HomeMy WebLinkAbout1989-01-10; City Council; 9816; 1987-88 comprehensive annual finance reportCh OF CARLSBAD - AGENP"3ILL 27
HTG. 1/0/89
3EPT. 1987-88 COMPREHENSIVE ANNUAL FINANCIAL REPORT
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RECOMMENDED ACTION:
Accept the 1987-88 Comprehensive Annual Financial Report.
ITEM EXPLANATION:
Each year the Finance Department prepares an audited annual financial report for the City Council, City Manager and pub1 ic. This report provides a summary of the City's financial position on June 30 of each year, including cash balances, revenues, expenditures, fund balances, total assets, 1 iabil ities and a wealth of other information.
During 1987-88, the City staff of about 395 full-time employees provided a full range of City services to the 58,888 residents and many businesses in Carlsbad. Spending on all City programs totaled $48.6 million in 1987-88, down $6.3 million since 1986-87. This decrease is due to the large number of capital projects that were completed in 1986-87.
Total City revenues also fell during 1987-88 by $800,000, from $51.4 million to $50.6 million, a decrease of 1.6%. This change reflects the drop in capital project grants and development fees, which are partially offset by increases in property, sales and transient occupancy taxes.
The Finance Director's introductory letter provides an overview of the entire report.
FISCAL IMPACT:
The report addresses the present condition of the City, as well as a brief assessment of the City's economic outlook for 1988-89. The report itself has no fiscal impact.
EXHIBITS :
Comprehensive Annual' Financial Report for the Fiscal Year ending June 30,
1988, for the City of Carlsbad, California. (On file in the City Clerk's office.)
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
for the fiscal yesr ending June 30, 1988
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CITY OF CARLSBAD, CALIFORNIA
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COMPREHENSIVE
ANNUAL FINANCIAL REPORT
for the fiscal year ending JUNE 30, 1988
CITY OF CARLSBAD CALIFORNIA
MAYOR
Claude 'Buddy" Lewis
CITY COUNCIL
Am J. Kulchin Eric Larson
John J. Mamaux Mark V. Pettine
CITY MANAGER
Raymond R. Patchett
FINANCE DIRECTOR
James F. Elliott
Prepared by the Finance Department
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1988
TABLE OF CONTKNTS
Introductory Section
Table of Contents
Letter of Transmittal
Location Map
Certificate of Achievement for Excellence in
Financial Reporting Government Finance
Officers Association
Certificate of Award for Obtstanding Financial
Reporting California Society of Municipal
Finance Officers
List of City Officials
Organization Chart
Financial Section
Independent Auditors' Report
General Purpose Financial Statement s :
Combined Balance Sheet - All Fund Types and
Account Groups
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance - All
Governmental Fund Types
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
(Budgetary Basis) All Governmental Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings - All Proprietary
Fund Types
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1988
TABLE OF COZJTIWTS, CONTIl"UED
PAGE -
Combined Statement of Changes in Financial Position - All Proprietary Fund Types
Notes to Combined Financial Statements
Supplement Sect ion:
Governmental Funds:
General Fund:
Schedule of Revenues - Budget and Actual
(Budgetary Basis)
Schedule of Expenditures - Budget and Actual
(Budgetary Basis)
Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance
Combining Schedule of Revenue and Expenditures -
Budget and Actual (Budgetary Basis)
Debt Service Funds:
Combining Balance Sheet
Comb ining Statement of Revenue, Expenditure s
and Changes in Fund Balance
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
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102
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1988
TABLE OF C-TS, c(RsTIlYUED
Cap ita1 Project Funds :
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
and Changes in Fund Balance
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
Proprietary Funds :
Enterprise Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Combining Statement of Changes in Financial Position
Internal Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Combining Statement of Changes in Financial Position
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136
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140
Agency Funds:
Combining Statement of Changes in Assets and Liabilities 143
General Fixed Asset Account Group:
Schedule of General Fixed Assets by Function 145
Schedule of General Fixed Assets by Source 146
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1988
TABLE OF COIPTBJTS, COHTIRuD
PAGE -
STATISTICAL INFORMATION
(Not Cuvered by Auditors' Opinion)
General Expenditures by Function, Last Ten Fiscal Years
General Revenues by Source, Last Ten Fiscal Years
Ratio of General Bonded Debt to Assessed Valuation and
Net Bonded Debt Per Capita, Last Ten Fiscal Years
Computation of Legal Debt Margin
Schedule of Direct and Overlapping Bonded Debt
Ratio of Annual Debt Service for General Bonded Debt to
Total General Expenditures, Last Ten Fiscal Years
Revenue Bond Coverage - Water Bonds, Last Ten Fiscal Years
Demographic Statistics
Schedule of Assessed Valuation, Last Ten Fiscal Years
Construction and Business Activity, Last Ten Fiscal Years
Property Tax Levies and Collections, Last Eight
Fiscal Years
Special Assessment Billings and Collections, Last
Two Fiscal Years
Miscellaneous Statistical Information
Principal Employers, 1987-88
Principal Taxpayers, 1987-88
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TELEPHONE (619) 434-2867
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November 9, 1988
FlNA NCE DEPARTMENT
Honorable Mayor, City Council
and City Manager
City of Carlsbad
Carlsbad, California
We are pleased to present the 1987-88 Comprehensive Annual
Financial Report of the City of Carlsbad to the City Council and
the City Manager. This report includes financial statements of the
City, the Housing Authority of the City of Carlsbad, the Parking
and Building Authorities of the City of Carlsbad and the Carlsbad
Redevelopment Agency, as well as the opinion of our independent
certified public accountants, Peat Marwick Main & Co.
BACKGBOuIIp
Carlsbad is located about 35 miles north of the City of San Diego
on the southern California coast. The City is governed by a five
member City Council under the Council/Manager form of government.
Carlsbad is a general law city incorporated in 1952. The City
covers about 40 square miles and has a population of about 59,000. . Industries in the area include a major regional shopping center, 13
auto dealers, 22 hotels offering 1,825 rooms for tourist lodging,
aerospace manufacturing, electronics, several business and light
industry parks, and numerous land developers building single and
multi-family housing in a variety of community settings.
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SERVICES PROVIDED BY TEE CIm I
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The City provides the full range of municipal services normally
associated with a municipality including police, fire, parks and
recreation, library, planning and zoning, building and engineering,
various maintenance services and administration. The City also
operates two enterprise funds, one providing water service to the
residents of Carlsbad and the other providing sewer service to all
but a very small portion of the City. Solid waste collection is
provided through a franchise arrangement with a local refuse
collection service.
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In addition to the usual city services, Carlsbad offers a variety
of programs to help local residents and businesses. The City
operates a redevelopment agency that encompasses 0.4 square miles
of the downtown area, as well as a housing authority that provides
330 low and moderate income families with housing assistance. The
City's Literacy programs, funded through a state grant, provide
adult education to local area residents. Carlsbad's older
residents receive assistance through the City's senior citizen
programs. Also, the City provides major support for the Convention
and Visitors Bureau operated in cooperation with the Carlsbad
Chamber of Commerce. Finally, the City has reserved almost
$200,000 for support of the Arts, art programs, and the purchase of
works of art.
SI6Rl[FICAl!T EVERTS AND ACCOMPLISHMERTS
During 1987-88 the City experienced many significant events or
accomplishments that may not be evident from a review of the
financial statements. Some of the more important events are
summarized below.
Growth Control - 1987-88 was the first full year of operation under
the City's Growth Management Program. Under this program,
developers will be allowed to build only if infrastructure
improvements required to serve the development are financed and
constructed as a part of the development. Standards have been
established in eleven areas such as circulation, libraries, fire
protection, parks, drainage, water, sewers, and open space. An out
growth of this program is a long range capital improvement program
which covers the current year through build out of the City. This
program has had a significant effect on the building industry by
reducing the number of dwelling units Constructed in 1987-88 to 482
from the 1986-87 figure of 2,039.
Construction of Capital Projects - The City continued the emphasis
on construction of major infrastructure projects during 1987-88.
Although total capital spending has declined from the peak of $18
million reached last year, total spending remains well above
previous years. This years projects emphasized street and
circulation improvements and park construction.
Street and Traffic Circulation - The City's Growth Management
Program and concern for traffic safety were major factors that
caused the City to emphasize the street and circulation system
improvements in 1987-88. Many small road segments and
intersections were improved using a variety of funding sources.
Projects included Elm Avenue, La Costa Avenue intersections,
Palomar Airport Road, Park Drive, three 1-5 interchanges and
numerous traffic signals.
Palomar Airport Road - During 1987-88 the City engineering
staff laid the ground work for the construction of the Palomar
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Airport Road widening project. This work resulted in the sale
of $5.1 million in limited obligation bonds (1915 Act
Assessment District) in July 1988.
College Boulevard - In May of 1988, the City sold $9.5 million
of 1915 Act Assessment district bonds to finance the
construction of College Boulevard. Construction was completed
during 1987-88. When Palomar Airport Road is completed, these
streets will form major links in the City's circulation system
serving the industrial area near Palomar Airport.
Calavera Hills Park - The City completed construction of Phase
1 of Calavera Hills Park, a 10-acre park providing lighted ball
fields, tennis courts, tot lot and a picnic area to the
residents of northeast Carlsbad. Phase I1 of Calavera Hills
Park, which began construction during 1987-88, will provide an
additional 8 acres of ball fields, a gymnasium and community
building.
Fire Station #5 - The City began construction of fire station
#5 during late 1987-88. This project will provide fire
administrative offices, training facility and fire fighting
capability for the central portion of Carlsbad. Station
construction should be completed during 1988-89.
Hosp Grove - In an advisory ballot measure, the voters of
Carlsbad asked the City Council to provide for the acquisition
of 52 acres of eucalyptus trees and open space in order to save
the area from development. In June 1988 the City completed an
$8.7 million Certificate of Participation issue that funded the
acquisition of the grove and some minor street construction.
Transient Occupancy Tax Increases - In June of 1988 the voters
of Carlsbad approved a 2% rate increase in the City's hotel
room tax. Carlsbad's tax rate increased from 6% to 8%
effective July 1, 1988. This tax increase should provide an
additional $700,000 to $800,000 in revenue during the coming
fiscal year.
FIHARCIAL STATEMENT FORMAT
This report is designed to provide both summarized and detailed
information on the operation of each of the City's funds. The
report is organized as follows:
Financial Section - This section contains the combined
financial statements for all funds as
well as the notes to the financial
stat emen t s .
Supplement Section - This section provides more detailed
information on the activity within each
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fund including revenues, expenditures,
changes in fund balances, comparisons
to budget figures, and other related
data.
Statistical
Information - This section provides data on the City's fiscal
activity over the past ten years including
revenues, expenditures, debt, assessed value, and
demographic information.
ACCOUIFTIHG SYSTEM AND BUDGETARY COlVTROb
The City's accounting system is designed around a few basic
principles.
(1) The City is not one single entity. It is the total of many
entities, each with its separate function and legal
restrictions on the use of resources. In the private sector, a
corporation may have many "subsidiaries** which make up the
parent corporation; in the public sector, a city government may
have a variety of "funds" that provide the basis for separately
recording the financial data related to a specific activity. A
fund is an accounting entity with a complete set of
self-balancing accounting records. Each fund has been
established because of some restriction on the use of resources
received by that fund. This report includes the transactions
of all entities over which the City Council of the City of
Carlsbad has authority (as defined by the Governmental
Accounting Standards Board).
The City's accounting system operates on a modified accrual
basis for all governmental type funds. Governmental funds
include the General, Special Revenue, Debt Service and Capital
Projects F'unds. A modified accrual system is one where (a)
revenues are recorded when received in cash; (b) revenues are
accrued when they are both measurable and collectable within
the accounting period or soon enough after the end of the
period to pay liabilities of the period; and (c) expenditures,
other than interest or long-term debt, are recorded when
liabilities are incurred.
(3) The proprietary fund types (the Water Utility and Sewer
Enterprise Funds and the Internal Service Funds) use the
accrual method of accounting. Revenues and expenses are
recorded when earned and incurred, respectively.
(4) Internal controls exist within the accounting system to ensure
safety of assets from misappropriation, unauthorized use or
disposition, and to maintain the accuracy of financial record
keeping. These internal controls must be established
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(5)
consistent with sound management practices based on the
cost/benefit of the controls imposed. The cost of a control
should not be excessive in relation to its benefit as viewed by
City management. The internal controls in existence wjthin the
City's system are sufficient to ensure, in all material
aspects, both the safety of the City's assets and the accuracy
of the financial record keeping system.
Budgetary control is maintained through monthly reports on all
revenue and expenditure accounts as well as special reports
summarizing the financial position of the City. The City
Council has the authority to control the budget through
adoption of a formal budget at the beginning of each year and
by amending the budget as necessary through the year. Expenditures should not exceed budgeted figures. All
appropriations expire at year end unless specifically carried
into the new fiscal year by council action. The Carlsbad
Municipal Code requires that the Financial Director annually
prepare a budget for the City manager showing estimated
revenues and expenditures.
TOTAL CITY OPERATIOloS
During 1987-88 the City staff of about 450 full-time employees
provided a full range of city services to the 59,000 residents and
many businesses in Carlsbad. Spending on all City programs
totalled $48.7 million in 1987-88, down $6.3 million from 1986-87.
This decrease can be traced to the City's construction program for
major capital improvements which has dropped from the 1986-87 peak
levels to a more maintainable pace. These decreases are somewhat
offset by increased spending for debt service and general fund
services.
Revenues for 1987-88 totalled $50.7 million, a decrease of about
$1.8 million or 3.5% from last years total of $52.5 million. This
decrease is directly linked to two factors: (1) the Growth
Management Program has reduced development revenues significantly,
and (2) the City is not currently constructing any major capital
improvements using grant funds.
As the development climate in Carlsbad adjusts to the constraints
of growth management, related revenues should increase to levels
approximating the 1987-88 totals. Although the economy of the
region remains strong, it is not likely that Carlsbad will see
pre-growth management development activity again.
Carlsbad is entering 1988-89 in a fiscally sound position due to
the City Council's actions anticipating the down swing in
development activity and budgeting appropriately.
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The following report summarizes the revenues and expenditures (or
expenses) for the City of Carlsbad for the fiscal year ended
June 30, 1988.
Revenues for All Fund Tvves
(in thousands)
1987-88
Over (Under)
1986-87 X Change 1987-Sa 1986-87
General Fund $ 28,257 26,441 1,816 6.9%
Special Revenue
Funds 3 , 713 7,306 (3,593) (49.2)
Debt Service Funds 1,224 2 34 990 423.1
Capital Project
Funds 9,576 11 , 646 (2,070) (17.8)
Enterprise Funds(l) 4,400 3,991 409 10.2
Funds ( 3.524 2.897 627 21.6
Internal Service
Total Revenues $50.694 52.515 LLJ!LLu U)X
(1) Includes operating and non-operating revenues.
ExDenditures (or Exvenses) for All Fund Tvves
(in thousands)
1987-88
Over (Under)
1987-88 1986-87 1986-87 X Change
General Fund $ 25,533 23,350 2,183 9.3%
Funds 2,940 7,340 (4,400) (59.9)
Funds 12,188 18,279 (6,091) (33.3)
Special Revenue
Debt Service Funds 1,299 475 824 173.5
Capital Projects
Enterprise Funds(l) 3,364 2,796 5 68 20.3
Internal Service
Funds ( 3.405 2.769 636 23.0
Total Expenditures $ 48.229 55.009 0 (11.4)X
(1) Includes operating and non-operating expenses.
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6EReRA.L GOVEBHMERTAL FQlVcTIOlrlS
The General Governmental function includes the operations of the
General, Special Revenue, Debt Service and Capital Projects funds.
During 1987-88 revenue from all Governmental funds totalled $42.8
million, down $2.8 million from 1986-87; expenditures totalled
$42.0 million down $7.4 million from last year. A brief look at
these nunbers on a fund-by-fund basis is shown below.
General ?'una
The City's General Fund is used to record all revenues and
expenditures not specifically restricted by law or Council policy.
Major sources of revenue include property tax, sales tax, licenses
and permits, and changes for services. Major categories of
expenditure include police and fire services, libraries, parks,
street maintenance, and administrative functions.
General Fund revenues for 1987-88 totalled $28.3 million, up $1.8
million or about 6.9% over the 1986-87 revenue of $26.4 million.
This increase is due primarily to the following factors:
Property Tax Revenue - $8.6 millioq
Property taxes increased $1.3 million or 16.7% over 1986-87 due
to the volume of homes and businesses added to the tax roles
during the year. Although the rate of development slowed
during the year, the value of new construction and the rate of
resale remained high. Assessed valuation rose from $3.5
billion in 1986-87 to $4.0 billion in 1987-88, a 14.1% increase.
Sales Tax Revenue - $7.1 million
Sales tax revenue increased $641,000 or 9.9% during 1987-88.
This increase reflects the new car dealership and shopping mall
addition that brought increased sales to Carlsbad as well the
increased automobile sales reported statewide in 1987-88.
Vehicle License Fee Revenue - $1.8 Million
Vehicle license fee revenue increased by $227,000 or 14.0%
during 1987-88. The vehicle license fee is set and collected
by the State Department of Motor Vehicles. Although DMV cannot
readily provide statistics for the Carlsbad area, they indicate
that the growth in fee revenue is due to an increase in the
number of vehicles and a lowering of the average age of
vehicles owned by Carlsbad residents.
Transient OccuDancv Tax Revenue - $2.0 Million
Transient occupancy tax (hotel room tax) revenues rose by more
than $265,000 or 15.3% over 1986-87.
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Construction Permit Revenue - $0.7 Million
Construction permit revenue declined by $550,000 or 44.8% in
1987-88 reflecting the slowing in development activity. The
City's Growth Management Program began to affect the rate of
development in mid 1986-87 and was in full effect by late in
the year.
The following table summarizes General Fund revenues by major
category for 1987-88 and 1986-87:
General Fund Revenues
(in thousands)
1987-88
Over (Under)
% Change Category 1987-88 1986-87 19 8 6-87
Taxes $ 19,197 17,026 2,171 12.8%
Licenses and
Charges for Services 2,250 2,607 (357) (13.7) Permits 4,138 4,349 (211) (4.9)
Fines and Forfeitures 435 366 69 18.9
Interest 1,061 1,150 (89) (7.7)
Other 1.176 943 233 A!dP
Total $28.257 26941 11.816
to
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General Fund expenditures totalled $25.5 million for 1987-88, up
$2.2 million or 9.3% over 1986-87. This increase is due primarily
the following:
Public Safety
Spending on public safety programs totalled $10.1 million up
$0.6 million or 6.9% over 1986-87. This increase reflects
efforts to maintain full staffing and the opening of a new fire
station in southwest Carlsbad. Other cost increases have been
held to a minimum.
Public Works
Public Works program spending grew by $0.8 or about 18.5% in
1987-88. This increase is directly related to the City's street
overlay and maintenance program.
Culture and Recreation
Culture and Recreation spending rose $0.7 million or 17.2% over
1986-87 due to the opening of a new park in Southern Carlsbad
and increases in general operating costs for the Library and
Parks Departments.
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Total General fund expenditures are summarized in the table below:
General Fund ExDenditures
(in thousands)
1987-88
Over (Under)
% Change Catenory 1987-88 1986-82
General Government $ 5,698 5,639 59 1.0%
Public Safety 10,102 9,453 649 6.9
Public Works 4,820 4,067 753 18.5
Culture and
Recreation 4.913 4.191 722 xu
Total $25.533 23.350 2.183 243
SPECIAL BEVERW ms
The City's Special Revenue Funds, which account for the collection
and use of special or restricted revenues, received $3.7 million in
total revenues in 1987-88. This is a decrease of about $3.6 million
or 49% from the 1986-87 revenues of $7.3 million. This decrease is
a direct result of the receipt of a major grant for the
reconstruction of a bridge across the inlet to the Agua Hedionda
Lagoon, and the construction of a 3,200 foot seawall along Carlsbad
Boulevard during 1986-87. These grants were for specific projects
constructed in the prior year. The following table shows the major
components of Special Revenue Fund sources:
Special Revenue Funds Revenues
(in thousands)
Catenory 1987-88 1986-87
Taxes $ 1,414 1,323
Intergovernmental
Revenue 1,933 5,603
Charges for
Services 71 106
Interest 199 254
Other 96 20
Total
Expenditures $ 3.713 2.306
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1987-88
Over (Under)
1986-87 X Change
91 6.9%
(3,670) (65.5)
(35) (33.0)
(55) (21.7) 76 380.0
Expenditures from the Special Revenue Funds support a wide variety
of programs and projects. Some of the major uses of funds include:
Public works programs such as street maintenance and street
1 ight ing ,
o Cultural programs, including grants from the California Library
Services Act, and an Adult Learning program,
o Capital projects such as the Elm Avenue widening, Carlsbad
Boulevard widening and the Carlsbad Boulevard Seawall project,
o Welfare programs such as the HUD-sponsored Carlsbad Housing
Authority rental assistance program.
Spending in Special Revenue Funds totalled $2.9 million in 1987-88,
a decrease of $4.4 million or about 60% from 1986-87. As the table
below shows, major decreases were seen in the capital projects
category. This reflects the completion of several major grant
funded projects during 1986-87.
SDecial Revenue Funds ExDenditures
(in thousands)
1987-88
Over (Under)
Catenofp 1987-88 1986-87 1986-87 % Change
General Government $ 28 - 28 -
Public Works 556 534 22 4.1%
Culture and
Recreation 44.6 340 106 31.2
Capital Projects 325 5,144 (4,819) (93.7)
Welfare 1.585 1.322 263 Ua
CAPITAL PROJECTS F"JlS
Under the accounting definition used by the City, a capital projects
fund is one that accounts for the receipt and disbursement of monies
that are restricted for the acquisition or construction of capital
facilities (other than those financed by enterprise funds).
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Capital Projects funds for the City of Carlsbad include those
supported by the City's public facilities fee, park in-lieu (park
development) fees, drainage fees, traffic impact fees, bridge and
thoroughfare district fees, and general funds ear-marked for capital
purposes in the Capital Construction Fund. In addition, the capital
projects supported by the City's Redevelopment agency are included
in this group.
Revenue in the capital projects funds totalled $9.6 million, down
$2.0 million or 17.8% from the 1986-87 total of $11.6 million. This
decrease is due to a combination of factors, the most prominent of
which is the reduced revenues from fees charged to developers
building within Carlsbad. During 1987-88, the rate of development
slowed dramatically thereby reducing the collections from
development related fees.
CaDital Projects Funds Revenues
(in thousands)
1987-88
Over (Under)
Cateplorv 1987-88 1986-87 1986-87 g Channe
972 6 64 308 46.4 4; - 573 - Taxes $
Intergovernmental 573
Charges for Services 5,969 9,538 3,569 (37.4)
Interest 2,050 1,444 606 42.0
Other 12 - 12 -%
Spending on capital projects totalled $12.2 million, a decrease of
$6.1 million or 33% from 1986-87. This level of capital project
construction represents the fourth year of the City's major effort
which has provided more than $60 million in improvements. Projects
planned for 1988-89 could carry this trend into a fifth year with
more than $38 million of capital projects budgeted in the new year.
The City Council continues to set a high priority on the
construction of quality infrastructure improvements.
Some of the key projects completed during this year include:
o La Costa Avenue Intersection Improvements - The intersection of
La Costa Avenue and El Camino Real received major attention in
1987-88. Major road widening and traffic control improvements
were constructed to aid peak hour traffic flow through this area.
o Elm Avenue east of El Camino Real - The road segment of Elm
Avenue just east of El Camino Real was widened to four lanes to
provide safer and more efficient traffic flow.
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Calavera Hills Park - Phase I of Calavera Hills Park was
completed and Phase I1 began construction during 1987-88. This
park will include lighted ballfields, gymnasium, tot lot and
other amenities when completed.
Design of Fire Station #5 - The design phase of fire station #5
was completed in 1987-88. Construction of this headquarters
station is scheduled for the end of 1988-89. This station
serves the central portion of Carlsbad.
Design of Palomar Airport Road widening - The design of the
Palomar Airport Road project was completed in 1987-88 with
construction beginning in early 1988-89. Completion of this
six-lane prime arterial is scheduled for late 1988-89 or early
1989-90
CaDital Projects Funds ExDenditures
(in thousands)
1987-88
Over (Under)
Catenory 1987-88 19 8 6-87 1986-87 4: Channe
Capital Projects 10,892 17 , 888 (6,996) (39.1)X
Interest and Fiscal
General Government $ 253 2 251 -
Charges 1.043 389 654 U2L.A
Total $12.188 m (6.091) 133.3)X
DEBT SERVICB FURDS
The City's Debt Service funds record the payment of interest and
principal on the current portion of outstanding debt. At June 30,
1988, the total debt payable from non-enterprise sources was $33
million, comprised of Library, Sewer, Parking Authority and Building
Authority Bonds, Hosp Grove Certificates of Participation, College
Boulevard Assessment District 1915 Act Bonds and Redevelopment Tax
Allocation Bonds.
Revenues for 1987-88 reflect an increase of $990,000 over 1986-87.
This change is directly related to the City's issuance of the Hosp
Grove Certificates of Participation and the Redevelopment Agency's
Tax Allocation bonds during 1987-88, as well as the inclusion of the
College Boulevard Assessment District bonds in the City's debt
service funds.
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Debt Service Funds Revenues
(in thousands)
1987-88
Over (Under)
Category 1987-88 1986-87 1986-87 % Change
Taxes $ 1,111 136 975 716.9%
Interest 113 98 15 15.3
Total $L&3 223 48p 423.Z
Debt related expenditures also rose in 1987-88 because of the
additional debt issues. Further information on each bond issue is
included in the notes to the financial report.
Debt Service hmds ExDenditures
(in thousands)
1987-88
Over (Under)
Category 1987-88 1986-87 1986-87 X Change
Principal $ 300 2 65 35 13.2%
Inter e8 t 991 206 785 381.1
Other 8 - 4 4 1oo.o
Total 422 824 173.5%
The City's tax rate to support general obligation debt for 1987-88
dropped 19.7% from the 1986-87 rates. Increased assessed valuation
and a growing tax base made these decreases possible.
Property Tax Rates Supporting
General Obligation Bonds
Cat egon
Library Bonds
Sewer Bonds
Total
1987-88
Over (Under)
1987-88 1986-87 1986-87 X Change
.00047% .00069 ( .00022) (31.9)%
.00318 .00393 ( ,00075) (19.1)
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ENTERPRISE OPERATIONS
Carlsbad operates a Water Utility and a Sewer Enterprise Fund. An
enterprise fund is one where most or all of the costs involved are
supported by user fees. Within these funds the City uses many of
the accounting practices applicable to any commercial business
including the recording of depreciation of fixed assets and the
allocation of overhead costs from support services. User fees are
set on an annual basis to cover both operating costs and debt
service needs.
Revenue in the enterprise funds totalled $4.4 million, up $.4
million or about 10.2% from 1986-87.
Enterprise Funds
Total Operatinn and Ron-Ooeratinn Revenues
(in thousands)
1987-88
Over (Under)
Category 1987-88 1986-87 1986-87 % Channe
Water Utility $ 1,638 1,533 105 6.8%
Sewer 2.762 2_.458 304 12.4
Tot a1 $4.400 Lsl 409 UZ
Expenses in the Enterprise Funds totalled $3.4 million, up $0.6
million over 1986-87. This increase is primarily due to additional
charges for services provided by other City departments. During
this same period the number of accounts provided with water and/or
sewer service grew from 13,330 to 14,830, an increase of 1,500
accounts or 11.3%.
Enterprise Funds
Total Operatinn and Non-Operatinn Expenditures
(in thousands)
1987-88
Over (Under)
Catenorv 1987-88 1986-87 1986-87 % Channe
Water Utility $ 1,449 971 47 8 49.2%
Sewer 1.915 1.825 90 4.9
Total $3_.369 2.796 568 &La%
Water Revenue bonds outstanding at June 30, 1988, totalled
$482,000. There were no revenue bonds issued that are payable from
enterprise funds during 1987-88.
14
Internal Service Funds are used to account for services provided by
a city department for other city departments. As with an Enterprise
Fund, the source of revenue is user fees charged to the departments
receiving the service.
Self-Insurance Dronram--Workers' ComDensation and General Liabilitv
The City has been self-insured for Workers' Compensation since
September 1978. The activity for this program is recorded in the
Workers' Compensation Internal Service Fund. Workera' Compensation
claims for 1987-88 amounted to $403,000 compared to $189,000 in
1986-87, an increase of about $214,000 or 113%. The estimated
claims payable at year end were $420,000 up $205,000 or 95% over
last year's figure of $215,000. Unreserved retained earnings
totalled $828,000 at June 30, 1988.
The General Liability Self-Insurance Fund was established near the
end of 1980-81. Claims expense for 1987-88 totalled $855,000, up
$61,000 or 7.7%$ over the 1986-87 total of $794,000. The estimated
claims payable at year end were $1.2 million. Unreserved retained
deficit totalled $20,000 at June 30, 1988.
Central Garane
The City operates a central vehicle maintenance program servicing
both the rolling stock and small machinery. Operating costs for
this program were $866,000 for 1987-88, down $64,000 or 7% from the
1986-87 total of $930,000.
The City also operates a health insurance internal service fund for
collecting premiums, paying the insurance carrier, and holding
reserve funds. At June 30, 1988, total health insurance revenues
totalled $1,084,000.
The City's Data Processing internal service fund collects revenues
and expenses related to the providing of data processing services to
the City.
TRUST ARD AGENCY RRJDS
The City uses Trust and Agency Funds to account for assets held by
the City for other individuals, entities or governments. Typically
these funds relate to contractors' cash performance bonds, employee
payroll deductions, or deferred compensation accounts.
The City held a total of $5.4 million in Trust and Agency Funds as
of June 30, 1988, compared to $3.4 million at the end of 1986-87.
This increase of $2 million is due to several factors including; 1)
the deposit of an additional $300,000 into the City's deferred
compensatio? plans, 2) a net increase of more than $1.5 million in
contractor and miscellaneous deposits held by the City to guarantee
developer or contractor performance.
15
CASE WAHAGEMERI
The City Treasurer is charged with the responsibility of
safeguarding the City's assets, receiving all payments due to the
City and investing all inactive funds. During this year the City
Treasurer earned about $4.9 million in interest on investments in
all fund types from instruments earning from 0% to 9.4%, compared to
earnings of $4.2 million during 1986-87. Funds are invested in
various types of notes and certificates. At June 30, 1988, the
Treasurer had 100% of all available funds invested. The City's
total portfolio at year end was $76.2 million.
Below is a summary of cash and investments outstanding as of
June 30, 1988:
Amount Invested
Interest Rates (In Millions1
Cash
Certificates of Deposit
Other Deposits
Federal Agency Notes
Treasury Coupons
Corporate Notes
Commercial Paper
Bankers Acceptances
Miscellaneous Investments
0.00 - 6.883
6.10 - 9-10
7.68 - 7.80
7.26 - 8.83
7.49 - 8.22
7.45 - 9.40
7.84 - 7.84
7.78 - 7.83
4.00 - 8.12%
$ 1.0
23.0
11.5
13.4
3.6
5.4
1.0
1.3
16.0
Total $u
The City Council has adopted a comprehensive investment policy (as
required by State law) specifying the type and term of City
investments. This policy has allowed the City Treasurer flexibility
without endangering the safety, liquidity or yield of the total
port folio.
DEBT ADMIHISTRATIOH
The ratio of net bonded debt to assessed valuation and the amount of
bonded debt per capita are useful indicators of the City's debt
position to management, citizens and investors. This data for the
City for the year ended June 30, 1988 is as follows:
Ratio of debt to Debt
Amount Net Assessed Value Per. Caoita
Net general
bonded debt $ 550,000 0 01% $ 9.34
This debt represents obligations payable directly from a tax levy
applied to property within the City of Carlsbad. The City's general
bonded debt includes outstanding Library and Sewer bonds.
16
LIT¶IT - APPROPBIATIOIVS SUBJBCT TO Lm
In 1979, Proposition 4, the "Gam" initiative, was passed. The
purpose of this law is to limit government spending by putting a cap
on the total proceeds of taxes that may be appropriated each year.
This limit is increased each year through a formula that takes into
consideration changes in the Consumer Price Index and state
per-capita income. When a city reaches this limit, excess tax
revenues must be returned to the State or citizens through a process
of refimds, rebates, or other means that may be defined at that
time. The Gann limit for the City of Carlsbad has increased
steadily since 1979 and still provides the City with a comfortable
operating margin. The Gann limit for the City of Carlsbad for
1987-88 was $31.9 million, with appropriations of "proceeds of
taxes" of only $23.1 million. This allova the City a margin of $8.8 mi 11 ion
CITY OF CARLSBAD
PROPOSITION 4 APPROPRIATIONS LIMIT
VS APPROPRIATION OF PROCEEDS OF TAXES
Mlllkn 8 36 ---1
30 _........................................................................................................... A _-
I9 82 68 84 08 86 87 I8
Fbcal Year Ended June 30 = APPROP OF TAXE8 APPROP UMlT
17
ECOROMI C OUTLOOK
The City's Capital Improvement Program calls for the construction of
more than $200 million in improvements between now and buildout.
This program includes new parks, libraries, fire stations, streets
and other facilities to maintain the level of service offered to the
Carlsbad resident. This aggressive construction program will place
a burden on the operating budget that must be managed through
careful scheduling to match demands with resources. Uncontrolled,
demand would easily out-pace the City's ability to pay for services.
The expansion of retail sales facilities, the addition of up to six
new auto dealerships, and several small commercial centers, as well
as the construction of a major hotel in southern Carlsbad, provide
the much needed tax base to finance the growing service needs.
Further, the continued industrial development in the Palomar Airport
Industrial Park area will add to Carlsbad's economic health.
The citizens have also assisted in financing Carlsbad's future
operating needs by approving a 2% increase in the Transient
Occupancy Tax. This increase will provide more than $700,000 in
1988-89 toward general fund operating costs and even more in future
years.
The City's Growth Management Program holds the key to the timing of
many of the developments that will support the City through fees and
taxes. This program is designed to guarantee that no new
development occurs without careful planning of infrastructure and
services. This process will cause some development to be delayed or
revised in scope during the planning process, which in turn may
delay the City's ability to collect additional revenue.
Carlsbad's general outlook is for a healthy economy with tight
general fund budgets for the next two years as the Growth Management
Program begins to allow some key developments to occur. The years
following appear to offer expanding opportunities for the City
Council to enhance the service to the community.
ACIUVOWLBDGMERTS
This report has been a joint effort by many people from many
different areas of responsibility. The dedicated efforts of Sandra
Schmidt, Assistant Finance Director, and her accounting staff
deserve full credit for the preparation and contents of this
report. We appreciate Lisa Hildabrand and Robin Larson of Peat
Marwick Main t Co. for the professional way in which the audit of
this financial report was conducted. It has been a pleasure to work
with the Peat Marwick Main t Co. staff throughout this period.
18
The Government Finance Officers Association of the United States and
Canada (GFOA) and the California Society of Municipal Finance
Officers (CSMFO) awarded a Certificate of Achievement for Excellence
in Financial Reporting to the City of Carlsbad for its comprehensive
annual financial report for the fiscal year ended June 30, 1987. In
order to be awarded a Certificate of Achievement, a governmental
unit must publish an easily readable and sufficiently organized
comprehensive annual financial report, whose contents conform to
program standards. Such reports must satisfy both generally
accepted accounting principles and applicable legal requirements. A
Certificate of Achievement is valid for a period of one year only.
We believe our current report continues to conform to the
Certificate of Achievement Program requirements, and we are
submitting it to GFOA to determine its eligibility for another
certificate.
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21
Certificate of
I Fbr its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1987
A Gdkate of Achievament for Excellence in Financial
Reporting is presented by the Gavlemment Finance officers
Assodation of the United States and Canada to
Qovlemment units and public emplayee retirement
systems whose comprehensive annual financial
reports (-1 achi-thewt
StandardSinQovlemmentaccounting
and find reporting.
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Carlsbad, California
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Y t, cb
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.P".
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L
CITY OF CARLSBAD
ELECTED CITY OFFICIALS
Claude A. Lewis, Mayor Ann J. Kulchin, Mayor Pro Tem John J. Mamaux, Council Member Mark ‘V. Pettine, Council Member
Eric Larson, Council Member Aletha L. Rautenkranz, City Clerk William C. Ester1 ine, City Treasurer
ADMINISTRATION AND DEPARTMENT HEADS
Raymond R. Patchett, City Manager Frank Mannen, Assistant City Manager Martin Orenyak, Community Development Director Vincent F. Biondo, Jr., City Attorney
Ralph Anderson, Utilities/
David Bradstreet, Parks and . Clifford Lange, Library Director
James F. Elliott, Finance Director James Thompson, Fire Chief Ruth Fletcher, Purchasing Officer Robert Vales, Police Chief
Lloyd Hubbs, City Engineer
Michael Hol zmi 11 er,
Maintenance Di rector Planning Director
Recreation director Jerome N . Pi et i , Personnel Di rector
CHAIRPERSONS, COMMISSIONS AND BOARDS
Jeanne McFadden Camill e Mi tkevich
Marvin Cap Girard Anear Mary Melideo Mi 1 ton Cooper Tony Lawson Linwood J. Van Matt Hall Thelma Hays Joe Bear Roy B1 ackford
Robert Sheppard
24
Planning Commission
Personnel Board Bui 1 ding Authority
Parking Authority
Traffic Safety Commission
Library Board Parks and Recreation Commission
Senior Citizen Commission
Design Review Board Housing and Redevelopment Committee Arts Commission Historic Preservation Commission Cable Television Foundation
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KPMG Peat Marwick
Certified Public Accountants
Peat Marwick Main 8 Co.
North County Office:
2011 Palomar Airport Road
Carbbad. CA 92008
Telephone 619 931- 8700
Independent Audit or s Rep or t
The Honorable Members of'City Council
City of Carlsbad, California:
Telecopier 619 438-4298
We have audited the general purpose financial statements of the City
of Carlsbad, California, as of and for the year ended June 30, 1988,
as listed in the accompanying table of contents. These general
purpose financial statements are the responsibility of the City's
management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounte and disclosures in the general purpose financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to
above present fairly, in all material respects, the financial
position of the City of Carlsbad, California, at June 30, 1988, and
the results of its operations and the changes in financial position
of its proprietary fund types for the year then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The
combining, individual fund, and individual account group financial
statemnts and schedules listed in the accompanying table of contents
are presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of the City
of Carlsbad, California. Such information has been subjected to the
auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion, is fairly presented in all
material respects in relation to the general purpose financial
statements taken as a whole.
October 14, 1988
27
Assets
Cash and investments
Rec e iv ab le s : Loan
Taxes
Accounts, net
Accrued interest
Due from other funds
Due from other
government s
Advances to other
funds
Inventory, at cost
Prepaid expenses
Restricted assets:
Cash and
inv e st me nt s
Accrued interest
Investment in sewage
treatment facility
Property, plant and
equipment, net
Amount available in
debt service funds
Amount to be
provided for
retirement of
general long-
term debt
Total assets
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1988
Governmental Fund Types
Special Debt Cap it a 1
Notes General
4
13
12
6
5
$ 5,916,049
-
1,373,016
270,443
190,780
126,496
1,858,897
33,628
36 , 000
- -
-
-
-
Rev enu e
2,531,784
37,113
65,456
3,145
35,379
24,35 1
123,285
- -
107,189
- -
-
-
Service
4,933,392
2,112
36,000
43,4 10
-
-
-
- - -
- -
-
-
-
Projects
36 , 660,5 20
-
239,621
732,510
36 1,445
197,925
3,927,593 - -
$ 9,805,309 2,927,702 5,014,914 42,119,614
See accompanying notes to financial statements.
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. Proprietary
Fund Types
In tema 1
En te rpr ise
12,364,917
- -
1,687,419
161,907
99,614
-
170,705 -
4,093,067
50,816
17,659,728
10,611,3 13
Service
4,400,524
- -
16,849
56,785 -
-
- - -
- -
-
1,132,381
-
Fiduciary
Fund Type
Agency
5,349,069
- - -
2,154 -
-
- - -
- -
-
-
-
Ac c oun t Group s
General Long-
Fixed Assets Term Debt
41,642,337 -
4,9 78,9 14
Total
( Me m rand urn
Only)
72,156,255
37,113
1,680,205
2,746,366
851,860
448,386
123,285
5,786,490
204,333
143,189
4,093,067
50,816
17,659,728
53,386,031
4,978,914
- - - - 29,748,194 29 ,7 48,194
46,899,486 5,606,539 5,351,223 41,642,337 34,727,108 194,094,232
29
CITY OF CARLSBAD
Combined Balance Sheet
Liabilities
Accounts payable
Accrued wages payable
Due to other funds
Advances from other funds
Advances from other
g ov ernme n t s
Deposits payable
Deferred compensation
payable Estimated claims payable
Payable from
restricted assets:
Accrued interest
payable
Current portion of revenue
bonds payable
Deferred revenue
Bonds and notes payable
Spec ia 1 assessment debt
with governmental
c omit ment
Obligations under
capital leases
Total liabilities
Fund Equity
Contributed capita 1
Investment in general
fixed assets
Fund balances:
Reserved
Unreserved
Reserved
Unreserved
Retained earnings :
Total fund equity
Total liabilities
and fund equity
All Fund Types and Account Groups, Continued
June 30, 1988
Governmental Fund Types
Spec ia 1 Debt Capital
Notes General Revenue Service Projects
13
12
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11
9,11
15
14
14
14
14
904,613
999,674 27,772 - 17,000
24,351 69,049 - 255,372 - - - 5,786,490
$ 541,427 71,036 -
- 72,933 - - - - - 128,295
123,238 - - -
2,038,855 240,790 36,000 7,091,770
3,742,352 865,213 4,978,914 11,484,970
4,024,102 1,821,699 - 23,542,874
7 ,7 66,45 4 2,686,9 12 4,978,9 14 35,027,844
$ 9,805,309 2,927,702 5,014,914 42,119,614
See accompanying notes to financial statements.
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Fund Type
Proprietary
Fund Types
In terna 1
Enterprise Service
163
9 06
Ac c ount Group s
General Long-
Fixed Assets Term Debt
General
- - - - - - - -
Total
(Memorandum
Only)
3,356,633
1,109,243
448,386
5,786,490
Agency
5,155 - - -
1,736,239
39,891
99,614 -
72,933
4,277,512
-
61,121
-
4,088,096
1,257,972
1,673,457 1,257,972 - - - 1,673,457
- 123,238
157,000
2,070,778
322,532
- 157,000 - 2,456,943
23,455,000 23,777,532
9,550,000 9,550,000
1,7 22,108 1,7 22,108
34,7 27,108 55,769,447 5,351,223 4,487,175 1,796,526
15,466,067 2,2 16,839 - 17,682,906
41,642,337 - 41,642,337
- 2 1,07 1,449 - 29,388,675
- 520,437 - 28,018,981 - 138,324,785
520,437
26,425,807
42,412,311
-
1,593,174
3,810,013 41,642,337
41,642,337 34,727,108 194,094,232 5,351,223 46,899,486
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CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance
All Governmental Fund Types
For the year ended June 30, 1988
Genera 1
Revenues :
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Intere s t income Mi s c e 1 la ne ou 8
Total revenues
Expend i tu re s :
Current: General government
Public safety
Public works
Welfare Culture and recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses) :
Operating transfers in
Operating transfers (out)
Proceeds from sale of bonds
Contributions from property owners
Total other financing sources (uses)
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
See accompanying notes to financial statements.
32
$ 19,197,034
4,137,520
2,249,840
435,649
1,060,784
1,175,694
-
28,256,521
5,698,401
10,102,111
4,819,575
4,912,822
-
-
25,532,909
2,723,6 12
769,825
(535,864) - -
233,961
2,957,573
4,802,547
6,334
$ 7,766,454
Total (Memorandum
Only)
Spec ia 1
Revenue
Debt
Service
Cap ita 1
Projects
1,111,325 - 1,413,542
1,933,353
70,777
199,479
95,552
-
-
22,693,588
4,137,520
2,506,690
8,289,570
435,649
1,283,513
3,422,839
971,687 -
573,337
5,968,953
2,049,947
12,267
- - -
112,629 -
3,712.703 1,223,954 42,769,369 9,576,191
28,354 -
556,113
1,584,897
445,653
325,178
25 2,9 28 - - - -
10,891,657
-
1,043,415
5,988,144
5,375,688
10 ,102,111
1,584,897
5,358,475
11,216,835
300,250 .
2,033,753
300,250
990,338
1,299,049
(75,095
2,940.19 5
772,508
41,960,15 3
809,216
12,188,000
(2,6 11,809)
79,500
2,3 11,343
- 942.815 -
(769,825 - -
1,792,140
(1,878,540)
20,442,608 175,593
20,531,801
(572;851)
18 ,I3 1,265 175,593 ~
2,390,843
~ ~
(769,825) 18,676,8 22
2,683
2,684,229
2,315,748
2,663,166
4,978.9 14
-
16,065,013
18,969,165
35,027,844
(6,334)
21,341,017
29,119,107
50,460,124
- ~
2,686,912
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CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual (Budgetary Basis)
All Governmental Fund Types
For the year ended June 30, 1988
General Fund
Actual on Variance
Budgetary
Bas is
Favorable
(Un favorab le) Budget
Revenues:
Taxes
Licenses and permits
In te rg ov ernmen t a 1
Charges for services
Fines and forfeits
In te re st income
Mis c el lane ou 8
Total revenues
Expend it ure s :
Current:
General government
Public safety
Public works
We 1 fare
Culture and recreation
Capital outlay
Debt sen ice:
Pr inc ipal retirement
Interest and fiscal charges
To tal expenditures
Excess (deficiency) of
revenues over expenditures
Other financ ing sources (use 8) :
Operating transfers in
Operating transfers out
Proceeds from sale of bonds
Contributions from property owners
Total other financing
sources ( use s)
revenues and other financing
sources over expenditures and
other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
Excess (deficiency) of
$ 19,197,034
4,137,s 20
2,249,840
435,649
1,060,784
1,175,694
28,256,521
-
18,350,800
3,019,150
2,005,934
446 , 200
700,000
1,395,424
25,917,508
-
846,234
1,118,370
243,906
(10,551)
360 , 784
(2 19 , 7 30
2,339,013
-
5,661,067
10,048,500
4,798,341
4,846,661
-
-
7,670,568
10,004,203
6,607,385
5,036,862
-
-
2,009,501
1,809,044
190,201
(44,297)
-
-
29,3 19 ,O 18 25,354,569 3,964,449
(3,401,510) 6,303,462 2,901,952
769,825
(535,864) - -
1,311,524
(535,864) - -
(541,699)
233.961 (541,699) 775,660
(2,625,8501
2,941,380 -
5,761,763 3,135,913
2,941,380
6,334
$ 6,083,627
6,334
315,530 5,768,097
See accompanying notes to financial statements.
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I
Debt Service Fund6 Special Revenue Funds
Variance ~ Actual on
Budgetary
Bas is
Va ria nc e Actual on
Budgetary
Basis
Favorable
(Vn favorable)
Favorable
(Unfavorable) Budget Budget
1,111,325 - - - -
112,629 -
1,134,682 1,413,542 -
1,933,353
70,777
199,479
95,552
3,7 12,703
-
1,321,874
1,802,276
74,400
109,981
500
3,309,031
-
-
91,668
13 1,077
-
(3,623)
89,498
95,052
403,672
-
!25,131) 1,223,954 1,249,085
32,640
612,775
1,578,129
365,523
323,489
- 19,041
691,642
1,620,210
578,116
1,023,476
- (13,599)
78,867
42,081
212,593
699,987
-
300,250
1,001,0'25
1,309,736
(60,651)
300,250
990,338
1,299,049
(7 5,09 5
10,687
10,687
(14,444)
2,912,556
800,147
3,932,485
(623,454)
1,019,929
1,423,601
- - - -
79,500
2,311,343
-
-
79,500
2,311,343
-
-
(769,825) (769,825) 2,390,843 2,390,843
30,322 (1,393,279) 1,423,601 2 ,3 15,748 2,330,19 2 (14,444 1
2,537,289 2,537,289 - 2,663,166 2,663,166 - - - - - - -
2,567,611 1,144,010 1,423,601 4,978,914 4,993,358 (14,444 1
( Con t inued)
35
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and Changes in
(Budgetary Basis)
Fund Balance - Budget and Actual, Continued
For the year ended June 30, 1988
Capital Projects Funds
Variance
Fav o rab le
(Unfavorable)
Actual on
Budgetary
Basis Budget
Revenue 8 :
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits Interest income
Miscellaneous
Total revenues
Expenditure 8:
Current:
Genera 1 government
Public safety
Public works
We 1 fare
Culture and recreation
Capital outlay
Debt serv ic e :
Pr inc ipal retirement
Interest and fiscal charges
To ta 1 expend it ure s
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds from sale of bonds
Contributions from property owners
Total other financing
sources (uses)
revenues and other financing
sources over expenditures and
other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
Excess (deficiency) of ,
648,000 - -
4,624,000
591,519
-
-
323,687 -
573,337
1,344,953
1,458,428
12,267
3,712,672
-
$ 971,687 -
573,337
5,968,953
2,049,947
12,267
9,576,191
-
~~
5,863,5 19
252,928 - - - -
12,419,277
7,210 - - - -
36,020,820
(245,718) - - - -
23,601,543
(7 24,592) 318,823 1,043 ,415
36 , 346, a53 22,631,233 13,715,620
(30,483,334) (4 , 139,429) 26,343,905
942,815
(714,550)
18,131,265
175,593
942,815
(572,851)
18,131,265
175,593
-
141,699 - -
18.676.822 18,535,123 141,699
(11,948,211)
15,816,182 -
26,485,604 14,537,393
15,816,182
$ 30,347,241
(6,334) (6,334 1
26,479,270 3,867,971
See accompanying notes to financial statements.
36
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Total
(Memorandum Only) Var ia nc e Actual on Budgetary Favorable
Bas is Budget (Unfavorable)
22,693,588 21,455,356
4,137,520 3,019,150
2,506,690 1,802,276
8,289,570 6,704,334
435 ,649 446,200
3,422,839 1,5 15 ,903
1,283,513 1,395,924
42,769,369 36,339,143
5,955,096 7,705,280
10,048,500 10,004,203
5,411,116 7,299,027
1,578,129 1,620,210
5,212,184 5,614,978
12,742,766 37,044,296
1,238,232
1,118,370
704,414
1,585,236
(10,551)
1,906,936
(1 12,4 11
6,430,226
1,750,184
(44,297)
1,887,911
42 ,08 1
402,794
24,301,530
300,250 300,250 -
2,033,753 1 ,3 19,848 . (713,905)
43,281,794 70,908,09 2 27,626,298
(5 12,425) (34,568,949) 34,056,524
1,792,140 2,333,839 (541,699)
(1,878,540) (2,020,239) 141,699 20,442,608 20,44 2,608 -
175,593 175,593 -
20,53 1,80 1 20,931,801 (400,000)
20,019,376 (13,637,148) 33,656,524
23,958,017 23,958,017 -
43,977,393 10,320,869 33,656,524
37
CITY OF CARLSBAD
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings
All Proprietary Fund Types
For the year ended June 30, 1988
Operating revenues:
Metered water sales
Sewer service charges
Other charges for services
Mi 8 c e 1 lane ou 8
Total operating revenues
Operating expense s :
Per sonne 1 sen ices
Office expenses
Repairs and maintenance
Pro fe s s iona 1 sen ic e s
Insurance
Purchased water
Bad debt expense
Depreciation and amortization
Fuel
Supplies and parts
Claims expense
Total operating expenses
Operating income (loss)
Non-operating revenues (expenses) :
Interest income
Gain on sale of property
Interest expense and fiscal
Loss on disposal of property
agent fees
Non-opera t ing income
In terna 1
Enterprise Service
$ 1,056,722 -
1,934,262 -
217,066 3,195,222
16 1,840
3,208,066 3,197,062
1,060,089
141,968
731,380
885,521
20,064
4,198
150,765
249,247
330,557
191,215
94,699
34,621
-
203,299
162,570
131,236
2,257,063
3,243,232 3,405,260
(35,166) (208,198)
1,191,963 322,370 - 4,404
(29,096) -
(92,158) -
1,070,709 326,774
38
Total
(Memorandum
Only)
1,056,722
1,934,262
3,412,288
1,856
6,405,128
1,390,646
333,183
826,079
920,142
20,064
4,198
150,765
452,546
162,570
131,236
2,257,063
6,648,492
(243,364)
1,5 14,333
4,404
(29,096)
(92,158
1,397,483
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m
Income before operating transfers
Operating transfers in
Net income
Retained earnings at beginning
of year
Prior period adjustment (note 3)
Retained earnings at beginning
of year, as adjusted
Retained earnings at end of year
(note 14)
Enterprise
$ 1,035,543
1,035,543
8,121,299
17,789,402
25,910,701
$ 26,946,244
Internal
Service
118,576
86,400
204,9 76
1,388,198
1,388,198
1,593,174
Total
(Memorandum
On 1y 1
1,154,119
86,400
1,240,5 19
9,509,497
17,789,402
27,298,899
28,539,418
39
See accompanying notes to financial statements.
CITY OF CARLSBAD
Combined Statement of Changes in Financial Position
All Proprietary Fund Types
For the year ended June 30, 1988
Enterprise
Sources of working capital:
Operations :
Net inc ome $ 1,035,543
Items not requiring working capital:
Depreciation and amortization 249,247
Loss on disposal of property, plant
and equipment 92,157
Working capital provided
by operations 1,376,947
Increase in contributed capital 1,090,154
Contributions from other funds -
Total sources of working
cap it a 1 2,467,101
Uses of working capital:
Acquisitions of property, plant
and equipment 167,765
Decrease in long-term revenue
bonds payable 157,000
Increase in restricted assets 54,329 Increase in investment in sewage facility 167,624
Total uses of working capital 546,718
Net increase in working - cap it a 1 $ 1,920,383
Elements of net increase (decrease) in
unrestricted working capital:
Cash and investments 3,771,903
Ac c ou nt s r ec e iv ab le 297,906
Accrued interest receivable 65,709
Due from other funds 12,160
Advances to other funds (1,368,032)
Inventory 5,892
Accounts payable (824,368)
Accrued wages payable 7 00
Deposits payable (22,327)
Due to other funds (12,160)
Current portion of revenue bonds payable (7,000)
Estimated claims payable -
Net increase in
working capital . $ 1,920,383
See accompanying notes to financial statements.
40
In tema 1
Service
118,576
203,299
21,677
343,552 -
86,400
429,952
209,474
209,474
220,478
367,57 1
16,364
18,67 2 -
-
(12,5 21)
2,740
124,632
(296,980)
-
-
To ta 1s
(Memorandum
Only)
1,154,119
452,546
113,834
1,720,499
1,090,154
86,400
2,897,053
377,239
157,000
54,329
167 ,6 24
756,192
2,140,861
4,139,474
314,270
84,381
12,160
(1,368,032)
5,892
(836,889 1
3,440
(22,327)
112,472
(296,980)
(7,000
2,140,861
CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1988
(1) Summary of Significant Accounting Policies
The City of Carlsbad, California (the City) was incorporated
July 16, 1952. The City operates under a Council-Manager form
of government and provides the following services as authorized
by its charter: general government, public safety, public works, culture, recreation, and community development.
The accounting policies of the City conform to generally accepted
accounting principles as applicable to governmental units. The
following is a summary of the more significant policies:
(a) Description and Scope of the Reporting Entity
The Comprehens ive Annual Financ ial Report includes all
entities for which the City exercises oversight responsibility as defined by the National Council on
Governmental Accounting (NCGA) Statement No. 3 "Defining
the Reporting Entity". This responsibility includes, but
is not limited to, the authority to govern, manage, approve
budgets, and assume fiscal accountability.
The financial statements of the City include the financial
activities of the City of Carlsbad, the Housing Authority
of the City of Carlsbad, the Parking and Building
Authorities of the City of Carlsbad, the City of Carlsbad
Public Improvement Corporation and the Carlsbad Red eve lopment Agency . Their financial operations are
closely related and the City Council has a continuing
oversight responsibility over the entities. The oversight
responsibility is determined on the basis of budget
adoption, taxing authority, funding and appointment of the
g overn ing b oa rd .
The City also has an interest in a joint sewage treatment
facility known as the Encina Water Pollution Control
Facility. Since the City does not have significant
influence over the management or the operation of the
facility, it is excluded from the City's financial
s ta tement 8.
41
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies, Continued
(b) Basis of Presentation
The accounts of the City are organized on the basis of funds
or account groups, each of which is considered to be a
separate accounting entity. The operations of each fund or
account group are accounted for by prwiding a separate set
of self-balancing accounts that comprise its assets,
liabilities, fund balancelretained earnings, revenues, and
expenditures or expenses. The various funds and account
groups are summarized by type in the financial statements.
Fund types and account groups used by the City are as
fo 1 lows :
GOVERNMENTAL FUND TYPES:
Governmental Funds are used to account for the City's
expendable financial resources and related liabilities
(except those accounted for in proprietary and similar trust
funds). The measurement focus is upon determination of
changes in financial position. The following are the City's
governmental fund types:
General Fund
The general fund is the general operating fund of the
City. It is used to account .for all financial
resources except those required to be accounted for in
another fund.
Special Revenue Funds
Special revenue funds are used to account for revenues
derived from specific sources (other than major capital
projects) that are restricted by law or administrative
regulation to expenditures for specified purposes.
Debt Service Funds
Debt service funds are used to account for the
accurmlation of resources for, and payment of, general
long-term debt principal, interest and related costs.
42
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
Summary of Significant Accounting Policies, Continued
(b) Basis of Presentation, Continued
Capital Projects Funds
Capital projects funds are used to account for
financial resources to be used for the acquisition or
construction of major capital facilities other than
those financed by proprietary funds.
PROPRIGTARY FUND TYPES:
Proprietary funds are used to account for activities that are similar to those found in the private sector. The
measurement focus is upon determination of net income and
capital maintenance. 'The following are the City's
proprietary fund types:
Enterprise Funds
Enterprise funds are used to account for
operations (a) that are financed primarily through
user charges, or (b) where the governing body has
decided that determination of net income is
appropr ia te .
Internal Service Funds
Internal Service funds are used to account for
goods or services provided by one department to
other departments of the City on a cost-
reimbursement bas is.
FIDUCIARY FUND TYPE:
Fiduciary funds are used to account for assets held
by the City in a trustee capacity or as an agent for
individuals, private organizations, other govern-
mental units, and/or other funds. The following is
the City's fiduciary fund type:
Agency Funds
Agency funds are used to account for assets held
by the City in an agency capacity for individuals
and private businesses. They do not involve
measurement of results of operations.
43
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
Summary of Significant Accounting Policies, Continued
(b) Basis of Presentation, Continued
ACCOUNT GROUPS:
Account groups are used to establish accounting control and accountability for the City' 8 general fixed assets and general long-term debt. The
fo1lowing are the City's account groups:
General Fixed Assets Account Group
This account group is used to account for all
fixed assets of the City other than those
accounted for in the proprietary funds.
General Long-Term Debt Account Group
This account group is used to account for all
long-term obligations of the City except those
accounted for in the proprietary funds and trust
funds.
(c) Measurement Focus and Basis for Accounting
Governmental fund types are accounted for on a "spending"
measurement focus. Accordingly, only current assets and
current liabilities are included on their balance sheets,
and the reported fund balance provides an indication of
available, spendable resources. Operating statements for
governmental fund types report increases (revenues) and
decrease s ( expend i ture s) in avai lab le spend ab le res ource s.
The proprietary fund types are accounted for on an "income
determination" or ''cost of services" measurement focus.
Accordingly, all assets and liabilities are included on the
balance sheet, and the reported fund equity provides an
indication of the economic net worth of the fund.
Operating statements for proprietary fund types report
increases (revenues) and decreases (expenses) in total
economic net worth.
44
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summarp of Significant Accounting Policies, Continued
(C) Measurement Focus and Basis for Accounting, Continued
Fiduciary fund types are custodial in nature (assets equal
liabilities) and do not involve measurement of results of
operat ions.
Government and fiduciary fund types use the modified accrual
basis of accounting. Revenues are recognized when
susceptible to accrual, i.e., both measurable and available. Available means collectible within the current
period or soon enough thereafter to be used to pay
liabilities of the current period. In applying the
susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the
individual program are used as guidance.
Revenues that are accrued include real property taxes7 sales
tax, interest, and state and federal grants.
Real property taxes are levied on October 15 against owners
of record at March 1. The taxes are due in two
installments, on November 1 and February 1, and become
delinquent after December 10 and April 10, respectively.
Under the provisions of NCGA interpretation 3, property tax
revenue is recognized in the fiscal year for which the
taxes have been levied, provided it is collected within 60
days of the end of the fiscal year.
Governmental and fiduciary fund expenditures are recognized
when the liability is incurred except for principal and
interest on long-term debt, which is recognized when due.
Proprietary funds use the accrual basis of accounting, i.e.,
revenues are recognized in the period earned and expenses
are recognized in the period incurred.
(d) Encumbrances
Encumbrance accounting, under which purchase orders,
contracts and other commitments for the expenditure of
monies are recorded in order to reserve that portion of the
applicable appropriation, is employed as an extension of
45
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies, Continued
(d) Encumb ranc es, Continued
formal budgetary control in the governmental funds.
Encumbrances outstanding at year end do not constitute
expenditures or liabilities, but are reported as
reservations of fund balance for subsequent-year
expend it u re 8.
(e) Cash and Investments
Cash includes amounts in demand and time deposits.
Investments are stated at cost or amortized cost, except
for deferred compensation plan assets which are shown in an
agency fund at market value.
The City maintains a cash and investment pool. Interest
income earned as a result of pooling is allocated to the
appropriate funds based on average monthly cash balances.
Inventories
Inventories consist of materials and supplies that are valued
at the lower of average cost or market and are recorded as
expense 8 when c onsumed .
(g) Compensated Absences
Vacation pay is payable to employees at the the used or upon
termination of employment. Sick leave accrued but unused
is cumlative from year to year. For governmental funds,
the cost of accumulated vacation and sick leave expected to
be paid in the next 12 months is recorded as a fund
liability and amounts expected to be paid after 12 months
(if any) is recorded in the general long-term debt account
group. For proprietary funds, the cost of vacation and
sick leave is recorded as a liability'when earned.
(h) Self-Insurance
The City has been self-insured for general liability claims
since 1981 and for workers' compensation claims since 1978.
General liability exposure is accounted for in the General
Liability Self-Insurance Internal Service Fund. The Fund
is responsible for collecting interfund premiums from other
City funds and departments and paying claim settlements.
46
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies, Continued
(h) Se If -1nsura nc e, Continued
Interfund premiums are based on the insured funds' claims
experience. Claim settlement and loss expenses are accrued
in the Self-Insurance Fund for estimated reported claims.
The activities of the workers' compensation program are
accounted for in the Workers' Compensation Internal Service
Fund. The City's risk management department and a service
company administer the benefits. Funding is provided
through premium charges to the City's departments.
Past experience indicates that incurred but not reported
claims for both general liability and workers'
compensation, in the aggregate, do not represent a material
amount and, therefore, they have not been accrued at year-
end.
(i) Unbilled Services
Unbilled water revenue of the enterprise fund is recognized
as earned when the water is consumed.
(j) General Fixed Assets
General fixed assets are recorded as expenditures in the
governmental fund types and capitalized at cost in this
group of accounts. In the case of gifts or contributions,
such assets are recorded in general fixed assets at fair
market value at the time received.
Fixed assets consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters,
streets and sidewalks, and drainage systems, have not been
capitalized. Such assets normally are immovable and of
value only to the City. Therefore, the purpose of
stewardship for capital expenditures is satisfied without
rec ord ing the s e a s set s .
In the general fixed asset8 account group, construction-
in-process is transferred to buildings or improvements upon approval by the City Council which approTimates the
completion date.
No depreciation has been provided on general fixed assets.
47
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies, Continued
(k) Property, Plant and Equipment - Proprietary Funds
Property, plant and equipment used by proprietary funds is
stated at cost or historical cost. Contributed fixed
assets are recorded at fair market value at the time
received. Depreciation is charged to operations using a
straight-line method based on the estimated useful life of
the related asset. The estimated useful lives of the
assets are as follows:
Years
Buildings and improvements Sewer, sewer lines and wells 40
10 - 50
4 - 10
Transmission and distribution lines 40 - 70
Filters, pumps and fire hydrants 10 - 50
E qu ipme nt
Wells, reservoirs and dams . 10 - 100
(1) Deferred Revenue
The deferred revenue in the General Fund represents cash
received for a traffic signal that has not been constructed
and for the property taxes due but not available.
The deferred revenue in the Debt Service Fund relates to a
prepayment of lease revenue from the General Fund to the
Bui Id ing Authority.
The deferred revenue in the Enterprise Fund relates to
deposits or in-kind prepayments for services to be rendered
(e.g., sewer installation, etc. 1.
(m) Rec lassi ficat ions
In the current year, three funds have been reclassified from
special revenue funds to capital projects funds due to the
nature of the activity in the funds. This resulted in
reclassification of approximate-ly $489,000 from the
beginning fund balance in the special revenue funds to the
beginning fund balance in the capital projects funds.
48
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1 Summary of Significant Accounting Policies, Continued
Rec lass if ic a t ions, Con t inu ed
In addition, due to the implementation of Governmental
Accounting Standards Board Statement No. 6 "Accounting and
Financial Reporting for Special Assessments", the activity
from the special assessment districts has been reclassified
to capital projects and debt service funds from agency
fund s . This resulted in a decrease of beginning
liabilities in the agency funds of approximately $5,770,000
and an increase in the beginning fund balance of the debt
service funds of approximately $1,150,000 and of the
capital projects funds of approximately $4,620,000.
Total Columns
Total columns on the combined statements are captioned
"Memorandum Only" to indicate that they are presented only
to facilitate financial analysis. Data in these columns do
not present financial position, results of operations, or
changes in financial position in conformity with generally
ac c ep t ed acc ount ing pr inc ip le s . Such data is not
comparable to a consolidation since interfund eliminations
have not been made.
(2) Budgetary Data
The City follows these procedures in establishing its budgetary
data:
1. During May or June, the City Manager submits to the City
Council a proposed operating budget for all funds of the
City for the fiscal year commencing the following July 1.
The budget includes proposed expenditures and estimated
revenues on a departmental basis.
2. Public hearings are conducted at City Council meetings to
obtain citizens comments during June.
3. Prior to July 1, the budget is enacted legally through
passage of an appropriation resolution.
49
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(2) Budgetary Data, Continued
The City Manager is authorized to make transfers of appropriated
amounts within a fund and function for up to $15,000.
Revisions that alter the total appropriations of any fund or
function mst be appruved by the City Council. A mid-year
budget review is conducted each year. Any major changes to the
adopted budget are approved by the City Council at that time.
Budgets for all gwernmental type funds are adopted on the
modified accrual basis, except that encumbrances are treated as
budgeted expenditures in the year purchases are committed.
Expenditures may not exceed budgeted appropriations at the
departmental level. Unencumbered appropriations lapse at year
end.
For purposes of budgetary presentation, actual generally accepted
accounting principal (GAAP) expenditures have been adjusted to
include encumbrances outstanding at year end.
The following schedule is a reconciliation of the budgetary and
GMP fund balances:
Spec ia 1 Debt Cap ita 1
General Revenue Service Projects
Fund Funds Funds Funds -
Fund b a 1 a nc e-
budgetary basis $ 6,083,627 2,567,611 4,978,914 30,347,241
Encumb ranc es
outstanding at
year end 1,682,827 119,301 - 4,680,603
Fund balance-
GAAP basis $ 7,766,454 2,686,912 4,978,914 35,027,844
(3) Prior Period Adjustment
In prior years, the City had overstated operating expenses and
understated the Investment in Sewage Treatment Facility (the
Facility) by $768,000 due to the treatment of a cash
contribution to the Facility as an expense of the Sewer fund
50
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(3) Prior Period Adjustment, Continued
rather than as an increase in the investment. This
overstatement was corrected during the current year by an
adjustment to retained earnings at the beginning of the year
and a corresponding increase to the Investment in Sewage
Treatment Facility.
In addition, prior year's investments in the Facility had been
expensed and then recorded as an investment and contributed
capital rather than only as an increase in the investment,
thus, overstating contributed capital and understating retained
earnings. As of July 1, 1987 a reclassification of $17,021,402
was made from contributed capital to retained earnings.
Cash and Investments
The City maintains a cash and investment pool that is available
for use by all funds. Each fund type's portion of this pool is
displayed on the combined balance sheet as "Cash and
Investments". In addition, investments are held separately by
several of the City's funds.
Authority for Deposits and Investments:
The City's investment policy and State statutes authorize the
City to invest in obligations of the U.S. Treasury, its
agencies and instrumentalities, commercial paper rated A-1 by
Standard and Poor's Corporation or P-1 by Moody's Comercia1
Paper record, banker's acceptances with a maximm maturity of
270 days, repurchase and reverse repurchase agreements,
certificates of deposit with national and state licensed or
chartered banks or federal or state savings and loan
associations, money market and mutual funds whose portfolios
consist of one or more of the foregoing investments, and the
state treasurer ' s investment pool.
State statutes require that all deposits be insured or
collateralized. Depositories holding public funds on deposit
are required to maintain collateral in the form of a pool of
securities with the agent of the depository having a market
value of at least 10 to 50 percent in excess of the total
amount of all public funds on deposit.
51
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Cash and Investments, Continued
A summary of cash and investments is as follows:
Cash on deposit
Inv e8 t me nt 8
$ 35,497,056
40,752,266
76,249,322
Less restricted portion (4,093,067)
Unrestricted cash and investments $ 72,156,255
Deposits :
The following summary presents the amount of the City's
deposits which are fully insured or collateralized with
securities held by the City or its agent in the City's name
(Category One), those deposits which are collateralized with
securities held by the pledging financial institution's trust
department or agent in the City's name (Category Two), and
those deposits which are not collateralized or are
collateralized with securities held by the pledging financial
institution or its trust department or agent but not in the
City's name (Category Three) at June 30, 1988.
Category Category Category Total Bank Carrying
Two Three Balance Amount - One -
Cash $ 4,651,650 5,101,165 26,233,695 35,986,510 .35,314,496
Cash with
fiscal
agents - 182,560 - 182,560 182,560
$ 4,651,650 5,283,725 26,233,695 36,169,070 35,497,056
Investments :
The City categorizes investments according to the level of risk
assumed by the City. Category One includes investments that
are insured, registered or held by the City's agent in the
City's name. Category Two includes uninsured and unregistered
investments held by the counter-party's trust department or
agent in the City's name. Category Three includes uninsured
and unregistered investments held by t.he counterparty, its
trust department or its agent, but not in the City's name.
Certain investments have not been categorized because
52
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Cash and Investments, Continued
Investments , Con t inued :
securities are not used as evidence of the investment, These
uncategorized investments include ownership interests in mutual
funds and similar instruments. The surmnary below identifies
the level of risk assumed by the City and the total carrying
amount and market value of the City's investments.
Category Category Category - One Two Three Uncategorized
Local agency
investment
fund
U.S. 'Government
- 5,937,400 agency obligations$ 7,481,235
U.S. Treasury
securities - - 3,582,5 33
Corporate
notes 2,913,908 - 2,499,024
Bankers'
ace ep tanc es - - 1,258,449
Come rc ia 1
Paper Mutual funds
and other
Total $ 11,358,514 - 13,277,406
963,37 1 - -
- - -
12,032,000
4,084,346
16,116,346
At various times during the year, the City invested
No such investments were held at June agreements.
Total Market
Investments Value
12,032,000 12,032,000
13,418,635 13,018,710
3,582,533 3,650,942
5,412,932 5,349,836
1,258,449 1,265,272
963,37 1 964,592
4,084,346 4,084,346
40,7 52,266 40,36 5,698
in repurchase
30, 1988.
At June 30, 1988 two of the City's securities are held by a
brokerage firm which is being liquidated in bankruptcy court at
the request of the Securities Investor Protection Corporation.
The cost of the securities was $999,886. As the recovery of
any amounts in excess of the Securities Investor Protection
Insurance of $500,000 is uncertain, an allowance has been
provided for $499,886. The net amount of $500,000 is shown as
accounts receivable.
During June 1988, the City instituted a new policy to provide for
the safekeeping of all securities by a third party custodian to
prevent a similar occurrence in the future.
53
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(5) Property, Plant and Equipment
A summary of changes in the general fixed assets account group is
as follows:
Balance
July 1,
1987
Land $ 16,437,313 Bui Id ing s 16 , 11 6 , 6 26
Other improvements 1,051,492
Furniture and
equipment 3,565,160
Construction
-
in progress 1,649,417
B a lanc e
June 30,
1988 Additions Deletions -
430,152 - 16,867,465
1,626,331 - 17,742,957
125,897 - 1,177,389
1,087,469 397,869 4,254,760
167,296 216,947 1,599,766
Total $ 38,820,008 3,437,145 614,816 41,642,337
Construction in progress in the general fixed asset account group
is composed of the following:
Expended to
date at Required
Project June 30, Future
Authorization 19 88 Committed Financing
Senior Citizens
Conrmunity
Center $ 3,800,000 15,908 3,784,092 None
Recreation
Center and Gym . 1,948,000 1,300,217 647,783 None
Safety Center
Phase 3 1,760,000 111,572 1,648,428 None
Fire Station #l
and 92 Remodel 451,000 2,724 448,276 None
Safety Center
Phase 2 255 , 000 84,345 170,655 None
Boys and Girls Club
Pool Enclosure 117,362 85,000 32,362 None
$ 8,331,362 1,599,766 6,731,596
54
CITY OF CARLSBAD
Notes to Combined Financial Statements; Continued
Property, Plant and Equipment, Continued
A sunnnary of proprietary fund type property, plant and equipment
at June 30, 1988 follows:
Lad, water rights, rights-
Buildings and improvements
Wells, reservoirs and dams
Transmiss ion and distribution
Sewer, sewer lines and wells
Equipment and vehicles
Construction in progress
of-way
lines
Enterprise
Funds
$ 459,206
75,136
1,212,852
4,014,196
8,238,034
711,853
135,898
14,847,175
In tema 1
Service
Funds
- -
2,138,244 -
2,138,244
Less accumlated depreciation 4,235,862 1,005,863
Property, plant ad
equipment, net $ 10,611,313 1,132,381
(6) Joint Venture - Encina Water Pollution Control Facility
The Encina Water Pollution Control Facility (the Facility) is a
sewer system owned jointly by the Cities of Carlsbad and Vista,
the Leucadia County Water District, the Buena Vista Sanitary
District, the San Marcos County Water District and the
Enc in it as Sanitary Dis tr ic t . The Leucadia County Water
District is the operator and administrator of the facility and
is responsible for the management, maintenance and operations
of the joint system. Ownership percentages are determined by
joint agreement at the time the assets are acquired. As of
June 30, 1988, the City's ownership interest was approximately
25 x.
The latest available financial statements of the Facility, dated
June 30, 1987 show the following:
Total assets
To tal liab ili t ies
Fund balance
$ 73,342,308
1,622,753
Net change in fund balance $ -4,331,079
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(6) Joint Venture - Encina Water Pollution Control Facility
The Facility does not recognize net income or loss. Net
operating expenditures in excess of users' assessments are
treated as accounts receivable on the Facility's books and
charged to users' accounts in the following year. Conversely,
users' assessments in excess of net operating expenditures are
treated as a liability and credited against users' accounts,
also in the following year. Under this basis, net operating
expenditures for the Facility totaled $3,176,326 in fiscal year
1987. The net change in fund balance was attributed to plant
addit ions.
Retirement Plan
The City contributes to the California Public Employees
Retirement System (PERS), an agent multiple-employer public
employee retirement system that acts as a common investment and
administrative agent for part ic ipat ing public ent it ie s with in
the State of California. For the year ended June 30, 1988, the
City's payroll for employees cwered by the PERS was $7,928,765
' for miscellaneous employees and $4,371,792 for safety
employees. Total payroll for the same period was $14,097,448.
All full-time employees are eligible to participate as members of
the PERS. Benefits vest after an employee has been a member of
the plan for five years. Employees are eligible to retire
after the age of 50 with 5 years of credited service. Annual
retirement benefits are determined based on age at retirement,
the length of membership service and the amount of earnings
based on the highest thirty-six consecutive months average for
safety employees, and based on the highest twelve consecutive
months average for miscellaneous employees. The PERS also provides death and disability benefits. These bene fit
provisions and all other requirements are established by state
statute.
Employees are required to make contributions ranging from 7 to 9
percent of gross pay. The City is required to contribute the
remaining amounts necessary to fund the benefits for its
members, using the actuarial basis recommended by the PERS
actuaries and actuarial consultants and adopted by the PERS
Board of Administrat ion.
56
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7 Retirement Plan, Continued
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary
increases and step-rate benefits, estimated to be payable in
the future as a result of employee service to date. The
measure is intended to help users assess the funding status of
the PERS on a going-concern basis, assess progress made in
accunulating sufficient assets to pay benefits when due, and
make comparisons among employers. The measure is the actuarial
present value of credited projected benefits, and is
independent of the funding method used to determine
Contributions to the PERS.
The pension benefit obligation was computed as part of an actuarial valuation performed as of June 30, 1987. Significant
actuarial assumptions used in the valuation include (a) a rate
of return on the investment of present and future assets of 8.5
percent a year compounded annually, (b) projected salary
increases of 5 percent a year compounded annually, attributable
to inflation, (c) additional projected salary increases of 2
percent a year, attributable to seniority/merit, and (d) no
post re t irement bene fit increases .
The total unfunded pension benefit obligation applicable to the
City's employees was $2,303,246 at June 30, 1987 (the date of
the latest actuarial valuation), as follows:
Pension bene fit ob ligation :
Retirees and beneficiaries currently
receiving bene fit s and termina ted
employees not yet receiving
bene fits
Current employees:
Accumulated employee contributions
including allocated investment
earnings
Emp loy er financ ed-vest ed
$ 11,368,172
6,460,429
7,770,657
Emp loy er f ina nc ed-n onv e s t ed 559,521
Tota 1 pens ion bene fit obligation 26,158,779
cost (market value is $29,897,127) 23,855,533
Unfunded pens ion bene fit ob ligation $ 2,303,246
Net assets available for benefits at
57
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7 Retirement Plan, Continued
None of the total change in the Pension Benefit Obligation from
the prior year resulted from changes in benefit provisions or
in actuarial assumptions.
PERS uses the Entry Age Normal Actuarial Cost Method which is a
projected benefit cost method. That is, it takes into account
those benefits that are expected to be earned in the future as
well as those already accrued. According to this cost method,
the normal cost for an employee is the level amount which would
fund the projected benefit if it were paid annually from date
of employment until retirement. PERS uses a modification of
the Entry Age Cost Method in which the employer's total normal
cost is expressed as a level percentage of payroll. PERS also
uses the level percentage of payroll method to amortize any
unfunded actuarial liabilities. The amortization period of the
unfunded actuarial liability ends on June 30, 2000.
The significant actuarial assumptions used to compute the
actuarially determined contribution requirement are the same as
those used to compute the pension benefit obligation, as
previously described.
The actuarially determined employer and employee contributions
applicable to the City at June 30, 1988 were as follows:
Mi s c e 1 lane ou s
Employees
Covered
P ayro 11 Con tr ib u t ions
Required norma 1
cost
contribution $ 1,136,223 14.3%
Amortization of the unfunded
actuarial
accrued
Total required
Contributions made
Contributions ma-de
liability (6,184) - (0.1%)
14.2% - - contributions $ 1,130,039
by the City $ 721,677 9.1%
by the employees 408,362 - 5.1%
Total actual
14.2% - - contributions $ 1,130,039
58
Safety
Emp loy ee s
Cove red
Contributions Payroll
1,237,184 28.3%
304.714
1,541,898
984,703
557,195
1,541,898
7.0%
35.3%
22.5%
12.8%
35.3%
-
- -
- -
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7 Retirement Plan, Continued
Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due. Ten-
year trend information may be found in the California Public
Employees Retirement System Annual Report.
The following is three year trend information which gives an
indication of the progress made in accumulating sufficient
assets to pay benefits when due. The pension benefit
obligation was not calculated by PERS for the plan years 1986
and 1985, therefore some of the percentages noted below were
not available (NA) for disclosure:
1987 ,1986 1985 - -
Net assets available for benefits as a
percentage of pension benefit obligation 91.2% NA NA
Unfunded pension benefit obligation as a
percentage of annual covered payroll 18.7% NA NA
Actuarially determined employer
contributions as a percentage of
annual covered payroll 13.9% 16.2% 18.5%
(8) Deferred Compensation Plan
The City offers its employees a deferred compensation plan
created in accordance with Internal Revenue Code Section 457.
The plan, available to all City employees, permits them to
defer a portion of their salary until future years. Amounts
deferred may not exceed the lesser of $7,500 or 25% of a
participants' "includable compensation", as defined in the participation agreement. The deferred compensation is not
available to employees until termination, retirement, death, or
un fore seeab le emergency.
All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income
attributable to those amounts, property, or rights are (until
paid or made available to the employee or other beneficiary)
solely the property and rights of the City (without being
restricted to the provisions of benefits under the plan),
subject only to the claims of the City's general creditors.
Participant's rights under the plan are equal to those of
general creditors of the City in an amount equal to the fair
market value of the deferred account of each participant.
59
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(8) Deferred Compensation Plan, Continued
The City believes it has no liability for losses under the plan
but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is highly
unlikely that it Will use the assets to satisfy the claims of
general creditors in the future.
(9) obligations Under Capital Leases
In 1981, the City entered into an agreement with the City of
Oceanside to lease the public parking area surrounding a
regional shopping area. Under the terms of the agreement, the
City agreed to pay an aggregate amount of $700,040 including
interest at 10%. The annual principal and interest payments
are $70,000 through 1991 and $1 annually for each of the
remaining forty years. The City has the option to purchase the
leasehold at any time for the sum of $1. The leasehold
interest of $430,152 has been recorded in the City's general
fixed asset account group.
In August 1987, the City entered a sale and leaseback agreement
with a financial institution. Principal and interest payments
totaling $234,529 are to be paid each year through 1997. The
City's leasehold interest of $1,602,160 has been recorded in
the City's general fixed asset account group.
The following is a summary by year of future minimum lease
payments under capital leases (paid from the General Fund) and
the present value of minimm lease payments at June 30, 1988:
Year ending June 30,
1989
1990 199 1
1992
1993 Thereafter
Total minimum lease payments
Less amounts representing interest
Present value of minimum lease payments
Annual Minimum
Lease Payments
$ 304,529
304,529
304,529
234,5 30
234,530
1,055,414
2,438,06 1
715,953
$ 1,722,108
60
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(10) Obligations Under Operating Leases
In June 1988, the City's Redevelopment Agency entered into an
agreement to lease a parking lot from a private party. The
lease requires monthly rental payments of $3,085 for twenty
years.
The following is a schedule by year of future minimum rental payments required under the operating lease at June 30, 1988:
Total annual rent expense will be $37,020.
Year ending June 30,
1989
1990
199 1
1992
1993
Thereafter
Total minimum lease payments
Annu a 1 Renta 1 Expenses
$ 37,020
37,020
37,020
37,020
37,020
555,300
$ 740,400
(11) Long-Term Debt
The following is a summary of changes in long-term
year ended June 30, 1988:
Pr inc ipal
Balance July 1,
1987 -
General long-term
debt account
group :
Bonds and notes
Special assessment
pay ab le $ 3,045,000
debt with
g overnmenta 1
commitment 9,570,250
Ob ligations
under
capital
leases 221,897
12,837,147
Enterprise funds:
Waterworks revenue
b ond s 632,000
$ 13,469,147
Add it ionel
Obligations
20,690,000
1,602,160
22,292,160
22,292,160
Re t irement s
280,000
20,250
101,949
402,199
150,000
552,199
debt for the
Principal
B a la nc e
June 30,
19 88 -
23,455,000
9,550,000
1,722,108
34,727,108
482,000
35,209,108
61
.____
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
~~~~~~~~~~ ~
(11) Long-Term Debt, Continued
Long-term debt at June 30, 1988 is comprised of the following
individual issues :
Balance
June 30, 1988
General Long Term Debt
1962 Series A General Obligation Sewer Bonds,
principal due in amounts ranging from $40,000
to $50,000 on July 1 of each year through 1988,
interest payable on January 1 and July 1
at 3.5% per annum
1962 Series B General Obligation Sewer Bonds,
principal due in amounts ranging from $40,000
to $100,000 on July 1 of each year through 1991,
interest payable on January 1 and July 1 at
rates varying from 3.25% to 4.5%
1962 Series C General Obligation Sewer Bonds,
principal due in amounts of $25,000 on July 1
of each year through 1991, interest payable
on January 1 and July 1 at rates varying from
3.5% to 5.0% per annum
1966 Library General Obligation Bonds, principal
due in amounts ranging form $15,000 to $25,000
on January 1 of each year through 1992, interest
payable on January 1 and July 1 at rates
varying from 4.5% to 6.0%
General obligation bonds
1967 Carlsbad Building Authority Revenue Bonds,
principal due in amounts ranging from $25,000
to $35,000 on December 15 of each year through
1992, interest payable on December 15 and June 15
at 6.0% per annum
1969 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $75,000
to $125,000 on October 1 of each year through
1995, interest payable on October 1 and April 1
at rates varying from 6.0% to 6.4% per annum
$ 50,000
320,000
100,000
80,000
550,000
145,000
800,000
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CITY OF CARLSBAD
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Notes to Combined Financial Statements, Continued
(1 1 ) Long-Term Debt, Continued
Balance
June 30, 1988
1981 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $60,000
to $150,000 on February 1 of each year through
2001, interest payable on August 1 and February 1
at 8.0% per annum
Parking and building authorities
revenue b ond s
1988 Carlsbad Certificates of Participation,
principal due in amounts ranging from $115,000
to $815,000 on August 1 of each year through
2009, interest payable on August 1 and February 1
at rates varying from 5.25% to 7.6% per annum
1988 Carlsbad Housing and Redevelopment Conmission
Tax Allocation Bonds, principal due in amounts
ranging from $255,000 to $595,000 on April 1 of each year through 2003, a principal payment
of $2,890,000 on April 1, 2007, and a principal
payment of $3,950,000 on April 1, 2011, interest
payable on October 1 and April 1 at rates varying
from 5.5% to 7.55% per annum
Total Bonds and Notes Payable
1986 College Boulevard Assessment District Bonds,
principal due in amounts ranging from $20,550
to $910,000 on September 2 of each year through
2006 interest payable on September 2 and March 2 at rates varying from 5.75% to 8.0% per annum
Capital leases (note 9)
Total General Long-Term Debt
1,270,000
2,215,000
8,690,000
12,000,000
23 ,455 ,000
9,550,000
1,722,108
$ 34,727,108
63
--- ..____
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-Term Debt, Continued
Balance
June 30, 1988
Enterprise Fund Long-Term Debt:
1958 Waterworks Revenue Bonds, principal due
July 1988, interest payable on July 1 1988 at 4.1% per annum $ 47,000
1960 Waterworks Revenue Bonds, principal due in
amounts ranging from $15,000 to $65,000 on
July 1 of each year through 1990, interest
payable on January 1 and July 1 of each year at rates varying from 3.875% to 4.375% per annum 140,000
1970 Waterworks Revenue Bonds, principal due in
amounts ranging from $95,000 to $100,000 on
July 1 of each year through 1990, interest payable
on January 1 and July 1 of each year at rates
varying from 6.0% to 7.02 per annum 295,000
482,000
Less unamortized discount (2,468 1
Less current portion (157,000)
Total enterprise fund long-term debt $ 322,532
8
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-Term Debt, Continued
Debt service requirements to maturity for general long-term debt
are as follows:
1989
1990
1991
1992
1993 1994-1998
1999-2003 2004-2008
Thereafter
General
obligation
Bond s
$ 148,556
148,7 28 143,652
153,393
-
-
Parking and
Building Au thorit ie s
Revenue Bonds
318,294
307,231 340,200
326,000
316,650
466,000
1,200,200 - -
594,329
Less amounts
representing interest 44,329
3,274,575
1,059,515
Certificates of Participation
431,723
7 59,561 870,085
871,435
866,448
4,319,440 4,284,040
4,256,800
851,600
17,511,138
8,821,138
Tax Allocation
Bonds
871,352
871,352
1,132,352 1,133,328
1,137,938 5,721,232
5,806,054 5,816,260
3,561,180
26,129,048
-
Di s tr ic t Asse asment
Bond 8
915,886
914,455 915,880
975,430
973,180
4,848,928
4,8 04,47 2
3,806,400
-
-
18,334,631
Total
2,751,811
3,067,333
3,462,169
3,459,586
3,294,216 16,089,800
15,360,566 13,939,460
4,4 18,780
65,843,7 21
-
14,129,048 8,784,631 32,8 38,7 2 1
Total general long-term debt $ 550,000 2,215,000 8,690,000 12,000,000 9,550,000 33,005,000
Debt service requirements to maturity for the enterprise funds
are as follows:
Wa t e rwork s
Revenue
Bonds
1989
1990
1991
$ 178,460
172,718
169,259
520,437
Less amounts
representing interest 38,437
Total enterprise $ 482,000
65
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-Term Debt, Continued
The College Boulevard Assessment District Bonds were issued under
provisions of the Improvement Bond Act of 1915. The bonds were
issued to finance a public infrastructure improvements project
on College Boulevard. If a delinquency occurs in the payment
of the assessment installments, the City, at the end of the
fiscal year of delinquency, has a duty to transfer to the debt
service fund the amount of the delinquency out of available
funds of the City. Available funds consist of any surplus
funds of the City not required for lawful municipal
obligations. This duty of the City is continuing during the
period of delinquency, until reinstatement, redemption or sale
of the delinquent property. Even though neither the faith and
credit nor the taxing power of the City is pledged to the
payment of the bonds, the City is obligated in the manner
stated above. Accordingly these bonds have been recorded in
the general long-term debt account group of the City.
The City has a $1,000,000 line of credit to be used for overdraft
liabilities. During the year ended June 30, 1988, this line of
credit was not used.
(12) Advances To and From Other Funds
The following table shows amounts advanced from funds in the City
to other funds within the City at June 30, 1988:
Advances To:
Public
Fac ili t ie s
Cons t ruc t ion
Red ev e lop -
ment
Fund Fund Total -
Advances from:
General fund $ - 1,858,897 1,858,897
General capital
construction fund 1,050,000 2,877,593 3,927,593
To ta 1 $ 1,050,000 4,736,490 5,786,490
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(13) Due To and From Other Funds
The following table shows amounts due from funds in the City to
other funds within the City at June 30, 1988:
Due To:
Special Cap ita1
Revenue Projects Enterprise
Section 8 General
Hou 8 ing Capital Water
General Authority Construction Utility Sewer
Fund Fund - Fund - Fund - Fund -
Due from: General Fund $- 24,351 -
Special Revenue
Fundo:
Community
Dev e logme n t
Block Grant 58,083 -
Nu tr it ion 10,966 - Senior
Capital Project
Funds : - - - Federal Grant 57,447 -
Red eve lopme nt
Traffic Impact
- - 67,302 - - - - 130,623 - - Project
Enterprise Funds:
Water Utility - - - - 88,340
Sewer Fund - - - 11,274 -
Total 197,925 11,274 88,340
67
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(14) Fund Balances/Retained Earnings
The following is a summary of reserved and unreserved fund
balances and retained earnings as of June 30, 1988:
Governmental Fund Types
Special Debt Cap ita 1
Fund Balances General
Reserved for:
Prepaid
expenses $ 36,000
Inventory 33,628
Debt service 131,000
Adv anc e s to
other funds 1,858,897
Subsequent
Encumbrances 1,682,827
expenditures -
3,742,352
Unreserved :
Designated for approved
capital projects 27,127
Undesigna ted 3,996,975
4,024,102
Total fund balances $ 7,766,454
Reserved for debt service
Unreserved - undesignated
Total retained earnings
Revenue Service Projects
107,189 - - - - - - 4,978,914 2,876,774
- - 3,927,593
638 ,7 23 - -
119,301 - 4,680,603
865,213 4,978,914 11,484,970
1 ,125,620 - 18,548,799
696,079 - 4,994,075
1,821,699 - 23,542,874
2,686,912 4,978,914 35,027,844
Propr ie ta ry
Fund Typ es
Internal
Enterprise Service
$ 520,437 -
26,425,807 1,593,174
!$ 26,946,244 1,593,174
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
~
Fund Balances/Retained Earnings, Continued
Reserves for prepaid expenses, inventory, subsequent expenditures
and advances to other funds are established to show that
certain assets are already committed to other purposes and are
not available for discretionary expenditures.
Reserves for encumbrances represents comitments related to
unperformed contracts for services and undelivered goods.
Reserves for debt service represents resources legally restricted
to the payment of general long-term debt principal and interest
maturing in future years.
Unreserved-undesignated represents the fund balance or retained
earnings remaining after reduction €or reserved and designated
fund balances or retained earnings.
As of June 30, 1988, the funds with a deficit in fund
balance/retained earnings were:
Fund Deficit
Capital projects:
Federal grants
Redevelopment pro jec t
Internal service:
Genera 1 1 iab i li t y se 1 f in sura nc e
$ 58,897
3,139,548
20,341
Also, the following funds had an excess of expenditures (on a
budgetary basis) Over appropriations:
Spec ial revenue :
Mortgage Revenue Bonds
Capital projects:
Redevelopment Pro jec t
69
$ 16,953
31,105
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(15) Changes in Contributed Capital
(16)
Con tr ib u ted c ap it a 1 ,
July 1, 1987
Prior period adjustment (note 3)
Contributed capital, as
ad ju s t ed
Addit ions:
Cash
Fixed assets
Con tr ibu ted cap it a 1 ,
June 30, 1988
Enterprise
Funds
$ 31,397,315
(17,021,402)
14,375,913
792,856
297,298
$ 15,466,067
In te rna 1
Service
Fund s
2 , 2 16,839
2,216,839
2,216,839
Segment Information for Enterprise Funds
The City maintains two enterprise funds that provide water and
sewer services. Segment information for the year ended
June 30, 1988, is as follows.:
Operating revenues
Operating expenses :
Depreciation and
amortization
Other
Operating income (loss)
Non-operating income, net
Net inc ome
Capital c on tr ibu t ions :
Beg inning balance
Prior period adjustment
Current year addit ions
(note 3)
End ing balance
Water Total
Fund Funds Fund
Utility Sewer Enterprise
$ 1,242,720 1,965,346 3,208,066
- -
123,185 126,062 249 , 247
1,211,340 1,782,645 2,993,985
(91,805) 56,639 (35,166) 280,049 790,660 1,070,709
$ 188,244 847,299 1,035,543
$ 2,425,080 28,972,235 31,397,315
- (17,021,402)(17,021,402) - 1,090,154 1,090,154
$ 2,425,080 13,040,987 15,466,067
70
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
~~
(16) Segment Information for Enterprise Funds
Water Total
Fund Funds Fund
Utility Sewer En te rp r is e - 7 Property, plant and
equipment (at cost) : Addit ions $ 6,038 161,727 167,765
Deletions 134,805 14,831 149,636
Net working capital $ 554,329 11,836,368 12,390,697
Bonds :
Payable from operating
322,532 - 322,532
Payable from other sources 159,468 - 159,468
$ 482,000 - 482,000
Total assets $ 10,259,278 36,640,208 46,899,486
Total liabilities 2,372,624 2,114,551 4,487,175
Total equity $ 7,886,654 34,525,657 42,412,311
rev enu e s
(17) Assessment District Bond Issues
As of June 30, 1988, the City had two series of Assessment
District Bonds outstanding in the amount of $642,797. These
bonds were issued under the provisions of the Improvement Bond
Act of 1911 and were used to finance public infrastructure
improvement projects.
Subsequent to June 30, 1988, the City issued a series of
Assessment District Bonds under the provisions of the
Improvement Bond Act of 1915 in the amount of $5,133,940.
These were also used to finance public infrastructure
improvement projects.
For the bond issuances noted above, the City is not obligated in
any manner for the payment of debt service in the event of
default by the property owners but is only acting as agent for
the property owners in collecting the assessments, forwarding
the collections to bondholders, and initiating foreclosure
proceedings, if appropriate. Accordingly, no liability for
these bond issuances has been recorded in the General Long-Term Debt Account Group and any debt service transactions have been
recorded in an Agency fund. .
71
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(18 Cont ingenc ies
(a) Single Family Mortgage Revenue Bonds have been issued to
provide funds to purchase mortgage loans secured by first
trust deeds on newly-constructed and existing single-family
residences. The purpose of this program is to provide low
interest rate home mortgage loans to persons of low or
moderate income who are unable to qualify for conventional
mortgages at market rates. Multi-Family Housing Revenue
Bonds are issued to provide construction and permanent
financing to developers of multi-family residential rental
projects located in the City to be partially occupied by
persons of low or moderate income.
The balance of the revenue bonds outstanding under this
program as of June 30, 1988 is $52,135,000.
The bonds, together with interest thereon, are limited
obligations of the City payable solely from bond proceeds,
revenues and other amounts derived solely from home
mortgage and developer loans secured by first deed of trust, irrevocable letters of credit, and irrevocable
surety bonds. In the opinion of City officials, these
bonds are not payable from any revenues or assets of the
City, and neither the full faith and credit nor the taxing
power of the City of Carlsbad, the State of California, nor
any political sub-division thereof, is obligated to the
payment of the principal or interest on the bonds.
Accordingly, no liability has been recorded in the General
Long-Term Debt Account Group.
(b) The City is defendant in certain legal actions arising in the
normal course of operations. In the opinion of management
and legal counsel, any liability resulting from these
actions will not result in a material adverse effect on the
City's financial position.
72
Supplement Section
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GENERAL FUND
To account for all financial transactions net accounted for in other
funds. The majority of current operation expenditures of the City
other than property funds are financed through revenues received by the
General Fund.
73
CITY OF CARLSBAD
General Fund Schedule of Revenues - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1988
Budget
Variance
Favor able
(Unfavorable)
Actual on
Budgetary
Basis
Taxes :
Property taxes
Property tax reimbursements
Sales and use taxes
Transient lodging taxes
Franchise taxes
Real property transfer
Cigarette taxes
Trailer coach in-lieu tax
taxes
$ 8,565,244
234,419
7 , 128,461
1,995,447
679,405
680 , 244
21,619
(521,539)
595,447
(48 , 595)
7 , 885 , 000
212,800
7 , 650,000
1,400,000
728 , 000
391 , 232
177 , 383
25,443
116,232
7 , 383
(4 , 557)
275 y 000
170,000
30 , 000
Total taxes 846.234 19,197,034 18,350,800
Licenses and permits:
Vehicle licenses (in-lieu)
Construction permits
Business licenses
License tax on new
construction
Other
1,846,532
671 , 779
616,278
1 , 560,550
499 , 600
598,000
285 , 982
172,179
18,278
648,010
(6,079)
998,010
4 , 921
350,000
11,000
Total licenses and
permits
Charges for services:
Zoning and subdivision fees
Sales of maps and publications
Plan checking fees
Engineering fees
Library and parks and
recreation fees
Police service fees
Ambulance fees
Environmental impact studies
City property damage
Other
4,137,520 3 , 019,150 1 , 118 , 370
(21,969)
25 , 735
158,782
(69,176)
58,031
57,382
711,282
182,599
80 , 000
31,647
552,500
251,775
670,082
371,786
37 , 248
17,486
108,589
35,355
667,095
12,249
312,500
15,000
5 , 563
77 , 605
2 , 987
23 , 106
59,286
22,248
11,923
30 , 984
Total charges for
services 2,249,840 2,005,934 243 , 906
Totals, carried forward 25,584,394 23,375,884 2,208 , 510
74
Totals , brought forward
Fines and forfeits:
Vehicle code fines
Other
Total fines and forfeits
Interest income
Mi s c e 1 lane ou s :
Reimbursed expenditures
Sale of property
Rents
Other
Total misc ellane ou 8
Total revenues
Actual on
Budgetary
Basis
$ 25,584,394
435 , 108
541
435,649
1,060,784
93,595
1,702
5,276
1,075,121
1,175,694
$ 28,256,521
Budget
23,375,884
446,200 -
446,200
700,000
159,049
15,000 4,244
1,217,131
1,395,424
25,917,508
Variance
Favorable
(Unfavorable)
2,208,5 10
(11,092)
541
(10,551)
360,784
(65,454)
(13,298) 1,032
(142,010)
(219,730)
2,339,013
75
CITY OF CARLSBAD
General Fund
(Budgetary Basis)
For the year ended June 30,
Schedule of Expenditures - Budget
Current:
General government:
City council
City manager
City clerk
Researchfanalysis group
City attorney
Finance
City treasurer
Information systems
Purchasing
Insurance
Personnel
Planning
Community promotion
Senior citizens programs
Community assistance
Weed abatement
Capital improvement
Building maintenance
Lease
Development processing
service
Community development
Contingency
Other
Total general government
Public safety:
Fire protection
Police protection
Building inspection
Civil defense
Total public safety
Totals, carried forward
Actual on
Budgetary
Basis
109,121
308 , 886
32,485
180,055
234 , 937
715 , 162
28,213
308,021
261,411
167,550
412,067
908,681
200 , 000
115,827
46 , 500
1,924
5,163
496,403
70 , 106
366,062
277,108
415,385
5,661,067
3,593,836
5 , 578,990
769,029
106,645
10,048,500
15,709,567
and Actual
1988
Budget
130,618
355,563
83,996
201,121
249 , 232
761,401
27,380
389,367
274,981
191,155
421,940
1,069,211
202,000
151,392
46,500
93,900
5,163
616,013
300,000
382,874
471,393
691,623
553,745
7,670,568
3,717,717
5 , 407,718
767,938
110,830
10,004,203
17,674,771
Variance
Favorable
(Unfavorable)
21,497
46,677
51,511
21,066
14,295
46,239
81,346
13,570
23 , 605
9,873
160,530
2,000
35,565
91,976
* 119,610
229,894
(833)
-
-
16,812
194,285
691 , 623
138,360
2,009 , 501
123,881
(171,272)
(1,091)
4,185
(44 , 297)
'1,965,204
(Continued) .
76
Actual on
Budgetary
Basis-
Totals, brought forward $ 15,709?567
Public works:
Engineering
Streets
Maintenance
1,949,058
2,392,817
456,466
Total public works 4,7 98 , 34 1
Culture and recreation:
Parks and recreation 2,930,075
Library 1 , 768,017
Civic arts 148 , 569
Total culture and
recreation 4,846,661
Total expenditures $ 25,354,569
Budget
17,674,771
2,154,204
3,936,872
516 , 309
6,607 , 385
3 , 113,505
1,768,103
155 , 254
5,036,862
29,319,018
Variance
FavoraSle
(Unfavorable)
1 965,204
205 , 146
1,544,055
59,843
1,809,044
183,430
86
6,685
190,201
3,964 , 449
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SPECIAL REvElow ms
Civic Arts Program
To account for transfer from the General Capital Construction Fund to
support the civic arts program.
Community Development Block Grant
To account for federal block grant for community development.
Gas Tax
To account for receipts and expenditures of money apportioned under
Streets and Highways Code Section 2106, 2107 and 2107.5 of the State of
California.
Library Audio Visual Insurance
To account for revenue received and expenditures on rental of audio-
visual material.
Low and Moderate Income Housing
To account for money administered by the Carlsbad Redevelopment Agency
for designated low and moderate income housing.
Mortgage Revenue Bonds
To account for money available to the City for expenditures incurred
due to Mortgage Revenue Bonds.
Police Asset Forfeiture
To account for money received by the City under a federal program
distributing property confiscated from illegal activities.
78
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Section 8 Housing Authority
To account for Federal grants for low and moderate income housing
supplemental payments. ~ ~~ ~
Senior Nutrition
To account for money received and expenditures for senior programs
under the Older Americans Act.
State Grants
To account for State of California grants including Library Literacy,
CLSA and Department of Transportation grants.
Street Lighting
To account for revenue received and expenditures made from property tax assessments for street lighting.
79
Assets
Cash and investments
Rec e iv ab le 8 :
Loan
Taxes
Ac c ou nt 8
Accrued interest
Due from other funds
Due from other governments
Prepaid expenses
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet
June 30, 1988
Civic Arts
Program
$ 205,974
-
2,557 -
Total assets
Liabilities and Fund Balance
Accounts payable
Accrued wages payable
Due to other funds
Advances from other governments
Total liabilities
Fund b a lanc e :
Reserved for prepaid expenses
Reserved for subsequent expenditures
Reserved for encumbrances
Unreserved :
Designated for approved capital projects
Undesigna ted
Total fund balance
Total liabilities and fund balance
80
$ 208,531
7,500
7,500
9,862
191,169
201,031
$ 208,531
Library
Audio
Visual
In su ra nc e
96,091
Low and
Mod e ra t e
Inc m
Hou s ing
Community
Development
Block
Grant
Mor tg age
Revenue
Bonds . - Gas Tax
551,066 40,037 378,525 581,649
37,113 - -
-
59,905
6,842
-
- -
58,082 -
617,813 40,535 598,428 97,284 473,720
10 2 58,083
- -
32,354
- -
4,089
-
617,813 -
383,283 - 476,296
118,043
-
40,535 97,182
40,535 617,813
617,813
97,182 415,637
473,720
598,428
40,535 97,284 598,428
(Cont hued)
81
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet, Continued
June 30, 1988
Assets
Cash and investments
Receivables :
Loan
Taxes
Ace oun t s
Accrued interest
Due from other funds
Due from other governments
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liab i li t ie s :
Accounts payable
Accrued wages payable
Due to other funds
Advances from other governments
Total liabilities
Fund b a la nc e :
Reserved for prepaid expenses
Reserved for subsequent expenditures
Reserved for encumbrances
Unre served :
Designated for approved capital projects
Undes ig na ted
Total fund balance
Total liabilities and fund balance
82
~-
Police
Asset
Forfeiture
$ 38,174
- -
9,424
-
29,224
Section 8
Housing
Au thority
Street
Lighting
Senior
Nutrition
State
Grants
284,340
Total
292,709 2,531,784 41,739 21,480
37,113
65,456
3,145
24,351
123,285
107 , 189
35,379
-
5,551
3,145
3,339 - - -
- -
6,559 -
24,351 sa ,644
107,189
304,744 2,927,702 288,037 28,039 231,923
12,701
4,085 - -
30,505
5,043 - -
7,109
872
10,966 -
71,036
27,772
69,049
72,933
13,119
17,772
72,933
-
240,790 35,548 16,786 18,947 103,824
107,189
. 638,723
119,301
107,189
20,910 -
- -
58,362 5,210
266,041 - 1,125,620
696,079
-
210,834
-
9,092
2,686,912 269,196 271,251 9,092 128,099
231,923 2,927,702 304,744 288,037 28,039
83
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1988
Civic
Arts
Prog ram
Revenues:
Taxes
In te rg ov ernme nta 1
Charges for services
In tere st inc om
Miscellaneous
$- - -
14,320 -
Total revenues
Expenditures:
Current :
General government
Public works
Welfare
Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing uses - operating transfers out
Excess (deficiency) of revenues over
expenditures and other financing uses
Fund balance (deficit) at beginning of year
Fund balance at end of year
14,320
40,856
(26,536)
(26,536)
227,567
$ 201,031
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Audio
Visual
In su ra nc e
Low and
Moderate
Income
Hous ing
Community
Dev e lopme n t
Block
Grant
Mortgage
Revenue
Bonds Gas Tax
689,324 - -
80,501 -
242,921 - -
33,969 -
-
103,204
19,291 -
- -
69,827
6,611 -
- -
3,673 -
276,890 3,673 76,438 122,495 769,825
16,953
(13,280)
72,841
3,597
-
103,244 221,934
276,890 547,891
(769,825)
(221,934) 3,597 (13,280)
53,815
276,890
340,923
617,813
19,251
396,386
415,637
820,362 93,585
40,535 97 , 182 598,428
(Continued)
85
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditure8 and
Changes in Fund Balance, Continued
For the year ended June 30, 1988
Police
Asset
Fo r fe i tu re
Revenues :
Taxes
In te rg overnme nta 1
Charges for services
Interest income
Mi s c e 1 la ne ou s
Total revenues
Expenditures :
Current:
General government
Public works
Welfare
Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing uses - operating transfers out
Excess (deficiency) of revenues over
expenditures and other financing uses
Fund balance (deficit) at beginning of year
Fund balance at end of year
$- - -
1,440
45,012
46,452
11,401
35,05 1
35 ,05 1
3,597
$ 38,648
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____-- . __
Section 8
Hou s ing
Au th or i tx Senior
Nu tr it ion
Street
Light in&
State
Grants Total
481,297
950
17,683
-
-
1,413,542
70,777
95,552
1,933,353
199,479
-
1,480,178
-
81,476
-
268,495
17,354
-
- 4,637
44
-
50,496
3,712,703 499,930 285,849 1,484,859 131,972
28,354
556,113
1,584,897 445,653
325,178
-
1,462,305 - -
-
331,956 -
2,940,195.
772,508
(769,825 1
556,113 331,956 122,592 1,462,305
(56,183) (46,107 22,554 - 9,380
2,683 (56,183)
325,379
(46,107
317,358
271,251
9,380
(288 1
9,092
22,554
105,545
128,099
2,684,229
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual
(Budgetary Basis)
.~
For the year ended June 30, 1988
Civic Arts Program
Actual on Var ianc e
Revenues :
Taxes
In terg overnmenta 1
Charges for services
In tere s t inc ome
Misc el lane ou s
B udg e ta ry
Basis
$- - -
14,320 -
Budget
- - -
15,000 -
Fav orab le
(Unfavorable)
To ta 1
Expend i tu re s :
Current:
General government
Public works
Welfare
Culture and recreation
Capital outlay
To tal expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses) :
Operating transfers in
Operating transfers out
To ta 1 other financ ing
sources (uses)
Excess (deficiency) of revenues
and other financing sources over expenditures and other financing
uses
14,320
- - -
50,718 -
15,000
- - -
160,000 -
50,718
(36,398)
- -
160,000
(145,000)
- -
~~
109,282
108,602
- -
-
$(36,398)
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(145,000) 108,602
Conrmunity Development
Block Grant
Actual on Variance
Budgetary Favorable
Basis Budget (Unfavorable)
Gas Tax
Va r ia nc e Actual on
Budgetary
Bas is Budget
Favorab le
(Unfavorable)
689,324 675,050 - - 14,274 - -
55,501 -
- - -
103,204 - 103,204
19,291 - 19,291
- - -
- - - 80,501 25,000
769,825 700,050 69,775 122,495 - 122,495
702,318 133,477 321 ,,158, 187,681 190 ,O 12
133,477 187,68 1 702,3 18 512,306 321 , 158 190,012
(10,982) (321,158) 579,813 (2,268) 582,081 310,176
(769,825 ) (7 69,825 -
(769,825) (769,825) -
(10,982) (321,158) 310,176 (190,012 1 (772,093) 582,08 1
89
~__ ..
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Library Audi’o Visual Insurance
Actual on Variance
Budgetary Favorable
Basis Budget (Unfavorable)
Revenues :
Taxes
In t e rg overnme nta 1
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures :
Current: Ge ne ra 1 g ove rnme n t
Public works
Welfare Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses) :
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
69,827 50,400 19,427
6,611 5,000 1,611
76,438
- -
69,305 -
69,305
7,133
55,400
-
73,563 -
73,563
(18,163)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses $ 7,133 (18,163)
21,038
-
4,258 -
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4,258 I
I 25,296
I -
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Low and Moderate
Income Housing Mortgage Revenue Bonds
Actual on Variance Actual on Va r i a nc e
Budgetary Favorable Budgetary Favorable Basis Budget (Unfavorable) Basis Budget (Unfavorable)
242,921 162,000 80,921 - - - - -
33,969 14,981 18,988 3,673 3,673
276,890 176,981 99,909 3,673 - 3,673
16,953 - (16,953) -
(16,953) 16,953
(13,280) (13,280) 276,890 176,981 99,909
- (13,280) (13,280) 276,890 126,981 99,909
(Continued)
91
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CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Police Asset Forfeiture
Actual on Va r ia nc e
Budgetary Favorable
Basis Budget (Unfavorable)
Rev enu e s :
Taxes
Intergovernmental
Charges for services
Interest income
Mi s c e 1 lane ou s
1,440 - 1,440
45,012 500 44,512
Total revenues 46,452 5 00 45,952
Expenditures :
Current :
General government
Pub 1 ic works
Welfare
Culture and recreation
Capital outlay
3,354 - -
$ 15,687
-
19,041 - -
I 3,354 To tal expenditures 19,041 15,687
30,765
Excess (defic.iency) of revenues
over expenditures I 49,306 (18,541)
Other financing sources (uses) :
Operating transfers in
Operating transfers out I -
Total other financing
sources (uses) I -
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses (18,541 $ 30,765 49,306
92
Section 8 Housing Authority Senior Nutrition
Actual on Variance Actual on Variance
Favorable Budgetary Favorable
Budget (Unfavorable) Basis Bu dg e t (Un f av ora b 1 e
Budgetary
Basis
-
29,095
-
(31,246)
- -
1,480,178 1,451,083 - -
4,637 20,000 44 -
81,476 112,722
(15,363)
44 50,496
19,250
50,496 -
13,776 131,972 112,722 1,484,859 1,47 1,083
- -
1,459,532 - -
- -
1,493,197 - -
- -
118,597
-
8,416 118,597 127,013 1,459,532 1,493,197 33,665
(14,291) (22 ,I 14) 27,666 13,375 47,441 25,327
13,375 (14,291) 25,327 (22,114) 47,441 27,666
(Continued)
93
1 CITY OF CARLSBAD
Special Revenue Funds I
I
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued (Budgetary Basis)
For the year ended June 30, 1988
State Grants I Actual on Variance
Budgetary Favorable
Basis Budget (Unfavorable)
Revenues:
Taxes
Intergovernmental
Charges for services
In tere s t inc ome
Misc e llane ous
268,495 238,47 1 30,024
17,354 - 17,354 I - -
Total revenues 238,471 47 , 378 285,849
Expend i tu re s :
Current :
General government
Public works
Welfare
Culture and recreation
Capital outlay
- -
245 ,5 00 - I -
99,053
-
344,553 -
I 99,053 Total expenditures 344,553 245,500
Excess (deficiency) of revenues
over expenditures I 146,431 (106,082) 40 , 349
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses $ 40,349 (106,082) 146,431 I
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Street Lighting To ta 1s
Actual on Va r ia nc e Actual on Vat ia nc e Budgetary Favorable Budgetary Favorable Basis Budp; e t (Un f av orab le) Basis Budget (Unfavorable)
481,297 484,824 (3,527) 1,413,542 1,321,874 91,668 - - - 1,933,353 1,802,276 131,077
17,683 30,000 (12,317) 199,479 109,981 89,498 - - - 95,552 500 95,052
499,930 538,824 (38,894) 3,712,703 3,309,031 403,672
950 24 , 000 (23,050) 70,777 74,400 (3,623)
612,775 691,642
612,775 691,642
(112,845) (152,818)
- 32,640 19,041 (13,599)
78,867 612,775 691,642 78,867
1,578,129 1,620,210 42,081 - 365,523 578,116 212,593 - 323,489 1,023,476 699,987
-
78,867 2,912,556 3,932,485 1,019,929
39,973 800,147 (623,454) 1,423,601
- (769,8 25 ) (7 69,825 -
- - - (769,825) (769,825) -
( 1 12,845 (15 2,8 18 39,973 30,322 (1,393,279) 1,423,601
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DEBT SERVICE FUHDS
Library Bonds
To accumulate prop rty t xes specifically levied for payment of debt
service on the 1966 Library General Obligation Bonds.
Sewer Bonds
To accumulate property taxes specifically levied for payment of debt
service on the 1962 Series A, B and C Sewer General Obligations Bonds.
Parking Authority
To account for receipts received by the Parking Authority from the
General Fund for payment of debt service on 1969 and 1981 Parking
Authority revenue bonds.
Bui Id ing Authority
To account for receipts received by the Building Authority from the
General Fund for payment of debt service on the 1967 Building Authority
revenue bonds.
Hosp Grove COP' s
To account for payment of debt service on the 1988 Certificates of
Participation issued to purchase Hosp Grove.
College Boulevard
To accumulate property assessments levied for payment of debt service
on 1986 College Avenue Assessment District Bonds.
Redevelopment Bonds
To account for payment of debt service on 1988 Tax Allocation Bonds
issued to finance improvements for the Carlsbad Redevelopment Agency.
97
CITY OF CARLSBAD
Debt Service Funds
Combining Balance Sheet
June 30, 1988
Assets
Cash and investments
Rec e ivab le s :
Taxes
Account 8
Accrued interest
Total assets
Liabilities and Fund Balance
Liab ili t ie a :
Deferred revenue
Total liabilities
Fund balance - reserved for debt service
Total liabilities and fund balance
Library
Bond s
$ 8,939
385
89
$ 9,413
-
- s- -
9,413
$ 9,413
98
Sewer
Bonds
112,254
1,727
1,288
115,269
-
-
115,269
115,269
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Parking . Building Hosp Grove
Au th or5 ty Au th ori t y COP'S
1,105,052 89,039 1,030,168
- - - - 36,000 - - 26,774 3 25
1,131,826 125,364 1,030,168
- 36,000
- 36,000
1,131,826 89 , 364
1,131,826 125,364
1,030,168
1,030,168
99
College Redevelopment
Bonds Total - Boulevard
1,374,388 1,213,552 4,933,392
- - 2,112 - - 36 , 000 - 14,934 43,410
1,374,388 1,228,486 5,014,914
- - 36,000
- - 36,000
1,374,388 1,228,486 4,978,914
1,374,388 1,228,486 5,014,914
CITY OF CARLSBAD
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1988
Sewer I Library
Bonds Bonds
Revenues:
Taxes
Interest inc ome
$ 21,436
321
21,757
102,207
106,112 Total revenues
Expenditures :
Current:
Debt service :
Genera 1 government
Principal retirement
Interest and fiscal charges
105,000 I
9,871
15,000
2,621
114,871 1 Total expenditures
Excess (deficiency) of rwenues over expenditures
17,621
(8,759) I 4,136
Other financing sources:
Operating transfers in
Proceeds from sale of bonds
Total other financing sources
Excess (deficiency) of revenues and other
financing sources over expenditures (8,759) 4,136
124,028 Fund balance at beginning of year 5,277
Fund balance at end of year $ 9,413
115’269 I
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Hosp Grove College Red ev e lopme n t
COP' 8 Boulevard Bonds Park ing
Au th or i t y
B ui Id ing
Authority Total
1,111,325
112,629
- 987,682 - - - 16,676
-
85,217 6,5 10
1,223,954 16,676 987,682 6,5 10 85,217
8,461 5,541 2,920
300,25 0
990,338
- 20,250 -
69,083 739,125 28 2
69,083 759,375 28 2
(69,083) 228,307 16,394
25,000
9,450
135,000
159,906
297,826
(212,609)
1,299,049 39,991
(75,095) (33,48 1)
43,500 - 36,000 - 79,500
2,311,343
- - -
1,099,251 - 1,212,092
2,390,843 1,099,25 1 - 1,212,092 36,000 43,500
228,307 1,228,486 1,030,168 2,315,748 (169,109) 2,5 19
1,300,935 86,845
1,131,826 89,364
2,663,166 - 1,146,081 -
1,228,486 1,030,168 1,374,388 4,9 78,9 14
101
CITY OF CARLSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1988
Library Bonds
Actual on Var ianc e
Revenues:
Taxes
Intere st income
Total revenues
Expenditures : Current :
Debt service :
General government
Pr inc ipal ret irernent
Interest and fiscal charges
To ta 1 expenditure s
Excess (deficiency) of revenues
Over expenditures
Other financing sources:
Operating transfers in
Proceeds from sale of bonds
Total other financing
sources
Excess (deficiency) of revenues
and other financing sources over
expenditures
Budgetary Basis
$ 21,436
321
2 1,757
-
15,000
2,621
17,621
4,136
- -
-
$ 4,136
102
Favorable
Budget (Unfavorable)
27,000 (5,564)
1,000 (679)
28,000 (6,243)
15,000 -
4,276 1,655
19,276 1,655
8,724 (4,588)
8,724 (4,588)
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Sewer Bonds Parking Authority
Actual on Va r ia nc e Actual on Variance
Budge t a ry Favorable Budgetary Favorable
Basis Budget (Unfavorable) Basis Budget (Unfavorable)
102,207 120,000 (17,793) - - -
3,905 5,000 (1,095) 85,217 85,217 -
106,112 125,000 (18,888) 85,217 85,217 -
105,000 105,000
9,871 18,903
114,871 123,903
(8,759) 1,097
(8,759) 1,097
- 2,920 2,920
- 135,000 135,000
9,032 159,906 159,906
9,032 297,826 297,826
(9,856) (212,609) (212,609)
43,500 43,500
43,500 43,500
(9,856 (169,109) (169,109)
(Continued )
103
CITY OF CARLSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
B u i Id ing Au th or it y
Actual on Variance I Budgetary Favorable
Basis Budget (Unfavorable)
Rev em e s :
Tax e s
In tere st income 6,5 10 6,510
6,5 10 6,5 10 Total revenues
Expenditures :
Current:
Debt service:
General government
Pr inc ipal re t ireme nt
Interest and fiscal charges
5,541 5,541
25,000
9,450
25,000
9,450
To tal expenditures 39,991 39,991
Excess (deficiency) of revenues
over expend i ture s (33,48 1 (33,48 1
Other financing sources :
Operating transfers in
Proceeds from sale of bonds
36,000 - 36,000
Total other financing
sources 36,000 36,000
$ 2,519
Excess (deficiency) of revenues
and other financing sources over
expenditures 2,s 19
104
Hosp Grove COP'S College Boulevard
Variance
Favorable
Budget (Un favorab le)
Varianc e
Favorable
(Unfavorable)
Actual on
B udg e t a ry
Basis
Actual on
B udg e t a ry
Basis Budget
987,682 - 987,682 -
987,682 987,682
20,250
739,125
- 20,250 739,125 - -
69 08 3 - 69
759,375 759,375 69,083 69,083
(69,083) (69,083) 228,307 228,307
-
1,099,251
-
1,099,25 1
1,099,251 1,099,251
1.030.168 228.307 1,030,168 228 ,307
(Continued)
105
CITY OF CATUSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Redevelopment Bonds
Actual on Va r i a nc e
Budgetary Bonds Favorable
Basis Budge t (Un favor ab le
Revenues :
Taxe s
In teres t income
Total revenues
- - - - $ 16,676 16,676
16,676 16,676 -
Expenditures :
Current:
Debt service:
Genera 1 government -
Principal retirement -
Interest and fiscal charges 28 2
To tal expenditures 28 2
Excess (deficiency) of revenues
over expenditures 16,394
Other financing sources:
Operating transfers in
Proceeds from sale of bonds
-
1,212,092
Total other financing sources 1,212,092
Excess (deficiency) of revenues and other financing sources over
expenditures $ 1,228,486
-
28 2
28 2
16,394
1,212,092
1,212,092
1,228,486
106
Total Actual on Va r ia nc e
Budgetary Fav orab le
Basis Budget (Unfavorable)
1,111,325 1,134,682 (23 , 357
112,629 114,403 (1,774)
1,223,954 1,249,085 (25,131)
8,461
300,250
990,338
1,299,049
(75,095)
79,500
2,311,343
2,390,843
2,315,748
8,461
300,25 0
1,001,025
1,309,736
(60,6 5 1 1
79,500
2,311,343
2,390,843
2,330,192
-
10,687
10,687
(14,444)
(14,444)
107
CAPITAL PROJECTS FUNDS
Capital Construction
To account for transfers from the General Fund for various municipal
capital projects.
Public Facilities Construction
To account for receipts of fees charged to developers for specific
capital projects necessitated by growth.
Park Development
To account for receipts of fees charged to developers for park
acquisition and development.
Redevelopment Bond Pro iec t
To account for capital projects financed by 1988 Carlsbad Redevelopment
Agency Tax Anticipation Bonds.
Assessment Districts
To account for capital projects financed by issuance of assessment
district bonds.
State Grants
To account for capital projects financed by state grants.
Revenue Sharing
To account for revenue sharing grants from the federal government.
Federal Grants
To account for miscellaneous grants from the federal government,
including Federal Aid Urban and Highway Bridge Repairs and Replacement.
108
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Marron Road Improvement
To account for street improvement project financed by 1988 Certificates
of Participation.
Hosp Grove
To account for receipts and expenditures made to purchase Hosp Grove.
Bridge and Thoroughfare
To account for receipt of fees charged to developers in the Bridge and
Thorough fare d i s tr ic t .
Planned Local Drainage Facilities
To account for receipts of fees charged to developers for drainage
facilities necessitated by growth.
Redevelopment Project
To account .for financial resources segregated for the rehabilitation of
commercial and public property located with the Carlsbad Village area.
Traffic Impact
To account for receipts of fees charged to developers for street
construction and improvement.
109
Assets
Cash and investments
Receivables :
Taxes
Accounts
Accrued interest
Due from other funds
Advances to other funds
Total assets
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1988
Liabilities and Fund Balance
Liabilities :
Accounts payable
Accrued wages payable
Due to other funds
Advances from other funds
Deposits payable
Total liabilities
Fund balance (deficit) :
Reserved for debt service
Reserved for advances to
Reserved for encumbrances
Unreserved :
Designated for approved
Undes igna ted
other funds
capital projects
Total fund balance
(deficit)
Total liabilities and
fund balance
Public
Capita 1 Facilities Park
Construction Construction Development
$ 3,211,914 11,163,016 2,822,719
- - -
55,500 657,823 -
197,925 - -
3,927,593 - -
- 143,360 35,046
$ 7,392,932 11,964,199 2,857,765
43,951 413,343 4,416
1,050,000
43,951 1,463,343 4,416
3,927,593 - -
343 , 144 3,608,27 1 40,448
2,202,288 6,123,418 1,583,716
875,956 769,167 1,229,185
7,348,981 10,500 , 856 2,853,349
$ 7,392,932 11,964,199 2,857,765
110
Redevelopment
Bond
Pro iec t
Federal
Grants
Asses me nt
Dis t 1: ic t s
Rev e nu e
Sh ar ing State
Grants
9,954,13 1 1,397,669 391,926 540,782 4,285
-
9,101 - -
-
6,7 14 - -
49,638 - -
26,972 - -
10,003,769 547,496 4,338 1,424,641 401,027
376,625 -_ - -
21 5,788 -
57,447 - - 128,295 - -
63,235 228 - 504,920 21
- -
413,387 21,018
-
10
6,585,903
3,417,638
506,334 201,500 497,439 - 178,488 50,057 (58,907 1
(58,897 1 10,003,541 919,721 40 1 , 006 547,496
10,003,769 1,424,641 547,496 4,338 401,027
(Con t inued
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CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, 1988
Marron
Road
Imp rov erne nt
Bridge and
Thorough fare Assets
Cash and investments
Receivable s :
Tax e s
Accounts
Accrued interest
Due from other funds
Advances to other funds
$ 650,000 1,507,926
-
19,187
18 ,7 21 - -
Total assets 1,545,834 $ 650,000
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Advances from other funds
Deposits payable
Total liabilities
Fund balance (deficit):
Reserved for debt service
Reserved for advances to other funds
Reserved for encumbrances
Unreserved: Designated for approved capital projects
Und e s ig na ted
650,000 - 1,545,834
Total fund balance (deficit) 1,545,834 650,000
Total liabilities and fund balance 1,545,834 $ 650,000
112
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P 1 a nne d
Local
Dr a inag e
Fac i li t ie 8
Tr a f f i c
Imp ac t
Redevelopment
Project To ta 1
36,660,520 1,439,370 1,750,476 1,826,306
239,621
27,434
-
- -
239,621
732,5 10
36 1,445
197,925
3,927,593
42,119,614
-
21,732 - -
1,772,208 1,706,425 1,848,980
25,181
17,000
67,302
4,736,490 -
21,885
130,623
-
- -
904,613
17,000
255,372
5,786,490
128,295
7,091,770
13,175 -
15 2,508 4,845,973 13,175
2,876,774
3,927,593
4,680,603
2,876,774
147,543
- - -
106,782
18,548,799
4,994,075
198,201
1,314,717
-
(6,163,865)
(3,139,548)
-
1,835,805
35,027,844 1,619,700 1,835,805
42 , 1 19 ,6 14 1,772,208 1,706,425 1,848,980
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1988
Public
Facilities
Construction
Park
Deve 1 opme n t Cap it a1
Construction
- - $
32,456
261,573
294,029
-
Revenues : Taxes
Intergovernmental
Charges for services
In tere s t inc ome
Misc el lane ous
Total revenues
- -
405,270
195,684
4,532,981
711,038 -
600,954 5 , 244,019
Expend i tu re s :
Current:
Capital outlay
Debt service:
General government
Interest and fiscal charges
Tot a 1 expend it u re s
55,216
448,037
-
191,018
2,600,831
-
555,927
-
555,927 2,791,849 503 , 253
Excess (deficiency) of revenues
over expenditures (209,224) 45,027 2,45 2,170
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds from the sale of bonds Contributions from property owners
sources (uses)
Total other financing
494,534
(44,881) - -
449,653
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses 240 , 4 29 2,452,170 45,027
Fund balance (deficit)
at beginning of year
Residual equity transfers
7 , 108,552 8,048,686 2,808,322
Fund balance (deficit)
at end of year $ 7,348,981 10,500,856 2,853,349
114
Marron
Road
Imp rov erne n t
Red ev e 1 opmen t
Bond Project
As s e s sme n t State Revenue Federal
Dis tr ic t s Grants Sharing Grants
-
4,024
314
-
-
- 569,313 -
118,810 - -
213,994 48,585 37,790 - - 12,267
332,804 617,898 50,057 4,338 65,466
-
15,597
-
57,619
- - -
4,180,840 244,947 17,093
4,813 - -
4,185,653 244,947 17,093
306 , 388
321,985 57,619
(3,852,849) 372,951 32,964 (53,281) (256,519)
- 48,281 (27,818) - - -
650,000 -
-
(400,000)
10,660,060 - 175,593
650,000 48,281 147,775 10,260,060
(3,705,074) 421,232 32,964 (53,281 650,000 10,003,541
4,624,795 (20,226) 5 14,532
(58,s~) 650,000 919,721 401,006 547,496 10,003,541 I
I
(Continued)
115
CITY OF CAFUSBAD
Capital Projects Funds
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1988
Revenues :
Taxes
In t e rg ov ernme n t a 1
Charges for services
In t e r e s t inc ome
Mi sc e 1 la ne ou s
Hosp
Grove
Total revenues
Expenditures :
Current :
Capital outlay
Debt service :
General government
Interest and fiscal charges
To ta 1 expend i tu re s
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses) :
Operating transfers in
Operating transfers out
Proceeds from the sale of bonds
Contributions from property owners
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses
Fund balance (deficit)
at beginning of year
Residual equity transfers
Fund balance (deficit)
at end of year
Bridge and
Thoroughfare
-
406,123
96,829 -
502,952
-
9,817
318,323 -
318,323 9,817
(318,323) 493,135
6,821,205 -
6,821,205
6,502,882 493 , 135
(6,496,548) 1,052,699 (6,334) -
1,545,834
116
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1
Planned
Local
Drainage
Facilities
Traffic
Imp ac t
Redevelopment
Pro iec t Total
971,687 - -
136,254 -
- -
76,860
127,635 -
971,687
573,337
5,968,953
2,049,947
12,267
-
396,453
154,785 -
204,495 1,107,941 551,238 9,576,191
-
970,972
6,694
1,789,977
252,928
10,891,657 I
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I
413,891 1,043,415
1,384,863 1,796,671 12,188,000
(276,922) (1,245,433) (2,511,809) 204,495
400,000
(3,400) - -
942,815
(572,851)
18,131,265
175,593
(96,752) 396,600 18,676,822
107,743 119,678 (1,245,433) 16,065,013
1,728,062 - (3,259,226) - 2,865,133 - 18,969,165
(6,334)
(3,139,548) 1,835,805 35,027,844 1,619,700
117
CITY OF CARLSBAD
Capital Projects Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual
(Budgetary Basis)
~~ ~
For the year ended June 30, 1988
Cap it a 1 Construct ion Var ianc e Actual on
B udg e ta ry
Basis
Fav orab le
(Unfavorable)
Revenues :
Tax e s
In te rg overnmenta 1
Charges for services
Interest inc ome
Mi s c e 1 la ne ou s
$- -
32,456
261,573 -
- -
32,456
261,573 -
Total revenues 294,029 294,029
Expenditures :
Current:
Capital outlay
Debt service:
General government
Interest and fiscal charges
(55,216)
2,378,278
55,216
615,190
-
2,993,468
To tal expenditures 2,323,062
2,617,091
2,993,468 670,406
Excess (deficiency) of revenues
Over expenditures (2,993,468) (376,377)
494,534
(44,881) - -
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds from sale of bonds
Contributions from property owners
494,534
(586,580) - -
-
541,699 - -
Total other financing
sources (uses) (92,046) 541,699 449,653
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses $ 73,276 (3,085,514) 3,158,790
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I
Public
Facilities Construction Park Development
Actual on Va r ia nc e Actual on Variance
Budgetary Favorable Budge t ary Favorable
Basis Budget (Un f av orab le Basis Budget (Un f av orab le
-
1,253,981
411,038 -
4,532,981
711,038
3,279,000
300,000
405,270
195,684
260,000
110,000
145,270
85,684
5,244,019 3,579,000 600,954 370,000 230,954 1,665,019
191,018 - (191,018)
5,49 1,060 12,332,517 6,841,457
- - -
145,509 2,180,090 2,034,58 1
5,682,078 12,332,517 6,650,439 145,509 2,180,090 2,034,581
(438,059) (8,753,517) 8,315,458 455,445 (1,810,090) 2,265,535
(438,059) (8,753,517) 8,315,458 455,445 (1,810,090) 2,265,535
(Cont inued)
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e
CITY OF CARLSBAD
Capital Projects Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Redevelopment Bond Project
Actual on Variance
Favorable
(Un favorab le 1 Budgetary
Basis
Revenues :
Taxes
Intergovernmental
Charges for services Interest inc ome
Mi s c e 1 lane ou s
$
Total revenues 65,466 65,466
Expenditures :
Current :
General government
. Capital outlay
Debt service:
Interest and fiscal charges
-
15,597
306.388
6,600,000
-
6,584,403
(306,388 1
To ta 1 expend i tu re s 6,600,000 6,278,015 321,985
Excess (deficiency) of revenues
over expend it u re s (6,600,000) (256,519) 6,343,48 1
Other financing sources (uses) :
Operating transfers in
Operating transfers out
Proceeds from sale of bonds
Contributions from property owners
-
(400,000)
10,660,060 -
- -
10,660,060 -
-
(400,000) - -
Total other financing
sources (uses) (400,000) 10,260,060 10,660,060
4.060.060
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses $ 10,003,541
120
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1
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I
As se s sment Dis tr ic t s State Grants Actual on Variance Actual on Va r ia nc e
Budgetary Favorable Budgetary Favorable
Basis Budget (Unfavorable) Basis Budget (Unfavorable)
- - - 569,313 - 569,313
213,994 - 213,994 48,585 - 48,585
118,810 - 118,810 - - -
617,898 617,898 332,804 332,804
-
4,594,227
-
4 , 980 , 7 27 386,500
-
119,799
-.
470,185
-
350,386
(4,3 13)
382,187
4,813
4,599,040
5 00
350,386 470,185 119,799 4,981,227
(470,185) (4,266,236 (4,981,227) 968 , 284 498,099 714,991
48,281 - - -
48,281 -
(27,818)
175,593
-
-
(27,818)
175,593
- I
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I
I
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I
48,281 48,281 147,775 147,775
(4 , 118,461) (4,833,452) 714,991 546,380 (421,904) 968,284
(Cont hued)
121
CITY OF CARLSBAD
Capital Projects Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Revenue Sharing Actual on Va r ia nc e
Revenues :
Taxes
Interg overnmenta 1
Charges for services
Interest income
Mi sc el lane ous
Total revenues
Expenditures :
Current:
Capital outlay
Debt service :
Ge ne ra 1 g ov e rnme n t
Interest and fiscal charges
Tota 1 expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Opera t ing trans fer s ou t
Proceeds from sale of bonds
Contributions from property owners
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses
Budgetary
Basis
$- - -
37,790
12,267
50,057
-
17,093
-
17,093
32,964
- -
-
$ 32,964
Budget
- - -
16 , 000 -
16 , 000
-
525,000
-
525,000
(509,000)
- - - -
-
(509,000)
Favorable
(Unfavorable)
- - -
21,790
12,267
34,057
-
507,907
507,907
541,964
541,964
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m
122
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Federal Grants Marron Road Improvements
Actual on Va r ia nc e Actual on Variance
Budge ta ry Favorable Budgetary Favorable Basis Budget (Unfavorable) Bas is Budget (Unfavorable)
-
4,024
3 14
-
-
4,024
3 14
4,338 4,338
-
57,630
-
967,844
-
910,214
57,630
(5 3,292)
967,844
(967,844)
910,214
914,552
- -
650,000 -
- -
650,000 -
650,000 650,000
(5 3,292) (967,844) 914,552 650,000 650,000
(Con t hued)
123
I CITY OF CARLSBAD
Capital Projects Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
-- ~ ~~ ~~ ~~ I
8
For the year ended June 30, 1988
Hosp Grove
Actual on Va r ia nc e
Budgetary Favorable 1
Basis Budget (Unfavorable)
Revenues :
Taxes
Intergovernmental
Charges for services
Interest inc me
Mi s c e 1 lane ous
Total revenues
Expenditures :
Current : Genera 1 government -
Capital outlay -
Debt service:
Interest and fiscal charges 318,323
- a
- I 318,323
318,323 Total expenditures 3 18 , 323
Excess (deficiency) of revenues
over expenditures (318,323)
Other financing sources (uses):
Operating transfers in Operating transfers out -
Proceeds from sale of bonds 6,821,205 Contributions from property owners -
(318,323 1
-
6,8 2 1,205 -
- P Total other financing
sources (uses) 6,821,205 6,821,205
Excess (deficiency) of revenues
and other financing sources over I
I
I
1
- expenditures and other financing
uses $ 6,502,882 6,502,882
Planned Local
Bridge and Thoroughfare Drainage Facilities
Actual on Var ianc e Actual on Va r ia nc e
Budgetary Favorable Budgetary Favorable Basis Budget (Unfavorable) Basis Budget ( Un f av orab le )
- -
406,123
96,829 -
-
76,860
127,635 -
-
76,860
127,635 -
250,000 156,123
50,000 46,829
204,495 502,952 300 , 000 202,952 204,495
-
9,817
- -
1,200,000 1,190,183
9,817
493,135
1,200,000 1,190,183
(900,000) 204,495 1,393,135 204,495
(96,752) (96,752)
(96,752) (96,752)
493,135 107,743 (96,752) 204,495
(Continued)
125
CITY OF CARLSBAD
Capital Projects Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1988
Red ev e 1 opme n t Pro j e c t
Vat ianc e Actual on
Revenues :
Taxes
I n t e rg ov ernme n t a 1
Charges for services
In teres t inc me
Miscellaneous
Total revenues
Expenditures :
Current :
Capital outlay
Debt service:
Ge ne ra 1 g ov ernme n t
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses) :
Operating transfers in
Operating transfers out
Proceeds from sale of bonds
Contributions from property owners
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing
uses
126
Budgetary
Basis
$ 971,687 - -
136,254 -
1,107,941
-
939,069
413,891
1,352,960
(245,019)
400,000
(3,400) - -
Budget
648,000
65,519 -
713,519
-
1,321,855
1,321,855
(608,336 1
400,000
(3,400) - -
Favorable
(Un f avorab le 1
323,687 - -
70,735 -
394,422
-
382,786
(413,89 1)
(31,105
36 3,3 17
- - - -
396,600
$ 151,581
396,600
(211,736)
-
363,317
Traffic Impact Totals
Actual on Variance Actual on Variance
Budgetary Favorable Budgetary Favorable
Basis Budget (Un f avorab le) Basis Budget (Unfavorable)
- - - 971,687 648 , 000 323,687
396,453 835,000 (438,547) 5,968,953 4,624,000 1,344,953
154,785 50 , 000 104,785 2 , 049 , 947 591,519 1,458,428 - - - 12,267 - 12,267
- - - 573,337 - 573,337
551,238 885,000 (333,762) 9,576,191 5,863,519 3,7 12,672
6,694 7,210 5 16 252,928 7,210 (245~ ia
414,286 2,449 , 134 2,034,848 12,410,277 36,020,820 23,601,543
- - - 1,043,415 318,823 (7 24,592
420,980 2,456,344 2,035,364 13,715,620 36,346,853 22,631,233
130,258 (1,571,344) 1,701,602 (4,139,429) (30,483,334) 26,343,905
- - - 942,8 15 942,815 -
- - - 18,131,265 18 , 131,265 - - - - 175,593 175,593 -
- - - (572,851) (714,550) 141,699
18,676,822 ia ,535,123 141,699
130,258 (195719344) 19701,602 14,537,393 11,948,211 26,485,604
127
128
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ENTERPRISE FUND
Water Utility
To account for the operation and maintenance of the City's water system and
the payment of debt service on the 1958, 1960 and 1970 Waterworks revenue
bonds.
Sewer
To account for the operation and maintenance of the City's sewer system.
129
CITY OF CARLSBAD
Enterprise Funds
Assets
Cash and investments
Rec eivab le s :
Ac c oun t s
Accrued interest
Due from other funds
Inventory, at cost
Combining
Total current assets
Restricted assets:
Cash and investments
Accrued interest
Total restricted assets
June
Investment in sewage treatment
facility
Property, plant and equipment:
Land and water rights
Buildings and improvements
Wells, reservoirs, and dams
Transmission and distribution
Sewers, sewer lines and wells
Equipment and vehicles
Construction in progress
lines
Less accumulated
depreciation
Property, .plant and
equipment, net
Total assets
130
Balance Sheet
30, 1988
Water
Utility
$ 893,217
1,527,539
15,708
11,274
156,683
2,604,421
4,093,067
50,816
4,143,883
231,956
37,188
1,212,852
4,014,196
214,005
-
-
5,7 10,197
(2,199,223)
3,510,974
$ 10,259,278
Sewer
11,471,700
159,880
146,199
88,340
14,022
11,880,141
17,659,728
227 , 250
37,948 -
-
8,238,034
497,848
135,898
9,136,978
(2,036,639)
7,100,339
36,640,208
1
To ta 1 I
12,364,917
1,687,419
.161;907
17 0,7 05
99,614 1
I 14,484,562
4,093,067
50,816
4,143,883 1
17,659,728
459,206 1
75,136
1,212,852 1
4,014,196
711,853
135,898
14,847,175 1
(4,235,862) I
10,611,313
~
46,899,486
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I
Water
Utility Liabilities Total Sewer
Current liabilities:
Accounts payable $ 1,715,404
Accrued wages payable 28,227
Due to other funds 88,340
Deposits payable 61,121
Current portion of revenue
bonds payable 157,000
20,835
11,664
11,274 -
1,736,239
39,89 1
99,6 14
61,121
157,000
2,093,865 To tal current liab ili t ies 2,050,092 43,773
Long-term liabilities:
Revenue bonds payable 322,532
Deferred revenue
To ta 1 liab ili t ie s
-
2,37 2,6 24
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322,532
2,07 0,778
-
2,070,778
2,114,551 4,487,175
Fund Equity
Con tr ibu ted c ap it a 1 2,425,080 15,466,067 13,040,987
Re ta ined earning s :
Reserved for debt service 520,437
Unreserved - undesignated 4,941,137
520,437
26,425,807
-
21,484,670
26,946,244 Total retained earnings 5,46 1,574 21,484,670
34,525,657 42,412,311 Total fund equity 7,886,654
Total liabilities and fund
equity $ 10,259,278 46,899,486 36,640,208
131
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings
For the year ended June 30, 1988
Operating revenues :
Metered water sales
Sewer services charges -
Other charges for services
Mi s c e 1 1 a ne ou s
Total operating revenues
Operating expenses :
Per sonne 1 sen ic es
Office expenses
Repairs and maintenance
Profess iona 1 services
In su ra nc e
Purchased water
Bad debt expense
Depreciation and amortization
Total operating expenses
Operating income (loss)
Non-operating revenue (expenses):
Xnteres t inc ome
Interest and fiscal charges
Loss on sale of property
Non-operating income
Net income
Water
Utility Sewer Total
I
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I
1,056,722 1 $ 1.056.722 - .. - 1,934,262 1,934,262
16 - 16
185,982 31,084 217,066 1
3y208,066 I 1,242,720 1,965,346
634 , 212
135,939
422,436
7 , 099
7,330
4,198
126
123,185
1,334,525
425 , 877 1,060,089
6,029 141,968
308 , 944 731,380
878,422 885,521
12,734 20,064 1 - 4,198
150,639 150,765
126,062
1 , 908 , 707 2499247 1 3 , 243,232
(9 1,805 1 56,639 (35,166) 1
395,099 796 , 864
(29,096) - (29,096)
(85,954) (6,204) (92,158)
~~
1,07 0 , 7 09 t 280 , 049 790,660
188,244 847,299 1,035,543 I
Retained earnings at beginning of year 5,273,330 2,847,969 8,121,299
Prior period adjustment - 17,789,402 17,789,402
Retained earnings at beginning of year,
as adjusted 5,273,330 20,637,371 25,910,701
Retained earnings, at end of year $ 5,461,574 21,484,670 26,946,244 I
1
t 132
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Changes in Financial Position
For the year ended June 30, 1988
Sources of working capital:
Operations :
Ne t inc om
Items not requiring working
cap it a 1 :
Deprec ia t ion and amortization
Loss on disposal of property,
Working capital provided
plant and equipment
by operations
Increase in contributed capital
Total sources of working capital
Acquisitions of property, plant
and equipment
Current portion and repayment
of revenue bonds payable
Increase in restricted assets
Additional investment in sewage
Uses of working capital:
fac ili ty
Total uses of working
cap it a 1
Net inc rea se in working
cap it a 1
Elements of net increase (decrease)
in unrestricted working capital:
Cash and investments
Accounts receivable Accrued interest receivable
Due from other funds
Advances to other funds
Invent o ry
Accounts payable
Acc ru ed wages pay ab le
Deposits payable
Due to other funds
Current portion of revenue bonds
Net increase in
payable
working capital
Water
Utility
$ 188,244
123,185
85,954
397,383
397,383
-
6,038
157,000
54,329
-
2 17 , 367
$ 180,016
897,010
146,407
15,708
(86) -
3,757
(839,077)
(2,130)
(22,327)
(12,246)
(7,0001
$ 180,016
Sewer
847,292
126,062
6,203
979,564
1,090,154
2,069,7 18
161,727
- -
167,624
329,351
1,740,367
2,874 , 893
15 1,499
50,001
12,246
2,135
14,709
2,830
86
(1,368,032)
-
-
1,740,367
To ta 1
1,035,5 3
249,247
92,157
1,376,947
1,090,154
2,467,101
167,765
157,000
54,329
167,624
546,7 18
1,920,383
3,771,903
297,906
65,709
12,160
(1,368,032)
5,892
(8 24 , 368
7 00
(22,327)
(12,160)
(7,000)
1,920,383
133
134
Workers' Compensation
To account for charges to other funds to insure against Workers'
Compensation claims.
General Liability Self-Insurance
To account for charges to other funds to insure against liability
claims against the City.
Central Garage
To account for charges to other funds to provide fleet maintenance and
replacement.
Health Insurance
To account for charges to other funds and from employees to provide
health insurance for full-time City employees.
Data Processing
To account for charges to other funds for data processing services.
135
CITY OF CARLSBAD
Internal Service Funds
Combining Balance Sheet
June 30, 1988
Assets
Current assets:
Cash and investments
Re c e iv ab le s :
Accrued interest
Ac c ount s
Total current assets
Property, plant and equipment:
Machinery and equipment
Less accumlated depreciation
Net property and equipment
Total assets
Liabilities and Fund Equity
Current liabilities:
Ac c ou nt p ay ab le
Accrued wages payable
Estimated claims payable
Total current liabilities
Con t r ib ut e d c ap i t a 1 : Contributed from other funds
Retained earnings (deficit) - unreserved
Total fund equity
Total liabilities and fund
equity
Workers '
Compensation
$ 1,727,356
21,439 -
1,748,795
1,748,795
3 28
420,021
420,349
500,000
8 28,446
1,328,446
$ 1,748,795
136
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Genera 1
Liab ili ty
Se If
In sura nc e
Central
Garage
Health
In su ra nc e
Data
Proc es s inp; Total
111,373 4,400,524
56 , 785
16,849
2,090,17 5 156,088
4,086
(155)
315,532
25,950 1,393 3,917
17,004
4 , 474,158 112,766 336,453 160,019 2,116,125
2,138,244
(1,005,863)
299,845
(47,743)
1,838,399
(958,120)
1,132,381 252,102 880 , 279
1,040,298 5,606,539 364,868 336,453 2,116 , 125
32,941
22,568 -
23,058 8,806
2,338
98,163
24,906
1,67 3,457
33,030
1,253,436
-
1,796,526 11,144 23,058 1,286,466 55,509
850 , 000 2,216,839
1,593,174
3,810,013
85,862
267,862
353,724
780,977
203,812
984,789
(20,341)
829,659
313,395
313,395
5,606,539 336,453 2,116 ,125 1,040,298
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CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
For the year ended June 30, 1988
Workers '
Compensation
Operating revenue:
Charges for services
Mi s c e 1 lane ou 8
Total operating revenue
Operating expenses:
Personnel services
Office expense
Repairs and maintenance
Profess ional services
Deprec iat ion
Fue 1
Supplies and parts
Claims expense ,
Total operating expenses
Operating income (loss)
Non-opera t ing revenues :
Interest income
Gain (loss) on sale of property
Total non-operating income
Net income (loss) before operating transfers
Operating transfers in
Net income (loss)
Retained earnings (deficit) at beginning of year
Retained earnings (deficit) at end of year
138
$ 260,183 -
260 , 183
402,957
402,957
(142,774)
116,977 -
116,977
(25,797)
(25,797)
854,243
!$ 828,446
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General Liability
Se If
Insurance
Central
Garage
Health
In su r a nc e
Data
Process ing Total
543,743 - 1,083,669 - 230 , 320 3 , 195,222
1,840
1,077,307
1,840
3,197,062 230,320 1,079,147 1,083,669 543,743
242,304
23,086
94,699
34,621
177,405
162,570
131,236 . -
88,253
168,129 - -
25,894 -
330,557
191,215
94,699
34,621
203,299
162,570
131,236
2,257,063 999,602
999,602
854,504
854,504 282 , 276
(5 1,956 1
3,405 , 260
(208,198)
865,921
(3 10,761 84,067 213,226
322,370
4,404
6,143
(230)
159,066 - 19,644 - 20,540
4,634
326,774 5,913 19,644
103,711
159,066
(151,695)
25,174
(46,043) 118,576 238,400
44,400
282,800
(78,988)
203,812
42,000
(4,043)
86,400
204,976 (151,695) 103,711
209,684
313,395
1,388,198 271,905 131,354
(20,341) 267,862
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CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Changes in Financial Position
For the year ended June 30, 1988
Workers '
Compensation
Sources of working capital:
Operations: Net income (loss) $ (25,797)
Items not requiring working capital: Depreciation - - Loss on disposal of property, plant and equipment
Working capital provided (used) by operations (25,797)
- Contributions from other funds
Total sources (uses) of working capital (25,797)
Uses of working capital - acquisitions of
property, plant and equipment
Net increase (decrease) in working capital $ (25,797)
Elements of net increase (decrease) in unrestricted
working capital:
Cash and investments
Ac c oun t s rec e ivab le
Ac c N ed inter e s t r ec e iv ab le
Accounts payable
Accrued wages payable
Due to other funds
Estimated claims payable
Net increase (decrease) in working
cap it a 1
140
172,188
6,387
67 2
-
(205 , 044)
$ (25,797)
General
Liability Self
In su ra nc e
Central
Garage
Health
Insurance
Data
Processing Total
(151,695) 238,400 103,711 (46,043) 118,576
203,299
21,677
25,894
230
177,405
21,447 _____
103,7 11 437,252 (19,9191 343,552
86,400
429,952
44,400
481,652
42,000
22,081 (151,695) 103,711
209,474
220,478
28,140 181,334
300,318 (151,695) (6,059) 103,7 11 '
(27,101) -
48
18,381
2,613 - -
(41,939)
8,279 (26,099)
-
- -
(91,936)
367,57 1
16,364
18,672
(12,521)
2,740
124,632
( 2 9 6., 9 80 )
156,088
2,043
17,583
127
124,632
(155)
-
108,335
16,519
1,915 (23 , 058) -
(6,059 1 (151,695) 300,318 220,478 103,711
141
AGENCY FUNDS
Deferred Compensation
To account for amount employees have deposited in deferred compensation plans
offered by the City. I
Contractor's Deposits
To account for money deposited by contractors for designated future development.
Miscellaneous Deposits
To account for money deposited with the City for various items. I
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CITY OF CARLSBAD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
For
Deferred Compensation:
Assets:
Liabilities :
Cash and investments
Deferred compensation
payable
Contractors' Deposits:
Assets:
Liabilit ie s:
Cash and investments
Deposits payable
Mi sc e 1 la ne ou s De p os it s :
, Assets:
Cash and investments
Accrued interest
Total assets
Liabilities:
Ac c oun t s pay ab le
Deposits payable
Total liabilities
the year ended June 30, 1988
B a lane e Balance
July 1, June 30,
1988 - 1987 Add i t ions Deductions -
$ 913,796 344,17 6 - 1,257,972
$ 913,796 344,176 - 1,257,972
$ 104,129 1,516,993 343,750 1,277,372
$ 104,129 1,5 16,993 343,750 1,277,372
$ 2,421,315 8,469,428 8,077,018 2,813,725
1,470 2,154 1,470 2,154
$ 2,422,785 8,47 1,582 8,078,488 2,815,879
$ 2,624 5,155 2,624 5 , 155
2,420,161 9,583,810 9,193,247 2,810,724
$ 2,422,785 9,588,965 9,195,871 2,815,879
Totals - All Agency Funds:
Assets:
Cash and investments $ 3,439,240 10,330,597 8,420,768 5,349,069
Accrued interest 1,470 2,154 1,470 2,154
9440 9 lo 10,332,751 8,422,238 5,351,223
Accounts payable $ 2,624 5,155 2,624 5,155
Deposits payable 2,524,290 11 , 100,803 9,536,997 4,088,096
1,257,972
Deferred compensation
Total liabilities $ 3,440,710 11,450,134 9,539,621 5,351,223
Liabilities:
payable 913,796 344,176 -
143
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General Fixed Assets Account Group
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General fixed assets are those fixed assets used in operations accounted for in
governmental funds. General fixed assets include all fixed assets not
accounted for in an enterprise, internal service, or trust and agency fund.
144
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Land
Bu i Id ing s
Improvements
Furniture and
fixtures
Construction in
progress
Total
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Function
June 30, 1988
Gene ra 1
Government
$ 492,035
1,694,816
338,613
1,537,667
$ 4,063,131
Culture
and
Recreation
13,205,615
3 , 301 , 364
419,690
666 , 335
1,400,908
18,993,912
145
Public
Safety
2 , 150,407
12,746,777
120,563
1,717,362
198,858
16,933,967
Pub lic
Works
1,019,408
-
298,523
333,396
-
1,651,327
Total
16,867,465
17,742,957
1 , 177,389
4 , 254 , 760
1,599,766
41,642,337
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CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Source
June 30, 1988
As of June 30, 1986
Additions subsequent to June 30, 1986:
General fund
Community Development Block Gra n t
Federal grants
State grants
Street 1 igh t ing
General capital construction
Pub 1 ic fac i 1 i t ie s
Redevelopment
Total investment in general
fixed assets
$ 27,136,537
12,067,225
85,000
15 ,301
104,303
8,612
24,171
2,197,788
3,400
$ 41,642,337
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Statistical Information
Fiscal
Year
1978-79 19 79-80
1980-81 1981-82
1982-83 19 83- 84 1984-85
i985-86 1981-87 19 87-88
- Total (1)
$ 10,216,677
12,176,699
16,407,099 18,623,122 15,463,426 16,723,893 22,279,7 29
36,206,852
49,443,365 42,370,463
General
Government
2,634,931 2,977,618 3,648,090 2,852,858
2,272,174
2,ssi,za9 3,008,056
4,124,793 5,645,325
5,988,144
CITY OF CARLSBAD
General Expenditures by Function
Last Ten Fiscal Years
Pub lie
Safety
2,634,839
3,027,900
3,407,025
5,285,609 5,813.45 1
7,020,105
7,851,268 9,452,556 10,102,111
4,888,849
Public
Worka
2,053,091
2,344,302 2,868,460
2,501,925
2,935,279
2,974,480
6,412,310 4,601,389 5,375,688
-
3,408,568
Welfare (2) -
544,597
608,009 650,202
727,155
825,236 860,556
1,052,394 1,321,504
1,584,897
Culture-
Re c re a t ion
1,116,580 1,537,289
2,261,889 2,303,143 2,573,014
3,278,290
3,7 10,s 05
4,s 30,7 01 5,358,475
2,7 64,12 1
Cap ita 1
Pro jcc ta
1,6 36,17 1
1,596,829
4,996,323
1,233,048 1,033,261 4,6 19,242
12,333,087 23,032,108 11,2 16,835
3,469,027
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
(2) The City assumed responsibility for the Carlsbad Housing Office in 1979-80.
GENERAL EXPENDITURES BY FUNCTION 1987 - 1988
ENERAL GOVERNMENT 8.1 PUBLIC WORKS 13 6.4
WELFARE 4% 1.e DEBT SERVICE 7% .......... .......... .......... .......... .......... .......... .......... 3
CULTURE-RECREATION 6.4
CAPITAL PROJECTS 27% 1i.e
WLUES ARE IN MILLIONS
Debt
Senrice
141,065
148,164 144,600
437,147 358,047 519,000
922,495
2,334,003
429,azz
859,7a2
Source: City of Carlsbad Comprehensive Annual Financial Reports.
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60
50
40
30
20
10
0
TOTAL EXPENDITURES - LAST TEN YEARS
MILLIONS OF DOLLARS 1
.........................................................................................................................
.........................................................................................................................
.................................... .....................
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
YEAR
INCLUDES GENERAL, SPECIAL REVENUE, DEBT SERVICE 8 CAPITAL PROJECTS FUNDS
SPENDING ON CAPITAL PROJECTS
LAST TEN YEARS
MILLIONS OF DOLLARS
36 4
20
16
10
6
0
..........................................................................................................................................
..........................................................................................................................................
................
................
.....................................................
h-' ..................
..................
1979 1980 1981 1982 1983 1984 1985 1986 1987
YEAR
INCLUDES GENERAL, SPECIAL REVENUE, SERVICE 8 CAPITAL PROJECTS FUNDS DEBT
1988
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Fiscal
Year
19 78-79
1979-80
1980-81
1981-82
1982-83
1983-84
19 84-85
19 85-86
1986-87
1987-88
- Total
$ 9,395,988
12,673,232
16,748,825
16,543,575
18,314,250
23,870,285
31,272,744
37,078,236
45,626,319
42,769,369
CITY OF CARLSBAD
General Revenue by Source (1)
Last Ten Fiscal Years
Property
Taxes Sales Taxes -
1,633,938 2,389,832
2,615,181 2,969,586
3,344,171 3,302,134
4,193,938 3,941,152
4,449,196 3,974,732
4,848,041 4,891,379
5,243,124 5,726,373
6,769,473 6,222,008
8,5 16,463 6,487,37 1
9,870,495 7,128,461
60
40
30
20
10
0
Fr a nc h ise
Tax e s
141,189
175,257
250,101
288,956
358,228
466,102
5 15,087
586,470
663,598
679,405
Other Taxes
1,242,152 I
1,302,s 26
1,615,950
1,347,202
1,950,631
2,510,600
2,611,584
2,786,368 I
3,48 1,37 2
5,015,227 I
(1) Includes General, Special Revenue, Debt Service, and Capital
Projects Funds.
GENERAL REVENUE LAST TEN YEAR8
MLLIONS OF DOLLARS 1 1
......
..........................................................
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PROPERM TAX AND SALES TAX REVENUE LA8T TEN YEAR8
............................................................................................... rl
0 ..........
3Q70 rpeOi881 l%? 1083 1084 1086 1980 lW7 laee
YEAR = PROPERTY TAX SALES TAX
Source: City of Carlsbad Comprehensive Annual Financial Reports.
150
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Business Other Intergav- Charges for
Licenses Licenses ernmental Services
186,845
242,342 247,798
258,663
279,973
35 1,875
428,546
47 1,470
517,972
616,278
626,749 655,588
829,623 1,343,102
1,048,332 1,133,947
537,476 1,875,243
491,267 2,551,262
2,099,942 1,777,587
3,042 , 110 2,060,542
3,525,394 2,924,892
3 ,a30,93i 5,6013,869
3,521,242 2,506,690
1,303,342
1,577,622
3,877,542
1,969,808
2,451,708
4,747,951
8,541,600
9,406,829
12,250,389
8,289,570
Fines and
Forfeits
129,504
15 2,17 1
230,684
260,498
231,086
256,47 1
345,750
288,055
366,597
435,649
In tere s t
952,378
1,294,625
1,573,375
1,794,676
1,396,896
1,542,092
2,638,536
2,857,221
2,9 44,7 41
3,422,8 39
Miscel-
lane ou s
134,47 1
171,197
124,791
75,963
179,271
378,245
119,492
1,240,056
958,016
1,283,513
BUSINESS UCEN8E REVENUE LA8T TEN YEAR8
............ .................................................................
~oo .......................................................................
............ .....................................
........
15 1
WARQES FOR ERVICES LABT TEN YEAR8
MILLIONS OF DOLLARS
14
CITY OF CARLSBAD
Ratio of General Bonded Debt to Assessed Valuation
and Net Bounded Debt Per Capita
Last Ten Fiscal Years
Percent of
Fiscal Net Assessed Outstanding Total Per Capita
Debt Population (3) 7 Year Valuation (1) Principal (2) Valuation -
19 78-79
19 79-80
1980-81
1981-82
1982-83
19 83- 84
1984-85
1985-86
19 86-87
1987-88
$ 981,186,480
1,250,154,952
1,444,275,932
1,687,082,037
2,015,289,869
2,19 4 ,59 8,447
2,495,887,152
2,894,233,860
3,458,390,377
3,939,249,294
1,s 10,000
1,425,000
1,245,000
1,145,000
1,030,000
9 15,000
900,000
785,000
670,000
550,000
0.15%
0.11
0.08
0.06
0.05
0.04
0.03
0.03
0.02
0.01
47
40
35
32
26
23
20
16
12
9
32 , 100
35 , 448
35,606
36,172
39,037
40,665
44,566
48,872
55,282
58,888
(1) Net assessed value is stated at 100% of market value. Data from County of
San Diego Office of the Auditor and Controller.
(2) Library and sewer general obligation bonds per the City of Carlsbad
Comprehens ive Annual Financial Report s.
(3) Population as of January 1 of each year per the State Department of
Finance.
RATIO OF OUTSTANDING GENERAL BONDED DEBT
TO POPULATION
PER CAPITA DEBT IN DOLLARS 60
0 1979 1980 1981 1982 1983 1984 1986 1988 1887 1988
YEAR
1 I I I I I I I
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CITY OF CARLSBAD
Computation of Legal Debt Margin
June 30, 1988
25% of net assessed valuation (1) $ 984,812,324
Debt limit (15% of net assessed valuation as adjusted) $ 147,721,849
Amount of debt applicable to debt limit:
Bonded debt (2)
Certificates of participation
Capitalized leases
24,315,000
8,690,000
1,722,108
Total amount of debt applicable to
debt limit 34,727,108
Legal debt margin
Percent of debt limit
$ 112,994,741
23.51%
. (1) Beginning January 1, 1987, a change in state law required the
County Assessor to assess all taxable property at 100% of full
value as opposed to the prior practice of assessing property at
25% of full value. To be consistent with previous years, the
assessed valuation used for this computation is at 25% of full
value.
(2) Total bonded debt:
Library and Sewer Parking and Building Authorities
College Boulevard Assessment District
Tax Allocation Bonds
Total bonded debt
$ 550,000
2,215,000
9,550,000
12,000,000
$ 24,315,000
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CITY OF CARLSBAD
Schedule of Direct and Overlapping Bonded Debt
June 30, 1988
~
1987-88 Total Assessed Valuation: $4,014,899,694 (after deducting
$81,975,182 redevelopment tax
allot at ion increment)
Direct and Overlapping Bonded debt:
San Diego County Building Authorities
San Diego County Water Authority San Diego County Water Certificates
Me tropoli t an Water Di s tr ic t
Carlsbad Unified School District
Carlsbad Unified School District Authority
San Marcos Unified School District
San Dieguito Union High School District
Enc initas Union School District
Encinitas Union School District Authority
of Participation
(various issues)
Other School Districts
Tri-City Hospital District
Palomar Polmerado Hospital District
Leucadia County Water District &
San Marcos County Water & I .D. ' s #1,2,6
Costa Real Municipal Water District
Costa Real (Carlsbad) Municipal Water
& Authority
I.D. #l
Certificates of Participation
Di s tr ic t , Improvement Di s t r ic t s
#l, 2, 3, 4
Olivenhain Municipal Water District
City of Carlsbad
City of Carlsbad Building and Parking
City of Carlsbad 1915 Act Bonds
City of Carlsbad Public
I.D. fl
Au th or it y
Improvement Corporation
X Applicable
4.444%
4.601
4.601
0.765
96.051-96.056
96.025
22.781
9.042
24.212
24.212
33.828
Various
0.745
49.258 & 3.370
6.259-10.847
99.060
9 8 .-I 06- 9 9 . 0 5 4
30.829
100.000
100.000
100.000
100 .ooo
Debt
June 30,
1988
$ 11,923,474
1,300,013
-
4,601,000
4,020,5 34
525,555
6,049,575
375,285
298,386
332,915
277,227
8,564
896,830
116,369
333,462
164 , 344
11,887,200
894,429
439,313
550,000 (1)
2,215,000
9,550,000
8,690,000
$ 65,449,475
(1) Excludes tax allocation bonds and capitalized leases.
Ratios to Assessed Valuation:
Direct Debt ($11,455,000) 0.282
Total Debt 1.63%
Source: California Municipal Statistics, Inc.
154
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Fiscal
Year
19 78- 79
19 79-80
19 80-81
1981-82
1982-83
1983-84
1984-85
1985-86
19 86- 87
19 87- 88
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CITY OF CARLSBAD
Ratio of Annual Debt Service for
General Bonded Debt to Total Governmental Expenditures
Last Ten Fiscal Years
Principal Interest
$ 85,000 56,038
95,000 53,164
95,000 49,600
100,000 49,160
115,000 42,797
15,000 (3) 38,022
115,000 33 ,7 23
115,000 29,727
115,000 27,505
120,000 12,492
Total
Debt
Service (1)
141,038
148,164
144,600
146,160
157 ,797
53,022
148,723
144,727
142,505
132,492
Total
Gov ernme n ta 1
Expenditures (2)
10,216,677
12,176,699
16,407,099
18,623,122
15,463,426
16,723,893
22 , 297,7 29
36,206,852
49,443,365 41,960,15 3
Ratio of Debt
Service to
Gov ernme n ta 1
Expenditures %
1.4%
1.2
0.9
0.8
1 .o
0.3
0.7
0.4
0.3
0.3
(1) Debt service requirement on General Obligation Bonds comprised of 1962
Sewer Bonds Series A, By C; and 1966 Library Bonds. Excludes debt service
for the Assessment District and the Building and Parking Authorities.
(2)
(3) In 1983-84, the City began recording principal payments in the year they
become payable. The general obligation principal payments for the City's
Sewer Bonds are due July 1 and have previously been recorded as paid by the
Includes General, Special Revenue, Debt Service and Capital Project funds.
City on June 30 each year.
I RATIO OF DEBT 8ERMC€ 10 QENERAL
EXPEMMTURE8
RATIO (IN SI 1.8 I 1
o1 ................ .._..._..._.. ..... .................................................... ............................
Source: City of Carlsbad Comprehensive Annual Finanical Reports.
155
CITY OF CARLSBAD
Revenue Bond Coverage
Water Bonds ~~
Last Ten Fiscal Years
He t Revenue
Direct Available
Fiscal Gross Operating for Debt Debt Service Requirements
Year Revenue Expenses Service Principal Interest Total Coverage -
1978-79 $ 1,525,143
1979-80 1,806,817
1980-81 1,977,591
1981-82 2,084,262
1982-83 1,934,415
1983-84 1,672,564
1984-85 1,371,214
1985-86 1,522,383
1986-87 1,532,953
1987-88 1,637,819
1,269,836
1,333,560
1,655,756
1,620,519
1,945,681
1,557,173
1,119,336
1,317,953 933,368
1,334,525
255,307 90,000
473,257 95,000
341,835 105,000
463,743 215,000
(11,266) 115,000
25 1,878 125,000
204,430 130,000
599,585 140,000
303,294 15 0 , 000
115,390 (1 1
85,603
80,377
74,985
69,7 15
64,492
56,875
50,138
42,531
38,549
29,096
175,603
175,377
179,985
284,7 15
179,492
56,875
175,138
172,531
178,549
179,096
145%
27 0
190
16 3
20 3
144
118
336
169
(6 1
(1) In 1983-1984 the City began recording principal payments for the Water
Revenue Bonds in the year they became payable. In prior years principal
payments had been recorded as paid on June 30 of each year rather than
July 1 of the following year.
Sources: City of Carlsbad Comprehensive Annual Financial Report.
156
WTER ENTERPRISE GROSS REVENUE
AND DIRECT OPERATING EXPENSES
500 .........................................................................................................................................................................
I I I 1 I I I 1
SEE NOTES TO THE FINANCIAL STATEMENTS FOR FURTHER INFORMATION
NET REVENUE AVAILABLE FOR DEBT SERVICE
LAST TEN YEARS
THOUSANDS OF DOLLARS
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
YEAR
SEE NOTES TO THE FINANCIAL STATEMENT FOR F U RT HER I N F OR MAT I ON
157
Year
19 79
1980
1981
1982
1983
1984
1985
1986
1987
1988
1990
(Est bate)
1995
(Est hate)
2000
(Est hate)
-
WPUWlON AB OF JANUARY 1 PER aTm DEPARTMENT OF FINANCE -
CITY OF CARLSBAD
Demographic Statistics
Last Ten Fiscal Years
Population
Square Percent County
Miles Population (4) Change Population (1)
29.1
29.4
29.7
29.8
32.0
32.0
35.6
36 .O
39.7
39.7
32,100 35,448
35,606
36,172
39,037
40,665
44,566
48,872
55,282
58,888
14.9
10.4
0.4
1.6
7.9
4.2
9.6
9.7
13.1
6.5
1,767,450
1,808,200
1,924,700
1,986,035
2,041,362
2,083,359
2,166,169
2,240,659
2,327,657
1,899,900
75,300 (3) (2)
92,100 (3) (2 1
107,300 (3) (2 1
City
Population
Percent of County
1.8%
2 .o
1.9
1.9 2.0
2.8
2.1
2.3
2.5
2.5
(1) Source - County Data Base, San Diego County.
(2) County future population estimate not available.
(3) Population for City General Plan area - San Diego Association of
Governments Series VI population forecast.
(4) Source - State Department of Finance.
POPULATION LAST TEN YEAR8
IN THOUSFJJDS
70 I .............................................................................................................................. -1
.......................................................................................... *Ol:l __
1070
.........
lOe0 loel 1m2 10110 1w lo00 lo& P07 lW8
YEAR
158
c
159
Fiscal
Year
19 78- 79
1979-80
1980-81
1981-82
1982-83
19 83- 84
19 84- 85
1985-86
1986-87
1987-88
-
CITY OF CARLSBAD
Schedule of Assessed Valuation
Last Ten Fiscal Years
Less
Secured Unsecured Property
Property Property Exemptions
$ 999,559,196
1,273,499,832
1,467,470,336
1,700,974,823
2,027,411,290
2 , 19 5,6 11,840
2,48 7,497 , 17 3
2,893,268,927
3,456,419,183
3,937,879,614
43 , 29 3 , 144
51,751,756
35,508,800
43,077,175
50,604,897
57,309,394
75,231,054
77,524,350
80,781,420
98,879,688
8,685,684
9,419,844
10 , 3 15,004
8,210,761
13,841,078
8,401,587
14,605,675
18,616,217
19,248,842
21,859,608
Total
Asses sed
Va lua t ion
1,034,166,656
1,315,831,744
1,504,664,237
1,735,841,237
2 , 064 , 17 5,069
2 , 244 ,5 19,647
2,548,122,552
2,952,177,060
3,517,951,761
4,014,899,694
NET TAXABLE VALUE LAST TEN YEARS
MILLIONS OF DOLLARS
6000 1 II I
. .............. ............. 2000 1.1
1979 1980
a 1981 1982
Source: County of San Diego Office of the Auditor and Controller.
160
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Bus ine 8 s
Inventory
Exempt ions
16,640,376
20,8 29 , 19 2
Home owner ' s
Exempt ions
36,339,800
44,847,600
43,388,200
48,759,200
48,885,200
49,921,200
52,235,400
57,943,200
65,492,000
75 , 6 50,400
161
Net
Assessed
Va lua t ion
981,186,480
1,250,154,952
1,687,082,037
2,015,289,869
2,194,598,447
2,495,887,152
2,894,233,860
3,458,390,377
3,939,249,294
1,444,275,932
Fiscal
Year
19 78- 79
1979-80 1980-81
1981-82
1982-83
19 83- 84
19 8 4- 85
1985-86
1986-87
-
1987-88
CITY OF CARLSBAD
Construction and Business Activity
B ui Id ing
Permit
Revenue
$ 119,224 181,839
328,453
271,542
490,100
1,068,876
1,055,738
1,397,129
1,230,100
671,779
Last Ten Fiscal Years
Business
Percent Estimated Licenses
Change Va hat ion Revenue
(77.11% $ 23,700,000 $ 186,845
52.5 41,900,000 242,342
80.6 85,900,000 247,798
(17.3) 5 2,7 00,263 258,663
80.5 79,400,000 279,973
118.1 19 8,5 20 , 304 35 1,875
(1.2) 213,403,469 428,546
32.3 263,548,7 19 47 1,470
(12.0) 245,661,491 517,972
(45.4) 127,831,606 616,278
Percent
Change
23.1%
29.7
2.3
4.4
8.2
25.7
21.8
10 .o
9.9
19 .o
ESTIMATED BUILDING VALUATION
1079 - 1988
MILLIONS OF DOLLARS 1
200
160
100
60
0
....................................................................................
....................................................................................
.................................
1979 1980 1981 1982 1983 1984
YEAR
1986 1988 1987 1988
Source: City of Carlsbad Comprehensive Annual Financial Reports.
162
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Fiscal
Year (1)
1979-80
1980-81
1981-82
1982-83
19 83- 84
19 84-85
1985-86
1986-87
19 87- 88
CITY OF CARLSBAD
Property Tax Levies and Collections
Last Nine Fiscal Years
Total
Current
Levy (2)
$ 3,177,757
3,819,009
4,491,805
5,082,021
5,605,774
6,051,971
7,013,691
8 , 644 , 209
9,922 , 196
Total
Cur rent
Collections (3)
3 , 177,892
3 , 742 244
4,325,152
5,017,599
5,491,980
5,984,957
7 , 201,032
9,502 , 177
10,797,171
x of
Levy
Collected
100.00%
97.99
96.29
98.73
97.97 98.89
102.67
109.93
108.82
(1 1 (2) Opening charges. Does not include Supplemental Assessments.
(3) Collections include prior years' delinquenies
Information prior to fiscal year 1979-80 is unavailable.
TOTAL TAX LEVY
1980 - 1988
MILLIONS OF DOLLARS
...................
................................................
......................................................................................................................
VI I I I I I I
1980 1981 1982 1983 1884 1986 1988 1987 1988
YEAR
163
CITY OF CARLSBAD
Fiscal
Year -
1987
1988
Special Assessment Billings and Collections
Collge Boulevard Assessment District
Last Two Fiscal Years
Special Assessment
Billings
$ 1,000,362
988,116
$ 1,988,478
Special Assessments
Collected
996,884
987,682
1,984,566
Source: County of San Diego Office of the Auditor and Controller.
164
CITY OF CARLSBAD
Miscellaneous Statistical Information
Date of incorporation
Type of city
Form of government
Area
Population
Number of street lights
Miles of streets
Fire Protection:
Number of stations
Number of firefighters and officers
Police Protection:
Number of stations Number of sworn police officers
Municipal Water District:
Number of customers
Average daily consumption
Miles of lines and mains
Miles of sewers
Recreation and Culture:
and unimproved)
Number of parks (improved
Area of parks
Pools
Number of libraries
Number of volumes
Total number of City employees
165
July 16, 1952
General Law
Cou nc i 1 /Ma nag er
39.7 sq. miles
58,888
4,071
180
4
56
1 65
15,750 13.7 million gallons
200
95
35
306.2 acres
1
2
192,930
39 5
Taxpayer
La Costa Hotel & Spa Corp.
Hughes Aircraft Co. (Corp.)
Upland Industries Corp.
Multi-Family Associates
Beckman Instruments, Inc.
Federated Dept. Stores, Inc.
Pueblo De Oro, Ltd.
Carlsbad Inn, Ltd.
La Costa Partners
Wave Crest 11, Ltd. et a1
CITY OF CARLSBAD
Principal Taxpayers
1987-1988
Type of Business
Hotel & Spa
Manufacturer
Land Developer
Land Developer
Manufacturer
Retail Store
Apartments
Hotel
Hotel & Spa
Land Developer .
Valuation
$ 353,957,107 73,080,474
57,185,495
24,290,200
20,339,391
19,281,111
17,783,400
17,476,823
15,703,616
14,088,377
$ 613,185,994
(1) Net assessed valuation for 1987-1988 - $3,939,249,294
Source: County of San Diego Office of the Auditor and Controller
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Percentage of
total net
assessed
valuation (1)
9.0%
1.8%
1.4%
.6%
.5%
.5%
.5%
.4%
.4%
.4% -
15.5 - -
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CITY OF CARLSBAD
Principal Employers
1987-1988
Firm Product /Se rv ic e Emp loy ee s
Manu fac tur ing:
Hughes Aircraft Company,
Pur i t a n-Benne t t Corpora t ion
Ea ton-Leonard Corporation
B eckman Instrument 8
Watkins Products
Dyna Med Inc.
Sierrac in-Magnedyne Inc.
Sargent Industries
Industria 1 Products Div is ion
Non-Manu fac turing:
Plaza Camino Real
La Costa Hotel & Spa
Car Country Auto Dealere
Carlsbad Unified School District
San Diego Gas & Electric, Encina
City of Carlsbad
Farmer's Insurance - Regional
Pea Soup Andersen's
Jazzercise
Electronic components
Medical Equipment
Vending machines
Microbics operation
Spas
Emergency medical products
Electronic motors
Industrial Seals
Shopping center (5 major
Hotel & health spa
Car dealers
Education
Power generation
knic ipal Government
In suranc e
Re s t au ra n t /Ho t e 1
Dance Fitness
department stores)
all major agencies
Source: . City of Carlsbad Chamber of Commerce
167
1,500
45 0
27 5
240
185
195
162
150
1,000
1,000
500(est.)
4 25
4 14
395
3 20
250
101