HomeMy WebLinkAbout; ; 1991-1992 CAFR; 1992-06-30Comprehensive
Annual Financial Report
for the fiscal year ending JUNE 30, 1992
CITY OF CARLSBAD, CALIFORNIA
MAYOR
Claude "Bud" Lewis
MAYOR PRO TEM
Ann Kulchin
CITY COUNCIL
Eric Larson
Julianne Nygaard
Margaret Stanton
CITY MANAGER
Raymond R. Patchett
FINANCIAL MANAGEMENT DIRECTOR
James F. Elliott
FINANCE DIRECTOR
Lisa Hildabrand
Prepared by the Finance Department
Introductory Section
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1992
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
List of City Officials 23
Organization Chart 24-25
FINANCIAL SECTION
Independent Auditors' Report 27
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 28
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types 34
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual
(Budgetary Basis) All Governmental Fund Types 36
Combined Statement of Revenues, Expenses
and Changes in Retained Earnings - All Proprietary Fund Types 39
Combined Statement of Cash Flows - All Proprietary Fund Types 40
Notes to Combined Financial Statements 42
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1992
TABLE OF CONTENTS. CONTINUED
FINANCIAL SECTION, Continued PAGE
Supplemental Data:
Governmental Funds:
General Fund:
Schedule of Revenues - Budget and Actual (Budgetary Basis) 76
Schedule of Expenditures - Budget and Actual (Budgetary Basis) 78
Special Revenue Funds:
Combining Balance Sheet 82
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 86
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis) 90
Debt Service Funds:
Combining Balance Sheet 100
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 102
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis) 104
Capital Project Funds:
Combining Balance Sheet 108
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance 114
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
11
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1992
TABLE OF
FINANCIAL SECTION. Continued PAGE
Supplemental Data, Continued:
Proprietary Funds, Continued:
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 Changes in General Fixed Assets
by Function 146
Schedule of General Fixed Assets by Source 147
Schedules of Annual Debt Service Requirements 149
STATISTICAL INFORMATION
(Not Covered by Independent Auditors' Report)
General Expenditures by Function, Last Ten Fiscal Years 156
General Revenues by Source, Last Ten Fiscal Years 158
iii
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year ended June 30, 1992
TABLE OF CONTENTS. CONTINUED
STATISTICAL INFORMATION. Continued PAGE
Ratio of General Bonded Debt to Assessed Valuation and
Net Bonded Debt Per Capita, Last Ten Fiscal Years 160
Computation of Legal Debt Margin 161
Schedule of Direct and Overlapping Bonded Debt 162
Ratio of Annual Debt Service for General Bonded Debt to
Total Governmental Expenditures, Last Ten Fiscal Years 163
Revenue Bond Coverage - Water Utility, Last Ten Fiscal Years 164
Demographic Statistics, Last Ten Fiscal Years 166
Schedule of Assessed Valuation, Last Ten Fiscal Years 168
Construction and Business Activity, Last Ten Fiscal Years 170
Property Tax Levies and Collections, Last Ten Fiscal Years 171
Special Assessment Billings and Collections, College
Boulevard Assessment District, Last Five Fiscal Years 172
Principal Employers, 1991-1992 173
Principal Taxpayers, 1991-1992 174
Miscellaneous Statistical Information 175
IV
City of Carlsbad
Finance Department
November 16, 1992
Honorable Mayor, City Council,
and City Manager
CITY OF CARLSBAD
Carlsbad, California
1991-92 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMTTTAL
We are pleased to present the 1991-92 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 the
public to assist those interested in understanding the fiscal condition of the City as of June
30, 1992. Responsibility for both the accuracy of the data, and the completeness and
fairness of the presentation, including all disclosures, rests with the City. To the best of
our knowledge and belief, the enclosed data are accurate in all material respects and are
reported in a manner designed to present fairly the financial position and results of
operations of the various funds and account groups of the City of Carlsbad. All disclosures
necessary to enable the reader to gain an understanding of the government's financial
activities have been included.
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 65,661. Industries in the
area include a major regional shopping center, 21 auto dealers, 24 hotels offering 1,884
rooms for tourist lodging, aerospace manufacturing, electronics, golf apparel and equipment
manufacturers, several business and light industry parks, and numerous land developers
building single and multi-family housing in a variety of community settings.
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 Carlsbad Municipal Water District, a subsidiary district of the City.
City Council serves as the Board of Directors for the Carlsbad Municipal Water District.
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 415 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. Older Carlsbad
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 $300,000 for support of the arts,
art programs, and the purchase of works of art.
Significant Events and Accomplishments
During 1991-92 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 shown below.
Balanced Budget - One of the most significant accomplishments this year was successfully
balancing the General Fund budget. As the year progressed, it became evident that the
City would not attain the budgeted $43.8 in General Fund revenues. Departments
decreased expenditures by holding staff at current levels, decreased maintenance and
operating expenses, deferred projects, and cut capital purchases. Through these efforts, the
City was able to keep the General Fund expenditures in line with the revenues and $5.4
million under budget.
General Plan Update - An update of all elements of the General Plan began with a series
of town hall meetings and community forums to receive citizen input. The public review
process continues on the first complete General Plan evaluation since the 1970's. Housing
and source reduction and recycling elements of the General Plan were approved by Council
in 1991-92. In addition, a comprehensive fiscal analysis of the General Plan was
completed. The program will provide a tool to evaluate financial implications of current
and future City policies and decisions.
Habitat Management Plan (HMP) - The City led the state in early recognition of our
natural resources when City Council approved a program for studying and identifying the
City's biological resources and preparing a Habitat Management Plan within the City. The
HMP will provide policies and mechanisms for the protection of wildlife habitat, especially
of endangered, threatened, or sensitive species. Phase I, comprised of vegetation mapping
and biological plan development moving toward candidate preserve areas with linking
corridors, was completed in 1991-92. The final plan is expected to lead to application for
a Habitat Conservation Plan under the federal Endangered Species Act.
Growth Management -1991-92 was the fifth full year of operation under the City's Growth
Management Program. Under this program, development occurs only when 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 buildout of the City. The growth management program, in conjunction with the
current recession, has had a major effect on the building industry as shown in chart below:
DWELLING UNITS CONSTRUCTED
LAST SEVEN YEARS
2500
2000-
1500-
1000-
500-
Growth Management
-implemented in .1987.
1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
The comprehensive Growth Management Financing Program is an important part of growth
management. This program links 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 Mello-Roos Community
Facilities Districts, 1913/1915 Act Assessment Districts and fee programs to finance
facilities concurrent with demand without overburdening the land or home owner.
Construction of Capital Projects - Because of the sluggish pace of development and
corresponding decline in developer fees, the City slowed its aggressive capital building
program, with an outlay of approximately $7 million in 1991-92. Declining revenues led
to project phasing and moving some planned projects to future years. During the last eight
years, Carlsbad expended more than $114 million for capital projects including community
parks, a senior center, a civdc facility for police and fire, fire stations, main library, 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.
Community Facility District (CFD) No. 1 - First year taxes for the citywide Community
Facilities District No. 1 were received in 1991-92. The CFD taxes land scheduled for future
development and is the City's first Mello-Roos district. Through bond issues, the CFD will
be used to fund a wide variety of public improvements including civic facilities, freeway
interchanges and major road additions or improvements, which were previously funded on
a pay-as-you-go basis by developer fees. As development occurs for residential property,
the Mello-Roos obligation must be paid in full by the developer when a building permit is
given. Pass-through of the CFD tax is only allowed on property developed for non-
residential or commercial/industrial purposes.
Hiring Center - 1991-92 was the first full year of operation for the Hiring Center which
was established in the geographic center of the City. In answer to citizen concerns and to
create employment opportunities, documented workers are encouraged to seek employment
at the facility, where employees are screened and matched with prospective employers.
Homeless Shelter - Homeless local farm workers will have temporary shelter at the La
Posada de Guadalupe in late 1992. The shelter is a cooperative project by Caring Residents
of Carlsbad, Catholic Charities, and the City of Carlsbad. In addition to the 50-bed
dormitory, a kitchen-dining hall, showers and laundry, and amnesty and immigration
services are provided.
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 Information - This section provides data on the City's fiscal activity
over the past ten years including revenues,
expenditures, debt, assessed value, and demographic
information.
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 appropriations expire at year end unless specifically carried into the new
fiscal year by Council action. The Carlsbad Municipal Code requires that the
Financial Management Director annually prepare a budget for the City Manager
showing estimated revenues and expenditures.
Total City Operations
During 1991-92 the City staff of 495 full-time employees provided a complete range of City
services to the 65,661 residents and many businesses in Carlsbad. Throughout most of its
history, Carlsbad has had the benefit of working with revenues sufficient to meet
anticipated expenditures; however, the 1990's show a reversal of this trend. Revenues
stopped growing and state legislation resulted in new mandatory expenditures as well as
the loss of revenues. Over the past two years, Carlsbad has made every effort to maintain
service levels through the deferral of projects and the management of vacant staff positions.
Carlsbad entered 1991-92 with a balanced budget and immediately began to feel the effects
of the economy as revenues fell short of projections. Council and staff took a close look
at budgets in an effort to cut planned expenditures by 10%. Departments were able to
achieve this goal without affecting programs and services through overall decreases in
maintenance and operating expenses, project deferrals, and fewer capital equipment
purchases. In addition, a managed hiring freeze was put in place which allowed the filling
of only the most necessary positions. The close of 1991-92 showed the results, with an
excess of revenues over expenditures in all fund types except debt service.
Spending on all City programs totaled $77.1 million, a decrease of $14.7 million from
1991-92. This decrease is primarily due to the $21 million decrease in capital projects
spending and higher Enterprise Fund expenditures of $3.6 million. Revenues for 1991-92
totaled $81.8 million, a decrease of about $17 million or 17% less than last year's total of
$98.9 million. This decrease is directly linked to several factors including: recessionary
influences on taxes and construction fees, diversion of revenues to the state and county,
fewer building permits resulting in less funding for capital projects, and the prior year's sale
of assessment district bonds for a major road improvement. These decreases were partially
offset by increased receipt of funds from the sale of forfeited crime-related property and
higher sewer and water revenues.
Carlsbad is entering 1992-93 in a fiscally sound position due to City Council's rapid
response to decreasing revenues as a result of the recession and the continuing low level
of development activity in 1991-92. The general outlook for the next five years will be
challenging, matching a slower tax base growth with financial requirements to meet the
demand for services.
The following report summarizes the revenues and expenditures (or expenses) for the City
of Carlsbad for the fiscal year ended June 30, 1992.
Revenue from All Fund Types
(in thousands)
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Enterprise Funds1
Internal Service Funds1
TOTAL REVENUES
1991-92
$39,925
6,571
2,461
9,483
16,723
6.640
1991-92 over
1990-91 (under) 1990-91
$40,535
4,490
1,228
31,118
15,442
6.137
$81.803 $98.950
$(610)
2,081
1,233
(21,635)
1,281
503
$(17.147)
(1) Includes operating and non-operating revenues
Expenditures (or Expenses) All Fund Types
(in thousands)
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Enterprise Funds1
Internal Service Funds1
TOTAL EXPENDITURES
1991-92
$39,230
4,325
3,975
6,455
17,064
6.083
7.132
1990-91
$38,356
3,675
3,471
27,497
13,435
5.441
$91.875
1991-92 over
(under) 1990-91
$874
650
504
(21,042)
3,629
642
$(14.743)
Change
(1.5)%
46.3
100.4
(69.5)
8.3
8.2
17.31%
Change
2.3%
17.7
14.5
(76.5)
27.0
11.8
(16.0)%
(1) 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 1991-92 revenue from all
Governmental funds totaled $58.4 million, a decrease of $18.9 million from 1990-91;
expenditures totaled $54 million, down $19 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.
The following table summarizes General Fund revenues by major category for 1991-92 and
1990-91:
General Fund Revenues
(in thousands)
1991-92 over %
1991-92 1990-91 f under) 1990-91 Change
Taxes $26,424 $26,528 $ (104)
Licenses & Permits 1,729 2,240 (511)
State Subventions 2,489 2,606 (117)
Charges for Services 4,563 3,468 1,095
Fines & Forfeitures 313 516 (203)
Interest Income 2,152 2,162 (10)
Other 2.255 3.015 (760)
TOTAL $39.925 $40.535 $(610)
In 1991-92 the City of Carlsbad strongly felt the effects of the recession in its General Fund
revenues which were down by $610,000 compared to 1990-91 revenues of $40.5 million.
Budgeted General Fund revenues for 1991-92 were $43.8 million while actual receipts
were $39.9 million, $3.9 million below budget. This change is due primarily to the
following factors:
Property Tax Revenue - $13.5 million
Although property taxes increased $792,000 over 1990-91 due to a continued
increase in the secured property tax base, property tax receipts were $1 million
less than originally budgeted. A moderate increase of 6% in property taxes was
disappointing when compared to past years' double-digit increases.
Recessionary influences affected the value of new construction and resales along
with slowing the rate of development. However, net assessed valuation rose
from $5.5 billion in 1990-91 to $5.9 billion in 1991-92, an 8% increase.
Sales Tax Revenue - $8.7 million
Sales tax revenue fell $700,000 which is about 7.5% less than 1990-91, and
$1.8 million lower than budgeted. Fewer purchases of automobiles and
gasoline, building materials, and general merchandise contributed to the
decrease in sales tax revenues, although the demand for food services, home
furnishings, and appliances continued to rise.
Vehicle License Fee Revenue - $2.1 million
Revenue from vehicle license fees decreased $40,000 this year primarily due to
the decrease in new car sales. The fee is set and collected by the State
Department of Motor Vehicles.
Transient Occupancy Tax Revenue - $3.1 million
Transient occupancy tax (hotel room tax) revenues declined by $232,000 in
1991-92, down 7%. The decrease in TOT revenues reflects the general
economy's lower available discretionary income and reduced rates offered by
many of the hotels and motels within the City.
Development Related Revenues - $3.7 million
In spite of slowing construction activity caused by the declining economy, the
development community continues to process plans and applications in
anticipation of further growth in the future. Revenue in 1991-92 from
development related fees and permits totaled $3.7 million, up $136,000 or 4%
over last year. The primary decline in development-related revenues were in
construction permits and fees, offset by higher planning and engineering fees.
Other Revenue - $2.3 million
The $760,000 decrease in 1991-92 other revenue is attributable to last year's
significant and unusual revenues including the Public Employees Retirement
System (PERS) reimbursement and special developer fees to support parks and
fire stations in south Carlsbad.
Total General Fund expenditures are summarized in the table below:
General Fund Expenditures
(in thousands)
1991-92 over %
Cateeorv 1991-92 1990-91 (under) 1990-91 Change
General Government $5,069 $ 5,324
Public Safety 15,647 15,183
Community Development 7,324 6,722
Culture & Recreation 6,961 7,085
Maintenance & Utilities 4.229 4.042
TOTAL $39.230 $38.356
The City of Carlsbad adapted to the recession and corresponding declining revenues by
decreasing expenditures. In order to insure that the City would end the year balanced,
several actions were taken. All departments voluntarily reduced their budgets by 10% and
an informal hold was put on all but the most necessary hiring. Budget transfers for new
programs or equipment were held to a minimum and some projects, programs and capital
equipment purchases were deferred. Through this effort, the City was able to hold its
General Fund expenditures down to $39.2 million, although over $46 million was
budgeted. This equates to a 2.3% or $874,000 increase over 1990-91 expenditures. Other
significant changes in expenditures were as follows:
Public Safety
Spending on public safety programs totaled $15.6 million, up $464,000 or 3%
over 1990-91. The continued rise in firefighter and police officers salaries
coupled with full year San Diego County prisoner booking fees were offset by
lowered maintenance and operating costs. In spite of lower General Fund
revenues, all safety service programs continue to be fully staffed.
Community Development
Community Development program spending increased $602,000 or about 9%.
The increase reflects one-time costs related to the General Plan update, higher
general liability insurance costs, the addition of two former Carlsbad Municipal
Water District engineering inspectors to the City engineering staff, and full year
staffing for the Geographic Information System (CIS) manager and associated
software costs.
Culture and Recreation
Culture and Recreation spending dropped $124,000 or almost 2% from 1990-
91, primarily due to cost-reduction measures in park operations and fee-
supported recreation programs.
Maintenance and Utilities
Maintenance and Utilities increased $187,000 or 4.6% over 1990-91 because
of higher general liability insurance costs and more street repair expenditures,
partially offset by lower capital equipment purchases.
General Government
Spending in general government and administrative programs decreased by
$255,000, almost 5% from 1990-91. Capital equipment purchases decreased
and specific 1990-91 expenditures were not repeated in 1991-92 including a
litigated employee settlement and legal expenses related to a utility company
expansion.
Special Revenue Funds
The City's Special Revenue Funds, which account for the collection and use of special or
restricted revenues, received $6.6 million in total revenue in 1991-92. This is an increase
of $2.1 million or about 46% over last year. This increase is primarily due to the dramatic
increase in police asset forfeiture funds from the sale of seized assets related to drug
activity. Other revenue increases were shown in collections of special charges for the
special benefit districts for lighting and landscaping services and additional federal funding
of the low and moderate income housing programs.
10
Special Revenue Funds
Revenues
(in thousands)
Category
Taxes
Intergovernmental
Charges for Services
Interest Income
Other
TOTAL
1991-92
1991-92 over %
1990-91 (under) 1990-91 Change
$322
2,249
1,303
285
331
$4.490
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 Civic Arts program.
Special programs such as the Police Asset Forfeiture program, Bilingual Library
program, and Adult Literacy program.
Welfare programs such as the HUD-sponsored Carlsbad Housing Authority
rental assistance program and Senior Nutrition program.
Special Revenue Funds
Expenditures
(in thousands)
Category
General Government
Public Works
Welfare
Culture and Recreation
TOTAL
1991-92 1990-91
$ 93
1,151
2,078
353
1991-92 Over
(under) 1990-91
%
Change
Spending in Special Revenue Funds totaled $4.3 million in 1991-92, an increase of
$650,000 or about 18% above 1990-91. Increased expenditures in the general government
category reflect major capital purchases from the asset forfeiture fund, higher expenditures
in lighting and landscaping services are shown in the public works category, while
increased HUD housing allocations are shown under welfare.
11
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, 1992, the total debt payable, excluding
obligations under capital leases, from non-enterprise sources was $29.5 million, comprised
of Parking Authority and Building Authority bonds, Hosp Grove Certificates of
Participation, College Boulevard 1915 Act Assessment District bond issue and
Redevelopment Tax Allocation Bonds.
Debt Service Funds
Revenues
(in thousands)
1991-92 over %
Category 1991-92 1990-91 (under) 1990-91 Change
Taxes $2,116 $ 905 $1,211 133.8%
Interest 345 323 22 6.8
TOTAL $2.461 $1.228 $1.233 100.4%
Debt Service revenues for 1991-92 totaled $2.5 million, an increase of $1.2 million over
1990-92. The increase is due to the transfer of redevelopment tax increment receipts from
the capital projects fund to debt service funds.
Debt Service Funds
Expenditures
(in thousands)
1991-92 over %
Category 1991-92 1990-91 (under") 1990-91 Change
Principal $1,175 $1,110 $65 5.9%
Interest 2.800 2.361 439 18.6
TOTAL $3.975 $3.471 $504 14.5%
Debt related expenditures rose in 1991-92 because of the transfer of redevelopment interest
on city loans to debt service funds. This was the final year of payment of general
obligation bonds for sewer improvements and downtown library construction. No general
obligation bonds are outstanding at June 30, 1992.
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, community facilities district (Mello-Roos) taxes, park in-lieu (park
12
development) fees, drainage fees, traffic impact fees, bridge and thoroughfare district fees,
gas tax funds, county sales 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.
Capital Projects Funds
Revenues
(in thousands)
Category
Taxes
Intergovernmental
Charges for Services
Interest
Other
TOTAL
1991-92
$ 3,228
1,911
1,580
1,988
776
$ 9.483
1990-91
$ 2,247
3,156
5,999
2,969
16.747
$31.118
1991-92 Over
(under) 1990-91
$ 981
(1,245)
(4,419)
(981)
C15.971)
$(21.635)
Change
43.7%
(39.4)
(73.7)
(33.0)
C95.4)
C69.5)%
Revenue in the capital projects funds totaled $9.5 million, down $21.6 million from the
1990-91 total of $31.1 million. Much of the decrease is attributable to last year's $16
million street construction assessment district bond issue and final payment on a large
federal grant. The downturn in new building construction is apparent by the $4.4 million
decrease in charges for services to developers. First year tax collections from Community
Facilities District (CFD) No. 1, a special tax on developable vacant land, added $2.1
million. However, recategorizing redevelopment tax increment revenue from capital
projects to debt service funds offset CFD tax revenue by $1.2 million.
Capital Projects Funds
Expenditures
(in thousands)
Category
General Government
Capital Projects
TOTAL
1991-92
1991-92 over %
1990-91 (under) 1990-91 Change
$ 296
27.201
$27.497
$ 519 175.3%
(21.561) (79.3)
$(21.042) (76.5)%
Spending on capital projects totaled $6.5 million, a decrease of $21 million or 76.5% less
than last year. This decrease is due to a $14 million decline in street improvements funded
by assessment districts and deferring some capital projects because of fewer developer
receipts. Fiscal year 1991-92 represents the eighth year of the City's major construction
effort which has provided more than $114 million in improvements. Projects planned for
1992-93 could carry this trend into a ninth year with $32 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.
13
Some of the key capital projects under construction or completetf during this year include:
Palomar Airport Road and El Camino Real -The engineering and design of major
street improvements to this vital circulation link was completed in 1991-92 with
construction scheduled for early 1993. The project includes intersection
improvements, road widening, bicycle lanes, and waterline expansion. These
improvements will upgrade a major circulation system through the industrial-
commercial corridor and is a joint effort of Carlsbad and the neighboring cities
of Vista and San Marcos.
Freeway Interchanges - Major expansion of the three Interstate 5 freeway
interchanges will provide improved circulation at critical connection points to
City streets. The Palomar Airport Road/I-5 interchange, built in cooperation
with the state transportation agency (CALTRANS), is scheduled for completion
in 1993. Preliminary design work continues on the La Costa Avenue and
Poinsettia Avenue freeway interchanges.
El Camino Real Road Widening and Road Medians - Improvements to this main
north/south City thoroughfare have improved citywide traffic circulation. In
order to limit traffic disruptions and achieve cost savings, Carlsbad Municipal
Water District improvements and road widening were made concurrently.
South Carlsbad Library - Architectural design has been completed on the 64,000
square foot building, which will become the City's main library. Originally
scheduled to open in 1992, the sale of bonds for library construction has been
postponed. Although construction funds could be made available, the
recession's effect on city operating revenues has decreased available funds for
operation of the library.
Alta Mira Park - The City acquired 30 acres of land in the southwest quadrant
of Carlsbad. A master plan for phased development of Alta Mira Park was
developed and design work on Phase I will begin in late 1992.
Carrillo Ranch - The renovation of the 1930's cattle ranch of actor Leo Carrillo
began in 1991-92 using private donations and state grant funds. As part of the
park system, the ranch will preserve a unique City heritage and has been
designated a state historical site.
Split Pavilion - Part of the downtown rehabilitation program, the Split Pavilion
plaza is a focal point at the edge of the Pacific Ocean. Reaction to the sculpture
is mixed and it continues to energize artistic controversy.
14
Enterprise Operations
The City of Carlsbad manages water, sewer, solid waste, and the proposed golf course as
Enterprise Fund operations. The Carlsbad Municipal Water District (CMWD), established
as a subsidiary district to the City in January 1990, is included. CMWD and City
operations were merged in 1991-92, with all district positions joining City employment.
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.
Enterprise Funds
Total Operating and Non-Operating Revenues
(in thousands)
1991-92 over %
Category 1991-92 1990-91 (under) 1990-91 Change
Golf Course $ 61 $ 108 $ (47) (43.5)%
Sewer 5,070 3,899 1,171 30.0
Solid Waste 170 37 133 359.5
CMWD 11.422 11.398 24 0.2
TOTAL $16.723 $15.442 $1.281 8.3%
Revenue in the enterprise funds totaled $16.7 million, up $1.3 million over 1990-91, with
$1.2 million of the increase attributable to the sewer fund. Consistent with the 1990
sewer study, sewer rates were raised to match expenses and to compensate for past
operating deficits. Inclining block rate water charges encouraged and rewarded water
conservation resulting in only a small water revenue increase.
Enterprise Funds
Total Operating and Non-Operating Expenses
(in thousands)
1991-92 over %
Category 1991-92 1990-91 (under) 1990-91 Change
Golf Course $ -0- $ -0- $ -0- -0- %
Sewer 6,513 3,593 2,920 81.3
Solid Waste 101 20 81 405.0
CMWD 10.450 9.822 628 6.4
TOTAL $17.064 $13.435 $3.629 27.0%
15
Expenses in the Enterprise Funds totaled $17.1 million, up Jt>^.6 million over 1990-91.
Since all golf course payments were directly related to the construction of the proposed
golf course, all are included in construction in progress. Higher sewer plant charges,
depreciation, and bad debt expense added to sewer costs. In addition, the Calavera Hills
Sewer Reclamation Facility was written off, increasing sewer expenses by $2.4 million.
The facility was built in the early 1980's to partially process neighborhood sewage and had
never been activated. Consumer water conservation enabled CMWD to keep increased
water purchase costs to 3% at the same time the price of water charged by state and
county water authorities increased 11%. During this same period the number of accounts
provided with water and/or sewer service grew by only 1%, to 17,167.
In 1989, the City joined with three other agencies to sell $33.5 million of sewer revenue
bonds. These bond funds, along with funding from two additional agencies, are currently
financing the expansion of the Encina Wastewater Facility and should provide sufficient
wastewater 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 1991-92 amounted to $706,000 compared
to $1.2 million in 1990-91, a decrease of $502,000 or 42%. The decrease is attributable
to unusually high charges experienced on a single claim in 1990-91. The estimated claims
payable at year-end were $1.4 million, no change from 1990-91. Total fund equity at June
30, 1992 is $684,000.
The General Liability Self-Insurance Fund was established near the end of 1980-81. Claims
expense for 1991-92 totaled $990,000, up $707,000 from the 1990-91 total of $282,000.
Some of the increase is due to full year premiums for the California Municipal Insurance
Authority covering liability claims over $500,000. The estimated claims payable at year-
end were $644,000, up $241,000. Fund equity totaled $2 million at June 30, 1992.
OTHER INTERNAL SERVICE FUNDS
The City operates a central vehicle maintenance program servicing and replacing both the
rolling stock and small machinery. Higher depreciation charges brought operating costs
up $137,000 over last year to a total of $1.8 million. Total fund equity at year-end was
$4.1 million.
16
The City also operates a "health insurance internal service funoffor collecting premiums,
paying the insurance carrier, and holding reserve funds. At June 30, 1992, total health
insurance fund equity totaled $1.3 million.
The City's Data Processing internal service fund collects revenues and expenses related to
the providing of data processing services to the City. At year-end, fund equity totaled $1.2
million.
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 $18.9 million in Agency Funds as of June 30, 1992, compared to
$13.7 million at the end of 1990-91. This increase of $5.2 million is due to the deposit
of an additional $1.9 million into the City's deferred compensation plans, $1.7 million of
pension surplus funds pending outcome of state litigation, and an increase of $852,000 in
Assessment District bond reserves and funds held for future bond payments.
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. During this year the
City Treasurer earned about $7.6 million in interest on investments in all fund types from
instruments yielding up to 8.7%, compared to earnings of $7.7 million during 1990-91.
Funds are invested in various types of instruments as shown below. At June 30, 1992, the
Treasurer had 100% of all available funds invested. The City's total portfolio at year-end
was $127.2 million.
Below is a summary of cash and investments outstanding as of June 30, 1992:
Amount Invested
Interest Rates Cin millions')
Cash 0.00 - 3.59
Other Deposits 5.46 - 8.25
Federal Agency Notes 5.60 - 8.70
Treasury Issues 5.66 - 8.14
Corporate Notes 5.80 - 8.66
Miscellaneous Investments 3.10 - 5.15
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.
17
Gaiin Limit - Aroriations Subect to ratni
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.
In 1991-92 state law allowed the recalculation of the City's limit with new inflation factors.
Using population growth in Carlsbad and Carlsbad's growth in non-residential new
construction allowed the Gann limit for 1991-92 to increase to $65 million. Appropriations
of "proceeds of taxes" was only $34.4 million, thus allowing the City a healthy margin
$30.6 million.
CITY OF CARLSBAD PROP 4 SPENDING LIMIT
VS. APPROPRIATION OF PROCEEDS OF TAXES
LAST TEN YEARS
DOLLARS IN MILLIONS
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
OF TAXES E3 SPENDING UMIT
18
Economic Outlook
The general outlook for Carlsbad over the next few years is hazy due to the lingering
recession and the threat of additional State actions which may further reduce the City's
revenue base. Current state and regional economic forecasts show a slow recovery with
continued depressed levels of construction spending over the next several years, especially
in the commercial/industrial area. A moderate and sustained national recovery, and a
pickup in California homebuilding, which had been counted upon to stabilize the California
economy, have failed to materialize.
As demonstrated during the past year, the recession has dramatically impacted the City's
ability to improve or increase programs provided to its citizens despite the continuing
demand for such services. Spending in the General Fund was reduced from originally
budgeted amounts by $5.4 million, and capital equipment outlay was essentially
eliminated. Our capital improvement program budgeted $50 million in expenditures for
1991-92, however only $7 million was spent. Since sufficient funds are not available at
this time, the 1992-93 capital program calls for a number of deferred projects. Despite the
setbacks caused by the recession and the State's budget balancing strategies, the long-term
outlook for Carlsbad is still very optimistic.
The City's long range capital improvement program anticipates the construction of more
than $425 million in improvements between now and buildout. This program includes new
parks, libraries, fire stations, streets, water and sewer 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, major discount
warehouse outlet, 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 are expected to provide the much needed tax base to finance
the growing service needs. Further, future commercial/industrial development in the
Palomar Airport Industrial Park area will add to Carlsbad's economic health.
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 insure that new development occurs in conjunction with careful planning of
infrastructure and service needs. The long range financing program addresses the funding
needs for $300 million of the City's capital improvement program, including more than
$150 million in street improvements and $120 million of school district financing
requirements.
The City continues to support its tourist industry with financial support to the Chamber of
Commerce Convention and Visitors Bureau. Realizing that the Pacific Ocean beaches play
an important role, Council appropriated funds to keep the state beach parking free to all
beach users and is considering constructing additional restroom facilities.
19
The update of the City's entire General Plan began in 1991-92 vwi.h town hall meetings and
community forums held to receive input from all sectors of the public. The public review
continues with a revised General Plan expected to come before Council in 1993. In
addition, City staff completed a comprehensive fiscal analysis of the Carlsbad General Plan
which forecasts the financial stability of the City. This program provides a tool to evaluate
financial implications of current and future City policies and decisions. Staff will be
updating this program in conjunction with the General Plan and presenting the results to
Council in the future.
Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA)
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,
1991. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government
financial reports. 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. We believe our current report continues to conform to
the Certificate of Achievement Program requirements.
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 all of
the accounting staff, deserve full credit for the preparation and contents of this report. We
appreciate Darren Huennekens and Brian Roos 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.
Respectfully submitted,
LISA HILDABRAND
Finance Director
20
FAUBROOK
OCEANSOE
CARLSBAD
LA JOLLA
SAN OKO
ESCONDDO
RAMONA
CORONADCT
IMPERIAL BEACH
, NATIONAL crry
CHULA VTSTA
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, 1991
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Director
22
CITY OF CARLSBAD
ELECTED CTIY OFFICIALS
Claude A. Lewis, Mayor
Ann J. Kulchin, Mayor Pro Tern
Eric Larson, Council Member
Julianne Nygaard, Council Member
Margaret Stanton, Council Member
Aletha L Rautenkranz, City Qerk
James M. Stanton, City Treasurer
ADMINISTRATION AND DEPARTMENT HEADS
Raymond R. Patchett, Gty Manager
Frank Mannen, Assistant City Manager
James F. Elliott, Financial Management Director
Martin Orenyak, Community Development Director
Ron Ball, City Attorney
Ralph Anderson, Utilities & Maintenance Director
David Bradstreet, Parks and Recreation Director
Ruth Fletcher, Purchasing Officer
Michael Holzmiller, Planning Director
Lloyd Hubbs, City Engineer
Ann Jensen, Human Resources Director
Clifford Lange, Library Director
James Thompson, Fire Chief
Robert Vales, Police Chief
CHAIRPERSONS, COMMISSIONS AND BOARDS
Sue Ladouceur Arts Commission
Donald E. Jackson Beach Erosion Committee
Marvin Cap Building Authority
Stuart Turgel Cable Television Foundation
Julie Baker Child Care Commission
Clarence Schlehuber Citizens Committee to Study Growth
Bailey Noble Design Review Board
Marjorie Howard-Jones Historic Preservation Commission
Belynn Gonzales Housing and Redevelopment Committee
Seena Trigas Library Board
Dick Goodman Parking Authority
David Castner Parks and Recreation Commission
Camilla Mitkevich Personnel Board
Tom Erwin Planning Commission
George Heard Senior Citizen Commission
Dennis Brandmeyer Sister City Committee
James Stachoviak Traffic Safety Commission
Richard Allen Underground Utility Advisory Committee
John Henley Water Commission
23
1 BUILDING
AND PARKING
I AUTHORITIES
r
i-
r.
Ls
1 SET K>R CITIZEN
'ARM AND
[CREATION
OMMISSION
i COMMISSION
1 1 «
III
1 UB1 — , oL_
r:
L
ARTS
IMMBSION
RABV BOARD
r TRUSTEES
1STEROTY
OMMrmE
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j BOARD
1 WATER
| j COMMISSION
1 _
1
~l__
J
"1
J
~11
J
~1
Jn
nj"ijij
n 1 OPEN SPACE
l^^^l ELECTORATE ^^^^
J J
L/ CITY CLERK \ ( & \ f TREASURER \
N^^^^ ^f^F V COUNCIL ^p ^ ^f
1
• rouNDATWN n 1 CITY I CITY
"— — ' ' 1| MANAGER | ATTORNEY
— SSt£m£i -* cmr MANAGER!L IMUWIMOT II I
BESKAKCH |
i COMMITTEE
r
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STUDVGROWT
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ADVISORY COM
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COMMISSION •hJ!
ASSISTANT | FINANCIAL k ___, | mi irp | COMMUNITY |_ JCITY MANAGER! MGMT.DIR. | nRE | rouca, | DEVEL.DIR. |~
CARLSBAD
MUNICIPAL
WATER DISTRICT
HUMAN
RESOURCES
INFORMATION
SYSTEMS
LIBRARY
PARKS AND
RECREATION
UTILITIES AND
MAINTENANCE
FINANCE
PURCHASING
RISK
MANAGEMENT
BUILDING
ENGINEERING
HOUSING AND
REDEVELOPMENT
PLANNING
|
n
H
1
STAFF REPORTING
SUPPORT RELATIONSHIP
CITV OF "NCIL/—"'"TED
JAND SSION TM£^
BOARDS, COMMISSIONS AND COMMITTEES
VOTERS
CITY
COUNCIL
l-o
Ul
Arts
Commission
Beach
Erosion
Committee
Building
Authority
DesignReview
Board
Historic
Preservation
Commission
Housing &
Redevelopment
Advisory Comm.
Cable
Television
Foundation
Child Care
Commission
Citizens
Committee to
Study Growth
Library
Board of
Trustees
ParkingAuthority
Parks Sc.
Recreation
Commission
Personnel
Board
Planning
Commission
Senior
Citizen
Commission
Sister
City
Committee
Traffic
Safety
Commission
Water
Commission
26
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, 1992, 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, as of June 30, 1992, and the results of its
operations and the cash flows of its proprietary funds for the year then ended
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining, individual
fund, and individual account group financial 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 stated in all
material respects in relation to the general purpose financial statements
taken as a whole.
October 9, 1992
r F:rm ot
Peal Vlamick Goerdeler
27
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1992
Governmental Fund Types
Special Debt Capital
Assets and Other Debits Notes General Revenue Service Projects
Cash and investments 4 $ 10,350,930 6,471,040 4,862,787 39,334,317
Deferred compensation
investments 8 - - - -
Receivables:
Loans - 164,488
Taxes 1,024,177 17,846 325 11,263
Accounts, net 66,140 67,377 - 28,674
Accrued interest 418,495 90,808 86,415 506,772
Due from other funds 13 627,912 - -
Due from other
governments - 17,143 - 354,154
Advances to other
funds 12 10,340,785 - - 2,493,000
Inventory 33,358 - -
Prepaid expenditures 43,500 165,881
Restricted assets:
Cash and
investments 4 - - - -
Accrued interest - - - -
Property, plant and
equipment, net 5 - - -
Amount available in
debt service funds - - - -
Amount to be
provided for
retirement of
general long-
term debt - - - -
Total assets and
other debits $ 22.905.297 6.994.583 4.949.527 42.728.180
See accompanying notes to combined financial statements.
28
Proprietary
Fund Types
Internal
Enterprise Service
31,947,353 8,833,881
2,239,462
591,844
174,781
443,511
6,446
145,208
81,631
Fiduciary
Fund Type
Agency
14,114,913
4,712,077
50,653
Account Groups
General
Fixed Assets
Long-
Term Debt
Total
(Memorandum
Only)
115,915,221
4,712,077
164,488
1,053,611
2,408,099
1,890,195
802,693
371,297
12,833,785
558,500
209,381
6,584,168
13,072
96,891,191 2,641,150 63,036,204
4,904,027
6,584,168
13,072
162,568,545
4,904,027
25.641.595 25.641.595
138.885.382 11.708.316 18.877.643 63.036.204 30.545.622 340.630.754
29 (Continued)
CITY OF CARLSBAD
Combined Balance Sheet, Continued
All Fund Types and Account Groups
June 30, 1992
Governmental Fund Types
Special Debt Capital
Liabilities Notes General Revenue Service Projects
Accounts payable $ 958,557 80,156 2,000 265,478
Accrued wages payable 1,804,655 54,603 - 5,182
Accrued interest payable 78,334 -
Due to other funds 13 - 283,143 - 344,769
Advances from other funds 12 - - - 12,833,785
Due to other governments - 33,898
Estimated claims payable -
Assessments payable -
Current portion of
long-term debt 11
Deposits payable - - - 469,575
Deferred compensation
payable 8 - - - -
Current liabilities
payable from
restricted assets -
accrued interest
payable -
Deferred revenue 3,254,678 - 43,500 160,246
Bonds payable 11 - - - -
Special assessment debt
with governmental
commitment 11 - - - -
Obligations under
capital leases 9,11
Certificates of
participation 11 - - - -
Installment purchase
agreement 11 - - - -
Total liabilities $ 6.096.224 451.800 45.500 14.079.035
See accompanying notes to combined financial statements.
30
Proprietary
Fund Tvpes
Internal
Enterprise Service
915,280 111,376
284,605 46,477
142,734
174,781
- -
- -
2,188,889
- -
685,000
238,944
_ _
Fiduciary
Fund Type
Agency
8,660
-
-
-
-
1,731,492
-
4,527,533
_
7,897,881
4,712,077
Account Groups Total
General Long- (Memorandum
Fixed Assets Term Debt Only)
2,341,507
2,195,522
221,068
802,693
12,833,785
1,765,390
2,188,889
4,527,533
685,000
8,606,400
4,712,077
351,855
2,070,778
11,022,770
12.689.800
28.576.547 2.346.742 18.877.643
351,855
5,529,202
12,960,000 12,960,000
8,465,000 8,465,000
1,030,622 1,030,622
8,090,000 19,112,770
- 12.689.800
30.545.622 101.019.113
31 (Continued)
CITY OF CARLSBAD
Combined Balance Sheet, Continued
All Fund Types and Account Groups
June 30, 1992
Total liabilities,
brought forward
Governmental Fund Types
Notes General
$ 6.096.224
Special
Revenue
451.800
Debt
Service
Capital
Projects
45.500 14.079.035
Fund Equity and
Other Credits
Investment in general
fixed assets
Contributed capital
Fund balance:
Reserved
Unreserved
Retained earnings:
Reserved
Unreserved
Total fund equity
and other credits
Total liabilities,
fund equity and
other credits
15
14
14
14
14
7,995,039
8,814,034
_
—
2,459,327 4,904,027
4,083,456
— —
— —
4,487,150
24,161,995
_
_
16.809.073 6.542.783 4.904.027 28.649.145
$ 22.905.297 6.994.583 4.949.527 42.728.180
See accompanying notes to combined financial statements.
32
Proprietary
Fund Types
Internal
Enterprise Service
Fiduciary
Fund Type
Agency
Account Groups
General
Fixed Assets
Long-
Term Debt
Total
(Memorandum
Only)
28.576.547 2.346.742 18.877.643 30.545.622 101.019.113
75,487,426 5,571,402
3,354,383
31.467.026 3.790.172
63,036,204 63,036,204
81,058,828
19,845,543
37,059,485
3,354,383
35.257.198
110.308.835 9.361.574 63.036.204 239.611.641
138.885.382 11.708.316 18.877.643 63.036.204 30.545.622 340.630.754
33
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - All Governmental Fund Types
For the year ended June 30, 1992
General
Revenues:
Taxes $ 26,424,175
Licenses and permits 1,729,058
Intergovernmental
State subventions 2,489,454
Charges for services 4,562,688
Fines and forfeits 312,984
Interest income 2,152,267
Interdepartmental services 1,916,323
Contributions from property owners
Miscellaneous 338.212
Total revenues 39.925.161
Expenditures:
Current:
General government 5,069,405
Public safety 15,647,112
Community development 7,323,586
Public works -
Welfare
Culture and recreation 6,960,900
Maintenance and utilities 4,228,730
Capital outlay -
Debt service:
Principal retirement -
Interest and fiscal charges -
Total expenditures 39.229.733
Excess (deficiency) of revenues over expenditures 695.428
Other financing sources (uses):
Operating transfers in 5,394,102
Operating transfers out (534.682)
Total other financing sources (uses) 4.859.420
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses 5,554,848
Fund balance at beginning of year, as adjusted (note.21) 12,205,755
Residual equity transfers in 9,243
Residual equity transfers out (960.773)
Fund balance at end of year $ 16.809.073
See accompanying notes to combined financial statements.
34
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Schedule of Insurance Coverage
June 30, 1992
Insurance coverage maintained by the City of Carlsbad with the Authority
listed as additional insured at June 30, 1992 includes:
Amount of
Type of Coverage Coverage Term
All risk including valuable papers
and rental income $ 36,615,500 10/01/91 to 10/01/92
Equipment floater 517,400 10/01/91 to 10/01/92
Honesty Blanket Bond 1,500,000 04/06/92 to 04/06/95
Effective January 1, 1986, the Authority has not been covered under a
liability insurance policy but has been included under the City of Carlsbad's
self-insurance program.
See accompanying independent auditors' report.
13
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance
All Governmental Fund Types
For the year ended June 30, 1992
Revenues:
Lease payments !J
Interest on investments
Total revenues
Expenditures:
Principal retirement
Interest
Administrative expenses
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
Fund balance at end of year !J
General
36,000
4.807
40.807
4.597
4.597
36.210
4,597
(37.247)
(32.650)
3,560
90.031
93.591
Debt
Service
1.236
1.236
30,000
3,000
33.000
(31.764)
32,650
32.650
Totals
(Memorandum
Only)
36,000
6.043
42.043
30,000
3,000
4.597
37.597
4.446
37,247
(37.247)
886 4,446
19.170 109.201
20.056 113.647
See accompanying notes to combined financial statements.
3
Special
Revenue
317,673
-
4,176,247
-
1,616,812
-
340,838
-
—119.360
6.570.930
440,115
-
—1,257,859
2,287,271
340,271
-
-
_
4.325.516
2.245.414
560_
560
2,245,974
4,297,761
932
(1.884)
Debt
Service
2,116,142
-
—-
-
-
345,040
—
—_
2.461.182
-
-
-
-
-
-
-
1,175,000
2.799.795
3.974.795
(1.513.613)
1,714,117
(1.227.947)
486.170
(1,027,443)
5,094,417
839,850
(2.797)
Capital
Projects
3,228,324
-
1,910,891
-
1,579,724
-
1,988,147
-
446,813
329.264
9.483.163
815,177
-
-
-
-
-
-
5,639,898
_
_
6.455.075
3.028.088
6,160,374
(11.506.524)
(5.346.150)
(2,318,062)
31,640,578
172,858
(846.229)
Total
(Memorandum
Only)
32,086,314
1,729,058
6,087,138
2,489,454
7,759,224
312,984
4,826,292
1,916,323
446,813
786.836
58.440.436
6,324,697
15,647,112
7,323,586
1,257,859
2,287,271
7,301,171
4,228,730
5,639,898
1,175,000
2.799.795
53.985.119
4.455.317
13,269,153
(13.269.153)
4,455,317
53,238,511
1,022,883
(1.811.683)
6.542.783 4.904.027 28.649.145 56.905.028
35
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, 1992
Fund
7,722,061
16,592,947
8,957,296
7,515,414
5,409,250
Revenues:
Taxes
Licenses and permits
Intergovernmental
State subventions
Charges for services
Fines and forfeits
Interest income
Interdepartmental services
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Community development
Public works
Welfare
Culture and recreation
Maintenance and utilities
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,
as adjusted (note 21)
Residual equity transfers in
Residual equity transfers out
Fund balance at end of year
See accompanying notes to combined financial statements.
Budget
29,505,000
2,185,000
2,830,000
4,475,000
550,000
2,000,000
2,038,000
250.000
Actual on
Budgetary
Basis
26,424,175
1,729,058
2,489,454
4,562,688
312,984
2,152,267
1,916,323
338.212
Variance
Favorable
(Unfavorable )
(3,080,825)
(455,942)
(340,546)
87,688
(237,016)
152,267
(121,677)
88.212
43.833.000 39.925.161 (3.907.839)
5,242,016
15,679,674
7,775,736
7,002,720
5,057,399
2,480,045
913,273
1,181,560
512,694
351,851
46.196.968 40.757.545 5.439.423
(2.363.968) (832.384) 1.531.584
5,394,102 5,394,102
(534.682) (534.682)
4.859.420 4.859.420
2,495,452 4,027,036 1,531,584
12,205,755
14.701.207
12,205,755
9,243
(960.773)
15.281.261
9,243
(960.773)
580.054
36
Special Revenue Funds Debt Service Funds
Budget
360,000
2,722,849
1,795,200
122,200
76.562
5.076.811
598,622
2,010,247
2,468,304
674,902
-
5.752.075
(675.264)
560
560
(674,704)
4,247,328
3.572.624
Actual on
Budgetary
Basis
317,673
4,176,247
1,616,812
337,771
119.360
6.567.863
504,569
1,279,428
2,287,943
490,837
-
4.562.777
2.005.086
560
560
2,005,646
4,247,328
932
(1.884)
6.252.022
Variance
Favorable
(Unfavorable) Budget
(42,327) 1,469,510
1,453,398
(178,388)
215,571 241,300
42.798
1.491.052 1.710.810
94,053
730,819
180,361
184,065
420,000
1.368.712
1.189.298 1.788.712'
2.680.350 (77.902)
1,125,238
1.155.038
(29.800)
2,680,350 (107,702)
- . 1,285,938
932
(1.884)
2.679.398 1.178.236
Actual on
Budgetary
Basis
1,302,947
-
-
148,884
1.451.831
-
-
420,000
1.367.965
1.787.965
(336.134)
1,125,238
1.155.038
(29.800)
(365,934)
1,285,938
839,850
(2.797)
1.757.057
Variance
Favorable
(Unfavorable )
(166,563)
-
-
(92,416)
(258.979)
-
747
747
(258.232)
(258,232)
839,850
(2.797)
578.821
37 (Continued)
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual (Budgetary Basis)
All Governmental Fund Types, Continued
For the year ended June 30, 1992
Total (Memorandum Only)
Revenues:
Taxes
Licenses and permits
In t e rgove rnmen t a1
State subventions
Charges for services
Fines and forfeits
Interest income
Interdepartmental services
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Community development
Public works
Welfare
Culture and recreation
Maintenance and utilities
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,
as adjusted (note 21)
Residual equity transfers in
Residual equity transfers out
Fund balance at end of year
See accompanying notes to combined financial statements.
Budget
$ 31,334,510
2,185,000
2,722,849
2,830,000
6,270,200
550,000
2,363,500
2,038,000
326.562
50.620.621
8,320,683
16,592,947
8,957,296
2,010,247
2,468,304
8,190,316
5,409,250
420,000
1.368.712
53,737,755
(3.117.134)
6,519,900
(1.689.720)
4.830.180
1,713,046
17,739,021
* 19.452.067
Actual on
Budgetary
Basis
28,044,795
1,729,058
4,176,247
2,489,454
6,179,500
312,984
2,638,922
1,916,323
457.572
47.944.855
5,746,585
15,679,674
7,775,736
1,279,428
2,287,943
7,493,557
5,057,399
420,000
1.367.965
47.108.287
836.568
6,519,900
(1.689.720)
4.830.180
5,666,748
17,739,021
850,025
(965.454)
23.290.340
Variance
Favorable
(Unfavorable)
(3,289,715)
(455,942)
1,453,398
(340,546)
(90,700)
(237,016)
275,422
(121,677)
131.010
(2.675.766)
2,574,098
913,273
1,181,560
730,819
180,361
696,759
351,851
747
6.629.468
3.953.702
-
3,953,702
850,025
(965.454)
3.838.273
38
CITY OF CARLSBAD
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings
All Proprietary Fund Types
For the year ended June 30, 1992
Operating revenues:
Water sales fj
Sewer service charges
Other charges for services
Facilities revenue
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)
Nonoperating revenues (expenses):
Interest income
Interest expense and fees, net
of capitalized interest
Loss on disposal of property
Property taxes and rent
Miscellaneous income
Amortization of issuance costs
Total nonoperating revenues, net
Net income (loss)
Retained earnings at beginning of year
Residual equity transfer out
Retained earnings at end of year
Enterprise
7,911,918
3,844,265
491,907
999,547
419.563
13.667.200
1,845,970
4,596,062
2,202,995
5.053.280
13.698.307
(31.107)
2,232,785
(894,385)
(2,444,345)
785,928
36,707
(26.710)
(310.020)
(341,127)
35,203,536
(41.000)
Internal
Service
5,643,075
505.982
6.149.057
657,743
456,523
3,391,087
1.361.033
5.866.386
282.671
491,216
(216,828)
274.388
557,059
3,233,113
Total
(Memorandum
Only)
7,911,918
3,844,265
6,134,982
999,547
925.545
19.816.257
1,845,970
4,596,062
2,860,738
456,523
3,391,087
6.414.313
19.564.693
251.564
2,724,001
(894,385)
(2,661,173)
785,928
36,707
(26.710)
(35.632)
215,932
38,436,649
(41.000)
$ 34.821.409 3.790.172 38.611.581
See accompanying notes to combined financial statements.
39
CITY OF CARLSBAD
Combined Statement of Cash Flows
All Proprietary Fund Types
For the year ended June 30, 1992
Enterprise
Total
Internal (Memorandum
Service Only)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided by
operating activities:
Depreciation and amortization
Decrease in receivables
Increase in advances and due to/due
from other funds
Decrease in due from other governments
(Increase) decrease in inventory
Increase (decrease) in accounts
payable
Increase in accrued wages payable
Increase in estimated claims payable
Net cash provided by
operating activities
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
Loss on disposal of assets
Principal payments on bonds
Interest and other fees paid on bonds
Contributions to other funds
Contributions from other governments
Decrease in deposits payable
Miscellaneous expense
Proceeds from capital contributions
Net cash provided by (used in)
capital and related financing
activities
$ (31,107) 282,671
2,202,995
491,380
89,655
83,450
(121,069)
(1,068,119)
238,406
657,743
1,742
3,509
45,175
6,057
291.696
251,564
2,860,738
493,122
89,655
83,450
(117,560)
(1,022,944)
244,463
291.696
1.885.591 1.288.593 3.174.184
785.928 785.928
(7,004,432)
2,444,345
(685,000)
(1,792,118)
(41,000)
120,213
(109,641)
(83,506)
1.038.260
(430,239)
216,828
-
-
-
-
-
-
500.000
(7,434,671)
2,661,173
(685,000)
(1,792,118)
(41,000)
120,213
(109,641)
(83,506)
1.538.260
(6.112.879) 286.589 (5.826.290)
See accompanying notes to combined financial statements.
40
Total
Internal (Memorandum
Enterprise Service Only)
Cash flows from investing activities:
Net decrease in restricted investments 3,381,382 - 3,381,382
Decrease in deferred compensation payable (1,101,849) - (1,101,849)
Decrease in deferred compensation
investments 1,101,849 - 1,101,849
Interest on investments 2.259.494 468,568 2,728.062
Net cash provided by
investing activities 5.640.876 468.568 6.109.444
Net increase in cash and cash equivalents 2,199,516 2,043,750 4,243,266
Cash and cash equivalents at
beginning of year 30.740.224 6.790.131 37.530.355
Cash and cash equivalents at
end of year (note 4) $ 32.939.740 8.833.881 41.773.621
Supplemental schedule of noncash
investing and financing activities -
capital assets contributed by
contractors and/or other funds $ 2.000.936 394.454 2.395.390
41
CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1992
(1) Summary of Significant Accounting Policies
The City of Carlsbad, California (Carlsbad) was incorporated on July 16,
1952. Carlsbad operates under a Council-Manager form of government and
provides the following services as authorized by its charter: general
government, public safety, community development, public works,
culture, and recreation. 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 (the District). Their financial operations are closely
related and the City Council has a continuing oversight
responsibility over these entities. The oversight responsibility
is determined on the basis of budget adoption, taxing authority,
funding and appointment of the governing board.
The City also has an interest in a joint sewage treatment facility
known as the Encina Water Pollution Control Facility and in a
financing authority known as the Encina Financing Joint Powers
Authority. Since the City does not have significant influence over
the management or the operation of these entities, they have not
been included as component units in the City's financial statements.
42 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies. Continued
(b) Basis of Presentation
The accounts of the City are organized on the basis of funds or
account groups, each of which is considered to be a separate
accounting entity. The operations of each fund or account group
are accounted for by 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.
43 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting PoliciesT Continued
(b) Basis of Presentation. 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-term debt. The following are the City's account groups:
44 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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
historical net worth of the fund. Operating statements for
proprietary fund types report increases (revenues) and decreases
(expenses) in total historical net worth.
Fiduciary fund types are custodial in nature (assets equal
liabilities) and do not involve measurement of results of
operations. Fiduciary fund assets and liabilities are accounted
for on the modified accrual basis of accounting.
Governmental 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.
45 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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 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
assets which are shown at market value.
The City 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.
46 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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 on a first-in, first-out basis 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) Risk Management
The City accounts for its general liability, health insurance, and
workers' compensation activities in internal service funds. The
funds are responsible for collecting premiums from other City funds
and departments and paying claims settlements and insurance
premiums. Interfund premiums are based on the insured fund's
claims experience. Incurred but not reported claims are accrued at
year-end if material.
(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 the general fixed
assets account group. In the case of gifts or contributions, such
assets are recorded 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 objective of stewardship for capital expenditures is satisfied
without recording these assets.
47 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Summary of Significant Accounting Policies. Continued
(j) General Fixed Assets. Continued
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 the 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 3 - 20
(1) Deferred Revenue
The deferred revenue in the General Fund represents interest due, but
not available, on advances to other funds.
The deferred revenue in the Debt Service Funds relates to a
prepayment of lease revenue from the General Fund to the Parking
Authority.
The deferred revenue in the Capital Projects Fund relates to funds
received and to be applied toward future construction.
48 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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
For purposes of the statement of cash flows, the Proprietary Funds
consider all highly liquid investments with an original maturity of
three months or less when purchased and all amounts invested in a
cash and investment pool to be cash equivalents.
(n) Advances to Other Funds
Interfund loan receivables are reported as advances and are offset
equally by a fund balance reserve which indicates that they do not
constitute expendable available financial resources and therefore
are not available for appropriation.
(o) Reclassifications
During the year, the City's Water Utility Fund and the Carlsbad
Municipal Water District were merged into one fund.
(p) 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.
49 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(2) Budgetary Data. Continued
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 $25,000. Revisions that alter the
total appropriations of any fund or function must be approved by the
City Council. A mid-year budget review is conducted each year. Any
major changes to the adopted budget are approved by the City Council at
that time. 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. Additionally, certain remaining
unexpended or unencumbered appropriations at the close of the fiscal
year, provided for in the budget of the General Fund and legally
authorized by the City Council, are held available for the following
year and treated as budgeted expenditures of the current year. All
other unencumbered appropriations lapse at year-end. Expenditures may
not exceed budgeted appropriations at the departmental level which may
cross the individual fund level.
For purposes of budgetary presentation, actual generally accepted
accounting principles (GAAP) expenditures have been adjusted to include
encumbrances outstanding and designations for continuing appropriations
at year-end. Annual budgets are adopted for the General, Special
Revenue and Debt Service Funds except for the following: Mortgage
Revenue Bonds, Building Authority, College Boulevard, Hosp Grove COP's,
and Parking Authority. Accordingly, the revenues and expenditures for
these funds have been excluded from the budget basis financial
statements. Annual budgets are not adopted for the Capital Projects
Funds; therefore, budget basis financial statements have not been
prepared because a comparison of such budgetary amounts to annual
revenues and expenditures is not meaningful.
The following schedule is a reconciliation of the budgetary and GAAP fund
balances:
Fund balance-budgetary basis
Encumbrances outstanding
at year-end
Fund balance designated for
continuing appropriations
Fund balances of nonbudgeted funds
Fund balance-GAAP basis
General
Fund
$ 15,281,261
676,074
851,738
$ 16.809.073
Special
Revenue
Funds
6,252,022
237,261
Debt
Service
Funds
1,757,057
53.500 3.146.970
6.542.783 4.904.027
50 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(3) Risk Management
The City is exposed to various risks of loss related to theft of, damage
to, and destruction of assets; errors and omissions; injuries to
employees; and natural disasters.
Effective January 1, 1991, the City became a participating member of the
California Municipal Insurance Authority (CMIA) risk-management pool.
Under this program, the pool provides coverage for up to a maximum of
$5,000,000 per claim with a self-insured retention to be provided by
the City in the amount of $500,000 per claim. In addition, excess
general liability insurance coverage up to $10,000,000 is provided for
catastrophic losses. Under the terms of the agreement with CMIA, the
City must maintain an unencumbered portion of fund equity equal to
$1,500,000 in the General Liability Self-Insurance Fund. At June 30,
1992, unencumbered fund equity for this fund was approximately
$2,050,000.
(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 cash and investments that are held
separately by several of the City's funds.
Authority for Deposits and Investments;
The City's investment policy and state statutes authorize the City to
invest in obligations of the U.S. Treasury, its agencies and
instrumentalities, commercial paper rated A-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 agreements,
certificates of deposit with national and state licensed or chartered
banks or federal or state savings and loan associations, medium-term
corporate notes with a maximum five-year maturity rated in the two top
rating categories, money market and mutual funds whose portfolios
consist of one or more of the foregoing investments, the County
Treasurer's investment pool, 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 government securities with a market
value of at least 10 percent in excess of the City's deposit or 50
percent in excess of the deposit as collateral in mortgage pools.
51 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Cash and Investments. Continued
Authority for Deposits and Investments. Continued;
A summary of cash and investments, including investments in deferred
compensation plans, is as follows:
Deposits:
Cash $ 10,413,538
Time certificate of deposit 99,000
Investments 116.698.928
127,211,466
Less restricted portion (6f584t168)
Unrestricted cash and investments $ 120.627.298
The cash and cash equivalents component of the balance sheet caption
cash and investments are $32,939,740 and $8,833,881 for the
Enterprise Funds and Internal Service Funds, respectively.
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, 1992.
Category Category Category Total Bank Carrying
One Two Three Balance Amount
Cash $ 200,000 1,679,070 6,173 1,885,243 1,352,915
Cash with fiscal
agent/trustee 3,038 6,967,748 2,089,837 9,060,623 9,060,623
Time certificate
of deposit 99,000 - • 99.000 99,000
$ 302.038 8.646.818 2.096.010 11.044.866 10.512.538
52 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
Cash and Investments. Continued
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 the Local Agency Investment
Fund, County Treasury Investment Pool and 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.
Category Category Category tin- Total Market
One Two Three categorized Investments Value
Local Agency
Investment Fund $ -
County Treasurer's
Investment Pool
U.S. Government
agency obligations 16,951,313
U.S. Treasury
securities 9,445,616 1,822,049
Corporate notes 30,389,050
Mutual funds/other 108.196 1.105.600
29,809,115 29,809,115 29,809,115
18,387,887 18,387,887 18,387,887
16,951,313 17,356,169
11,267,665 11,563,803
30,389,050 31,347,865
8.680.102 9.893.898 9.893.898
Total $ 56.894.175 2.927.649 56.877.104 116.698.928 118.358.737
53 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(5) Property, Plant and Equipment
A summary of changes in the general fixed assets account group is as
follows:
Land
Buildings
Improvements
Furniture and equipment
Construction in progress
Total
$
Balance
July 1,
1991
23,378,726
26,439,328
2,341,359
5,146,217
4.395.212
Additions
2,567,942
224,769
193,987
711,145
1.452.499
Deletions
_
-
(479,714)
(552,358)
(2.782.908)
Balance
June 30,
1992
25,946,668
26,664,097
2,055,632
5,305,004
3.064.803
$ 61.700.842 5.150.342 (3.814.980) 63.036.204
Construction in progress in the general fixed assets account group is
composed of the following:
Library - South Carlsbad
Fire Station 1 & 2 Remodel
Fire Station #6
Carrillo Ranch Stabilization
Public Art - South Carlsbad Library
Larwin Park (22.3 Acres)
Streetscape Phase IV -
Sculpture Park
Alta Mira Park
Public Art - Seawall
Public Art - Larwin Park
Project
Authorization
$1,138,729
225,000
38,503
504,001
170,000
290,001
853,636
1,611,999
30,000
25.000
Expended
Balance
June 30,
1992
1,097,103
215,082
11,505
486,510
65,656
169,956
722,471
286,397
10,000
123
Com-
mitted.
41,626
9,918
26,998
17,491
104,344
120,045
131,165
1,325,602
20,000
24.877
$ 4.886.869 3.064.803 1.822.066
There is no future financing commitment required on any of the above
noted construction projects.
54 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(5) Propertyf Plant and Equipment. Continued
A summary of proprietary fund type property, plant and equipment at
June 30, 1992 follows:
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
Enterprise
Funds
2,157,600
8,698,947
17,324,133
26,566,350
23,516,855
31,036,678
2,125,559
3.778.403
Internal
Service
Funds
4,738,504
115,204,525 4,738,504
(18.313.334) (2.097.354)
$ 96.891.191 2.641.150
Enterprise Fund interest is charged to expense as incurred except for
interest related to borrowings used for construction, which is
capitalized net of interest earned on construction funds borrowed.
Interest capitalization ceases when the construction project is
substantially complete. Net interest costs of $625,145 were
capitalized in the Enterprise Funds during 1992. Total interest costs
incurred and interest earned on related interest-bearing investments
acquired with proceeds of the tax-exempt borrowings were $1,712,488 and
$224,810, respectively.
The Enterprise Funds had various construction contracts in progress at
June 30, 1992 with an estimated cost to complete of approximately
$1,210,000. There is no future financing required on any of these
projects. Approximately $2,400,000 was written off relating to the
Calavera Hills Water Reclamation Facility.
55 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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 Sanitation District, the
Vallecitos Water District (formerly the San Marcos County Water
District) and the Encinitas Sanitary District. The Encina Wastewater
Authority 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, 1992, the Cities and
Districts have the following approximate ownership interest:
City of Carlsbad 25%
City of Vista 33
Leucadia County Water District 16
Vallecitos Water District 16
Encinitas Sanitary District 5
Buena Vista Sanitation District 5
The latest available financial statements of the Facility, dated June 30,
1991, show the following:
Total assets $ 117,864,904
Total liabilities 4.845.074
Fund balance 113.019.830
Net change in fund balance $ 14.393.855
The Facility does not recognize net income or loss. Net operating
expenditures in excess of users' assessments are treated as accounts
receivable on the Facility's books and charged to users' accounts in
the following year. Conversely, users' assessments in excess of net
operating expenditures are treated as a liability and credited against
users' accounts, also in the following year. Under this basis, net
operating revenues for the Facility totaled $715,103 in fiscal year
1991. The net change in fund balance was attributable to plant
additions.
The City accounts for its portion of the Facility as a fixed asset of the
Sewer Enterprise Fund.
56 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(6) Joint Venturest Continued
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 Vista Sanitation District and the Leucadia County 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.
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 outstanding balance owed as of
June 30, 1992 by each member and their approximate share in the
additional capacity:
Member
Buena Vista Sanitation District
City of Carlsbad
Leucadia County Water District
City of Vista
Installment
balance
$ 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 balances are secured by a pledge of the revenues from
each member's wastewater system, net of a deduction for maintenance and
operating costs. Covenants within the agreements require the members
to, among other things, (1) maintain insurance on the facility, and (2)
establish wastewater rates which are sufficient to pay the operating
costs and debt service on the bonds and which will result in net
revenues equal to 1.1 times the annual installment payments due.
The City's share in the accounts of the Authority is recorded in the
Sewer Enterprise Fund. The expansion of the Facility is shown as an
addition to the fixed assets of the Sewer Enterprise Fund.
57 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(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, 1992, the payroll for employees covered by the PERS
was $20,189,245 for Carlsbad employees and $868,928 for District
employees. Total payroll for the same period was $23,038,320 and
$868,928 for Carlsbad and District employees, respectively.
All full-time employees are eligible to participate as members of 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 twelve consecutive months
average. 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.
58 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7) Retirement Plan, Continued
The PBO was computed as part of actuarial valuations performed as of
June 30, 1991. Significant actuarial assumptions used in the valuation
include (a) a rate of return on the investment of present and future
assets of 8.75 percent a year compounded annually (8.5 percent as of
June 30, 1990), (b) projected salary increases of 4.5 percent a year
compounded annually (5 percent as of June 30, 1990), attributable to
inflation, (c) additional projected salary increases of 2.5 percent
(2.75 percent for Carlsbad's safety employees) a year (2 percent as of
June 30, 1990 for all employees), attributable to seniority/merit, and
(d) no post-retirement benefit increases. The impact on current year
contributions from changes in actuarial assumptions is not available.
The total unfunded (assets in excess of) pension benefit obligation
applicable to Carlsbad and District employees was $3,263,057 and
$(89,875), respectively, at June 30, 1991 (the date of the latest
actuarial valuations), as follows:
Carlsbad District Total
Pension benefit obligation:
Retirees and beneficiaries
currently receiving benefits
and terminated employees not
yet receiving benefits
Current employees:
Accumulated employee
contributions including
allocated investment earnings
Employer financed-vested
Employer financed-nonvested
$ 18,011,222 495,988 18,507,210
12,539,394
15,749,846
1.436.145
634,560
443,835
41.631
13,173,954
16,193,681
1.477.776
Total pension benefit obligation 47,736,607 1,616,014 49,352,621
44.473.550 1.705.889 46.179.439
Net assets available for benefits
at cost
Unfunded (assets in
excess of) pension
benefit obligation 3.263.057 (89.875) 3.173.182
The market value of the net assets available for benefits as of June 30,
1991 was $49,321,167 and $1,891,831 for Carlsbad and the District,
respectively.
59 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7) Retirement Plan. Continued
Of the total change in Carlsbad's PBO from the prior year, $588,931
resulted from changes in benefit provisions. None of the total change
in the District's PBO from the prior year resulted from changes in
benefit provisions. Carlsbad's and the District's PBO decreased by
$1,473,069 and $63,448, respectively, as a result of changes in
actuarial assumptions.
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
uses the level percentage of payroll method to amortize any unfunded
actuarial liabilities. The amortization period of the unfunded
actuarial liability ends on June 30, 2000.
The significant actuarial assumptions used to compute the actuarially
determined contribution requirement are the same as those used to
compute the pension benefit obligation, as previously described.
The actuarially determined employer and employee contributions applicable
to the City at June 30, 1992, based on an actuarial valuation as of
June 30, 1991, were as follows:
Required normal cost
contribution
Amortization of the
unfunded actuarial
accrued liability
Total required
contributions
Actual employer
contributions
Contributions made by
the City on behalf
of employees
Total actual
contributions
Carlsbad District
Miscellaneous
Employees
Safety
Employees
Miscellaneous
Employees
Covered Covered CoveredContributions Payroll Contributions Payroll Contributions Payroll
$ 1,993,682 15.82% 1,818,637 23.96% 132,538 15.25%
7.471 0.06%33.712
872.527 6.93% 678.980 8.94%
0.06%
$ 2.001.153 15.88% 1.852.349 24.40% 133.037 15.31%
1,196,462 9.50% 1,360,826 17.93% 77,760 8.95%
6.56%
$ 2.068.989 16.43% 2.039.806 26.87% 134.729 15.51%
60 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7) Retirement Plan. Continued
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 the surplus to
offset current year contributions.
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
Net assets available
for benefits as a
percentage of pension
benefit obligation
Unfunded (assets in excess
of) pension benefit
obligation as a.
percentage of annual
covered payroll
Actuarially determined
employer contributions
as a percentage of
annual covered payroll
1991
93.2%
199Q
93.9%
1989
93.4%
17.2% 15.8% 15.1%
10.8% 10.8% 12.3%
1991 1990 1989
105.6% 106.4% 106.6%
(7.3)% (8.5)% (7.4)%
7.5% 2.4% 3.6%
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
1991 1990 1989 1988 1987
Net assets available
for benefits,
at cost
Pension benefit
obiigation
Percentage funded
Unfunded pension
benefit obligation
Annual covered payroll
Unfunded pension benefit
obligation as a
percentage of annual
covered payroll
$ 44,473,550 38,955,507 32,905,600 28,385,300 23,855,500
47,736,607 41,495,649
93.2% 93.9%
3,263,057 2,540,142
18,983,745 16,071,500
17.2%15. {
35,221,700
93.4%
2,316,100
15,378,600
30,249,400
93.8%
1,864,100
13,170,000
26,158,700
91.2%
2,303,200
12,147,900
15.1%14.2%19.0%
61 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(7) Retirement Plant Continued
Required Supplementary Information
Analysis of Funding Progress, Continued
(Unaudited)
District
1991
1,705,889
1,616,014
105.6%
89,875
1,229,551
1990 1989 1988
1,463,415 1,217,447 981,451
1,374,798 1,141,723 941,218
106.4% 106.6% 104.3%
7.3%
88,617
1,047,044
8.5%
75,724 40,233
1,026,090 960,250
1987
823,110
749,880
109.8%
73,230
825,380
7.4%4.2%8.9%
Net assets available
for benefits, at cost
Pension benefit obligation
Percentage funded
Assets in excess of
pension benefit
obiigation
Annual covered payroll
Assets in excess of
pension benefit
obligation as a
percentage of annual
covered payroll
(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 substantially all full-time 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.
62 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(8) Deferred Compensation Plan. Continued
The City believes it has no liability for losses under the plan but does
have the duty of due care that would be required of an ordinary prudent
investor. The City believes that it is highly unlikely that it will
use the assets to satisfy the claims of general creditors in the future.
(9) Obligations Under Capital Leases
In August 1987, the City entered into 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 and the present value of minimum lease
payments at June 30, 1992:
Year ending June 30.
1993 $ 234,529
1994 234,529
1995 234,529
1996 234,529
1997 234,529
Thereafter 117.264
Total minimum lease payments 1,289,909
Less amounts representing interest (259.287)
Present value of minimum lease payments $ 1.030.622
(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 for twenty years. Total annual rent payments
are $39,240 for fiscal years ending June 30, 1992 and 1993 with rate
adjustments required at three-year intervals after fiscal year ending
June 30, 1994.
63 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(10) Obligations Under Operating Leases. Continued
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 annual rental payments of $52,200 for five years,
commencing July 1, 1990.
The following is a schedule by year of future minimum rental payments
required under the operating leases at June 30, 1992:
Year ending June 30.
1993
1994
1995
1996
1997
Thereafter
Total minimum lease payments
$ 91,440
91,440
93,794
41,954
41,954
526.119
$ 886.701
(11) Long-term Debt
The following is a summary of changes in the
long-term debt for the year ended June 30, 1992:
Principal
Balance
July 1, Retire-
1991 ments
General long-term debt
account group:
Bonds
Special assessment debt with
governmental commitment
Obligations under capital
leases
Certificates of participation
Total general
long-term debt
Enterprise funds:
Bonds
Certificates of participation
Installment purchase agreement
principal balance of
Principal
Balance
June 30,
1992
$13,
8,
1,
8,
585
765
175
340
,000
,000
,330
.000
625
300
144
250
,000
,000
,708
.000
12
8
1
8
,960
,465
,030
,090
,000
,000
,622
,000
$ 31.865.330 1.319.708 30.545.622
40,000
12,700,000
12.689.800
40,000
645,000 12,055,000
12.689.800
Total enterprise funds $ 25.429.800 685.000 24.744.800
64 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt, Continued
Long-term debt at June 30, 1992 is comprised of the following issues:
Balance
June 30,
1992
General Long-term Debt;
1967 Carlsbad Building Authority Revenue Bonds,
remaining principal and interest due on December 15,
1992, interest is 6.0% per annum, payable from the
General Fund $ 35,000
1969 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $100,000 to
$125,000 on October 1 of each year through 1995,
interest payable on October 1 and April 1 at 6.4%
per annum, payable from the General Fund 450,000
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 1.000,000
Parking and building authorities
revenue bonds 1.485,000
1988 Carlsbad Housing and Redevelopment Commission Tax
Allocation Bonds, principal due in amounts ranging
from $290,000 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 5.9% to 7.8% per annum 11.475.000
Total bonds payable 12,960,000
1986 College Boulevard Assessment District Bonds,
principal due in amounts ranging from $320,000 to
$910,000 on September 2 of each year through 2006,
interest payable on September 2 and March 2 at rates
varying from 7.25% to 8.0% per annum 8,465,000
Obligations under capital leases (note 9) 1,030,622
65 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt. Continued
Balance
June 30,
1992
General Long-term Debt. Continued!
1988 Carlsbad Certificates of Participation, principal
due in amounts ranging from $260,000 to $815,000 on
August 1 of each year through 2008, interest payable
on August 1 and February 1 at rates varying from
6.0% to 8.0% per annum $ 8,090.000
Total General Long-term Debt $ 30.545.622
Enterprise Fund Long-term Debt;
1988 Carlsbad Municipal Water District Certificates of
Participation, principal due in varying amounts
ranging from $685,000 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 6.4% to
7.3% per annum 12,055,000
Encina Financing Joint Powers Authority (EFJPA)
Installment Purchase Agreement, principal due in
varying amounts ranging from $274,630 to $1,049,276
on August 1 of each year from 1994 through 2014,
interest payable on February 1 and August 1 each
year at rates varying from 6.0% to 6.875% per annum 12.689.800
24,744,800
Less unamortized discount
and issuance costs (347,230)
Less current portion (685.000)
Total Enterprise Fund Long-term Debt $ 23.712.570
Reserve funds of approximately $5,130,000 are required to be held in debt
service funds to secure the payment of principal and interest on the
outstanding debt issues.
A portion of the Tax Allocation Bonds and the EFJPA Installment Purchase
Agreement 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.
66 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt. Continued
Debt service requirements to maturity for general long-term debt are as
follows:
1993
1994
1995
1996
1997
1998-2002
2003-2007
2008-2011
Less amounts
representing
interest
Parking and
Building
Authorities
Tax
Allocation
Revenue Bonds Bonds
*316,650
293,200
303,000
287,000
150,000
633,000
-
—
1,137,938
1,135,828
1,142,222
1,146,598
1,148,522
5,786,452
5,860,824
4.750.280
Assessment
District
Bonds
973,180
973,815
972,175
968,290
966,918
4,814,602
4,764,000
—
Certificates
of
Parti-
cipation
866,448
865,054
866,873
866,733
859,795
4,290,225
4,262,400
1.700.800
Total
3,294,216
3,267,897
3,284,270
3,268,621
3,125,235
15,524,279
14,887,224
6,451,080
1,982,850 22,108,664 14,432,980 14,578,328 53,102,822
(497.850) (10.633.664) (5.967T98Q) (6.488.328) (23.587.822)
Total general
long-term
debt $ 1.485.OOP 11.475.000 8.465.000 8.090.000 29.515.000
Debt service requirements to maturity for the enterprise funds are as
follows:
1993
1994
1995
1996
1997
1998-2002
2003-2007
2008-2012
2013-2015
Less amounts representing
interest
Total Enterprise Fund debt
Water
District
Certificates of
Participation
$ 1,527,538
1,528,696
1,526,248
1,525,098
1,524,822
7,628,612
3,054,774
-
-
Encina
Installment
Purchase
Agreement
844,452
1,110,706
1,108,498
1,108,730
1,107,542
5,527,676
5,497,656
5,460,704
3.259.035
,
Total
2,371,990
2,639,402
2,634,746
2,633,828
2,632,364
13,156,288
8,552,430
5,460,704
3.259.035
18,315,788 25,024,999 43,340,787
(6.260.788) (12.335.199) (18.595.987)
$ 12.055.000 12.689.800 24.744.800
67 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(11) Long-term Debt, Continued
At June 30, 1992, the City was in compliance with all significant debt
covenants.
In November 1988, the District issued $14,370,000 in Certificates of
Participation. A portion of the proceeds was used to refund
$12,000,000 of the outstanding 1984 Certificates of Participation (1984
COPs). The District deposited funds in an irrevocable trust with an
escrow agent to provide for all future service payments on the 1984
COPs. As a result, the 1984 COPs are considered to be defeased and the
liability for those certificates is not included in the District's
financial statements. At June 30, 1992, $10,800,000 of outstanding
1984 COPs are considered defeased.
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 for the payment of the bonds, the
City is obligated in the manner stated above. Accordingly, these bonds
have been recorded in the general long-term debt account group of the
City.
The College Boulevard Assessment District has delinquencies in the amount
of $362,535 for assessments due in fiscal years 1990-91 and 1991-92.
Although the delinquencies are 20% of the total assessment, only one
major property owner is delinquent and all principal and interest
payments were made without use of the reserve fund. The City's suit to
foreclose on the property is currently being delayed because of
bankruptcy actions.
68 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(12) Advances To and From Other Funds
The following table shows amounts advanced from funds within the City to
other funds within the City at June 30, 1992:
Advances From
General Fund
Advances To
Capital Projects Funds:
Park Development Fund
Planned Local Drainage
Facilities Fund
Redevelopment Area II Fund
Redevelopment Project Fund
Capital Projects Funds: Capital Projects Funds:
Capital Construction Fund Public Facilities
Construction Fund
Traffic Impact Fund
Public Facilities
Construction Fund Park Development Fund
Total advances
$ 2,550,000
300,000
30,000
7,460,785
950,000
1,043,000
500.000
$ 12.833.785
(13) Due To and From Other Funds
The following table shows amounts due from funds within the City to other
funds within the City at June 30, 1992:
Due to
Due from:
Special Revenue Funds:
Section 8 Housing Authority Fund
Senior Nutrition Fund
Capital Projects Funds:
Community Development Block Grants Fund
State Grants Fund
Enterprise Funds:
Water Utility Fund
Total
General
Fund
$ 279,577
3,566
205,040
139,729
$ 627.912
Sewer
Fund
174.781
174.781
69 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(14) Fund Balances/Retained Earnings
The following is a summary of reserved and
retained earnings as of June 30, 1992:
unreserved fund balances and
Fund Balances
Reserved for:
Loans receivable
Inventory
Prepaid expenditures
Debt service
Advances to other funds
Low and moderate income housing
Rent interruption insurance
Encumbrances
Unreserved:
Designated for approved
capital projects
Designated for continuing
appropriations
Undesignated
Total fund balances
General
7.995.039
851,738
7.962.296
8.814.034
$ 16.809.073
Governmental Fund Types
Special
Revenue
_
33,358
43,500
7,111,107
-
131,000
676.074
164,488
-
165,881
—1,891,697-
237.261
2.459.327
121,656
3.961.800
4.083.456
Debt
4,904,027
4.904.027
Capital
Projects
2,493,000
1.994.150
4.487.150
18,001,416
6.160.579
24.161.995
6.542.783 4.904.027 28.649.145
Reserved for:
Debt service
Rate stabilization and other
Unreserved
Proprietary Fund Types
Internal
Enterprise Service
$ 2,349,167
1.005.216
Total retained earnings
3,354,383
31.467.026
34.821.409
3.790.172
3.790.172
Reserves for loans receivable, inventory, prepaid expenditures and
advances to other funds, excluding accrued interest thereon, 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 long-term debt principal and interest maturing in future
years.
70 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(14) Fund Balances/Retained Earnings. Continued
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 encumbrances represent commitments related to unperformed
contracts for services and undelivered goods.
Reserves for rate stabilization and other represent amounts restricted to
offset future water rate increases and other uses.
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, 1992, the Capital Projects - Redevelopment Project Fund
had a deficit fund balance of $6,657,664. This deficit is expected to
be funded by property tax increments received in the future.
(15) Changes in Contributed Capital
Enterprise
Funds
Contributed capital, June 30, 1991
Additions:
Cash
Fixed assets
Residual equity transfer from General Fund
Residual equity transfer from Enterprise Fund
708,460
2,000,936
329,800
Internal
Service
Funds
$ 72,448,230 4,676,948
394,454
459,000
41.000
Contributed capital, June 30, 1992 75.487.426 5. 571. 402
71 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(16) Segment Information for Enterprise Funds
The City maintains four enterprise funds that provide water, sewer and
other services. Segment information for the year ended June 30, 1992
is as follows:
Operating revenues
Operating expenses:
Depreciation and
amortization
Other
Operating income (loss)
Nonoperating income
(expenses), net
Net income (loss)
Contributed capital:
Beginning balance
Current year additions
Ending balance
Property, plant and
equipment:
Additions
Deletions
Net working capital
Debt payable from
operating revenues
Total assets
Total liabilities
Total equity
Carlsbad
Municipal
Water
District
$ 9,379,035
Golf
Course Sewer
4,248,921
Solid
Waste
39,244
Total
Enterprise
Funds
13,667,200
$
1,124,838
8.395.726
(141,529)
1.112.868
971.339
36,552,265
2.103.759
-
60.537
60.537
1,530,190
329.800
1,078,157
2.998.702
172,062
(1.614.554)
(1,442.492)
34,365,775
605.637
100.884
(61,640)
69.489
2,202,995
11.495.312
(31,107)
(310.020)
(341.127)
72,448,230
3.039.196
$ 38.656.024 1.859.990 34.971.412
2.512.238
52.636
147.850
$ 17.693.547 1.271.781
$ 12.055.000
68,702,468
13.110.617
2,050,395
503
4.532.947
2.542.883
13.903.378
12.689.800
68,033,939
15.453.748
75.487.426
7.193.035
86.901
$ 55.591.851 2.049.892 52.580.191
2.595.519
32.955.607
24.744.800
138,885,382
28.576.547
110.308.835
(17) Assessment District Bond Issues
As of June 30, 1992, the City had four series of Assessment District
Bonds outstanding in the amount of $24,326,210. 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.
72 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(17) Assessment District Bond Issues. Continued
Reserve funds of approximately $2,430,000 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.
(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, 1992 is $33,281,941.
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 subdivision 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 $14,646,941, is in default due to
non-payment. The surety is currently paying the debt service on the
bonds.
(19) Commitments and 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.
73 (Continued)
CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(19) Commitments and Contingencies. Continued
In November 1991, the City of Carlsbad entered into an agreement with the
San Diego Association of Governments (SANDAG), whereby SANDAG will loan
up to $8,200,000 of TransNet funds from the 1991 Series A Sales Tax
Revenue Commercial Paper Notes to the City of Carlsbad on a
reimbursement basis. The funds are to be used by the City of Carlsbad
to accelerate the implementation of the Falomar Airport/1-5 Interchange
Improvement Project. Interest costs on borrowed funds are limited to
the rate paid by SANDAG on the commercial paper. No money was borrowed
under this agreement during the year ended June 30, 1992.
(20) Post-Retirement Health Care
In addition to the pension benefits described in Note 7, the District, in
accordance with the District's Administrative Code, provides
post-retirement health care benefits to its full-time employees
(including their dependents) who voluntarily retire after the age of 50
with no less than 5 years of service and whose age combined with years
of service equals 70 or more or have reached the mandatory retirement
age with at least 5 years of service. Currently, two retirees meet
these eligibility requirements and are receiving benefits.
The District is to pay 100% of the premiums for health insurance which is
to be coordinated with Medicare and other benefits provided by federal
and state law, when available, to the extent it reduces the cost of
insurance premiums. Expenditures for post-retirement health care
benefits are funded on a pay-as-you-go basis. Expenditures of
approximately $2,300 were charged to expense for post-retirement health
care costs during 1992. Based on an actuarial valuation performed as
of November 1991, the District's liability for the current and past
service costs of these benefits is approximately $1,600,000.
(21) Prior Period Adjustment
In prior years, the City recorded interest on advances that was
measurable but not available as revenue rather than as deferred
revenue. As amounts are not available, they should be accounted for as
deferred revenue. Therefore, a prior period adjustment was made as of
June 30, 1991 to reclassify the accumulation of these charges in the
amount of $2,728,947 from the General Fund fund balance to deferred
revenue.
74
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.
75
CITY OF CARLSBAD
General Fund
Schedule of Revenues - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1992
Taxes:
Property taxes
Sales and use taxes
Transient lodging taxes
Franchise taxes
Real property transfer taxes
Trailer coach in-lieu tax
Total taxes
Licenses and permits:
Construction permits
Business licenses
License tax on new construction
Other
Total licenses and permits
State Subventions:
Cigarette taxes
Vehicle licenses (in-lieu)
Property tax reimbursements
Total state subventions
Charges for services:
Planning fees
Building department fees
Engineering fees
Growth management zone plan fees
Weed abatement fees
Ambulance fees
Parks and recreation fees
Other
Total charges for services
Totals, carried forward
Budget
$ 14,560,000
10,500,000
3,350,000
800,000
275,000
20.000
29.505.000
530,000
875,000
500,000
280.000
2.185.000
150,000
2,385,000
295.000
2.830.000
1,100,000
460,000
1,200,000
110,000
35,000
190,000
700,000
680.000
4.475.000
38.995.000
Actual on
Budgetary
Basis
13,511,504
8,723,382
3,077,595
880,719
206,888
24.087
26.424.175
219,445
910,532
303,073
296.008
1.729.058
61,585
2,134,080
293.789
2.489.454
671,150
229,970
2,248,488
26,497
28,086
225,029
711,654
421.814
4.562.688
35 ..205. 375
Variance
Favorable
(Unfavorable)
(1,048,496)
(1,776,618)
(272,405)
80,719
(68,112)
4.087
(3.080.825)
(310,555)
35,532
(196,927)
16.008
(455.942)
(88,415)
(250,920)
(1.211)
(340.546)
(428,850)
(230,030)
1,048,488
(83,503)
(6,914)
35,029
11,654
(258.186)
87.688
(3.789.625)
76
Totals, brought forward
Fines and forfeits:
Vehicle code fines
Other
Total fines and forfeitures
Interest income
Interdepartmental services:
Engineering
Legal
Other
Total interdepartmental
services
Miscellaneous:
Sales of maps and publications
Sale of property
Reimbursed expenditures
Other
Total miscellaneous
Total revenues
Budget
$ 38.995.000
550,000
550.000
2.OOP.OOP
400,000
1.638.000
2.038.000
250.000
250.000
43.833.000
Actual on
Budgetary
Basis
35.205.375
310,817
2.167
312.984
2.152.267
449,477
10,827
1.456.019
1.916.323
41,685
16,526
181,182
98.819
338.212
Variance
Favorable
(Unfavorable)
(3.789.625)
(239,183)
2.167
(237.016)
152.267
49,477
10,827
(181.981)
(121.677)
41,685
16,526
181,182
(151.181)
88.212
39.925.161 (3.907.839)
See accompanying independent auditors' report.
77
CITY OF CARLSBAD
General Fund
Schedule of Expenditures - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1992
Gene ral gove rnmen t:
City council
City manager
City clerk
Visitors' bureau
Community assistance
City attorney
Finance
City treasurer
Audit
Purchasing
Human resources
Research and analysis group
Administration
Risk management/insurance
Contingency
Other
Total general government
Public safety:
Police protection
Fire protection
Total public safety
Totals, carried forward
Budget
7.722.061
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)
166,340
713,394
20,605
282,443
98,530
478,575
1,131,191
86,742
45,000
407,304
994,205
322,991
452,792
252,594
960,720
1.308.635
154,640
651,571
16,142
282,443
98,530
407,925
1,007,029
76,475
34,875
374,217
839,054
292,350
374,993
193,144
-
438.628
11,700
61,823
4,463
-
-
70,650
124,162
10,267
10,125
33,087
155,151
30,641
77,799
59,450
960,720
870.007
5.242.016 2.480.045
9,763,790
6.829.157
16.592.947
24.315.008
9,059,999
6.619.675
15.679.674
20.921.690
703,791
209.482
913.273
3.393.318
78
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
Totals, brought forward $ 24.315.008 20.921.690 3.393.318
Community development:
Community development 1,056,393 693,682 362,711
Engineering 3,938,727 3,753,247 185,480
Planning 2,826,262 2,429,601 396,661
Building inspection 1.135.914 899,206 236,708
Total community development 8.957.296 7.775.736 1,181.560
Culture and recreation:
Library 2,682,259 2,476,534 205,725
Parks and recreation 4,524,440 4,237,744 286,696
Cultural arts 308.715 288.442 20.273
Total culture and recreation 7.515.414 7.002,720 512,694
Maintenance and utilities:
Street maintenance 3,177,120 2,971,280 205,840
Facilities maintenance 1,508,477 1,416,390 92,087
Traffic signal maintenance 331,647 331,647 -
Administration 392,006 338.082 53.924
Total maintenance
and utilities 5.409.250 5.057.399 351.851
Total expenditures $ 46.196.968 40.757.545 5.439.423
See accompanying independent auditors' report.
79
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 grants for commercial and residential loans for
community development.
Federal Grants
To account for federal grants received to support the City's National
Endowment for the Arts grant and Bilingual Library program.
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.
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.
80
CITY OF CARLSBAD
Miscellaneous Statistical Information
1991-92
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
Number of pools
Number of libraries
Number of volumes
Total number of City employees
July 16, 1952
General Law
Council/Manager
42.19 square miles
65,661
1,108
238
6
73
1
78
17,167
12.9 million gallons
325
113
36
326.88 acres
1
2
206,887
495
175
176
PARKING AUTHORITY OF THE
CITY OF CARLSBAD
Combined Financial Statements
June 30, 1992
(With Independent Auditors' Report Thereon)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Table of Contents
June 30, 1992
Page
Independent Auditors' Report 1
Combined Balance Sheet - All Governmental Fund Types
and Account Group 2
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types 3
Notes to Combined Financial Statements 4-9
Supplementary Statements and Schedule:
Combining Balance Sheet - Debt Service Funds 11
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance - Debt Service Funds 12
Schedule of Insurance Coverage 13
Peat Marwick
Certified Public Accountants
750 B Street
San Diego, CA 92101
Independent Auditors' Report
The Board of Directors
Parking Authority of the
City of Carlsbad, California:
We have audited the accompanying component unit financial statements of the
Parking Authority of the City of Carlsbad (the Authority), as of and for the
year ended June 30, 1992, as listed in the accompanying table of contents.
These component unit financial statements are the responsibility of the
Authority's management. Our responsibility is to express an opinion on these
component unit 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 financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the 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 component unit financial statements referred to above
present fairly, in all material respects, the financial position of the
Parking Authority of the City of Carlsbad as of June 30, 1992, and the results
of its operations for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the component unit
financial statements taken as a whole. The combining financial statements and
schedule listed in the accompanying table of contents are presented for
purposes of additional analysis and are not a required part of the component
unit financial statements of the Parking Authority of the City of Carlsbad.
Such information has been subjected to the auditing procedures applied in the
audit of the component unit financial statements and, in our opinion, is
fairly stated in all material respects in relation to the component unit
financial statements taken as a whole.
September 9, 1992
Member Firm of
Klynveld Peat Marwick Goerdeler
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Combined Balance Sheet
All Governmental Fund Types and Account Group
June 30, 1992
Assets and Other Debits
Cash and investments
Net investment in direct financing leases
Accrued interest receivable
Due from other funds
Amount available in debt service funds
Amount to be provided for retirement
of general long-term debt
Total assets
Liabilities and Fund Balance
Liabilities:
Due to other funds
Deferred revenue
Revenue bonds payable
Total liabilities
Fund balance:
Reserved for debt service
Unreserved - undesignated
Total fund balance
Total liabilities
and fund balance
Governmental
ites
2
3
5
Fund
General
$ 2,500-_
500
-_
Types
Debt
Service
736,255
741,641
16,104
9,946
-_
Account
Group
General
Long-term
Debt
_
-_
_
708,359
741.641
Totals
(Memorandum
Only)
738,755
741,641
16,104
10,446
708,359
741.641
$ 3.000 1.503.946 1.450.000 2.956.946
5
4
3.000
10,446
785,141
1.450.000
795.587 1.450.000
708,359
3.000 708.359
10,446
785,141
1.450.000
2.245.587
708,359
3.000
711.359
$ 3.000 1.503.946 1.450.000 2.956.946
See accompanying notes to combined financial statements.
2
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance
All Governmental Fund Types
For the fiscal year ended June 30, 1992
Revenue:
Lease payments
Interest income
Total revenues
Expenditures:
Principal retirement
Interest
Administrative expenses
Total expenditures
Excess of expenditures
over revenues
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess of expenditures and
other financing uses over
revenues and other
financing sources
Fund balance at beginning of year
Fund balance at end of year
Totals
Debt (Memorandum
General Service Only)
2.468
2.468
3.000
3.000
174,000
52.303
226.303
175,000
118,000
2.468 293.000
(2.468) (66.697)
2,468 17,886
- (20.354)
(2.468)
(69,165)
777.524
708.359
174,000
52.303
226.303
175,000
118,000
2.468
295.468
(69.165)
20,354
(20.354)
(69,165)
780.524
711.359
See accompanying notes to combined financial statements.
3
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1992
(1) Organization and Summary of Significant Accounting Policies
The Parking Authority of the City of Carlsbad (the Authority) was created
pursuant to the Parking Law of 1949 and was authorized by Resolution
1264 by the City Council on April 19, 1966 for the purpose of providing
and expanding public parking facilities for the City of Carlsbad (the
City). A five-member commission appointed by the City Council governs
the Authority. The Authority is not subject to federal or state income
taxes.
The Authority is an integral part of the reporting entity of the City.
The accounts of the Authority have been included within the scope of
the general purpose financial statements of the City because the City
Council exercises oversight responsibility over the operations of the
Authority. Only the accounts of the Authority are included herein;
therefore, these financial statements do not purport to represent the
financial position or results of operations of the City of Carlsbad.
The accounting policies of the Authority conform to generally accepted
accounting principles as applicable to governmental units. The
following is a summary of the more significant policies:
(a) Basis of Presentation;
The accounts of the Authority are organized on the basis of funds and
an account group, each of which is considered to be a separate
accounting entity. The operations of each fund and account group
are accounted for by providing a separate set of self-balancing
accounts that comprise its assets, liabilities, fund balance,
revenues, and expenditures. The various funds and the account
group are summarized by type in the financial statements. Fund
types and the account group used by the Authority are as follows:
GOVERNMENTAL FUND TYPES;
Governmental funds are used to account for the Authority's expendable
financial resources and related liabilities. The measurement focus
is upon determination of changes in financial position. The
following are the Authority's governmental fund types:
General Fund
The general fund is the general operating fund of the Authority.
It is used to account for all financial resources except those
required to be accounted for in another fund.
(Continued)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies. Continued
(a) Basis of Presentation. Continued:
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.
GENERAL LONG-TERM DEBT ACCOUNT GROUP;
This account group is used to establish accounting control and
accountability for the Authority's general long-term debt. It is
used to account for all long-term obligations of the Authority.
(b) Measurement Focus and Basis for Accounting;
Governmental fund types are accounted for on a "spending" measurement
focus. Accordingly, only current assets and current liabilities
generally 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.
Governmental 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. Revenues that are accrued
include interest income.
Governmental fund expenditures are recognized when the liability is
incurred, except for principal and interest on long-term debt,
which is recognized when due.
(c) Budgets;
The Authority does not adopt an annual budget; thus, no budgetary
comparisons are presented.
(d) Investments;
Investments are stated at cost or amortized cost which approximates
market value.
(Continued)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies. Continued
(e) Total Columns;
Total columns on the combined statements are captioned "Totals
(Memorandum Only)" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes in
fund balance in conformity with generally accepted accounting
principles. Such data is not comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
(2) Cash and Investments
Authority for Deposits and Investments;
The Authority's investment policy and state statutes authorize the
Authority 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, 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, San Diego County investment
pool and the State Treasurer's investment pool.
Classification of Investments by Credit Risk;
As defined in Governmental Accounting Standards Board Statement No. 3,
the Authority's investments are categorized in the following manner:
Category 1 - Investments that are insured or registered, for which the
securities are held by the Authority or its agent in the
Authority's name.
Category 2 - Uninsured and unregistered investments, for which the
securities are held by the counterparty's trust department
or agent in the Authority's name.
Category 3 - Uninsured and unregistered investments, for which the
securities are held by the counterparty, or by its trust
department or agent, but not in the Authority's name.
(Continued)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(2) Cash and Investments. Continued
Cash and investments at June 30, 1992 consisted of the following:
Market
Cost Value
Deposits:
All deposits 100% insured $ 2,500 2,500
Investments (held by trustee):
Government agency obligations (Category 1) 151,406 157,785
Corporate notes (Category 1) 75,000 75,000
Mutual Funds and Other (Category 1) 108,196 108,196
U.S. Treasury Notes and Bills (Category 2) 401,653 419.814
Total $ 738.755 763.295
(3) Lease Agreements
Leases have been executed between the Authority and the City under which
the City agreed to make annual payments of $138,400 and $174,000 for
the lease of a parking facility and its subsequent expansion,
respectively. The leases have been recorded by the Authority as direct
financing leases.
Lease payments are due quarterly and terminate on the date of retirement
of the related revenue bonds. Under the terms of the lease agreements
and the bond resolutions, Debt Service Funds in excess of the next
interest and principal payments may be used as follows: First, to
maintain a reserve of $68,000 and $156,000, respectively, for the 1969
and the 1981 Bonds. Next, to pay the General Fund for any expenses of
the Authority and to maintain the fund balance at $3,000, and then as
credits to the City for rentals due under the leases. Due to excess
monies in the 1969 Bond Service Fund during the fiscal year ending
June 30, 1992, no lease payments were required from the City under the
parking facility lease. A lease payment of $174,000 was required
during the fiscal year ending June 30, 1992 from the City under the
expansion lease to cover debt service payments during the year for the
1981 bond issue.
(Continued)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Revenue Bonds Payable
The following is a summary of changes in revenue bonds payable for the
year ended June 30, 1992:
Series Series
1969 1981 Total
Revenue bonds payable,
June 30, 1991 $ 550,000 1,075,000 1,625,000
Bonds retired 100.000 75.000 175.000
Revenue bonds payable,
June 30, 1992 $ 450.000 1.OOP.OOP 1.ASP.OOP
Revenue bonds payable at June 30, 1992 were comprised of the following
individual issues:
1969 Parking Revenue Bonds;
1969 Carlsbad Parking Authority Revenue Bonds, remaining principal due in
amounts ranging from $100,OOP to $125,000 on October 1 of each year
through 1995, interest payable on October 1 and April 1 at 6.4% per
annum. The bonds are subject to call in whole or in part at the option
of the Authority at prices ranging from 100.5% to 105% of the principal
amount of the bonds.
1981 Parking Revenue Bonds;
1981 Carlsbad Parking Authority Revenue Bonds, remaining principal due in
amounts ranging from $75,000 to $150,OPO on February 1 of each year
through 2001, interest payable on August 1 and February 1 at 8.0% per
annum. Bonds maturing on or after February 1, 1991 are subject to call
in whole or in part at the option of the Authority at prices ranging
from 100.25% to 102% of the principal amount of the bonds.
(Continued)
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Revenue Bonds Payable. Continued
Debt service requirements to maturity for the revenue bonds payable are
as follows:
Year ending June 30.
1993
1994
1995
1996
1997
Thereafter
Series
1969
$ 125,600
119,200
137,000
129,000
-
—
Series
1981
155,000
174,000
166,000
158,000
150,000
633,000
Total
280,600
293,200
303,000
287,000
150,000
633.000
510,800 1,436,000 1,946,800
Less amounts representing
interest 60.800 436.000 496.800
Total revenue bonds payable $ 450.000 1.000.000 1.450.000
At June 30, 1992, the Authority was in compliance with all significant
debt covenants.
(5) Due To and From Other Funds
The following table shows amounts due from funds within the Authority to
other funds within the Authority at June 30, 1992:
Due To;
General Fund Bond Service Funds
Series Series
1969 1981
Due from:
Bond Series Funds:
Series 1969 * 250
Series 1981 250
Reserve Funds:
Series 1969 - 2,105
Series 1981 - -
Total $ 500 2.105
SUPPLEMENTARY STATEMENTS AND SCHEDULE
10
DLACE
MAP
HER
oL i
V?(
CARLSBAD REDEVELOPMENT AGENCY
Combined Balance Sheet
All Fund Types and Account Group
June 30, 1992
with comparative totals for June 30, 1991
Account Totals
Governmental Fund Types Group (Memorandum Only)
Assets and Other Debits Notes
Cash and investments 3
Accrued taxes receivable
Accrued interest receivable
Loan receivable
Amount available in debt service fund
Amount to be provided for
retirement of advances
Amount to be provided for
retirement of bonds
Special Debt Capital Long-term
Revenue Service Projects Debt 1992
$ 1,874,128 1,738,588 3,632,277 - 7,244,993_ _ „ _ _
30,399 18,469 4,930 - 53,798
127,375 - - 127,375
- - - 1,757,057 1,757,057
- 7,460,785 7,460,785
- - - 9,717,943 9,717,943
1991
7,784,959
30,076
58,877
127,375
1,998,674
6,150,003
10,586,177
Total assets and
other debits
Liabilities and Fund Balance
Total liabilities and
fund balance
2.031.902 1.757.057 3.637,207 18.935.785 26.361.951 26.736.141
Liabilities :
Accounts payable
Accrued expenses
Advances from the City of Carlsbad
Bonds payable
Total liabilities
Fund balance:
Reserved for loan receivable
Reserved for debt service
Reserved for low and moderate
income housing
Reserved for encumbrances
Unreserved :
Designated for approved
capital projects
Undesignated
Total fund balance
5
5
7
7
7
7
7
7
8,990
6,634 - 4,637_
_
6,634 - 13,627
127,375
1,757,057
1,891,697
6,196 - 284,773
2,582,808
755,999
2,025,268 1,757,057 3,623,580
8,990
11,271
7,460,785 7,460,785
11,475,000 11,475,000
18,935,785 18,956,046
127,375
1,757,057
1,891,697
290,969
2,582,808
755,999
7,405,905
111,012
17,920
6,989,854
11,745,000
18,863,786
127,375
2,398,674
1,571,058
592,840
2,290,805
891,603
7,872,355
2.031.902 1.757.057 3.637.207 18.935.785 26.361.951 26.736.141
See accompanying notes to combined financial statements.
CARLSBAD REDEVELOPMENT AGENCY
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
For the year ended June 30, 1992
with comparative totals for June 30, 1991
Totals
Notes
Revenues:
Tax increment
Interest
Miscellaneous
Total revenues
Expenditures:
General government
Capital outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds from advances from the
City of Carlsbad
Total other financing
sources
Excess (deficiency) of revenues and
other financing sources over
expenditures and other
financing uses
Fund balance at beginning of year
Fund balance at end of year
Special Debt
Revenue Service
$ 317,673 1,270,690
107,275 151,551
424,948 1,422,241
98,113
299,800
1,364,057
98,113 1,663,857
326,835 (241,616)
1,125,238
(1,125,238)
326,835 (241,616)
1,698,433 1,998,673
$ 2,025,268 1,757,057
Capital
Projects
191,582
191,582
654,488
589,494
1,243,982
(1,052,400)
500,731
500,731
(551,669)
4,175,249
3.623,580
(Memorandum
1992
1,588,363 1
450,408
2,038,771 2
752,601
589,494
299,800
1,364,057 1
Only)
1991
,611,169
557,961
9,489
,178,619
740,282
623,637
255,000
,413,527
3,005,952 3,032,446
(967,181)
1,125,238 2
(1,125,238) (2
500,731
500,731
(466,450)
7,872,355 8
7,405,905 7
(853,827)
,025,260
,025,260)
501,203
501,203
(352,624)
,224,979
,872,355
See accompanying notes to combined financial statements.
CARLSBAD REDEVELOPMENT AGENCY
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual
(Budgetary Basis)
For the year ended June 30, 1992
Special Revenue Debt Service
Revenues:
Tax increment 4
Interest
Total revenues
Expenditures:
General government
Debt service:
Principal
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
Fund balance at end of year i
Actual on
Budgetary
Budget Basis
360,000 317,673
70,000 107,275
430,000 424,948
98,113 104,309
98,113 104,309
331,887 320,639
-
Variance
Favorable
(Unfavorable)
(42,327)
37,275
(5,052)
(6,196)
(6,196)
(11,248)
-
Budget
1,440,000
240,000
1,680,000
270,000
863,288
1,133,288
546,712
1,125,238
(1,125,238)
Actual on
Budgetary
Basis
1,270,690
151,551
1,422,241
270,000
863,326
1,133,326
288,915
1,125,238
(1,125,238)
Variance
Favorable
(Unfavorable)
(169,310)
(88,449)
(257,759)
(38)
(38)
(257,797)
-
331,887 320,639
1,698,433 1,698,433
2.030,320 2,019,072
(11,248)
(11.248)
546,712
1,998,673
2,545,385
288,915
1,998,673
2,287,588
(257,797)
(257,797)
See accompanying notes to combined financial statements.
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Combining Balance Sheet
Debt Service Funds
June 30, 1992
Assets
Investments
Net investment in direct financing leases
Accrued interest receivable
Due from other funds
Total assets
Bond Service Fund
382.250 887.750
Reserve Fund
Series
1969
343,533
28,786
7,826
2,105
Series
1981
165,681
712,855
1,373
7,841
Series
1969
68,038
2,067
Series
1981
159,003
4,838
Total
736,255
741,641
16,104
9,946
70.105 163,841 1.503.946
Liabilities and Fund Balance
Liabilities:
Due to other funds
Deferred revenue
Total liabilities
Fund balance - reserved for debt service
Total liabilities and fund balance *
28,
29,
353,
382.
250
786
036
214
250— irr«=
756,
756,
131,
887,
250
355
605
145
750
2,
-
2,
68,
70.
105
105
000
105— -j— • i
7,841
7,841
156,000
163..841
10,446
785,141
795,587
708,359
1.503.946
See accompanying independent auditors' report.
11
PARKING AUTHORITY OF THE CITY OF CARLSBAD
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Debt Service Funds
June 30, 1992
Revenues:
Lease payments
Interest income
Total revenues
Expenditures:
Principal retirement
Interest
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
Fund balance at end of year
Bond Service Fund Reserve Fund
Series
1969
5,299
(250)
5,049
Series
1981
Series
1969
Series
1981
- 174,000
27,982 4,467 5,668 14,186
100,000 75,000
32,000 86,000
132,000 161.000
(104.018) 17,467 5,668 14.186
Total
174,000
52,303
27,982 178,467 5,668 14,186 226,303
175,000
118,000
293,000
(66,697)
12,587 - - 17,886
(250) (5,668) (14,186) (20,354)
12,337 (5,668) (14,186) (2,468)
(98,969) 29,804 - - (69,165)
452,183 101,341 68,000 156,000 777,524
353.214 131.145 68.000 156.000 708.359
See accompanying independent auditors' report.
12
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements
June 30, 1992
(1) Organization and Summary of Significant Accounting Policies
The Building Authority of the City of Carlsbad (the Authority) was
organized on October 1, 1967 under a joint exercise of powers agreement
between the City of Carlsbad and the County of San Diego for the
purpose of financing and constructing a civic center building for lease
to the City of Carlsbad. Any excess of revenues over expenditures or
net assets of the Authority remaining after providing for all debts and
obligations of the Authority are distributable upon dissolution to the
City of Carlsbad. The Authority is not subject to federal or state
income taxes.
The Authority is an integral part of the reporting entity of the City of
Carlsbad (the City). The accounts of the Authority have been included
within the scope of the general purpose financial statements of the
City because the City Council exercises oversight responsibility over
the operations of the Authority. Only the accounts of the Authority
are included herein; therefore, these financial statements do not
purport to represent the financial position or results of operations of
the City of Carlsbad.
The accounting policies of the Authority conform to generally accepted
accounting principles as applicable to governmental units. The
following is a summary of the more significant policies:
(a) Basis of Presentation;
The accounts of the Authority are organized on the basis of funds and
an account group, each of which is considered to be a separate
accounting entity. The operations of each fund and account group
are accounted for by providing a separate set of self-balancing
accounts that comprise its assets, liabilities, fund balance,
revenues, and expenditures. The various funds and account group
are summarized by type in the financial statements. The fund types
and account group used by the Authority are as follows:
GOVERNMENTAL FUND TYPES:
Governmental funds are used to account for the Authority's expendable
financial resources and related liabilities. The measurement focus
is upon determination of changes in financial position. The
following are the Authority's governmental fund types:
(Continued)
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies. Continued
(a) Basis of Presentation. Continued:
GOVERNMENTAL FUND TYPES. Continued;
General Fund
The general fund is the general operating fund of the Authority.
It is used to account for all financial resources except those
required to be accounted for in another fund.
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.
GENERAL LONG-TERM DEBT ACCOUNT GROUP;
This account group is used to establish accounting control and
accountability for the Authority's general long-term debt. It is
used to account for all long-term obligations of the Authority.
(b) Measurement Focus and Basis for Accounting;
Governmental fund types are accounted for on a "spending" measurement
focus. Accordingly, only current assets and current liabilities
generally 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.
Governmental 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. Revenues that are accrued
include interest income.
Governmental fund expenditures are recognized when the liability is
incurred, except for principal and interest on long-term debt,
which is recognized when due.
(Continued)
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies, Continued
(c) Budgets;
The Authority does not adopt an annual budget; thus, no budgetary
comparisons are presented.
(d) Investments;
Investments are stated at cost or amortized cost which approximates
market value.
(e) Total Columns;
Total columns on the combined statements are captioned "Totals
(Memorandum Only)" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes in
fund balance in conformity with generally accepted accounting
principles. Such data is not comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
(2) Cash and Investments
Authority for Deposits and Investments;
State statutes require that all deposits be insured or collateralized.
Depositories holding public funds 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. Investments are further
limited by the Authority's policy to invest only in U.S. government
obligations purchased through its trustee.
Classification of Investments by Credit Risk;
As defined in Governmental Accounting Standards Board Statement No. 3,
the Authority's investments are categorized in the following manner:
Category 1 - Investments that are insured or registered, for which the
securities are held by the Authority or its agent in the
Authority's name.
Category 2 - Uninsured and unregistered investments, for which the
securities are held by the counterparty's trust department
or agent in the Authority's name.
(Continued)
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(2) Cash and Investments. Continued
Classification of Investments by Credit Risk, Continued!
Category 3 - Uninsured and unregistered investments, for which the
securities are held by the counterparty or by its trust
department or agent, but not in the Authority's name.
Cash and investments at June 30, 1992 consist of the following:
Cost Market Value
Cash on deposit (all 100% insured) $ 538 538
U.S. Treasury Bills (all category 2) 112.873 112.873
Total $ 113.411 113.411
(3) Lease Agreements
The Authority has leased the site for the Civic Center from the City
under a ground lease dated November 1, 1967 for a total advance rental
payment of $1. The lease expires upon expiration of the Joint Powers
Agreement between the Authority and the City.
On the same date, the Authority entered into an agreement with the City
to lease back to the City the Civic Center site and the facilities to
be constructed thereon. The agreement requires annual lease payments
of $36,000 payable in advance on each July 1 until the Authority's
revenue bonds have been paid or provision for payment has been made.
In addition, the City must pay, upon written notice, all taxes,
assessments, insurance and administrative costs of the Authority. The
lease expires on September 30, 2007 or upon final payment of the
bonds. This lease has been accounted for as a direct financing lease.
(4) Revenue Bonds Payable
The following is a summary of changes in revenue bonds payable for the
year ended June 30, 1992:
Revenue bonds payable as of June 30, 1991 $ 65,000
Bonds retired 30.000
Revenue bonds payable as of June 30, 1992 $ 35.000
(Continued)
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Notes to Combined Financial Statements, Continued
(4) Revenue Bonds Payable. Continued
The Authority issued the 1967 Carlsbad Building Authority Revenue Bonds
in an original amount of $460,000 with interest payable at 6.0% per
annum. The bonds were issued under a trust indenture with Banker's
Trust Company of California as Trustee. The remaining bonds mature
December 15, 1992.
Bonds maturing on or after December 15, 1979 are subject to call in whole
or in part at the option of the Authority.
In accordance with the terms of the bond indenture, cash balances of the
following funds are restricted to be used for specified purposes as
follows:
General Fund - An amount necessary to pay administrative expenses and
maintain $1,500 in working capital shall be maintained in this fund.
Amounts accumulated after meeting the requirements of the interest,
principal retirement and reserve funds and the working capital
requirements shall be declared surplus and may be used to reimburse the
City for rent previously paid.
Interest and Principal Retirement Funds - On or before August 1 of each
year, a sum sufficient to pay twelve months interest due on the next
succeeding December 15 and June 15, as well as the amount of principal
maturing on the next succeeding December 15 shall be transferred to
these funds as necessary from the General Fund.
Debt Service Funds;
Reserve Fund - An amount at least equal to one half the maximum
annual debt service ($18,025) shall be maintained at all times. Any
excess shall on June 30, and December 30 of each year be transferred
to the General Fund. This fund may be used to pay the principal
and/or interest on the last maturity of the bonds outstanding.
At June 30, 1992, the Authority was in compliance with all significant
debt covenants.
SUPPLEMENTARY STATEMENT AND SCHEDULE
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance - Debt Service Funds
For the year ended June 30, 1992
Interest
Principal
Retirement Reserve Totals
Revenue - interest on investments
Expenditures:
Principal retirement
Interest
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing sources -
operating transfers in
Excess of revenues and
other financing sources
over expenditures
Fund balance at beginning of year
Fund balance at end of year $
350
3.OOP
3.000
(3.000)
3.000
30,000
30.000
(29.650)
29.650
886 1.236
30,000
3.000
33.000
886 (31.764)
32.650
886 886
19.170 19.170
20.056 20.056
See accompanying independent auditors' report.
10
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Schedule of Insurance Coverage
June 30, 1992
Insurance coverage maintained by the City of Carlsbad with the Authority listed
as additional insured at June 30, 1992 includes:
Amount of
Type of Coverage Coverage Term
All risk including valuable papers $ 36,093,500 10/01/91 to 10/01/92
Rental income 522,000 10/01/91 to 10/01/92
Equipment floater 517,400 10/01/91 to 10/01/92
Honesty Blanket Bond 1,500,000 Ok/06/92 to 04/06/95
Since January 1, 1986, the Authority has not been covered under a liability
insurance policy but is included under the City of Carlsbad's self-insurance
program.
See accompanying independent auditors' report.
11
BUILDING AUTHORITY OF THE
CITY OF CARLSBAD
Combined Financial Statements
June 30, 1992
(With Independent Auditors' Report Thereon)
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Table of Contents
June 30, 1992
Page
Independent Auditors' Report 1
Combined Balance Sheet - All Governmental Fund Types
and Account Group 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balance - All Governmental Fund Types 3
Notes to Combined Financial Statements 4-8
Supplementary Statement and Schedule:
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Debt Service Funds 10
Schedule of Insurance Coverage 11
Peat Marwick
Certified Public Accountants
750 B Street
San Diego, CA 92101
Independent Auditors' Report
The Board of Directors
Building Authority of the
City of Carlsbad, California:
We have audited the accompanying component unit financial statements of the
Building Authority of the City of Carlsbad (the Authority) as of and for the
year ended June 30, 1992, as listed in the accompanying table of contents.
These component unit financial statements are the responsibility of the
Authority's management. Our responsibility is to express an opinion on these
component unit 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 financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the 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 component unit financial statements referred to above
present fairly, in all material respects, the financial position of the
Building Authority of the City of Carlsbad as of June 30, 1992, and the
results of its operations for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the component unit
financial statements taken as a whole. The combining financial statement and
schedule listed in the accompanying table of contents are presented for
purposes of additional analysis and are not a required part of the component
unit financial statements of the Building Authority of the City of Carlsbad.
Such information has been subjected to the auditing procedures applied in the
audit of the component unit financial statements and, in our opinion, is
fairly stated in all material respects in relation to the component unit
financial statements taken as a whole.
fa*
>ptember 9, 1992
Member Firm of
Klynveld Peal Marwick Goerdeler
BUILDING AUTHORITY OF THE CITY OF CARLSBAD
Combined Balance Sheet
All Governmental Fund Types and Account Group
June 30, 1992
Assets and Other Debits
Cash and investments
Net investment in direct financing lease
Interest receivable
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
Total assets
Liabilities and Fund Balance
Liabil i ties:
Revenue bonds payable
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt service
Unreserved - undesignated
Total fund balance
Total liabilities
and fund balance
Notes
2
3
Governmental
Fund Types
$ 93,407
14,944
184
93.591
$ 108.535 20.056
20,056
20.056
Account
Group
General
Long-term
Debt
20,056
14.944
35.000
Totals
(Memorandum
Only)
113,411
14,944
236
20,056
35,000 35,000
- 14.944
35.000
20,056
93.591
$ 108.535 20.056 35.000 163.591
accompanying notes to combined financial statements.
2
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Combined Financial Statements
June 30, 1992
(With Independent Auditors' Report Thereon)
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Table of Contents
June 30, 1992
Page
Independent Auditors' Report 1
Combined Balance Sheet - Governmental Fund Type
and Account Group 2
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Governmental Fund Type 3
Notes to Combined Financial Statements 4-8
Supplementary Statements:
Combining Balance Sheet - Debt Service Funds 10
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance - Debt Service Funds 11
Peat Marwick
Certified Public Accountants
750 B Street
San Diego, CA 92101
Independent Auditors' Report
The Board of Directors
City of Carlsbad Public Improvement Corporation
Carlsbad, California:
We have audited the accompanying component unit financial statements of the
City of Carlsbad Public Improvement Corporation (the Corporation) as of and
for the year ended June 30, 1992, as listed in the accompanying table of
contents. These component unit financial statements are the responsibility of
the Corporation's management. Our responsibility is to express an opinion on
these component unit 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 financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the 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 component unit financial statements referred to above
present fairly, in all material respects, the financial position of the City
of Carlsbad Public Improvement Corporation as of June 30, 1992, and the
results of its operations for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the component unit
financial statements taken as a whole. The combining financial statements
listed in the accompanying table of contents are presented for purposes of
additional analysis and are not a required part of the component unit
financial statements of the City of Carlsbad Public Improvement Corporation.
Such information has been subjected to the auditing procedures applied in the
audit of the component unit financial statements and, in our opinion, is
fairly stated in all material respects in relation to the component unit
financial statements taken as a whole.
September 9, 1992
Member Firm of
Klynveld Peat Marwick Goerdeler
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Combined Balance Sheet
Governmental Fund Type and Account Group
June 30, 1992
Assets and Other Debits
Cash and investments
held by trustee
Net investment in direct
financing lease
Interest receivable
Amount available in debt
service funds
Amount to be provided for
retirement of certificates
of participation
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Deferred revenue
Certificates of
participation payable
Total liabilities
Fund balance:
Reserve for arbitrage
Reserve for debt service
Total fund balance
Total liabilities
and fund balance
Note
2
3
Governmental
Fund Type
Debt
Service
$ 964,918
8,051,128
30,454
2,000
8,051,128
8.053.128
Account
Group
General Totals
Long-term (Memorandum
Debt Only)
964,918
8,051,128
30,454
971,432 971,432
7.118.568 7.118.568
* 9.046.500 8.090.000 17.136.500
2,000
8,051,128
8.090.000 8T090,000
8.090.000 16.143.128
5
5
21,940
971.432
993.372
21,940
971.432
993.372
9.046.500 8.090.000 17.136.500
See accompanying notes to combined financial statements.
2
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance
Governmental Fund Type
For the year ended June 30, 1992
Debt
Service
Revenues:
Lease payments $ 304,882
Interest on investments 77,335
Intergovernmental 1.088
Total revenues 383,305
Expenditures:
Principal 250,000
Interest and fiscal charges 627.450
Total expenditures 877.450
Deficiency of revenues over expenditures (494.145)
Other financing sources (uses):
Operating transfers in 72,909
Operating transfers out (72,909)
Total other financing sources -
Deficiency of revenues and other financing
sources over expenditures and other
financing uses (494,145)
Fund balance at beginning of year 1.487.517
Fund balance at end of year $ 993.372
See accompanying notes to combined financial statements.
3
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Notes to Combined Financial Statements
June 30, 1992
(1) Organization and Summary of Significant Accounting Policies
The City of Carlsbad Public Improvement Corporation (the Corporation) was
organized on June 1, 1988 under the Nonprofit Public Benefit
Corporation law for the purpose of financing and constructing certain
improvements on the parcel of property known as Hosp Grove. The
Corporation is not subject to federal or state income taxes.
The Corporation is an integral part of the reporting entity of the City
of Carlsbad, California (the City). The accounts of the Corporation
have been included within the scope of the general purpose financial
statements of the City because the City Council exercises oversight
responsibility over the operations of the Corporation. Only the
accounts of the Corporation are included herein; therefore, these
financial statements do not purport to represent the financial position
or results of operations of the City of Carlsbad.
The accounting policies of the Corporation conform to generally accepted
accounting principles as applicable to governmental units. The
following is a summary of the more significant policies:
(a) Basis of Presentation;
The accounts of the Corporation are organized on the basis of funds
and an account group, each of which is considered to be a separate
accounting entity. The operations of each fund and account group
are accounted for by providing a separate set of self-balancing
accounts that comprise its assets, liabilities, fund balance,
revenues, and expenditures. The various funds and the account
group are summarized by type in the financial statements. The fund
types and the account group used by the Corporation are as follows:
GOVERNMENTAL FUND TYPE:
Governmental funds are used to account for the Corporation's
expendable financial resources and related liabilities. The
measurement focus is upon determination of changes in financial
position. The following is the Corporation's governmental fund
type:
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.
(Continued)
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies. Continued
(a) Basis of Presentation, Continued:
GENERAL LONG-TERM DEBT ACCOUNT GROUP
This account group is used to establish accounting control and
accountability for the Corporation's general long-term debt. It is
used to account for all long-term obligations of the Corporation.
(b) 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 generally 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.
Governmental 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. Revenues that are accrued
include interest income.
Governmental fund expenditures are recognized when the liability is
incurred, except for principal and interest on long-term debt,
which is recognized when due.
(c) Budgets:
The Corporation does not adopt an annual budget, therefore, no
budgetary comparisons are presented.
(d) Investments:
Investments are stated at cost or amortized cost which approximates
market value.
(Continued)
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Notes to Combined Financial Statements, Continued
(1) Organization and Summary of Significant Accounting Policies? Continued
(e) Total Columns;
Total columns on the combined statements are captioned "Totals
(Memorandum Only)" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes in
fund balance in conformity with generally accepted accounting
principles. Such data is not comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
(2) Cash and Investments
Authority for Deposits;
State statutes require that all deposits be insured or collateralized.
Depositories holding public funds 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.
Authority for Investments;
The Trust Agreement by and among the Bankers Trust Company of California,
as successor trustee, the Corporation and the City of Carlsbad, dated
June 1, 1988, authorizes the trustee to invest in Federal Treasury
Securities, Federal Agency Securities, interest-bearing demand or time
deposits, obligations of U.S. corporations having assets in excess of
$500,000,000 and carrying one of the three highest ratings by Moody's
and Standard and Poor's Corporation, repurchase agreements, money
market funds, commercial paper rated A-l by Standard and Poor's
Corporation and P-l by Moody's Commercial Paper with original
maturities of not more than 180 days, bankers acceptances with
maturities of not more than 270 days, and tax-exempt obligations rated
in one of the three highest ratings by Moody's and Standard and Poor's
Corporation.
(Continued)
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Notes to Combined Financial Statements, Continued
(2) Cash and Investments. Continued
Classification of Investments by Credit Risk;
As defined in Governmental Accounting Standards Board Statement No. 3,
the Corporation's investments are categorized in the following manner:
Category 1 - Investments that are insured or registered, which are held
by the Corporation or its agent in the Corporation's name.
Category 2 - Uninsured and unregistered investments, for which the
securities are held by the counterparty's trust department
or agent in the Corporation's name.
Category 3 - Uninsured and unregistered investments, for which the
securities are held by the counterparty or by its trust
department or agent, but not in the Corporation's name.
Cash and investments at June 30, 1992 consisted of and are categorized as
follows:
Market
Cost value
Cash held by City of Carlsbad
(all 100% insured) $ 2,026 2,026
Investments (all Category 2):
Money market account 93,892 93,892
Guaranteed Funding Agreement 869.000 869,000
Total $ 964.918 964.918
(3) Lease Agreements
Under the terms of a lease agreement dated June 1, 1988, the City has
leased property known as Hosp Grove to the Corporation and the
Corporation has leased back to the City the same property and all
improvements constructed thereon. The Agreement requires the City to
pay semiannual lease payments to the Corporation equal to the debt
service requirements of the Certificates of Participation issued by the
Corporation on June 1, 1988 (the Certificates). The lease payments are
due on each January 15 and July 15 until the Certificates have been
paid in full. In addition, the City must pay all taxes, assessments,
insurance, maintenance and utilities on the property and its
improvements. The lease expires on August 1, 2008 or upon the date of
retirement of the Certificates. The lease has been accounted for as a
direct financing lease.
(Continued)
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Notes to Combined Financial Statements, Continued
(4) Certificates of Participation
The Corporation issued the Certificates on June 1, 1988 in the amount of
$8,690,000 pursuant to a Trust Agreement by and among the Corporation,
the City and the Bankers Trust Company of California. The Certificates
represent an undivided interest in the lease payments made by the City
of Carlsbad to the Corporation. Interest is payable at rates ranging
from 5.75% to 7.6% per annum. The Certificates mature on August 1 of
each year through 2008. Certificates maturing on August 1, 2008 are
subject to mandatory redemption on August 1 in each year on or after
August 1, 2001, in amounts reflected in the debt service requirements
below. Certificates maturing on or after August 1, 1999 are subject to
call in whole or in part at the option of the Corporation at prices
ranging from 100% to 102% of the principal amount of the Certificates.
Debt service requirements to maturity for the Certificates are as follows:
Year ending June 30.
1993 $ 866,448
1994 865,054
1995 866,873
1996 866,733
1997 859,795
1998-2002 4,290,225
2003-2007 4,262,409
2008-2009 1.692.800
14,570,337
Less amounts representing interest (6,480,337)
$ 8.090.OOP
Changes in general long-term debt from the previous year result from
payments of principal and interest on the Certificates.
At June 30, 1992, the Corporation was in compliance with all significant
debt covenants.
(5) Fund Balances
Reserve for arbitrage represents amounts which may be owed to the federal
government under the Tax Reform Act of 1986.
Reserve for debt service represents resources legally restricted to the
payment of general long-term debt principal and interest maturing in
future years.
SUPPLEMENTARY STATEMENTS
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Combining Balance Sheet
Debt Service Funds
June 30, 1992
Lease
payment
Assets fund Reserve Total
Cash and investments held by trustee $ 95,918 869,000 964,918
Net investment in direct
financing lease 8,051,128 - 8,051,128
Interest receivable 292 30,162 30.454
Total assets $ 8.147.338 899.162 9.046.500
Liabilities and Fund Balance
Liabilities:
Accounts payable 2,000 - 2,000
Deferred revenue 8.051.128 - 8.051.128
Total liabilities 8.053.128 - 8.053.128
Fund balance:
Reserve for arbitrage 21,940 - 21,940
Reserve for debt service 72.270 899.162 971.432
Total fund balance 94.210 899.162 993.372
Total liabilities
and fund balance $ 8.147.338 899.162 9.046.500
See accompanying independent auditors' report.
10
CITY OF CARLSBAD
PUBLIC IMPROVEMENT CORPORATION
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Debt Service Funds
For the year ended June 30, 1992
Revenues:
Lease payments
Interest on investments
Intergovernmental
Lease
payment
fund
304,882
3,692
1.088
Reserve Total
304,882
73,643 77,335
1.088
Total revenues
Expenditures:
Principal
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
309.662 73,643 383.305
250,000
627.450
877.450
250,000
627.450
877.450
(567.788)
72,909
72.909
(494,879)
589.089
73.643 (494.145)
(72,909)
(72.909)
72,909
(72.909)
734 (494,145)
898.428 1.487.517
Fund balance at end of year 94.210 899.162 993.372
See accompanying independent auditors' report,
11
CARLSBAD REDEVELOPMENT AGENCY
Combined Financial Statements
June 30, 1992
with comparative totals for June 30, 1991
(With Independent Auditors' Report Thereon)
Peat Marwick
Certified Public Accountants
750 B Street
San Diego, CA 92101
Independent Auditors' Report
The Board of Commissioners
Carlsbad Redevelopment Agency
Carlsbad, California:
We have audited the combined balance sheet of the Carlsbad Redevelopment
Agency (a component unit of the City of Carlsbad, California) as of June 30,
1992, the related combined statement of revenues, expenditures, and changes in
fund balance, and the related combined statement of revenues, expenditures and
changes in fund balance - budget and actual (budgetary basis) for the year
then ended. These combined financial statements are the responsibility of the
Agency's management. Our responsibility is to express an opinion on these
combined 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 combined financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the combined
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 combined financial statements referred to above present
fairly, in all material respects, the financial position of the Carlsbad
Redevelopment Agency as of June 30, 1992 and the results of its operations for
the year then ended in conformity with generally accepted accounting
principles.
Put
October 9, 1992
Member Firm of
Klynveld Peat Marwick Goerdeler
CITY OF CARLSBAD
Principal Employers
1991-1992
Firm
Manufacturing;
Hughes Aircraft
Upper Deck
Puritan-Bennett Corporation
Callaway Golf
Taylor Made Golf Co., Inc.
Smith & Nephew DonJoy, Inc.
Charter Golf
Beckman Instruments
International Totalizer System
Dyna Corporation
South Coast Materials Co.
Melles Griot Laser Products
Linear Corporation
Intelligent Medical Systems
Product/Service Employees
Electronic Components 1,000
Entertainment Cards 800
Medical Equipment 550
Golf Equipment 350
Golf Equipment 300
Orthopedic Braces 200
Golf Apparel 200
Medical Diagnostic Reagent 200
Off-track Betting Systems 160
Medical Products and Printing Co. 155
Asphalt Supplies 150
Gas Lasers 150
Wireless Security Systems 150
Ear Thermometers 150
Non-Manufacturing!
La Costa Hotel & Spa
Plaza Camino Real
McMahan Furniture
Carlsbad Unified School District
Car Country Carlsbad
City of Carlsbad
Farmer's Insurance - Regional
San Diego Gas & Electric
Hotel & Health Spa 1,300
Shopping Mall (5 major Dept. Stores) 1,000
Furniture 700
Education 610
Car Dealerships 500
Municipal Government 495
Insurance 450
Utility Company 400
Source: City of Carlsbad Chamber of Commerce.
173
Taxpayer
San Diego Gas & Electric Co.
La Costa Hotel & Spa Corp.
FieIdstone/La Costa Assoc.
Hughes Aircraft Company
Aviara Land Associates Ltd.
Aviara Resort Associates Ltd.
Lyon/Copley Carlsbad Assoc.
Upland Industries Corp.
Kaiza Poinsettia Corp.
Plaza Camino Real
CITY OF CARLSBAD
Principal Taxpayers
1991-1992
Type of Business
Power Generation $
Hotel & Health Spa
Land Developer
Manufacturer
Land Developer
Land Developer
Land Developer
Land Developer
Land Developer
Shopping Center
Valuation
Percentage of
Total Net
Assessed
Valuation(1)
328,515
206,379
174,391
97,847
67,728
44,775
41,365
39,958
31,613
29.354
,295
,368
,826
,626
,052
,200
,205
,075
,572
.373
$ 1.061.928.592 17.97%
(1) Net assessed valuation for 1991-1992 - $5,909,991,722
Source: County of San Diego Office of the Auditor and Controller.
174
155
CITY OF CARLSBAD
General Expenditures by Function
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Total (1)
$ 15,463,426
16,753,893
22,279,729
36,206,852
49,443,365
41,960,153
55,745,009
53,133,603
72,999,324
53,985,119
General
Government
2,272,174
2,551,209
3,008,056
4,124,793
5,645,325
5,988,144
7,139,089
7,920,471
10,437.609
6,324,697
Public
Safety
5,285,609
5,813,451
7,020,105
7,851,268
9,452,556
10,102,111
11,728,140
13,836,529
16,108,745
15,647,112
Public
Works (2)
2,935,279
3,408,568
2,974,480
6,412,310
4,601,389
5,375,688
6,336,093
7,402,476
6,519,035
12,810,175
Welfare
727,155
825,236
860,556
1,052,394
1,321,504
1,584,897
1,614,015
1,808,058
2,077,563
2,287,271
Culture/Recreation
2,573,014
2,764,121
3,278,290
3,710,505
4,530,701
5,358,475
5,808,094
7,413,870
7,183.567
7,301,171
Capital
Projects
1,233,048
1,033,261
4,619,242
12,333,087
23,032,108
11,216,835
19,786,724
11,104,390
26,665,164
5,639,898
Debt
Service
437,147
358,047
519,000
722,495
859,782
2,334,003
3,332,854
3,647,809
4,007,641
3,974,795
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
(2) Includes community development and utilities and maintenance categories added in 1991-92, as well
as public works expenditures.
GENERAL EXPENDITURES BY FUNCTION
1991-92
GENERAL GOVERNMENT 12%
$6.32
DEBT SERVICE 7%
13.97
CAPITAL PROJECTS 1
$5.64
CULTURE/RECREATION 14%
$7.3
DOLLARS IN MILLIONS
PUBLIC SAFETY 28%
$15.6
PUBLIC WORKS 24%
$12.81
WELFARE 4%
$2.28
Source: City of Carlsbad Comprehensive Annual Financial Reports.
156
TOTAL EXPENDITURES
LAST TEN YEARS
DOLLARS IN MILLIONS
80 -f
60-
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
INCLUDES GENERAL, SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
SPENDING ON CAPITAL PROJECTS
LAST TEN YEARS
DOLLARS IN MILLIONS
30 -f
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
157
CITY OF CARLSBAD
General Revenues by Source
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Total (1)
$ 18,314,250
23,870,285
31,272,744
37,078,236
45,626,319
42,944,962
54,565,025
57,970,453
77,371,107
58,440,436
Property
Taxes
4,449,196
4,848,041
5,243,124
6,769,473
8,516,463
9,870,495
11,997,603
13,663,487
14,767,693
15,945,319
Sales
Taxes
3,974,732
4,891,379
5,726,373
6,222,008
6,487,371
7,128,461
8,186,215
9,342,077
9,426,111
8,723,382
Transient
Occupancy
Taxes
797,526
1,007,268
1,041,947
1,157,794
1,729,998
1,995,447
2,752,025
3,630,662
3,310,043
3,077,595
Other
Taxes
1,511,333
1,969,434
2,084,724
1,807,457
1,987,299
3,217,888
2,663,619
3,129,186
2,931,058
4,340,018
Business
Licenses
279,973
351,875
428,546
471,470
517,972
616,278
696,706
791,715
832,432
910,532
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
(2) Included interdepartmental services category added in 1991-92 and miscellaneous revenues.
GENERAL REVENUE
LAST TEN YEARS
PROPERTY TAX AND SALES TAX REVENUE
LAST TEN YEARS
DOLLARS IN MILLIONS DOLLARS IN MILLIONS
1983 1984 1985 1988 1987 1988 1989 1990 1991 1992
FISCAL YEAR
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
• PROPERTY TAX • SALES TAX
Source: City of Carlsbad Comprehensive Annual Financial Reports.
158
Other
Licenses
491,267
2,099,942
3,042,110
3,525,394
3,830,931
3,521,242
3,858,173
4,058,540
3,550,013
3,307,980
Intergov-
ernmental
2,551,262
1,777,587
2,060,542
2,924,892
5,608,869
2,506,690
2,876,536
3,267.054
5,405,074
6,087,138
Charges for
Services
2,451,708
4,747,951
8,541,600
9,814,416
12,678,062
8,770,867
7,722,568
10,728,326
10,701,989
7,759,224
Fines and
Forfeits
231,086
256,471
345,750
288,055
366,597
435,649
478,830
511,890
515,746
312,984
Interest
1,396,896
1,542,092
2,638,536
2,857,221
2,944,741
3,422,839
5,644,873
6,002,986
5,737,513
4,826,292
Contributions
From Property
Owners
-
-
-
-
-
175,593
4,529,710
402,292
16,515,962
446,813
Other (2)
179,271
378,245
119,492
1,240,056
958,016
1,283,513
3,158,167
2,442.238
3,677,473
2,703,159
TRANSIENT OCCUPANCY TAX
LAST TEN YEARS
DOLLARS IN MILLIONS
CHARGES FOR SERVICES
LAST TEN YEARS
DOLLARS IN MILLIONS
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
1983 1984 1985 1986 1967 1968 1989 1990 1991 1992
FISCAL YEAR
159
CITY OF CARLSBAD
Ratio of General Bonded Debt to Assessed Valuation
and Net Bonded Debt Per Capita
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Net Assessed
Valuation (1)
$ 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
5,474,063,206
5,909,991,722
Outstanding
Principal (2)
1,030,000
915,000
900,000
785,000
670,000
550,000
420,000
285,000
150,000
-
Percent of
Total
Valuation
0.05
0.04
0.03
0.03
0.02
0.01
0.01
0.01
-
-
Per
Capita
Debt
26
23
20
16
12
9
7
4
2
-
Population (3)
39,037
40,665
44,566
48,872
55,282
58,888
62,030
63,451
64,264
65,661
(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 - LAST TEN YEARS
PER CAPITA DEBT IN DOLLARS
$30
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
160
CITY OF CARLSBAD
Computation of Legal Debt Margin
June 30, 1992
25% of net assessed valuation (1) $ 1.477.497.930
Debt limit (15% of net assessed valuation as adjusted) 221.624.690
Amount of debt applicable to debt limit:
Bonded debt (2) 21,425,000
Certificates of participation 8,090,000
Obligations under capital leases 1.030.622
Total amount of debt applicable to debt limit 30,545,622
Legal debt margin $ 191.079.068
Percent of debt limit 12.93%
(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:
Parking and Building Authorities $ 1,485,000
College Boulevard Assessment District 8,465,000
Tax Allocation Bonds 11,475,000
Total bonded debt $ 21.425.000
161
CITY OF CARLSBAD
Schedule of Direct and Overlapping Bonded Debt
June 30, 1992
1991-92 Total Assessed Valuation; $6,000,719,836 (after deducting $144,527,998
redevelopment tax allocation increment)
% Debt June 30,
Applicable 1992
Direct and Overlapping Bonded Debt;
San Diego County Building Authorities 4.817 $ 16,067,971
San Diego County Water Authority 4.995 904,095
Metropolitan Water District 0.799 5,453,455
Carlsbad Unified School District 97.167 108,732
Carlsbad Unified School District Authority 97.139 14,920,550
Carlsbad Unified School District Community
Facilities District #1 100.000 12,175,000
San Marcos Unified School District and
Certificates of Participation 25.057 1,808,667
San Dieguito Union High School District 8.057 104,741
Encinitas Union School District, Authority
and Certificates of Participation 24.171 1,192,839
Mira Costa Community College District
Certificates of Participation 25.062 682,940
Other School Districts Various 24,572
Tri-City Hospital District 32.503 466,418
Palomar Pomerado Hospital District and Authority 0.731 87,135
Leucadia County Water District and I.D. #1 51.523 & 1.715 161,865
Vallecitos Water District and I.D.'s #1, 2 & 6 6.613 - 10.819 102,034
Carlsbad Municipal Water District
Certificates of Participation 100.000 12,055,000
Olivenhain Municipal Water District, I.D. #1 31.279 278,383
City of Carlsbad Building Authorities 100.000 9,575,000 (1)
City of Carlsbad 1915 Act Bonds 100.000 32.521.248
Total direct and overlapping bonded debt(2) $ 108.690.645
(1) Includes City of Carlsbad Building and Parking Authorities and the Public
Improvement Corporation.
(2) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and
tax allocation bonds and non-bonded capital lease obligations.
Ratios to Assessed Valuation;
Direct Debt ($9,575,000) 0.16%
Total Debt 1.81%
Share of Authorized and Unsold General Obligation Bonds:
Metropolitan Water District $ 399,500
Carlsbad Municipal Water District, I.D. #1 $ 98,861
Carlsbad Municipal Water District, I.D. #3 $ 200,000
State School Building Aid Repayable as of June 30. 1992; $ 170,700
Source: California Municipal Statistics, Inc.
162
CITY OF CARLSBAD
Ratio of Annual Debt Service for
General Bonded Debt to Total Governmental Expenditures
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Principal Interest (4)
Total Total
Debt Governmental
Service (1) Expenditures (2)
$ 115,000
15,000 (3)
115,000
115,000
115,000
120,000
130,000
135,000
135,000
150,000
42,797
38,022
33,723
29,727
27,505
23,179
18,556
13,728
8,652
3,908
157,797
53,022
148,723
144,727
142,505
143,179
148,556
148,728
143,652
153,908
15,463,426
16,723,893
22,297,729
36,206,852
49,443,365
41,960,153
55,745,009
53,133,603
72,999,324
53,985,119
Ratio of Debt
Service to
Governmental
Expenditures %
1.0
,3
,7
0.
0.
0.4
0.3
0.3
0.3
0.3
0.2
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.
(4) Includes interest in the fiscal year that it becomes due.
RATIO OF DEBT SERVICE TO GENERAL EXPENDITURES
LAST TEN YEARS
RATIO IN %
1.2%
1.0%-
0.8%-
0.8%-
0.4%-
0.2%-
0.0%
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
Source: City of Carlsbad Comprehensive Annual Financial Reports.
163
CITY OF CARLSBAD
Revenue Bond Coverage
Water Utility
Last Ten Fiscal Years
(2)
Direct
Operating
Expenses
Net Revenue
Available
for Debt
Service
Debt Service Requirements
Principal Interest Total Coverage
$ 1,934,415
1,672,564
1,371,214
1,522,383
1,532,953
1,637,819
1,760,102
2,001,832
11,398,343
11,504,798
1,945,681
1,557,173
1,119,336
1,317,953
933,368
1,334,525
1,195,822
1,415,542
9,172,478
9,520,564
(11,266)
115,391
251,878
204,430
599,585
303,294
564,280
586,290
2,225,865
1,984,234
115,000
- (3)
125,000
130,000
140,000
150,000
157,000
160,000
775,000 1
685,000
64,492
56,875
50,138
42,531
38,549
29,096
21,211
12,718
,088,386
942,163
179,492
56,875
175,138
172,531
178,549
179,096
178,211
172,718
1,863,386
1,627,163
(0.06)
2.03
1.44
1.18
3.36
1.69
3.17
3.39
1.19
1.22
(1) Includes operating and non-operating revenues.
(2) Total operating expenses including depreciation and amortization.
(3) 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.
(4) Effective January 1, 1990, Carlsbad Municipal Water District (CMWD) became a
subsidiary district of the City. Thus all amounts have been adjusted
accordingly. Debt service requirements after that date include the Improvement
District bonds and the Certificates of Participation issued by CMWD.
Source: City of Carlsbad Comprehensive Annual Financial Reports.
164
WATER ENTERPRISE GROSS REVENUE
VS. DIRECT OPERATING EXPENSES
LAST TEN YEARS
DOLLARS IN MILLIONS
CMWD included
beginning 90-01
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
• GROSS REVENUE B OPERATING EXPENSES
NET REVENUE AVAILABLE FOR DEBT SERVICE
LAST TEN YEARS
DOLLARS IN THOUSANDS
.$500
1983198419851986198719881989199019911992
FISCAL YEAR
165
CITY OF CARLSBAD
Demographic Statistics
Last Ten Fiscal Years
Year
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1995
2000
2010
(Estimate)
(Estimate)
(Estimate)
32
32
35
36
39
39
39
42
42
42
.0
.0
.6
.0
.7
.7
.7
.2
.2
.2
Population
Square Percent
Miles Population (1) Change
39,037 7.9
40,665 4.2
44,566 9.6
48,872 9.7
55,282 13.1
58,888 6.5
62,030 5.3
63,451 2.3
64,264 1.3
65,661 2.2
77,310 (3)
84,954 (3)
100,826 (3)
County
Population (2)
1,986,035
2,041,362
2,083,359
2,166,169
2,240,659
2,327,657
2,418,176
2,509,914
2,548,728
2,602,244
(4)
(4)
(4)
City
Population
Percent
of County
2.0
2.8
2.1
2.3
2.5
2.5
2.6
2.5
2.5
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 THOUSANDS
1983 1984 1985 1988 1987 1988 1989 1990 1991 1992
FISCAL YEAR
POPULATION AS OF JANUARY 1 PER
STATE DEPARTMENT OF FINANCE
166
167
CITY OF CARLSBAD
Schedule of Assessed Valuation
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Secured
Property
$ 2,027
2,195
2,487
2,893
3,456
3,937
4,197
4,813
5,406
5,823
,411,290
,611,840
,497,173
,268,927
,419,183
,879,614
,767,148
,718,827
,790,697
,039,810
Unsecured
Property
50,604,897
57,309,394
75,231,054
77,524,350
80,781,420
98,879,688
109,633,027
147,696,674
182,042,779
205,094,661
Less
Property
Exemptions
13,841
8,401
14,605
18,616
19,248
21,859
20,083
23,581
25,387
27,414
,078
,587
,675
,217
,842
,608
,629
,665
,503
,635
NET TAXABLE VALUE
LAST TEN YEARS
DOLLARS IN BILLIONS
1963 1984 1985 1988 1987 1988 1989 1990 1991 1992
FISCAL YEAR
Source: County of San Diego Office of the Auditor and Controller.
168
Total Net
Assessed Homeowner's Assessed Percentage
Valuation Exemptions Valuation Change
2,064,175,109 48,885,200 2,015,289,909 19.5
2,244,519,647 49,921,200 2,194,598,447 8.9
2,548,122,552 52,235,400 2,495,887,152 13.7
2,952,177,060 57,943,200 2,894,233,860 16.0
3,517,951,761 65,492,000 3,452,459,761 19.3
4,014,899,694 75,650,400 3,939,249,294 14.1
4,287,316,546 83,847,400 4,203,469,146 6.7
4,937,833,836 87,162,600 4,850,671,236 15.4
5,563,445,973 89,382,767 5,474,063,206 12.9
6,000,719,836 90,728,114 5,909,991,722 8.0
169
CITY OF CARLSBAD
Construction and Business Activity
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Building
Permit
Revenue
$ 490,100
1,068,876
1,055,738
1,397,129
1,230,100
671,779
674,814
1,029,750
857,717
219,445
Percent
Change
80,
118,
(1.2)
32.3
(12.0)
(45.4)
.5
52.6
(16.7)
(74.4)
Estimated
Valuation
79,400,000
198,520,304
213,403,469
263,548,719
245,661,491
127,831,606
111,898,109
169,746,343
163,340,462
42,351,906
License
Revenue
279,973
351,875
428,546
471,470
517,972
616,278
696,706
791,715
832,432
910,532
Business
Percent
Change
8.2
25.7
21.8
10.0
9.9
19.0
13.1
13.6
5.1
9.4
ESTIMATED BUILDING VALUATION
LAST TEN YEARS
DOLLARS IN MILLIONS
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
INCLUDES GENERAL, SPECIAL REVENUE. DEBT
SERVICE AND CAPITAL PROJECT FUNDS
Source: City of Carlsbad Comprehensive Annual Financial Reports
170
CITY OF CARLSBAD
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
Total
Current
Levy
4,631,829
4,972,861
5,565,653
6,742,713
8,077,224
9,368,469
10,928,048
12,600,253
13,931,230
14,889,735
Total
Current
Collections
4,302,746
4,653,350
5,170,614
6,263,242
7,488,152
8,733,089
10,237,929
11,816,888
12,986,628
13,752,322
% of
Levy
Collected
92.9
93.6
92.9
92.
92.
93.
93.
,9
,7
,2
.7
93.8
93.2
92.4
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN YEARS
DOLLARS IN MILLIONS
16-fl
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
FISCAL YEAR
•TOTAL LEVY E3 AMOUNT COLLECTED
171
CITY OF CARLSBAD
Special Assessment Billings and Collections
College Boulevard Assessment District
Last Five 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
1991 986,080 760,329
1992 943T752 758.864
$ 5.888.708 5.474.636
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.
172
Statistical Section
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 Literacy.
81
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet
June 30, 1992
Assets
Cash and investments
Receivables:
Loans
Taxes
Accounts, net
Accrued interest
Due from other governments
Prepaid expenditures
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Due to other governments
Total liabilities
Fund balance:
Reserved for loans receivable
Reserved for prepaid expenditures
Reserved for low and moderate income housing
Reserved for encumbrances
Unreserved:
Designated for approved capital projects
Undesignated
Total fund balance
Total liabilities and fund balance
Civic
Arts
Program
$ 299,546
4,846
$ 304.392
134,610
121,656
48.126
304.392
$ 304.392
82
Community
Development
Block
Grant
538,149
37,113
Federal
Grants
38,349
Library
Audio-
Visual
Insurance
86,746
Low and
Moderate
Income
Housing
1,874,128
127,375
Mortgage
Revenue
Bonds
52,649
620 1,403 30,399 851
575.262 38.969 88.149 2.031.902 53.500
-
37,113
538.149
575.262
575.262
82
999
1.081
_
1,327
36.561
37.888
3.8,96?
1,976
6,634
1.976 6.634
127,375
1,891,697
6,452 6,196
86.173 2.025.268
98,14? 2,0?1,?02
-
__
53.500
53.500
53.500
83 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet, Continued
June 30, 1992
Assets
Cash and investments
Receivables:
Loans
Taxes
Accounts, net
Accrued interest
Due from other governments
Prepaid expenditures
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Due to other governments
Total liabilities
Fund balance:
Reserved for loans receivable
Reserved for prepaid expenditures
Reserved for low and moderate income housing
Reserved for encumbrances
Unreserved:
Designed for approved capital projects
Undesignated
Total fund balance
Total liabilities and fund balance
Police
Asset
Forfeiture
$ 1,663,323
26,917
$ 1.690.240
45
402
447
58,258
1.631.535
1.689.793
$ 1.690.240
84
Section 8
Housing
Authority
244,843
64,603
165.881
475.327
15,456
8,666
279,577
33.898
337.597
165,881
(28.151)
137.730
475.327
Senior
Nutrition
1,273
224
17,143
18.640
13,764
1,310
3,566
18.640
672
(672)
18.640
Special
Benefit
Districts
1,312,331
17,846
2,550
19,953
1.352.680
43,591
36,592
80.183
21,569
1.250.928
1.272.497
1.352.680
State
Grants Total
359,703 6,471,040
164,488
17,846
67,377
5,819 90,808
17,143
165.881
365.522 6.994.583
5,242 80,156
54,603
283,143
33.898
5.242 451.800
164,488
165,881
1,891,697
8,177 237,261
121,656
352.103 3.961.800
360.280 6.542.783
365.522 6.994.583
See accompanying independent auditors' report.
85
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1992
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
Fund balance (deficit) at beginning of year
Residual equity transfers in
Residual equity transfers out
Fund balance at end of year
17,108
17.108
37.013
37.013
(19.905)
560
560
(19,345)
323,737
$ 304.392
86
Community
Development
Block
Grant
21,850
21.850
-
Federal
Grants
86,873
2,554
89.427
70.508
70.508
Library
Audio-
Visual
Insurance
57,838
5,091
62.929
58.232
58.232
Low and
Moderate
Income
Housing
317,673
107,275
424.948
98,113
98.113
Mortgage
Revenue
Bonds
3,067
3.067
-
21.850 18.919 326.835 3.067
21,850
553,412
575.262
18,919
20,853
(1.884)
37.888
4,697 326,835
81,476 1,698,433
86.173 2.025.268
3,067
50,433
53.500
87 (Continued)
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1992
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
Fund balance (deficit) at beginning of year
Residual equity transfers in
Residual equity transfers out
Fund balance at end of year
Police
Asset
Forfeiture
1,752,509
96,203
1.848.712
342,002
342.002
1.506.710
1,506,710
183,083
$ 1.689.793
88
Section 8
Housing
Authority
2,079,819
10,297
44.212
2.134.328
2,114,753
2.114.753
Senior
Nutrition
103,246
69.272
172.518
172,518
172.518
Special
Benefit
Districts
1,558,974
57,787
5.876
1.622.637
1,257,859
1.257.859
State
Grants
153,800
19,606
173.406
174.518
174.518
Total
317,673
4,176,247
1,616,812
340,838
119.360
6.570.930
440,115
1,257,859
2,287,271
340.271
4.325.516
19.575 364.778 (1.112) 2.245.414
560
560
19,575
118,155
137.730
364,778
907,719
1.272.497
(1,112) 2,245,974
360,460
932
360.280
4,297,761
932
(1.884)
6.542.783
See accompanying independent auditors' report.
89
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1992
Civic Arts Program
Budget
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
562
562
Actual on
Budgetary
Basis
17,108
17.108
$ (293.675) (154.515)
Variance
Favorable
(Unfavorable)
17,108
(562)
16.546
294.237 171.623 122.614
294.237 171.623 122.614
139.160
90
Community Development Block Grant
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable) Budget
Federal Grants
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)
21,850
21.850
42,330
21,850 1,500
21.850 43.830
86,873
2,554
89.427
44,543
1,054
45.597
111.944 71.835 40.109
111.944 71.835 40.109
21.850 21.850 (68.114)17.592 85.706
91 (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, 1992
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
Library Audio—Visual Insurance
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
65,000
2,500
67.500
66.454
66.454
$ 1.046
57,838
5,091
62.929
64.684
64.684
(1.755)
(7,162)
2,591
(4.571)
1.770
1.770
(2.801)
92
Low and Moderate Income Housing Police Asset Forfeiture
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable) Budget
Actual on Variance
Budgetary Favorable
Basis (Unfavorable)
360,000 317,673
70,000 107,275
430.000 424.948
98,113 104,309
(42,327)
225,000 1,752,509 1,527,509
37,275 9,000 96,203 87,203
(6,196) 500,509
(5.052) 234.000 1.848.712 1.614.712
400,260 100,249
98.113 104.309 (6.196) 500.509 400.260 100.249
331.887 320.639 (11.248) (266.509) 1.448.452 1.714.961
93 (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, 1992
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
Section 8 Housing Authority
Actual on Variance
Budgetary Favorable
Budget Basis (Unfavorable)
2,096,006
15,000
2,079,819
10,297
44.212
(16,187)
(4,703)
44.212
2.111.006
$ (178.433)
2.134.328
2,289,439 2,114,753
2.289.439 2.114.753
23.322
19.575
174,686
174.686
198.008
94
Senior Nutrition Special Benefit Districts
Budget
156,913
75.000
231.913
Actual on
Budgetary
Basis
103,246
69.272
172.518
Variance
Favorable
(Unfavorable)
(53,667)
(5.728)
(59.395)
Budget
1,730,200
19,200
1.000
1.750.400
Actual on
Budgetary
Basis
1,558,974
57,787
5.876
1T622.637
Variance
Favorable
(Unfavorable)
(171,226)
38,587
4.876
(127.763)
178,865 173,190 5,675
2,010,247 1,279,428 730,819
178.865 173.190 5.675 2.010.247 1.279.428 730.819
53.048 (672) (53.720) (259.847) 343.209 603.056
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, 1992
State Grants
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)
202,600
5,000
207.600
202.267
202.267
$ 5.333
153,800
19,606
173.406
(48,800)
14,606
(34.194)
182.695 19.572
182.695 19.572
(9.289) (14.622)
96
Budget
Total
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)
360,000
2,722,849
1,795,200
122,200
76.562
5.076.811
317,673
4,176,247
1,616,812
337,771
119.360
6.567.863
(42,327)
1,453,398
(178,388)
215,571
42.798
1.491.052
598,622
2,010,247
2,468,304
674.902
5.752.075
504,569
1,279,428
2,287,943
490.837
4.562.777
94,053
730,819
180,361
184.065
1.189.298
(675.264)2.005.086 2.680.350
See accompanying independent auditors' report.
97
98
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 COPs
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. These bonds were paid in full
during fiscal year 1992.
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. These bonds were
paid in full during fiscal year 1992.
99
CITY OF CARLSBAD
Debt Service Funds
Combining Balance Sheet
June 30, 1992
Assets
Cash and investments
Receivables:
Taxes
Accrued interest
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Deferred revenue
Total liabilities
Fund balance - reserved for debt service
Total liabilities and fund balance
Building
Authority
$ 113,411
236
$ 113.647
113.647
113.647
College
Boulevard
1,307,115
325
21.152
1.328.592
1.328.592
1.328.592
100
Hosp Grove Parking Redevelopment
COPs Authority Bonds Total
964,918 738,755 1,738,588 4,862,787
- - - 325
30.454 16.104 .18.469 86.415
995.372 754.859 1.757.057 4.949.527
2,000 - - 2,000
_^ 43.500 - 43.500
2,000 43.500 - 45.500
993.372 711.359 1.757.057 4.904.027
995.372 754.859 1.757.057 4.949.527
See accompanying independent auditors' report.
101
CITY OF CARLSBAD
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1992
Revenues:
Taxes
Interest income
Total revenues
Expenditures:
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
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses
Fund balance at beginning of year
Residual equity transfers in
Residual equity transfers out
Fund balance at end of year
Building
Authority
6.043
6.043
36,000
36.000
4,446
109,201
$ 113.647
College
Boulevard
813,195
60.475
873.670
30,000
7.597
37.597
(31.554)
300,000
676.315
976.315
(102.645
(102,645)
1,431,237
1.328.592
102
Hosp Grove
COPs
77.335
77.335
250,000
627.450
877.450
(800.115)
378,879
(72.909)
305.970
(494,145)
1,487,517
Library
Bonds
9,770
108
9.878
25,000
1.639
26.639
(16.761)
-
(16,761)
17,330
(569)
Parking
Authority
52.303
52.303
175,000
120.468
295.468
(243.165)
174,000
174.000
(69,165)
780,524
Redevelopment
Bonds
1,270,690
151.551
1.422.241
270,000
1.364.057
1.634.057
(211.816)
1,125,238
(1.155.038)
(29.800)
(241,616)
1,158,823
839,850
Sewer
Bonds
22,487
(2.775)
19.712
125,000
2.269
127.269
(107.557)
(107,557)
109,785
(2.228)
Total
2,116,142
345.040
2.461.182
1,175,000
2.799.795
3.974.795
(1.513.613)
1,714,117
(1.227.947)
486.170
(1,027,443)
5,094,417
839,850
(2.797)
993.372 - 711.359 1.757.057 - 4.904.027
See accompanying independent auditors' report.
103
CITY OF CARLSBAD
Debt Service Funds
Combining Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
For the year ended June 30, 1992
Library Bonds Redevelopment Bonds
Revenues:
Taxes
Interest
income
Actual on Variance Actual on Variance
Budgetary Favorable Budgetary Favorable
Budget Basis (Unfavorable) Budget Basis (Unfavorable)
9,008 9,770 762 1,440,000 1,270,690 (169,310)
300 108 (192) 240.000 151.551 (88.449)
9.308 9.878 570 1.680.OOP 1.422.241 (257.759)
25,000 25,000
Total
revenues
Expenditures:
Debt service:
Principal
retirement
Interest and
fiscal
charges
Total
expenditures
Excess
(deficiency) of
revenues over
expenditures $ (17.116) (16.761) 355
270,000 270,000
1.424 1.639 (215) 1.364.019 1.364.057
26.424 26.639 (215) 1.634.019 1.634.057
(38)
(38)
45.981 (211.816) (257.797)
104
Budget
21.502
Sewer Bonds Total
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)Budget
Actual on
Budgetary
Basis
Variance
Favorable
(Unfavorable)
20,502 22,487 1,985 1,469,510 1,302,947 (166,563)
1.000 (2.775) (3.775) 241.300 148.884 (92.416)
19.712 (1.790) 1.710.810 1.451.831 (258.979)
125,000 125,000
3.269 2.269
128.269 127.269
420,000 420,000
1.000 1.368.712 1.367.965
1.000 1.788.712 1.787.965
747
747
(106.767) (107.557) (790)(77.902) (336.134) (:
See accompanying independent auditors' report.
105
CAPITAL PROJECTS FUNDS
Assessment Districts
To account for capital projects financed by the issuance of assessment
district bonds.
Bridge and Thoroughfare
To account for receipt of fees charged to developers in the bridge and
thoroughfare district. All projects are now being accounted for through the
Community Facilities District Fund (CFD). All funds have been transferred to
the CFD in fiscal year 1991-92 as all bridge and thoroughfare projects will be
constructed by the CFD.
Capital Construction
To account for transfers from the General Fund for various municipal capital
projects.
Community Development Block Grants
To account for federal block grants for community development.
Community Facilities District
To account for capital projects financed by Community Facility District
(Mello-Roos) funding.
County Airport Road Project
To account for receipt of San Diego County funds for improvements adjacent to
McClellan-Palomar Airport.
Gas Tax
To account for receipts and expenditures of money apportioned under Streets
and Highways Code Section 2105, 2106, 2107 and 2107.5 of the state of
California.
Park Development
To account for receipts of fees charged to developers for park acquisition and
development.
106
Planned Local Drainage Facilities
To account for receipts of fees charged to developers for drainage facilities
necessitated by growth.
Public Facilities Construction
To account for receipts of fees charged to developers for specific capital
projects necessitated by growth.
Redevelopment Area II
To account for the costs of a feasibility study on establishing a second
redevelopment area.
Redevelopment Bond Project
To account for capital projects financed by 1988 Carlsbad Redevelopment Agency
Tax Allocation Bonds.
Redevelopment Project
To account for financial resources segregated for the rehabilitation of
commercial and public property located in the Carlsbad Village area.
Sales Tax/TransNet
To account for receipts of County sales taxes allocated by the San Diego
County Regional Transportation Commission to finance transportation projects.
State Grants
To account for capital projects financed by state grants including Local
Transportation Funds, Carrillo Ranch and Carlsbad Boulevard Shore Protection.
Traffic Impact
To account for receipts of fees charged to developers for street construction
and improvement.
107
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1992
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
Deferred revenue
Total liabilities
Fund balance (deficit):
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
$ 3,935,706
30,677
3.966.383
7,100
7.100
188,775
2,126,074
1.644.434
3.959.283
$ 3.966.383
108
Capital
Construction
2,676,884
28,674
1.993.OOP
4.698.558
Community
Development
Block Grants
214,425
214.425
Community
Facilities
District
7,201,802
11,263
117,178
7.330.243
County
Airport
Road
Project
801,462
12,966
814.428
15,698
15.698
1,993,000
358,697
1,185,682
1.145.481
4.682.860
4.698.558
8,840
545
205,040
214.425
85,117
(85.117)
214.425
137,117
469,575
606.692
657,874
507,663
5.558.014
6.723.551
7.330.243
399,891
414.537
814.428
814.428
109 (Continued)
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, 1992
Park
Assets Gas Tax Development
Cash and investments $ 1,974,771 3,206,122
Receivables:
Taxes
Accounts, net - -
Accrued interest 31,954 51,871
Due from other governments - -
Advances to other funds - -
Total assets $ 2.006.725 3.257.993
Liabilities and Fund Balance
Liabilities:
Accounts payable - -
Accrued wages payable - -
Due to other funds - -
Advances from other funds - 3,050,000
Deposits payable
Deferred revenue - -
Total liabilities - 3,050,000
Fund balance (deficit):
Reserved for advances to other funds - -
Reserved for encumbrances 2,513 -
Unreserved:
Designated for approved capital projects 913 -
Undesignated 2.003.299 207.993
Total fund balance (deficit) 2,006,725 207,993
Total liabilities and fund balance $ 2.006.725 3.257.993
110
Planned
Local
Drainage
Facilities
2,679,387
Public
Facilities
Construction
8,941,854
Redevelopment
Area II
33,964
Redevelopment
Bond Project
2,820,469
43,355
2.722.742
144,312
500.000
9.586.166
550
34.514 2.820.469
22
300,000
300.022
-
1,119,937
1.302.783
2.422.720
2.722.742
55,491
950,000
1.005.491
500,000
183,332
7,257,326
640.017
8.580.675
9,586,166
2,513
30,000
32.513
27,487
(25.486)
2.001
34.514
10
-
10
186,153
2,582,808
51.498
2.820.459
2.820.469
111 (Continued)
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet, Continued
June 30, 1992
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
Deferred revenue
Total liabilities
Fund balance (deficit):
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
Redevelopment
Project
$ 811,808
4,930
816.738
8,980
4,637
7,460,785
7,474,402
98,620
(6.756.284)
(6.657.664)
$ 816.738
112
Sales Tax/ State Traffic
TransNet Grants Impact Total
958,534 243,502 3,048,052 39,334,317
- - - 11,263
- - - 28,674
15,503 4,012 49,464 506,772
139,729 - 354,154
- - - 2.493.000
974.037 387.243 3.097.516 42.728.180
1,396 2,102 26,209 265,478
- 5,182
139,729 - 344,769
1,043,000 12,833,785
- - - 469,575
_= 139.846 20.400 160.246
1.396 281.677 1.089.609 14.079.035
- 2,493,000
29,093 23,553 152,936 1,994,150
943,548 22,603 1,854,971 18,001,416
- 59.410 - 6.160.579
972.641 105.566 2.007.907 28.649.145
974.037 387.243 3.097.516 42.728.180
See accompanying independent auditors' report.
113
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
For the year ended June 30, 1992
Assessment Bridge and
Districts Thoroughfare
Revenues:
Taxes $
Intergovernmental
Charges for services -
Interest income 189,252
Contributions from property owners 188,970
Miscellaneous 313.572
Total revenues 691.794
Expenditures:
Current:
General government 17,737
Capital outlay 343.092
Total expenditures 360.829
Excess (deficiency) of revenues over
expenditures 330,965
Fund balance (deficit) at end of year $ 3.959.283
Other financing sources (uses):
Operating transfers in - -
Operating transfers out - (2,492,595)
Total other financing sources (uses) - (2.492.595)
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses 330,965 (2,492,595)
Fund balance (deficit) at beginning of year 3,626,433 2,492,595
Residual equity transfers in 1,885
Residual equity transfers out - -
114
Capital
Construction
Community
Development
Block Grants
Community
Facilities
District
County Airport
Road
Proiect
1,634
247,325
15.692
264.651
313,479
313.479
2,129,140
215,294
379,261
10,518
2.734.213
157,499
50,870
208.369
384.613
384.613
96,165
217.314
313.479
44,274
826.761
871.Q35
(119.962)1.863.178 208.369
11,200
(4.518.593)
(4.507.393)
6,112,932
(940.336)
5.172.596
(4,627,355)
9,310,215
7,035,774
(312,223)
208,369
606,059
4.682.860 6.723.551 814.428
115 (Continued)
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance, Continued
For the year ended June 30, 1992
Park
Gas Tax Development
Revenues:
Taxes $ 1,099,184
Intergovernmental - -
Charges for services - 334,543
Interest income 79,429 190,636
Contributions from property owners - -
Miscellaneous - -
Total revenues 1.178.613 525.179
Expenditures:
Current:
General government
Capital outlay 140.004 8,230
Total expenditures 140t004 8.230
Excess (deficiency) of revenues over
expenditures 1.038,609 516,949
Other financing sources (uses):
Operating transfers in - -
Operating transfers out (875,000) -
Total other financing sources (uses) (875,000) __=___
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses 163,609 516,949
Fund balance (deficit) at beginning of year 1,843,116 (308,956)
Residual equity transfers in - -
Residual equity transfers out - -
Fund balance (deficit) at end of year $ 2.006.725 207.993
116
Planned
Local
Drainage
Facilities
Public
Facilities
Construction
Redevelopment
Area II
Redevelopment
Bond Proiect
528,470
141,693
297,526
513,689 1,983 138,070
670.163 811.215 1.983 138.070
58.294
58.294
1.549.523
1.549.523
2,513
2.513
3,553
564.492
568.045
611.869 (738.308)(530)(429.975)
(2.202.500)
(2.202.500)
611,869
1,810,851
(2,940,808)
11,521,483
(530)
2,531
(429,975)
3,250,434
2.422.720 8.580.675 2.001 2.820.459
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, 1992
Redevelopment
Project
Sales Tax/
TransNet
Revenues:
Taxes 4
Intergovernmental
Charges for services
Interest income
Contributions from property owners
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Capital outlay
Total expenditures
Excess (deficiency) of revenues over
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses
Fund balance (deficit) at beginning of year
Residual equity transfers in
Residual equity transfers out
Fund balance (deficit) at end of year
53,512
53,512
1,164,000
51,286
1.215.286
650,935
25.002
675.937
(622.425)
29,800
941.181
941.181
274.105
-
29.800
(592,625)
(5,225,189)
(839.850)
274,105
698,536
$ (6.657.664)972.641
118
State
Grants
275,913
18,280
294.193
Traffic
Impact
203,891
178,552
382.443
Total
3,228,324
1,910,891
1,579,724
1,988,147
446,813
329.264
9.483.163
407.849
407.849
(113.656)
6,442
6.442
(107,214)
48,186
170,973
(6.379)
173.543
173.543
208.900
(477.500)
(477.500)
(268,600)
2,276,507
815,177
5.639.S98/
6.455.075
3.028.088
6,160,374
(11.506.524)
(5.346.150)
(2,318,062)
31,640,578
172,858
(846.229)
105.566 2.007.907 28.649.145
See accompanying independent auditors' report.
119
120
ENTERPRISE FUNDS
Carlsbad Municipal Water District
To account for the operation, maintenance, planning, capital facility
financing, and all customer service functions of the Carlsbad water system.
Golf Course
To account for revenues, expenses and the construction activities of the
City's proposed municipal golf course.
Sewer
To account for the operation and maintenance of the City's sewer system.
Solid Waste
To account for revenues and expenses of the City's solid waste source-
reduction and recycling programs.
121
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet
June 30, 1992
Assets
Current assets:
Cash and investments
Receivables:
Accounts, net
Accrued interest
Due from other funds
Inventory
Total current assets
Carlsbad
Municipal
Water District
$ 16,771,214
2,239,462
340,804
429.914
19.781.394
Golf Course
1,252,018
20,266
1.272.284
Restricted assets:
Cash and investments
Accrued interest
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
Total property, plant
and equipment
Less accumulated depreciation
Property, plant and equipment, net
Total assets
2,442,216
2.442.216
1,909,565
7,028,010
17,324,133
26,566,350
1,689,221
1.521.370
56,038,649
(9.559.791)
46.478.858
$ 68.702.468
20,785
757.326
778,111
778.111
2.050.395
122
Sewer Solid Waste Total
13,828,444 95,677 31,947,353
2,239,462
227,871 2,903 591,844
174,781 - 174,781
13,597 _^ 443,511
14.244.693 98.580 35.396.951
4,141,952 - 6,584,168
13.072 - 13.072
4.155.024 - 6.597.240
227,250 - 2,157,600
1,670,937 - 8,698,947
17,324,133
26,566,350
23,516,855 - 23,516,855
31,036,678 - 31,036,678
436,338 - 2,125,559
1.499.707 - 3.778.403
58,387,765 - 115,204,525
(8.753.543) - (18.313.334)
49.634.222 - 96.891.191
68.033.939 98.580 138.885.382
123 (Continued)
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet, Continued
June 30, 1992
Liabilities
Current liabilities:
Accounts payable
Accrued wages payable
Accrued interest payable
Due to other funds
Current portion of long-term debt
Deposits payable
Total current liabilities
Current liabilities payable from
restricted assets -
accrued interest payable
Deferred revenue
Certificates of participation, net of
unamortized issuance costs of $347,230
Installment purchase agreement
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Reserved for rate stabilization
and other
Unreserved
Total fund equity
Total liabilities
and fund equity
Carlsbad
Municipal
Water District
$701,755
248,533
142,734
174,781
685,000
135.044
Golf Course
503
-
-
-
-
-
2.087.847
11,022,770
13.110.617
38,656,024
1,523,537
1,005,216
14.407.074
55.591.851
68.702.468
503
503
1,859,990
189.902
2.049.892
2.050.395
124
Sewer Solid Waste Total
201,343 11,679 915,280
36,072 - 284,605
142,734
174,781
685,000
103.900 - 238.944
341.315 11.679 2.441.344
351.855 - 351.855
2,070,778 - 2,070,778
11,022,770
12.689.800 - 12.689.800
15.453.748 11.679 28.576.547
34,971,412 - 75,487,426
825,630 - 2,349,167
1,005,216
16.783.149 86.901 31.467.026
52.580.191 86.901 110.308.835
68.033.939 98.580 138.885.382
See accompanying independent auditors' report.
125
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
For the year ended June 30, 1992
Carlsbad
Municipal
Water District Golf Course
Operating revenues:
Water sales
Sewer service charges
Other charges for services
Facilities revenue
Miscellaneous
Total operating revenues
Operating expenses:
Plant operations
Purchased water
Depreciation and amortization
General and administrative
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest income
Interest expense and fees,
net of capitalized interest
Loss on disposal of assets
Property tax and rent
Miscellaneous income (expense)
Amortization of issuance costs
Total nonoperating
revenues, net
Net income
Retained earnings at beginning of year
Residual equity transfers - out
Retained earnings at end of year
$ 7,911,918
451,437
999,547
16,133
9.379.035
4,596,062
1,124,838
3.799.664
9.520.564
(141.529)
1,339,835
(894,385)
(8,294)
785,928
(83,506)
(26.710)
1.112.868
971,339
15,980,488
(16.000)
$ 16.935.827
60,537
60.537
60,537
129,365
189.902
126
Sewer Solid Waste Total
7,911,918'
3,844,265 - 3,844,265
1,226 39,244 491,907
999,547
403.430 - 419.563
4.248.921 39.244 13.667.200
1,845,970 - 1,845,970
4,596,062
1,078,157 - 2,202,995
1.152.732 100.884 5.053.280
4.076.859 100.884 13.698.307
172.062 (61.640) (31.107)
821,497 10,916 2,232,785
(894,385)
(2,436,051) - (2,444,345)
785,928
120,213 36,707
- - (26.710)
(1.614.554) 131.129 (310.020)
(1,442,492) 69,489 (341,127)
19,076,271 17,412 35,203,536
(25.000) - (41.000)
17.608.779 86.901 34.821.409
See accompanying independent auditors' report.
127
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows
For the year ended June 30, 1992
Carlsbad
Municipal
Water District Golf Course
Cash flows from operating activities:
Operating income (loss) $ (141,529)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation and amortization 1,124,838
Decrease in receivables 489,175 -
Increase (decrease) in advances and
due to/due from other funds 187,480
Decrease in due from other governments - -
Increase in inventory (120,705) -
Increase (decrease) in accounts payable (1,160,796) (10,751)
Increase in accrued wages payable 218.816 -
Net cash provided by (used in)
operating activities 597.279 (10.751)
Cash flows from noncapital financing
activities - property taxes and rent received 785.928 -
Cash flows from capital and related
financing activities:
Purchases of property, plant and equipment (809,080) (147,850)
Loss on disposal of assets 8,294
Principal payments on bonds (685,000) -
Interest and other fees paid on bonds (942,163) -
Contributions to other funds (16,000) -
Contributions from other governments - -
Decrease in deposits payable (6,017) -
Miscellaneous expense (83,506) -
Proceeds from capital contributions 416,399 329.800
Net cash provided by (used in)
capital and related
financing activities (2.117.073) 181.950
128
Sewer Solid Waste Total
172,062 (61,640) (31,107)
1,078,157 - 2,202,995
2,205 - 491,380
(14,094) (83,731) 89,655
83,450 83,450
(364) - (121,069)
186,818 (83,390) (1,068,119)
19.590 - 238.406
1.444.374 (145.311) 1.885.591
785.928
(6,047,502) - (7,004,432)
2,436,051 - 2,444,345
(685,000)
(849,955) - (1,792,118)
(25,000) - (41,000)
120,213 120,213
(103,624) - (109,641)
(83,506)
292,061 - 1.038.260
(4.297.969) 120.213 (6.112.879)
129 (Continued)
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows, Continued
For the year ended June 30, 1992
Carlsbad
Municipal
Water District Golf Course
Cash flows from investing activities:
Net decrease in restricted investments $ 862,186
Decrease in deferred compensation payable (1,101,849)
Decrease in deferred compensation investments 1,101,849 -
Interest on investments 1.121.253 58,480
Net cash provided by
investing activities 1.983.439 58.480
Net increase (decrease) in cash
and cash equivalents 1,249,573 229,679
Cash and cash equivalents at beginning of year 16.514t028 1,022,339
Cash and cash equivalents at end of year $ 17.763.601 1.252.018
Supplemental schedule of noncash investing
and financing activities - capital assets
contributed by contractors $ 1.687.360
130
Sewer Solid Waste Total
2,519,196 - 3,381,382
(1,101,849)
1,101,849
1.069.775 9.986 2.259.494
3.588.971 9.986 5.640.876
735,376 (15,112) 2,199,516
13.093.068 110.789 30.740.224
13.828.444 95.677 32.939.740
313.576 - 2.000.936
See accompanying independent auditors' report.
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 for 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, 1992
Assets Central Garage
Current assets:
Cash and investments $ 2,030,948
Receivables:
Accounts, net 6,417
Accrued interest 35,136
Inventory 81,631
Total current assets 2.154,132
Property, plant and equipment:
Equipment and vehicles 3,868,052
Less accumulated depreciation (1.831.100)
Net property, plant and equipment 2.036.952
Total assets $ 4.191.084
Liabilities and Fund Equity
Current liabilities:
Accounts payable 59,802
Accrued wages payable 26,299
Estimated claims payable -
Total current liabilities 86,101
Fund equity:
Contributed capital - contributed from other funds 2,549,475
Retained earnings - unreserved 1.555.508
Total fund equity 4.104.983
Total liabilities and fund equity $ 4.191.084
134
Data General Liability Health Workers
Processing Self-Insurance Insurance Compensation
625,201
10,114
635.315
870,452
(266.254)
604.198
1.239.513
3,198
20,178
23.376
611,927
604.210
1.216.137
1.239.513
2,658,193
43,011
2.701.204
-
2.701.204
5,535
644.224
649.759
1,910,000
141.445
2.051.445
2.701.204
1,515,377
29
24,517
1.539.923
-
1.539.923
42,681
192.000
234.681
1.305.242
1.305.242
1.539.923
2,004,162
32,430
2.036.592
-
2.036.592
160
1.352.665
1.352.825
500,000
183.767
683.767
2,036.592
8,833,881
6,446
145,208
81.631
9.067.166
4,738,504
(2.097.354)
2.641.150
11.708.316
111,376
46,477
2.188.889
2.346.742
5,571,402
3.790.172
9.361.574
11.708.316
See accompanying independent auditors' report.
135
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
For the year ended June 30, 1992
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Depreciation and amortization
Fuel and supplies
Claims expense
General and administrative
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest income
Loss on disposal of property
Total nonoperating revenues, net
Net income (loss)
Retained earnings at beginning of year
Retained earnings at end of year
Central Garage
$ 2,004,127
57.074
2.061.201
562,319
456,523
785.116
1.803.958
257.243
119,093
(143.556)
(24.463)
232,780
1.322.728
$ 1.555.508
136
Data
Processing
688,882
539
689.421
95,424
-
-
575.917
671.341
18.080
38,426
(73.272)
(34.846)
(16,766)
620.976
604.210
General Liability
Self -Insurance
946,737
2T023
948.760
-
989,563_
989.563
(40.803)
134,987_
134.987
94,184
47.261
141.445
Health
Insurance
1,444,037
268.905
1.712.942
-
1,695,116_
1.695.116
17.826
89,327_
89.327
107,153
1.198.089
1.305.242
Workers '
Compensation
559,292
177.441
736.733
-
706,408_
706.408
30.325
109,383_
109.383
139,708
44.059
183.767
Total
5,643,075
505.982
6.149.057
657,743
456,523
3,391,087
1.361.033
5.866.386
282.671
491,216
(216.828)
274.388
557,059
3.233.113
3.790.172
See accompanying independent auditors' report.
137
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Cash Flows
For the year ended June 30, 1992
Central
Garage
Cash flows from operating activities:
Operating income (loss) $ 257,243
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation and amortization 562,319
(Increase) decrease in receivables (612)
Decrease in inventory 3,509
Increase (decrease) in accounts payable 2,791
Increase in accrued wages payable 2,408
Increase in estimated claims payable -
Net cash provided by operating activities 827.658
Cash flows from capital and related financing activities:
Purchases of property, plant and equipment (354,098)
Loss on disposal of assets 143,556
Proceeds from capital contributions -
Net cash provided by (used in) capital and
related financing activities (210.542)
Cash flows from investing activities - interest on investments 109.173
Net increase in cash and cash equivalents 726,289
Cash and cash equivalents at beginning of year 1,304.659
Cash and cash equivalents at end of year $ 2.030.948
Supplemental schedule of noncash investing and financing
activities - capital assets contributed by other funds $ 366.680
138
Data
Processing
18,080
95,424
(1,449)
3,649
115.704
(76,141)
73,272
(2.869)
36.786
149,621
475.580
625.201
General
Liability
Self-
Insurance
(40,803)
2,383
1,060
240 . 944
203.584
_
133.320
336,904
2.321.289
2,658,193.
Health
Insurance
17,826
(29)
42,681
45.000
105.478
-
88.343
193,821
1.321.556
1.515.377
Workers '
Compensation
30,325
92
5.752
36.169
500.000
500.000
100.946
637,115
1.367.047
2.004.162
Total
282,671
657,743
1,742
3,509
45,175
6,057
291.696
1.288.593
(430,239)
216,828
500.000
286.589
468.568
2,043,750
6.790.131
8.833.881
27.774 394.454
See accompanying independent auditors' report.
139
140
AGENCY FUNDS
Deferred Compensation
To account for employees' deposits 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.
141
CITY OF CARLSBAD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
For the year ended June 30, 1992
Balance
July 1,
1991
Deferred Compensation;
Assets:
Deferred compensation
investments
Liabilities:
Deferred compensation
payable
Contractors' Deposits;
2.768.577
Miscellaneous Deposits;
Assets:
Cash and investments $ 5,215,368
Accrued interest 4.123
Total assets
Liabilities:
Accounts payable 2,717
Due to other
governments -
Due to other funds 173,386
Deposits payable 5.043.388
Additions Deductions
1.943.500
$ 2.768.577 1.943.500
Assets:
Cash and investments
Liabilities:
Deposits payable
$
*
2.053.342
2.053.342
65.183
65.183
8,660 (2,717)
1,731,492
(173,386)
17.788.400 (16.762.480)
Total liabilities $ 5.219.491 19.528.552 (16.938.583)
Balance
June 30,
1992
4.712.077
4.712.077
(289.952) 1.828.573
(289.952) 1.828.573
29,604,920 (27,012,294) 7,807,994
1.466 (4.123) 1.466
5.219.491 29.606.386 (27.016.417) 7.809.460
8,660
1,731,492
6.069.308
7.809.460
142
Assessment Districts;
Assets:
Cash and investments
Accrued interest
Total assets
Liabilities:
Assessments payable
Totals - All Agency Funds:
Assets:
Cash and investments
Deferred compensation
investments
Accrued interest
Total assets
Liabilities:
Accounts payable
Due to other
governments
Due to other funds
Assessments payable
Deposits payable
Deferred compensation
payable
Balance
July 1,
1991
$ 3,663,663
12.174
Additions Deductions
Balance
June 30,
1992
3,206,167 (2,391,484) 4,478,346
49.187 (12.174) 49.187
3.675.837 3.255.354 (2.403.658) 4.527.533
$ 3.675.837 3.200.768 (2.349.072) 4.527.533
$ 10,932,373 32,876,270 (29,693,730) 14,114,913
2,768,577
16.297
2,717
173,386
3,675,837
7,096,730
2.768.577
Total liabilities $ 13.717.247
1,943,500
50.653
4,712,077
(16.297) 50.653
13.717.247 34.870.423 (29.710.027) 18.877.643
8,660
1,731,492
(2,717) 8,660
1,731,492
(173,386)
3,200,768 (2,349,072) 4,527,533
17,853,583 (17,052,432) 7,897,881
1.943.500 4.712.077
24.738.003 (19.577.607) 18.877.643
See accompanying independent auditors' report.
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
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Function
June 30, 1992
Culture
$
General
Government
1,142,921
2,998,460
790,218
and
Recreation
21,912,577
9,907,544
1,121,380
Public
Safety
2,150,407
13,758,093
120,563
Public
Works
740,763
-
23,471
Total
25,946,668
26,664,097
2,055,632
1,412,267 1,207,416 2,237,936
2.838.216 226.587
447,385 5,305,004
3.064.803
Total $ 6.343.866 36.987.133 18.493.586 1.211.619 63.036.204
See accompanying independent auditors' report,
145
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of Changes in General Fixed Assets by Function
June 30, 1992
Function
General government
Culture and recreation
Public safety
Public works
Total
General
Fixed
Assets
July 1,
1991
$ 7,342,796
33,223,738
19,176,695
1.957.613
Additions Deductions
245,718
6,879,098
716,935
127.218
(1,244,648)
(3,115,703)
(1,400,044)
(873.212)
General
Fixed
Assets
June 30,
1992
6,343,866
36,987,133
18,493,586
1.211.619
$ 61.700.842 7.968.969 (6.633.607) 63.036.204
See accompanying independent auditors' report.
146
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Source
June 30, 1992
As of June 30, 1986 $ 27,136,537
Net additions subsequent to June 30, 1986:
General fund 14,236,794
Community development block grants 1,932,027
Other federal grants 460,587
State grants 667,053
Street lighting 8,612
Park development 6,010,631
Public facilities 9,546,986
Redevelopment 3.036.977
Total investments in general fixed assets $ 63.036.204
See accompanying independent auditors' report,
147
ANNUAL DEBT SERVICE REQUIREMENTS
The following schedules present principal and interest debt service
requirements for the City's debt.
148
Fiscal
Year
1992-93
Fiscal
Year
1992-93
1993-94
1994-95
1995-96
Fiscal
Year
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements
$460.000 - 1967 CARLSBAD BUILDING AUTHORITY REVENUE BONDS
Interest Due
December 15
Interest Due Total Principal Due Total Annual
June 15 Interest December 15 Debt Service
$ 1.050
*1. 535. 000
Interest
October
14,400
11,200
8,000
4.000
4 37.600
41.169.000
Interest
Augus t
$ 40,000
37,000
33,000
29,000
25,000
21,000
16,000
11,000
6.000
- 1.050 35.000 36.050
- 1969 CARLSBAD PARKING AUTHORITY REVENUE BONDS
Due Interest Due
1 April 1
11,200
8,000
4,000
23.200
- 1981 CARLSBAD PAI
Due Interest Due
1 February 1
40,000
37,000
33,000
29,000
25,000
21,000
16,000
11,000
6T000
Total
Interest
25,600
19,200
12,000
4.000
60.800
IKING AUTHC
Total
Interest
80,000
74,000
66,000
58,000
50,000
42,000
32,000
22,000
12.000
Principal Due
October 1
100,000
100,000
125,000
125.000
45QT000
Total Annual
Debt Service
125,600
119,200
137,000
129.000
510.800
IRITY REVENUE BONDS
Principal Due
February 1
75,000
100,000
100,000
100,000
100,000
125,000
125,000
125,000
150.000
Total Annual
Debt Service
155,000
174,000
166,000
158,000
150,000
167,000
157,000
147,000
162.000
218.000 218.000 436.000 1.000.000 1.436.000
149 (Continued)
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, Continued
$12,000,000 - 1988 CARLSBAD HOUSING AND REDEVELOPMENT
COMMISSION TAX ALLOCATION BONDS
Fiscal
Year
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
Interest Due
October 1
$ 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
Interest Due
April 1
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
847,938
830,828
812,222
791,598
768,522
743,062
715,118
684,318
650,592
613,362
572,664
527,740
479,100
426,660
369,660
308,100
239,850
166,140
86.190
Principal Due
April 1
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
Total Annual
Debt Service
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
Total $ 5.316.832 5.316.832 10.633.664 11.475.000 22.108.664
150 (Continued)
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, Continued
lt9.570.250 - COLLEGE BOULEVARD ASSESSMENT DISTRICT BONDS
Fiscal
Year
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
Total
Interest Due
September 2
$ 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
$ 3.150.185
Interest Due
March 2
Total
Interest
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
—
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
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
2.817.795 5.967.980 8.465.000
Total Annual
Debt Service
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
14.432.980
151 (Continued)
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, Continued
&8.690.OOP - 1988 CERTIFICATES OF PARTICIPATION
Fiscal
Year
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
$ 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
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
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
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
866,448
865,054
866,873
866,733
859,795
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 $ 3.397.726 3.090.602 6.488.328 8.090.000 14.578.328
152 (Continued)
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, Continued
$14,370,000 - 1988 CARLSBAD MUNICIPAL WATER DISTRICT
CERTIFICATES OF PARTICIPATION
Fiscal
Year
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
Interest
Payment Due
November 1
$ 421,269
399,348
375,624
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52.012
Interest
Payment Due
Mav 1
421,269
399,348
375,624
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52.012
Total
Interest
842,538
798,696
751,248
700,098
644,822
584,982
520,122
449,772
373,448
290,288
200,750
104.024
Principal
Payment Due
May 1
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
Total
Annual
Debt Service
1,527,538
1,528,696
1,526,248
1,525,098
1,524,822
1,524,982
1,525,122
1,524,772
1,528,448
1,525,288
1,525,750
1.529.024
Total $ 3.130.394 3.130.394 6.260.788 12.055.000 18.315.788
153 (Continued)
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, Continued
$12,689,800 - ENCINA FINANCING JOINT POWERS AUTHORITY
INSTALLMENT PURCHASE AGREEMENT
Fiscal
Year
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
Interest
Payment Due
August 1
$ 422,226
422,226
413,850
404,866
395,142
384,738
373,586
361,615
348,749
334,979
320,166
304,297
287,229
268,543
248,555
227,201
204,349
179,933
153,891
126,025
96,272
66,172
34.103
Interest
Payment Due
February 1
422,226
413,850
404,866
395,142
384,738
373,586
361,616
348,749
334,979
320,167
304,296
287,229
268,543
248,555
227,201
204,349
179,933
153,891
126,025
96,273
66,172
34,100
-
Principal
Payment Due
Augus t 1
—274,630
289,782
308,722
327,662
348,496
371,224
395,846
420,468
448,878
477,288
509,486
-
-
-
-
-
-
-
-
-
-
-
Sinking Fund
Payment Due
Augus t 1
_
-
-
-
-
-
-
-
-
-
-
-
543,578
581,458
621,232
664,794
710,250
757,600
810,632
865,558
926,166
986,774
1.049.276
Total
Annual
Debt Service
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
Total $ 6.378.713 5.956.486 4.172.482 8.517.318 25.024.999
See accompanying independent auditors' report.
154