HomeMy WebLinkAboutAGENDA REPORT 2023 0118 CCSA REG ITEM 10CCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of January 18, 2023
ACTION APPROVED STAFF
RECOMMENDATION.
BY A. Hurtado.
C. Consider Annual Comprehensive Financial Report (ACFR) and Other Audit
Reports for Fiscal Year Ended (FYE) June 30, 2022. Staff Recommendation:
Accept and file the Annual Comprehensive Financial Report (ACFR) and additional
auditor reports for fiscal year ending June 30, 2022. (Staff: PJ Gagajena,
Assistant City Manager and Interim Finance Director/City Treasurer)
Item: 10.C.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: PJ Gagajena, Assistant City Manager and Interim Finance Director/City
Treasurer
DATE: 01/18/2023 Regular Meeting
SUBJECT: Consider Annual Comprehensive Financial Report (ACFR) and Other
Audit Reports for Fiscal Year Ended (FYE) June 30, 2022
SUMMARY
The City’s independent auditor, Lance, Soll & Lunghard LLP (LSL), has completed their
audit of the financial statements of the City and its component units for the fiscal year
ending June 30, 2022. In connection with the audit, Finance staff, with the assistance of
LSL and other City departments, has prepared the Annual Comprehensive Financial
Report (ACFR) as well as other audit reports. The reports are described and presented
herein for City Council approval.
DISCUSSION
State law requires all general-purpose local governments, within seven months of the
close of each fiscal year, to publish a complete set of financial statements presented in
conformity with generally accepted accounting standards as promulgated by the
Government Accounting Standards Board (GASB). This report is commonly referred to
as the Annual Comprehensive Financial Report (ACFR) and must be audited by an
independent auditor using generally accepted government auditing standards. The
ACFR includes disclosures designed to enable the reader to gain an understanding of the
City’s financial matters and is provided to several government agencies and financial
institutions in order to comply with various reporting, financial, and subsequent bond
disclosure requirements.
Within the ACFR, the overall financial picture of the City is presented on a Government-
wide basis. This is designed to provide readers with a broad overview of the City's
finances. These statements show the June 30, 2022, fiscal year balances and overall
results of operations for the period then ended, for all City funds. Presented separate
from the Government-wide statements, but included within the ACFR disclosures are the
financial statements for fiduciary funds, including the Successor Agency to the
Item: 10.C.
367
Honorable City Council
01/18/2023 Regular Meeting
Page 2
Redevelopment Agency of the City of Moorpark (Successor Agency) and the Moorpark
Watershed, Parks, Recreation and Conservation Authority.
LSL has issued an unmodified opinion on the City’s financial statements for the fiscal year
ended June 30, 2022. An unmodified or “clean” opinion concludes that the financial
statements are presented fairly in all material respects and contain no material
misstatements.
In connection with the City’s audit, LSL has also issued letters pertaining to their
examination of the City’s internal controls and other findings. These letters are attached
and describe LSL’s agreed upon procedures for establishing Appropriation Limits,
described the methodology and findings of the ACFR and outline any findings while
measuring compliance with procedures. All LSL letters are attached for your reference.
The ACFR and the Housing Successor Fund Financial Statements are posted on the
City’s website: http://www.MoorparkCA.gov
Senate Bill 341 (SB 341) requires audited Financial Statements to be prepared for the
Housing Successor Fund which LSL has also completed as part of their work and is
attached.
FISCAL IMPACT
The cost of the audits and associated reports has been included in the City’s budget.
There are no additional costs associated with the transmittal of the attached reports.
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Accept and file the Annual Comprehensive Financial Report (ACFR) and additional
auditor reports for fiscal year ending June 30, 2022.
Attachment 1: City of Moorpark ACFR for Fiscal Year Ending June 30, 2022
Attachment 2: Independent Auditors’ Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with Government
Auditing Standards
Attachment 3: Independent Accountants’ Report on Agreed-Upon Procedures Applied
to Appropriations Limit Worksheets
Attachment 4: Independent Auditors’ memo regarding Significant Audit Findings &
Other Matters
Attachment 5: Housing Successor Fund Financial Statements
368
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INTRODUCTORY SECTION
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CITY OF MOORPARK
CHRIS R. ENEGREN
Mayor
RENEE DELGADO
Councilmember
DANIEL GROFF
Councilmember
TOM MEANS
Councilmember
DR. ANTONIO CASTRO
Councilmember
FINANCE DEPARTMENT | 799 Moorpark Avenue, Moorpark, California 93021
December 16, 2022
Honorable Mayor, Members of the City Council,
and Citizens of the City of Moorpark:
It is our pleasure to present the Annual Comprehensive Financial Report (ACFR) of the City of
Moorpark, California (the “City” or “Moorpark”) for the fiscal year ended June 30, 2022.
State law requires all general-purpose local governments, within seven months of the close of
each fiscal year, to publish a complete set of financial statements presented in conformity with
generally accepted accounting principles (GAAP) as promulgated by the Government
Accounting Standards Board (GASB). The ACFR further includes disclosures designed to
enable the reader to gain an understanding of the City’s financial matters.
City management assumes full responsibility for the completeness and reliability of the
information contained in this report, based upon a comprehensive framework of internal controls
established for that purpose. Because the cost of internal control should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements.
Lance, Soll & Lunghard LLP (LSL), Certified Public Accountants, have issued an unmodified
opinion on the City’s financial statements for the fiscal year ended June 30, 2022. The
Independent Auditor’s Report is located at the front of the financial section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the Independent Auditor’s
report and provides a narrative introduction, overview, and analysis of the basic financial
statements. The MD&A section complements this Letter of Transmittal and should be read in
conjunction with it.
PROFILE OF THE CITY OF MOORPARK
The City of Moorpark was incorporated in 1983 and is located in the southeastern part of Ventura
County, approximately 50 miles northwest of Los Angeles. Moorpark is one of the first cities in
the world to run off commercial nuclear power. The City is also recognized for having the lowest
number of serious crimes committed in Ventura County and is among the safest cities of its size
in the United States. SafeWise, a leading online security data resource, has ranked Moorpark
as the third safest city in California for the past three consecutive years. Moorpark currently
occupies 12.4 square miles and serves a population of approximately 35,399.
Although Moorpark is one of the youngest cities in Ventura County, its rich heritage as an
agricultural center and a major railroad hub of the Southern Pacific Railroad has left a legacy
that positions Moorpark as a leading city for residents and businesses. For the past thirty years,
Moorpark has been the fastest growing city in Ventura County.
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Moorpark
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
Executive Director/CEO
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548
203 N. Brea Blvd., Suite203 Brea,CA92821Lance, Soll & Lunghard, LLP Phone: 714.672.0022
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
We have audited, in accordance with the 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, the financial
statements of the governmental activities each major fund, and the aggregate remaining fund information
of the City of Moorpark, California (the “City”), as of and for the year ended June 30, 2022, and the related
notes to the financial statements, which collectively comprise the City’s basic financial statements, and
have issued our report thereon dated December 14, 2022.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not
express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity’s
financial statements will not be prevented, or detected and corrected, on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. 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 or other matters that are required to be reported under
Government Auditing Standards.
ATTACHMENT 2
549
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control
or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Brea, California
December 14, 2022
550
203 N. Brea Blvd., Suite 203 Brea, CA 92821 Lance, Soll & Lunghard, LLP Phone: 714.672.0022
INDEPENDENT ACCOUNTANTS’ REPORT ON AGREED-UPON
PROCEDURES APPLIED TO APPROPRIATIONS LIMIT WORKSHEETS
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
We have performed the procedures enumerated below on the accompanying Appropriations Limit
Worksheet No. 6 (or other alternative computation) of the City of Moorpark, California, for the
year ended June 30, 2022. These procedures are the responsibility of the City, which were agreed to by
the City of Moorpark and the League of California Cities (as presented in the publication entitled
Agreed-Upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the
California Constitution), were performed solely to assist the City of Moorpark in meeting the requirements
of Section 1.5 of Article XIII-B of the California Constitution. The City of Moorpark's management is
responsible for the Appropriations Limit Worksheet No. 6 (or other alternative computation).
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the
intended purpose of recomputing the Appropriations Limit Worksheet No. 6 (or other alternative
computation). This report may not be suitable for any other purpose. The procedures performed may not
address all the items of interest to a user of this report and may not meet the needs of all users of this
report and, as such, users are responsible for determining whether the procedures performed are
appropriate for their purposes.
The procedures performed and our findings were as follows:
1. We obtained the completed Worksheets No. 1 through No. 7 (or other alternative computations) and
compared the limit and annual adjustment factors included in those worksheets to the limit and
annual adjustment factors that were adopted by resolution of the City Council. We also compared the
population and inflation options included in the aforementioned worksheets to those that were
selected by a recorded vote of the City Council.
Finding: No exceptions were noted as a result of our procedures.
2. For the accompanying Appropriations Limit Worksheet No. 6, we multiplied line A, last year's limit, by
line D, ratio of change and compared the resulting amount to line E, this year's limit.
Finding: No exceptions were noted as a result of our procedures.
3. We compared the current year information presented in the accompanying Appropriations Limit
Worksheet No. 6 to the other worksheets described in No. 1 above.
Finding: No exceptions were noted as a result of our procedures.
4. We compared the prior year appropriations limit presented in the accompanying Appropriations Limit
Worksheet No. 6 to the prior year appropriations limit adopted by the City Council for the prior year.
Finding: No exceptions were noted as a result of our procedures.
ATTACHMENT 3
551
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our
engagement in accordance with attestation standards established by the AICPA. We were not engaged
to and did not conduct an examination or review engagement, the objective of which would be the
expression of an opinion or conclusion, respectively, on the accompanying Appropriations Limit
Worksheet No. 6 (or other alternative computation). Accordingly, we do not express such an opinion or
conclusion. Had we performed additional procedures, other matters might have come to our attention that
would have been reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information of the City Council and management of the
City of Moorpark and is not intended to be, and should not be, used by anyone other than these specified
parties.
Brea, California
July 14, 2022
552
CITY OF MOORPARK, CALIFORNIA
2021-2022
APPROPRIATIONS LIMIT CALCULATION
A. 2020-2021 APPROPRIATIONS LIMIT: $ 42,169,750
B. 2021-2022 CHANGE IN PER CAPITA PERSONAL
INCOME: 1.0573%
C. 2021-2022 CHANGE IN POPULATION: 0.9930%
D. RATIO OF CHANGE (1.0573 x 0.9930) x 1.04989890
E. 2020-2021 APPROPRIATIONS LIMIT: $ 44,273,974
($42,169,750 x 1.04989890)
553
203 N. Brea Blvd., Suite203 Brea,CA92821Lance, Soll & Lunghard, LLP Phone: 714.672.0022
December 14, 2022
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
We have audited the financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of the City of Moorpark, California (the City) for the year ended
June 30, 2022. Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standards, Government Auditing Standards, and the
Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We
have communicated such information in our letter to you dated May 3, 2022. Professional standards also
require that we communicate to you the following information related to our audit.
Significant Audit Matters
Qualitative Aspects of Significant Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the City are described in Note 1 to the financial statements. As described in
Note 1 to the financial statements, the City changed accounting policies related to accounting for leases by
adopting Statement of Governmental Accounting Standards (GASB Statement) No. 87, Leases, in the fiscal
year ended June 30, 2022. Accordingly, the cumulative effect of the accounting change as of the beginning
of the year is reported in the Statement of Revenues, Expenses, and Changes in Net Position. We noted
no transactions entered into by the City during the year for which there is a lack of authoritative guidance
or consensus. All significant transactions have been recognized in the financial statements in the proper
period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ significantly
from those expected. The most sensitive estimates affecting the City’s financial statements were:
Management’s estimates of its net pension asset and net other post-employment benefits
(OPEB) asset are based on actuarial valuation specialist assumptions. We evaluated the
key factors and assumptions used to develop the net pension asset and net OPEB asset
determining that they are reasonable in relation to the financial statements taken as a
whole.
The financial statement disclosures are neutral, consistent, and clear.
Significant or Unusual Transactions
Management is responsible for the policies and practices used to account for significant or unusual
transactions. No significant unusual transactions have occurred during fiscal year 2021-2022.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
ATTACHMENT 4
554
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are trivial, and communicate them to the appropriate level of management. We
are pleased to report that no such misstatements were identified during the course of our audit.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing
matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or
the auditor’s report. We are pleased to report that no such disagreements arose during the course of our
audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated December 14, 2022.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application
of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion
that may be expressed on those statements, our professional standards require the consulting accountant
to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were
no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the significant events or transactions that occurred
during the year, business conditions affecting the City and business plans and strategies that may affect
the risks of material misstatements, the application of accounting principles and auditing standards, with
management each year prior to retention as the City’s auditors. However, these discussions occurred in
the normal course of our professional relationship and our responses were not a condition to our retention.
Other Matters
We applied certain limited procedures to the management’s discussion and analysis, the budgetary
comparison schedules for the General Fund and major special revenue funds, and the required pension
and other post-employment benefits schedules, as listed in the Annual Comprehensive Financial Report’s
table of contents, which are required supplementary information (RSI) that supplements the basic financial
statements. Our procedures consisted of inquiries of management regarding the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.
We were engaged to report on the combining and individual fund statements and schedules (supplementary
information), which accompany the financial statements but are not RSI. With respect to this supplementary
information, we made certain inquiries of management and evaluated the form, content, and methods of
preparing the information to determine that the information complies with accounting principles generally
accepted in the United States of America, the method of preparing it has not changed from the prior period,
and the information is appropriate and complete in relation to our audit of the financial statements. We
compared and reconciled the supplementary information to the underlying accounting records used to
prepare the financial statements or to the financial statements themselves.
555
To the Honorable Mayor and Members of the City Council
City of Moorpark, California
We were not engaged to report on the introductory and statistical sections, which accompany the financial
statements but are not RSI. Such information has not been subjected to the auditing procedures applied in
the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any
assurance on it.
The following new Governmental Accounting Standards Board (GASB) pronouncements were effective for
fiscal year 2021-2022 audit:
GASB Statement No. 87, Leases.
GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction
Period.
GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting
for Internal Revenue Code Section 457 Deferred Compensation Plans.
The following GASB pronouncements are effective in the following fiscal years’ audits and should be
reviewed for proper implementation by management:
Fiscal year 2023
GASB Statement No. 91, Conduit Debt Obligations.
GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment
Arrangement.
GASB Statement No. 96, Subscription-Based Information Technology Arrangements.
Fiscal year 2024
GASB Statement No. 99, Omnibus 2022.
GASB Statement No. 100, Accounting Changes and Error Corrections.
Fiscal year 2025
GASB Statement No. 101, Compensated Absences.
Restriction on Use
This information is intended solely for the use of the City Council and management of the City of Moorpark,
California and is not intended to be, and should not be, used by anyone other than these specified parties.
Very truly yours,
Brea, California
556
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ATTACHMENT 5
557
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Prepared by:
Moorpark City Finance Department
558
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4 563
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET
JUNE 30, 2022
Low-Mod Reclassifications
Income Housing and Statement of
Asset Fund Eliminations Net Position
Assets:
Cash and investments 53,412$ -$ 53,412$
Receivables:
Accounts 88 -88
Notes and loans 5,233,968 -5,233,968
Accrued interest 924,968 -924,968
Land held for resale 6,316,148 -6,316,148
Total Assets 12,528,584$ -$ 12,528,584$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 6,021$ -$ 6,021$
Deposits payable 10,000 -10,000
Total Liabilities 16,021 -16,021
Deferred Inflows of Resources:
Unavailable revenues 4,956,211 (4,956,211)-
Total Deferred Inflows of Resources 4,956,211 (4,956,211)-
Fund Balances:
Restricted for low and moderate housing activities 7,556,352 (7,556,352)-
Total Fund Balances 7,556,352 (7,556,352)-
Total Liabilities, Deferred Inflows
of Resources and Fund Balances 12,528,584$
Net Position:
Restricted for low and moderate housing activities 7,556,352 12,512,563
Total Net Position (4,956,211)$ 12,512,563$
The notes to financial statements are an integral part of this statement.
5 564
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
STATEMENT OF ACTIVITIES AND GOVERNMENTAL STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED JUNE 30, 2022
Low-Mod Reclassifications
Income Housing and Statement of
Asset Fund Eliminations Activities
Revenues:
Use of money and property 18,214$ 121,902$ 140,116$
Miscellaneous 9,160 -9,160
Total Revenues 27,374 121,902 149,276
Expenditures:
Current:
General government 36,085 -36,085
Community development 23,402 -23,402
Total Expenditures 59,487 -59,487
Excess (Deficiency) of Revenues
Over/(Under) Expenditures (32,113) 121,902 89,789
Fund Balance/Net Position - Beginning 7,588,465 4,834,309 12,422,774
Fund Balance/Net Position - Ending 7,556,352$ 4,956,211$ 12,512,563$
The notes to financial statements are an integral part of this statement.
6 565
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2022
Note 1: Summary of Significant Accounting Policies
a. Financial Reporting Entity
The City of Moorpark’s Low-Mod Housing Asset Fund, the Housing Successor of the
City of Moorpark, (the Housing Successor), a Special Revenue Fund of the
City of Moorpark, California was established February 1, 2012, pursuant to the
California Housing Authority Law codified under State of California Health and Safety
Code, Section 34200 et seq. The fund was transferred into Moorpark’s Housing Authority
(the Authority) and is the only fund that makes up the Authority. The Authority was
established on October 5, 2004, pursuant to the California Housing Authority Law
codified under State of California Health and Safety Code, Section 34200 et seq. The
City Council became the governing board commissioners of the Housing Authority. The
Housing Authority was formed for purposes of construction and management of quality
affordable housing within the City.
The Housing Successor is controlled by the City of Moorpark (the City) and, accordingly,
the accompanying financial statements are included as a special revenue fund of the
basic financial statements prepared by the City.
The Housing Successor accounts for transactions related to affordable housing activities.
Revenues include contributions from the City of Moorpark, loan repayments and interest
income. The financial statements present only the Low-Mod Housing Asset Fund and are
not intended to present fairly the financial position and results of the operations of the
City of Moorpark in conformity with accounting principles generally accepted in the
United States of America. Complete financial statements of the city can be obtained from
the City’s Finance Department.
b. Basis of Presentation
The Housing Successor’s financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America. The Government
Accounting Standards Board is the acknowledged standard setting body for establishing
accounting and financial reporting standards followed by governmental entities in the
United States of America.
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on the activities of the Housing Successor.
Reclassifications and eliminations have been made to convert the financial information
reported in the Low-Mod Income Housing Asset Fund (modified accrual) to a full accrual
basis.
The statement of activities demonstrates the degree to which the direct expenses of a
given function or segments are offset by program revenues. Direct expenses are those
that are clearly identifiable with a specific function or segment. Program revenues
include: 1) charges to customers or applicants who purchase, use, or directly benefit from
goods, services or privileges provided by a given function or segment, and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
While separate government-wide and fund financial statements are presented, they are
interrelated.
7 566
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2022
Note 1: Summary of Significant Accounting Policies (Continued)
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of
related cash flows. Grants and similar items are recognized as revenue as soon as all
eligibility requirements imposed by the provider have been met.
The Low-Mod Housing Asset Fund financial statements are reported using the current
financial resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and available. Revenues
are considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the government
considers revenues to be available if they are collected within 60 days of the end of the
current fiscal period. Expenditures generally are recorded when a liability is incurred, as
under accrual accounting.
d. Assets, Liabilities and Net Position or Equity
Cash and Investments
The Housing Successor’s cash, and cash equivalents are considered to be cash on
hand, demand deposits and short-term investments with original maturities of
three months or less from the date of acquisition. For financial statement presentation
purposes, cash and cash equivalents are shown as both unrestricted and restricted
cash and investments.
Investments are reported at fair value, the value at which a financial instrument could
be exchanged in a current transaction between willing parties, other than a forced
liquidation sale. The City's policy is generally to hold investments until maturity or
until market values equal or exceed cost. The State Treasurer's Investment Pool
operates in accordance with appropriate state laws and regulations. The reported
value of the pool is the same as the fair value of the pool shares.
Land Held for Resale
Land purchased for resale is capitalized as inventory at acquisition costs or net
realizable value, if lower. Land held for resale is offset by a fund balance reserve,
which indicates that it does not constitute "available spendable resources." Other
property held for resale is capitalized as inventory and is recorded at cost.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial statement
element, deferred outflows of resources, represents a consumption of net assets that
applies to a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. The Housing Successor does not carry an item that
qualifies for reporting in this category.
8 567
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2022
Note 1: Summary of Significant Accounting Policies (Continued)
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial statement
element, deferred inflows of resources, represents an acquisition of net assets that
applies to a future period(s) and so will not be recognized as an inflow of resources
(revenue) until that time. The government has only one type of item, which arises only
under a modified accrual basis of accounting that qualifies for reporting in this
category. Accordingly, the item, unavailable revenue, is reported only in the
governmental funds balance sheet. The governmental funds report unavailable
revenues from various sources: taxes, long-term loans, and grant monies. These
amounts are deferred and recognized as an inflow of resources in the period that the
amounts become available.
Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both
restricted (e.g., restricted bond or grant proceeds) and unrestricted resources.
In order to calculate the amounts to report as restricted –net position and
unrestricted –net position in the government-wide and proprietary fund financial
statements, a flow assumption must be made about the order in which the resources
are considered to be applied. It is the government’s policy to consider restricted –net
position to have been depleted before unrestricted –net position is applied.
Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both
restricted and unrestricted resources (the total of committed, assigned, and
unassigned fund balance). In order to calculate the amounts to report as restricted,
committed, assigned, and unassigned fund balance in the governmental fund financial
statements a flow assumption must be made about the order in which the resources
are considered to be applied. It is the government’s policy to consider restricted fund
balance to have been depleted before using any of the components of unrestricted
fund balance. Further, when the components of unrestricted fund balance can be
used for the same purpose, committed fund balance is depleted first, followed by
assigned fund balance. Unassigned fund balance is applied last.
Fund Equity
In the fund financial statements, government funds report the following fund balance
classification:
Non-spendable include amounts that cannot be spent because they are either
(a) not in spendable form or (b) legally or contractually required to be maintained
intact.
Restricted include amounts that are constrained on the use of resources by either
(a) external creditors, grantors, contributors, or laws of regulations of other
governments or (b) by law through constitutional provisions or enabling legislation.
Committed include amounts that can only be used for specific purposes pursuant to
constraints imposed by formal action of the government’s highest authority, the
City Council. The formal action that is required to be taken to establish, modify, or
rescind a fund balance commitment is a resolution.
9 568
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2022
Note 1: Summary of Significant Accounting Policies (Continued)
Assigned include amounts that are constrained by the government’s intent to be used
for specific purposes but are neither restricted nor committed. It is the policy of the
City Council that assignment of fund balances must be approved by the Council prior
to the fiscal year end.
Unassigned include the residual amounts that have not been restricted, committed,
or assigned to specific purposes.
An individual governmental fund could include nonspendable resources and amounts
that are restricted or unrestricted (committed, assigned, or unassigned) or any
combination of those classifications. Restricted amounts are to be considered spent
when an expenditure is incurred for purposes for which both restricted and
unrestricted fund balance is available and committed, assigned, then unassigned
amounts are considered to have been spent when an expenditure is incurred for
purposes for which amounts in any of those unrestricted fund balance classifications
can be used.
Note 2: Cash and Cash Equivalents
As of June 30, 2022, cash and investments were reported in the accompanying financial
statements as follows:
Deposits with financial institutions 53,412$
Total cash and cash equivalents 53,412$
The Housing Successor’s fund is pooled with the City of Moorpark’s cash and investments in
order to generate optimum interest income. The information required by
GASB Statement No. 40 related to authorized investments, credit risk, etc. is available in the
annual report of the City.
Note 3: Notes and Loans Receivable
a. Notes Receivable
Moorpark 20, LP Promissory Notes
On October 29, 2010, the Agency signed the Disposition and Development Agreement
(DDA) with the Area Housing Authority of the County of Ventura (AHA) and
Moorpark 20, Limited Partnership (M20LP), consisting of AHA and Santa Barbara
Housing Assistance Corporation. The DDA provides for the construction of a 20-unit
affordable housing project (Project) on Agency-owned property located at 396, 406 and
496 Charles Street (Site). During the tax credit application, the sale price of Site was
determined to be $1,176,500 to show more local funds into the Project. On the same
date, the Agency executed a $1,176,500 loan agreement with M20LP to purchase the
Site from the Agency. The loan will accrue interest at the rate of 2.5% per annum and
have a term of 55 years. One annual payment will be made to the Agency by M20LP
from residual receipts after the $600,000 has been paid off. This loan is subordinate in
right of payment to First Mortgage Note held by Bank of America, N.A. and is secured by
Deed of Trust and Security Agreement. The principal and accrued interest outstanding on
this note at June 30, 2022 are $1,176,500 and $343,147 respectively for a total of
$1,519,647.
10 569
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2022
Note 3: Notes and Loans Receivable (Continued)
On November 2, 2010 the Agency entered into a $600,000 loan agreement with M20LP
to complete the construction of the Project. As of June 30, 2012, M20LP has drawn
down the entire amount. The term of the loan is 30 years with a fixed interest rate of
2.5%. One annual payment will be made to the Agency by M20LP equal to 75% of
available residual receipts. This note is subordinate in right of payment to the
First Mortgage Loan payable to Bank of America, N.A. and is secured by Deed of Trust
and Security Agreement. The principal and accrued interest outstanding on this note at
June 30, 2022 are $600,000 and $175,000 respectively for a total of $775,000.
The combined amounts of principal and accrued interest outstanding at June 30, 2022
are $1,776,500 and $518,147 respectively. As of June 30, 2022, the balance was:
$2,294,646.
Walnut24, LP Promissory Notes
On March 17, 2017 the City signed the Amendment No. 2 to the Disposition and
Development Agreement with Walnut24, LP (W24LP), a California limited partnership of
Area Housing Authority of the County of Ventura and Many Mansions. The DDA provides
for the construction of a 24-unit affordable housing apartment on Housing Successor
Agency-owned parcel located at 782 Moorpark Avenue, 798 Moorpark Avenue,
81 Charles Street and 765 Walnut Street (Property). On March 22, 2017, the City and
W24LP executed a $3,444,000 loan (Purchase Loan) for the purchase of the Property
and will accrue simple interest at the rate of 2.25% per annum and have a term of
32 years. After the City’s Permanent Loan has been paid in full, W24LP will begin to
make annual payments to the City each year in the amount equal to 50% of the residual
receipts. A balloon payment for the remaining balance and accrued interest will be paid to
the City at the end of the 32-year term. This loan is subordinate in right of payment to the
MUFG Union Bank, N.A., California Community Reinvestment Corporation and
Ventura County Housing Trust Fund; and is secured by Deeds of Trust. The combined
amounts of principal and accrued interest outstanding at June 30, 2022 are $3,444,000
and $406,821, respectively. As of June 30, 2022, the balance was: $3,850,821.
b. Loans Receivable
The Housing Successor Fund operates a rehabilitation loan program for the
renovation of low and moderate income housing. The total balance outstanding at
June 30, 2021, was:13,469$
Total Notes and Loans Receivable (including accrued interest):6,158,936$
Note 4: Land Held for Resale
As of June 30, 2022, the Housing Successor has properties for redevelopment purposes for
resale to developers at a capitalized cost of $6,316,148.
11 570
REQUIRED SUPPLEMENTARY INFORMATION
12 571
CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 7,588,465$ 7,588,465$ 7,588,465$ -$
Resources (Inflows):
Use of money and property 23,000 23,000 18,214 (4,786)
Miscellaneous --9,160 9,160
Amounts Available for Appropriations 7,611,465 7,611,465 7,615,839 4,374
Charges to Appropriations (Outflows):
General Government 32,111 32,111 36,085 (3,974)
Community development 24,050 49,050 23,402 25,648
Total Charges to Appropriations 56,161 81,161 59,487 21,674
Budgetary Fund Balance, June 30 7,555,304$ 7,530,304$ 7,556,352$ 26,048$
13 572
SUPPLEMENTARY INFORMATION
14 573
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CITY OF MOORPARK, CALIFORNIA
HOUSING SUCCESSOR
COMPUTATION OF HOUSING SUCCESSOR
EXCESS/SURPLUS (HSC 34176.1)
Opening Fund Balance 7,588,465$ 7,556,352$
Less Unavailable Amounts:
Land held for resale (6,316,148)$ (6,316,148)$
Loans receivable (399,659)(277,757)
(6,715,807)(6,593,905)
Available Housing Successor Funds 872,658 962,447
Limitation (greater of $1,000,000 or four years deposits)
Aggregate amount deposited for last four years:
2021- 2022 N/A 27,374$
2020 - 2021 17,620$ 17,620
2019- 2020 26,570 21,402
2018- 2019 21,402 21,402
2017- 2018 19,284 19,284
Total 84,876$ 107,082$
Base Limitation 1,000,000$ 1,000,000$
Greater amount 1,000,000 1,000,000
Computed Excess/Surplus None None
Low and Moderate
All Project Area
July 1, 2022
Low and Moderate
All Project Area
July 1, 2021
Housing Funds Housing Funds
18 577