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Home My WebLink About1991-01-22; City Council; 11000; 1989-90 Comprehensive Annual Financial ReportC. c, $4 0 a a &i s aJ 4J al u a p. aJ U :: 1, I: aJ w \ cn d 4 -4 L) C V 4 cu cu \ .. z 0 F 0 a 5 2 2 0 0 4 GI~OF CARLSBAD - AGEN-BILL 2 :/" AB#-~!J& TITLE: DEPT, MTG. 1/22/91 1989-90 COMPREHENSAE ANNUAL, FINANCIAL REPORT CITY 1 DEPT. FIN CITY I RECOMMENDED ACTION: Accept the 1989-90 Comprehensive Annual Financial Report. LTEM EXPLANATION: Each year, an independent auditor examines the City's financial records and for the third year, the audit firm of KPMG Peat Marwick was retained. The audit process requires several months of on-site examination, testing, and reconciliation records, appropriations, fixed assets, revenues and expenditures. The Comprehensive Annual Financial Report (CAFR) is the end result of an intense examination by independent auditors. Since 1986, Carlsbad's CAFR received awards for excellence from the Government Finance Officers Association of the United States and Canada (GFOA) and the California Society of Municipal Finance Officers (CSMFO). Total Citv The assets of the City of Carlsbad now total $309 million, up over $100 million from 1989. Adding Carlsbad Municipal Water District (CMWD) as a subsidiary of the city increased our assets by $55 million, while the sale of Encina bonds added $10 million and capitalizing contributed sewer lines added $16 million. Total expenditures were $71.4 million, an increase of $7.2 million, Although CMWD expenses added $8.6 million, capital projects expenditures were down $8.6 million and general fund expenditures increased $5.2 million. Total revenues were $78.2 million, an increase of $14.3 million. CMWD added nearly $9 million in revenue, developer fees for future capital projects totaled $7.9 million, up nearly $4 million, and Proposition A/Transnet funds added almost $1 million for street improvements. Fund balances and retained earnings for all funds now total $212 million, an increase of about $66 million in 1989-90. $39 xnillion is attributable to CMWD, $18 million to contributed sewer assets, and $4 million to the increase in general fixed assets. 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. Just as in the private sector where a parent corporation has many subsidiaries, the City of recording financial data. Each fund is a separate "company" with its own set of self-balancing accounting records. Unless Council authorizes a loan, financial resources in one fund may not be used by another fund. of investments, bank statements, accounting records, warrants issued, payroll Carlsbad is made up of a variety of funds that provide the basis for separately I a ! L Page Two of Agenda Bill No. I ( Gc5 The funds of the City are separated into governmental (general fund, special revenue, capital projects and debt service), enterprise (sewer, water, CMWD, golf course), internal service (data processing, insurance, fleet maintenance and replacement), trust and agency (contractor deposits, assessment district bond reserves, cable television, payroll deductions), and long-term fixed assets and debt. General Fund General Fund expenditures totaled $35.2 million, up $5.2 million over 1989. Public safety showed an increase of $2.1 million, primarily due to full year staffing and operations at Fire Stations 5 and 6 and efforts to maintain full police and fire staffing. Culture and Recreation costs increased $1.5 million because of the purchase of two parcels of land for Georgina Cole Library expansion. Expenditures (in thousands) General Government $ 7,795 Public Safety 13,836 Public Works 6,520 Culture & Recreation 7,029 TOTAL $35,180 General Fund revenues totaled $39.3 million, up $2.8 million. Property tax, sales tax and transient occupancy tax revenues increased, while development related revenues declined $400,000. Revenue (in thousands) Taxes $26~ 27 Licenses & Permits 4,850 Charges for Services 3,591 Fines & Forfeitures 512 Interest Income 2,291 Other 1.942 TOTAL $39,3 13 The General Fund also loaned or contributed funds as follows: Transfers (in thousands) Hosp Grove Debt Service $758 General Capital Construction 505 Lake Calavera Hills Golf Course 450 Data Processing 369 Cultural ~rts 2 TOTAL $2,122 w w Page Three of Agenda Bill No. i i j 8-62; At June 30, 1990 reserves in the general fund totaled $15.6 million; however, over $8 million is reserved for encumbrances, advances to other funds, insurance requirements, and additional park land costs. Through the 1990-91 budget, an additional $2 million was earmarked for capital projects and contributions to cultural arts and internal service funds. The undesignated general fund reserve is $5.2 million. Other Funds Financial information in several other funds should be noted. Redevelopment tax increment revenue was $1.7 million, an increase of $0.6 million over 1989. Part of the increase is due to a $224,000 late 1989 payment; however, much of the over 1989. The total assessed value of the Redevelopment Area for 1989-90 was $168 million. Expenditures in capital projects totaled $1 1.8 million, a decrease of $8.7 million in 1990 due to the completion of fire station 5 and Palomar Airport Road, and 1989 Alta Mira park land acquisition costs. Major capital project expenditures in 1990 were the downtown streetscape and parking program, Carlsbad Boulevard widening, and final costs on Palomar Airport Road and the Senior Center. CMWD and Lake Calavera Hills golf course are new to the enterprise funds, adding $8.9 million in revenue and $8.6 in expenses. The water utility fund equity increased over $500,000 due to interest income and results of operations. The sewer fund equity increased over $15 million primarily due to capitalization of developer contributed sewer assets (an accounting adjustment required by governmental accounting standards), while sewer operations showed an operating loss. increase is attributable to the increase in assessed valuation, up $22.6 million FISCAL, IMPACR The City of Carlsbad is generally in good financial condition. Although the economy is uncertain for fiscal years 90/91 and 91/92, at present, the general fund reserves are healthy. Problems exist in some enterprise funds and user fees are expected to be adjusted in 90/91. Large demands on capital project funds are anticipated in 90/91 and 91/92 but long-range planning exists to meet these demands. The Council has indicated an interest in quarterly fiscal position reports to maintain a good understanding of our complex financial picture. Staff will work through the City Manager to provide these reports. e W Page Four of Agenda Bill No. I/, I~L(Y EXHIBITS: Council has previously received audit copies. Audits are on file with the City Clerk and Finance Department. 1. Comprehensive Annual Financial Report for the fiscal year ending June 30, 1990. Parking Authority of the City of Carlsbad, Combined Financial Statements for June 30, 1990. Building Authority of the City of Carlsbad, Combined Financial Statements for June 30, 1990. City of Carlsbad Public Improvement Corporation, Combined Financial Statements for June 30, 1990. City of Carlsbad Water Utility Fund Financial Statements for June 30, 1990. 2. 3. 4. 5. i li I i Comprehensive 1 Annual FinCrncial Report I II for the fiscal year ending JUNE 30, 7990 CITY OF CARLSBAD CALlFORNlA 1 I Claude "Bud" Lewis I MAYOR PRO TEM I Ann Kulchin CITY COUNClL Eric Larson John J. Mamaux Mark V: Pettine CITY MANAGER I I I Raymond R. Patchett 1 f/NANCE DIRECTOR James F: Ellioft I I I I Prepared by the Finance Department II I I I I 1 1 u I I 1 I I I I 1 I I I Introductory Section CITY OF CARLSBAD Comprehensive Annual Financial Report Year ended June 30, 1990 I I 1 1 1 I 1 1 I I 8 1 1 1 I 1 I TABLE OF CONTENTS INTRODUCTORY SECTION - PA Table of Contents Letter of Transmittal Location Map 2: Certificate of Achievement for Excellence in Financial Reporting, Government Finance Officers Association California Society of Municipal Finance Officers 2: Certificate of Award for Outstanding Financial Reporting, 2: List of City Officials 21 I Organization Chart 26-2' FINANCIAL SECTION Independent Auditors' Report 25 I General Purpose Financial Statements: Combined. Balance Sheet - All Fund Types and Account Groups 3( Combined Statement of Revenues, Expenditures, and Changes in Fund Balance - All Governmental Fund Types 3( Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Budgetary Basis) All Governmental Fund Types 3t Combined Statement of Revenues, Expenses, and 4. 4L Changes in Retained Earnings - All Proprietary Fund Types Combined Statement of Cash Flows - All Proprietary Fund Types Notes to Combined Financial Statements 4t i CITY OF CARLSBAB Comprehensive Annual Financial Report Year ended June 30, 1990 TABLE OF CONTENTS. COMTm SUPPMBENTAL SECTION - PAC Governmental Funds : General Fund: Schedule of Revenues - Budget and Actual (Budgetary Basis) 8C Schedule of Expenditures - Budget and Actual (Budgetary Basis) 82 Special Revenue Funds: Combining Balance Sheet 8( Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 9( Budget and Actual (Budgetary Basis) 91 Combining Balance Sheet 101 and Changes in Fund Balance lot Budget and Actual (Budgetary Bae5s) lot Combining Schedule of Revenues and Expenditures - Debt Service Funds : Combining Statement of Revenues, Expenditures Combining Schedule of Revenues and Fxpenditrrses - ii CITY OF CARLSBAD Comprehensive Annual Financial Report Year ended June 30, 1990 I I 1: 1 1 I and Changes in Fund Balance llt 1 I I Combining Statement of Cash Flows 12E 1 1 I I I I I I 1 TABLE OF CONTENTS. CONTINUED SUPPLEHEWHL SECTION. Con tinued - PA(: Capital Project Funds: Combining Balance Sheet 11; Combining Statement of Revenues, Expenditures Proprietary Funds: Enterprise Funds: Combining Balance Sheet 12; Changes in Retained Earnings 126 Combining Statement of Revenues, Ejrpenses and Internal Service Funds: Combining Balance Sheet 134 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 136 138 Combining Statement of Cash Flows Fiduciary Funds: Agency Funds: Combining Statement of Changes in Assets and Liabilities 14; Account Groups: General Fixed Asset Account Group: Schedule of General Fixed Assets by Function 14: Schedule of General Fixed Assets by Source 14f a iii CITY OF CARLSBAD Comprehensive Annual Financial Report Year ended June 30, 1990 TABLE OF CONTENTS. CONTINUED STATISTICAL INFORMATION - PA (Not Covered by Independent Auditors' Report) General Expenditures by Function, Last Ten Fiscal Years 14 General Revenues by Source, Last Ten Fiscal Years 151 Ratio of General Bonded Debt to Assessed Valuation and Net Bonded Debt Per Capita, Last Ten Fiscal Years 15 15 15 Computation of Legal Debt Margin Schedule of Direct and Overlapping Bonded Debt Ratio of Annual Debt Service for General Bonded Debt to Total Governmental Expenditures, Last Ten Fiscal Years 15 Revenue Bond Coverage - Water Bonds, Last Ten Fiscal Years 15 Demographic Statistics, Last Ten Fiscal Years 15 Schedule of Assessed Valuation, Last Ten Fiscal Years 161 Construction and Business Activity, Last Ten Fiscal Years 16 Property'Tax Levies and Collections, Last Ten Fiscal Years 16 Special Assessment Billings and Collections, College Boulevard Assessment District, Last Four Fiscal Years 16 Principal Employers, 1989-1990 16 Principal Taxpayers, 1989-1990 16( Miscellaneous Statistical Information 16 Annual Debt Service Requirements 161 iv I I 8 I 1 1 1 1 I 1 I I I ~ November 19, 1990 Honorable Mayor, City Council, and City Manager CITY OF CARLSBAD 31 Carlsbad, California We are pleased to present the 1989-90 Comprehensive Annual Financial Report of the Ciq statements of the City, the Housing Authority of the City of Carlsbad, the Parking anc Building Authorities of the City of Carlsbad, the Carlsbad Public Improvement Corporation the Carlsbad Redevelopment Agency and the Carlsbad Municipal Water District, as well a the opinion of our independent auditors, KPMG Peat Marwick. The completion of thk independent audit is an important part of the total financial management program for the City of Carlsbad. The information found in this report is provided by management to the Council and public to assist those interested in understanding the fiscal condition of the City as of June 30 1990. Anyone interested in additional information is invited to contact the City's Finance Director. of Carlsbad to the City Council and the City Manager. This report includes financia Backmund Carlsbad is located about 35 miles north of the City of San Diego on the Southen California coast. The City is governed by a five member City Council under thr Councd/Manager form of government. Carlsbad is a general law city incorporated in 1952 The City covers about 42 square miles and has a population of 63,451. Industries in thc area include a major regional shopping center, 18 auto dealers, 24 hotels offering 1,881 rooms for tourist lodging, aerospace manufacturing, electronics, several business and ligh industry parks, and numerous land developers building single and multi-family housing i~ a variety of community settings. a 1 1 1 8 1 1200 Carisbad Village Drive Carlsbad, California 92008-1 989 (61 9) 434-21 Services Provided bv the City The City provides the full range of services normally associated with a rnunicipaliq including police, fire, parks and recreation, library, planning and zoning, building anc engineering, various maintenance services and administration. The City provides watei services through the combined efforts of the City Water Utility Enterprise operation anc the Carlsbad Municipal Water District, a subsidiary district of the City. Solid wastt service. In addition to the usual city services, Carlsbad offers a variety of programs to help loca residents and businesses. The City operates a redevelopment agency that encompasses 0.' square miles of the downtown area, as well as a housing authority that provides 358 lov and moderate income families with housing assistance. The City's literacy program, fundec by the General Fund, provides adult education to local area residents. Carlsbad's olde residents receive assistance through the Ciws senior citizen programs. Also, the Ciq provides major support for the Convention and Visitors Bureau operated in cooperatioi with the Carlsbad Chamber of Commerce. The City supports various service agencies sucl- as the Women's Resource Center, YMCA and other agencies providing social services tc Carlsbad residents. Firsally, the City has reserved over $140,000 for support of the arts. art programs, and the purchase of works of art. collection is provided through a Eranchise mangement with a local refuse collectior Sidcant Events and Accomdshments During 1989-90 the City experienced many siwcant events or accomplishments that ma) not be evident from a review of the financial statements. Some of the more importani events are summarized below. Growth Control - 1989-90 was the third full year of operation under the City's Growtl: Management Program. Under this program developers are allowed to build only i: infrastructure improvements required to serve the development are financed anc constructed as a part of the development. Standards have been established in eleven area: such as circdation, libraries, fire protection, parks, drainage, water, sewers, and oper space. An outgrowth of this program is a long range capital improvement program whick covers the current year through build out of the City. This program has had a major effect on the building industry as shown in the table below: DWELLING UNITS Fiscal Year Constructed 1985-86 2,273 P 986-87 2,310 1987-88 1,672 1988-89 525 1989-90 353 2 The most significant aspect of growth management for 1989-90 was the creation of tl comprehensive Growth Management Financing Program. This program combines ti infrastructure funding needs of the City and other agencies, such as schools, together Wi; the needs of development to fund public purpose projects. The coordinated effort depenc on the rational use of a Mello-Roos Community Facilities District, 1913/1915 A Assessment Districts and fee programs to finance facilities concurrent with demand with01 overburdening the land or home owner. Final action on this program will occur in mi 1 I 8 I 1 I i IC 1 1 I 1 1 1 1 I I 1990-91. Water operations and Planning - During 1989-90, the City of Carlsbad and the Carlsba Municipal Water District (CMWD) took a monumental step toward improving watc services to the public and controlling the cost of government. The City Council and tl CMWD Board agreed to merge the district operations with the City as a subsidiary distric This merger has the potential to eliminate duplication of effort and consolidate services i all areas ranging from administration to field services. The operations of CMWD have bee included in this report as a component unit of the City of Carlsbad. For the first time, th total cost of providing water services to the City can be seen in one place. Construction of Capital Projects - The City continued its aggressive building program durin 1989-90 with an outlay of more than $11 million on a variety of projects. During the las five years, Carlsbad expended about $80 million on capital projects including communit parks, a senior center, major streets, and sea wall and bluff protection. This dedication tl improving the infrastructure of the City is expected to continue into the foreseeable futur as the City implements its long range capital improvement program. Transient Occupancy Tax - On June 6, 1989, the voters of Carlsbad approved a ballc measure authorizing an increase in the Transient Occupancy Tax from 8% to 9% in Augus 1989 and 10% in January 1990. This tax increase provided the City with an additiona $546,000 to support General Fund expenditures. Golf Course - On the same ballot, the voters also directed the City Council to proceed witl the construction of a variety of recreational facilities including golf courses, soccer field and tennis facilities. During 1989-90, the Council proceeded with site selection, design environmental impact reports, selection of an architect, and evaluation of the fiscal viabiliq of golf course operations. 1 I Financial Statement Format This report is designed to provide both summarized and detailed information on tht operation of each of the City's funds. The report is organized as follows: Financial Section - This section contains the combined or summarized financial statements for all funds as well as the notes tc the financial statements. This section provides more detailed information on the activity within each fund including revenues, expendi- tures, changes in fund balances, comparisons to budge1 figures and other related data. Supplemental Data - 3 Statistical Section - This section provides data on the City's fiscal activity over the past ten years including revenues, expenditures, debt, assessed value, and demographic information. account in!^ System and Budgetaw Control 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 I'funds'' that provide the basis for separately recording the hancial 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) I (2) The City's accounting system operates on a modified accrual basis for all governmental and agency type funds. Governmental funds include the General, Special Revenue, Debt Service and Capital Projects Funds. 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. The proprietary fund types (the Enterprise and Internal Service Funds) use the accrual method of accounting. Revenues and expenses are recorded when earned or incurred, respectively. 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 recordkeeping. These internal controls must be established 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 within 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 recordkeeping system. Budgetary control is maintained through monthly reports on all revenue and expenditure accounts as well ips 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 (3) (4) (5) 4 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 Finance Director annually prepare a budget for the City Manager showkg estLnated revenues. and expenditures. I 1 I I Total City Opera tiOIlS During 1989-90 the City staff of 480 full-time employees provided a complete range of City services to the 63,451 residents and many businesses in Carlsbad. Spending on all City programs totaled $71.4 don, an increase of $7.9 million over 1988-89. This increase can be traced to several changes in spending patterns which are summarized below: - I I . The addition of the Carlsbad Municipal Water District to the Cify' Spending on capital projects decreased by about $8.6 million from family of funds added about $8.6 million to total cost of operatio&. 8 prior spending levels although remaining high in comparison to prior years. I I General Fund expenditures grew by approximately $5.2 million. 9 I I I I I I I II 1 1 5 Revenues for 1989-90 totaled $78.2 million, an increase of about $14.3 million or 22% over last year's total of $63.9 million. This increase is directly linked to several factors including: a continued increase in the City's property tax base, strong growth in the sales tax base, a voter approved increase in the transient tax rate, a high level of developmenl activity related to the planning process, and higher charges from internal service funds tc the user departments. Carlsbad is entering 1990-91 in a fiscally sound position due to the City Council's actio= anticipating the continuing low level of development activity caused by implementation ol the Growth Management program in 1987-88. The general outlook for the next five yem is promising with a growing tax base providing the financing required to meet the demanc for services. The City will embark on an aggressive fiscal analysis of the General Pla during 1990-91, which will provide a clearer view of the financial future for the City. The following report summarizes the revenues and expenditures (or expenses) for the CitJ of Carlsbad for the fiscal year ended June 30, 1990. Reventie from All Fund Tvbes (In thousands) 1989-90 over YO 1989-90 1988-89 (under) f 988-89 Change General Fund $39,313 $36,547 $2,766 7.6% Special Revenue Funds 3,576 3,035 541 17.8 Debt Service Funds 1,485 1,462 23 1.6 Capital Projects Funds 13,597 13,521 76 .6 Enterprise Funds, 14,514 4,738 9,776 306.3 Internal Service Funds, 5,689 4,553 1,136 25.0 TOTAL REVENUES $78.1 74 $63,856 $14.318 (I) Includes operating and non-operating revenues 22.4% - Expenditures (or Expenses) AU Fund Tmes (In thousands) 1989-90 over % Chanae General Fund $35,180 $29,936 $ 5,244 17.5% Special Revenue Funds 3,120 2,620 500 19.1 Capital Projects Funds 11,758 20,393 (8,635) (42.3) Enterprise Funds, 13,681 3,617 10,064 278.2 Internal Service Funds, 4.619 4,870 (2511 (5.2) 1989-90 1988-89 (under) 1988-89 Debt Service Funds 3,076 2,796 280 10.0 TOTAL, EXPENDITURES $71.434 $64,232 $ 7,202 11.2% ('I Includes operating and non-operating expenses General Govemmental FunctionS . The General Governmental function includes the operations of the General, Special Revenue, Debt Service and Capital Projects funds. During 1989-90 revenue from all Governmental funds totaled $58 million, an increase of $3.4 don over 1988-89; expenditures totaled $53.1 million, down $2.6 million from last year. A brief look at these numbers on a fund-by-fund basis is shown below. 6 General Fund The Citfs 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 charges for services. Major categories of expenditures include police and fie services, libraries, parks, street maintenance, and administrative functions. General Fund revenues for 1989-90 totaled $39.3 million, up $2.8 million or about 7% over the 1988-89 revenue of $36.5 million. This increase is due primarily to the following factors: I 1 I 1 I 1 1 1 I I 1 I li I 1 1 I 1 I b Property Tax Revenue - $11.6 million Property tax increased $1.3 million or 15.5% over 1988-89 due to a continued increase in the secured property tax base. Although the rate of development has slowed from that experienced prior to growth management, the value of new construction and rate of resales remained high. Several major properties changed hands this year, providing a boost to the City's tax base. Assessed valuation rose from $4.3 billion in 1988-89 to $4.9 billion in 1989-90, a 15% increase. Sales Tax Revenue - $9.3 million Sales tax revenue increased $1.2 million or 13.4% during 1989-90. This increase reflects continuing sales in the large auto park and the shopping mall, and increased demand for food, apparel and building materials due to the rapidy expanding population in San Diego North County. b Vehicle License Fee Revenue - $2.1 million Vehicle license fee revenue increased only slightly over 1988-89. Revenue5 increased $72,000 or 3.6% during 1989-90. The vehicle license fee is set and collected by the State Department of Motor Vehicles. Transient Occupancy Tax Revenue - $3.6 million Transient occupancy tax (hotel room tax) revenues rose by more thar $878,000, almost 32% over 1988-89; however, about $546,000 of this increast is due to a 1% increase in the transient occupancy tax rate in August 1989 anc an additional 1% increase in January 1990. Development Related Revenues - $4,4 million In spite of slowing construction activity caused by the Growth Managemen Program and the declining construction economy, the development communi^ continues to process plans and applications in anticipation of meeting tht growth management standards in the future. Revenue in 1989-90 fr~~ development related fees and permits totals $4.4 million, down $400,000 o 8.3% from last year. 7 Interest Income - $2.3 million Interest income has risen to $2.3 million for 1989-90, an increase of $203,00C or 9.5% over 1988-89. This increase reflects a larger cash portfolio, offset bq declining interest rates. Other Revenue - $1.9 million In 1989-90 other revenue declined over $800,000 primarily due to a $970,00C reimbursement for prior payments to the Public Employees Retirement System (PERS) which was reflected in the 1988-89 financial statements. The following table summarizes General Fund revenues by major category for 1989-90 anc 1988-89: General Fund Revenues (in thousands) 1989-90 over YO Catezorv 1989-90 1988-89 (under) 1988-89 Change Taxes $26,127 $22,615 $3,512 15.5% Licenses & Permits 4,850 4,555 295 65 Charges for Services 3,591 4,024 (433) (1 6.8) Fines & Forfeitures 512 479 33 6.9 Interest Income 2,291 2,087 204 9.8 Other 1,942 2.787 (845) (30.3) TOTAL $39.313 $36.547 $2.766 7.6% General Fund expenditures totaled $35.2 million for 1989-90, up $5.2 million or 17.5% over 1988-89. This increase is due primarily to the following: Public Safety Spending on public safety programs totaled $13.8 million, up $2.1 million 01 18% over 1988-89. This increase reflects efforts to maintain full safety service staffing, full year staffing and operations at Fire Stations No. 5 and No. 6 in central and southwest Carlsbad, and additional police vehicles and fire equipment. Public Works Public Works program spending grew by $0.8 million or about 13.4%. This increase is attributable to higher personnel costs (due to inflation and adding several new positions) along with implementing a major building maintenance program and higher demand for plan checking services. 8 Culture and Recreation I Culture and Recreation spending rose $1.5 million or 28% over 1988-8 primarily due to the purchase of two parcels of land for library expansion, General Government Spending in general government and administrative programs rose by $C million or about 12%. This increase is spread throughout the ma departments in this category. Factors for this increase include: addition charges from internal service funds, costs related to the development of 12 growth management finance program, general salary increases and increasl building maintenance efforts. 1 1 1 1 I 1 1 I I I I I 1 I 1 I I 1 Total General Fund expenditures are summarized in the table below: General Fund Expenditures (in thousands) 1989-90 over YO Catenow 1989-90 1988-89 (under) 1988-89 ChanEe General Government $ 7,795 $ 6,971 $ 824 11.8% Public Safety 13,836 11,728 2,108 18.0 Public Works 6,520 5,751 769 13.4 Culture & Recreation 7,029 5,486 1,543 28.1 TOTAL $35,180 $29,936 ' $5,244 17.5% - Skal Revenue Funds The City's Special Revenue Funds, which account for the collection and use of special c restricted revenues, received $3.6 million in total revenue in 1989-90. This is an increas of $541,000 or about 18% over last year. This increase is due to higher collections ( special charges to the special benefit districts for lighting and landscaping, hcreasb redevelopment area property taxes, and more federal funding of the low and moderat income housing programs. 9 Special Revenue Funds Revenues (in thousands) 1989-90 over % Catenorv 1989-90 1988-89 (under) 1988-89 Change Taxes $ 332 $ 213 $1 19 55.9% Intergovernmental 1,963 1,836 127 6-9 Interest Income 195 211 (16) (9.5) Charges for Services 924 606 318 52.5 Other 162 169 12) 14.1) TOTAL $3,576 $3.035 $541 17.8% - 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 lighting, landscaping services for street trees and median maintenance. Cultural programs, including grants from the California Library Services Act and California Arts Council, and the Senior Nutrition program. Special programs such as the Police Asset Forfeiture program and Civic Arts program. Welfare programs such as the HUD-sponsored Carlsbad Housing Authority rental assistance program. Spending in Special Revenue Funds totaled $3.1 don in 1989-90, an increase of $500,000 or about 19% above 1988-89. Decreased expenditures in the General Government category reflect fewer expenditures from the Police Asset Forfeiture fund, while increased Special Benefit District expenditures for lighting and landscaping are shown under Public Works. Special Revenue Funds Expenditures (in thousands) 1989-90 Over YO Catenon 1989-90 1988-89 [under) 1988-89 Change General Government $44 $ 99 !§ (55) (55.6) % Public Works 883 585 298 50.9 Culture & Recreation 385 322 63 19.6 Welfare 1,808 1.614 194 12.0 TOTAL $3.120 $2.620 $500 19.1% 10 CaDital Proiects Funds Under the accounting definition used by the City, a capital project 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). Capital projects funds for the City of Carlsbad include those supported by the City's public facilities fees, park in-lieu (park development) fees, drainage fees, traffic impact fees, bridge and thoroughfare district fees, gas tax funds and general funds earmarked for capital purposes in the Capital Construction Fund. The capital projects supported by the City's Redevelopment Agency are also included in this group. Revenue in the capital projects funds totaled $13.6 million, up slightly from the 1988-89 total of $13.5 million. Revenues from development activity have continued to flow intc I 1 I I I I I 1 I I 1 I I I 1 I I 1 the capital projects funds even though a pace of development remains low. Capital Projects Funds Revenues (in thousands) 1989-90 Over YO Category 1989-90 1988-89 {under) 1988-89 Channe Taxes $ 2,166 $ 1,647 $ 519 31 5% Intergovernmental 1,304 1,041 263 25.3 Charges for Services 6,214 3,092 3,122 101.0 Interest 3,173 3,008 165 5.5 Contributions from Other 339 203 136 68.0 Property Owners 4-02 4,530 (4,128) (91.1) ,6% TOTAL $13.598 $13,521- 3-n - Spending on capital projects totaled $11.8 million, a decrease of $8.6 million or 42.39 over 1988-89. This level of capital project construction represents the sixth year of th City's major effort which has provided more than $80 million in improvements. Projecl planned for 1990-91 could carry this trend into a seventh year with about $14 million ( new capital projects. budgeted in the new year. The City Council continues to set a hig priority on the construction of quality infrastructure improvements. Some of the key projects under construction or completed during this year include: Carlsbad Senior Center: This major civic facility designed to serve the seni citizen population of Carlsbad opened in December 1989. Downtown Streetscape Prouam: - The Streetscape program is beautifying tl downtown area with improvements to Carlsbad Boulevard and Carlsbad Villa, 1 Drive. 11 Downtown Parking Pronam: Several facilities now provide nearby offstreel paling for the downtown area. South Carlsbad Librarv: Design began on this 64,000 square foot facility whick will become the City's main library. It is scheduled to open in 1992. Fire Station No. 6: This project provided an interim fire station in the rapidly expanding southeast part of the City. Buena Vista Lanoon Visitation Area: This project provides a safe area to observe wildlife at one of Carlsbad's three lagoons. Carlsbad Boulevard Widening: This improvement widened Carlsbad Boulevard from two lanes to four lanes from Agua Hedionda to Cannon Road. Palomar Airport Road. Colleve Boulevard and Alga Road Assessment District: These major circulation system links provide for traffic flow to the center of Carlsbad from now through buildout. Marron/Monroe Road Improvements: These street improvements adjacent to Hosp Grove and the shopping mall widened Monroe Road from two to four lanes. * Capital Projects Funds Expenditures (in thousands) 1989-90 over YO Category 1989-90 1988-89 (under) 1988-89 Change $ 75 $ 63 $ 12 19.0 % General Government Principal, Interest and Fiscal Charges 578 543 35 6.4 TOTAL $1 1,758 $20,393 $(8,635) (42.31% Capital Projects 11,165 19,787 (8,682) (43.9) Debt Service Funds The City's Debt Service funds record the payment of interest and principal on the current portion of outstanding debt. At June 30,1990, the total debt payable from non-enterprise sources was $32 million, comprised of Library, Sewer, Parking Authority and Buildhg Authority Bonds, Hosp Grove Certificates of Participation, College Boulevard 1915 Act Assessment District bond issue and Redevelopment Tax Allocation Bonds. Revenues for 1989-90 remain unchanged from 1988-89. 12 Debt Service Funds Revenues (in thousands) 1 1 1 I 1 1 1 1 I I 1 1 8 I 1 i 1 1 1 1989-90 over TO Catezory 1989-90 1988-89 [under) 1988-89 Change Taxes $1,140 $1,124 $16 1.4% 7 - 2.0 Interest 345 338 - 1.6% TOTAL $1.485 $1,462 & - Debt related expenditures rose in 1989-90 because of the first year of principal payment and full year interest cost on the City's Hosp Grove Certificates of Participation. Debt Service Funds Expenditures (in thousands) YO 1989-90 ovs CateEoly 1989-90 1988-89 [under) 1988-89 Channe Principal $ 670 $ 535 $135 25.2% Interest 2,400 2,254 146 6.5 Other 6 7 - (1) 114.3) TOTAL $3,076 $2,796 $280 L 10.0% The City's tax rate to support general obligation debt for 1989-90 dropped 23% from th 1988-89 rates. Increased assessed valuation and a growing tax base made these decrease possible. The property tax rate in the following chart is converted to dollars per $100,00 of assessed valuation. Property Tax Rates Supporting General Obligation Bonds (Per $100,000 of Assessed value) 1989-90 over O/O CateEorv 1989-90 1988-89 [under) 1988-89 Change Library Bonds $ .31 $ .41 $(.IO) (24.4)0/( Sewer Bonds 2.44 3.16 (.72) (22.8) TOTAL $2.75 $3.57 $(.82) l23.0)% 13 Ehtmrise Opera tiOSlS Carlsbad now operates a Golf Course, Water Utility and a Sewer Enterprise Fund. Aka included is the Carlsbad Municipal Water District which the City established as a subsidiary district in January 1990. 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 commercial business including the recording of depreciation on 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 hds totaled $14.5 million, up $9.8 million or over 200% from District to the City's family of enterprise funds; revenue from the District this year totaled $9 million. Other changes in revenue were experienced in the water and sewer enterprise funds due to rate adjustments and minor growth in the user base for each fund. 1988-89. his increase is mainly due to the addition of the Carlsbad Municipal Water Enterprise Funds Total Operating and Non-Operating Revenues (in thousands) 1989-90 over Oh Category 1989-90 1988-89 (under) 1988-89 Change Golf Course $ 21 $ -0- $ 21 Water Utility 2,001 Sewer 3,572 2,978 594 19.9 Carlsbad Muni. Water Dist. 8,920 -0- 8.920 --- TOTAL $14.51 4 $4.738 $9,776 206.3% --- 1,760 241 13.8% Expenses in the Enterprise Funds totaled $13.7 million, up $10.1 million over 1988-89, an increase primarily due to the addition of the Carlsbad Municipal Water District. All golf come expenses in 1989-90 are part of the construction of the golf course and included in construction in progress. Water Utility expenses reflected increased personnel and office expenses while sewer expenses increased due to higher depreciation and plant operation costs. During this same period the number of accounts provided with water and/or sewer service grew from 15,580 to 16,000, an increase of 420 accounts or 3%. 14 Enterprise Funds Total Qperating and Nonoperating Expenses (in thousands) I a 1 I 1 1 8 I I 1989-90 over YO Cateqorv 1989-90 1988-89 _(under) 1988-89 Change Golf Course $ -0- $ -0- $ -0- --- Water Utility 1,424 1,217 207 17.0% Sewer 3,655 2,400 1,255 52.3 Carlsbad Muni. Water Dist. 8,602 -0- 8,602 --- TOTAL, $13,681 $3.61 7 $10.064 278.2% Water Revenue bonds outstanding at June 30, 1989 totaled $165,000. In August 198 the City joined with three other agencies to sell $33.5 million of sewer revenue bonc Bond funds, along with funding from two additional agencies, are currently financing t expansion of the Edna wastewater facility and should provide sufficient waste wa1 treatment capacity to the year 2005. Carlsbad’s portion of the outstanding bonds is $12 million. Internal Service Funds Internal Service Funds are used to account for services provided by a City department f other City departments. As With an Enterprise Fund, the source of revenue is user fe charged to the departments receiving the service. I 1 SELF-INSURANCE PROGRAM--WORKERS’ COMPENSATION & GENERAL LIABILITY The City has been self-insured for Workers’ Compensation since September 1978. TI activity for this program is recorded in the Workers’ Compensation Self-Insurance Intern Service Fund. Workers’ compensation claims for 1989-90 amounted to $789,000 compare to $468,000 in 1988-89, an increase of about $321,000 or 69%. The estimated clain payable at year end were $782,000, up $111,000 or 16% over last year. Unreservt retained earnings totaled $377,000 at June 30, 1990. The General Jiability Self-Insurance Fund was established near the end of 1980-81. Clair expense for 1989-90 totaled $678,000, down $639,000 from the 1988-89 total of $1 million. The estimated claims payable at year end were $1.3 million, down $600,00 Fund equity totaled $1.1 million at June 30, 1990. 1 I 1 I I I 1 ’ 15 OTHER INTERNAL SERVICE FUNDS The City operates a central vehicle maintenance program servicing and replacing both the rolling stock and small machinery. Operating costs for this program were $1.4 million for 1989-90, down $7,000 from 1988-89. The City also operates a health insurance internal service fund for collecting premiums, paying the insurance carrier, and holding reserve funds. At June 30, 1990, total health insurance retained earnings totaled just under $1 million. The City's Data Processing internal service fund collects revenues and expenses related to the providing of data processing services to the City. &=cy Funds The City uses 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 $10.7 million in Agency Funds as of June 30, 1990, compared to $8.8 million at the end of 1988-89. This increase of $1.9 milEon is due to several factors including: 1) the deposit of an additional $528,000 into the City's deferred compensation plans; 2) a net increase of $588,000 in contractor and miscellaneous deposits held by the miscellaneous deposits. e City to guarantee developer or contractor performance; and 3) an increase of $696,000 in Cash Management The City Treasurer is charged with the responsibility of safeguarding the City's assets, receiving all payments due the City and investing all inactive funds. The Carlsbad Municipal Water District manages its portfolio of $13 million separately. During this year the City Treasurer earned about $7.5 million in interest on investments in all fund types from instruments earning from 0% to 10.14%, compared to earnings of $7.2 million during 1988-89. Funds are invested in various types of instruments as shown on the following page. At June 30, 1990, the Treasurer had 100% of all available funds invested. The City's total portfolio at year end was $102.2 million. 16 Below is a summary of cash and investments outstanding as of June 30, 1990: I 8 I I 1 I 1 1 I 1 I Net General Bonded Debt $285,000 0.01% $ 4.49 I I 1 1 I 1 I Amount Invested 1 Interest Rates (in millions) Cash 0.00 - 7.75 $ 1.1 Certificates of Deposit 8.15 - 9.75 25.5 0.00 - 9.65 20.7 Other Deposits Federal Agency Notes 7.55 - 9.14 13.2 Treasury Coupons 8.10 - 9.30 6.2 Corporate Notes 7.45 -10.14 14.9 Commercial Paper 8.74 - 8.74 .9 Banker's Acceptances 8.15 - 8.68 9.2 Miscellaneous Investments 7.25 - 9.75 10.5 $102.2 As required by State law, the City Council adopted a comprehensive investment poliq speclfylng the type and term of City investments. This policy has allowed the Ciy Treasurer flexibility without endangering the safety, liquidity or yield of the total portfolio Debt Administration The ratio of net bonded debt to assessed valuation and the amount of bonded debt PC capita are useful indicators of the City's debt position to management, citizens an investors. These data for the City for the year ended June 30, 1990, are as follows: Ratio of Debt to Assessed Valuation Net Amount Assessed Value Per CaDita This debt represents obligations payable directly from a tax levy applied to property with the City of Carlsbad. The City's general bonded debt includes outstanding Library a Sewer bonds. 17 Gann Limit - Appropriations Subiect to Limit In 1979, Proposition 4, the "Gann" initiative, was passed. The purpose of this law is limit government spending by putting a cap on the total proceeds of taxes that may appropriated each year. This limit is increased each year through a formula that takes ir consideration changes in the Consumer Price Endex and state per-capita income. Wher city reaches this limit excess tax revenue must be returned to the State or citizens thou a process of refunds, rebates, or other means that may be defined at that time. The Ga limit for the City of Carlsbad has increased steadily since 1979 and still provides the C with a comfortable operating margin. 'The Gann limit for the City of Carlsbad for 1989- was $40.1 million, with appropriations of "proceeds of taxes" of only $30.6 million. TI allows the City a margin of $9.1 million. CITY OF CARLSBAD PROPOSITION 4 SPENDING LIMIT VS. APPROPRIATION OF PROCEEDS OF TAXES (Millions) . -_ 81 82 83 84 85 86 87 88 89 90 FISCAL YEAR RXE! APPROP OF TAXES El SPENDING LIMIT 18 Economic Outlook I 1 I 1 1 1 u 1 I I 1 1 I 1 1 1 I 1 I The City's Capital Improvement Program calls for the construction of more than $ million in improvements between now and buildout. This program includes new pz libraries, fire stations, streets, water lines and other facilities to maintain the lev€ service offered to the Carlsbad resident. This aggressive construction program will p a burden on the operating budget that must be managed through careful schedulin match demands with resources. Uncontrolled demand would easily outpace the C ability to pay for services. The expansion of retail sales facilities, the addition of new auto dealerships, several s centers as well as the construction of a major hotel in southern Carlsbad, provide the n needed tax base to finance the growing service needs. Further, the continued indus development in the Palomar Airport Industrial Park area will add to Carlsbad's econc health. The citizens have also assisted in financing Carlsbad's future operating needs by appro a 2% increase in the Transient Occupancy Tax, raising the City's TOT rate to 10% this 2 The increase provided about than $550,000 toward General Fund operating costs. The City's Growth Management Program holds the key to the timing of many of developments that will support the City through fees and taxes. This program is desi; to guarantee that no new development occurs without careful planning of infrastruc: and services. This process will cause some development to be delayed or revised in s during the planning process, which in turn may delay the city's ability to collect additi the funding needs of the City's $300 million capital improvement program, more than : million in street improvements and $120 million of school district financing requireml This program should be acted upon by Council in late 1990. The City Council has directed staff to begin a comprehensive fiscal analysis of the Carl General Plan in an effort to forecast the financial stability of the City. This study begin in early 1991 using the combined efforts of both consultants and City staff. Carlsbad's general outlook is for a healthy economy with adequate General Fund rev for the next several years as the Growth Management Program begins to allow I developments to occur. The City should see some ability to expand services in the fi without depending on tax increases. The years following appear to offer expar opportunities for the City Council to enhance service to the community. commercial centers, and continued plans for the construction of a group of major shop revenue. City staff is currently involved in a long range financing program which ad( 19 Certificate of Achievement for Excellence in Finanad Reporting 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, 1989. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently 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. The City has received the GFOA certificate since 1986 and the CSMFO certificate since 1985 . 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. Acknowledments This report has been a joint effort by many people from many different areas of responsibility. The dedicated efforts of Cheryl Allen, Assistant Finance Director, and her accounting staff, deserve full credit for the preparation and contents of this report. We appreciate Lisa Hildabrand and Darren Huennekens of KPMG Peat Marwick for the professional way in which the audit of this financial report was conducted. It has been a pleasure to work with the KPMG Peat Marwick staff throughout this period. Respect@lly submitted, Ji’/ gg7 - tfLI0i inan e Director 20 I I 1. I I 1 1 1 I I I 1 i I I I 1 1 i 21 FAUROOK CAMP PENOUTON RAMONA lMpIRlAL BEACH Certificate of Achievement for Excellence in Financial Reporting City of Carlsbad, California Presented to For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 1989 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. &-, E& President /*A& Executive Director 22 I I 0 1 8 - \ t R I 23 24 I I CITY OF CARLSBAD I ELECTED CITY OFFICIALS Claude A. Lewis, Mayor Ann J. Kulchin, Mayor Pro Tem John J. Mamaw, Council Member Mark V. Pettine, Council Member Eric Larson, Council Member Aletha L. Rautenkranz, City Clerk William C. Esterline, City Treasurer I I I I I II I 1 I I I 1 I I 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/ Michael Holzndler, Maintenance Director Planning Director David Bradstreet, Parks and Recreation Director James F. Elliott, Finance Director Ruth Fletcher, Purchasing Officer Lloyd Hubbs, City Engineer Clifford Lange, Library Director Ann Jensen, Human Resources Director James Thompson, Fire Chief Robert Vales, Police Chief CHAIRPERSONS, COMMISSIONS AND BOARDS Sharon Schramm Planning Commission Camille Mitkevich Personnel Board Marvin Cap Building Authority Dick Goodman Parking Authority Mary Melideo Traffic Safety Commission Seena Trigas Library Board Kim Welshons Linwood J. Van John McCoy Design Review Board Steve Densham Joe Bear Arts Commission Marjorie Howard-Jones Historic Preservation Commission Parks and Recreation Commission Senior Citizen Commission Housing and Redevelopment Committe 1; Robert Sheppard Cable Television Foundation 1 25 zzz g5= 3 3* ¶- E F cu z r3 =; ji;i --. -c& c .p 3. .- ; s r;: -;; EO a rd -7 $. w $.z 3 I $5 bc i+m u* L c= % i-( T Gg U + -e w r r 4 5 >1 X'W ma +I <Is *s ).u 2 9 -1 4 \ f= w b=T E-f M sg % sl+ ;I ~, u l~~! - < > Js .i -4 - I .j \ ~~ L CC VI* v)c I c3 I h I Y -!7 '3 - u .r, L 01 01 I a n - G= r - I - ?.E ez K ? 7-7 L W -1 0 c -2 w -E c4 w u z -c c1. E r t: a.rE <zz vr: =-, - qv3 <=": -- E2 < i= E 0 4 E aJ .- & :F$ ;-A*; -4 LX + M h : .- om =La A '== rf --I Er ~~ - - - 252;;s t .- 5 b "a L.l m 0 p: .- - -: - L ~--r /. :zu LEE ZE* go€ ZV v Ea vs I G 0 L. .- s .E gg u I 1 I uu I I I 1 1 I I I I i I J ale v w. a& G 'C 2 .; 2.2 f2 2g < .- gs .I 2% E e& $'ST3 Lf4.V) VlS 25' gE Jgk a.22 . 6T32 -ma r u2 cll El *E w bZ p I le1 - ;E 1 .52?h 3 $.E $: qz h M PV :$ ZO nr: 4 rnUL 23 za 2 al 5C CQ .2 5 2 La" 0 2.2 +L Z:aO 2.22 S5E .!? 8 g m"E ws AV 2 9w .y2 c 5-0 L .- L '2 < E>,$ nza u 5 C u *E! z4 2 :;2 erflz u tal al al & d .- 2 h=: we- E zvg V c i G-f .a .y .E 02 E mu 5 oa, c J C C -2 GE SE 2.; .A LO V J d 2 z2 ?J: ka P, ... 28 I I 5 I I I 1 I I 1 i E I I c I I II I Financial Section KPMG Peat Marwick 1 8 1 I 1 1 8 1 I I L II I ! I I I Certrfied Public Accountants 750 B Street San Diego. CA 92101 Independent Auditors ' ReDort a The Honorable Members of City Council City of Carlsbad, California: We have audited the general purpose financial statements of the Cit Carlsbad, California, as of and for the year ended June 30, 1990, as listc the accompanying table of contents. These general purpose fina statements are the responsibility of the City's management. responsibility is to express an opinion on these general purpose fina statements based on our audit. We conducted our audit in accordance with generally accepted aud standards. Those standards require that we plan and perform the audi obtain reasonable assurance about whether the general purpose fina statements are free of material misstatement. An audit includes examinin1 a test basis, evidence supporting the amounts and disclosures in the gel purpose financial statements. An audit also includes assessing the accou! principles used and significant estimates made by management, as we1 evaluating the overall f inancia1 statement presentation. We believe thai audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to I present fairly, in all material respects, the financial position of the of Carlsbad, California, at June 30, 1990, and the results of its opera and its cash flows of its proprietary funds for the year then ende conformity with generally accepted accounting principles. As discussed in Note l(m) to the general purpose financial statements, City of Carlsbad, California adopted Statement No. 9 of the Governm Accounting Standards Board which requires the presentation of a statemei cash flows and certain other disclosures. Our audit was made for the purpose of forming an opinion on the ge fund, and individual account group financial statements and schedules 1 in the accompanying table of contents are presented for purposes of addit analysis and are not a required part of the general purpose fina statements of the City of Carlsbad, California. Such information has subjected to the auditing procedures applied in the audit of the ge purpose financial statements and, in our opinion, is fairly presented ii material respects in relation to the general purpose financial state taken as a whole. purpose financial statements taken as a whole. The combining, indiv KPrnG P&d& October 19, 1990 29 Member F rm 01 I Klynveld Peal Manvick Goerdeler CITY OF CARLSBAD Combined Balance Sheet All Fund Types and Account Groups June 30, 1990 Governmen tal Fund Tyues Special Debt Capital Assets and Other Debits Notes General Revenue Service Proiects Cash and investments 4 $ 11,304,311 2,946,382 4,788,674 36,653,400 Receivables : - - - 184,839 Loans Taxes 2 , 034,991 15,499 1,882 32,177 146,830 Accrued interest 261,472 21 , 962 92,269 400 9 911 Accounts, net 54,908 16,881 - Due from other funds 13 2,168,831 - - - Due from other Advances to other govemmen t s 2,592 43,574 - 221,973 funds 12 2,876,845 - - 5,624,806 Inventory 33,867 - - - Prepaid expenses 79,500 129,662 - - Restricted assets: Cash and Accrued interest - - - - equipment , net 5 debt service funds - - - - provided for retirement of general long- term debt - - - - inves tmen t s 4 Property, plant and Amount available in Amount to be - - - - - - - - Total assets $ 18.817.317 3,358.799 4.882.825 43.080.097 See accompanying notes to combined financial statements. 30 B 1 1 I I I 1 I 1 a It - 1 I C 1 I It Proprietary Fiduciary Fund Type Account Groups Total Fund Tvues Internal Genera 1 Long- (Memorandl 95,668,62 184,83 2,084,54 3,045 ,OS 997 , 3: 3,241 ,O! 26891: 8,501,6' 439,5 209,l Enterprise Service AFencv Fixed Assets Term Debt onlv) - - 23,380,054 5,875,412 10,720,394 - - - - - - - - - - - - - 2,794,362 32 , 109 - - 142,509 57,426 - - 20,807 - - 1,072,260 - - - - - - - - - - - - - 337,563 68,124 - - - - - 19,542,O 326,7 141,583 , 9 4,837,454 4,837,4 - - - - - 19,542,085 - - - 326,799 - 54,282,749 - 85,003,430 2,297,794 - - - 28.335.468 28.335 .i 1 8.330.865 10.741.201 54,282,749 33,172,922 3- - - - - - e 31 CITY OF CARLSBAD Combined Balance Sheet All Fund Types and Account Groups, Continued June 30, 1990 Governmental Fund TvDes Special Debt Capital Liabilities Notes General Revenue Service Projects Accounts payable $ 875,190 79,049 4 , 000 475,494 Accrued wages payable 1,368,605 24,182 - 17,551 Accrued interest payable 104,209 - 5,371 - 2,007,612 Due to other funds 13 - Due to other governments - 72,933 - 8,008,651 Advances from other funds 12 - Estimated claims payable - - Assessments payab le e Deposits payable 150 - Deferred revenue 900,75 7 - - 161 , 219 - - - - - - - - Current portion of - - - long-term debt 11 - I 2 9 700,000 Deferred compensation - - - payable 8 - - 36,000 Current 1 iab i 1 it i e s payable from restricted assets: Current portion of Accrued interest - - - long-term debt - e e payab 1 e - - Bonds payable 11 - e with governmental commitment 11 - - capital leases 9,11 - participation - agreement 11 - - e - Special assessment debt - - Obligations under Certificates of Installment purchase - - - - - - - - Total liabilities 3.248.911 337.383 45.371 13.209.308 See accompanying notes to combined financial statements. 32 1 1 8 I 1 t I Proprietary Fiduciary Fund Types Fund Tvpe Account Grouos Tota In te mal General Long- (Memora Agencv Fixed Assets Term Debt onlv Enterprise Service 1,296,865 142,621 2,182 - - 2,875 , 42,725 32 , 966 - - - 1,486 , - - - 262, 1,072,260 - - - - 3,241, - 72, 493,000 - - - - 8,501, - 2,039,202 - - - 2,039, - - 999,048 - - 999, - 773 ¶ I 949,826 - 7,493,498 - - 11 , 143 y 862,010 - 2,246,473 - - 3,108, ! 2,070,778 - - - - 3,007 y 153,188 - - - - - 773,766 - - - - 623 , 623,000 - - - 387,163 - I 1 I I 1 1 1 1 1 fi - - - 387, 40 , 000 - - - 22,755,000 22,795, - - - - 9,045,000 9,045, - - - - 1,372,922 1,372, 12,299,350 - - - - 12,299, 12,689.800 - - - - 12.689, 33,753.731 2.214.789 10.741.201 - 33.172.922 96.723, 33 CITY OF CARLSBAD Combined Balance Sheet All Fund Types and Account Groups, Continued June 30, 1990 Governmental Fund Tvpes Special Debt Capital Pro iec ts Service Notes General Revenue Total liabilities, brought forward $ 3.248.911 337.383 45.371 13.209.308 Fund Equity and Other Credits Investment in general fixed assets Contributed capital 15 Fwd balances: - - - - - - - - Res e rved 14 4,060,684 1,493,339 4,837,454 12,895,527 Unr es e rve d 14 11,507,722 1,528,077 - 16,975,262 Reserved 14 - Unreserved 14 - Retained earnings : - - - - - - Total fund equity and other credits 15.568.406 3.021.416 4.837.454 29.870.789 Total liabilities, fund equity and other credits $ 18.817.317 3.358.799 4,882.825 43,080.097 See accompanying notes to combined financial statements. 34 1 1 1 8 I I 1 e 1 1 I I 1 1 1 1 1c t 1 Proprietary Fiduciary Fund Tvues Fund TvDe Account Groups To ta In t e mal General Long- (Memora ~ Enterprise Service Agency Fixed Assets Term Debt onlv 33,753.731 2,214,789 10.741.201 - 33,172.922 96.723 - - - 54,282,749 - 54 , 282, 69,493,467 3,400,806 - - - 72,894, - - - - 23,287, - - - - - - 30,011, 1,992,755 - - - - 1,992, 27.359,109 2,715,270 - - - 30,074, 98,845,331 6.116.076 - 54.282.749 - 212.542 , 132.599.062 -8.33- 10.741.201_ 54.282.742 33.172.922 309.265, 35 CITY OF CARLSBAD Combined Statement of Revenues, Expenditures and Changes in Fund Balance All Governmental Fund Types For the year ended June 30, 1990 General Revenues : Taxes $ 26,127,416 4,850,255 Licenses and permits Intergovernmental Charges for services 3,590 , 693 Fines and forfeits 511,890 Interest income 2,290,820 Contributions from property owners Miscellaneous 1.941.769 Total revenues 39.312.843 - - Expenditures: Current: General government 7,794,742 Public safety 13,836,529 Public works 6,519,657 We 1 fare Culture and recreation 7,029,004 - - Capital outlay Debt service : - Principal retirement Interest and fiscal charges - Total expenditures 35.179.932 Excess (deficiency) of revenues over expenditures 4.132.911 500,000 Other financing sources (uses): Operating transfers in Operating transfers out (2.518.092) (2.018.092) Total other financing sources (uses) Excess of revenues and other financing sources over expenditures and other financing uses 2,114,819 13,416,605 36.982 $ 15.568.406 Fund balance at beginning of year Residual equity transfers Fund balance at end of year See accompanying notes to combined financial statements. 36 I 1 8 I Revenue Service Proiects onlv) I u 1 8 B 0 - 2.399.847 577.962 2,977.8c I 1 I 1 1. I I Total Special Debt Capital (Memorandw 332,297 1,140,058 2,165 , 641 29,765,412 - - - 4,850 , 255 1,303,851 3,267,051 923,589 - 6,214,044 10 , 728 , 32f - - - 511,89( - - 402,292 402 , 29: 161.862 - 338.607 2,442.231 3.575.627 1.484.932 13,597.051 57.970.45. 1 , 963,203 - 194,6 76 344,874 3 , 172,616 6,002,98( e 43,957 6,516 75,256 7 , 920,47 - - - 13,83632 882,819 - - 7 , 402 , 47 384,866 - - 7,413,87 - - 11,104,390 11 , 104,35 - 670,000 - 670,OC 1,808,058 - - 1,808,05 3,119.700 3.076.363 11,757.608 53.133.6C 455.927 (1.591.431) 1.839.443 4,836.8: 219,500 1,847,526 4 , 278,390 6 , 845,4 (6.212) ( 161.404) (4.528.633) (7.214.31 1 213.288 1.686.122 (250.243) (368.9 669,215 9h,691 1,589,200 4,467,9 2,427 , 378 4,742,763 28,693,394 49,280,l (75.177) - (411.805 ) (450.0 3.021.416 4.837.454 29.870.789 2L&?uJ 37 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, 1990 General Fund Actual on Variance Budgetary Favorable Budget Basis IUnfavorable 1 Revenues : Taxes $ 25,340,000 26,127,416 787,416 Licenses and permits 4,590,000 4,850,255 260 , 255 In tergovernmentaf - 3 , 420,000 3,590 , 693 170 , 693 Charges for services Fines and forfeits 530,000 511,890 (18,110) 1,500,000 2,290,820 790,820 Interest income 116 9 769 Miscellaneous 1.825.000 1.941,769 2 a 107.843 To tal revenues 37.205.000 39.312.843 - - Expenditures: Current : General government 10,172,470 8,445,313 1,727,157 6,918,855 6,661,477 25 7,378 Public works Welfare - Culture and recreation 7,640 9 61 7 7,078,458 562, E59 Public safety 14,488,109 13,934,156 553 , 953 - - Debt service : - - Principal retirement - Interest and fiscal charges - - - 39.220.051 36.119.404 3.100.647 Total expenditures Excess (deficiency) of 5.208.490 revenues over expenditures 12.015.051) 3.193.439 Other financing sources (uses): Operating transfers in 500 , 000 500 , 000 - Operating transfers out (2.518.092) (2,518.092) - sources (uses) (2.018.092) (2.018.092) - Total other financing Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses (4,033,143) 1,175,347 5,208,490 Fund balance at beginning of year 13,416,605 13,416,605 - Residual equity transfers - 36.982 36.982 Fund balance at end of year $ 3,383,462 .14.628,934 5,245.472 See accompanying notes to combined financial statements. 38 1 I I 1 1 I 1 1. 603,214 421,452 181 , 762 - - - II 8 I I 1 li 1 I I Special Revenue Funds Debt Service Funds Actual on Variance Actual on Variance Budgetary Favorable Budgetary Favor ab le R Budget Basis (Unfavorable) Budget Bas is (Unfavorable 320,000 332,297 12,297 149,000 154,388 5 , 388 - - - - - - 1,988,150 1,963,203 ( 24 , 947) - - - 859,000 923,589 64,589 - - - - - - - - - 89,000 194,676 105,676 1,400 2,024 6 24 I 3.380.150 3.575.627 195.477 150.400 156.412 6.012 - - - 124,000 161.862 37.862 23 , 725 - - - 1,064,313 887,683 176,630 - - - 2,026,372 1,808,244 218 , 128 - 78,675 54 , 950 - - - - - - - - - - - 135,000 135,000 - - - - 13.728 12.241 1.487 3,772.574 3,172.329 600.245 148.728 147.241 1.487 9.171 7,499 (392.424) 403.298 795,722 1.672 - - - 219,500 219,500 - (6.212) (6.212) I - - - - - - 213.288 213.288 - (179 , 136 ) 616,586 795,722 1,672 9 , 171 7,499 2,427,378 2,427,378 - 110,014 110,014 - - (75,177) (75.177) - - - 2,248,242 2,968,787 720.545 111.686 119.185 7,49_e 39 CITY OF CARLSBAD Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual, Continued (Budgetary Basis) For the year ended June 30, 1990 Total (Memorandum Only) Actual on Variance Budgetary Favorable Budre t Basis ( Unf avo rab le 1 Revenues : Taxes $ 25,809,000 26,614,101 805 , 101 Licenses and permits 4,590,000 4,850,255 260,255 In tergovemmen tal 1,988,150 1,963,203 (24 , 947) Charges for services 4,279,000 4,514,282 235,282 530,000 511,890 (18 , 110) Fines and forfeits Interest income 1,590 , 400 2,487,520 897,120 Miscellaneous 1.949.000 2,103.631 154,631 To tal revenues 40.735.550 43.044.882 2,309.332 Expenditures: Current : General government 10,251,145 8,500,263 1,750,882 Public works 7,983,168 7,549,160 434 , 008 2,026,372 1,808,244 218,128 Welfare Culture and recreation 8,243,831 7,499,910 743,921 Principal ret iremen t 135 , 000 135 , 000 Interest and fiscal charges 13.728 12.241 1.487 Total expenditures 43.141.353 39,438,974 3.702.379 Excess (deficiency) of Public safety 14,488,109 13,934,156 553,953 Debt service: - revenues over expenditures (2,405.803) 3.605.908 6.011.711 Other financing sources (uses): Operating transfers in 719,500 719,500 - Operating transfers out (2.524.304) (2.524.304) - sources (uses 1 ( 1.804.804) (1 804,804) - Total other financing Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses (4,210,607) 1,801,%04 6,011,711 Fund balance at beginning of year 15,953,997 15,953,997 - Residual equity transfers - (38,195) (38.195) Fund balance at end of year $ 11.743.390 17.716.906 5.973.516 See accompanying notes to combined financial statements. 40 1 I I 8 R I I 4 I i t I I 8 I I I 1 I 41 CITY OF CARLSBAD Combined Statement of Revenues, Expenses and Changes in Retained Earnings All Proprietary Fund Types For the year ended June 30, 1990 To tal Internal (Memorandum En t e rDr i s e Service onlv) Operating revenues: Water sales $ 7,846,597 - 7,846,59 7 Sewer service charges 2,325 , 158 - 2 , 325 , 158 Other charges for services 285,893 4,936 , 250 5,222,143 Miscellaneous 347.721 329,499 677.220 Total operating revenues 10.805.369 5,265.749 16.071.118 Operating expenses : Plant operations 3,057 , 844 - 3,057,844 Purchased water 4,973,040 - 4,973,040 Depreciation and amortization 1,595,600 295,489 1,891,089 Fuel and supplies - 333,307 333,307 Claims expense - 2,707,012 2,707,012 General and administrative 3,371,863 1.226.537 4.598. 400 Total operating expenses 12.998.347 4.562.345 17.560.692 Operating income (loss) (2.192.978) 703.404 ( 1,489,574) Non-operating revenues (expenses): Interest income 3,019,461 423,201 3,442,662 Interest expense and fees, net of capitalized interest (654,889 ) - (654,889) Gain (loss) on disposal of property 86 2 (56,874) (56,012) Property tax and rent 668 9 202 - 688 9 202 Amortization of issuance costs (26.710) - (26.710) Non-operating income $ 3.026.926 366.327 3.393.253 42 1 8 I 1 1 8 I I 1 1 I 1 8 I I I I 1 1 Total Internal (Memorand EnterDrise Service onlv) Income before operating transfers $ 833,948 1,069,731 1,903,679 Operating transfers in - Operating transfers out - Net income 833,948 1,438,656 2,272,604 Transfer to contributed capital (298,659) - (298,659) 868 , 925 868 , 925 (500,000) (500.000) Retained earnings at Prior period adjustment beginning of year 31,030,748 1,276,614 32,307,362 (2.214.173) (note 3) (2,214.173) - Adjusted retained earnings 28.816.575 1.276.614 30.093.189 Retained earnings at end of year (note 14) $ 29.351.864 2.715.270 32.067.134 43 CITY OF CARLSBAD Combined Statement of Cash Flows All Proprietary Fund Types For the year ended June 30, 1990 To tal Internal (Memorandum EnterDrise Service !JnJJd Cash flows from operating activities: Operating income $ (2,192,978) 703,404 (1,489,574) Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization 1,622,310 295,489 1,917,799 Increase in receivables (213 , 928) (22,836 ) (236 , 764) Increase in advances & due to/due from other funds 482,720 - 482,720 Increase in inventory (11,533) (68,124) (79,657) Decrease in accounts payable (355,918) (4,636) (360,554) Increase in deposits payable 727,961 - 727 , 961 Decrease in estimated claims payable - (538,443) (538,443) Increase in deferred compensation Increase in accrued wages payable 3,514 26 , 960 30,474 payab 1 e 215.043 - 215.043 Net cash provided by operating activities 277.191 391.814 669,005 Cash flows from noncapital financing activities: Property taxes and rent received 688,202 - 688 , 202 Operating transfer of cash - 368.922 368 1 9 25 Net cash provided by noncapital financing activities 688.202 368.925 1.057.127 Cash flows from capital and related financing activities: Purchases of property, plant and Gain on disposal of assets 2,757 - 2,757 Proceeds from installment purchase 12.689.800 equipment (13,746,183) (446,041) (14,192,224) agreement 12.689.800 - Cash flows from capital and related financing activities, carried forward $ (1.053.626) (446.041) (1.499.667) See accompanying notes to combined financial statements. 44 I 1 I I 1 8 8 U 8 I 1 8 1 I I I 1 I To 1 Internal (Memo] EnterDrise Service on: Cash flows from capital and related financing activities, brought forward $ (1,053,626) (446,041) (1,499 Principle payments on bonds (825,502) e (825 Interest paid on bonds (1,057,047) - (1,057 4.089 Proceeds from capital contributions 4.089.548 - Net cash provided by (used in) capital and related financing activities 1.153.373 (446.041) 707 Cash flows from investing activities: Net decrease in restricted cash and investments 3,466,613 - 3,466 Interest on investments 3.279.153 419.826 3.698 8 activities 10.321.387 419.826 10.741 Net increase in cash 12,440,153 734,524 13,174 Cash and cash equivalents at beginning Net decrease in investments 3,575 , 621 - 3,575 Net cash provided by investing of year 25.798.918 5.140.888 30,939 Cash and cash equivalents at end of year $ 38.239.071 5.875.412 44.114 Supplemental schedule of noncash investing and financing activities - Capital assets contributed by contractors and/or other funds $ 943,911 557.84 1.501. 45 CITY OF CARLSBAD Notes to Combined Financial Statements June 30, 1990 (1) Summary of Simificant Accounting Policies The City of Carlsbad, California (Carlsbad) was incorporated July 16, 1952. Carlsbad operates under a Council-Planager form of government and provides the following services as authorized by its charter: general government, public safety, public works , culture, recreation and community development. Carlsbad is not subject to federal or state income taxes. The accounting policies of Carlsbad and its component units 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 ReDorting: Entity The Comprehensive Annual Financial Report includes all entities for which Carlsbad 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 reporting entity (the City) include the financial activities 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, the Carlsbad Redevelopment Agency and the Carlsbad Municipal Water District. Their financial operations are closely related and the City Council has a continuing oversight responsibility over these entities D The oversight responsibility is determined on the basis of budget adoption, taxing authority, funding and appointment of the governing board. On January 1, 1990, the Carlsbad Municipal Water District (the District), was established as a subsidiary district of the City of Carlsbad and is governed by a board of directors composed of Carlsbad's council members. Due to this oversight responsibility, the District is considered to be part of the reporting entity. The City also has an interest in a joint sewage treatment facility known as the Encina Water Pollution Control Facility and in a financing authority known as the Encina Financing Joint Powers Authority. Since the City does not have significant influence over been included as component units in the City's financial statements. the management or the operation of these entities, they have nat 46 (Continued) CITY OF CARLSBAD 1 I I I I I 1 I I 1 II B I I I I Notes to Combined Financial Statements (1) summ ary of Significant Accounting Policies, Continued (b) Basis of Presentation The accounts of the City are organized on the basis of funds account groups, each of which is considered to be a separ: accounting entity. The operations of each fund or account grc are accounted for by providing a separate set of self-balanc: accounts that comprise its assets, liabilities, fund balanc retained earnings, revenues, and expenditures or expenses. various funds and account groups are summarized by type in financial statements. Fund types and account groups used by City are as follows: GOVERNMENTAL FUND TYPES: Governmental Funds are used to account for the City's expenda financial resources and related liabilities (except those accoun for in proprietary and similar trust funds). The measurement fo is based upon determination of changes in financial position. following are the City's governmental fund types: General Fund The general fund is the general operating fund of the City. It used to account for all financial resources except those requj to be accounted for in another fund. I Special Revenue Funds Special revenue funds are used to account for revenues derived f specific sources (other than major capital projects) that restricted by law or administrative regulation to expenditi for specified purposes. I Debt Service Funds Debt service funds are used to account for the accumulation resources for, and payment of, general long-term debt princi] interest and related costs. CaDital Proiects Funds Capital projects funds are used to account for financial resou to be used for the acquisition or construction of major cap facilities other than those financed by proprietary funds. 1 47 (Contin CITY OF CARLSBAD Notes to Combined Financial Statements (1) Smarv of Sipnificant Accountiw Policies. Continued (b) Basis of Presentation. Continued PROPRIETARY E"D TYPES: Broprietary funds are used to account for activities that are similar to those found in the private sector. The measurement focus is based upon determination of net income and capital maintenance. The following are the City's proprietary fund types: EnterDrise 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 appropriate. 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 basis. 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 governmental units, and/or other funds. The following is the City's fiduciary fund type: Aaencv 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. ACCOUNT GROUPS: Account groups are used to establish accounting control and accountability for the City's general fixed assets and general long-term debt. The following are the City's account groups: 48 (Continued ) CITY OF CARLSBAD Notes to Combined Financial Statements I 1 B I I I I 1 1 I R 8 8 I 1 I B s I (1) Summary of Significant Accounting Policies, Continued (b) Basis of Presentation. Continued ACCOUNT GROUPS. Continued: General Fixed Assets Account GrouE This account group is used to account for all fixed assets of ' 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 obligati of the City except those accounted for in the proprietary fu and trust funds. (c) Measurement Focus and Basis for Accounting Governmental fund types are accounted for on a "spending" measurem focus. Accordingly, only current assets and current liabilit are included on their balance sheets, and the reported fund bala provides an indication of available, spendable resourc Operating statements for governmental fund types report increa (revenues) and decreases (expenditures) in available spenda resources. The proprietary fund types are accounted for on an "inc determination" or "cost of services" measurement f oc Accordingly, all assets and liabilities are included on the balz sheet, and the reported fund equity provides an indication of economic net worth of the fund. Operating statements proprietary fund types report increases (revenues) and decrez (expenses) in total economic net worth. Fiduciary fund types are custodial in nature (assets e( liabilities) and do not involve measurement of results operations. Government and fiduciary fund types use the modified accrual basi: accounting. Revenues are recognized when susceptible to accri i.e., both measurable and available. Available means collect within the current period or soon enough thereafter to be usec pay liabilities of the current period. In applying the suscept to accrual concept to intergovernmental revenues, the legal contractual requirements of the individual programs are used guidance. (Con t in 49 CITY OF CARLSBAD Notes to Combined Financial Statements (1) Swnmarp of Significant Accounting Policies, Continued (c) Measurement Focus and Basis for Accountiw, - Continued Revenues that are accrued include real property taxes, sales tax, interest, and some 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. Tax liens attach annually as of 12:Ol a.m. on the first day of March in the fiscal year for which the taxes are levied. 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 recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or payments to be made early in the following year. when amounts have been accumulated in the debt service fund for 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 formal budgetary control in the governmental funds. Encumbrances outstanding at year-end do not . constitute expenditures or liabilities, but are reported as resenrations of fund balance. ‘(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. Carlsbad maintains a cash and investment pool that is available for use by all funds. Interest income earned as a result of pooling is allocated to the appropriate funds based on average monthly cash balances. 50 (Continued ) CITY OF CARLSBAD Notes to Combined Financial Statements 1 I I I II I I u 1 B I I 1 E 1 f U i (1) Summarv of Significant Accounting Policies. Continued (f) Inventories Inventories consist of materials and supplies that are valued at CI and are recorded as expenses when consumed. (g) Comoensated Absences Vacation pay is payable to employees at the time used or u termination of employment. For governmental funds, the cost accumulated vacation expected to be paid in the next 12 months recorded as a fund liability and amounts expected to be paid af 12 months (if any) are recorded in the general long-term d recorded as a liability when earned. account group, For proprietary funds, the cost of vacation (h) Self-Insurance The City has been self-insured for general liability claims si 1981 and for workers' compensation claims since 1978. General liability exposure is accounted for in the General Liabil Self-Insurance Internal Service Fund. The Fund is responsible collecting interfund premiums from other City funds and departme and paying clah settlements. Interfund premiums are based on insured funds' claims experience. Claim settlement and : expenses are accrued in the General Liability Self -1nsur; Internal Service Fund for estimated reported claims. The activities of the workers' compensation program are accounted in the Workers' Compensation Internal Service Fund. The Ci benefits. Funding is provided through premium charges to City's departments. risk management department and a service company administer Past experience indicates that incurred but not reported claims general liability do not represent a material amount < therefore, they have not been accrued at year-end. (i) Unbilled Services Unbilled water revenue of the enterprise funds is recognizec earned when the water is consumed. II (j) General Fixed Assets General fixed assets are recorded as expenditures in the governme fund types and capitalized at historical cost in this grou] accounts. In the case of gifts or contributions, such assets 51 (Contin CITY OF CARLSBAD Notes to Combined Financial Statements (1) Summa rv of Significant Accountin? Poiicies. Continued (j) General Fixed Assets. Co ntinued 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 recording these assets. In the general fixed assets account group, construction in progress is transferred to buildings or improvements upon approval by the City Council which approximates the completion date. No depreciation has been provided on general fixed assets. (k) Propertv. Plant and Equipment - ProDrietarv Funds Property, plant and equipment ,used by proprietary funds is stated at cost or estimated historical cost. Contributed fixed assets are recorded at estimated fair market value at the time received. Net interest costs are capitalized on projects during the construction period. 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 10 - 50 Wells, reservoirs and dams 10 - 100 Transmission and distribution lines 40 - 70 Sewer, sewer lines and wells 50 Sewage treatment facility 55 Equipment 4 - 20 Filters, pumps and fire hydrants 10 - 50 (1) Deferred Revenue The deferred revenue in the General Fund represents property taxes due but not available e The deferred revenue in the Debt Service Funds relates to a prepayment of lease revenue from the General Fund to the Building Authority. 52 ( Con t hued) CITY OF CARLSBAD Notes to Combined Financial Statements I 8 I I 1 1 8 I 1 I 1 I I 8 II I (1) Summarv of Significant Accounting Policies. Continued (1) Deferred Revenue. Continued The deferred revenue in the Enterprise Funds relates to deposits in-kind prepayments for services to be rendered (e.g., sew installation, etc.). (m) Statement of Cash Flows - ProDrietarv Funds In September 1989, the Governmental Accounting Standards Board issi Statement No. 9, "Reporting Cash Flows of Proprietary i Nonexpendable Trust Funds and Governmental Entities that 1 Proprietary Fund Accounting." Effective June 30, 1990, the C: adopted the provisions of Statement No. 9 and has preseni statements of cash flows instead of the statements of changes financial position for the year ended June 30, 1990. I m For purposes of the statement of cash flows, the Proprietary Fur consider all highly liquid investments with a maturity of th months or less when purchased and all amounts invested in a c and investment pool to be cash equivalents. (n) Total Columns Total columns on the combined statements are captioned "Memoran Only" to indicate that they are presented only to facilit financial analysis. Data in these columns do not present financ position, results of operations, or cash flows in conformity w generally accepted accounting principles. Such data is comparable to a consolidation since interfund eliminations have been made. (2) Budgetary Data I The City follows these procedures in establishing its budgetary data: 1. During May or June, the City Manager submits to the City Counci proposed operating budget for the fiscal year commencing following July 1. The budget includes proposed expenditures estimated revenues on a departmental basis. 2. Public hearings are conducted at City Council meetings to obi citizens comments during June. 3. Prior to July 1, the budget is enacted legally through passagc an appropriation resolution. The City Manager is authorized to make transfers of appropriated am0 within a fund and function for up to $15,000. Revisions that alter total appropriations of any fund or function must be approved by 53 (Contin CITY OF CARLSBAD Notes to Combined Financial Statements (2) Budgetarv Data. Continued 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. During the year, several supplementary appropriations were necessary. Budgets for governmental 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. a For purposes of budgetary presentation, actual generally accepted accounting principal (GAAP) expenditures have been adjusted to include encumbrances outstanding at year-end. Annual budgets are not adopted for the capital projects funds, therefore, budget basis financial statements have not been prepared because a comparison of such budgetary amounts to annual revenues and expenditures is not meaningful. In addition, budgets are not adopted for the following debt service funds: Parking Authority, Building Authority, Hosp Grove COP'S, College Boulevard and Redevelopment Bonds. Accordingly, the revenues and expenditures for these funds have been excluded from the budget basis financial statements. The following schedule is a reconciliation of the budgetary and GMP fund balances : Special Debt Fund Funds Funds General Revenue Service Fund balance-budgetary basis $ 14,628,934 2,968,787 119,185 Encumbrances outstanding at year-end 939,472 52,629 - Fund balances of nonbudgeted funds - - 4.718.269 Fund balance-GMP basis $ 15.568.406 3.021.416 4.837.454 (3) Prior Period Adjustment In prior years, the City did not record certain fixed assets in the Sewer Enterprise Fund that had been contributed by developers. As a result, contributed capital and property, plant and equipment were understated by $16,908,318 which is the estimated fair market value of these assets at the time they were received by the City. This understatement was corrected by an adjustment to increase property, plant and 54 (Continued ) CITY OF CARLSBAD Notes to Combined Financial Statements I I I I I I 1 I 4 I 8 I I I I 1 I (3) Prior Period Adiustments, Continued equipment and contributed capital of the Sewer Fund for the $16,908,: as of the beginning of the year and decrease beginning retair earnings for the cumulative amount of depreciation on these previous unrecorded assets in the amount of $2,214,173. (4) Cash and Investments Each participating fund's portion of the City's cash and investment pc is displayed on the combined balance sheet as "Cash and Investments This category also includes some cash and investments that are hr separately by several of the City's funds, including the Carls' Municipal Water District and certain funds of the Carls' Redevelopment Agency. Authoritv for Deposits and Investments: The City's investment policy and state statutes authorize the City invest in obligations of the U.S. Treasury, its agencies Corporation or P-1 by Moody's Commercial Paper record, banke acceptances with a maximum maturity of 270 days, repurchase reverse repurchase agreements, certificates of deposit with natic and state licensed or chartered banks or federal or state savings loan associations, money market and mutual funds whose portfol consist of one or more of the foregoing investments, and the St Treasurer's investment pool. instrumentalities, commercial paper rated A-1 by Standard and Po0 State statutes require that all deposits be insured or collateraliz Depositories holding public funds on deposit are required to main collateral in the form of a pool of securities with the agent of depository having a market value of at least 10 to 50 percent excess of the total amount of all public funds on deposit. I A summary of cash and investments is as follows: Deposits : Cash $ 19,055,960 Investments 67.838.962 I 115,210,712 Time certificates of deposit 28,315,790 Less restricted portion (19.542.085) Unrestricted cash and investments $ 95.668.627 55 (Contii CITY OF CARLSBAD Notes to Combined Financial Statements (4) Cash and Investments. Continued Deposits : The following summary presents the amount of the City's deposits which are fully insured or collateralized with seemities held by the City or its agent in the City's name (Category he), 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, 1990. Category Category Category Total Bank Carrying One - TWO Three Balance Amount Cash $ 343,472 3,409,245 684,998 4,437,715 2,230,776 Cash with fiscal agent / trustee - 11,196,253 5,628,931 16,825,184 16,825,184 Time certif 5- cates of deposits 3,582.000 24,733,790 - 28,315,790 28.315.790 $ 3.925.472 39,339.288 6.313.929 49,578,689 47.371.750 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 counterparty's trust department or agent in the City's name. Category Three includes uninsured and unregistered investments held by the counterparty, its trust department or its agent, but not in the City's name. Certain investments have not been categorized because securities are not used as evidence of the investment. These uncategorized investments include ownership interests in mutual funds and similar instruments. The summary below identifies the level of risk assumed by the City and the total carrying amount and market value of the City's investments. 56 (Continued) CITY OF CARLSBAD Notes to Combined Financial Statements I 1 I I I 1 1 1 1 I follows: I I I I I 1 I 1 (4) Cash and Investments. Continued . Investments. Continued: Category Category Category Un- Total Ma I - One Two Three catesorized Investments !& Local agency investment fund $ - - - 15,000,000 15,000,000 15,00( U.S. Government. agency obligations - 13,225,854 - - 13,225,854 ?2,96t U.S. Treasury securities 1,221,876 6,726,078 - - 7,947,954 7,94! - 14,864,175 - - 14,864,175 14,84 Corporate notes Bankers' acceptances - 9,620,179 - - 9,620,179 9,60( Commerci a1 paper - 975,190 - - 975,190 97t - 6,205,610 6,205,610 6,20! Mutual fundshther - - 1 Total $ 1.221.876 45.411.476 - 21.205.610 67.838.962 67,541 The City has a $1,000,000 line of credit to be used for overdi liabilities. During the year ended June 30, 1990, this line credit was not used. (5) Propertv. Plant and EQUiRment A summary of changes in the general fixed assets account group is Balance Balanc July I, June 31 1989 Additions Deletions 1990 Land $ 19,567,465 1,26 1,261 - 20,828, Bui Id ings 22,795,771 3,484 , 632 - 26,280, Improvements 1,659,176 676,054 - 2,335, Furniture and equipment 3 , 754,867 608,492 51,375 4,311, Construction in progress 2.387.057 383. 719 2.244.370 526 .. To tal $ 50.164.336 6.414.158 2.295.745 54.282, 57 (Con t in CITY OF CARLSBAD Notes to Combined Financial Statements (5) Propertv. Plant and Equipment. Continued Construction in progress in the general fixed assets account group is composed of the following: Expended to date Project at June 30, Authorization 1990 Committed Redevelopment Parking Facilities $ 278,444 27,469 250 , 975 Fire Station bl and 112 Remodel 225,000 25 , 999 199,001 Fire Station f6 and Apparatus 176,483 46 , 791 129,692 South Carlsbad Library 3,806,000 204,320 3,601,680 Alta Mira Park 100,000 52,509 47,491 Southwest Quad Community Park Design 190,000 78 7 189 , 213 Holiday Park Improvements 100 , 045 3,812 96,233 Carillo Ranch Stabilization 490,000 102,057 387 , 943 Buena Vista Playground 15,000 6,128 8,872 Advance Planning - Park Design 20,480 12,964 7,516 Public Art - Kiosk Design 2 , 000 1,000 1,000 Public Art - S. Carlsbad Library 50,000 133 49,867 Handicap Access - Elm - Tamarack 46,800 31,648 15,152 Marcario Canyon Park 100,000 206 99,794 Sidewalk Program Design 188,000 14 187 , 986 Carlsbad Village Dr. Street Signs 153,000 6 , 100 146,900 Streetscape PH IV - Sculpture Park 726,836 4.469 722.367 $ 6.668.088 526.406 6.141.682 There is no future financing required on any of the above noted construction projects. Summary of proprietary fund type property, plant and equipment at June 30, 1990 follows: Internal Enterprise Service Funds Funds Land, water rights, rights-of-way $ 1,515,567 - Buildings and improvements 3,997,764 - Wells, reservoirs and dams 10,863,803 - Transmission and distribution lines 24,639,846 - Sewer, sewer lines and wells 23,958,463 - Sewage treatment facility 22,266,941 - Equipment and vehicles 2,662,408 3 9 631 9 915 Construction in progress 9.6 88 e 5.5 e, - 99,593,346 3,631,915 Less accumulated depreciation 14,589,916 1.334.121 Property, plant and equipment, net $ 85.003.430 2.297.794 58 (Continued) CITY OF CARLSBAD I I I I I 1 I I I I I I I 1 I I Notes to Combined Financial Statements (5) Property. Plant and Equipment. Continued Interest costs incurred during construction of the projects have capitalized as costs of acquiring the assets. Interest costs including capitalized amounts during the same period, were $1,036,59 The Enterprise funds had various construction contracts in progress June 30, 1990 with an estimated cost to complete of approxima $9,845,000. There is no future financing required on any of the a1 noted construction projects. $391,040 were capitalized in 1990. Total interest costs incur (6) Joint Ventures Encina Water Pollution Control Facility: The Encina Water Pollution Control Facility (the Facility) is a st system owned jointly by the Cities of Carlsbad and Vista, the Leuc; County Water District, the Buena Vista Sanitary District, San Marcos County Water District and the Encinitas Sanitary Distr: The Encina Administrative Agency is the operator and administrator the facility and is responsible for the management, maintenance operations of the joint system. Ownership percentages are determ: by joint agreement at the time the assets are acquired. As of June 1990, the Cities and Districts have the following approximate owner: M interest: City of Carlsbad 26 % City of Vista 25 Leucadia County Water District 18 San Marcos County Water District 20 Encinitas Sanitary District 5 Buena Vista Sanitary District 6 The latest available financial statements of the Facility, dated June I 1989 show the following: Total assets $ 76,903,796 Total liabilities 921.948 Fund balance 75.981.848 I Net change in fund balance $ 3.870.819 The Facility does not recognize net income or loss. Net operat expenditures in excess of users' assessments are treated as accou receivable on the Facility's books and charged to users' accounts the following year. Conversely, users' assessments in excess of operating expenditures are treated as a liability and credited agai users' accounts, also in the following year. Under this basis, 59 (Con t inu CITY OF CARLSBAD Notes to Combined Financial Statements (6) Joint Ventures. Continued Encina Water Pollution Control Facilitv. Continued: operating expenditures for the Facility totaled $4,363,730 in fiscal year 1989. The net change in fund balance was attributed to plant additions. The City accounts for its portion of the Facility as a fixed asset of the Sewer Fund, an enterprise fund of the City. Encina Financing Joint Powers Authoritv: The Encina Financing Joint Powers Authority (the Authority) was created on February 1, 1989 between the City of Carlsbad, the City of Vista, the Buena Sanitation District and the Leucadia Water District. The primary purpose of the Authority is to issue revenue bonds in order to finance the expansion of the Facility. Repayment of the bonds will be accomplished through payments made by each member of the Authority pursuant to installment purchase agreements. The individual agreements set forth the purchase price and specify the debt service requirements for each member. The Authority is governed by a Board of Directors which consists of one director appointed by each member. Prior to July 1, 1989, the Authority had no financial activities. In August 1989, the Authority issued $33,500,000 of revenue bonds and executed installment purchase agreements for approximately the same amount. The following is a table of the purchase price for each member and their approximate share in the additional capacity: Installment Approximate Member purchase P rice share 19.75% Buena Sanitation District $ 6,616,250 City of Carlsbad 12,689,800 37.88% Leucadia Water District 7,966,300 23.78% City of Vista 6.227.650 ia.w% $ 33.500.000 100.00% The installment payments are secured by a pledge of the revenues from each member's wastewater system, net of a deduction for maintenance and operation costs. Covenants within the agreements require the members to, among other things, (I) maintain insurance on the facility, and (2) establish wastewater rates which are sufficient to pay the operating costs and debt service on the bonds and which will result in net revenues equal to 1.1 times the annual installment payments due. 60 (Continued) CITY OF CARLSBAD Notes to Combined Financial Statements I I I I 1 I I I I I I I I 1 I I I I I (6) Joint Ventures. Continued Encina Financing Joint Powers Authority. Co ntinued: The City's share in the accounts of the Authority is recorded in Sewer Enterprise Fund. The expansion of the Facility is shown as addition to the fixed assets of the Sewer Fund similar to accounting for the Encina Water Pollution Control Facility jo venture discussed previously. (7) Retirement Plan The City contributes to the California Public Employees Retirement Sys (PERS), an agent multiple-employer public employee retirement sys that acts as a common investment and administrative agent participating public entities within the state of California. For year ended June 30, 1990, the payroll for employees covered by the PI was $16,071,500 for Carlsbad employees and $1,047,044 for Distrj employees. Total payroll for the same period was $18,235,734 i $1,152,725 for Carlsbad and District employees, respectively. All full-time employees are eligible to participate as members of t PERS. Benefits vest after an employee has been a member of the pl for five years. Employees are eligible to retire after ages 50 to with 5 years of credited service. Annual retirement benefits i determined based on age at retirement, the length of membership servi and the amount of earnings based on the highest thirty-six consecuti consecutive months average for miscellaneous employees. The PERS a1 provides death and disability benefits. These benefit provisions a all other requirements are established by state statute. months average for safety employees, and based on the highest twel Employees are required to make contributions ranging from 7 to 9 perce of gross pay. The City is required to contribute the remaining amoun necessary to fund the benefits for its members, using the actuari, basis recommended by the PERS actuaries and actuarial consultants ai adopted by the PERS Board of Administration. The employ contributions are made by the City on behalf of the employees. The amount shown below as the "pension benefit obligation" (PBO) is standardized disclosure measure of the present value of pensi benefits, adjusted for the effects of projected salary increases ai step-rate benefits, estimated to be payable in the future as a resul of employee service to date. The measure is intended to help usel assess the funding status of the PERS on a going-concern basis, asset progress made in accumulating sufficient assets to pay benefits wht due, and make comparisons among employers. The measure is tl actuarial present value of credited projected benefits, and : independent of the funding method used to determine contributions t the PERS. 61 (Con t hued CITY OF CARLSBAD Notes to Combined Financial Statements (7) Retirement Plan. Continued The PBO was computed as part of actuarial valuations performed as of June 30, 1989. 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-retirement benefit increases. The total unfunded (assets in excess of) pension benefit obligation $(75,724), respectively at June 30, 1989 (the date of the latest actuarial valuations), as follows: applicable to Carlsbad and the District's employees was $2,316,097 and Carlsbad District Pension benefit obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 14,094,648 459,979 Current employees: Accumulated employee contributions including allocated investment earnings 9,115,846 422,880 Employer financed-vested 10,879,881 197,852 Employer financed-nonvested 1,131,383 61.012 Total pension benefit obligation 35,221,758 1,141,723 1,217,447 Net assets available for benefits at cost 32 ! 905 * 6 61 Unfunded (assets in excess of) pension benefit obligation $ 2,316.097 (75.724: The market value of the net assets available for benefits as of June 30, 1989 was $38,565,435 and $1,426,848 for Carlsbad and the District. respectively. None of the total change in the PBO from the prior year resulted fron changes in actuarial assumptions. However, $404,694 of the tota: change in Carlsbad's PBO was due to changes in benefit provisions. PERS uses the Entry Age Normal Actuarial Cost Method which is a projectec benefit cost method. It takes into account those benefits that ar 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 th level amount which would fund the projected benefit if it were pai modification of the Entry Age Cost Method in which the employer's tota normal cost is expressed as a level percentage of payroll. PERS als annually from date of employment until retirement. PERS uses 62 (Continued CITY OF CARLSBAD Notes to Combined Financial Statements I I 1E. I I ! I II 1 1 I 1 31 I I I 1 I I (7) Retirement Plan. Continued uses the level percentage of payroll method to amortize any unfundec actuarial liabilities. The amortization period of the unfundec actuarial liability ends on June 30, 1990 for the prior service benefi for the District and on June 30, 2000 for all other benefits, The significant actuarial assumptions used to compute the actuarial1 determined contribution requirement are the same as those used t compute the pension benefit obligation, as previously described. The actuarially determined employer and employee contributions applicabl to the City at June 30, 1989 were as follows: Carl sbad District Mi scel 1 aneous Safety Mi scel 1 aneous Emol ovees Emol ovees Emol ovees Covered Covered Cover6 Contributions Pavroll Contributions Pavroll Contributions Pavro' Required normal cost contribution $ 1,561,000 15.5% 1,414,990 23.7% 80,738 7.7% Amortization of the unfunded (overfunded) actuarial accrued 1 iabil i ty (132.933) (1.3)% .-2?Uf& 4.1% (55.420) L3) con t ri but i ons $ 1,428,065 14.2% 1.661.452 27.8% =&318 ___ 2.4Y Total required Actual employer Contributions made by the City on behalf of employees 701 .Oz -7 533.904 _897 73.374 u contributions $ 1,434.692 14.2% 1.665.862 27.8% 154.200 - 14.7: The District has a surplus related to miscellaneous employees as a resu of prior year actuarial gains. contributions, the District has chosen not to apply it to fully offe current year's contributions. contri but i ons 733,640 7.3% 7,131,965 18.9% 80,826 7.7; Total actual In order to maintain a level pattern 63 (Cont inu CITY OF CARLSBAD Notes to Combined Financial Statements (7) Retirement Plan. Continued The following is three-year trend information which gives an indicatic of the progress made in accumulating sufficient assets to pay benefit when due: Carl sbad District 1984 BX 1982 1p89 m 198z Net assets avai lab1 e for benefits as a percentage of pension benef i t o bl i gat i on 93.4% 93.8% 91.2% 106.9% 104.3% 109.87 of) pension benefit obligation as a covered payroll 14.4% 14.2% 19.0% (7.2%) (4.2%) (8.97 Actuarially determined employer contributions as a percentage of annual covered payroll 12.3% 13.9% 16.2% 3.6% 4.1% N/A Unfunded (assets in excess percentage of annual Ten-year trend information is not currently available from the Californi: Public Employees Retirement System; therefore, only the availablc information is presented. Required Supplementary Information Anal ysi s of Funding Progress (Unaudited) Carl sbad District Y3.S 1988 1987 1989 leas 1981 Net assets avai 1 ab1 e for benefits, at cost $ 32,905,600 28,385,300 23,855,500 1,217,447 981,451 823,110 obligation 35,221,700 30,249,400 26,158,700 1,141,723 941,218 749,880 Percentage funded 93.4% 93.8% 91.2% 106.9% 104.3% 109.83 Unfunded (assets in Pension benef i t excess of) pension benefit obligation 2,316,000 1,864,000 2,303,200 (75,730) (40,240) (73,240) Annual covered payroll 16,071,500 13,170.100 12,147,900 1,047,044 960,250 825,380 Unfunded (assets in excess of) pension benef i t ob1 i gat; on as a percentage of annual covered payroll 14.4" 14.2% 19.0% (7.2%) (4.2%) (8.9% 64 (Continued) CITY OF CARLSBAD t 1 I I I 1 I 1 II 1 I I 1 r 1 I t 1 1 Notes to Combined Financial Statements (8) Deferred Comensation Plan The City offers its employees a deferred compensation plan created accordance with Internal Revenue Code Section 457. The plan, availa to all employees, permits them to defer a portion of their salary un future years. Amounts deferred may not exceed the lesser of $7,500 25% of a participants I "includable compensation," as defined in participation agreement. The deferred compensation is not available employees until termination, retirement, death or unforeseea emergency. All amounts of compensation deferred under the plan, all property rights purchased with those amounts, and all income attributable those amounts, property or rights are (until paid or made available the employee or other beneficiary) solely the property and rights the City (without being restricted to the provisions of benefits UI the plan), subject only to the claims of the City's general credit( Participant's rights under the plan are equal to those of genc the deferred account of each participant. creditors of the City in an amount equal to the fair market value The City believes it has no liability for losses under the plan but ( have the duty of due care that would be required of an ordinary pruc investor. The City believes that it is highly unlikely that it I use the assets to satisfy the claims of general creditors in the futi (9) 0blie;ations Under CaDital Leases In 1981, the City entered into an agreement with the City of Oceansidt lease the public parking area surrounding a regional shopping ai Under the terms of the agreement, the City agreed to pay an aggrel amount of $700,040 including interest at 10%. The annual principal interest payments are $70,000 through 1991 and $1 annually for eacl the remaining forty years. The City has the option to purchase leasehold at any time for the sum of $1. The leasehold interest $430,152 has been recorded in the City's general fixed asset accc group. 65 ( con tin CITY OF CARLSBAD Notes to Combined Financial Statements (9) Obligations Under Capital Leases. Continued In August 1987, the City entered a sale and leaseback agreement with a financial institution for the Community Development Building. 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 remaining under capital leases (paid from the General Fund) and the present value of minimum lease payments at June 30, 1990: Annual Minimum Lease Pavments Year ending June 30. 1991 $ 304,529 1992 234,530 1993 234,530 1994 234,530 1995 234,530 Thereafter 586.353 Total minimum lease payments 1,829,002 Less amounts representing interest 456.080 Present value of minimum lease payments $ 1.372.922 (10) Obligations Under Oneratine: 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. Total annual rent expense is $37,020. In May 1990, the City's Redevelopment Agency entered into an agreement to lease a parking lot on Carlsbad Village Drive from a private party. The lease requires monthly rental payments of $4,350 commencing July 1, 1990 for five years. Total annual rent expense is $52,200, 66 (Con t hued ) CIm OF CARLSBAD Notes to Combined Financial Statements I I 1 1 I I f 1 It 1 I- 1 I $14.938.ooo 12.689.8QQ 800.00026.827 l 1 E E E 1 (10) Obliaations Under Operating Leases. Continued The following is a schedule by year of future minimum rental pay required under the operating leases at June 30, 1990: Annual Rental Expenses Year endina June 30, 1991 $ 89,220 1992 89,220 1993 89 , 220 1994 89 , 220 481.260 Thereafter Total minirrim lease payments $ 927,360 1995 89,220 (21) Long-term Debt The following is a summary of changes in the principal balance of long-term debt for the year ended June 30, 1990: Pri nci pal Pri nc Bal a June E2 14,18( 8,575 Balance July 1, 1p89 Additions Retirements General long-term debt account group: Bonds $ 14,475,000 - 295,000 Certificates of part2cipation 8,690,000 - 115,000 Special assessment debt with - 260,000 181.833 9,04E 1.372 - governmental commi 1:ment 9,305,000 Ob1 i gati ons under capi tal 1 eases 1.554.755 Total general long-term debt $ 34.024.755 - 851.833 33.172 Enterprise funds: 82E Bonds 1,053,000 - 225,000 Certificates of participation 13,885,000 - 575,000 13,31C Installment purchase agreement - 12.689.800 - 12.68s 67 (Contin CITY OF CARLSBAD Notes to Combined Financial Statements (11) Long-term Debt. Continued Long-term debt at June 30, 1990 is comprised of the following individual issues : Balance June 30, m General Long-term Debt: 1962 Series B General Obligation Sewer Bonds, principal due in amounts ranging from $90,000 to $100,000 on July 1 of each year through 1992, interest payable on January 1 and July 1 at 3.6% per annum $ 190,000 1962 Series C General Obligation Sewer Bonds, principal due in amounts of $25,000 on July 1 of each year through 1992, interest payable on January 1 and July 1 at 3.75% per annum 50,000 1966 Library General Obligation Bonds, principal due in amounts ranging from $20,000 to $25,000 on January 1 of each year through 1992, interest payable on January 1 and July 1 at 4.5% per annum 45 .OOO General obligation bonds 285.000 1967 Carlsbad Building Authority Revenue Bonds, principal due in amounts ranging from $30,000 to $35,000 on December 15 of each year through 1993, interest payable on December 15 and June 15 at 6.0% per annum, payable from the general fund 95,000 1969 Carlsbad Parking Authority Revenue Bonds, principal due in amounts ranging from $100,000 to $125,000 on October 1 of each year through 1996, interest payable on October 1 and April 1 at rates varying from 6.35% to 6.4% per annum, payable from the general fund 650,000 68 (Con t hued ) CITY OF CARLSBAD Notes to Combined Financial Statements 1 I 1 1990 1 I 8 t I 1 I 1 I I I 1 I I (11) Long-term Debt. Continued Balanc June 3 1981 Carlsbad Parking Authority Revenue Bonds, principal due in amounts ranging from $75,000 to $150,000 on Felwuary 1 of each year through 2001, interest payab.Le on August 1 and February 1 at 8.0% per annum, payable from the general fund $ 1,150.C Parking and building authorities revenue bonds 1.895 .C 1988 Carlsbad Housing and Redevelopment Commission Tax Allocation Bonds, principal due in amounts ranging from $270,000 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 7.8% per annum 12.000. c Total bonds payable 14,180 ,C 1988 Carlsbad Certificates of Participation, principal due in amounts ranging from $235,000 to $815,000 on August 1 of each year through 2009, interest payable on August 1 and February 1 at rates varying from 5.50% to 7.6% per annum 8,575 ,C 1986 College Boulevard Assessment District Bonds, principal due in amounts ranging from $280,000 to $910,000 on September 2 of each year through 2006, interest payable on September 2 and March 2 at rates varying from 6.75% to 8.0% per annum 9,045,C Capital leases (note 9) 1.372.: $ 33.1722 m m Total General Long-term Debt 69 (Con t inu CITY OF CARLSBAD Notes to Combined Financial Statements (11) Long-term Debt, Continued Balance June 30, lpeQ Enterprise Fund Long-term Debt: 1960 Waterworks Revenue Bonds, remaining interest and principal paid in July 1990 $ 65 , 000 1970 Waterworks Revenue Bonds, remaining principal and interest paid in July 1990 100,000 1988 Carlsbad Municipal Water District Certificates of Participation, principal due in varying amounts ranging from $610,000 to $1,425,000 on May 1 of each year through 2004, interest payable on May 1 and November 1 each year at rates varying from 5.6% to 7.3% per annum 13,310,000 1961 Carlsbad Municipal Water District Improvement District Bonds, principal payments totalling $623,000 &de on various dates in 1991, with the remaining $40,000 due in 1992, interest payable at 663,000 rates varying from 3.5% to 5.0% per annum Encina Financing Joint Powers Authority (EFJPA) Installment Purchase Agreement, principal due in varying amounts ranging from $274,630 to $1,049,276 on August 1 of each year from 1994 through 2014, year at rates varying from 6.0% to 6.875% per annum interest payable on February 1 and August 1 each 12,689.80 0 26,827,800 Less unamortized discount and (401,884) (1.396.766) issuance costs Less current portion Total enterprise fund $ 25.029.150 long-term debt Reserve funds of approximately $5,000,000 are required to be held in debt service funds to secure the payment of principal and interest on the outstanding debt issues. 70 (Con t inued ) CITY OF CARLSBAD Notes to Combined Financial Statements 1, I I 1 1 I 1 i I I 1 1. s 8 I 1 I fund debt $ J.&&QQ 13.310 .OOQ 663.ooo 12,689.804 2lidzL I i (11) Long-term Debt. Continued A portion of the Tax Allocation Bonds and the EFJPA Installment Purchz Agreements are subject to mandatory redemption in part from sinking fund payments. These sinking fund payments have been included in tl debt service requirements which follow. Debt service requirements to maturity for general long-term debt are a follows: Parking and Building Ob1 i gati on Revenue A1 1 ocati on General Authorities Tax Certificates Assessment of Di strict Bonds Bonds Bonds Participation Bonds ut 1991 $ 143,652 340,200 1,132,352 870,085 975,880 3,462 1992 153,393 326,000 1,133,328 871,435 975,430 3,459 1993 - 316,650 1,137,938 866,448 973,180 3,294 1994 - 293,200 1,135,828 865,054 973,815 3,267 1995 - 303,000 1,142,222 866,873 972,175 3,284 1996-2000 - 908,000 5,757,618 4,308,423 4,828,898 15,802, 200 1-2005 - 162,000 5,828,458 4,276,330 4,786,912 15,053, 200 6-20 10 - - 5,915,410 3,395,200 1,898,000 11,208, Thereafter -- - - 1.191.190 - - 1.191, Less amounts 297,045 2,649,050 24,374,344 16,319,848 16,384,290 60,024, representing interest - lim 754.050 12.374.344 7.744.848 7.339.790 28,224 * Total general long-term debt $am u-0 12.000.000 8.575.0@ 9.0 45. OOQ 31.800. Debt service requirements to maturity for the enterprise funds arc follows: Waterworks Water District Water District Encina Installment Revenue Certificates of 1961-Bonds Purchase Bonds Participation Pavabl e Aareemen t - Tot 1991 $ 1691,259 1,510,827 644,671 844,452 3,169 1992 - 1,507,533 40,667 844,452 2,392 1993 - 1,505,617 - 844,452 2,350 1994 - 1,504,972 - 1,110,706 2,615 1995 - 1 ,500,672 - 1,108,498 2,609 1996-2000 - 7,461,471 - 5,535,728 12,997 - 5,921,789 - 5,510,332 11,432 2001 -2005 2006-20 10 - - 5,477,843 5,477 201 1-2015 -- - - - 5,437.440 5 1437 169,259 20,912,881 685,338 26,713,903 48,481 Less amounts representing interest Total enterprise 21.653, 4.259 7,602.88 1 22.338 14,024.103 71 ( Cont in1 CITY OF CARLSBAD Notes to Combined Financial Statements (11) Long-term Debt. Continued A portion of the proceeds of the Carlsbad Municipal Water District Certificates of Participation were used to refund $12,OOQ,OOQ of the outstanding 1984 Certificates of Participation (1984 COP). Funds were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1984 COP. As a result, the certificates are not included in the City's financial statements. At June 30, 1990, $11,250,000 of the 1984 COPS are outstanding and considered defeased. 1984 COPS are considered to be defeased and the liability for those At June 30, 1990, the City was in compliance with all significant debt covenants. The College Boulevard Assessment District Bonds were issued under the provisions of the Improvement Bond Act of 1915. The bonds were issued to finance the 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 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. delinquent property. Even though neither the faith and credit nor the 72 (Continued ) CITY OF CARLSBAD Notes to Combined Financial Statements I I 1 1; t II 8 t 1 E I t I I 1 8 1: a (12) Advances To and From Other Funds The following table shows amounts advanced from funds in the city kc other funds within the City at June 30, 1990: Advances to: Enterprise Capi tal Proiects Funds Fund Faci 1 i ti es Park Bridge and ment Go1 f Publ i c Redevelop- Construction Develooment Thorouahfare Project Course Total Advances from: General Fund 8- - 70,000 2,313,845 493,000 2,876.84 Capital Projects Funds: 4,174,806 - 5,124,80 Capital Construction 950,000 - - Publ i c Faci 1 i ti es Construction - - - - 500 .OO 500.000 Total $ 950,000 500.000 70,000 6.488.651 493,000 8.501.65 1 (13) Due To and From Other Funds The following table shows amounts due from funds in the City to 0th funds within the City at June 30, 1990: Due to: Enterprise Carl s bad Municipal District Water Uti 1 i ty Sewer Water General Fund Fund Fund Due from: Special Revenue Funds: - - Section 8 Housing Authority $ 142,758 - the Arts 18,461 - 1,693,251 - 70,132 - National Endowment for - - Capital Projects Funds: Federal Grants Community Developmerlt Block Grant State Grants 244,229 - - Enterprise Funds: Water Uti 1 i ty Sewer - - - - - 963,798 Total $ 2,168,831 10,413 98,049 963.798 - - - 98 g 049 - 10.413 - (Con t inuc 73 CITY OF CARLSBAD Notes to Combined Financial Statements (14) Fund Balances/Retained Earninas The following is a summary of reserved and unreserved fund balances a retained earnings as of June 30, 1990: Governmental Fund Tvues Special Debt Capita General Revenue Service Pro iec Fund Balances Reserved for: - 184 , 839 - - - - - Loans receivable $ Inventory 33,867 Prepaid expenses 79,500 129 9 662 Debt service e - 4,819,322 1,697,021 Advances to other funds 2,876,845 - - 5,624,80f Low and moderate Rent interruption - - income housing e 1,126,209 - - insurance 131,000 - - - Arbitrage - - 18,132 - Encumbrances 939.472 52.629 - 5.5 73.70C 4,060 e 684 19 493,339 4,837,454 12,895,527 Unreserved : Designated for approved capital projects 4,000,000 130,510 - 14,430,044 Undesignated 7.507.722 1.397.567 - 2.545.218 11.507.722 1.528.077 - 16,975.262 Total fund balances $ 15.568.406 3.021.416 4.837.454 29.870.789 Proprietarv Fund Tvpes In t e ma 1 Enterurise Service Reserved for: Debt service $ 1,462,037 - Acquisition of facilities 530.718 - 1.992.755 - Designated for approved capital projects 9,804,812 - Designated for contingencies P ,856,112 - Unreserved: Undesignated 15.698.185 2,715.270 27.359 109 2.715.270 Total retained earnings $ 29.351.864 2,715.270 74 (Continued ) CITY OF CARLSBAD Notes to Combined Financial Statements 1 1 E 1 I 1 t E 8 I 1 1 i i I I (14) Fund BalancesiRetained Earnings. Continued Reserves for loans receivable, inventory, prepaid expenses and advar to other funds are established to show that certain assets are alrc committed to other purposes and are not available for discretior expenditures. Reserves for debt service represent resources legally restricted to payment of general long-term debt principal and interest maturing future years. Reserves for low and moderate income housing represent monies require1 be expended on low and moderate income housing. Reserves for rent interruption insurance represents monies required ti set aside under a bond indenture. Reserves for arbitrage represent arbitrage earnings to date that require payment to the federal government. Reserves for encumbrances represent commitments related to unperfo t contracts for services and undelivered goods. Unreserved-undesignated represents the fund balance or retained earn remaining after reduction for reserved and designated fund balance: retained earnings. As of June 30, 1990, the funds with a deficit in fund balance/reta 1 earnings were : Fund Deficit Special revenue - National Endowment for the Arts $ 18,461 Capital projects: Community Development Block Grant 41,648 Federal Grants 1,6 93,25 1 1 Redevelopment Project 4,395,400 Internal service : General Liability Self-Insurance 268,151 The City expects that the deficit in the National Endowment for the 1 the Community Development Block Grant and in the Federal Grants will be funded through future grant monies or transfers from General Fund. The deficit in the Redevelopment Project Fund is expected to be fundi property tax increments received in the future. 75 ( Con t ii CITY OF CARLSBAD Notes to Combined Financial Statements (14) Fund Balances/Retained Earnings. C on t inued The deficit in the General Liability Self-Insurance Fund is expected to be eliminated through increased premiums charged to other funds. (15) Changes in Contributed Capital Internal Enterprise Service Funds Funds Contributed capital, July 1, 1989 (as adjusted, see note 3) $ 64,161,349 2,843 9 001 Additions: Cash 3 , 639,548 - from General Fund 450 , 000 - Transfer from retained earnings 298.659 - Fixed assets 943,911 557,805 Residual equity transfer Contributed capital, June 30, 1990 $ 69.493,467 3- 400,806 (16) Sement Information for Enterurise Funds The City maintains four enterprise funds that provide water, sewer and other services. Segment information for the year ended June 30, 1990, is as follows: Carl sbad Total Go1 f Water Muni ci pal Enterprise Course &?.!Ker Utility Water District m Operating revenues: Property taxes $- - - 668,427 668,427 Other - 2,494,624 1,602,344 6,039,974 10,136,942 Operating expenses: amortization - (823,436) (123,190) (648,974) (1,595,600) Other - 12.829.587) (1.292.352) 17,280,808) (11,402,747) Operating income (loss) - (1,158,399) 186,802 (1,221,381) (2,192,978) Non-operating income, net 20,796 1.075.867 390.156 1.540.107 3.026.976 Depreciation and Net income (loss) $20.796 (82.532) 576.958 318.726 833.948 Capital contributions: Beginning balance, as adjusted - 30,735,171 2,425,080 31,001,098 64,161,349 3.903.864 5,332.118 Ending balance $ 450,000 31,713,425 2.425.080 34.904.962 69.493.467 Current year additions 450,000 978 Q 254 - 76 (Continued) CITY OF CARLSBAD Nlotes to Combined Financial Statements I I u 8 1 I I I 1 5 I 1 1 I B 1 I I (16) Segment Information for Enterprise Funds, Continued Carl sbad Go1 f Water Muni cipal To1 rn h!X! Fund Fund Eiu Course Sewer Utility Water District Enter Property, plant and equipment: Add? tions $ 103,157 3,794,469 148,45 1 9,960,947 14,OO P 3 Deletions -32.5486.3 - 12 - Net working capital $ 367.639 10,834,455 877.2a 8,795,024 20,87 Debt: Payable from operating Payable from other revenues - 12,689,800 - 13,973,000 26,66 sources - - 165.ooo - 2 12.689.800 165,000 - 26.82 $A Total assets 966,458 66,457,665 10,449,523 54,725.41 6 132,59' Total 1 i abi 1 i ti es 495.662 15,973.515 1.442.842 15,841.712 33.75 Total equity $ 470.796 a484.153 9.006.681 38.883.704 -98.84' (17) Assess ment District Bond Issues As of June 30, 1990, the City had three series of Assessment Dist Bonds outstanding in the amount of $5,305,530. These bonds were is under the provisions of the Improvement Bond Act of 1911 and 1915 were used to finance public infrastructure improvement projects. The City issued one additional series of Assessment District I subsequent to June 30, 1990 in the amount of $19,561,248. These € were issued under the provisions of the Improvement Bond Act of 191' Reserve funds of approximately $500,000 are held to secure paymen 8 principal and interest on the outstanding bonds. For the bond issuances noted above, the City is not obligated in manner for the payment of debt service in the event of default by property owners but is only acting as agent for the property owner collecting the assessments, forwarding the collections to bondhold and initiating foreclosure proceedings, if appropriate. Accordin no liability for these bond issuances has been recorded in the Gen Long-term Debt Account Group and all debt service transactions been recorded in an Agency fund. 77 (Con t in CITY OF CARLSBAD Notes to Combined Financial Statements (18) Mortgaye Revenue Bonds 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 these programs as of June 30, 1990 is $51,461,941. 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. One of the series of the Multi-Family Housing Revenue Bonds, with a current outstanding balance of $15,541,941, is in default due to non-payment. The surety is paying the debt service on the bonds. (19) Contingencies The City is a 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. 78 II I I 8 I 1 1 1 1 1 1 1 11 1 1 -1 1 1 i Supplement a1 Data 1 1 I I 8 I 8 1 I I I I I I 1 t I It 1 GENERAL FUM) The general fund is used to account for resources traditionally assoc with government which are not required legally or by sound final management to be accomted €or in another fwd. 79 CITY OF CARLSBAD General Fund Schedule of Revenues - Budget and Actual (Budgetary Basis) For the year ended June 30, 1990 Actual on Variance Budgetary Favorable Budpe t Basis (Unfavorable 2. Taxes : Property taxes $ 11,100,000 11,561,456 461,456 Property tax reimbursements 250,000 286,161 36 y 161 Sales and use taxes 9 , 500,000 9 , 342 , 077 Transient lodging taxes 3 , 300,000 3 , 630 , 662 330 9 662 Franchise taxes 680,000 729,802 49,802 Real property transfer taxes 340,000 400,557 60,557 Cigarette taxes 150 , 000 156,526 6,526 Trailer coach in-lieu tax 20.000 20,175 175 Total taxes 25 e 340.000 26.127,416 787.416 (157 , 923) Licenses and permits: Vehicle licenses (in-lieu) 2,100,000 2,104 , 968 4 , 968 Business licenses 725 , 000 791 , 715 66 , 715 License tax on new construction 800,000 875,866 75,866 Other 15,000 47.956 32.956 Total licenses and permits 4.590.000 4.850. 25 5 260.255 Construct ion permits 950 9 000 1,029,750 79,750 Charges for services: Engineering fees 360,000 375,826 15,826 Plan checking fees 1 9 Of5 9 000 1,022,827 7,827 Zoning and subdivision fees 180,000 212,998 32,998 Sales of maps and publications 60 y 000 45,317 (14,683) Miscellaneous planning fees 670,000 782,404 112 , 404 Library, park and recreation fees 680 , 000 720,131 40,131 Ambulance fees 200,000 211,067 11,067 Police service fees 95,000 58,682 (36,318) Environmental impact reports 50,000 71 , 354 21 , 354 Other ll0,OOQ 90,087 (19,913) Total charges for services 3,420.000 -3Azxum 170.693 Totals, carried forward 33.350.000 34.568.36 4 1 e 218.364 80 a I I I I I 1 I R I I I I 1 1 I 8 I 8 Actual on Varian Budgetary Favorat Budget Basis ( Un f avo r i Totals, brought forward $ 33.350.000 34.568.364 1.218.3 Fines and forfeitures: Vehicle code fines 525,000 507,850 (17,1 Other 5 .OOO 4.040 (9 Total fines and forfeitures 530.000 511 390 (18.1 Interest income 1,500.000 2,290.820 790.8 Miscellaneous: Property rental 135,000 111 , 104 (23,8 Sale of property 2,000 4,717 2,7 Reimbursed expenditures 100 , 000 165,422 65,4 Other 1.588.000 1,660,526 72.5 Total miscellaneous 1.825.000 1.941.769 116.7 Total revenues $ 37.205.000 39,312,843 2.107.8 81 CITY OF CARLSBAD General Fund (Budgetary Basis) Schedule of Expenditures - Budget and Actual For the year ended June 30, 1990 Actual on Variance Budgetary Favo rab 1 e Budget Basis (Unfavorable 1 General government : City council $ 143,837 142,985 85 2 City manager 482,553 454,840 27 , 713 City clerk 28,200 12 9 955 15 , 245 City attorney 362,584 338 , 919 23 , 665 Finance 1,070,691 1,066,240 4,451 Pur c has ing 376 % 115 354,5 75 21,540 B er s onne 1 604 9 490 589,890 14 9 600 Research and analysis group 478,817 62,775 26 B 042 Information systems 670 9 658 581,174 89 9 484 Risk management/insurance 226,969 210 , 255 16,714 Lease 269,199 70,000 199,199 Building maintenance 1,077,451 955,223 122,228 Development processing service 445 , 205 359,549 85,656 Community development 835 , 621 709,922 125,699 Planning 1,667,551 1,501,566 165,985 Senior citizens programs 309,054 253,568 55,486 Weed abatement 51,920 46,551 5,369 Contingency 2,370 - 2,370 Other 944.283 220.351 723.932 Total general government 10.172.470 8.445.313 1.929.157 Community assistance 62,900 62,900 - City treasurer 62,002 61,075 927 Public safety: Police protection 7,382,323 7,310,174 72,149 Fire protection 5,937,407 5,550,773 386 , 634 Civil defense 142 , 358 138,908 3,450 Building inspection 1.026.021 934.301 91 1 720 Total public safety 14.488.109 13,934,156 553.953 Totals, carried forward 24.660.579 22.379.469 2.281.110 82 1 R I I 1 S I I 1 I I I I 1 1 8 I B Actual on Varianc Budgetary Favorab Budget Bas is ( Un f avo ra $ 24.660.579 22.379.469 2.281.11 Totals, brought forward Public works: Engineering 3,276,584 3,266,480 10,u 2,993,454 2,821,902 17195: Maintenance 648.817 573.095 75.7: Streets Total public works 6.918.855 6.661.477 257.3' Culture and recreation: Library 3,140,419 3,092,539 47,8( Parks and recreation 4,239,390 3,752,354 487,O Civic arts 260.808 233.565 27.21 Total culture and recreation 7.640.617 7.078.458 562.1 3,100.64 I Total expenditures $ 39.220.051 36.119.404 83 SPECIAL REvm FUNDS Civic Arts Program To account for transfers from the General Fund to support the civic arts program. Communitv Development Block Grant To account for federal block grant for community development. Librarv Audio-visual Insurance To account for revenues 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. National Endowment for the Arts To account for federal grants received to support the City's art program. Police Asset Forfeiture To account for money received by the City under a federal program distributing p.roperty confiscated from illegal activities. Section 8 Housing Authoritv 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. 84 B I 1 I 1 l I I u I I I. I I I I 1 I Special Benefit Districts To account for revenues and expenditures from property tax assessment! street lighting and landscaping. State Grants To account for state of California grants including California Arts Co Artists-in-Residence, CLSA and Library Partnership for Change. 1 85 CITY OF CARLSBAD Special Revenue Funds Combining Balance Sheet June 30, 1990 Civic Arts Assets Proaram Cash and investments $ 147,179 Receivables: - Loans Taxes Accounts, net - Accrued interest 1,424 Due from other governments - Prepaid expenses - - $ 148,603 Total assets Liabilities and Fund Balance Liabilities: Accounts payable 133 Due to other funds Accrued wages payable - Due to other governments - - Total liabilities 133 Fund balance (deficit): - Reserved for loan receivable Reserved for prepaid expenses - Reserved for low and moderage income housing - 13,191 Designated for approved capital project 130,510 Undesignated 4.769 Total fund balance (deficit) 148.470 Total liabilities and fund balance $ 148.603 Reserved for encumbrances Unreserved: 86 I I I I 1 I 1 1 I 1 1 - 2.598 - - I I I I I I 1 Community Library Low and Nati Development Audio- Moderate Mortgage Endop Block Visual Income Revenue fc 488,087 100,958 1,107,466 46,339 - 37,113 - 147,726 - - - - 8,044 - - - 977 10,699 449 - the Bonds Grant Insurance Housing - - - - - - - - - - - - - - - - - 5 25 ,204 101,935 1.273.935 46.788 - - 2,598 - - - 18 ¶ - - - - - - - - - - - - - - - 18, 37,113 - 147,726 - - - - 1 9 126 9 209 - - - - - - - - - - - - - - - - - 46.788 (18. 488.087 99.337 - 525,200 99.337 1.273.935 46.788 (18. - - I 525.200 101.935 1.273,935 46.789 87 (Conti CITY OF CARLSBAD Special Revenue Funds Combining Balance Sheet, Continued June 30, 1990 Police Asset Assets Forfeiture Cash and investments $ 50,589 Receivables : - Loans Taxes Accounts, net Accrued interest 490 - - - Due from other governments Prepaid expenses - Total assets $ 51.079 Liabilities and Fund Balance Liabilities: - Accounts payable Accrued wages payable Due to other funds Due to other governments - - - - Total liabilities Fund balance (deficit): - Reserved for loan receivable Reserved for prepaid expenses Reserved for low and moderate income housing Reserved for encumbrances 10,993 Unreserved: - - - Designed for approved capital project Undesignated 40,086 Total fund balance (deficit) 51,079 Total liabilities and fund balance $ 51.079 88 1 I I 1 1 1 I I I I I 1 1 I I 1 I Section 8 Special Authority Nutrition Districts Grants Total 182,217 5,079 543,797 274,671 2,946 , 38 - - - - 184,83 - - 7,455 - 15,49 16,306 5 75 - - 16 ,a8 - - 5 , 265 2,658 21,96 29,434 14 9 140 - - 43,57 - - - 129.66 Housing Senior Benefit State 129.662 357.619 29,794 556.517 277,329 3,358.79 12,531 9 9 226 50 , 835 3,726 79,04 10,852 1,014 12,316 - 24,18 142,758 - - - 161,21 - - - 72.93 72.933 239,074 10 .) 240 63.151 3.726 337.38 184,83 129,66 - - - - 1,126 , 20 - 186 4,864 23 , 395 52,62 - - - - 130,51 (11.117) 9.368 488.502 250.208 1.397.56 118.545 9,554 493.366 273.603 3,021.41 R 357,619 19,794 556.517 277.329 3,358.79 - - - - 129,662 - - - I 89 CITY OF CARLSBAD Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance For the year ended June 30, 1990 Civic Arts Program Revenues : Taxes $- Intergovernmental - - Charges for services In t e res t income Miscellaneous 8 9 965 - Total revenues 8,965 Expenditures : - General government Public works Welfare Culture and recreation 27.989 Total expenditures 27.989 0 - Excess (deficiency) of revenues over expenditures ( 19.024 ) Other financing sources (uses): Operating transfers in Operating transfers out 40 9 000 - Total other financing sources (uses) 40.000 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 20,976 127,494 Fund balance (deficit) at beginning of year Residual equity transfers Fund balance (deficit) at end of year - $ 148.470 90 I I I I 1 I I I 1 I I I I 1 I I i I Community Library Low and Development Audio- Moderate Mort gage Nations Visual Income Revenue Endowment Insurance Housing Bonds the Art Block s Grant - - - 332,297 - - 65,377 - 8,426 - - - - - - - - - 3,394 26,184 26.184 73.803 406.745 3.394 - 74,448 - - - - - - - - - - - - - - - - - - - - 82.278 - - 18.4( - 82.278 - - 18.4( 26.184 4LAB 1 406.745 3.394 (18.4i - - - - - - - - - - (6.212) - - - - (6.212) 26,184 (8,475 1 400,533 3,394 (1834 43,394 - 873,402 - 107,812 - 499,016 - - - 525.200 99.337 1.273.935 46.788 (U 91 (Contj CITY OF CARLSBAD Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance, Continued For the year ended June 30, 1990 Police Asset Forfeiture Revenues : Taxes $- Intergovernmental e Charges for services e Interest income 3,685 Miscellaneous 64.782 Total revenues 68.467 Expenditures: General government 43,957 Public works - Welfare - Culture and recreation - Total expenditures 43.957 Excess (deficiency) of revenues over expenditures 24.510 Other financing sources (uses): Operating transfers in a Operating transfers out - Total other financing sources (uses) - Excess (deficiency ) of revenues and other financing sources over expenditures and other financing uses 24,510 26,569 Fund balance at beginning of year Residual equity transfers - Fund balance at end of year $ 51.079 92 I I 1 I I I II I 1 1.657.690 150.368 882.819 256.138 3,119 II I I I I I I I I Section 8 Special Housing Senior Benefit State I Authori tY Nutrition Districts Grants - Tc - 332 1,609,696 98,458 - 255,049 1,963 - 858 , 212 - 923 18,859 - 32,974 17 , 741 194 15.170 51,910 30.000 - 161 - - - - 1.643.725 150.368 921.186 272.790 3.575 - 43 - 882,819 - 88 2 - I , 808 256.138 384 - - - - 1 , 657 , 690 150,368 - - - - 38.367 16.652 455 (13.965) - - - 179,500 - 21 9 - (6 213 - - - 179.500 - - (13,965) - 217,867 16,652 669 132,510 9,554 275,499 332,128 2,427 (75.177) (75 118.545 _9.554 icLmiii 273.603 a.021 - - - 93 CITY OF CARLSBAD Special Revenue Funds Combining Schedule of Revenues and Expenditures Budget and Actual (Budgetary Basis) For the year ended June 30, 1990 Civic Arts Program Actual on Variance Budgetary Favorable Budget Basis (Unfavorable) Revenues : - - - - - Taxes $ Intergovernmental - Charges for services - Interest income 5,000 8,965 3,965 Miscellaneous - - - - - Total revenues 5.ooo 8,965 3,965 Expenditures: - - General government - Public works - Welfare - Culture and recreation 171.691 41.180 130,511 130.511 - - - - Total expenditures 171.691 41.180 Excess (deficiency) of revenues over 134,476 expenditures $ (166,691) (32.215 1 94 I 1 1 I I I I I 1 1 I ci I I I 1 I I I Communitv Development Block Grant Lib rarv Aud io-V i sua 1 Insurance Actual on Variance Actual on Var iancf Budgetary Favorable Budgetary Favorablt Budget Basis (Unfavorable) Budget Basic (Unf avorab - - - - - - 60 , 100 - (60,100) - - - - - - 64 , 000 65,377 1,377 - 26 , 184 26,184 6,000 8,426 2,426 - - - - - - 60,100 26.184 (33,916) 70.000 73.803 3,803 - - - - - - - - - - - - - - - 102,581 82 , 278 20 , 303 - - - - - - 20.303 - - - 102.581 82.278 60.100 26.184 (33,916) (32,581) (8.475) 24.106 95 (Cont CITY OF CARLSBAD Special Revenue Funds Combining Schedule of Revenues and Expenditures Budget and Actual (Budgetary Basis), Continued For the year ended June 30, 1990 Low and Moderate Income Housing Actual on Variance Budgetary Favo rab 1 e Budget Basis (Unfavorable 1 Revenues : Taxes $ 320,000 332,297 12,297 - - Intergovernmental - Charges for services - Interest income 35 , 000 74,448 39,448 Miscellaneous - - - - - Total revenues 355.000 406.745 51.745 Expenditures: - - General government - - - Public works - Welfare - - - Culture and recreation - - - - - Total expenditures - Excess (deficiency) of revenues over expenditures $355.ooo 406,745 51.745 96 1 1 I 1 1 e Section 8 Housing Authoritv Senior Nutrition Actual on Variance Actual on Variance Budgetary Favor ab 1 e Budgetary Favorable Budee t Basis (Unfavorable) Budget Bas is (Unfavorable: - - - - - - 1,600,000 1,609,696 9,696 153,050 98,458 (54,592) - - - - - - - - 15,000 18,859 3,859 - 1.910 - 15.170 15.170 50.000 51.910 e m 1.615.000 1.643.725 28.725 203,050 150.368 (52.682) - - - - - - 1,869,474 1,657,690 211,784 156,898 150,554 6,344 - - - - - - 1 I U I 8 I 1 I I B I 156.898 150.554 6.344 1.869.474 1.657.690 211.784 (254&) - ( 13.965) 240.502 (186 1 (46 338 1 46.152 99 (Cont CITY OF CARLSBAD Special Revenue Funds Combining Schedule of Revenues and Expenditures Budget and Actual (Budgetary Basis), Continued For the year ended June 30, 1990 Suecial Benefit Districts Actual on Variance Budgetary Favorable Budget Basis (Unfavorable: Revenues : Taxes In tergovemmen tal Charges for services 795,000 858,212 63,212 Interest income 15,000 32,974 17,974 Miscellaneous - - $ - - - - 24.000 30.000 .6,ooo 834.000 921.186 87.186 Total revenues Expenditures: - - - General government Public works Culture and recreation 1,064,313 887,683 176,630 - - - Welfare - - - Total expenditures 1.064.313 887.683 176.630 Excess (deficiency) of revenues over expenditures $ (230.313) 33.503 263.816 100 t I I I i I State Grants Total Actual on Variance Actual on Varianc Budgetary Favorable Budgetary Favorab Budget Basis (Unfavorable ) Budget Bas is tUnf avora 320,000 332,297 12,297 175,000 255,049 80,049 1,988,150 1,963,203 (24,941 - - - 859,000 923,589 64,585 7,741 89,000 194,676 105,676 124.000 161.862 37,862 1 185 .OOO 272.790 87.790 3,380,150 3.5 75.627 195.477 - - - - 17,741 - 10,000 I - - - - 78,675 54,950 23 , 725 - - - 1,064,313 887,683 176,63C - - - 2,026,372 1,808,244 218,128 298.942 279.533 19,409 603.214 421.452 181.762 298.942 279.533 19.409 3.772.574 3.172.329 600.245 1 1 I I I I I SI I I I (113,942) (6.743) 107.199 (392.424) 403.298 795.722 101 102 1 1 1 1 I 1 1E I I I 1 1 1 1 8 1 I 1 MortgaPe Revenue Bonds Actual on Variance Actual on Variance Budgetary Favorable Budge t ary Favo rab 1 e National Endowment for the Arts (Unfavorable ) BudPe t Bas is ( Un f avo rab 1 e Budget Basis - - - - - - - - - - - - - - - - - - - - - - 3,394 3,394 - - - 3.394 3,39h - - - - - - - - - - - - - - - - - - - - - - - 30,000 18,461 11,539 - - 30,000 18.461 11.539 - - - - - - - - P - 3.394 3.394 (-1 (18.461) Lux? m 97 (Contj CITY OF CARLSBAD Special Revenue Funds Combining Schedule of Revenues and Expenditures Budget and Actual (Budgetary Basis), Continued For the year ended June 30, 1990 Police Asset Forfeiture Actual on Variance Favorable Budgetary Budget Bas is lunfavorabler Revenues : Taxes $- - - Intergovernmental - - - Charges for services - - - Interest income 3,000 3 9 685 685 14.782 Miscellaneous 50.000 Total revenues 53,ooo 68.467 15.467 64.782 Expenditures: General g0VeWent 78,675 54,950 23,725 Public works - - - Welfare - - - Culture and recreation - - - 54.950 23.725 Total expenditures 78.675 Excess (deficiency) of revenues over expenditures $ (25.675) 13.517 39,192 98 1 I I I 1 i I I 1 DEBT SERVICE FUNDS Building Authority To account for receipts received by the Building Authority from the Ge Fund for payment of debt service on the 1967 Building Authority Revenue Bo College Boulevard To accumulate property assessments levied for payment of debt service on College Avenue Assessment District Bonds. Hosp Grove COP'S To account for payment of debt service on the 1988 Certificate Participation issued to purchase Hosp Grove. Library Bonds To accumulate property taxes specifically levied for payment of debt se on the 1966 Library General Obligation Bonds. I Parking Authority To account for receipts received by the Parking Authority from the Ge Fund for payment of debt service on 1969 and 1981 Parking Authority Re I Bonds. L Redevelopment Bonds To account for payment of debt service on 1988 Tax Allocation Bonds issu finance improvements for the Carlsbad Redevelopment Agency. Sewer Bonds To accumulate property taxes specifically levied for payment of debt se on the 1962 Series B and C Sewer General Obligation Bonds. li I I B I 1 1 103 CITY OF CARLSBAD Debt Service Funds Combining Balance Sheet June 30, 1990 Building College Assets Author i tv Bod evard Cash and investments $ 139,602 1,538,844 Receivables : - - Taxes Accrued interest 336 14.893 Total assets $139.938 l-553, 73 7 Liabilities and Fund Balance Liabilities : Accounts payable - - Accrued interest payable - - Deferred revenue 36,ooo - To tal liabilities 36.ooo - Fund balance : Reserved for debt service 103 , 938 1,553 , 737 Reserved for arbitrage - - Total fund balance 103,938 1.553.737 Total liabilities and fund balance $ 139.938 1,553.737 104 JI I 1 I R ! 85.385 863 73.800 91.993 1.161 344. S I I I I i I I I E 8 1 Hosp Grove Library Parking Redevelopment Sewer COP ' s Bonds Authoritv Bonds Bonds Tot, - 27,029 - - 127,359 1,140, 85.385 27,892 73,800 91.993 128.520 1.484, 6, 115,000 20,000 135,000 - 115,000 670, 648.567 2.792 140.781 877,353 9,449 2.399, 763.567 22.792 277.704 877.353 124.449 3.076, 4.071 (1.591, - - 1 y 923 - - (785.360) (678.182) 5.100 (203.904) 804,147 - 130,500 876,879 - 1,847. (161 I 1.686 (72.909) - - (88.495) - 731.238 - 130.500 788.38 4 - 53,056 5 y 100 (73,404) 3,024 4,071 94 1 981.108 11.592 921.871 1.174.939 98.422 4.742 l-034.164 16,692 848.467 1,177.963 102.493 4.837 10 7 CITY OF CARLSBAD Debt Service Funds Combining Schedule of Revenues and Expenditures Budget and Actual (Budgetary Basis) For the year ended June 30, 1990 Librarv Bonds Actual on Variance Budgetary Favorable Budget Basis (Unfavorable) Revenues : Taxes $ 23,000 27,029 4,029 Interest income 400 863 463 Total revenues 23,400 27.892 4,492 Expenditures: Debt service : 20,000 - Principal retirement 20,000 Interest and fiscal charges 2.924 2.792 132 Total expenditures 22.924 22.792 132 Excess of revenues over expenditures $ - 476 5.100 4.624 108 I 1 1 1 1 1 1 1 1 4.ooo 1.013 - - --A258 45_. 1 R 1F I 1 I II I t I Hosp Grove Library Parking Redevelopment Sewer COP ' s Bonds Authori tv Bonds Bonds To tal 1,006,932 17,216 826,341 1 , 154,438 105 , 301 4,788,6 - 332 - - 1,550 198 31.232 157 22.126 23.525 - 92,2 1.038.164 17.705 848.46 7 1.177_963 106.851 4,882,P 4,( - 1,013 - - 4,358 5, - - - - - 36. - - - 4,000 - 1,016,032 16,692 848,46 7 1,177,963 102,493 4,819, 18.132 - - - - 18. 1.034.164 16.692 848,467 1 J77.963 102.493 4.837, l,038= 17.705 848.467 1 J77.963 106.851 4.882. 105 CITY OF CARLSBAD Debt Service Funds Combining Statement of Revenues, Ekpenditures and Changes in Fund Balance For the year ended June 30, 1990 Building College Authority Bo ul eva r d Revenues : $- 985,6 70 Taxes Interest income 8.223 83.449 8.223 1.069.112 Total revenues Expenditures : Current - General government 4,593 - Debt service: 25,000 260 9 000 Principal retirement Interest and fiscal charges 6.450 714.455 Total expenditures 36.043 974.455 Excess (deficiency) of revenues over expenditures (27.820) 94.664 Other financing sources (uses): Operating transfers in 36,000 - Operating transfers out - - Total other financing sources (uses) 36.000 - Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 8,180 94,664 95.758 1.459.073 Fund balance at beginning of year Fund balance at end of year $ 103,938 1.553.737 106 t 1 I 1 I s I I I I I a 1 I I 1 li I 1 Sewer Bonds Total Actual on Variance Actual on Variance Budgetary Favorable Budgetary Favorable Budget Basis ( Un f avo rab 1 e ) Budge t Basis < Un f avorab 1 e 126,000 127,359 1,359 149,000 154,388 5,388 1 .ooo 1.161 161 1,400 2.024 624 127 .OOO 128.520 1.520 150,400 156.412 6.012 115,000 - 135,000 135,000 - 115,000 10.804 9.449 1.355 13.728 12.241 1.487 125.804 124.449 1.355 148.728 147.241 1.487 1.196 > 4.071 2,875 1.672 9.171 u 109 CAPITAL PROJECTS FUNDS Assessment Districts To account for capital projects financed by issuance of assessment distric bonds. Bridge and Thoroughfare To account for receipt of fees charged to developers in the bridge ant thoroughfare district. Capital Construction To account for transfers from the General Fund for various municipal capita: projects . Community Development Block Grant To account for federal block grants for community development. Federal Grants To account for a Federal Aid Urban grant from the federal government. 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. Marron Road ImDrovement To account for street improvement project financed by 1988 Certificates of Participation . Park Develoument To account for receipts of fees charged to developers for park acquisition and development . Planned Local Drainage Facilities To account for receipts of fees charged to developers for drainage facilities necessitated by growth. 110 I I I 1 I JI 1 l I I 1 I B 1 I I 1 Public Facilities Construction To account for receipts of fees charged to developers for specific cap projects necessitated by growth. Sales Tax/TransNet To account for receipts of County sales taxes allocated by the San C County Regional Transportation Commission to finance transportation projecl Redevelopment Project To account for financial resources segregated for the rehabilitatioi commercial and public property located in the Carlsbad Village area. RedeveloDment Bond Proiect To account for capital projects financed by 1988 Carlsbad Redevelopment Ai I Tax Anticipation Bonds. Revenue Sharing To account for revenue sharing grants from the federal government. Countv Airport Road Project To account for receipt of San Diego County funds for improvements adjacei McClellan-Palomar Airport. 1 State Grants To account for capital projects financed by state grants. Traffic ImDact To account for receipts of fees charged to developers for street constrr and improvement. 111 CITY OF CARLSBAD Capital Projects Funds Combining Balance Sheet June 30, 1990 Assessment Bridge and Capital Assets Districts Thoroughfare Construction Cash and investments $ 4,033,305 2,717,586 2,437 , 398 Receivables : - Taxes - - Accounts, net - Accrued interest Due from other governments - - - - 48 , 164 26,300 - - Advances to other funds - - 5.124.806 Total assets $ 4,081,469 2.743.886 7,562.204 Liabilities and Fund Balance Liabilities : 150,007 Accounts payable 31,480 - Accrued wages payable - Due to other funds - Advances from other funds - 70 , 000 - Deposits payable 2,700.000 - - - - - - 70 .OOO 150.007 Total liabilities 2.731.480 Fund balance (deficit): - - Reserved for debt service - Reserved for advances to other 5,124,806 Reserved for encumbrances 2,452 , 974 359,050 151,460 Unreserved: funds - - Designated for approved Undesignated (1.102.985 1 1.733.236 1.049.956 capital projects - 581,600 1,085,975 Total fund balance (def kit) 1.349.989 2.673.886 7.412.197 Total liabilities and fund balance $ 5.081.469 2.743.886 7,562.204 112 I I I 1 I 1 E I 1 I I # I I 1 8 II I 8 Plannr Community Loca Development Federal Marron Road Park Draina Block Grant Grants Gas Tax ImDrovement DeveloDment Facilit - - 2,210,844 397,783 2 , 290,6 78 2,012, - - - - - - - - - - - - - - 21,530 4,162 22,169 19, 51,000 - - - - - - - - - - 51.001 - A232.374 401.945 2.312.847 2.031. 22,516 - 17,495 135,641 - 70 , 132 1,693,251 - - - - - - - - - - - - 500,000 - - - - - 92.648 1.693.251 17.495 135.641 500.000 - - - - - - - - - - 24,710 49,389 220,765 100,589 87,175 - - 1,973,343 2,768 7,516 1,276 (66.358) (1.742.640) 20.771 162.947 1.718.156 755 (41.648) (1.693.251) 2.214.879 266.304 1.812.847 2.031 51 .OOO - 2.232.374 401.945 2,312,847 2.031 113 (Cont CITY OF CARLSBAD Capital Projects Funds Combining Balance Sheet, Continued June 30, 1990 Public Facilities Sales Tax/ Redevelopment Assets Construction TransNet Project Cash and investments $ 10,747,563 770,702 2,053,513 Receivables : Taxes - - 32,177 Accounts, net 146,830 Accrued interest 104,014 7,459 39,564 - - Due from other governments - - - Advances to other funds 500 4 000 - - Total assets $11.498,407 778.161 --. 254 Liabilities and Fund Balance Liabilities: Accounts payable 69,434 - 14,452 Accrued wages payable - - 17,551 Due to other funds - - - Advances from other funds 950,000 - 6,488,651 Deposits payable - - 0 6,520,654 Total liabilities 1.019.434 - Fund balance (deficit): Reserved for debt service - - 1,697,021 other funds 500,000 - - Reserved for encumbrances 900,935 774,397 16,655 Unreserved: Reserved for advances to Designated for approved Undesignated 3.282.187 3.764 (6.109.076) capital projects 5,795,851 - - Total fund balance (deficit) 10.478.973 778.161 (4.395.400 1 To tal 1 iab i 1 i ties and fund balance $ 11.498.407 778.161 2.125.254 114 I I I I 1 1 8 U I I t I I 1 I I T I 1 Redevelopment Revenue County Airport State Traffic Bond Project Sharing Road Project Grants Impact Tot 3,605,312 223,206 264 , 271 114,256 2,774,792 36,653 - - - - - 32 - - - - - 146 75,171 2,160 2,558 1,467 26,720 400 - - - 170,973 - 221 - 5.624 3,680.483 225.366 266.829 286.696 2.801.512 43.080 - - - - 653 3,110 - 28,206 2,500 475 - - - 17 - - - 244,229 - 2,007 - - - - - 8,008 - - - - - 2.700 3.110 - 272.435 2.500 13.209 - - 653 - - - - - 1,697 - - - - - 5,624 283,673 - - 54,070 97,858 5,573 2,794,009 199,001 249,938 - 463,473 14,430 (39.809) 2,237.681 2.545 602.148 23,255 16.891 3.679.830 222.256 266.829 14.261 2.799.0 12 29.870 3,680.483 225.366 266.829 286.696 2,801.512 43.080 115 CITY OF CARLSBAD Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance For the year ended June 30, 1990 Assessment Bridge and Capital Districts Thoroughfare Construction Revenues : - - - - - - Taxes $ Charges for services - 739,510 - In t ergovernmen t a1 Interest income 202,556 185,960 371,619 Contributions from property owners 340,809 - 47,628 Miscellaneous 83.492 - 55.216 Total revenues 626.857 925.470 474.463 Expenditures: Current: General government 5,000 - - Capital outlay 1,318,652 149,147 1,176,708 and fiscal charges 2,825 - - Debt service - interest Total expenditures 1,326.477 149.147 1.176.708 Ekcess (deficiency) of revenues over expenditures (699.620) 776.323 (702.245 ) Other financing sources (uses): Operating transfers in - - 742,077 Operating transfers out (236.697) - - Total other financing sources (uses) (236,697) - 742.077 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses (936,317) 776,323 39,832 Fund balance (deficit) at Residual equity transfers (676) - - beginning of year 2,206,982 1,897,563 7,372,365 Fund balance (deficit) at end of year $ 1,349,989 2.673.886 7.412.197 1 E6 I I I I t u I i 1 8 - t i I 8 1 I I 1 1 Planne Community Local Deve 1 opmen t Federal Marron Road Park Draina; Block Grants Grants Gas Tax Improvement Develoument Facilit - - 836,456 - - - - - - - 412,429 34,5 - - - 100,121 - - - 242 145,726 57,366 381,949 145,5 - - - - - - - - - - - - 180.1 100.121 242 982.182 57.366 794.378 - - 70 g256 - - - 76,526 814,696 23,227 447,333 65,821 - - - - - 65.821 146.782 814.696 23.227 447.333 (46.661) (814.454) 958.955 (389.967) 728.557 180 .( - - - 36,454 - - - - - (9.905) - - - - 26.549 - - - (46,661) (814,454) 958,955 (363,418) 728,557 180, 5,013 (873,905) 1,255,924 629,722 1,084,290 1,851, - - - (4.892) - - (41,648) (1.693.251) 2.214.879 266.304 1.812.847 2.031, 117 (Conti CITY OF CAIUSBAD Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance, Continued For the year ended June 30, 1990 Public Facilities Sales Tax/ Redevelopment Construction TransNet Proi ec t Revenues : 1,329,185 - - - 869 , 100 - Taxes $ Intergovernmental Charges for services 4,389,854 - 200 Interest income 715 , 954 31 , 727 289,428 Contributions from property Miscellaneous 191.018 - - owners - - - Total revenues 5 -296.826 900.827 1.618.813 Expenditures : Current: General government - - - Capital outlay 1,998 , 164 122,666 898,821 and fiscal charges - - 569.277 Total expenditures 1.998.164 122.666 1 468.098 Excess (deficiency) of Debt service - interest revenues over expenditures 3.298.66 2 778.161 150.7 15 Other financing sources (uses): Operating transfers in 171 , 704 - 3 , 304,167 Operating transfers out - - (3 794.102) sources (uses) 171.704 - (489,935 1 Total other financing Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 3,470 , 366 778 , 161 (339,220) Fund balance (deficit) at beginning of year 7,008,607 - (4,056,180) Residual equity transfers - - - Fund balance (deficit) at end of year $ 10.478.973 778.161 (4.395. 400 ) 118 I I 1 1 1 I i 1 I I 1 2 8 8 I I I I 1 Redevelopment Revenue County Airport State Traffic Bond Project Sharing Road Project Grants Impact m - - - - - 2,165, - - 250,000 84,630 - 1,303, - - - - 637,485 6,214, 411,499 15 , 158 16,891 10,353 190,602 3,172, - - - - 13,855 402, 8.881 338, - - - - 94,983 850.823 = 411.499 15,158 266.891 75, - - - - - 3,518 , 772 145,294 62 298,817 49,628 11,104, - - - 577. 3.524.632 145.294 62 298 A17 49.628 11.757, 5.860 - (3.113.133) (130.136) 266.822 (203.834) 801,191 1.839< - - - 23,988 - 4,278 (303,653) - - (184,276 1 - (4.528 (303.653 1 - - (160.288) - (250 (3,416,786) (130,136) 266,829 (364,122) 801,195 1,589 7,096,616 352,392 - 784,620 1,997,817 28,692 (411 - - - (406.2_37) - m9.830 222.256 266.8a 14.261 2.799.012 29.87C 119 .. 120 1 8 ENTERPRISE rn I I # - To account for revenues, expenses and the construction activities of City's municipal golf course. Sewer To account for the operation and maintenance of the City's sewer system. 1 Water Utility 8 To account for all customer service functions of the Carlsbad water system the payment of debt service on the Waterworks Revenue Bonds. Carlsbad Municipal Water District To account for the operation, maintenance, planning and capital faci financing of the Carlsbad water system. u I 8 I I I I I I I I 1 121 CITY OF CARLSBAI) Enterprise Funds Combining Balance Sheet June 30, 1990 Assets Golf Course Current assets: Cash and investments $ 855,026 Accounts receivable, net - Accrued interest 8,275 Due from other funds e Inventory - Total current assets 863.301 Restricted assets: Cash and investments - In teres t re c e ivab 1 e - Total restricted assets - Property, plant and equipment: Land, water rights, rights-of-way - Buildings and improvements - Wells, reservoirs and dams - Transmission and distribution lines - Sewer, sewer lines and wells - Sewage treatment facility e Equipment and vehicles - Construction in progress 103.157 Total property, plant and equipment 103,157 Less accumulated depreciation - Property, plant and equipment, net 103.157 Total assets $ 966.458 122 1 I I I I I I I I 1 I I U B 1 1 Carl sbad Mun i c i pa 1 1 Sewer Water Utilitv Water District To tal 13,517,846 517,524 8,489,658 23 , 380,054 3,307 1 , 659 , 248 1,131,807 2,794,362 142,509 98,049 10 , 413 963 , 798 1,072,260 I 16.284 129.474 191.805 337.563 13,766.315 2.320.064 10.777.068 27.726.748 130,829 3,405 - 10,418,395 4,644 , 163 4,479,527 19,542,085 67.397 44.946 214.456 326.799 10.485.792 4.689.109 4.693.983 19.868.884 227 , 250 231 , 956 1,056 , 361 1,515,567 1,670,937 37 , 188 2 , 289 , 639 3 , 997,764 - 1,212,852 9 9650 9 951 10,863,803 - 4,023,86 9 20,615 , 977 24,639,846 23,958,463 - - 23 , 958,463 22,266,941 - - 22,266,941 521,269 243 , 963 1 , 89 7 , 176 2 , 662 , 408 545.021 126.350 8.914.026 9.688.55 4 1 49,189,881 5,876,178 44,424,130 99,593,346 (6.984.323) (2.435.828) (5,169,765) (14,589,916: 42.205.558 3,440.350 39.254.365 85.003.430 66.457.665 10,449.523 54.725,416 132,599,062 123 (Contj CITY OF CARLSBAD Enterprise Funds Combining Balance Sheet, Continued June 30, 1990 Liabilities Golf Course Current 1 iab i 1 i ties : Accounts payable and accrued expenses $ 2,662 Accrued interest payable - Due to other funds - Advances from other funds 493,000 Current portion of long-term debt - Deposits payable - Accrued wages payable - Total current liabilities 495.66 2 Current liabilities payable from restricted assets: Current portion of long-term debt - Accrued interest payable - Total current liabilities payable from restricted assets - Deferred revenue - Deferred compensation payable - Bonds payable - Certificates of participation, net of Installment purchase agreement - unamortized issuance costs of $400,650 in 1990 - To tal liabilities 495.662 Fund equity: Contributed capital 450,000 Retained earnings: Reserved for debt service - Unreserved: Reserved for acquisition of facilities - Designated for approved capital projects Designated for contingencies - - Undesignated 20.796 Total fund equity 470.796 Total liabilities and fund equity $ 266,458 124 I 8 I I 1 1 I I 1 I Carlsbad Municipal Sewer Water Utilitv Water District To tal 115,979 111,586 1,066,638 1 , 296,865 18,009 24,716 - 42,725 - - 153,188 153 , 188 10 , 413 1,061,847 - 1,072,260 - 493 , 000 - 163 , 766 610 , 000 773,766 R 716,681 80.927 152.218 949.826 861,082 1.442.842 1,982.044 4,781.630 - - - 623 , 000 623,000 351.855 - 35.308 387.163 658.308 1.010.163 351.855 - 2,070,778 - - 2,070,778 - - 862,010 862,010 - 40 , 000 40 , 000 12,299,350 12,299,350 12.689.800 - - 12.689.8 00 I 15,973.515 1.442, a42 15.841.712 33.753.731 I 31,713,425 2,425,080 34,904,962 69,493,467 - - - - 9,210 623 , 702 1,462,037 530 , 718 530,718 9 , 304 ,a12 - 500 , 000 9,804,812 - - 1,856,112 1,856,112 8.636.788 6.572.391 468.210 15.698 .185 50.484.150 9.006.681 38.8 83.704 98.8 45.33 1 66.457.665 10.449.523 54.725.416 132,599.062 - 829,125 - 8 I II 1 I I 125 CITY OF CARLSBAD Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings For the year ended June 30, 1990 Golf Course Operating revenues: Water sales $- - Sewer service charges Other charges for services Miscellaneous - - - Total operating revenues Operating expenses: Plant operations - Purchased water Depreciation and amortization - General and administrative - - - Total operating expenses Operating income (loss) - Non-operating revenues (expenses): Interest income 20 , 796 Interest expense and fees, net of capitalized interest Gain (loss) on disposal of assets Property tax and rent Amortization of issuance costs - - - - Total non-operating income 20.796 Net income (loss) 20,796 Transfer to contributed capital - Retained earnings at beginning of year Prior period adjustment - - - Adjusted retained earnings Retained earnings at end of year $ 20.796 126 1 I I I t I I I I I I I 8 I 1 1 Carlsbad Municipal Sewer Water Utilitv Water District Total - 1,332,791 6,513,806 7,846,597 2,325,158 - - 2,325,158 285,893 17,980 267 , 913 - 15 1.486 1.640 194,595 347,721 2.494.624 1.602.344 6.708.401 10.805.365 3,057,844 - 3,178 4 , 969,862 4,973,04C 823,436 123,190 648,974 1,595,60C I 919.002 1.289.174 1.163.687 3.371.86: 3.653.023 1.415.542 7,929.782 12.998.34i (2 , 192,978 1,910,585 - 1 , 147,259 (I, 158,399) 186,802 (1,221,381) 1,077 , 762 396 , 731 1,524,172 3,019,461 (645,557) (654,885 - 86: - - (26 710) (26.71( 1.075.867 390. 156 1.440.10 7 3.026.92f (82,532) 576,958 318,726 833 , 94 I - - (298,659) (298,65 21,067,430 6 , 004,643 3,958,675 31,030,74 (2.214.173) - - (2; 214.17 18.853.257 6.004.643 75 28,816.5 7 3.958.6 I 18.770.725 L581.601 3,978.742 29.351.86 - (9 , 332) (1,895) 2,757 I I 688,202 688,20; 127 CITY OF CARLSBAD Enterprise Funds Combining Statement of Cash Flows For the year ended June 30, 1990 Golf Course Cash flows from operating activities: - Operating income (loss) $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation and amortization - (Increase) decrease in receivables - Increase (decrease) in advances & due to/due from other funds 493,000 2,662 (Increase) decrease in inventory - Increase in accrued wages payable - Increase (decrease) in deposits payable - Increase in deferred compensation payable - Increase (decrease) in accounts payable Net cash provided by (used in) operating activities 495.662 Cash flows from noncapital financing activities - property taxes and rent received - Cash flows from capital and related financing activities: Purchases of property, plant and equipment (103 , 157) Gain on disposal of assets - Proceeds from installment purchase agreements - Principal payments on bonds - Interest paid on bonds - Proceeds from capital contributions 450.000 Net cash provided by (used in) capital and related financing activities 346.843 128 I 1 I 1 I I 8 I Carlsbad Municipal Sewer Water Utility Water District To tal (1,158,399) 186,802 (1,221,381) (2,192 , 978 1 823 , 436 123 , 190 6 75 , 684 1,622,310 (1,385) 63,985 (276,528 ) (213 , 928) (1,347) (152 , 473) 143,540 482,720 (4,791) 23,013 (29 , 755 1 (11,533) (82,756 ) 12,988 (288,812) (355,918) 1,647 1,867 - 3,514 716 , 681 14,976 (3,696) 727,961 - - 215,043 215.043 I 293.086 274.348 (785.905 1 277.191 I - - 688,202 688.202 (3,794,469) (148,451 ) (9,700,106) (13,746,183 - 2,757 - 2,757 12,689,800 - - 12,689,800 - ( 160 , 000 ) (665,502) (825,502 - (8,976 1 (1,048,071) (1,057,047 978.254 - 2,661,294 4.08 9.548 I 1 1 I u I I 1 II 9 -873.585 (314.6 70) (8.752.385 1 1.153.3 7: 129 (Contj CITY OF CARLSBAD Enterprise Funds Combining Statement of Cash Flows, Continued For the year ended June 30, 1990 Golf Course Cash flows from investing activities: Net decrease in restricted cash and investments - Net decrease in investments - Interest on investments 12,521 Net cash provided by investing activities 12.521 855,026 Net increase (decrease) in cash Cash and cash equivalents at beginning of year - $ 855.026 Cash and cash equivalents at end of year Supplemental schedule of noncash investing and financing - activities - capital assets contributed by contractors $ 130 I 1 I I 1 1 I 1 t 8 1 1 I I I 8 II 1 Carlsbad Municipal Sewer Water Utilitv Water District To tal - - 3,466,613 3 , 466,613 - - 3,575,621 3,575,621 1.35 9,254 396.731 1,510,647 3.279.153 8.55 2.881 10.321.387 1.359.254 396.731 11,525,925 356,409 ( 29 7,20 7 1 12,440,153 12.410.316 4.805.278 24 25.798.918 8,583.3 I a936.241 5.161.687 8,286.117 38.239.071 - - 943,911 943.911 131 132 I I I"U SERVICE mTNDS Central Garage To account for charges to other funds to provide fleet maintenance replacement. I I I - To account for charges to other funds for data processing services. I General Liability Self-Insurance 1 against the City. To account for charges to other funds to insure against liability c Health Insurance To account for charges to other funds and from employees to provide he insurance for full-time City employees. I I I I I 1 I 1 I I I 1 Workers' Compensation To account for charges to other funds to insure against Workers' Compensc claims. 133 CITY OF CARLSBAD Internal Service Funds Combining Balance Sheet June 30, 1990 Assets Central Garage Current assets: Cash and investments $ 740,972 Receivables : Accounts, net 5,372 Accrued interest 7,830 Inventory 68.124 Total current assets 822.298 Property, plant and equipment: Machinery and equipment 3,217,461 Less accumulated depreciation (1,235,841) Net property, plant and equipment 1.981.620 Total assets $ &803,918 Liabilities and Fund Equity Current liabilities : 48,732 Accounts payable Accrued wages payable 22,118 Estimated claims payable - To tal current liabilities 70.850 Fund equity: 1,960,691 Contributed capital - contributed from other funds Retained earnings (deficit) - unreserved 772.377 Total fund equity 2.733.068 Total liabilities and fund equity $ 2.803.918 134 I 1 1 I Processing I I I I I 954.113 2,384.201 I I I 0 Health Workers ' General Liability Data Comuensation Total Self-Insurance Insurance 1,147,751 5,875,41 - 32,1( 57,4: 68.1 631,823 2 , 361 , 341 993,525 - 26 , 737 - 9,572 11,048 22,860 - - - 6,116 - 2.384.201 1-029.83h 1.158.799 rn 637 e939 - - - 3,631,9 - - (1.334.1 2.297.7 1.029.834 1.158.799 8.330.8 414,454 (98.280) 316.174 - - - - - 142, C - 32-1: - 781.742 2.039.; 35,845 44,892 - 1.257.460 24,000 1,302.352 - 13,152 10,848 - 35.845 781.742 2.214.) 3,400, I 2.715, 6.116, 8.330, - - 1,350,000 (268.151 ) 993.989 377.057 1.081.849 993.989 377 .OS7 I 954,113 2.384.201 1,029.834 1.158.799 90,115 839.998 930.113 Ili I I I 135 CITY OF CARLSBAD Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings For the year ended June 30, 1990 Central Garage Operating revenues : Charges for services $ 1,872,908 Miscellaneous 72.655 Total operating revenues 1.945.563 Operating expenses: Depreciation and mort izat ion 265 9 042 Fuel and supplies 333 9 307 Claims expense - General and administrative 769.509 Total operating expenses 1.367.858 Operating income (loss) 577.705 Non-operating revenues (expenses ) : Interest income 45 , 143 Gain (loss) on disposal of property (57.375 ) Total non-operating income (loss) (12,232) Net income (loss) before operating transfers 565.473 Operating transfers in - Operating transfers out - Net income 565,473 Retained earnings (deficit) at beginning of year 206.904 Retained earnings (deficit) at end of year $772.377 136 I I 1 I I I I I 457.028 - 1 I I I I I I I I I I Data General Liability Health Workers ' Process ing Self-Insurance Insurance Compensation - Tot 589,305 739 , 927 1,333,131 400 , 979 4,936 380 2.651 245.262 8,551 329 589,685 742.5 78 1.578.393 409.530 5.265 - 295 - 333 - 677 , 914 1 , 240 , 108 788,990 2,707 - - 1.226 487.475 677.914 1.240.108 788.990 4.562 102.210 64.664 338.285 (379.460 ) 703 30 , 447 - - - - - 32,347 196,099 67,480 82,132 423 - (56 196.099 67.480 82.132 366 135.058 260.763 405.765 (297,328) 1.069 - tsoo 503 , 983 ( 239 , 23 7 1 405 , 765 202,6 72 1,438 336.015 (28.914) 588. 224 174.385 I. 276 501 - - 32.848 368,925 - - 500,000 868 - (500 .OOO) - 839.998 (268.151 ) 993.9 89 377.057 2.715 137 CITY OF CARLSBAD Internal Service Funds Combining Statement of Cash Flows For the year ended June 30, 1990 Central Garane’ Operating income (loss) $ 577,705 Cash flows from operating activities: Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 265,042 (Increase) decrease in receivables 2,114 Increase in inventory (68,124) Increase (decrease) in accounts payable (7,369) Increase in accrued wages payable 18,278 Increase (decrease) in estimated claims payable - Net cash provided by (used in) operating activities 787,646 Cash flows from noncapital financing activities - operating transfers of cash - Cash flows from capital and related financing activities: (338,246) Purchases of property, plant and equipment Proceeds from capital contributions - Net cash provided by (used in) capital and related financing activities (338.246) Cash flows from investing activities - interest on investments 40.923 Net increase (decrease) in cash 490,323 250.649 Cash and cash equivalents at end of year $ 740.972 Cash and cash equivalents at beginning of year Supplemental schedule of noncash investing and financing activities - capital assets contributed by other funds $ 544.474 138 I II I I I I I 1 1 General Liability Data Self- Health Workers ' Processing Insurance Insurance Compensation Tots 102,210 64,664 338,285 (379,460) 703, 30,447 - - - 295, 6 76 - (25,626 ) - (22, - - - - (68, (4 , 26 , - (648 352) - 110.509 (538, 137.46 7 (588,060) 323,712 (268,951) 391, (3,772) 11,053 - - (4,548) - - 8 , 682 368.925 (500.000) - 500.000 368, (107,795) - - - (446 3 - 500.000 - (500 .OOO) - (107.795) 500.000 - (500. OOQ) (446. 28.341 201.550 64.148 84.864 419, 426,938 (386,510 ) 387,860 (184,087 ) 734, 0 204.885 2.747.851 605.665 1.331.838 5,140. 631,823 2,361,341 293,525 1.147.751 5.875, 1 1 13.331 - - - 3 1 I I I 139 140 1 1 I u 1 AGENCY FUNDS Deferred Compensation To account for amount employees have deposited in deferred compensation pl offered by the City. Contractors' Deuosits To account for money deposited by contractors for designated fut development. Miscellaneous Deposits TO account for money deposited with the City for various items. I Assessment Districts To account for the debt service transactions on assessment district bonds which the City is not obligated in any manner. 1 I I II 1 I I B I I n m 141 CITY OF CARLSBAD Agency Funds Combining Statement of Changes in Assets and Liabilities . For the year ended June 30, 1990 Balance Balance July 1, June 30, 1989 Additions Deductions 1990 . Deferred Compensation: Assets : Cash and investments $ 1.718.197 528,276 - 2.246.473 Liabilities : Deferred compensation payab 1 e $ 1.718.197 528.276 - 2.246.473 Contractors' Deposits: Assets: Cash and investments $1.574.559 752.372 (164.658) 2,162.280 Liabilities : Deposits payable $1.574.559 709.909 (122.188) 2.162.280 Miscellaneous Deposits: Assets: Cash and investments $ 4,635,841 13,327,549 (12,631,736) 5,331,654 Accrued interest 1.515 2.739 (2.508) 1.746 Total assets $ 4.637.356 13.330.288 (12.634.244) 3.33 3.400 Liabilities : Accounts payable 8 , 263 2,182 (8 9 263 I 2,182 Deposits payable 4,629.093 14.767.551 (i4.065. 426) 5.331.218 Total liabilities $ 4.637.356 14,769,733 (14,073.689) 5.333.400 142 1 I 1 II I I 1 1 I I I 1 I 1 1 1 I I 1 Balance Balance July 1, June 30 1989 Additions Deductions 1990 Assessment Districts: Assets : Cash and investments $ 892,097 1,136,229 (1,048,339) 979,9 Accrued interest 15.606 19.061 (15.606 ) 19.0 Total assets 907.703 1.155.290 (1.063 ~.945_) =-.222& Liabilities: Assessments payable $ 907.703 1.262.156 J1.170.811) 999.0 Totals - All Aaencv Funds: Assets : Cash and investments $ 8,820,694 15,744,433 (13,844,733) 10,720,: 20.1 Accrued interest Total assets 8.837.815 15.766.233 (13.862.847) 10.741.: 17.121 21.800 (18.114) Liabilities: Accounts payable 8,263 2,182 (8,263) 2,' Deposits payable 6,203,652 15,477,460 (14,187,614) 7,493,~ Deferred compensation payable 1,718,197 528,276 - 2,246, As s e s smen t s payab 1 e 907.703 1.262.156 (1.170.811) 999, Total liabilities $ 8.837.815 17.270.074 (15.366.688) 10.741, 143 General Fixed Assets Account Group General fixed assets are those fixed assets used in operations accounted fol in governmental funds. General fixed assets include all fixed assets no’ accounted for in an enterprise, internal service, or trust and agency fund. 144 CITY OF CARLSBAD General Fixed Asset Account Group Schedule of General Fixed Assets by Function I l I I I II 1 1 I 1 I I I I 1 I I I June 30, 1990 Culture General and Pub 1 ic Public Government Recreation Safe tv Works Tots Land $ 492,035 16,843,211 2,150,407 1,343,073 20,828. Buildings 1,723,077 9,739,433 14,817,893 - 26,280 Improvements 381,428 1,291,603 303,189 359,010 2,335 Furniture and equipment 1,643,488 862,696 1,603,714 202,086 4,311 1 in progress - 463.229 26.216 36.961 5 26 Construction To tal $ 4.240,028 29.200.172 18,901.419 -54.282 145 CITY OF CARLSBAD General Fixed Asset Account Group Schedule of General Fixed Assets by Source June 30, 1990 As of June 30, 1986 $ 27,136,537 Net additions subsequent to June 38, 1986: General Fund 12,939,743 Community Development Block Grant 1,945,095 Federal grants 455 , 315 State grants 416,316 Street lighting 8,612 Park development 3,428,818 Public facilities 5 , 720,280 Redevelopment 2.232.033 $ 54,282,749 Total investments in general fixed assets 146 1 I 1 I I I I 1 I I I 1 1 I I I I I I Statistical Section 1 I 1 1 I 1 1 1 1 I 1 1 I 1 II I I 1 1 147 I GENERAL EXPENDITURES BY FUNCTION 1989-98 pueuc SAFETY PUS Pueuc WORKS 14% 74 DEBT SERVICE 7% WELFARE 3% ................... ................... 18 ...................... ...................... CULTU RE -R ECR EAT1 74 11 1 WLUEl ARE IN YILLIOM8 I 1 I I II I 56 40 30 20 10 0 lNCLUDES QENERAL. SPECIAL REVENUE, DEBT SERVICE AND CAPITAL PROJECT FUNDS I 1 1 I I 1 I I SPENDING ON CAPITAL PROJECTS LAST TEN YEARS MILLIONS OF DOLLARS I 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 INCLUDES QENERAL. SPECtAL REVENUE, DEBT SERVICE AND CAPITAL PROJECT FUNDS GENERAL REVENUE LAST TEN YEARS MILLION. OF 00LLAR. 80 50 40 30 20 10 0 1981 1962 1983 1984 1985 1986 1987 1988 1989 1990 r PROPERTY TAX AND SALES TAX REVEh LAST TEN YEARS MILLION. OP DOLLAR. __ - _-._______- ____ - .. __ _. - ___ ---- - -. - - _- ___ ___ D PROPERTY TAX M SALES TAX TRANSIENT OCCUPANCY TAX LAST TEN YEARS YILLIOYW or OOLLAIS - --- ---- - --_ _._- -_____ 1981 1982 1983 1984 1986 1986 1987 1988 1989 1980 1 CHARGES FOR SERVICES LAST TEN YEARS MILLION8 OC OOLLAI8 14 __ __ - - - __ 12 - -___ 10 - - __ 8 - __ __ _- . - 8 4 2 0 1981 1982 1983 1984 1986 1981) 1987 1988 191 RATIO OF OUTSTANDING GENERAL BONDED DEBT TO POPULATION PER CAPITA DEBT IN OOLLARS 40 - 20 - 15 - 10 - 5- 0 I I I I I I I I 1981 1982 1983 1904 1985 1986 1987 1988 1989 1990 1 CITY OF CARLSBAD Computation of Legal Debt Margin 1 I I I € 1 I I 1 I II I I I I I I June 30, 1990 $ 1.212.667.8 25% of net assessed valuation (1) a m Debt limit (15% of net assessed valuation as adjusted) Amount of debt applicable to debt limit: 181.900.1 Bonded debt ( 2) Certificates of participation 23 , 225 ,O( 8,5 75 , O( Capitalized leases 1.372.9 Total amount of debt applicable to debt limit 33.172.9 Legal debt margin $ 148.727.21 Percent of debt limit 18.; (1) Beginning January 1, 1987, a change in state law required the Cour Assessor to assess all taxable property at 100% of full value opposed to the prior practice of assessing property at 25% of fu value. To be consistent with previous years, the assessed valuation us for this computation is at 25% of full value. (2) Total bonded debt: Library and Sewer $ 285,OO Parking and Building Authorities 1,895,OO 9,045 ,OO College Boulevard Assessment District Tax Allocation Bonds 12.000,001 Total bonded debt $ 23.225.001 153 CITY OF CARLSBAD Schedule of Direct and Overlapping Bonded Debt June 30, 1990 - 1989-90 Total Assessed Valuation: $4,937,833,836 (after deducting $121,884,701 redevelopment tax allocation increment) Debt % June 30, Direct and OverlapuinP; Bonded debt: Applicable 1990 San Diego County Building Authorities 4.795% $ 14,961j263 San Diego County Water Authority 4.963 1 , 197,820 San Diego County Water Certificates of Participation 4.963 4 , 635 , 442 5 , 703,817 Metropolitan Water District Carlsbad Unified School District (various issues 1 96.899 - 96,902 285,663 Carlsbad Unified School District Authority 96.875 4,451 , 406 Carlsbad Unified School District Community Facilities District #l 100.00 12 , 175 , 000 San Marcos Unified School District and Certificates of Participation 22.597 1,403 , 909 San Dieguito Union High School District 9.095 209,185 Encinitas Union School District and Authority 493 , 6 18 Mira Costa Community College District Authority 26.204 786 , 120 Other School Districts Various 1,303 Tri-City Hospital District 33.007 582,573 Palomar Pomerado Hospital District & Authority 0.681 94 , 488 Vallecitos Water District Carlsbad Municipal Water District Carlsbad Municipal Water District Olivenhain Municipal Water District & I.D. #I 33.068 372,015 City of Carlsbad 100 .oo 285,000 (: City of Carlsbad Building Authorities 100.00 10,470,000 (1 0.796 25.510 Leucadia County Water District & I.D. #I 52.161 - 2.284 233,048 and I.D.'s #I, 2 & 6 6.510 - 10.615 133,505 Certificates of Participation 100.00 13,310,000 and I.D.'s 82, 3 & 4 99.980 - 100.00 799 , 984 City of Carlsbad 1915 Act Bonds 100.00 13.985 .OO 0 Total direct and overlapping bonded debt $ 86.570.159 (L) Excludes tax allocation bonds and capitalized leases. (2) Includes City of Carlsbad Building and Parking Authorities and the Pub1 Improvement Corporation. Ratios tu Assessed Valuation: Direct Debt ($10,755,000) 0.2290 Total Debt 1.75% Source: California Municipal Statistics, Inc. 154 1 1 I R I RATIO OF DEBT SERVICE TO GENERAL EXPENDITURES I nmo IM s i 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 CITY OF CARLSBAD Revenue Bond Coverage Water Bonds Last Ten Fiscal Years Net Revenue Direct Available Fiscal Gross Operating for Debt Debt Service Reuuirements Year Revenue Exoenses Service PrinciDal Interest Total Coverage 1980-81 $ 1,977,591 1,655,756 321,835 105,000 74,985 179,985 190 1981-82 2,084,262 1,620,519 463,743 215,000 69 , 715 284 , 715 163 1982-83 1,934,415 1,945,681 (11,266) 115,000 64,492 179,492 (6) 1983-84 1,672,564 1,557,173 115,391 - (I) 56,875 56,875 203 1984-85 1,371,214 1,119,336 251,878 125,000 50,138 175,138 144 1985-86 1,522,383 1,317,953 204,430 130,000 42,531 172,531 118 1986-87 1,532,953 933,368 599,585 140,000 38,549 178,549 336 1987-88 1,637,819 1,334,525 303,294 150,000 29,096 179,096 169 1989-90 2,001,832 1,415,542 586,290 160,000 12,718 172,718 339 1988-89 1,760,102 1,195,822 564,280 157,000 21,211 178,211 317 (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 thar: July 1 of the following year. Source: City of Carlsbad Comprehensive Annual Financial Reports. 156 - -100 I I I I I I I I POPULATION LAST TEN YEARS In TMOUMNOl 70 1 I t I I I i 1 1 I 1 1 I B I I 1 I I I 159 NET TAXABLE VALUE LAST TEN YEARS a BILLIONS OF DOLLARS 5 4 '3 2 1 0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 c 1 8 1 1 P 1 t 1 1 I N 8 I I 1 i 1 To tal Net Assessed Homeowner's Assessed I Valuation Exempt ions Valuation 1,492,664,132 48,388 , 200 1,444,275,932 1,735,841,237 48,759,200 1,6Q 7,092,037 2,064,175,109 48,885,200 2,015,289,909 2,244,519,647 49,921,200 2,194,598,447 2,548,122,552 52,235,400 2,495,887,152 2,952,177,060 57,943 , 200 2,894,233,860 3,517,951,761 65,492,000 3,452,459,761 3,939,249,294 4,014,899,694 75,650,400 4,287,316,546 83,847,400 4,203,469,146 4,937,833,836 87,162,600 4,850,671,236 161 CITY OF CARLSBAD Construction and Business Activity Last Ten Fiscal Years Bui 1 ding Business Fiscal Permit Percent Estimated License Percent Year Revenue Chanae Valua tion Revenue Chanae 1980-81 $ 328,453 80.6 85,900,000 247 , 798 2.3 1981-82 271,542 (17.3) 52,700,263 258,663 4.4 1982-83 490,100 80.5 79,400,000 279,973 8.2 1985-86 1,397 , 129 32.3 263,548,719 471,470 10.0 1986-8 7 1,230 , 100 (12.0) 245,661,491 517,972 9.9 198 7-88 671,779 (45.4) 127,831,606 616 , 278 19.0 1983-84 1,068,876 118.1 198,520,304 351,875 25.7 198h-85 1,055,738 (1.2) 213,403,469 428 , 546 21.8 1988-89 6 74 , 814 *5 111,898,109 696 , 706 13.1 1989-90 1,029,750 52.6 169,746,343 791,715 13.6 ESTIMATED BUILDING VALUATION LAST TEN YEARS MILLIONS OF DOLLARS 300 2 50 200 150 100 50 0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Source: City of Carlsbad Comprehensive Annual Financial Reports. 162 I 8 I I I a 1 e TOTAL TAX LEVY LAST TEN YEARS MILLIONS OF DOLLARS 1981 1982 1983 1984 1985 1986 1987 1980 1989 1990 CITY OF CARLSBAD Special Assessment Billings and Collections College Boulevard Assessment District Last Four Fiscal Years Fiscal Special Assessment Special Assessments Year Bi 11 ings Collected Prior to 1987 N /A N /A 1987 $ 1,000,362 996,884 1988 988,116 987,682 1989 984,718 985,207 1990 985.680 985.6 70 $ 3,958.876 3.955.443 Note: There were no special assessment billings for the College Boulevard Assessment District prior to the fiscal year ended June 30, 1987. Source: County of San Diego Office of the Auditor and Controller. 164 CITY OF CARLSBAD Principal Employers I I I i 8 1 1 s I I I I I I B I I I 198 9-1 990 Firm Product/Service Employees I Manufacturing;: Hughes Aircraft Company, Industrial Products Division Electronic Components 1,500 Puritan-Bennett Corporation Medical Equipment 450 Taylor Made Golf Golf Equipment 280 Eaton-Leonard Corporation Vending Machines 275 Beckman Instruments Microbics Operation 240 Dyna Med, Inc. Emergency Medical Products 195 Watkins Products Spas 185 Sierracin-Magnedyne Inc. Electronic Motors 162 Sargent Industries Industrial Seals 150 International Totalizer System Off-track Betting Systems 145 J.C. Schumacher Distributor of Chemicals 120 Non-Manufacturina: Tri-City Medical Center Hospital 1,450 Plaza Camino Real Shopping Center (5 major department stores) 1,000 La Costa Hotel & Spa Hotel & Health Spa 1,000 Car Country Auto Dealers Car Dealers (all major dealers) 500 Carlsbad Unified School District Education 425 San Diego Gas & Electric, Encina Power Generation 414 City of Carlsbad 480 Farmer's Insurance - Regional Insurance 3 20 Jazzercise Dance Fitness 101 Daniel's Cablevision Cable TV 100 Mun i c i pa 1 Government Pea Soup Andersen's Restaurant/Hotel 250 Source: City of Carlsbad Chamber of Commerce. 165 CITY OF CARLSBAD Principal Taxpayers 198 9-1 990 Percentage 01 Total Net Assessed Taxpaver TYDe of Business Valuation Valuation(1) San Diego Gas & Electric Co. Power Generation $ 339,000,000 6.99% La Costa Hotel & Spa Corp. Hotel & Spa 203,547,081 4.20% Fieldstone/La Costa Assoc. Land Developer 170,972,380 3-52% Hughes Aircraft Co. (Corp.) Manufacturer 100,970,330 2.08% Lyon/Copley Carlsbad Assoc. Land Developer 72,896,986 1.50% Pacific Rim Land Associates Land Developer 50,866,972 1.05% Upland Industries Corp . Land Developer 47,881,262 .99% Aviara Resort Associates Ltd. Land Developer 47,617,000 .98X Continental Homes, Inc. Land Developer 34,138,002 .70% Plaza Camino Real Shopping Center 29.409.685 -61% $ 1,097,219,698 22.62% (1) Net assessed valuation for 1989-1990 - $4,850,671,236 Source: County of San Diego Office of the Auditor and Controller. 166 CITY OF CARLSBAD 1 1 I I I fl 1 I I 8 li I I I I I I I Miscellaneous Statistical Information Date of incorporation July 16, 1952 Type of city General Law Form of government Council/Manager Area 42.19 square miles I Population 63,451 Number of street lights 4,304 Miles of streets 2 20 Fire Protection: Number of stations 6 Number of firefighters and officers 75 Police Protection: Number of stations 1 Number of sworn police officers 95 Municipal Water District: Number of customers 16,305 Average daily consumption Miles of lines and mains 300 Miles of sewers 104 15.7 million gallons Recreation and Culture: Number of parks (improved and unimproved) 36 Area of parks 326.88 acres Pools 1 . Number of libraries 2 Number of volumes 19 7,000 Total number of City employees 480 167 CITY OF CARLSBAD Annual Debt Service Requirements 1960 WATERWOFXS REVENUE BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annua Year Julv 1 Januarv 1 Interest Julv 1 Debt Servic 1.259 65.000 66,259 $1,259 - - 1,259 65,000 66,259 1990-91 $1.259 - 1970 WATERWORKS REVENUE BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annua: Debt Servicc Year JuPv 1 Januarv 1 Interest Julv 1 3.000 100.000 103.000 $ 3.000 - - 3.000 100,000 103 .OOO 1990-91 $ 3.000 - 1962 SERIES B. GENERAL OBLIGATION. SEWER BONDS Fiscal Interest Due Interest Due Total Principal Dlde Total Annual Year Julv 1 Januarv 1 Interest Julv 1 Debt Service 1990-91 $ 3,420 1,800 5,220 90,000 95,220 1991-92 1.800 - 1.800 100 .ooo 101.800 $ 5.220 1.800 7.020 190,000 197.020 Source: Debt Service Schedules Obtained from Respective Trustees. 168 (Continued) CITY OF CARLSBAD Annual Debt Service Requirements, Continued I I I I 1 I 8 s 1 I I 1 I I I 8 I 8 1 1962 SERIES C. GENERAL OBLIGATION. SEWER BONDS Fiscal Interest Due Interest Due Total Principal Due Total Ann1 Debt Serv: 1990-91 $ 937 46 9 1,406 25,000 26,40f - 469 25,000 25.46: 1991-92 469 - $ 1.406 469 1.875 50.000. 51 .87-’ July 1 Year Julv 1 January 1 Interest 1966 LIBRARY GENERAL OBLIGATION BONDS Fiscal Interest Due Interest Due Total Principal Due Total Ann 1990-91 $ 1,013 1,013 2,026 20,000 22,02 Year July 1 January 1 Interest January 1 Debt Serv 1991-92 562 562 1.124 25.000 26.12 $1.575 1,575 3.150 4$.ooo 48.15 1967 CARLSBAD BUILDING AUTHORITY REVENUE BONDS Fiscal Interest Due Interest Due Total Principal Due Total Anr Year December 15 June 15 Interest December 15 Debt Sen 1990-91 $ 2,850 1,950 4,800 30,000 34,8C 1991-92 1 , 950 1,050 3 , 000 30 , 000 33,OC 1992-93 1.050 - 1.050 35,000 36 .O: 103.8: $ 5.850 3,ooo 8.850 95 .OOO 16 9 (Contin CITY OF CARLSBAD Annual Debt Service Requirements , Continued 1969 CARLSBAD PARKING AUTHORITY REVENUE BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annua October 1 Debt Servicc Year October 1 April 1 In t e re s t 1990-9 1 $ 20,800 17,600 38 , 400 100,000 138 , 400 1991-92 17,600 14 , 400 32 , 000 100,000 132,000 14 , 400 11 , 200 25,600 100 , 000 125,600 1993-94 11,200 8 , 000 19 , 200 100,000 119,200 1994-95 8,000 4,000 12,000 125,000 137,000 129.000 1995-96 4.000 - $ 76,000 55.200 131.200 650,000 781.200 1992-93 4.ooo 125.000 1981 CARLSBAD PARKING AUTHORITY REVENUE BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annua: Year August 1 Pebruarv 1 Interest Februarv 1 Debt Servicc 1990-91 $ 46,000 46 , 000 92,000 75 , 000 167,000 1991-92 43,000 43,000 86,000 75,000 161,000 40 , 000 40,000 80 , 000 75,000 155,000 1993-94 37,000 37,000 74,000 100 , 000 174,000 1994-95 33,000 33,000 66 , 000 100,000 166,000 29 , 000 29 , 000 58 , 000 100 , 000 158 9 000 1996-9 7 25,000 25,000 50 , 000 100,000 150,000 1997-98 21 , 000 21 9 000 42 , 000 125,000 167,000 1998-99 16,000 16,060 32,000 125,000 15 9,000 1999-00 11,000 11,000 22 , 000 125,000 147,000 1992-93 1995-96 2000-01 6,000 6,000 12,000 150,000 162,000 $307,000 w 614,Om m. 000 m. 000 170 (Con t hued ) CITY OF CARLSBAD Annual Debt Service Requirements, Continued I I I 8 U 8 3 1 I I I 1 I I I I I 1 1988 CARLSBAD HOUSING AND REDEVELOPMENT I COMMISSION TAX ALLOCATION BONDS Fiscal Interest Due Interest Due Total Principal Due Total Ann1 Year October 1 Aoril 1 Interest April 1 Debt Sen 1990-91 $ 438,676 438,676 877,352 255,000 1,132,35 1991-9 2 431,66t 431,664 863,328 270,000 1,133,32; 1992-93 423,969 423,969 847,938 290,000 1,137,93 1993-94 415,414 415,414 830,828 305,000 1,135,82 1994-95 406,111 406,111 812,222 330,000 1,142,22 1995-96 395 , 799 395 , 799 791,598 355,000 1,146,59 1996-97 384,261 384 , 26 1 768,522 380,000 1,148,52 1997-98 371,531 371,531 743,062 405,000 1,148,06 1998-99 357,559 357,559 715 , 118 440 , 000 1,155,11 1999-00 342,159 342 , 159 684,318 475,000 1,159 , 31 2000-01 325 , 296 325,296 650,592 510,000 1,160 $9 200 1-0 2 306,681 306,681 613,362 550,000 1,163,36 200 2-0 3 286,332 286 , 332 5 72,664 5 95,000 1,167,66 2003-04 263,870 263,870 5 27 , 740 640 , 000 1,167,74 2004-05 239,550 239,550 479,100 690,000 1 , 169,lO 20 0 5 -0 6 213,330 213 , 330 426,660 750,000 1 , 176,66 2006-07 184,830 184,830 369,660 810,000 1,179,66 2007-08 154,050 154 , 050 308 9 100 875,000 1,183,lO 2008-09 119 9 925 119,925 239,850 945,000 1,184,8f 2009-10 83,070 83,070 166,140 1,025,000 1,191.11 2010-11 43.095 43.095 86.190 1.105.000 1.191.1: Total $ 6.187.172 6.187.172 12.374.344 12.000.000 24.374.31 171 (Con tin CITY OF CARLSBAD Annual Debt Service Requirements, Continued 1988 CERTIFICATES OF PARTICIPATION Fiscal Interest Due Interest Due Total Principal Due Total Annua Year AuFust 1 Februarv 1 Interest Auaus t 1 Debt Servicc 1990-91 $ 320,774 314,311 635,085 235,000 870,085 1991-92 314,311 307 y 124 621,435 250 , 000 871,435 1992-93 307,124 299,324 606 , 448 260 , 000 866,448 1993-94 299,321 290,730 590,054 275,000 865,054 1995-96 281,143 270,590 551,733 315,000 866,733 1996-97 270,590 259 9 205 529,795 330,000 859 9 795 355,000 860 9 985 199 7-98 259,205 246 y 780 505,985 1998-99 246 , 780 233,100 479,880 380 9 000 859,880 1999-00 233 9 100 217,930 451,030 410,000 861,030 2000-01 217 p 930 201 3 400 419 , 330 435 , 000 854 , 330 200 1-0 2 201 9 400 182,600 384,000 470,000 854 , 000 2002-03 182,600 162,200 344,800 510,000 854,800 2003-04 162,200 140 9 000 302,200 555,000 857,200 2004-05 140,000 1P6,OOO 256,000 600 9 000 856,000 2005-06 116,000 90,400 206 , 400 640 , 000 846,400 2006-07 90,400 62,600 153,000 695,000 848 , 000 200 7-08 62,600 36,600 99 , 200 750 , 000 849 , 200 2008-09 36.600 - 36.600 815 .OOO 851.600 To tal $ 4.032.811 3 p 712.037 7.744.848 u5.000 16.319.84€j 1994-95 290 9 730 281 9 143 571,873 295,000 866,873 172 (Continued ) CITY OF CARLSBAD Annual Debt Service Requirements, Continued I 8 I l I I t I 1 I I 1 "I I 8 I I 1 I 1 Fiscal Interest Due Interest Due Total Principal Due Total Annt Year September 2 March 2 Interest September 2 Debt Semi 1990-91 $ 352,840 . 343,040 6 95 , 880 280,000 975,881 1991-92 343,040 332,390 675,430 300 , 000 975,431 1992-93 332,390 320,790 653,180 320,000 973,181 1993-94 320 , 790 308,025 628,815 345,000 973,81 1994-95 308,O 25 294,150 602,175 370,000 972,17 1996-97 279, 140 262,778 541,918 425,000 966 y 91 1997-98 262,778 244,952 507 , 730 460,000 967,731 1998-99 244,952 225,648 470 , 600 495,000 965 y 601 1999-00 225 , 648 204,712 430 y 360 530,000 960,36 575,000 961 , 71 2000-01 204,712 182,000 386 , 712 200 1-0 2 182,000 157,200 339,200 620,000 959,20 200 2-0 3 157,200 130,400 287,600 670,000 957,60 2003-04 130,400 101 , 400 231,800 725,000 956,8C 2004-05 101,400 70 , 200 171,600 780,000 951,60 2005-06 70,200 36,400 106,600 845 , 000 951,60 2006-0 7 36.400 - 36.400 910.000 946.4C 1995-96 294 , 150 279 , 140 573,290 395,000 968 , 291 Total $ 3,846.065, 3,493,225 7.339.290 m. 000 16.384.25 173 CITY OF CARLSBAD Annual Debt Service Requirernents, Continued EVCINA FINANCING JOINT POWERS AUTHORITY INSTALLMENT PURCHASE AGREEMENT Interest In teres t Principal Sinking Fund Fiscal Payment Due Payment Due Payment Due Payment Due Total Annu Year August 1 Februarv 1 AuFerst 1 August 1 Debt Servic L990-91 $ 422,226 422,226 - - 844,45 2 1991-92 422,226 422 , 226 - - 844,452 1992-93 422,226 422 , 226 - - 844,452 1 , 110,706 1993-94 418 , 038 418 , 038 274,630 - 1994-95 409 9 358 409 , 358 289 , 782 - 1,108,498 1995-96 400,004 400 , 004 308 , 722 - 1 , 108 , 730 1996-97 389 , 940 389,940 327,662 - 1 , 107,542 1997-98 379 , 162 379,162 348 , 496 - 1,106,820 1998-99 367,601 367,601 371,224 - 1 , 106,426 1999-00 355 3 182 355 , 182 395 , 846 - 1,106,210 1,104, 196 2000-01 341,864 341,864 420 , 468 2001-02 327,573 327,573 448,878 - 1,104,024 2002-03 312,231 312,231 477,288 - 1,101,750 - 543,578 1 , 099 , 350 2004-05 277,886 277,886 2005-06 258,549 258 , 549 - 581,458 1,098,556 2006-07 237,878 237,878 - 621 , 232 1,096 , 988 200 7-08 215 , 775 215 9 775 - 664,794 1,096,344 2008-09 192,141 192,141 - 710 , 250 1,094,532 2009-10 166,912 166 , 912 - 757,600 1,091,424 2010-11 139 , 958 139,958 - 810,632 1,090,548 2011-12 111 , 149 111,149 - 865,558 1,087,856 20 1 2-1 3 81,222 81 , 222 - 926,166 1,088,610 2013-14 50 , 136 50 9 136 - 986 , 774 1,087,046 20 14-15 34.103 - - 1.049.276 1.083.379 Total $ u.103 6,995.000 4.172.482 8,517.318 26.713.903 - 509,486 - 1,101,012 2003-04 295 9 763 295,763 174 CITY OF CARLSBAD Annual Debt Service Requirements, Continued I I I I I I I I 8 i I 1 1 i I I I 1 1988 CARLSBAD MUNICIPAL WATER DISTRICT CERTIFICATES OF PARTICIPATION In teres t Interest Principal Fiscal Payment Due Payment Due Total Payment Due Total Ann1 Year November 1 May 1 Interest Mav 1 Debt Semi 1990-91 $ 459,563 441 , 264 900,827 610,000 1,510,8: 1991-9 2 441,264 421 , 269 862,533 645,000 1,507,5: 199 2-93 421 , 268 399,349 820,617 685,000 1,505,61 19 94-95 375,623 350,049 725,672 775,000 1,500,6; 1995-96 350 , 049 322,411 672,460 825 9 000 1 , 497,4( 1996-97 322,411 292,491 614,902 880 , 000 1,494,9( 199 7-98 292,491 260,061 552,552 940,000 1,492,5' 1998-99 260,061 224 , 886 484,947 1,005,000 1 , 489 , 9 1999-00 224 , 886 186 , 724 411,610 1,075,000 1,486 , 6 2000-01 186 , 724 145,144 331,868 1,155,000 1,486,8 2001-02 145 , 144 100,375 245,519 1,235,000 1 , 480,5 2002-03 100 , 375 52,013 152,388 1,325,000 1,477,3 52.014 1.425.000 1.477.0 2003-04 52.014 - To tal $ 4.031321 3.571.660. 7,602,881 13.310.000 20.912.8 1993-94 399,348 375,624 774,972 730,000 1,504,9; I CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 2 SERIES 2 BONDS Fiscal Interest Due Interest Due Total Principal Due Total Ann Year November 1 Mav 1 In teres t MmYJ Debt Serv 26.12 563 1.125 25. Om 26.12 25.000 1990-91 $562 563 1.125 Total $262 - 175 CITY OF CARLSBAD Annual Debt Service Requirements, Continued CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 3 BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annu2 Year July 1 Januarv 1 Interest Jd!d Debt Servic 1990-91 $ 13.950 13.950 27.900 558.000 585.900 Total $13.950 L3.950 27 300 g&QQQ $85.900 CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 4 BONDS Fiscal Interest Due Interest Due Total Principal Due Total Annua Year July 1 Januarv 1 Interest July 1 Debt Servic 1990-91 $- 1,400 1,400 40,000 41,400 1991-92 700 700 1.400 40.000 41.400 Total $700 2.100 2,800 80.000 82,800 176