HomeMy WebLinkAbout1992-02-11; City Council; 11549 Exhibit 1; 1990-91 Annual Financial Reports Exhibit 01I
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Annual Fin an cia1 Report
for the fiscal year ending JUNE 30, 799 7
CfW OF CARLSBAD CALIFORNIA
Claude "Bud" lewis
MAYOR PRO T.M I Ann Kulchin
CITY COUNCIL
Eric Larson Julianne Nygaard
M argare t Stan ton
CITY MANAGER
Raymond R. Patchett
FINANCIAL MANAGEMENT DIRECTOR
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I James F. Ellioff
Prepared by fhe Finance Department
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1 Introductory Section I
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1991
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I TABLE OF CONTENTS
INTRODUCTORY SECTION j I Table of Contents
I Location Map
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Letter of Transmit tal
Certificate of Achievement for Excellence in Financial
Reporting, Government Finance Officers Association
Certificate of Award for Outstanding Financial Reporting,
California Society of Municipal Finance Officers
List of City Officials
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1 Organization Chart 26
I FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements: I
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Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance - All Governmental Fund Types
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
(Budgetary Basis) All Governmental Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows - All Proprietary Fund Types I Notes to Combined Financial Statements
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1991
TABLE OF CON"TS, CO NTINUED
FINANCIAL SECTION. Con tinued
Supplemental Data: PAGE
Governmental Funds :
General Fund:
Schedule of Revenues - Budget and Actual (Budgetary Basis) 82
Schedule of Expenditures - Budget and Actual (Budgetary Basis) 84
Special Revenue Funds :
Combining Balance Sheet 88
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance 92
Combining Schedule of Revenues and Expenditures - Budget and Actual (Budgetary Basis) 96
Debt Service Funds :
Combining Balance Sheet 106
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 108
Budget and Actual (Budgetary Basis) 110
Combining Balance Sheet 116
and Changes in Fund Balance 122
Combining Schedule of Revenues and Expenditures -
Capital Project Funds:
Combining Statement of Revenues, Expenditures
Proprietary Funds:
Enterprise Funds:
Combining Balance Sheet 130
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 134
136 Combining Statement of Cash Flows
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CITY OF CARLSBAD
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1 Supplemental Data, Continued: - E
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1 Comprehensive Annual Financial Report
Year ended June 30, 1991
TABLE OF CONTENTS. CONTINUED
FINANCIAL SECTION. Continued
Enterprise Funds Continued:
Sewer Sub-Funds :
Combining Balance Sheet
Combining Statement of Revenues, Fkpenses
and Changes in Retained Earnings
Internal Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Combining Statement of Cash Flows
Fiduciary Funds:
Agency Funds:
Combining Statement of Changes in Assets and Liabilities I
Account Groups:
General Fixed Asset Account Group:
Schedule of General Fixed Assets by Function
Schedule of General Fixed Assets by Source 1
Annual Debt Service Requirements 1
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STATISTICAL INFORMATION
(Not Covered by Independent Auditors' Report)
General Expenditures by Function, Last Ten Fiscal Years 1
General Revenues by Source, Last Ten Fiscal Years 1
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CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1991
TABLE OF CONTENTS. CONTINUED
STATISTICAL INFORMATION. Continued PAGE
Ratio of General Bonded Debt to Assessed Valuation and
Net Bonded Debt Per Capita,
Computation of Legal Debt Margin
Schedule of Direct and Overlapping Bonded Debt
Ratio of Annual Debt Service for General Bonded Debt to
Last Ten Fiscal Years 171
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174
Total Governmental Expenditures, Last Ten Fiscal Years 175
Revenue Bond Coverage - Water Bonds9 Last Ten Fiscal Years
Demographic Statistics, East Ten Fiscal Years
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171
Schedule of Assessed Valuation, Last Ten Fiscal Years 18(
Construction and Business Activity, Last Ten Fiscal Years 18:
Property Tax Levies and Collections, Last Ten Fiscal Years 18:
Special Assessment Billings and Collections, College
Boulevard Assessment District, Last Five Fiscal Years 181
Principal Employers, 1990-1991 181
Principal Taxpayers, 1990-1991 18
Miscellaneous Statistical Information 18
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1 - City of Carlsbac
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November 22, 1991
Honorable Mayor, City Council,
and City Manager
CITY OF CARLSBAD I Carlsbad, California
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We are pleased to present the 1990-91 Comprehensive Annual Financial Report of the Cit of Carlsbad to the City Council and the City Manager. This report includes &anci:
statements of the City, the Housing Authority of the City of Carlsbad, the Parking an
Building Authorities of the City of Carlsbad, the Carlsbad Public Improvement Corporatior
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 thj
independent audit is an important part of the total financial management program for th
City of Carlsbad.
The information found in this report is provided by management to the Council and publi
to assist those interested in understanding the fiscal condition of the City as of June 30
1991. Responsibility for both the accuracy of the data, and the completeness and fairnes
of the presentation, including all disclosures, rests with the City. To the best of ou
knowledge and belief, the enclosed data are accurate in all material respects and arc
reported in a manner designed to present fairly the financial position and results o
operations of the various funds and account groups of the City of Carlsbad. All disclosure necessary to enable the reader to gain an understanding of the government’s financia activities have been included.
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Backmound
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 thc
Council/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 64,264. Industries in tht
area include a major regional shopping center, 18 auto dealers, 24 hotels offering 1,88~
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.
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1200 Carlsbad Village Drive - Carlsbad, California 92008-1 989 - (61 9) 434-286;
Services Provided bv the City
The City provides the full range of services normally associated with a municipality
including police, fire, parks and recreation, library, planning and zoning, building and
engineering, various maintenance services and administration. The City provides water
sdces through the cornbkedl efforts of the Cty Water U&ty Enterpise operation and
the Carlsbad Municipal Water Distrkt, a subsidiary district of the City. Solid waste
collection is provided though a franchise arrangement with a local refuse collection
service.
In addition to the usual city services, Carlsbad offers a variety of programs to help local
residents and businesses. The City operates a redevelopment agency that encompasses 0.4
square miles of the downtown area, as well as a housing authority that provides 371 low
and moderate income families with housing assistance. The City's literacy program, funded
by the General Fund, provides adult education to local area residents. Carlsbad's older
residents receive assistance through the City's senior citizen programs. Also, the City
provides major support for the Convention and Visitors Bureau operated in cooperation
with the Carlsbad Chamber of Commerce. The City supports various service agencies such
as the Women's Resource Center, YMCA and other agencies providing social services to
Carlsbad residents. Finally? the City has reserved over $320,000 for support of the arts,
art programs, and the purchase of works of art.
Sidcant Events and Accomplishments
During 1990-91 the City experienced many signiffcant events or accomplishments that may not be evident fkom a review of the financial statements. Some of the more important
events are summarized below.
Growth Control - 1990-91 was the fourth ~LI.U year of operation under the City's Growth
Management Program. Under this program developers are allowed to build only if
infrastructure improvements required to sene the development are financed and
constructed as a part of the development. Standards have been established in eleven areas
such as circulation, libraries, fire protection, parks9 drainage, water, sewers, and open
space. An outgrowth of this program is a long range capital improvement program which
covers the current year through build out of the City. This program has had a major effect
on the building industry as shown in the table below;
DWELLING UNITS
Fiscal Year Constructed
1985-86 2,273
1986-87 2,310
1987-88 1,672
1988-89 525
1989-90 353
1990-91 322
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The most significant aspect of growth management for 1990-91 was the hplementatio
of the comprehensive Growth Management Financing Program. This program combine
the infrastructure funding needs of the City and other agencies, such as schools, togethe
with the needs of development to fund public purpose projects. The coordinated effoi
depends on the rational use of a Mello-Roos Community Facilities District, 1913/1915 Ac
Assessment Districts and fee programs to finance facilities concurrent with demand with01
overburdening the land or home owner.
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CommUnity Facility District No. 1 - In May 1991, the citywide CommUnity Facilities Distnc
No. 1 (CFD) was approved by over 94% of district property owners. Only vacant land
included in the City's first Mello-Roos district. The CFD will be used to fund a wide variet
of public improvements including civic facilities, freeway interchanges and major roa additions or improvements, previously funded on a pay-as-you-go basis by developer fee;
It will now be possible to fund these improvements with a series of bond sales. P
development occurs for residential property, the Mello-Roos obligation must be paid in fu
by the developer when a building permit is given. Pass-through of the CFD tax is onl
allowed on property developed for non-residential or commercial/industrial purposes.
Construction of Capital Projects - The City continued its aggressive building program d&
1990-91 with an outlay of more than $27 million on a variety of projects. During the la!
seven years, Carlsbad expended more than $108 million in capital projects includin
community parks, a senior center, a civic facility for police and fire, fire stations, mai
library, major streets, and sea wall and bluff protection. This dedication to improving th
infrastructure of the City is expected to continue into the foreseeable future as the Cit
implements its long range capital improvement program.
Habitat Management Plan (HMP) - The City led the state in early recognition of 01
City's biological resources and preparing a Habitat Management Plan within the City. Th
HMP will provide policies and mechanisms for the protection of wildlife habitat, especiall
the habitat of endangered, threatened, or sensitive species. The final plan is expected t
lead to application for a Habitat Conservation Plan under the federal Endangered Specit
Act.
Hirjng Center - In answer to citizen concerns and to create employment opportunities, tl
City funded a Hiring Center in the geographic center of the City. Documented workers a
encouraged to seek employment at the facility, employees are screened and matched wii
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natural resources when City Council approved a program for studying and identlfylng th
I prospective employers.
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Financial Statement Format
This report is designed to provide both summarized and detailed information on the
operation of each of the City's funds. The report is organized as follows:
Financial Section - This section contains the combined or summarized
financial statements for all funds as well as the notes to
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 budget
figures and other related data.
This section provides data on the City's fiscal activity
over the past ten years including revenues,
expenditures, debt, assessed value, and demographic
information.
Supplemental Data -
Statistical Information -
Accounting System and Budnetam 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 "funds"
that provide the basis for separately recording the financial data related to a specific
accounting records. Each fund has been established because of some restriction on
the use of resources received by that fund. This report includes the transactions of
all entities over which the City Council of the City of Carlsbad has authority (as
defined by the Governmental Accounting Standards Board).
The City's accounting system operates on a modified accrual basis for all
governmental and agency type funds. Governmental funds include the General,
Speaal 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.
activity. A fund is an accounting entity with a complete set of self-balancing
(2)
(3)
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(4) Internal controls exist within the accounting system to ensure safety of assets fro1
misappropriation, unauthorized use or disposition, and to maintain the accuracy (
financial recordkeeping. These internal controls must be established consistent wit
sound management practices based on the costbenefit of the controls imposed. TI
cost of a control should not be excessive in relation to its benefit as viewed by Cii
management. The internal controls in existence within the City's system a
sufficient to ensure in all material aspects both the safety of the City's assets and tl
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accuracy of the financial recordkeeping system.
(5) Budgetary control is maintained through monthly reports on all revenue ar
expenditure accounts as well as special reports summarizing the financial positic
of the City. The City Council has the authority to control the budget throug
adoption of a formal budget at the beginning of each year and by amending t€
budget as necessary through the year. Expenditures should not exceed budgetf
figures. All appropriations expire at year end unless specifically carried into the ne
fiscal year by Council action. The Carlsbad Municipal Code requires that t€
Financial Management Director annually prepare a budget for the City Managc
showing estimated revenues and expenditures. I
During 1990-91 the City staff of 482 N1-time employees provided a complete range of Ci' ' sewices to the 64,264 residents and many businesses in Carlsbad. Spending on all Ci
programs totaled $91.9 million, an increase of $19.7 million over 1989-90. This rise
primarily due to an increase of $15.7 million on capital projects and higher General FUI
expenditures of $3.2 million.
Revenues for 1990-91 totaled $98.9 million, an increase of about $20.8 million or 26.6
over last year's total of $78.2 million. This increase is directly linked to several facto
including: the sale of assessment district bonds for a major road improvement, a continut
increase in the City's property tax base, higher collections of special benefit district chargl
for lighting and landscaping, and higher charges from internal service funds to the us
departments.
Carlsbad is entering 1991-92 in a fiscally sound position due to the City Council's actio]
anticipating the continuing low level of development activity caused by implementation
the Growth Management program in 1987-88. The general outlook for the next five yea
for services. The City embarked on an aggressive fiscal analysis of the General Plan dux%
1990-91. The program will provide a tool to evaluate financial implications of current a
future City policies and decisions.
The following report summarizes the revenues and expenditures (or expenses) for the Ci
of Carlsbad for the fiscal year ended June 30, 1991.
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is prodsing with a growing tax base providing the financing required to meet the dema
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Revenue from All Fund Twes
(In thousands)
1990-91 over YO
1990-91 1989-90 lunder) 1989-90 Change
General Fund $40,535 $39,313 $ 1,222 3.1%
Special Revenue Funds 4,490 3,576 914 25.5
Debt Service Funds 1,228 4,485 (257) (97.3)
Capital Projects Funds 31,118 13,597 17,521 1283
Enterprkje Funds' 15,442 14,514 928 6.4
Internal Service Funds' 6,137 5.689 448 7.9 TOTAL, REVENUES $98.955 $78.174 $20,776
('I Includes operating and non-operating revenues
26.6% -
ExDenditures (or Emenses) All Fund Twes
(In thousands)
1990-91 over %
1990-91 1989-90 lunder) 1989-90 Change
General Fund $38,356 $35,180 $ 3,176 9.0%
Debt Service Funds 3,471 3,076 395 12.8
Capital Projects Funds 27,497 11,758 15,739 133.9
Enterprise Funds' 13,435 13,681 (246) (1.8)
2.2
27.4%
Special Revenue Funds 3,675 3,120 555 17.8
Internal Service Funds' 5.441 5.323 118 - TOTAL EXPENDITURES $91.82 $72,138 $9,7371 -
('I Includes operating and non-operating expenses
General Governmental Functions
The General Governmental function includes the operations of the General, Special
Revenue, Debt Service and Capital Projects funds. During 1990-91 revenue from all Governmental funds totaled $77 million, an increase of $19 million over 1989-90;
expenditures totaled $73 million, up $20 million from last year. A brief look at these numbers on a fund-by-fund basis is shown below.
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General Fund
The City's General Fund is used to record all revenues and expenditures not specificall
restricted by law or Council policy. Major sources of revenue include property tax, sale
tax, licenses and permits, and charges for services. Major categories of expenditurt
include police and fie services, libraries, parks, street maintenance, and administratit
functions.
In 1990-91, the City of Carlsbad experienced less growth in revenues than original
budgeted. The state-wide drought, national recession and the Persian Gulf war combine
to reduce projected City revenues. In spite of the bleak economy, General Fund revenuc
for 1990-91 totaled $40.5 million, up $1.2 million or about 3% over the 1989-90 reveni
of $39.3 million. This change is due primarily to the following factors.
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0 ProDertv Tax Revenue - $12.7 million
Property tax increased $1.2 million or 10% over 1989-90 due to a continut
increase in the secured property tax base. Although the rate of developmei
has slowed from that experienced prior to growth management, the value
new construction and resales remained high. Total assessed valuation rose fro
$4.9 bXon ;1 1989-90 to $5.6 b%on in 1990-91, a 14% increase.
Sales Tax Revenue - $9.4 million
Sales tax revenue remained essentially unchanged from 1989-90. Revenu
increased $84,000 or less than 1% during 1990-91. Although buildi
materials, automobile, and shopping mall sales were less than anticipated, t
rapidly expanding population in San Diego North County continued to fuel t
demand for food, apparel and other related services. I
Vehicle License Fee Revenue - $2.2 million
Vehicle license fee revenue increased $69,000 or 3.3% during 1990-91. T vehicle license fee is set and collected by the State Department of Mol
Vehicles.
0 Transient Occupancy Tax Revenue - $3.3 million
Transient occupancy tax (hotel room tax) revenues declined by $320,000
1990-91, down 8.8%. The decrease is attributable to later receipt of 1988-
TOT, resulting in higher TOT revenues for 1989-90.
DeveloDment Related Revenues - $3.3 million
In spite of slowing construction activity caused by the Growth Managem
Program and the declining construction economy, the development comw
continues to process plans and applications in anticipation of meeting
growth management standards in the future. Revenue in 1990-91 fr
development related fees and permits totals $3.3 million, down $1.2 millior
26% from last year. The primary decline in development related revenues w
in construction permits, and inspection and planning fees.
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0 Interest Income - $2.2 million
Interest income decreased $129,000 from 1989-90 interest revenue. This
decrease reflects a smaller General Fund cash portfolio and declining interest
rates.
0 Other Revenue - $3.1 million
In 1990-91 other revenue increased $1.2 million due to a reimbursement for
prior payments to the Public Employees Retirement System (PEW), increased
engineering charges to capital projects, and revenue from special developer fees
to support parks and fire stations in south Carlsbad.
The following table summarizes General Fund revenues by major category for 1990-91 and
1989-90:
General Fund Revenues
(in thousands)
1990-91 over YO
Category 1990-91 1989-90 lunder) 1989-90 Change
Taxes $26,960 $26,127 $833 3.2%
Licenses & Permits 4,382 4,850 (468) (9.6)
Charges for Services 3,400 3,591 (191) (5.3)
Fines & Forfeitures 516 512 4 .7
Interest Income 2,262 2,291 (129) (5.6)
TOTAL $40,535 $39,313_ $1.222
Other 3,115 1.942 1.173 60.4
3.1% -
The City of Carlsbad adapted to the recession and corresponding declining revenues by
decreasing expenditures. In order to insure that the City would end the year balanced,
several actions were taken. In April 1991, city managers voluntarily reduced departmental
budgets by $2.9 million. As part of the budget reductions, an informal hold was put on
all but the most necessary hiring until year end. Budget transfers for new programs or
equipment were held to a minimum and some projects, programs and capital equipment
purchases were deferred.
Year end General Fund expenditures totaled $38.4 million for 1990-91, up $3.2 million or
9% over 1989-90. This increase is due primarily to the following:
0 Public Safetv
Spending on public safety programs totaled $16.1 million, up $2.3 million or
16% over 1989-90. This increase reflects efforts to maintain full safety service
staffing, with police staffing increasing by nine positions, along with the
purchase of additional police vehicles and fie equipment. First year charges for
San Diego County prisoner booking fees were accrued.
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- PUbL WO&
Public Works program spending declined by $1.1 million or about 18%. T
three year program to partially fund street lighting and median maintenan
through special district property assessments is now complete; therefore, SOI
expenditures previously shown in this category are now listed under Spec
Revenue funds. Other savings occurred by deferring major street maintenan
costs.
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e Culture and Recreation
Culture and Recreation spending fell $199,000 or 2.8% fiom 1990-91, prima
due to last year's purchase of two parcels of land for library expansion offset
this year's increased operating costs. I
General Government
Spending in general government and administrative programs rose by $;
&on or about 29%. This inerease is spread throughout the ma
departments in this category. Factors for this increase include: general sak
increases, higher legal fees, upgrade of telephone system including installati
of voice mail, addition of electronic mail among computer users, increas
building maintenance efforts, remodeling of office space and furniti
replacement. In addition, a reorganization in community development creaf
a separate development engineering department to provide engineering in1
into the development review process and engineering plancheck servic
Placing this department in the General Government category shifted staff a
services totaling approximately $800,000 from Public Works. I Total General Fund expenditures are summarized in the table below:
General Fund Expenditures 1 (in thousands)
1990-91 over YO
Catenorv 1990-91 1989-90 (under) 1989-90 Chanq
General Government $10,049 $ 7,795 $2,254 28.9OA
Public Safety 16,109 13,836 2,273 16.4
Public Works 5,368 6,520 (1,152) (17.7)
Culture & Recreation 6.830 7.029 0 (2.8)
TOTAL $38.356 $35.180 $3.176 9.09
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Sped Revenue Funds
The City's Special Revenue Funds, which account for the collecdon and use of special or restricted revenues, received $4.5 million in total revenue in 1990-91. This is an increase
of $914,000 or about 25% over last year. This increase is due to higher collections of
special charges to the special benefit districts for lighting and landscaping, more federal
funding of the low and moderate income housing programs, and increased receipt of funds
from the sale of forfeited crime-related property.
Special Revenue Funds
Revenues
(in thousands)
1990-91 over %
Category 1990-91 1989-90 (under) 1989-90 Channe
Taxes $ 322 $ 332 $(IO) (3.0)%
Intergovernmental 2,249 1,963 286 14.6
Charges for Services 1,303 924 379 41 .O Imterest Income 285 I95 90 46.2
Other 331 162 169 104.3
25.6% $914 = TOTAL $4,490, $3,576
Expendimes 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 Civic Arts program.
Special programs such as the Police Asset Forfeiture program, B;l;ngual E;b-
program, and Adult Literacy program.
Welfare programs such as the HUD-sponsored Carlsbad Housing Authority
rental assistance program and Senior Nutrition program.
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Spending in Special Revenue Funds totaled $3.7 million in 1990-91, an increase of
$555,000 or about 18% above 1989-90. Increased expenditures in the Public Works
category reflect higher Special Benefit District expenditures for lighting and landscaping
services while increased HUD housing allocations are shown under Welfare.
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Special Revenue Funds
Expenditures
(in thousands)
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1990-91 Over 010
Category 1990-91 1989-90 (under) 1989-90 Change
General Government $ 93 $44 $ 49 111.4%
Public Works 1,151 883 268 30.4
Welfare 2,078 1,808 270 14.9
(&3]
17.8%
Culture and Recreation 353 385 0 TOTAL $3,675 $3,120 $555 -
Catital Projects Funds
Under the accounting definition used by the City, a capital project fund is one th
accounts for the receipt and disbursement of monies that are restricted for the acquisitic
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 Cityts puk
facilities fees, park in-lieu (park development) fees, drainage fees, traffic impact fees, bric
and thoroughfare district fees, gas tax funds, county sales tax funds, and general ~LII
earmarked for capital purposes in the Capital Construction Fund. The capital projects si
ported by the City's Redevelopment Agency are also included in this group.
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i ' Revenue in the capital projects funds totaled $31.1 million, up $17.5 million from 1
1989-90 total of $13.6 million. Revenues from development activity have continued
flow into the capital projects funds even though a pace of development remains low. Fi
payment on a large federal grant for improvement of Carlsbad Boulevard was received
1990-91. Resolution of allowable cost was not achieved until this year, although funds
the project were expended in prior years. Over $16 million of Alga Road Assessmc
District bond construction funds were also received.
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Capital Projects Funds
Revenues
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1990-91 Over TO
Catenory 1990-91 1989-90 (under) 1989-90 CA
Taxes $ 2,247 $ 2,166 $ 81 3.79
Charges for Services 5,999 6,214 (215) (3.5)
Interest 2,969 3,173 (204) (6.4)
Intergovernmental 3,156 1,304 1,852 142.0
Contributions from
Property Owners 16,516 402 16,114 4,008.5
Other 231 338 (107) 131.7)
TOTAL, $31.118 $13,597, $17.521 128.99
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Spending on capital projects totaled $27.5 million, an increase of $15.7 million or 134%
over last year. This level of capital project construction represents the seventh year of the
Ciws major construction effort which has provided more than $110 million in
improvements. Projects planned for 1991 -92 could carry this trend into a eighth year with
$48 million of new capital projects budgeted in the new year. The City Council continues
to set a high priority on the construction of quality infrastructure improvements.
Some of the key projects under construction or completed during this year include:
e Palomar Airport Road. College Boulevard and Alga Road Assessment Districts-
These major circulation system links provide for traffic flow to the center of
Carlsbad from now through buildout. In 1990-91, Alga Road Assessment
a major link for freeway access. District bond funds reimbursed developer road construction costs and completed
e Freeway Interchannes - Major expansion of the three Interstate 5 freeway
interchanges will provide improved circulation at critical connection points to
City streets. The Palomar Airport Road/I-5 interchange is scheduled for
completion in 1993. Preliminary design work continues on the La Costa Avenue
and Poinsettia Avenue interchanges.
El @amino Real Road Widening and Road Medians - Improvements to this main
nortwsouth City thoroughfare will improve citywide traffic circulation. In order
to Emit traffic disruptions and achieve cost savings, Carlsbad Municipal Water
District improvements and road widening were made concurrently.
South Carlsbad Library - Architectural design was completed on the 64,000 square foot building, Scheduled to open in 1992, the facility will become the
Civs main library.
Alta Mira Park - The City acquired 30 acres of land for future Alta Mira Park.
The park will provide recreational facilities to the southwest quadrant of the
City.
Downtown Streetscape Promam - The Streetscape program is beautifying the
downtown area with improvements to Carlsbad Boulevard and Carlsbad Village
Drive.
e Sculpture Park - Included in the downtown rehabilitation program, the
Sculpture Park will become a focal point at the edge of the Pacific Ocean. It is
scheduled for completion in early 1992.
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Capital Projects Funds
Expenditures
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I TOTAL $27.497 $11,758
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(in thousands)
1990-91 over Oh
Catenorv 1990-91 1989-90 (under) 1989-90 Change
General Government $ 296 $ 75 $ 221 294.7%
Capital Projects 26,665 11,105 15,560 140.1
PMapal, Interest
(7.3)
133.9%-
and Fiscal Charges 536 578 ALm
I Debt Sadce Funds
The Ciws Debt Service funds record the payment of interest and principal on the curre
podon of outstanding debt. At June 30,1991, the total debt payable from non-enterpri
sources was $32 million, comprised of Library, Sewer, Parking Authority and Build&
Authority Bonds, Hosp Grove Certificates of Partkipation, College Boulevard 1915 F
Assessment District bond issue and Redevelopment Tax Allocation Bonds. Revenues f
1990-91 declined from last year primarily due to a major property owner's delinquency
the College Boulevard Assessment District. Excess reserves allowed the City to cover t
current delinquency without utilizing the Debt Service Reserve Fund. Although the Ci
anticipates payment, foreclosure proceedings are in process.
Debt Service Funds
Revenues
(in thousands)
1990-91 over %
Cateaorv 1990-91 1989-90 lunder) 1989-90 Chanq!
Taxes $ 905 $1,140 $(235) (20.6) 0,
16.4)
{I 7.314 TOTAL $1.228 $1,485 $(2571
Debt related expenditures rose in 1990-91 because of higher principal payments for bc
Hosp Grove Certificates of Participation and College Boulevard Assessment District bon
- Interest 323 345 0
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Debt Service Funds
Expenditures
(in thousands)
YO 1990-91 over
Category - 1990-91 1989-90 Sunder) 1989-90 Change
Principal $ 1,110 $ 670 $-+m 65.7%
Interest 2,361 2,400 (39) (f.f) - - m - Other 0 6
TOTAL $3,471 $3,076
-.-
12.8% $395 -
The City's tax rate to support general obligation debt for 1990-91 dropped 19% from the
1989-90 rates. Increased assessed valuation and a growing tax base made these decreases
possible. The property tax rate in f&e following chart 19s converted to dollars per $100,000
of assessed valuation.
Property Tax Rates
Supporting General
Obligation Bonds
(Per $100,000 of Assessed Value)
1990-91 over YO
CateEorv 1990-91 1989-90 Junderl 1989-90 Change
Library Bonds $ -31 $ .46 $(.15) (32.6)%
Sewer Bonds 2.44 2.93 0 516.71
TOTAL $2.75 $3.39 $(.641 f18.9)%
€inten>riSe ODefa tiom
The City of Carlsbad manages Water Utility, Sewer, Solid Waste, and the proposed Golf
Course as Enterprise Fund operations. The Carlsbad Municipal Water District, established
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 $15.4 million, up $928,000 from 1989-90. Rate
adjustments translating to higher sewer and water fees are reflected in increased enterprise
fund revenues.
as a subsidiary district in January 1990, is also included, Am enterprise fund is one where
14
Enterprise Funds
Total Operating and Non-Operating Revenues
(in thousands)
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Catenorv 1990-91 1989-90 (under) 1989-90 Channe
Carlsbad Muni. Water Dist. $ 9,140 $ 8,920 $220 2.5%
Golf Course 108 21 87 414.3
Sewer 3,899 3,572 327 9.2
Solid Waste 37 0 37
Water Utility 2.258 2.001 257 - 12.8
6.4% TOTAL, $1 5,442 $14.5x $ 928-
Expenses in the Enterprise Funds totaled $13.4 million, down $246,000 from 1989-9
Au. golf course expenses in 1990-91 were directly related to the construcdon of tI
proposed golf course, and are included in construction in progress. Consumer waf
conservation enabled the Carlsbad Municipal Water District to cut their water purchz
costs and also avoid state water surcharges. Water Utility expenses show small increas
personnel and office expenses. During this same period the number of accounts provid
with water and/or sewer service grew from 16,300 to 17,000, an increase of 700 accou
or 4%.
--
= I
Enterprise Funds
Total Operating and Non-Operating Expenses I (in thousands)
1990-91 over %
Category 1990-91 1989-90 lunder) 1989-90 Change
Carlsbad Muni. Water Dist. $ 8,329 $ 8,602 $ (2731 (3.2)% --- Golf Course -0- -0- -0-
(1.7) Sewer 3,593 3,655 (62) Solid Waste 20 -0- 20
Water Utility 1.493 1,424 69 4.9 TOTAL $13,435 $13,681 $ (246)
---
(1.8)%
All Water Revenue bonds were paid in full in 1990-91. In 1989, the City joined with th
other agencies to sell $33.5 million of sewer revenue bonds. These bond funds, along v
funding from two additional agencies, are currently financing the expansion of the En(
Wastewater Facility and should provide sufficient wastewater treatment capacity to
year 2005. Carlsbad's portion of the outstanding bonds is $12.7 million. I
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Internal Service Funds
Internal Serdce Funds are used to account for services provided by a City department for
other City departments. As with an Enterprise Fund, the source of revenue is user fees
charged to the departments receiving the service.
SELF-INSURANCE PROGRAM--WORKERS’ COMPENSATION & GENERAL LIABILITY
The City has been self-insured for Workers’ Compensation since September 1978. The
activity for this program is recorded in the Workers’ Compensation Self-Insurance Internal
Service Fund. Workers’ compensation claims for 1990-91 amounted to $1.2 million
compared to $789,000 in 1989-90, an increase of about $419,000 or 53%. The estimated
claim payable at year end were $1.3 million, up $565,000 or 72% over last year. Since
fund equity totaled only $44,000 at June 30,1991, $500,000 is budgeted to be contributed
from other City funds in 1991-92.
The General Liability Self-Insurance Fund was established near the end of 1980-81. Claims
expense for 1990-91 totaled $282,000, down $396,000 from the 1989-90 total of
$678,000. The estimated claims payable at year end were $403,000, down $854,000.
Fund equity totaled $2 million at June 30, 1991.
OTHER INTERNAL SERVICE FUNDS
The City operates a central vehicle maintenance program servicing and replacing both the
rolling stock and small machinery. Qperathg costs for this program were $1.7 million for
1990-91, up $299,000 over 1989-90, due to higher depreciation and increased fuel and
supply costs. Total fund equity at year-end was $3.5 don.
The City also operates a health insurance internal service fund for collecting premiums,
paying the insurance carrier, and holding reserve funds. At June 30, 1991, total health
insurance fund equity totaled $1.2 million.
The City‘s Data Processing internal service fund collects revenues and expenses related to
the providing of data processing services to the City. At year-end, fund equity totaled $1.2
milliOl3.
Agency 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 defeerred compensation accounts.
The City held a total of $13.7 million in Agency Funds as of June 30, 1991, compared to
$10.7 million at the end of 1989-90. This increase of $3 don is due to the deposit of
an additional $522,000 into the City‘s deferred compensation plans and an increase of $2.7
million in Assessment District bond reserves and capitalized interest.
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Cash Manascement
The City Treasurer is charged with the responsibility of safeguarding the City's asset
receiving all payments due the City and investing all inactive funds. During 1990-91, tk
Carlsbad Municipal Water District managed its portfolio of $13 million separatel:
however, at July 1, 1991 the City assumed responsibility. During this year the Cil
Treasurer earned about $7.7 million in interest on investments in d hd types fro]
instruments yielding up to 10.14%, compared to earnings of $7.5 million during 1989-9'
Funds are invested in various types of instruments as shown below. At June 30,1991, tl
Treasurer had 100% of all available funds invested. The City's total portfolio at year el
was $102.2 million.
Below is a summary of cash and investments outstanding as of June 30, 1991:
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1 Net General Bonded Debt $150,000 0.00003% $ 2.33
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Amount Invested
Interest Rates (in millions)
Cash 0.00 - 7.51 $ .6
Certificates of Deposit 6.95 - 9.75 9.0
Other Deposits 0.00 - 9.65 21.3
Federal Agency Notes 6.55 - 9.14 39.5
Treasury Coupons 6.90 - 9.30 8.6
Corporate Notes 7.15 -10.14 19.7
Commercial Paper 6.79 - 8.74 1 .o
Banker's Acceptances 6.42 - 8.68 2.0
Miscellaneous Investments 5.25 - 9.25 .5
$102.2
As required by State law, the City Council adopted a comprehensive investment pol
specifying the type and term of City investments. This policy has allowed the C
Treasurer flexibility without endangering the safety, liquidity or yield of the total portfo
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.. Debt Admuustra tion
The ratio of net bonded debt to assessed valuation and the amount of bonded debt
capita are useful indicators of the City's debt position to management, citizens
investors. These data for the City for the year ended June 30, 1991, 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 wi
the City of Carlsbad. The City's general bonded debt includes outstanding Library
Sewer bonds which will be paid in full January 1, 1992.
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Gann Limit - AmroDnations Subiect to Limit
In 1979, Proposition 4, the "Gannr' initiative, was passed. The purpose of this law is to
limit government spending by putting a cap on the total proceeds of taxes that may be
appropriated each year. This limit is increased each year through a formula that takes into
consideration changes in the Consumer Price Index and state per-capita income. When a
city reaches this hit excess tax revenue must be retuned to the State or citizens through
a process of refunds, rebates, or other meam that may be defined at &at he. The Gam
knit for the City of Carllsbad has increased steadily since 1979 and still provides the City
with a comfortable operating margin. The Gann limit for the City of Carlsbad for 1990-91
was $43.9 don, with appropriations of "proceeds of taxes" of only $32.5 million. This
allows the City a margin of $1 I .4 million.
CITY OF CARLSBAD
PROPOSITION 4 SPENDING LIMIT
VS. APPROPRIATION OF PRQCEEDS OF TAXES
MILLIONS OF DOLLARS
. . . . . . .
1982 1983 1984 1985 1986 1987 I988 1989 1990 1991
FISCAL YEAR
RAPPROP OF TAXES QSPENDING LIMIT
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Economic Outlook I
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The City's Capital Improvement Program calls for the construction of more than $4C
million in improvements between now and buildout. This program includes new park
libraries, fire stations, streets, water lines and other facilities to maintain the level 1 senice offered to the Carlsbad resident. This aggressive construction program will pla
a burden on the operating budget that must be managed through careful scheduling
match demands with resources. Uncontrolled demand would easily outpace the Cic
ability to pay for services.
The expansion of retail sales facilities, the addition of new auto dealerships, several sm:
commercial centers, and continued plans for the construction of a group of major shoppi]
centers as well as the construction of a major hotel in southern Carlsbad, provide the mu(
needed tax base to finance the growing service needs. Further, the continued industrj
development in the Palomar Airport Industrial Park area will add to Carkbad's econorr
health.
The City's Growth Management Program holds the key to the timing of many of t
developments that will support the City through fees and taxes. This program is design
to guarantee that no new development occurs without careful planning of infrastruch
and services. This process will cause some development to be delayed or revised in sco
during the planning process, which in turn may delay the City's ability to collect additioi
revenue.
City Council approved a long range financing program which addresses the funding nec
for $300 million of the City's capital improvement program, more than $150 million
street improvements and $120 million of school district financing requirements.
City Staff is currently involved in a comprehensive fiscal analysis of the Carlsbad Gene
Plan in an effort to forecast the financial stability of the City. The program will prom a tool to evaluate financial implications of current and future City policies and decisio
The City Council has directed staff to begin an update of the City's General Pli
Community meetings and a representative survey are scheduled to receive input from
sectors of the public. The General Plan update will begin in early 1991-92 using 1
combined efforts of both consultants and City staff.
Carlsbad's general outlook is for an economic recovery with adequate General Fi
revenue for the next several years as the Growth Management Program begins to dI
some developments to occur. The City should see some ability to expand services in
future without depending on tax increases. The years following appear to offer expand
opportunities for the City Council to enhance service to the community.
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I 19
Cer&cate of Achievement for Excellence h Financial Rem-
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, 1990. In order
to be awarded a Certificate of Achievement, a governmental Unit must publish an easily
readable and efficiently organized comprehensive mud financial report, whose contents
conform to program standards. Such reports must satisfy both genedy 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.
Acknow~~mmts
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 Huemekens 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 6th the KPMG Peat Marwick staff throughout this period.
Management Director
CWem
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FAUBROOK
wp€"
MMONA
NAnoMlcrrv
lMpLRw mal
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, 1990
A Certificate of Achievexnent for Excellence in Fmancial
Reporting is presented by the Gw-t Finance Officers
Assodation of the United States and Canada to
government units and public employee aetiremen t
systems whose comprehensive annual finmd
reports (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
&+z.k fsJ) Resident JilG 8% SEdL e'
i3ecuweDireCtcT
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li CITY OF CARISBAD
I ELECIED ClTY OFFICIALS
Claude A. Lewis, Mayor
Ann J. Kulchin, Mayor Pro Tem
Julianne Nygaard, Council Member
Margaret Stanton, Council Member
Aletha L. Rautenkranz, City Clerk
James M. Stanton, City Treasurer
Eric Lmon, Council Member 1
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ADMINISTMTION AND DEPARTMENT HEADS
Raymond R. Patchett, City Manager
Frank Mannen, Assistant City Manager
James F. Elliott, Financial Management Director
Martin Orenyak, Community Development Director
Vincent F. Biondo, Jr., City Attorney
Ralph Anderson, Utilities/ Michael HoluniUer,
Maintenance Director Planning Director
Recreation Director
David Bradstreet, Parks and
Ruth Fletcher, Purchasing Officer
Lloyd Hubbs, City Engineer
Clifford Lange, Library Director
Ann Jensen, Human Resources Directa
James Thompson, Fire Chief
Robert Vales, Police Chief
CHAIRPERSONS, COMMISSIONS AND BOARDS
Robert Holmes Planning Commission
Camille Mitkevich Personnel Board
Marvin Cap Building Authority
Dick Goodman Parking Authority
James Stachoviak Traffic Safety Commission
Seena Trigas Library Board
Kim Welshons
Linwood J. Van Clarence Schlehuber Design Review Board
John McCoy
Donna Meilach Arts Commission
Marjorie Howard-Jones Historic Preservation Commission
Fred Morey Cable Television Foundation
Parks and Recreation Commission
Senior Citizen Commission
Housing and Redevelopment Commit1
25
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Financial Section
KPMG Peat Marwick I
I Certified Public Accountants
I 750 €3 Street
San Diego, CA 921 01
Telephone 619 233 8000 Telecopier 61 9 696 0
IndeDendent Auditors' Report I
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The Honorable Members of City Council I 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, 1991, as listc
the accompanying table of contents. These general purpose final
statements are the responsibility of the City's management.
responsibility is to express an opinion on these general purpose final
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 aud
obtain reasonable assurance about whether the general purpose fina
statements are free of material misstatement. An audit includes examinin
a test basis, evidence supporting the amounts and disclosures in the ge
purpose financial statements. An audit also includes assessing the accou
principles used and significant estimates made by management, as we1
evaluating the overall financial statement presentation. We believe tha
audit provides a reasonable basis for our opinion.
In OUT Opinion, the general purpose financial statements referred to present fairly, in all material respects, the financial position of the
of Carlsbad, California, as of June 30, 1991, and the results ol
operations and the cash flows of its proprietary funds for the year then
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the g
purpose financial statements taken as a whole. The combining, indi
fund, and individual account group financial statements and schedules
in the accompanying table of contents are presented for purposes of addi
analysis and are not a required part of the general purpose fin
statements of the City of Carlsbad, California. Such information ha!
subjected to the auditing procedures applied in the audit of the g
purpose financial statements and, in our opinion, is fairly stated .
material respects in relation to the general purpose financial stat
taken as a whole.
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October 8, 1991
29
Mermbe I P 01
Y vivei- PprI M ii~ cx Goeroeie
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1991
Governmental Fund Tvpes
Special Debt Capital
Assets and Other Debits Notes General Revenue Service Projects
Cash and investments 4 $ 9,276,003 4,211,648 5,043,176 37,161,26
Deferred compensation
Receivables :
- - - investments -
- Loans - 164,488 -
Taxes 2,258,917 17,698 232,071 24906 Accounts, net 110,948 37,897 - 25 , 341
Accrued interest 345 , 155 62,500 80,930 530,931
Due from other funds 13 553,267 - - -
Due from other
Advances to other
governments - 24,661 - 436 , 486
funds 12 5 , 8 70 , 554 - - 7,011,031 - - Inventory 44,080 -
Prepaid expenditures 79,500 152,516 - -
Restricted assets:
Cash and
Accrued interest - - -
equipment, net 5 - -
debt service funds - - - -
- - investments 4 - - -
Property, plant and
Amount available in
Amount to be
- -
provided for
retirement of
general long-
term debt - - - -
Total assets and
other debits $ 18.538.424 4.671.408 5.35 6.177 45.189.132
See accompanying notes to combined financial statements.
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Proprietary Fiduciary
Fund TyDes Fund Type Accoun t GrouDs Tot.
Internal General Long- (Memori
Fixed Assets Term Debt - Onl. Service Agency Enterprise
24,897,113 6,790,131 10,932,373 98,311
- 2,768,577 - - 3,87C
- - - - 16L - - 2,532 - - - 2,91: - - 1,43: - - - - 1,90:
- - - - 5 41
- - - - - 12,88'
- - - - 23:
- -
1 , 101,849
- - - -
2,730,842 8 , 188
1,349,311
83,450
274,270 122,560 16,297
322,442 85,lrtO - - - 45' -
- 14,811 - - - - 13
158 , 93
- - - - 5,094,417 5,09
- - 14,816,274 -
132,545
- 61,700,842 - 94,325,653 2 , 907,856
26.770.913 26.77 - - -
I md 1~~17,247 _61,700,842 -5.330 30.98
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CITY OF CARLSBAD
Combined Balance Sheet, Continued
All Fund Types and Account Groups
June 30, 1991
Governmental Fund Types
Special Debt Capital Liabilities Notes General Revenue Service Projects
Accounts payable $ 740,243 120,870 - 347,925 17,920 Accrued wages payable 1,601,216 37,450 -
Accrued interest payable 200 , 357 - - -
Due to other funds 13 - 1t3aYt312 - 364,455 Due to other governments - 24 , 320 - - - 12,797,854 Advances from other funds 12 - -
Estimated claims payable -
Assessments payable -
long-term debt 11 -
Deposits payable -
payable 8 - - -
payable from
restricted assets:
- - - - - -
Current portion of - - - - - -
Deferred compensation
Current 1 iab i 1 it ie s
-
Current portion of
Accrued interest
- - - long-term debt 11 -
payab P e - - - -
Deferred revenue 1,061 9 906 2,195 261 , 760 20 , 400
Special assessment debt
- - - Bonds payable 11 -
with governmental
comi tmen t 11 -
capital leases 9,11 - -
participation 11 - -
agreement 11 - -
- - -
Obligations under
Certificates of
Installment purchase
- -
- -
- -
Total liabilities 3.603. 722 373.647 261,760 13,548,554
See accompanying notes to combined financial statements.
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Proprietary Fiduciary Fund Tvues Fund TVD~ Account Groups Tote
Internal General Long- (Memors
Enterprise Service Agencv Fixed Assets Term Debt Onlt
1,983,399 66,201 2,717 - - 3,261
46 9 199 40,420 - - - 1,743
1,175,925 - 173,386 - - 1,902 - - - - - 24
83,731 - - - - 12,881 - 1,897,193 - - - 1,897 - - 3,6 75,837 - - 3,675
- - 645
149,361 - - - - 349
645,000 - -
348,585 - 7,096,730 - - 7,445
1,101,849 - 2,768,577 - - 3,87C
- - 41
- - - 36(
2,070,778 - - - - 3,41 - - - - 13,585,000 13,58
40,000 - -
366,296 -
- - - - 8,765,000 8,76
- - - - 1,175,330 1,17
11,681,060 - - - 8,340,000 20,OZ I 12.689.800 - - - - 12.68
32.381.983 2.003.814 13.717.247 - 31,865,330 97.75
(Cont
CITY OF CARLSBAD
Combined Balance Sheet, Continued
All Fund Types and Account Groups
June 30, 1991
Governmental Fund Tvpes
Special Debt Capital
Notes General Revenue Service Pro iec ts
Total liabilities,
brought forward $ 3.603.722 373.647 261.760 13.548.554
Fund Equity and
Other Credits
Investment in general
fixed assets - -
Contributed capital 15 - - - - - -
Fund balance:
Reserved 14 7,073,664 2,177,861 5,094,417 10,432,332
Unres e rved 14 7,861,038 2,119,900 - 21,208,246
Resewed 14 - -
Un re s e rved 14 -
Retained earnings : - - - - -
Total fund equity
and other credits 14.934.702 4.297.761 5.094.417 31,640.578
Total liabilities,
fund equity and
other credits $ 18.5 38.424 4.6 71.408 5.356.17 7 45.18 9.132
See accompanying notes to combined financial statements.
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Proprietary Fiduciary
Fund Tvues Fund TvDe Account Grouus Tot
In te mal General Long- (Memor
EnterDrise Service Agencv Fixed Assets Term Debt - on1
32.381.983 2.003.814 13.717.247 - 31.865.330 97.75(
- - - 61,700,842 - 61,70(
72,448,230 4,6 76,948 - - - 77,121
- - - - - 24,771 - - - - - 31,18
6,428,321 - - - - 6,42
28.775.215 3.233.113 - - - 32.00(
233.23 107,651.766 7.910.061 - 61.700.842 -
140.033.749 9,913.875 13.717.247 61,700.842 31,865.330 330.98
CITY OF CARLSBAD
Combined Statement of Revenues, Ekpenditures and
Changes in Fund Balance - All Governmental Fund Types
For the year ended June 30, 1991
General
Revenues :
Taxes $ 26,959,993
Licenses and permits 4 , 382,445
Charges for services 3,399,845
Fines and forfeits 515,746
Interest income 2,161,589
Intergovernmental -
Contributions from property owners -
Miscellaneous 3,115,521
Total revenues 40.535.141
Expenditures:
Current :
General government 10,048,803
Public safety 16,108,745
Public works 5 , 367,835 Welfare -
Culture and recreation 6 , 830,513 Capital outlay -
Principal retirement -
Interest and fiscal charges -
Debt service:
Total expenditures 38.355.896
Excess (deficiency) of revenues over expenditures 2,199,245
Other financing sources (uses):
Operating transfers in 1,065,807
Operating transfers out (2,195.196)
Total other financing sources (uses) Il, 129,389)
Excess of revenues and other financing sources
over expenditures and other financing uses 1,049,856
Fund balance at beginning of year 15,568,406
Residual equity transfers in 5 9 746
Residual equity transPers out (E .689.306)
Fund balance at end of year $ 14,934,702
See accompanying notes to combined financial statements.
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To ta
Special Debt Capital (Memora
Revenue Service Pro iec ts onlv
2 , 247,517 30,434, - 4,382,
2,249 , 117 - 3,155 9 957 5,405 4
1,303,450 - 5,998,694 10 , 701. - - - 515 s
284,486 322,761 2,968,677 5,7374 - - 16,515,962 16,515 d
330.490 - 231,460 3.677
4.489.777 1.227.922 31.118.267 77.371
322,234 905,161 - -
93 , 174 - 295,632 10,437 - - - 16 , 108
1 , 151 , 200 - - 6,519
2,077,563 - - 2,077
353,054 - - 7 , 183
26,665,164 26,665 - -
- 1 , 110 , 000 - 1,110 - 2.361.466 536.175 2,897
3.674.991 3.471.466 27.496.971 72.999 I 814.786 (2.243.544) 3.621.296 4.371
461,559 2 , 614 , 318 2 , 789,848 6 , 931 - (247.010) (4.311.5 26 ) (6.75:
461.559 2.367.308 (1.521.678) 17;
1 , 276 , 345 123 , 764 2,099,618 4,54'
3,021,416 4,837,454 29,870,789 53,29! - 133 , 199 448 , 278 58' - - (778.107) (2.44
4.297.761 2,094,417 31.640.578 55,96
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, 1991
General Fund
Variance Actual on
Budgetary Favorable
Budget Bas is (Unfavorable)
Revenues :
Taxes $ 28,105,000 26,959,993 (1,145,007)
Licenses and permits 4,310,000 4,382,445 72 , 445
(635,155) Charges for services 4,035,000 3,399,845
Pines and forfeits 530,000 515,746 ( 14 , 254 )
In t e re s t income 2,000,000 2,161,589 161,589
Miscellaneous 2.150 .OOO 3.115.523 965.523
In t e r gove men t a1 - - -
Total revenues 41.130.000 40,535.141 (594.859)
Expenditures :
Current:
General government 13,194,733 10,650,252 2,544,481
Public safety 16,924,687 16,175,925 748,762
Pub 1 ic works 6,527,449 5,609,717 919 9 732 Welfare -
382,836 Culture and recreation 7 , 253,368 6,870,532
- -
Debt service : - - Pr inc ipal ret iremen t - - - Interest and fiscal charges -
Total expenditures 43.900.239 39.304.426 4.595.811
Excess (deficiency) of
revenues over
expenditures (2.770.237) 1.230.715 4.000.952
Other financing sources (uses) :
Operating transfers in 1,065,807 1,065,807 -
Operating transfers out (2.195.196 ) (2.195.196 ) -
sources (uses) (1.129.389 1 (1.129.389 1 Total other financing -
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses (3,899,626) 101,326 4,000,952
Fund balance at beginning of year 15,568,406 15,568,406 -
Residual equity transfers in - 5 , 746 5 , 746
Residual equity transfers out e (1.689.306 ) (1.689.306)
Fund balance at end of year $ 11.668.780 13.986.172 2.317.392
See accompanying notes to combined financial statements.
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m Debt Service Funds
Actual on Variance Actual on Varianc
Budgetary Favorable Budgetary Favo rab
Budae t Basis (Unfavorable) Budget Bas is (Unf avora
300,000 322,234 22 9 234 149 , 000 144,832 (4,161 - - - - - - - - - 1,924,383 2,249,117 324 9 734
1,175,431 1,303,450 128,019 - - - - - - - - -
185 , 500 280,841 95,341 1,100 2,308 1,20
330. - - 315.000 490 15.490 -
3,900.314 4.486.132 585.818 150.100 147.140 (294
-
247,347 109,633 137,714 - - -
1,757,662 1,268,629 489,033 - - -
2,216,251 2,077,563 138 , 688
762,275 508,965 253,310 - - -
- - - 135,000 135,000 - - - - 4.210 4.210 -
- - - - - -
- - -
- - 4.983.535 3.964.790 1.018.745 139.210 139.210 -
(1.083.221 1 521.342 1.604.563 10.890 7.930 (239
- - - - 461 9559 461,559 - - - - - - -
- - - - 461.559 461.559 -
(621,662) 982,901 1,604,563 10,890 7,930 (2,9
2,974,628 2,974,628 - 119,185 119,185 - - - - -
-
2,352,966 3.95 7.529 1.604.563 13o.oL5. 127,115 (U
CITY OF CARLSBAI)
Combined Statement of Revenues, Expenditures and Changes in
(Budgetary Basis)
For the year ended June 30, 1991
Fund Balance - Budget and Actual, Continued
Total (Memorandum Onlg)
Actual on Variance
Budgetary Favorable
Budget Bas is XUnfavorable)
Revenues :
Taxes $ 28,554,000 27,427,059 (1,126,941)
Licenses and permits 4,310,000 4,382,445 72,445
Intergovernmen tal 1,924,383 2,249,117 324 , 734
Charges for services 5,210,431 4,703,295 (507 , 136 )
Fines and forfeits 530,000 515,746 (14,254)
Interest income 2,186,600 2,444,738 258 , 138
Miscellaneous 2.465.000 3 .&46.013 981.013
Total revenues 45.180.414 45.168.413 (12.001 )
Expenditures :
Current:
General government 13,442,080 10,759,885 2 , 682,195
Public safety 16,924,687 16 , 195,925 748 , 762
8,285,111 6,876,346 1,408,765 Pub1 ic works
We1 f are 2,216,251 2,077,563 138 , 688 636 , 146 Culture and recreation 8,015,643 7,379,497
135,000 135,000 Principal retirement
Total expenditures 49.022.982 43.408.426
Excess (deficiency) of
Debt service : -
Interest and fiscal charges 4 s 216 4,210 -
5.614.556
revenues over
expend5 t ur es (3.8 42.568) 1.759.98 7 5 ,602.555
Other financing sources (uses):
Operating transfers in 1,527,366 1,527,366 -
Operating transfers out 12.195.196 ) (2.195.196 ) -
sources (uses) (667,830) (667.830) - Total other financing
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses (4,510 9 398) 1,092,157 5 , 602,555
Fund balance at beginning of year 18,662,219 18,662,219 -
Residual equity transfers out - (1.689.3 06) (1.689.306 1 Residual equity transfers in - 5,746 5 , 746
Fund balance at end of year $ 14.151.821 18.070.816 3.918.995
See accompanying notes to combined financial statements.
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CITY OF CARLSBAD
Combined Statement of Revenues, Expenses and Changes in Retained Earnings
All Proprietary Fund Types
For the year ended June 30, 1991
Total
Internal (Memorandum
Enterwise Service onlv)
Operating revenues:
Water sales $ 7,751,340 - 7 , 751 , 340
2,418,748 Sewer service charges 2,418,748 -
Other charges for services 380,825 5 , 24 7,8 71 5 , 628 , 696 Facilities revenue 871,917 - 871,917
Miscellaneous 712.45Q 400.963 I. 113.413
Total operating revenues 12.135 280 5.648.834 17,784,114
Operating expenses:
Plant operations 2,765,953 - 2,765,953
Purchased water 4,460,116 - 4,460,116
Depreciation and amortization 1,790,557 510,631 2,301 , 188
Fuel and supplies - 447 9 265 447,265
Claims expense - 3,019,395 3 ,019,395
General and administrative 3.754.237 1.416.474 5 9 170.711
Total operating expenses 12,770,863 5.393.765 18,164.628
Operating income (loss) (635,583) 255.069 (380.5 14)
Nonoperating revenues (expenses) :
In teres t income 2,530 9 664 488,089 3,018,753
Interest expense and fees, net of
capitalized interest (622.868 ) - (622,868 )
Loss on disposal of property (13,230) (47,515) (60 , 745 )
Property tax and rent 743 9 815 - 743,815
Miscellaneous income 31,726 - 31 , 726
Amortization of issuance costs (27.944) - (27.944)
Total nonoperating revenues, net $ 2.642.163 440.574 3,082,737
See accompanying notes to combined financial statements.
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Total
Internal (Memo ran
Income before operating transfers $ 2,006,580 695,643 2,702,:
- 194,798 194,; Operating transfers in (372.598) (372.1 Operating transfers out
Net income 2,006,580 517,843 2 9 5 24,i
Retained earnings at beginning
Prior period adjustment (note 21)
Retained earnings at beginning
-
of year 29,351,864 2,715,270 32,067 ,
3.845 .( - 3.845.092
of year, as adjusted 33,196.956 2.715.270 35.912.
(note 14) $ 35.203.536 3.233.113 38.436. Retained earnings at end of year
CITY OF CARLSBAD
Combined Statement of Cash Flows
All Proprietary Fund Types
For the year ended June 30, 1991
Total
Internal (Memorandu
Enterprise Service onlv)
Cash flows from operating activities:
Operating income (loss) $ (635,583) 255,069 Adjustments to reconcile operating (380 , 5 14
income (loss) to net cash provided by
operating activities:
Depreciation and amortization 1,790,557 510,631 2,301,188
(Increase) decrease in receivables 1,158,475 (41,213) 1,117,262
Decrease in advances and due to/due
from other funds (1,546 , 453 ) - (1,546,453
Increase in due from other governments (83,450) - (83,450
Increase in inventory 15,121 (17,016) (1,895
Decrease in accounts payable 686,534 (76,420) 610,114
Increase in accrued wages payable 3,474 7,454 10,928
Decrease in estimated claims payable - (142.009) (142,009
Net cash provided by operating
activities 1.388.675 496.496 1.885.171
Cash flows from noncapital financing
activities:
Property taxes and rent received 743,815 - 743,815
Operating transfer of cash - (177,800) (177.800)
Net cash provided by (used in)
noncapital financing activities 743.815 (177.800) 566,015
Cash flows from capital and related
financing activities:
Purchases of property, plant and
Proceeds received on disposal of assets 2.548 - 2.548
equipment (7,690,778) (692,066) (8,382,844)
Cash flows from capital and related
financing activities, carried forward $ (7.688.230) (692.066) (8, 380.296 )
See accompanying notes to combined financial statements.
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To
Internal (Memo
Enterprise Service On
Cash flows from capital and related
financing activities, brought forward $ (7,688,230) (692,066) (8,38C
Principal payments on bonds (1,396 , 766) - (1,39€
Interest and other fees paid on bonds (1,834,925) - (1,83A
Contributions from other governments 31,726 - 31
Decrease in deposits payable (601,241 ) - (60' I Proceeds from capital contributions 3.980.039 800.000 4.78(
Net cash provided by (used in)
capital and related financing
activities (7.509.39 7) 107.934 U&.Q
Cash flows from investing activities:
Net decrease in restricted cash and
- 1,50' Net decrease in investments 1,509,043
23
Increase in deferred compensation
( 23 Interest on investments 3.030.165 488.089 3.511
- 3,75 inves tmen t s 3,757,247
Increase in deferred compensation payable 239,839 -
inves tmen ts (239,839) -
Net cash provided by investing
activities 8.296.451 488.089 8.78#
Net increase in cash 2,919,548 914,719 3,83<
Cash and cash equivalents at beginning
of year 27.820.676 5.8 75.412 33.69
I of year $ 30.740.224 6,790.131 37.53 Cash and cash equivalents at end
Supplemental schedule of noncash
investing and financing activities -
capital assets contributed by
contractors and/or other funds $ 2.819.816 476,142 3.25
CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1991
(1) Summary of Simificant Accounting Policies
The City of Carlsbad, California (Carlsbad) was incorporated on July 16,
1952. Carlsbad operates under a Council-Manager form of government and
provides the following services as authorized by its charter: general
community development. Carlsbad is not subject to federal or state
income taxes.
government, public safety, public works, culture, recreation and
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 Scop e of the Reporting 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 f inancia1 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 (the District). Their financial operations are closely
related and the City Council has a continuing oversight
responsibility over these entities. The oversight responsibility
is determined on the basis of budget adoption, taxing authority,
funding and appointment of the governing board.
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
the management or the operation of these entities, they have not
been included as component units in the City's financial statements.
46 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(1) Sm arv of Simif icant Accounting Policies 4 Continued
(b) Basis of Presentation
The accounts of the City are organized on the basis of fun(
account groups, each of which is considered to be a sel:
accounting entity. The operations of each fund or account
are accounted for by providing a separate set of self-bala
accounts that comprise its assets, liabilities, fund ba:
retained earnings, revenues, and expenditures or expenses.
various funds and account groups are summarized by type i
financial statements. Fwd types and account groups used b
City are as follows: 111 GOVERNMENTAL FUND TYPES:
Governmental funds are used to account for the City's exper f inancia1 resources and related liabilities (except those accc
for in proprietary and similar trust funds). The measurement
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.
used to account for all financial resources except those re
to be accounted for in another fund.
SDecial Revenue Funds
Special revenue funds are used to account for revenues derive
specific sources (other than major capital projects) th
restricted by law or administrative regulation to expend
for specified purposes.
Debt Service Funds
Debt service funds are used to account for the accumulat:
resources for, and payment of , general long-term debt prin
interest and related costs.
m
1 CaPital Projects Funds
Capital projects funds are used to account for financial re:
to be used for the acquisition or construction of major I
facilities other than those financed by proprietary funds. I
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies. Continued
(b) Basis of Presentation, Continued
PROPRIETARY JXJND TYPES:
Proprietary 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:
Enterprise Funds
Enterprise funds are used to account for operations (a) that are
financed primarily through user charges, or (b) where the
governing body has decided that determination of net income is
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 €iduciary fund type:
Arrencv 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, Continued
111
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(1) Summary of Simificant Accounting Policies. Continued
(b) Basis of Presentation, Continued II ACCOUNT GROUPS. Continued:
General Fixed Assets Account Group
This account group is used to account for all fixed assets 1
City other than those accounted for in the proprietary funds
General Long-term Debt Accoun t Grouu
This account group is used to account for all long-term oblig of the City except those accounted for in the proprietary
and trust funds.
(c) Measurement Focus and Basis for Accounting
Governmental fund types are accounted for on a "spending" measu
focus. Accordingly, only current assets and current liabi
are included on their balance sheets, and the reported fund b
provides an indication of available , spendable resc
Operating statements for governmental fund types report inc
(revenues) and decreases (expenditures) in available, spe
resources.
!
The proprietary fund types are accounted for on an "
determination" or "cost of services" measurement
Accordingly, all assets and liabilities are included on the h
sheet, and the reported fund equity provides an indication
historical net worth of the fund. Operating statement
proprietary fund types report increases (revenues) and dec
(expenses) in total historical net worth.
Fiduciary fund types are custodial in nature (assets
liabilities) and do not involve measurement of resul
operations.
Governmental fund types use the modified accrual bas
accounting. Revenues are recognized when susceptible to a(
i.e., both measurable and available. Available means collt
within the current period or soon enough thereafter to be u
pay liabilities of the current period. In applying the susct
to accrual concept to intergovernmental revenues, the leg
contractual requirements of the individual programs are u
guidance.
I 49 (Con'
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summa ry of Significant Accountina Policies. Continued
(c) Measurement Focus and Basis for Accountincr. 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 12:01 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 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 OF when amounts have
been accumulated in the debt service fund for payments to be made
early in the following year.
Proprietary funds use the accrual basis of accounting, ieea, revenues
are recognized in the period earned and expenses are recognized in
the period incurred.
(d) Encumb rances
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 formaf budgetary control in the
governmental funds. Encumbrances outstanding at year-end do not
constitute expenditures or liabilities , but are reported as
reservations of fund balance.
(e) Cash and Investments
Cash includes amounts in demand and time deposits. Investments are
stated at cost or amortized cost, except for deferred compensation
assets which are shown 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, Continued
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(1) Summarv of Simificant Accounting Policies, Continued
(f) Inventories
Inventories consist of materials and supplies that are valued at
and are recorded as expenses on a first-in, first-out basis
consumed.
(g) ComDensated Absences
Vacation pay is payable to employees at the time used or
termination of employment. For governmental funds, the COS
accumulated vacation expected to be paid in the next 12 mont:
recorded as a fund liability and amounts expected to be paid
12 months (if any) are recorded in the general long-term
account group. For proprietary funds, the cost of vacatic
recorded as a liability when earned.
(h) Risk Management
The City accounts for its general liability, workers' compens
and health insurance activities in internal service funds.
funds are responsible for collecting premiums from other City and departments and paying claims settlements and ins1
premiums. Interfund premiums are based on the insured 4
claims experience. Incurred but not reported claims are accri
year-end if material.
(i) Unbilled Services
Unbilled water revenue of the enterprise funds is recogniz I1 earned when the water is consumed.
(j) General Fixed Assets
General fixed assets are recorded as expenditures in the govern
fund types and capitalized at historical cost in the general
assets account group. In the case of gifts or contributions
assets are recorded at fair market value at the time received.
i 51 (Con
CITY OF CARLSBAB
Notes to Combined Financial Statements, Continued
(1) Smarv of Significant Accounting Policies. C ont inued
(j) General Fixed Assets. Continued
Fked 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 asset:
normally are immovable and of value only to the City. Therefore
without recording these assets.
the objective of stewardship for capital expenditures is satisf iec
In the general fixed assets account group, construction in progress is transferred to buildings OF 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 - Proprietarv 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
Transmission and distribution fines 40 - 70
Wells, reservoirs and dams 18 - 100
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 o
The deferred revenue in the Debt Service Funds relates to a
prepayment of lease revenue from the General Fund to the Building
Authority and property taxes due but not available.
52 (Cont hued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(1) Sma rv - of Sisrnificant Accounting Policies. Co n t inued
(1) Deferred Revenue. Continued
The deferred revenue in the Capital Projects Fund relates to
received and to be applied toward future construction.
The deferred revenue in the Enterprise Funds relates to deposi
in-kind prepayments for services to be rendered (e.g.,
installation, etc.).
(m) Statement of Cash Flows - ProDrietarv Funds
For purposes of the statement of cash flows, the Proprietary
consider all highly liquid investments with an original matur:
three months or less when purchased and all amounts invested
cash and investment pool to be cash equivalents.
(n) Total Columns
Total columns on the combined statements are captioned "Memo
Only" to indicate that they are presented only to faci
financial analysis. Data in these columns do not present fin
position, results of operations, or cash flows in conformit:
generally accepted accounting principles. Such data i
comparable to a consolidation since interfund eliminations hz
been made.
(2) Budgetarv Data
The City follows these procedures in establishing its budgetary dat:
1. During May or June, the City Manager submits to the City Cot
proposed operating budget for the fiscal year commenci
following July 1. The budget includes proposed expenditur
estimated revenues on a departmental basis.
2. Public hearings are conducted at City Council meetings to
citizens' comments during June.
3. Prior to July 1, the budget is enacted legally through pas 11 an appropriation resolution.
The City Manager is authorized to make transfers of appropriated
within a fund and function for up to $25,000. Revisions that a1
total appropriations of any fund or function must be approved
City Council. A mid-year budget review is conducted each yea
major changes to the adopted budget are approved by the City Coi
that time. During the year, several supplementary appropriatic
necessary. a
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(2) Budgetarv Data. Continued
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.
For purposes of budgetary presentation, actual generally accepted
accounting principal (GMP) expenditures have been adjusted to include
encumbrances outstanding at year-end. Annual budgets are adopted for
the General, Special Revenue, and Debt Service Funds except for the
following: Mortgage Revenue Bonds, Building Authority, College
Boulevard, Hosp Grove COP'S, Parking Authority, and Redevelopment
Bonds. Accordingly, the revenues and expenditures for these funds have
been excluded from the budget basis financial statements. 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.
The following schedule is a reconciliation of the budgetary and GAAP fund
balances :
Special Debt
General Revenue Service
Fund Funds Funds
Fund balance-budgetary basis $ 13,986,172 3,957,529 127 , 115
Encumbrances outstanding at
year-end 948,530 289,799 -
Fund balances of nonbudgeted funds - 50.433 4.967.302
Fund balance-GAAP basis $ 14.934.702 4.297.761 3.094.417
(3) Risk Management
The City is exposed to various risks of loss related to theft of , damage
to, and destruction of assets; errors and omissions; injuries to
employees; and natural disasters.
The City is self-insured for general liability claims incurred from 1986
through the first half of the fiscal year ended June 30, 1991.
Effective January 1, 1991, the City became a participating member of
the California Municipal Insurance Authority (CMIA) risk-management
pool. Under this program, the pool provides coverage for up to a
maximum of $5,000,000 per claim with a self-insured retention to be
54 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(3) Risk Mananement. Continued
provided by the City in the amount of $500,000 per claim. In addi
excess general liability insurance coverage up to $10,000,00
provided for catastrophic losses. Under the terms of the agre
with CMIA, the City must maintain an unencumbered portion of
equity equal to $1,500,000 in the General Liability Self-Insurance
(4) Cas h and Investments
Each participating fund's portion of the City's cash and investment
is displayed on the combined balance sheet as "Cash and Investme
This category also includes some cash and investments that are
separately by several of the City's funds, including the Car
Municipal Water District and certain funds of the Car
Redevelopment Agency.
Authority for DeDosits and Investments:
The City's investment policy and state statutes authorize the Ci
invest in obligations of the U.S. Treasury, its agencies
instrumentalities, commercial paper rated A-f by Standard and I
Corporation or P-1 by Moody's Commercial Paper record, bar
acceptances with a maximum maturity of 270 days, repurchase and rc
repurchase agreements, certificates of deposit with national and
licensed or chartered banks or federal or state savings and
associations, money market and mutual funds whose portfolios cons
one or more of the foregoing investments, and the State Treas
investment pool.
State statutes require that all deposits be insured or collatera Depositories holding public funds on deposit are required to ma
collateral in the form of a pool of securities with the agent (
depository having a market value of at least 10 to 50 percent in
of the total amount of a11 public funds on deposit.
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CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Cash and Investments. Co ntinued
Authoritv for Deposits and- Investments. Continued:
A summary of cash and investments, including investments in deferred
compensation plans, is as follows:
Deposits:
Cash $ 13,801,004
11,435,408 Time certificates of deposit
Inves tmen t s 91.762.000
116,998,412
Less restricted portion (14.816.274)
Unrestricted cash and investments $ 102,182,138
A summary of cash and cash equivalents is as follows:
Internal
Enterprise Service FPlnds Funds
Cash $ 205,185 -
Local Agency Investment Fund 5,000,000 -
Mutual funds/other 4.801.655 -
Equity in pooled cash and investments 20,733,384 6,790,131
Total cash and cash equivalents $ 30.740.224 6.790.131
Deposits :
The following summary presents the amount of the City's deposits which
are fully insured or collateralized with securities held by the City
or its agent in the City's name (Category One), those deposits which
are collateralized with securities held by the pledging financial
institution's trust department or agent in the City's name (Category
Two), and those deposits which are not collateralized or are
collateralized with securities held by the pledging financial
institution or its trust department or agent but not in the City's
name (Category Three) at June 30, 1991.
56 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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Deposits, Co n t inued :
Category Category Category Total Bank Carry: One - TWO Three Balance AmOUl
Cash $ 225,509 3,235,274 - 3,460,783 1 , 660 Cash with fiscal
agent I
trustee - 10,076,237 2,064,559 12,140,796 12,140
Time certifi-
cates of I deposits 3.096.849 8.338.559 - 11.435.408 11.435
$ 3.322.358 21.650.070 2.064.559 27.036.987 25,236
Investments:
The City categorizes investments according to the level of risk as
by the City. Category One includes investments that are ins
registered or held by the City's agent in the City's name. Cat
Two includes uninsured and unregistered investments held bj
counterparty's trust department or agent in the C!ity's
Category Three includes uninsured and unregistered investments
by the counterparty, its trust department or its agent, but n
the City's name. Certain investments have not been categc
because securities are not used as evidence of the investment.
uncategorized investments include ownership interests in the
Agency Investment Fund and mutual funds and similar instruments.
summary below identifies the level of risk assumed by the Cit
the total carrying amount and market value of the City's investmf
Category Category Category Un- Total M
One Two Three categorized Investments 1
Local Agency
Investment Fund $ - - - 19,250,000 19,250,000 19,
U.S. Government
agency obligations 25,229,943 - - - 25,229,943 25
U.S. Treasury
securities 8,649,140 2,092,850 - - 10,741,990 10
Corporate notes 19,710,808 - - - 19,710,808 19
Bankers' acceptances 1,989,028 - - - 1,989,028 1
Comerci a1 paper 994,251 - - - 994,25 1
Mutual funddother 157.032 1.392.364 - 12,296,584 13.845.980 13
Total $ 56,730,202 3.485.214 - 31,546.584 91.762.000 z
I 57 (Cont
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Cas h and Investments. Continued
Investments. Go n t hued :
The City has a $1,000,000 line of credit to be used for overdraft
liabilities. During the year ended June 30, 1991, this line of credit
was not used.
(5) Prouertv. Plant and Eauiment
A summary of changes in the general fixed assets account group is as
follows:
Balance Balance
July 1, June 30, m Additions De let ions 1991
Land $ 20,828,726 2,550,000 - 23,378,726
Buildings 26 9 280 9 403 158,925 - 26,439,328
Improvements 2,335,230 6,129 - 2,341,359
Furniture and
equipment 4,311,984 1,136,644 (302,411) 5,146,217
Construction
in progress 526.406 3.959. 488 (90.682) 4.395.212
To tal $ 54,282.749 7.811.186 (393.093) 61,700.842
Construction in progress in the general fixed assets account group is
composed of the following:
Expended Balance
Project at June 30,
Authorization 1991 Committed
Advance Planning - Park Design $ 45,000 12,965 32,035
Library - South Carlsbad 3,711,306 3,590,383 120,923
SW Quad Community Park Design 190,000 78 7 189 , 213
Fire Station 1 & 2 Remodel 225,000 31,270 193,730
Parking Land Acquisition & Facilities 1,002,000 108,227 893 3 773
Records Management System 190,000 2,932 187,068
76,093 1,823,907 Alta Mira Land Purchase 10 Acres
Carillo Ranch Stabilization 490,000 146,100 343 9 900
Holiday Park Improvement Phase I1 140 9 045 8 9 733 131 9 312
170 9 000 59,634 110,366 Public Art - South Carlsbad Library
Larwin Park (22.3 Acres) 290,000 133,668 156,332
Alta Mira Park 1,260,000 4,241 1,255,759
87.398 Other 122.090 34.692
$ 10.691.869 4.395. 212 6.296.657
P 9 900,000
Public Art - Temp Sculpture Exhibit 45 9 000 8,433 36,567
Streetscape Phase IV - Sculpture Park 911,428 177,054 734,374
58 (Con t hued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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There is no future financing required on any of the above
construction projects.
Summary of proprietary fund type property, plant and equipmen
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June 30, 1991 follows:
Enterprise Intern
Service 1 Funds
Land, water rights, rights-of-way $ 2,157,602 -
Buildings and improvements 2,85 7,068 -
Wells, reservoirs and dams 17,324,133 -
Transmission and distribution lines 28,776,508 -
Sewer, sewer lines and wells 25,051 , 428 -
Sewage treatment facility 28,152,588 -
Construction in progress 2.334.748 -
Less accumulated depreciation i6.2ai.356 1.689.7
Equipment and vehicles 3,952,934 4,597,5
110,607,009 4,597,S
Property, plant and equipment, net $ 94.325.653 2.907.8
Enterprise Fund interest is charged to expense as incurred excepl
interest related to borrowings used for construction, whicl
capitalized net of interest earned on construction funds borr
Interest capitalization ceases when the construction projec
substantially complete. Net interest costs of $617,962
capitalized in the Enterprise Funds during 1991. Total interest 4
incurred and interest earned on related interest-bearing invest1
acquired with proceeds of the tax-exempt borrowings were $1,806,08:
$568 , 165 , respectively. I
The Enterprise Funds had various construction contracts in progrec
June 30, 1991 with an estimated cost to complete of approxim,
$5,360,000. There is no future financing required on any of
projects.
I 59 ( Con t ii
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(6) Joint Ventures
Encina Water Pollution Control Facility:
The Ewcina Water Pollution Control Facility (the Facility) is a sewei
system owned jointly by the Cities of Carlsbad and Vista, the Leucadi;
County Water District, the Buena Vista Sanitary District, thc
Vallecitos Water District (formerly the San Marcos County Watei
District) and the Encinitas Sanitary District. The Encina Waste Watei
Authority is the operator and administrator of the facility and i!
responsible for the management, maintenance and operations of the joini
system. Ownership percentages are determined by joint agreement at tht
time the assets are acquired. As of June 30, 1991, the Cities an(
Districts have the following approximate ownership interest:
City of Carlsbad 25 9,
City of Vista 33
Leucadia County Water District 16
Vaffecitos Water District 16
Encinitas Sanitary District 5
Buena Vista Sanitary District 5
The latest available financial statements of the Facility, datec
June 30, 1990, show the following:
Total assets $ 105,278,335
Total liabilities 6.652.360
Fund balance 98.625.972
Net change in fund balance $ 22.644.127
(Con t hued ) 60
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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- Encina Water Pollution Control Facilitv. Co n t inued :
The Facility does not recognize net income or loss. Net oper
expenditures in excess of users' assessments are treated as acc
receivable on the Facility's books and charged to users' accoun
the following year. Conversely, users' assessments in excess o
operating expenditures are treated as a liability and credited ag
users' accounts, also in the following year. Under this basis
operating expenditures for the Facility totaled $5,278,418 in f
year 2990. The net change in fund balance was attributed to
additions.
The City accounts for its portion of the Facility as a fixed asset ( Sewer Enterprise Fund.
Encina Financing Joint Powers Authority:
The Encina Financing Joint Powers Authority (the Authority) was c:
on February 1, 1989 between the City of Carlsbad, the City of 1
the Buena Vista Sanitation District and the Leucadia Water Dis
The primary purpose of the Authority is to issue revenue bonds in
to finance the expansion of the Facility. Repayment of the bonds
be accomplished through payments made by each member of the Aut1
pursuant to installment purchase agreements. The individual agrec
set forth the purchase price and specify the debt service requirc
for each member.
The Authority is governed by a Board of Directors, which consists (
director appointed by each member.
In August 1989, the Authority issued $33,500,000 of revenue bond
executed installment purchase agreements for approximately the
amount. The following is a table of the outstanding balance owed
June 30, 1991 by each member and their approximate share i
additional capacity:
Ins t a1 lmen t Appro: Member b a1 ance - sh,
Buena Vista Sanitation District $ 6,616,250 19.
City of Carlsbad 12,689 , 800 37.
City of Vista 6.227.650 18.
$ 33.500.000 - 100,
Leucadia Water District 7 , 966,300 23.
I 61 (Cont
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(6) Joint Ventures. Continued
Encina Financing Joint Powers Authoritv. Continued:
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, (1) 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.
The City's share in the accounts of the Authority is recorded in the
Sewer Enterprise Fund. The expansion of the Facility is shown as an
addition to the fixed assets of the Sewer Enterprise Fund, similar to
the accounting for the Encina Water Pollution Control Facility joint
venture discussed previously.
(7) Retirement Plan
The City contributes to the California Public Employees Retirement System
(PERS), an agent multiple-employer public employee retirement system
that acts as a common investment and administrative agent for
participating public entities within the state of California. For the
year ended June 30, 1991, the payroll for employees covered by the PERS
was $18,983,745 for Carlsbad employees and $1,229,551 for District
employees. Total payroll for the same period was $21,643,186 and
$1,325,207 for Carlsbad and District employees, respectively.
All full-time employees are eligible to participate as members of the
PERS. Benefits vest after an employee has been a member of the plan
for five years. Employees are eligible to retire after ages 50 to 60
with 5 years of credited service. Annual retirement benefits are
determined based on age at retirement, the length of membership service
months' average. The PERS also provides death and disability
benefits. These benefit provisions and all other requirements are
established by state statute.
and the amount of earnings based on the highest twelve consecutive
Employees are required to make contributions ranging from 7 to 9 percent
of gross pay. The City is required to contribute the remaining amounts
necessary to fund the benefits for its members, using the actuarial
basis recommended by the PERS actuaries and actuarial consultants and
adopted by the PERS Board of Administration. The employee
contributions are made by the City on behalf of the employees.
(Continued) 62
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(7) Retirement Plan, Continued
The amount shown below as the "pension benefit obligation" (PBO)
standardized disclosure measure of the present value of pe
benefits, adjusted for the effects of projected salary increase
step-rate benefits, estimated to be payable in the future as a 1
of employee service to date. The measure is intended to help
assess the funding status of the PERS on a going-concern basis, i
progress made in accumulating sufficient assets to pay benefits
due, and make comparisons among employers. The measure is
independent of the funding method used to determine contributio
the PERS.
actuarial present value of credited projected benefits, ar
The PBO was computed as part of actuarial valuations performed
June 30, 1990. Significant actuarial assumptions used in the vali
include (a) a rate of return on the investment of present and 1
assets of 8.5 percent a year compounded annually, (b) projected !
increases of 5 percent a year compounded annually, attributal:
inflation, (c) additional projected salary increases of 2 pen
year, attributable to seniority/merit, and (d) no post-reti I benefit increases.
The total unfunded (assets in excess of) pension benefit obli
applicable to Carlsbad and the District's employees was $2,540,1
$(88,617), respectively, at June 30, 1990 (the date of the
actuarial valuations), as follows:
Carl sbad District j
Pension benefit ob1 i gati on: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 16,114,907 485,676 16, Current empl oyees : Accumulated employee contributions including allocated investment earnings 10,789,924 500,674 11, Employer f i nanced-vested 13,324,818 329,899 13, Employer financed-nonvested 1.266.0OQ 58.549 1,
Total pensi on benef i t ob1 i gati on 41,495,649 1,374,798 42,
Net assets available for benefits at cost 38.955-50 7 1.463.415 La
Unfunded (assets in excess of) 2 pension benefit obligation $ 2.540.142 (88.617) -
63 (Con
CITY OF CARLSW
Notes to Combined Financial Statements, Continued
(7) Retirement Plan. C on t hued
The market value of the net assets available for benefits as of June 30,
1990 was $44,195,545 and $1,659,513 for Carlsbad and the District,
respectively.
None of the total change in the PBO from the prior year resulted from
changes in benefit provisions. However, $575,963 and $27,021 of the
total change in Carlsbad's and the District's PBO, respectively, were
due to changes in actuarial assumptions.
PERS uses the Entry Age Normal Actuarial Cost Method which is a projected
expected to be earned in the future as well as those already accrued.
According to this cost method, the normal cost for an employee is the
level amount which would fund the projected benefit if it were paid
annually from date of employment until retirement. PERS uses a
modification of the Entry Age Cost Method in which the employer's total
normal cost is expressed as a level percentage of payroll. PERS also
uses the level percentage of payroll method to amortize any unfunded
actuarial liabilities. The amortization period of the unfunded
actuarial liability ends on June 30, 2000.
benefit cost method. It takes into account those benefits that are
The significant actuarial assumptions used to compute the actuarially
determined contribution requirement are the same as those used to
compute the pension benefit obligation, as previously described.
The actuarially determined employer and employee contributions applicable
to the City at June 30, 1991, based on an actuarial valuation as of
June 30, 1990 were as follows:
Carlsbad District Mi scel 1 aneous Safety Mi scel laneous Empl ovees Em01 ovees EmDl Ovees Covered Covered Covered Contributions Pavroll Contributions Pavroll Contributions Pavroll
Required normal cost
Amortization of the unfunded (overfunded) actuarial accrued 1 i abi 1 i ty (36.384) (.31)0/. 28.099 .40% 192,499) (7.5)%
contributions $ 1.791.69Z 15.0rL 1.722.962 -7 91.417 27
contribution $ 1,828,076 15.36% 1,694,870 23.93% 183,916 15.0%
Total required
Actual employer
Contributions made by the City on behalf
of employees 827.807 7 .om 633.107 8.90% 63.273 5.2%
contributions 986,812 8.29% '1,232,810 17.41% 71,741 5.8%
Total actual
contributions d 1,814,612 lS.ZE% 1.865.917 26.31% 135.014 11.0%
64 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(7) Retirement Plan. Continued
The District has a surplus related to miscellaneous employees as a
of prior year actuarial gains. In order to maintain a level patt
contributions, the District has chosen not to apply it to fully
current year Is contributions.
The following is three-year trend information which gives an indj
of the progress made in accumulating sufficient assets to pay be
when due:
Carl sbad District
lppsl E239 1p88 lppn 198p
Net assets avai 1 ab1 e for benefits as a percentage of pension benefit ob1 i gati on 93.9% 93.4% 93.8% 106.4% 106.6%
Unfunded (assets in excess of) pension benefit obligation as a percentage of annual covered payroll 15.8% 15.1% 14.2% (8.5)% (7.4)%
Actuari a1 1 y determined employer contributions as a percentage of
annual covered payroll 10.8% 12.3% 13.9% 2.4% 3.6%
Ten-year trend information is not currently available from the California Public En Retirement System; therefore, only the available information is presented.
Requi red Supplementary Informati on Analysis of Funding Progress (Unaudited)
Carl sbad lsen. 1989 1988 198;
Net assets available for benefits, at cost $ 38,955,507 32,905,600 28,385,300 23,855
Pension benefit obligation 41,495,649 35,221,700 30,249,400 26,158
Percentage funded 93.9% 93.4% 93.8% (
Unfunded pension benefit obligation 2,540,142 2,316,100 1,864,100 2,303
Annual covered payroll 16,071,500 15,378,600 13,170,000 12,147
Unfunded pensi on benef i t ob1 i gat; on
as a percentage of annual covered payroll 15.8% 15.1% 14.2%
65 (Con
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7) Retirement Plan. Continued
Required Supplementary Information
Analysis of Funding Progress, Continued (Unaudited)
District
19pQ 198p Em M
Net assets available for benefits,
at cost 1,463,415 1,217,447 981,451 823,110
Pension benef i t ob1 i gati on 1,374,798 1,141,723 941,218 749,880
Percentage funded 106.4"L 106.6% 104.3% 109.8%
Assets in excess of pension benefit obligation 88,617 75,724 40,233 73,230
Annual covered payroll 1,047,044 1,026,090 960,250 825,380
Assets in excess of pension benefit obligation as a percentage of annual covered payroll 8.5% 7.4% 4.2% 8.9%
Deferred C0-a tion Pla n
The City offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available
to substantially all regular employees, permits them to defer a portion
the lesser of $7,500 or 25% of a participants' "includable
compensation," as defined in the participation agreement. The deferred
compensation is not available to employees until termination,
retirement, death or unforeseeable emergency.
(8)
of their salary until future years, Amounts deferred may not exceed
All amounts of compensation deferred under the plan, all property and
rights purchased with those amounts, and all income attributable to
those amounts, property or rights are (until paid or made available to
the employee or other beneficiary) solely the property and rights of
the City (without being restricted to the provisions of benefits under
the plan), subject only to the claims of the City's general creditors.
Participant's rights under the plan are equal to those of general
creditors of the City in an amount equal to the fair market value of
the deferred account of each participant.
66 (Con t hued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(8) Deferred ComDensation Plan. Continued
The City believes it has no liability for losses under the plan bu
have the duty of due care that would be required of an ordinary p
investor. The City believes that it is highly unlikely that i
use the assets to satisfy the claims of general creditors in the f
(9) Qblinations Under Cauital Leases
In 1981, the City entered into an agreement with the City of Oceans
lease the public parking area surrounding a regional shopping
Under the terms of the agreement, the City agreed to pay an agg
amount of $700,040 including interest at 10%. The annual princip
interest payments were $70,000 through 1991 and $1 annually for e
the remaining forty years. In March 1991, the City exercist
option to purchase the leasehold for $41.
In August 1987, the City entered a sale and leaseback agreement
financial institution for the Community Development Bui
Principal and interest payments totaling $234,529 are to be pa?
year through 1997. The City's leasehold interest of $1,602,1
been recorded in the City's general fixed asset account group. 1
The following is a summary by year of future minimum lease pz
remaining under capital leases and the present value of minimum
payments at June 30, 1991:
Year ending June 30,
1991 $ 234,529
1992 234,529
1993 234,529
1994 234,529
1995 234,529 I Thereafter 351.793
Total minimum lease payments 1,524,438 Less amounts representing interest
Present value of minimum lease payments
(349.108 1
$ 1.175.330
(10) Obligations Under Operating Leases
In June 1988, the City's Redevelopment Agency entered into an ag
to lease a parking lot from a private party. The lease ri
monthly rental payments of $3,085 for twenty years. Total annui
expense is $37,020.
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(10) Obligations Under Operating Leases. Co nt inued
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 Pease recferhes monthly rental paymeats of $4,350 commencing July 1,
1990 for five years. Total annual rent expense is $52,200.
The following is a schedule by year of future minimum rental payments
required under the operating leases at June 30, 1991: -
1992 $ 89,220
1993 89,220
1994 89 , 220
1995 89 , 220
1996 37,020
Thereafter 444.240
Total minimum lease payments $ 838.140
(11) Long-term Debt
The following is a summary of changes in the principal balance of the
long-term debt for the year ended June 30, 1991:
Principal Principal
Balance Balance
July 1, Retire- June 30,
leen. ments 199f
General long-term debt
account group :
Bonds $ 14,180,000 595,000 13,585,000
Special assessment debt with
governmen tal commitment 9,045,000 280,000 8,765,000
Obligations under capital
leases 1,372,922 197,592 1,175,330
Certificates of participation 8.5 75.00 0 235.000 8.340,OOO
To tal general
long-term debt $ 33.172.922 1.307.592 31.865.330
Enterprise funds:
Bonds 828,000 788,000 40 , 000
Certificates of participation 13,310,000 610,000 12,900,000
Installment purchase agreement 12.689.800 - 12.689.800
$ 26.827.804 1.398.000 25.429.800
68 (Continued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(11) Long-term Debt. Continued
Long-term debt at June 30, 1991 is comprised of the following indiv
issues :
Bali
19
June
General Long-term Debt :
1962 Series B General Obligation Sewer Bonds, remaining interest and principal paid in July 1991 $ 1c
1962 Series C General Obligation Sewer Bonds,
remaining interest and principal paid in July 1991 1
1966 Library General Obligation Bonds, principal of
$25,000 due January 1, 1992, interest payable on
July 1, and January 1 at 4.5% per annum. ,
d
1967 Carlsbad Building Authority Revenue Bonds,
principal due in amounts of $30,000 and $35,000 on
December 15 of each year through 1992, interest
payable on December 15 and June 15 at 6.0% per
annum, payable from the General Fund
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 6.4%
per annum, payable from the General Fund
69 (Con
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt. Continued
Balance
June 30,
1991
1981 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $75,000 to $150,000 on February I of each year through 2001,
interest payable on August 1 and February 1 at 8.09,
per annum, payable from the General Fund $ 1.075.000
Parking and building authorities
revenue bonds 1,690,000
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 11.745.000
Total bonds payable 13,585,000
1986 College Boulevard Assessment District Bonds,
principal due in amounts ranging from $300,000 to
$910,000 on September 2 of each year through 2006,
interest payable on September 2 and March 2 at rates
varying from 5.75% to 8.0% per annum 8,765,000
Obligations under capital leases (note 9) 1,175,330
1988 Carlsbad Certif hates of Papticipation, principal due in amounts ranging from $250,000 to $815,000 on
August 1 of each year through 2009, interest payable
on August 1 and February 1 at rates varying from
5.25% to 8.0% per annum 8.340 * 000
$ 31.865.330 Total Genera1 Long-term Debt
70 (Con t inued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(11) Lane-term Debt. Continued
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Enterprise Fund Long-term Debt:
1961 Carlsbad Municipal Water District Improvement
District Bonds, remaining principal and interest
paid in July 1991 $
1988 Carlsbad Municipal Water District Certificates of
Participation, principal due in varying amounts
ranging from $645,000 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 12,7
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,
interest payable on February 1 and August 1 each
year at rates varying from 6.0% to 6.875% per annum 12,E
25,4
issuance costs (:
Less current po'rtion A
long-term debt $u
Less unamortized discount and
Total Enterprise Fund
Reserve funds of approximately $4,300,000 are required to be held ii
service funds to secure the payment of principal and interest on I outstanding debt issues.
71 (Con
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt. Continued
A portion of the Tax Allocation Bonds and the EFJPA Installment Purchase
Agreements are subject to mandatory redemption in part from sinking
fwd payments. These sinking fund payments have been included in the
debt service requirements which follow.
Debt service requirements to maturity for general long-term debt are as
follows:
Parking
General and Bui 1 ding Tax Certificates Assessment
of District U Revenue Bo nds BMds Parti ci oat ion Bonds. J3.M.. .. Ob1 igati on Authorities A1 1 ocation
1992 $ 153,393 326,000 1,133,328 871,435 975,430 3,459,586 1993 - 31 6,650 1,137,938 866,448 973,180 3,294,216
1994 - 293 s 200 1,135,828 865,054 973,815 3,267,897 199s - 303 9 000 1 9 142,222 866,873 972,175 3,284,270 1996 - 287,000 1,146,598 866,733 968,290 3,268,621 1997-200 1 - 783 s 000 5,771,612 4,296,020 4,822 I 320 15,672,952 2002-2006 - - 5,844,526 4,268,400 4,776,800 14,889,726 2007-201 1 - - 5.929,940 2.548.800 946.400 9.425.140
153,393 2,308,850 23,241 ,992 15,449,763 15,408,410 56,562,408 Less amounts representing i nkerest 3.393 618.850 11.496.99 2 7.109.763 6.643.41Q 25.8 72.408
Total general 1 ong-term
debt $ 15o.000 1.690.004 11.745.004 8.340. OOQ 8.765. OOQ 30.690.000
Debt service requirements to maturity for the enterprise funds are as follows :
Water Water Enci na District Di stri ct Installment 1961-Bonds Certificates of Purchase Payable Participation Aoreement Total
1992 $ 41,400 1,507,533 844,452 2,393,385 1993 - 1,505,617 844,452 2,350,069 1994 - 1,504,972 1,110.706 2,615,678 1995 - 1,500,672 1,108,498 2,609,170 1996 - 1 ,497 y 460 1,108,730 2,606,190 1997-200 1 - 7,450,879 5,531,194 12,982,073 2002-2006 - 4,434,921 5,504,692 9,939,613 2007-201 1 - - 6,557,692 6,557,692 20 12-20 15 - - 3.259.035 3.259.035
41,400 19,402,054 25,869,451 45,312,905
Less amounts representing
interest 1.400 6.702.05 4 13.179.651 19.883. 105
Total enterprise fund debt $ 40.000 12,700.000 12.689.80Q 25.429.800
72 (Continued )
CITY OF CARLSBAD
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I Notes to Combined Financial Statements, Continued
(11) Long-term Debt. Continued
At June 30, 1991, the City was in compliance with all significa
covenants.
The College Boulevard Assessment District Bonds were issued unc
provisions of the Improvement Bond Act of 1915. The bonds were
to finance the public infrastructure improvements project on
Boulevard. If a delinquency occurs in the payment of the ass
installments, the City, at the end of the fiscal year of delin
has a duty to transfer to the debt service fund the amount
delinquency out of available funds of the City. Available
consist of any surplus funds of the City not required for
municipal obligations. This duty of the City is continuing dur
period of delinquency, until reinstatement, redemption or sale
delinquent property. Even though neither the faith and credit
taxing power of the City is pledged for the payment of the bon
City is obligated in the manner stated above. Accordingly thes
have been recorded in the general long-term debt account group
City.
a
(12) Advances To and From Other Funds
The following table shows amounts advanced from funds within the I other funds within the City at June 30, 1991:
Advances From Advances To B
General Fund Capital Projects Funds:
Park Development Fund $ 2,:
Planned Local Drainage Fund
Bridge and Thoroughfare Fund
Community Facilities
District Fund
Redevelopment Fund 291 RDA I1 Fund
Enterprise Fund:
Solid Waste
Management Fund
Capital Projects Funds: Capital Projects Funds:
Construction Fund Public Facilities General Capital Traffic Impact Fees Fund 1 ,(
Construction Fund !
Redevelopment Fund 4,!
Public Facilities
Construction Fund Park Development Fund I -
Total advances $la
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(13) Due To and From Other Funds
The following table shows amounts due from funds within the City to other
funds within the City at Jwe 30, 1991:
Due to: Enterprise Carl sbad
Water Muni ci pal General Uti 1 i ty Sewer Water District E.Ud w rn EUmi
Due from: Special Revenue Funds: Section 8 Housing Authority $ 175,088 - - -
Senior Nutrition 13,724 - - -
Capital Projects Funds: Community Development Block Grant 115,171 - - -
State Grants 249,284 - - -
Enterprise Funds : Water Uti 1 i ty - - 168,184 1,000,244
Sewer - 7,497 - -
Mi scell aneous deposi ts - - - - Agency Fund - 1 73.386
1.173.630 168,184 Total $ 553.267 7.497
(14) Fund Balances /Re tained EarninFs
The following is a summary of reserved and unreserved fund balances and
retained earnings as of June 30, 1991:
Governmen ta 1 Fund Tvpes Speci a1 Debt Capital
Fund Ba 1 ancep General Revenue &rvi ce Proiecb
Reserved for: - 164,488 - - Loans receivable $ Inventory 44,080 Prepaid expenditures 79,500 152,516 - -
Debt service - - 5,038,696 1,239,851 Advances to other funds 5,870,554 - - 7,011,031 Low and moderate income
Rent interruption
- 2 p 134,460 Encumbrances 948,530 289,799 Arbitrage - - 55.721 46,990
7,073,664 2,177,861 5.094.417 10.432.332
- - -
housing - 1,571,058 - -
insurance 131,000 - -
Unreserved:
Designated for approved 14,567,020 Undesi gnated 7.861 .a38 1.975-148 - 6.641226
7.861.038 2.119.90Q - 21.208.246
Total fund balances $ 14.934.707 4.997.761 5.094.41 7 31 .640.578
- 144,752 capital projects -
74 ( Con t hued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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Proprietary Fund T!
Intel
Reserved for:
Debt service $ 663,850
Arbitrage 185,317
Acquisition of facilities 5.579.154 -
6.428.321 .
Unreserved:
Designated for approved capital projects
Undesignated 16,332,324 3.233
28.775.215 3.233
$ 35.203.536 3.233
10,673,342
Des i gna t ed for contingencies 1,769,549
Total retained earnings
Reserves for loans receivable, inventory, prepaid expenditures
advances to other funds are established to show that certain asset
already committed to other purposes and are not available
discretionary expenditures.
Reserves for debt service represent resources legally restricted tc
payment of long-term debt principal and interest maturing in f
years.
Reserves for low and moderate income housing represent monies requir
be expended on low and moderate income housing.
Reserves for rent interruption insurance represents monies required
set aside under a bond indenture.
Reserves for arbitrage represent arbitrage earnings to date thai
require payment to the federal government.
Reserves for encumbrances represent commitments related to unperf I contracts for services and undelivered goods.
I 75 (Cont:
I CITY OF CARLSBAD
Notes to Combined Financial Statements, Contin ed
(14) Fund Balances/Retained Earnings. Continued
Unreserved-undesignated represents the fund balance or retained earning
remaining after reduction for reserved and designated fund balances 01
retained earnings.
As of June 30, 1991, the funds with a deficit in fund balance were:
Fund Deficit
Capital projects:
Community Facilities District $ 312,223
Park Development 308 , 956
Redevelopment Project 5,225,189
The City expects that the deficit in the Community Facilities District
will be funded through future Mello-Roos property taxes.
The deficit in the Park Development Fund is expected to be eliminated
through developer fees received in the future.
The deficit in the Redevelopment Project Fund is expected to be funded by
property tax increments received in the future.
(15) Changes in Contributed Capital
Internal
Enterprise Service
Funds Funds
Contributed capital, July 1, 1990 $ 69,493,467 3,400,806
Prior period adjustment (note 21) 13.8 45.092) -
Contributed capital, as adjusted 65,648,375 3,400,806
Cash 2,899,849 -
Additions:
Fixed assets 2,819,816 476,142
Residual equity transfer
from General Fund 1.080.190 800.000
Contributed capital, June 30, 1991 $ 72.448.230 k,676.948
76 ( Con t hued )
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
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(16) Segment Information for Enterprise Funds
The City maintains five enterprise funds that provide water, sew
other services. Segment information for the year ended June 30, 1 is as follows:
Carl s bad Muni ci pal Go1 f
Water District Course Sewer
Operating revenues $ 7,351,775 - 2,W ,804 10
Operating expenses: Depreciation and
amortization (763,170) - (902,624) (1 Other 46.919.8 46 1 - (2.675.621) A.9
Operating i ncome (1 oss) (331,241) - (618,441) Nonoperating income, net 1.141,672 108.569 923,987 2
Net income $ 810.431 108.569
Contributed capital : Begi nni ng balance ,
as adjusted 31,059,870 450,000 31,713,425 63 Current year additions 3.067.31 5 1.080. 190 2.652.350 6
1 - 305.546
Ending balance $ 34.127.185 1.530. 19Q 34.365. 775 70
Property, plant and equipment: Additions 3,288,588 527,104 7,295,334 11
87.514 - Deletions 11,652 -
1 .O29,294 13,263.860 -
operating revenues $ 12.740.004 - l2ui2Uu A
Total assets 57,453,408 1,670,809 68,800,507 127 Total liabilities 14.691.958 11.254 15.358. 461 30
Total equity $ 42.761.450 1,659,555 53,442,046 2
23 Net working capital $ 9.509.185
Debt payable from
I 77 (Con
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(16) Segment Information for Enterwise Funds. Continued
Total
Carried Forward Waste Utilttv Funds
Subtotal, Solid Water Enterprise
Operating revenues $ 10,311,579 - 1,823,701 12,135,280
Operating expenses: Depreciation and amort i zat i on (1,665,794) - (124,763) (1,790,557) Other (9.595. 467 1 (20.140) 11.364.699) (10.980.306 1
Operat i ng i ncome (1 oss) (949,682) (20,140) 334 y 239 (635 y 583)
Nonoperating income, net 2,174,228 37,552 430 ,383 2,642,163
Net income $ 1,224.546 17,412 764,622 2.006.580
Contributed capital : Begi nni ng balance, as adjusted 63,223,295 2,425,080 65,648,375
Current year additions 6.799.855 - 6.799.855
End i ng balance 8 70.023. 154 - - 2.425.08Q -
Property, plant and
equipment:
Addi ti ons 11,111,026 - 1,803 11,112,829
Del et i ons 99.166 - - - 99.166
Net working capital $ 23.802.339 17,412 1.405.477 25.225.228
Debt payabl e from operating revenues $ 25.429.80Q - - - 25.479.800-
Total assets 127,924,724 196 1 21 2 11,912,813 140,033,749 Total liabilities 30.061 ,673 178.800 2,141,510 32.381.983
Total equity $ 97,863,051 17.412 9.771203 107.651.766
(17) Assessment D istrict Bond Issues
As of June 30, 1991, the City had four series of Assessment District
Bonds outstanding in the amount of $24,606,837. These bonds were
issued under the provisions of the Improvement Bond Act 05 1911 and
1915 and were used to finance public infrastructure improvement
projects.
78 (Continued)
CITY OF CARLSBAD
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1 Notes to Combined Financial Statements, Continued
(17) Assessment District Bond Issues. Co n t inued
Reserve funds of approximately $2,400,000 are held to secure paymei
principal and interest on the outstanding bonds.
For the bond issuances noted above, the City is not obligated ir manner for the payment of debt service in the event of default b,
property owners but is only acting as agent for the property uwne
collecting the assessments , forwarding the collections to bondho3
and initiating foreclosure proceedings, if appropriate. Accordj
no liability for these bond issuances has been recorded in the GE
Long-term Debt Account Group and all debt service transactions
been recorded in an Agency fund. 1 (18) Mortaage Revenue Bonds
Single-Family Mortgage Revenue Bonds have been issued to provide fur
purchase mortgage loans secured by first trust deeds
newly-constructed and existing single-family residences. The pi
of this program is to provide low interest rate home mortgage 10;
persons of low or moderate income who are unable to qualif,
conventional mortgages at market rates. Multi-Family Housing Rc
Bonds are issued to provide construction and permanent financi
developers of multi-family residential rental projects located 4
City to be partially occupied by persons of low or moderate income
The balance of the revenue bonds outstanding under these programs
I
June 30, 1991 is $35,296,941.
The bonds, together with interest thereon, are limited obligations
City payable solely from bond proceeds, revenues and other a
derived solely from home mortgage and developer loans secured by
deed of trust, irrevocable letters of credit, and irrevocable
bonds. In the opinion of City officials, these bonds are not p
from any revenues or assets of the City, and neither the full fai . credit nor the taxing power of the City of Carlsbad, the st2
California, nor any political subdivision thereof, is obligated
payment of the principal or interest on the bonds. According
liability has been recorded in the General Long-term Debt Account
One of the series of the Multi-Family Housing Revenue Bonds,
current outstanding balance of $15,136,941, is in default t
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
course of operations. In the opinion of management and legal c(
any liability resulting from these actions will not result
material adverse effect on the City's financial position.
I 79 (Con
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(20) Pos t-Re t iremen t Health Care
In addition to the pension benefits described in Note 7, the District, in
accordance with the District's Administrative Code, provides
post-retirement health care benefits to its full-time employees
(including their dependents) who voluntarily retire after the age of 50
with no less than 5 years of service and whose age combined with years
of service equals 70 or more OF of who have reached the mandatory
retirement age with at least 5 years of service. Currently, one retiree meets these eligibility requirements and is receiving benefits.
The District is to pay 100% of the premiums for health insurance which is
to be coordinated with Medicare and other benefits provided by federal
and state law, when available, to the extent it reduces the cost of
insurance premiums. Expenditures for post-retirement health care
benefits are funded on a pay-as-you-go basis. Expenditures of
approximately $1,182 were charged to expense for post-retirement health
care costs during 1991. Based on an actuarial valuation performed as
of November 1991, the District's liability for the current and past
service costs of these benefits is approximately $1,600,000.
(21) Prior Period Adjustment
In prior years, the District recorded certain fees received as
contributed capital rather than as revenues. As these transactions are
considered quasi-external, they should be accounted for as revenues to
the District. Therefore, a prior period adjustment was made as of
June 30, 1990 to reclassify the accumulation of these fees in the
amount of $3,845,092 from contributed capital to retained earnings.
80
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The general fund is used to account for resources traditionally asso
with government which are not required legally or by sound fin
management to be accounted for in another fund.
81
CITY OF CARLSBAD
General Fund
Schedule of Revenues - Budget and Actual
(Budgetary Bas is )
For the year ended June 30, 1991
Actual on Variance
Budgetary Favorab 1 e
Budget Basis (Unfavorabl
Taxes :
Property taxes $ 13,400,000 12,719,007 (680,993:
Property tax reimbursements 295 , 000 292,685 (2,315)
Sales and use taxes 10,000,000 9,426,111 (573,889)
Transient lodging taxes 3,200,000 3,310,043 110,043
Franchise taxes 780 9 000 806,640 26 , 640
Real property transfer taxes 260,000 242,681 (17,319)
Cigarette taxes 150,000 138,930 (11,070)
Trailer coach in-lieu tax 20.000 23 a 896 3.896
To tal taxes 28,105.000 26.959.993 ( 1.145 00 7)
Licenses and permits:
Vehicle licenses (in-lieu) 2,125,000 2,174 9 143 49,143 327,717 Construction permits 530,000 857,717
Business licenses 840,000 832,432 (7,568)
License tax on new construction 550,000 454,677 (95 , 323)
Other 265.000 63.476 (201,524)
Total licenses and permits 4.310 .OOO 4.382 445 72,445
Charges for services:
Engineering fees 1 9 000 9 000 998 9 014 (1,986 1
Plan checking fees &20 9 000 401,823 (18,177)
Zoning and subdivision fees 140,000 169,305 29,305
Sales of maps and publications - 41 , 345 41,345
Environmental impact reports - 34,482 34,482 Miscellaneous planning fees 890,000 605,478 (284,522)
Library, park and recreation fees 700,000 760,766 60,766
Ambulance fees 200,000 218,385 18,385
Police service fees - 120,565 120,565
Other 685.000 49.682 (635.318)
Total charges for services 4.035 .OO 0 3.399.8 45 (635.155)
Totals, carried forward 36.450.000 34.742.283 (1.707.717)
82
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Actual on Var:
Budgetary Favo I Budaet Basis (Unfav
Totals, brought forward $ 36.450.000 34.742.283 (1.70
Fines and forfeits:
Vehicle code fines 530,000 508,596 (2 I Other - 7.150
Total fines and forfeitures 530. 000 515.746 (1
Interest income 2.000.000 2.161.589 16
Miscellaneous:
Property rental - 139 , 903 13
Sale of property - 5 , 259
Interdepartmental services 1,625 , 000 1 , 783,005 15
Reimbursed expenditures 5 25 , 000 673,288 14
Other - 514.068 51
Total miscellaneous 2.150.000 3,115.523 96
Total revenues $ 41.130.000 40.535. 141 &
I 83
CITY OF CARLSBAD
General Fund
Schedule of Expenditures - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1991
Actual on Variance
Budgetary Favorable
Budg;et Basis (Unfavorable)
General government:
City council $ 156,136 152,809 3 , 327
City manager 604 9 244 531,463 72 , 781
City clerk 36 , 600 26 , 993 9,607
Community assistance 82 9 458 82 8 430 28
City attorney 443 3 585 422,166 21,419
Finance 1,272,315 1,017,312 255,003
City treasurer 79,556 70,812 . 8 9 744
Purchasing 388 p 068 353 , 034 35,034 Per s onne I 1,068,857 975,529 93,328
Research and analysis group 509 9 901 387,631 122 , 270
Administration 692,188 626 , 324 65,864
Information systems 277,818 277,818
Risk management/insurance 264,816 214,356 50,460
Lease 380 p 000 70 , 041 229 , 959
Bui Id ing maintenance 1,488,473 1,147,391 341,082
Development processing service 921 , 972 836 9 605 85,367 Community development 660,612 542 , 033 118,579
P lann ing 2,767,026 2,210,017 557 , 009
Senior citizens programs 325,571 237,058 88,513
Weed abatement 591,814 - 591,814
Con t ingeney 54 , 924 35,407 19,517
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(225,224) Other 207 p 799 433,023
Total general government 13.194.733 10.650.252 2.544.481
Public safety:
Police protection 9,241,376 8,684,968 556,408
6,371,002 6,356,851 14,151 Fire protection
Civil defense 176,634 166,444 10 , 190
Building inspection 1.135.675 967.662 168.013
Total public safety 16.924.687 16.175.925 748.762
3.293 p 243 Totals, carried forward 30.119.420 26.826.177
84
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Budgetary Fav
Budaet Bas is (Unfa
Totals, brought forward $ 30.119.426 26.826.177 3.2!
Engineering 2,789,973 2,488,034 31
Streets 3,037,748 2,461,485 5; I Maintenance 699. 7 28 658.198 - I
Total public works 6.527.449 5.60 7.717 91
Public works :
Culture and recreation:
Library 2,709,350 2,500,759 2(
Parks and recreation 4,265,935 4,092,611 1
Total culture and recreation 7.253.368 6.870.532 3(
Total expenditures $ 43.900. 237 3983 04.426 u
1 Civic arts 278.083 277.162 -
1 85
SPECIAL REVEXUE FUNDS
Civic Arts Program
To account for transfers from the General Fund to support the civic art
program D
Community DeveloDment Block Grant
To account for federal block grants for commercial and residential loans fo
community development.
Federal Grants
To account for federal grants received to support the City's Nationa
Endowment for the Arts grant and Bilingual Library program.
Eibrarv Audio-visual Insurance
To account for revenues and expenditures on rental of audio-visual material.
5 Low
To account for money administered by the Carlsbad Redevelopment Agency fo~ designated low and moderate income housing.
Mortgage Revenue Bonds
To account for money available to the City €or expenditures incurred due tc
Mortgage Revenue Bonds.
Police Asset Forfeiture
To account for money received by the City under a federal program distributing
property confiscated from illegal activities.
Section 8 Housing Authoritv
To account for federal grants for low and moderate income housing supplemental payments e
Senior Nutrition
To account for money received and expenditures for senior programs under the
Older Americans Act.
86
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SDecial Benefit Districts
To account for revenues and expenditures from property tax assessme street lighting and landscaping.
State Grants
To account for state of California grants including California Arts
Artists-in-Residence, CLSA and Library Literacy.
a7
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet
June 30, 1991
civic
Arts
Assets Proaram
Cash and investments $ 318,470
Receivables: - Loans Taxes -
Accounts, net -
Accrued interest 5,673 Due from other governments -
Prepaid expenditures . -
Total assets $324.143
Liabilities and Fund Balance
Liabilities :
Accounts payable 406 Accrued wages payable -
Due to other funds -
Due to other governments -
Deferred revenue -
Total liabilities 406
Fund balance : Reserved for loans receivable -
Reserved for prepaid expenditures -
Reserved for low and moderate income housing -
Reserved for encumbrances 149,485
Unreserved:
Designated for approved capital projects 144,752
Undesignated 29.500
Total fund balance 323.737
Total liabilities and fund balance $ 324.143
88
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Community Library Low and
Income
Development Audio- Moderate Mo 1
Re Block Federal Visual
Grant Grants Insurance Housing - B
516,299 22,181 81,986 1,537,656 4'
37,113 - - 127,375 - - - 6,015
- 363 1,460 27,387
- - - -
- - - -
- - - - -
353.412 22.544 83.446 1,698, 433 I
- - 1,691 1,970 - - - - - - - - - - - -
- - - - -
- - - 1.691 1.970
37,113 - - 127,375
- - - 1,571,058 - 1 801 780 -
- - - -
- - - - - I 516.299 20.052 80.696
553.412 20.853 81.476 1.698.433
553.412 22.544 83.446 1,698.433
89 (co
CITY OF CARLSBaD
Special Revenue Funds
Combining Balance Sheet, Continued
June 30, 1991
Polici
Asset
Assets Forf ei ti
Cash and investments $ 181,13!
Receivables: - Loans
Taxes Accounts, net -
Accrued interest 3,227 Due from other governments -
Prepaid expenditures -
-
Total assets $ 184,362
Liabilities and Fund Balance
Liabilities: Aceomts payable 1,279 Accrued wages payable -
Due to other funds -
Due to other governments -
Deferred revenue -
Total liabilities 1,279
Fund balance : Reserved for loans receivable -
Reserved for prepaid expenditures -
Reserved for low and moderate income housing -
Reserved for encumbrances 16,459
Unreserved:
Designed for approved capital projects e
Undesignated 166.624
Total fund balance 183.083
Total liabilities and fund balance $ 184.362
90
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I Author i tp Nut r i t ion Districts Grants Tol
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I 2.195 1
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Section 8 Special
Housing Senior Benefit State
174,341 5,363 965 , 324 359 , 343 4,211
- - - 164 - - 11,683 - 17
35 y 629 636 1,632 - 3i - - 17,199 6 , 308 6;
6,071 18,590 - - 21
152 316 - - - 152
368.557 24.589 2!2L&a 365.651 4.671
-
39 , 258 9 , 947 61,128 5,191 12t
9,541 918 26 , 991 - 3;
24,320 - - 175,088 13 , 724 - - 18E
- 21 - - -
250.402 24.589 88.119 5.191 3 7:
- - - 161
152 y 516 - - - 15: - - - - 1,571 - - 117,429 4,845 28
- - 14
790.290 355.615 1.97
360.460 4.29 118.155 - 907.719
368.557 24.589 22ULs 365.651 4.67
-
- -
(34.361) -
I 91
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1991
Civic
Arts
Program
Revenues :
Taxes $- Inter governmen tal -
Charges for services -
Interest income 25,231
Miscellaneous 6.500
31.731 Total revenues'
Expenditures: General government -
Public works -
We1 f are -
Culture and recreation 85.964
*
Total expenditures 85,964
Excess (deficiency) of revenues
over expenditures (54,233)
Other financing sources - operating transfers in 229.500
Excess (def gcieney) of revenues
and other financing sources over
expenditures 175,267
Fund balance (deficit) at beginning of year 148.470
Fund balance at end of year $ 323.737
92
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I - 3.254
I
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I - 36.052 86,696 3.819 -
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I 93 (cc
Community Library Low and
Development Audio- Moderate Mort
Block Federal visual Income Rev(
Grant Grants Insurance Housing - Bo
- - - 322 , 234 - 70 , 000 - - 62,532 -
28 , 212 2,112 6,303 106 , 083
- -
- - -
28.212 75.366 68.835 428.317 -
- - - 3,819 - - - - - - - -
- - - 36.052 86.696
28,212 39 , 314 (17,861) 424,498
- - - - -
39,314 (17,861) 424 , 498 28 , 212
525.200 (18.461) 99.337 1.273.935 - 4
81.476 1.698. 433 - 5 353.412 20.853
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1991
Police
Asset
Forfeitui
Revenues :
Taxes $- Intergovernmental -
Charges for services -
Interest income 16,302
Miscellaneous 205.057
Total revenues 221.359
Expenditures:
General government 89,355 Public works -
Welfare -
Culture and recreation -
Total expenditures 89.355
Excess (deficiency) of revenues
over expenditures 132,004
Other financing sources - operating transfers in -
Excess (deficiency) of revenues
and other financing sources over
expenditures 132,004
Fund balance (deficit) at beginning of year 51.079
Fund balance at end of year $183.083
94
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I 1.899. 847 177.716 1.151.200 144.342 - 3
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I 95
Section 8 Special
Housing Senior Benefit State I Author i tg Nutrition Districts Grants
- - - -
1,866 , 711 100,182 - 212,224 2
1 - - 1,240,918 -
34.510 - 19,557 - 58,066 18,975
- 1 13.189 67.980
14899 ! 457 168,162 1 ! 333 4494 231,199 - 4
- - - -
1
2
- - 1,151,200 ' -
1 , 899 , 847 177,716 - -
- - - - 144,342
(390) (9,554) 182,294 86,857
- - 232.059 - -
(390) (9 , 554) 414,353 86,857 1
3 118.545 9.554 493.366 273.603 -
4 360.460 - 118.155 - 907.719
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1991
Civic Arts Protzram
Actual on Variance
Favo rab 1 e Budgetary Budaet Bas is (Unfavorable)
Revenues : - - - - - - Taxes $
Charges for services - - -
Miscellaneous - 6.500 6.500
Intergovernmental
In teres t income 3,000 25,231 22,231
Total revenues 3.ooo 31.731 28.731
Expenditures ! t General government - - -
Public works - - -
Welfare - - -
Culture and recreation 380.201 235.449 144.752
Total expenditures 380.201 235.449 144.752
Excess (deficiency) of
revenues over
expenditures $ (377.201) (203.714) 173.483
96
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I a 65.ooo
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Cornunity DeveloDment Block Grant
Budget Bas is (Unfavorable) BudP;et Bas is
Federal Grants
Variai
Budgetary Favora
tUnf avo1
Actual on Variance Actual on
Budgetary Favorable
- - - - - -
- (65,000) - 70,000 70,O - 65,000 - - - - - - 28,212 28,212 - 2,112 291
28.212 (36.788) - 75.366 zL.2
- - - - 3,254 3.2
- - - - - - - - - - - - - - - - - - - - - 54.762 36.853 17.9
- - - 54.762 36.853 17.9
65,ooo 28.212 (36.788) (54.762) w ad
97 (Co
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1991
Library Audio-Visual Insurance
Actual on Variance
Budgetary Favorable Budne.t Basis (Unfavorablc
Revenues :
Taxes $- - -
Intergovernmental - - -
Charges for services 70 9 000 62,532 (7,468 1
Interest income 6 , 000 6,303 303
Miscellaneous - - -
Total revenues 76.ooo 68.835 ( 7.165)
Expenditures:
General government - - -
Public works - - -
We 1 Pare - - -
Culture and recreation 112.822 87.476 25.346
25.346 Total expenditures 112.822 87.476
Excess (deficiency) of
revenues over
expenditures $ (36.822) (18.641) 18.181
98
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I 340,000 428.317 88.317 158.000 221.359 63.35
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Low and Moderate Income Housine Police Asset Forfeiture Actual on Variance Actual on Varian
Budgetary Favorable Budgetary Favorat
Bas is (Unfavorz Budget Bas is (Unfavorable) Budzet
300,000 322,234 22,234 - - - - - - - - - - - - - - -
40,000 106,083 66,083 8,000 16 , 302 8,3C
150.000 205.05 7 55.05 - - -
'- 3,819 (3,819) 247,347 105,814 141,5! - - - - - - - - - - - - - - - - -
I m (3,819) 247,347 105,814 141,5:
340 .OOO 424.498 84.498 189.347 1 115.545 204.82
I 99 (Con
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1991
Section 8 Housing Authority
Actual on Variance
Budgetary Favorable
Budget Bas is (Unfavorable
Revenues : - - - Taxes $
Intergovernmental 1,530,000 1,866,711 336 , 711
Charges for services - - -
Interest income 121,000 19,557 (101,443)
Miscellaneous - 13. I89 13.189
Total revenues 1 * 651.000 1.899.457 248.45 7
0 Expenditures:
General government - - -
Public works - - -
Welfare 2 9 044,539 1,899,847 144,692 Culture and recreation - - -
Total expenditures 2.044.539 1.899.847
Excess (deficiency) of
144.692
revenues over
expenditures $-) (390) 393.149
100
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I 216.913 168 s 162 (48.751) 1.216.931 1.333. 4 94 116
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I 101 (C
Senior Nutrition Special Benefit District
Actual on Variance Actual on Var
Budgetary Favorable Budgetary Favc Budaet Bas is (Unfavorable 1 Budee t Basis (Unfai
- - - - -
156 , 913 100,182 (56,731) - -
60,000 67.980 7.980 105 .OO 0 34.510 (70
- - - 1,105,431 1,240,918 135 - - - 6,500 58,066 51
- - - - -
- - - 1,757,662 1,268,619 L8 9 - - - - 171,712 177,716 (6,004)
171.712 177 (I 716 (6,004) 1.757.662 1.268.629 489
- - - -
45.201 L9,554) (54.752) (540.731) 64.865 m
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1991
State Grants
Actual on
Budgetary Favorable
Variance
Budne t Basis (Unfavorable)
Revenues : - - Taxes $-
Intergovernmental 172,470 212,224 39 , 754
Charges €or services - - -
Interest income 1,000 18,975 17,975
Miscellaneous - - -
Total revenues 173.470 231.199 57.729
Expenditures: 0
General government - - -
Public works - - -
Welfare e - -
Culture and recreation 214.490 149.187 65,303
To tal expenditures 214.490 149.187 65.303
Excess (deficiency) of
revenues over
expenditures $ (41.029) 82.012 123.032
102
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I 3.900.314 4.486.132 585.818
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To tal
Actual on Variance
Budgetary Favor ab le
Budget Basis (Unfavorable 1
300 , 000 322 , 234 22 , 234
1,924 , 383 2,249 , 117 324,734
1,175,431 1,303,450 128,019
185,500 280,841 95 , 341
.315,ooo --3&4% .-lu.2Q
247 , 347 109,633 137,714
1,757,662 1 , 268,629 489,033
2 , 216 , 251 2,077,563 138,688
762,275 508.965 253.310
4.983.535 3.964.790 1.018.745
(1 A83 - 221 ) 521.342 1.604.563
I 103
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1
I DEBT SERVICE FUNDS
Building Authoritv
To account for receipts received by the Building Authority from the (
Fund for payment of debt service on the 1967 Building Authority Revenue 1
College Boulevard
To accumulate property assessments levied for payment of debt service (
College Avenue Assessment District Bonds.
Hosr, Grove COP'S
To account for payment of debt service on the 1988 Certifica
Participation issued to purchase Hosp Grove.
Library Bonds
To accumulate property taxes specifically levied for payment of debt
on the 1966 Library General Obligation Bonds.
I Parking Authoritv
To account for receipts received by the Parking Authority from the
Bonds.
I RedeveloDment Bonds
Fund for payment of debt service on 1969 and 1981 Parking Authority
To account for payment of debt service on 1988 Tax Allocation Bonds i
finance improvements for the Carlsbad Redevelopment Agency.
Sewer Bonds
To accumulate property taxes specifically levied for payment of debt
on the 1962 Series B and C Sewer General Obligation Bonds.
I 105
CITY OF CARESBAD
Debt Service Funds
Combining Balance Sheet
June 30, 1991
Building Colle
Assets Authority Boulev:
Cash and investments $ 144,898 1,401,5
Receivables:
Taxes - 230,4
Accrued interest 303 24,9
Total assets $ 145.201 1.656.9
Liabilities and Fund Balance
Liabilities - deferred revenue 36.000 225.7
Fund balance :
Reserved for debt service 109 , 201 1,431 , 2: Reserved for arbitrage - -
Total fund balance 109 a 201 1.431.2:
Total liabilities and fund balance $ 145.201 1.656,9',
106
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I 1,487.517 17.330 780.524 1.158.823 109.785 x
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1 10 7
Hosp Grove Library Parking Redevelopment Sewer
Author i tv Bonds Bonds 1
1,454,746 16,736 759,886 1 , 158,765 106,598 5,o
- 296 - - 1 , 288 2
32.771 298 20,638 58 1.899 -
1.487.517 17.330 780.524 1.158.823 109.785 LJ
w Boflds
- - - - - 2
1,431,796 17,330 780,524 1,158,823 109 , 785 5 ,c
- - - - 55.721 -
5.d 109.785 1.487.51 7 17,330 780.524 1.158.823
CITY OF CARLSBAD
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1991
Building Colleg
Authority Bouleva
Revenues :
Taxes $- 760,32
Interest income 8,585 93.06
Total revenues 8.585 853.38
Expenditures:
Debt service :
Principal retirement 30,000 280,001 Interest and fiscal charges 9.322 695.88
Total expenditures 39.322 975.88'
Fxcess (deficiency) of revenues over expenditures (30.737) (122.50C
Other financing sources (uses):
Operating transfers in 36,000 - Operating transfers out - -
Total other financing sources 36.000 -
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses 5,263 (122 , 500
Fund balance at beginning of year 103,938 1,553,737
- Residual equity transfers in -
Fund balance at end of year $ 109.201 1.431.237
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I cop’s Bonds Author i tv Bonds Bonds
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I 1,109.527 - 1,047.581 -
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Hosp Grove Library Parking Redevelopment Sewer
- 20,900 - - 123 , 932
86.6 09 1.002 66.568 65.63 1 1.306 -
86.609 21.902 66.568 65.631 125.238 I,
235,000 20,000 175 , 000 255 , 000 115,000 1,
640.98 2 1.264 133.711 877.352 2.946 - 2.
875.98 2 21.264 308.711 1.132.352 117.946 d
(789.373) 638 (242.143) (1.066.721) 7.292 (2
1 , 268,061 - 174,200 1,136,057 - 2
(158.53 4) - - (88. 476 ) - -
- 2 174.200
320 , 154 638 (67 , 943 ) ( 19 , 140 1 7 , 292
1,034 , 164 16,692 848,46 7 1,177,963 102,493 4
- - - - 133.199 -
1.487.517 17,330 780.524 1.158.823 mr
109
CITY OF CARLSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1991
Library Bonds
Actual on Variance
Budgetary Favorable
Budae t Bas is (Unfavorable)
Revenues :
Taxes $ 23,000 20 , 900 (2,100 1
Interest income 100 1.002 902
Total revenues 23.100 21.902 (1.198)
Expenditures:
Debt service :
Principal re t iremen t 20 9 000 20,000 -
Interest and fiscal charges 1.264 1.264 -
Total expenditures 21.264 21.264 -
Fxcess of revenues over expenditures $ 1.836 3 (1.198 1
110
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I 127.000 125.238 (1.762) 150.100 147,140 (2
I
1 117.946 117.946 -
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I 111
Sewer Bonds To tal
Actual on Variance Actual on Var
Budgetary Favorable Budgetary Favc
Budget Bas is (Unfavorable) Budget Bas is (Unf a\
126,000 123,932 (2,068 1 149,000 144,832 (4
1.000 1.306 306 1.100 2.308 - 1
115,000 115,000 - 135,000 135,000
4.210 4.210 -
139.210 139.210 -
(1,762) 10.890 7,930 (2
2.946 2,946 -
p.054 7.292
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31
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1 CAPITAL PROJECTS F"DS
Assessment Districts
To account for capital projects financed by issuance of assessment di
bonds.
Bridge and Thoroughfare
To account for receipt of fees charged to developers in the bridl
thoroughfare district.
Capital Construction
To account for transfers from the General Fund for various municipal (
projects.
Communitv DeveloDment Block Grants
To account for federal block grants for community development.
Communitv Facilities District
To account for capital projects financed by Community Facility D
(Mello-Roos) funding.
County AirDort Road Project
To account for receipt of San Diego County funds for improvements adja
McClellan-Palomar Airport.
Federal Grants
To account for Federal Aid Urban grant from the federal government.
Gas Tax
To account for receipts and expenditures of money apportioned under
and Highways Code Section 2105, 2106, 2107 and 2107.5 of the s
California.
113
Marron Road Imurovement
To account for street improvement project financed by 1988 Certificates
Participation.
Park Development
To account for receipts of fees charged to developers for park acquisition
development.
Planned Local Drainare Facilities
To account for receipts of fees charged to developers for drainage facilit
necessitated by growth.
Public Facilities Co nstruction
To account for receipts of fees charged to developers for specific capit
projects necessitated by growth.
Redevelopment Area I1
To account for the costs of a feasibility study on establishing a secc
redevelopment area.
Redevelopment Bond Project
To account for capital projects financed by 1988 Carlsbad Redevelopment Agen
Tax Allocation Bonds.
Redevelopment Project
To account for financial resources segregated for the rehabilitation .
commercial and public property located in the Carlsbad Village area.
Revenue Sharing
To account for revenue sharing grants from the federal government.
114 .
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Sales Tax/TransNet
To account for receipts of County sales taxes allocated by the S
County Regional Transportation Commission to finance transportation prc
State Grants
To account for capital projects financed by state grants includi
Transportation Funds, Carrillo Ranch and Carlsbad Boulevard Shore Protc
Traffic IrnDact
To account for receipts of fees charged to developers for street con!
and improvement.
I 115
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1991
Bridge and Assessment
Assets Districts Thoroughfare
Cash and investments $ 3,612,670 2,517,959
Receivables : Taxes - -
Accounts, net - -
Accrued interest 18 , 606 44 , 848
Due from other governments - -
Advances to other funds - -
Total assets $ 3.631.276 2.562.807
Liabilities and Fund Balance
Liab i 1 i ti e s :
Accounts payable 4,843 212
Accrued wages payable - -
Due to other funds - -
Advances from other funds - 70,000 Deferred revenue - -
Total liabilities 4,843 70,212
Fund balance (deficit): Reserved for debt service - -
Reserved for advances to other funds - -
Reserved for encumbrances 398,808 83,070
Reserved for arbitrage
Unreserved:
- 46 , 990
Designated for approved capital projects 2,836,357 107,568
Undesignated 344.278 2.301.957
Total fund balance (deficit) 3.626.433 2,492.595
Total liabilities and fund balance $ 3.63 1.276 2.562.807
116
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Community Community A
Construction Block Grants District -
2,782,618 - 51,854 5!
Facilities Capital Deve 1 opmen t
P
- - - - - 25 , 348 - - 923 - 150 , 606 -
- - 6.511.031 -
52.777 - 6( $318.997 _ls0._606
35,435 - 8,782 - - - - - 115,171 - - 365 , 000
- - - -
- 365 .OOO 8.782 150.606
- - - - 6,511,031 -
154,658 8,412 51,420 - - -
1,956,090 - - 3
436 (8.412) (363.g43) - 2
- (312.223 ) - 6
150.606 52.777 g
688
9.310.215
9.318.99 7
I17 (COl
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, I991
AssetE Gas Tti
Cash and investments $ 1,794,71
Receivables: Taxes -
Accounts, net -
Accrued interest 52,60 Due from other governments e
Advances to other funds -
Total assets $ 1.847.32.
Liabilities and Fund Balance
Liabilities :
Accounts payable 4,201 Accrued wages payable -
Due to other funds -
Advances from other funds -
Deferred revenue -
Total liabilities 4.205
Fund balance (deficit): Reserved for debt service -
Reserved for advances to other funds 0
Reserved for encumbrances 91,48C Reserved for arbitrage -
Unreserved :
Designated for approved capital projects 30,982
Undesignated 1.720,654
Total fund balance (deficit) 1.843.116
Total liabilities and fund balance $ 1,847,321
118
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I rn 3.055.033 357.216 1.003.480 30.000 1(
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I 119 ( cc
Planned
Local Public
Park Drainage Facilities Redeve lopmen t Redeve 1
DeveloDment Facilities Construction Area I1 Bond P
2,698,024 2,130,127 11,814,558 31,962 3935
- - - - - - - -
48,053 37 , 940 210,405 569 - - - e I - - 500 000 - __
2.746.077 2.168.067 12,524.963 32.531 u
5,033 57,216 53,480 - 1C - - - - - - - -
3,050,000 300,000 950,000 30,000 - - - - -
- - - -
- - 500,000 -
6,040 68,801 402,336 - 5,
- 1,119,959 5,838,650 - 2,O
(314.996) 622.091 4.780.497 2.531 6
u
2.746.077 -067 12.5 24.963 32.531 u
- - - -
(308.956 ) 1.810.851 11.521.483 2.531
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, 1991
Redevelopmei
Assets Proiec t
Cash and investments $ 1,729,096 Receivables:
Taxes 24,061 Accounts, net -
Accrued interest 31,432 Due from other governments -
Advances to other funds -
Total assets $ 1.784.582
Liabilities and Fund Balance
Liabilities :
Accounts payable 2,004
Accrued wages payable 17,920 Due to other funds -
Advances from other funds 6,989,854
Deferred revenue -
Total liabilities 7.009.778
Fund balance (deficit):
Reserved for debt service 1 , 239,851 Reserved for advances to other funds -
Reserved for encumbrances 10,959 Reserved for arbitrage -
Unreserved: Designated for approved capital projects -
Undesignated (6.475.999 1
Total fund balance (deficit) (5 .225.189>
Total liabilities and fund balance $ 1.784.589
120
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Sales Tax/ State Traffic Grants ImDac t TransNe t
750,008 11,263 3,281,518 37
- - - - - -
13,702 2,802 58,447 - 285 , 880 -
- 7
763.710 2=2%%2 3.339945 - 45
65,174 2,475 58 - - - - 249,284 -
- - 1,043,000 12
20.400 -
65.174 251.759 1.063.458 - 1:
- -
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94 , 127 32,697 149,771 4
200,000 15 , 489 40,562 1L
t 2.086.174 -
698.536 48.186 2.276.507 3
763.710 299.945 3,339.9 65 4 4'
- - -
- 404.409
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1991
Assessment Bridge and
Districts Thoroughfare
Revenues : - - - - Taxes $
Intergovernmental
Charges for services - 499,629
Interest income 139,247 176,593 Contributions from property owners 16,405,203 -
Miscellaneous 147.541 -
Total revenues 16.691.991 676.222
Expenditures :
Current:
General government 108,261 -
Debt service - interest and fiscal charges - - Capital outlay 14,392,086 859,513
Total expenditures 14,500,347 857,513
Excess (deficiency) of revenues over
expenditures 2.191.644 (181.291)
Other financing sources (uses): - Operating transfers in 84,800 Operating transfers out - -
Total other financing sources (uses) 84.800 -
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses 2,276,444 (181,291 1
Fund balance (deficit) at beginning of year 1,349,989 2,693,886
Residual equity transfers in - -
Residual equity transfers out - -
Fund balance (deficit) at end of year $ 3.626.433 2.492,595
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1 Construction Block Grants District Project - GI
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Community C omuni t y County Airport
Cap i t a1 Development Facilities Road Fe I
- - - - - 326,999 - 300 , 000 1,5f - - - -
341,591 - 1,622 39,277
110 , 759 - - -
53,497 - - - - I 505.8 47 326.999 1.622 339.277 u
- 64,410 122,961 -
47 c 493 9 727 220 , 941 - - - - - -
493.727 285,351 122.961 47 I t __
12,124 41.648 (121.339) 339.230 1.4;
1,815,845 - - - - - - (159.80 1) -
1.656.044 - - -
1,668 , 164 41 , 648 (121,339) 339,230 194
7,412,197 (41,648) - 266,829 (196'
- 2 - - (190.884) - -
(312.223) 606.059 -
229,854 - -
9.310.215 -
123 (Con.
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1991
Marron ROi
Gas Tax Im~rovemei
Revenues :
Taxes $ 958,582 -
Intergovernmental - -
Charges for services - -
Interest income 203 , 733 28,451 Contributions from property owners - -
131.09 Miscellaneous -
Total revenues 1.162.315 159.54'
Expenditures: Current:
General government - -
Capital outlay 380,654 56,52(
Debt service - interest and fiscal charges - -
Total expenditures 380. 654 56.52c
Excess (deficiency) of revenues over
expenditures 781.661 103.025
Other financing sources (uses): Operating transfers in - -
(935.00 Operating transfers out 0) (236.13t
(935. Total other financing sources (uses) 000 1 (236.134
Excess (deficiency) of revenues and other
financing sources over expenditures and other financing uses (153,339 1 (133,105
Fund balance (deficit) at beginning of year 2,214,879 266,304
Residual equity transfers in - -
Residual equity transfers out (218.424) (133.199
Fund balance (deficit) at end of year $ 1.843.116 -
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Planned
Local Pub 1 ic
Park Drainage Facilities Redevelopment Rede3 I Development Facilities Construction Area I1 Bond
- - - -
- - - -
242 , 954 6,453 4,739,890 -
316,758 2,531 2 - 825,933 - 165,918 - -
- - - (106.89 0) -
- - - -
2,681,515 393 , 184 4,416,423 - 4 - - - - -
2.681.515 393. 184 4.416.423 - 4
(2.121.803) (220.813) 1,042,510 2.531 12
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- 22
- - -
(2,121,803) ( 220 , 813 ) 1,042,510 2,531 (4
3¶6 1,812,847 2,031,664 10,478,973 -
- - - -
- - - - -
(308.956) 1,810.851 11,521,483 2,531 u
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1991
Redevelopment Revenue
Project Sharing
Revenues :
Taxes $ 1,288,935 -
Intergovernmental - -
Charges for services 3,270 -
In teres t income 123,5 92 18,616
Contributions from property owners - -
Miscellaneous 6,219 -
Total revenues 1.422.016 18.616
Expenditures :
Current:
General government - -
Debt service - interest and fiscal charges 531.003 - Capital outlay 891,064 5,272
Total expenditures 1.422.067 5,272
Excess (deficiency) of revenues over
‘expendi tures (51) 13.344
Other financing sources (uses):
Operating transfers in 889 o 203 -
Operating transfers out (1,918,941) -
Total other financing sources (uses) (829.738 1 -
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses (829,789 1 13,344
Fund balance (deficit) at beginning of year (4,395,400) 222 9 256
Residual equity transfers in - -
Fund balance (deficit) at end of year $ (5.225.189) -
Residual equity transfers out - (235.600)
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1 (79,625 ) 33 , 925 (522,505 ) 2
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TransNe t Grants Imoac t Sales Tax/
2,
3, - - 506,498 5,
73,444 11,653 237,031 2,
16 , - (822) -
658 ,444 420.573 743.529 31.
- - - 585,000 409,742 -
- - -
-
- - -
738,069 386,648 223,034 26 9
238.069 386,648 223.034 27,
- - - -
I (79.625) 33.925 520.495 3
- - - 2# - - (1.043,OOO) 14!
778,161 14,261 2,799,012 29
- - -
- - - -
698.53 6 48.186 2,276.507 - 31
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I ENTERPRISE F"Ds
Carlsbad Municipal Water District
To account for the operation, maintenance, planning and capital fz
financing of the Carlsbad water system. a
Golf Course
To account for revenues, expenses and the construction activities
City's proposed municipal golf course.
Sewer
To account for the operation and maintenance of the City's sewer system. I
Solid Waste
To account for revenues and expenses of the City's solid waste
reduction and recycling programs.
Water Utilitv
To account for all customer service functions of the Carlsbad water SYE
the payment of debt service on the Waterworks Revenue Bonds.
I f 29
CITY OF CARLSBAD
Enterprise Furads
Combining Balance Sheet
June 30, 1991
Car 1 sbad
Municipal
Assete Water District Golf Course
Current assets :
Cash and investments $ 9,129,659 1 , 022,339 Receivables : - Accounts, net 883 , 187 Accrued interest - 18,209 Due from other funds 1 , 173,630 - Due from other governments e - Inventory 177.317 -
Total current assets 131.363.793 1.040.548
Restricted assets:
Cash and investments 3 , 189,196 - Accrued interest 18,826 -
Total restricted assets 3.208.022 -
Deferred compensation investments 1,101,849 -
Buildings and improvements 1 9 148 , 943 - Wells, reservoirs and dams 16,fll,281 - Transmission and distribution lines 24 9 752,639 - Sewer, sewer lines and wells -
Sewage treatment facility -
Equipment and vehicles 3,266,640 -
Property, plant and equipment:
Land, water rights, rights-of-way 1,677,611 20,785
- -
Construction in progress 743.952 609.476
Total property, plant
and equipment 47,701,066 630 , 261
Less accumulated depreciation (5.9 21.322) -
Property, plant and equipment, net 41,779.744 630.261
Total assets $ 57,453,408 1,670,809
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Solid Waste Water Utility TotE Sewer
24,897,
2 , 205 - 1,845 , 450 2,730,
233 , 198 1,973 20 , 890 274 ,
168 , 184 - 7,497 1,349,
13.233 - 131 A92 322 I I 13,509.8 88 196.212 3,546,987 29.657,
6,661,148 - 4 , 965 , 930 14,816, 1 31,213 - 82.506 132 t
- 5.048.436 14.948,
- 1,101,
13,093,068 110 , 789 1,541 , 258
- 83,450 - 83 9
6 ~392.361
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227 , 250 - 231 , 956 2,157,
1,670 y 937 - 37 , 188 2,857< - - 1,212,852 17,324, - - 4,023,869 28,776 <
25,051 , 428 - - 25,051
28,152,588 - - 28 , 152
440,528 - 245 , 766 3,952
854.970 - 126.350 2.334
- 5,877 , 981 110,607 56,397,701
(7,799,443) - (2.560.591) (16.281
48,598.258 - 3.317.390 94.325
196,212 11.912.813 140.033 1 68.800.507
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet, Continued
June 30, 1991
CarPsbad
Muni c ipal
Liabilities Water District Golf Course
Current liabilities :
Accounts payable $ 991,168 11,254
Accrued wages payable - -
Accrued interest payable 147,088
Due to other funds - -
Advances from other funds - -
Current portion of long-term debt 645,000 -
Deposits payable 71.352 -
-
To t a P current 1 iab il i ties 1.854.608 11,254
Current liabilities payable from
restricted assets: - - Current portion of long-term debt 40,000
Accrued in t ere s t payab 1 e 14.441
Total current liabilities payable
from restricted assets 54.441 -
Deferred compensation payable 1,101,849 -
Deferred revenue - -
Certificates of participation, net of unamortized issuance costs of $373,940 11,681,060 -
Installment purchase agreement - -
Total liabilities 14.691.958 11.254
Fund equity:
Contributed capital 34,127,185 1,530,190
Retained earnings:
Reserved for debt service 40,000 - Reserved for arbitrage e -
Reserved for acquisition of facilities 530,718 -
Designated for approved capital projects 1,300,387 -
Designated for contingencies 1,769,549 -
Unreserved :
Undesignated 4 I 993,611 129.365
Total fund equity 42.761.450 1.659.555
Total liabilities and fund equity $ 57.453.408 1.670.809
132
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Solid Waste Water Utilitv Tota: Sewer
14,525 95,069 871 , 383 1,983,3 - 29 , 717 46,l 16,482 - - 2 , 273 149, ! - 1,168,428 1,175 , S - 83,731 - 83,; 7,497
- - - 6t5 .E - 69.709 348, L
178.800 2.141.510 4.432,:
207.524
246.028
- - - 40,( - - 366.: 351.855
- - 406.
- 1,101,: I 2,070,778 - - 2,070,
- - - 11,681 ,I
351.855
- -
I - 12.689%
2.141.510 32,381.
12.689.800
15.358. 46 1 178.800
34,365,775 - 2,425,080 72,448,
- - 663,
185,317 - - 185, 623,850
- - 5,048,436 5,579,
- - 10,673, 9 , 372,955 - - - 1,769,
8.894.149 17.412 2.297.787 16.332,
53.442.046 17.412 9.771.303 107.651#
196,212 11.912.813 140.033 1 68,800,507
133
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
For the year ended June 30, 1991
Carl sbad
Municipal
Hater District Golf Courst
Operating revenues:
Water sales $ 6,306,926 -
Sewer service charges - -
Other charges for services - -
Facilities revenue 871,917 -
Miscellaneous 172.932 -
Total. operating revenues 7,351.775 -
Operating expenses:
Plant operations - 1 , 103 , 330 Purchased water 4,455,951 -
Depreciation and amortization 763,170 -
General and administrative 1.360.565 -
Total operating expenses 7.683-0 16
Operating income (loss) (331.241) -
Nonoperating revenues (expenses):
Interest income 1,044,521 108,569
Interest expense and fees, net of
capitalized interest (619,954) -
Gain (loss) on disposal of assets - -
Property tax and rent 943,815 -
Miscellaneous income -
Amortization of issuance costs (26.710) -
-
Total nonoperating revenues,
net 1.141.672 108.569
810,431 108,569 Net income
Retained earnings at beginning of year 3,978,742 20,796 Prior period adjustment 3,845.09 2 -
Retained earnings at beginning of year,
as adjusted 7.823 .834 20 I 796
129.365 Retained earnings at end of year $ 8.63 4.265
134
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I Sewer Solid Was te Water Utility rn
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- - 1,444,414 7,751
2,418 , 748 - - 2,418
11,420 - 369,405 380 - - - 871 I 529.636 - 9.88 2 712
2.959 .SO 4 - 1.823.701 12.135
1 , 662 , 623 - - 2,765 - - 4 , 165 4,460
902 , 624 - 124,763 1,790
1.01 2.998 20.14Q 1.360.53 4 3 754 I 3.578.245 20.140 1.489.462 12.770
(618.441) (20.140) 334.239 (635
939 , 765 5,826 431 , 983 2,530
- - (2,914) (622
(15 , 778 1 - 2,548 (13 - - - 743 - 31,726 - 31 - - (I. 234) (27
923.987 37,552 430.38 3 2.642
305 , 546 17,412 764,622 2,006
18,770,725 - 6,581,601 29,351 - - - 3,845
18.770.725 - 6.58 1.601 33.190
19,076.271 17.412 7.346.223 35.20;
1 135 I
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows
For the year ended June 30, 1991
Car lsbad
Municipal
Water Distric
Cash flows from operating activities:
Operating income (loss) $ (331,241 Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
763 , 170 Depreciation and amortization
(Increase) decrease in receivables 1,212,418 Increase (decrease) in advances and due to/due
from other funds (1,173,630
14 , 488
(75,470
Increase in due from other governments
Increase (decrease) in accrued wages payable
-
(Increase) decrease in inventory
Increase (decrease) in accounts payable -
Net cash provided by (used in) operating activities 409,735
Cash flows from noncapital financing activities -
property taxes and rent received 743.815
Cash flows from capital and related financing activities:
Purchases of property, plant and equipment ( 1,663,668
Principal payments on bonds (1,233,000 Interest and other fees paid on bonds (984 9 328
Decrease in deposits payable (80,866 1,779.841 Proceeds from capital contributions
Proceeds received on disposal of assets
Contributions from other governments -
-
Net cash provided by (used in) capital
and related financing activities (2.182.021
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Golf Course Sewer Solid Was te Water Utility - To
- (618,441 ) (20,140) 334 , 239 (631
- 902,624 - 124 , 763 1 , 79( - 1 , 102 - (55,045 ) 1 , 151
(493,000) (73,051) 83,731 109,497 (1,54( - (83,450 ) - (8 - 3,051 - (2,418) 1
8,592 (101,454) 95,069 759,797 681
1 -1 112.304 75.210 1.275.834 1.38;
-
- (1.527) - 5.001
(527,104) (5 , 498 , 203 ) - (1,803) (7,69 - - - 2 , 548
e e - (163,766 ) (1,39 - (848,722) - (1,875) (1,83 - - 31,726 - 3 - (509,157) - (11,218) (60
1.080. 190 1,120.008 - - 3.98
553,Q86 (5.736 .O 74 1 31.726 (176.114) (7,50
137 (COT
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows, Continued
For the year ended June 30, 1991
Car lsbad
Municipal
Water Dis trii
Cash flows from investing activities: - Net decrease in restricted cash and investments $
Net decrease in investments 1,509,04
Increase in deferred compensation payable 239,83
Increase in deferred compensation investments (239,83
Interest on investments 1.240.15
Net cash provided by investing activities 2,749 19.
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
1 , 720 , 72
8.286.11 ;
$ 10.006.84C
Supplemental schedule of noncash investing and financing
activities - capital assets contributed by contractors $ 1.287.47r
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Golf Course Sewer Solid Waste Water Utility 1
- 3,7
195 - - - - 2 - (2
98.635 1.441.745 3.853 245.781 3.0
98.635 5.198.99 2 3.853 245.781 8.2
167,313 (424 y 778 ) 110 y 789 1,345,501 239
855 .O 26 13.517.846 - 5.161.687 27.8 I 1,022,332 13.093.068 110.789 6.507.188 30.7
m 3,757,247 - - - - -
- - -
- 1.532.342 - - 2.8
I 139
CITY OF CARLSBAD
Sewer Sub-Funds
Combining Balance Sheet
June 30, 1991
Sewer Sewer
Assets Construction Operations Total
Current assets:
Cash and investments $ 10,821,581 2,271,487 13,093,064
Receivables :
Accounts, net - 2,205 2,201 Accrued interest 188,761 44,437 233 , 191
Due from other funds - 168,184 168 , 181
Inventory - 13.233 13.23:
Total current assets 11.010.342 2.499.546 13.509,88 I
Restricted assets:
Cash and investments 6 9 661 9 148 - 6,66 1,148
Accrued interest 31.213 - 31.211
Total restricted assets 6.69 2.361 - 6.692.361
Property, plant and equipment:
Land, water rights, rights-of-way - 227,250 227,25C
Buildings and improvements - 1,670,937 1,670,937 Sewer, sewer lines and wells - 25,051,428 25,051,428
Sewage treatment facility 7,638,968 20,513,620 28,152,588
Equipment and vehicles - 440,5 28 440,528
Construction in progress 854.970 - 854.970
Total property, plant
and equipment 8,493,938 47,903,763 56,397,701
Less accumulated depreciation - (7.799. 443) (7,799,443
8,493,938 40 4 104 4 320 48 4598 q 258 Property, plant and equipment, net
Total assets $ 26.196.641 42.603.866 68.800.507_
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Sewer Sewer
Liabilities Construction Operations - T
Current 1 iab i 1 it ie s : - 14,525 - 16,482 Accounts payable $
Accrued wages payable Due to other funds - 7,497 1 Deposits payable 207.524 - 2(
To tal current liabilities 207,524 38 , 504 2
Current liabilities payable from
restricted assets - accrued 3 interest payable 351,855 -
Deferred revenue 2,070 , 778 - 290
Installment purchase agreement 12.689.800 - 12,6 1 To tal 1 iab il i t ies 15,319.95 7 38.504 15,3
Fund equity:
Contributed capital 12,534,689 21,831,086 34,3
Retained earnings:
6 - Reserved for debt service 623,850
Unreserved :
Reserved for arbitrage 185,317 - 1
993 I Undesignated (11.840.127) 20.734.276 -EL8
- Designated for approved capital projects 9,372,955
Total fund equity 10.876.684 42.565.36 2m
Total liabilities and
fund equity $ 26.196.641 42.603.866 m
I 141
CITY OF CARLSBAD
Sewer Sub-Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
For the year ended June 30, 1991
Sewer Sewer
Construction Operations Total
Operating revenues : - 2,418,748 2,418,74 - 11,420 11,42 Other charges for services
Miscellaneous 492.495 37. 141 529.63
Total operating revenues 492.495 2.467.309 2.959.80
Sewer service charges $
Operating expenses:
Plant operations - 1,662 , 623 1 , 662,62:
Depreciation and amortization 17,533 885,091 90 2 , 6 21
General and administrative - 1.012.998 1.012.991
Total operating expenses 17.533 3.560. 712 3.578.24'
Operating income (loss) 474,962 (1,093,403) (618,44:
Nonoperating revenues (expenses):
Inter e s t income 805,250 134,515 939,765
Loss on disposal of assets - (15.778) (15.778
Total nonoperating income 805.250 118.737 923.987
Net income (loss) before
sub-fund transfers 1 p 280,212 (974,666) 305,546
Sub-fund transfers (560. 487) 560. 489 -
Net income (loss) 719 , 725 (414,179 ) 305 , 546
Retained earnings (deficit)
at beginning of year (2.377.730) 21.148.455 18.770.725
Retained earnings (deficit)
at end of year $ (1.658. 005) 20.734.276 19,076.271
142
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1 INTERNAL SERVICE FUNDS
Central Garage
To account for charges to other funds to provide fleet maintena
replacement.
Data Process in 9
To account for charges to other funds for data processing services.
General Liabilitv Self-Insurance
To account for charges to other funds to insure for liability claims 1 the City.
Health Insurance
To account for charges to other funds and from employees to providc
insurance for full-time City employees.
Workers' Compensation
To account for charges to other funds to insure against Workers' ComE
claims.
1 143
CITY OF CARLSBAD
Internal Service Funds
Combining Balance Sheet
June 30, 1991
Assets Central Garanc
Current assets :
Cash and investments $ 1,304,659
Receivables:
Accounts, net 5,805
Accrued interest 25 , 216
Inventory 85. I40
Total current assets 1.420.820
Property, plant and equipment:
Equipment and vehicles 3,664 , 972
Less accumulated depreciation (1.499.36 7)
Net property, plant and equipment 2.165.605
Total assets $ 3.586.425
Liabilities and Fwd Equity
Current liabilities :
Accounts payable 57,011
Accrued wages payable 23,891 Estimated claims payable -
80.902 Total current liabilities
Fund equity:
Contributed capital - contributed from other funds 2,182,795
Retained earnings - unreserved 1.322.728
Total fund equity 3.505.523
Total liabilities and fund equity $ 3.586.425
144
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Data General Liability Health Workers ' I Process ing Self-Insurance Insurance Conmensation
475,580 2 , 321 , 289 1,321,556 1 , 367,047 6,
- 2,383 - -
8,474 41,344 23,533 23 , 993
- - - -
484.054 2,365. 016 1.345.089 1.391.040 Lr
4, - - - 932 , 624
i 190.3 73 ) - - - (1,
2,
1.226.305 2,365.016 1.345.089 1.391.040 L
- - 742.251 -
4,647 4,475 - 68 - - - 16,529 - 403.280 147.000 1,346.913 L
21.176 407.755 147.000 1.346.981 2,
4, 584 , 153 1,910,000 - -
6 20 a 976 47,261 lL2uUtm 44,052 La
1.205.129 1.957.261 1.198,089 44.059 L,
1.226.305 2.365.016 1.345.089 1.391.040 ea
I 145
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
For the year ended June 30, 1991
Central Garage
Operating revenues:
Charges for services $ 1,894,306
Miscellaneous 110.284
2.004.590 Total operating revenues
Operating expenses:
Depreciation and amortization 414,273
Fuel and supplies 447 p 265
General and administrative 805.5 74
Total operating expenses 1.667.112
Operating income (loss) 337.478
Nonoperating revenues (expenses):
Interest income 94,862
Loss on disposal of property
Claims expense -
(41.989)
Total nonoperating revenues, net 52,873
Wet income (loss) before operating transfers 390.35 1
Operating transfers in 162,598
Operating transfers out (2.598)
Net income (loss) 550,351
Retained earnings (deficit) at beginriing of year 772.377
Retained earnings at end of year $ 1.322.728
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II 31.743 172.120 95.819 88.019 4
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I (219,022) 315,412 204,100 (332 , 998) i r;
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Data General Liability Health Workers '
Processing Self-Insurance Insurance Cormensation - Ti
711,959 498 , 229 1,358,261 785 , 116 5,21
7.334 2.383 278.912 2.050 3
719.293 500,612 1.637.173 787.166 w
5 - - - - 41 - 282 , 320 1,528,892 1,208 , 183 3,o
610,900 - - - 1.4
707.258 282.320 1.5 28.892 1.208.183 5.3
12.035 218.292 108.281 (421.017) 2
37,269 172,120 95,819 88,019 4 - - L (5.526) -
- - - 96,358
6 43.778 390.412 204 . 100 (332.998 1 -
- 1 32,200 - -
(295.000) LZLQQQ) - - 13
839.99 8 (268.151) 993.9 89 377.057 ~
- 620.976 47.261 1.198.089 44.059+ &
147
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Cash Flows
For the year ended June 30, 1991
Central
Garage
Cash flows from operating activities:
Operating income (loss) $ 337,47t
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 414,27:
(Increase) decrease in receivables (17,8l! Increase in inventory (17,016
Increase (decrease) in accounts payable 8,279
Increase in accrued wages payable . 1,773 Increase (decrease) in estimated claims payable -
Net cash provided by (used in) operating activities 726.968
Cash flows from noncapital financing activities -
operating transfers of cash, net 160 .OOO
Cash flows from capital and related financing activities:
Purchases of property, plant and equipment (418,143 Proceeds from capital contributions -
Net cash provided by (used in) capital and
related financing activities (418.143
Cash flows from investing activities - interest on investments 94,862
Net increase (decrease) in cash 563,687
Cash and cash equivalents at beginning of year 740.972
Cash and cash equivalents at end of year $ 1.304.659
Supplemental schedule of noncash investing and financing
activities - capital assets contributed by other funds $ 222.104
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1 37.269 172.120 95.819 88,019 A
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Liability
Data Self - Health Workers ' Process ing Insurance Insurance ComDensation - T
12,035 218 , 292 108 , 281 (421,017) 25
96 , 358 -
(2 , 358 1 ( 20 , 86 7 ) 12,776 ( 12 , 945 1 (1
( (8,505 ) (40,417) (35,845) 68 (1
- (854.18Q) 147,000 565.171 (11
- - 51
- - - -
- - - 5,681
103.211 (697. 172) 232.212 131.277 41
(262.800 ) ( 75.000) - - (1
(6 (273,923) - - -
240 .OOO 560 .OOO - - 81
(33.923) 560.0 00 - - A
(156,243) (40 , 052) 328,031 219 , 296 9
631 .823 2.361.341 993.5 25 1.147.751 LE
475.580 2.321.289 1.321.556 1.367.047 u
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150
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I AGENCY FUNDS
I Deferred Compensation
TO account for employees' deposlts !n deferred compensation plans aff
the City. I
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Contractors' Deposits
To account for money deposited by contractors for designated
development .
Miscellaneous Deposits
To account for money deposited with the City for various items. I
I Assessment Districts
TO account for the debt service transactions on assessment district bt which the City is not obligated in any manner. I
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CITY OF CARLSBAD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
For the year ended June 30, 1991
Balance Balance
July 1, June 30,
1990 Add i t ions Deductions 1991
Deferred ComDensation:
Assets:
Deferred compensation
investments $ 2.246.473 522,104 - 2,768.57
Liabilities :
Deferred compensation
payab 1 e $ 2.246.473 522.104 - 2.768,57;
Contractors' Deposits:
Assets :
316 9 062 (425 q 000) 2 9 053 8 34;
Deposits payable $ 2.162.280 316.062 (425,ooo) m
Cash and investments $ 2,162,280
Liabilities :
Miscellaneous Deposits:
Assets :
Cash and investments $ 5,331,654 29,616,771 (29,733,057) 5,215,368 Accrued interest 1.746 4.334 (1.957) 4.123
Total assets $ 5.333. 400 29.621.105 (29.735.014) 5.219.491
Liabilities:
Accounts payable 2,182 2,717 (2,182) 2,717 Due to other funds - 173,386 - 173,386
Deposits payable 5.331.218 15.777.673 (16,065.503) 5.043.388
Total liabilities 9 5.333. 400 15.953.776 (16.067.685) 5.219.491
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1 Total assets 999. 048 4.143.787 11.466.998) 3.(
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July 1, JUI leen Additions Deductions
Assessment Districts:
Assets :
Cash and investments $ 979,987 4,131,613 (1,447,937) 3,(
Accrued interest 19,061 12.174 (19.061) -
Liabilities:
Assessments payable $ 999. 048 4.050.940 (1.374.151) a
Totals - All Agency Funds:
Assets:
Cash and investments $ 8,473,921 34,064,446 (31,605,994) 10,
Deferred compensation
2,
Accrued interest 20.807 16.508 (21.018) -
Total assets 10.741.201 34,603,058 (31,627.012) &
inves trnents 2 , 246,473 522,104 -
Liabilities:
Accounts payable 2,182 2,717 (2,182) Due to other funds - 173,386 -
Assessments payab le 999,048 4,050,940 (1,374,151) 3,
Deposits payable 7,493,498 16,093 , 735 (16,490,503) 7,
Deferred compensation payable 2.246.473 522.104 - 2.
Total liabilities $ 10.741.201 20.842.882 (17.866.8361 13.
153
General Fixed Assets Account GrouD
General fixed assets are those fixed assets used in operations accounted fo
in governmental funds. General fixed assets include all fixed assets no
accounted for in an enterprise, internal service, or trust and agency fund.
154
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Function
June 30, 1991
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Culture
General and Public Public
Works - T Government Recreation Safe tv
Land $ 3,042,035 16,843,211 2,150,407 1,343,073 23,:
Buildings 1,735,669 9,747,898 14,955,761 - 26,L
Improvements 381,428 1,297,732 303 , 189 359,010 2,:
Furniture and
equipment 2,070,418 1,052,931 1,767,338 255,530 5,l
Construction
in progress 113.246 4.281.966 - - 4.3
Total $ 7.342.796 33.223.738 19.176.695 1.957.613 u
I 155
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Source
June 30, 1991
As of June 30, 1986
Net additions subsequent to June 30, 1986: General fund 13,873,71
Community development block grants 1,941,9(
Other federal grants 460,s'
State grants 460,3
Park development 6,002,41
Re deve 1 o pmen t 2.481.3
$ 61.700.8
$ 29,136,s
Street lighting 896
Public facilities 9,335,3
Total investments in general fixed assets
156
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I 157
Annual Debt Service Reauirement
The following schedules present principal and interest debt servicc
requirements for the City's debt.
158
CITY OF CARLSBAD
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I Annual Debt Service Requirements
1962 SERIES B. GENERAL OBLIGATION. SEWER BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
Year Julv 1 Januarv 1 Interest July 1 Debt 5
100.000 - 10' 1.800 - 1991-92 $ 1.800 -
1962 SERIES C. GENERAL OBLIGATION, SEWER BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
Debt 1
21
Year Julv 1 January 1 Interest Julv 1.
199 1-9 2 $* - u 25.000 - -
1966 LIBRARY GENERAL OBLIGATION BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
Year Julv 1 Januarv 1 Interest Januarv 1 Debt
2 1991-9 2 $252 - 562 1,124 25.000 -
1967 CARLSBAD BUILDING AUTHORITY REVENUE BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
x!2!3x December 15 June 15 Interest December 15 Debt
1991-92 $ 1,950 1,050 3,000 30,000
1992-93 1.050 - 1.050 35 .OOO
4 3.000 1.050 4,050 65.000 j
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1969 C ARLSBAD PARKING AUTHORITY REVENUE BONDS
Fiscal Interest Due Interest Due Total Principal Due Total Annu
Debt Semi
1991-92 $ 17,600 14,400 32,000 100,000 132,000
1992-93 14,400 If, 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.ooo - 4.ooo 125,000
$ 52.206 37.600 92,8qp 550.000 642.800
October 1 Year October 1 ADrif 1 In t eres t
1981 CARLSBAD PARKING AUTHORITY REVENUE BONDS
Fiscal Interest Due Interest Due Total Principal Due Total Annul Year Auaus t 1 Februarv 1 Interest Februarv 1 Debt Servic
1991-92 $ 43,000 43 , 000 86 9 000 75 9 000 161,000
1992-93 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
1995-96 29,000 29 , 000 58 , 000 100 , 000 158 , 000
1996-97 25 9 000 25,000 50,000 100 , 000 150 , 000
1997-98 21 , 000 21 , 000 42,000 125,000 167,000
1998-99 16,000 16,000 32 , 000 125,000 157,000 19 9 9-00 11,000 lI,OOO 22 , 000 125 , 000 147,000
2000-01 6,ooo g.Oo0 12.000 150 .OOO 162.000
$ 261.000 261 .OOO 322.000 1.075.000 1.597.000
160 (Con-t inued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
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I To tal $ 5,748.496 5.748.496 11,496.99 2 11.745.000 u
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1988 CARLSBAD HOUSING AND REDEVELOPMENT
COMMISSION TAX ALLOCATION BONDS
Fiscal Interest Due Interest Due Total Principal Due Tot2
Year October 1 ADril 1 In teres t April 1 Debt
1991-92 $ 431,664 431,664 863,328 270 , 000 191
1992-93 423 , 969 423 , 969 847,938 290 , 000 191
1993-94 415,414 415,414 830,828 305 , 000 191
1994-95 406,111 406,111 812,222 330 , 000 131
1995-96 395 , 799 395 9 799 791,598 355,000 131
1996-97 384 , 261 384,261 768,522 380,000 191
1997-98 371,531 371,531 743,062 405,000 I,]
1998-99 357,559 357,559 715 , 118 440,000 1,1
1999-00 342,159 342 , 159 684,318 475 , 000 1,1
2000-01 325,296 325,296 650,592 510,000 1,1
200 1-0 2 306 , 681 306 , 681 613,362 S50,OOO 1,1
200 2-0 3 286,332 286,332 572,664 595,000 191
2003-04 263,870 263,870 527 , 740 640,000 1,1
2004-05 239,550 239,550 479 , 100 690,000 I,]
2005-06 213,330 213,330 426,660 750 , 000 191
2006-07 184 9 830 184,830 369,660 810,000 191
2007-08 154,050 154,050 308,100 875,000 1,'1
2008-09 119,925 119 , 925 239,850 945,000 1,1 2009-10 83,070 83,070 166,140 1,025,000 I¶] 2010-11 43.095 43.095 86.190 1.105 .OOO u
CITY OF CARLSBAD
Annual Debt Service Requirements , Continued
1988 C ERTIFICATES OF PARTICIPATION
Fiscal Interest Due Interest Due Total Principal Due Total Annus
XeaZ Augus t 1 February P Interest August 1 Debt Servic
1991-92 $ 314,311 307,124 621,435 250,000 871,435
1992-93 307 , 124 299,324 606,448 260 , 000 866,448
1993-94 299 , 324 290 , 730 590 , 054 275 , 000 865,054
1994-95 290,730 281 , 143 571,873 295,000 866,873
1995-96 281 , 143 270,590 551 , 733 315 , 000 866 , 733
1996-97 270,590 259,205 529,795 330,000 859,795
246 9 780 505 , 985 355 , 000 860 , 985 199 7-98 259,205
1998-99 246 , 780 233 9 100 479 , 880 380,000 859,880
1999-00 233 , 100 217,930 451,030 410,000 861,030
2000-01 217,930 201,400 419,330 435,000 854,330
2QO 1-0 2 201,400 182,600 384 , 000 470 , 000 854 , 000
200 2-0 3 182,600 162,200 344 , 800 510 9 000 854,800
2003-04 162,200 140 , 000 302 s 200 555,000 857 , 200
2004-05 140,000 116,000 256,000 600,000 856,000
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 s 600 815 .OOO 851 + 600
To tal $ 3.712.037 3.397.726 7.109.763 8.340 .OOO 15.449,763
162 (Con t hued
CITY OF CARLSBAD
Annual Debt Service Requirements , Continued
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COLLEGE BOULEVARD ASSESSMENT DISTRICT BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
Year September 2 March 2 Interest September 2 Debt
1991-92 $ 343,040 332,390 675,430 300,000 97
19 9 2-9 3 332,390 320 , 790 653,180 320 , 000 9; 1993-94 320 , 790 308 , 025 628,815 345 , 000 91
1994-95 308,025 294 , 150 602,175 370,000 9;
1995-96 294 , 150 279 , 140 573,290 395,000 96
1996-9 7 279,140 262,778 541 , 918 425 , 000 9E
19 9 7-98 262,77% 244 , 952 507 , 730 460 , 000 96
1998-99 244,952 225 , 648 470 , 600 495 , 000 96
1999-00 225,648 204 , 712 430 , 360 530,000 9E
2000-01 204,712 182 , 000 386 , 712 5 75 , 000 9t
200 1-0 2 182,000 157,200 339 , 200 6 20 , 000 95
2002-03 15 7,200 130,400 287,600 670,000 9:
2003-04 130,400 101 , 400 231,800 7 25 ,000 9:
2004-05 101,400 70 , 200 171,600 780,000 9:
2005-06 70,200 36,400 106 , 600 845 , 000 9'
2006-07 36.400 - 36.400 910.000 gr
To tal $ 3.493.225 3.150.185 6,643,410 8.765.ooo 15.4(
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
ENCINA FINANCING JOINT POWERS AUTHORITY INSTALLMENT PURCHASE AGREEMENT
Interest Interest Principal Sinking Fund
Fiscal Payment Due Payment Due Payment Due Payment Due Total Annu
Year Auaust 1 Februarv 1 August 1 August 1 Debt Semi
1991-92 $ 422,226 422 , 226 - - 844 , 45
19 92-93 422,226 422,226 - - 844,45
1 , 110 , 701 1993-94 418,038 418,038 274,630
1994-95 409,358 409,358 289,782
1995-96 400 y 004 400,004 308 , 722 - 1 , 108,731
1996-97 389,940 389 , 940 327,662 - 1,107,54
1997-98 379 , 162 379,162 348 , 496 - 1,106,821
1998-99 367,601 367,601 371 , 224 - 1,106,421
1999-00 355,182 355 , 182 395,846 - 1 , 106 ,211
2000-01 341,864 341 9 864 420,468 - 1 , 104,191
2001-02 327,573 327,573 448,878 - 1,104,021
280 2-0 3 312,231 312,231 477 9 288 - 1 , 101 , 751
2004-05 277,886 277,886 - 543,578 1,099,351
2005-06 258,549 258,549 - 581,458 1,098,55r
2006-07 237,878 237,878 - 621 , 232 1,096,98:
200 7-08 215,775 215 9 775 - 664,794 1,096,344
2008-09 192,141 192,141 - 710 , 250 1,094,53
2009-10 166,912 166 , 912 - 75 7 e 600 1,091,421
810,632 1,090,54t 20%0-fl 139,958 139,958 -
865 , 558 1,087,856 2011-1 2 111,149 111,149 -
2012-13 81,222 81 y 222 - 926 , 166 1,088,61C
2013-14 50,136 50 , 136 - 986,774 1,087,04f
2014-15 34.103 - - 1,049.276 1.083.375
Total $ 6.606.877 6.572.774 4.172.482 8.517.318 25.869.451
-
- 1,108,491
2003-04 295 , 763 295 9 763 509 9 486 - 1,101,01
164 (Cont hued
CITY OF CARLSBAD
Annual Debt Service Requirements , Continued
IC
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1988 C ARLSEAD MUNICIPAL WATER DISTRICT CERTIFICATES OF PARTICIPATIO,
Interest Interest Principal To
Fiscal Payment Due Payment Due Total Payment Due Anr
Year November 1 Mav 1 Interest May 1 Debt t
1991-92 $ 441,264 421 , 269 862 , 533 645,000 1,5c
199 2-93 421,268 399 , 349 820 , 617 685,000 1,5(
1993-94 399,348 375,624 774,972 730,000 1,5f
1994-95 375,623 350,049 725,672 775 , 000 1,51
1995-96 350,049 322,411 672,460 825,000 1,4'
1996-97 322,411 292 , 491 614,902 880,000 1,4
1997-98 292,491 260,061 552,552 940 , 000 1,4
1998-99 260,061 224 , 886 484,947 1,005,000 1,4
1999-00 224,886 186 , 724 411,610 1,075,000 134
2000-01 186 , 724 145 , 144 331,868 1,155,000 1,4
2001-02 145 , 144 100 , 375 245,519 1,235,000 1,4
2002-03 100,375 52,013 152,388 1 , 325,000 1,4
2003-04 52.014 - 52.014 1.425,OOO 1 .L
Total $ 3.571.658 3.130.396 6.702.054 u
I CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 4 BONDS
Fiscal Interest Due Interest Due Total Principal Due Total
Year Julv 1 Januarv 1 Interest Julv 1 Debt
1.400 40.000 4 1991-92 $700 Lez! =
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Statjstjcal Section
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I 167
CITY OF CARLSBAD
General Expenditures by Function
Last Ten Fiscal Years
Fiscal General Publ i c Publ i c Culture/ Capital Debt
k4.K Total (1) Government Safety Works We1 fare Recreat ion Proiects Servi c
1981-82 $ 18,623,122 2,852,858 4,888,849 2,501,925 650,202 2,303,143 4,996,323 429,82;
1982-83 15,463,426 2,272,174 5,285,609 2,935,279 727,155 2,573,014 1,233,048 437,147
1983-84 16,723,893 2,551,209 5,813,451 3,408,568 825,236 2,764,121 1,033,261 358,047
1984-85 22,279,729 3,008,056 7,020,105 2,974,480 860,556 3,278,290 4,619,242 519,000
1985-86 36,206,852 4,124,793 7,851,268 6,412,310 1,052,394 3,710,505 12,333,087 722,495
1986-87 49,443,365 5,645,325 9,452,556 4,601,389 1,321,504 4,530,701 23,032,108 859,782
1987-88 41,960,153 5,988,144 10,102,111 5,375,688 1,584,897 5,358,475 11,216,835 2,334,003
1988-89 55,745,009 7,139,089 11,728,140 6,336,093 1,614,015 5,808,094 19,786,724 3,332,854
1989-90 53,133,603 7,920,471 13,836,529 7,402,476 1,808,058 7,413,870 11,104,390 3,647,809
1990-91 72,999,324 10,437,609 16,108,745 6,519,035 2,077,563 7,183,567 26,665,164 4,007,641
(1) Includes General, Special Revenue, Debt Service and Capital Rrojects Funds.
GENERAL EXPENDITURES BY FUNCTION
1990-91
GENERAL GOVERNMENT 14%
$1 0.4
DEBT SERVICE 5% PUBLIC SAFETY 22%
$4
PUBLIC WORKS 9%
CAPITAL PROJECTS 37
$26.7
ULTURE/RECREAfION 9 0%
$7.2
VALUES ARE IN MILLIONS
Source: City of Carlsbad Comprehensive Annual Financial Reports.
168
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TOTAL EXPENDITURES
LAST TEN YEARS
Y MILLIONS OF DOLLARS
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
FISCAL YEAR
INCLUDES GENERAL, SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
SPENDING ON CAPITAL PROJECTS
LAST TEN YEARS
MILLIONS OF DOLLARS
30
25
15
10
0
1982 9 983 1984 1985 1986 1987 4 988 1989 1990 1991
FISCAL YEAR
I 169
CITY OF CARLSBAD
General Revenues by Source
Last Ten Fiscal Years
Trans i en t Fiscal Property Sales Occupancy Other Bus Li c
1981-82 $ 16,543,575 4,193,938 3,941, I52 734,344 901,814 258
1982-83 18,314,250 4,449,196 3,974,732 797,526 1,511,333 279
1983-84 23,870,285 4,848,041 4,891,379 1,007,268 1 ,969,434 351 I
Year Total (1) Taxes Taxes Taxes Taxes -
1984-85 31,272,744 5,243,124 5,726,373 1,041,947 2,084,724 428
1985-86 37,078,236 6,769,473 6,222,008 1,157,794 1,807,457 47 1
1986-87 45,626,319 8,516,463 6,487,37 1 1 ,729,998 1,987,299 517
1987-88 42,944,962 9,870,495 7,128,461 1 ,995,447 3,217,888 616
1988-89 54,565,025 11,997,603 8,186,215 2,752,025 2,663,619 696
1989-90 57,970,453 13 s 663,487 9,342,077 3,630,662 3,129,186 79 1
1990-9 1 77,371,107 14,767,693 9,426,111 3,310,043 2,931,058 832,
( 1 ) Includes General , Speci a1 Revenue, Debt Servi ce and Capi tal Projects Funds.
GENERAL REVENUE
LAST TEN YEARS
PROPERTY TAX AND SALES TAX REVEN
___ LAST TEN YEARS
MILLIONS OF DOLLARS MILLIONS OF DOLLARS
100 16
14 . . . . . . . . - .- - .. . .. . - - .
- . . .. - - . .____ __ - - . . . -.. - .. .. . . . . BO 12
.- __ . . . . - - - - - . .- ._ . - - . . 10
e
6
4
- . - -. ..-. - - _- __ .--. __ .--.- -. ...__-. - .. _._. .. 60
. - . .- . . _-_--._. ~ 40
2
0
20
FISCAL YEAR 0 1902 1983 1984 1985 1986 1907 1908 1989 1990 1991
FISCAL YEAR =PROPERTY TAX SALES TAX
Source: City of Carlsbad Comprehensive Annual Financial Reports.
170
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Contributions Other Intergov- Charges for Fines and From Property Licenses ernmental Services Forfeits Interest Owners
- 537,476 1,875,243 1,969,808 260,498 1,794,676
491,267 2,551 ,262 2,451,708 231,086 1,396,896 -
2,099,942 1,777,587 4,747,951 256,47 1 1 ,542,092 -
3,042,110 2,060,542 8,541,600 345,750 2,638,536 -
3,525,394 2,924,892 9,814,416 288,055 2,857,221 -
3,830,931 5,608,869 12,678,062 366,597 2,944,741 -
3,521,242 2,506,690 a, 770,867 435,649 3,422,839 175,593
3,858,173 2,876,536 7,722,568 478,830 5,644,873 4,529,710
402,292 4,058,540 3,267,054 10,728,326 51 1,890 6,002,986
3,550,013 5,405,074 10,701,989 51 5,746 5,737,513 16,515,962
.L
I TRANSIENT OCCUPANCY TAX CHARGES FOR SERVIC
LAST TEN YEARS LAST TEN YEARS
MILLIONS OF DOLLARS MILLIONS OF DOLLARS
. __ ______ -. -~-- 4
I
3
a2
n
1
0
1982 1983 198419851986198719881989 19901991 1982 1983 1984 1985 1986 1987 1988 1989 19
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FISCAL YEAR FISCAL YEAR
6 171
CITY OF CARLSBAD
Ratio of General Bonded Debt to Assessed Valuation
and Net Bonded Debt Per Capita
Last Ten. Fiscal Years
Percent of Per
Fiscal Net Assessed Outs t and in g To tal Capita
Year Valuation (1) Principal (2) Valuation Debt Population !
1981-82 $ 1,687,082,037 1 , 145,000 0.06 32 36 , 172
1982-83 2,015,289,869 1,030,000 0.05 26 39,037
1983-84 2,194,598,447 915,000 0.04 23 40,665
1984-85 2,495,887,152 900,000 0.03 20 44,566
1985-86 2,894,233,860 785 9 000 0.03 16 48,872
1986-87 3,458,390,377 670,000 0.02 12 55 , 282
1987-88 3,939,249,294 550,000 0.01 9 58,888
1988-89 4,203,469,146 420 , 000 0.01 7 62,030
1989~90 4,850,671,236 285 , 000 0.01 4 63 , 451
1990-91 5,474,063,206 I50 , 000 - 2 64 , 264
(1) Net assessed value is stated at 100% of market value. Data from County
.
San Diego Office of the Auditor and Controller.
(2) Library and sewer general obligation bonds per the City of Carlst:
Comprehensive Annual Financial Reports.
(3) Population as of January 1 of each year per the State Department Finance *
RATIO OF OUTSTANDING GENERAL BONDED DEBT
TO POPULATION
PER CAPITA DEBT IN DOLLARS
$35
$30 -
$25 -
$20 -
$15 -
$10 -
$5 -
$0 I I I I I I I
1
I
1982 1983 1984 1985 1986 1987 1988 1909 1990 1991
FISCAL YEAR
172
CITY OF CARLSBAD
Computation of Legal Debt Margin
June 30, 1991
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25% of net assessed valuation (1) $ 1,368.51
Debt limit (15% of net assessed valuation as adjusted)
Amount of debt applicable to debt limit:
205 27
Bonded deb t ( 2) 22 , 31
Certificates of participation 8,31
Obligations under capital leases 1.1:
Total amount of debt applicable to debt limit 31.8t
Legal debt margin $ 173.4:
Percent of debt limit
(1) Beginning January 1, 1987, a change in state law required the
Assessor to assess all taxable property at 100% of full va
opposed to the prior practice of assessing property at 25% c
value. To be consistent with previous years, the assessed valuati
for this computation is at 25% of full value.
(2) Total bonded debt:
Library and Sewer $ 1
Parking and Building Authorities 136 College Boulevard Assessment District 837
Total bonded debt $ 22.2
Tax Allocation Bonds 11.7
I 173
CITY OF CARLSBAD
Schedule of Direct and Overlapping Bonded Debt
June 30, 1991
1990-91 Total Assessed Valuation: $5,563,445,973 (after deducting $136,692,9
redevelopment tax allocation increment)
Debt
1991 x June 30
Direct and Overlapoing Bonded Debt: App 1 icab 1 e
San Diego County Building Authorities 4.805 % $ 16,325,13
San Diego County Water Authority 4.981 1,054,47
Metropolitan Water District 0.802 5 , 614,16
Carlsbad Unified School District 97.227 163,191
CarPsbad Unified School District Authority 97.203 12,6 75,27'
Carlsbad Unified School District Community
Facilities District $1 100.000 12,175,00(
San Marcos Unified School District and
Certificates of Participation 24.228 . 1,978,361
San Bieguito Union High School District 8.411 151,391
Encinitas Union School District and Authority 24.691 251,841
Mira Costa Community College District Authority 25.407 727,91:
Other School Districts Various 38L
Tri-City Hospital District 32.562 5 22,6 2C
Palomar Pomerado Hospital District & Authority 0.771 99,652
Eeucadia County Water District and I.D. /#I 51.601 - 1.830 180,585
Carlsbad Municipal Water District
ValPecitos Water District and I,B,'s bl, 2 & 6 121,351
Carlsbad Municipal Water District, I.D. f4 99.934 39,974
6,853 - 10.793
Certificates of Participation 100.000 12,700 ,OOC
OPivenhain Municipal Water District, I.D. 111 31.735 304,656
City of Carlsbad 100.000 150,000
City of Carlsbad Building Authorities 100.000 10,030,000
City of Carlsbad 1915 Act Bonds 100.000 33,331,248
$ 108.597.226 Total direct and overlapping bonded debt
(1) Excludes and revenue anticipation notes and tax allocation bonds.
(2) Includes City of Carlsbad Building and Parking Authorities and the P
Improvement Corporation.
Ratios to Assessed Valuation:
Direct Debt ($10,180,000) 0.18%
Total Debt 1.95%
Share of Authorized and Unsold General Obligation Bonds:
Metropolitan Water District - . . . a a . * . . . . . . . $398,000
Carlsbad Municipal Water District, 1.D- #l . . . . . . . . $ 98,801
Carlsbad Municipal Water District, I.D. #3 o . . . . m . . $200,000
$199,539 State School Building Aid ReDavable as of June 30. 1991:
Source: California Municipal Statistics, Inc.
174
CITY OF CARLSBAD
Ratio of Annual Debt Service for
General Bonded Debt to Total Governmental Expenditures
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I Last Ten Fiscal Years
Ratic
Total To tal Ser
Fiscal Debt Government a1 Gove Year Principal Interest (4) S ervice (1) Expenditures (2) Expen
1981-82 $ 100,000 49,160 149,160 18,623,122
1982-8 3 115,000 42,797 157,797 15,463,426
1983-84 15,000 (3) 38,022 53,022 16,723,893
1984-85 115,000 33 9 723 148,723 22,297,729
1985-86 115,000 29 9 727 144 , 727 36,206,852
1986-87 115,000 27 , 505 142,505 49,443,365
1987-88 120,000 23,179 143,179 41,960,153
1988-89 130,000 18,556 148,556 55,745,009
1989-90 135,000 13,728- 148 j 728 53 3 133 3 603 I 1990-91 135 , 000 8,652 143,652 72,999,324
(1) Debt service requirement on General Obligation Bonds comprised of 1
Bonds Series B and C and 1966 Library Bonds. Excludes debt servic
Assessment District and the Building and Parking Authorities. I (2) Includes General, Special Revenue, Debt Service and Capital Projects
(3) In 1983-84, the City began recording principal payments in the
become payable. The general obligation principal payments for t
Sewer Bonds are due July 1 and had previously been recorded as pa
City on June 30 each year.
(4) Includes interest in the fiscal year that it becomes due.
RATIO OF DEBT SERVICE TO GENERAL E EXPENDITURES
RATIO IN %
0.2% 1 i
0.0% '
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
FISCAL YEAR
Source: City of Carlsbad Comprehensive Annual Financial Reports * I 175
CITY OF CARLSBAD
Revenue Bond Coverage
Water Bonds
Last Ten Fiscal Years
(4) Net Revenue
(3) Direct Available
Fiscal Gross Operating for Debt Debt Service Requirements
Year Revenue Expenses Service Princiual Interest Total Coverage
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 649492 179,492 (6 )
1983-84 1,672,564 1,557,173 115,391 - (1) 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
1988-89 19760,102 1,195,822 564,280 157,000 21,211 178,211 317
1989-90 2,001,832 1,413,542 586,290 160,000 12,718 172,718 339
1990-91 2,258,232 1,489,462 768,770 165,000(2) 4,259 169,259 454
(1) In 1983-1984 the City began recording principal payments for the Water
Revenue Bonds in the year they became payable. In prior years principal
payments had been recorded as paid on June 30 of each year rather than
July P of the following year.
(2) All Water Revenue Bonds were paid in full on July 1, 1990.
(3) Includes operating and non-operating revenues.
(4) Total operating expenses including depreciation and amortization.
Source: City of Carlsbad Comprehensive Annual Financial Reports.
176
CITY OF CARLSBAD
Demographic Statistics
Last Ten Fiscal Years
City
Population Populat
Square Percent County Percer
Year Miles Population (1 1 Change Population (2) of cow
1982 29.8 36,172 1.6 1,924,700 1.9
1983 32.0 39,037 7.9 1,986,035 2.0
1984 32.0 40,665 4-2 2,041,362 2.8
1985 35.6 44,566 9.6 2,083,359 2.1
1986 36.0 48,872 9.7 2,166,169 2.3
1987 39.7 55 , 282 13.1 2,240,659 2.5 1988 39.7 58, $88 6.5 2,327,657 2.5
1990 42.2 . 63,451 2.3 2 , 509 , 914 2.5
1995 (Estimate) 77,310 (3) (4 1
2000 (Estimate) 84,954 (3) (4)
2010 (Estimate) 100,826 (3) (4)
1989 39.7 62,030 5.3 2,428 , 176 2.6
1991 42.2 64 , 264 1.3 2,548 , 728 2.5
(1) Source - State Department of Finance.
(2) Source - County Data Base, San Diego County. (3) Population for City General Plan area - San Diego Association
(4)
Governments Series VI1 population forecast.
County future population estimate not available.
P 0 P U LAT I 0 N
LAST TEN YEARS
IN THOUSANDS
70
60
50
40
30
20
10
0 ~ ~ i ~~
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
FISCAL YEAR
POPULATION AS OF JANUARY 1
PER STATE DEPARTMENT OF FINANCE
178
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I 179
CITY OF CARLSBAD
Schedule of Assessed Valuation
Last Ten Fiscal Years
Less
Fiscal Secured Un s e cur e d Propert
Year Prover tp Propertv hemp t ic
1981-82 $ 1,700,974,823 43,077 , 175 8,210,;
1983-84 2,195,611,840 57,309,394 8 , 401,5
1984-85 2,487 9 497,173 75,231,054 14,605,6
1985-86 2,893,268,927 7 7,5 24 , 350 18,616 , 2
1986-87 3,456,419,183 80,781,420 19 9 248 , 8
198 9-88 3,937,879,614 98,879,688 21,859,6
1988-89 4,197,767,148 109,633,027 20 , 083,6
1989-90 4,813,718,827 147,696,674 23,581,6
1990-91 5,406,790,697 182,042,779 25,387,5
1982-83 2,027,411,290 50 9 6049897 13,841,(
NET TAXABLE VALUE
LAST TEN YEARS
BILLIONS OF DOLLARS
6
5
4
3
2
1
0
.......................................................
.........................................
............................
1982198319841985198619871988198919901991
FISCAL YEAR
Source: County of San Diego Office of the Auditor and Controller.
180
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Total Net
Assessed Homeowner's Assesst 1 Valuation Exem t ions Valuati
1,735,841,237 48,759,200 1 , 687 , 082
2,064,175,109 48 , 885 , 200 2,015,289
2,244,519,647 49,921,200 2 , 194 , 598
2,548,122,552 52 e 235,400 2 , 495 , 887
2,952,177,060 57,943,200 2 , 894 , 233
3,517,951,761 65,492,000 3 , 452,459
4,014,899,694 75,650,400 3 3 939 , 249
4 , 287,316,546 83,847,400 4,203,469,
4,937,833,836 87,162,600 4,850,671,
5,563,445,973 89,382,767 5,474,063,
1 181
CITY OF CARLSBAD
Construction and Business Activity
Last Ten Fiscal Years
Bui Id ing Business
License Fiscal Permit Per cen t Pe r cen t
Year Revenue Change Val ua t ion Revenue Change
Es t ima t ed
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
1983-84 1,068,876 118.1 198 , 520 , 304 351,875 25.7
1984-85 1,055 , 738 (182) 213,403,469 428,546 21.8
1985-86 1,397,129 32.3 263,548,719 471,470 10.0
1986-87 1 , 230 , 100 (12.0) 245,661,491 517 , 972 9.9
1987-88 671,779 (45.4) 127,831,606 616,278 19.0
1988-89 674,814 .5 111,898,109 696 , 706 13.1
1989-90 1,029,750 52.6 169,746,343 791 , 715 13.6
1990-91 857,717 (16.7) 16 3 , 340 , 46 2 832,432 5.1
ESTIMATED BUILDING VALUATION
LAST TEN YEARS
MILLIONS OF DOLLARS
300
250
280
150
100
50
0
1982 1983 1984 1985 1986 1 987 1988 1989 1990 1991
FISCAL YEAR
INCLUDES GENERAL, SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
Source: City of Carlsbad Comprehensive Annual Financial Reports.
182
CITY OF CARLSBAD
Property Tax Levies and Collections
Last Ten Fiscal Years
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1
a Total Total A
Fiscal Current Current 1
Year (11 Levv (1) Collections (2) w
1981-82 -$ 4,491,805 4 , 325 , 152 9f
1982-83 5,082,021 5,017,599 9t 1983-84 5,605,774 5,491 , 980 9;
1984-85 6,051,971 5,984,957 9f
1986-87 896449209 9 9502,177 10'
1987-88 9,922,196 10,797,171 lot
1988-8 9 12,251,188 12,581,954 10:
1989-90 14,050,829 14,920,156 lo( 1990-91 15,745,931 15,936,779 10:
1985-86 7 9013 9691 7 9 201 9032 10:
I
I (1) Opening charges. Does not include Supplemental Assessments.
(2) Collections include prior years' delinquencies.
TOTAL TAX LEVY
LAST TEN YEARS I
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I
MILLIONS OF DOLLARS
. 18
16
14
12
10
8
6
4
2
0 I 1 1
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
FISCAL YEAR
m
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I 183
CITY OF CARLSBAD
Special Assessment Billings and Collections
College Boulevard Assessment District
Last Five Fiscal Years
Fiscal Special Assessment Special Assessmeni Year Bi 11 ine;S 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 985,680 985,670
1991 986.080 760.329
$ 4.944.956 4.715.772
Note: There were no special assessment billings for the College Boulevai
Assessment District prior to the fiscal year ended June 30, 1987.
Source: County of San Diego Office of the Auditor and Controller.
I84
CITY OF CARLSBAD
Principal Employers
1990-1991
I
0
Firm Product/Service Emc
Manuf acturinq:
Hughes Aircraft Electronic Components
Upper Deck Entertainment Cards
Puritan-Bennett Corporation Medical Equipment
Taylor Made Golf Co., Inc. Golf Equipment
Bluebird Systems Computer Systems
Callaway Golf Golf Equipment
Smith & Nephew DonJoy, Inc. Orthopedic Braces
Beckman Instruments Medical Diagnostic Reagent
International Totalizer System Off-track Betting Systems
Linear Corporation Wireless Security Systems
South Coast Materials Co. Asphalt Supplies
Sierracin-Magedyne, Inc . Electronic Motors
Melles Griot Laser Products Gas Lasers
Stillman Seal Industries Industrial Seas
Eaton-Leonard Corporation Vending Machines
J.C. Schumacher and Co. Distributor of Chemicals
Creative Nail Design Artificial Fingernail Products
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' Dyna Corporation Medical Products and Printing Co.
Non-Manuf ac turing:
La Costa Hotel & Spa Hotel & Health Spa I
Plaza Camino Real Shopping Mall (5 major Dept. Stores) I
McMahan Furniture Furni tur e
Carlsbad Unified School District Education
Car Country Carlsbad Car Dealerships
City of Carlsbad Municipal Government
Farmer's Insurance - Regional Insurance
San Diego Gas & Electric Utility Company
Daniel's Cablevision Cable TV Service
Best Western Andersen's Inn Hotel/Restaurant
Coast Waste Management Trash Service
Jazzercise Dance Fitness
Source: City of Carlsbad Chamber of Commerce. I 185
CITY OF CARLSBAD
Principal Taxpayers
1990-1991
Percentage
Total Net
Asses sed
TaxDaver TgDe of Business Valuation Valuation(]
San Diego Gas & Electric Power Generation $ 350,333,000 6.40% La Costa Hotel & Spa Hotel & Health Spa 203,547,081 3.72%
Fieldstone/Ea Costa Assoc. Land Developer 170,972,380 3.12%
Hughes Aircraft Manufacturer 100,970,330 1.85%
Lyon/Copley Carlsbad Assoc. Land Developer 72,896 , 986 1.33%
Upland Industries Corp. Land Developer 47,801,262 .87%
Continental Homes, Inc. Land Developer 34,138,002 .62%
Pacific Rh Land Associates Land Developer 50,866,972 .93%
Plaza Camino Real Shopping Center 29,409,685 .54%
Plaza de Ea Costa Associates Shopping Center 25.754.869 .47%
$ 1,086.690.567 19.85%
a
(1) Net assessed valuation for 1990-1991 - $5,474,063,206
Source: County of San Diego Office of the Auditor and Controller.
186
CITY OF CARLSBAD
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I Miscellaneous Statistical Information
Date of Incorporation Type of City General Law
Form of Government Council/Manager
Area 42.19 square miles
Population 64,264
Number of street lights 4,436
July 16, 1952
1 Miles of streets 238
Fire Protection: Number of stations 6
Number of firefighters and officers 72
Police Protection: Number of stations 1
Nwnber of sworn police officers 82
Municipal Water District: Number of customers 17,000
Average daily consumption Miles of lines and mains 300
12.8 million gallons
103.74 Miles of sewers
Recreation and Culture:
Number of parks (improved and unimproved)
Area of parks 326.88 acres
36
Number of pools 1
Number of libraries 2
200,481
48 2
Number of volumes
Total number of City employees
I ’ 187
U bl 0 a a, bl
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a,
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ri
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6 a 6
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GIWWF GAHLaUAU - AUtNwUILL J+*
AB#- TITLE: DEPT.
MTG. 7/23/91 YEAR-END FINANCIAL REPORT CITY A
DEPT. FIN CI'PY L
RECOMMENDED ACTION:
No action required.
ITEM EXPLANATION:
In December, 1990 and May, 1991, the City Council was briefed on the fiscal
condition of the City. This report is a preliminary year-end report of General
Fund revenues and expenditures for fiscal year 1990-91. The fina
comprehensive annual financial report will be available after the completion oj
the KPMG Peat Marwick audit.
General Fund revenues continued to decline below those projected in April, 1991
Property taxes are expected to total $12.7 million, a reduction of $700,000 frorr
the April estimate. The reduction reflects the continued slow pace in propeq
turnover and the decreased supplemental property tax. Development relatec
revenues are generally below the April estimate and reflect slow constructior
markets, tight credit and future uncertainty in the housing industry. Sales tar
revenues are estimated for 1990-91 at $9.4 million, unchanged from the Apri
projection. Both Gas Tax and Transient Occupancy Tax revenues are UI
$100,000 over the April projection. Year-end General Fund revenues art
estimated to total $41.15 million, down $545,000 from the April estimate.
The City of Carlsbad adapted to the recession and corresponding declininj
revenues by decreasing expenditures for this fiscal year. In order to insure tha
the City would end the year balanced, several actions were taken. An informa
hold was put on all but the most necessary hiring until year end. Budge
transfers for new programs or equipment were held to a minimum. Somc
projects, programs and capital equipment purchases were deferred. General Fun(
expenditures for 1990-91 are expected to total $39.5 million, a reduction of $2.:
million from the April projection.
The net result is an anticipated increase in the General Fund balance of $1.6:
million. These funds will allow the City to enter the uncharted waters of fisca
year 1991-92 with a small financial cushion. The uncertainty of the econom:
and the state budget crisis are factors that will be monitored as Carlsbac
navigates into the future.
EXHIBITS:
1. Memo to City Manager dated July 12, 1991 outlining the City's year-enc
financial condition.
v
July 12, 1991
TO: CITY WAGER
FROM: Financial Management Director
YEAR-END FINANCIAL REPORT
The last fiscal report submitted to the Council in May, 1991, was based on informatio
available through April, 1991. The conclusion of fiscal year 1990-91 prompted a year-en
review of the City's fiscal status and the review indicates that Carlsbad survived th
nationwide economic downturn in good stead.
downward course, however, year-end expenditures also mirrored this trend. With th
inclusion of gas tax revenues, anticipated 1990-91 revenues should exceed expenditures b
over $1.6 million. The task of recording year-end accruals will not be complete until mi
August, so several revenue figures reported are estimates.
General Fund revenues for 1990-91 fell below the April projections and are now expecte
end the year at $41.15 million, a decrease of $545,000 from the April, 1991 projectio1
Major revenue sources are discussed below. Graphics demonstrating the revenue narratii
Revenues continue to demonstrate
may be found at the back of this report.
PROPERTY TAX - $12.7 million, down $700,000
The largest single source of revenue, and generally the most consistent resource fc
the City of Carlsbad is Property Tax. Over the years the growing tax base h
provided substantial support for expanding services and programs. Fiscal year 90-9
has shown a softening of the property tax base in concert with the rest of th
economy. The extremely soft real estate market combined with the slower tha
noma1 growth in the value of property continued to slow the City's revenue fro1
property taxes. Additionally, a large portion of the tax base is tied to the increaz
in property values as property is sold on the market. The past six months foun
property values declining in the resale market.
Property tax revenues are reduced by $700,000 from the April estimate of $13.
million to reflect actual property tax receipts for the year and accrued late 1990-9
property taxes expected to be paid in July and August.
m
SALES TAX REVENUE - $9.4 million, no change
Sales tax revenue remained consistent with the April estimates and retail sale
continue to be sluggish. The $9.4 million anticipated for 1990-91 is approximatel
equal to last year's (1989-90) receipts.
TRANSIENT OCCUPANCY TAX - $3.3 million, up $100,000
Although revenue from Transient Occupancy Taxes mirrored the declines in othc
segments of the economy, total 1990-91 TOT is up slightly from the April estimate
Upon receipt of June TOT (projected at $300,000 but not due until late July), tota
TOT revenues should be $3.3 million.
DEVELOPMENT REVENUE - $3.3 million - down $315,000
All Development revenues declined from April, 1991 estimates, but the primar
decline is seen in the $235,000 decrease in Planning fees. License tax on ne\
construction has also declined, down $95,000. Slow construction markets, tigh
credit, issues surrounding water availability, and general uncertainty within th
housing industry contribute to the lower than anticipated Development revenue:
It should be noted that the graphs attached to the back of this report are cornpilec
using only the four largest single development revenues. They are included to shov
annual and monthly trends, and are not reflective of the total revenues which ma;
be attributed to development.
The table on the following page compares General Fund revenues projected in April, 199'
to the June, 1991 estimates and the resulting changes.
June 1991 April 1991
Revenue Type Estimate Estimate Change
Property Tax 12,700,000 13,400,000 (700,000)
Sales Tax 9,400,000 9,400,000 0
Transient Tax 3,300,000 3,200,000 100,000
Franchise Tax 800,000 780,000 20,000
Transfer Tax 200,000 260,000 (60,000)
Trailer Coach Tax 1 8,000 20,coo (2,@00)
Construction Permits 640,000 5a0,ooo 60,000
Business License Tax 835,000 840,000 (5,000)
Lice:ise Tax on New Const 455,000 550,000 (95,000)
Other Permits 31 9,000 265,000 54,000
Cigarette Tax 135,000 150,000 (15,000)
Vehicle In-Lieu Fee 2,100,000 2,125,000 (25,900)
Home Prop Tax Exempt 255,000 295,000 (40,000)
Dev. Fees - Planning 655,000 890,000 (235,000)
Dev. Fees - Engineering 950,000 1,000,000 (50,000)
Dev. Fees - Building 400,000 420,000 (20,000)
165,000 140,000 25,000 Zone Plan Fees
Weed Cleaning 33,000 35,000 (2,000)
Ambulance Fees 190,000 200,000 (1 0,000)
Recreation Fees 690,000 700,000 (10,000)
Other General Fees 695,000 650,000 45,000
Fines & Forfeitures 51 5,000 530,000 (1 5,000)
Other Revenues 2,800,000 2,465,000 335,000
Total Revenues 40,250,000 40,895,000 (645,000)
Gas Tax Revenue 900,000 800,000 100,000
Total Funds Available 41,150,000 41,695,000 (545,000)
Interest 2,000,000 2,000,000 0
8 e
insurance requirements, Alta Mira Park land purchase, and other capital project
With the anticipated $1.65 million increase in fund balance at year-end, the Gener
Fund year-end balance is projected to be $8.3 million.
The table below demonstrates the applications of reserves and the resulting fun
balance.
I 1991-92 GENERAL FUND RESERVES
GENERAL FUND BALANCE - 6/30/90
BUDGETED COMMITMENTS
89-90 ENCUMBRANCES 8 CARRY FORWARD
90-91 BUDGET FUND TRANSFERS (1 3) (2 Io
12 4
(1.1)
AVAILABLE RESERJES AT 6130i90
COUNCIL RESERVE 40
UNDESIGNATED 6.0
USE OF COUNCIL RESERVE
10 0
ALTA MlRA PARK (2 5)
GEN’L LlAB POOL INSURANCE (0 6) (3.1)
USE OF UNDESIGNATED FUNDS
GOLF COURSE 02
JAMES DRIVE STORM DRAIN (0.3)
OTHER (0 1) (0.2)
INCREASE IN RESERVES
REVENUES 41 2
EXPENDITURES (39 5) 16
VAILABLE BALANCE - 6/3O/91 83
Final 1990-91 financial information will be available once the annual audit is completed.
KPMG Peat Marwick will spend six weeks at the city in August and September, 1991,
resulting in a published final report in late 1991. Financial data on capital projects will
be brought to the Council in conjunction with the 1991-92 Capital Improvement Program
H:\LIU~~~INANCE\WPDATAV\”UN,
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CITY OF CARLSBAD
SALE§ TAX HISTORY BY MONTH
E ST I M AT E
Thousands 1990-9 1 1200
1000
800
600
400
200 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
Month
----- 1987-88 + 1988-89 x 1989-90 -H- 1990-91
CITY OF CARLSBAD
SALES PAX HISTORY - CUMULATIVE
EST I MAT E
91 10
8
6
4
2
0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
Month
__... 1987-88 - 1988-89 * 1989-90 * 1990-91
90/91 Estimate - $9.4 million
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