HomeMy WebLinkAbout; ; 1992-1993 CAFR; 1993-06-30CITY OF CARLS BAD
7200 Carlsbad Village Drive • Carlsbad, CA 92008
Comprehensive Annual
Financial Report
FISCAL YEAR ENDED
JUNE 30,1993
Prepared by the Finance Department
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year Ended June 30, 1993
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Table of Contents
Letter of Transmittal
Location Map
List of City Officials
Organization Chart
FINANCIAL SECTION:
Independent Auditors' Report
General Purpose Financial Statements:
• Combined Balance Sheet - All Fund Types and Account Groups
• Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types
• Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
(Budgetary Basis) All Governmental Fund Types
• Combined Statement of Revenues, Expenses and Changes
in Retained Earnings - All Proprietary Fund Types
• Combined Statement of Cash Flows - All Proprietary Fund Types
• Notes to General Purpose Financial Statements
Supplemental Data:
Governmental Funds:
General Fund:
• Schedule of Revenues - Budget and Actual (Budgetary Basis)
• Schedule of Expenditures - Budget and Actual (Budgetary Basis)
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73
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year Ended June 30, 1993
TABLE OF CONTENTS. (CONTINUED)
PAGE
Special Revenue Funds:
• Combining Balance Sheet 76
• Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 78
• Combining Schedule of Revenues and Expenditures - Budget and
Actual (Budgetary Basis) 80
Debt Service Funds:
• Combining Balance Sheet 88
• Combining Statement of Revenues, Expenditures and Changes
in Fund Balances 89
• Redevelopment Bonds Fund
Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis) 90
Capital Projects Funds:
• Combining Balance Sheet 94
• Combining Statement of Revenues, Expenditures and Changes
in Fund Balances 98
Proprietary Funds:
Enterprise Funds:
• Combining Balance Sheet 104
• Combining Statement of Revenues, Expenses and Changes in
Retained Earnings 105
• Combining Statement of Cash Flows 106
Internal Service Funds:
• Combining Balance Sheet 108
• Combining Statement of Revenues, Expenses and Changes in
Retained Earnings 109
• Combined Statement of Cash Flows 110
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year Ended June 30, 1993
TABLE OF CONTENTS. (CONTINUED)
PAGE
Fiduciary Funds:
Agency Funds:
• Combining Statement of Changes in Assets and Liabilities 112
Account Groups:
General Fixed Asset Account Group:
• Schedule of General Fixed Assets by Function 114
• Schedule of Changes in General Fixed Assets by Function 115
• Schedule of General Fixed Assets by Source 116
Schedule of Annual Debt Service Requirements 118
STATISTICAL SECTION:
(Not covered by Independent Auditors' Report)
• General Expenditures by Function, Last Ten Fiscal Years 124
• General Revenues by Source, Last Ten Fiscal Years 126
• Ratio of General Bonded Debt to Assessed Valuation and Net
Bonded Debt Per Capita, Last Ten Fiscal Years 128
• Computation of Legal Debt Margin 129
• Schedule of Direct and Overlapping Bonded Debt 130
• Ratio of Annual Debt Service for General Bonded Debt to Total
Governmental Expenditures, Last Ten Fiscal Years 131
• Revenue Bond Coverage - Water Utility, Last Ten Fiscal Years 132
• Demographic Statistics, Last Ten Fiscal Years 134
• Schedule of Assessed Valuation, Last Ten Fiscal Years 136
• Construction and Business Activity, Last Ten Fiscal Years 138
• Property Tax Levies and Collections, Last Ten Fiscal Years 139
iii
CITY OF CARLSBAD
Comprehensive Annual Financial Report
Year Ended June 30, 1993
TABLE OF CONTENTS. (CONTINUED)
PAGE
• Special Assessment Billings and Collections, College Boulevard
Assessment District, Last Seven Fiscal Years 140
• Principal Employers, 1992-1993 141
• Principal Taxpayers, 1992-1993 142
• Miscellaneous Statistical Information 143
IV
City of Carlsbad
Finance Department
October 8, 1993
Honorable Mayor, City Council,
and City Manager
CITY OF CARLSBAD
Carlsbad, California
1992-93 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMnTAL
We are pleased to present the 1992-93 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, Conrad & Associates. 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, 1993. 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 67,172. Industries in the
area include a major regional shopping center, 22 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.
1
1200 Carlsbad Village Drive • Carlsbad, C-A QPOOR-1989 - (619) 434-2867 • FAX (619) 434-1987
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 430 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 1992-93 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 again
successfully balancing the General Fund budget. General Fund revenues were impacted
.downward when the State of California adopted its budget in September 1992.
Approximately $1.2 million in property taxes were diverted from the City's General Fund
to the State for school funding. In addition, City development revenues fell precipitously
due to recessionary influences. 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 $2.7 million under budget.
Economic Development - City Council established the economic development program in
1992-93 to further its goal of achieving economic growth and stability for the City through
proactive efforts to attract targeted industries to provide a strong economic base. Staff
began work on a strategic plan, with much of the effort in 1992-93 related to potential
development of Carlsbad Ranch which includes a major hotel, golf courses, gemology
institute, and a theme park.
General Plan Update - An update of all elements of the General Plan is proceeding with
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. Eleven
existing General Plan elements were combined into eight, for example Open Space and
Conservation became one element; and all elements were reformatted for consistency. The
Environmental Impact Report (EIR) on the General Plan Update was produced and is
currently circulating for public comment. City Council is expected to assess the updated
plan in 1993-94.
Growth Management - The City's Growth Management Program was established by a vote
of the citizens in 1986. 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 the
following chart:
DWELLING UNITS CONSTRUCTED
LAST EIGHT YEARS
Growth Management
implemented in 1987
1986 1987 1988 1989 1990 1991 1992 1993
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 $8 million in 1992-93. Declining revenues led
to project phasing and moving some planned projects to future years. During the last nine
years, Carlsbad expended more than $122 million for capital projects including major
streets, community parks, a senior center, a civic facility for police and fire, fire stations,
main library, 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 Facilities District (CFD) No. 1 - Second year taxes for the City's first Mello-
Roos district were received in 1992-93. The citywide CFD taxes land scheduled for future
development. Through bond issues and developer payments, 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, with pass-
through of the CFD tax allowed only on property developed for commercial/industrial
purposes.
Geographic Information System (GIS) - Development of a parcel-based Geographic
Information System (GIS) continued in 1992-93. GIS contains base layers of parcel,
roadways, and address information which will be used by City departments to provide more
efficient safety and public services, monitor growth, and allow financial and land use
projections. GIS was utilized in 1992-93 to provide land use, topography, and mapping
information for candidate preserve areas within the Habitat Management program.
Habitat Management Plan (HMP) - In 1990, the City led the state in early recognition of
our natural resources when City Council approved a program for the City's biological
resources. The Habitat Management Plan will provide policies and mechanisms for the
protection of wildlife habitat, especially of endangered, threatened, or sensitive species.
Completion of the biological inventory and analysis led to phase III in the HMP work
program. Candidate preserve areas with Unking corridors were identified throughout the
City. Coordination with other agencies and with City development policy documents
continues. A draft plan should be presented to Council in late 1993 which is expected to
lead to application for a Habitat Conservation Plan under the federal Endangered Species
Act.
Homeless Shelter - Homeless local farm workers now have temporary shelter at the La
Posada de Guadalupe. 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 quarterly 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 1992-93 the City staff of 483 full-time employees provided a complete range of City
services to the 67,172 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 three years, Carlsbad has made every effort to maintain
service levels through the deferral of projects and the management of vacant staff positions.
Although Carlsbad entered 1992-93 with a balanced budget, revenue estimates were
revised downward after the State adopted its budget in September. General Fund and
Redevelopment Agency were seriously impacted by the mandated transfer of property taxes
to the State and recessionary influences significantly reduced development revenues.
Budget reductions were accomplished by continuing the hiring freeze which allowed the
filling of only the most necessary positions. Further reductions to maintenance, operating
and capital equipment expenses were accomplished with minimal impacts on programs and
service levels. The close of 1992-93 showed the results, with an excess of revenues over
expenditures in all fund types except debt service.
Spending on all City programs totaled $78.4 million, an increase of $1.3 million from
1992-93. The increase is primarily due to construction costs on several major capital
projects. Revenues for 1992-93 totaled $82.6 million, an increase of about $800,000 or
1% more than last year's total of $81.8 million. The major factor for the revenue gain is
the increase in water rates to recover escalating costs to purchase water.
Carlsbad is entering 1993-94 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 1992-93. 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, 1993.
Revenue from All Fund Types
(in thousands)
1992-93 1991-92
1992-93 over
(under) 1991-92
General Fund $39,709 $39,925
Special Revenue Funds 7,149 6,571
Debt Service Funds 2,083 2,461
Capital Projects Funds 9,174 9,483
Enterprise Funds1 17,895 16,723
Internal Service Funds1 6.570 6.640
TOTAL REVENUES $82.580 $81.803
(1) Includes operating and non-operating revenues
Expenditures (or Expenses) All
$(216)
578
(378)
(309)
1,172
(70)
$777
Fund Types
(in thousands)
1992-93 1991-92
1992-93 over
(under) 1991-92
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Enterprise Funds1
Internal Service Funds1
TOTAL EXPENDITURES
Change
Change
$36,752
5,421
4,657
8,275
17,355
5,978
$78,438
$39,230
4,325
3,975
6,455
17,064
6.083
$77.132
$(2,478)
1,096
682
1,820
291
C1051
$ 1,306
(6.3)%
25.3
17.2
28.2
1.7
(1.7)
1.7%
(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 1992-93 revenue from all
Governmental funds totaled $58.1 million, a decrease of $300,000 from 1991-92;
expenditures totaled $55.1 million, up $1.1 million from last year. A brief look at these
numbers on a fund-by-fund basis is shown on the following pages.
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. 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 1992-93 and
1991-92:
General Fund Revenues
(in thousands)
1992-93 over %
1992-93 1991-92 ("under) 1991-92 Change
Taxes $26,026 $26,424 $ (398) (1.5)%
Licenses & Permits 1,725 1,729 (4) (0.2)
State Subventions 2,702 2,489 213 8.5
Charges for Services 2,835 4,563 (1,728) (37.8)
Fines & Forfeitures 232 313 (81) (25.8)
Interest Income 2,094 2,152 (58) (2.6)
Other 4.095 2.255 1.840 81.5
TOTAL $39.709 $39.925 $ C216) (0.5)%
In 1992-93 the City of Carlsbad again felt the effects of the recession in its General Fund
revenues which were down by $216,000 compared to 1991-92 revenues of $39.9 million.
General Fund revenues were originally budgeted for 1992-93 at $42.1 million. Estimated
revenues decreased to $39.7 million to incorporate State budget transfers and the
continued recession. Actual receipts came in at the revised budget estimate and totaled
$39.7 million. Major revenue categories are as follows:
Property Tax Revenue - $12.6 million
Property taxes decreased $900,000 from 1991-92. When the State adopted
their budget for 1992-93, a reallocation of property taxes was mandated by the
State. The reallocation diverted $1.2 million, or 9% of 1991-92 property tax
8
revenues, from the City to the State. Net assessed valuation rose from $5.9
billion in 1991-92 to $6.1 billion in 1992-93, a 2.6% increase. The increase in
net assessed valuation was disappointing when compared to past year's double-
digit increases. However, increased property values in combination with some
new construction and resales, augmented property tax revenues by approximate-
ly $300,000, partially offsetting the property tax transfer to the State.
Sales Tax Revenue - $9.2 million
Sales taxes increased $444,000 over 1991-92, with the primary reason for the
increase due to the opening of the new Price Club in the fall of 1992. The City
suffered declines in sales taxes generated by other market segments, particularly
food markets, new auto sales and drug stores.
Interest Income - $2.1 million
Revenue generated by the City's investments declined $59,000 from 1991-92.
The decrease is due to lower yields on investments which was partially offset
by slightly higher General Fund cash balances.
Vehicle License Fee Revenue - $2.4 million
Revenue from vehicle license fees increased $300,000 this year. Vehicle license
fees are paid to the State in lieu of a personal property tax on vehicles and
distributed to the City based on total population. Some of the increase is
attributable to the 2.3% City population increase, and some is due to a revenue
shift from the State between property taxes and vehicle license fees.
Transient Occupancy Tax Revenue - $3.1 million
Transient occupancy tax (hotel room tax) revenues remained constant in 1992-
93. TOT revenue 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 - $1.2 million
Development related revenues are down $1.5 million from 1991-92. Much of
the decrease is due to fewer engineering plan check and inspection fees and also
includes several large fee refunds. Engineering fees occur early in the
preliminary development planning stages with builders anticipating future
construction. Development continues to move slowly through the process with
only 69 residential building permits issued in 1992-93.
Other Revenue - $4.1 million
The $1.8 million increase in 1992-93 other revenue is primarily attributable
Public Employees Retirement System (PERS) reimbursement of surplus funds
and repayment of disaster costs from both federal and state agencies.
Total General Fund expenditures are summarized in the following table:
General Fund Expenditures
(in thousands)
1991-93 over %
Category 1992-93 1991-92 (under) 1991-92 Change
General Government $4,998 $5,069 $ (71) (1.4)%
Public Safety . 15,342 15,647 (305) (1.9)
Community Development 6,648 7,324 (676) (9.2)
Culture & Recreation 6,238 6,961 (723) (10.3)
Maintenance & Utilities 3.526 4.229 (703) (16.6)
TOTAL $36.752 $39.230 $(2.478) (6.3)%
The City of Carlsbad adapted to the recession and corresponding declining revenues by
decreasing expenditures. In order to insure that the General fund would end the year
balanced, several actions were taken. First, the City revised its budget downward to
compensate for diversion of revenues from the City to the State and to match expenses
with lowered revenue estimates. With this budget action, departments voluntarily gave up
$2.6 million in their budgets which included cutting 42 unfilled positions from the budget.
Other budget reductions were accomplished by replacing only a few employees as vacancies
occurred, reducing the use of consultants and closely monitoring other operating costs. In
addition, certain street projects are now budgeted and paid directly from the Gas Tax Fund.
Through this effort, the City was able to hold its General Fund expenditures down to $36.8
million. This equates to a 6.3% or $2.5 million decrease from 1991-92 expenditures.
Other significant changes in expenditures were as follows:
• Public Safety
Spending on public safety programs totaled $15.3 million, down $305,000 or
2% from 1991-92. Police expenditures declined this year when the costs of the
DARE program to combat drug use by elementary school children were shifted
to the asset forfeiture fund. Additional savings were achieved by reallocating
Police resources thus avoiding replacement of several officers. In spite of lower
General Fund revenues, there has been no decrease in the level of service
provided by the City's public safety departments.
Community Development
Community Development program spending decreased $676,000 or about 9%.
Because of declining development, Community Development was able to utilize
City staff instead of outside consultants for planning and engineering plan-
checking and studies related to the General Plan update. Additional savings
were achieved through employee attrition.
10
Culture and Recreation
Culture and Recreation spending dropped $723,000 or over 10% from 1991-92,
primarily due to cost-reduction measures in park operations and fee-supported
recreation programs. Library expenditures declined 6% with no reduction in
available services.
Maintenance and Utilities
Maintenance and Utilities decreased $703,000 or 16.6% from 1991-92. In
1992-93, major street maintenance programs are now funded directly through
the Gas Tax Fund instead of transferring funds to the General Fund. The
programs include street sweeping, curb, gutter and sidewalk cement repairs, and
street overlay sealants.
General Government
Spending in general government and administrative programs decreased by
$71,000, or 1.4% from 1991-92 because of Research staff reassignments,
employee vacancies, and fewer citywide training programs.
Special Revenue Funds
The City's Special Revenue Funds, which account for the collection and use of special or
restricted revenues, received $7.1 million in total revenue in 1992-93. This is an increase
of $578,000 or almost 9% over last year. Revenues from taxes rose because Gas Tax funds
are now in the Special Revenue category instead of Capital Projects. Intergovernmental
revenues declined in 1992-93 as the City received fewer police asset forfeiture funds from
the sale of seized assets related to drug activity; however, the City received additional
federal funding of the low and moderate income housing programs.
Special Revenue Funds
Revenues
(in thousands)
1992-93 over %
Category 1992-93 1991-92 (under) 1991-92 Change
Taxes $1,425 $ 317 $1,108
Intergovernmental 3,326 4,176 (850)
Charges for Services 1,651 1,617 34
Interest Income 541 341 200
Other 206 120 86
TOTAL
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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)
1992-93 Over %
Category 1992-93 1991-92 (under) 1991-92 Change
General Government $ 475 $ 440 $ 35
Public Works 1,783 1,258 525
Welfare 2,711 2,287 424
Culture and Recreation 452 340 112
TOTAL $5.421 $4.325 $1.096
Spending in Special Revenue Funds totaled $5.4 million in 1992-93, an increase of $1.1
million or about 25% above 1991-92. Increased expenditures in the public works category
reflect gas tax street expenditures now accounted for in Special Revenue Funds and higher
expenditures in the channel maintenance special benefit district, while increased HUD
housing allocations are shown under welfare.
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, 1993, the total debt payable from non-enterprise
sources, excluding obligations under capital leases, was $27.9 million, comprised of Parking
Authority and Hosp Grove Certificates of Participation, College Boulevard 1915 Act
Assessment District bonds and Redevelopment Tax Allocation bonds.
12
Debt Service Funds
Revenues
(in thousands)
1992-93 over %
Category 1992-93 1991-92 (under) 1991-92 Change
Taxes $1,745 $2,116 $(371) (17.5)%
Interest 338 345 m (2.0)
TOTAL $2.083 $2.461 $(378) (15.3)%
Debt Service revenues totaled $2.1 million, a decrease of $378,000 from 1991-92. Surplus
construction funds in the College Boulevard Assessment District allowed a decrease in
required property owner payments.
Debt Service Funds
Expenditures
(in thousands)
1992-93 over %
Category 1992-93 1991-92 (under) 1991-92 Change
Principal $1,645 $1,175 $470 40.0%
Interest 2,755 2,800 (45) (1.6)
Other 257 Q 257 -
TOTAL $4.657 $3.975 $682 17.1%
Debt related expenditures rose in 1992-93 when principal payments were made with
surplus College Boulevard construction funds. The mandated Redevelopment Agency
payment to the State is also shown under debt service expenditures. No general obligation
bonds are outstanding at June 30, 1993. The 1967 Building Authority Revenue bonds,
issued to construct City Hall, were retired in 1992-93.
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 development) fees,
drainage fees, traffic impact fees, bridge and thoroughfare district fees, 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.
13
Capital Projects Funds
Revenues ,
(in thousands)
Category
Taxes
Intergovernmental
Charges for Services
Interest
Other
TOTAL
1992-93
$1,813
3,781
1,239
1,893
448
1992-93 Over %
1991-92 (under) 1991-92 Change
$ 3,228
1,911
1,580
1,988
776
483
$(1,415)
1,870
(341)
(95)
(328)
$(309)
(43.8)%
97.8
(21.5)
(4.7)
(42.2)
f3.2)%
Revenue in the capital projects funds totaled $9.2 million, down $309,000 from last year.
Taxes decreased by $1.4 million as gas tax revenues are now shown under Special
Revenues. Revenues from neighboring cities for construction of a shared road and
increased County sales taxes earmarked for City streets are reflected in higher intergovern-
mental revenues. The continued downturn in new building construction is apparent by the
decrease in charges for services and other revenues.
Capital Projects Funds
Expenditures
(in thousands)
Category
General Government
Capital Projects
TOTAL
1992-93
$1,083
7.192
$8.275
1992-93 over
1991-92 (under) 1991-92
$ 815
5.640
$6.455
$ 268
1.552
Change
32.8%
27.5
28.1%
Spending on capital projects totaled $8.3 million. Much of the $1.8 million increase is due
to beginning construction on several major street projects. Fiscal year 1992-93 represents
the ninth year of the City's major construction effort which has provided more than $122
million in improvements. Projects planned for 1993-94 could carry this trend into a tenth
year with $26 million of new capital projects budgeted in the new year. The City Council
continues to set a high priority on the construction of quality infrastructure improvements.
Some of the key capital projects under construction or completed during this year include:
Palomar Airport Road East and El Camino Real - Construction began to this
vital circulation link in 1993. The project includes intersection improvements,
road widening, bicycle lanes, and waterline expansion. These improvements
14
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 - 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 December,
1993. Preliminary design work continues on the La Costa Avenue freeway
interchanges, with construction scheduled for the Poinsettia Avenue interchange
in 1994.
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 done concurrently.
Poinsettia Park - After development of the master plan for Poinsettia Park in
phases, design work began in late 1992. The 30 acre park in the southwest
quadrant of Carlsbad has extensive environmental and permit processing
requirements. Final design is expected by calendar year-end with construction
to begin mid-1994.
Streetscape Phase V and Tamarack Avenue - Construction on Carlsbad Village
Drive and Tamarack Avenue began in 1992-93. From the freeway, the roads
provide access to the Pacific Ocean and into the Village area. Street widening,
storm drain improvements, and undergrounding of utilities will enhance safety
and further beautify City streets.
Enterprise Operations
The City of Carlsbad manages water, sewer, solid waste, and the proposed golf course as
Enterprise Fund operations. 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.
The Carlsbad Municipal Water District (CMWD), established as a subsidiary district to the
City in January 1990, is included as an enterprise fund of the City. CMWD and City
operations were merged in 1992-93, with all district positions joining City employment.
15
Enterprise Funds
Total Operating and Non-Operating Revenues
(in thousands)
Category
CMWD
Golf Course
Sewer
Solid Waste
TOTAL
1992-93
$12,268
87
5,413
127
1991-92
$11,422
61
5,070
170
1992-93 over
(under) 1991-92
$ 846
26
343
(431
%
Change
Revenue in the enterprise funds totaled $17.9 million, up $1.2 million over 1991-92. Most
of the increase is due to a full year of higher sewer fees and an increase in the water rate
necessitated by the increased cost of purchased water.
Enterprise Funds
Total Operating and Non-Operating Expenses
(in thousands)
Category
CMWD
Golf Course
Sewer
Solid Waste
TOTAL
1992-93
$12,304
0
4,897
154
1992-93 over
1991-92 (under) 1991-92
$10,450
0
6,513
101
$17.064
$1,854
0
(1,616)
53_
$ 291
Change
17.7%
Expenses in the Enterprise Funds totaled $17.4 million, up $291,000 over 1991-92. No
golf course expenses are shown since all golf course payments were directly related to the
construction of the proposed golf course and are included in construction in progress.
The write off of an unused sewer plant last year is reflected in the reduced sewer expenses.
The cost of purchased water, which increased 19% in 1992-93, and water inventory
adjustments raised CMWD expenses over last year. During this same period the number
of accounts provided with water and/or sewer service grew by only 1%, to 17,307.
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, have financed
the expansion of the Encina Wastewater Facility, which was substantially completed as of
June, 1993. The expanded facility should provide sufficient wastewater treatment capacity
to the year 2005. Carlsbad's portion of the outstanding bonds is $12.7 million.
16
Internal Service Funds
Internal Service Funds are used to account for services provided by a City department to
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 1992-93 amounted to $639,000 compared
to $706,000 in 1991-92, a decrease of $66,000 or 9%. The decrease is attributable to a
one-time refund from the insurance administrator, partially offset by higher claims. The
estimated claims payable at year-end were $1 million, a $400,000 decrease from 1991-92.
Total fund equity at June 30, 1993 is $1.3 million.
The General Liability Self-Insurance Fund, was established near the end of 1980-81. Claims
expense for 1992-93 totaled $1.1 million, up $144,000 from the 1991-92 total of
$990,000. The increased claims expense is directly related to higher reserves set aside for
further settlements. The estimated claims payable at year-end were $871,000, up
$227,000. The City is a member of the California Municipal Insurance Authority risk-
management pool which covers most losses exceeding $500,000, with catastrophic losses
covered by additional excess liability insurance. Fund equity totaled $1.9 million at June
30, 1993.
OTHER INTERNAL SERVICE FUNDS
Fleet Management operates a central vehicle maintenance program which services all City
vehicles and other small machinery. Replacement of vehicles, including fire equipment, is
an important component of the program. Useful lives of vehicles have been extended over
recent years as a cost savings measure; however, large vehicle purchases are planned for
1993-94. Although depreciation costs declined from prior year, total expenses were $1.7
million. Total fund equity at year-end was $5.2 million.
The City also operates a health insurance internal service fund for collecting premiums,
paying the insurance carrier, and holding reserve funds. At June 30, 1993, total health
insurance fund equity totaled $1.4 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 $1.1
million.
17
•-- *"v
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 $18.7 million in Agency Funds as of June 30, 1993, compared to
$18.9 million at the end of 1991-92. The increase of $200,000 is due to the deposit of an
additional $1.2 million into the City's deferred compensation plans, offset by a decrease of
approximately $1 million in miscellaneous deposits. The decrease in miscellaneous deposits
was mainly the result of the transfer of approximately $1.5 million in Public Employees
Retirement System (PERS) surplus finds to the General fund. The litigation surrounding
these funds was settled in 1992-93 allowing the City to record the funds as revenue this
fiscal year.
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 $7.5 million in interest on investments in all fund types from
instruments yielding up to 8.7%, compared to earnings of $7.6 million during 1991-92.
Funds are invested in various types of instruments as shown below. At June 30,1993, the
Treasurer had 100% of all available funds invested. The City's total portfolio at year-end
was $131.5 million. Below is a summary of cash and investments outstanding as of June
30, 1993:
Amount Invested
Interest Rates Cin millions')
Cash 0.00 - 3.59 $ 1.0
Other Deposits 4.52 - 9.12 71.3
Federal Agency Notes 5.00 - 8.70 19.8
Treasury Issues 5.66 - 6.93 6.3
Corporate Notes 5.50 - 8.66 33.0
Miscellaneous Investments 0.00 - 4.00 0.1
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.
18
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 San Diego County and growth in State per capita income
allowed the Gann limit for 1992-93 to increase to $66 million. Appropriations of "proceeds
of taxes" was only $35.6 million, thus allowing the City a healthy margin of $30.4 million.
CITY OF CARLSBAD
PROPOSITION 4 SPENDING LIMIT
VS. APPROPRIATION OF PROCEEDS OF TAXES
MILLIONS OF DOLLARS
$70
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
RSCAL YEAR
OF TAXES D SPENDING LIMIT
19
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. Actual spending in the General Fund was reduced by $5.3
million from originally budgeted amounts, and capital equipment outlay was essentially
eliminated. Our capital improvement program budgeted $32 million in expenditures for
1992-93, however only $8 million was spent. Since sufficient funds are not available at
this time, the 1992-93 capital program calls for a number of deferred or phased 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 $400 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 out-pace
the City's ability to pay for services.
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 infrastruc-
ture and service needs.
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 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 continues to appropriate funds to keep the state beach parking
free to all beach users and is considering constructing additional restroom facilities.
20
The update of the City's entire General Plan began in 1992 with 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 1994. 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 Award for Outstanding Financial Reporting
The California Society of Municipal Finance Officers (CSMFO) presented a Certificate of
Award for Outstanding Financial Reporting to the City of Carlsbad for its comprehensive
annual financial report for the fiscal year ended June 30, 1992. The Certificate is valid for
one year only. The City has received the award from 1985. We believe our current report
continues to conform to the 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 Karen Walz and Dean Votava of Conrad & Associates for the professional way
in which the audit of this financial report: was conducted. It has been a pleasure to work
with the Conrad & Associates staff throughout this period.
Respectfully submitted,
USA HILDABRAND
Finance Director
21
FAUBROOK
CARLSBAD ESCONDOO
RAMONA
LA JOUA
SAN OKO
CORONAOCT
IMPERIAL BEACH
RATIONAL CITY
CHUA VISTA
22
CTIY OF CARLSBAD
ELECTED CITY OFFICIALS
Claude A. Lewis, Mayor
Margaret Stanton, Mayor Pro Tern
Ramona Finnila, Council Member
Ann J. Kulchin, Council Member
Julianne Nygaard, Council Member
Aletha L. Rautenkranz, City Clerk
James M. Stanton, City Treasurer
ADMINISTRATION AND DEPARTMENT HEADS
Raymond R. Patchett, City 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
Dennis Van Der Maaten, Fire Chief
Robert Vales, Police Chief
CHAIRPERSONS, COMMISSIONS AND BOARDS
Sue Ladouceur Arts Commission
Sally Vigil Beach Erosion Committee
Stuart Turgel Cable Television Foundation
Julie Baker Child Care Commission
Tom Erwin Citizens Committee to Study Growth
Peggy Savary Design Review Board
Marjorie Howard-Jones Historic Preservation Commission
Edward Scarpelli Housing Commission
Claude A. Lewis Housing and Redevelopment Commission
Richard Martin Library Board
Richard Goodman Parking Authority
David Castner Parks and Recreation Commission
Camille Mitkevich Personnel Board
Tom Erwin Planning Commission
George Heard Senior Citizen Commission
Emmett J. Woodward, Jr. Serra Cooperative Library System Advisory Board
Dennis Brandmeyer Sister City Committee
John Fuller Traffic Safety Commission
Richard Allen Underground Utility Advisory Committee
John Henley Water Commission
23
r
r
• PARKING
. AUTHORITY .
' CABLE TELEVISION '
. FOUNDATION .
I PARKSAND
RECREATION
I COMMISSION I
I -HIT-.
I I SENIOR CITIZEN '
j COMMISSION ."
' ARTS '
~. COMMISSION .
' LIBRARY BOARD '
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• COMMITTEE .
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~j BOARD -
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h- -,
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1 I COMMISSION "
ii
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COMMITTEE
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COMMITTEE TO
I STUDY GROWTH I
' PLANNING '
COMMISSION
I DESIGN I
REVIEW
I BOARD IMAYOR
&
COUNCIL
CITY
TREASURERCITY CLERK
. COMMISSION .
I BEACH I
EROSION
COMMITTEE I
COMMISSION
CITY
MANAGER
CITY
ATTORNEY i v-firiiMLaaiv/ii •
ASSISTANT TO
CITY MANAGER I HISTORIC I
PRESERVATION 1
I COMMISSION I I
ASSISTANT
CITY MANAGER
FINANCIAL
MGMT. DIR.
COMMUNITY
DEVEL. DIR.
CARLSBAD
MUNICIPAL
WATER DISTRICT
HUMAN
RESOURCES
ENGINEERING
RISK
MANAGEMENT
HOUSING AND
REDEVELOPMENT
INFORMATION
SYSTEMS
PARKS AND
RECREATION
UTILITIES AND
MAINTENANCE
COUNCIL APPOINTED
BOARDS AND COMMISSIONS
COUNCIL
APPOINTED
CITY OF CARLSBAD ORGANIZATION CHART STAFF
SUPPORT
REPORTING
RELATIONSHIP DEPARTMENTS
BOARDS, COMMISSIONS AND COMMITTEES
Arts
Commission
Beach
Erosion
Committee
Ln
Design
Review
Board
Historic
Preservation
Commission
Parking
Authority
Parks and
Recreation
Commission
Serra Cooperative
Library System
Advisory Board
Sister
City
Committee
VOTERS
CITY
COUNCIL
Cable
Television
Foundation
Housing
Commission
Personnel
Board
Traffic
Safety
Commission
Child
Care
Commission
Housing and
Redevelopment
Commission
Planning
Commission
Underground
Utility Advisory
Committee
Citizens
Committee to
Study Growth
Library
Board
Senior
Citizens
Commission
Water
Commission
26
CERTIFIED PUBLIC ACCOUNTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
1100 MAIN STREET. SUITE C
IRVINE. CALIFORNIA 92714
(714) 474-2020
The Honorable Members of City Council
City of Carlsbad, California
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying general purpose financial statements of the City of
Carlsbad, California as of and for the year ended June 30, 1993, as listed in the table of
contents. These general purpose financial statements are the responsibility of the
management of the City of Carlsbad, California. 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,
1993, and the results of its operations and the cash flows of its proprietary fund types for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual funds, and individual account group
financial statements and schedules listed in the 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. The scope of our audit did not include the supplemental
statistical schedules listed in the table of contents and we do not express an opinion on them.
October 8, 1993
27
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
CITY OF CARLSBAD
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1993
Governmental Fund Types
Assets and Other Debits
Assets:
Cash and investments (note 3)
Deferred compensation investments (note 16)
Receivables:
Loans
Taxes
Accounts, net
Special assessments
Other
Accrued interest
Due from other funds (note 4)
Due from other governments
Advances to other funds (note 5)
Inventory
Prepaid expenditures
Restricted assets:
Cash and investments (note 3)
Accrued interest
Property, plant and equipment, net
(notes 6 and 7)
Other debits:
Amount available in debt service funds
Amount to be provided for retirement of
general long-term debt
Total assets and other debits
Liabilities. Equity and Other Credits
Liabilities:
Accounts payable
Accrued wages payable
Accrued interest payable
Due to other funds (note 4)
Advances from other funds (note 5)
Due to other governments
Estimated claims payable
Assessments payable
Current portion of long-term debt (note 10)
Deposits payable
Deferred compensation payable (note 16)
Current liabilities payable from restricted
assets - accrued interest payable
Deferred revenue
Bonds payable (note 10)
Special assessment debt with governmental
commitment (note 10)
Obligations under capital leases
(notes 8 and 10)
Certificates of participation (note 10)
Installment purchase agreement (note 10)
Total liabilities
Equity and Other Credits:
Investment in general fixed assets
Contributed capital (note 12)
Fund balance:
Reserved (note 11)
Unreserved (note 11)
Retained earnings:
Reserved (note 11)
Unreserved (note 11)
Total equity and other credits
Total liabilities, equity and
other credits
General
Special
Revenue
Debt
Service
Capital
Projects
$11,812,855 9,679,325 4,481,481 37,523,712
-657,373
102,262
-435,040
409,400
242,168
6,107
10,804,846
27,672
114,864
28,640
27,527
-
-146,866
-61,450-
-
_
52,137
-7,290,000
-68,036
-_
--
-6,780
40,000_
-484,531
-70,908
1,700,000
-
194,372
J24.497.723 10.253.044 11.891.654 39.825.931
1,316,448
15,158
13,655
12,504,846
841,067
$984,645
1,960.233
-_
195,943
70,723
228,513
830
150
3,718,739 7,290,000 98,716
6.663.767 496.009 7.290.000 14.789.890
7,727,395 3,628,889 4,599,029
10,106,561 6,128,146 2,625
17.833.956 9.757.035 4.601.654
S24.497.723 10,253.044 11.891.654
8,179,392
16,856,649
25.036.041
39.825.931
See accompanying notes to general purpose financial statements.
28
Proprietary Fund Types
Enterprise
Internal
Service
Fiduciary Fund Type
Agency
Account Groups
General
Fixed
Assets
General
Long-term
Debt
Totals
(Memorandum Onlvl
33,575,974 10,385,970
11,640
2,574,530 6,601
530,621 161,393
204,657
229,596 97,061
5,401,732
6,938
100,353,463 2,758,206
12,779,240
5,905,967
58,964
142.889.151 13.409.231 18.744.171
63,017,773
63.017.773
4,301,654
24.442.634
28.744.288
120,238,557
5,905.967
114,864
756,570
2,750,920
7,290,000
435,040
1,859,811
446,825
138.465
12,504,846
354,329
194.372
5,401,732
6,938
166,129,442
4,301,654
24.442.634
353.272.966
1,255.701
310,850
204,657
1.004,630
272.659
486,820
2,070,778
10,319,479
12.029.445
297,494
45,678
2,212.424
2,047
378,620
4,219,611
8,237.926
5,905,967
27.955.019 2.555.596 18.744.171
12,460,000
7,580,000
874,288
7,830,000
28.744.288
4,052,278
2,402,642
378,620
446,825
12,504,846
830
2,212,424
4,219,611
1,004,630
9,351.802
5,905,967
486,820
13.178,233
12,460,000
7.580,000
874,288
18,149,479
12.029.445
107.238.740
79,628,166 6,471,940
3,917,220
31.388.746 4.381.695
114.934.132 10.853.635
63,017,773
63.017.773
63,017,773
86,100,106
24,134,705
33,093,981
3.917,220
35.770.441
246.034.226
142.889.151 13.409.231 18.744.171 63.017.773
29
28.744.288 353.272.966
30
CITY OF CARLSBAD *.j. -,->
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types
Year Ended June 30, 1993
Special Debt Capital Totals
General Revenue Service Projects (Memorandum Only)
Revenues:
Taxes $26,025.646 1,424.846 1,744,551 1,812,440 31,007,483
Licenses and permits 1,724,773 - 1,724,773
Intergovernmental 181,367 3,326.055 - 3,781,254 7,107,385
State subventions 2,702,102 - 2,702,102
Charges for services 2,835,535 1,651,524 - 1,238,538 5,725,597
Fines and forfeits 231,877 - 231,877
Interest income 2,093,659 540,808 338,463 1,893,431 4,866,361
Interdepartmental services 2,100,985 - 2,100,985
Contributions from property owners - 380,389 380,389
Miscellaneous 1.813.384 206.226 - 67.612 2.268.513
Total revenues 39.709.328 7.149.459 2.083.014 9.173.664 58.115.465
Expenditures:
Current:
General government 4,997,887 474,434 - 1,083,032 6,555,353
Public safety 15,341,646 - 15,341,646
Community development 6,648.158 - - - 6,648,158
Public works - 1,783,124 - - 1,783,124
Welfare - 2,711,467 - - 2,711,467
Culture and recreation 6,237.793 448,317 - - 6,686,110
Maintenance and utilities 3,526,214 - 3,526,214
Capital outlay - 3,425 - 7,192,002 7,195,427
Debt service:
Principal retirement - - 1,645,000 - 1,645.000
Interest and fiscal charges - - 2,754,613 - 2,754,613
State mandated payment - - 257.278 - 257.278
Total expenditures 36.751.698 5.420.767 4.656.891 8.275.034 55.104.390
Excess (deficiency) of
revenues over (under)
expenditures 2.957.630 1.728.692 (2.573.877) 898.630 3.011.075
Other financing sources (uses):
Operating transfers in 76 3,170 2,346,126 1,626,036 3.975,408
Operating transfers out (1,040,551) - (76) (2,934,781) (3,975,408)
Grant repayment - (507,451) - - (507,451)
Administrative 'fee receivedfrom bond refunding - 36.616 - - 36.616
Total other financing
sources (uses) (1.040.475) (467.665) 2.346.050 (1.308.745) (470.835)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses 1,917,155 1,261,027 (227,827) (410,115) 2,540,240
Fund balances at beginning of year,
as restated (note 22) 16,809,073 8,549,508 4,904,027 26,642,420 56,905,028
Residual equity transfers in 146,928 - - 10,979 157,907
Residual equity transfers out (1.039.200) (53.500) (74.546) (1.207.243) (2.374.489)
Fund balances at end of year S17.833.9S6 9.757.035 4.601.654 25.036.041 57.228.686
See accompanying notes to general purpose financial statements.
31
CITY OF CARLSBAD
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual (Budgetary Basis) -
All Governmental Fund Types
Year Ended June 30, 1993
General Fund
Revenues:
Taxes
Licenses and permits
* Intergovernmental
State subventions
Charges for services
Fines and forfeits
Interest income
Interdepartmental services
Miscellaneous
Total revenues
Budget
$27,025,000
2,150,000
2,600,000
3,619,300
375,000
1,700,000
1,900,000
306.435
39.675.735
Actual on
Budgetary
Basis
26,025,646
1,724,773
181,367
2,702,102
2,835,535
231,877
2,093,659
2,100,985
1.813.384
39.709.328
Variance-
Favorable
(Unfavorable)
(999,354)
(425,227)
181,367
102,102
(783,765)
(143,123)
393,659
200,985
1.506.949
33.593
Expenditures:
Current:
General government
Public safety
Community developmentPublic worksWelfareCulture and recreation
Maintenance and utilities
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
State mandated payment
Total expenditures
Excess (deficiency) ofrevenues over (under)
expenditures
Other financing sources (uses):Operating transfers inOperating transfers outGrant repayment
Administrative fee received
from bond refunding
Total other financing
soures (uses)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses
Fund balances at beginning of year,
as restated (note 22)
Residual equity transfers in
Residual equity transfers out
Fund balances at end of year
6,748,066
15,621,261
7,344,024
6,398,227
3.934,721
16.809,073
$15.398.034
5,169,167
15,416.781
6,881,126
6,260,123
3,655,064
40.046.299 37.382.261
(370.564) 2.327.067
76 76
(1,040,551) (1,040,551)
(1.040.475) (1.040.475)
(1,411,039) 1,286,592
16,809,073
146,928
(1.039.200)
17.203.393
1,578,899
204,480
462,898
138,104
279,657
2.664.038
2.697.631
2,697,631
146,928
(1.039.200)
1.805.359
See accompanying notes to general purpose financial statements.
32
Special Revenue Funds
Budeet
1,275,000-
3,087,821
-
1,674,986-
178,700-
76.000
6,292,507
675,047
--
3,460,722
2,792,861
781,062
-3,425
Debt Service Funds Totals (Memorandum Onlv)
Actual on Variance- Actual on Variance- Actual on
Budgetary Favorable Budgetary Favorable Budgetary
Basis (Unfavorable) Budeet Basis (Unfavorable) Budeet Basis
1,424,846-
3,326,055-
1,651,524
-540,808-
206.226
7.149.459
648,849
--
3,020,449
2,711,467
635,408
-3,425
149,846
-238,234
-(23,462)
-362,108
-130.226
856.952
26,198-
-440,273
81,394
145,654-
-
1,600.000 1,322,061 (277,939) 29,900,000 28,772,553
- - - 2,150,000 1,724,773
- - - 3,087,821 3,507,422
2,600,000 2,702,102
- - - 5,294,286 4,487,059
375,000 231,877
60,000 121,515 61,515 1,938,700 2,755,982
- - - 1,900.000 2,100,985
- - - 382.435 2.019.610
1,660.000 1.443.576 (216.424) 47.628.242 48.302.363
7,423,113 5,818,016
- 15,621,261 15,416,781
- - - 7,344,024 6,881,126
- - - 3,460,722 3,020,449
- - - 2,792,861 2,711,467
- - - 7,179,289 6,895,531
- - - 3,934,721 3,655,064
- - - 3,425 3,425
Variance-
Favorable
(Unfavorable)
(1,127,447)
(425,227)
419,601
102,102
(807,227)
(143,123)
817,282
200,985
1.637.175
674.121
1,605,097
204,480
462,898
440.273
81,394
283,758
279,657
-
290,000 290,000
847,939 1,329,644 (481,705)
257.278 257.278 -
290,000 290,000
847,939 1,329,644 (481,705)
257.278 257.278 -
7.713.117 7.019.598 693.519 1.395.217 1.876.922 (481.705) 49.154.633 46.278.781 2.875.852
(1.420.610) 129.861 1.550.471
3,170 3,170
(507,451) (507,451)
36.616 36.616 -
(467.665) (467.665)
264.783 (433.346) (698.129) (1.526.391) 2.023.582 3.549.973
464,061 464,061 - 467,307 367,307
(1,040,551) (1,040,551)
- - - (507,451) (507,451)
464.061 464.061
36.616 36.616
(1.044.079) (1.044.079)
(1,888,275) (337,804) 1,550,471
8,549,508 8,549,508
(53.500) (53.500)
728,844 30,715 (698,129) (2,570,470) 979,503 3,549,973
1,757,057 1,757,057
6.661.233 8.158.204 1.496.971 2.485.901 1.787.772
27,115,638 27,115,638
146,928 146,928
(1.092.700) (1.092.700)
24.545.168 27.149.369 2.604.201
33
CITY OF CARLSBAD v
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings -
All Proprietary Fund Types
Year Ended June 30, 1993
Operating revenues:
Water sales
Sewer service charges
Other charges for services
Contributions from other
government agencies
Miscellaneous
Total operating revenues
Enterprise
$ 9,844,421
4,382,889
482,895
75,794
191.672
Internal
Service
5,551,478
474.589
Totals
(Memorandum Only)
9,844,421
4,382,889
6,034,373
75,794
666.261
14.977.671 6.026.067 21.003.738
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
Gain (loss) on sale of property
Property taxes
Miscellaneous income
Amortization of issuance costs
Total nonoperating revenues
Net income
Retained earnings at beginning
of year
Residual equity transfers out
Retained earnings at end of year
1,608,483
6,137,022
2,254,800
5.597.156
2,086,155
(1,706,887)
8,566
758,231
58,524
(44.243)
1.160.346
540,556
533,396
457,019
3,598,129
1.372.346
15.597.461 5.960.890
(619.790) 65.177
543,692
(17,346)
526.346
591,523
34,821,409 3,790,172
(55.999) -
$35.305.966 4.381.695
1,608,483
6,137,022
2,788,196
457,019
3,598,129
6.969.502
21.558.351
(554.613)
2,629,847
(1,706,887)
(8,780)
758,231
58,524
(44.243)
1.686.692
1,132,079
38,611,581
(55.999)
39.687.661
See accompanying notes to general purpose financial statements.
34
CITY OF CARLSBAD
Combined Statement of Cash Flows-
All Proprietary Fund Types
Year Ended June 30, 1993
Internal Totals
Enterprise Service (Memorandum Only)
Cash flows from operating activities:
Operating income (loss) $ (619,790) 65,177 (554,613)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation and amortization 2.254,800 533,396 2,788,196
Decrease (increase) in receivables (335,066) (155) (335,221)
Decrease (increase) in inventory 213,913 (15,430) 198,483
Increase (decrease) in deposits payable 33,664 - 33,664
Increase (decrease) in accounts payable 334,472 235,930 570,402
Increase (decrease) in accrued wages
payable 26,245 (799) 25,446
Increase (decrease) in estimated claims
payable - 126.2781 (26.2781
Net cash provided by operating
activities 1.908.238 791.841 2.700.079
Cash flows from noncapital financing
activities:
Transfer to other funds (55.9991 - (55.9991
Cash flows from capital and related
financing activities:
Purchases of property, plant and equipment (2,966,954) (297,258) (3,264,212)
Principal payment on bonds (685,000) - (685,000)
Interest and other fees paid on bonds (2,111,915) - (2,111,915)
Property taxes received 758,231 - 758,231
Capital contributions received 1.446.062 530.000 1.976.062
Net cash provided by (used in)
capital and related financing
activities (3.559.5761 232.742 (3.326.8341
Cash flows from investing activities:
Investment in restricted assets 1,182,436 - 1,182,436
Interest on investments 2.153.522 527.506 2.681.028
Net cash provided by investing
activities 3.335.958 527.506 3.863.464
Net increase in cash and cash equivalents 1,628,621 1,552,089 3,180,710
Cash and cash equivalents at beginning
of year 31.947.353 8.833.881 40.781.234
Cash and cash equivalents at end of year 33.575.974 10.385.970 43.961.944
Supplemental schedule of noncash
investing and financing activities S 2.753.202 370.548 3.123.750
See accompanying notes to general purpose financial statements.
35
36
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
Year Ended June 30, 1993
(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: 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 and 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.
(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
37
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
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 specific 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.
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:
38
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
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:
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.
39
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
(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 recognizable 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.
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.
40
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
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 balance.
(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 compensated absences recorded at June 30, 1993, all balances
are expected to be paid within the following 12 months. For proprietary
funds, the cost of vacation is recorded as a liability when earned.
41
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
(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.
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.
42
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
Depreciation is charged to operations using the straight-line method
based on the estimated useful life of the related asset. The estimated
useful life 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 SO
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 represents special
assessments receivable.
The deferred revenue in the Capital Projects Funds relates to funds
received and to be applied toward future construction.
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.
43
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
(o) Residual Equity Transfers
Residual equity transfers represent non-routine transfers of equity
between funds, including amounts transferred to reflect the opening,
closing, or reclassification of funds.
(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.
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 for up to $25,000. Revisions that alter the total appropriations of any fund
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.
44
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(2) Budgetary Data. (Continued)
Expenditures may not exceed budgeted appropriations at the departmental level. All
appropriations lapse at fiscal year-end unless City Council takes formal action in the
form of a resolution to continue the appropriation into the following fiscal year.
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:
Special Debt
General Revenue Service
Fund Funds Funds
Fund balances-budgetary basis $17,203,393 8,158,204 1,787,772
Encumbrances outstanding
at year-end 482,616 1,000,274
Fund balances designated for
continuing appropriations 147,947 598,557
Fund balances of nonbudgeted funds - - 2.813.882
Fund balances - GAAP basis $17.833.956 9.757.035 4.601.654
(3) 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.
45
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(3) Cash and Investments. (Continued)
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 three 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.
Cash and investments held by the City at June 30, 1993 consisted of the following:
Cash on hand (petty cash) $ 6,173
Deposits 1,306,051
Investments 130.234.032
$131.546.256
Cash and investments are classified in the accompanying combined balance sheet as
follows:
Cash and investments $120,238,557
Deferred compensation investments 5,905,967
Restricted assets:
Cash and investments 5.401.732
$131.546.256
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
46
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(3) Cash and Investments. (Continued)
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, 1993.
Category Bank Carrying
Form of Deposit 1 2 3 Balance Amount
Demand deposits $1(52,556 - 1,351,087 1,513,643 1,045,051
Certificates of deposit 100.000 _= 161.000 261.000 261.000
Total deposits $262.556 - 1.512.087 1.774.643 1.306.051
Investments;
The City categorizes investments according to the level of risk assumed by the
City. Catetory 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 Carrying Market
Form of Investment 1 2 3_ Amount Amount
U.S. Government agency
obligations $19,827,961 1,549,526 - 21,377,487 22,150,525
U.S. Treasury securities 6,322,937 309,346 - 6,632,283 7,019,302
Corporate notes 32.997.840 - - 32.997.840 34.350.815
$59.148.738 1.858.872 - 61,007,610 63,520,642
State investment pool (LAIF) 30,793,383 30,793,383
County investment pool 20,826,131 20,826,131
Guaranteed investment contracts 1,382,394 1,382,394
Mutual funds 16.224.514 16.224.514
Total investments $130.234.032 132.747.064
47
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(4) 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, 1993:
Due to
Due from:
Special Revenue Funds:
Section 8 Housing Authority Fund
Senior Nutrition Fund
Capital Projects Funds:
Community Development Block
Grants Fund
Enterprise Funds:
Carlsbad Municipal Water
District (CMWD)
Total
General
Fund
$215,019
13,494
13,655
$242.168
Enterprise
Sewer
Fund
204.657
204.657
Totals
215,019
13,494
13,655
204.657
446.825
(5) 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, 1993:
Advances From
General Fund
Capital Projects Funds:
Capital Construction Fund
Advances To
Capital Projects Funds:
Park Development Fund
Planned Local Drainage
Facilities Fund
Redevelopment Area II Fund
Redevelopment Project Fund
Capital Projects Funds:
Public Facilities
Construction Fund
Traffic Impact Fund
Total advances
Amount
$ 2,550,000
300,000
30,000
7.924.846
10.804.846
950,000
750.000
1.700.000
$12.504.846
48
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(6) General Fixed Assets
A summary of changes in the general fixed assets account group is as follows:
Balance at Balance at
July 1. 1992 Additions Deletions June 30. 1993
Land $25,946,668
Buildings 26,664,097 741,039
Improvements 2,055,632 763,812
Furniture and equipment 5,305,004 468,662
Construction in progress 3.064.803 380.490
Total $63,03^204 2.354.003
Construction in progress in the general fixed assets a
following:
Project
Authorization
Library - South Carlsbad $1,138,729
Public Art - South Carlsbad
Library 170,000
Poinsetta Park 3,087,000
Poinsetta Park Land Acquisition 100,000
Larwin Park (22.3 acres) 190,000
Public Art - Seawall 30,000
North Beach Rest rooms 18,000
Fire Station #1 Renovation 175.000
(867,460)
(1.504.974)
f 2. 372. 434 >
ccount group is
Expended
Balance at
June 30. 1993
1,099,803
75,656
491,282
81,069
173,331
15,000
3,689
489
25,946,668
27,405,136
2,819,444
4,906,206
1.940.319
63.017.773
composed of the
Committed
38,926
94,344
2,595,718
18,931
16,669
15,000
14,311
174.511
$4.908.729 1.940.319 2.968.410
There is no future financing commitment required on any of the above noted
construction projects.
(7) Property. Plant and Equipment - Proprietary Funds
A summary of proprietary fund type property, plant and equipment at June 30, 1993
follows:
49
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(7) Property. Plant and Equipment - Proprietary Funds. (Continued)
Enterprise Internal Service
Land, water rights, rights-of-way $ 2,157,600
Buildings and improvements 5,817,620
Wells, reservoirs and dams 17,324,132
Transmission and distribution lines 32,301,912
Sewer, sewer lines and wells 25,602,381
Sewage treatment facility 31,698,579
Equipment and vehicles 2,165,301 5,240,437
Construction in progress 3.636.981 -
120,704,506 5,240,437
Less accumulated depreciation (20.351.043) (2.482.231)
Property, plant and equipment, net $100.353.463 2.758.206
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 and placed in service. No interest costs were
capitalized in the Enterprise Funds during 1993. Total interest costs incurred and
interest earned on related interest-bearing investments acquired with proceeds of the
tax-exempt borrowings were $1,686,990 and $227,106, respectively.
The Enterprise funds had various construction contracts in progress at June 30, 1993
with an estimated cost to complete of approximately $2,725,000. There is no future
financing required on any of these projects.
(8) 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, 1993:
50
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(8) Obligations Under Capital Leases. (Continued)
Year ending June 30.
1994 $ 234,529
1995 234,529
1996 234,529
1997 234,529
1998 117.264
Total minimum lease payments 1,055,380
Less amounts representing interest (181.092)
Present value of minimum lease payments $ 874.288
(9) 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 $44,091 for fiscal year ending
June 30, 1994 with annual cost of living adjustments required and market value
adjustments required every 5 years after fiscal year ending June 30, 1988. The
future minimum rental payments have been calculated with a 6% annual cost of
living adjustment.
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 for five years. Total annual payments are $52,200 for fiscal
year ending June 30, 1994 and $43,500 for fiscal year ending June 30, 1995.
The following is a schedule by year of future minimum rental payments required
under the operating leases at June 30, 1993:
Year ending June 30.
1994 $ 96,291
1995 90,236
1996 49,541
1997 52,513
1998 55,664
Thereafter 111.111
Total minimum lease payments $1.121.962
51
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(10) Long-term Debt
The following is a summary of changes in the principal balance of long-term debt for
the year ended June 30, 1993:
Principal Principal
Balance at Balance at
July 1. 1992 Retirements June 30. 1993
General long-term debt
account group:
Bonds $12,960,000 500,000 12,460,000
Special assessment debt with
governmental commitment 8,465,000 885,000 7,580,000
Obligations under capital
leases 1,030,622 156,334 874,288
Certificates of participation 8.090.000 260.000 7.830.000
Total general
long-term debt $30.545.622 1.801.334 28.744.288
Enterprise funds:
Certificates of participation $12,055,000 685,000 11,370,000
Installment purchase agreement 12.689.800 - 12.689.800
Total enterprise funds $24.744.800 685.000 24.059.800
Long-term debt at June 30, 1993 is comprised of the following issues:
Balance at
June 30. 1993
General Long-term Debt:
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 $ 350,000
1981 Carlsbad Parking Authority Revenue Bonds,
principal due in amounts ranging from $100,000
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 925.000
Parking authority revenue bonds 1.275.000
52
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(10) Long-term Debt. (Continued)
Balance at
June 30. 1993
General Long-term Debt. (Continued):
1988 Carlsbad Housing and Redevelopment
Commission Tax Allocation Bonds, principal due
in amounts ranging from $305,000 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 11.185.000
Total bonds payable 12,460,000
1986 College Boulevard Assessment District Bonds,
principal due in amounts ranging from $290,000 to
$865,000 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 7,580,000
Obligations under capital leases (note 8) 874,288
1988 Hosp Grove Certificates of Participation,
principal due in amounts ranging from $275,000
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 7.830.000
Total General Long-term Debt $28.744.288
Enterprise Fund Long-term Debt:
1988 Carlsbad Municipal Water District Certifi-
cates of Participation, principal due in vary-
ing amounts ranging from $730,000 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 $11,370,000
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
53 24,059,800
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(10) Long-term Debt. (Continued)
Enterprise Fund Long-term Debt. (Continued):
Less unamortized discount
and issuance costs
Less current portion
Total Enterprise Fund Long-term Debt
Balance at
June 30. 1993
(706,246)
H. 004.630)
$22.348.924
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 are subject to mandatory redemption in part
from sinking fund payments. These sinking fund payments have been included in the
debt service requirements which follow.
Debt service requirements to maturity for general long-term debt are as follows:
Parking Tax Assessment Certificates
Authority Allocation District of
Revenue Bonds Bonds Bonds Participation Total
1994
1995
1996
1997
1998
1999-2003
2004-2008
2009-2011
$293,200
303,000
287,000
150,000
167,000
466,000
-
-
1,135,828
1,142,222
- 1,146,598
1,148,522
1,148,062
5,806,054
5,876,260
3.567.180
876,643
898,350
897,107
898,413
901,929
4,500,265
3,603,200
-
865,054
866,873
866,733
859.795
860,985
4,284,040
4,256,800
851.600
3,170,725
3,210,445
3,197,438
3,056,730
3,077,976
15,056,359
13,736,260
4.418.780
1,666,200 20,970,726 12,575,907 13,711,880 48,924,713
Less amounts
represent ing
interest (391.200) (9.785.7261 (4.995.907) (5.881.880) (21.054.7131
Total general
long-term debt 3il.27S.000 11.185.000 7.580.000 7.830.000 27.870.000
54
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(10) Long-term Debt. (Continued)
Debt service requirements to maturity for the enterprise funds are as follows:
Water
District
Certificates of
Participation
1994
1995
1996
1997
1998
1999-2003
2004-2008
2009-2013
2014-2015
Less amounts representing
interest
Total Enterprise Fund debt
$ 1,528,696
1,526,248
1,525,098
1,524,822
1,524,982
7,629,380
1,529,024
16,788,250
(5.418.250)
$11.370.000
Encina
Installment
Purchase
Agreement
1,110,706
1,108,498
1,108,730
1,107,542
1,106,820
5,522,606
5,492,250
5,452,970
2.170.425
Total
2,639,402
2,634,746
2,633,828
2,632,364
2,631,802
13,151,986
7,021,274
5,452,970
2.170.425
24,180,547 40,968,797
(11.490.747) (16.908.997)
12.689.800 24.059.800
At June 30, 1993, 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 debt 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 City's financial statements. At
June 30, 1993, $9,850,000 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
55
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(10) Long-term Debt. (Continued)
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
$450,784 for assessments due in fiscal years 1990-91, 1991-92, and 1992-93.
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, which was delayed
because of bankruptcy actions, is expected to occur in 1994.
(11) Fund Balances/Retained Earnings
The following is a summary of reserved and unreserved fund balances and retained
earnings as of June 30, 1993:
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
Designated for arbitrage
Designated for Aerospace/PERS
settlement
Undesignated
Total fund balances
Governmental Fund Types
General
27,672
7,086,107
147,947
825,000
9.133.614
10.106.561
S17.833.9S6
56
Special
Revenue
114,864
194,372
131,000
482.616
7.727.395
2,319,379
1.000.274
3.628.889
121,400
598,557
5.408.189
6.128.146
Debt Capital
Service Projects
4,599,029
1,700,000
6.479.392
4.599.029 8.179.392
2,625
19,790,307
(2.933.658)
2.625 16.856.649
9.757.035 4.601.654 25.036.041
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(11) Fund Balances/Retained Earnings. (Continued)
Retained Earnings
Reserved for:
Debt service
Rate stabilization and other
Unreserved
Total retained earnings
Proprietary Fund Types
Internal
Enterprise Service
$ 3,039,148
878.072
3,917,220
31.388.746 4.381.695
$35.305.966 4.381.695
Reserves for loans receivable, inventory, prepaid expenditures and advances to other
funds, net of accrued interest recorded as deferred revenue, 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.
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, 1993, the Capital Projects - Redevelopment Agency Fund and
Redevelopment Area II Fund had a deficit fund balance of $7,873,619 and $13,214,
respectively. The deficits are expected to be funded by property tax increments
received in the future. The General Liability Self Insurance Fund had deficit
retained earnings of $18,769.
57
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(12) Changes in Contributed Capital
Internal
Enterprise Service
Contributed capital at June 30, 1992 $75,487,426 5,571,402
Additions:
Cash 822,338
Fixed assets 2,753,202 370,538
Residual equity transfer from General Fund 565,200 474,000
Residual equity transfer from Enterprise Fund - 55.999
Contributed capital at June 30, 1993 $79.628.166 6.471.939
(13) 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. At
June 30, 1993, unencumbered fund equity for the General Liability Self-Insurance
Fund was approximately $1,900,000.
(14) 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 (the 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, 1993, the Cities and Districts have the
following approximate ownership interest:
58
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(14) Joint Ventures. (Continued)
Encina Water Pollution Control Facility. (Continued)
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 Authority, dated June 30, 1992, show
the following:
Total assets $125,229,321
Total liabilities 3.801.377
Fund balance $121.427.944
The Authority does not recognize net income or loss. Net operating expenditures in
excess of users' assessments are treated as accounts receivable on the Authority'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 Authority totaled $1,117,243 in fiscal year 1992.
The City accounts for its portion of the Facility as a fixed asset of the Sewer
Enterprise Fund.
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 installation purchase agreements. The
individual agreements set forth the purchase price and specify the debt service
requirements for each member.
59
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(14) Joint Ventures. (Continued)
Encina Financing Joint Powers Authority. (Continued)
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, 1993 by each member and
their approximate share in the additional capacity.
Installment Approximate
balance share
Buena Vista Sanitation District $ 6,614,895 19.75%
City of Carlsbad 12,690,917 37.88%
Leucadia County Water District 7,965,181 23.78%
City of Vista 6.229.007 18.59%
$33.500.000 100.00%
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 at least 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.
(15) 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, 1993, the payroll for employees
covered by the PERS was $21,161,192. Total payroll for the same period was
$23,678,357.
60
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(15) Retirement Plan. (Continued)
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 the 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.
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 $2,895,291 and $(27,431), respectively, at June
30, 1992 (the date of the latest actuarial valuations) is as follows:
61
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(15) Retirement Plan. (Continued)
Carlsbad District Total
Pension benefit obligation:
Retirees and beneficiaries
currently receiving benefits
and terminated employees not
yet receiving benefits $20,174,435 1,191,629 21,366,064
Current employees:
Accumulated employee
contributions including
allocated investment earnings 14,098,275 705,489 14,803,764
Employer financed-vested 18,079,652 - 18,079,652
Employer financed-nonvested 1.519.415 - 1.519.415
Total pension benefit obligation 53,871,777 1,897,118 55,768,895
Net assets available for benefits
at cost 50.976.485 1.924.549 52.901.034
Unfunded (assets in
excess of) pension
benefit obligation $ 2.895.292 (27.431) 2.867.861
The market value of the net assets available for benefits as of June 30, 1992 was
$57,501,475 and $2,170,891 for Carlsbad and the District, respectively.
Of the total change in the PBO for Carlsbad and the District from the prior year, none
of the changes resulted from changes in benefit provisions or 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.
62
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(15) Retirement Plan. (Continued)
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, 1993, based on an actuarial valuation as of June 30, 1991, were as
follows:
Carlsbad
Miscellaneous Safety
Employees Employees
Covered Covered
Contributions Payroll Contributions Payroll
Required normal cost
contribution $2,031,676 14.92% 1,798,689 23.84%
Amortization of the
unfunded actuarial
accrued liability 89.690 .66% 309.365 4.10%
Total required
contributions $2.121.366 15.58% 2.108.054 27.94%
Actual employer
contributions 1,183,724 8.70% 1,435,293 19.02%
Contributions made by
the City on behalf
of employees 937.642 6.88% 672.761 8.92%
Total actual
contributions $2.121.366 15.58% 2.108.054 27.94%
The following is a three-year trend information which gives an indication of the
progress made in accumulating sufficient assets to pay benefits when due:
63
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(15) Retirement Plan. (Continued)
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
Carlsbad District
1992 1991 1990 1992 1991 1990
94.6% 93.2% 93.9%101.4% 105.6%
13.0% 17.2% 15.8%
12.4% 10.8% 10.8%
106.4%
(7.3)% (8.5)%
7.5% 2.4%
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
Actuarial
Valuation
as of
June 30
1987
1988
1989
1990
1991
1992
Net Assets
Available
for Benefits,
at Cost
$23,855,500
28,385,300
32,905,600
38,955,507
44,473,550
50,976,400
Pension
Benefit
Obi i eat ion
26,158,700
30,249,400
35,221,700
41,495,649
47,736,607
53,871,700
Percentage
Funded
91.2%
93.8%
93.4%
93.9%
93.2%
94.6%
Unfunded
Pension Benefit
Obi i eat ion
2,303,200
1,864,100
2,316,100
2,540,142
3,263,057
2,895,300
Annual
Covered
Payroll
12,147,900
13,170,000
15,378,600
16,071,500
18,983,745
22,249,000
Unfunded Pension
Benefit Obligation
as a Percentage of
Annual Covered Payroll
19.0%
14.2%
15.1%
15.8%
17.2%
13.0%
64
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(15) Retirement Plan. (Continued)
Required Supplementary Information
Analysis of Funding Progress, Continued
(Unaudited)
District
Actuarial
Valuation
as of
June 30
Net Assets
Available
for Benefits,
at Cost
Pension
Benefit
Obligation
Percentage
Funded
Unfunded
Pension Benefit
Obligation
Annual
Covered
Payroll
Unfunded Pension
Benefit Obligation
as a Percentage of
Annual Covered Payroll
1987
1988
1989
1990
1991
1992
$ 823,110
981,451
1,217,447
1,463,415
1,705,889
749,880
941,218
1,141,723
1,374,798
1,616,014
1,924,540 1,897,110
109.8%
104.3%
106.6%
106.4%
105.6%
101.4%
73,230
40,233
75,724
88,617
89,875
27,430
825,380
960,250
1,026,090
1,047,044
1,229,551
-
8.9%
4.2%
7.4%
8.5%
7.3%
(16) 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.
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.
65
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(17) Post-Retirement Health Care
In addition to the pension benefits described in Note 15, 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. Currently, three 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 $7,000 were charged to expense
for post-retirement health care costs during 1993. 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.
(18) 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, 1993 is as follows:
Operating revenues
Operating expenses:
Depreciation and
amortization
Other
Operating income (loss)
Nonoperating income
(expenses), net
Net income (loss)
Residual equity
transfers out
Carlsbad
Municipal
Water
District
$10,427,476
1,102,100
10.319.471
(994.095)
958.073
S (36.0221
5 (23.5001
Golf
Course
87.369
87.369
Sewer
4,482,637
1,152,700
2.869.468
Solid
Waste
153.722
460,469 (86,164)
55.550 59.354
516.019 (26.8101
Totals
67.558 14,977,671
(32.4991
2,254,800
13.342.661
(619,790)
1.160.346
540.556
(55.9991
(Continued)
66
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(18) Segment Information for Enterprise Funds. (Continued)
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
Golf
Course Sewer
$38,656,024 1,859,990 34,971,412
1.513.887 565.200 2.061.653
$40.169.911 2.425.190 37.033.065
$ 2.998.998
$ 176.727
11.647 3.358.098
290.415
Solid
Waste Totals
75,487,426
4.140.740
79.628.166
1.639 6.370.382
467.142
$16.692.620 1.912.703 15.279.781 58.452 33.943.556
.370.OOP 12.689.800
$69,971,896 2,702,486 70,152.057
12.925.680 25 15.026.693
- 24.059.800
62,712 142,889,151
2.621 27.955.019
$57.046.216 2.702.461 55.125.364 60.091 114.934.132
(19) Special Assessment Bonds Without Government Commitment
As of June 30, 1993, the City has four series of Assessment District Bonds outstanding
in the amount of $23,087,286. 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. 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-terra Debt Account Group and all debt service transactions have been recorded in
an Agency fund.
67
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(20) 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. In May 1993, the City
issued $15,920,000 in multi-family Housing Revenue Bonds. The purpose of these
bonds is to refund the La Costa 1985 Series A bonds.
The balance of the revenue bonds outstanding under these programs as of June 30,
1993 is $32,338,227.
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 $14,106,900, is in default due to non-payment. The surety is
currently paying the debt service on the bonds.
(21) 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.
In May 1993, the City of Carlsbad entered into an agreement with the San Diego
Association of Governments (SANDAG), whereby SANDAG will loan up to
$10,000,000 of TransNet local funds 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 Poinsettia Lane and La Costa Avenue/I-5 Interchange
Improvement Project. No money was borrowed under this agreement during the year
ended June 30, 1993.
68
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(22) Reclassification of Funds
The accompanying financial statements reflect the reclassification of the Gas Tax
Fund from the Capital Projects Fund Type to the Special Revenue Fund Type to
better reflect the function and use of the fund. Beginning balances of the respective
fund types have been restated to reflect this change in the fund type classification:
Special Revenue Capital Projects
Fund balances at July 1, 1992,
as previously reported $6,542,783 28,649,145
Reclassification of fund 2.006.725 (2.006.725)
Fund balances at July 1, 1992,
as restated $8.549.508 26.642.420
(23) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 1993 exceeded appropriations of the
following funds:
Variance-
Favorable
Budget Actual (Unfavorable)
Special Revenue Funds:
Community Development
Block Grant $ - 1,086 (1,086)
Federal Grants 122,655 125,183 (2,528)
Debt Service Fund:
Redevelopment Bonds 1,395,217 1,876,922 (481,705)
(24) Participation in San Diego Association of Governments (SANDAG)
The City is a member of the San Diego Association of Governments (SANDAG), a joint
powers agreement for the purpose of engaging in regional cooperative comprehensive
planning, to assist the Member Agencies, and to provide a regional reviewing
organization for certain federal and state grant projects.
SANDAG is currently comprised of 18 incorporated Cities from the San Diego region
and the County of San Diego.
69
CITY OF CARLSBAD
Notes to General Purpose Financial Statements
(Continued)
(24) Participation in San Diego Association of Governments (SANDAG). (Continued)
Summary financial information for the year ended June 30, 1992 is presented as
follows:
Total general fixed assets $ 1,375,633
Total other assets 533,864,826
Total general long-term debt 420,500,759
Total other liabilities 6,459,416
Total fund equity 527,405,410
Total revenues 148,288,024
Total expenditures/expenses 140,060,622
Total other financing sources (uses) 243,433,612
Net increase (decrease) in fund
balance/retained earnings 251,671,014
(25) Subsequent Events
On September 1, 1993, the Carlsbad Housing and Redevelopment Commission, a
component unit of the City of Carlsbad, issued $15,495,000 in tax allocation bonds.
The bonds were issued to defease the Carlsbad Housing and Redevelopment
Commission $12,000,000 tax allocation bonds Series A, and to provide money to
finance redevelopment activities within the project area. The interest rate is 5.25%,
payable semi-annually.
70
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.
71
CITY OF CARLSBAD
General Fund
Schedule of Revenues - Budget and Actual(Budgetary Basis)
Year Ended June 30, 1993
2,300,000
300.000
7,845
2,431,827
262.430
Actual on Variance-
Bugetary Favorable
Budget Basis (Unfavorable)
Taxes:
Property taxes $13,200,000 12,585,129 (614,871)
Sales and use taxes 9,500,000 9,167,849 (332,151)
Transient lodging taxes 3,200,000 3,098,793 (101,207)Franchise taxes 925,000 983,584 58,584
Real property transfer taxes 200,000 184,424 (15,576)Trailer coach in-lieu tax - 5.867 5.867
Total taxes 27.025.000 26.025.646 (999.354)
Licenses and permits:
Construction permits 450,000 234,063 (215,937)
Business licenses 975,000 1,071,342 96,342
License tax on new construction 425,000 143,322 (281,678)
Other 300.000 276.046 (23.954)
Total licenses and
permits 2.150.000 1.724.773 (425.227)
Fines and forfeits:
Vehicle code fines 375,000 227,962 (147,038)
Other - 3.915 3.915
Total fines and forfeits 375.000 231.877 (143.123)
Interest income 1.700.000 2.093.659 393.659
Interdepartmental services:
Engineering 500,000 508,499 8,499
Legal - 13,683 13,683Other 1.400.000 1.578.803 178.803
Total interdepartmental
services 1.900.000 2.100.985 200.985
Intergovernmental:
Grant revenue - 181.367 181.367
State subventions:
Cigarette tax - 7,845 7,845
Vehicle licenses (in lieu) 2,300,000 2,431,827 131,827
Property tax reimbursements 300.000 262.430 (37.570)
Total state subventions 2.600.000 2.702.102 102.102
Charges for services:
Planning fees 750,000 603,426 (146,574)
Building department fees 325.000 204,894 (120,106)
Engineering fees 1,180,000 551,099 (628,901)
Growth management zone plan fees 15,000 2,932 (12,068)
Weed abatement fees 35,000 43.689 8,689
Ambulance fees 220,000 250,515 30,515
Park and recreation fees 750,000 697,365 (52,635)
Other 344.300 481.615 137.315
Total charges for
services 3.619.300 2.835.535 (783.7651
Miscellaneous:
Sales of maps and publications - 54,959 54,959
Sales of property - 6,169 6,169
Reimbursed expenditures - 1,564,588 1,564,588
Other 306.435 187.668 (118.767)
Total miscellaneous 306.435 1.813.384 1.506.949
Total revenues S39.675.735 39.709.328 33.593
72
CITY OF CARLSBAD
General Fund
Schedule of Expenditures - Budget and Actual
(Budgetary Basis)
Year Ended June 30, 1993
Actual on
Bugetary
Budget Basis
General government:
City council $ 159,368 153,747
City manager 846,830 840,373
City clerk 28,700 20,878
Visitors' bureau 302,809 302,809
Community assistance 111,000 111,000
Hiring center 80,000 76,498
City attorney 368,463 362,318
Finance 890,772 862,921
City treasurer 85,380 71,115
Audit 71,530 71,530
Purchasing 371,029 329,801
Human resources 788,953 648,312
Information systems 373,364 359,784
Risk Management/insurance 198,326 177,219
Contingency 112,367
Other 1.959.175 780.862
Total general government 6.748.066 5.169.167
Public safety:
Police protection 8,798,924 8,603,014
Fire protection 6.822.337 6.813.767
Total public safety 15.621.261 15.416.781
Community development:
Community development 791,393 635,899
Engineering 3,538,175 3,472,690
Planning 2,172,886 1,984,123
Building inspection 835,998 784,966
Other 5.572 3.448
Total community
development 7.344.024 6.881.126
Culture and recreation:
Library 2,315,992 2,316,540
Parks and recreation 3,830,710 3,696,115
Cultural arts 251.S2S 247.468
Total culture and
recreat ion 6.398.227 6.260.123
Maintenance and utilities:
Street maintenance 1,947,852 1,
Facilities maintenance 1,268,400 1
Traffic signal maintenance 340,525Administration 349,944
Street lighting 28.000
Total maintenance and
utilities 3.934.721 3.655.064
Total expenditures S40.046.299 37.382.261
799.979
235,668
279,309
312,108
28.000
Variance-
Favorable
(Unfavorable!
5,621
6,457
7,822
3,502
6,145
27.851
14,265
41,228
140,641
13,580
21,107
112,367
1.178.313
1.578.899
195,910
8.570
204.480
155,494
65,485
188,763
51,032
2.124
462.898
(548)
134,595
4.057
138.104
147,873
32,732
61,216
37,836
279.657
2.664.038
73
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues whose expenditures are
legally restricted to specified purposes.
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 Library Programs and Historic
Preservation.
Gas Tax
To account for receipts and expenditures of money apportioned under Streets and Highways
Code of the state of California.
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. Fund closed to General Fund during year.
Police Asset Forfeiture
To account for money received under federal and state programs distributing property
confiscated from illegal activities.
74
Section 8 Housing Authority
To account for federal grants for low and moderate income housing supplemental payments.
Senior Nutrition
To account for money received and expenditures for senior programs under the Older
Americans Act.
Special Benefit Districts
To account for revenues and expenditures from property tax assessments for street lighting
and landscaping.
State Grants
To account for state of California Library and Civic Arts grants.
75
CITY OF CARLSBAD
Special Revenue Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Receivables:
Loan
Taxes
Accounts, net
Accrued interest
Due from other governments
Prepaid expenditures
Total assets
Civic
Arts
Program
$304,109
4,726
S308.83S
Community
Development
Block
Grant
60,472
12,477
Federal
Grants
Gas
Tax
Library Low and
Audio- Moderate
Visual Income
Insurance Housing •
21,880 3,042,463 117,705 2,301,076
- 102,387
- 10,229
340 47,094 1,829 35,517
72.949 22.220 3.Q89.SS7 119.534 2.449.209
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued wages payable
Due to other governments
Due to other funds
Total liabilities
14
14
-
799
1,182
12,345 894 127
8,026
12.345 894 8.153
Fund balances:
Reserved for prepaid
expenditures
Reserved for loans receivable
Reserved for low and
moderate income housing
Reserved for encumbrances 119,125
Unreserved:
Designated for approved
capital projects 121,400
Designated for continuing
appropriations
Undesignated 68.296
Total fund balances 308.821
Total liabilities and fund
balances $308.835
12,477
1,137 805,953
102,387
2,319,379
101 19,290
44,680 400,000
60.472 (25.5781 1.871.259 118.539
72.949 20.239 3.077.212 118.640 2.441.056
72.949 22.220 3.089.557 119.534 2.449.209
76
Police
Asset
Forfeiture
Section 8
Housing
Authority
Senior
Nutrition
Special
Benefit
Districts
State
Grants Totals
1,940,656
30,157
1.970.813
144,898
27,361
396.951
166
28,530
28.696
1.471,931
18,411
22,902
1.513.244
274,135
4,301
2,600
9,679,325
114,864
28,640
27,527
146,866
61,450
194.372
281.036 10.253.044
37,702 47,826
4,230 14,793
830
215.019
41.932 278.468
194,372
1,681
153,444
1.773.756 (75.889)
1.928.881 118.483
13,867 71,055 11.314 195,943
1,335 41,157 - 70,723
- - 830
13.494 - - 228.513
28.696 112.212 11.314 496.009
- - 194,372
- 114,864
- 2,319,379
31,372 21,615 1,000,274
- 121,400
433 598,557
1.369.660 247.674 5.408.189
1.401.032 269.722 9.757.035
1.970.813 396.951 28.696 1.513.244 281.036 10.253.044
77
CITY OF CARLSBAD
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year Ended June 30, 1993
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Civic
Arts
Program
$ -
16,999
16.999
Community
Development
Block
Grant
6,224
Federal
Grants
60,868
849
Gas
Tax
1,094,331
Library
Audio-
Visual
Insurance
75,641
175,058 6,237
25.000 -
Low and
Moderate
Income
Housing
330,515
125,715
4.379
.717 1.294.389 81.878 460.609
Expenditures:
Current:
General government
Public works
Welfare - 1,086
Culture and recreation 15,740
Capital outlay - -
Total expenditures 15.740
Excess (deficiency) of
revenues over (under)
expenditures 1.259
Other financing sources (uses):
Operating transfers in 3,170
Grant payment - (507,451)
Administrative fee received
from bond refunding - -
Total other financing
sources (uses)3.170 (507.451)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses 4,429 (502,313)
Fund balances at beginning of
year, as restated 304,392 575,262
Residual equity transfers out - -
Fund balances at end of year S308.821
220,477
79,366 - 49,411
- 3.425 -
81,437
1.086 79.366 223.902 49.411 81.437
f!7.6491 1.070.487 32.467 379.172
36.616
36.616
(17,649) 1,070,487 32,467 415,788
37,888 2,006,725 86,173 2,025,268
20.239 3.077.212 118.640 2.441.056
78
Mortgage
Revenue
Bonds
Police Section 8
Asset Housing
Forfeiture Authority
527,478
104,607 7,170
70.764
632.085 2.510.731
Special
Senior Benefit
Nutrition Districts
2,432,797 105,870
74.533
180.403
1,575.883
83,749
31.550
State
Grants
199,042
14,200
Totals
1,424,846
3,326,055
1,651,524
540,808
206.226
1.691.182 213.242 7.149.459
392,997
2,529,978 180,403
1,562,647
303,800
474,434
1,783,124
2,711,467
448,317
3.425
392.997 2.529.978 180.403 1.562.647 303.800 5.420.767
239.088 (19.247)128.535 (90.5581 1.728.692
3,170
(507,451)
36.616
(467.665)
239,088 (19,247)
53,500 1,689,793 137,730
(53.500) - -
- 1.928.881 118.483
128,535 (90,558) 1,261,027
1,272,497 360,280 8,549,508
- - (53.500)
1.401.032 269.722 9.757.035
79
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures
Budget and Actual (Budgetary Basis)
Year Ended June 30, 1993
Civic Arts Program
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenue
Community Development Block Grant
Actual on Variance- Actual on Variance-
Budgetary Favorable Budgetary Favorable
Budget Basis (Unfavorable) Budget Basis (Unfavorable)
16,999
16.999
78.000
16,999
16.999 78.000
6,224
6.224
(78,000)
6,224
Expenditures:
Current:
General government
Public works
Welfare
Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
255,141 134,865
255.141 134.865
120,276
1,086 (1,086)
S(2S5.141) (117.866) 137.275 78.000
1.086 (1.086)
5.138 (72.862)
80
Budget
Federal Grants
Actual on Variance-
Budgetary Favorable
Basis (Unfavorable)
60,868 60,868
849 849
61.717 61.717
50,000
Gas Tax
Actual on Variance-
Budgetary Favorable
Budget Basis (Unfavorable)
875,000 1,094,331
175.058
25.000
925.000 1.294.389
219,331
125,058
25.000
369.389
122,655 125,183
122.655 125.18
(2.528)
1,426,821 1,426,430
3.425 3.425
(2.528) 1.430.246 1.429.855
391
391
(122.655) (63.466) 59.189 (SOS.246) (135.466)369.780
81
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures •
Budget and Actual (Budgetary Basis), Continued
Year Ended June 30, 1993
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Library Audio-Visual Insurance Low and Moderate Income Housing
Actual on Variance- Actual on Variance-
Budgetary Favorable Budgetary Favorable
Budget Basis (Unfavorable! Budget Basis (Unfavorable)
$ -
60,000
1,000
75,641
6,237
15,641
5,237
400,000 330,515 (69,485)
100,000 125,715 25,715
- 4.379 4.379
61.000 81.878 20.878 SOO.OOO 460.609 (39.391)
Expenditures:
Current:
General government
Public works
Welfare
Culture and recreation
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
66,452 49,512 16,940
126,925 100,727 26,198
.452 49.512 16.940 126.925 100.727 26.198
SfS.4521 32.366 37.818 373.075 359.882 (13.1931
82
Police Asset Forfeiture
Actual on Variance-
Budgetary Favorable
Budget Basis (Unfavorable!
Section 8 Housing Authority
Actual on Variance-
Budgetary Favorable
Budget Basis (Unfavorable)
200,000 527,478 327,478
10,000 104,607 94,607
210.000 632.085 422.085
2,556,821 2,432,797 (124,024)
8,000 7,170
70.764
(830)
70.764
2.564.821 2.510.731 (54.090)
548,122 548,122
2,611,894 2,529,978 81,916
548.122 548.122 2.611.894 2.529.978 81.916
(338.122) 83.963 422.085 (47.073) (19.247) 27.826
83
CITY OF CARLSBAD
Special Revenue Funds
Combining Schedule of Revenues and Expenditures •
Budget and Actual (Budgetary Basis), Continued
Year Ended June 30, 1993
Senior Nutrition
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Actual on Variance-
Budgetary Favorable
Budget Basis (Unfavorable!
Special Benefit Districts
$ -
103,000 105,870
75.000 74.533
178.000 180.403
2,870
.1467)
2.403
Actual on
Budgetary
Budget Basis
1,614,986
8,300
1.000
1,575,883
83,749
31.550
Variance-
Favorable
(Unfavorable!
1.624.286 1.691.182
(39,103)
75,449
30.SSO
66.896
Expenditures:
Current:
General government
Public works
Welfare
Culture and recreation
Capital outlay
Total expenditures
180,967 180,403
Excess (deficiency) of
revenues over (under)
expenditures £ (2.9671
180.967 180.403
564
2,033,901 1,594,019 439,882
564 2.033.901 1.594.019 439.882
2.967 (409.6151 97.163 506.778
84
Budget
State Grants
Actual on Variance-
Budgetary Favorable
Basis (Unfavorable)Budget
Totals
Actual on Variance-
Budgetary Favorable
Basis (Unfavorable!
150,000
1,400
151.400
199,042
14.200
49,042
12,800
1,275,000
3,087,821
1,674,986
178,700
76.000
1,424,846
3,326,055
1,651,524
540,808
206.226
61.842 6.292.507 7.149.459
149,846
238,234
(23.462)
362,108
130.226
856.952
336,814
336.814
325,848
325.848
10,966
10.966
675,047
3,460,722
2,792,861
781,062
3.425
648,849
3.020,449
2,711,467
635,408
3.425
7.713.117 7.019.598
26,198
440,273
81,394
145,654
693.519
(185.4141 (112.6061 72.808 (1.420.6101 129.861 1.550.471
85
86
DEBT SERVICE FUNDS
Debt Service Funds are used to account for accumulation of resources for, and payment of,
principal and interest on the City's general bonded debt and special assessment bonds for
which the City is obligated in some manner.
Building Authority
To account for receipts by the Building Authority from the General Fund for the 1967
Building Authority Revenue Bonds. Bonds were issued to construct City Hall. During the
year, bonds were paid in full and fund closed to General Fund.
College Boulevard
To accumulate property assessments levied for payment of debt service on 1986 College
Boulevard Assessment District Bonds.
HOSD Grove COPs
To account for payment of debt service on the 1988 Certificates of Participation issued to
purchase Hosp Grove.
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.
87
CITY OF CARLSBAD
Debt Service Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Receivables:
Taxes
Special assessments
Accrued interest
Total assets
College
Boulevard
11,221
7,290,000
19.837
S8.597.553
Grove
COPs
$1,276,495 876,096
29.980
906.076
Hosp
Parking Redevelopment
Authority Bonds
588,939
11.314
600.253
1,739,951
40,916
6.905
Totals
4,481,481
52,137
7,290,000
68.036
1.787.772 11.891.654
Liabilities and Fund Balances
Liabilities:
Deferred revenue
Total liabilities
S7.290.OOP
7.290.000
7.290.000
7.290.000
Fund balances:
Reserved for debt service
Unreserved:
Designated for arbitrage
Total fund balances
Total liabilities and fund
balances
1,307,553 903,451 600,253
- 2.625 -
1.307.553 906.076 600.253
$8.597.553 906.076 600.253
1,787,772 4,599,029
- 2.625
1.787.772 4.601.654
1.787.772 11.891.654
88
CITY OF CARLSBAD
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year Ended June 30, 1993
Revenues:
Taxes
Interest income
Total revenues
Building College
Authority Boulevard
Hosp
Grove Parking Redevelopment
COPs Authority Bonds Totals
$ -
1.819
1.819
422,490
98.360
520.850
74.977
74.977
41.792
41.792
1,322,061
121.515
1.443.576
1,744,551
338.463
2.083.014
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
State mandated payment
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
35,000
5,920
40.920
885,000 260,000 175,000
673,403 637,248 108,398
1.558.403 897.248 283.398
290,000
1,329,644
257.278
1.876.922
1,645,000
2,754,613
257.278
4.656.891
(39.101) (1.037.553) (822.271) (241.606) (433.346) (2.573.877)
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
Fund balances at beginning
of year
Residual equity transfers out
Fund balances at end of year
•"1.016,514
1.016.514
735,051
(76)
734.975
130,500
130.500
464,061
464.061
2,346,126
(76)
2.346,050
(39,101) (21,039) (87,296) (111,106)
113,647 1,328,592 993,372 711,359
(74.546) - - -
1.307.553 906.076 600.253
30,715
1,757,057
1.787.772
(227,827)
4,904,027
(74.546)
4.601.654
89
CITY OF CARLSBAD
Redevelopment Bonds Fund
Schedule of Revenues and Expenditures -
Budget and Actual (Budgetary Basis)
Year Ended June 30, 1993
Revenues:
Taxes
Interest income
Total revenues
Budget
$1,600,000
60.000
Actual on
Budgetary
Basis
1,322,061
121.515
Variance-
Favorable
(Unfavorable)
(277,939)
61.515
1.660.000 1.443.576 (216.424)
Expenditures:
Debt service:
Principal retirement
Interest and fiscal charges
State mandated payment
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
290,000
847,939
257.278
1.395.217
$ 264.783
290,000
1,329,644
257.278
1.876.922
(433.346)
(481,705)
(481.705)
(698.129)
90
91
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for the purchase or construction of major capital
facilities which are not financed by Proprietary or Trust Funds.
Assessment Districts
To account for capital projects financed by the issuance of assessment district bonds.
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.
Palomar Airport Road East Project
To account for funding and expenditures related to construction of Palomar Airport Road at
El Camino Real and east to San Marcos city limits. Funding is provided by the cities of San
Marcos and Vista, San Diego County Airport, Sales Tax/TransNet, Traffic Impact fees, and
direct developer contributions.
Park Development
To account for receipts of fees charged to developers for park acquisition and development.
Planned Local Drainage Facilities
To account for receipts of fees charged to developers for drainage facilities necessitated by
growth.
92
Public Facilities Construction
To account for receipts of fees charged to developers for specific capital projects
necessitated by growth.
Redevelopment Agency
To account for financial resources segregated for the rehabilitation of commercial and
public property located in the Carlsbad Village area.
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.
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 and Carlsbad Boulevard Shore Protection.
Traffic Impact Projects
To account for receipts of fees charged to developers for street construction and
improvement.
93
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Receivables:
Taxes
Accounts, net
Accrued interest
Due from other governments
Advances to other funds
Total assets
Assessment
Districts
$1,726,084
11,523
$1.737.607
Community
Capital Development
Construction Block Grants
2,913,900
40,000
1.700.000
4.653.900
70,908
70.908
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued wages payable
Due to other funds
Deposits payable
Advances from other funds
Deferred revenue
Total liabilities
$ 10,661 68,798
10.661 68.798
55,642
1,611
13,655
70.908
Fund balances (deficit):
Reserved for advances to other funds - 1,700,000
Reserved for encumbrances 112,067 43,986
Unreserved:
Designated for approved capital
projects 1,385,380 1,672,845
Undesignated 229.499 1.168.271
Total fund balances (deficit) 1.726.946 4.585.102
Total liabilities and fund
balances $1.737.607 4.653.900
92,786
(92.786)
70.908
94
Community
Facilities
District
8,324,092
6,780
129,374
8.460.246
367,374
841,067
—
1.208.441
849,775
4,810,255
1.591.775
7.251.805
Palomar
County Airport
Airport Road
Road East Park
Project Project Development
1,015,666 1,299,063 2,962,514
_
15,783 20,187 46,037
1.031.449 1.319.250 3.008.551
543,226
— — —
2,550,000
543.226 2.550.000
4,537,436
399,773
631.676 (3.761.412) 458.551
1.031.449 776.024 458.551
Planned
Local
Drainage
Facilities
2,843,076
-
44,180
2.887.256
—
300,000
300.000
-
1,119,959
1.467.297
2.587.256
Public
Facilities
Construction
8,896,337
-
138,275
9.034.612
167,803
—
950,000
1.117.803
490,236
4,485,819
2.940.754
7.916.809
8.460.246 1.031.449 1.319.250 3.008.551 2.887.256 9.034.612
95
CITY OF CARLSBAD
Capital Projects Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Receivables:
Taxes
Accounts, net
Accrued interest
Due from other governments
Advances to other funds
Total assets
Redevelopment Redevelopment Redevelopment
Agency Area II Bond Proiect
$ 67,520
5,615
$ 73.135
16,529
257
16.786
2,769,115
2.769.115
Liabilities and Fund Balances
Liabilities:
Accounts payable $ 8,361
Accrued wages payable 13,547
Due to other funds
Deposits payable
Advances from other funds
Deferred revenue
Total liabilities
Fund balances (deficit):
Reserved for advances to other funds
Reserved for encumbrances
Unreserved:
Designated for approved capital
projects
Undesignated
Total fund balances (deficit)
Total liabilities and fund
balances $ 73.135
7,924,846
7.946.754
45,833
(7.919.452)
(7.873.619)
30,000
30.000
11,502
(24.716)
(13.214)
16.786
26,861
26.861
146,409
2,459,371
136.474
2.742.254
2.769.115
96
Traffic
Sales Tax/ State Impact
Transnet Grants Projects Totals
1,740,158 217,249 2,732,409 37,523,712
6,780
40,000
27,463 3,376 42,461 484,531
70,908
- - - 1.700.000
1.767.621 220.625 2.774.870 39.825.931
677 1,022 66,023 1,316,448
15,158
13,655
841,067
750,000 12,504,846
: 78.316 20.400 98.716
677 79.338 836.423 14.789.890
1,700,000
91,852 10,223 47,287 6,479,392
1,434,681 131,064 1,891,160 19,790,307
240.411 - - (2.933.658)
1.766.944 141.287 1.938.447 25.036.041
1.767.621 220.625 2.774.870 39.825.931
97
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year Ended June 30, 1993
Revenues:
Taxes
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 (under)
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of
of revenues and other
financing sources over
(under) expenditures
and other financing
sources
Fund balances (deficit) at
beginning of year, as restated
Residual equity transfers in
Residual equity transfers out
Fund balances (deficit) at end
of year
Assessment
Districts
$
45,675
104,077
11.233
160.985
Community
Capital Development
Construction Block Grants
199.427
199.427
(38.442)
(1.016.514)
(1.016.514)
(1,054,956)
3,959,283
10,979
(1.188.360)
$1.726.946
162,554
39.887
202.441
472.029
472.029
(269.588)
175,000
(3.170)
171.830
(97,758)
4,682,860
4.585.102
266,250
1.697
267.947
145,023
122.924
267.947
98
Community
Facilities
District
1,812,440
688,887
492,260
2.993.587
168,920
2.296.413
2.465.333
County
Airport
Road
Project
165,375
51,763
217.138
_
Palomar
Airport
Road
East
Project
1,040,186
53,071
113,758
1.207.015
1.882.027
1.882.027
Planned
Local
Park Drainage
Development Facilities
68,456 4,063
182,102 160,473
250.558 164.536
_ _
Public
Facilities
Construction
387,109
498,834
885.943
1.549.809
1.549.809
528.254 217.138 (675.012)250.558 164.536 (663.866)
(117)
1,451,036
(117) 1.451.036
528,254 217,021 776,024 250,558 164,536 (663,866)
6,723,551 814,428 207,993 2,422,720 8,580,675
7.251.805 1.031.449 776.024 2.587.256 7.916.809
99
CITY OF CARLSBAD
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances, (Continued)
Year Ended June 30, 1993
Redevelopment Redevelopment Redevelopment
Agency Area II Bond Project
Revenues:
Taxes $ -
Intergovernmental 29,800
Charges for services 750
Interest income 24,546 770 84,974
Contributions from property owners -
Miscellaneous 14.795 - -
Total revenues 69.891 770 84.974
Expenditures:
Current:
General government 753,104 15,985
Capital outlay 68.681 - 163.179
Total expenditures 821.785 15.985 163.179
Excess (deficiency) of
revenues over (under)
expenditures (751.894) (15.215) (78.205)
Other financing sources (uses):
Operating transfers in -
Operating transfers out (464.061) - -
Total other financing
sources (uses) (464.061) - " -
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses (1,215,955) (15,215) (78,205)
Fund balances (deficit) at
beginning of year, as restated (6,657,664) 2,001 2,820,459
Residual equity transfers in -
Residual equity transfers out - - -
Fund balances (deficit) at end
of year $(7.873.619) (13.214) 2.742.254
100
Sales Tax/
TransNet
2,170,000
130,638
2.300.638
155.278
155.278
2.145.360
Q. 351. 057)
(1. 351. 057)
Traffic
State Impact
Grants Projects
109,643
89,273
13,120 155,205
122.763 244.478
68.159 214.076
68.159 214.076
54.604 30 ..402
(99 ..862)
(99.862)
Totals
1,812,440
3,781,254
1,238,538
1,893,431
380,389
67.612
9.173.664
1,083,032
7.192.002
8.275.034
898.630
1,626,036
(2.934.781)
(1.308.745)
794,303 54,604 (69,460) (410,115)
972,641 105,566 2,007,907 26,642,420
10,979
- (18.883) :: (1.207.243)
1.766.944 141.287 1.938 ..447 25.036.041
101
1Q2
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises - where the intent of the governing body is
that the costs of providing goods or services to the general public be financed or recovered
primarily through user charges.
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.
To account for the operation, maintenance and capital facility financing 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.
103
CITY OF CARLSBAD
Enterprise Funds
Combining Balance Sheet
June 30, 1993
Assets
Current assets:Cash and investmentsReceivables:
TaxesAccounts, netAccrued interestDue from other fundsInventory
Total current assets
Restricted assets:Cash and investmentsAccrued interest
Total restricted assets
Property, plant and equipment
Less accumulated depreciation
Property, plant and
equipment, net
Total assets
Liabilities and Fund Equity
Current liabilities:
Accounts payableAccrued wages payableDue to other funds
Current portion of long-term debt
Deposits payable
Total current liabilities
Current liabilities payable fromrestricted assets - accrued
interest payable
Deferred revenue
Certificates of participation, net ofunamortized issuance costs of $320,521Installment purchase agreement, netof unamortized discount of $385,725
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Reserved for rate stabilization
Unreserved
Total fund equity
Total liabilities and
fund equity
CarlsbadMunicipalWater District Golf Course Sewer Solid Waste Totals
$16,232,546
11,640
2,574,530
261,076
219.029
19.298.821
2,302,763
2.302.763
58,860,918
flO. 490. 6061
48.370.312
$69.971.896
$ 1,142,419
267,161
204,657
730,000
126.999
2.471.236
134.965
10,319.479
12.925.680
40,169,911
559,726
878,072
15.438.507
57.046.216
1,883,459 15,399,831
29,269 239,341
204,657
10.567
1.912.728 15.854.396
3,098,969
6.938
3.105.907
789.758 61,052,192
(9. 860.438)
789.758 51.191.754
2.702.486 70.152.057
25 111,947
42,429
274,630
145.609
25 574.615
351.855
2,070,778
12.029.445
25 15.026.693
2,425,190 37,033,065
2,479,422
277.271 15.612.877
2.702.461 55.125.364
60,138
935
61.073
1,639
1.639
62.712
1,310
1,260
2.621
-
2.621
60.091
60.091
33,575,974
11,640
2,574,530
530,621
204,657
229.596
37.127.018
5,401,732
6.938
5.408.670
120,704,507
(20.351.0441
100.353.463
142.889.151
1,255,701
310,850
204,657
1,004,630
272.659
3.048.497
486.820
2,070,778
10,319,479
12.029.445
27.955.019
79,628,166
3,039,148
878,072
31.388.746
114.934.132
S69.971.896 2.702.486 70.152.057 62.712 142.889.151
104
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year Ended June 30, 1993
Operating revenues:
Water sales
Sewer services charges
Other charges for services
Contributions from other government
agencies
Miscellaneous
Total operating revenues
Carlsbad
Municipal
Water District Coif Course
$ 9,844,421
353,864
75,794
153.397 -
10.427.476
Sewer Solid Waste Totals
4,382,889
61,473
38.275
67,558
9,844,421
4,382,889
482,895
75,794
191.672
4.482.637 67.558 14.977.671
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
Gain (loss) on sale of property
Property taxes
Miscellaneous income (expense)
Amortization of issuance costs
Total nonoperating revenues
(expenses)
Net income (loss)
Retained earnings at beginning of year
Residual equity transfers out
Retained earnings at end of year
6,137,022
1,102,100
4.182.449
11.421.571
(994.095)
1,067,358
(855,595)
14,789
758,231
(26.710)
958.073
(36,022)
16,935,827
(23.500)
1,608,483
1,152,700
1.260.985
4.022,168
460.469
87,369 930,598
(851,292)
(6,223)
(17,533)
87.369 55.550
87,369 516,019
189,902 17,608,779
(32.499)
153.722
153.722
(86.164)
830
58,524
(26,810)
86,901
1,608,483
6,137,022
2,254,800
5.597.156
15.597.461
(619.790)
2,086,155
(1,706,887)
8,566
758,231
58,524
(44.243)
1.160.346
540,556
34,821,409
(55.999)
$16.876.305 277.271 18.092.299 60.091 35.305.966
105
CITY OF CARLSBAD
Enterprise Funds
Combining Statement of Cash Flows
Year Ended June 30, 1993
Carlsbad
Municipal
Water District
Cash flows from operating activities:
Operating income (loss) $ (994,095)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation and amortization 1,102,100
Decrease in receivables (335,066)
Increase (decrease) in advances
and due to/due from other funds 29,874
Decrease in due from other governments
Increase in inventory
Increase (decrease) in deposits payable
Increase (decrease) in accounts
payable
Increase in accrued wages payable
Net cash provided by (used in)
operating activities 458.945
Cash flows from noncapital financing
activities:
Transfer to other funds
Cash flows from capital and related
financing activities:
Purchases of property, plant and
equipment
Principal payment on bonds
Interest and other fees paid on bonds
Property taxes received
Capital contributions received
Net cash provided by (used in)
capital and related financing
activities
Cash flows from investing activities:
Investments in restricted assets
Interest on investments
Net cash provided by
investing activities
Net increase (decrease) in cash and
cash equivalents
Cash and cash equivalents at beginning
of year
Cash and cash equivalents at end of year
Supplemental schedule of noncash
investing and financing activities -
capital assets contributed by
contractors
f23.5001
(2,011,405)
(685,000)
(857,365)
758,231
534.887
(2.260.6521
139,453
1.147.086
1.286.539
(538,668)
16.771.214
$16.232.546
979.000
Golf Course Sewer Solid Waste
460,469 (86,164)
1,152,700
(29,874)
(4781 1.544.993
(32.4991
(11,647) (942,263) (1,639)
(1,254,550)
565.200 287.451 58.524
1,042,983
78.366 925.272 2.798
78.366 1.968.255 2.798
Totals
(619,790)
2,254,800
(335,066)
210,885
e (8,045)
434,664
18.628
"~
(478)
3,028
41,709
(89,396)
6.357
— *
(10,318)
1.260
213,913
33,664
334,472
26.245
1.908.238
(55.9991
(2,966,954)
(685,000)
(2,111,915)
758,231
1.446.062
553.553 (1.909.3621 56.885 (3.559.5761
631,441 1,571,387 (35,539)
1.252.018 13.828.444 95.677
1.883.459 15.399.831 60.138
1,182,4362.153.522
3.335.958
1,628,621
1.774.202
31.947.353
33.575.974
2.753.202
106
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods or services provided by
one department or agency of a government to other departments or agencies on a cost
reimbursement basis.
Data Processing
To account for charges to other funds for data processing services.
Fleet Management
To account for charges to other funds to provide fleet maintenance and accumulate funds for
fleet replacement.
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.
107
CITY OF CARLSBAD
Internal Service Funds
Combining Balance Sheet
June 30, 1993
General
Liability
Data Fleet Self Health Workers'
Processing Management Insurance Insurance Compensation Totals-
Current assets:
Cash and investments
Receivables:
Accounts, net
Accrued interest
Inventory
Total current assets
$ 544,198 3,028,675 2,788,784 1,731,019 2,293,294 10,385,970
6,601 -
8,457 47,067 43,337 26,894 35,638
- 97.061 - - -
552.655 3.179.404 2.832.121 1.757.913 2.328.932
6,601
161,393
97.061
10.651.025
Property, plant and equipment:
Equipment and vehicles
Less accumulated depreciation
Net Property, plant and
equipment
Total assets
876,354 4,364,083
(343.165) (2.139.0661
533.189 2.225.017
5,240,437
(2.482.231)
2.758.206
SI.085.844 5.404.421 2.832.121 1.757.913 2.328.932 13.409.231
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Accrued wages payable
Estimated claims payable
Total current liabilities
Fund equity:
Contributed capital -
contributed from other funds
Retained earnings - unreserved
Total fund equity
Total liabilities and
fund equity
$11,234
22,694
33.928
177,642
22,984
200.626
69,733
871.157
940.890
38,518
333.000
371.518
367
1.008.267
1.008.634
616,242 2,945,698 1,910,000
435.674 2.258.097 (18.769) 1.386.395
1,000,000
320.298
297,494
45,678
2.212.424
2.555.596
6,471,940
4.381.695
1.051.916 5.203.795 1.891.231 1.386.395 1.320.298 10.853.635
SI.085.844 5.404.421 2.832.121 1.757.913 13.409.231
108
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings
Year Ended June 30, 1993
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
General
Liability
Data Fleet Self Health Workers'
Processing Management Insurance Insurance Compensation Totals
$ 453,742 2,172,405 824,230 1,478,087 623,014 5,551,478
16.310 77.742 5.118 325.767 49.652 474.589
470.052 2.250.147 829.348 1.803.854 672.666 6.026.067
Operating expenses:
Depreciation
Fuel and supplies
Claims expense
General and administrative
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest income
Gain (loss) on sale of property
Total non-operating revenues
Net income (loss)
Retained earnings at
beginning of year
Retained earnings (deficit) at
end of year
86,885
579.603
666.488
(196.436)
30,412
(2.512)
27.900
(168,536)
446,511
457,019
792.743
1.696.273
553.874
163,549
(14.834)
148.715
702,589
1,134,082
1.134.082
(304.734)
144,520
144.520
(160,214)
1,824,547
1.824.547
(20.693)
101,846
101.846
81,153
639,500
639.500
33.166
103,365
103.365
136,531
533,396
457,019
3,598,129
1.372.346
5.960.890
65.177
543,692
(17.346)
526.346
591,523
604.210 1.555.508 141.445 1.305.242 183.767 3.790.172
S 435.674 2.258.097 (18.769) 1.386.395 320.298 4.381.695
109
CITY OF CARLSBAD
Internal Service Funds
Combining Statement of Cash Flows
Year Ended June 30, 1993
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation and amortization
(Increase) decrease in receivables
Decrease in inventory
Increase (decrease) in accounts
payable
Increase (decrease) in accrued
wages payable
Increase (decrease) in estimated
claims payable
Net cash provided by operating
activities
Cash flows from capital and related
financing activities:
Purchases of property, plant and
equipment
Capital contributions received
Net cash provided by (used in)
capital and related financing
activities
Cash flows from investing activities -
interest on investments
Data
Processing
General
Liability
Fleet Self- Health Workers'
Management Insurance Insurance Compensat ion Totals
$(196,436) 553,874 (304,734) (20,693) 33,166 65,177
86,885
8,035
2,516
446,511
(184)
(15,430)
117,840 114,011
(3,315)
177.120
29
(4,163) 207
141.000 (344.398)
533,396
(155)
(15,430)
235,930
(799)
(26.278)
Cash and cash equivalents at beginning
of year
Cash and cash equivalents at end of
year
Supplemental schedule of noncash
investing and financing activities -
capital assets contributed by other
funds
(99.000) 1.099.296 (13.603) 116.173 (311.025) 791.841
(14.072)(283,186)
30.000
(297,258)
500.000 530.000
(14.072) (253.186)500.000 232.742
32.069
Net increase in cash and cash equivalents (81,003)
151.617 144.194 99.469 100.157 527.506
997,727 130,591 215,642 289,132 1,552,089
625.201 2.030.948 2.658.193 1.515.377 2.004.162 8.833.881
S 544.198 3.028.675 2.788.784 1.731.019 2.293.294 10.385.970
$ 4.315 366.233 370.548
110
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,,
113
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Function
June 30, 1993
General Culture & Public Public
Government Recreation Safety Works Totals
Land $1,142,921 21,912,577 2,150,407 740,763 25,946,668
Buildings 2,998,460 10,410,066 13,996,610 - 27,405,136
Improvements 790,218 1,885,192 120,563 23,471 2,819,444
Furniture and equipment 1,383,255 1,188,884 1,864,190 469,876 4,906,205
Construction in progress - 1.939.831 489 - 1.940.319
Total $6.314.854 37.336.550 18.132.259 1.234.110 63.017.773
114
AGENCY FUNDS
Agency Funds are used to account for assets held by a government for other funds,
governments or individuals.
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 purposes.
Assessment Districts
To account for the debt service transactions on assessment district bonds for which the City
is not obligated.
Ill
CITY OF CARLSBAD
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended June 30, 1993
Balances at
July 1. 1992
Deferred compensation:
Assets:
Deferred compensation investments $ 4.712.077
Liabilities:
Deferred compensation payable $ 4.712.077
Contractors' deposits:
Assets:
Cash and investments S 1.828.573
Liabilities:
Deposits payable $ 1.828.573
Miscellaneous deposits:
Assets:
Cash and investments $ 7,807,994
Accrued interest 1.466
Total assets $ 7.809.460
Liabilities:
Accounts payable $ 8,660
Deposits payable 6,069,308
Due to other governments 1,731,492
Interest payable -
Total liabilities & 7.809.460
Assessment districts:
Assets:
Cash and investments $ 4,478,346
Accrued interest 49.187
Total assets S 4.527.533
Liabilities:
Assessments payable S 4.527.533
Totals - all aeencv funds:
Assets:
Cash and investments $14,114,913
Deferred compensation investments 4,712,077
Accrued interest 50.653
Total assets S18.877.643
Liabilities:
Accounts payable $ 8,660
Deposits payable 7,897,881
Deferred compensation payable 4,712,077
Assessments payable 4,527,533Due to other governments 1,731,492
Interest payable -
Total liabilities $18.877.643
Balances at
Additions Redact ions June 30. 1993
1.193.890
1.193.890
47.520
52.170
31,662,196
12.536
31.674.732
10,708
16,830,279
378.620
17.219.607
3,250,840
46.443
3.297.283
2.968.429
34,960,556
1,193,890
58.979
36.2^3r425
10,708
16,882,449
1,193,890
2,968,429
378.620
21.434.096
f 126. 000)
f!30.650)
(32,614,226)
a. 466)
f32.61S.692)
(17,321)
(16,411,754)
(1,731,492)
fl8.160.567)
(3,556,003)
f 49. 202)
f3. 605. 205)
f3. 276. 351)
(36,296,229)
(50.668)
f36.346.897)
(17,321)
(16,542,404)
(3,276,351)
(1,731,492)
f21.S67.568)
5.905.967
5.905.967
1.750.093
1,750.093
6,855,964
12.536
6. 868 r 500
2,047
6,487,833
378.620
6.868.500
4,173,183
46.428
4.219.611
4.219.611
12,779,240
5,905,967
58.964
18.744.171
2,047
8,237,926
5,905,967
4,219,611
378.620
18.744.171
112
CITY OF CARLSBAD
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets by Function
Year Ended June 30, 1993
Function
General government
Culture and recreation
Public safety
Public works
Total
General Fixed General Fixed
Assets at Assets at
July 1. 1992 Additions Deductions June 30. 1993
$ 6,343,866
36,987,133
18,493,586
1.211.619
118,689 (147,700) 6,314,854
1,798,599 (1,449,182) 37,336,550
405,143 (766,470) 18,132,259
31.572 (9.082) 1.234.110
$63.036.204 2.354.003 (2.372.434) 63.017.773
115
CITY OF CARLSBAD
General Fixed Asset Account Group
Schedule of General Fixed Assets by Source
June 30, 1993
As of June 30, 1986 $27,136,537
Net additions subsequent to June 30, 1986:
General fund 13,867,842
Community Development Block Grants 1,932,027
Federal grants 460,587
State grants 683,065
Street lighting 8,612
Park development 6,010,631
Public facilities 9,840,154
Redevelopment 3.078.318
Total investments in general fixed assets $63.017.773
116
ANNUAL DEBT SERVICE REQUIREMENTS
The following schedules present principal and interest debt service requirements for the
City's debt.
117
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements
$1.535.000 - 1969 CARLSBAD PARKING AUTHORITY REVENUE BONDS
Fiscal Interest Due
Year October 1
1993-94
1994-95
1995-96
$11,200
8,000
4.000
Total $23.200
Interest Due
Aoril 1
8,000
4,000
Total
Interest
19,200
12,000
4.000
Principal Due
October 1
100,000
125,000
125.000
12.000 35.200 350.000
Total Annual
Debt Service
119,200
137,000
129.000
385.200
$1.169.000 - 1981 CARLSBAD PARKING AUTHORITY REVENUE BONDS
Fiscal
Year
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
Total
Interest Due
August 1
$ 37,000
33,000
29,000
25,000
21,000
16,000
11,000
6.000
$178.000
Interest Due
February 1
37,000
33,000
29,000
25,000
21,000
16,000
11,000
6.000
178.000
Total
Interest
74,000
66,000
58,000
50,000
42,000
32,000
22,000
12.000
356.000
Principal Due
February 1
100,000
100,000
100,000
100,000
125,000
125,000
125,000
150.000
925.000
Total Annual
Debt Service
174,000
166,000
158,000
150,000
167,000
157,000
147,000
162.000
1.281.000
118
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, (Continued)
$12.000.000 - 1988 CARLSBAD HOUSING AND
REDEVELOPMENT COMMISSION TAX ALLOCATION BONDS
Fiscal
Year
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
Interest Due
October 1
•
$ 415,414
406,111
395,799
384,261
371,531
357,559
1999-2000 342,159
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Total
325,296
306,681
286,332
263,870
239,550
213,330
184,830
154,050
119,925
83,070
43.095
$4.892.863
Interest Due Total
Aoril 1
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
4.892.863
Interest
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
9.785.726
Principal Due
October 1
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
11.185.000
Total Annual
Debt Service
1
,146,598
,148,522
,159,318
,160,592
135,828
1,142,222
1,
1,
1,148,062
1,155,118
1,
1,
1,163,362
167,664
167,740
169,100
176,660
179,660
183,100
184,850
191,140
1.191.190
20.970.726
$9.570.250 - COLLEGE BOULEVARD ASSESSMENT DISTRICT BONDS
Fiscal Interest Due
Year September 2
1993-94 $
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
298,686
287,956
275,394
261,714
246,699
230,230
212,485
192,932
171,800
148,600
123,400
96,200
66,600
34.600
Total $2.647.296
Interest Due
March 2
287,956
275,394
261,714
246,699
230,230
212,485
192,932
171,800
148,600
123,400
96,200
66,600
34,600_
2.348.610 4
Total
Interest
586,642
563,350
537,108
508,413
476,929
442,715
405,417
364,732
320,400
272,000
219,600
162,800
101,200
34.600
.995.906
119
Principal Due
September 2
290,000
335,000
360,000
390,000
425,000
455,000
495,000
535,000
580,000
630,000
680,000
740,000
800,000
865.000
7.580.OOP
Total Annual
Debt Service
876,642
898,350
897,108
898,413
901,929
897,715
900,417
899,732
900,400
902,000
899,600
902,800
901,200
899.600
12.575.906
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, (Continued)
$8.690.000 - 1988 HOSP GROVE CERTIFICATES OF PARTICIPATION
Fiscal Interest Due
Year Aueust 1
1993-94 $
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
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 $3.090.602
Interest Due
February 1
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
2.791.278
Total
Interest
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
5.881.880
Principal Due
August 1
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
7.83Q.QOQ
Total Annual
Debt Service
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
13.711.880
$14.370.000 - 1988 CARLSBAD MUNICIPAL WATER DISTRICT
CERTIFICATES OF PARTICIPATION
Fiscal
Year
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
Total
Interest Due
November 1
$ 399,348
375,624
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52.012
$2.709.125
Interest Due
Mav 1
399,348
375,624
350,049
322,411
292,491
260,061
224,886
186,724
145,144
100,375
52.012
2.709.125
Total
Interest
798,696
751,248
700,098
644,822
584,982
520,122
449,772
373,448
290,288
200,750
104.024
5.418.250
Principal Due
Mav 1
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
11,370.000
Total Annual
Debt Service
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
16.788.250
120
CITY OF CARLSBAD
Schedule of Annual Debt Service Requirements, (Continued)
$12,689,800 - ENCINA FINANCING JOINT POWERS AUTHORITY
INSTALLMENT PURCHASE AGREEMENT
Fiscal Interest Due
Year
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
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
August 1
$ 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
34.101
Interest Due
February 1
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
34,101
-
Total
Interest
836,076
818,716
800,008
779,880
758,324
735,202
710,364
683,728
655,146
624,462
591,526
555,772
517,098
475,756
431,550
384,282
333,824
279,916
222,298
162,444
100,273
34.101
Principal
Due
August 1
274,630
289,782
308,722
327,662
348,496
371,224
395,846
420,468
448,878
477,288
509,486
543,578
581,458
621,232
664,794
710,250
757,600
810,632
865,558
926,166
986,774
1.049.276
Total Annual
Debt Service
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
1,087,047
1.083.377
Total $5.956.485 5.534.261 11.490.746 12.689.800 24.180.546
121
122
123
CITY OF CARLSBAD
General Expenditures by Function
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
(1)
(2)
Total (1)
$ 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
55,104,390
General
Government
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
6,775,830
Public
Safety
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
15,341,646
Includes General, Special Revenue,
Public
Works (2)
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
11,737,019
Debt Service and
Includes community development and utilities and
1991-92, as well as public works expenditures.
Welfare
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
2,711,467
Capital
Culture/
Recreation
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
6,686,110
Projects Funds.
maintenance categories
Capital
Projects
1,0*33,261
4,619,242
12,333,087
23,032,108
11,216,835
19,786,724
11,104,390
26,665,164
5,639,898
7,195,427
added in
Debt
Service
358,047
519,000
722,495
859,782
2,334,003
3,332,854
3,647,809
4,007,641
3,974,795
4,656,891
GENERAL EXPENDITURES BY FUNCTION
1992-93
GENERAL GOVERNMENT 12%
$6.78
DEBT SERVICE 8%
$4.66
CAPITAL PROJECTS 13%
$7.2
CULTURE/RECREATION 12%
$669 WELFARE 5%
$2.71
DOLLARS IN MILLIONS
PUBLIC SAFETY 28%
$15.34
PUBLIC WORKS 21%
$11.74
Source: City of Carlsbad Comprehensive Annual Financial Reports
124
TOTAL EXPENDITURES
LAST TEN YEARS
DOLLARS IN MILLIONS
$80-1'
$60-
$40-
$20-
1984 1985 1986 19871988 1989 1990 19911992 1993
FISCAL YEAR
INCLUDES GENERAL, SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
SPENDING ON CAPITAL PROJECTS
LAST TEN YEARS
DOLLARS IN MILLIONS
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
125
CITY OF CARLSBAD
General Revenues by Source
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Total CD
$ 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
58,115,465
Property
Taxes
4,848,041
5,243,124
6,769,473
8,516,463
8,882,813
11,012,396
12,677,817
14,007,364
15,132,124
15,332,036
Sales
Taxes
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
9,167,849
Transient
Occupancy
Taxes
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
3,098,793
Other
Taxes
1,969,434
2,084,724
1,807,457
1,987,299
4,205,570
3,648,826
4,114,856
3,691,387
5,153,213
3,408,805
Business
Licenses
351,875
428,546
471,470
517,972
616,278
696,706
791,715
832,432
910,532
1,071,342
(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
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
• PROPERTY TAX @ SALES TAX
Source: City of Carlsbad Comprehensive Annual Financial Reports
126
Other
Licenses
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
3,355,533
Intergov-
emmental
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
7,107,385
Charges for
Services
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
5,725,597
Fines and
Forfeits
256,471
345,750
288,055
366,597
435,649
478,830
511,890
515,746
312,984
231,877
Interest
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
4,866,361
Contributions
From Property
Owners
-
-
-
-
175,593
4,529,710
402,292
16,515,962
446,813
380,389
Other f21
378,245
119,492
1,240,056
958,016
1,283,513
3,158,167
2,442,238
3,677,473
2,703,159
4,369,498
TRANSIENT OCCUPANCY TAX
LAST TEN YEARS
DOLLARS IN MILLIONS
CHARGES FOR SERVICES
LAST TEN YEARS
DOLLARS IN MILLIONS
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
RSCAL YEAR
Source: City of Carlsbad Comprehensive Annual Financial Reports
127
CITY OF CARLSBAD
Ratio of General Bonded Debt to Assessed Valuation
and Net Bonded Debt Per Capita
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Net Assessed
Valuation CD
$ 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
6,066,896,498
Outstanding
Principal C2")
915,000
900,000
785,000
670,000
550,000
420,000
285,000
150,000
-
-
Percent of
Total
Valuation
0.04
0.03
0.03
0.02
0.01
0.01
0.01
-
-
-
Per Capita
Debt
23
20
16
12
9
7
4
2
-
-
Population C3)
40,665
44,566
48,872
55,282
58,888
62,030
63,451
64,264
65,661
67,172
(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.
GENERAL BONDED DEBT PER CAPITA
LAST TEN YEARS
DEBT IN DOLLARS
$100
$80-
$60
$40
$20-
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
128
CITY OF CARLSBAD
Computation of Legal Debt Margin
June 30, 1993
25% of net assessed valuation (1) $ 1.516.724.125
Debt limit (15% of net assessed valuation as adjusted) 227.508.619
Amount of debt applicable to debt limit:
Bonded debt (2) 20,040,000
Certificates of participation 7,830,000
Obligations under capital leases 874.288
Total amount of debt applicable to debt limit 28.744.288
Legal debt margin $ 198.764.331
Percent of debt limit 13%
(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 $ 1,275,000
College Boulevard Assessment District 7,580,000
Tax Allocation Bonds 11.185.000
Total bonded debt $ 20.040.000
129
CITY OF CARLSBAD
Schedule of Direct and Overlapping Bonded Debt
June 30, 1993
1992-93 Total Assessed Valuation: $6,159,027,618 (after deducting $157,710,307 redevelopment incremental
valuation)
Direct and Overlapping Bonded Debt:
San Diego County Building Authorities
San Diego County Water Authority
Metropolitan Water District
Carlsbad Unified School District
Carlsbad Unified School District Authority
Carlsbad Unified School District Community Facilities District #1
San Marcos Unified School District and Certificates of Participation
San Dieguito Union High School District
Encinitas Union School District, Authority and Certificates of Participation
Mira Costa Community College District Certificates of Participation
Other School Districts
Tri-City Hospital District
Palomar Pomerado Hospital District and Authority
Leucadia County Water District and I.D. #1
Vallecitos Water District and LD.'s #1, 2 & 6
Carlsbad Municipal Water District Certificates of Participation
Olivenhain Municipal Water District, I.D. #1
City of Carlsbad Building Authorities
City of Carlsbad 1915 Act Bonds
TOTAL DIRECT AND OVERLAPPING BONDED DEBT (1)
Applicable
4.742%
4.921
0.779
97.086
97.057
100.000
25.260
7.844
23.882
24.763
Various
31.815
0.702
50.611 & 1.633
6.604 - 10.868
100.000
30.991
100.000
100.000
$ 16,880,714
734,213
5,447,158
54,321
13,136,665
12,110,000
2,897,273
62,752
3,280,192
637,647
71,336
400,869
76,237
140,976
83,588
11,370,000
252,577
9,105,000
30.440.000
$107,181,518
(1) 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 ($9,105,000) 0.15%
Total Debt 1.74%
Share of Authorized and Unsold General Obligation Bonds:
Metropolitan Water District $389,500
Carlsbad Municipal Water District, I.D. #1 $98,867
Carlsbad Municipal Water District, I.D. #3 $200,000
State School Building Aid Repayable as of 6/30/93: $140,447
Source: California Municipal Statistics, Inc.
130
CITY OF CARLSBAD
Ratio of Annual Debt Service for
General Bonded Debt to Total Governmental Expenditures
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Principal
$ 15,000 (3)
115,000
115,000
115,000
120,000
130,000
135,000
135,000
150,000
-0-
Interest (4>
38,022
33,723
29,727
27,505
23,179
18,556
13,728
8,652
3,908
-0-
Total
Debt
Service (1)
53,022
148,723
144,727
142,505
143,179
148,556
148,728
143,652
153,908
-0-
Total
Governmental
Expenditures (2)
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
55,104,390
Ratio of Debt
Service to
Governmental
Expenditures %
0.3
0.7
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 Project funds.
(3) In 1983-84, the City began recording principal payments in the year they became 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
0.8%
0.7%-
0.6%-
0.5%-
0.4%-
0.3%-
0.2%-
0.1%-
0.0%
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
Source: City of Carlsbad Comprehensive Annual Financial Reports
131
CITY OF CARLSBAD
Revenue Bond Coverage
Water Utility
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
CD
Gross
Revenue
$ 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
12,267,854
(2)
Direct
Operating
Expenses
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
11,421,571
Net Revenue
Available
For Debt
Service
115,391
251,878
204,430
599,585
303,294
564,280
586,290
2,225,865
1,984,234
846,283
Debt Service Requirements
Principal
- (3)
125,000
130,000
140,000
150,000
157,000
160,000
775,000
685,000
730,000
Interest
56,875
50,138
42,531
38,549
29,096
21,211
12,718
1,088,386
842,538
798,696
Total
56,875
175,138
172,531
178,549
179,096
178,211
172,718
1,863,386
1,527,538
1,528,696
Coverage
2.03
1.44
1.18
3.36
1.69
3.17
3.39
1.19
1.29
0.55
(1) Includes operating and non-operating revenues.
(2) Total operating expenses including depreciation and amortization.
(3) In 1983-84 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
132
WATER ENTERPRISE GROSS REVENUE
VS. DIRECT OPERATING EXPENSES
LAST TEN YEARS
DOLLARS IN MILLIONS
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
• GROSS REVENUE H OPERATING EXPENSES
NET REVENUE AVAILABLE FOR DEBT SERVICE
LAST TEN YEARS
DOLLARS IN THOUSANDS
$2500 -(
1984198519861987198819891990199119921993
FISCAL YEAR
133
CITY OF CARLSBAD
Demographic Statistics
Last Ten Fiscal Years
Year
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1995 (Estimate)
2000 (Estimate)
2010 (Estimate)
Square
Miles
32.0
35.6
36.0
39.7
39.7
39.7
42.2
42.2
42.2
42.2
Population (1)
40,665
44,566
48,872
55,282
58,888
62,030
63,451
64,264
65,661
67,172
77,310 (3)
84,954 (3)
100,826 (3)
Population
Percent
Chanee
4.2
9.6
9.7
13.1
6.5
5.3
2.3
1.3
2.2
2.3
County
Population (2)
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
2,648,597
(4)
(4)
(4)
City
Population
Percent
of County
2.8
2.1
2.3
2.5
2.5
2.6
2.5
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 Diego Association of Governments Series VII
population forecast.
(4) County future population estimate not available.
POPULATION
LAST TEN YEARS
THOUSANDS
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
POPULATION AS OF JANUARY 1 PER
STATE DEPARTMENT OF FINANCE 134
135
CITY OF CARLSBAD
Schedule of Assessed Valuation
Last Ten Fiscal Years
Fiscal Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Secured Property
$ 2,195,611,840
2,487,497,173
2,893,268,927
3,456,419,183
3,937,879,614
4,197,767,148
4,813,718,827
5,406,790,697
5,823,039,810
5,948,358,026
Unsecured Property
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
242,255,869
Less Property Exemptions
8,401,587
14,605,675
18,616,217
19,248,842
21,859,608
20,083,629
23,581,665
25,387,503
27,414,635
31,586,277
NET TAXABLE VALUE
LAST TEN YEARS
DOLLARS IN BILLIONS
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
FISCAL YEAR
Source: City of Carlsbad Comprehensive Annual Financial Reports
136
Total
Assessed Valuation
2,244,519,647
2,548,122,552
2,952,177,060
3,517,951,761
4,014,899,694
4,287,316,546
4,937,833,836
5,563,445,973
6,000,719,836
6,159,027,618
Homeowner's
Exemptions
49,921,200
52,235,400
57,943,200
65,492,000
75,650,400
83,847,400
87,162,600
89,382,767
90,728,114
92,131,120
Net Assessed
Valuation
2,194,598,447
2,495,887,152
2,894,233,860
3,452,459,761
3,939,249,294
4,203,469,146
4,850,671,236
5,474,063,206
5,909,991,722
6,066,896,498
Percentage
Change
8.9
13.7
16.0
19.3
14.1
6.7
15.4
12.9
8.0
2.7
137
CITY OF CARLSBAD
Construction and Business Activity
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Building
Permit
Revenue
$ 1,068,876
1,055,738
1,397,129
1,230,100
671,779
674,814
1,029,750
857,717
219,445
234,063
Percent
Change
118.1
(1.2)
32.3
(12.0)
(45.4)
.5
52.6
(16.7)
(74.4)
6.7
Estimated
Valuation
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
49,809,414
License
Revenue
351,875
428,546
471,470
517,972
616,278
696,706
791,715
832,432
910,532
1,071,342
License
Percent
Change
25.7
21.8
10.0
9.9
19.0
13.1
13.6
5.1
9.4
17.7
ESTIMATED BUILDING VALUATION
LAST TEN YEARS
DOLLARS IN MILLIONS
19841985 1986 1987 1988 198919901991 1992 1993
FISCAL YEAR
INCLUDES GENERAL. SPECIAL REVENUE, DEBT
SERVICE AND CAPITAL PROJECT FUNDS
Source: City of Carlsbad Comprehensive Annual Financial Reports
138
CITY OF CARLSBAD
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
Total
Current Lew
4,972,861
5,565,653
6,742,713
8,077,224
9,368,469
10,928,048
12,600,253
13,931,230
14,932,937
13,990,844
Total Current
Collections
4,653,350
5,170,614
6,263,242
7,488,152
8,733,089
10,237,929
11,816,888
12,986,628
13,795,525
12,776,232
% of Levy
Collected
93.6
92.9
92.9
92.7
93.2
93.7
93.8
93.2
92.4
91.3
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN YEARS
DOLLARS IN MILLIONS
$16-fl
1984 1985 1986 1987 1988 1989 1990 19911992 1993
FISCAL YEAR
•TOTAL LEVY 0 AMOUNT COLLECTED
139
CITY OF CARLSBAD
Special Assessment Billings and Collections
College Boulevard Assessment District
Last Seven 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 940,780 758,864
1993 508,080 421,592
Note: There were no special assessment billings for the College Boulevard Assessment
District prior to the fiscal year ended June 30, 1987.
Source: City of Carlsbad Comprehensive Annual Financial Reports
140
CITY OF CARLSBAD
Principal Employers
1992-1993
Firm
Manufacturing:
Callaway Golf
Hughes Aircraft Company
The Upper Deck
Puritan-Bennett Corporation
Cobra Golf
Smith & Nephew DonJoy Inc.
Charter Golf
Taylor Made Golf Co., Inc.
Beckman Instruments
International Totalizer Systems
Intelligent Medical Systems
Dyna Corporation
Hughes JVC Technology Corporation
Eaton-Leonard Corporation
Calcitek, Inc.
Melles Griot Laser Products
Golf Equipment 900
Electronic Equipment 840
Entertainment Cards 675
Medical Equipment 550
Golf Equipment 300
Orthopedic Braces 300
Golf Apparel 250
Golf Equipment 240
Medical Diagnostic Reagent 200
Export Off Track Betting Systems 170
Ear Thermometers 170
Medical Products & Printing Co. 155
Large Screen Display Projector 155
Vending Machines 150
Dental Implants 150
Gas Lasers 150
Non-Manufacturing:
Plaza Camino Real
La Costa Hotel & Spa
Carlsbad Unified School District
Car Country Carlsbad
City of Carlsbad
Farmer's Insurance - Regional
San Diego Gas & Electric
Isis Pharmaceuticals
Best Western Andersen's Inn
Shopping Mall (5 major Dept. Stores) 3,000
Hotel & Health Spa 1,200
Education 540
Car Dealerships 500
Municipal Government 483
Insurance 420
Utility Company 270
Research and Development 185
Hotel/Restaurant 170
Source: City of Carlsbad Chamber of Commerce
141
CITY OF CARLSBAD
Principal Taxpayers
1992-93
Taxpayer
San Diego Gas & Electric Co.
Fieldstone/La Costa Associates
La Costa Hotel & Spa Corp.
Hughes Aircraft Company
Aviara Land Associates Limited
Lyon/Copley Carlsbad Associates
Puritan-Bennett Corporation
Aviara Resort Associates Limited
Upland Industries Corp.
Plaza Camino Real
Type of Business
Power Generation
Land Developer
Hotel & Health Spa
Manufacturer
Land Developer
Land Developer
Manufacturer
Land Developer
Land Developer
Shopping Center
Valuation
$ 328,515,295
177,486,963
148,582,543
92,402,832
60,709,825
41,922,080
34,295,000
30,992,704
30,818,133
29.896.933
$ 975,622,308
Percentage of
total Net
Assessed
Valuation (1)
5.4%
2.9
2.4
1.5
1.0
0.7
0.6
0.5
0.5
05
16.1%
(1) Net assessed valuation for 1992-93 - $6,066,896,498
142
CITY OF CARLSBAD
Miscellaneous Statistical Information
1992-93
Date of Incorporation
Type of City
Form of Government
Area
Population
Number of Streets
Miles of Streets
Fire Protection:
Number of Stations
Number of Firefighters & 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 Full Time City Employees
July 16, 1952
General Law
Council/Manager
42.19 sq. miles
67,172
4,516
238
6
72
1
77
17,307
13.04 million gallons
325
113
36
326.88 acres
1
2
207,711
483
143
144