HomeMy WebLinkAbout; ; 1989-1990 CAFR; 1990-06-30Comprehensive
Annual Financial Report
for the fiscal year ending JUNE 30, 7990
CITY OF CARLSBAD • CALIFORNIA
MAYOR
Claude "Bud" Lewis
MAYOR PRO TEM
Ann Kulchin
CITY COUNCIL
Eric Larson • John J. Mamaux
Mark V. Pettine
CITY MANAGER
Raymond R. Patchett
FINANCE DIRECTOR
James F, Elliott
Prepared by the Finance Department
Introductory Section
^
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1990
TABLE OF CONTENTS
INTRODUCTORY SECTION PAGE
Table of Contents i
Letter of Transmittal 1
Location Map 21
Certificate of Achievement for Excellence in Financial
Reporting, Government Finance Officers Association 22
Certificate of Award for Outstanding Financial Reporting,
California Society of Municipal Finance Officers 23
List of City Officials 25
Organization Chart 26-27
FINANCIAL SECTION
Independent Auditors' Report 29
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 30
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balance - All Governmental Fund Types 36
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
(Budgetary Basis) All Governmental Fund Types 38
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings - All Proprietary Fund Types 42
Combined Statement of Cash Flows - All Proprietary Fund Types 44
Notes to Combined Financial Statements 46
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1990
TABLE OF CONTENTS. CONTINUED
STTPPT.RMFJITAL SECTION PAGE
Governmental Funds:
General Fund:
Schedule of Revenues - Budget and Actual (Budgetary Basis) 80
Schedule of Expenditures - Budget and Actual (Budgetary Basis) 82
Special Revenue Funds:
Combining Balance Sheet 86
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance 90
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis) 94
Debt Service Funds:
Combining Balance Sheet 104
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 106
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis) 108
11
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1990
TABLE OF CONTENTS. CONTINUED
SUPPLEMENTAL SECTION. Continued
Capital Project Funds:
Combining Balance Sheet 112
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 116
Proprietary Funds:
Enterprise Funds:
Combining Balance Sheet 122
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 126
Combining Statement of Cash Flows 128
Internal Service Funds:
Combining Balance Sheet 134
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 136
Combining Statement of Cash Flows 138
Fiduciary Funds:
Agency Funds:
Combining Statement of Changes in Assets and Liabilities 142
Account Groups:
General Fixed Asset Account Group:
Schedule of General Fixed Assets by Function 145
Schedule of General Fixed Assets by Source 146
111
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1990
TABLE OF CONTENTS. CONTINUED
STATISTICAL INFORMATION PAGE
(Not Covered by Independent Auditors' Report)
General Expenditures by Function, Last Ten Fiscal Years 148
General Revenues by Source, Last Ten Fiscal Years 150
Ratio of General Bonded Debt to Assessed Valuation and
Net Bonded Debt Per Capita, Last Ten Fiscal Years 152
Computation of Legal Debt Margin 153
Schedule of Direct and Overlapping Bonded Debt 154
Ratio of Annual Debt Service for General Bonded Debt to
Total Governmental Expenditures, Last Ten Fiscal Years 155
Revenue Bond Coverage - Water Bonds, Last Ten Fiscal Years 156
Demographic Statistics, Last Ten Fiscal Years 158
Schedule of Assessed Valuation, Last Ten Fiscal Years 160
Construction and Business Activity, Last Ten Fiscal Years 162
Property Tax Levies and Collections, Last Ten Fiscal Years 163
Special Assessment Billings and Collections, College
Boulevard Assessment District, Last Four Fiscal Years 164
Principal Employers, 1989-1990 165
Principal Taxpayers, 1989-1990 166
Miscellaneous Statistical Information 167
Annual Debt Service Requirements 168
IV
City of Carlsbad
FiH^Hfce DenartmeMt
November 19, 1990
Honorable Mayor, City Council,
and City Manager
CITY OF CARLSBAD
Carlsbad, California
We are pleased to present the 1989-90 Comprehensive Annual Financial Report of the City
of Carlsbad to the City Council and the City Manager. This report includes financial
statements of the City, the Housing Authority of the City of Carlsbad, the Parking and
Building Authorities of the City of Carlsbad, the Carlsbad Public Improvement Corporation,
the Carlsbad Redevelopment Agency and the Carlsbad Municipal Water District, as well as
the opinion of our independent auditors, KPMG Peat Marwick. The completion of this
independent audit is an important part of the total financial management program for the
City of Carlsbad.
The information found in this report is provided by management to the Council and public
to assist those interested in understanding the fiscal condition of the City as of June 30,
1990. Anyone interested in additional information is invited to contact the City's Finance
Director.
Background
Carlsbad is located about 35 miles north of the City of San Diego on the Southern
California coast. The City is governed by a five member City Council under the
Council/Manager form of government. Carlsbad is a general law city incorporated in 1952.
The City covers about 42 square miles and has a population of 63,451. Industries in the
area include a major regional shopping center, 18 auto dealers, 24 hotels offering 1,884
rooms for tourist lodging, aerospace manufacturing, electronics, several business and light
industry parks, and numerous land developers building single and multi-family housing in
a variety of community settings.
1
12OO Carlsbad Village Drive • Carlsbad, California 92OO8-1989 • (619) 434-2867
Services Provided by 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
services through the combined efforts of the City Water Utility Enterprise operation and
the Carlsbad Municipal Water District, a subsidiary district of the City. Solid waste
collection is provided through 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 358 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 $140,000 for support of the arts,
art programs, and the purchase of works of art.
Significant Events and Accomplishments
During 1989-90 the City experienced many significant events or accomplishments that may
not be evident from a review of the financial statements. Some of the more important
events are summarized below.
Growth Control - 1989-90 was the third full year of operation under the City's Growth
Management Program. Under this program developers are allowed to build only if
infrastructure improvements required to serve the development are financed and
constructed as a part of the development. Standards have been established in eleven areas
such as circulation, libraries, fire protection, parks, drainage, water, sewers, and open
space. An 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
The most significant aspect of growth management for 1989-9U"was the creation of the
comprehensive Growth Management Financing Program. This program combines the
infrastructure funding needs of the City and other agencies, such as schools, together with
the needs of development to fund public purpose projects. The coordinated effort depends
on the rational use of a Mello-Roos Community Facilities District, 1913/1915 Act
Assessment Districts and fee programs to finance facilities concurrent with demand without
overburdening the land or home owner. Final action on this program will occur in mid
1990-91.
Water Operations and Planning - During 1989-90, the City of Carlsbad and the Carlsbad
Municipal Water District (CMWD) took a monumental step toward improving water
services to the public and controlling the cost of government. The City Council and the
CMWD Board agreed to merge the district operations with the City as a subsidiary district.
This merger has the potential to eliminate duplication of effort and consolidate services in
all areas ranging from administration to field services. The operations of CMWD have been
included in this report as a component unit of the City of Carlsbad. For the first time, the
total cost of providing water services to the City can be seen in one place.
Construction of Capital Projects - The City continued its aggressive building program during
1989-90 with an outlay of more than $11 million on a variety of projects. During the last
five years, Carlsbad expended about $80 million on capital projects including community
parks, a senior center, major streets, and sea wall and bluff protection. This dedication to
improving the infrastructure of the City is expected to continue into the foreseeable future
as the City implements its long range capital improvement program.
Transient Occupancy Tax - On June 6, 1989, the voters of Carlsbad approved a ballot
measure authorizing an increase in the Transient Occupancy Tax from 8% to 9% in August
1989 and 10% in January 1990. This tax increase provided the City with an additional
$546,000 to support General Fund expenditures.
Golf Course - On the same ballot, the voters also directed the City Council to proceed with
the construction of a variety of recreational facilities including golf courses, soccer fields
and tennis facilities. During 1989-90, the Council proceeded with site selection, design,
environmental impact reports, selection of an architect, and evaluation of the fiscal viability
of golf course operations.
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.
Supplemental Data - 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.
Statistical Section This section provides data i>*-*the City's fiscal activity
over the past ten years including revenues,
expenditures, debt, assessed value, and demographic
information.
Accounting System and Budgetary 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
activity. A fund is an accounting entity with a complete set of self-balancing
accounting records. Each fund has been established because of some restriction on
the use of resources received by that fund. This report includes the transactions of
all entities over which the City Council of the City of Carlsbad has authority (as
defined by the Governmental Accounting Standards Board).
(2) The City's accounting system operates on a modified accrual basis for all
governmental and agency type funds. Governmental funds include the General,
Special Revenue, Debt Service and Capital Projects Funds. A modified accrual
system is one where a) revenues are recorded when received in cash; b) revenues
are accrued when they are both measurable and collectable within the accounting
period or soon enough after the end of the period to pay liabilities of the period;
and c) expenditures, other than interest or long term debt, are recorded when
liabilities are incurred.
(3) 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.
(4) Internal controls exist within the accounting system to ensure safety of assets from
misappropriation, unauthorized use or disposition, and to maintain the accuracy of
financial recordkeeping. These internal controls must be established consistent with
sound management practices based on the cost/benefit of the controls imposed. The
cost of a control should not be excessive in relation to its benefit as viewed by City
management. The internal controls in existence within the City's system are
sufficient to ensure in all material aspects both the safety of the City's assets and the
accuracy of the financial recordkeeping system.
(5) Budgetary control is maintained through monthly reports on all revenue and
expenditure accounts as well as special reports summarizing the financial position
of the City. The City Council has the authority to control the budget through
adoption of a formal budget at the beginning of each year and by amending the
budget as necessary through the year. Expenditures should not exceed budgeted
figures. All appreciations expire at year end unless specifically carried into the new
fiscal year by Council action. The Carlsbad Municipal Code requires that the
Finance Director annually prepare a budget for the City Manager showing estimated
re venues, and expenditures.
Total City Operations
During 1989-90 the City staff of 480 full-time employees provided a complete range of City
services to the 63,451 residents and many businesses in Carlsbad. Spending on all City
programs totaled $71.4 million, an increase of $7.9 million over 1988-89. This increase
can be traced to several changes in spending patterns which are summarized below:
The addition of the Carlsbad Municipal Water District to the City
family of funds added about $8.6 million to total cost of operations.
Spending on capital projects decreased by about $8.6 million from
prior spending levels although remaining high in comparison to prior
years.
General Fund expenditures grew by approximately $5.2 million.
Revenues for 1989-90 totaled $78.2 million, an increase of about $14.3 million or 22%
over last year's total of $63.9 million. This increase is directly linked to several factors
including: a continued increase in the City's property tax base, strong growth in the sales
tax base, a voter approved increase in the transient tax rate, a high level of development
activity related to the planning process, and higher charges from internal service funds to
the user departments.
Carlsbad is entering 1990-91 in a fiscally sound position due to the City Council's actions
anticipating the continuing low level of development activity caused by implementation of
the Growth Management program in 1987-88. The general outlook for the next five years
is promising with a growing tax base providing the financing required to meet the demand
for services. The City will embark on an aggressive fiscal analysis of the General Plan
during 1990-91, which will provide a clearer view of the financial future for the City.
The following report summarizes the revenues and expenditurertbr expenses) for the City
of Carlsbad for the fiscal year ended June 30, 1990.
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Enterprise Funds!
Internal Service Fundsj
TOTAL REVENUES
Revenue from All Fund Types
(In thousands)
1989-90
$39,313
3,576
1,485
13,597
14,514
5.689
$78.174
1988-89
$36,547
3,035
1,462
13,521
4,738
4.553
$63.856
1989-90 over %
(under) 1988-89 Change
$ 2,766 7.6%
541 17.8
23 1.6
76 .6
9,776 306.3
1.136 25.0
$14.318
(i)Includes operating and non-operating revenues
Expenditures Cor Expenses') All Fund Types
(In thousands)
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Enterprise FundSj
Internal Service Funds j
TOTAL EXPENDITURES
1989-90
$35,180
3,120
3,076
11,758
13,681
4.619
$71.434
1988-89
$29,936
2,620
2,796
20,393
3,617
4.870
64.232
1989-90 over
(under) 1988-89
$5,244
500
280
(8,635)
10,064
(251)
%
Change
(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 1989-90 revenue from all
Governmental funds totaled $58 million, an increase of $3.4 million over 1988-89;
expenditures totaled $53.1 million, down $2.6 million from last year. A brief look at these
numbers on a fund-by-fund basis is shown below.
General Fund
The City's General Fund is used to record all revenues and expenditures not specifically
restricted by law or Council policy. Major sources of revenue include property tax, sales
tax, licenses and permits, and charges for services. Major categories of expenditures
include police and fire services, libraries, parks, street maintenance, and administrative
functions.
General Fund revenues for 1989-90 totaled $39.3 million, up $2.8 million or about 7%
over the 1988-89 revenue of $36.5 million. This increase is due primarily to the following
factors:
Property Tax Revenue - $11.6 million
Property tax increased $1.3 million or 15.5% over 1988-89 due to a continued
increase in the secured property tax base. Although the rate of development
has slowed from that experienced prior to growth management, the value of
new construction and rate of resales remained high. Several major properties
changed hands this year, providing a boost to the City's tax base. Assessed
valuation rose from $4.3 billion in 1988-89 to $4.9 billion in 1989-90, a 15%
increase.
Sales Tax Revenue - $9.3 million
Sales tax revenue increased $1.2 million or 13.4% during 1989-90. This
increase reflects continuing sales in the large auto park and the shopping mall,
and increased demand for food, apparel and building materials due to the
rapidly expanding population in San Diego North County.
Vehicle License Fee Revenue - $2.1 million
Vehicle license fee revenue increased only slightly over 1988-89. Revenues
increased $72,000 or 3.6% during 1989-90. The vehicle license fee is set and
collected by the State Department of Motor Vehicles.
Transient Occupancy Tax Revenue - $3.6 million
Transient occupancy tax (hotel room tax) revenues rose by more than
$878,000, almost 32% over 1988-89; however, about $546,000 of this increase
is due to a 1% increase in the transient occupancy tax rate in August 1989 and
an additional 1% increase in January 1990.
Development Related Revenues - $4.4 million
In spite of slowing construction activity caused by the Growth Management
Program and the declining construction economy, the development community
continues to process plans and applications in anticipation of meeting the
growth management standards in the future. Revenue in 1989-90 from
development related fees and permits totals $4.4 million, down $400,000 or
8.3% from last year.
Interest Income - $2.3 million
Interest income has risen to $2.3 million for 1989-90, an increase of $203,000
or 9.5% over 1988-89. This increase reflects a larger cash portfolio, offset by
declining interest rates.
• Other Revenue - $1.9 million
In 1989-90 other revenue declined over $800,000 primarily due to a $970,000
reimbursement for prior payments to the Public Employees Retirement Systems
(PERS) which was reflected in the 1988-89 financial statements.
The following table summarizes General Fund revenues by major category for 1989-90 and
1988-89:
General Fund Revenues
(in thousands)
1989-90 over %
Category 1989-90 1988-89 (under) 1988-89 Change
Taxes $26,127 $22,615 $3,512 15.5%
Licenses & Permits 4,850 4,555 295 6.5
Charges for Services 3,591 4,024 (433) (10.8)
Fines & Forfeitures 512 479 33 6.9
Interest Income 2,291 2,087 204 9.8
Other 1.942 2.787 (845) (30.31
TOTAL $39.313 $36.547
General Fund expenditures totaled $35.2 million for 1989-90, up $5.2 million or 17.5%
over 1988-89. This increase is due primarily to the following:
Public Safety
Spending on public safety programs totaled $13.8 million, up $2.1 million or
18% over 1988-89. This increase reflects efforts to maintain full safety service
staffing, full year staffing and operations at Fire Stations No. 5 and No. 6 in
central and southwest Carlsbad, and additional police vehicles and fire
equipment.
Public Works
Public Works program spending grew by $0.8 million or about 13.4%. This
increase is attributable to higher personnel costs (due to inflation and adding
several new positions) along with implementing a major building maintenance
program and higher demand for plan checking services.
• Culture and Recreation
Culture and Recreation spending rose $1.5 million or 28% over 1988-89,
primarily due to the purchase of two parcels of land for library expansion.
• General Government
Spending in general government and administrative programs rose by $0.8
million or about 12%. This increase is spread throughout the many
departments in this category. Factors for this increase include: additional
charges from internal service funds, costs related to the development of the
growth management finance program, general salary increases and increased
building maintenance efforts.
Total General Fund expenditures are summarized in the table below:
General Fund Expenditures
(in thousands)
1989-90 over %
Category 1989-90 1988-89 (under) 1988-89 Change
General Government $ 7,795 $ 6,971 $ 824 11.8%
Public Safety 13,836 11,728 2,108 18.0
Public Works 6,520 5,751 769 13.4
Culture & Recreation 7.029 5.486 1.543 28.1
TOTAL $35.180 $29.936 ' $5.244 17.5%
Special Revenue Funds
The City's Special Revenue Funds, which account for the collection and use of special or
restricted revenues, received $3.6 million in total revenue in 1989-90. This is an increase
of $541,000 or about 18% over last year. This increase is due to higher collections of
special charges to the special benefit districts for lighting and landscaping, increasing
redevelopment area property taxes, and more federal funding of the low and moderate
income housing programs.
Special Revenue Funds
Revenues
(in thousands)
1989-90 over %
Category 1989-90 1988-89 (under) 1988-89 Change
Taxes $ 332 $ 213 $119
Intergovernmental 1,963 1,836 127
Charges for Services 924 606 318
Interest Income 195 211 (16)
Other 162 169 (7)
TOTAL $3.576 $3.035 $541
Expenditures from the Special Revenue Funds support a wide variety of programs and
projects. Some of the major uses of funds include:
Public works programs such as street lighting, landscaping services for street
trees and median maintenance.
• Cultural programs, including grants from the California Library Services Act and
California Arts Council, and the Senior Nutrition program.
Special programs such as the Police Asset Forfeiture program and Civic Arts
program.
Welfare programs such as the HUD-sponsored Carlsbad Housing Authority
rental assistance program.
Spending in Special Revenue Funds totaled $3.1 million in 1989-90, an increase of
$500,000 or about 19% above 1988-89. Decreased expenditures in the General
Government category reflect fewer expenditures from the Police Asset Forfeiture fund,
while increased Special Benefit District expenditures for lighting and landscaping are shown
under Public Works.
Special Revenue Funds
Expenditures
(in thousands)
1989-90 Over %
Category 1989-90 1988-89 (under") 1988-89 Change
General Government $ 44 $ 99 $ (55)
Public Works 883 585 298
Culture & Recreation 385 322 63
Welfare 1.808 1.614 194
TOTAL $3.120 $2.620 $500
10
Capital Projects Funds
Under the accounting definition used by the City, a capital project fund is one that
accounts for the receipt and disbursement of monies that are restricted for the acquisition
or construction of capital facilities (other than those financed by enterprise funds).
Capital projects funds for the City of Carlsbad include those supported by the City's public
facilities fees, park in-lieu (park development) fees, drainage fees, traffic impact fees, bridge
and thoroughfare district fees, gas tax funds and general funds earmarked for capital
purposes in the Capital Construction Fund. The capital projects supported by the City's
Redevelopment Agency are also included in this group.
Revenue in the capital projects funds totaled $13.6 million, up slightly from the 1988-89
total of $13.5 million. Revenues from development activity have continued to flow into
the capital projects funds even though a pace of development remains low.
Capital Projects Funds
Revenues
(in thousands)
1989-90 Over %
Category 1989-90 1988-89 (under) 1988-89 Change
Taxes $ 2,166 $ 1,647 $ 519 31.5%
Intergovernmental 1,304 1,041 263 25.3
Charges for Services 6,214 3,092 3,122 101.0
Interest 3,173 3,008 165 5.5
Contributions from
Property Owners 402 4,530 (4,128)
Other 339 203 136
TOTAL $13.598 $13.521 $ 77
Spending on capital projects totaled $11.8 million, a decrease of $8.6 million or 42.3%
over 1988-89. This level of capital project construction represents the sixth year of the
City's major effort which has provided more than $80 million in improvements. Projects
planned for 1990-91 could carry this trend into a seventh year with about $14 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:
Carlsbad Senior Center: This major civic facility designed to serve the senior
citizen population of Carlsbad opened in December 1989.
Downtown Streetscape Program: The Streetscape program is beautifying the
downtown area with improvements to Carlsbad Boulevard and Carlsbad Village
Drive.
11
Downtown Parking Program: Several facilities now provide nearby offstreet
parking for the downtown area.
South Carlsbad Library: Design began on this 64,000 square foot facility which
will become the City's main library. It is scheduled to open in 1992.
Fire Station No. 6: This project provided an interim fire station in the rapidly
expanding southeast part of the City.
Buena Vista Lagoon Visitation Area: This project provides a safe area to
observe wildlife at one of Carlsbad's three lagoons.
Carlsbad Boulevard Widening: This improvement widened Carlsbad Boulevard
from two lanes to four lanes from Agua Hedionda to Cannon Road.
Palomar Airport Road. College Boulevard and Alga Road Assessment District:
These major circulation system links provide for traffic flow to the center of
Carlsbad from now through buildout.
Marron/Monroe Road Improvements: These street improvements adjacent to
Hosp Grove and the shopping mall widened Monroe Road from two to four
lanes.
Capital Projects Funds
Expenditures
(in thousands)
1989-90 over %
Category 1989-90 1988-89 (under) 1988-89 Change
General Government $ 75 $ 63 $ 12 19.0 %
Capital Projects 11,105 19,787 (8,682) (43.9)
Principal, Interest
and Fiscal Charges 578 543 35 6.4
TOTAL $11.758 $20.393 $(8.635)
Debt Service Funds
The City's Debt Service funds record the payment of interest and principal on the current
portion of outstanding debt. At June 30,1990, the total debt payable from non-enterprise
sources was $32 million, comprised of Library, Sewer, Parking Authority and Building
Authority Bonds, Hosp Grove Certificates of Participation, College Boulevard 1915 Act
Assessment District bond issue and Redevelopment Tax Allocation Bonds. Revenues for
1989-90 remain unchanged from 1988-89.
12
Debt Service Funds
Revenues
(in thousands)
Category
Taxes
Interest
TOTAL
1989-90
$1,140
345
$1.485
1988-89
$1,124
338
$1.462
1989-90 over
(under) 1988-89
$16
Change
1.4%
2.0
1.6%
Debt related expenditures rose in 1989-90 because of the first year of principal payment
and full year interest cost on the City's Hosp Grove Certificates of Participation.
Debt Service Funds
Expenditures
(in thousands)
Category
Principal
Interest
Other
TOTAL
1989-90 1988-89
$2.796
1989-90 over
(under) 1988-89 Change
25.2%
6.5
(14.3)
10.0%
The City's tax rate to support general obligation debt for 1989-90 dropped 23% from the
1988-89 rates. Increased assessed valuation and a growing tax base made these decreases
possible. The property tax rate in the following chart is converted to dollars per $100,000
of assessed valuation.
Property Tax Rates
Supporting General
Obligation Bonds
(Per $100,000 of Assessed Value)
Category
Library Bonds
Sewer Bonds
TOTAL
1989-90
$.31
2.44
$2.75
1988-89
$.41
3.16
$3.57
1989-90 over
(under) 1988-89
$(.10)
(.72)
r.82l
Change
(24.4)%
(22.8)
(23.0)%
13
Enterprise Operations
Carlsbad now operates a Golf Course, Water Utility and a Sewer Enterprise Fund. Also
included is the Carlsbad Municipal Water District which the City established as a subsidiary
district in January 1990. An enterprise fund is one where most or all of the costs involved
are supported by user fees. Within these funds the City uses many of the accounting
practices applicable to commercial business including the recording of depreciation on fixed
assets and the allocation of overhead costs from support services. User fees are set on an
annual basis to cover both operating costs and debt service needs.
Revenue in the enterprise funds totaled $14.5 million, up $9.8 million or over 200% from
1988-89. This increase is mainly due to the addition of the Carlsbad Municipal Water
District to the City's family of enterprise funds; revenue from the District this year totaled
$9 million. Other changes in revenue were experienced in the water and sewer enterprise
funds due to rate adjustments and minor growth in the user base for each fund.
Enterprise Funds
Total Operating and Non-Operating Revenues
(in thousands)
1989-90 over %
Category 1989-90 1988-89 (under) 1988-89 Change
Golf Course $ 21 $ -0- $ 21
Water Utility 2,001 1,760 241 13.8%
Sewer 3,572 2,978 594 19.9
Carlsbad Muni. Water Dist. 8.920 -0- 8.920 —
TOTAL $14.514 $4.738 $9.776 206.3%
Expenses in the Enterprise Funds totaled $13.7 million, up $10.1 million over 1988-89, an
increase primarily due to the addition of the Carlsbad Municipal Water District. All golf
course expenses in 1989-90 are part of the construction of the golf course and included in
construction in progress. Water Utility expenses reflected increased personnel and office
expenses while sewer expenses increased due to higher depreciation and plant operation
costs. During this same period the number of accounts provided with water and/or sewer
service grew from 15,580 to 16,000, an increase of 420 accounts or 3%.
14
Enterprise Funds
Total Operating and Non-Operating Expenses
(in thousands)
Category 1989-90 1988-89
Golf Course $ -0-
Water Utility 1,424
Sewer 3,655
Carlsbad Muni. Water Dist. 8.602
TOTAL $13.681
1989-90 over
Cundef) 1988-89
$-0-
207
1,255
8.602
%
Change
$10.064
17.0%
52.3
278.2%
Water Revenue bonds outstanding at June 30, 1989 totaled $165,000. In August 1989,
the City joined with three other agencies to sell $33.5 million of sewer revenue bonds.
Bond funds, along with funding from two additional agencies, are currently financing the
expansion of the Encina wastewater facility and should provide sufficient waste water
treatment capacity to the year 2005. Carlsbad's portion of the outstanding bonds is $12.7
million.
Internal Service Funds
Internal Service Funds are used to account for services provided by a City department for
other City departments. As with an Enterprise Fund, the source of revenue is user fees
charged to the departments receiving the service.
SELF-INSURANCE 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 1989-90 amounted to $789,000 compared
to $468,000 in 1988-89, an increase of about $321,000 or 69%. The estimated claims
payable at year end were $782,000, up $111,000 or 16% over last year. Unreserved
retained earnings totaled $377,000 at June 30, 1990.
The General Liability Self-Insurance Fund was established near the end of 1980-81. Claims
expense for 1989-90 totaled $678,000, down $639,000 from the 1988-89 total of $1.3
million. The estimated claims payable at year end were $1.3 million, down $600,000.
Fund equity totaled $1.1 million at June 30, 1990.
15
OTHER INTERNAL SERVICE FUNDS
The City operates a central vehicle maintenance program servicing and replacing both the
rolling stock and small machinery. Operating costs for this program were $1.4 million for
1989-90, down $7,000 from 1988-89.
The City also operates a health insurance internal service fund for collecting premiums,
paying the insurance carrier, and holding reserve funds. At June 30, 1990, total health
insurance retained earnings totaled just under $1 million.
The City's Data Processing internal service fund collects revenues and expenses related to
the providing of data processing services to the City.
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 deferred compensation accounts.
The City held a total of $10.7 million in Agency Funds as of June 30, 1990, compared to
$8.8 million at the end of 1988-89. This increase of $1.9 million is due to several factors
including: 1) the deposit of an additional $528,000 into the City's deferred compensation
plans; 2) a net increase of $588,000 in contractor and miscellaneous deposits held by the
City to guarantee developer or contractor performance; and 3) an increase of $696,000 in
miscellaneous deposits.
Cash Management
The City Treasurer is charged with the responsibility of safeguarding the City's assets,
receiving all payments due the City and investing all inactive funds. The Carlsbad Municipal
Water District manages its portfolio of $13 million separately. During this year the City
Treasurer earned about $7.5 million in interest on investments in all fund types from
instruments earning from 0% to 10.14%, compared to earnings of $7.2 million during
1988-89. Funds are invested in various types of instruments as shown on the following
page. At June 30, 1990, the Treasurer had 100% of all available funds invested. The
City's total portfolio at year end was $102.2 million.
16
Below is a summary oftsfsh and investments outstanding as of June 30, 1990:
Amount Invested
Interest Rates Cin millions')
Cash 0.00 - 7.75 $ 1.1
Certificates of Deposit 8.15 - 9.75 25.5
Other Deposits 0.00 - 9.65 20.7
Federal Agency Notes 7.55 - 9.14 13.2
Treasury Coupons 8.10 - 9.30 6.2
Corporate Notes 7.45 -10.14 14.9
Commercial Paper 8.74 - 8.74 .9
Banker's Acceptances 8.15 - 8.68 9.2
Miscellaneous Investments 7.25 - 9.75 10.5
5102.2
As required by State law, the City Council adopted a comprehensive investment policy
specifying the type and term of City investments. This policy has allowed the City
Treasurer flexibility without endangering the safety, liquidity or yield of the total portfolio.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of bonded debt per
capita are useful indicators of the City's debt position to management, citizens and
investors. These data for the City for the year ended June 30, 1990, are as follows:
Ratio of Debt to Assessed Valuation
Net
Amount Assessed Value Per Capita
Net General Bonded Debt $285,000 0.01% $4.49
This debt represents obligations payable directly from a tax levy applied to property within
the City of Carlsbad. The City's general bonded debt includes outstanding Library and
Sewer bonds.
17
Gann Limit - Appropriations Subject to Limit
In 1979, Proposition 4, the "Gann" initiative, was passed. The purpose of this law is to
limit government spending by putting a cap on the total proceeds of taxes that may be
appropriated each year. This limit is increased each year through a formula that takes into
consideration changes in the Consumer Price Index and state per-capita income. When a
city reaches this limit excess tax revenue must be returned to the State or citizens through
a process of refunds, rebates, or other means that may be defined at that time. The Gann
limit for the City of Carlsbad has increased steadily since 1979 and still provides the City
with a comfortable operating margin. The Gann limit for the City of Carlsbad for 1989-90
was $40.1 million, with appropriations of "proceeds of taxes" of only $30.6 million. This
allows the City a margin of $9.1 million.
CITY OF CARLSBAD
PROPOSITION 4 SPENDING LIMIT
VS. APPROPRIATION OF PROCEEDS OF TAXES
(Millions)
81 82 83 84 85 86
FISCAL YEAR
87 88
APPROP OF TAXES ED SPENDING LIMIT
18
'^ Economic Outlook
The City's Capital Improvement Program calls for the construction of more than $400
million in improvements between now and buildout. This program includes new parks,
libraries, fire stations, streets, water lines and other facilities to maintain the level of
service offered to the Carlsbad resident. This aggressive construction program will place
a burden on the operating budget that must be managed through careful scheduling to
match demands with resources. Uncontrolled demand would easily outpace the City's
ability to pay for services.
The expansion of retail sales facilities, the addition of new auto dealerships, several small
commercial centers, and continued plans for the construction of a group of major shopping
centers as well as the construction of a major hotel in southern Carlsbad, provide the much
needed tax base to finance the growing service needs. Further, the continued industrial
development in the Palomar Airport Industrial Park area will add to Carlsbad's economic
health.
The citizens have also assisted in financing Carlsbad's future operating needs by approving
a 2% increase in the Transient Occupancy Tax, raising the City's TOT rate to 10% this year.
The increase provided about than $550,000 toward General Fund operating costs.
The City's Growth Management Program holds the key to the timing of many of the
developments that will support the City through fees and taxes. This program is designed
to guarantee that no new development occurs without careful planning of infrastructure
and services. This process will cause some development to be delayed or revised in scope
during the planning process, which in turn may delay the city's ability to collect additional
revenue. City staff is currently involved in a long range financing program which address
the funding needs of the City's $300 million capital improvement program, more than $150
million in street improvements and $120 million of school district financing requirements.
This program should be acted upon by Council in late 1990.
The City Council has directed staff to begin a comprehensive fiscal analysis of the Carlsbad
General Plan in an effort to forecast the financial stability of the City. This study will
begin in early 1991 using the combined efforts of both consultants and City staff.
Carlsbad's general outlook is for a healthy economy with adequate General Fund revenue
for the next several years as the Growth Management Program begins to allow some
developments to occur. The City should see some ability to expand services in the future
without depending on tax increases. The years following appear to offer expanding
opportunities for the City Council to enhance service to the community.
19
Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) and
the California Society of Municipal Finance Officers (CSMFO) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Carlsbad for its
comprehensive annual financial report for the fiscal year ended June 30, 1989. In order
to be awarded a Certificate of Achievement, a governmental unit must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements. A Certificate of Achievement is
valid for a period of one year only. The City has received the GFOA certificate since 1986
and the CSMFO certificate since 1985 .
We believe our current report continues to conform to the Certificate of Achievement
Program requirements, and we are submitting it to GFOA to determine its eligibility for
another certificate.
Acknowledgments
This report has been a joint effort by many people from many different areas of
responsibility. The dedicated efforts of Cheryl Allen, Assistant Finance Director, and her
accounting staff, deserve full credit for the preparation and contents of this report. We
appreciate Lisa Hildabrand and Darren Huennekens of KPMG Peat Marwick for the
professional way in which the audit of this financial report was conducted. It has been a
pleasure to work with the KPMG Peat Marwick staff throughout this period.
Respect&dly submitted,
JAMES F. ELLIOTT
7inanee Director
20
FAUBROOK
CARLSBAD ESCONDCO
RAMONA
IA JOUA
SAN DIEGO
NATIONAL CITY
OHUIA VISTA
IMPWIAL BEACH
T1/UANA>
21
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Carlsbad,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1989
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
22
CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS
DEDICATED TO THE PROFESSIONAL ADVANCEMENT OF MUNICIPAL FINANCE ADMINISTRATION
Certificate of A
FOR
OUTSTANDING FINANCIAL REPORTING
PRESENTED TO THE
ro
U)Ufa of Carls Bad
*-/ c/
This certificate is issued in recognition of meeting professional standards and criteria in reporting
which reflect a high level of quality in the annual financial statements and in the underlying accounting
system from which the reports were prepared for the fiscal year
Chair, Professiona^5tandards Committee President U
/irtJ 25.
24
CITY OF CARLSEIAD
ELECTED CITY OFFICIALS
Claude A. Lewis, Mayor
Ann J. Kulchin, Mayor Pro Tern
John J. Mamaux, Council Member
Mark V. Pettine, Council Member
Eric Larson, Council Member
Aletha L. Rautenkranz, City Clerk
William C. Esterline, City Treasurer
ADMINISTRATION AND DEPARTMENT HEADS
Raymond R. Patchett, City Manager
Frank Mannen, Assistant City Manager
Martin Orenyak, Community Development Director
Vincent F. Biondo, Jr., City Attorney
Ralph Anderson, Utilities/ Michael Holzmiller,
Maintenance Director Planning Director
David Bradstreet, Parks and Clifford Lange, Library Director
Recreation Director Ann Jensen, Human Resources Director
James F. Elliott, Finance Director James Thompson, Fire Chief
Ruth Fletcher, Purchasing Officer Robert Vales, Police Chief
Lloyd Hubbs, City Engineer
CHAIRPERSONS, COMMISSIONS AND BOARDS
Sharon Schramm Planning Commission
Camille Mitkevich Personnel Board
Marvin Cap Building Authority
Dick Goodman Parking Authority
Mary Melideo Traffic Safety Commission
Seena Trigas Library Board
Kim Welshons Parks and Recreation Commission
Linwood J. Van Senior Citizen Commission
John McCoy Design Review Board
Steve Densham Housing and Redevelopment Committee
Joe Bear Arts Commission
Marjorie Howard-Jones Historic Preservation Commission
Robert Sheppard Cable Television Foundation
25
CITY OF CARLS 11 AD ORGANIZATION CHART - 1990
CITY
CLERK
ASSISTANT
CITY MANAGER
Human Resources
Information Systems
Librarj
Parks * Recreation
Purchasing
Risk Management
Uliliticj/Mdintennnce
ASSISTANT TO
CITY MANAGER
Research Office
CARLSBAD
MUNICIPAL
WATER DISTRICT
VOTERS
CITY
COUNCIL
CITY
MANAGER
FINANCE FIRE
CITY
TREASURER |
CITY I
ATTORNEY 1
POLICE
COMMUNITY
DEVELOPMENT
DIRECTOR
Building
Engineering
Housing tf
Rederelopnenl
Planning
VOTERS
CITY
COUNCIL
ArtsCommission
Beach
ErosionCommittee
DesignReviewBoard
Historic
Preservation
Commission
Housing &
RedevelopmentAdvisory Comm.
Cable
TelevisionFoundation
Child CareCommission
Citizens
Committee toStudy Growth
Library
Board ofTrustees
ParkingAuthority
Park &
RecreationCommission
Personnel
Board
Planning
Commission
Senior
Citizen
Commission
SisterCity
Committee
TrafficSafety
Commission
Water
Commission
28
Financial Section
^\
KPMG Peat Marwick
Certified Public Accountants
750 B Street
San Diego. CA 92101
Independent Auditors' Report
The Honorable Members of City Council
City of Carlsbad, California:
We have audited the general purpose financial statements of the City of
Carlsbad, California, as of and for the year ended June 30, 1990, as listed in
the accompanying table of contents. These general purpose financial
statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the City
of Carlsbad, California, at June 30, 1990, and the results of its operations
and its cash flows of its proprietary funds for the year then ended in
conformity with generally accepted accounting principles.
As discussed in Note l(m) to the general purpose financial statements, the
City of Carlsbad, California adopted Statement No. 9 of the Governmental
Accounting Standards Board which requires the presentation of a statement of
cash flows and certain other disclosures.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining, individual
fund, and individual account group financial statements and schedules listed
in the accompanying table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial
statements of the City of Carlsbad, California. Such information has been
subjected to the auditing procedures applied in the audit of the general
purpose financial statements and, in our opinion, is fairly presented in all
material respects in relation to the general purpose financial statements
taken as a whole.
October 19, 1990
29
Member Firm of
Klynveld Peat Marwick Goerdeler
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1990
Governmental Fund Tvoes
Assets and Other Debits
Cash and investments
Receivables:
Loans
Taxes
Accounts, net
Accrued interest
Due from other funds
Due from other
governments
Advances to other
funds
Inventory
Prepaid expenses
Restricted assets:
Cash and
investments
Accrued interest
Property, plant and
equipment, net
Amount available in
debt service funds
Amount to be
provided for
retirement of
general long-
term debt
Total assets
Special
Revenue
Debt
Service
Capital
ProjectsNotes General
4 $ 11,304,311 2,946,382 4,788,674 36,653,400
13
12
-
2,034,991
54,908
261,472
2,168,831
2,592
2,876,845
33,867
79,500
184,839
15,499
16,881
21,962
-
43,574
_
-
129,662
- -
1,882 32,177
146,830
92,269 400,911
- -
221,973
5,624,806
- -_ _
$ 18.817.317 3.358.799 4.882.825 43.080.097
See accompanying notes to combined financial statements.
30
Proprietary
Fund Types
Fiduciary
Fund Type Account Groups
Enterprise
23,380,054
2,794,362
142,509
1,072,260
337,563
Internal
Service
5,875,412 10,720,394
General
Fixed Assets
Long-
Term Debt
32,109
57,426 20,807
68,124
Total
(Memorandum
Only)
95,668,627
184,839
2,084,549
3,045,090
997,356
3,241,091
268,139
8,501,651
439,554
209,162
19,542,085
326,799
85,003,430 2,297,794 54,282,749
19,542,085
326,799
141,583,973
4,837,454 4,837,454
132.599.062 8.330.865 10.741.201
- 28.335.468 28.335.468
54.282.749 33.172.922 309.265.837
31
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups, Continued
June 30, 1990
Governmental Fund Types
Special Debt Capital
Liabilities Notes General Revenue Service Projects
Accounts payable $ 875,190 79,049 4,000 475,494
Accrued wages payable 1,368,605 24,182 - 17,551
Accrued interest payable 104,209 - 5,371
Due to other funds 13 - 161,219 - 2,007,612
Due to other governments - 72,933 -
Advances from other funds 12 - - - 8,008,651
Estimated claims payable -
Assessments payable - - - -
Current portion of
long-term debt 11 - - - -
Deposits payable 150 - - 2,700,000
Deferred compensation
payable 8 - - - -
Deferred revenue 900,757 - 36,000
Current liabilities
payable from
restricted assets:
Current portion of
long-term debt -
Accrued interest
payable -
Bonds payable 11 - - - -
Special assessment debt
with governmental
commitment 11 - - - -
Obligations under
capital leases 9,11 - - - -
Certificates of
participation - - - -
Installment purchase
agreement 11 - - - -
Total liabilities 3.248.911 337.383 45.371 13.209.308
See accompanying notes to combined financial statements.
32
Proprietary
Fund Tvpes
Internal
Enterprise Service
1,296,865 142,621
42,725 32,966
153,188
1,072,260
-
493,000
2,039,202
— —
773,766
949,826
862,010
2,070,778
Fiduciary
Fund Type
Agency
2,182
-
-
-
-
-
-
999,048
_
7,493,498
2,246,473
-
Account Groups Total
General Long- (Memorandum
Fixed Assets Term Debt Only)
2,875,401
1,486,029
262,768
3,241,091
72,933
8,501,651
2,039,202
999,048
773,766
11,143,474
3,108,483
3,007,535
623,000
387,163
40,000
623,000
387,163
22,755,000 22,795,000
12,299,350
12.689.800
33.753.731 2.214.789 10.741.201
9,045,000
1,372,922
33.172.922
9,045,000
1,372,922
12,299,350
12.689.800
96.723.616
33
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups, Continued
June 30, 1990
Governmental Fund Tvues
Notes
Special Debt Capital
Revenue Service ProjectsGeneral
Total liabilities,
brought forward
Fund Equity and
Other Credits
Investment in general
fixed assets
Contributed capital 15
Fund balances:
Reserved
Unreserved
Retained earnings:
Reserved
Unreserved
Total fund equity and
other credits
Total liabilities,
fund equity
and other credits
$ 3.248.911 337.383 45.371 13.209.308
14
14
14
14
4,060,684
11,507,722
_
—
1,493,339 4,837,454
1,528,077
— __ _
12,895,527
16,975,262
_
—
15.568.406 3.021.416 4.837.454 29.870.789
$ 18.817.317 3.358.799 4.882.825 43.080.097
See accompanying notes to combined financial statements.
34
Proprietary
Fund Types
Enterprise
Internal
Service
Fiduciary
Fund Type
Aeencv
Account Groups
General
Fixed Assets
Total
Long- (Memorandum
Term Debt Only)
33.753.731 2.214.789 10.741.201 33.172.922 96.723.616
69,493,467 3,400,806
1,992,755
27.359.109 2.715.270
98.845.331 6.116.076
54,282,749
-
-
54.282.749
54,282,749
72,894,273
23,287,004
30,011,061
1,992,755
30.074.379
212.542.221
132.599.062 8.330.865 10.741.201 54.282.749 33.172.922 309.265.837
35
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance
All Governmental Fund Types
For the year ended June 30, 1990
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest income
Contributions from property owners
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Welfare
Culture and recreation
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess of revenues and other financing sources
over expenditures and other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
General
$ 26,127,416
4,850,255
3,590,693
511,890
2,290,820
1.941.769
39.312.843
7,794,742
13,836,529
6,519,657
7,029,004
35.179.932
4.132.911
500,000
(2.518.092)
(2.018.092)
2,114,819
13,416,605
36.982
15.568.406
See accompanying notes to combined financial statements.
36
Total
Special Debt Capital (Memorandum
Revenue Service Dejects Qttlll
3.575.627
332,297 1,140,058 2,165,641 2?»™S'ti2
963~203 - 1,303,851 3,267,054
' - 6,214,044 10,728,326
511,890
194 676 344,874 3,172,616 6,002,986
* 1 1 402,292 402,292
161.862 - _ 338,607 2,442,238
1.484.932 13.597.051 57,970,453
43,957 6,516 75,256 7,920,471
- 13,836,529
882,819 - - 7,402,476
1,808,058 - - 1,808,058
384,866 - - 7,413,870
11,104,390 11,104,390
670,000 - 670,000
2.399.847 577.962 2.977.809
3.119.700 3.076.363 11.757.608 53.133.603
455.927 (1.591.431) 1.839.443 4.836.850
219,500 1,847,526 4,278,390 6,845,416
(6.212) (161.404) (4.528.633) (7.214.341)
213.288 1.686.122 (250.243) (368.925)
669,215 94,691 1,589,200 4,467,925
2,427,378 4,742,763 28,693,394 49,280,140
(75.177) - (411.805) (450.000)
3.021.416 4.837.454 29.870.789 53.298.065
37
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual (Budgetary Basis)
All Governmental Fund Types
For the year ended June 30, 1990
General Fund
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Welfare
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Budget
$ 25,340,000
4,590,000
3,420,000
530,000
1,500,000
1.825.000
37.205.000
Actual on
Budgetary
Basis
26,127,416
4,850,255
3,590,693
511,890
2,290,820
1.941.769
39.312.843
Variance
Favorable
(Unfavorable)
787,416
260,255
170,693
(18,110)
790,820
116.769
2.107.843
10,172,470
14,488,109
6,918,855
8,445,313
13,934,156
6,661,477
7,640,617 7,078,458
39.220.051 36.119.404
(2.015.051) 3.193.439
500,000 500,000
(2.518.092) (2.518.092)
(2.018.092) (2.018.092)
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses (4,033,143) 1,175,347
Fund balance at beginning of year 13,416,605 13,416,605
Residual equity transfers . 36.982
Fund balance at end of year $ 9.383.462 .14.628.934
See accompanying notes to combined financial statements.
38
1,727,157
553,953
257,378
562,159
3.100.647
5.208.490
5,208,490
36.982
5.245.472
Special Revenue Funds Debt Service Funds
Budget
320,000
1,988,150
859,000
89,000
124.000
3.380.150
78,675
1,064,313
2,026,372
603,214
-
3.772.574
(392.424)
219,500
(6.212)
213.288
(179,136)
2,427,378
2.248.242
Actual on Variance
Budgetary Favorable
Basis (Unfavorable)
332,297
1,963,203
923,589
194,676
161.862
3.575.627
54,950
887,683
1,808,244
421,452
-
3.172.329
403.298
219,500
(6.212)
213.288
616,586
2,427,378
(75.177)
2.968.787
12,297
(24,947)
64,589
105,676
37.862
195.477
23,725
176,630
218,128
181,762
-
600.245
795.722
795,722
(75.177)
720.545
Budget
149,000
-
1,400
150.400
-
135,000
13.728
148.728
1.672
-
1,672
110,014
111.686
Actual on
Budgetary
Basis
154,388
-
2,024
156.412
-
135,000
12.241
147.241
9.171
-
9,171
110,014
119.185
Variance
Favorable
(Unfavorable)
5,388
-
624
6.012
-
1.487
1.487
7.499
-
7,499
-
7.499
39
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual, Continued
(Budgetary Basis)
For the year ended June 30, 1990
Total
(Memorandum Only)
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Welfare
Culture and recreation
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other financing
sources over expenditures
and other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
See accompanying notes to combined financial statements.
40
Budget
$ 25,809,000
4,590,000
1,988,150
4,279,000
530,000
1,590,400
1.949.000
40.735.550
10,251,145
14,488,109
7,983,168
2,026,372
8,243,831
135,000
13.728
43.141.353,
(2.405.803)
719,500
(2.524.304)
(1,804,804)
ng
(4,210,607)
15,953,997
$ 11.743.390
Actual on
Budgetary
Basis
26,614,101
4,850,255
1,963,203
4,514,282
511,890
2,487,520
2.103.631
43.044.882
8,500,263
13,934,156
7,549,160
1,808,244
7,499,910
135,000
12.241
39.438.974
3.605.908
719,500
(2.524.304)
(1.804.804)
1,801,104
15,953,997
(38.195)
17.716.906
Variance
Favorable
(Unfavorable)
805,101
260,255
(24,947)
235,282
(18,110)
897,120
154.631
2.309.332
1,750,882
553,953
434,008
218,128
743,921
1.487
3.702.379
6.011.711
-
6,011,711
(38.195)
5.973.516
41
CITY OF CARLSBAD
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings
All Proprietary Fund Types
For the year ended June 30, 1990
Operating revenues:
Water sales
Sewer service charges
Other charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Plant operations
Purchased water
Depreciation and amortization
Fuel and supplies
Claims expense
General and administrative
Total operating expenses
Operating income (loss)
Enterprise
7,846,597
2,325,158
285,893
347.721
10.805.369
3,057,844
4,973,040
1,595,600
3.371.863
12.998.347
(2.192.978)
Non-operating revenues (expenses):
Interest income 3,019,461
Interest expense and fees, net of
capitalized interest (654,889)
Gain (loss) on disposal of property 862
Property tax and rent 688,202
Amortization of issuance costs (26.710)
Non-operating income $ 3.026.926
Internal
Service
4,936,250
329.499
5.265.749
295,489
333,307
2,707,012
1.226.537
4.562.345
703.404
423,201
(56,874)
366.327
Total
(Memorandum
Only)
7,846,597
2,325,158
5,222,143
677.220
16.071.118
3,057,844
4,973,040
1,891,089
333,307
2,707,012
4.598.400
17.560.692
( 1.489.574)
3,442,662
(654,889)
(56,012)
688,202
(26.710)
3.393.253
42
Total
Internal (Memorandum
Enterprise Service Only)
Income before operating transfers $ 833,948 1,069,731 1,903,679
Operating transfers in - 868,925 868,925
Operating transfers out - (500.000) (500.000)
Net income 833,948 1,438,656 2,272,604
Transfer to contributed capital (298,659) - (298,659)
Retained earnings at
beginning of year 31,030,748 1,276,614 32,307,362
Prior period adjustment
(note 3) (2.214.173) - (2.214.173)
Adjusted retained earnings 28,816.575 1.276,614 30.093.189
Retained earnings at end of year
(note 14) $ 29.351.864 2.715.270 32.067.134
43
CITY OF CARLSBAD
Combined Statement of Cash Flows
All Proprietary Fund Types
For the year ended June 30, 1990
Cash flows from operating activities:
Operating income !J
Adjustments to reconcile operating
income to net cash provided by
operating activities:
Depreciation and amortization
Increase in receivables
Increase in advances & due to/due
from other funds
Increase in inventory
Decrease in accounts payable
Increase in accrued wages payable
Increase in deposits payable
Decrease in estimated claims payable
Increase in deferred compensation
payable
Net cash provided by operating
activities
Cash flows from noncapital financing
activities:
Property taxes and rent received
Operating transfer of cash
Net cash provided by noncapital
financing activities
Cash flows from capital and related
financing activities:
Purchases of property, plant and
equipment
Gain on disposal of assets
Proceeds from installment purchase
agreement
Total
Internal (Memorandum
Enterprise Service Only)
(2,192,978) 703,404 (1,489,574)
1,622,310
(213,928)
482,720
(11,533)
(355,918)
3,514
727,961
-
295,489
(22,836)
_
(68,124)
(4,636)
26,960
-
(538,443)
1,917,799
(236,764)
482,720
(79,657)
(360,554)
30,474
727,961
(538,443)
215.043
277.191
688,202
688.202
391.814
368.925
368.925
215.043
669.005
688,202
368,925
1.057.127
(13,746,183) (446,041) (14,192,224)
2,757 - 2,757
12.689.800 12.689.800
Cash flows from capital and related
financing activities, carried forward $ (1.053.626) (446.041) (1.499,667)
See accompanying notes to combined financial statements.
44
Total
Internal (Memorandum
Enterprise Service Only)
Cash flows from capital and related
financing activities, brought forward $ (1,053,626) (446,041) (1,499,667)
Principle payments on bonds (825,502) - (825,502)
Interest paid on bonds (1,057,047) - (1,057,047)
Proceeds from capital contributions 4.089.548 - 4.089.548
Net cash provided by (used in)
capital and related financing
activities 1.153.373 (446.041) 707.332
Cash flows from investing activities:
Net decrease in restricted cash and
investments 3,466,613 - 3,466,613
Net decrease in investments 3,575,621 - 3,575,621
Interest on investments 3.279.153 419,826 3,698,979
Net cash provided by investing
activities 10.321.387 419.826 10.741.213
Net increase in cash 12,440,153 734,524 13,174,677
Cash and cash equivalents at beginning
of year 25.798.918 5.140.888 30.939.806
Cash and cash equivalents at end
of year $ 38.239.071 5.875.412 44.114.483
Supplemental schedule of noncash
investing and financing activities -
Capital assets contributed by
contractors and/or other funds $ 943.911 557.805 1.501.716
45
CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1990
(1) Summary of Significant Accounting Policies
The City of Carlsbad, California (Carlsbad) was incorporated July 16,
1952. Carlsbad operates under a Council-Manager form of government and
provides the following services as authorized by its charter: general
government, public safety, public works, culture, recreation and
community development. Carlsbad is not subject to federal or state
income taxes.
The accounting policies of Carlsbad and its component units conform to
generally accepted accounting principles as applicable to governmental
units. The following is a summary of the more significant policies:
(a) Description and Scope of the 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 financial activities of Carlsbad, the Housing Authority of the
City of Carlsbad, the Parking and Building Authorities of the City
of Carlsbad, the City of Carlsbad Public Improvement Corporation,
the Carlsbad Redevelopment Agency and the Carlsbad Municipal Water
District. Their financial operations are closely related and the
City Council has a continuing oversight responsibility over these
entities. The oversight responsibility is determined on the basis
of budget adoption, taxing authority, funding and appointment of
the governing board.
On January 1, 1990, the Carlsbad Municipal Water District (the
District), was established as a subsidiary district of the City of
Carlsbad and is governed by a board of directors composed of
Carlsbad's council members. Due to this oversight responsibility,
the District is considered to be part of the reporting entity.
The City also has an interest in a joint sewage treatment facility
known as the Encina Water Pollution Control Facility and in a
financing authority known as the Encina Financing Joint Powers
Authority. Since the City does not have significant influence over
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
(1) Summary of Significant Accounting Policies. Continued
(b) Basis of Presentation
The accounts of the City are organized on the basis of funds or
account groups, each of which is considered to be a separate
accounting entity. The operations of each fund or account group
are accounted for by providing a separate set of self-balancing
accounts that comprise its assets, liabilities, fund balance/
retained earnings, revenues, and expenditures or expenses. The
various funds and account groups are summarized by type in the
financial statements. Fund types and account groups used by the
City are as follows:
GOVERNMENTAL FUND TYPES;
Governmental Funds are used to account for the City's expendable
financial resources and related liabilities (except those accounted
for in proprietary and similar trust funds). The measurement focus
is based upon determination of changes in financial position. The
following are the City's governmental fund types:
General Fund
The general fund is the general operating fund of the City. It is
used to account for all financial resources except those required
to be accounted for in another fund.
Special Revenue Funds
Special revenue funds are used to account for revenues derived from
specific sources (other than major capital projects) that are
restricted by law or administrative regulation to expenditures
for specified purposes.
Debt Service Funds
Debt service funds are used to account for the accumulation of
resources for, and payment of, general long-term debt principal,
interest and related costs.
Capital Projects Funds
Capital projects funds are used to account for financial resources
to be used for the acquisition or construction of major capital
facilities other than those financed by proprietary funds.
kl (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(b) Basis of Presentationf Continued
PROPRIETARY FUND 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 fiduciary fund type;
Agency Funds
Agency funds are used to account for assets held by the City in an
agency capacity for individuals and private businesses. They do
not involve measurement of results of operations.
ACCOUNT GROUPS;
Account groups are used to establish accounting control and
accountability for the City's general fixed assets and general
long-terra debt. The following are the City's account groups:
48 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(b) Basis of Presentation, Continued
ACCOUNT GROUPS. Continued;
General Fixed Assets Account Group
This account group is used to account for all fixed assets of the
City other than those accounted for in the proprietary funds.
General Long-term Debt Account Group
This account group is used to account for all long-term obligations
of the City except those accounted for in the proprietary funds
and trust funds.
(c) Measurement Focus and Basis for Accounting
Governmental fund types are accounted for on a "spending" measurement
focus. Accordingly, only current assets and current liabilities
are included on their balance sheets, and the reported fund balance
provides an indication of available, spendable resources.
Operating statements for governmental fund types report increases
(revenues) and decreases (expenditures) in available spendable
resources.
The proprietary fund types are accounted for on an "income
determination" or "cost of services" measurement focus.
Accordingly, all assets and liabilities are included on the balance
sheet, and the reported fund equity provides an indication of the
economic net worth of the fund. Operating statements for
proprietary fund types report increases (revenues) and decreases
(expenses) in total economic net worth.
Fiduciary fund types are custodial in nature (assets equal
liabilities) and do not involve measurement of results of
operations.
Government and fiduciary fund types use the modified accrual basis of
accounting. Revenues are recognized when susceptible to accrual,
i.e., both measurable and available. Available means collectible
within the current period or soon enough thereafter to be used to
pay liabilities of the current period. In applying the susceptible
to accrual concept to intergovernmental revenues, the legal and
contractual requirements of the individual programs are used as
guidance.
49 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(c) Measurement Focus and Basis for Accounting. 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 and fiduciary fund expenditures are recorded when the
related fund liability is incurred. Principal and interest on
general long-term debt are recorded as fund liabilities when due or
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, i.e., revenues
are recognized in the period earned and expenses are recognized in
the period incurred.
(d) Encumbrances
Encumbrance accounting, under which purchase orders, contracts and
other commitments for the expenditure of monies are recorded in
order to reserve that portion of the applicable appropriation, is
employed as an extension of formal budgetary control in the
governmental funds. Encumbrances outstanding at year-end do not
constitute expenditures or liabilities, but are reported as
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
plan assets which are shown in an agency fund at market value.
Carlsbad maintains a cash and investment pool that is available for
use by all funds. Interest income earned as a result of pooling is
allocated to the appropriate funds based on average monthly cash
balances.
50 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(f) Inventories
Inventories consist of materials and supplies that are valued at cost
and are recorded as expenses when consumed.
(g) Compensated Absences
Vacation pay is payable to employees at the time used or upon
termination of employment. For governmental funds, the cost of
accumulated vacation expected to be paid in the next 12 months is
recorded as a fund liability and amounts expected to be paid after
12 months (if any) are recorded in the general long-term debt
account group. For proprietary funds, the cost of vacation is
recorded as a liability when earned.
(h) Self-Insurance
The City has been self-insured for general liability claims since
1981 and for workers' compensation claims since 1978.
General liability exposure is accounted for in the General Liability
Self-Insurance Internal Service Fund. The Fund is responsible for
collecting interfund premiums from other City funds and departments
and paying claim settlements. Interfund premiums are based on the
insured funds' claims experience. Claim settlement and loss
expenses are accrued in the General Liability Self-Insurance
Internal Service Fund for estimated reported claims.
The activities of the workers' compensation program are accounted for
in the Workers' Compensation Internal Service Fund. The City's
risk management department and a service company administer the
benefits. Funding is provided through premium charges to the
City's departments.
Past experience indicates that incurred but not reported claims for
general liability do not represent a material amount and,
therefore, they have not been accrued at year-end.
(i) Unbilled Services
Unbilled water revenue of the enterprise funds is recognized as
earned when the water is consumed.
(j) General Fixed Assets
General fixed assets are recorded as expenditures in the governmental
fund types and capitalized at historical cost in this group of
accounts. In the case of gifts or contributions, such assets are
51 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(j) General Fixed Assets. Continued
recorded in general fixed assets at fair market value at the time
received.
Fixed assets consisting of certain improvements other than buildings,
including roads, bridges, curbs and gutters, streets and sidewalks,
and drainage systems, have not been capitalized. Such assets
normally are immovable and of value only to the City. Therefore,
the purpose of stewardship for capital expenditures is satisfied
without recording these assets.
In the general fixed assets account group, construction in progress
is transferred to buildings or improvements upon approval by the
City Council which approximates the completion date.
No depreciation has been provided on general fixed assets,
(k) Property. Plant and Equipment — Proprietary Funds
Property, plant and equipment .used by proprietary funds is stated at
cost or estimated historical cost. Contributed fixed assets are
recorded at estimated fair market value at the time received. Net
interest costs are capitalized on projects during the construction
period.
Depreciation is charged to operations using a straight-line method
based on the estimated useful life of the related asset. The
estimated useful lives of the assets are as follows:
Years
Buildings and improvements 10 - 50
Wells, reservoirs and dams 10 - 100
Transmission and distribution lines 40 - 70
Sewer, sewer lines and wells 50
Sewage treatment facility 55
Filters, pumps and fire hydrants 10 - 50
Equipment 4 - 20
(1) Deferred Revenue
The deferred revenue in the General Fund represents property taxes
due but not available.
The deferred revenue in the Debt Service Funds relates to a
prepayment of lease revenue from the General Fund to the Building
Authority.
52 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(1) Summary of Significant Accounting Policies. Continued
(1) Deferred Revenue. Continued
The deferred revenue in the Enterprise Funds relates to deposits or
in-kind prepayments for services to be rendered (e.g., sewer
installation, etc.).
(m) Statement of Cash Flows - Proprietary Funds
In September 1989, the Governmental Accounting Standards Board issued
Statement No. 9, "Reporting Cash Flows of Proprietary and
Nonexpendable Trust Funds and Governmental Entities that Use
Proprietary Fund Accounting." Effective June 30, 1990, the City
adopted the provisions of Statement No. 9 and has presented
statements of cash flows instead of the statements of changes in
financial position for the year ended June 30, 1990.
For purposes of the statement of cash flows, the Proprietary Funds
consider all highly liquid investments with a maturity of three
months or less when purchased and all amounts invested in a cash
and investment pool to be cash equivalents.
(n) Total Columns
Total columns on the combined statements are captioned "Memorandum
Only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or cash flows in conformity with
generally accepted accounting principles. Such data is not
comparable to a consolidation since interfund eliminations have not
been made.
(2) Budgetary Data
The City follows these procedures in establishing its budgetary data:
1. During May or June, the City Manager submits to the City Council a
proposed operating budget for the fiscal year commencing the
following July 1. The budget includes proposed expenditures and
estimated revenues on a departmental basis.
2. Public hearings are conducted at City Council meetings to obtain
citizens comments during June.
3. Prior to July 1, the budget is enacted legally through passage of
an appropriation resolution.
The City Manager is authorized to make transfers of appropriated amounts
within a fund and function for up to $15,000. Revisions that alter the
total appropriations of any fund or function must be approved by the
53 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(2) Budgetary Data. Continued
City Council. A mid-year budget review is conducted each year. Any
major changes to the adopted budget are approved by the City Council at
that time. During the year, several supplementary appropriations were
necessary.
Budgets for governmental type funds are adopted on the modified accrual
basis, except that encumbrances are treated as budgeted expenditures in
the year purchases are committed. Expenditures may not exceed budgeted
appropriations at the departmental level. Unencumbered appropriations
lapse at year-end.
For purposes of budgetary presentation, actual generally accepted
accounting principal (GAAP) expenditures have been adjusted to include
encumbrances outstanding at year-end. Annual budgets are not adopted
for the capital projects funds, therefore, budget basis financial
statements have not been prepared because a comparison of such
budgetary amounts to annual revenues and expenditures is not
meaningful. In addition, budgets are not adopted for the following
debt service funds: Parking Authority, Building Authority, Hosp Grove
COP's, College Boulevard and Redevelopment Bonds. Accordingly, the
revenues and expenditures for these funds have been excluded from the
budget basis financial statements.
The following schedule is a reconciliation of the budgetary and GAAP fund
balances:
Special Debt
General Revenue Service
Fund Funds Funds
Fund balance-budgetary basis $ 14,628,934 2,968,787 119,185
Encumbrances outstanding at
year-end 939,472 52,629
Fund balances of nonbudgeted funds - - 4.718.269
Fund balance-GAAP basis $ 15.568.406 3.021.416 4.837.454
(3) Prior Period Adjustment
In prior years, the City did not record certain fixed assets in the Sewer
Enterprise Fund that had been contributed by developers. As a result,
contributed capital and property, plant and equipment were understated
by $16,908,318 which is the estimated fair market value of these
assets at the time they were received by the City. This understatement
was corrected by an adjustment to increase property, plant and
54 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(3) Prior Period Adjustments. Continued
equipment and contributed capital of the Sewer Fund for the $16,908,318
as of the beginning of the year and decrease beginning retained
earnings for the cumulative amount of depreciation on these previously
unrecorded assets in the amount of $2,214,173.
(4) Cash and Investments
Each participating fund's portion of the City's cash and investment pool
is displayed on the combined balance sheet as "Cash and Investments."
This category also includes some cash and investments that are held
separately by several of the City's funds, including the Carlsbad
Municipal Water District and certain funds of the Carlsbad
Redevelopment Agency.
Authority for Deposits and Investments;
The City's investment policy and state statutes authorize the City to
invest in obligations of the U.S. Treasury, its agencies and
instrumentalities, commercial paper rated A-l by Standard and Poor's
Corporation or P-l by Moody's Commercial Paper record, banker's
acceptances with a maximum maturity of 270 days, repurchase and
reverse repurchase agreements, certificates of deposit with national
and state licensed or chartered banks or federal or state savings and
loan associations, money market and mutual funds whose portfolios
consist of one or more of the foregoing investments, and the State
Treasurer's investment pool.
State statutes require that all deposits be insured or collateralized.
Depositories holding public funds on deposit are required to maintain
collateral in the form of a pool of securities with the agent of the
depository having a market value of at least 10 to 50 percent in
excess of the total amount of all public funds on deposit.
A summary of cash and investments is as follows:
Deposits:
Cash $ 19,055,960
Time certificates of deposit 28,315,790
Investments 67.838.962
115,210,712
Less restricted portion (19.542.085)
Unrestricted cash and investments $ 95.668.627
55 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(4) Cash and Investments. Continued
Deposits;
The following summary presents the amount of the City's deposits which
are fully insured or collateralized with 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, 1990.
Category Category Category Total Bank Carrying
One Two Three Balance Amount
Cash $ 343,472 3,409,245 684,998 4,437,715 2,230,776
Cash with
fiscal
agent/
trustee - 11,196,253 5,628,931 16,825,184 16,825,184
Time certifi-
cates of
deposits 3.582.000 24.733.790 - 28.315.790 28.315.790
$ 3.925.472 39.339.288 6.313.929 49.578.689 47.371.750
Investments;
The City categorizes investments according to the level of risk assumed
by the City. Category One includes investments that are insured,
registered or held by the City's agent in the City's name. Category
Two includes uninsured and unregistered investments held by the
counterparty's trust department or agent in the City's name.
Category Three includes uninsured and unregistered investments held
by the counterparty, its trust department or its agent, but not in
the City's name. Certain investments have not been categorized
because securities are not used as evidence of the investment. These
uncategorized investments include ownership interests in mutual funds
and similar instruments. The summary below identifies the level of
risk assumed by the City and the total carrying amount and market
value of the City's investments.
56 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(4) Cash and Investments. Continued
Investments. Continued;
Local agency
investment fund $
U.S. Government .
agency obligations
U.S. Treasury
securities
Corporate notes
Bankers' acceptances
Commercial paper
Mutual funds/other
Total $
Category Category Category Un-
One Two Three categorized
- - 15,000,000
13,225,854
1,221,876 6,726,078
14,864,175
9,620,179
975,190
- - 6.205.610
1.221.876 45.411.476 - 21.205.610
Total
Investments
15,000,000
13,225,854
7,947,954
14,864,175
9,620,179
975,190
6.205.610
67.838.962
Market
Value
15,000,000
12,966,053
7,949,966
14,848,114
9,600,556
975,370
6.205.610
67.545.669
The City has a $1,000,000 line of credit to be used for overdraft
liabilities. During the year ended June 30, 1990, this line of
credit was not used.
(5) Property. Plant and Equipment
A summary of changes in the general fixed assets account group is as
follows:
Land
Buildings
Improvements
Furniture and
equipment
Construction
in progress
Total
Balance
July 1,
1989
$
$
19
22
1
3
2
50
,567
,795
,659
,754
,387
,164
,465
,771
,176
,867
.057
.336
Additions Deletions
1,261
3,484
676
608
383
6.414
,261
,632
,054
,492 51,375
.719 2.244.370
.158 2.295.745
Balance
June 30,
1990
20
26
2
4
54
,828
,280
,335
,311
526
i2§2
,726
,403
,230
,984
,406
,749
57 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(5) Property. Plant and Equipment. Continued
Construction in progress in the general fixed assets account group is
composed of the following:
Expended to date
Project at June 30,
Authorization 1990 Committed
Redevelopment Parking Facilities
Fire Station #1 and #2 Remodel
Fire Station #6 and Apparatus
South Carlsbad Library
Alta Mira Park
Southwest Quad Community Park Design
Holiday Park Improvements
Carillo Ranch Stabilization
Buena Vista Playground
Advance Planning - Park Design
Public Art - Kiosk Design
Public Art - S. Carlsbad Library
Handicap Access - Elm - Tamarack
Marcario Canyon Park
Sidewalk Program Design
Carlsbad Village Dr. Street Signs
Streetscape PH IV - Sculpture Park
$ 6.668.088 526.406 6.141.682
There is no future financing required on any of the above noted
construction projects.
Summary of proprietary fund type property, plant and equipment at
June 30, 1990 follows:
Internal
Enterprise Service
Funds Funds
$ 278,444
225,000
176,483
3,806,000
100,000
i 190,000
100,045
490,000
15,000
20,480
2,000
50,000
46,800
100,000
188,000
153,000
726.836
.ar.r , ,r jr.
27,469
25,999
46,791
204,320
52,509
787
3,812
102,057
6,128
12,964
1,000
133
31,648
206
14
6,100
4.469
250,975
199,001
129,692
3,601,680
47,491
189,213
96,233
387,943
8,872
7,516
1,000
49,867
15,152
99,794
187,986
146,900
722.367
Land, water rights, rights-of-way
Buildings and improvements
Wells, reservoirs and dams
Transmission and distribution lines
Sewer, sewer lines and wells
Sewage treatment facility
Equipment and vehicles
Construction in progress
Less accumulated depreciation
Property, plant and equipment, net
1,515,567
3,997,764
10,863,803
24,639,846
23,958,463
22,266,941
2,662,408
9.688.554
99,593,346
14.589.916
85.003.430
3,631,915
3,631,915
1.334.121
2.297.794
58 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(5) PropertyT Plant and Equipment. Continued
Interest costs incurred during construction of the projects have been
capitalized as costs of acquiring the assets. Interest costs of
$391,040 were capitalized in 1990. Total interest costs incurred,
including capitalized amounts during the same period, were $1,036,597.
The Enterprise funds had various construction contracts in progress at
June 30, 1990 with an estimated cost to complete of approximately
$9,845,000. There is no future financing required on any of the above
noted construction projects.
(6) Joint Ventures
Encina Water Pollution Control Facility!
The Encina Water Pollution Control Facility (the Facility) is a sewer
system owned jointly by the Cities of Carlsbad and Vista, the Leucadia
County Water District, the Buena Vista Sanitary District, the
San Marcos County Water District and the Encinitas Sanitary District.
The Encina Administrative Agency is the operator and administrator of
the facility and is responsible for the management, maintenance and
operations of the joint system. Ownership percentages are determined
by joint agreement at the time the assets are acquired. As of June 30,
1990, the Cities and Districts have the following approximate ownership
interest:
City of Carlsbad 26 %
City of Vista 25
Leucadia County Water District 18
San Marcos County Water District 20
Encinitas Sanitary District 5
Buena Vista Sanitary District 6
The latest available financial statements of the Facility, dated June 30,
1989 show the following:
Total assets $ 76,903,796
Total liabilities 921.948
Fund balance 75.981.848
Net change in fund balance $ 3.870.819
The Facility does not recognize net income or loss. Net operating
expenditures in excess of users' assessments are treated as accounts
receivable on the Facility's books and charged to users' accounts in
the following year. Conversely, users' assessments in excess of net
operating expenditures are treated as a liability and credited against
users' accounts, also in the following year. Under this basis, net
59 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(6) Joint Venturesf Continued
Encina Water Pollution Control Facility. Continued;
operating expenditures for the Facility totaled $4,363,730 in fiscal
year 1989. The net change in fund balance was attributed to plant
additions.
The City accounts for its portion of the Facility as a fixed asset of the
Sewer Fund, an enterprise fund of the City.
Encina Financing Joint Powers Authority;
The Encina Financing Joint Powers Authority (the Authority) was created
on February 1, 1989 between the City of Carlsbad, the City of Vista,
the Buena Sanitation District and the Leucadia Water District. The
primary purpose of the Authority is to issue revenue bonds in order to
finance the expansion of the Facility. Repayment of the bonds will be
accomplished through payments made by each member of the Authority
pursuant to installment purchase agreements. The individual agreements
set forth the purchase price and specify the debt service requirements
for each member.
The Authority is governed by a Board of Directors which consists of one
director appointed by each member. Prior to July 1, 1989, the
Authority had no financial activities.
In August 1989, the Authority issued $33,500,000 of revenue bonds and
executed installment purchase agreements for approximately the same
amount. The following is a table of the purchase price for each member
and their approximate share in the additional capacity:
Member
Buena Sanitation District
City of Carlsbad
Leucadia Water District
City of Vista
Installment
purchase price
$ 6,616,250
12,689,800
7,966,300
6.227.650
$ 33.500.000
Approximate
share
19.75%
37.88%
23.78%
18.59%
100.00%
The installment payments are secured by a pledge of the revenues from
each member's wastewater system, net of a deduction for maintenance and
operation costs. Covenants within the agreements require the members
to, among other things, (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.
60 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(6) Joint Ventures. Continued
Encina Financing Joint Powers Authority. Continued;
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 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, 1990, the payroll for employees covered by the PERS
was $16,071,500 for Carlsbad employees and $1,047,044 for District
employees. Total payroll for the same period was $18,235,734 and
$1,152,725 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
and the amount of earnings based on the highest thirty-six consecutive
months average for safety employees, and based on the highest twelve
consecutive months average for miscellaneous employees. The PERS also
provides death and disability benefits. These benefit provisions and
all other requirements are established by state statute.
Employees are required to make contributions ranging from 7 to 9 percent
of gross pay. The City is required to contribute the remaining amounts
necessary to fund the benefits for its members, using the actuarial
basis recommended by the PERS actuaries and actuarial consultants and
adopted by the PERS Board of Administration. The employee
contributions are made by the City on behalf of the employees.
The amount shown below as the "pension benefit obligation" (PBO) is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and
step-rate benefits, estimated to be payable in the future as a result
of employee service to date. The measure is intended to help users
assess the funding status of the PERS on a going-concern basis, assess
progress made in accumulating sufficient assets to pay benefits when
due, and make comparisons among employers. The measure is the
actuarial present value of credited projected benefits, and is
independent of the funding method used to determine contributions to
the PERS.
61 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(7) Retirement Plan, Continued
The PBO was computed as part of actuarial valuations performed as of
June 30, 1989. Significant actuarial assumptions used in the valuation
include (a) a rate of return on the investment of present and future
assets of 8.5 percent a year compounded annually, (b) projected salary
increases of 5 percent a year compounded annually, attributable to
inflation, (c) additional projected salary increases of 2 percent a
year, attributable to seniority/merit, and (d) no post-retirement
benefit increases.
The total unfunded (assets in excess of) pension benefit obligation
applicable to Carlsbad and the District's employees was $2,316,097 and
$(75,724), respectively at June 30, 1989 (the date of the latest
actuarial valuations), as follows:
Carlsbad District
Pension benefit obligation:
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving benefits $ 14,094,648 459,979
Current employees:
Accumulated employee contributions
including allocated investment earnings 9,115,846 422,880
Employer financed-vested 10,879,881 197,852
Employer financed-nonvested 1,131.383 61,012
Total pension benefit obligation 35,221,758 1,141,723
Net assets available for benefits at cost 32,905.661 1.217,447
Unfunded (assets in excess of)
pension benefit obligation $ 2.316.097 (75.724)
The market value of the net assets available for benefits as of June 30,
1989 was $38,565,435 and $1,426,848 for Carlsbad and the District,
respectively.
None of the total change in the PBO from the prior year resulted from
changes in actuarial assumptions. However, $404,694 of the total
change in Carlsbad's PBO was due to changes in benefit provisions.
PERS uses the Entry Age Normal Actuarial Cost Method which is a projected
benefit cost method. It takes into account those benefits that are
expected to be earned in the future as well as those already accrued.
According to this cost method, the normal cost for an employee is the
level amount which would fund the projected benefit if it were paid
annually from date of employment until retirement. PERS uses a
modification of the Entry Age Cost Method in which the employer's total
normal cost is expressed as a level percentage of payroll. PERS also
62 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(7) Retirement Plan. Continued
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, 1990 for the prior service benefit
for the District and on June 30, 2000 for all other benefits.
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, 1989 were as follows:
Carlsbad District
Miscellaneous Safety Miscellaneous
Employees Employees Employees
Covered Covered Covered
Contributions Payroll Contributions Payroll Contributions Payroll
Required normal cost
contribution $ 1,561,000 15.5% 1,414,990 23.7% 80,738 7.7%
Amortization of the
unfunded (overfunded)
actuarial accrued
liability (132.935) (1.3)% 246.462 4.1% (55.420) (5.3)%
Total required
contributions $ 1.428.065 14.2% 1.661.452 27.8% 25.318 2.4%
Actual employer
contributions 733,640 7.3% 1,131,965 18.9% 80,826 7.7%
Contributions made by
the City on behalf
of employees 701.052 6.9% 533.904 8.9% 73.374 7.0%
Total actual
contributions $ 1.434.692 14.2% 1.665.869 27.8% 154.200 14.7%
The District has a surplus related to miscellaneous employees as a result
of prior year actuarial gains. In order to maintain a level pattern of
contributions, the District has chosen not to apply it to fully offset
current year's contributions.
63 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(7) Retirement Plan. Continued
The following is three-year trend information which gives an indication
of the progress made in accumulating sufficient assets to pay benefits
when due:
Carlsbad District
1989 1988 1987 1989 1988 1987
Net assets available
for benefits
as a percentage of
pension benefit
obligation 93.4% 93.8% 91.2% 106.9% 104.3% 109.8%
Unfunded (assets in excess
of) pension benefit
obligation as a
percentage of annual
covered payroll 14.4% 14.2% 19.0% (7.2%) (4.2%) (8.9%)
Actuarially determined
employer contributions
as a percentage of
annual covered payroll 12.3% 13.9% 16.2% 3.6% 4.1% N/A
Ten-year trend information is not currently available from the California
Public Employees Retirement System; therefore, only the available
information is presented.
Required Supplementary Information
Analysis of Funding Progress
(Unaudited)
Carlsbad District
1989 1988 1987 1989 1988 1987
Net assets available
for benefits, at
cost $32,905,600 28,385,300 23,855,500 1,217,447 981,451 823,110
Pension benefit
obligation 35,221,700 30,249,400 26,158,700 1,141,723 941,218 749,880
Percentage funded 93.4% 93.8% 91.2% 106.9% 104.3% 109.8%
Unfunded (assets in
excess of) pension
benefit obligation 2,316,000 1,864,000 2,303,200 (75,730) (40,240) (73,240)
Annual covered payroll 16,071,500 13,170,100 12,147,900 1,047,044 960,250 825,380
Unfunded (assets in
excess of) pension
benefit obligation
as a percentage of
annual covered
payroll 14.4% 14.2% 19.0% (7.2%) (4.2%) (8.9%)
(Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(8) Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available
to all employees, permits them to defer a portion of their salary until
future years. Amounts deferred may not exceed the lesser of $7,500 or
25% of a participants' "includable compensation," as defined in the
participation agreement. The deferred compensation is not available to
employees until termination, retirement, death or unforeseeable
emergency.
All amounts of compensation deferred under the plan, all property and
rights purchased with those amounts, and all income attributable to
those amounts, property or rights are (until paid or made available to
the employee or other beneficiary) solely the property and rights of
the City (without being restricted to the provisions of benefits under
the plan), subject only to the claims of the City's general creditors.
Participant's rights under the plan are equal to those of general
creditors of the City in an amount equal to the fair market value of
the deferred account of each participant.
The City believes it has no liability for losses under the plan but does
have the duty of due care that would be required of an ordinary prudent
investor. The City believes that it is highly unlikely that it will
use the assets to satisfy the claims of general creditors in the future.
(9) Obligations Under Capital Leases
In 1981, the City entered into an agreement with the City of Oceanside to
lease the public parking area surrounding a regional shopping area.
Under the terms of the agreement, the City agreed to pay an aggregate
amount of $700,040 including interest at 10%. The annual principal and
interest payments are $70,000 through 1991 and $1 annually for each of
the remaining forty years. The City has the option to purchase the
leasehold at any time for the sum of $1. The leasehold interest of
$430,152 has been recorded in the City's general fixed asset account
group.
65 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(9) Obligations Under Capital Leases. Continued
In August 1987, the City entered a sale and leaseback agreement with a
financial institution for the Community Development Building.
Principal and interest payments totaling $234,529 are to be paid each
year through 1997. The City's leasehold interest of $1,602,160 has
been recorded in the City's general fixed asset account group.
The following is a summary by year of future minimum lease payments
remaining under capital leases (paid from the General Fund) and the
present value of minimum lease payments at June 30, 1990:
Annual Minimum
Year ending June 30t Lease Payments
1991 $ 304,529
1992 234,530
1993 234,530
1994 234,530
1995 234,530
Thereafter 586,353
Total minimum lease payments 1,829,002
Less amounts representing interest 456.080
Present value of minimum lease payments $ 1.372.922
(10) Obligations Under Operating Leases
In June 1988, the City's Redevelopment Agency entered into an agreement
to lease a parking lot from a private party. The lease requires
monthly rental payments of $3,085 for twenty years. Total annual rent
expense is $37,020.
.In May 1990, the City's Redevelopment Agency entered into an agreement to
lease a parking lot on Carlsbad Village Drive from a private party.
The lease requires monthly rental payments of $4,350 commencing July 1,
1990 for five years. Total annual rent expense is $52,200.
66 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(10) Obligations Under Operating Leases. Continued
The following is a schedule by year of future minimum rental payments
required under the operating leases at June 30, 1990:
Year ending June 30.
1991
1992
1993
1994
1995
Thereafter
Total minimum lease payments
(11) Long-term Debt
Annual
Rental Expenses
$89,220
89,220
89,220
89,220
89,220
481.260
$ 927.360
The following is a summary of changes in the principal balance of the
long-term debt for the year ended June 30, 1990:
General long-term debt account group:
Bonds
Certificates of participationSpecial assessment debt withgovernmental commi tmentObligations under capital leases
Total general long-term debt
Enterprise funds:BondsCertificates of participation
Installment purchase agreement
Principal
Balance
July 1,
1989 Additions
$ 14,475,000
8,690,000
9,305,000
1.554.755
$ 34.024.755
1,053,000
13,885,000
12.689.800
$ 14.938.000 12.689.800
Reti rements
295,000
115,000
260,000
181.833
851.833
225,000
575,000
800.000
Principal
Balance
June 30,
1990
14,180,000
8,575,000
9,045,000
1.372.922
33.172.922
828,000
13,310,000
12.689.800
26.827.800
67 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(11) Long-term Debt, Continued
Long-term debt at June 30, 1990 is comprised of the following individual
issues:
Balance
June 30,
1990
General Long-term Debt;
1962 Series B General Obligation Sewer Bonds,
principal due in amounts ranging from $90,000 to
$100,000 on July 1 of each year through 1992,
interest payable on January 1 and July 1 at 3.6% per
annum $ 190,000
1962 Series C General Obligation Sewer Bonds,
principal due in amounts of $25,000 on July 1 of
each year through 1992, interest payable on
January 1 and July 1 at 3.75% per annum 50,000
1966 Library General Obligation Bonds, principal due
in amounts ranging from $20,000 to $25,000 on
January 1 of each year through 1992, interest
payable on January 1 and July 1 at 4.5% per annum 45.000
General obligation bonds 285,000
1967 Carlsbad Building Authority Revenue Bonds,
principal due in amounts ranging from $30,000 to
$35,000 on December 15 of each year through 1993,
interest payable on December 15 and June 15 at 6.0%
per annum, payable from the general fund 95,000
1969 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $100,000 to
$125,000 on October 1 of each year through 1996,
interest payable on October 1 and April 1 at rates
varying from 6.35% to 6.4% per annum, payable from
the general fund 650,000
68 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(11) Long-term Debt. Continued
Balance
June 30,
1990
1981 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $75,000 to
$150,000 on February 1 of each year through 2001,
interest payable on August 1 and February 1 at 8.0%
per annum, payable from the general fund $ 1.150tOOP
Parking and building authorities
revenue bonds 1.895.000
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 12.000.000
Total bonds payable 14,180,000
1988 Carlsbad Certificates of Participation, principal
due in amounts ranging from $235,000 to $815,000 on
August 1 of each year through 2009, interest payable
on August 1 and February 1 at rates varying from
5.50% to 7.6% per annum 8,575,000
1986 College Boulevard Assessment District Bonds,
principal due in amounts ranging from $280,000 to
$910,000 on September 2 of each year through 2006,
interest payable on September 2 and March 2 at rates
varying from 6.75% to 8.0% per annum 9,045,000
Capital leases (note 9) 1.372.922
Total General Long-term Debt $ 33.172.922
69 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(11) Long-term Debt. Continued
Balance
June 30,
1990
Enterprise Fund Long-term Debt;
1960 Waterworks Revenue Bonds, remaining interest and
principal paid in July 1990 $ 65,000
1970 Waterworks Revenue Bonds, remaining principal and
interest paid in July 1990 100,000
1988 Carlsbad Municipal Water District Certificates of
Participation, principal due in varying amounts
ranging from $610,000 to $1,425,000 on May 1 of each
year through 2004, interest payable on May 1 and
November 1 each year at rates varying from 5.6% to
7.3% per annum 13,310,000
1961 Carlsbad Municipal Water District Improvement
District Bonds, principal payments totalling
$623,000 due on various dates in 1991, with the
remaining $40,000 due in 1992, interest payable at 663,000
rates varying from 3.5% to 5.0% per annum
Encina Financing Joint Powers Authority (EFJPA)
Installment Purchase Agreement, principal due in
varying amounts ranging from $274,630 to $1,049,276
on August 1 of each year from 1994 through 2014,
interest payable on February 1 and August 1 each 12.689.800
year at rates varying from 6.0% to 6.875% per annum
26,827,800
Less unamortized discount and (401,884)
issuance costs
(1.396.766)
Less current portion
Total enterprise fund $ 25.029.150
long-term debt
Reserve funds of approximately $5,000,000 are required to be held in debt
service funds to secure the payment of principal and interest on the
outstanding debt issues.
70 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(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
fund 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:
1991
1992
1993
1994
1995
1996-2000
2001-2005
2006-2010
Thereafter
Less amounts
representing
interest
General
Obligation
Bonds
$ 143,652
153,393
--
-
-
-
-_
297,045
12.045
Parking and
Building
Authorities
Revenue
Bonds
340,200
326,000
316,650
293,200
303,000
908,000
162,000
-_
2,649,050
754.050
Tax
Allocation
Bonds
1,132,352
1,133,328
1,137,938
1,135,828
1,142,222
5,757,618
5,828,458
5,915,410
1.191.190
24,374,344
12.374.344
Certif i cates
ofParticipation
870,085
871,435
866,448
865,054
866,873
4,308,423
4,276,330
3,395,200_
16,319,848
7.744.848
Assessment
District
Bonds
975,880
975,430
973,180
973,815
972,175
4,828,898
4,786,912
1,898,000_
16,384,290
7.339.290
Total
3,462,169
3,459,586
3,294,216
3,267,897
3,284,270
15,802,939
15,053,700
11,208,610
1.191.190
60,024,577
28.224.577
Total general
long-term
debt $ 285.000 1.895.000 12.000.000 8.575.000 9.045.000 31.800.000
Debt service requirements to maturity for the enterprise funds are as
follows:
1991
1992
1993
1994
1995
1996-20002001-20052006-20102011-2015
$
Waterworks
Revenue
Bonds
169,259__
_
_
__
-
Water District
Certificates of
Participation
1,510,827
1,507,533
1,505,617
1,504,972
1,500,672
7,461,471
5,921,789_
-
Water District
1961 -Bonds
Payable
644,671
40,667-
-_
_
-_
-
Encina Installment
Purchase
Agreement
844,452
844,452
844,452
1,110,706
1,108,498
5,535,728
5,510,332
5,477,843
5.437.440
Total
3,169,209
2,392,652
2,350,069
2,615,678
2,609,170
12,997,199
11,432,121
5,477,843
5.437.440
169,259
Less amounts
representing
interest 4.259
Total enterprise
fund debt $ 165.000
20,912,881
7.602.881
13.310.000
685,338
663.000
26,713,903
14.024.103
12.689.800
48,481,381
21.653.581
26.827.800
71 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(11) Long-term Debt. Continued
A portion of the proceeds of the Carlsbad Municipal Water District
Certificates of Participation were used to refund $12,000,000 of the
outstanding 1984 Certificates of Participation (1984 COP). Funds were
deposited in an irrevocable trust with an escrow agent to provide for
all future debt service payments on the 1984 COP. As a result, the
1984 COPs are considered to be defeased and the liability for those
certificates are not included in the City's financial statements. At
June 30, 1990, $11,250,000 of the 1984 COPs are outstanding and
considered defeased.
At June 30, 1990, the City was in compliance with all significant debt
covenants.
The College Boulevard Assessment District Bonds were issued under the
provisions of the Improvement Bond Act of 1915. The bonds were issued
to finance the public infrastructure improvements project on College
Boulevard. If a delinquency occurs in the payment of the assessment
installments, the City, at the end of the fiscal year of delinquency,
has a duty to transfer to the debt service fund the amount of the
delinquency out of available funds of the City. Available funds
consist of any surplus funds of the City not required for lawful
municipal obligations. This duty of the City is continuing during the
period of delinquency, until reinstatement, redemption or sale of the
delinquent property. Even though neither the faith and credit nor the
taxing power of the City is pledged to the payment of the bonds, the
City is obligated in the manner stated above. Accordingly these bonds
have been recorded in the general long-term debt account group of the
City.
72 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(12) Advances To and From Other Funds
The following table shows amounts advanced from funds in the City to
other funds within the City at June 30, 1990:
Advances to:
Advances from:
General Fund
Capital Projects Funds:
Capital Construction
Public Facilities
Construction
Total
Capital Projects Funds Enterprise
Fund
Public Redevelop-
Facilities Park Bridge and ment Golf
Construction Development Thoroughfare Project Course Total
950,000
$ 950.000
500.000
500.000
70,000 2,313,845 493,000 2,876,845
4,174,806 - 5,124,806
- - - 500.000
70.000 6.488.651 493.000 8.501.651
(13) Due To and From Other Funds
The following table shows amounts due from funds in the City to other
funds within the City at June 30, 1990:
Due to:
Enterprise
Water Utility
General Fund Fund
Due from:
Special Revenue Funds:
Section 8 Housing Authority $ 142,758
National Endowment for
the Arts
Capital Projects Funds:
Federal Grants
Community Development
Block Grant
State Grants
Enterprise Funds:
Water Utility
Sewer
Total
18,461
1,693,251
70,132
244,229
$ 2.168.831
10.413
10.413
Sewer
Fund
98,049
98.049
Carlsbad
Municipal
Water
District
963,798
963.798
73 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(14) Fund Balances/Retained Earnings
The following is a summary of reserved and unreserved fund balances and
retained earnings as of June 30, 1990:
Fund Balances General
Reserved for:
Loans receivable $ -
Inventory 33,867
Prepaid expenses 79,500
Debt service -
Advances to other funds 2,876,845
Low and moderate
income housing -
Rent interruption
insurance 131,000
Arbitrage
Encumbrances 939.472
Unreserved:
Designated for
approved capital
projects
Undesignated
Total fund balances
4,000,000
7.507.722
11.507.722
$ 15.568.406
Reserved for:
Debt service
Acquisition of facilities
Governmental Fund Tvoes
Special
Revenue
184,839
129,662
1,126,209
52.629
Debt
Service
Capital
Projects
4,819,322 1,697,021
5,624,806
18,132
5.573.700
4.060.684 1.493.339 4.837.454 12.895.527
130,510
1.397.567
1.528.077
14,430,044
2.545.218
16.975.262
3.021.416 4.837.454 29.870.789
Proprietary Fund Types
Internal
Enterprise Service
$ 1,462,037
530.718
Unreserved:
Designated for approved capital projects
Designated for contingencies
Undesignated
Total retained earnings
1.992.755
9,804,812
1,856,112
15.698.185
27.359.109
29.351.864
2.715.270
2.715.270
2.715.270
74 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(14) Fund Balances/Retained Earnings. Continued
Reserves for loans receivable, inventory, prepaid expenses and advances
to other funds are established to show that certain assets are already
committed to other purposes and are not available for discretionary
expenditures.
Reserves for debt service represent resources legally restricted to the
payment of general long-term debt principal and interest maturing in
future years.
Reserves for low and moderate income housing represent monies required to
be expended on low and moderate income housing.
Reserves for rent interruption insurance represents monies required to be
set aside under a bond indenture.
Reserves for arbitrage represent arbitrage earnings to date that may
require payment to the federal government.
Reserves for encumbrances represent commitments related to unperformed
contracts for services and undelivered goods.
Unreserved-undesignated represents the fund balance or retained earnings
remaining after reduction for reserved and designated fund balances or
retained earnings.
As of June 30, 1990, the funds with a deficit in fund balance/retained
earnings were:
Fund Deficit
Special revenue - National Endowment
for the Arts $ 18,461
Capital projects:
Community Development Block Grant 41,648
Federal Grants 1,693,251
Redevelopment Project 4,395,400
Internal service:
General Liability Self-Insurance 268,151
The City expects that the deficit in the National Endowment for the Arts,
the Community Development Block Grant and in the Federal Grants funds
will be funded through future grant monies or transfers from the
General Fund.
The deficit in the Redevelopment Project Fund is expected to be funded by
property tax increments received in the future.
75 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(14) Fund Balances/Retained Earnings. Continued
The deficit in the General Liability Self-Insurance Fund is expected to
be eliminated through increased premiums charged to other funds.
(15) Changes in Contributed Capital
Contributed capital, July 1, 1989
(as adjusted, see note 3)
Additions:
Cash
Fixed assets
Residual equity transfer
from General Fund
Transfer from retained earnings
Contributed capital, June 30, 1990
(16) Segment Information for Enterprise Funds
Enterprise
Funds
$ 64,161,349
3,639,548
943,911
450,000
298.659
$ 69.493.467
Internal
Service
Funds
2,843,001
557,805
3.400.806
The City maintains four enterprise funds that provide water, sewer and
other services. Segment information for the year ended June 30, 1990,
is as follows:
Operating revenues:
Property taxes
Other
Operating expenses:
Depreciation and
amortization
Other
Operating income (loss)
Non-operating income, net
Net income (loss)
Capital contributions:
Beginning balance, as
adjusted
Current year additions
Ending balance
Golf
Course Sewer
Water
Utility
Carlsbad Total
Municipal Enterprise
Water District Funds
2,494,624 1,602,344
(823,436) (123,190)
(2.829.587) (1.292.352)
668,427
6,039,974
668,427
10,136,942
(648,974) (1,595,600)
(7.280.808) (11.402.747)
20.796
$ 20.796
(1,158,399)
1.075.867
(82.532)
186,802
390.156
576.958
(1,221,381)
1.540.107
318.726
(2,192,978)
3.026.926
833.948
30,735,171 2,425,080
450.000 978.254 -
$ 450.000 31.713.425 2.425.080
31,001,098 64,161,3493.903.864 5.332.118
34.904.962 69.493.467
76 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(16) Segment Information for Enterprise Funds. Continued
Property, plant and
equipment:
Additions
Deletions
Net working capital
Debt:
Payable from operating
revenues
Payable from other
sources
Total assetsTotal liabilities
Total equity
Golf
Course
Fund
$ 103,157
$ 367.639
966,45849
Carlsbad
Water Municipal
Sewer Utility Water District
Fund Fund Fund
3,794,469
32.548
10.834.455
148,451
6.312
877.222
9,960,947
8.795.024
12,689,800
12.689.800
66,457,66515.973.515
165.000
165.000
10,449,523
1.442.842
50.484.150 9.006.681
13,973,000
13.973.000
54,725,416
15.841.712
38.883.704
Total
Enterprise
Funds
14,007,024
38.860
20.874.340
26,662,800
165.000
26.827.800
132,599,062
33.753.731
98.845.331
(17) Assessment District Bond Issues
As of June 30, 1990, the City had three series of Assessment District
Bonds outstanding in the amount of $5,305,530. These bonds were issued
under the provisions of the Improvement Bond Act of 1911 and 1915 and
were used to finance public infrastructure improvement projects.
The City issued one additional series of Assessment District Bonds
subsequent to June 30, 1990 in the amount of $19,561,248. These bonds
were issued under the provisions of the Improvement Bond Act of 1915.
Reserve funds of approximately $500,000 are held to secure payment of
principal and interest on the outstanding bonds.
For the bond issuances noted above, the City is not obligated in any
manner for the payment of debt service in the event of default by the
property owners but is only acting as agent for the property owners in
collecting the assessments, forwarding the collections to bondholders,
and initiating foreclosure proceedings, if appropriate. Accordingly,
no liability for these bond issuances has been recorded in the General
Long-term Debt Account Group and all debt service transactions have
been recorded in an Agency fund.
77 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements
(18) Mortgage Revenue Bonds
Single Family Mortgage Revenue Bonds have been issued to provide funds to
purchase mortgage loans secured by first trust deeds on
newly-constructed and existing single-family residences. The purpose
of this program is to provide low interest rate home mortgage loans to
persons of low or moderate income who are unable to qualify for
conventional mortgages at market rates. Multi-Family Housing Revenue
Bonds are issued to provide construction and permanent financing to
developers of multi-family residential rental projects located in the
City to be partially occupied by persons of low or moderate income.
The balance of the revenue bonds outstanding under these programs as of
June 30, 1990 is $51,461,941.
The bonds, together with interest thereon, are limited obligations of the
City payable solely from bond proceeds, revenues and other amounts
derived solely from home mortgage and developer loans secured by first
deed of trust, irrevocable letters of credit, and irrevocable surety
bonds. In the opinion of City officials, these bonds are not payable
from any revenues or assets of the City, and neither the full faith and
credit nor the taxing power of the City of Carlsbad, the state of
California, nor any political sub-division thereof, is obligated to the
payment of the principal or interest on the bonds. Accordingly, no
liability has been recorded in the General Long-term Debt Account Group.
One of the series of the Multi-Family Housing Revenue Bonds, with a
current outstanding balance of $15,541,941, is in default due to
non-payment. The surety is paying the debt service on the bonds.
(19) Contingencies
The City is a defendant in certain legal actions arising in the normal
course of operations. In the opinion of management and legal counsel,
any liability resulting from these actions will not result in a
material adverse effect on the City's financial position.
78
Supplemental Data
GENERAL FUND
The general fund is used to account for resources traditionally associated
with government which are not required legally or by sound financial
management to be accounted for in another fund.
79
CITY OF CARLSBAD
General Fund
Schedule of Revenues - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1990
Taxes:
Property taxes
Property tax reimbursements
Sales and use taxes
Transient lodging taxes
Franchise taxes
Real property transfer taxes
Cigarette taxes
Trailer coach in-lieu tax
Total taxes
Licenses and permits:
Vehicle licenses (in-lieu)
Construction permits
Business licenses
License tax on new construction
Other
Total licenses and permits
Charges for services:
Engineering fees
Plan checking fees
Zoning and subdivision fees
Sales of maps and publications
Environmental impact reports
Miscellaneous planning fees
Library, park and
recreation fees
Ambulance fees
Police service fees
Other
Total charges for services
Totals, carried forward
Budget
11,100,000
250,000
9,500,000
3,300,000
680,000
340,000
150,000
20,000
25.340.QQQ
4.590.OOP
Actual on
Budgetary
Basis
11,561,456
286,161
9,342,077
3,630,662
729,802
400,557
156,526
20.175
26.127.416
4.850.255
Variance
Favorable
(Unfavorable)
461,456
36,161
(157,923)
330,662
49,802
60,557
6,526
175
787.416
2,100,000
950,000
725,000
800,000
15.000
2,104,968
1,029,750
791,715
875,866
47.956
4,968
79,750
66,715
75,866
32.956
260.255
360,000
1,015,000
180,000
60,000
50,000
670,000
680,000
200,000
95,000
110.000
3.420.000
33.350.000
375,826
1,022,827
212,998
45,317
71,354
782,404
720,131
211,067
58,682
90.087
3.590.693
34.568.364
15,826
7,827
32,998
(14,683)
21,354
112,404
40,131
11,067
(36,318)
(19.913)
170.693
1.218.364
80
Budget
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorab1e)
Totals, brought forward
Fines and forfeitures:
Vehicle code fines
Other
Total fines and forfeitures
Interest income
Miscellaneous:
Property rental
Sale of property
Reimbursed expenditures
Other
Total miscellaneous
Total revenues
33.350.000 34.568.364 1.218.364
525,000
5.000
530.000
1.500.000
135,000
2,000
100,000
1.588.000
1.825.000
4 37.205.000
507,850
4.040
511.890
2.290.820
111,104
4,717
165,422
1.660.526
1.941.769
39.312.843
(17,150)
(960)
(18.110)
790.820
(23,896)
2,717
65,422
72.526
116.769
2.107.843
81
CITY OF CARLSBAD
General Fund
Schedule of Expenditures - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1990
Budget
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)
General government:
City council
City manager
City clerk
Community assistance
City attorney
Finance
City treasurer
Purchasing
Personnel
Research and analysis group
Information systems
Risk management/insurance
Lease
Building maintenance
Development processing service
Community development
Planning
Senior citizens programs
Weed abatement
Contingency
Other
Total general government
Public safety:
Police protection
Fire protection
Civil defense
Building inspection
Total public safety
Totals, carried forward
143,837
482,553
28,200
62,900
362,584
1,070,691
62,002
376,115
604,490
478,817
670,658
226,969
269,199
1,077,451
445 , 205
835,621
1,667,551
309,054
51,920
2,370
944.283
142,985
454,840
12,955
62,900
338,919
1,066,240
61,075
354,575
589,890
452,775
581,174
210,255
70,000
955,223
359,549
709,922
1,501,566
253,568
46,551
-
220.351
852
27,713
15,245
-
23,665
4,451
927
21,540
14,600
26,042
89,484
16,714
199,199
122,228
85,656
125,699
165,985
55,486
5,369
2,370
723.932
10.172.470
7,382,323
5,937,407
142,358
1.026.021
14.488.109
24.660.579
8.445.313
7,310,174
5,550,773
138,908
934.301
13.934.156
22.379.469
1.727.157
72,149
386,634
3,450
91.720
553.953
2.281.110
82
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
Totals, brought forward $ 24.660.579 22.379.469 2.281.110
Public works:
Engineering 3,276,584 3,266,480 10,104
Streets 2,993,454 2,821,902 171,552
Maintenance 648.817 573.095 75.722
Total public works 6.918.855 6.661.477 257.378
Culture and recreation:
Library 3,140,419 3,092,539 47,880
Parks and recreation 4,239,390 3,752,354 487,036
Civic arts 260.808 233.565 27.243
Total culture and recreation 7.640.617 7.078.458 562.159
Total expenditures $ 39.220.051 36.119.404 3.100.647
83
SPECIAL REVENUE FUNDS
Civic Arts Program
To account for transfers from the General Fund to support the civic arts
program.
Community Development Block Grant
To account for federal block grant for community development.
Library Audio—Visual Insurance
To account for revenues and expenditures on rental of audio-visual material.
Low and Moderate Income Housing
To account for money administered by the Carlsbad Redevelopment Agency for
designated low and moderate income housing.
Mortgage Revenue Bonds
To account for money available to the City for expenditures incurred due to
Mortgage Revenue Bonds.
National Endowment for the Arts
To account for federal grants received to support the City's art program.
Police Asset Forfeiture
To account for money received by the City under a federal program distributing
property confiscated from illegal activities.
Section 8 Housing Authority
To account for federal grants for low and moderate income housing supplemental
payments.
Senior Nutrition
To account for money received and expenditures for senior programs under the
Older Americans Act.
Special Benefit Districts
To account for revenues and expenditures from property tax assessments for
street lighting and landscaping.
State Grants
To account for state of California grants including California Arts Council
Artists-in-Residence, CLSA and Library Partnership for Change.
85
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet
June 30, 1990
Assets
Cash and investments
Receivables:
Loans
Taxes
Accounts, net
Accrued interest
Due from other governments
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Due to other governments
Total liabilities
Fund balance (deficit):
Reserved for loan receivable
Reserved for prepaid expenses
Reserved for low and moderage income housing
Reserved for encumbrances
Unreserved:
Designated for approved capital project
Undesignated
Total fund balance (deficit)
Total liabilities and fund balance
Civic
Arts
Program
147,179
1,424
148.603
133
133
13,191
130,510
4.769
148.470
$ 148.603
86
Community
Development
Block
Grant
488,087
37,113
Library
Audio-
Visual
Insurance
100,958
977
Low and
Moderate
Income
Housing
1,107,466
147,726
8,044
10,699
Mortgage
Revenue
Bonds
46,339
National
Endowment
for
the Arts
449
525.200 101.935 1.273,935 46.788
2,598
2.598
18,461
18.461
37,113 147,726
1,126,209
488.087
525.200
S25.200
99.337
99.337
101.935
_
1.273.935
1.273.935
46.788
46 T 788
46.788
(18.461)
(18.461)
87 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet, Continued
June 30, 1990
Police
Asset
Assets Forfeiture
Cash and investments $ 50,589
Receivables:
Loans -
Taxes
Accounts, net
Accrued interest 490
Due from other governments -
Prepaid expenses -
Total assets $ 51.079
Liabilities and Fund Balance
Liabilities:
Accounts payable -
Accrued wages payable -
Due to other funds -
Due to other governments -
Total liabilities
Fund balance (deficit):
Reserved for loan receivable -
Reserved for prepaid expenses -
Reserved for low and moderate income housing -
Reserved for encumbrances 10,993
Unreserved:
Designed for approved capital project -
Undesignated 40.086
Total fund balance (deficit) 51.079
Total liabilities and fund balance $ 51.079
88
Section 8
Housing
Authority
182,217
16,306
29,434
129.662
357.619
Senior
Nutrition
5,079
575
14,140
19.794
Special
Benefit
Districts
543,797
7,455
5,265
556.517
State
Grants
274,671
2,658
277.329
Total
2,946,382
184,839
15,499
16,881
21,962
43,574
129.662
3.358.799
12,531
10,852
142,758
72.933
239.074
129,662
(11.117)
118.545
357.619
9,226
1,014
10.240
186
9.368
9.554
19.794
50,835
12,316
63.151
4,864
488.502
493.366
556,517
3,726
3.726
23,395
250.208
273.603
277.329
79,049
24,182
161,219
72.933
337.383
184,839
129,662
1,126,209
52,629
130,510
1.397.567
3.021.416
3.358.799
89
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1990
Civic
Arts
Program
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing uses
Fund balance (deficit) at beginning of year
Residual equity transfers
Fund balance (deficit) at end of year
8,965
8.965
27.989
27.989
(19.024)
40,000
40.000
20,976
127,494
$ 148.470
90
Community
Development
Block
Grant
Library
Audio-
Visual
Insurance
Low and
Moderate
Income
Hous ine
Mortgage National
Revenue Endowment for
Bonds the Arts
26,184
26.184
65,377
8,426
73.803
332,297
74,448
406.745
3,394
3.394
82.278
82.278
.461
18.461
26.184
525.200
(8.475)
99.337
406.745
1.273.935
3.394
-
26,184 (8,475)
499,016 107,812
(6.212)
(6.212)
400,533
873,402
-
3,394
43,394
46.788
(18.461)
(18,461)
(18.461)
91 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1990
Police
Asset
Forfeiture
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
expenditures and other financing uses
Fund balance at beginning of year
Residual equity transfers
Fund balance at end of year
3,685
64.782
68.467
43,957
43.957
24.510
24,510
26,569
$ 51.079
92
Section 8
Housing
Authority
1,609,696
18,859
15.170
1.643.725
1,657,690
1.657.690
(13.965)
-
(13,965)
132,510
Special
Senior Benefit
Nutrition Districts
98,458
858,212
32,974
51.910 30.000
150.368 921.186
882,819
150,368
150.368 882.819
38.367
179,500
179.500
217,867
9,554 275,499
State
Grants Total
332,297
255,049 1,963,203
923,589
17,741 194,676
161.862
272.790 3.575.627
43,957
882,819
1,808,058
256.138 384.866
256.138 3.119.700
16.652 455.927
219,500
(6.212)
213.288
16,652 669,215
332,128 2,427,378
(75.177) (75.177)
118.545 9.554 493.366 273.603 3.021.416
93
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1990
Civic Arts Program
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Budget
5,000
5.000
171.691
171.691
Actual on
Budgetary
Basis
8,965
8.965
41.180
41,180
Variance
Favorable
(Unfavorable)
3,965
3.965
$ (166.691) (32.215)
130.511
130.511
134.476
94
Community Development Block Grant _
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable) Budget
Library Audio—Visual Insurance
Actual on Variance
Budgetary Favorable
Basis (Unfavorable)
60,100
60.100
26,184
26.184
(60,100)
26,184
i)
64,000
6,000
70.000
65,377
8,426
73.803
1,377
2,426
3.803
102,581
102.581
82,278
82.278
20,303
60.100 26.184 (33.916) (32.581)(8.475)24.106
95 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1990
Low and Moderate Income Housing
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of
revenues over
expenditures
$ 320,000
35,000
355.000
332,297
74,448
406.745
$ 355.000 406.745
12,297
39,448
51.745
51.745
96
Section 8 Housing Authority Senior Nutrition
«*
1,600,000
15,000
1.615.000
Actual on
Budgetary
Basis
1,609,696
18,859
15.170
1.643.725
Variance
Favorable
(Unfavorable)
9,696
3,859
15.170
28.725
Budget
153,050
50.000
203.050
Actual on
Budgetary
98,458
51.910
150.368
Variance
Favorable
(Unfavorable )
(54,592)
1.910
(52.682)
1,869,474 1,657,690 211,784 156,898 150,554 6,344
1.869.474 1.657.690 211.784 156.898 150.554 6.344
(254.474) (13.965) 240.509 46.152 (186) (46.338)
99 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1990
Special Benefit Districts
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Budget
1,064,313
1.064.313
$ (230.313)
Actual on
Budgetary
Basis
887,683
887.683
33.503
Variance
Favorable
(Unfavorable)
795,000
15,000
24.000
834.000
858,212
32,974
30.000
921.186
63,212
17,974
6.000
87.186
176,630
176.630
263.816
100
Budget
175,000
10,000
185.000
298.942
298.942
State Grants
Actual on
Budgetary
Basis
255,049
17,741
272.790
279.533
279.533
Variance
Favorable
(Unfavorable)
80,049
7,741
87.790
19.409
19.409
Budget
320,000
1,988,150
859,000
89,000
124.000
3.380.150
78,675
1,064,313
2,026,372
603.214
3.772.574
Total
Actual on
Budgetary
332,297
1,963,203
923,589
194,676
161.862
3,575,627
54,950
887,683
1,808,244
421.452
3.172.329
Variance
Favorable
(Unfavorable)
12,297
(24,947)
64,589
105,676
37.862
195.477
23,725
176,630
218,128
181.762
600.245
(113.942)(6.743)107.199 (392.424)403.298 795.722
101
102
Mortgage Revenue Bonds
Budget
Actual on Variance
Budgetary Favorable
Basis (Unfavorable) Budget
National Endowment for the Arts
Actual on Variance
Budgetary Favorable
Basis
3,394
3.394
3,394
3.394
30,000
30.000
18,461
18.461
11,539
11.539
3.394 3.394 (30.000) (18.461)11.539
97 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1990
Police Asset Forfeiture
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
3,000
50.000
53.000
78,675
3,685
64.782
68.467
54,950
685
14.782
15.467
23,725
78.675 54.950
$ (25.675) 13.517
23.725
39.192
98
Section 8 Housing Authority Senior Nutrition
Budget
1,600,000
15,000
1.615.000
Actual on
Budgetary
Basis
1,609,696
18,859
15.170
1.643.725
Variance
Favorable
(Unfavorable )
9,696
3,859
15.170
28.725
Budget
153,050
50.000
203.050
Actual on
Budgetary
Basis
98,458
51.910
150.368
Variance
Favorable
(Unfavorable)
(54,592)
1.910
(52.682)
1,869,474 1,657,690 211,784 156,898 150,554 6,344
1.869.474 1.657.690 211.784 156.898 150.554
(254.474) (13.965) 240.509 46.152 (186)(46.338)
99 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis), Continued
For the year ended June 30, 1990
Special Benefit Districts
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
General government
Public works
Welfare
Culture and recreation
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Budeet
1,064,313
1.064.313
$ (230.313)
Actual on
Budgetary
Basis
887,683
887.683
33.503
Variance
Favorable
(Unfavorable)
795,000
15,000
24.000
834.000
858,212
32,974
30.000
921.186
63,212
17,974
6.000
87.186
176,630
176.630
263.816
100
***
175,000
10,000
185.000
298.942
298.942
State Grants
Actual on
Budgetary
Basis
255,049
17,741
272.790
279.533
279.533
Variance
Favorable
(Unfavorable)
80,049
7,741
87.790
19.409
19.409
Budget
320,000
1,988,150
859,000
89,000
124.000
3.380.150
78,675
1,064,313
2,026,372
603.214
3.772.574
Total
Actual on
Budgetary
Basis
332,297
1,963,203
923,589
194,676
161.862
3.575.627
54,950
887,683
1,808,244
421.452
3.172.329
Variance
Favorable
(Unfavorable)
12,297
(24,947)
64,589
105,676
37.862
195.477
23,725
176,630
218,128
181.762
600.245
(113.942)(6.743)107.199 (392.424)403.298 795.722
101
102
DEBT SERVICE FUNDS
Building Authority
To account for receipts received by the Building Authority from the General
Fund for payment of debt service on the 1967 Building Authority Revenue Bonds.
College Boulevard
To accumulate property assessments levied for payment of debt service on 1986
College Avenue Assessment District Bonds.
Hosp Grove OOP's
To account for payment of debt service on the 1988 Certificates of
Participation issued to purchase Hosp Grove.
Library Bonds
To accumulate property taxes specifically levied for payment of debt service
on the 1966 Library General Obligation Bonds.
Parking Authority
To account for receipts received by the Parking Authority from the General
Fund for payment of debt service on 1969 and 1981 Parking Authority Revenue
Bonds.
Redevelopment Bonds
To account for payment of debt service on 1988 Tax Allocation Bonds issued to
finance improvements for the Carlsbad Redevelopment Agency.
Sewer Bonds
To accumulate property taxes specifically levied for payment of debt service
on the 1962 Series B and C Sewer General Obligation Bonds.
103
CITY OF CARLSBAD
Debt Service Funds
Combining Balance Sheet
June 30, 1990
Assets
Cash and investments
Receivables:
Taxes
Accrued interest
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued interest payable
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt service
Reserved for arbitrage
Total fund balance
Total liabilities and fund balance
Building
Authority
$ 139,602
336
$ 139.938
36.000
36.000
103,938
103.938
$ 139.938
College
Boulevard
1,538,844
14.893
1.553.737
1,553,737
1.553.737
1.553.737
104
Hosp Grove Library Parking Redevelopment
OOP's Bonds Authority Bonds
Sewer
Bonds Total
85.385
85,385
27,029
863
27.892
73.800
73.800
91.993
91.993
127,359
1.161
128.520
1,140,058
344.874
1.484.932
115,000
648.567
763.567
(678.182)
804,147
(72.909)
731.238
20,000
2.792
22.792
5.100
1,923
135,000
140.781
277.704
(203.904)
130,500
-
130.500
877.353
877.353
(785.360)
876,879
(88.495)
788.384
115,000
9.449
124.449
4.071
6,516
670,000
2.399.847
3.076.363
(1.591.431)
1,847,526
(161.404)
1.686.122
53,056
11034164
5,100 (73,404)
921,871
848.467
3,024
1.177.963
94,691
4.742.7^
4.837.454
107
CITY OF CARLSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1990
Library Bonds
Revenues:
Taxes
Interest income
Total revenues
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess of revenues over expenditures
Budget
$ 23,000
400
23.400
20,000
2.924
22.924
$ £76.
Actual on
Budgetary
Basis
27,029
863
27.892
20,000
2.792
22.792
5.100
Variance
Favorable
(Unfavorable)
4,029
463
4.492
132
132
4.624
108
Hosp Grove Library Parking Redevelopment Sewer
OOP's Bonds Authority Bonds Bonds Total
1,006,932 17,216 826,341 1,154,438 105,301 4,788,674
- 332 - - 1,550 1,882
31.232 157 22.126 23.525 - 92.269
1.038.164 17.705 848.467 1.177.963 106.851 4.882.825
4.000
1,016,032
18.132
1.034.164
1.038.164
1,013
1.013
16,692
16.692
17.705
4,358
4.358
848,467 1,177,963 102,493
848.467 1.177.963 102.493
$48,467 1.177.963 106.851
4,000
5,371
4,819,322
4.882.825
105
CITY OF CARLSBAD
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1990
Building College
Authority Boulevard
Revenues:
Taxes $ - 985,670
Interest income 8.223 83.449
Total revenues 8,223 1.069.119
Expenditures:
Current - General government 4,593
Debt service:
Principal retirement 25,000 260,000
Interest and fiscal charges 6.450 714.455
Total expenditures 36.043 974.455
Excess (deficiency) of revenues over expenditures (27.820) 94,664
Other financing sources (uses):
Operating transfers in 36,000 -
Operating transfers out - -
Total other financing sources (uses) 36.000 -
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses 8,180 94,664
Fund balance at beginning of year 95.758 1.459.073
Fund balance at end of year $ 103.938 1.553.737
106
Budget
Sewer Bonds Total
Actual on Variance Actual on
Budgetary Favorable Budgetary
Basis (Unfavorable) Budget Basis
Variance
Favorable
(Unfavorable)
126,000
l.OQO
127.000
127,359
. 1.161
128.520
1,359
161
1.520
149,000
1.400
150.400
154,388
2.024
156.412
5,388
624
6.012
115,000
10.804
125.804
1.196
115,000
9.449
124.449
4.071
1.355
1.355
2.875
135,000
13.728
148.728
1.672
135,000
12.241
147.241
9.171
1.487
1.487
7.499
109
CAPITAL PROJECTS FUNDS
Assessment Districts
To account for capital projects financed by issuance of assessment district
bonds.
Bridge and Thoroughfare
To account for receipt of fees charged to developers in the bridge and
thoroughfare district.
Capital Construction
To account for transfers from the General Fund for various municipal capital
projects.
Community Development Block Grant
To account for federal block grants for community development.
Federal Grants
To account for a Federal Aid Urban grant from the federal government.
Gas Tax
To account for receipts and expenditures of money apportioned under Streets
and Highways Code Section 2106, 2107 and 2107.5 of the state of California.
Marron Road Improvement
To account for street improvement project financed by 1988 Certificates of
Participation.
Park Development
To account for receipts of fees charged to developers for park acquisition and
development.
Planned Local Drainage Facilities
To account for receipts of fees charged to developers for drainage facilities
necessitated by growth.
110
Public Facilities Construction
To account for receipts of fees charged to developers for specific capital
projects necessitated by growth.
Sales Tax/TransNet
To account for receipts of County sales taxes allocated by the San Diego
County Regional Transportation Commission to finance transportation projects.
Redevelopment Project
To account for financial resources segregated for the rehabilitation of
commercial and public property located in the Carlsbad Village area.
Redevelopment Bond Project
To account for capital projects financed by 1988 Carlsbad Redevelopment Agency
Tax Anticipation Bonds.
Revenue Sharing
To account for revenue sharing grants from the federal government.
County Airport Road Project
To account for receipt of San Diego County funds for improvements adjacent to
McClellan-Palomar Airport.
State Grants
To account for capital projects financed by state grants.
Traffic Impact
To account for receipts of fees charged to developers for street construction
and improvement.
Ill
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1990
Assets
Cash and investments
Receivables:
Taxes
Accounts, net
Accrued interest
Due from other governments
Advances to other funds
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Advances from other funds
Deposits payable
Total liabilities
Fund balance (deficit):
Reserved for debt service
Reserved for advances to other
funds
Reserved for encumbrances
Unreserved:
Designated for approved
capital projects
Undesignated
Total fund balance
(deficit)
Total liabilities and
fund balance
Assessment
Districts
4,033,305
48,164
Bridge and
Tho roughfare
2,717,586
26,300
$ 4.081.469 2.743.886
31,480
2.700.000
2.731.480
2,452,974
70,000
70,000
359,050
581,600
(1.102.985) 1.733.236
1.349.989 2.673.886
$ 4.081.469 2.743.886
Capital
Construction
2,437,398
5.124.806
7.562.204
150,007
150.007
5,124,806
151,460
1,085,975
1.049.956
7.412.197
7.562.204
112
Community
Development
Block Grant
Federal
its Gas Tax
2,210,844
Marron Road
Inrorovemen t
Park
Deve1oomen t
Planned
Local
Drainage
Facilities
397,783 2,290,678 2,012,191
51,000
51.000
21,530 4,162 22,169 19,473
2.232.374 401.945 2.312.847 2.031.664
22,516 - 17,495 135,641
70,132 1,693,251
92.648 1.693.251 17.495 135.641
500,000
500.000
24,710 49,389 220,765 100,589 87,175
1,973,343 2,768 7,516 1,276,570
(66.358) (1.742.640) 20.771 162.947 1.718.156 755.094
(41.648) (1.693.251) 2.214.879 266.304 1.812.847 2.031.664
51.000 2.232.374 401.945 2.312.847 2.031.664
113 (Continued)
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, 1990
Assets
Cash and investments
Receivables:
Taxes
Accounts, net
Accrued interest
Due from other governments
Advances to other funds
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Advances from other funds
Deposits payable
Total liabilities
Fund balance (deficit):
Reserved for debt service
Reserved for advances to
other funds
Reserved for encumbrances
Unreserved:
Designated for approved
capital projects
Undesignated
Total fund balance
(deficit)
Total liabilities
and fund balance
Public
Facilities
Construction
10,747,563
146,830
104,014
500.000
11.498.407
69,434
950,000
1.019.434
500,000
900,935
5,795,851
3.282.187
10.478.973
11.498.407
Sales Tax/
TransNet
770,702
7,459.
778.161
774,397
3.764
Redevelopment
Project
2,053,513
32,177
39,564
2.125.254
14,452
17,551
6,488,651
6,520,654
1,697,021
16,655
(6.109.076)
778.161 (4.395.400)
778.161 2.125.254
114
Redevelopment Revenue County Airport State Traffic
Bond Project Sharing Road Project Grants Impact Total
3,605,312 223,206 264,271 114,256 2,774,792 36,653,400
- 32,177
- - 146,830
75,171 2,160 2,558 1,467 26,720 400,911
- - - 170,973 - 221,973
= = = - - 5.624.806
3.680.483 225.366 266.829 286.696 2.801.512 43.080.097
653 3,110 - 28,206
- - 244,229
653 3.110 - 272.435
2,500
2.500
475,494
17,551
2,007,612
8,008,651
2.700.000
13.209.308
- - - 1,697,021
- - 5,624,806
283,673 - - 54,070 97,858 5,573,700
2,794,009 199,001 249,938 - 463,473 14,430,044
602.148 23.255 16.891 (39.809) 2.237.681 2.545.218
3.679.830 222.256 266.829 14.261 2.799.012 29.870.789
3.680.483 225.366 266.829 286.696 2.801.512 43.080.097
115
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1990
Assessment
Districts
Revenues:
Taxes $
Intergovernmental -
Charges for services
Interest income 202,556
Contributions from property
owners 340,809
Miscellaneous 83.492
Total revenues 626.857
Expenditures:
Current:
General government 5,000
Capital outlay 1,318,652
Debt service - interest
and fiscal charges 2,825
Total expenditures 1.326,477
Excess (deficiency) of
revenues over expenditures (699,620)
Other financing sources (uses):
Operating transfers in -
Operating transfers out (236,697)
Total other financing
sources (uses) (236,697)
Excess (deficiency) of
revenues and other
financing sources over
expenditures and other
financing uses (936,317)
Fund balance (deficit) at
beginning of year 2,286,982
Residual equity transfers (676)
Fund balance (deficit) at end
of year $ 1.349.989
Bridge and
Thoroughfare
Capital
Construction
739,510
185,960
925.470
149,147
149.147
776.323
776,323
1,897,563
2.673.886
371,619
47,628
55.216
474.463
1,176,708
1.176.708
(702.245)
742,077
742.077
39,832
7,372,365
7.412.197
116
Planned
Community Local
Development Federal Marron Road Park Drainage
Block Grants Grants Gas Tax Improvement Development Facilities
100,121
836,456
242 145,726 57,366
412,429
381,949
34,566
145,586
100.121 _242 982.182 57.366 794.378 180.152
70 ,-256
76,526 814,696 23,227 447,333 65,821 56
146.782 814.696 23.227 447.333 65.821 56
(46.661) (814.454) 958.955 (389.967) 728.557 180.096
36,454
(9.905)
26.549
(46,661) (814,454) 958,955 (363,418) 728,557 180,096
5,013 (873,905) 1,255,924 629,722 1,084,290 1,851,568
- (4.892) - - - -
(41.648) (1.693.251) 2.214.879 266.304 1.812.847 2.031.664
117 (Continued)
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1990
Public
Facilities
Construction
Revenues :
Taxes
Intergovernmental
Charges for services
Interest income
Contributions from property
owners
Miscellaneous
Total revenues
Expenditures :
Current :
General government
Capital outlay
Debt service - interest
and fiscal charges
Total expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
expenditures and other
financing uses
Fund balance (deficit) at
beginning of year
Residual equity transfers
Fund balance (deficit) at end
of year
4,389,854
715,954
191.018
5.296.826
1,998,164
1.998.164
Excess (deficiency) of
revenues over expenditures 3.298.662
171,704
171.704
3,470,366
7,008,607
$ 10.478.973
Sales Tax/
TransNet
869,100
31,727
900.827
122,666
122.666
778.161
778,161
Redevelopment
Proiect
1,329,185
200
289,428
1.618.813
898,821
569.277
1.468.098
150.715
3,304,167
(3.794.102)
(489.935)
778.161
(339,220)
(4,056,180)
(4.395.400)
118
Redevelopment Revenue County Airport State Traffic
Bond Project Sharing Road Project Grants Impact Total
250,000 84,630
411,499 15,158 16,891 10,353
411.499 15.158 266.891 94.983
3,518,772 145,294 62 298,817
5.860 -
3.524.632 145.294 62 298.817
(3.113.133) (130.136) 266.829 (203.834)
- - 23,988
(303.653) - - (184.276)
(303.653) - - (160.288)
2,165,641
1,303,851
637,485 6,214,044
190,602 3,172,616
13,855 402,292
8.881 338.607
850.823 13.597.051
75,256
49,628 11,104,390
577.962
49.628 11.757.608
801.195 1.839.443
4,278,390
(4.528.633)
(250.243)
(3,416,786) (130,136) 266,829 (364,122) 801,195 1,589,200
7,096,616 352,392 784,620 1,997,817 28,693,394
(406.237) - (411.805)
3.679.830 222.256 266.829 14.261 2.799.012 29.870.789
119
120
ENTERPRISE FUND
Golf Course
To account for revenues, expenses and the construction activities of the
City's municipal golf course.
Sewer
To account for the operation and maintenance of the City's sewer system.
Water Utility
To account for all customer service functions of the Carlsbad water system and
the payment of debt service on the Waterworks Revenue Bonds.
Carlsbad Municipal Water District
To account for the operation, maintenance, planning and capital facility
financing of the Carlsbad water system.
121
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet
June 30, 1990
Assets Golf Course
Current assets:
Cash and investments $ 855,026
Accounts receivable, net
Accrued interest 8,275
Due from other funds -
Inventory - .
Total current assets 863,301
Restricted assets:
Cash and investments
Interest receivable -
Total restricted assets
Property, plant and equipment:
Land, water rights, rights-of-way
Buildings and improvements
Wells, reservoirs and dams -
Transmission and distribution lines
Sewer, sewer lines and wells -
Sewage treatment facility
Equipment and vehicles -
Construction in progress 103.157
Total property, plant and equipment 103,157
Less accumulated depreciation -
Property, plant and equipment, net 103,157
Total assets $ 966.458
122
Carlsbad
Municipal
Sewer Water Utility Water District
13,517,846 517,524 8,489,658 23,380,054
3,307 1,659,248 1,131,807 2,794,362
130,829 3,405 - 142,509
98,049 10,413 963,798 1,072,260
16.284 129.474 191.805 337.563
13.766.315 2.320.064 10.777.068 27.726.748
10,418,395 4,644,163 4,479,527 19,542,085
67.397 44.946 214.456 326.799
10.485.792 4.689.109 4.693.983 19.868.884
227,250 231,956 1,056,361 1,515,567
1,670,937 37,188 2,289,639 3,997,764
1,212,852 9,650,951 10,863,803
4,023,869 20,615,977 24,639,846
23,958,463 - - 23,958,463
22,266,941 - - 22,266,941
521,269 243,963 1,897,176 2,662,408
545.021 126.350 8.914.026 9.688.554
49,189,881 5,876,178 44,424,130 99,593,346
(6.984.323) (2.435.828) (5.169.765) (14.589.916)
42.205.558 3.440.350 39.254.365 85.003.430
66.457.665 10.449.523 54.725.416 132.599.062
123 (Continued)
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet, Continued
June 30, 1990
Liabilities Golf Course
Current liabilities:
Accounts payable and accrued expenses $ 2,662
Accrued wages payable -
Accrued interest payable -
Due to other funds -
Advances from other funds 493,000
Current portion of long-term debt -
Deposits payable -
Total current liabilities 495,662
Current liabilities payable from restricted assets:
Current portion of long-term debt -
Accrued interest payable -
Total current liabilities payable from restricted assets
Deferred revenue
Deferred compensation payable
Bonds payable
Certificates of participation, net of
unamortized issuance costs of $400,650 in 1990
Installment purchase agreement
Total liabilities 495f662
Fund equity:
Contributed capital 450,000
Retained earnings:
Reserved for debt service -
Reserved for acquisition of facilities -
Unreserved:
Designated for approved capital projects -
Designated for contingencies
Undesignated 20.796
Total fund equity 470.796
Total liabilities and fund equity $ 966.458
124
Water Utility
Carlsbad Municipal
Water District Total
115,979
18,009
10,413
716.681
861.082
111,586
24,716
1,061,847
163,766
80.927
1.442.842
1,066,638
153,188
610,000
152.218
1.982.044
1,296,865
42,725
153,188
1,072,260
493,000
773,766
949.826
4.781.630
351.855
351.855
2,070,778
12.689.800
15,973,515 1.442.842
623,000
35.308
658.308
862,010
40,000
12,299,350
15.841.712
623,000
387.163
1.010.163
2,070,778
862,010
40,000
12,299,350
12.689.800
33.753.731
31,713,425
829,125
9,304,812
8.636.788
50.484.150
66.457.665
2,425,080
9,210
6.572.391
9.006.681
10.449.523
34,904,962
623,702
530,718
500,000
1,856,112
468.210
38.883.704
54.725.416
69,493,467
1,462,037
530,718
9,804,812
1,856,112
15.698.185
98.845.331
132.599.062
125
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
For the year ended June 30, 1990
Golf Course
Operating revenues:
Water sales $
Sewer service charges -
Other charges for services -
Miscellaneous -
Total operating revenues -
Operating expenses:
Plant operations -
Purchased water
Depreciation and amortization
General and administrative -
Total operating expenses -
Operating income (loss) -
Non-operating revenues (expenses):
Interest income 20,796
Interest expense and fees, net of capitalized interest -
Gain (loss) on disposal of assets , -
Property tax and rent -
Amortization of issuance costs -
Total non-operating income 20.796
Net income (loss) 20,796
Transfer to contributed capital
Retained earnings at beginning of year
Prior period adjustment -
Adjusted retained earnings -
Retained earnings at end of year $ 20.796
126
Water Utility
Carlsbad Municipal
Water District Total
2,325,158
17,980
151.486
2.494.624
1,910,585
823,436
919.002
3.653.023
(1,158,399)
1,077,762
(1,895)
1.075.867
(82,532)
21,067,430
(2.214.173)
18.853.257
18.770.725
1,332,791
267,913
1.640
1.602.344
3,178
123,190
1.289.174
1.415.542
186,802
396,731
(9,332)
2,757
390.156
576,958
6,004,643
6.004.643
6.581.601
6,513,806
194.595
6.708.401
1,147,259
4,969,862
648,974
1.163.687
7.929.782
(1,221,381)
1,524,172
(645,557)
688,202
(26.710)
1.540.107
318,726
(298,659)
3,958,675
3.958.675
3.978,74?
7,846,597
2,325,158
285,893
347.721
10.805.369
3,057,844
4,973,040
1,595,600
3.371.863
12.998.347
(2,192,978)
3,019,461
(654,889)
862
688,202
(26.710)
3.026.926
833,948
(298,659)
31,030,748
(2.214.173)
28.816.575
29.351.864
127
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows
For the year ended June 30, 1990
Golf Course
Cash flows from operating activities:
Operating income (loss) $
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation and amortization -
(Increase) decrease in receivables -
Increase (decrease) in advances & due to/due from
other funds 493,000
(Increase) decrease in inventory
Increase (decrease) in accounts payable 2,662
Increase in accrued wages payable -
Increase (decrease) in deposits payable
Increase in deferred compensation payable -
Net cash provided by (used in) operating activities 495.662
Cash flows from noncapital financing activities -
property taxes and rent received -
Cash flows from capital and related financing activities:
Purchases of property, plant and equipment (103,157)
Gain on disposal of assets -
Proceeds from installment purchase agreements -
Principal payments on bonds
Interest paid on bonds -
Proceeds from capital contributions 450T000
Net cash provided by (used in) capital and related
financing activities 346.843
128
Sewer Water Utility
Carlsbad Municipal
Water District Total
(1,158,399)186,802 (1,221,381)(2,192,978)
823,436
(1,385)
(1,347)
(4,791)
(82,756)
1,647
716,681
—
123,190
63,985
(152,473)
23,013
12,988
1,867
14,976
-
675,684
(276,528)
143,540
(29,755)
(288,812)
—(3,696)
215.043
1,622,310
(213,928)
482,720
(11,533)
(355,918)
3,514
727,961
215.043
293.086 274.348 (785.905)277.191
688.202 688.202
(3,794,469)
12,689,800
978.254
(148,451)
2,757
(160,000)
(8,976)
(9,700,106)
(665,502)
(1,048,071)
2.661.294
(13,746,183)
2,757
12,689,800
(825,502)
(1,057,047)
4.089.548
9.873.585 (314,670)(8.752.385)1.153.373
129 (Continued)
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows, Continued
For the year ended June 30, 1990
Golf Course
Cash flows from investing activities:
Net decrease in restricted cash and investments -
Net decrease in investments
Interest on investments 12,521
Net cash provided by investing activities 12.521
Net increase (decrease) in cash 855,026
Cash and cash equivalents at beginning of year -
Cash and cash equivalents at end of year $ 855.026
Supplemental schedule of noncash investing and financing
activities - capital assets contributed by contractors $ -
130
Carlsbad Municipal
Water Utility Water District
1.359.254
1.359.254
11,525,925
12.410.316
23.936.241
396.731
396.731
356,409
4.805.278
5.161,687
3,466,613
3,575,621
1.510.647
8.552.881
(297,207)
8.583.324
8,28^147
3,466,613
3,575,621
3 279 153
10 321 387
12,440,153
25 798 918
38.239.071
943.911 943.911
131
132
INTERNAL SERVICE FUNDS
Central Garage
To account for charges to other funds to provide fleet maintenance and
replacement.
Data Processing
To account for charges to other funds for data processing services.
General Liability Self-Insurance
To account for charges to other funds to insure against liability claims
against the City.
Health Insurance
To account for charges to other funds and from employees to provide health
insurance for full-time City employees.
Workers' Compensation
To account for charges to other funds to insure against Workers' Compensation
claims.
133
CITY OF CARLSBAD
Internal Service Funds
Combining Balance Sheet
June 30, 1990
Assets Central Garage
Current assets:
Cash and investments $ 740,972
Receivables:
Accounts, net 5,372
Accrued interest 7,830
Inventory 68.124
Total current assets 822.298
Property, plant and equipment:
Machinery and equipment 3,217,461
Less accumulated depreciation (1.235.841)
Net property, plant and equipment 1,981.620
Total assets $ 2.803.918
Liabilities and Fund Equity
Current liabilities:
Accounts payable 48,732
Accrued wages payable 22,118
Estimated claims payable -
Total current liabilities 70,850
Fund equity:
Contributed capital - contributed from other funds 1,960,691
Retained earnings (deficit) - unreserved 772.377
Total fund equity 2.733.068
Total liabilities and fund equity $ 2.803.918
134
Data General Liability Health Workers'
Processing Self-Insurance Insurance Compensation Total
631,823
6,116
637.939
414,454
(98.280)
316.174
954.113
13,152
10,848
24.000
90,115
839.998
930.113
954.113
2,361,341
22,860
2.384.201
-
2.384.201
44,892
1.257.460
1.302.352
1,350,-000
(268.151)
1.081.849
2.384.201
993,525 1,147,751 5,875,412
26,737 - 32,109
9,572 11,048 57,426
68.124
1.029.834 1.158.799 6t033.071
3,631,915
(1.334.121)
2.297.794
1.029.834 1.158.799 8.330.865
35,845 - 142,621
32,966
781.742 2.039.202
35.845 781.742 2.214.789
3,400,806
993.989 377.057 2.715.270
993.989 377.057 6.116.076
1.029.834 1.158.799 8.330.865
135
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
For the year ended June 30, 1990
Central Garage
Operating revenues:
Charges for services $ 1,872,908
Miscellaneous 72.655
Total operating revenues 1.945.563
Operating expenses:
Depreciation and amortization 265,042
Fuel and supplies 333,307
Claims expense -
General and administrative 769.509
Total operating expenses 1.367.858
Operating income (loss) 577.705
Non-operating revenues (expenses):
Interest income 45,143
Gain (loss) on disposal of property (57.375)
Total non-operating income (loss) (12.232)
Net income (loss) before operating transfers 565.473
Operating transfers in -
Operating transfers out -
Net income 565,473
Retained earnings (deficit) at beginning of year 206.904
Retained earnings (deficit) at end of year $ 772.377
136
Data
Processing
589,305
380
589.685
30,447
457.028
487.475
102.210
32,347
501
32.848
135.058
368,925
503,983
336.015
839.998
General Liability
DeJLJL -lIlbU.Ld.Ult:
739,927
2.651
742.578
677,914
677.914
64.664
196,099
196.099
260.763
(500.000)
(239,237)
(28.914)
(268.151)
Health
Insurance
1,333,131
245.262
1.578.393
1,240,108
1.240.108
338.285
67,480
67.480
405.765
-
405,765
588.224
993.989
Workers '
Compensation
400,979
8.551
409.530
788,990
788.990
(379.460)
82,132
82.132
(297.328)
500,000
202,672
174.385
377.057
Total
4,936,250
329.499
5.265.749
295,489
333,307
2,707,012
1.226.537
4.562.345
703.404
423,201
(56.874)
366.327
1.069.731
868,925
(500.000)
1,438,656
1.276.614
2.715.270
137
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Cash Flows
For the year ended June 30, 1990
Central
Garage
Cash flows from operating activities:
Operating income (loss) $ 577,705
Adjustments to reconcile operating income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 265,042
(Increase) decrease in receivables 2,114
Increase in inventory (68,124)
Increase (decrease) in accounts payable (7,369)
Increase in accrued wages payable 18,278
Increase (decrease) in estimated claims payable -
Net cash provided by (used in) operating activities 787.646
Cash flows from noncapital financing activities -
operating transfers of cash -
Cash flows from capital and related financing activities:
Purchases of property, plant and equipment (338,246)
Proceeds from capital contributions -
Net cash provided by (used in) capital and
related financing activities (338.246)
Cash flows from investing activities - interest on investments 40.923
Net increase (decrease) in cash 490,323
Cash and cash equivalents at beginning of year 250,649
Cash and cash equivalents at end of year $ 740.972
Supplemental schedule of noncash investing and financing
activities - capital assets contributed by other funds $ 544.474
138
Data
Processing
102,210
30,447
676
(4,548)
8,682
137.467
368.925
(107,795)
(107.795)
28.341
426,938
204.885
631.823
General
Liability
Self-
Insurance
64,664
(3,772)
(648.952)
(588.060)
(500.000)
500.000
500.000
201.550
(386,510)
2.747.851
2.361.341
Health Workers'
Insurance Compensation
338,285 (379,460)
(25,626)
11,053
110.509
323.712 (268.951)
500.000
(500.000)
(500.000)
64.148 84.864
387,860 (184,087)
605.665 1.331.838
993.525 1.147.751
Total
703,404
295,489
(22,836)
(68,124)
(4,636)
26,960
(538.443)
391.814
368.925
(446,041)
(446.041)
419.826
734,524
5.140.888
5.875.412
13.331 557.805
139
140
AGENCY FUNDS
Deferred Compensation
To account for amount employees have deposited in deferred compensation plans
offered by the City.
Contractors' Deposits
To account for money deposited by contractors for designated future
development.
Miscellaneous Deposits
To account for money deposited with the City for various items.
Assessment Districts
To account for the debt service transactions on assessment district bonds for
which the City is not obligated in any manner.
141
CITY OF CARLSBAD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
For the year ended June 30, 1990
Deferred Compensation;
Assets:
Cash and investments
Liabilities:
Deferred compensation
payable
Contractors' Deposits;
Assets:
Cash and investments
Liabilities:
Deposits payable
Miscellaneous Deposits;
Assets:
Cash and investments
Accrued interest
Total assets
Liabilities:
Accounts payable
Deposits payable
Balance
July 1,
1989
$ 1.718.197
$ 1.718.197
$ 1.574.559
$ 1.574.559
$ 4,635,841
1.515
Additions Deductions
528.276
528.276
752.379 (164.658)
709.909 (122.188)
13,327,549 (12,631,736)
2.739 (2.508)
Balance
June 30,
1990
2.246.473
2.246.473
2.162.280
2.162.280
5,331,654
1.746
4.637.356 13.330.288 (12.634.244) 5.333.400
8,263 2,182 (8,263) 2,182
4.629.093 14.767.551 (14.065.426) 5.331.218
Total liabilities $ 4.637.356 14.769.733 (14.073.689) 5.333.400
142
Assessment Districts:
Assets:
Cash and investments
Accrued interest
Total assets
Liabilities:
Assessments payable
Totals - All Agency Funds;
Assets:
Cash and investments
Accrued interest
Total assets
Liabilities:
Accounts payable
Deposits payable
Deferred compensation
payable
Assessments payable
Balance
July 1,
1989
$ 892,097
15.606
Additions Deductions
Balance
June 30,
1990
1,136,229 (1,048,339) 979,987
19.061 (15.606) 19.061
907.703 1.155.290 (1.063.945)
$ 907.703 1.262.156 (1.170.811)
999.048
999.048
$ 8,820,694
17.121
15,744,433 (13,844,733) 10,720,394
21.800 (18.114) 20.807
8.837.815 15.766.233 (13.862.847) 10.741.201
8,263
6,203,652
1,718,197
907.703
2,182 (8,263) 2,182
15,477,460 (14,187,614) 7,493,498
528,276 - 2,246,473
1.262.156 (1.170.811) 999.048
Total liabilities $ 8.837.815 17.270.074 (15.366.688) 10.741.201
143
General Fixed Assets Account Group
General fixed assets are those fixed assets used in operations accounted for
in governmental funds. General fixed assets include all fixed assets not
accounted for in an enterprise, internal service, or trust and agency fund.
144
Land
Buildings
Improvements
Furniture and
equipment
Construction
in progress
Total
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Function
June 30, 1990
Culture
General and
Government Recreation
$ 492,035 16,843,211
1,723,077 9,739,433
381,428 1,291,603
1,643,488 862,696
463.229
Public
Safety
2,150,407
14,817,893
303,189
1,603,714
26.216
Public
Works Total
1,343,073 20,828,726
26,280,403
359,010 2,335,230
202,086 4,311,984
36.961 526.406
$ 4.240.028 29.200.172 18.901.419 1.941.130 54.282.749
145
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Source
June 30, 1990
As of June 30, 1986 $ 27,136,537
Net additions subsequent to June 30, 1986:
General Fund 12,939,743
Community Development Block Grant 1,945,095
Federal grants 455,315
State grants 416,316
Street lighting 8,612
Park development 3,428,818
Public facilities 5,720,280
Redevelopment 2.232.033
Total investments in general fixed assets $ 54.282.749
146
Statistical Section
y
I
147
CITY OF CARLSBAD
General Expenditures by Function
Last Ten Fiscal Years
Fiscal
Year
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Igtal (1)
$ 16
18
15
16
22
36
49
41
55
53
,407,100
,623,122
,463,426
,723,893
,279,729
,206,852
,443,365
,960,153
,745,009
,133,603
General
Government
3,648,090
2,852,858
2,272.174
2,551,209
3,008,056
4,124,793
5,645,325
5,988,144
7,139,089
7,920,471
Public
Safety
3,407,
4,888,
5,285,
5,813,
7,020,
7,851,
9,452,
10,102,
11,728,
13,836,
025
849
609
451
105
268
556
111
140
529
Public
Works
2,868,460
2,501,925
2,935,279
3,408,568
2,974,480
6,412,310
4,601,389
5,375,688
6,336,093
7,402,476
Welfare
608,009
650,202
727,155
825,236
860,556
1,052,394
1,321,504
1,584,897
1,614,015
1,808,058
Culture/
Recreation
2,261,889
2,303,143
2,573,014
2,764,121
3,278,290
3,710,505
4,530,701
5,358,475
5,808,094
7,413,870
Capi tal
Projects
3,469,
4,996,
1,233,
1,033,
4,619,
12,333,
23,032,
11,216,
19,786,
11,104,
027
323
048
261
242
087
108
835
724
390
Debt
Service
144,600
429,822
437,147
358,047
519,000
722,495
859,782
2,334,003
3,332,854
3,647,809
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
GENERAL EXPENDITURES BY FUNCTION
1989-90
PUBLIC SAFETY 26%
13.8
PUBLIC WORKS 14%7.4
WELFARE 3%
1.8
CULTURE-RECREATION 14%
7.4
GENERAL GOVERNMENT 15*7.9
DEBT SERVICE 7%
3.6
CAPITAL PROJECTS 21%11.1
WLUII AMI IN MILLION*
Source: City of Carlsbad Comprehensive Annual Financial Reports.
148
TOTAL EXPENDITURES-LAST TEN YEARS
MILLIONS OF DOLLARS
60 -[
50-
40-
30-
20-
10-
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
INCLUDES GENERAL. SPECIAL REVENUE. DEBT
SERVICE AND CAPITAL PROJECT FUNDS
SPENDING ON CAPITAL PROJECTS
LAST TEN YEARS
MILLIONS OF DOLLARS
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
INCLUDES GENERAL, SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
149
CITY OF CARLSBAD
General Revenues by Source (1)
Last Ten Fiscal Years
Fiscal
Year
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Total
$ 16,748,825
16,543,575
18,314,250
23,870,285
31,272,744
37,078,236
45,626,319
42,944,962
54,565,025
57,970,453
Property
Taxes
3,344,171
4,193,938
4,449,196
4,848,041
5,243,124
6,769,473
8,516,463
9,870,495
11,997,603
13,663,487
Sales
Taxes
3,302,134
3,941,152
3,974,732
4,891,379
5,726,373
6,222,008
6,487,371
7,128,461
8,186,215
9,342,077
Transient
Occupancy
Taxes
655,172
734,344
797,526
1,007,268
1,041,947
1,157,794
1,729,998
1,995,447
2,752,025
3,630,662
Other
Taxes
1,210,879
901,814
1,511,333
1,969,434
2,084,724
2,215,044
2,414,972
3,699,185
3,204,130
3,129,186
Business
Licenses
247,798
258,663
279,973
351,875
428,546
471,470
517,972
616,278
696,706
791,715
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
GENERAL REVENUE
LAST TEN YEARS
IILUOMt or OOLLAM
60
50-
1981 1982 1983 1984 1985 1988 1987 1988 1989 1990
PROPERTY TAX AND SALES TAX REVENUE
LAST TEN YEARS
MILLION* OP OOLLi
1981 1982 1983 1984 198S 1988 1987 1988 1989 1990
I PROPERTY TAX 18 SALES TAX
Source: City of Carlsbad Comprehensive Annual Financial Reports.
150
Other
Licenses
Intergov-
ernmental
Charges for
Services
Fines and
Forfeits Interest
Contributions
From Property
Owners
Miscel-
laneous.
1,048,332
537,476
491,267
2,099,942
3,042,110
3,525,394
3,830,931
3,521,242
3,858,173
4,058,540
1,133,947
1,875,243
2,551,262
1,777,587
2,060,542
2,924,892
5,608,869
2,506,690
2,876,536
3,267,054
3,877,542
1,969,808
2,451,708
4,747,951
8,541,600
9,406,829
12,250,389
8,289,570
7,182,057
10,728,326
230,684
260,498
231,086
256,471
345,750
288,055
366,597
435,649
478,830
511,890
1,573,375
1,794,676
1,396,896
1,542,092
2,638,536
2,857,221
2,944,741
3,422,839
5,644,873
6,002,986
175.593
4,529,710
402,292
124,791
75,963
179,271
378,245
119,492
1,240,056
958,016
1,283,513
3,158,167
2,442,238
TRANSIENT OCCUPANCY TAX
LAST TEN YEARS
MILLION* Of DOLLAR!
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
CHARGES FOR SERVICES
LAST TEN YEARS
MILLION* Of DOLLAAt
1981 1982 1983 1984 1986 1986 1987 1986 1980 1990
151
CITY OF CARLSBAD
Ratio of General Bonded Debt to Assessed Valuation
and Net Bonded Debt Per Capita
Last Ten Fiscal Years
Fiscal Net Assessed
Year Valuation (1)
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
$ 1,444,275,932
1,687,082,037
2,015,289,869
2,194,598,447
2,495,887,152
2,894,233,860
3,458,390,377
3,939,249,294
4,203,469,146
4,850,671,236
Outstanding
Principal (2)
1,245,000
1,145,000
1,030,000
915,000
900,000
785,000
670,000
550,000
420,000
285,000
Percent of
Total
Valuation
0.08
0.06
0.05
0.04
0.03
0.03
0.02
0.01
0.01
0.01
Per
Capita
Debt
35
32
26
23
20
16
12
9
7
4
Population (3)
35,606
36,172
39,037
40,665
44,566
48,872
55,282
58,888
62,030
63,451
(1) Net assessed value is stated at 100£ of market value. Data from County of
San Diego Office of the Auditor and Controller.
(2) Library and sewer general obligation bonds per the City of Carlsbad
Comprehensive Annual Financial Reports.
(3) Population as of January 1 of each year per the State Department of Finance.
RATIO OF OUTSTANDING GENERAL BONDED DEBT
TO POPULATION
PER CAPITA DEBT IN DOLLARS
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
152
CITY OF CARLSBAD
Computation of Legal Debt Margin
June 30, 1990
25% of net assessed valuation (1) $ 1.212.667.809
Debt limit (15% of net assessed valuation as adjusted) 181.900.171
Amount of debt applicable to debt limit:
Bonded debt (2) 23,225,000
Certificates of participation 8,575,000
Capitalized leases 1.372.922
Total amount of debt applicable to debt limit 33.172.922
Legal debt margin $ 148.727.249
Percent of debt limit 18.24%
(1) Beginning January 1, 1987, a change in state law required the County
Assessor to assess all taxable property at 100% of full value as
opposed to the prior practice of assessing property at 25% of full
value. To be consistent with previous years, the assessed valuation used
for this computation is at 25% of full value.
(2) Total bonded debt:
Library and Sewer $ 285,000
Parking and Building Authorities 1,895,000
College Boulevard Assessment District 9,045,000
Tax Allocation Bonds 12.000.000
Total bonded debt $ 23.225.000
153
CITY OF CARLSBAD
Schedule of Direct and Overlapping Bonded Debt
June 30, 1990
1989-90 Total Assessed Valuation; $4,937,833,836 (after deducting $121,884,701
redevelopment tax allocation increment)
Direct and Overlapping Bonded debt;
San Diego County Building Authorities
San Diego County Water Authority
San Diego County Water
Certificates of Participation
Metropolitan Water District
Carlsbad Unified School District
(various issues)
Carlsbad Unified School District Authority
Carlsbad Unified School District Community
Facilities District #1
San Marcos Unified School District and
Certificates of Participation
San Dieguito Union High School District
Encinitas Union School District and Authority
Mira Costa Community College District Authority
Other School Districts
Tri-City Hospital District
Palomar Pomerado Hospital District & Authority
Leucadia County Water District & I.D. #1
Vallecitos Water District
and I.D.'s #1, 2 & 6
Carlsbad Municipal Water District
Certificates of Participation
Carlsbad Municipal Water District
and I.D. 's #2, 3 S. 4
Olivenhain Municipal Water District & I.D. #1
City of Carlsbad
City of Carlsbad Building Authorities
City of Carlsbad 1915 Act Bonds
Total direct and overlapping bonded debt
Applicable
4.795%
4.963
4.963
0.796
Debt
June 30,
1990
$ 14,961,263
1,197,820
4,635,442
5,703,817
96.899 - 96.902 285,663
96.875 4,451,406
100.00 12,175,000
1,403,909
209,185
493,618
786,120
1,303
582,573
94,488
233,048
6.510 - 10.615 133,505
100.00 13,310,000
22.597
9.095
25.510
26 . 204
Various
33.007
0.681
52.161 - 2.284
99.980 - 100.00
33.068
100.00
100.00
100.00
799,984
372,015
285,000 (1)
10,470,000 (2)
13.985.000
$ 86.570.159
(1) Excludes tax allocation bonds and capitalized leases.
(2) Includes City of Carlsbad Building and Parking Authorities and the Public
Improvement Corporation.
Ratios to Assessed Valuation;
Direct Debt ($10,755,000)
Total Debt
0.22%
1.75%
Source; California Municipal Statistics, Inc.
154
CITY OF CARLSBAD
Ratio of Annual Debt Service for
General Bonded Debt to Total Governmental Expenditures
Last Ten Fiscal Years
Fiscal
Year Principal Interest
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
$ 95,000
100,000
115,000
15,000 (3)
115,000
115,000
115,000
120,000
130,000
135,000
49,600
49,160
42,797
38,022
33,723
29,727
27,505
23,179
18,556
13,728
Total
Debt
Service (1)
144,600
146,160
157,797
53,022
148,723
144,727
142,505
143,179
148,556
148,728
Total
Governmental
Expenditures (2)
16,407
18,623
15,463
16,723
22,297
36,206
49,443
41,960
55,745
53,133
,099
,122
,426
,893
,729
,852
,365
,153
,009
,603
Ratio of Debt
Service to
Governmental
Expenditures %
0.9
0.8
1.0
0.
0,
0.4
0.
0.
0.3
0.3
(1) Debt service requirement on General Obligation Bonds comprised of 1962
Sewer Bonds Series B and C and 1966 Library Bonds. Excludes debt service
for the Assessment District and the Building and Parking Authorities.
(2) Includes General, Special Revenue, Debt Service and Capital Projects funds.
(3) In 1983-84, the City began recording principal payments in the year they
become payable. The general obligation principal payments for the City's
Sewer Bonds are due July 1 and had previously been recorded as paid by the
City on June 30 each year.
RATIO OF DEBT SERVICE TO GENERAL
EXPENDITURES
1981 1982 1983 1984 198S 1988 1987 1988 1989 1990
Source: City of Carlsbad Comprehensive Annual Financial Reports.
155
CITY OF CARLSBAD
Revenue Bond Coverage
Water Bonds
Last Ten Fiscal Years
Net Revenue
Direct Available
Operating for Debt
Expenses Service
Debt Service Requirements
Principal Interest Total Coverage
1980-81 $
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1,977,591
2,084,262
1,934,415
1,672,564
1,371,214
1,522,383
1,532,953
1,637,819
1,760,102
2,001,832
1,655
1,620
1,945
1,557
1,119
1,317
933
1,334
1,195
1,415
,756
,519
,681
,173
,336
,953
,368
,525
,822
,542
321
463
(11
115
251
204
599
303
564
586
,835
,743
,266)
,391
,878
,430
,585
,294
,280
,290
105,
215,
115,
-
125,
130,
140,
150,
157,
160,
000
000
000
(1)
000
000
000
000
000
000
74
69
64
56
50
42
38
29
21
12
,985
,715
,492
,875
,138
,531
,549
,096
,211
,718
179,985
284,715
179,492
56,875
175,138
172,531
178,549
179,096
178,211
172,718
190
163
(6)
203
144
118
336
169
317
339
(1) In 1983-1984 the City began recording principal payments for the Water
Revenue Bonds in the year they became payable. In prior years principal
payments had been recorded as paid on June 30 of each year rather than
July 1 of the following year.
Source: City of Carlsbad Comprehensive Annual Financial Reports
156
WATER ENTERPRISE GROSS REVENUE
AND DIRECT OPERATING EXPENSES
2500 -TTHOUSANDS OF DOLLARS (Thouundt)
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
GROSS REVENUE OPERATING EXPENSES
NET REVENUE AVAILABLE FOR DEBT SERVICE
LAST TEN YEARS
700
THOUSANDS OF DOLLARS
-100
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
157
CITY OF CARLSBAD
Demographic Statistics
Last Ten Fiscal Years
Square
Year Miles
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1995
2000
2010
29.4
29.7
29.8
32.0
32.0
35.6
36.0
39.7
39.7
39.7
42.2
(Estimate)
(Estimate)
(Estimate)
Population (1)
35,448
35,606
36,172
39,037
40,665
44,566
48,872
55,282
58,888
62,030
63,451
77,310 (3)
84,954 (3)
100,826 (3)
Population
Percent
Change
10.4
0.4
1.6
7.9
4.2
9.6
9.7
13.1
6.5
5.3
2.3
County
Population (2)
1,808,200
1,899,900
1,924,700
1,986,035
2,041,362
2,083,359
2,166,169
2,240,659
2,327,657
2,418,176
2,509,914
(4)
(4)
(4)
City
Population
Percent
of County
2.0
1.9
1.9
2.0
2.8
2.1
2.3
2.5
2.5
2.6
2.5
(1) Source - State Department of Finance.
(2) Source - County Data Base, San Diego County.
(3) Population for City General Plan area - San
Governments Series VII population forecast.
(4) County future population estimate not available.
Diego Association of
POPULATION
LAST TEN YEARS
IN THOUSAND*
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
POPULATION AS OF JANUARY 1
PER STATE DEPARTMENT OF FINANCE
158
159
CITY OF CARLSBAD
Schedule of Assessed Valuation
Last Ten Fiscal Years
Fiscal
Year
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Secured
Property
$ 1,467
1,700
2,027
2,195
2,487
2,893
3,456
3,937
4,197
4,813
,470,336
,974,823
,411,290
,611,840
,497,173
,268,927
,419,183
,879,614
,767,148
,718,827
Unsecured
Property
35,508,800
43,077,175
50,604,897
57,309,394
75,231,054
77,524,350
80,781,420
98,879,688
109,633,027
147,696,674
Less
Property
Exemptions
10,315,004
8,210,761
13,841,078
8,401,587
14,605,675
18,616,217
19,248,842
21,859,608
20,083,629
23,581,665
NET TAXABLE VALUE
LAST TEN YEARS •
BILLIONS Of DOLLARS
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
Source: County of San Diego Office of the Auditor and Controller.
160
Total Net
Assessed Homeowner's Assessed
Valuation Exemptions Valuation
1,492,664,132 48,388,200 1,444,275,932
1,735,841,237 48,759,200 1,687,082,037
2,064,175,109 48,885,200 2,015,289,909
2,244,519,647 49,921,200 2,194,598,447
2,548,122,552 52,235,400 2,495,887,152
2,952,177,060 57,943,200 2,894,233,860
3,517,951,761 65,492,000 3,452,459,761
4,014,899,694 75,650,400 3,939,249,294
4,287,316,546 83,847,400 4,203,469,146
4,937,833,836 87,162,600 4,850,671,236
161
CITY OF CARLSBAD
Construction and Business Activity
Last Ten Fiscal Years
Building
Fiscal
Year
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Permit
Revenue
328,453
271,542
490,100
1,068,876
1,055,738
1,397,129
1,230,100
671,779
674,814
1,029,750
Percent
Change
80.6
(17.3)
80.5
118.1
(1.2)
32.3
(12.0)
(45.4)
.5
52.6
Estimated
Valuation
85,900,000
52,700,263
79,400,000
198,520,304
213,403,469
263,548,719
245,661,491
127,831,606
111,898,109
169,746,343
Business
License
Revenue
247,798
258,663
279,973
351,875
428,546
471,470
517,972
616,278
696,706
791,715
Percent
Change
2.3
4.4
8.2
25.7
21.8
10.0
9.9
19.0
13.1
13.6
ESTIMATED BUILDING VALUATION
LAST TEN YEARS
MILLIONS OF DOLLARS
300
250-
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
Source: City of Carlsbad Comprehensive Annual Financial Reports,
162
CITY OF CARLSBAD
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year (1)
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Total
Current
Lew (1)
3,819,009
4,491,805
5,082,021
5,605,774
6,051,971
7,013,691
8,644,209
9,922,196
12,251,188
14,050,829
Total
Current
Collections (2)
3,742,244
4,325,152
5,017,599
5,491,980
5,984,957
7,201,032
9,502,177
10,797,171
12,581,954
14,920,156
% of
Levy
Collected
97.99
96.29
98.73
97.97
98.89
102.67
109.93
108.82
102.70
106.19
(1) Opening charges. Does not include Supplemental Assessments.
(2) Collections include prior years' delinquencies.
TOTAL TAX LEVY
LAST TEN YEARS
MILLIONS OF DOLLARS
16
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
163
CITY OF CARLSBAD
Special Assessment Billings and Collections
College Boulevard Assessment District
Last Four Fiscal Years
Fiscal Special Assessment Special Assessments
Year Billings 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
$ 3.958.876 3.955.443
Note: There were no special assessment billings for the College Boulevard
Assessment District prior to the fiscal year ended June 30, 1987.
Source: County of San Diego Office of the Auditor and Controller.
164
CITY OF CARLSBAD
Principal Employers
1989-1990
Firm
Manufacturing:
Hughes Aircraft Company,
Industrial Products Division
Puritan-Bennett Corporation
Taylor Made Golf
Eaton-Leonard Corporation
Beckman Instruments
Dyna Med, Inc.
Watkins Products
Sierracin-Magnedyne Inc.
Sargent Industries
International Totalizer System
J.C. Schumacher
Product/Service Employees
Electronic Components
Medical Equipment
Golf Equipment
Vending Machines
Microbics Operation
Emergency Medical Products
Spas
Electronic Motors
Industrial Seals
Off-track Betting Systems
Distributor of Chemicals
1,500
450
280
275
240
195
185
162
150
145
120
Non-Manufacturing;
Tri-City Medical Center
Plaza Camino Real
La Costa Hotel & Spa
Car Country Auto Dealers
Carlsbad Unified School District
San Diego Gas & Electric, Encina
City of Carlsbad
Farmer's Insurance - Regional
Pea Soup Andersen's
Jazzercise
Daniel's Cablevision
Hospital 1,450
Shopping Center (5 major
department stores) 1,000
Hotel & Health Spa 1,000
Car Dealers (all major dealers) 500
Education 425
Power Generation 414
Municipal Government 480
Insurance 320
Restaurant/Hotel 250
Dance Fitness 101
Cable TV 100
Source: City of Carlsbad Chamber of Commerce.
165
CITY OF CARLSBAD
Principal Taxpayers
1989-1990
Taxpayer
San Diego Gas & Electric Co.
La Costa Hotel & Spa Corp.
Fieldstone/La Costa Assoc.
Hughes Aircraft Co. (Corp.)
Lyon/Copley Carlsbad Assoc.
Pacific Rim Land Associates
Upland Industries Corp.
Aviara Resort Associates Ltd.
Continental Homes, Inc.
Plaza Camino Real
Type of Business
Power Generation
Hotel & Spa
Land Developer
Manufacturer
Land Developer
Land Developer
Land Developer
Land Developer
Land Developer
Shopping Center
Valuation
339,000,000
203,547,081
170,972,380
100,970,330
72,896,986
50,866,972
47,801,262
47,617,000
34,138,002
29.409.685
1.097.219.698
Percentage of
Total Net
Assessed
Valuation(1)
22.62%
(1) Net assessed valuation for 1989-1990 - $4,850,671,236
Source: County of San Diego Office of the Auditor and Controller.
166
CITY OF CARLSBAD
Miscellaneous Statistical Information
Date of incorporation
Type of city
Form of government
Area
Population
Number of street lights
Miles of streets
Fire Protection:
Number of stations
Number of firefighters and officers
Police Protection:
Number of stations
Number of sworn police officers
Municipal Water District:
Number of customers
Average daily consumption
Miles of lines and mains
Miles of sewers
Recreation and Culture:
Number of parks (improved and unimproved)
Area of parks
Pools
Number of libraries
Number of volumes
Total number of City employees
July 16, 1952
General Law
Council/Manager
42.19 square miles
63,451
4,304
220
6
75
1
95
16,305
15.7 million gallons
300
104
36
326.88 acres
1
2
197,000
480
167
CITY OF CARLSBAD
Annual Debt Service Requirements
1960 WATERWORKS REVENUE BONDS
Fiscal
Year
1990-91
Interest Due
Julv 1
$ 1.259
$ 1.259
Interest Due Total
January 1 Interest
1.259
- 1.259
Principal Due
Julv 1
65.000
65.000
Total Annual
Debt Service
66.259
66.259
1970 WATERWORKS REVENUE BONDS
Fiscal
Year
1990-91
Interest Due
Julv 1
$ 3.000
$ 3.000
Interest Due Total Principal Due Total Annual
January 1 Interest Julv 1 Debt Service
3.000
3.000
100.000
100.000
103.000
103.000
1962 SERIES B. GENERAL OBLIGATION. SEWER BONDS
Fiscal
Year
1990-91
1991-92
Interest Due
$ 3,420
1.800
$ 5.220
Interest Due Total Principal Due Total Annual
January 1 Interest Julv 1 Debt Service
1,800
1.800
5,220
1.800
7.020
90,000
100.000
190.000
95,220
101.800
197.020
Source: Debt Service Schedules Obtained from Respective Trustees.
168 (Continued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1962 SERIES C. GENERAL OBLIGATION. SEWER BONDS
Fiscal
Year
1990-91
1991-92
Interest Due
July 1
$ 937
$ 1.406
Interest Due Total Principal Due Total Annual
January 1 Interest July 1 Debt Service
469
469
1,406
1.875
25,000
25rOOP
50.000
26,406
25.469
51.875
1966 LIBRARY GENERAL OBLIGATION BONDS
Fiscal
Year
1990-91
1991-92
Interest Due
July 1
$ 1,013
* 1.575
Interest Due Total Principal Due Total Annual
January 1 Interest January 1 Debt Service
1,013
1.575
2,026
1.124
3.150
20,000
25.000
45.000 48.150
Fiscal
Year
1990-91
1991-92
1992-93
1967 CARLSBAD BUILDING AUTHORITY
REVENUE BONDS
Interest Due
December 15
$ 2,850
1,950
1.050
$ 5.850
Interest Due
June 15
1,950
1,050
-
Total
Interest
4,800
3,000
1.050
Principal Due
December 15
30,000
30,000
35.000
Total Annual
Debt Service
34,800
33,000
36.050
3.000 8.850 95.000 103.850
169 (Continued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1969 CARLSBAD PARKING AUTHORITY
REVENUE BONDS
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
Interest Due
October 1
$ 20,800
17,600
14,400
11,200
8,000
4.000
$ 76.000
Interest Due
April 1
17,600
14,400
11,200
8,000
4,000
—
Total
Interest
38,400
32,000
25,600
19,200
12,000
4.000
55.200 131.200
Principal Due
October 1
100,000
100,000
100,000
100,000
125,000
125.000
650.000
Total Annual
Debt Service
138,400
132,000
125,600
119,200
137,000
129.000
781.200
1981 CARLSBAD PARKING AUTHORITY
REVENUE BONDS
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
Interest Due
Augus t 1
$ 46,000
43,000
40,000
37,000
33,000
29,000
25,000
21,000
16,000
11,000
6.000
$ 307.000
Interest Due
February 1
46,000
43,000
40,000
37,000
33,000
29,000
25,000
21,000
16,000
11,000
6.000
Total
Interest
92,000
86,000
80,000
74,000
66,000
58,000
50,000
42,000
32,000
22,000
12.000
307.000 614.000
Principal Due
February 1
75,000
75,000
75,000
100,000
100,000
100,000
100,000
125,000
125,000
125,000
150.000
1.150.000
Total Annual
Debt Service
167,000
161,000
155,000
174,000
166,000
158,000
150,000
167,000
157,000
147,000
162.000
1.764.000
170 (Continued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1988 CARLSBAD HOUSING AND REDEVELOPMENT
COMMISSION TAX ALLOCATION BONDS
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Total
Interest Due
October 1
438,676
431,664
423,969
415,414
406,111
395,799
384,261
371,531
357,559
342,159
325,296
306,681
286,332
263,870
239,550
213,330
184,830
154,050
119,925
83,070
43.095
6.187.172
Interest Due
April 1
438,676
431,664
423,969
415,414
406,111
395,799
384,261
371,531
357,559
342,159
325,296
306,681
286,332
263,870
239,550
213,330
184,830
154,050
119,925
83,070
43.095
Total
Interest
877,352
863,328
847,938
830,828
812,222
791,598
768,522
743,062
715,118
684,318
650,592
613,362
572,664
527, 7 W
479,100
426,660
369,660
308,100
239,850
166,140
86.190
Principal Due
April 1
255,000
270,000
290,000
305,000
330,000
355,000
380,000
405,000
440,000
475,000
510,000
550,000
595,000
640,000
690,000
750,000
810,000
875,000
945,000
1,025,000
1.105.000
6.187.172 12.374.344 12.OOP.OOP
Total Annual
Debt Service
1,132,352
1,133,328
1,137,938
1,135,828
1,142,222
1,146,598
1,148,522
1,148,062
1,155,118
1,159,318
1,160,592
1,163,362
1,167,664
1,167,740
1,169,100
1,176,660
1,179,660
1,183,100
1,184,850
1,191,140
1.191.190
24.374.344
171 (Continued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1988 CERTIFICATES OF PARTICIPATION
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
Interest Due
August 1
$ 320,774
314,311
307,124
299,324
290,730
281,143
270,590
259,205
246 , 780
233,100
217,930
201,400
182,600
162,200
140,000
116,000
90,400
62,600
36.600
Interest Due
February 1
314,311
307,124
299,324
290,730
281,143
270,590
259,205
246 , 780
233,100
217,930
201,400
182,600
162,200
140,000
116,000
90,400
62,600
36,600
—
Total
Interest
635,085
621,435
606,448
590,054
571,873
551,733
529,795
505,985
479,880
451,030
419,330
384,000
344,800
302,200
256,000
206,400
153,000
99,200
36.600
Principal Due
Augus t 1
235,000
250,000
260,000
275,000
295,000
315,000
330,000
355,000
380,000
410,000
435,000
470,000
510,000
555,000
600,000
640,000
695,000
750,000
815.000
Total Annual
Debt Service
870,085
871,435
866,448
865,054
866,873
866,733
859,7.95
860,985
859,880
861,030
854,330
854,000
854,800
857,200
856,000
846,400
848,000
849,200
851.600
Total 4.032.811 3.712.037 7.744.848 8.575.000 16.319.848
172 (Continued)
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
COLLEGE BOULEVARD ASSESSMENT DISTRICT BONDS
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
Interest Due
September 2
$ 352,840
343,040
332,390
320,790
308,025
294,150
279,140
262,778
244,952
225,648
204,712
182,000
157,200
130,400
101,400
70,200
36.400
Interest Due
March 2
343,040
332,390
320,790
308,025
294,150
279,140
262,778
244,952
225,648
204,712
182,000
157,200
130,400
101,400
70 , 200
36,400
—
Total
Interest
695,880
675,430
653,180
628,815
602,175
573,290
541,918
507,730
470,600
430,360
386,712
339,200
287,600
231,800
171,600
106,600
36.400
Principal Due
September 2
280,000
300,000
320,000
345,000
370,000
395,000
425,000
460,000
495,000
530,000
575,000
620,000
670,000
725,000
780,000
845,000
910.000
Total Annual
Debt Service
975,880
975,430
973,180
973,815
972,175
968,290
966,918
967,730
965,600
960,360
961,712
959,200
957,600
956,800
951,600
951,600
946.400
Total $ 3.846.065 3.493.225 7.339.290 9.045.000 16.384.290
173
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
ENCINA FINANCING JOINT POWERS AUTHORITY INSTALLMENT PURCHASE AGREEMENT
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
Total
Interest Interest Principal Sinking Fund
Payment Due Payment Due Payment Due Payment Due Total Annual
August 1 February 1 August 1 Aueust 1 Debt Service
422,226
422,226
422,226
418,038
409,358
400,004
389,940
379,162
367,601
355,182
341,864
327,573
312,231
295,763
277,886
258,549
237,878
215,775
192,141
166,912
139,958
111,149
81,222
50,136
34.103
422,226
422,226
422,226
418,038
409,358
400,004
389,940
379,162
367,601
355,182
341,864
327,573
312,231
295,763
277,886
258,549
237,878
215,775
192,141
166,912
139,958
111,149
81,222
50,136
-
-
-
274,630
289,782
308,722
327,662
348,496
371,224
395,846
420,468
448,878
477,288
509,486
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
•
-
-
-
-
-
543,578
581,458
621,232
664,794
710,250
757,600
810,632
865,558
926,166
986,774
1.049.276
844,452
844,452
844,452
1,110,706
1,108,498
1,108,730
1,107,542
1,106,820
1,106,426
1,106,210
1,104,196
1,104,024
1,101,750
1,101,012
1,099,350
1,098,556
1,096,988
1,096,344
1,094,532
1,091,424
1,090,548
1,087,856
1,088,610
1,087,046
1.083.379
$ 7.029.103 6.995.000 4.172.482 8.517.318 26.713.903
174
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
1988 CARLSBAD MUNICIPAL WATER DISTRICT CERTIFICATES OF PARTICIPATION
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
Total
Interest
Payment Due
November 1
459,563
441,264
421,268
399,348
375,623
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52.014
4.031.221
Interest
Payment Due
Mav 1
441,264
421,269
399,349
375,624
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52,013
3.571.660
Principal
Total Payment Due
Interest May 1
Total Annual
Debt Service
900,827
862,533
820,617
774,972
725,672
672,460
614,902
552,552
484,947
411,610
331,868
245,519
152,388
52.014
610,000
645,000
685,000
730,000
775,000
825,000
880,000
940,000
1,005,000
1,075,000
1,155,000
1,235,000
1,325,000
1.425.000
1,510,827
1,507,533
1,505,617
1,504,972
1,500,672
1,497,460
1,494,902
1,492,552
1,489,947
1,486,610
1,486,868
1,480,519
1,477,388
1.477.014
7.602.881 13.310.000 20.912.881
CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 2 SERIES 2 BONDS
Fiscal
Year
1990-91
Total
Interest Due Interest Due Total Principal Due Total Annual
November 1 May 1 Interest May 1 Debt Service
5^3
1.125
1.125
25.000
25.000
26.125
26.125
175
CITY OF CARLSBAD
Annual Debt Service Requirements, Continued
CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 3 BONDS
Fiscal
Year
1990-91
Total
Interest Due
Julv 1
$ 13.950
$ 13.950
Interest Due
January 1
13.950
Total
Interest
27.900
27.900
Principal Due
Julv 1
558.000
558.000
Total Annual
Debt Service
585.900
585.900
CARLSBAD MUNICIPAL WATER DISTRICT IMPROVEMENT DISTRICT 4 BONDS
Fiscal Interest Due Interest Due Total Principal Due Total Annual
Year July 1 January 1 Interest July 1 Debt Service
1990-91 $ - 1,400 1,400 40,000 41,400
1991-92 700 700 1.400 40.000 41.400
Total $ 700 2.100 2.800 80.000 82.800
176