic beverage licenses Veh:i.cl.e l�.censes-in-lieu Grants Homeowners and business property taxes iiighway users tax Cigarette taxes Total Charges for Services: Zoning and subdivision fees Sale of maps and publications Plan checking fees Engineering fees Library £ees Ambula*�ce fees Refuse di:sposal charges Total �'ines and Forf�itures : Vehicl� code fines Earnings on Investments M7scellaneous: Reimbursed expenditures Sale o� property Other revenues Total (`TTV (.1r (`ART.�RAi,� SCHEDULE OF REVENUES - GENERAL FUND Xear ended June 30, 1980 Ta:ces : Property taxes Sa1es and use taxes ' Transient lodging taxes Franchis�s � Business Yicenses ; Real property transfer taxes Total � � i ; , , i � t i ; � r � � , f F � � E ¢ s ; � ` Total Revenues Exhibit F�' $2,475,987 2,969,586 578,233 175,257 242,342 116,�76 6,557,781 181,839 13,430 634,354 g6,412 18?,111 Z,170 7.35, 057 1,051,534 ?1,147 17,215 154,685 Z07; 548 iZ,2az 53,659 314,557 730,032 152,171 823r�14 32,556 34,590 34,113 101,259 $9,598,030 See accompanying summary of accounting policies and notes to financial s�atenients. -29- � ., � r ,�„r � f a 0 0 � i ! 3 i � E , ; � � � � i t � , i Exhi.bit GG CITY OF CARL5BAD SCHEDU�T.,E OF EXPENDZTURES AND ENCUMBRANCES - GENERAT, FUND Year ended June 30, 1980 General Gavernment: City Council City Manager Ci�y Clerk General government City Finance Director Ci.ty Treasurer City Attarney Personnel administration Planning Purchasing �arks and Rec.reation Library Non-departmental: Capital improvements Insurance and bonds Community promotion Auditing Dues and memberships 1911 Act ,expense Seni.or citizens Retirement Community assistance G�neral Fund support of gas tax prajects Contingencies Total Publ�c Satety: Police protection -Fire protection i3uilc�ing regulation Civil defense To tal Public Works: �Engi.neering Str�ets Mechanical maintenance Public works administya��on Utilities maintenance director Waste collection General government buildings Street lighting To tal �ease� Over Final (Under) Budqet Ac�ual Budqet $ 2�,501 128,603 88,943 140,051 $9,587 3,070 9I ,16 3 I08,551 �29,81Z 25,�16 817,958 680,368 387, 285 621,447 40,955 10,000 14 , 05Q 5,800 29,831. 766 , 354 4,800 55,OQ0 (55,000) 14,,211 (14,211) $ 25,845 141,361 83,509 153,017 78,708 3,072 93,279 lI2,i76 289,967 33,691 742,013 678,028 238,720 641,158 40,991 10,929 14,682 5,750 37,201 732, 348 4,800 $ 2,344 12,758 (5,434) Y2,966 (].0, 879) 2 2,116 3,625 (239,844) 8,175 (75, 945) (2,3�0) (98,565) 19,711 36 929 632 95 0 7,370 (34,006) -0 - 4,676,855 4,212,245 (464,610) 1, �l83, 359 1 f,'�5, 839 307,3�6 �. , 336 1,539,387 1, 228, 045 225 , 676 1,335 56,028 (7,794) (81,6 90) (1) 3,027,900 459,405 549,538 49,952 6 5, 87 3 30, 67.8 325,510 92 , 911 24 , 360 1,59�,167 231, 658 2, 994, 443 354 , 7:33 518,347 14,395 52, 042 30,169 340,544 71,551 24,360 1,4�16,141 225,754 (33,457) (104,672) (31,191} (35,557) (13,831� (449} 15,034 (21, 360 j -0- (192, 0261 (5,904) Total Expenditures and Encumbrances $9,534,58Q $8,838,583 $(695,997) S�e accompanying summary of accounting policies and notes to financial statements. -30- ,t ��