HomeMy WebLinkAboutAGENDA REPORT 2002 0320 CC REG ITEM 11GV
MOORPARK CITY COUNCIL
AGENDA REPORT
ITEM
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TO: Honorable City Council
FROM: Dana Shigley, Administrative Services Dire t
DATE: March 6, 2002 (meeting of March 20, 2002)
SUBJECT: CONSIDER THE FISCAL YEAR 2000 /2001 ANNUAL FINANCIAL
STATEMENTS, SINGLE AUDIT REPORT AND MANAGEMENT REPORT
BACKGROUND
The City is required to conduct an annual independent audit of
its financial statements. In addition to the general purpose
audit, the city is also required to conduct an independent
"single audit" that focuses on federal pass- through funds and a
"management report" which addresses internal procedures.
DISCUSSION
For the third consecutive year, the audit firm of Vavrinek,
Trine, Day & Co., has conducted the annual audit and prepared
the necessary financial statements. These reports have been
provided to the City Council under separate cover and are
available to the public on request.
STAFF RECOMAENDATION
Receive and file the City's annual financial statements for the
year ended June 30, 2001.
March 12, 2002
To: Honorable City Council
From: Dana Shigley, Administrative Services Director
Subject: Annual Financial Statements for fiscal year ended June 30, 2001
Attached for your information are the annual financial statements for the year ended
June 30, 2001 for both the City of Moorpark and the Moorpark Redevelopment Agency. Also
attached is the auditor's Management Letter for the same period. These reports will appear on
the Council and Agency agendas for the March 20 meeting to be formally received and filed.
These financial statements are quite comprehensive. To assist you, I have attached a one -page
analysis of the revenues and expenditures in the General Fund, and the resulting impact on the
fund's balance. A brief explanation is below.
Revenues General fund revenues exceeded budgeted amounts by about $1.09 million. Revenues
increased over last year by $1.43 million; however, of this amount, $710,000 was the result of
implementation of a cost allocation plan, and is offset by increased expenditure levels, with no
net impact on fund balance. Discounting that accounting change, total revenues increased by
about $720,000 over last year, an increase of about 10 %.
*Sales tax revenues were $1.869 million, nearly identical to the $1.809 million received in the
previous year. Property tax revenues increased 15 %, or $258,000, over the previous year,
finally reflecting the numerous new homes constructed in the last couple of years. Motor
Vehicle In Lieu fees increased 11 % over the previous year, from $1.488 million to $1.657
million. This is consistent with the 10% annual increase experienced last year. These three
sources represent 62% of all general fund revenues.
•Revenues from Interest Earnings increased by $91,000, or 13% over last year. The amount
invested has increased as the General Fund balance has increased. Earnings in 2001/2002 will
be lower, as interest rates have dropped.
Expenditures Actual General Fund expenses were nearly $800,000 less than budgeted level,
with savings spread through all departments. Savings resulted in several departments from
positions that remained vacant during the year and special projects that were not completed.
Expenditures in the "overhead" departments increased significantly in 2000/2001 along with the
implementation of the cost allocation plan mentioned above; however, revenues increased by the
same amount, so there was no net impact. Public Safety expenditures increased from $3.241
million to $3.484, an increase of 8 %. Overall, total expenditures increased by $1.255 million
over the 1999/2000 fiscal year.
Fund Balance In sum, unanticipated revenues of $1.09 million, added to budget savings of about
$800,000, resulted in an increase to the general fund balance of $1.890 million. In addition, one-
time transfers between funds and the expenditure of prior year unspent budget amounts net an
additional $171,000. The general fund's balance at June 30, 2000 was $8.536 million, and
increased to $10.598 million by June 30, 2001.
The Council will recall that, as part of the last two annual budgets, unspent appropriations and
unanticipated revenues from the 1999/2000 fiscal year were set aside for special projects and
programs. The balance of these funds at June 30, 2001, which is included in the fund balance
figure noted above, is $739,000 ($433,700 of this is appropriated in the 2001/2002 budget). As
with last year, during development of the 2002/2003 the City Manager will recommend uses for
this amount, as well as for the use of the operational surplus of $1.89 million for the 2000/2001
fiscal year.
Non - General Fund The other operating and capital funds ended the year with revenue and
expense levels generally in line with projected levels. Notable changes over last year include
significant increases in revenues to development related funds, such as the Traffic System
Management, Endowment Fund, Park Improvement Funds and Areas of Contribution funds, as a
result of various housing developments in process during the year. For similar reasons, both
revenues and expenses in the Community Development fund were also increased significantly
over last year. The Endowment Fund ended the year with a balance of $7.2 million, an increase
of $2.4 million during the year.
Management Report In addition to reporting on the City's financial status, the annual audit
includes a review of internal management practices, pointing out areas where internal control
could be improved. The auditors found that, of the eight recommendations made last year, five
have either been implemented or are in process. Nine recommendations were made this year,
including three carried over from the previous year; many of these nine recommendations have
since been implemented. The recommendations yet to be implemented or otherwise resolved
include: 1) improved monitoring of developer deposits (note that custom software is currently
being developed to resolve this problem), 2) development of a written policy for backing up the
computer systems (this is in process), 3) implementing improved fixed asset tracking (this
project is underway), 4) updating the city's purchasing ordinance, and 5) development of a
comprehensive accounting policies and procedures manual. Staff will work toward
implementation of these recommendations in the coming year.
If you have any questions at all about these annual reports, please call me any time.
Cc: Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Attached:
General Fund Revenue and Expense Summary
Annual Financial Statement — City of Moorpark
Annual Financial Statement — Moorpark Redevelopment Agency
Annual Management Letter
Annual Single Audit Report
City of Moorpark
General Fund Expenditures and Revenues
Comparsion of Estimated versus Actual
Fiscal Year Ended June 30, 2001
REVENUES
Estimated
Actual
Variance
Property taxes
1,687,000
1,961,855
274,855
Sales taxes
1,555,000
1,869,411
314,411
Motor vehicle license taxes
1,521,500
1,656,722
135,222
Utility franchise taxes
659,000
668,177
9,177
Subventions and grants
247,200
342,449
95,249
Charges for current services
491,700
609,147
117,447
Charges to other funds for services
710,301
710,321
20
Fines & forfeitures
100,800
113,085
12,285
Interest
756,926
800,511
43,585
Other
37,500
125,020
87,520
Total Revenues
7,766,927
8,856,698
1,089,771
EXPENDITURES
1100 City Council
32,800
30,906
1,894
2100 City Manager
247,305
245,772
1,533
3100 City Clerk
335,537
319,339
16,198
3110 Human Resources
117,272
85,388
31,884
3120 Public Information
131,665
45,725
85,940
4100 City Attorney
94,000
24,415
69,585
5100 Administrative Services
595,752
552,005
43,747
5110 City Treasurer/Finance
440,408
418,387
22,021
5210 Emergency Services
21,395
6,765
14,630
6100 Community Development
-
-
-
7210 Animal Regulations
67,500
43,210
24,290
7520 Vector Control
258,510
246,724
11,786
7610 Senior Center
125,258
106,121
19,137
7620 Community Facilities
223,885
168,756
55,129
7630 Recreation
644,752
530,264
114,488
7800 Park Maintenance
542,100
372,954
169,146
8100 Public Works
64,113
68,142
(4,029)
8310 Street Maintenance
65,999
50,999
15,000
8320 NPDES
11,247
8,408
2,839
8330 Parking Enforcement
4,800
4,799
1
9200 Public Safety
3,569,405
3,484,489
84,916
Total Expenditures
7,762,139
6,965,480
796,659
Beginning Fund Balance
8,536,132
Net of Operating Revenues over Expenditures
1,891,218
Expenditures from prior year surplus
(288,394)
Interest from MRA for Prior Year Advances
484,761
Net Transfers to State Grant Fund
(25,257)
Total Increase /(Decrease) in Fund Balance
2,062,328
Ending Fund Balance 10,598,460
CITY OF MOORPARK
MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the fiscal year
July 1, 2000 through June 30, 2001
CITY OF MOORPARK
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
CONTENTS
PAGE
GENERAL PURPOSE FINANCIAL STATEMENTS
Independent Auditors' Report I
All Fund Types and Account Groups
Combined Balance Sheet 3
All Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes In Fund Balances 5
Combined Statement of Revenues, Expenditures and Changes In Fund Balances
— Budget and Actual 6
Notes to General- Purpose Financial Statements 8
SUPPLEMENTARY SCHEDULES
All Special Revenue Funds
Combining Balance Sheet 30
Combining Statement of Revenues, Expenditures and Changes In Fund Balances 33
Combining Statement of Revenues, Expenditures and Changes In Fund Balances
— Budget and Actual 36
All Capital Projects Funds
Combining Balance Sheet 42
Combining Statement of Revenues, Expenses and Changes In Fund Balances 44
Combining Statement of Revenues, Expenditures and Changes In Fund Balance
- Budget and Actual 46
Agency Fund — Developer Deposit Fund
Statement of Changes in Assets and Liabilities 48
CITY OF MOORPARK
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
CONTENTS (Continued)
PAGE
STATISTICAL SECTION
Revenues by Source — All Governmental Fund Types — Last Ten Fiscal Years 49
Expenditures by Function — All Governmental Fund Types — Last Ten Fiscal Years 50
Assessed Value of Taxable Property — Last Ten Fiscal Years 51
Secured Tax Charge and Delinquencies — Most Recent Five Year History 52
Direct and Overlapping Bonded Debt as of Fiscal Year 1999 -2000 53
Computation of Legal Debt Margin and Breakdown of General Property Tax Levy 54
City Population — Last Ten Years 55
Building Permit Valuation — Last Ten Fiscal Years 56
Largest Property Owners — Per Assessed Valuation 1998 57
Miscellaneous Statistics 58
rris I i VALUE THE DIFFERENCE
U66V Vavrinek, Trine, Day & Co., LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
The Honorable City Council
City of Moorpark
Moorpark, California
We have audited the accompanying general - purpose financial statements of the City of Moorpark as of and for
the year ended June 30, 2001, as listed in the accompanying table of contents. These general - purpose financial
statements are the responsibility of the City's management. Our responsibility is to express an opinion on these
general - purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued by
the Comptroller General of the United States. 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 general - purpose financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued a report dated November 20, 2001 on
our consideration of City of Moorpark's internal control over financial reporting and our tests of its compliance
with certain provisions of laws regulations, contracts and grants.
The City has not maintained complete records relating to the fixed assets of the General Fixed Asset Account
Group. Accordingly, we are unable to satisfy ourselves as to the fixed assets of the General Fixed Assets
Account Group amounting to $22,038,103.
In our opinion, except for the omission of the information discussed in the preceding paragraph, the general-
purpose financial statements referred to above present fairly, in all material respects, the financial position of the
City of Moorpark, California as of June 30, 2001, and the results of its operations for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
FYI FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
Our audit was made for the purpose of forming an opinion on the general - purpose financial statements taken as
a whole. The combining and individual fund statements listed in the accompanying table of contents as
supplementary information are presented for purposes of additional analysis and are not a required part of the
general - purpose financial statements of the City of Moorpark, 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 statistical information listed in the table of contents was not audited by us, and accordingly, we do not
express an opinion thereon.
Rancho Cucamonga, California
November 20, 2001
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CITY OF MOORPARK
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 2001
(With Comparative Totals for June 30, 2000)
ASSETS AND OTHER DEBITS
Cash and Investments
Restricted cash and investments
Accounts and interest receivable, net
Taxes receivable
Notes and loans receivable
Due from other funds
Long -term advance in Redevelopment Agency
Other assets
Land held for resale
Property and equipment
Amount available for debt service
Amount to be provided for retirement
of general long -term debt
Total Assets
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities
Employees compensated absences payable
Deposits, principally from developers
Due to other funds
Deferred revenue
Long -term advance from City General Fund
Tax allocation bonds payable
Total Liabilities
FUND EQUITY AND OTHER CREDITS
Fund balances and other credits:
Investment in general fixed assets
Fund balances:
Reserved for unpaid grants
Reserved for encumbrances
Reserved for receivables due after one year, net
Reserved for land held for resale
Reserved for prepaid expenditures
Reserved for debt services
Reserved for low /moderate income housing
Reserved for advances in Redevelopment Agency
Unreserved:
Designated
Undesignated
Total Fund Equity and Other Credits
Total Liabilities and Fund Equity
5,315
55,168 540,936
73,531 747,117 3,493,320
1,744,256 990,622
4,492
403,309
1,832,626
233,678
10,459,950 27,868,694 2,811,968
10,598,456 32,733,629 7,529,588 403,309
$ 11,111,006 $ 36,353,588 $ 8,367,471 $ 850,641
The accompanying notes are an integral part of these financial statements.
3
GOVERNMENTAL FUND TYPES
Special
Capital
Debt
General
Revenue
Projects
Service
$ 9,539,956
$ 32,992,734 $
3,796,933
$
803,959
593,113
766,601
76,006
10,381
239,061
22,417
24,279
73,623
785,119
3,493,320
660,761
42,461
12,022
4,492
10,590
1,744,256
990,622
8,367,471 $
$ 11,111,006
$ 36,353,588 $
850,641
439,323
2,877,899
349,077
447,332
25,000
4,045
12,022
218,461
484,761
61,205
498,599
512,550
3,619,959
837,883
447,332
5,315
55,168 540,936
73,531 747,117 3,493,320
1,744,256 990,622
4,492
403,309
1,832,626
233,678
10,459,950 27,868,694 2,811,968
10,598,456 32,733,629 7,529,588 403,309
$ 11,111,006 $ 36,353,588 $ 8,367,471 $ 850,641
The accompanying notes are an integral part of these financial statements.
3
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FIDUCIARY
FUND
TOTALS
TYPE
ACCOUNT GROUPS
(Memorandum Only)
General
General -Long
Agency
Fixed Assets
Term Debt
2001
2000
$ 1,413,623
$ 47,743,246
$ 39,115,418
803,959
1,082,005
1,446,101
1,906,710
285,757
136,747
4,352,062
4,600,988
715,244
3,097,664
1,865,369
15,082
13,781
+�
2,734,878
1,500,000
$ 22,038,103
22,038,103
21,221,029
$ 403,309
403,309
831,875
9,024,226
9,024,226
10,769;599
$ 1,413,623
_L_22,038,103
$ 9,427,535
_L_89,561,967
$ 86,141,185
4,113,631
2,242,136
232,535
232,535
196,105
1,413,623
1,442,668
1,518,004
r
715,244
3,097,664
559,804
527,206
1,865,369
9,195,000
9,195,000
9,540,000
1,413,623
9,427,535
16,258,882
18,986,484
22,038,103
22,038,103
21,221,029
5,315
49,097
596,104
263,711
4,313,968
4,415,786
2,734,878
1,500,000
4,492
3,664
.�
403,309
831,875
1,832,626
1,570,425
ma
1,865,369
233,678
4,249,058
41,140,612
31,184,687
i
22,038,103
73,303,085
67,154,701
1,413,623
$ 22,038,103
$ 9,427,535
$ 89,561,967
$ 86,141,185
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CITY OF MOORPARK
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
(With Comparative Totals for the Fiscal Year Ended June 30, 2000)
,
A+ The accompanying notes are an integral part of these financial statements.
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TOTALS
GOVERNMENTAL FUND TYPES
(Memorandum Only)
General
Special
Capital
Debt
Fund
Revenue
Projects
Service
2001
2000
REVENUES
Property taxes
$ 1,961,855
$ 2,541,900
$ 4,503,755
$ 3,692,893
Sales taxes
1,869,411
1,869,411
1,809,428
Other taxes
$ 662,865
662,865
596,716
Motor vehicle license fees
1,656,722
1,656,722
1,488,473
Utility franchise fees
668,178
202,402
870,580
846,180
Building and safety fees
924,610
924,610
453,189
Maintenance assessments
6,132,478
$ 253,068
6,385,546
5,147,137
Subventions and grants
342,449
1,346,265
1,688,714
2,375,920
Planning and public works fees
1,321,470
1,321,470
1,456,613
Development fees
2,181,308
2,181,308
133,543
Charges for current services
777,792
43,302
821,094
628,527
Fines and forfeitures
113,085
155,635
268,720
230,148
Interest
540,914
1,875,778
530,170
41,058
2,987,920
2,384,356
Other
121,316
26,685
99,825
247,826
88,120
Total Revenues
8,051,722
14,872,798
883,063
2,582,958
26,390,541
21,331,243
EXPENDITURES
Current:
General government
1,597,567
4,071
1,601,638
1,168,049
Public safety
3,781,307
48,675
271
3,830,253
3,476,781
Public services
252,934
3,873,836
294,971
613,910
5,035,651
5,070,009
Parks and recreation
840,348
1,011,300
1,851,648
1,383,146
Capital outlay
72,164
4,771,982
2,044,112
6,888,258
5,355,271
Debt service
Principal
2,210,369
2,210,369
2,820,000
Interest
557,401
557,401
744,305
Total Expenditures
6,544,320
9,705,793
2,343,425
3,381,680
21,975,218
20,017,561
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
1,507,402
5,167,005
(1,460,362)
(798,722)
4,415,323
1,313,682
OTHER FINANCING SOURCES (USES)
Operating transfers in
822,098
1,217,939
878,536
2,918,573
1,481,809
Proceeds from sale of city property
3,704
7,980
11,684
Loss from sale of city property
(15,000)
(15,000)
Operating transfers out
(709,559)
(963,418)
(737,216)
(508,380)
(2,918,573)
(1,481,809)
Total Other Financing Sources (Uses)
116,243
247,501
(737,216)
370,156
(3,316)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
air
EXPENDITURES AND OTHER USES
1,623,645
5,414,506
(2,197,578)
(428,566)
4,412,007
1,313,682
Fund Balances, Beginning of Year
8,536,132
27,172,539
9,393,126
831,875
45,933,672
44,518,954
.gyp Prior Period Adjustment
484,761
100,502
334,040
919,303
101,036
Fund Equity Transfer/Residual Equity Transfer
(46,082)
46,082
Fund Balances, End of Year
$ I 5982456
$ 32,733,629
$ 7,529,588
$ 403,309
$ 51,264,982
$ 45,933,672
,
A+ The accompanying notes are an integral part of these financial statements.
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CITY OF MOORPARK
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
The accompanying notes are an integral part of these financial statements.
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GENERAL FUND
SPECIAL REVENUE FUNDS
Variance
Variance
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
REVENUES
Property taxes
$ 1,687,000
$ 1,961,855
$ 274,855
Sales taxes
1,555,000
1,869,411
314,411
Other taxes
$ 598,090
$ 662,865
$ 64,775
Motor vehicle license fees
1,521,500
1,656,722
135,222
Utility franchise fees
659,000
668,178
9,178
187,000
202,402
15,402
Building and safety fees
1,122,491
924,610
(197,881)
Maintenance assessments
7,947,809
6,132,478
(1,815,331)
Subventions and grants
247,200
342,449
95,249
2,213,259
1,346,265
(866,994)
Planning and public works fees
1,321,470
1,321,470
Development fees
2,181,308
2,181,308
Charges for current services
660,345
777,792
117,447
1,680,054
43,302
(1,636,752)
Fines and forfeitures
100,800
113,085
12,285
105,000
155,635
50,635
Interest
496,926
540,914
43,988
1,092,138
1,875,778
783,640
Other
37,500
121,316
83,816
10,300
26,685
16,385
6,965,271
8,051,722
1,086,451
14,956,141
14,872,798
(83,343)
EXPENDITURES
Current:
General government
2,027,028
1,597,567
429,461
Public safety
3,891,476
3,781,307
110,169
274,511
48,675
225,836
Public services
372,176
252,934
119,242
4,608,110
3,873,836
734,274
Parks and recreation
1,013,901
840,348
173,553
1,206,318
1,011,300
195,018
Capital outlay
196,459
72,164
124,295
12,738,309
4,771,982
7,966,327
Debt service
Principal
Interest
Total Expenditures
7,501,040
6,544,320
956,720
18,827,248
9,705,793
9,121,455
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(535,769)
1,507,402
2,043,171
(3,871,107)
5,167,005
9,038,112
OTHER FINANCING SOURCES (USES)
Operating transfers in
801,656
822,098
20,442
872,489
1,217,939
345,450
Proceeds from sale of city property
3,704
3,704
7,980
7,980
Loss from sale of city property
15,000
( )
(15,000)
Operating transfers out
(854,489)
(709,559)
144,930
(819,656)
(963,418)
(143,762)
Total Other Financing Sources (Uses)
(52,833)
116,243
169,076
52,833
247,501
194,668
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
$ (588,602)
1,623,645
$ 2,212,247
$ (3,818,274)
5,414,506
$ 9,232,780
Fund Balances, Beginning of Year
8,536,132
27,172,539
Prior Period Adjustment
484,761
100,502
Fund Equity Transfer/Residual Equity Transfer
(46,082)
46,082
Fund Balances, End of Year
$ 10,598,456
$ 32,733,629
The accompanying notes are an integral part of these financial statements.
Ell
0
W
W
w
$ (3,598,218) (2,197,578) $ 1,400,640 $ (731,898)
9,393,126
334,040
$ 7,529,588
(428,566) $ 303,332 $ (8,736,992)
831,875
$ 403,309
4,412,007 $ 13,148,999
45,933,672
919,303
$ 51,264,982
TOTAL
CAPITAL PROJECTS FUNDS
DEBT SERVICE
(Memorandum Only)
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 1,884,800
$ 2,541,900
$ 657,100
$ 3,571,800
$ 4,503,755
$ 931,955
1,555,000
1,869,411
314,411
598,090
662,865
64,775
1,521,500
1,656,722
135,222
846,000
870,580
24,580
1,122,491
924,610
(197,881)
$ 609,220
$ 253,068
$ (356,152)
8,557,029
6,385,546
(2,171,483)
2,460,459
1,688,714
(771,745)
1,321,470
1,321,470
2,181,308
2,181,308
2,340,399
821,094
(1,519,305)
205,800
268,720
62,920
527,000
530,170
3,170
61,900
41,058
(20,842)
2,177,964
2,987,920
809,956
107,000
99,825
(7,175)
154,800
247,826
93,026
1,243,220
883,063
(360,157)
1,946,700
2,582,958
636,258
25,111,332
26,390,541
1,279,209
2,400
4,071
(1,671)
2,029,428
1,601,638
427,790
10,500
271
10,229
4,176,487
3,830,253
346,234
2,575,958
294,971
2,280,987
613,910
(613,910)
7,556,244
5,035,651
2,520,593
2,220,219
1,851,648
368,571
2,252,580
2,044,112
208,468
15,187,348
6,888,258
8,299,090
2,532,572
2,210,369
322,203
2,532,572
2,210,369
322,203
911,326
557,401
353,925
911,326
557,401
353,925
4,841,438
2,343,425
2,498,013
3,443,898
3,381,680
62,218
34,613,624
21,975,218
12,638,406
(3,598,218)
(1,460,362)
2,137,856
(1,497,198)
(798,722)
698,476
(9,502,292)
4,415,323
13,917,615
765,300
878,536
113,236
2,439,445
2,918,573
479,128
11,684
11,684
(15,000)
(15,000)
(737,216)
(737,216)
(508,380)
508,380
(1,674,145)
(2,918,573)
(1,244,428)
(737,216)
(737,216)
765,300
370,156
621,616
765,300
(3,316)
(768,616)
$ (3,598,218) (2,197,578) $ 1,400,640 $ (731,898)
9,393,126
334,040
$ 7,529,588
(428,566) $ 303,332 $ (8,736,992)
831,875
$ 403,309
4,412,007 $ 13,148,999
45,933,672
919,303
$ 51,264,982
This page left blank intentionally.
N.
m
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Moorpark (the City), accounts for its financial operations in accordance with accounting principles
generally accepted in the United States of America applicable to governmental units. Accordingly, the City uses
several fund types and account groups as described below.
A. Fund Types and Account Groups
The accounts of the City are organized on the basis of individual funds and account groups, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a separate set
of self - balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or
expenses as appropriate. The City's resources are allocated to and accounted for in these individual funds
based on the purposes for which they are to be spent and the means by which spending activities are
controlled. The various funds are grouped in the general - purpose financial statements as follows:
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 the proceeds of specific revenue
sources that are legally restricted to expenditures for specified purposes.
• Capital Project Funds: Capital Project Funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities.
• Debt Service Funds: The Debt Service Funds are used to account for the accumulation of resources for,
and the payment of, general long -term debt principal, interest, and related costs.
Fiduciary Funds
*' • Agency Funds: Agency Funds are used to account for assets held by the City as an agent for individuals,
private organizations, other governments and/or other funds. The agency funds are custodial in nature
(assets equal liabilities) and do not involve measurement of results of operations. The agency funds use
the modified accrual basis of accounting.
Account Groups
• General Fixed Assets Account Group
General Fixed Assets Account Group, which is used to account for property and equipment purchased
or received by the governmental fund types.
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
• General Long -Term Debt Account Group
General Long -Term Debt Account Group, which is used to account for unmatured long -term
indebtedness of the governmental fund types.
B. Measurement Focus
All governmental funds are accounted for on a spending or financial flow measurement focus, which means
that only current assets and current liabilities are generally included on their balance sheets. Their reported
fund balance is their net current assets, which is considered only to be a measure of available spendable
resources. Governmental fund operating statements present a summary of sources and uses of available
spendable resources during a period by presenting increases and decreases in net current assets.
Because of their spending measurement focus, governmental funds exclude fixed assets and noncurrent
liabilities. Instead, these assets and liabilities are reported in the General Fixed Assets Account Group and
the General Long -Term Obligations Account Group. These account groups measure only financial position;
they are not funds and they do not measure results of operations. They maintain accounting control over the
City's governmental fund fixed assets and City debt, which will be repaid by governmental funds.
In those cases when a governmental fund records a long -term receivable or other non - current asset, an
offsetting credit is made to deferred revenue, or undesignated fund balance is reduced to reflect the fact that
this amount is not yet available.
C. Reporting Entity
ntity
0
The accompanying general - purpose financial statements include all accounts for the City and the
Redevelopment Agency. The City of Moorpark Redevelopment Agency is a separate legal entity, over
which the City Council exercises significant oversight responsibility and authority. The Financial
operations of the Redevelopment Agency are included in the accompanying financial statements based on
the financial interdependency of the City and the Redevelopment Agency, the absence of authoritative W
independence of its officials, and the significant ability of the City Council to influence the Redevelopment
Agency's operations and fiscal matters. Wk
A component unit financial statement for the City of Moorpark Redevelopment Agency previously M
described maybe obtained at 799 Moorpark Avenue, Moorpark, California 93021. w
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts
and reported in the general - purpose financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied. .o
All governmental and agency fund types are accounted for using the modified accrual basis of accounting. W
ow
9 w
W
ELJ
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Their revenues are recognized when they become measurable and available as net current assets.
Those revenues susceptible to accrual are property taxes, sales taxes, transient occupancy taxes, interest
revenues, and charges for services. Fines, licenses, and permit revenues are not susceptible to accrual
because they generally are not measurable until received in cash.
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund
liability is incurred, except for principal and interest on general long -term obligations which is recognized
when due. Because of their current financial resources focus, expenditure recognition for governmental
fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current
assets, such long -term amounts are not recognized as governmental fund expenditures or fund liabilities.
E. Interfund Transactions
In the course of normal operations, transactions occur among various City funds. Recurring operating
transfers are recorded by the receiving fund as an operating transfer in and as an addition to fund balance.
Such transfers are recorded by the disbursing fund as an operating transfer out and a reduction of fund
balance.
Due to /from accounts and advance to /from accounts are primarily related to advances made by the General
Fund to various Special Revenue and Capital Projects Funds and the Redevelopment Agency. Advances to
Special Revenue and Capital Projects Funds are current and will be repaid from the receipt of grant funds
and future revenues. Long -term advances to the Redevelopment Agency, which total $0 at June 30, 2001,
are to be repaid over an indeterminate period of time, and bear simple interest at a rate of 8 percent annually.
These long -term advances are fully reserved in the General Fund. In July 2000, the City Council reduced
the simple interest rate to 8 percent annually.
F. Property Taxes
The duties of assessing and collecting property taxes are performed by the Ventura county (County)
Assessor and Tax Collector, respectively. The City receives an allocation of property taxes collected by the
County with respect to property located within the City limits equal to 6.5 percent of the 1 percent State
levy. The Redevelopment Agency receives incremental property taxes on property within its project area
over the base - assessed valuation at the date the project area was established. Tax levies cover the period
from July 1 to June 30 of each year. All tax liens are attached annually on the first day in January preceding
the fiscal year for which the taxes are levied. Taxes are levied on both real and personal property, as it
exists on that date.
10
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Secured property taxes are levied against real property and are due and payable in two equal installments.
The first installment is due on November 1 and becomes delinquent if not paid by December 10. The
second installment is due on February 1 and becomes delinquent if not paid by April 10. Unsecured
personal property taxes are due on July 1 each year. These taxes become delinquent if not paid by
August 31.
G. Land Held for Resale
Land held for resale in the Redevelopment Low -and Moderate - Income Special Revenue Fund totaled
$2,734,878 at June 30, 2001. Such property represents land purchased by the Agency for redevelopment
purposes. Land is valued at the lower of cost or estimated net realizable value.
H. Fixed Assets and Long -Term Liabilities
The General Fixed Assets Account Group provides accounting control over the cost of fixed assets used by
the City's governmental funds. The General Fixed Assets Account Group is not a fund and its balances are
not financial resources available for expenditure. Rather, they provide an historical accounting record of
resources expended on general fixed assets. Public domain (infrastructure) general fixed assets, which
include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems,
have not been capitalized because these assets are immovable and of value only to the public. No
depreciation has been provided on general fixed assets.
L"
0
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not
available. Donated fixed assets are valued at their estimated fair market value on the date donated. +s
The General Long Term Debt Account Group provides accounting control over the unmatured principal of
the City's general long -term debt. This debt will be repaid out of governmental funds but is not accounted
for in these funds because this part of the debt does not require an appropriation or expenditure in this
accounting period.
The two account groups are not funds. They are concerned only with the measurement of financial position.
They are not involved with measurement of results of operations.
ae
wr
w�
11
' CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I. Deposits
Deposits principally consist of amounts collected from developers for services to be rendered by the City,
including engineering, plan checks and inspections and planning review services. The City recognizes such
amounts deposited as revenue when the services are performed and the corresponding expenditures are
»- incurred.
J. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is
employed in the governmental funds. Open encumbrances are recorded as reservations of fund balance
since the commitments will be paid by subsequent years' budget appropriations. Encumbrances do not
constitute expenditure or liabilities.
K. New Accounting Standards
Governmental Accounting Standards Board (GASB) Statement Number 33
The Governmental Accounting Standards Board (GASB) has issued Statement No. 33, "Accounting and
Financial Reporting for Nonexchange Transactions ". The requirements of this Statement are effective for
financial statements for periods beginning after June 15, 2000. The Statement establishes accounting and
financial reporting standards to guide state and local governments' decisions about when to report the results
" of nonexchange transactions involving cash and other financial capital resources.
�w
The Statement identifies four classes of nonexchange transactions, these are: (a) derived tax revenues (for
example income taxes, sales taxes, and other assessments on earning or consumption), (b) imposed
nonexchange revenues (for example property taxes and fines), (c) government- mandates nonexchange
transactions (for example federal programs that state or local governments are mandated to perform), (d)
voluntary nonexchange transactions (for example certain grants and private donations).
The implementation did not have a material effect on the financial statements of the City.
12
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental Accounting Standards Board (GASB) Statement Number 34
The Governmental Accounting Standards Board has issued Statement No. 34, "Basic Financial Statements —
and Management's Discussion and Analysis — for State and Local Governments ". This Statement
establishes a new financial reporting model for state and local governments. This new model requires that
at a minimum the basic financial statements of a government include: (1) Management's discussion and
analysis (MD &A) as a component of required supplementary information (RSI), (2) both government -wide
financial statements and fund financial statements, (3) notes to the financial statements and (4) RSI other
than MD &A.
The implementation of the Statement is mandated in three phases based upon a government's total annual
revenues of its governmental and enterprise funds in the fiscal years ending after June 15, 1999.
Phase 1 governments, those with annual revenues of $100 million or greater will be required to
implement for periods beginning after June 15, 2001.
Phase 2 governments, those with annual revenues of $10 million or more but less than $100 million will
be required to implement for periods beginning after June 15, 2002.
Phase 3 governments, those with annual revenues of less than $10 million will be required to implement
for periods beginning after June 15, 2003.
The Statement also requires that governments capitalize all infrastructure assets, and also include all debt of
the government in the Statement of Net Assets. (Although the implementation of the infrastructure assets
can be deferred until future years depending on the implementation Phase as noted above).
This will be a complete change in the presentation of government financial statements. The City of
Moorpark has already begun to develop plans and implement policies to prepare for the implementation of
the new reporting model defined within GASB Statements No. 34.
L. Deferred Compensation
0
In October 1997, GASB Statement No. 32, "Accounting and Financial Reporting for Internal Revenue Code
Section 457 Deferred Compensation Plans ", was issued. This Statement establishes accounting and W
financial reporting standards for Internal Revenue Code (IRC) section 457 deferred compensation plans of
state and local governments. Pursuant to the IRC 457 subsection (g), all amounts of compensation deferred
under the plan, all property, or rights are solely the property and rights of the employee and beneficiaries of
the Plan. Deferred compensation funds are not subject to the claims of the City's general creditors. The
City has established an eligible deferred compensation plan in accordance with subsection (g) of the IRC
Section 457. Under the provisions of this Statement, it is no longer considered appropriate to report the w�
Section 457 plan in the City's financial statements. The investments under the City's 457 plan as of
June 30, 2001, were $1,199,716.
13
W
rr
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as
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. Total (Memorandum Only) Columns
The combined financial statements include certain "Memorandum Only" totals, which represent
mathematical summations of account totals by fund type and account group and do not reflect the
elimination of interfund transactions. Such totals are for information purposes only and do not present
consolidated financial information.
N. Reclassifications
Certain reclassifications have been made to the comparative total amounts reported in prior years in order to
conform to the current year's presentation.
NOTE #2 — BUDGETARYINFORMATION
fi The City Council adopts a formal budget at the beginning of the City's fiscal year providing for operations and
capital expenditures of the City's General Fund, Special Revenue Funds, Capital Projects Funds, and the Debt
Service Funds. Budgetary controls and the levying of taxes are established by the City within state limitations.
The City's adopted budget requires that expenditures not exceed appropriations in total form each fund. The
budgetary basis of accounting is consistent with accounting principles generally accepted in the United States of
America applicable to the City's financial statements.
The Council is authorized to make and has made appropriation adjustments to the budget during the year as
deemed necessary. Such adjustments, which are considered immaterial, are included in the budget amounts in
the accompanying general - purpose financial statements. Appropriations lapse at year -end.
NOTE #3 — CASHAND INVESTMENTS
Cash and investments of the City are pooled for deposit and investment purposes. Interest earned on pooled
investments is credited to the funds based on each fund's average deposit balance.
Investments are stated at fair value. The City's investments consist primarily of the State of California Local
Agency Investment Fund (LAIF) and money market investments.
Ms
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14
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #3 — CASH AND INVESTMENTS (Continued)
A. Deposits
The California Government Code requires California banks and savings and loan associations to secure a
city's deposits by pledging government securities as collateral. The market value of pledged securities must
equal at least 110 percent of a city's deposits. California law also allows financial institutions to secure such
deposits by pledging first trust deed mortgage notes having a value of 150 percent of a city's total deposits.
B. Investments
The City temporarily invests its excess cash in instruments, which are allowable under current legislation of
the State of California (Government Code Section 53600 et seq.). The state code permits investments in the
following instruments:
• Securities of the U. S. government or its agencies
• Small business administration loans
• Certificates of deposit (or time deposits) placed with commercial banks and/or savings and loan
companies
• Negotiable certificates of deposit
• Bankers' acceptances
• Commercial paper
• Local Agency Investment Fund (LAIF)
• Repurchase agreements, Passbook savings accounts
• Reverse - repurchase agreements
As of and for the year ended June 30, 2001 and for the year ended, the City did not choose to utilize either
repurchase agreements or reverse - repurchase agreements, investment vehicles; nor did it engage in
securities lending activities.
The City's cash and investments at June 30, 2001 are as follows:
Unrestricted cash and investments
Restricted cash and investments
Total Cash and Investments
0
■s
$47,743,246
803,959
$48,547,205
F
15 ,�,,,
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
.NNE 30, 2001
NOTE #3 — CASH AND INVESTMENTS (Continued)
The cash and investments are aggregated as follows:
Deposits $ 9,186,253
Petty cash 1,100
Investments 39,359,852
Total Cash and Investments $48,547,205
The City's deposits at June 30, 2001 are categorized in the following table:
BANK BALANCE -
CATEGORY BANK CARRYING
1 2 3 BALANCES AMOUNTS
Categorized
Deposits held with banks $ 100,000 $ 9,381,437 $ 9,481,437 $ 9,186,253
Total $ 100,000 $ 9,381,437 $ 9,481,437 $ 9,186,253
Category 1: Includes deposits that are insured or collateralized with securities held by the City or its agent
in the City's name.
Category 2: Includes deposits that are collateralized with securities held by the pledging financial
institution's trust department or agent in the City" name.
Category 3: Deposits, which are uncollaterlized, or collateralized with securities held by the pledging
financial institution or by its trust department or agent but not in the City's name.
The City's investments at June 30, 2001 are categorized in the following table:
CATEGORY Carrying Fair
(1) (2) (3) Value Value
Investments held in trust by
fiscal agents on behalf of the
City of Moorpark (restricted
assets)- investment agreement
Fidelity Money Market Fund
U.S. Treasuries
State Treasurer's Local Agency
Investment Fund (1)
Common Stock - Disney
Total
* Not required to be categorized.
$ 771, 100 $ 771,100
32,859 32,859
$ 5,954,828 5,953,739 5,954,828
32,598,312 32,671,252
$ 3,328 3,842 3,328
$ 5,958,156 $ - $ - $39,359,852 $39,433,367
16
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #3 — CASHAND INVESTMENTS (Continued)
Category 1: Includes investments that are insured or registered or for which the securities are held by the
City or its agent in the City's name.
Category 2: Includes uninsured and unregistered investments for which the securities are held by the
counterparty's trust department or agent in the City's name.
Category 3: Includes uninsured and unregistered investments for which securities are held by the �
counterparty's trust department or agent but not in the City's name..
(1) The management of the State of California Pooled Money Investment Account (generally referred to as
LAIF) has indicated to the City that as of June 30, 2001, the carrying amount of the pool was W
$54,496,268,373 and the estimated market value for the pool (including accrued interest) was
$55,175,428,123. The City's proportionate share of that value is $32,598,312. Included in LAIF's
investment portfolio are certain derivative securities or similar products in the form of structured notes
totaling $1,517,548,000, and asset - backed securities totaling $937,996,000. LAIF's (and the City's) eo
exposure to risk (credit, market or legal) is not currently available.
Fair Value of Investments
77
Accounting pronouncement GASB Statement No. 31 generally applies to investments in external investment
pools, investments purchased with maturities greater than one year, mutual funds, and certain investment
pools. Generally, governmental entities need to report the "fair value" changes for these investments at
year -end and records these gains or losses on their income statement.
State of California State Treasurer's Local Agency Investment Fund (LAIF): The City holds an investment
in LAIF that is subject to being adjusted to "fair value ". The City is required to disclose its methods and .m
assumptions used to estimate the fair value of its holdings in LAIF. The City relied upon information W
provided by the State Treasurer in estimating the City's fair value position of it's holding in LAW. The City
had a contractual withdrawal value of $32,598,312 whose pro -rata share of fair value was estimated by the
state Treasurer to be $32,671,252. The fair value change in this investment for the year came to an amount
that was not material for presentation in the financial statements.
The State Treasurer's Local Agency Investment Fund ( "LAIF ") is a governmental investment pool managed
and directed by the California State Treasurer and is not registered with the Securities and Exchange
Commission. An oversight committee, comprised of California State officials and various participants,
provide oversight to the management of the fund. The daily operations and responsibilities of LAIF fall
under the auspices of the State Treasurer's office. The City is a voluntary participant in the investment pool.
ob
go
17
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #4 — LONG -TERM DEBT
The following is a schedule of changes in long -term debt for the fiscal year ended June 30, 2001:
Balance
Beginning of
Year Additions Deletions
A. Employee compensated absences payable $ 196,105 $ 36,430
B. Long -term advances from the General Fund 1,865,369
C. 1999 Tax Allocation Bonds 9,540,000
$ 1,865,369
345,000
Balance
End of
Year
$ 232,535
9,195,000
Totals $11,601,474 $ 36,430 $ 2,210,369 $ 9,427,535
A. Employee Compensated Absences Payable
In accordance with accounting principles generally accepted in the United States of America, the City
recognizes the long -term portion of accumulated employee compensated absences in the Long -Term Debt
Account Group.
B. Advances from the General Fund
The City's General Fund has paid for services and start-up expenditures incurred by the Redevelopment
Agency (short-term advances). The balance of these short-term operating advances amounted to $1,865,369
at the beginning of the fiscal year and were completely repaid during the 2000 -2001 fiscal year.
C. 1999 Tax Allocation Bonds
In 1999, the Redevelopment Agency issued a $9,860,000 aggregated principal amount of Moorpark
Redevelopment Project 1999 Tax Allocation Refunding Bonds (the Bonds). The purpose of the Bonds was
to advance refund the Agency's previously issued $10,000,000 Moorpark Redevelopment Project, 1993 Tax
Allocation Bonds. The purpose of the 1993 Bonds was to finance a portion of the costs of implementing the
Redevelopment Plan, including low -and moderate - income housing projects. The 1999 Bonds bear interest
at rates ranging from 3.05 percent to 4.875 percent per annum, payable semi - annually on April 1 and
October 1 of each year, commending on October 1, 1999, and are subject to mandatory sinking fund
redemption commencing on October 1, 2009, and on each October 1 thereafter. The Bonds are payable
from and secured by the tax revenues to be derived from the project area.
"" ` 18
CITY OF MOORPARK,.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
y
NOTE #4 —LONG- TERM DEBT (Continued)
The bonds are secured by all property tax increment revenue, which is deposited directly with the fiscal
agent and recorded in the Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the Tax Allocation Bonds. In
addition, the bond resolutions require retention of funds held by the fiscal agent prior to use for other than
debt service.
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which
require the establishment of certain specific accounts for the Tax Allocation Bonds.
Debt service payments on the 1999 Tax Allocation Refunding Bonds payable will be made from the Debt
Service Fund. Annual debt service requirements to maturity are as follows:
Fiscal Year Ending
ra
June 30,
Principal
Interest
Total
W
2002
$ 355,000
$ 408,638
$ 763,638
"a
2003
365,000
396,124
761,124
we
2004
380,000
382,710
762,710
2005
395,000
368,368
763,368
Awl
2006
405,000
353,065
758,065
Thereafter
7,295,000
2,526,935
9,821,935
Total
$ 9,195,000
$4,435,840
$ 13,630,840
D. Prior Year's Debt Defeasance
In prior years, the City has defeased the 1993 tax allocation bond issue by creating separate irrevocable trust
funds. New debt has been issued and the proceeds have been used to purchase U.S. government securities
that were placed in the trust funds. The investments and fixed earnings from the investments are sufficient
to fully service the defeased debt until the debt is called or matures. For financial reporting purposes, the .r
debt has been considered defeased and therefore removed as a liability from the Agency's General Long -
Term Debt Account Group. As of June 30, 2001, the amount of defeased debt outstanding but removed
from the General Long -Terms Debt Account Group amounted to $8,400,000.
NOTE #5 —LOW- AND MODERATE- INCOME HOUSING SET ASIDE
W
The Health and Safety Code section 33334.2 requires cities with redevelopment agencies to use at least
20 percent of tax increment revenues generated by a redevelopment project area to increase and improve the
supply of low -and moderate - income housing in the community. W
19
0
,0
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #6 — AGREEMENTS WITH VARIO US TAXING AGENCIES
The Moorpark Redevelopment Agency has entered into five (5) agreements for allocation and distribution of tax
increment revenues. The Agency has entered into an agreement with the County of Ventura, Ventura County
Library District, Ventura County Fire Protection District, and Ventura County Flood Control District
(collectively, the "County Taxing Entities "), which provides for the Agency to retain 100 percent of the County
Taxing Entities share (55.82 percent) of annual tax increment revenues up to $1,750,000. For annual tax
increment revenue in excess of $1,750,000, the Agency shall distribute 55.85 percent of such revenues to the
County on behalf of the County Taxing Entities. The County Taxing Entities have agreed to defer payments in
the initial years of the Redevelopment Plan, and consequently, the parties agree that the County Taxing Entities
may receive payments in any single fiscal year in excess of the amount of tax revenues the County Taxing
Entities would otherwise be entitled to, but for the adoption of the Redevelopment Plan. Additionally, the
agreement calls for the Agency to receive a $1,000,000 payment from the tax increment disbursed to the County
pursuant to the agreement, by December 31, 2008, if and only if the Agency's annual debt statements which are
filed with the County Auditor - Controller from fiscal year 1993 -94 to fiscal year 2008 -09 list debts in an amount
equal to or in excess of the maximum tax increment available to the Agency in each of such fiscal years.
w The second agreement is with the City of Moorpark Vector Control, formerly known as the Moorpark Mosquito
Abatement District and state that the City of Moorpark Vector Control shall receive 87.5 percent of its share
(1.53 percent) of annual tax increment revenue. The City of Moorpark Vector Control has agreed to contribute
its pro rata share of the Agency's required annual payment to the Agency.
The third agreement is with the Moorpark Unified School District (the "School District "), and states that the
School District shall receive, after the Agency has satisfied debt service payments to bond or note holders or to
the holder of any other instruments of Agency indebtedness (provided such indebtedness is not reasonable
foreseeable to impair the Agency's obligation under the agreement), the School District's share (33.31 percent)
of tax increment revenues generated by an annual 2 percent increase in assessed valuation, and beginning in
fiscal year 1995 -96, 14 percent of the School District's share of annual tax increment revenue. Additionally, the
agreement calls for the Agency to make a one -time $750,000 payment to the School District as a contribution to
a new School District maintenance facility, at a future date. Under a separate agreement between the City and
the MUSD, all School District share of tax increment revenues shall be payable to the City until one -half of the
cost of tennis courts constructed in AUPC has been paid. As of June 30, 2001, the remaining balance of the
payable was withheld from the School District share of tax increment.
U11
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001 w
NOTE #6 — AGREEMENTS WITH VARIOUS TAXING AGENCIES (Continued)
The fourth agreement is with the Ventura County Community College District (the "Community College
District "), and states that the Community College District will receive, after the Agency has satisfied debt
service payments to bond or note holders or to the holders of any other instruments of Agency indebtedness
(provide such indebtedness is not reasonable foreseeable to impair the Agency's obligation under the
agreement), the Community College District's share (5.80 percent) of tax increment revenues generated by an
annual 2 percent increase in assessed valuation, and, beginning in fiscal year 1993 -94, 14 percent of the
Community College District's share of annual tax increment revenue.
The fifth agreement is with the Ventura county Superintendent of Schools Office (the "Superintendent "), and
rr
states that the Superintendent shall receive its share 910.28 percent) of tax increment revenues generated by an
annual 2 percent increase in assessed valuation.
NOTE #7 — RETIREMENT PLAN
A. Plan Description
The City of Moorpark's defined benefit pension plan (the Plan) provides retirement and disability benefits,
annual cost -of- living adjustments, and death benefits to plan members and beneficiaries. The Plan is part of
the Public Agency portion of the California Public Employees Retirement System (CalPERS), and agent -
multiple- employer plan administered by CalPERS, which acts as a common investment and administrative
agent for participating public employers within the State of California. A menu of benefit provisions as well
as other requirements are established by State statutes within the Public Employees' Retirement Law. The
City of Moorpark selects optional benefits through local ordinance. CalPERS issues a separate «�
comprehensive annual financial report. Copies of the CalPERS' annual financial report may be obtained
from the CalPERS Executive Office — 400 P. Street, Sacramento, CA 95814.
All full -time City employees are eligible to participate in the Plan. Part-time employees appointed to a term 40
of one year or longer and who work an average of 20 hours per week are also eligible to participate. Other
part-time non - benefited hourly employees do not participate in the Plan. (Effective January 1, 1992, such so
part-time employees participate in a defined deferred compensation program). Related benefits vest after
five years of service. Upon five years of service, employees who retire at or after age 50 are entitled to
receive an annual retirement benefit.
The benefit is payable monthly for life, in an amount that varies, from 2 percent at age 50 to a maximum of
2.7 percent at age 55 for safety employees, and 1.092 percent at age 50 to a maximum of 2.418 percent at
age 63 for non -safety employees, of the employees' average of the three highest year's salary for each year
of credited service. The Plan also provides death and disability benefits.
21
r
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #7 — RETIREMENT PLANS (Continued)
B. Funding Policy
Active plan members in the Plan are required to contribute 7.00 percent of their covered salary. The City of
Moorpark is required to contribute the actuarially determined remaining amounts necessary to fund the
benefits for its members. The actuarial methods and assumptions used are those adopted by the Ca1PERS
Board of Administration. The required employer contribution rate for the fiscal year ended June 30, 2001,
was zero percent. The contribution requirements of the plan members are established by State statute and
the employer contribution rate is established and may be amended by Ca1PERS.
C. Annual Pension Cost
For the year ended June 30, 2001, the City of Moorpark's annual pension cost and its actual contributions
were $2,104. The City also contributed $177,861 on behalf of employees. Employees directly contributed
$0. Total contributions were $179,965. The required contribution for the year ended June 30, 2001, was
determined as part of the June 30, 1997, actuarial valuation using the entry age normal actuarial cost method
with the contributions determined as a percent of pay. The actuarial assumptions included (a) 8.25 percent
investment rate of return (net of administrative expenses); (b) projected salary increases that vary by
duration of service ranging from 4.5 percent to 14.95 percent and (c) 4.5 percent cost -of- living adjustments.
Both (a) and (b) include an inflation component of 4.5 percent. The actuarial value of the Plan's assets were
determined using a technique that smoothes the effect of short-term volatility in the market value of
investments over a two to five year period depending on the size of investment gains and/or losses. The
Plan's unfunded accrued liability (or excess assets) is being amortized as a level percentage of projected
payroll on a closed basis. The remaining amortization period at June 30, 1998, was three years.
Three -Year Trend Information
Annual Pension Cost
Fiscal Year Ending (APC)
6/30/99 $91,092
6/30/00 $18,373
6/30/01 $2,104
Funded Status of the Plan
Percentage of APC
Contributed
22
100%
100%
100%
Net Pension
Obligation
$0
$0
$0
Entry Age
UAAL As a
Unfunded
Covered
Normal
Actuarial
(Overfunded)
Payroll
Accrued
Value of
Liability
Valuation Date
Liability
Assets
(UAAL)
6/30/98
$2,359,258
$3,504,389
($1,145,131)
6/30/99
$3,105,530
$4,399,396
($1,293,866)
6/30/00
$3,667,082
$5,053,792
($1,386,710)
22
100%
100%
100%
Net Pension
Obligation
$0
$0
$0
Annual
UAAL As a
Funded
Covered
% of
Ratio
Payroll
Payroll
148.5%
$2,119,784
(54.02)%
141.7%
$2,067,768
(62.57)%
137.8%
$2,291,864
(60.51)%
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #8 - PROPERTY AND EQUIPMENT
A summary of changes in general fixed assets for the year ended June 30, 2001 follows:
Land
Buildings and structures
Improvements other than buidlings
Office furniture and equipment
Other equipment
Totals
Balance
Beginning of
Year Additions
$ 9,941,039 $1,859,114
3,712,775
5,395,709
1,104,425 4,732
1,067,081
Balance
End of
Deletions Year
$ 991,240 $ 10,808,913
55,532 3,657,243
5,395,709
1,109,157
1,067,081
$21,221,029 $1,863,846 $ 1,046,772 $ 22,038,103
NOTE #9 - INTERFUND TRANSACTIONS
A summary of operating transfers and interfund receivables /payables as of and for the year ended June 30, 2001,
is included in the following table:
General Fund
Special Revenue Funds
Community Development fund
State Gas Tax Fund
Endowment
Local Transportation Fund
Assessment District Fund
Park Development
Areas of Contribution Fund
Low- and Moderate - Income Housing Fund
State and Federal Assistance
Solid Waste
Total Special Revenue Funds
Capital Projects Funds
Redevelopment Agency Fund
Debt Service Fund
Total
Operating Operating Due From Due To
Transfers In Transfers Out Other Funds Other Funds
$ 822,098 $ 709,559 $ 660,761 $ 12,022
214,691
41,033
119,689 259,597
39,886
589,870 177,937 42,461
176,000
42,461
508,380 141,320
46,879
42,075
1,217,939 963,418 42,461 218,461
737,216 484,761
878,536 508,380 12,022
2,918,573 2,918,573 715,244 715,244
23
w
I-
N
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #10 — COMMITMENTS AND CONTINGENCIES
A. Commitments
The City has contracted with the County of Ventura for various services most notably law enforcement.
These service contracts are renegotiated annually and cancelable by the City or the County on May 31 of
each year after 30 days notice has been given. The aggregate of these and other various contractual
commitments total approximately $3,398,539 for the year ended June 30, 2001.
B. Contingencies
There are certain legal actions pending against the City which management considers incident to normal
operations, some of which seek substantial monetary damages. In the opinion of management, after
consultation with counsel, the ultimate resolution of such actions is not expected to have a significant effect
on the financial position or the results of operations of the City.
The City has received State and Federal funds for specific purposes that are subject to review by the grantor
p agencies. Although, such audits could generate expenditure disallowance's under the terms of the grants, it
is believed that any disallowed amounts will not be material.
NOTE #I1— CONDUIT DEBT — REVENUE BONDS
The City sponsored a revenue bond program during the year ended June 30, 1985, under which $20,000,000 of
Single- Family Residential Mortgage Revenue Bonds were issued. The Single - Family Mortgage program is
designed to provide funds to acquire mortgage loans on single- family residences located in the City. These
bonds are secured by a pledge of all loans receivable advanced from the bond proceeds by the trustee, First
Interstate Bank of California, and are serviced from payments on the loans to the Trustee. During the year
ended June 30, 1995, the outstanding mortgages in this program were sold, the proceeds were used to establish
an irrevocable trust to defease the bonds at April 1, 1995, and the program was discontinued.
The City sponsored a revenue bond program during the year ended June 30, 1986, under which $22,600,000 of
Multi- Family Housing Revenue Bonds were issued. The program was designed to assist in making low- and
moderate -cost rental housing available in the City. The City was guaranteed that 10 percent of the units of the
project financed with the bonds are made available to persons and families with incomes not exceeding 80
*` percent of the County median income and another 10 percent of the units for persons and families with income
not exceeding 50 percent of the County median income. The units were available under this program for a 30-
year period. These bonds were secured by a letter of credit issued by Citibank, N.A., dated December 23, 1985.
The program is administered by the Trustee, Bank of America. The bonds were refinanced during the year
ended June 30, 1992. These bonds were refinanced in June 1, 1999, with California Statewide Community
Development Authority. The City was removed as the conduit as of June 30, 2001.
24
.ter
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #11— CONDUIT DEBT — REVENUE BONDS (Continued)
The City Council, serving as the Industrial Development Authority of the City of Moorpark, issued $9,300,000
of Industrial Revenue Bonds during the year ended June 30, 1986. The bonds were issued to finance the
development and construction of manufacturing facilities for the Kavlico Corporation. These bonds are secured
by a standby letter of credit issued by Bank of America. Dai Ichi Kangyo Bank of California serves as the
Trustee for these bonds. The unpaid principal balance on such bonds is $6,795,000 at June 30, 2001.
0
The City of Moorpark Mobile Home Park Revenue Bonds (Villa Del Arroyo) Series 2000 A and the City of w
Moorpark Mobile Home Park Subordinate Revenue Bonds (Villa Del Arroyo) Series 2000 B were issued in the 1W
amounts of $12,740,000 and $2,635,000 respectively. Both issuances were dated May 19, 2000. The Series A
bonds were issued to fund a loan to Augusta Homes, a California non - profit public benefit corporation to
finance the acquisition of the Villa Del Arroyo Mobile Home Park. The Series B bonds were issued for the
same purpose but are subordinate to the Series A bonds. The total bonds outstanding at June 30, 2001, total
$15,215,000. .ft
Each of the bond programs described above do not constitute and indebtedness of the City, and there is neither a W
legal nor a moral obligation on the part of the City to make payments on such bonds from any source other than
the revenues and assets pledged therefor. The programs are completely administered by the Trustees without
any involvement by the City. Accordingly, these programs and the bonds issued thereunder have been excluded
from the accompanying general - purpose financial statements.
NOTE #12 — SPECIAL ASSESSMENT BONDS
On April 1, 1994, the City sponsored the issuance of special assessment bonds to finance certain capital
improvements for the Mission Bell Plaza project. These bonds, totaling $2,595,000, of which $735,000 and
$1,475,000 mature in 2013 and 2023, respectively, were issued under the 1915 Improvement Bond Act and are
obligations against the properties in the assessment district. The special assessment, which is collected with
other property related taxes as part of the secured property tax bill for properties in the assessment district, will
be forwarded to an independent bank that serves as the paying agent. These bonds do not constitute an
indebtedness of the City, and the City is not liable for their repayment. Accordingly, these special assessment
bonds payable have been excluded from the accompanying general - purpose financial statements. The unpaid .�
principal balance on such bonds is $1,940,000 at June 30, 2001.
25
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #12 — SPECIAL ASSESSMENT BONDS (Continued)
On July 1, 1997, the City issued bonds to finance the acquisition and construction of public improvements
within the City of Moorpark Community Facilities District No. 97 -1. These bonds, totaling $7,645,000, were
issued pursuant to the Mello -Roos Community Facilities Act of 1982. The bonds mature on September 1, 2008
with interest payable at rates ranging from 4.4 percent to 6 percent per annum on March 1 and September 1 of
each year commencing March 1, 1998. The City is not liable under any circumstance for the repayment of the
debt, but is only acting as agent for the property owners in collecting the assessments and special taxes,
forwarding collections to fiscal agents to pay the bondholders and initiating foreclosure proceedings, if
appropriate. Accordingly, these bonds payable have been excluded from the accompanying general - purpose
financial statements. The unpaid principal balance is $7,415,000 at June 30, 2001.
Seven properties in the assessment district, which had been zoned for commercial use prior to the City's
incorporation, are currently used for residential, commercial and agricultural purposes. At various times, the
City has advanced monies and contributed assessments on these properties form the Los Angeles Avenue Area
of Contribution Special Revenue Fund to the paying agent, which the paying agent has used to purchase certain
securities which have been placed in trust accounts to be used solely to provide for principal of and interest on
the seven properties' proportionate share of the bonds through maturity. Notes receivable, secured by deeds of
- trust and various accounts receivable, have been established for these advances with interest accruing at a
variable rate equivalent to the rate at which the City earns on funds deposited in the State Treasurer's Local
Agency Investment Fund or 7 percent, whichever is less. Under the terms of the original promissory notes, the
notes and accrued interest are due at the earlier of (1) sale of the property, (2) conversion of the property to a
commercial use or (3) the maturity of the notes in March 2023. Subsequent to June 30, 1998, the notes were
amended and the repayment terms changed as follows: the notes and accrued interest are due August 2029.
NOTE #13 — RISK MANAGEMENT
A. Description of Self- Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority (Authority). The Authority is
composed of 84 California public entities and is organized under a joint powers agreement pursuant to
California Government Code 6500 et seq. The purpose of the Authority is to arrange and administer
programs for the pooling of self - insured losses, to purchase excess insurance or reinsurance, and to arrange
for group- purchased insurance for property and other coverages. The Authority's pool began covering
claims of its members in 1978. Each member government has an elected official as its representative on the
y Board of Directors. The Board operates through a 9- member Executive Committee.
mo
26
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #13 —RISK MANAGEMENT (Continued)
B. Self - Insurance Programs of the Authority
General Liability: Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a fiscal year, outstanding claims are valued. A
retrospective deposit computation is then made for each open claims year. Costs are spread to members as
follows: the first $20,000 of each occurrence is charged directly to the member; costs from $20,001 to
$500,000 are pooled based on a member's share of costs under $20,000; costs from $500,001 to $5,000,000
are pooled based on payroll. Costs of covered claims above $5,000,000 are currently paid by reinsurance.
The protection for each member is $50,000,000 per occurrence and $50,000,000 annual aggregate.
Workers Compensation: The City also participates in the workers compensation pool administered by the
Authority. Pool deposits and retrospective adjustments are valued in a manner similar to the General
Liability pool. The City of Moorpark is charged for the first $25,000 of each claim. Costs are pooled above
that level to $50,000. Costs from $50,001 to $100,000 per claim are pooled based on the member's losses
under its retention level. Costs between $100,001 and $500,000 per claim are pooled based on payroll.
Costs in excess of $500,000 are paid by excess insurance purchased by the Authority. The excess insurance
provides coverage to statutory limits.
C. Purchased Insurance
The City of Moorpark participates in the all -risk property protection program of the Authority. This ■r
insurance protection is underwritten by several insurance companies. The City of Moorpark property is a
currently insured according to a schedule of covered property submitted by the City of Moorpark to the
Authority. Total all -risk property insurance coverage is $8,548,437. There is a $5,000 per loss deductible.
Premiums for the coverage are paid annually and are not subject to retroactive adjustments. .�
D. Adequacy of Protection
During the past three fiscal (claims) years none of the above programs of protection have had settlements or M
judgments that exceeded pooled or insured coverage. There have been no significant reductions in pooled 4r
or insured liability coverage from coverage in the prior year.
27
W
40
.r
40
YM
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #14 — FUND BALANCES
The Redevelopment Agency has designated $233,678 of fund balance in the Redevelopment Agency Capital
Projects Fund for business incentives and future capital projects.
NOTE #15 —PROPOSITION 62
The California Supreme Court recently upheld the constitutionality of Proposition 62, a 1986 initiative, which
requires voter approval of all new or increased taxes. The likelihood and amount of such an adverse effect upon
the financial position of the City is currently unknown and has not been reflected in the general - purpose
financial statements.
NOTE #16 — PROPOSITION 218
The voters recently approved the "Right to Vote on Taxes Act" (Proposition 218) which limits the City's ability
to levy general taxes and benefit assessments without voter approval. The actual effects of Proposition 218 are
unclear at this time. The initiative would also require voter approval by November 1998, to continue to collect
annually in the General Fund general taxes (such as utility, transient occupancy, and the like) that are subject to
the proposition requirements.
NOTE #17 — PRIOR PERIOD ADJUSTMENTS
The agency has recorded a prior period adjustment of $(484,761) in the Capital Projects Fund to record prior
.. year interest due to the General Fund from the Long -Term Advance from the City. The City recorded a prior
period adjustment of $(171,821) in the Capital Projects Fund to record prior year pass -thru liability. The City
*" recorded a prior period adjustment of $990,622 in the Capital Projects Fund and $45,000 in the Special Revenue
Fund to record land held for resale, which had been recorded in the General Fixed Asset Account Group. The
City recorded a prior period adjustment of $55,502 in the Gas Tax Fund to implement new accounting
standards.
M
M
EM
ii
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #18 — RESIDUAL EQUITY TRANSFERS
The following residual equity transfers were due to the State Supplemental Law Enforcement Grant, which was
accounted for in the General Fund now accounted for in the State and Federal Assistance Fund:
General Fund
Special Revenue Funds:
State and Federal Assistance
Total
29
Residual Equity Residual Equity
Transfer In Transfer (Out)
$ - $ (46,082)
46,082
$ 46,082 $ (46,082)
CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
JUNE 30, 2001
(With Comparative Totals for June 30, 2000)
ASSETS
Cash and Investments
Restricted cash and investments
Accounts and interest receivable, net
Taxes receivable
Notes and loans receivable
Due from other funds
Other assets
Land held for resale
Total Assets
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities
Deposits, principally from developers
Due to other funds
Deferred revenue
Total Liabilities
FUND BALANCES
Fund balances:
Reserved for encumbrances
Reserved for receivables due after one year, net
Reserved for land held for resale
Reserved for low /moderate income housing
Unreserved:
Designated
Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
State
Traffic Community Affordable Gas
Safety Development Housing Tax
$ 247,703 $ 840,527 $ 644,875 $ 1,668,973
681 149,742
24,332 13,670 36,121
$ 272,035 $ 854,878 $ 680,996 $ 1,818,715
3,111 589,479
3,111 589,479
285 51,750
495
20,150
495 20,150
36,121
26,542
268,639
213,649
644,380
1,772,023
268,924
265,399
680,501
1,798,565
$ 272,035 $
854,878 $
680,996
$ 1,818,715
30
(CONTINUED)
Low and Street and Traffic State and
Moderate Areas of Safety Park Assessment Federal
Endowment Income Housing Contributions Development Development District Assistance
$ 7,242,446 $ 1,581,484 $ 8,308,227 $
291,230 11,677
120,549 467,778
42,461
6,195,804 $ 2,142,964 $ 646,771 $ 2,568,945
93,444 4,664 193,899
22,417
119,868 2,801
1,744,256
$ 7,242,446 $ 3,737,519 $ 8,830,143 $ 6,315,672 $ 2,239,209 $ 673,852 $ 2,762,844
5,733 1,490,265 9 52,019 94,192 593,191
25,000
176,000 42,461
188,351 119,868 2,801
30,733 1,678,616 119,877 230,820 136,653 593,191
4,500 396,056
120,549 467,778
1,744,256
1,832,626
51,668 10,135
119,868 2,801
7,242,446
4,855
6,287,693
6,075,927
1,953,920
527,064
2,169,653
7,242,446
3,706,786
7,151,527
6,195,795
2,008,389
537,199
2,169,653
$ 7,242,446 $
3,737,519 $
8,830,143 $
6,315,672 $
2,239,209 $
673,852 $
2,762,844
31
CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
JUNE 30, 2001
(With Comparative Totals for June 30, 2000)
ASSETS
Cash and Investments
Restricted cash and investments
Accounts and interest receivable, net
Taxes receivable
Notes and loans receivable
Due from other funds
Other assets
Land held for resale
Total Assets
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities
Deposits, principally from developers
Due to other funds
Deferred revenue
Total Liabilities
FUND BALANCES
Fund balances:
Reserved for encumbrances
Reserved for receivables due after one year, net
Reserved for land held for resale
Reserved for low /moderate income housing
Unreserved:
Designated
Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
Local
Transportation Solid
Transit Waste
TOTALS
2001 2000
$ 204,876 $ 699,139 $ 32,992,734
$ 25,399,887
25,000
263,508
2,555 18,709 766,601
1,288,916
22,417
37,043
785,119
781,248
42,461
2,160,752
31
1,744,256
1,500,000
$ 207,431 $ 717,848 $ 36,353,588
$ 31,431,385
19,852 9,403 2,877,899
1,174,072
25,000
26,500
218,461
2,61 5,687
187,579 498,599
442,587
207,431 9,403 3,619,959
4,258,846
540,936 216,830
747,117 596,046
1,744,256 1,500,000
1,832,626 1,570,425
109,002
708,445 27,868,694 23,180,236
708,445 32,733,629 27,172,539
$ 207,431 $ 717,848 $ 36,353,588 $ 31,431,385
32
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
(With Comparative Totals for the Fiscal Year Ended June 30, 2000)
33
State
Traffic
Community
Affordable
Gas
Safety
Development
Housing
Tax
REVENUES
Property taxes
Other taxes
$ 662,865
Utility franchise fees
Building and safety fees
$ 924,610
Maintenance assessments
Subventions and grants
12,375
Planning and public works fees
1,321,470
Development fees
Charges for current services
2,230
Fines and forfeitures
$ 148,886
Interest
11,858
$ 35,884
103,561
Other
874
Total Revenues
160,744
2,258,455
35,884
769,530
EXPENDITURES
Current:
General government
Public safety
31,251
Public services
44,806
1,970,258
12,730
735,774
Parks and recreation
Capital outlay
11,112
59,078
Total Expenditures
76,057
1,981,370
12,730
794,852
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
84,687
277,085
23,154
(25,322)
OTHER FINANCING SOURCES (USES)
Operating transfers in
Proceeds from sale of city property
200
Loss from sale of city property
Operating transfers out
(214,691)
(41,033)
Total Other Financing Sources (Uses)
(214,491)
(41,033)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
84,687
62,594
23,154
(66,355)
Fund Balances, Beginning of Year
184,237
202,805
657,347
1,809,418
Prior Period Adjustment
55,502
Fund Equity Transfer/Residual Equity Transfer
Fund Balances, End of Year
$ 268,924
$ 265,399
$ 680,501
$ 1,798,565
33
Low and Street and Traffic
Moderate Areas of Safety Park Assessment
Endowment Income Housing Contributions Development Development District
(CONTINUED)
State and
Federal
Assistance
$ 991,261 $ 2,533,960 $ 1,229,317 $ 1,377,940
93,444 $ 984,601
$ 2,181,308
310 15,029 1,020
3,249 3,500
390,116 $ 204,525 497,953 294,120 104,820 29,967 153,373
12,867 12,509 435
2,571,424 217,392 1,489,524 2,828,080 1,440,090 1,426,620 1,142,494
119,689 508,380
(15,000)
(259,597) (141,320)
(139,908) 352,060
589,870
7,780
(177,937) (46,879)
7,780 411,933 (46,879)
2,431,516 462,842 (1,673,994) 2,768,076 1,326,345 198,395 (279,534)
4,810,930 3,198,944 8,825,521 3,427,719 682,044 338,804 2,403,105
45,000
46,082
$ 7,242,446 $ 3,706,786 $ 7,151,527 $ 6,195,795 $ 2,008,389 $ 537,199 $ 2,169,653
34
17,424
106,610 (402)
8,870
818,296
43,788
5,000
222
766,655
3,163,920
46,134
121,303
55,207
1,313,937
106,610 3,163,518
60,004
121,525
1,640,158
1,375,149
2,571,424 110,782 (1,673,994)
2,768,076
1,318,565
(213,538)
(232,655)
119,689 508,380
(15,000)
(259,597) (141,320)
(139,908) 352,060
589,870
7,780
(177,937) (46,879)
7,780 411,933 (46,879)
2,431,516 462,842 (1,673,994) 2,768,076 1,326,345 198,395 (279,534)
4,810,930 3,198,944 8,825,521 3,427,719 682,044 338,804 2,403,105
45,000
46,082
$ 7,242,446 $ 3,706,786 $ 7,151,527 $ 6,195,795 $ 2,008,389 $ 537,199 $ 2,169,653
34
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
(With Comparative Totals for the Fiscal Year Ended June 30, 2000)
35
M
h
3
0
e
3
0
Local
TOTALS
Transportation
Solid
Transit
Waste
2001
2000
REVENUES
Property taxes
$
399,572
Other taxes
$
662,865
560,746
Utility franchise fees
$
202,402
202,402
194,497
Building and safety fees
924,610
392,106
Maintenance assessments
6,132,478
5,147,137
Subventions and grants
$ 242,931
12,914
1,346,265
2,143,114
Planning and public works fees
1,321,470
1,315,327
Park development fees
2,181,308
133,543
Charges for current services
24,713
43,302
35,146
Fines and forfeitures
155,635
129,571
Interest
11,070
38,531
1,875,778
1,114,457
Other
26,685
17,073
Total Revenues
278,714
253,847
14,872,798
11,582,289
EXPENDITURES
Current:
General government
3,300
Public safety
48,675
57,292
Public services
133,106
3,873,836
3,468,328
Parks and recreation
239,423
1,011,300
701,175
Capital outlay
1,291
4,771,982
4,967,266
Total Expenditures
239,423
134,397
9,705,793
9,197,361
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
39,291
119,450
5,167,005
2,384,928
OTHER FINANCING SOURCES (USES)
Operating transfers in
1,217,939
752,120
Proceeds from sale of city property
7,980
Loss from sale of city property
(15,000)
Operating transfers out
(39,886)
(42,075)
(963,418)
(133,838)
Total Other Financing Sources (Uses)
(39,886)
(42,075)
247,501
618,282
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
(595)
77,375
5,414,506
3,003,210
Fund Balances, Beginning of Year
595
631,070
27,172,539
24,169,329
Prior Period Adjustment
100,502
Fund Equity Transfer /Residual Equity Transfer
46,082
Fund Balances, End of Year
$ - $
708,445 $
32,733,629 $
27,172,539
35
M
h
3
0
e
3
0
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
REVENUES
Othertaxes
Utility franchise fees
Building and safety fees
Maintenance assessments
Subventions and grants
Planning and public works fees
Development fees
Charges for current services
Fines and forfeitures
Interest
Other
Total Revenues
EXPENDITURES
Current:
General government
Public safety
Public services
Parks and recreation
Capital outlay
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Equity Transfer/Residual Equity Transfer
Fund Balances, End of Year
Traffic Community
Safety Development
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 1,122,491 $ 924,610 $ (197,881)
12,450 12,375 (75)
1,321,470 1,321,470
1,647,654 (1,647,654)
$ 105,000 $ 148,886 $ 43,886
3,300 11,858 8,558
100 (100)
108,400 160,744 52,344 2,782,595 2,258,455 (524,140)
37,580 31,251 6,329
54,856 44,806 10,050 2,528,901 1,970,258 558,643
16,162 11,112 5,050
92,436 76,057 16,379 2,545,063 1,981,370 563,693
15,964 84,687 68,723 237,532 277,085 39,553
200 200
(214,691) (214,691)
(214,691) (214,491) 200
$ 15,964 84,687 $ 68,723 $ 22,841 62,594 $ 39,753
184,237 202,805
$ 268,924
36
$ 265,399
(CONTINUED)
State
Affordable Gas
Housing Tax Endowment
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 598,090 $ 662,865 $ 64,775
$ 698,598 $ (698,598)
$ 2,181,308 2,181,308
2,230 2,230
$ 37,000 $ 35,884 $ (1,116) 78,000 103,561 25,561 360,000 390,116 30,116
874 874
37,000 35,884 (1,116) 676,090 769,530 93,440 1,058,598 2,571,424 1,512,826
14,694 12,730 1,964 768,373 735,774 32,599
143,853 59,078 84,775
14,694 12,730 1,964 912,226 794,852 117,374
22,306 23,154 848 (236,136) (25,322) 210,814 1,058,598 2,571,424 1,512,826
119,689 119,689
(41,033) (41,033) (260,000) (259,597) 403
(41,033) (41,033) (140,311) (139,908) 403
$ 22,306 23,154 $ 848 $ (277,169) (66,355) $ 210,814 $ 918,287 2,431,516 $ 1,513,229
657,347 1,809,418 4,810,930
55,502
$ 680,501 $ 1,798,565 $ 7,242,446
37
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
REVENUES
Othertaxes
Utility franchise fees
Building and safety fees
Maintenance assessments
Subventions and grants
Planning and public works fees
Park development fees
Charges for current services
Fines and forfeitures
Interest
Other
Total Revenues
EXPENDITURES
Current:
General government
Public safety
Public services
Parks and recreation
Capital outlay
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Equity Transfer/Residual Equity Transfer
Fund Balances, End of Year
130,563
Low and
23,953
(402)
402
484,780
Moderate
484,780
8,835,012
Areas of
5,671,092
Income Housing
615,343
106,610
Contributions
8,835,012
3,163,518
5,671,494
Variance
Variance
Favorable
110,782
645,925
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$
1,887,008
$ 991,261
$ (895,747)
(15,000)
310
310
$ 70,000
$ 204,525
$ 134,525
254,000
497,953
243,953
10,200
12,867
2,667
352,060
664,700
80,200
217,392
137,192
2,141,008
1,489,524
(651,484)
130,563
106,610
23,953
(402)
402
484,780
484,780
8,835,012
3,163,920
5,671,092
615,343
106,610
508,733
8,835,012
3,163,518
5,671,494
(535,143)
110,782
645,925
(6,694,004)
(1,673,994)
5,020,010
508,380
508,380
(15,000)
15,000
(141,320)
141,320
352,060
664,700
$ (535,143)
462,842
$ 1,310,625
_L __(L694,004
(1,673,994)
$ 5,020,010
3,198,944
8,825,521
45,000
$ 3,706,786
W.
$ 7,151,527
U.
lip
s
rlr
�I
wr
r�
rr
aw
W
tt
rr
r
W
Im
tp
rw
r�
op
wte.
(CONTINUED)
Street and Traffic
8,870
24
Safety
Park
Assessment
Development
5,000
Development
District
10,000
Variance
Variance
Variance
766,655
Favorable
Favorable
Favorable
Budget Actual
(Unfavorable) Budget
Actual (Unfavorable) Budget
Actual (Unfavorable)
$ 3,135,001 $ 2,533,960 $ (601,041) $ 920,527 $ 1,229,317 $ 308,790 $ 1,306,675 $ 1,377,940 $ 71,265
101,000 93,444 (7,556)
15,000 15,029 29
3,249 3,249
136,700 294,120 157,420 49,600 104,820 55,220 15,750 29,967 14,217
12,509 12,509 435 435
3,271,701 2,828,080 (443,621) 1,071,127 1,440,090 368,963 1,337,425 1,426,620 89,195
8,894
8,870
24
1,071,752
818,296
253,456
5,000
5,000
10,000
222
9,778
846,361
766,655
79,706
156,061
46,134
109,927
379,812
121,303
258,509
87,136
55,207
31,929
169,955
60,004
109,951
389,812
121,525
268,287
2,005,249
1,640,158
365,091
3,101,746
2,768,076
(333,670)
681,315
1,318,565
637,250
(667,824)
(213,538)
454,286
734,800
589,870
(144,930)
7,780 7,780
(177,917) (177,937) 20
7,780 7,780 556,883 411,933 (144,910)
$ 3,101,746 2,768,076 $ (333,670) $ 681,315 1,326,345 $ 645,030 $ (110,941) 198,395 $ 309,376
3,427,719 682,044 338,804
$ 6,195,795
$ 2,008,389
39
$ 537,199
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED)
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
REVENUES
Other taxes
Utility franchise fees
Utility franchise fees
Maintenance assessments
Subventions and grants
Planning and public works fees
Park development fees
Charges for current services
Fines and forfeitures
Interest
Other
Total Revenues
EXPENDITURES
Current:
General government
Public safety
Public services
Parks and recreation
Capital outlay
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Equity Transfer/Residual Equity Transfer
Fund Balances, End of Year
State and
$ 984,601
Local
$ 364,543
Federal
$ (121,612)
Transportation
1,020
Assistance
17,400
Transit
7,313
Variance
3,500
Variance
Favorable
77,500
Favorable
Budget Actual
(Unfavorable) Budget
Actual
(Unfavorable)
$ 1,726,614
$ 984,601
$ (742,013)
$ 364,543
$ 242,931
$ (121,612)
1,020
1,020
17,400
24,713
7,313
3,500
3,500
77,500
153,373
75,873
11,070
11,070
1,804,114
1,142,494
(661,620)
381,943
278,714
(103,229)
22,741
17,424
5,317
30,077
43,788
(13,711)
41,205
41,205
303,752
239,423
64,329
2,613,293
1,313,937
1,299,356
20,900
20,900
2,707,316
1,375,149
1,332,167
324,652
239,423
85,229
(903,202)
(232,655)
670,547
57,291
39,291
(18,000)
18,000 (18,000)
(26,054) (46,879) (20,825) (57,886) (39,886) 18,000
(8,054) (46,879) (38,825) (57,886) (39,886) 18,000
$ (911,256) (279,534) $ 631,722 $ (595)
2,403,105
46,082
$ 2,169,653
(595) $ -
595
8
y
5
40 W
aw
«w.
214,190
Solid
214,190
274,511
48,675
225,836
Waste
(133,106)
4,608,110
Total
734,274
Variance
1,206, 318
1,011,300
Variance
1,300
1,291
Favorable
12,738,309
4,771,982
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
(9,550)
119,450
129,000
$ 598,090
$ 662,865
$ 64,775
$ 187,000
$ 202,402
$ 15,402
187,000
202,402
15,402
1,122,491
924,610
(197,881)
7,947,809
6,132,478
(1,815,331)
8,652
12,914
4,262
2,213,259
1,346,265
(866,994)
(42,075)
(42,075)
(819,656)
1,321,470
1,321,470
(42,075)
(42,075)
2,181,308
2,181,308
507,348
1,680,054
43,302
(1,636,752)
_L _L51,6251
77,375 $
105,000
155,635
50,635
10,288
38,531
28,243
1,092,138
1,875,778
783,640
10,300
26,685
16,385
205,940
253,847
47,907
14,956,141
14,872,798
(83,343)
214,190
214,190
274,511
48,675
225,836
133,106
(133,106)
4,608,110
3,873,836
734,274
1,206, 318
1,011,300
195,018
1,300
1,291
9
12,738,309
4,771,982
7,966,327
215,490
134,397
81,093
18,827,248
9,705,793
9,121,455
(9,550)
119,450
129,000
(3,871,107)
5,167,005
9,038,112
872,489
1,217,939
345,450
7,980
7,980
(15,000)
15,000
(42,075)
(42,075)
(819,656)
(963,418)
138,918
(42,075)
(42,075)
52,833
247,501
507,348
_L _L51,6251
77,375 $
129,000
$ (3,818,274)
5,414,506 $
9,545,460
631,070
27,172,539
100,502
46,082
$ 708,445
$ 32,733,629
41
CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL CAPITAL PROJECTS FUNDS
JUNE 30, 2001
(With Comparative Totals for June 30, 2000)
ASSETS
Cash and Investments
Accounts and interest receivable, net
Taxes receivable
Notes and loans receivable
Due from other funds
Other assets
Land held for resale
Total Assets
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities
Deposits, principally from developers
Due to other funds
Total Liabilities
FUND BALANCES
Fund balances:
Reserved for encumbrances
Reserved for receivables due after one year, net
Reserved for land held for resale
Unreserved:
Designated for business incentives
Designated for capital projects
Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
City Hall Police Facilities Equipment Redevelopment
Building Fee Fund Replacement Agency
$ 465,089 $ 1,074,157 $
137,308 $ 2,120,379
76,006
3,493,320
10,590
$ 465,089 $ 1,074,157 $ 137,308 $ 6,690,917
6,681 342,396
4,045
484,761
6,681 831,202
3,493,320
990,622
233,678
465,089 1,074,157 130,627 1,142,095
465,089 1,074,157 130,627 5,859,715
$ 465,089 $ 1,074,157 $ 137,308 $ 6,690,917
E,N
TOTALS
2001 2000
$ 3,796,933 $ 5,995,714
76,006 263,030
31,494
3,493,320 3,737,740
10,590 10,086
990,622
" $ 8,367,471 $ 10,038,064
349,077
160,591
4,045
2,370
484,761
481,977
837,883
644,938
372
3,493,320 3,737,740
990,622
233,678
233,678
3,906,378
2,811,968
1,514,958
7,529,588
9,393,126
$ 8,367,471
$ 10,038,064
43
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
(With Comparative Totals for the Fiscal Year Ended June 30, 2000)
REVENUES
Property taxes
Othertaxes
Maintenance assessments
Charges for current services
Fines and forfeitures
Interest
Other
Total Revenues
EXPENDITURES
Current:
General government
Public safety
Public services
Capital outlay
Debt service
Principal
Interest
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
City Hall Police Facilities Equipment Redevelopment
Building Fee Fund Replacement Agency
$ 253,068
$ 26,085 51,781 $ 13,864 $ 438,440
99,825
26,085 304,849 13,864 538,265
900 2,900 271
271
542 294,429
184,999 1,859,113
900 2,900 186,083 2,153,542
25,185 301,949 (172,219) (1,615,277)
(737,216)
(737,216)
25,185 301,949 (172,219) (2,352,493)
439,904 772,208 302,846 7,878,168
334,040
$ 465,089 $ 1,074,157 $ 130,627 $ 5,859,715
44
x
TOTALS
2001 2000
4,071
$ 1,589,397
271
300
$ 253,068
61,083
2,044,112
108,532
1,755
530,170
491,074
99,825
4,529,251
883,063
2,252,141
4,071
21,198
271
12,044,051
294,971
1,386,922
2,044,112
271,131
2,500,000
350,000
2,343,425
4,529,251
(1,460,362) (2,277,110)
60,500
(737,216) (535,351)
(737,216) (474,851)
(2,197,578)
(2,751,961)
9,393,126
12,044,051
334,040
101,036
$ 7,529,588
$ 9,393,126
45
CITY OF MOORPARK
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
REVENUES
Property taxes
Maintenance assessments
Interest
Other
Total Revenues
EXPENDITURES
Current:
General government
Public safety
Public services
Capital outlay
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
City Hall Police Facilities
Building Fee Fund
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 304,610 $ 253,068 $ (51,542)
$ 21,000 $ 26,085 $ 5,085 40,000 51,781 11,781
21,000 26,085 5,085 344,610 304,849 (39,761)
900 900 2,900 (2,900)
5,000 5,000
900 900 5,000 2,900 2,100
20,100 25,185 5,085 339,610 301,949 (37,661)
$ 20,100 25,185 $ 5,085 $ 339,610
439,904
$ 465,089
Ertl
301,949 $ (37,661)
772,208
$ 1,074,157
�r
Equipment Redevelopment
Replacement Agency
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget
Total
Variance
Favorable
Actual (Unfavorable)
$ 609,220 $ 253,068 $ (356,152)
$ 15,000 $ 13,864 $ (1,136) $ 375,000 $ 438,440 $ 63,440 527,000 530,170 3,170
107,000 99,825 (7,175) 107,000 99,825 (7,175)
15,000 13,864 (1,136) 482,000 538,265 56,265 1,243,220 883,063 (360,157)
300
271
29
2,400
4,071
(1,671)
250
271
(21)
10,500
271
10,229
600
542
58 2,574,758 294,429 2,280,329
2,575,958
294,971
2,280,987
191,933
184,999
6,934 1,868,714 1,859,113 9,601
2,252,580
2,044,112
208,468
193,083
186,083
7,000 4,443,472 2,153,542 2,289,930
4,841,438
2,343,425
2,498,013
(178,083) (172,219) 5,864 (3,961,472) (1,615,277) 2,346,195 (3,598,218) (1,460,362) 2,137,856
(737,216) (737,216) (737,216) (737,216)
(737,216) (737,216) (737,216) (737,216)
$ (178,083) (172,219) $ 5,864 $ (3,961,472) (2,352,493) $ 1,608,979 $ (3,598,218) (2,197,578) $ 1,400,640
302,846 7,878,168 9,393,126
334,040 334,040
$ 130,627 $ 5,859,715 $ 7,529,588
47
CITY OF MOORPARK
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND - DEVELOPER DEPOSIT FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
Fund Name
Cash and investments
Total Assets
Balance Net Net Balance
June 30, 2000 Additions Reductions June 30, 2001
$ 1,659,442 $ 245,819 $ 1,413,623
$ 1,659,442 $ - $ 245,819 $ 1,413,623
Accounts payable 170,308 170,308
Developer deposits 1,489,134 75,511 1,413,623
Total Liabilities $ 1,659,442 $ - $ 245,819 $ 1,413,623
M.
STATISTICAL SECTION
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E
CITY OF MOORPARK
REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
LAST TEN FISCAL YEARS
Governmental Fund types includes General Fund and all Special Revenue, Debt Service and Capital Project
Funds.
NOTE: 1991 was the first year the Redevelopment Agency received tax increment. In 1992, the County
of Ventura impounded tax increment for Redevelopment Agency and then released it in 1993.
Source: City of Moorpark
49
Taxes and
Licenses
Revenue
Use of
Fiscal
Assessments
Permits and
From Other
Maintenance
Money &
Other
Total
Year
(See Note 1)
Fees
Agencies
Assessments
Property
Revenue
Revenue
1992
$ 2,616,716
$ 2,218,310
$ 725,609
$ 923,830
$ 1,420,077
$ 446,767
$ 8,351,309
1993
3,937,065
3,157,288
951,352
1,811,483
1,316,507
1,916,469
13,090,164
1994
3,902,251
2,717,299
1,966,343
3,592,238
1,356,679
1,128,888
14,663,698
1995
4,390,156
2,501,078
789,852
940,377
1,314,740
1,157,615
11,093,818
1996
4,282,265
2,672,673
1,021,458
2,991,121
2,320,057
1,746,631
15,034,205
1997
6,349,631
4,693,256
1,373,726
1,641,622
1,984,162
493,938
16,536,335
1998
4,879,322
4,587,138
1,170,287
1,630,996
1,988,731
623,362
14,879,836
1999
5,486,444
4,033,723
849,089
3,856,911
2,691,285
709,444
17,626,896
2000
6,099,037
4,377,998
4,325,305
3,197,752
2,384,356
946,795
21,331,243
2001
7,072,806
2,925,322
4,312,485
8,670,249
3,088,182
516,546
26,585,590
Governmental Fund types includes General Fund and all Special Revenue, Debt Service and Capital Project
Funds.
NOTE: 1991 was the first year the Redevelopment Agency received tax increment. In 1992, the County
of Ventura impounded tax increment for Redevelopment Agency and then released it in 1993.
Source: City of Moorpark
49
CITY OF MOORPARK
EXPENDITURES BY FUNCTION
ALL GOVERNMENTAL FUND TYPES
LAST TEN FISCAL YEARS
Fiscal
General
Public
Public
Parks &
Capital
Debt
Year
Government
Safety
Services
Recreation
Outlay
Service
Total
1992
$ 1,015,922
$ 2,102,183
$ 2,227,984
$ 706,939
$ 2,119,893
$ 18,352
$ 8,191,273
1993
1,251,186
2,220,034
2,609,431
706,997
3,714,679
126,414
10,628,741
1994
1,502,504
2,417,915
2,913,513
989,482
9,218,073
554,029
17,595,516
1995
1,332,372
2,518,495
2,457,737
1,175,997
2,342,077
1,694,708
11,521,386
1996
1,530,824
2,618,063
2,533,477
1,263,862
5,740,952
2,582,130
16,269,308
1997
1,386,598
2,807,382
3,960,313
1,336,029
3,452,115
1,125,199
14,067,636
1998
1,631,787
3,026,724
3,599,360
1,381,058
1,081,814
1,268,704
11,989,447
1999
1,993,878
3,102,834
3,148,264
1,385,376
1,965,474
4,156,354
15,752,180
2000
1,168,049
3,476,781
5,070,009
1,383,146
5,355,271
3,564,305
20,017,561
2001
1,619,062
3,968,812
5,047,343
1,851,648
6,879,243
2,767,770
22,133,878
Governmental Fund Types include General Fund and all Special Revenue, Debt Service and Capital Projects
Funds.
Source: City of Moorpark
50
d
CITY OF MOORPARK
ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Source: Ventura County Assessor
51
Total
Fiscal
Net Secured
Net Unsecured
Net Assessed
Percent
Homeowner's
Year
Roll
Roll
Roll
Change
Exemptions
1992
$ 1,590,604,539
$ 56,025,905
$ 1,646,630,444
6.2%
$ 33,355,481
1993
1,674,603,922
57,669,820
1,732,273,742
5.2%
33,507,656
1994
1,673,307,475
57,005,483
1,730,312,958
-0.1%
33,943,139
1995
1,732,877,452
56,810,214
1,789,687,666
3.4%
36,000,192
1996
1,784,220,963
63,819,253
1,848,040,216
3.3%
37,421,267
1997
1,848,655,764
68,944,812
1,917,600,576
3.8%
38,289,239
1998
1,920,177,164
70,911,851
1,991,089,015
3.8%
39,313,581
1999
2,035,487,530
85,464,519
2,120,952,049
6.5%
40,240,720
2000
2,149,505,500
84,834,286
2,234,339,786
5.3%
40,687,060
2001
2,421,104,221
92,634,149
2,513,738,370
12.5%
40,786,802
Source: Ventura County Assessor
51
CITY OF MOORPARK
SECURED TAX CHARGE AND DELINQUENCIES
MOST RECENT FIVE YEAR HISTORY
Source: California Municipal Statistics, Inc.
52
Amount
Percent
Fiscal
Secured
Delinquent
Delinquent
Year
Tax Charge
June 30
June 30
1997
$ 1,158,953
24,705
2.1%
1998
1,191,918
21,807
1.8%
1999
1,374,741
25,687
1.9%
2000
1,410,082
25,054
1.8%
2001
1,573,688
67,292
4.3%
Source: California Municipal Statistics, Inc.
52
d
CITY OF MOORPARK
DIRECT AND OVERLAPPING BONDED DEBT
AS OF FISCAL YEAR 1999 -2000*
1999 -2000 Assessed Valuation:
Redevelopment Incremental Valuation:
Adjusted Assessed Valuation:
$ 2,211,432,867
184,257,216
$ 2,027,175,651
Ratios to 1999 -2000 Assessed Valuation:
Direct Debt 0.00%
Total Direct and Overlapping Tax and Assessment Debt 0.51%
Ratio to Adjusted Assessed Valuation
Combined Total Debt 1.19%
State School Building Aid Repayable as of 6/30/00 0
* 1999 -2000 is the most current information available.
** Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and
non - bonded capital lease obligations.
Source: California Municipal Statistics, Inc.
53
Percent
Debt
Direct and Overlapping Tax and Assessment Debt:
Applicable
as 6/30/00
Ventura County Flood Control District Zone No. 3
8.012%
$ 120,981
Metropolitan Water District
0.222%
1,220,145
Ventura County Waterworks District No. 1
100.000%
125,000
Conejo Valley Unified School District
0.021%
6,300
City of Moorpark Commujity Facilities District No. 97 -1
100.000%
7,525,000
City of Moorpark 1915 Act Bonds
100.000%
2,320,000
Total Direct and Overlapping Tax and Assessment Debt
$11,317,426
Overlapping General Fund Obligation Debt:
4.236%
$ 1,502,509
Ventura County General Fund Obligations
4.236%
5,328,888
Ventura County Pension Obligations
4.236%
123,268
Ventura County Superintendent of Schools COPS
4.237%
585,130
Ventura County Community College District COPS
91.108%
5,184,045
Ventura County Library District Authority
6.826%
40,956
Total Overlapping General Fund Obligation Debt
$12,764,796
Combined Total Debt **
$24,082,222
Ratios to 1999 -2000 Assessed Valuation:
Direct Debt 0.00%
Total Direct and Overlapping Tax and Assessment Debt 0.51%
Ratio to Adjusted Assessed Valuation
Combined Total Debt 1.19%
State School Building Aid Repayable as of 6/30/00 0
* 1999 -2000 is the most current information available.
** Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and
non - bonded capital lease obligations.
Source: California Municipal Statistics, Inc.
53
CITY OF MOORPARK •
COMPUTATION OF LEGAL DEBT MARGIN AND W
BREAKDOWN OF GENERAL PROPERTY TAX LEVY a
Legal Debt Margin as of June 30, 2001 v
ON
Assessed Valuation:
W
Secured property assessed value: $ 2,421,104,221
Nk
Bonded Debt Limit (15% of Assessed Value) $ 363,165,633 M
Amount of Debt Subject to Debt Limit
Total Bonded Debt $ 9,195,000
Less CRA Tax Allocation Bonds 9,195,000
Amount of Debt Subject to Debt Limit: 0
Breakdown of General Property Tax Levy
In accordance with the California State Constitution as amended by Proposition 13
in 1978, property taxes are limited to $1 per $100 of valuation unless additional
levies are approved by the general electorate. Most local public agencies receive
a share of the "general levy" ($1 per $100 of valuation) in accordance with State
statutes. The following is a breakdown of the proportional shares of the "General Levy ":
Moorpark Unified School District
33.50 %,
County of Ventura General Fund
17.20%
Fire Protection District
15.10%
Education Revenue Augmentation
5.50%
W
E.R.A.F 93 -94 Shift
8.77%
City of Moorpark
6.50%
Ventura Community College
5.80 %`
Ventura Co. Superintendent of Schools
2.60%
County Library
1.67%
County Flood Zone #3
1.26%
NP
Moorpark Mosquito Abatement
0.91%
Calleguas Municipal Water
0.90%
Ventura County Flood Control Admin
0.26%
Ventura College Child Care
0.03%
Total
100.00%
W
rlr
�w
Source: City of Moorpark, Ventura County Assessor
and HdL Coren & Cone
54
CITY OF MOORPARK
CITY POPULATION
LAST TEN YEARS
tom.
Source: City of Moorpark, and State Department of Finance
�' 55
Percent
Year
Population
Change
1992
26,294
1.5%
1993
26,713
1.6%
1994
27,170
1.7%
1995
27,099
-0.3%
1996
27,752
2.4%
1997
28,377
2.3%
1998
29,300
3.3%
1999
29,589
0.4%
2000
29,727
0.4%
2001
32,150
8.2%
Source: City of Moorpark, and State Department of Finance
�' 55
CITY OF MOORPARK
BUILDING PERMIT VALUATION
LAST TEN FISCAL YEARS
Source: City of Moorpark,
56
Number
Number
Fiscal
Residential
of
Commercial
of
Total Permit
Year
Valuation
Permits
Valuation
Permits
Valuation
1992
$
26,464,476
282
$
3,350,958
45
$
29,815,434
1993
$
9,182,124
326
$
7,488,066
50
$
16,670,190
1994
$
26,189,940
250
$
11,374,256
55
$
37,564,196
1995
$
55,828,983
250
$
2,575,542
37
$
58,404,525
1996
$
45,807,776
443
$
6,869,232
65
$
52,677,008
1997
$
24,274,609
364
$
27,460,489
85
$
51,735,098
1998
$
6,331,779
258
$
18,950,107
131
$
25,281,886
1999
$
3,112,703
213
$
6,538,260
90
$
9,650,963
2000
$
45,298,666
386
$
9,786,014
59
$
55,084,680
2001
$
76,864,038
581
$
7,046,028
69
$
83,910,066
Source: City of Moorpark,
56
CITY OF MOORPARK
F„a
LARGEST PROPERTY OWNERS
PER ASSESSED VALUATION 2001
w
Source: Hdl Coren & Cone and Ventura County Assessor
57
Assessed
Value of
Property Owner
Property
Autosafe Airbag Limited Partnership
$ 75,872,715
Security Capital Pacific Trust
31,037,773
Kavilco Corporation
21,741,700
Laars Inc
20,267,350
Mission Bell Plaza Phase 2
20,208,563
Jakie M. Galiher
18,678,516
G -S Partnership
17,912,277
Toll CA Limited Partnership
16,621,901
Kevin F. & Joanne O. Sawai
14,556,130
Mission Bell Plaza Phase 1
14,297,706
w
Source: Hdl Coren & Cone and Ventura County Assessor
57
CITY OF MOORPARK
MISCELLANEOUS STATISTICS
Year of Incorporation:
1983
Form of Government:
Council - Manager
General Law City
Most Recent Population Estimate:
0
Registered Voters:
15,243
City Employees:
75
Fire Protection:
Number of Stations:
2
Number of Firefighters:
9
Police Protection:
Number of Stations:
1
Number of Police Officers:
23
Number of Support Personnel:
2
58
Parks & Recreation:
Number of Parks 14
Park Acreage 153 acres
Education (Number of Schools):
High Schools 2
Middle Schools 2
Elementary Schools 6
Number of Community Facilities
City Civic Buildings
Libraries 1
Community Centers 2
Senior Centers 1
Gym I
Activity Rooms for Rentals 4
9
rr
rr
REDEVELOPMENT AGENCY OF
CITY OF MOORPARK, CALIFORNIA
(A Component Unit of the City of Moorpark, California)
ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2001
en
d
E
REDEVELOPMENT AGENCY OF
THE CITY OF MOORPAIM CALIFORNIA
(A Component unit of the City of Moorpark, California)
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
CONTENTS
PAGE
Independent Auditors' Report I
All Fund Types and Account Groups
Balance Sheet 2
All Governmental Fund Types
Statement of Revenues, Expenditures and Changes In Fund Balances 4
Statement of Revenues, Expenditures and Changes In Fund Balances
— Budget and Actual 5
Notes to Financial Statements 8
Report on Compliance and On Internal Control Over Financial Reporting Based on an 19
Audit of Financial Statements Performed in Accordance With Government Auditing
Standards
9
Vavrinek, Trine, Day & Co., LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
The Honorable Board of Directors
Redevelopment Agency of
The City of Moorpark, California
We have audited the accompanying component unit financial statements of the Redevelopment Agency of the
City of Moorpark, California (the "Agency ") as of and for the year ended June 30, 2001, as listed in the
accompanying table of contents. These component unit financial statements are the responsibility of the
Agency's management. Our responsibility is to express an opinion on these component unit financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Governmental Auditing Standards, issued
by the Controller of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the component unit financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the component
unit financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the component unit financial statements referred to above revised as described in Note #10,
present fairly, in all material respects, the financial position of the Agency, as of June 30, 2001, and the results
of its operations for the year then ended in conformity with accounting principles generally accepted in the
United States of America.
As discussed in Note #10 to the financial statements, the Redevelopment Agency of the City of Moorpark,
California's June 30, 2001, financial statements reported several balances which have been reclassified. This
discovery was made subsequent to the issuance of the financial statements. The financial statements have been
restated to reflect this correction.
In accordance with Government Auditing Standards, we have also issued our report dated November 20, 2001,
on our consideration of the Agency's internal control over financial reporting, and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
Ao Rancho Cucamonga, California
November 20, 2001, except for Note #10, as to which the date is February 8, 2002.
M
8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 2001
ASSETS AND OTHER DEBITS
Cash and investments
Restricted cash and investments
Accounts and interest receivable, net
Taxes receivable
Loans and notes receivable
Other assets
Due from the City of Moorpark
Land held for resale
Property and equipment
Amount available for debt service
Amount to be provided for retirement
of general long -term debt
Total Assets
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities
Due to the city of moorpark
Deposits, principally from developers
Tax allocation bonds payable
Total Liabilities
FUND EQUITY AND OTHER CREDITS
Fund balances and other credits:
Investment in general fixed assets
Fund balances:
Reserved for encumbrances
Reserved for receivables due after one year, net
Reserved for land held for resale
Reserved for debt service
Reserved for low /moderate income housing
Unreserved:
Designated for business incentives
Unreserved - Undesignated
Total Fund Equity and Other Credits
Total Liabilities and Fund Equity
GOVERNMENTAL FUND TYPES
Special
Capital
Debt
Revenue
Projects
Service
$ 1,581,484
$ 2,120,379
$ 803,959
291,230
76,006
10,381
24,279
120,549
3,493,320
10,590
12,022
1,744,256
990,622
$ 3,737,519
$ 6,690,917
$ 850,641
5,733 342,396 447,332
484,761
25,000 4,045
30,733 831,202 447,332
4,500
120,549 3,493,320
1,744,256 990,622
403,309
1,837,481
233,678
1,142,095
3,706,786 5,859,715 403,309
$ 3,737,519 $ 6,690,917 $ 850,641
P"
6,
PW
to
The accompanying notes are an integral part of these financial statements.
aw
2 W
A*
ACCOUNT GROUPS
General General -Long
TOTALS
(Memorandum
Only)
$ 3,701,863
803,959
377,617
24,279
3,613,869
10,590
12,022
2,734,878
$ 2,026,357 2,026,357
$ 403,309 403,309
8,791,691 8,791,691
$ 2,026,357 $ 9,195,000 $ 22,500,434
795,461
484,761
29,045
9,195,000 9,195,000
9,195,000 10,504,267
2,026,357 2,026,357
4,500
3,613,869
2,734,878
403,309
1,837,481
233,678
1,142,095
2,026,357 11,996,167
$ 2,026,357 $ 9,195,000 $ 22,500,434
ki
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9
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
I"
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
40
6
OTHER FINANCING SOURCES (USES)
Operating transfers in
Loss from sale of agency property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
508,380 878,536
GOVERNMENTAL FUND TYPES
(15,000)
(15,000)
Special
Capital
Debt
TOTALS
(15,000)
Revenue
Projects
Service
(Memorandum Only)
REVENUES
Property taxes
$2,541,900
$ 2,541,900
Interest
$ 204,525
$ 438,440
41,058
684,023
Other
12,867
99,825
112,692
Total Revenues
217,392
538,265
2,582,958
3,338,615
EXPENDITURES
Current:
Public services
106,610
294,429
613,910
1,014,949
Capital outlay
1,859,113
1,859,113
Debt service
Principal
2,210,369
2,210,369
Interest
557,401
557,401
Total Expenditures
106,610
2,153,542
3,381,680
5,641,832
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
110,782
(1,615,277)
(798,722)
(2,303,217)
40
6
OTHER FINANCING SOURCES (USES)
Operating transfers in
Loss from sale of agency property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
508,380 878,536
1,386,916
(15,000)
(15,000)
(141,320) (737,216) (508,380)
(1,386,916)
352,060 (737,216) 370,156
(15,000)
462,842 (2,352,493) (428,566) (2,318,217)
3,198,944 7,878,168 831,875 11,908,987
45,000 334,040 379,040
$ 3,706,786 $ 5,859,715 $ 403,309 $ 9,969,810
The accompanying notes are an integral part of these financial statements.
4
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
SPECIAL REVENUE
Variance
Favorable w
Budget Actual (Unfavorable) a.
REVENUES
Property taxes
Interest
Other
Total Revenues
EXPENDITURES
Current:
Public services
Capital outlay
Debt service
Principal
Interest
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Loss from sale of agency property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
$ 70,000 $ 204,525 $ 134,525
10,200 12,867 2,667
80,200 217,392 137,192
130,563 106,610 23,953
484,780 484,780
615,343
106,610
508,733
(535,143)
110,782
645,925
373,100
508,380
135,280
(15,000)
(15,000)
(153,100)
(141,320)
11,780
220,000
352,060
132,060
$ (315,143) 462,842 $ 777,985
3,198,944
45,000
$ 3,706,786
The accompanying notes are an integral part of these financial statements.
5
CAPITAL PROJECTS
DEBT SERVICE
(Continued)
2,574,758
294,429
Variance
613,910
Variance
1,868,714
1,859,113
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 1,884,800
$ 2,541,900
$ 657,100
$ 375,000
$ 438,440
$ 63,440
61,900
41,058
(20,842)
107,000
99,825
(7,175)
482,000
538,265
56,265
1,946,700
2,582,958
636,258
2,574,758
294,429
2,280,329
613,910
(613,910)
1,868,714
1,859,113
9,601
2,532,576
2,210,369
322,207
911,326
557,401
353,925
4,443,472
2,153,542
2,289,930
3,443,902
3,381,680
62,222
(3,961,472)
(1,615,277)
2,346,195
(1,497,202)
(798,722)
698,480
765,300
878,536
113,236
(737,216)
(737,216)
(508,380)
(508,380)
(737,216)
(737,216)
765,300
370,156
(395,144)
$ (3,961,472) (2,352,493) $ 1,608,979 $ (731,902) (428,566) $ 303,336
7,878,168 831,875
334,040
$ 5,859,715 $ 403,309
0
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2001
REVENUES
Property taxes
Interest
Other
Total Revenues
EXPENDITURES
Current:
Public services
Capital outlay
Debt service
Principal
Interest
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Operating transfers in
Loss from sale of agency property
Operating transfers out
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
TOTAL
(Memorandum Onl
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,884,800 $ 2,541,900 $ 657,100
506,900 684,023 177,123
117,200 112,692 (4,508)
2,508,900 3,338,615 829,715
2,705,321
1,014,949
1,690,372
2,353,494
1,859,113
494,381
2,532,576
2,210,369
322,207
911,326
557,401
353,925
8,502,717
5,641,832
2,860,885
(5,993,817) (2,303,217) 3,690,600
1,138,400 1,386,916 248,516
(15,000) (15,000)
(153,100) (1,386,916) (1,233,816)
985,300 (15,000) (1,000,300)
$ (5,008,517) (2,318,217) $ 2,690,300
11,908,987
379,040
$ 9,969,810
The accompanying notes are an integral part of these financial statements.
7
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9
En
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
�` JUNE 30, 2001
NOTE #1— NATURE AND OPERATIONS OF THE AGENCY
The Redevelopment Agency of the City of Moorpark, California (the Agency) was created by the City of
Moorpark, California (the City) City Council Ordinance No. 87, adopted on March 18, 1987. The City Council
appointed the Board of Directors and established bylaws of the Agency on May 20, 1987, by Resolution No. 87-
387. The City Council sits as the Board of Directors of the Agency. The Agency was established pursuant to
the Community Redevelopment Law of the State of California Health and Safety Code.
For financial reporting purposes, the Agency is considered to be a component financial reporting unit of the
City, however, for operational and financing purposes, the Agency functions as a separate legal entity, distinct
form the City of Moorpark, California. In accordance with accounting principles generally accepted in the
United States of America, the financial activities of the Agency are included in the Annual Financial Report of
the City of Moorpark, California because of the financial and administrative oversight aspects of the City
Council's involvement in the Agency's activities.
NOTE #2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounts of the Agency are organized on the basis of funds and account groups, each of which is considered
a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing
accounts, which comprise its assets, liabilities, fund equity, revenues and expenditures. Government resources
are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent
and the means by which spending activities are controlled. The various funds are grouped in the financial
statements of this report. Fund types and account groups used by the Agency are as follows:
A. Fund Types and Account Groups
• Special Revenue Fund — This fund is used to account for revenues derived from specific sources that are
usually required by law or administrative regulation to be accounted for in separate funds.
* Capital Projects Fund — this fund is used to account for all revenues and expenditures which are not
accounted for by the Debt Service Fund and Special Revenue Fund, including acquisition of properties,
costs of site improvements and other costs of benefit to project areas and administrative expenditures
incurred in sustaining Agency activities.
• Debt Service Fund — This fund is used to account for the payment of interest and principal on its long-
term obligations. Principal sources of revenue for this fund are property taxes and investment earnings.
• General Fixed Assets Account Group — This account group is used to account for property and
equipment purchased or received by the Agency.
"` • General Long -Term Debt Account Group — This account group is used to account for the Agency's
outstanding long -term indebtedness in a separate self - balancing group of accounts.
51
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Basis of Accounting
Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in
the financial statements, regardless of the measurement focus applied. All governmental fund types are
accounted for using the modified accrual basis of accounting. The revenues from these funds are recognized
when they become measurable and available as net current assets. Measurable means the amount of the
transaction can be determined and available means the amount is collected within the current period or soon
enough thereafter (generally sixty days) to be used to pay liabilities of the current period. Amounts, which
could not be measured or were not available, were not accrued as revenue in the current fiscal year.
Those revenues susceptible to accrual are property taxes and interest revenue.
M
6j
Expenditures are generally recognized when incurred under the modified accrual basis of accounting. An
exception to this rule is principal and interest on general long -term debt, which is not recognized as a fund
liability until it is due. Financial resources are appropriated in the fund responsible for repaying debt in the
period in which maturing debt principal and interest must be paid.
C. Fixed Assets and Long -Term Obligations
Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the
General Fixed Assets Account Group, rather than in governmental funds. Public domain ( "infrastructure ")
general fixed assets, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems
and lighting systems, have not been capitalized.
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not
available. Donated fixed assets are valued at their estimated fair market value on the date donated.
Long -term obligations expected to be financed from governmental funds are accounted for in the General
Long -Term Debt Account Group, not in governmental funds. .�
The two account groups are not funds. They are concerned only with the measurement of financial position.
They are not involved with measurement of results of operations. Because of their spending measurement
focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by
noncurrent liabilities. Since they do not affect net current assets, such long -term amounts are not recognized
as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the
General Long -Term Obligations Account Group.
MW
NP
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Measurement Focus
All government funds are accounted for on a spending or financial flow measurement focus, which means
that only current assets and current liabilities are generally included on their balance sheets. Their reported
fund balance is their net current assets, which is considered only to be a measure of available spendable
resources. Governmental fund operating statements present a summary of sources and uses of available
spendable resources during a period by presenting increases and decreases in net current assets.
In those cases when a governmental fund records a long -term receivable or other non - current asset,
undesignated fund balance is reduced to reflect the fact that this amount is not yet available.
E. Budgetary Data
The Board of Directors approves each year's budget submitted by the Executive Director prior to the
beginning of the new fiscal year. Public hearings are conducted prior to its adoption by the Board of
Directors. Supplemental appropriations, where required during the period, are also approved by the Board
of Directors. In most cases, expenditures may not exceed appropriations at the function level. At fiscal
year -end, all operating budget appropriations lapse. Overall, budgets are adopted on a basis consistent with
accounting principles generally accepted in the United States of America (GAAP).
F. Land Held for Resale
Land held for resale in the Low and Moderate - Income Housing Special Revenue Fund represents land
purchased by the Agency for investment purposes. Such land is valued at the lower of cost or estimated net
realizable value (as determined by a disposition and development agreement between the Agency and a
developer) and has been offset by a reservation of fund balance to indicate that assets constitute future
capital projects and are not available spendable resources.
G. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is
employed in the governmental funds. Open encumbrances are recorded as reservations of fund balance
since the commitments will be paid by subsequent years' budget appropriations. Encumbrances do not
�. constitute expenditure or liabilities.
10
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H. Property Taxes
The Agency receives incremental property taxes on property within its project area over a base - assessed
valuation on the date the project area was established.
The duties of assessing and collecting property taxes are performed by the Ventura County Assessor and
Tax Collector, respectively. Tax levies cover the period from July 1 to June 30 of each year. All tax liens
attach annually on the first day in January preceding the fiscal year for which the taxes are levied. Taxes are
levied on both real and personal property, as it exists on that date.
Secured property taxes are levied against real property and are due and payable in two equal installments.
The first installment is due on November 1 and becomes delinquent if not paid by December 10. The
second installment is due on February 1 and becomes delinquent if not paid by April 10. Unsecured
personal property taxes are due on July 1 each year. These taxes become delinquent if not paid by
August 31.
The Agency records incremental property tax revenues in the fiscal year to which they are due rather than at
the related lien date. Delinquent property taxes at year -end (June 30) if any are reserved to the extent they
are deemed to be uncollectible within 60 days thereafter.
I. Total (Memorandum Only Columns
LM
0
The combined financial statements include certain "memorandum only" totals, which represent arp
mathematical summations of account totals by fund type and account group and do not reflect the W
elimination of interf ind transactions. Such totals are for information purposes only and do not present
consolidated financial information. r■
J. Fund Equity
r.s
Fund equity consists of reserved and unreserved amounts. Reserved fund equity represents that portion of a
fund balance, which has been appropriated for expenditure or is legally segregated for a specific future use.
The remaining portion is unreserved. —,
A portion of unreserved fund balance may be designated to indicate plans for financial resource utilization
in a future period, such as for general contingencies or capital projects. Such plans are subject to change
and may never be legally authorized or result in expenditure.
11
O_
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
�. JUNE 30, 2001
NOTE #3 — CASH AND INVESTMENTS
At June 30, 2001, the Agency's investments are stated at fair value. The Agency's cash, investments and
restricted cash and investments consist primarily of investments in the State Treasurer's Local Agency
Investment Fund, certificates of deposit and other money market investments. Interest income earned on cash
and investments is allocated to the various funds based on each fund's average cash and investment balance.
A. Cash and Investments with Fiscal Agent
A portion of the Agency's funds are also held by trustees or fiscal agents and pledged to the payment or
a.„ security of certain bonds. The California Government Code provides that these monies, unless otherwise
required by statute, may be invested in accordance with the ordinances, resolutions or indentures, which
specify the types of investments the trustees or fiscal agents may make.
B. Cash and Investments
Cash and non - negotiable certificates of deposit are classified in three categories of custodial risk as follows:
Category 1: Includes deposits that are insured or collateralized with securities held by the Agency or its
agent in the Agency's name.
Category 2: Includes deposits that are collateralized with securities held by the pledging financial
12
institution's trust department or agent in the Agency's name.
Category 3:
Deposits, which are uncollaterlized, or collateralized with securities held by the pledging
financial institution or by its trust department or agent but not in the Agency's name.
Investments are also classified in three categories of custodial risk as follows:
y Category 1:
Insured or registered, securities held by the entity or its agent in the Agency's name.
Category 2:
Uninsured and unregistered, with securities held by the counterparty's trust department or
agent in the Agency's name.
Category 3:
Uninsured and unregistered, with securities held by the counterparty's trust department or
agent but not in the Agency's name. Investments in pools managed by other governments or
in mutual funds are not required to be categorized.
12
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #3 — CASHAND INVESTMENTS (Continued)
The Agency's deposits and investments at June 30, 2001 are categorized below:
Deposits:
Cash
Investments:
Local Agency Investment Fund (LAIF) (1)
Investments held in trust by fiscal agents
guaranteed investment agreement with
Transamerica, maturity date 10/1/2018
Money Market Fund
Common Stock - Disney
Total investments
* Not required to be categorized.
BANK BALANCE -
CATEGORY BANK CARRYING
1 2
3 BALANCES AMOUNTS
$100,000 $ - $418,524 $ 518,524 $ 518,524
BANK BALANCE -
CATEGORY
1 2 3
CARRYING FAIR
VALUE VALUE
$ 3,179,497 $ 3,186,611
771,100 771,100
32,859 31,959
$ 3,842 3,842 3,842
$ 3,842 $ - $ - $ 3,987,298 $ 3,993,512
(1) The management of the State of California Pooled Money Investment Account (generally referred to as
LAIF) has indicated to the Agency that as of June 30, 2001, the carrying amount of the pool was
$54,496,268,373 and the estimated market value for the pool (including accrued interest) was
$55,175,428,123. The Agency's proportionate share of that value is $3,179,497. Included in LAIF's
investment portfolio are certain derivative securities or similar products in the form of structured notes
totaling $1,517,548,000, and asset - backed securities totaling $937,996,000. LAIF's (and the Agency's)
exposure to risk (credit, market or legal) is not currently available.
Fair Value of Investments
Accounting pronouncement GASB Statement 31 generally applies to investments in external investment
pools, investments purchased with maturities greater than one year, mutual funds, and certain investment
pools. Generally, governmental entities need to report the "fair value" changes for these investments at
year -end and records these gains or losses on their income statement.
13
8
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REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #3 — CASH AND INVESTMENTS (Continued)
State of California State Treasurer's Local Agency Investment Fund (LAIF): The Agency holds an
investment in LAIF that is subject to being adjusted to "fair value ". The Agency is required to disclose its
methods and assumptions used to estimate the fair value of its holdings in LAIF. The Agency relied upon
information provided by the State Treasurer in estimating the Agency's fair value position of its holding in
LAIF. The Agency had a contractual withdrawal value of $3,179,497 whose pro -rata share of fair value was
estimated by the state Treasurer to be $3,186,611. The fair value change in this investment for the year
came to an amount that was not material for presentation in the financial statements.
The State Treasurer's Local Agency Investment Fund ( "LAIF ") is a governmental investment pool managed
and directed by the California State Treasurer and is not registered with the Securities and Exchange
Commission. An oversight committee, comprised of California State officials and various participants,
provide oversight to the management of the fund. The daily operations and responsibilities of LAIF fall
under the auspices of the State Treasurer's office. The Agency is a voluntary participant in the investment
pool.
NOTE #4 — LAND HELD FOR RESALE
The following is a summary of changes in land held for resale during the year ended June 30, 2001:
Balance Balance
Beginning of End of
Year Additions Deletions Year
Totals $ 1,500,000 $ 1,234,878 $ 2,734,878
NOTE #5 — PROPERTYAND EQUIPMENT
A summary of changes in general fixed assets during the year ended June 30, 2001 is as follows:
Land
Building and structures
Equipment
Totals
ii
Balance
Balance
Beginning of
End of
Year Additions
Deletions Year
$ 1,096,409 $ 1,859,114
$ 991,240 $ 1,964,283
78,558
55,532 23,026
34,316 4,732
39,048
$ 1,209,283 $ 1,863,846 $1,046,772 $ 2,026,357
14
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #6 — GENERAL LONG -TERM DEBT
The following is a schedule of changes in long -term debt for the fiscal year ended June 30, 2001.
A. Employee Compensated Absences
B. Long -Term Advance from the City
C. 1999 Tax Allocation Bonds
Totals
A. Em llooyee Compensated Absences Pam
Balance
Beginning of
Year Additions
$ 18,900
1,865,369
9,540,000
Balance
End of
Deletions Year
$ 18,900
1,865,369
345,000 $ 9,195,000
$11,424,269 $ - $ 2,229,269 $ 9,195,000
In accordance with accounting principles generally accepted in the United States of America, the Agency
recognizes the long -term portion of accumulated employee compensated absences, if any, in the Long -Term
Debt Account Group.
B. Advances from the City of Moorpark
The City's General Fund has paid for services and start-up expenditures incurred by the Redevelopment
Agency (short-term advances). The balance of these short-term operating advances amounted to $1,865,369
at the beginning of the fiscal year and were completely repaid during the 2000 -2001 fiscal year.
C. 1999 Tax Allocation Bonds
In 1999, the Redevelopment Agency issued a $9,860,000 aggregated principal amount of Moorpark
Redevelopment Project 1999 Tax Allocation Refunding Bonds (the Bonds). The purpose of the Bonds was
to advance refund the Agency's previously issued $10,000,000 Moorpark Redevelopment Project, 1993 Tax
Allocation Bonds. The purpose of the 1993 Bonds was to finance a portion of the costs of implementing the
Redevelopment Plan, including low -and moderate - income housing projects. The 1999 Bonds bear interest
at rates ranging from 3.05 percent to 4.875 percent per annum, payable semi - annually on April 1 and
October 1 of each year, commending on October 1, 1999 and are subject to mandatory sinking fund
redemption commencing on October 1, 2009 and on each October 1 thereafter. The Bonds are payable from
and secured by the tax revenues to be derived from the project area.
15
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I
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #6— GENERAL LONG- TERMDEBT (Continued)
The bonds are secured by all property tax increment revenues, which are deposited in the Debt Service
Fund. Cash and investments in the custody of the fiscal agent are restricted by the bond resolutions for
payment of principal and interest on the Tax Allocation Bonds. In addition, the bond resolutions require
retention of funds held by the fiscal agent prior to use for other than debt service.
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which
require the establishment of certain specific accounts for the Tax Allocation Bonds.
Debt service payments on the 1999 Tax Allocation Refunding Bonds payable will be made from the Debt
Service Fund. Annual debt service requirements to maturity are as follows:
Fiscal Year Ending
June 30, Principal Interest
Total
2002 $ 355,000 $ 408,638
$ 763,638
2003 365,000 396,124
761,124
2004 380,000 382,710
762,710
2005 395,000 368,369
763,369
2006 405,000 353,068
758,068
Thereafter 7,295,000 2,526,935
9,821,935
Total $ 9,195,000 $4,435,844
$ 13,630,844
D. Prior Year's Debt Defeasance
In prior years, the Agency defeased the 1993 tax allocation bond issue by creating separate irrevocable trust
funds. New debt has been issued and the proceeds have been used to purchase U.S. government securities
that were placed in the trust funds. The investments and fixed earnings from the investments are sufficient
to fully service the defeased debt until the debt is called or matures. For financial reporting purposes, the
debt has been considered defeased and therefore removed as a liability from the Agency's General Long-
Term Debt Account Group. As of June 30, 2001, the amount of defeased debt outstanding but removed
from the General Long -Terms Debt Account Group amounted to $8,400,000.
"' 16
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #7—LOW- AND MODERATE- INCOME HOUSING SET ASIDE
The California Health and Safety Code Section 33334.2 requires a redevelopment agency to use at least 20
percent of tax increment revenues generated by a redevelopment project area to increase and improve the supply
of low -and moderate - income housing in the community. Accordingly, the Agency's unspent commitment for its
low- and moderate - income housing program amounted to $1,837,481 and has been reflected as a reservation of
fund balance in the Agency's Special Revenue Fund.
NOTE #8 — PASS- THROUGHAGREEMENTS
The Agency has entered into agreements with various governmental agencies to pass through a portion of tax
increment received in the project area. Such transactions are recorded within the Agency's funds. The various
agencies and the tax increment passed through to those agencies for the year ended June 30, 2001 are as follows:
Ventura County Superintendent of Schools $ 1,639
Moorpark Unified School District 136,599
Ventura County Community College District 23,744
Ventura County 260,695
Ventura County Fire District 168,193
Ventura County Flood Administration 2,988
Ventura County Flood Zone #3 15,456
Total $ 609,314
In addition, the Agency was not subject to transfer any tax increment to the State's Education Revenue
Augmentation Fund (ERAF) for the year ended June 30, 2001.
NOTE #9 — PRIOR PERIOD ADJUSTMENTS
The Agency has recorded a prior period adjustment of $(484,761) in the Capital Projects Fund to record prior
year interest due to the General Fund from the Long -Term Advance from the City. The Agency recorded a prior
period adjustment of $(171,861) in the Capital Projects Fund to record prior year pass -thru liability. The City
recorded a prior period adjustment of $990,662 in the Capital Projects Fund and $45,000 in the Special Revenue
Fund to record land held for resale, which had been recorded in the General Fixed Asset Account Group.
17
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s
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2001
NOTE #10 — SUBSEQUENT DISCOVERY OF FACTS
Subsequent to issuing the financial statements, it was discovered that several classifications of the Balance
Sheet, the Statement of Revenues, Expenditures and Changes in Fund Balance, and the Statement of Revenues,
Expenditures and Changes in Fund Balance — Budget and Actual changed. The financial statements have been
reissued to include these changes in classification. The effect of these changes is detailed below:
Before Restatement After Restatement
Special Capital Debt Special Capital Debt
Revenue Projects Service Revenue Projects Service
BALANCESHEET
ASSETS
Cash and investments
Due from other funds
Amount available for debt service
LIABILITIES
Due to other funds
FUND EQUITY AND OTHER CREDITS
Reserve for debt service
Reserve for low /mod income housing
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
REVENUES
Property taxes
Interest
EXPENDITURES
Public service
Capital outlay
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
REVENUES
Property taxes - budget
Interest - budget
EXPENDITURES
Principal - budget
Interest - budget
OTHER FINANCING SOURCES
Operating tranfers in - budget
$ 1,576,629 $ 2,127,510
1,887
$ 401,422
1,887
401,422
1,832,626
$ 1,581,484 $ 2,120,379
1,837,481
$ 403,309
403,309
2,582,959 2,541,900
141,320 41,058
111,465 757,118 106,610 613,910
1,850,055 1,859,113
18
1,501,700
276,000
336,200
61,000
765,300
1,884,800
61,900
2,532,576
911,326
765,300
ti
i
Vavrinek, Trine, Day & Co., LLP VALUE THE DIFFERENCE
Certified Public Accountants & Consultants
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING
M BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
The Honorable Board of Directors
Redevelopment Agency of
the City of Moorpark, California
We have audited the financial statements Redevelopment Agency of the City of Moorpark, California, as of and
for the year ended June 30, 2001 and have issued our report thereon, dated November 20, 2001. We conducted
our audit in accordance with Auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Controller of
the United States.
Compliance
As part of obtaining reasonable assurance about whether. the financial statements of the City of Moorpark,
California, are free of material misstatements, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. Such provisions included those provisions of laws and
regulations identified in the Guidelines for Compliance Audits of California Redevelopment Agencies, issued by
the State Controller and as interpreted in the Suggested Auditing Procedures for Accomplishing Compliance
Audits of California Redevelopment Agencies, issued by the Governmental Accounting and Auditing Committee
of the California Society of Certified Public Accountants. However, providing an opinion on compliance with
those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The
results of our tests disclosed the following instances of noncompliance that are required to be reported under
Government Auditing Standards.
Health and Safety Code Section 33334.3(d) requires that if planning and administrative expenditures were made
from the Housing Fund the Agency must prepare a written determination (each year) showing that planning and
administrative expenditures were necessary for the production, improvement, or preservation of low and
moderate income housing. The City of Moorpark, California did not prepare such a written determination.
8270 Aspen Street Rancho Cucamonga, CA 9173011el: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
Am FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Redevelopment Agency of the City of Moorpark,
California's internal control over financial reporting in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and not to provide assurance on the internal
control over financial reporting. Our consideration of the internal control over financial reporting would not
necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses.
A material weakness is a condition in which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that misstatements in amounts that would be
material in relation to the financial statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions. We noted no matters
involving the internal control over financial reporting and its operation that we considered to be material
weaknesses.
This report is intended for the information of the board of Directors, management, and the State Controller and
is not intended to be and should not be used by anyone other than those specified parties.
Rancho Cucamonga, California
November 20, 2001
20
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U"60111, ri Vavrinek, Trine, Day & Co., LLP VALUE THE DIFFERENCE
Certified Public Accountants & Consultants
November 20, 2001
Honorable Members of the City Council
City of Moorpark
Moorpark, California
We have audited the financial statements of the City of Moorpark, California (the City) for the year ended
June 30, 2001, and have issued our report dated November 20, 2001. In planning and performing our audit of the
financial statement of the City, we considered its internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on
the internal control structure. We have not considered the internal control structure since the date of our report.
During our audit we noted certain matters involving the internal control structure and other operational and
accounting matters that are presented for your consideration. These comments and recommendations are intended
to improve the internal control structure or result in other operational efficiencies and are summarized below.
CURRENT YEAR FINDINGS AND RECOMMENDATIONS
Investment Compliance
Finding:
During our review of the investment policy we noted that it was not reviewed and adopted by the City Council
during the fiscal year ending June 30, 2001. As required by State Government Code, the investment policy must
be reviewed and adopted by the City Council each fiscal year. The policy was reviewed in October of 2001;
however, this was subsequent to the fiscal year end.
Recommendation:
The City should develop a system to ensure that the investment policy is reviewed and adopted at once each fiscal
year.
City Response:
Because of staff shortages, presentation of the investment policy to the City Council was delayed by four months.
The policy will now be presented to the City Council annually.
8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
City of Moorpark, California
Management Letter
Page 2
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued
Finding:
During our testing of the investment portfolio we noted that the Agency maintains a small investment in Disney
Corporation stock. The stock was originally acquired several years ago as collateral for a note receivable that
defaulted. The fact that the stock has not been liquidated appears to be a violation of the adopted investment
policy, as the policy does not provide for investments in corporate stock.
Recommendation:
The Agency should liquidate its investment in the stock and invest the proceeds in an approved investment
vehicle. If the Agency determines it necessary to retain the stock, the investment policy should be amended to
provide for such and investment.
City Response:
The Disney Corporation stock was sent to the Agency's security dealer in January 2002 and will be sold by
June 30, 2002.
Appropriations Limit Calculation
Finding:
During our review of the Appropriations Limit calculation we noted an error in the formula used to calculate the
annual inflation adjustment. This resulted in an adopted limit that was $81,908 higher than would have been
calculated with the proper adjustment factor. The City's actual appropriations subject to the limit did not exceed
either the adopted limit or the limit that would have been calculated with the proper factor.
Recommendation:
The City should recalculate the annual adjustment factors and prepare a revised limit for adoption by the City
Council.
City Response:
The calculation error was discovered by Finance Division staff in April of 2001. The error of $81,908 represents
an adjustment of only 0.6 percent to the limit of $13 million, and the limit still far exceeds appropriations subject
to the limit. The error is insignificant and a correction at that time was not warranted. The corrected figures will
be given to the City Council when they consider the appropriations limit for the fiscal year 2002 -2003.
City of Moorpark, California
Management Letter
Page 3
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued)
Deposits
Finding:
The City has not adequately monitored the deposit accounts; this resulted in several deposits maintaining negative
balances on the City's general ledger, and allowed the city to provide services that may be uncollectable in the
future.
Recommendation:
Deposits should be reviewed on a regular basis, in order to ensure that the depositors have adequate funds for the
services provided by the City.
City Response
Monitoring of developer deposits has been a subject of considerable effort in the last several years. However, the
electronic accounting tools available to staff have not been adequate to analyze these balances automatically and
staff resources have not been adequate to sufficiently monitor them manually. Despite these limitations, it should
be noted that negative deposit balances amount to only 6 percent of the total amount on deposit for 158 individual
deposit accounts. In December 2001, the City contracted with software developers to design and implement a
multi - purpose database designed to track deposits, charges against the deposits, and analyze problems. We plan
to have this database implemented by December 2002.
False Alarm Fees
Finding:
The City Council adopted a new false alarm fee schedule, however, the City is charging false alarm fees based on
the old schedule.
Recommendation:
We recommend the City review the false alarm fees and implement the most updated fee schedule adopted by the
City Council.
City Response:
When the Police Department responds to a false alarm, they send a letter to the home or business owner indicating
the amount owed. The Finance Division generates an invoice based on the amount specified in the Police
Department's letter. The City Council adopted a fee increase of $5 in July 1998 and, unfortunately, neither the
Police Department nor the Finance Division implemented the increase until May 2001. The fees currently being
charged are correct we will be sure future changes are promptly implemented.
City of Moorpark, California
Management Letter
Page 4
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued)
Disbursements/Purchasing
Finding:
The City's purchasing ordinance requires that purchase orders be used for all purchases made by the City. We
noted that the actual purchasing system in use does not require that purchase orders be obtained for every
purchase. Warrant requests, and other forms of approval are used to document approval for reoccurring types of
expenditures.
Recommendation:
The City should review its purchasing policies and the purchasing ordinance to ensure that the actual system in
use agrees to the level of control defined by the purchasing ordinance.
City Response:
The city's purchasing ordinance, unfortunately, has not been updated since 1983 and many of its provisions are
not in keeping with modern purchasing nor current city practices. We agree that the purchasing ordinance needs
updating. This was also a recommendation last year; unfortunately, due to reduced staffing levels, the City was
not able to update the purchasing ordinance during the year. However, it is important to note that numerous
internal control procedures are in place to help protect against errors and fraud in accounts payable and non-
compliance with this specific requirement in the city's municipal code does not result in compromised internal
control. Review and amendment to the purchasing ordinance will be accomplished by December 2002.
Fixed Assets
Finding:
The City has not maintained the documentation to support the General Fixed Assets Account Group in a manner
that will allow us to express an opinion on this account group. Although it appears that the City is tracking
current additions, it does not have a detailed listing to support the totals as reported in the prior year's audit. It
also appears that the City is not consistently applying the capitalization policies for current additions.
Recommendation:
We suggest that the City devote the necessary time to conduct a complete inventory of all fixed assets owned by
the City, and review all applicable policies. This will enable the City to have a listing of all City owned assets.
This will also assist the City in preparing for the new reporting model that has recently been adopted by the
Governmental Accounting Standards Board (GASB). GASB has recently adopted statement 34 that will require
significant changes to the current reporting model, one of the most significant changes will be the requirement
that each governmental agency book and track all fixed assets within the fund structure of the entity. This will
include depreciation. By beginning to track the fixed assets now the City will have a head start on the
implementation of the new reporting model.
City of Moorpark, California
Management Letter
Page 5
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued)
CiIy Response:
The city did complete an inventory of all fixed assets and installed software necessary to track these assets in the
financial management system. However, implementation of this new system has been delayed due to staffing
shortages, but progress has resumed and we anticipate completion of this project by June 30, 2002.
Electronic Data Processing
Finding:
Although the City performs back -up procedures on a periodic basis, the City does not have a formal written policy
that covers the frequency of back -up procedures, nor offsite storage of back -up tapes.
Recommendation:
We suggest that the City review all policies and procedures relating to the use and back -up procedures relating to
City owned computers. These polices should include the frequency of back -up, offsite storage of back -up
documents, and a file saving policy to ensure that all files are part of the back -up system.
Cily Response:
As noted in the finding, the City does routinely and consistently back -up all information systems. We agree that a
written procedure should be created and will develop one by June 30, 2002.
Accounting Policies and Procedures Manual
Finding:
Although the City has used a variety of publications for guidance on handling of specific accounting or
operational issues as well as guidance provided in the Moorpark Operating Procedures Manual, the City currently
does not have a City-wide comprehensive accounting policies and procedures manual. We recommend that such
a comprehensive accounting manual be prepared in order to document and communicate control objectives and
the appropriate methodology for the processing of transactions for all recurring accounting and financial
transactions. While most current employees are familiar with the established accounting procedures, a
comprehensive manual would serve to supplement their knowledge and would be especially useful during periods
of transition.
City of Moorpark, California
Management Letter
Page 6
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued)
Recommendations:
We understand that completion of such a manual has been delayed due to the anticipated conversion to new
accounting software during fiscal year 1999. In preparing such a manual, we recommend that the City address the
following items, among others, some of which already exist as standard operating procedures:
• A current detailed chart of accounts, including adequate explanation of the purpose and content of each
account and the individuals assigned control over each account;
• A description of all the funds of the City, including type (i.e. Special Revenue, Capital Projects, etc.) and
purpose of each fund;
• Documentary flowcharts of significant accounting systems, including their interrelationship, where
applicable, with other departments within the City;
• Reports used on a recurring basis, frequency of the report, content and purpose;
• A list of standard forms and journal vouchers with detailed explanations of their purpose and preparation;
• Appropriate descriptions of all financial policies and recurring accounting procedures and routines, which
should include but are not necessarily limited to the following:
• Monthly review of internally generated reports, which may vary in complexity from a simple scan of
transactions to detailed analysis or reconciliation work;
• Policies related to cash which would include preparation of bank reconciliations, controls over cash
disbursements and cash receipts, and procedures regarding the investment of excess cash on hand;
• Purchase and capitalization of fixed assets and related procedures for computation of depreciation thereon;
• Doubtful accounts and related bad debt write -offs;
• Lease obligations and related capitalization policies;
• Authorization for incurring professional services;
• Policies related to the recognition of revenues and expenses with particular attention paid to year -end cut-
off procedures; and
• The assignment of accounting responsibilities and expenditure approval procedures.
• Policies and procedures related to personnel with accounting and control responsibilities:
• Job descriptions
City of Moorpark, California
Management Letter
Page 7
CURRENT YEAR FINDINGS AND RECOMMENDATIONS (Continued)
• Formal training programs for various job positions
• Methodology for monitoring completion of duties and performance evaluations
• Adequate policies to provide for competent replacements for individuals with control responsibilities.
Such an accounting manual should be updated periodically and distributed to all accounting personnel and key
operations personnel. This manual should evolve to meet the needs of the City and provide an accurate reflection
of the current accounting system. All changes in the manual should be subject written approval by City
management.
The Development of this document will have numerous benefits, including the promotion of control
consciousness, definition of responsibilities, increased communication between individuals and departments,
utilization of consistent and appropriate accounting practices and compliance with accounting requirements. In
addition, preparing such a manual may reveal redundancies and inefficiencies in the current accounting system. A
well developed accounting policies and procedures manual serves as a ready reference for employees and
provides a sound base to continually monitor and assess the City's internal operations.
City Response:
We are in complete agreement that written policies and procedures covering a broad range of finance and
purchasing processes is essential. Development of such a comprehensive manual takes time and will be a "work
in progress" for many years. Unfortunately, staffing shortages have prohibited substantial efforts in this area. We
will continue to look for opportunities to develop written procedures.
City of Moorpark, California
Management Letter
Page 8
STATUS OF PRIOR YEAR FINDINGS
Cash and Investments
Finding:
The City did not submit the June 30, 2000, Treasurers report to the City Council for approval within a timely
manner. It appears that as of November this report had not been taken to Council for approval. In addition we
noted that the quarterly Treasurers report did not contain all of the required elements for the City's investments.
Recommendation:
The City should review the procedures for the preparation of the Treasurers report to ensure timely reporting to
the City Council. The report should also be reviewed to ensure that all appropriate disclosures are made in
accordance with State statute.
Status:
Implemented.
Finding:
The City was behind in the monthly bank reconciliation for two of the City's bank accounts. We noted that the
City's general checking account had not been reconciled from June of 1999 through our interim fieldwork dates
of April 2000. In addition, the City's disbursement account had not been reconciled from January 2000 through
April 2000.
Recommendation:
The monthly reconciliation of the bank statements is an important aspect of the City's internal control structure.
We suggest that the City develop policies to ensure that each City bank account is reconciled on a monthly basis.
Status:
Implemented.
City of Moorpark, California
Management Letter
Page 9
STATUS OF PRIOR YEAR FINDINGS (Continued)
Disbursements/Purchasing
Findin :
The City's purchasing ordinance requires that purchase orders be used for all purchases made by the City. We
noted that the actual purchasing system in use does not require that purchase orders be obtained for every
purchase. Warrant requests, and other forms of approval are used to document approval for reoccurring types of
expenditures.
Recommendation:
The City should review its purchasing policies and the purchasing ordinance to ensure that the actual system in
use agrees to the level of control defined by the purchasing ordinance.
Status:
Not Implemented. See current year findings.
Loans between the City and the Redevelopment Agency
Finding:
We noted that the interest charged to the Redevelopment Agency for the loan from the General Fund is based
upon the budget document not the actual interest that is accrued based upon the balance of the outstanding loan.
Recommendation:
We suggest that interest charges be based upon the actual amount outstanding, not upon the budget.
Status:
Implemented.
City of Moorpark, California
Management Letter
Page 10
STATUS OF PRIOR YEAR FINDINGS (Continued
Fixed Assets
Finding:
The City has not maintained the documentation to support the General Fixed Assets Account Group in a manner
that will allow us to express an opinion on this account group. Although it appears that the City is tracking
current additions, it does not have a detailed listing to support the totals as reported in the prior year's audit. It
also appears that the City is not consistently applying the capitalization policies for current additions.
Recommendation:
We suggest that the City devote the necessary time to conduct a complete inventory of all fixed assets owned by
the City, and review all applicable policies. This will enable the City to have a listing of all City owned assets.
This will also assist the City in preparing for the new reporting model that has recently been adopted by the
Governmental Accounting Standards Board (GASB). GASB has recently adopted statement 34 that will require
significant changes to the current reporting model, one of the most significant changes will be the requirement
that each governmental agency book and track all fixed assets within the fund structure of the entity. This will
include depreciation. By beginning to track the fixed assets now the City will have a head start on the
implementation of the new reporting model.
Status:
In Process, see current year findings.
Personnel
Finding:
During our testing of the personnel/payroll internal control systems we noted that the final review of pay rate
changes is performed by an employee who also has access, and the ability, to change the pay rate information in
the computer system.
Recommendation:
We suggest that there be a separation of duties relating to the final review of pay rate changes. An employee
separate of the payroll and input function should be reviewing the information to ensure that proper changes were
made. This employee should not have the ability to input changes into the payroll system.
Status:
Implemented.
City of Moorpark, California
Management Letter
Page 11
STATUS OF PRIOR YEAR FINDINGS (Continued)
Electronic Data Processing
Finding:
Although the City performs back -up procedures on a periodic basis, the City does not have a formal written policy
that covers the frequency of back -up procedures, nor offsite storage of back -up tapes.
Recommendation:
We suggest that the City review all policies and procedures relating to the use and back -up procedures relating to
City owned computers. These polices should include the frequency of back -up, offsite storage of back -up
documents, and a file saving policy to ensure that all files are part of the back -up system.
Status:
Not Implemented. The City does not have a written policy. See current year findings.
Accounting Policies and Procedures Manual
Findiniz:
Although the City has used a variety of publications for guidance on handling of specific accounting or
operational issues as well as guidance provided in the Moorpark Operating Procedures Manual, the City currently
does not have a City-wide comprehensive accounting policies and procedures manual. We recommend that such
a comprehensive accounting manual be prepared in order to document and communicate control objectives and
the appropriate methodology for the processing of transactions for all recurring accounting and financial
transactions. While most current employees are familiar with the established accounting procedures, a
comprehensive manual would serve to supplement their knowledge and would be especially useful during periods
of transition.
Recommendations:
We understand that completion of such a manual has been delayed due to the anticipated conversion to new
accounting software during fiscal year 1999. In preparing such a manual, we recommend that the City address the
following items, among others, some of which already exist as standard operating procedures:
• A current detailed chart of accounts, including adequate explanation of the purpose and content of each
account and the individuals assigned control over each account;
• A description of all the funds of the City, including type (i.e. Special Revenue, Capital Projects, etc.) and
purpose of each fund;
City of Moorpark, California
Management Letter
Page 12
STATUS OF PRIOR YEAR FINDINGS (Continued)
• Documentary flowcharts of significant accounting systems, including their interrelationship, where
applicable, with other departments within the City;
• Reports used on a recurring basis, frequency of the report, content and purpose;
• A list of standard forms and journal vouchers with detailed explanations of their purpose and preparation;
• Appropriate descriptions of all financial policies and recurring accounting procedures and routines, which
should include but are not necessarily limited to the following:
• Monthly review of internally generated reports, which may vary in complexity from a simple scan of
transactions to detailed analysis or reconciliation work;
• Policies related to cash which would include preparation of bank reconciliations, controls over cash
disbursements and cash receipts, and procedures regarding the investment of excess cash on hand;
• Purchase and capitalization of fixed assets and related procedures for computation of depreciation thereon;
• Doubtful accounts and related bad debt write -offs;
• Lease obligations and related capitalization policies;
• Authorization for incurring professional services;
• Policies related to the recognition of revenues and expenses with particular attention paid to year -end cut-
off procedures; and
• The assignment of accounting responsibilities and expenditure approval procedures.
• Policies and procedures related to personnel with accounting and control responsibilities:
• Job descriptions
• Formal training programs for various job positions
• Methodology for monitoring completion of duties and performance evaluations
• Adequate policies to provide for competent replacements for individuals with control responsibilities.
Such an accounting manual should be updated periodically and distributed to all accounting personnel and key
operations personnel. This manual should evolve to meet the needs of the City and provide an accurate reflection
of the current accounting system. All changes in the manual should be subject written approval by City
management.
f`
City of Moorpark, California
Management Letter
Page 13
STATUS OF PRIOR YEAR FINDINGS (Continued)
The Development of this document will have numerous benefits, including the promotion of control
consciousness, definition of responsibilities, increased communication between individuals and departments,
utilization of consistent and appropriate accounting practices and compliance with accounting requirements. In
addition, preparing such a manual may reveal redundancies and inefficiencies in the current accounting system. A
well developed accounting policies and procedures manual serves as a ready reference for employees and
provides a sound base to continually monitor and assess the City's internal operations.
Status:
Improved/In Process. See current year findings.
We will review the status of these comments during our next audit engagement. We have already discussed these
comments and suggestions with City personnel, and we will be pleased to discuss them in further detail at your
convenience, to perform any additional study of these matters, or to assist you in implementing the
recommendations.
VO
Vavrinek, Trine, Day & Co., LLP
Rancho Cucamonga, California
CITY OF MOORPARK
SINGLE AUDIT REPORTS - AMENDED
FOR THE YEAR ENDED
JUNE 309 2000
rl6tl Vavrinek, Trine, Day & Co., LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO
EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH
UNITED STATES OFFICE OF MANAGEMENT AND BUDGET CIRCULAR A -133
AMENDED
The Honorable Mayor and Members of the City Council
City of Moorpark, California
Compliance
We have audited the compliance of the City of Moorpark, California with the types of compliance requirements
- described in the U.S. Office of Management and Budget (OMB) Circular A -133 Compliance Supplement that are
applicable to each of its major Federal programs for the year ended June 30, 2000. The City of Moorpark,
California's major Federal programs are identified in the Schedule of Expenditures of Federal Awards.
Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major
Federal programs is the responsibility of the City of Moorpark, California's management. Our responsibility is to
express an opinion on the City of Moorpark, California's compliance based on our audit.
F7
We conducted our audit of compliance in accordance with generally accepted auditing standards; the standards
applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of
the United States; and OMB Circular A -133, Audits of States, Local Governments, and Non - Profit Organizations.
Those standards and OMB Circular A -133 require that we plan and perform the audit to obtain reasonable
assurance about whether noncompliance with the types of compliance requirements referred to above that could
have a direct and material effect on a major Federal program occurred. An audit includes examining, on a test
basis, evidence about the City of Moorpark, California's compliance with those requirements and performing
such other procedures, as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion. Our audit does not provide a legal determination on the City of Moorpark,
California's compliance with those requirements.
In our opinion, the City of Moorpark, California complied, in all material respects, with the requirements referred
to above that are applicable to each of its major Federal programs for the year ended June 30, 2000.
Internal Control over Compliance
The management of the City of Moorpark, California is responsible for establishing and maintaining effective
internal control over compliance with requirements of laws, regulations, contracts and grants applicable to Federal
programs. In planning and performing our audit, we considered the City of Moorpark, California's internal
control over compliance with requirements that could have a direct and material effect on a major Federal
program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance
and to test and report on internal control over compliance in accordance with OMB Circular A -133.
8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
AN FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
W
Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal
control that might be material weaknesses. A material weakness is a condition in which the design or operation of
one or more of the internal control components does not reduce to a relatively low level the risk that rr
noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in
relation to a major Federal program being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. We noted no matters involving the
internal control over compliance and its operation that we consider to be material weaknesses.
Schedule of Expenditures of Federal Awards
We have audited the general - purpose financial statements of the City of Moorpark, California as of and for the
year ended June 30, 2000 and have issued our report thereon, dated November 21, 2000. Our audit was
performed for the purpose of forming an opinion on the general - purpose financial statements of the City of
Moorpark, California taken as a whole. The accompanying Schedule of Expenditures of Federal Awards is
presented for purposes of additional analysis as required by OMB Circular A -133 and is not a required part of the
general - purpose financial statements. 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.
This report is intended for the information of the Mayor and City Council, the City's management, federal
granting agencies and the Controller of the State of California, and is not intended to be and should not be used by
anyone then these specified parties.
Rancho Cucamonga, CA.
November 21, 2000
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CITY OF MOORPARK, CALIFORNIA
SINGLE AUDIT REPORT - AMENDED
JUNE 30, 2000
TABLE OF CONTENTS
PAGE
Independent Auditors' Report On Compliance With Requirements Applicable To Each Major
Program And Internal Control Over Compliance In Accordance With United States Office Of
Management And Budget Circular A -133 I
Independent Auditors' Report On Compliance And On Internal Control Over Financial Reporting
Based On An Audit Of General Purpose Financial Statements Performed In Accordance With
Governmental Auditing Standards 3
Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2000 5
Notes to Schedule of Expenditures of Federal Awards for the Year Ended June 30, 2000 6
Summary of Auditors Results 7
Financial Statement Findings and Recommendations 8
Federal Award Findings and Questioned Cost 9
Status of Prior Year Findings and Recommendations 10
Vavrinek, Trine, Day & Co., LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENTAL AUDITING STANDARDS
AMENDED
The Honorable Mayor and Members of the City Council
City of Moorpark, California:
We have audited the general - purpose financial statements of the City of Moorpark, California as of and for the
year ended June 30, 2000 and have issued our report thereon, dated November 21, 2000. We conducted our audit
in accordance with generally accepted auditing standards and the standards applicable to financial audits
contained in Government Auditing Standards issued by the Comptroller General of the United States.
Compliance
As part of obtaining reasonable assurance about whether the City of Moorpark, California's general purpose
financial statements are free of material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material
effect on the determination of general purpose financial statement amounts. However, providing an opinion on
compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under
Government Auditing Standards.
Internal Control
In planning and performing our audit, we considered the City of Moorpark, California's internal control over
financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the
general- purpose financial statements and not to provide assurance on the internal control over financial reporting.
Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the
internal control over financial reporting that might be material weaknesses. A material weakness is a condition in
which the design or operation of one or more of the internal control components does not reduce to a relatively
low level the risk that misstatements in amounts that would be material in relation to the general purpose financial
statements being audited may occur and not be detected within a timely period by employees in the normal course
of performing their assigned functions. We noted no matters involving the internal control over financial
reporting and its operation that we consider to be material weaknesses. However, we noted other matters
involving the internal control over financial reporting that we have reported to management of the City of
Moorpark, California in a separate letter dated November 21, 2000.
8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
4" FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
This report is intended for the information of the Mayor and City Council, the City's management, federal
granting agencies and the Controller of the State of California, and is not intended to be and should not be used by
anyone then these specified parties.
Rancho Cucamonga, CA.
November 21, 2000
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CITY OF MOORPARK
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - AMENDED
JUNE 30, 2000
Program Title:
U.S. Department of Transportation
Highway Planning & Construction (1)
U.S. Department of Housing and Urban Development
Pass - through from theVentura County
Community Development Commision
Community Development Block Grant (1)
Community Development Block Grant (1)
Community Development Block Grant (1)
Community Development Block Grant (1)
Community Development Block Grant (1)
Total Department of Housing and Urban Development
U.S. Department of Health and Human Services
Pass - through from the Ventura
County Agency on Aging
Special Programs for the Aging - Title III Part B
Grants for Supportive Services and Senior Centers
Total Federal Expenditures
(1) Major Program
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Pass - through
Federal Grantor's
CFDA # Number Expenditures
20.205 DBMAL -5436 (004) 1,038,799
14.218
B- 95- UC -06- 0507 -J3
63,444
14.218
B- 96- UC -06- 0507 -J4
161,895
14.218
B- 97- UC -06- 0507 -J5
150,634
14.218
B- 98- UC -06- 0507 -J6
63,557
14.218
B- 99- UC -06- 0507 -J7
46,367
485,897
93.044 3B- 0247 - 07971282 22,385
$ 1,547,081
CITY OF MOORPARK
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NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS - AMENDED'
JUNE 30, 2000
NOTE #1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES W
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A. General
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards
programs of the City of Moorpark, California (City). The City's reporting entity is defined in Note #1 of the
City's general - purpose financial statements. All federal awards received directly from federal agencies, as
well as federal awards passed through other governmental agencies to the City are included in the
accompanying schedule.
B. Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified - accrual basis
of accounting, which is described in Note #1 of the City's general - purpose financial statements.
C. Relationship to General Purpose Financial Statements
Federal awards revenues are generally reported within the City's general - purpose financial statements under
the financial statement caption "Subventions and Grants" for the General and Special Revenue Funds.
D. Relationship to Federal Financial Reports
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with the amounts
reported in the related federal financial reports. However, certain federal financial reports are filed based on
cash expenditures. As such, certain timing differences may exist in the recognition of revenues and
expenditures between the Schedule of Expenditures of Federal Awards and the federal financial reports.
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CITY OF MOORPARK
SUMMARY OF AUDITORS RESULTS - AMENDED
JUNE 30, 2000
FINANCIAL STATEMENTS
Type of auditors' report issued: Qualified
Internal control over financial reporting:
Material weakness(es) identified? No
Reporting condition(s) identified not considered to be material weaknesses? Yes
Noncompliance material to financial statements noted? No
FEDERAL AWARDS
Internal control over major programs:
Material weakness(es) identified? No
Reporting condition(s) identified not considered to be material weaknesses? No
Type of auditors' report issued on compliance for major programs: Unqualified
Any audit findings disclosed that are required to be reported in accordance with
Circular A -133, Section .510(a) No
Identification of major programs:
CFDA Number(s) Name of Federal Program or Cluster
20.005 U. S. Dept. of Transportation- Highway
and Bridge Replacement
14.218 U.S. Dept. of Housing and Urban Development
- Community Development Block Grant
Dollar threshold used to distinguish between Type A and Type B programs: $ 300,000
Auditee qualified as low -risk auditee? No
7
CITY OF MOORPARK
FINANCIAL STATEMENTS FINDINGS AND RECOMMENDATIONS - AMENDED
JUNE 30, 2000
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See separately issued Management Letter. �=
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' CITY OF MOORPARK
FEDERAL AWARD FINDINGS AND QUESTIONED COSTS - AMENDED
" JUNE 30, 2000
There were no findings representing reportable conditions, material weaknesses, and instances of noncompliance
including questioned cost that are required to be reported by OMB Circular A -133.
0
CITY OF MOORPARK
STATUS OF PRIOR YEAR FINDINGS AND RECOMMENDATIONS - AMENDED
JUNE 30, 2000
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There were no prior year findings, instances of non - compliance or questioned cost.
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