HomeMy WebLinkAboutAGENDA REPORT 2011 0105 CC REG ITEM 10FMOORPARK CITY COUNCIL
AGENDA REPORT
TO: The Honorable City Council
FROM: Ron Ahlers, Finance Director 6W
DATE: December 28, 2010 (CC Meeting of January 5, 2011)
ITEM 10.F.
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-W AVW
SUBJECT: Consider Annual Financial Statements and Other Audit Reports for
Fiscal Year Ended June 30, 2010
SUMMARY
The Comprehensive Annual Financial Report {CAFR }, Management Letter, Single Audit
Report, 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, Independent Accountant's Report on Agreed -
Upon Procedures Applied to Appropriations Limit Worksheets and the Independent
Auditor's memo regarding the audit process of the City of Moorpark for June 30, 2010
are hereby submitted for Council approval.
BACKGROUND
The City is required to conduct an annual independent audit of its financial statements.
The audit firm of Teaman, Ramirez & Smith, Inc. Certified Public Accountants {TRS}
conducted the annual audit and with staff assistance prepared the required financial
statements. For the fiscal year ended June 30, 2010, the City received an unqualified
opinion. The City currently has six bond issues for which it is responsible (three
redevelopment bonds and three assessment district bonds). The bond proceeds from
these six issues have been spent in accordance with the bond documents.
AWARD
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to
the City for its comprehensive annual financial report for the fiscal year ended June 30,
2009. In order to be awarded a Certificate of Achievement, a government unit must
publish an easily readable and efficiently organized comprehensive annual financial
report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our
current comprehensive annual financial report continues to meet the Certificate of
Achievement Program's requirements and we are submitting it to the GFOA to
determine its eligibility for another certificate.
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Honorable City Council
January 5, 2011
Page 2
DISCUSSION
CAFR
Attached for your approval are the annual financial statements for the year ended June
30, 2010 for the City of Moorpark. The financial statements are comprehensive and
include all of the fund types in the City.
The City Council engaged an independent certified public accounting firm, TRS, to
perform the annual audit of the City of Moorpark and its component units. The results of
the audit performed are formally published in the CAFR. This report must satisfy both
Generally Accepted Accounting Principles (GAAP) and applicable legal requirements.
Additionally, the CAFR is sent out to numerous government agencies and financial
institutions in order to comply with various reporting, financial and subsequent bond
disclosure requirements. The overall financial picture of the City is presented, in
accordance to the Governmental Accounting Standards Board (GASB)
pronouncements, on a Government -wide basis. This is designed to provide readers
with a broad overview of the City's finances similar to a private- sector business. These
statements show the June 30, 2010 fiscal year balances and overall results of
operations for the period then ended, for all City funds, including the Redevelopment
Agency. The statements are as follows:
Management's Discussion and Analysis (MD & A). This discussion and analysis starts
the financial section of the CAFR and serves as an executive summary. GAAP requires
that management provide this narrative introduction, overview and analysis to
accompany the basic financial statements. The letter of transmittal, which precedes the
MD & A in the introductory section, is designed to supplement the MD & A and should
be read in conjunction with it. The MD & A is found immediately following the report
from the independent auditors. The report from the auditors contains an opinion letter in
which an entity can receive basically 3 opinions; unqualified, qualified, and adverse. An
unqualified opinion from the auditors is the highest given. For the fiscal year 2009/10
audit, the City of Moorpark received an unqualified opinion.
The Statement of Net Assets presents information on all of the City's assets and
liabilities, with the difference between the two reported as net assets. Over time,
increases or decreases in net assets (page 14) may serve as a useful indicator of
whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City's net assets
changed during the most recent fiscal year. All changes in net assets are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing
of related cashflows. Thus, revenues and expenses are reported in this statement for
some items that will only result in cash flows in future fiscal periods (e.g., earned but
unused vacation and sick leave). A positive increase in net assets of $1.3 million was
reported in fiscal year 2009/10 (page 15).
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Honorable City Council
January 5, 2011
Page 3
The government -wide financial statements distinguish functions of the City that are
principally supported by taxes and intergovernmental revenues (governmental
activities). The governmental activities of the City include general government, public
safety, public services, parks and recreation and interest on long -term debt.
Following the government -wide statements in the CAFR, the Balance Sheet, and the
Statement of Revenues. Expenditures and Changes in Fund Balances are presented
for all major and non -major governmental funds. A major fund is one of material
significance and is determined through prescribed calculations. The General Fund is
always considered a major fund by definition. Other governmental funds can be
declared major funds by management due to other factors, even if they fail the
qualifications resulting from the calculations. Non -major funds are all combined together
for presentation. Reconciliations between these governmental statements and the
government -wide statements are also presented.
The Statement of Fiduciary Assets and Liabilities, Agency Funds is located on page 24.
All of these statements are followed by the Notes to the Financial Statements.
The Required Supplementary Information begins at page 65 and details the budget to
actual comparisons for all the major funds of the City, beginning with the General Fund.
The next section of the CAFR provides statements for each individual non -major
governmental fund. The governmental funds are presented in their various categories:
special revenue funds and capital project funds. Additionally, there is the budget to
actual comparisons for each non -major fund.
The last section of the CAFR contains statistical data about the City of Moorpark. This
section is prepared by staff and not reviewed by the auditors, All of the tables and
schedules present numerous facts about the City, many for the last 10 years. The
statistical facts include population figures, principal taxpayers, and assessed valuations
of taxable property to name a few.
As of December 30, 2010 the CAFR was placed on the City's website:
http://ci.moorpark.ca.us
General Fund Financial Status
For fiscal year ended June 30, 2010, the General Fund unreserved fund balance
totaled $3.0 million, which equates to approximately 27% of operating expenses. Per
Council policy the City transferred out $1,838,000 to the Special Projects Fund this past
year. This represents current fiscal year surplus of $1,632,000 and prior year residual
surplus of $206,000. In May 2010 we estimated the General Fund surplus to be
$693,000. The final surplus is $1,632,000, which is $939,000 greater than our estimate
in May.
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Honorable City Council
January 5, 2011
Page 4
Management Letter and Single Audit Report
As part of the annual audit, the independent auditors are also required to report to
management regarding internal controls and the City's compliance with federal grants.
The independent auditors issue two reports to satisfy this requirement: Management
Letter and Single Audit Report.
Management Letter
It is standard practice for the independent auditors to note recommendations for
improvement in the Management Letter.
There are various levels of observations that are reported to management. The first and
most serious type of observation is known as a "material weakness ". A material
weakness is a significant deficiency, or a combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial
statements will not be prevented or detected. The independent auditors reported no
"material weakness" for the City.
The second level of deficiency is a "significant deficiency ". A significant deficiency is a
control deficiency, or a combination of control deficiencies, that adversely affect the
entity's ability to authorize, initiate, record, process or report financial data reliably in
accordance with generally accepted accounting principles such that there is more than
a remote likelihood that a misstatement of the entity's financial statements that is more
than inconsequential will not be prevented or detected. The independent auditors
reported no "significant deficiency" for the City.
The third and final category of observations identified by the independent auditors is
that of "control deficiency ". A control deficiency 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 financial statement misstatements on a
timely basis. A deficiency in design exists when a control necessary to meet the control
objective is missing, or when an existing control is not properly designed so that even if
the control operates as designed, the control objective is not always met. A deficiency
in operation exists when a properly designed control does not operate as designed or
when the person performing the control does not possess the necessary authority or
qualifications to perform the control effectively. These comments are intended to
improve internal controls or result in other operating efficiencies. The independent
auditors reported three such observations. (1) Purchasing Policy — A new purchasing
policy shall be written and distributed to the employees by March 31, 2011. (2) New
Accounting Standard — During fiscal year 2010/11 the Finance staff shall implement
GASB 54 by reclassifying fund types and fund balance. This will be implemented by
June 30, 2011. (3) Fraud Prevention and Detection Program — The City will research a
fraud prevention, "tip hotline ", for use by employees, vendors and citizens. Expected
implementation date is June 30, 2011.
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Honorable City Council
January 5, 2011
Page 5
Single Audit Report - (No report required this year)
The City was not required to conduct a single audit this year because the City did not
meet the $500,000 federal grant expenditure threshold. The Single Audit is specifically
designed to meet the needs of all federal grantor agencies from which the City receives
funds.
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
The independent auditors noted no findings in this report for the fiscal year ended June
30, 2010.
Independent Accountant's Report on Agreed -Upon Procedures Applied to
Appropriations Limit Worksheets
The independent auditors noted no findings for the City's calculations with regards to
the appropriations limit for the fiscal year ended June 30, 2010.
Independent Auditor's memo regarding the audit process
The independent auditors noted no findings for the audit process for the fiscal year
ended June 30, 2010.
STAFF RECOMMENDATION (Roll Call Vote)
Accept the Comprehensive Annual Financial Report (CAFR), Management Letter,
Memo stating that a Single Audit was not required this year, 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,
Independent Accountant's Report on Agreed -Upon Procedures Applied to
Appropriations Limit Worksheets, and the Independent Auditor's memo regarding the
audit process and receive and file this report.
Attachments:
1. City of Moorpark CAFR for year ended June 30, 2010
2. Management Letter
3. Memo stating that a Single Audit was not required this year
4. 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
5. Independent Accountant's Report on Agreed -Upon Procedures Applied to
Appropriations Limit Worksheets
6. Independent Auditor's memo regarding the audit process
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CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30, 2010
Prepared By:
Ron Ahlers, Finance Director
Irmma Lumbad, Finance & Accounting Manager
Debbie Burdorf, Accountant I
ATTACHMENT 1
104
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2010
TABLE OF CONTENTS
PAGE
1. INTRODUCTORY SECTION
Letter of Transmittal i -Vi
Directory of Officials vii
OrpemariimW Chan viii
Certificate of Achievement of Excellence in Financial Reporting ix
H. FINANCIAL SECTION
Independent Auditors' Report 1 - 2
Management Discussion & Analysis 3-13
Basic Financial Statements:
Government -wide Financial Statements
Statement of Net Assets 14
Statement of Activities 15
Fund Financial Statements
Balance Sheet - Governmental Funds
16-18
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets
19
Statement of Revenues, Expenditures and Changes in Fund Balances -
20-22
Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes
68
in Fund Balances of Governmental Funds to the Statement of Activities
23
Statement of Fiduciary Assets and Liabilities
24
Notes to Financial Statements
25-64
Required Supplementary Informationt
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund
65-67
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Street and Traffic Safety Development
Special Revenue Fund
68
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Community Development Special Revenue Fund
69-70
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual — Assessment District Special Revenue Fund
71-72
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Endowment Special Revenue Fund
73
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Park/Public Facilities Special Revenue Fund
74-75
105
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2010
TABLE OF CONTENTS - Continued
PAGE
Required Supplementary Information - Continued:
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual — MRA Operating Special Revenue Fund 76_7.77
Schedule of Funding Progress for N RHP 78
Notes to Required Supplementary Information 79
Supplementary Information:
Budgetary Comparison Schedules - Major Fund
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Police Facilities Fee Capital Projects Fund
80
Redevelopment Agency Capital Projects Fund
81
Redevelopment Agency Debt Service Fund
82
Non -Major Governmental Funds
83-84
Combining Balance Sheet
85-88
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
89-92
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Library Services Special Revenue Fund
93
Traffic Safety Special Revenue Fund
94
Affordable Housing Special Revenue Fund
95
Los Angeles Area of Contribution Special Revenue Fund
96
Tierra Rejada/Spring A.O.0 Special Revenue Fund
97
Cassey /Gabbert Area of Contribution Special Revenue Fund
98
Freemont Storm Drain A.O.0 Special Revenue Fund
99
State and Federal Assistance Special Revenue Fund
100
State Gas Tax Special Revenue Fund
101
Prop 1 B Local Streets and Roads Special Revenue Fund
102
Art in Public Places Special Revenue Fund
103
Prop 1B Safety and Security Special Revenue Fund
104
Low and Moderate Income Housing Special Revenue Fund
105
Local Transportation Transit Special Revenue Fund
106
Solid Waste Special Revenue Fund
107
Capital Projects Fund
108
City Hall Building Capital Projects Fund
109
Equipment Replacement Capital Projects Fund
110
Statement of Changes in Net Assets - Agency Funds
111
M. STATISTICAL SECTION
Net Assets by Component - Last Eight Fiscal Years 112 - 113
Changes in Net Assets Governmental Activities - Last Eight Fiscal Years 114-115
Fund Balances of Governmental Funds - Last Eight Fiscal Years 116-117
Changes in Fund Balances of Governmental Funds - Last Eight Fiscal Years 118-119
106
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2010
TABLE OF CONTENTS - Continued
107
PAGE
III. STATISTICAL SECTION - Continued
Assessed Value and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years
120
Direct and-Overlappmg Property Tax RAtes - Last Ten Fiscal Years
121
Principal Property Tax Payers - Current Year and Nine Years Ago
122
Property Tax Levies and Collections - Last Ten Fiscal Years
123
Ratios of Outstanding Debt by Typo- Last Ten Fiscal Yeats
124
Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years
125
Direct and Overlapping Debt
126
Legal Debt Margin Information- Last Ten Fiscal Years
127-128
Pledged Revenue Coverage - Last Ten Fiscal Years
129
Demographic and Economic Statistics - Last Ten Calendar Years
130
Principal Employers- Current and Ten Calendar Years Ago
131
Full-Time and Part -Time City Employees by Function - Last Ten Fiscal Years
132
Operating Indicators by Function - Last Ten Fiscal Years
133
Capital Asset Statistics by Function- Last Ten Fiscal Years
134
107
C ity f�5Yloorpark
799 Moorpark Avenue, Moorpark, Califomia 93021 (805)SIT-6200 tax(805)532-2545
December 7, 2010
Honorable Mayor, Members of the City Council and Citizens of Moorpark:
We are pleased to present this Comprehensive Annual Financial Report (CAFR) of
the City of Moorpark, California (City) for the fiscal year ended June 30, 2010. The
City has continued to prepare the CAFR to comply with the financial reporting model
developed by the Governmental Accounting Standards Board (GASB) Statement 34.
This model improves the financial reporting by adding significant additional
information not previously available in local government financial statements prior to
GASB 34.
As a result of GASB 34, the Government -Wide Financial Statements are presented
along with the fund -by -fund financial information. The Government -Wide Financial
Statements include a Statement of Net Assets that provides the total net equity of
the City including infrastructures and the Statement of Activities that shows the cost
of providing government services. These statements include all assets and liabilities
using the accrual basis of accounting (similar to a private- sector business) versus
the modified accrual method used in the fund financial statements. A reconciliation
of the balance sheet of the Governmental Funds to the Statement of Net Assets has
been prepared to reflect the changes between the two reporting methods. In
addition, the reporting model includes an emphasis on the City's major funds as
shown in the Governmental Fund Statements. These statements and other
significant information are analyzed in the narrative section called Management's
Discussion and Analysis (MD&A). The MD&A provides "financial highlights" and a
brief overview of the basic financial statements. In addition, the MD&A provides the
readers of the City's financial statements with financial trends, explanation of
variances and economic factors for the upcoming fiscal year's budget.
Furthermore, in May 2004, the GASB issued Statement No. 44, Economic Condition
Reporting. This statement requires the statistical section to be presented with
detailed information, typically in ten -year trends, that assists users in utilizing the
basic financial statements, notes to basic financial statements, and required
supplementary information to assess the economic condition of a government. This
statement was effective starting with fiscal year 2005/06 and has resulted in
changes to the statistical section. The City continues to present the statistical
JANICE S. PARVIN ROSEANN MIKOS KEITH F. MILLHOUSE DAVID POLLOCK MARK VAN DAM
Mayor Mayor Pro Tem Councilmember Councilmember Counalmember
1•
section with detail information to be in compliance with GASB No. 44 requirements
for fiscal year 2009/10.
Responsibility for both the accuracy of this data, and the completeness and fairness
of its presentation, including all disclosures, rests with the City. To the best of our
knowledge and belief, the enclosed data are accurate in all material respects and
are reported in a manner that presents fairly the account groups and the financial
position and operational results of the City's various funds and component units. All
disclosures_necessary to enable the reader. to .gain_ an- understanding of the - City's
activities have been included.
THE REPORTING ENTITY AND ITS SERVICES
The financial reporting entity includes all the funds of the City as well as all of its
component units. The City is the primary government. The component units are the
Moorpark Redevelopment Agency (Agency), the Moorpark Public Financing
Authority (Authority) and the Moorpark Industrial Development Authority (IDA).
The City was incorporated in 1983 as a general law city and operates under a
Council- Manager form of government.
The Agency was formed in 1987 with the objective of providing long -term financing
of capital improvements designed to eliminate physical and economic blight in the
designated project area.
The Authority was formed in 1993 as a joint powers authority between the City and
the Agency in order to provide financial assistance to the City and the Agency by
issuing debt and financing the construction of public facilities.
The IDA of the City was formed in 1985 pursuant to the California Industrial
Development Financing Act (the "Act"). Its purpose is to finance the acquisition and
development of certain industrial activities as permitted by the Act and to issue
bonds for the purpose of enabling industrial firms to finance the cost of such
activities.
PROFILE OF THE CITY OF MOORPARK
The City provides a full range of services to its residents with a total regular full-time
staff of approximately 56 and part -time staff of approximately 45 employees. Major
services such as police (contracted with Ventura County Sheriff), attorney, library,
development engineering and inspection, building and safety plan check/inspection,
transit, street sweeping and landscape maintenance are provided through
contractual arrangements. In addition, fire protection is provided by the Ventura
County Fire District. The City provides services such as emergency management,
redevelopment, housing, planning, code compliance, recreation programs,
vector /animal control, park and facilities maintenance, street maintenance, city
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engineering, crossing guard and administrative management services with city
employees.
HISTORY OF THE CITY OF MOORPARK
In 1887, Robert W. Poindexter was granted title to the present site of Moorpark. He
named the City after the Moorpark apricot which grew throughout the valley.
Poindexter plotted Moorpark city streets and planted Pepper trees in the downtown
area. The City was incorporated in 1983 as the tenth city of Ventura County with a
Council - Manager form of government. The Mayor is elected at large to serve a two-
year term. The four Council Members are elected at large to serve staggered four -
year terms. The size of the City was 12.36 square miles with a population of about
10,000 at incorporation and is currently at 12.44 square miles with a population of
approximately 37,000 (source: California Department of Finance). Moorpark is
recognized for having the lowest number of serious crimes committed in Ventura
County and is one of the safest cities of its size in the United States.
BUDGETARY CONTROL
The City prepares an annual budget consistent with Generally Accepted Accounting
Principles (GAAP) for all governmental funds on a modified accrual basis where
revenues are recognized when they become measurable and available to finance
expenditures of the current period. Expenditures are recorded when the goods or
services are received and the liabilities are incurred.
Department directors are responsible, not only to accomplish his /her particular goals
within each program, but also to monitor budget allocations consistent to the funding
levels adopted by the City Council prior to July 1 of the budget year.
In addition, the City maintains budgetary control through the use of an encumbrance
accounting system. As purchase orders are issued, corresponding amounts are
encumbered for later payments to ensure that budget amounts are not over -spent
INTERNAL CONTROLS
The City's management is responsible for developing and establishing an internal
control structure to ensure that the assets of the government are protected from
loss, theft, misuse and to ensure that adequate accounting data is compiled to allow
for the preparation of financial statements in conformity with GAAP. The internal
control structure is designed to provide reasonable, but not absolute, assurance that
these objectives are met. The concept of reasonable assurance recognizes that: 1)
the cost of a control should not exceed the benefits likely to be derived; and 2) the
valuation of the costs and benefits requires estimates and judgments by
management.
iii 110
ANNUAL AUDIT
An independent accounting firm has performed the annual audit of the City's
financial statements for the fiscal year ended June 30, 2010. As part of the annual
audit, reviews are made to determine the adequacy of the City's internal control
structure, as well as to determine that the City has complied with certain provisions
of laws and regulations. Their examination has been completed and the auditor's
report on the City's financial statements is included at the beginning of the Financial
Section of -this report
APPROPRIATION LIMIT
Article XIIIB of the California Constitution (Proposition 4), commonly referred to as
the "Gann Initiative" was approved by California voters in 1979, which placed limits
on the amount of proceeds of taxes that State and Local agencies can appropriate
and spend each fiscal year. In addition, voters approved Proposition 111 in 1990 to
further increase the accountability of local government in adopting their limits by
requiring the governing body to annually adopt, by resolution, an appropriation limit
for the upcoming fiscal year. The appropriation limit and the City's appropriations
subject to the limit for fiscal year 2009/10 amounted to $26,198,908 and
$13,748,165, respectively.
CASH MANAGEMENT
The City Treasurer is responsible for investing cash temporarily idle during the year
in accordance with the State Government Code and the Investment Policy adopted
by the City Council. The City diversified its investment portfolio by utilizing several
investment instruments. At fiscal year end June 30, 2010, approximately $51.7
million (City & Agency combined) was invested with the State Treasurer's Local
Agency Investment Fund (LAIF); approximately $49.3 million in the Ventura County
Pool; and $0.7 million was invested in Certificate of Deposits (CDs).
The cash management system of the City is designed to monitor revenues and
expenditures to ensure the investment of monies to the fullest extent possible. The
criteria for selecting investments and the order of priority are (a) safety, (b) liquidity,
and (c) yield. The underlying objective of the City's policy is to obtain the highest
interest rate yields, and at the same time, ensure that money is available when
needed and all deposits are insured by the Federal Deposit Insurance Corporation
or collateralized.
CAPITAL ASSETS
In accordance with GASB Statement No. 34, the City has reported all capital assets
including infrastructure in the Government-Wide Statement of Net Assets. The City
elected to use the basic approach for all infrastructures reporting, whereby
depreciation expense and accumulated depreciation have been recorded. Capital
iv 111
assets for the fiscal year ended June 30, 2010 have a net ending balance of $151.1
million.
LONG -TERM LIABILITIES /BONDED LIABILITIES
At June 30, 2010, the City has no outstanding bonds or other debt but does have
long -term liabilities in the approximate amount of $0.7 million for employee
compensated absences (accrued leave) and $1.3 million for Pension related
liabilities.
The Agency has the 1999 Tax Allocation Refunding Bonds, the 2001 Tax Allocation
Bonds and the 2006 Tax Atilocation Bonds outstanding in the amounts of $5.5
million, $11.5 million and $11.4 million, respectively. The purpose of the 1999
Bonds was to advance refund the Agency's previously issued 1993 Tax Allocation
Bonds. The purpose of the 2001 and 2006 bonds were to finance a portion of the
costs of implementing the Redevelopment Plan and fund redevelopment activities
within the Agency project area.
RISK MANAGEMENT
The City is a member of the California Joint Powers Insurance Authority (CJPIA)
established under the provisions of California Government Code 6500 et seq.,
consisting of over 100 California public entities. The CJPIA provides risk coverage
for its members through the pooling of losses and purchased insurance. The
coverage extends to general liability and workers' compensation administered by
CJPIA. In addition, the City also participates in the all -risk property protection
offered by CJPIA. Various control techniques, including safety, ergonomic,
harassment and driver awareness training have been implemented to minimize
losses.
AWARD
The Govemment Finance Offtcem Associatm" of the united States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the City for its comprehensive annual financial report for the fiscal year ended
June 30, 2009. In order to be awarded a Certificate of Achievement, a government
unit must publish an easily readable and efficiently organized comprehensive annual
financial report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that
our current comprehensive annual financial report continues to meet the Certificate
of Achievement Program's requirements and we are submitting it to the GFOA to
determine its eligibility for another certificate.
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ACKNOWLEDGEMENT
We would like to express appreciation to fill City staff that assisted and contributed
to the preparation of this report, particularly to the members of the Finance
Department. We would also like to extend our appreciation to the auditors, Teaman,
Ramirez & Smith, Inc., Certified Public Accountants for their professional assistance.
As in the past, the CAFR is available on the - City's website at
www.cl. moorpark.ca. us.
Respectfully submitted,
STEVEN KUENY
CITY MANAGER
Vi
RON AHLERS
FINANCE DIRECTOR
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City of Moorpark
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2010
DIRECTORY OF CITY OFFICIALS
CITY COUNCIL
Janice S. Parvin, Mayor
Roseann Mikos, Mayor Pro Tem David Pollock, Councilmember
Keith F. Millhouse, Councilmember Mark Van Dam, Councilmember
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Ron Ahlers, Finance Director
David Bobardt, Community Development Director
Deborah Traffenstedt, Administrative Services Director
Vacant, City Engineer /Public Works Director
Vacant, Parks & Recreation Director
Vii 114
Arts Commission
Parks and Recreation
Commission
Planning Commission
Community
Development
Department
.Building and Safety
.Business Registration
.CDBG
.Code Compliance
.Film Permits
.Planning
.Vendor Permits
Ln
CITY OF MOORPARK
ORGANIZATION CHART
Honorable City Council
Police Services
(Contract)
Administrative
Services /City Clerk
Department
.City Clerk
.Human Resources
.Information Systems
.Risk Management
City Manager
Parks, Recreation and
Community Services
Department
.Active Adult Center
.Animal Regulation/Vector
Control
.Art in Public Places
Library
Parks /Landscape /Facilities/
Maintenance
Recreation
.Solid Waste
viii
City Attorney
(Contract)
nt City Manager
.Emergency Services
.Grants
.Intergovernmental Community and
Legislative Relations
.Public Facility Capital Projects
.Public Information /Cable TV
.Redevelopment
Economic Development
Property Management
Housing
City
Engineer /Public
/orks Departmel
.Assessment District Street
Lighting
.Capital Projects
.Crossing Guards
.Engineering
. NPDES
.Parking Enforcement
.Street Maintenance
.Transit
Finance
Department
.Cash Management
.Central Services
.Finance and Accounting
Fixed Assets Management
.Purchasing
Certificate of
Achievement
for Excellence
in- Financial
Reporting
Presented to
City of- Moorpark
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2009
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose coinprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
r--
,.v
President
Executive Director
ix
116
i111AAAtd, FiP 91 t 2 A C 0 V I. INC.
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Independent Auditors' Report
The Honorable City Council
The City of Moorpark, California
We have audited the accompanying financial statements of the governmental activities, each major fund,
and the aggregate remaining fund information of the City of Moorpark, California (City), as of and for the
year ended June 30, 2010, which collectively comprise the City's basic financial statements as listed in the
table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express opinions on these 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 financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, each major fund, and the aggregate remaining
fund information of the City, as of June 30, 2010, and the respective changes in financial position thereof
for the year then ended in conformity with accounting principles generally accepted in the United States of
America.
In accordance with Government Auditing Standards, we have also issued our report dated December 7,
2010 on our consideration of the City's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards and should be considered in assessing the results of our audit.
The management's discussion and analysis on pages 3 through 13, the budgetary comparison information
on pages 65 through 77, and the schedule of funding progress for NiRHP are not a required part of the basic
financial statements, but are supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and express no opinion on
it.
Richard A. Teaman. CPA a Greg W. Fankhanei. CPA a David M Ramirez. CFA a Javier H. Carrillo, CPA 117
4201 Brockton Ave. Suite 100. Riverside CA 92801 a 951.274.9500 a 951.274.7828 rnx a www.tracpas con+
f.trw.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, supplementary information
section, and statistical section, as fisted in the table of contents are presented for purposes of additional
analysis and are not a required part of the basic financial statements. The supplementary information
section has been subjected to the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken
as a whole. The introductory section and the statistical section have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on
them.
December 7, 2010
118
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
As management of the City of Moorpark, California (City), we offer readers of the City's financial statements this
narrative overview and analysis of the financial activities of the City (the "Primary Government") for the fiscal year
ended June 30, 2010. It is encouraged that the readers consider the information presented here in conjunction with the
accompanying basic financial statements.
FINANCIAL HIGHLIGHTS
• The assets of the City exceeded its liabilities at the close of fiscal year 2009110 by $248,428,562 (net assets).
Of this amount, $17,761,703 is not restricted by external law or administrative action for a specified purpose.
The City Council's approval is required before these funds may be used to meet the City's ongoing obligations
to citizens and creditors.
• The City's total net assets increased by $1,302,959 during the current fiscal year. The Statement of Net Assets
is presented on page 15.
• As of June 30, 2010, the City's governmental funds (General Fund, Special Revenue Funds, Debt Service
Funds, and Capital Pmjects Funds) reported combined ending fund balances of $132,781,925, a decrease of
$2,826,257, from the prior year.
• At the end of the current fiscal year, unreserved fund balanco for the General Fund was $2,662,713.
• The City's total Long — Term Liabilities decreased by $491,562 or 1.6% during the current fiscal year. The
decrease is attributable to the difference between employee compensated absences addition; the fiscal years
regularly scheduled debt service payments for the 1999, 2001 and 2006 Tax Allocation Bonds; and the
decrease in pension related debt.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's
basic financial statements are comprised of three components:
1) Government -wide financial statements
2) Fund financial statements
3) Notes to basic financial statements
Other required supplementary information is included in addition to the basic financial statements.
Government -Wide Financial Statements. The City has presented its financial statements under the reporting model
required by Governmental Accounting Standards Board Statement No. 34 (GASB 34) and its related Statements,
GASB 37, 38, and 41. These financial statements are designed to provide readers with a broad overview of the City's
fmances, in a manner similar to a private - sector business.
The government -wide financial statements include the statement of net assets and the statement of activities.
The governmental activities of the City include general government, public safety, public services, parks and
recreation, debt service, and interest on debt. The City does not have any business -type activities.
119
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
The statement of net assets presents information on all of the City's assets and liabilities, with the difference between
the two reported as net assets. Over time, increases and decreases in net assets may serve as a useful indicator of
whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed during the most recent
fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cashflows. Thus, revenues and expenses are reported in this statement for some
items that will only result in cash flows in future fiscal periods (i.e., uncollected taxes and earned but unused vacation
leave).
The government -wide financial statements include not only the City as the primary government, but also a legally
separate Moorpark Redevelopment Agency (Agency), the Moorpark Public Financing Authority (Authority), and the
Industrial Development Authority (IDA) of the City. Although legally separate from the City, these component units
are blended with the primary government because of their governance or financial relationships to the City.
The government -wide financial statements can be found on pages 14 and 15 of this report.
Fund Financial Statements. A fiord is a grouping of related accounts that is used to maintain control over resources
that have been segregated for specific activities or objectives. The City, like other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance - related legal requirements. All of the funds of the
City can be divided into two categories: governmental funds and fiduciary funds.
Governmental funds. Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the government -wide financial statements. However, unlike the government -wide financial
statements, governmental fund financial statements focus on near -term inflows and outflows of spendable resources, as
well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating the City's near -term financial requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful
to compare the information presented for governmental fiords with similar information presented for governmental
activities in the government -wide financial statements. By doing so, readers may better understand the long -term
impact of the City's near -term financing decisions. Both the governmental fund balance sheet and the governmental
fund statement of revenues, expenditures and changes in fund balances, provide a reconciliation to facilitate this
comparison between governmental finals and governmental activities.
The City maintains a variety of individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in
fund balances for the General Fund, Street and Traffic Safety, Community Development, Assessment District,
Endowment, Parks/Public Facilities, MRA Operating, Police Facilities Fee, Moorpark Highlands Improvement,
Redevelopment Agency Capital Projects, Special Projects and Redevelopment Agency Debt Service. All of which are
considered to be major funds. Data from the remaining governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these non -major governmental funds is provided in fire form of
combining statements in the non -major governmental funds section of this report.
The City adopts an annual budget for all its funds. A budgetary comparison statement is provided for all funds with an
annually adopted budget to demonstrate compliance with their respective budgets. The budgetary comparison
120
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
statements are located in the basic financial statements. The non -major governmental fund budgetary comparisons are
located in the non -major governmental funds section of the report_
Fiduciary Funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account for resources
held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government -wide
financial statements because the resources of the fund are not available to support the City's own programs. Fiduciary
funds are custodial in nature and, therefore, the accounting used does not involve the measurement of the results of
operations. The basic fiduciary fund financial statement can be found on page 24 of this report.
Notes to the Basic Financial Statements. The notes to the basic financial statements provide additional information
that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The
notes to the basic financial statements can be found on pages 26 -64 of this report.
GOVERNMIENT -WEDC FINANCIAL ANALYSIS
The City has continued to present its financial statements under the reporting model required by GASB 34. A
comparative analysis of the government -wide data has been included in this report.
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case
of the City, assets exceeded liabilities by $248.4 million at the close of the current fiscal year.
Tht City's sset assets inNestod i4 capital assets, not of rtWa .debt Teflects a positive $141.1 million. As shown on
Table 1, the largest portion of the City's net assets (57 %) is its investment in capital assets. 113e City uses these capital
assets to provide services to citizens; consequently, these assets are not available for future spending.
An additional portion of the City's net assets (36 %) represents resources that are subject to external restrictions on how
they may be used. The major restrictions on net assets are funding source restrictions. The remaining balance of total
net assets (7 %) is unrestricted and may be used to meet the City's obligations to citizens and creditors in accordance
with the finance- related legal requirements reflected in the City's fund structure. At the end of the fiscal year ended
June 30, 2010, the City reported positive balances in all three categories of net assets, both for the City as a whole, as
well as for its separate governmental activities.
121
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
Table 1
Net Assets
Governmental Activities
As of Jane 30, 2010 and 2009
2010 2009
Assets:
Current and other assets $ 143,511,765 $ 145,680,876
Capital assets 141,095,551 130,581,499
Total Assets 284,607,316 276,262,375
Liabilities:
Long -term debt outstanding 29,390,677 29,942,239
Other liabilities 6,788,077 6,646,441
Total Liabilities 36,178,754 36,588,680
Net Assets:
Invested in capital assets,
net of related debt 141,095,551 130,581,499
Restricted 89,571,308 94,878,693
Unrestricted 17,761,703 14,213,503
Total Net Assets S 248,428,562 S 239,673,695
The City's net assets increased by S 1.3 million during the current fiscal year.
6
122
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
Table 2
Clianges in Net Assets
Governmental Activities
As of June 30, 2010 and 2009
Expenses
General government
2010
2009
Revenues
7,016,015
7,035,384
Program Revenues:
13,589,878
18,170,325
Charges for services
$ 4,148,970
S 4,589,249
Operating contributions and grants
4,128,842
6,172,315
Capital contributions and grants
1,970,931
3,326,778
General Revenues:
Increase in net assets
1,302,959
Property taxes
7,449,063
7,802,643
Tax increment
6,864,777
7,054,432
Franchise taxes
1,171,825
1,171,556
Sales taxes
2,382,010
2,329,522
Sales tax in lieu
588,635
849,227
Motor vehicle in lieu tax
109,136
125,307
Investment income
853,074
2,875,649
Other
283,372
386,040
Special Item -- County Settlement
-
1,000,000
Total Revenues
29,950,635
37,682,718
Expenses
General government
1,603,279
2,041,596
Public safety
7,016,015
7,035,384
Public services
13,589,878
18,170,325
Parks and recreation
4,934,002
4,470,524
Interest on long -term debt
1,504,502
1,616,843
Total Expenses
28,647,676
33,334,672
Increase in net assets
1,302,959
4,348,046
Net assets - July 1,
239,673,695
235,325,649
Prior Period Adjustment
7,451,908
-
Net assets - June 30,
$ 248,428,562
S 239,673,695
7
123
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
Program Revenues
Capital Charges for
contributions and services
grants
19'
40%
Sales taxes
12%
Franchise taxes
6%
Operating
contributions and
grants
40%
Motor vehicle in lieu
tax Investment income
1% 4%
Tax increment
35%
Property taxes
38%
124
CrrY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
FINANCIAL ANALYSIS OF THE CITY'S MAJOR FUNDS
As noted earlier, the City uses fund accounting to demonstrate compliance with finance - related legal
requirements.
Governmental Funds. The focus of the City's governmental funds is to provide information on near -term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City's financial
requirements. In particular unreserved frond balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City's governmental funds reported total fund balances of
$132,781,925. This is a decrease of $2,426,110 in comparison with the prior year. Approximately $94.2 million
or 71 % of the fund balances constitutes unreserved find balance, which is available to meet the City's current and
future needs. The remainder of fiord balance is reserved to indicate that it is not available for new spending
because it has been committed to a variety of restricted purposes.
General Fund
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the total fund
balance of the General Fund was $3.0 million which is a decrease of $0.2 million or 6% from the prior year. As a
measure of the General Fund's liquidity, it may be useful to compare total fund balance to total fund expenditures.
Total fund balance represents 23% of total General Fund expenditures and transfers out. This is a healthy reserve.
Key factors for revenues and expenses when compared to fiscal year 2008 -09 are as follows:
• The City's share of property taxes increased by approximately $121,000 or 2 %.
• Sales tax revenues also improved with an increase of approximately $53,000 or 2 %. This is quite
remarkable considering the economic downturn.
• The Sales Tax Compensation or "triple flip" decreased $260,000 or 31 %. This revenue is calculated by
the State each year and reflects the economic downturn in the State of California as a whole.
• Interest earnings decreased by approximately $415,000 or 57% in response to declining rates in the
market_
• Motor vehicle in lieu decreased by S 16,000 or 13% due to the economic downturn.
• Expenditures and transfers out ended the year approximately S 1.4 million less than the prior year figure as
a result of prudent spending by staff and capital projects that have not yet started.
Street and Traffic Safety Fund (Includes the Traffic System Management Fund, City -Wide Traffic
Mitigation Fond and Crossing Guard Fund)
The fund balance of the Street and Traffic Safety Fund increased by $0.3 million from the prior year, primarily
due to the receipt of development fees for various construction projects.
Community Development Fund
The fund balance of the Community Development Fund increased by $49,000 from the prior year as a result of
increased transfers from the General Fund to support this operation.
125
CM OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
NNE 30, 2010
Assessment District Fund
The fund balance of the Assessment District Fund increased by 534,000 from the prior year due to transfers from
the General Fund and the Gas Tax Fund of $1.3 million.
Endowment Fund
The fund balance of the Endowment Fund increased by $384,000, due to deferring capital outlay expenditures.
Park/Public Facilities Fund (Includes ten (10) various development fee related funds)
The fund balance of the Park Improvement Fund decreased by S1.7 million primarily due to increased capital
expenditures, primarily for the new Skate Park and Poindexter Park expansion.
MRA Operating Fund
The fund balance of the MRA Operating Fund decreased by $2.8 million from the prior year due to a payment to
the State of California for the Supplemental Educational Revenue Augmentation Fund (SERAF) of $1,925,000.
Police Facilities Fee Fund
The fund balance of the Police Facilities Fund increased by $0.1 million from the prior year.
Moorpark Highlands Improvement Fund
The Moorpark Highland Improvement Fund is one of six accounts held by the Fiscal Agent for the Community
Facilities District (CFD) No. 2004 -1 (Moorpark Highlands) Special Tax Bonds 2006. The Improvement account
has been recorded under a capital projects fund to reflect the proceeds that have been designated for capital
improvement projects. Bond proceeds of $34 million have been deposited into this fund. The expenditures of
$55,000 ropresent payments to Pardee homes for reimbursement of improvements and grading in the district. The
debt service portion of this bond issue has been recorded as an agency fund. Note that the City is not obligated in
any manner for this bond issue and is only limlud to acting as an agent for the assessed property owners and
bondholders.
Redevelopment Agency Capital Projects Fund
The fund balance of the Redevelopment Agency Capital Projects Fund decreased by $713,000 from the previous
year mainly due to capital outlay expenditures.
Special Projects Capital Projects Fund
The fund balance of the Special Projects Capital Projects Fund increased by $1.8 million from the previous year
solely due to a transfer from the General Fund.
10
126
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
Redevelopment Agency Debt Service Fund
The fund balance of the Redevelopment Agency Debt Service Fund increased by $33,000 due to investment
earnings.
Non -Major Governmental Funds
The fund balance of all other Non -Major Governmental Funds decreased by $21,000 from the previous fiscal
year.
General Fund Budgetary Highlights
The City adopts annual appropriated operating budgets for its governmental funds (General Fund, Special
Revenue Funds, Debt Service Funds, and Capital Project Funds (except for the Moorpark Highlands
Improvement Fund as these sources have been designated for specific projects in accordance with the Bond's
Official Statement }) and reports the results of operation on a budget comparison basis.
In preparing its budgets, the City attempts to estimate its revenues using realistic, but conservative, methods so as
to budget its expenditure appropriations and activities in a prudent manner. As a result, the City Council adopts
budget adjustments during the course of the fiscal year to reflect both changed priorities and availability of
additional revenues to allow for expansion of existing programs. During the course of the year, the City Council
amended the originally adopted budget to re- appropriate prior year approved projects and expenditures, as well as
approving many other adjustments for the current year.
The results of the General Fund for the year ended June 30, 2010, were right in line with the budget. Revenues
were $250,000 greater than the budget and expenditures ended the year tinder budget by $1.3 million.
CAPITAL ASSET AND LONG -TERM LIABILITTES
Capital Assets. The City's investment in capital assets as of June 30, 2010, amounted to S141.1 million (net of
accumulated depreciation). This investment, detailed in Table •3, includes land, construction in progress,
buildings and improvements, machinery and equipment, and infrastructure. The total increase in the City's
investment in capital assets for the current fiscal year was $10.5 million or 8.1 %. Land shows the largest increase
in 2010 at $7.7 million. This year the City recorded the Mammoth Highlands Park as a donation from the
developer.
127
CTTY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
Table 3
Capital Assets (net of depreciation)
Governmental Activities
As of June 30, 2010 and 2009
2010 2009
Land
S 36,414,011
$ 28,719,337
Construction in Progress
9,481,646
9,903,188
Buildings and improvements
29,632,142
25,393,673
Machinery and equipment
1,688,603
1,982,243
Infrastructure
63,879,149
64,583,058
Total
$ 141,095,551
$ 130,581,499
As a result of the implementation of GASB No. 34, the City has continued to account for infrastructure assets on
its financial statements. 'Ile accompanying government -wide financial statements include those infrastructure
assets that were either completed during the current fiscal year or considered construction in progress at current
fiscal year -end.
Additional infomiation on the City's capital assets can be found in Note 5 on pages 45-46 of this report.
Long -term Liabilities
At the end of the current fiscal year, the City's long -term liability outstanding is $30.4 million. This is comprised
of $28.4 million in tax allocation bonded indebtedness, $0.7 million in employee compensated absences payable
and S 1.3 million for pension related debt.
Table 4
Outstanding Long -Term Liabilities
Governmental Activities
As of June 30, 2010 and 2009
Tax Allocation Bonds
(issued by the Agency)
Employee Compensated Absences
Pension Related Debt
Total
12
2010 2009
S 28,422,563 S 28,906,716
673,139 642,256
1,319,064 1,357,356
$ 30,414,766 S 30,906,328
128
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
The City's total liabilities decreased by $0.5 million or 1.6% during the current fiscal year. The decrease is
attributable to the normal pay down of principal on the outstanding debt.
Additional information on the City's long -term liabilities can be found in Note 6 on pages 47 thru 51 of the basic
financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The State's "Triple Flip" payment plan remains in effect as the State attempts to repay the 515.0 billion deficit
reduction bonds. The impact to the City will be on cash flow and the subsequent reduction in interest income due
to biannual (catch -up payments) rather than monthly sales tax payments. In addition, the State's budget for Fiscal
Year 2010 /11 and 2011/12 currently show a $28 billion shortfall. The State has not adopted a strategy to reduce
this projected deficit. The City has additional protections from the State taking our monetary resources thanks to
the voter passage of Proposition 22 in November 2010. The City anticipates the State taking away property tax
revenue from the Agency in the amount of $396,000.
General purpose revenues such as property tax and sales tax are anticipated to decrease in fiscal year 2010/11.
The sales tax decrease is a reflection of the economic recession.
Additionally, the City took into consideration the following factors in preparing the budget for fiscal year
2010/11:
• Interest income will show a decrease in response to declining interest rates.
• Slight increase in PERS retirement cost from 10.990% to 11.040% effective July 1, 2010.
• Projections indicate our cost for general liability and workers compensation insurance will both decrease
for fiscal year 2010/11 when compared to fiscal year 2009/10 actual payments.
A priority of the City is to maintain a high quality of services while adopting a balanced budget. As in prior
years, the fiscal year 2010/11 budget as adopted by the City Council is a balanced budget and will serve as a
guide in planning for the future.
REQUESTS FOR INFORMATION
This management's discussion and analysis is designed to provide citizens, taxpayers, customers, investors, and
creditors with a general overview of the City's finances and to demonstrate the City's accountability for the
money it receives. If you have questions or neod additional financial information, please contact the Finance
Department at City Hall, 799 Moorpark Avenue, Moorpark,, CA 93021, or at www.ci.moorpark.ca.us.
13
129
City of Moorpark
Statement of Net Assets
June 30, 2010
LIABILITIES
Accounts Payable and Accrued Liabilities
Governmental
Interest Payable
Activities
ASSETS
196,822
Cash and Investments
S 100,742,441
Receivables:
1,024,089
Taxes
726,511
Accounts
610,414
Interest
1,489,596
Notes and Loans
3,589,400
Prepaid Items
337,286
Property Held for Resale/Development
19,428,853
Restricted Cash and Investments
16,140,661
Debt Issuance Costs
446,603
Capital Assets:
Non - Depreciable:
Land
36,414,011
Construction in Progress
9,481,646
Depreciable, Net of Accumulated Depreciation:
Buildings and Improvements
29,632,142
Machinery and Equipment
1,688,603
Infrastructure
63,879,149
Total Assets
284,607,316
LIABILITIES
Accounts Payable and Accrued Liabilities
5,226,141
Interest Payable
341,025
Unearned Revenue
196,822
Noncurrent Liabilities:
Due Within One Year
1,024,089
Due in More Than One Year
29,390,677
Total Liabilities
36,178,754
NET ASSETS
Invested in Capital Assets 141,095,551
Restricted for
Public Services 77,819,976
Recreation Services 3,033,766
Public Safety 612,108
Low/Moderate Income Housing 8,105,458
Unrestricted 17,761,703
Total Net Assets S 248,428,562
The accompanying notes are an integral part of this statement
14 130
City of Moorpark
Statement of Activities
Year Ended June 30, 2010
The accompanying notes are an integral part of this statement
15 131
Program Revenues
Charges Operating Capital
Net
for Grants and Grants and
Governmental
Function&Trogtams
Expenses
Services Contributions Contributions
Activities
Primary Government:
Governmental Activities:
General Government
S 1,603,279
$ 258,431 $ 50,323 $
$ (1,294,525)
Public Safety
7,016,015
477,305 234,972
(6,303,738)
Public Services
13,589,878
2,769,641 1,699,628 1,970,931
(7,149,678)
Parka and Recreation
4,934,002
643,593 2,143,919
(2,146,490)
Interest on Long -Term Debt
1,504,502
(1,504,502)
Total Governmental Activities
$ 28,647,676
S 4,148,970 S 4,128,842 S 1,970,931
(18,398,933)
General Revenues:
Taxes:
Property Tax, Levied for General Purpose
7,449,063
Property Tax. Redevelopment Agency Tax
Increment
6,864,777
Franchise Taxes
1,171,825
Sales Tax
2,382,010
Sales Tax In -Lieu
588,635
Motor Vehicle In -Lieu, unrestricted
109,136
Investment Income
853,074
Other
283,372
Total General Revenues
19,701,892
Change in Net Assets
1,302,959
Net Assets - Beginning of Year
239,673,695
Prior Period Adjustment
7,451,908
Net Assets - End of Year
$248,428,562
The accompanying notes are an integral part of this statement
15 131
ASSETS
Cash and Investments
Restricted Cash and Investments
Receivables:
Taxes
Accounts
Interest
Notes and Loans
Due From Other Funds
Advances to Other Funds
Prepaid Items
Property Held for Resale/Development
Total Assets
LUBELI TWS AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities
Due to Other Funds
Advances from Other Funds
Deferred Revenue
Total Liabilities
Fund Balances:
Reserved for.
Capital Projects
Debt Service
Property Held for Resale/Development
Advances
Prepaid Items
Unreserved, Reported In:
General Fund
Special Revenue Funds
Capital Projects Funds
Debt Service Funds
Total Fund Balances
Total Liabilities and
Fund Balances
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2010
Special Revenue
Street and Community Assessment
General Traffic Safety Development District
$ 2,433,246 $ 19,969,837 S 191,618 S 6,702,057
708,818
160,507
208,098
147,902
337,286
17,693
6,131 43,285
$ 3,995,857 =L ]?,969,837 $ 197,749 S 6,763,035
S 995,858 S 27,259 $ 148,226 $ 282,564
17,693
995,858 27,259 148,226 300,257
337,286
2,662,713
19,942,578 49,523
6,462,778
2,999,999 19,942,578 49,523 6,462,778
$ 3,995,857 $ ]9,969,837 $ 197,749 $ 6,763,035
.�
The accompanying notes are an integral part of this statement
16 132
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Police Highlands Rodevelopment
Endowment Facilities Operating Facilities Fee Improvement Agency
$ 3,228,417 $ 2,604,075 S 4,115,164 $
9,171
800,000
1,933,495
20,715
1,263,869
1,704,786
972 $ $ 11,043,917
13,961,736
17,629
350,000
7,142,622 4,398,806
S 5,961,912 $ 2,613,246 S 14,247,156 $ 972 $ 13,961,736 $ 15,810,352
S $ 128,617 S 3,045,569 S
61,233
1,000,000 1,933,495
800,000 2,95 7,967
800,000 1,128,617 6,064,769 1,933,495
7,142,622
1,933,495
3,228,417 1,484,629 1,039,765
(1,932,523)
S S 2,121
33,752
13,961,736
35,873
4,398,806
11 ,375,673
5,161,912 1,484,629 8,182,387 (1,932,523) 13,961,736 15,774,479
$ 5,961,912 $$ 2,6246 S 14,247,156 S 972 $ 13,961,736 $ 15,810,352
Continued
Ile accompanying notes arc an integral part of this statement
17
133
City of Moorpark
Balance Sheet
Governmental Funds - Continued
June 30, 2010
Capital Projocts Debt Service
Non -Major
Special Redevelopment Govempmental
Projects Agency Funds
ASSETS
Total
Governmental
Funds
Cash and Investments
$ 24,292,789 $
$ 26,160,349
S 100,742,441
Restricted Cash and Investments
2,178,925
16,140,661
Receivables:
Taxes
726,511
Accounts
370,605
610,414
Interest
1,489,596
Notes and Loans
1,084,614
3,589,400
Due From Other Funds
166,564
664,466
Advances to Other Funds
1,0001000
2,933,495
Prepaid Items
337,286
Property Held for Resale/Development
7,887,425
19,428,853
Total Assets
$ 25,292,789 $ 2,178,925
$ 35,669,557
S 146,663,123
LIABEUMS AND VMiD BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities
$ S
S 595,927
S 5,226,141
Due to Other Funds
569,481
664,466
Advances from Other Funds
2,933,495
Deferred Revenue
1,281,436
5,057,096
Total Liabilities
- -
2,446,844
13,881,198
Fund Balances:
Reserved for:
Capital Projects
13,961,736
Debt Service
1,884,723
1,884,723
Property Held for Resale/Development
7,887,425
19,428,853
Advances
1,000,000
2,933,495
Prepaid Items
337,286
Unreserved, Reported In:
General Fund
2,662,713
Special Revenue Funds
20,964,948
53,172,638
Capital Projects Funds
24,292,789
4,370,340
38,106,279
Debt Service Funds
294,202
294,202
Total Fund Balances
25,292,789 2,178,925
33,222,713
132,781,925
Total Liabilities and
Fund Balances
S 25,292,789 $ 2,178,925
$ 35,669,557
S 146,663,123
The accompanying notes arc an integral part of this statement.
18 134
City of Moorpark
Reconciliation of the Governmental Funds - Balance Sheet
to the Statement of Net Assets
June 30, 2010
Fund balances of governmental funds $ 132,781,925
Amounts reported for governmental activities in the statement of net assets
are different because:
Capital assets of governmental activities are not financial resources and, therefore,
are not reported in the governmernal funds. 141,095,551
Long -term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 3,589,400
Revenues not received soon enough after year -end to be considered available are
deferred in the funds. The availability criteria does not apply to the government -
wide financial statements. 1,270,874
Interest expenditures are recognized when due, and therefore, interest payable is
not recorded in the governmental funds. (341,025)
Long -term liabilities are not due and payable in the current period and are not
reported in the funds.
Compensated Absences (673,139)
Tax Allocation Bonds (28,710,000)
Unamortized Discount 287,437
Pension Related Debt (1,319,064)
Issuance costs net of accumulated amortization were recorded as expenditures
in the governmental funds. 446,603
Net assets of governmental activities
$ 248,428,562
the acmmpan*g notes are an integW pert of this statement.
19 135
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2010
REVENUES
Taxes
Licenses and Permits
Fines and Forfeitures
Use of Money and Property
Charges for Services
Intergovernmental
Maintenance Assessments
Other Revenue
Total Revenues
EXPENDT17 URES
Current:
General Government
Public Safety
Public Services
Parks and Recreation
Capital Outlay
Debt Service:
Principal
Interest
Special Revenue
1,497,916
6,076,995 443,850
77,649 33,277 1,990,225
1,486,374 2,960,426
99,215 345,914 68,347
Total Expenditures 9,238,149 379,191 1,990,225 3,472,623
Excess (Deficiency) of Revenues
over Expenditures 3,471,397 300,785 (837,419) (1,254,148)
OTHER FINANCING SOURCES (USES)
Transfer In 136,398 886,942 1,288,301
Transfer Out (3,813,625) (18,754)
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
(3,677,227) (18,754) 886,942 1,288,301
(205,830) 282,031 49,523 34,153
3,205,829 19,660,547 - 6,428,625
S 2,999,999 S 19,942,578 S 49,523 S 6,462,778
'True accompanying notes are an intcgral pan of this statement
20 136
Street and
Community
Assessment
General
Traffic Safety
Development
District
S 10,794,266
$
S
S
146,915
451,455
195,161
15,457
492,505
247,087
136
84,380
784,383
432,459
610,657
6,775
162,527
1,887,286
133,789
430
75,101
240,034
12,709,546
679,976
1,152,806
2,218,475
1,497,916
6,076,995 443,850
77,649 33,277 1,990,225
1,486,374 2,960,426
99,215 345,914 68,347
Total Expenditures 9,238,149 379,191 1,990,225 3,472,623
Excess (Deficiency) of Revenues
over Expenditures 3,471,397 300,785 (837,419) (1,254,148)
OTHER FINANCING SOURCES (USES)
Transfer In 136,398 886,942 1,288,301
Transfer Out (3,813,625) (18,754)
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
(3,677,227) (18,754) 886,942 1,288,301
(205,830) 282,031 49,523 34,153
3,205,829 19,660,547 - 6,428,625
S 2,999,999 S 19,942,578 S 49,523 S 6,462,778
'True accompanying notes are an intcgral pan of this statement
20 136
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Police Highlands Redevelopment
Endowment Facilities Operating Facilities Fee Improvement Agency
$ $ S 3,771,651 $ S S
110,971 38,275 100,607 1,585 85,355
327,462 67,716
89,495
63,145
95 68,115
438,433 195,581 3,940,373 63,145 1,585 85,355
6,282 6,590,521
6,600
54,187 1,911,627 4,219
76,500
54,187 1,924,509 6,671,240
384,246 (1,728,928) (2,730,867)
1,860,440
(2,760) (1 ,921,660)
8,361
54,775 759,299
- 54,775 767,660
63,145 (53,190) (682,305)
1,857,500
(1,887,728)
- (2,760)
(61,220)
-
- (30,228)
384,246 (1,731,688)
(2,792,087)
63,145
(53,190) (712,533)
4,777,666 3,216,317
10,974,474
(1,995,668)
14,014,926 16,288,672
198,340
$ 5,161,912 S 1,484,629
S 8,182,387
$ (1,932,523)
$ 13,961,736 S 15,774,479
Continued
The accompanying notes are an integral pan of this statetnenL
21 137
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds - Continued
Year Ended June 30, 2010
Capital Projects Debt Service
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
1,837,820 150,952 (373,826)
1,844,420 32,867 (21,314)
(2,826,257)
23,448,369 2,146,058 33,042,220 135,208,035
201,807 400,147
$ 25,292,789 S 2,178,925 $ 33,222,713 $ 132,781,925
The accompanying notes are an integral put of this n=mem,
22
138
Non -Major
Total
Special
Redevelopment
Governmental
Governmental
Projects
Agency
Funds
Funds
REVENUES
Taxes
$
S 1,720,138
S 2,444,716
S 18,730,771
Licenses and Permits
598,370
Fines and Forfeitures
225,759
436,377
Use of Money and Property
6,600
32,868
346,860
1,547,229
Charges for Services
1,054,823
3,284,275
Intergovernmental
2,377,110
2,629,132
Maintenance Assessments
1,950,431
Other Revenue
70,268
587,832
Total Revenues
6,600
1,753,006
6,519,536
29,764,417
EXPENDITURES
Current:
General Government
1,497,916
Public Safety
248,639
6,769,484
Public Services
3,637,581
L2,343,896
Parks and Recreation
4,453,400
Capital Outlay
2,250,596
5,548,179
Debt Service:
Principal
495,000
495,000
Interest
1,376,091
30,208
1,482,799
Total Expenditures
-
1,871,091
6,167,024
32,590,674
Excess (Deficiency) of Revenues
over Expenditures
6,600
(118,085)
352,512
(2,826,257)
OTHER FINANCING SOURCES (USES)
Transfer In
1,837,820
150,952
1,359,748
9,378,101
Transfer Out
(1,733,574)
(9,378,101)
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
1,837,820 150,952 (373,826)
1,844,420 32,867 (21,314)
(2,826,257)
23,448,369 2,146,058 33,042,220 135,208,035
201,807 400,147
$ 25,292,789 S 2,178,925 $ 33,222,713 $ 132,781,925
The accompanying notes are an integral put of this n=mem,
22
138
City of Moorpark
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
Year Ended June 30, 2010
Net change in fund balances - total governmental funds S (2,826,257)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities, the cost of those assets is allocated over ther estimated useful lives as
depreciation expense or are allocated to the appropriate functional expense when
the cost is below the capitalization threshold. This activity is reconciled as follows:
Cost of assets capitalized 6,854,946
Depreciation expense (3,376,108)
Governmental finds report only proceeds from the sale of capital assets. The
statement of activities reports a gain or loss on disposal based on the net book value
at the time of disposal. Disposal activity included the following:
Costs of assets disposed (40,832)
Accumulated depreciation on disposed assets 24,285
Tong -tern notes and loans receivable are reported as expenditures when made and as
revenue when repaid in the governmental funds. However, there is no impact in the
statement of activities when notes and loans are made or repaid. This amount
represents the net change in the long -term notes and loans receivable. 210,242
Revenues not received soon enough after year -end to be considered available are
deferred in the funds. The availability criteria does not apply to the government -wide
financial statements. (24,023)
The issuance of long -term debt provides current financial resources to governmental
funds, while the repayment of the principal of long -term debt consumes the current
financial resources of governmental funds. Neither transaction, however, has any
effect on net assets. Also governmental funds report the effect of issuance costs,
premiums, discounts, and similar items when debt is first issued, whereas these
amounts are deferred and amortized in the statement of activities. This amount is the
net effect of these differences in the treatment of long -term debt and related items. 505,592
Accrued interest for tax allocation bonds is not recorded in the governmental funds.
This is the net change in accrued interest for the current period. 5,997
Compensated absence expenses reported in the statement of activities do not require
the use of current financial resources and, therefore, are not reported as expenditures
in governmental funds. (30,883)
Change in net assets of governmental activities $ 1,302,959
The accompmying notes arc as integral part of this statement
23 139
City of Moorpark
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30, 2010
ASSETS
Cash and Investments
Restricted Cash and Investments
Accounts Receivable
Total Assets
LUBQ.ITEES
Accounts Payable
Deposits
Due to Bondholders
Total Liabilities
S 3,429,286
7,307,054
23,307
S 10,759,647
S 100,902
3,330,023
7,328,722
$ 10,759,647
The accompanying notes are an integral part of this statement_
24 140
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
NOTE
DESCRIPTION
PAGE
1
Summary of Significant Accounting Policies
26-35
2
Cash and Investments
35-40
3
Notes and Loans Receivable
41 -43
4
Interfund Transactions
43-45
5
Capital Assets and Depreciation
45-46
6
Long -Term Liabilities
47-51
7
Agreements with Various Taxing Agencies
51-53
8
Retirement Plan
S3-54
9
Other Post Employment Benefits (OPEB)
54-56
10
Conduit Debt - Revenue Bonds
57
11
Special Assessment Bonds
57-58
12
Risk Management
58-60
13
Classification of Net Assets and Fund Balance
60-62
14
Commitments and Contingencies
62-63
15
Proposition 1 A Borrowing by the State of California
63
16
New Pronouncement
64
17
Prior Period Adjustment
64
18
Subsequent Events
64
25 141
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Moorpark (City) conform to accounting principles generally
accepted in the United States of America as applicable to governments. The Governmental Accounting
Standards Board (GASB) is the accepted standard setting body for governmental accounting and
financial reporting principles. The following is a summary of the significant policies.
A) Reporting Entity
The reporting entity "City of Moorpark" includes the accounts of the City, the Moorpark
Redevelopment Agency (Agency), the Moorpark Public Financing Authority (PFA), and the
Industrial Development Authority of the City of Moorpark (IDA).
The City was incorporated in July, 1983 as a general law city and operates under a
Council/Manager form of government.
The Agency was formed in 1987 pursuant to the State of California Health and Safety Code,
Section 33000 entitled "Community Redevelopment Law'. Its purpose is to finance long -term
capital improvements designed to eliminate physical and economic blight in a project area.
The PFA was formed in 1993 as a joint powers authority between the City and the Agency in order
to provide financial assistance to the City and the Agency by issuing debt and financing the
construction of public facilities.
The IDA was formed in 1985 pursuant to the California Industrial Development Financing Act
(ACT). Its purpose is to finance the acquisition and development of certain industrial activities as
permitted by the Act and to issue bonds for the purpose of enabling industrial firms to finance the
cost of such activities.
The criteria used in determining the scope of the reporting entity are based on the provisions of
GASB Statement No. 14 (as amended by GASB Statement No. 39). The City is the primary
government unit. Component units are those entities which are financially accountable to the
prinnaty government, either because the City appoints a voting majority of the component unit's
Board, or because the component unit will provide a financial benefit or impose a financial burden
on the City.
The City has accounted for the Agency, the PFA, and IDA as "blended" component units. Despite
being legally separate, they are so intertwined with the City, they are in substance, part of the City's
operations. Accordingly, the balances and transactions of the Agency are reported as separate funds
in the Special Revenue, Debt Service, and Capital Projects Funds. The PFA and IDA are inactive.
26
142
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
A) Reporting Entity - Continued
The following specific criteria were used in determining that the Agency, the PFA, and the IDA are
"blended" component unit:
1) The members of the City Council also act as the governing body of the Agency, the PFA, and
the IDA.
2) The City, the Agency, the PFA, and the IDA are financially interdependent_ The City makes
loans to the Agency for use on redevelopment projects. Available property tax revenues of the
Agency will be used to repay the loans from the City.
3) The Agency, the PFA, and the IDA are managed by employees of the City.
The financial statements for the Agency may be obtained at the City's administrative offices. The
PFA and IDA do not issue separate financial statements.
B) Accounting and Reporting Policies
The City has conformed to the pronouncements of the GASB, which are the primary authoritative
statements of the accounting principles generally accepted in the United States of America
applicable to state and local governments. In accordance with GASB Statement No. 20, the City
applies all applicable Financial Accounting Standards Board (FASB) pronouncements issued on or
before November 30, 1989, unless any such pronouncements contradict GASB pronouncements.
C) Description of Funds
The accounts of the City are organized on the basis of funds, 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. The
following are types of funds used:
Governmental Fund Types
General Fund - Used to account for all financial resources except those required to be accounted
for in another fund
Special Revenue Funds - Used to account for the proceeds of specific revenue sources that are
restricted by law or administrative action for specified purposes.
27 143
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
C) Description of Funds - Continued
Debt Service Funds - Used to account for property tax increment revenue and related interest
income. Disbursements from this find consist mainly of principal and interest on indebtedness.
Capital Projects Funds - Used to account for financial resources used for the construction of
specific capital projects.
Fiduciary Fund Type
Agency Funds - Used to account for assets held by the City as an agent for individuals, private
organizations, other governments and/or other funds.
D) Basis of Accounting and Measurement Focus
Government -Wide Financial Statements
The City's Government -Wide Financial Statements include a Statement of Net Assets and a
Statement of Activities. These statements present summaries of Governmental Activities for the
City.
These statements are presented on an "economic resources" measurement focus and the accrual
basis of accounting. Accordingly, all of the City's assets and liabilities, including capital assets and
infrastructure as well as long -term debt, are included in the accompanying Statement of Net Assets.
The Statement of Activities presents changes in net assets. Under the accrual basis of accounting,
revenues are recognized in the period in which they are earned while expenditures are recognized in
the period in which the liability is incurred. The Statement of Activities demonstrates the degree to
which the direct expenses of a given function are offset by program revenues. Direct expenses are
those that are clearly identifiable with a specific function. The types of transactions reported as
program revenues for the City are reported in three categories: 1) charges for services, 2) operating
contributions and grants, and 3) capital grants and contributions. Charges for services include
revenues from customers or applicants who purchase, use, or directly benefit from goods, services,
or privileges provided by a given function. Operating contributions and grants include revenues
restricted to meeting the requirements of a particular operating fimction and may include state
shared revenues and grants. Capital contributions and grants include revenues restricted to meeting
28
ft
144
City of Moorpark
Notes to Financial Statements
Year Ended .Tune 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D) Basis of Accounting and Measurement Focus - Continued
the requirements of a particular capital function and may include grants and developer fees. Taxes
and other items not properly included among program revenues are repotted instead as general
revenues.
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regard to
interfund activities, payables, and receivables. All internal balances in the government -wide
financial statements have been eliminated.
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and Statement of Revenues,
Expenditures, and Changes in Fund Balances for all major governmental funds and aggregated non-
major funds. An accompanying schedule is presented to reconcile and explain the differences in
fund balances as presented in these statements to the net assets presented in the Government -Wide
Financial Statements. The City has presented all major funds that met qualifications of GASB
Statement No. 34. In addition, the City has included funds that are significant to the City as major
funds.
All governmental funds are accounted for on a spending or "current financial resources"
measurement focus and the modified accrual basis of accounting. Accordingly, only current assets
and current liabilities are included on the Balance Sheets. The Statement of Revenues,
Expenditures, and Changes in Fund Balances presents increases (revenues and other financing
sources) and decreases (expenditures and other financing uses) in fund balances. Revenues are
recognized in the accounting period in which they become susceptible to accrual, that is, when they
become both measurable and available to finance expenditures of the current period. "Measurable"
means that the amount of the transaction can be determined, and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities of the current period.
Accrued revenues included property taxes received within 60 days after year -end, taxpayer assessed
taxes such as sales taxes, and earnings on investments. Grant funds earned but not received are
recorded as a receivable, and grant funds received before the revenue recognition criteria have been
met are reported as deferred revenues. Expenditures are recorded when the fund liability is
incurred, if measurable, except for unmatured interest on general long -term debt, which is
recognized when due.
29 145
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D) Basis of Accounting and Measurement Focus - Continued
The City reports the following major governmental funds:
The General Fund is the government's primary operating fund. It accounts for all financial
resources of the City, except those required to be accounted for in another fund-
The Street and Traffic Safety Special Revenue Fund is used to account for fees used for street
maintenance, right -of -way acquisition and street construction.
The Community Development Special Revenue Fund is used to account for fees used in planning,
building and safety, and engineering services relating to community development.
The Assessment District Special Revenue Fund is used to account for funds received by the City
for maintenance of community-wide parks and landscaping.
The Endowment Special Revenue Fund is used to account for funds received by the City for certain
development projects or other sources directed by the City Council to be held for the purpose of
one -tithe capital expenditure of community -wide benefit due to the impact of additional
development.
The Parks/Public Facilities Special Revenue Fund is used to account for fees used for park and
public facilities improvements as a result of additional development.
The MRA Operating Special Revenue Fund is used to account for monies received and expended
within the project area in accordance with the Redevelopment Plan of the Agency made pursuant to
redevelopment laws of the State of California.
The Police Facilities Fee Capital Projects Fund is used to account for the funds used to build the
new police facility.
The Moorpark Highlands Improvement Capital Projects Fund is used to account for the receipt and
expenditure of the Community Facilities District (CFD) No. 2004 -1 special tax bonds proceeds.
The Redevelopment Agency Capital Projects Fund is used to account for the funds used for the
Agency's capital improvement projocts.
30
146
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
D) Basis of Accounting and Measurement Focus - Continued
The Special Projects Fund is used to account for various City capital improvement projects.
The Redevelopment Agency Debt Service Fund is used to account for the accumulation of
resources for, and the payment of principal and interest on the Agency's debt and other long -term
obligations.
Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Net Assets. The fiduciary fund is used
to report assets held in a trustee or agency capacity for others and therefore are not available to
support City programs. Since these assets are being held for the benefit of a third party, these funds
are not incorporated into the government -wide statements.
The City's only fiduciary fiend is an agency fund, which uses the accrual basis of accounting to
account for developer deposits and assets held for property owners of various assessment and
community facilities districts. The agency fund is custodial in nature (assets equal liabilities) and
therefore does not involve measurement of results of operations.
E) Investments
The City has adopted the provisions of GASB Statement No. 31, Accounting and Financial
Reporting for Certain Investments and Erternal Pools, which requires governmental entities to
report certain investments at fair value in the balance sheet and recognize the corresponding change
in the fair value of investments in the year in which the change occurred. In accordance with
GASB Statement No. 31, the City has adjusted certain investments to fair value (when material).
Investments are included within the financial statement classifications of "cash and investments"
and "restricted cash and investments," and are stated at fair value.
F) Property Held for Resale/Development
Property held for resale in the MRA Operating Special Revenue Fund, Low and Moderate Income
Housing Special Revenue Fund and the Redevelopment Agency Capital Projects Fund represents
land and buildings purchased by the Agency. Such property is valued at the lower of cost or
31 147
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
F) Property Field for Resale/Development - Continued
estimated net realizable value (as determined by a disposition and development agreement between
the Agency and a developer) and has been offset by reservation of fund balance to indicate that
assets constitute future capital projects and are not available spendable resources. The balance at
June 30, 2010 was 519,428,853.
G) Capital Assets
Capital assets, which include land, machinery and equipment (vehicles, computers, etc), buildings
and improvements, and infrastructure assets (street systems, storm drains, sewer systems, etc.), are
reported in the Governmental Activities column of the Government -wide Financial Statements.
Capital assets are defined by the City as all land; buildings and improvements with an initial
individual cost of more than $10,000; vehicles, computers and equipment with an initial individual
cost of more than $5,000; and improvements and infrastructure assets with costs of more than
$100,000. Such assets are recorded at historical cost or m6 mated historical cast if purchased or
constructed. Donated or annexed capital assets are recorded at estimated market value at the date of
donation or annexation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized. Depreciation is recorded in the Government -wide Financial
Statements on a straight -line basis over the useful life of the assets as follows:
Building and Improvements 25 to 50 years
Vehicles, Computers, and equipment 3 to 20 years
Infrastructure Assets
Roadway Network 7 to 100 years
Drain Network 20 to 100 years
Parks and Recreation Network 50 years
H) Deferred Revenue
Deferred revenue is recorded for monies collected in advance that have not been earned. In the
fund financial statements revenue is also deferred when the availability criteria has not been met.
As of June 30, 2010, the total unearned revenue amounted to $ 196,822 and unavailable revenue
amounted to $4,860,274.
32 148
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
1) Long -Term Debt
In the government -wide financial statements, long -term debt and other obligations are reported as
liabilities in the statement of net assets. Bonds payable are reported net of the applicable bond
premium or discount. Bond issuance costs are reported as deferred charges and amortized over the
term of the related debt_ In the fund financial statements, governmental fund types recognize bond
premiums and discounts, as well as bond issuance costs, during the current period. The face
amounts of debt issuances are reported as other financing sources. Issuance costs, whether or not
withheld from the actual net proceeds received, are reported as debt service expenditures.
J) Employee Compensated Absences
City employees may receive from 20 to 30 days vacation time or annual leave each year, depending
upon length of service. An employee may accumulate earned vacation time up to a maximum of
760 hours or annual leave up to a maximum of 784 hours and admin leave up to a maximum of 120
hours, depending on position. The amount of maximum hours for the leave accrual is based on
the employee classification: regular employee, management, department head or City Manager.
Upon termination, employees are paid the full value of their unused annual leave, administrative
leave, vacation time, and a portion of sick leave per management benefits and City's MOU. There
is no fixed payment schedule for employee compensated absences.
K) 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 7.40%
of the one percent State levy. The 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.
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.
33 149
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES — Continued
L) Claims and Judgments
When it is probable that a claim liability has been incurred, and the amount of the loss can be
reasonably estimated, the City records the estimated loss, net of any insurance coverage under its
self-insurance program. At June 30, 2010, in the opinion of the City Attorney, the City had no
material claims, which require loss provision in the financial statements. Small claims and
judgments are recorded as expenditures when paid.
The City's self-insurance program is administered through the California Joint Powers Insurance
Authority (Authority). The Authority is a public entity risk pool, which is accounted for under the
provisions of GASB Statement No. 10. Claim losses recorded in the Authority include both current
claims and incurred But Not Reported claims (IBNR). These deposits are subject to retrospective
adjustment. Favorable claims experience results in a refund of deposits from the Authority and
such refunds, if any, are recorded as a reduction of insurance expenditures in the year received.
Adverse claims experience results in the payment of additional deposits and such deposits, if any,
are recorded as insurance expenditures when paid.
M) Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results could differ from those
estimates.
N) Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources fast, and then unrestricted resources as they are needed.
O) Explanation of Certain Differences Between the Governmental Fund Statement of Revenues,
Expenditures and Changes in Fund Balances and the Government -wide Statement of
Activities
The reconciliation states that the issuance of loag -term debt provides current financial resources to
governmental funds, while the repayment of the principal of long -term debt consumes the current
financial resources of governmental &mds. Neither transaction, however, has any affect on net
34 150
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICYES — Continued
O) Explanation of Certain Differences Between the Governmental Fund Statement of Revenues,
Expenditures and Changes in Fund Balances and the Government-wide Statement of
Activities - Continued
assets. Also governmental funds report the affect of issuance costs, premiums, discounts, and
similar items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities.
The details of this $505,592 difference is as follows:
Amortization of Issuance Costs $ (16,853)
Amortization of Bond Discounts (10,847)
Principal Repayment 495,000
Principal Payment on Pension Related Debt 38,292
Net adjustment to increase net change in fund balances -
total governmental funds to arrive at changes in net assets
of governmental activities $ 505,592
2) CASH AND INVESTMENTS
Cash and investments at June 30, 2010, consisted of the following:
City Treasury Deposits
Demand Deposits S 2,478,660
Cash on Hand 3,250
Total City Treasury Deposits 2,481,910
City Treasury Investments
Certificates of Deposit 700,000
Local Agency Investment Fund (LAIF) 51,694,108
Ventura County Pool 49,295,709
Total City Treasury Investments 101,689,817
Cash and Investments With Fiscal Agent
Money Markets 20,521,758
Guaranteed Investment Contracts 2,925,957
Total Cash and Investments With Fiscal Agent 23,447,715
Total Cash and Investments $127,619,442
35
151
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
Cash and Investments are reported in the basic financial statements as follows:
Statement of
Statement of Fiduciary
Net Assets Net Assets
Governmental
Activities Agenc}Fund Total
Cash and Investments $ 1 00,742,441 S 3,429,286 $104,171,727
Restricted Cash and Investment 16,140,661 7,307,054 23,447,715
Total $ 116,883,102 S 10,736,340 S 127,619,442
The City follows the practice of pooling cash and investments of all funds, except for funds required
to be held by fiscal agents under the provisions of bond indentures. Interest income earned on
pooled cash and investments is allocated on a quarterly basis to the various funds based on average
daily cash and investment balances. Interest income from cash and investments with fiscal agents is
credited directly to the related fund.
A) Authorized Investments
Investments Authorized by the California Government Code and the City's Investment Policx
The table below identifies the investment types that are authorized for the City by the California
Government Code (or the City's investment policy, where more restrictive). The table also
identifies certain provisions of the California Government Code (or the City's investment policy,
where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk.
This table does not address investments of debt proceeds held by bond trustees that are governed
by provisions of debt agreements of the City, rather than the general provisions of the California
Government or the City's investment policy. As of June 30, 2010, the only debt agreements of
the City pertain to the Agency.
36 152
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
A) Authorized Investments - Continued
Authorized Maximum
Investment Type Maturity
Maximum
Percentage
Of Portfolio*
Maximum
Investment
In One Issuer
U.S. Treasury Obligations
5 years
None
None
U.S. Agency Securities
5 years
None
None
Banker's Acceptances
180 days
40%
30%
Commercial Paper
270 days
25%
10%
Negotiable Certificates of Deposit
5 years
30%
None
Repurchase Agreements
1 year
None
None
Medium -Term Notes
5 years
30%
None
Money Market Mutual Funds
N/A
20%
None
County Pooled Investment Funds
N/A
None
None
LA.1F
N/A
None
None
*Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.
The Policy, in addition to State statutes, establishes that funds on deposit in banks must be
federally insured or collateralized and investments shall (1) have maximum maturity not to
exceed five years and (2) be laddered and based on cash flow forecasts. The City's investments
comply with the established policy.
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the City's
investment policy. The table below identifies the investment types that are authorized for
investment held by bond trustees.
The table also identifies certain provisions of these debt agreements that address interest rate risk,
credit risk, and concentration of credit risk.
Authorized Investment Tyne
U.S. Treasury Obligations
U.S. Agency Securities
Banker's Acceptances
Commercial Paper
Money Market Mutual Funds
Investment Contracts
Maximum Maturity
None
None
180 days
270 days
N/A
30 years
37 153
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
13) Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates. One of the ways that the City
manages its exposure to interest rate risk is by purchasing a combination of shorter term and
longer term investments and by timing cash flows from maturities so that a portion of the
portfolio is maturing or coming close to maturity evenly over time as necessary to provide the
cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investment to market interest rate
fluctuation is provided by the following table that shows the distribution of the City's
investments by maturity.
C) Credit Risk and Concentration of Credit Risk
Deposits
At June 30, 2010, the carrying amount of the City's deposits was $2,478,660. Bank balances
before reconciling items were $2,819,456 at June 30, 2010, of which $2,819,456 were
collateralized with securities held by the pledging financial institution's trust department but not
in the City's name.
The California Government Code requires California banks and savings and loan associations to
secure the City's cash deposits by pledging securities as collateral. This Code states that
collateral pledged in this manner shall have the effect of perfecting a security interest in such
collateral superior to those of a general creditor.
38 154
_ Investment Maturities (in Years)
Investment Type
Total
Less than 1 1 to 2 2 to 3 3 to 4 >5
LAW
S 51,694,108
S 51,694,108 $ S S $
Ventura County Pool
49,295,709
49,295,709
Certificates of Deposit
700,000
600,000 100,000
Held by Bond Trustee.
Money Market Funds
20,521,758
20,521,758
Guaranteed Investment
Contracts
2,925,957
2,925,957
Total
$125,137,532
$122,111,575 $ 100,000 $ - $ - 52,925,957
C) Credit Risk and Concentration of Credit Risk
Deposits
At June 30, 2010, the carrying amount of the City's deposits was $2,478,660. Bank balances
before reconciling items were $2,819,456 at June 30, 2010, of which $2,819,456 were
collateralized with securities held by the pledging financial institution's trust department but not
in the City's name.
The California Government Code requires California banks and savings and loan associations to
secure the City's cash deposits by pledging securities as collateral. This Code states that
collateral pledged in this manner shall have the effect of perfecting a security interest in such
collateral superior to those of a general creditor.
38 154
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
C) Credit Risk And Concentration of Credit Risk - Continued
Deposits - Continued
According to California law, the market value of pledged securities with banking institutions
must equal at least 110% of the City's cash deposits. California law also allows institutions to
serve City deposits by pledging first trust deed mortgage notes having a value of 150% of the
City's total cash deposits. The City may waive collateral requirements for cash deposits, which
are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City,
however, does not normally waive the collateralization requirements.
Investments
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required by
(where applicable) the California Government Code and the actual rating as of year end for each
investment type.
The California Government Code places limitations on the amount that can be invested in any
one issuer (as detailed above). Investments in any one issuer (other than U.S. Treasury securities,
mutual funds, and external investment pools) that represent 5% or more of total investments are
as follows:
Credit Quality Distribution for Securities with Credit Exposure as a Percentage of
Total Investments
Investment Type
LAW
Ventura County Pool
Certificates of Deposit
Held by Bond Trustee:
Money Market Funds
Guaranteed Investment Contracts
Total
Percentage of
Carrying Value
Credit Rating
Investments
$ 51,694,108
Not Rated
41.31%
49,295,709
Not Rated
39.39%
700,000
Not Rated
.56%
20,521,758
Not Rated
16.40%
2,925,957
Not Rated
2.34%
$ 125,137,532
100.00%
The City has no investments in any one issuer that represent 5% or more of total investments as
of June 30, 2010 other than LAIF and the Ventura County Pool.
39 155
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND 1NVEST ENTS - Continued
D) Local Agency Investment Fund (LAM)
The LAIF is a special fund of the California State Treasury through which local governments
may pool investments. Each governmental agency may invest up to $50,000,000 in each account
in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within
twenty-four hours without loss of interest or principal. The full faith and credit of the State of
California secures investment in LAIR At June 30, 2010, accounts were maintained in the name
of the City for $36,602,174 and the Agency for $15,091,934. The total cost value of investment
in LAIF was $51,694,108. The total fair value of investments in LAIF was $51,779,082. The
unrealized gain was based on a fair market value adjustment factor of 1.001643776 that was
calculated by the State of California Treasurer's Office. At June 30, 2010, the market value of
the State of California Pooled Money Investment Account (PMIA) including accrued interest was
$69,573,678,456. The State of California Pooled Money Account portfolio had securities in the
form of structured notes and asset- backed securities. The PWA has policies, goals, and
objectives for the portfolio to make certain that the goals of safety, liquidity, and yield are not
jeopardized. These policies are formulated by investment staff' and reviewed by both the PMIA
and LAIF Advisory Boards on an annual basis. LAIF's and the City's exposure to credit, market,
or legal risk is not available.
E) The Ventura County Treasurer's Investment Pool
The City holds investments in the County Pool that are subject to being adjusted to "fair value ".
The City is required to disclose its methods and assumptions used to estimate the fair value of its
holdings in the County Pool. The City relied upon information provided by the County Treasurer
in estimating the City's fair value position of its holdings in the County Pool. The City had a
contractual withdrawal value of $49,295,709 at fiscal year end.
The Ventura County Treasurer's Investment Pool is a governmental investment pool managed
and directed by the elected Ventura County Treasurer. The County Pool is not registered with
the Securities and Exchange Commission. An oversight committee comprised of local
government officials and various participants provide oversight to the management of the fund.
The daily operations and responsibilities of the Pool fall under the auspices of the County
Treasurer's office. The City is a voluntary participant in the investment pool.
40
156
City of Moorpark
Notes to FInancial Statements
Year Ended June 30, 2010
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30, 2010, is as follows:
Beginning
Balance Increases Decreases
Notes Receivable:
Asadurian $ 800,000 $ $
Mission Bell 1,704,786
Deferred Property Assessments 250,249
Ending
Balance
$ 800,000
1,704,786
250,249
Total Notes Receivable 2,7552035 - - 2,755,035
Loans Receivable:
Rehabilitation
31,384
31,384
First -time Homeowners Assistance
211,556
211,556
CalHome
381,183
(122,204)
258,979
Area Housing Authority
125,514
206,932
3321446
Total Loans Receivable
749,637
206,932 (122,204)
834,365
Total Notes and Loans Receivable
$ 3,504,672 $
206,932 $ 122,204 $
3,589,400
A) Asadurian Note
On April 7, 2003, the City entered into an agreement with Asadurian Investment Corporation (AIC)
whereby in return for land disposition, the City received a $1,200,000 promissory note secured by
Deed of Trust. The note bears simple interest at the rate equal to the average monthly interest rate
announced by LAIR The borrower shall pay the City the amount of $80,000 plus interest over
fifteen years. Payments are due annually in April. AIC did not pay the April 2010 payment. A
bank holds a first tnrst deed note on the property which is superior to the City's note. The bank is
seeking to foreclose on the property due to lack of payment by AIC. AIC had filed for bankruptcy
but that case was dismissed. The balance outstanding at June 30, 2010 was $800,000.
B) Mission Bell Note
On August 2, 1995, the Agency entered into an agreement with Mission Bell Partners whereby in
return for land disposition, the Agency received seven promissory notes totaling $3,934,500. The
notes bear simple interest from a rate of 3% to a rate of 6% per annum from August 29, 1995 until
August 29, 2029. In June 2004 the Agency, per settlement agreement discharged three of the
remaining six of the original seven promissory notes totaling $500,000. In September of 2006,
notes number 2 and 6 were paid off. The balance of the remaining note (note no. 7) outstanding at
June 30, 2010 was $1,704,786. Principal and interest are due on September 2, 2029.
41 157
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
3) NOTES AND LOANS RECEIVABLE - Continued
C) Deferred Property Assessments Notes
In March 1993, the City entered into agreements with three property owners of the City of
Moorpark Assessment District No. 92 -1 whereby in return for deferring the property owner's
assessment levy, the City received three promissory notes totaling $279,427. The notes bear simple
interest equivalent to the LAIF variable rate not to exceed 7% per annum. Principal and interest are
due on the date the City executes an approved final map of the property or the date of a court
ordered subdivide of the property. At June 30, 2010, the principal balance outstanding was
$250,249.
D) Rehabilatation Loans
The Agency operates a rehabilitation loan program for the renovation of low and moderate income
housing. The total balance outstanding at June 30, 2010, was $31,384.
E) First '1t rote 11emeowner Assistance
The City provides down payment assistance loans to first -time homeowners. The total balance
outstanding at June 30, 2010 was $211,556.1n order to reinforce the resale restrictions on properties
purchased through the City's First Time Home Buyer Program, buyers execute Promissory Notes
and Deeds of Trust, which are recorded to secure these Notes. The Notes become payable only in
the event of a default of any provision of this program.
F) CalHome Mobilehome Rehabilitation Loans
The total balance of CalHome loans for repairs to mobdehomes in Villa del Arroyo at June 30,
2010 was $258,979. These loans are subject to a conditional forgiveness provision, beginning in
Year 6 of the loan, continuing through Year 10 of the loan, with 20% of the balance forgiven each
of these years; to date $150,256 has been received and $65,202 has been forgiven. Funds received
are deposited into a City Trust Fund to be used for eligible home ownership - related activities.
42 158
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
3) NOTES AND LOANS RECEIVABLE - Continued
G) Area Housing Authority (AAA)
The Agency has entered into an agreement to loan the County of Ventura AHA up to $350,000 to
assist in developing residential rental units on Agency owned property. As of June 30, 2010, the
AHA has drawn down $332,446 on the available loan. The outstanding principal balance and
interest are expected to be paid during fiscal year 2010/11.
4) INTERFUND TRANSACTIONS
Due to/Due From
Due to /due from other .funds for the year ending dune 30, 2010, consisted of the following:
DUE TO
RDA Capital
General Projocts Non -Major
Fund Fund Funds Total
RDA Capital Projects Fund S 33,752 S S S 33,752
DUE MRA Operating Fund 61,233 61,233
FROM Non -Major Funds 52,917 350,000 166,564 569,481
Total S 147,902 S 350,000 S 166,564 S 664,466
The General Fund has advanced to the Agency and the State and Federal Assistance Fund $147,902 to
cover current expenditures while the RDA Capital Projects Fund advanced the Low and Moderate
Income Housing Fund $350,000 to fund housing projects. Balances between Non -Major Funds were to
cover deficits at year end. Repayments are expected during fiscal year 2010/11.
Advances to /from Other Funds
The Special Projects Fund has advanced to the Parks/Public Facilities Fund $1,000,000 to construct a
new Skate Park and improvement of the Poindexter Park. The advance is expected to be repaid with
development fees to be collected in the future.
The Endowment Fund has advanced to the Police Facilities Fee Fund $1,933,495 to fund capital
improvements. The advance is expected to be repaid with development fees to be collected in the
future.
43 159
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
4) LNTERFIJND TRANSACTIONS - Continued
Transfers
Interfund transfers for the year ended June 30, 2010 consisted of the following:
TRANSFER
TO
TRANSFER
TO
TRANSFER FROM
MRA
TRANSFER FROM
Operating
Funds
RDA
General Fund S
General
Street and
Capital
Parks/Public
150,952
Fund
Traffic Safety
Project
Facilities
General Fund $
Special Projects Fund
S 18,754 $
$ 2,760
RDA Debt Service Fund
26,687
886,942
Assessment District Fund
RDA Capital Projects Fund
172,751
1,288,301
MRA Operating Fund
Special Projects Fund
1,837,820
Non -Major Funds
64,160
I,265,360
Community Development Fund
$60,255
Assessment District Fund
1,115,550
MRA Operating Fund
1,857,500
Non -Major Funds
30,228
Total S
3,813,625
S 18,754 S
1,887,728
S 2,760
TRANSFER FROM
Total S 1,921,660 S 1,733,574 S 9,378,101
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to
the fimd that statute or budget requires to expend them and (2) use unrestricted revenues collected in
the General Fund to finance various prograrns accounted for in other funds in accordance with
budgetary authorizations or grant matching requirements.
44 160
MRA
Non -Major
Operating
Funds
Total
General Fund S
S 114,884 S
136,398
RDA Debt Service Fund
150,952
150,952
RDA Capital Projects Fund
1,857,500
1,857,500
Special Projects Fund
1,837,820
Community Development Fund
26,687
886,942
Assessment District Fund
172,751
1,288,301
MRA Operating Fund
2,940
1,860,440
Non -Major Funds
64,160
I,265,360
1,359,748
Total S 1,921,660 S 1,733,574 S 9,378,101
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to
the fimd that statute or budget requires to expend them and (2) use unrestricted revenues collected in
the General Fund to finance various prograrns accounted for in other funds in accordance with
budgetary authorizations or grant matching requirements.
44 160
City of Moorpark
Notes to Financial Statements
Year Ended Jane 30, 2010
4) INTERFUND TRANSACTIONS - Continued
The transfers of $1,857,500 between the Redevelopment Agency Capital Projects Fund and the MRA
Operating Fund were to transfer land held for resale to the Redevelopment Agency Capital Projects
Fund and to reimburse the MRA Operating Fund for the cost of the land transferred.
The Low and Moderate Income Housing Special Revenue Fund transferred funds to the
Redevelopment Agency Debt Service Fund to pay the 20% debt service on the 1999 Tax Allocation
Refunding Bonds.
The General Fund transferred $1,837,820 to the Special Projects Fund to fund various capital projects
of the City.
The General Fund transferred funds to the Community Development and Assessment District Funds to
finance these operations.
5) CAPITAL ASSETS AND DEPRECIATION
In accordance with GASB Statement No. 34, the City has reported all capital assets including
infrastructure in the Governmcnt -Wide Statement of Net Assets. The City elected to use the basic
approach as defined by GASB Statement No. 34 for all infrastructure reporting, whereby depreciation
expense and accumulated depreciation have been recorded.
45 161
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
5) CAPITAL ASSETS AND DEPRECIATION - Continued
The following table presents the capital assets activity for the year ended June 30, 2010.
Beginning Ending
Balance Ad
justments• Increases Decreases Balance
Governmental Activities:
Capital Assets, Not Depreciated:
Land
Construction in Progress
Total Capital Assets Not
Depreciated
Capital Assets Being Depreciated:
Buildings and Improvements
Machinery and Equipment
Inhustiuctur e
Roadway System
Storm Drainage System
Parks System
Total Capital Assets Being
Depreciated
Less Accumulated Depreciation:
Buildings and Improvements
Machinery and Equipment
Infrastructure
Roadway System
Storm Drainage System
Parks System
$ 28,719,337 S 7,577,422 S 117,252 S S 36,414,011
9,903,188 (525,661) 3,652,864 (3,548,745) 9,481,646
38,622,525 7,051,761 3,770,116 (3,548,745) 45,895,657
30,497,261
4,511,773
93,683,497
1,619,399
251,434
(23,026) 5,244,138
71,938
3,150
1,314,349
(15,095) 35,703,278
(20,626) 4,563,085
(5,111) 93,681,536
2,933,748
251,434
130,563,364 (23,026) 6,633,575 (40,832) 137,133,081
(5,103,588) 23,026 (997,241) 6,667 (6,071,136)
(2,529,530) (362,570) 17,618 (2,874,482)
(30,733,907) (1,988,502) (32,722,409)
(184,696) (22,766) (207,462)
52( ,669) (5,029) (57,698)
Total Accumulated Depreciation (38,604,390) 23,026 (3,376,108) 24:285 (41,933,187)
Total Capital Assets Being
Depreeiated, Net 91,958,974 - 3,257,467 (16,547) 95,199,894
Government Activities Capital Assets,
Net of Depreciation S 130,581,499 7,051,761 $ 7,027,583 $ (3,565,292) $ 141,095,551
*Represents prior period adjustments (see Note 17).
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General Government
Public Safety
Public Services
Parks and Recreation
S 116,007
234,774
2,551,192
474,135
Total Depreciation Expense $ 3,376,108
46
162
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
6) LONG -TERM LIABILITIES
Long -term liability activities for the year ended June 30, 2010, are as follows:
Total $30,906,328 $ 510,819 $(1,002,381 ) $30,414,766 $ 1,024,089
.y
A) 1999 Tai Allocation Bonds
In 1999, the Agency issued $9,860,000 aggregated principal amount of Moorpark Redevelopment
Project 1999 Tax Allocation Refirnding Bonds (1999 Bonds). The purpose of the 1999 Bonds was
to advance refimd the Agency's previously issued $10,000,000 Moorpark Redevelopment Project,
1993 Tax Allocation Bonds (1993 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 fonds 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, commencing on October 1, 1999, and
arc subject to mandatory sinking find redemption commencing on October 1, 2009, and on cash
October 1 thereafter. The Bonds are payable from and secured by the tax revenues to be derived
from the project area.
The 1999 Bonds are secured by all property tax increment revenue, which is deposited in the
Redevelopment Agency 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 Agency is in compliance with the covenants contained in debt indenture, which require the
establishment of certain specific accounts for the 1999 Bonds.
47 163
Beginning
Ending
Due Within
Balance Additions
Deletions
Balance
One Year
1999 Tax Allocation Bonds
$ 5,970,000 $
$ (475,000)
$ 5,495,000
$ 500,000
2001 Tax Allocation Bonds
11,540,000
(20,000)
11,520,000
15,000
2006 Tax Allocation Bonds
11,695,000
11,695,000
40,000
Discount on Bonds
(298,284)
10,847
(287,437)
(10,847)
Pension Related Debt
1,357,356
(38,292)
1,319,064
Employee Compensated
Absences
642,256 510,819
4( 79,936)
673,139
479,936
Total $30,906,328 $ 510,819 $(1,002,381 ) $30,414,766 $ 1,024,089
.y
A) 1999 Tai Allocation Bonds
In 1999, the Agency issued $9,860,000 aggregated principal amount of Moorpark Redevelopment
Project 1999 Tax Allocation Refirnding Bonds (1999 Bonds). The purpose of the 1999 Bonds was
to advance refimd the Agency's previously issued $10,000,000 Moorpark Redevelopment Project,
1993 Tax Allocation Bonds (1993 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 fonds 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, commencing on October 1, 1999, and
arc subject to mandatory sinking find redemption commencing on October 1, 2009, and on cash
October 1 thereafter. The Bonds are payable from and secured by the tax revenues to be derived
from the project area.
The 1999 Bonds are secured by all property tax increment revenue, which is deposited in the
Redevelopment Agency 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 Agency is in compliance with the covenants contained in debt indenture, which require the
establishment of certain specific accounts for the 1999 Bonds.
47 163
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
6) LONG -TERM LIABUTATIIES - Continued
A) 1999 Tai Allocation Bonds - Continued
Debt service payments on the 1999 Bonds payable will be tmade from the Redevelopment Agency
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending
.Tune 30,
2011
2012
2013
2014
2015
2016 -2019
Total
13) 2001 Tax Allocation Bonds
Tax Allocation Bonds
Principal
Interest
Total
$ 500,000
$ 255,694
$ 755,694
525,000
230,709
755,709
550,000
204,506
754,506
580,000
176,962
756,962
605,000
148,078
753,078
2,735,000
274,827
3,009,827
$ 5,495,000 ",290,776 S 6,785,776
In December 2001, the Agency issued $11,625,000 of Tax Allocation Parity Bonds (2001 Bonds).
The proceeds of the 2001 Bonds will be used to fund redevelopment activities within the Moorpark
Redevelopment Project area. interest on the 2001 Bonds is payable semi- annually on April 1 and
October 1, commencing Apri! I, 2002, at rates ranging from 2.85 percent to 5.13 percent per
annum. The 2001 Bonds maturing October 2031 are subject to mandatory sinking funds
redemption in the amount of the principal and accrued interest. The 2001 Bonds are payable from
and secured by the tax revenues to be derived from the project area_
The 2001 Bonds are secured by all property tax increment revenue, which are deposited in the
Redevelopment Agency 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 2001 Bonds.
In addition, the bond resolutions require retention of funds held by the fiscal agent prior to use for
other than debt service.
The Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the 2001 Bonds.
Debt service payments on the 2001 Bonds payable will be made from the Redevelopment Agency
Debt Service Fund.
48
164
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
6) LONG -TERM LIABILITIES - Continued
B) 2001 Tax Allocation Bonds - Continued
Annual debt service requirements to maturity are as follows:
Year Ending
Tax Allocation Bonds
June 30,
Principal
Interest
Total
2011
$ 15,000
$ 587,743
$ 602,743
2012
15,000
587,098
602,098
2013
20,000
586,319
606,319
2014
15,000
585,525
600,525
2015
20,000
584,711
604,711
2016 -2020
720,000
2,893,470
3,613,470
2021 -2025
3,705,000
2,289,046
5,994,046
2026 -2030
4,755,000
1,211,422
5,966,422
2031 -2032
2,255,000
116,978
2,371,978
Total
$ 11,520,000
$ 9,442,312
$ 20,962,312
C) 2006 Tax Allocation Bonds
In 2006, the Agency issued an $11,695,000 aggregated principal amount of Moorpark
Redevelopment Project 2006 Tax Allocation Bonds (2006 Bonds). The purpose of the 2006 Bonds
was to finance redevelopment activities related to the Moorpark Redevelopment Project Area. The
2006 Bonds bear interest at rates ranging from 3.625 percent to 4.375 percent per annum, payable
semi- annually on April 1 and October 1 of each year, commencing on April 1, 2007, and are subject
to mandatory sinking fund redemption commencing on October 1, 2016, and on each October 1
thereafter. The 2006 Bonds are payable from and secured by the tax revenues to be derived from
the project area
The 2006 Bonds are secured by all property tax increment revenue, which is recorded in the
Redevelopment Agency 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 2006 Bonds.
The Agency is in compliance with the covenants contained in the debt indenture, which require
the establishment of certain specific accounts for the 2006 Bonds.
49 165
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
6) LONGTERM LU LITEES - Continued
C) 2006 Tax Allocation Bonds - Continued
Debt service payments on the 2006 Bonds payable will be made from the Redevelopment Agency
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending
Tax Allocation Bonds
June 30,
Principal
Interest
Total
2011
$ 40,000
$ 507,437
$ 547,437
2012
40,000
505,987
545,987
2013
35,000
504,628
539,628
2014
40,000
503,269
543,269
2015
40,000
501,819
541,819
2016 -2020
235,000
2,483,919
2,718,919
2021 -2025
295,000
2,431,187
2,726,187
2026 -2030
355,000
2,361,781
2,716,781
2031 -3035
4,274,000
2,028,(331
6,298,431
2036 -2039
6,345,000
570,172
619151172
Total
$ 11,695,000
$ 12,398,230
$ 241093,230
D) Pension- Related Debt
As of June 30, 2003, California Public Employees Retirement System (Ca1PERS) implemented risk
pooling for the City's multiple - employer public employee defined benefit pension plan. At that
point, in accordance with generally accepted accounting principles, the City's Miscellaneous Plan
converted from an "agent" multiple - employer plan to a "cost- sharing" multiple -employer plan.
Although a portion of the City's annual requited contributions are actuarially detennined and shared
by all employers of the risk pool, the City is also required to make annual payments on a "Side
Fund" which was created when the City entered the risk pool. The responsibility for fimding the
Side Fund is specific to the City and is not shared by all employers in the plan. Therefore, the Side
Fund falls under the definition of pension-related debt, as described in GASB Statement No. 27.
The annual payments on the Side Fund represent principal and interest payments on the pension -
related debt. Principal and interest are included in the retirement expenditures in the various
firnetions.
50
166
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
6) LONG - 'PERM LLkBILITIES - Continued
D) Pension - Related Debt - Continued
The future debt service requirements on this debt are as follows:
Year Ending
June 30,
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Total
Pension - related Debt
Principal
Interest
Total
$ 45,923
$ 96,800
$ 142,723
54,297
93,065
147,362
63,476
88,675
152,151
73,528
83,567
157,095
84,527
77,675
162,202
96,549
70,923
167,472
109,682
63,234
172,916
124,016
54,520
178,536
139,650
44,688
184,338
156,692
33,637
190,329
175,256
21,258
196,514
195,468
7,433
202,901
$ 1,319,064 S 735,475 $ 2,054,539
E) Employee Compensated Absences
The long -term liability at June 30, 2010 is $673,139 for employee compensated absences. The
General Fund is primarily expected to liquidate this liability.
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES
The Agency has entered into four (4) agreements for allocation and distribution of tax increment
revenues:
The first agreement is 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 55.82 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
51 167
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
7) AGREEMENTS WITH VARIOUS TAXIING AGENCIES - Continued
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.
With respect to the first paragraph, 4.2 percent of the County Taxing Entities share is allocated to the
County Library District (County Free Library System). The City has withdrawn from the County Free
Library System and now operates the Moorpark Library. Pursuant to the Memorandum of
Understanding governing the County Free Library System, upon withdrawal, a city is entitled to all
property taxes allocated to library purposes from within the corporate boundaries of such city. The
County has agreed that the City is entitled to the share of annual tax increment previously allocated to
the County Library District under the first agreement.
The second agreement is with the Moorpark Unified School District (MUSD), and states that the
MUSD 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
reasonably foreseeable to impair the Agency's obligation under the agreement), the MUSD's share
(33.41 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 MUSD's share of annual tax
increment revenue.
Per the agreement between the MUSD and the Agency, the distributions to the MUSD shall be
expended for the following purposes at school sites in the incorporated boundaries of the City:
1. Telephone systems for new buildings
2. Computer hardware and educational systems
3. Land acquisition
4. Books
5. School buildings and facilities and related capital improvements and modernization projects
(collectively public works); such public works may include design, inspection and
administration costs, but not MUSD overhead or salary/benefits for regular MUSD
employees.
The Agency may pre - approve other expenditures that are submitted in writing by the MUSD.
The third agreement is with the Ventura County Community College District ( VCCCD), and states that
the VCCCD should 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 (provided such indebtedness
is not reasonably foreseeable to impair the Agency's obligation under the agreement), the VCCCD's
52 168
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES - Continued
share (5.81 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 VCCCD's share of annual tax
increment revenue.
An agreement, dated May 1, 2008, between the City and the VCCCD redirects the VCCCD's tax
increment allocation. The Agency shall transfer to the City the VCCCD's tax increment allocations,
up to One Million Dollars ($1,000,000), beginning with fiscal year 2006 /07 and for every fiscal year
thereafter through and including the 2024/25 fiscal year for the purpose of constructing certain public
improvements near Moorpark College.
The fourth agreement is with the Ventura County Superintendent of Schools Ogee (Superintendent),
and states that the Superintendent shall receive its share (2.49 percent) of tax increment revenues
generated by an annual 2 percent increase in assessed valuation.
8) RETIREMENT PLAN
A) Plan Description
The City contributes to CalPERS, a cost- sharing multiple- employer public employee defined
benefit pension plan. CalPERS provides retirement and disability benefits, annual cost -of -living
adjustments, and death benefits to plan members and beneficiaries. CalPERS acts as a common
investment and administrative agent for participating public entities within the State of California.
Benefit provisions and all other requirements are established by state statute and city ordinance.
Copies of Ca1PERS' annual financial report may be obtained from their executive office: 400 P
Street, Sacramento, California 95814.
B) Funding Policy
Active plan members are required to contribute 7 percent of their covered salary. The City makes
the contribution required of the City employers on their behalf. The City is also required to make
an additional contribution at an actuarially determined rate. The required employer contribution
rate for the fiscal year 2009 /10 was 10.990 percent. The contribution requirements for plan
members are established by State statute and the employer contribution rate is
53 169
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
8) RETIREMENT PLAN - Continued
B) Funding Policy - Continued
established and may be amended by CaIPERS. The following represents the required contributions
for the past three fiscal years:
Fiscal
Required
Percent
Year
Contributions
Contributed
2007/08
$ 448,187
100%
2008/09
$ 491,357
100%
2009/10
$ 566,161
100%
9) OTHER POST EMPLOYMENT BENEFITS
Plan Description
The City's defined benefit post - employment healthcare plan, City of Moorpark Retiree Healthcare Plan,
(MRHP), provides medical benefits to eligible retired City employees and spouses. MRHP is part of
the Public Agency portion of the California Employers' Retiree Benefit Trust Fund (CERBT), an 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 is established by State statute within the Public
Employees' Retirement Law. MRHP selects optional benefit provisions from the benefit menu by
contract with Ca1PERS and adopts those benefits through City resolution. CalPERS issues a
Comprehensive Annual Financial Report (CAFR). The CAFR is issued in aggregate and includes the
sum of all CalPERS plans. Copies of the CalPERS CAFR may be obtained from the CalPERS
Executive Office, 400 P Street, Sacramento, California 95814.
Funding Policy
The contribution requirements of plan members and the City are established and may be amended by
the Council. The City contributes the Public Employees' Medical and Hospital Care Act
(PEMHCA) minimum.
54 170
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
9) OTHER POST EMPLOYMENT BENEFITS - Continued
Funding Policy - Continued
The City is required to contribute the annual required contribution of the employer (ARC), an
amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC
represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost
each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to
exceed thirty years. The current ARC rate is 1.2% of the annual covered payroll.
Annual OPEB Cost
For 2010, the City's annual OPEB cost (expense) of $54,000 for MRHP was equal to the ARC. The
City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2010 and the two preceding years were as follows:
THREE -YEAR TREND INFORMATION FOR CERBT
Fiscal Annual OPEB
Year Cost (AOC)
6/30/10 $ 54,000
6/30/09 S 54,000
6/30/08
Percentage of
OPEB Cost Net OPEB
Contributed Obligation
1000/0 (316,000)
100% (341,000) 4
# The City of Moorpark pre - funded the Actuarial Accrued Liability of $364,000 plus the normal cost of $31,000
during the 2008/09 fiscal year ending June 30, 2009.
* The information for the year ending June 30, 2008 is unavailable. GASB 45 was implemented prospectively
in fiscal year 2008109.
Funded Status and Funding Progress
The funded status of the plan as of June 30, 2008, was as follows:
Actuarial Accrued Liability (AAL) $ 364,000
Actuarial Value of Plan Assets $ 0
Unfunded Actuarial Accrued Liability (UAAL) $ 364,000
Funded Ratio (Actuarial Value of Plan Assets /AAL) 0%
Covered Payroll (Active Plan Members) S 4,519,000
UAAL as a Percentage of Covered Payroll 8.055%
55 171
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
9) OTHER POST EMPLOYMENT BENEFITS - Continued
Funded Status and Funding Progress - Continued
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are
subject to continual revision as actual results are compared with past expectations and new estimates
are made about the future. The schedule of funding progress, presented as required supplementary
information following the notes to the financial statements, presents multiyear trend information that
shows whether the actuarial value of the plan assets is increasing or decreasing over time relative to
the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time
of each valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
designed to reduce short -term volatility in actuarial accrued liabilities and the actuarial value of
assets, consistent with the long -term perspective of the calculations.
The following is a summary of the actuarial assumptions and methods:
Valuation Date
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Actuarial Assumptions:
Investment Rate of Return
Projected Salary Increase
Health Care Trend Rate
General Inflation
June 30, 2008
Entry Age Normal Cost Method
Level Percent of Payroll
30 Years as of the Valuation Date
7.75%
3.25%
4.50%
3.00%
56
172
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
10) CONDUIT DEBT - REVENUE BONDS
The City of Moorpark Mobile Home Park Revenue Bonds (Villa Del Arroyo) Series 2000 A and the
City of Moorpark Mobile Home Park Subordinate Revenue Bonds (Villa Del Arroyo) Series 2000 B
were issued in the 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, 2010, totaled $13,025,000.
The City of Moorpark Multifamily Housing Revenue Bonds (Vintage Crest Senior Apartment Project)
2002 Series A were issued in the amount of $16,000,000. The issuance was dated December 1, 2002.
The Series A Bonds were issued to fund a loan to Vintage Crest Senior Apartment L.P., a California
Limited Partnership, to finance the Vintage Crest Senior Housing Project. The bonds outstanding at
June 30, 2010, totaled $14,832,592.
Each of the bond programs described above do not constitute an indebtedness of the City, and there is
neither a 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 therefore. 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 basic financial statements.
11) SPECIAL ASSESSMENT BONDS
A) Assessment District 92 -1 (Mission Bell Plaza)
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
Improvements Bonds 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 basic financial statements. The unpaid principal balance on
such bonds is $1,465,000 at June 30, 2010.
57 173
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
11) SPECIAL ASSESSMENT BONDS - Continued
B) Community Facilities District No. 97 -1 (Carlsberg)
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, 2027 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 basic financial
statements. The unpaid principal balance is $6,130,000 at June 30, 2010.
C) Community Facilities District No. 2004 -1 (Moorpark highlands)
During fiscal year 2006 /07, the City issued bonds to construct and acquire certain public facilities
of benefit to the Community Facilities District No. 2004 -1. The bonds, totaling $38,030,000,
were issued pursuant to the Mello -Roos Community Facilities Act of 1982. The bonds mature
on September 1, 2038 with interest payable at rates ranging from 4.0 percent to 5.3 percent per
annum, on March 1 and September 1 of each year. 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 basic financial statements. The unpaid principal balance is
$35,955,000 at June 30, 2010.
12) RLSK MANAGEMENT
A) Description of Self - Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the Authority. The Authority is composed of over 100 California public
entities and is organized under a joint powers agreement pursuant to Cali fornia 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
Board of Directors. The Board operates through a nine- member Executive Committee.
58 174
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2410
12) RISK MANAGEMENT - Continued
A) Description of Self- Insurance Pool Pursuant to Joint Powers Agreement - Continued
The City does not have an equity interest in the Authority: therefore, no amount has been reported
in the Statement of Net Assets. However, the City does have an ongoing financial interest because
the City is able to influence the operations of the Authority so that the Authority uses its resources
on behalf of the City. Also, an ongoing financial responsibility exists because the Authority is
dependent on continued funding from the City. The condensed financial information of the
Authority has not been reproduced in this report, but is available from the Authority.
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.
Costs are spread to members as follows: the first $30,000 of each occurrence is charged directly to
the member; costs from $30,001 to $750,000 are pooled based on a member's share of costs under
$30,000; costs from $50,001 to $5,000,000 are pooled based on payroll. Cost 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. Members retain the first $50,000 of each claim. Claims are pooled
separately between public safety and non -public safety. Loss development reserves are allocated by
pool and by loss layer ($0 to $100,000 allocated by retained amount and $100,000 to $2,000,000 by
payroll). Losses from $50,000 to $100,000 and the loss development reserve associated with losses
up to $100,000 are pooled based on the member's share of losses under $50,000. Losses from
$100,000 to $2,000,000 are pooled based on payroll. Costs in excess of $50,000,000 are pooled
among the Members based on payroll. Administrative expenses are paid from the Authority's
investment earnings.
C) Purchased Insurance
The City participates in the all -risk property protection program of the Authority. This insurance
protection is underwritten by several insurance companies. The City property is currently insured
according to a schedule of covered property submitted by the City to the Authority. Total all -risk
property insurance coverage is $38,504,423. There is a $5,000 per loss deductible. Premiums
for the coverage are paid annually and are not subject to retroactive adjustments.
59 175
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
12) RISK MANAGEMENT - Continued
D) Earthquake and Flood Insurance
The City purchased earthquake and flood insurance on a portion of its property. The earthquake
insurance is part of the property protection insurance program of the Authority. 'Ile City property
currently has earthquake protection in the amount of $34,531,896. There is a deductible of 5
percent of the value with a minimum deduction of $100,000. Premiums for the coverage are paid
annually and are not subject to retroactive adjustments.
E) Adequacy of Protection
During the past three fiscal (claims) years none of the above program of protection have had
settlements or judgments that exceeded pooled or insured coverage. There have been no significant
reductions in pooled or insured liability coverage from coverage in the prior year.
F) Claims and Judgments
The City accounts for uninsured, material claims and judgments and associated legal and
administrative costs when it is probable that the liability claim has been incurred and the amount
of the loss can be reasonably estimated. Included therein are claims incurred but not reported,
which consists of (a) known loss events expected to be presented as claims later, (b) unknown
loss events that are expected to become claims, and (c) expected future development on claims
already reported. This is based upon historical actual results that have established a reliable pattern
supplemented by specific information about current matters. Small dollar claims and judgments are
recorded as expenditures when paid
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE
In the Government -wide financial statements; net assets are classified in the following categories:
Invested in Capital Assets
This category groups all assets, including infrastructure, into one component of net assets.
Accumulated depreciation on these assets reduces this category.
Restricted Net Assets
This category presents external restrictions imposed by creditors, grantors, contributors, or laws and
regulations of other governments and restrictions imposed by law through constitutional provisions or
enabling legislation.
60 176
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE - Continued
Unrestricted Net Assets
This category represents the net assets of the City that are not externally restricted for any project or
other purpose.
In the Fund Financial Statements, the City has established `Preserves" to segregate portions of fund
balance which are not appropriable for expenditure in future periods, or which are legally set aside for a
specific future use. Fund " designations" also are established to indicate tentative plans for financial
resource utilization of unreserved fund balance in a future period.
The City's governmental funds reserves and designations at June 30, 2010, are presented below,
followed by explanations of the nature and purpose of each reserve and designation.
61 177
Highlands
General
Endowment
MRA
Improvement
Fund
Mmd
Operating Fund
Fund
Reserved:
Capital Projects
$
S
$
S
13,961,736
Debt Service
Property Held for Reesalel
Development
7,142,622
Advances
1,933,495
Prepaid Items
337,286
Total Reserved
$ 337,286
1,933,495
7,142,622
$
132961,736
Unreserved, Designated:
Future Projects
S -
$
-
Redevelopment
Redevelopment
Agency
Agency
Noo-Major
Capital Projects
Special Projects
Debt Service
Governmental
Fund
Fund
Fund
Funds
Reserved:
Capital Projects
S
S
S
S
Debt Service
1,884,723
Property Hold for Resale/
Development
4,398,806
7,887,425
Advances
1,000,000
Prepaid Items
Total Reserved
S 4,398,806
S
1,000,000
S 12884,723
$
7,887,425
Unreserved, Designated:
Ftmrne Projects
S -
S
24,292,789
S -
S
-
61 177
City of Moorpark
Notes to Financial Statements
Year Ended dune 30, 2010
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE - Continued
Reserved for Capital Projects
These funds are reserved for project expenditures related to the issuance of the CFD No. 2004 -1 bonds.
Reserved for Debt Service
These funds are reserved for restricted debt proceeds.
Reserved for Property Held for Resale/Development
These funds are reserved for property purchased by the Agency to be sold or otherwise used for the
development of the Moorpark Redevelopment Agency Project Area or Low and Moderate Income
Housing Projects.
Reserved for Advances
These fiords are reserved for advances to other funds.
Reserved for Prepaid Items
These funds are reserved for prepaid items.
Unreserved, Designated for Future Projects
These funds have been designated for future capital projects.
Deficit Fund Balance
The following non -major governmental funds had a deficit at June 30, 2010:
Tierra Rejada/Spring Road Special Revenue Fund (167,864)
Management expects these deficits to be eliminated through future revenues.
14) COMMITMENTS AND CONTINGENCIES
A) Commitments
The City has contracts with 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. These are based on an hourly rate and adjusted
throughout the fiscal year.
62 178
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
14) COMMITMENTS AND CONTINGENCIES - Continued
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 agencies. Although such audits could generate expenditure disallowance under the terms of
the grants, it is believed that any disallowed amounts will not be material.
15) PROPOSITION lA BORROWING BY THE STATE OF CALIFORNIA
Under the provisions of Proposition lA and as part of the 2009 -10 budget package passed by the
California State Legislature on July 28, 2009, the State of California borrowed 8% of the amount of
property tax revenue, including those property taxes associated with the in -lieu motor vehicle license
fee, the triple flip in -lieu sales tax, and the supplemental property tax, apportioned to cities, counties
and special districts (excluding redevelopment agencies). The State is required to repay this
borrowing plus interest by June 30, 2013. After repayment of this initial borrowing, the California
legislature may consider only one additional borrowing within a ten -year period. The amount of this
borrowing pertaining to the City was $628,112.
Authorized with the 2009 -10 State budget package, the Proposition lA Securitization Program was
instituted by the California Statewide Communities Development Authority ("California
Communities "), a joint powers authority sponsored by the California State Association of Counties
and the League of California Cities, to enable local governments to sell their Proposition ]A
receivables to California Communities. Under the Securitization Program, California Communities
simultaneously purchased the Proposition IA receivables and issued bonds ( "Prop IA Bonds ") to
provide local agencies with cash proceeds in two equal installments, on January 15, 2010 and May 3,
2010. The purchase price paid to the local agencies equaled 100% of the amount of the property tax
reduction. All transaction costs of issuance and interest were paid by the State of California.
Participating local agencies have no obligation on the bonds and no credit exposure to the State. The
City participated in the securitization program and accordingly property taxes have been recorded in
the same manner as if the State had not exercised its right under Proposition 1 A. The receivable sale
proceeds were equal to the book value and, as a result, no gain or loss was recorded.
63 179
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2010
16) NEW PRONOUNCEMENT
The provisions of Governmental Accounting Standards Board (GASB) Statement No. 54, Fund
Balance Reporting and Governmental Fund 7jpe Definitions, will be required to be adopted and
implemented by the City for the fiscal year 2010 -11.
17) PRIOR PERIOD ADJUSTMENT
A) Governmental Activities
The prior period adjustment of $7,451,908 in the Statement of Activities consists of the
following: Capital assets were increased by $7,577,422 for land donated in prior years by a
developer; $525,661 recorded as construction in progress should have been classified as land
held for resale; in the Low and Moderate Income Housing Special Revenue Fund, prior year
revenue of $125,514 should have been deferred while $327,320 and S198,341 of expenditures in
the Low and Moderate Income Housing Special Revenue and the Redevelopment Agency Capital
Projects Funds, respectively, should have been recorded as land held for resale but were
expensed.
B) Fund Financial Statements
The prior period adjustment of $400,147 in the Statement of Revenues, Expenditures and
Changes in Fund Balances consists of $125,514 in prior year revenue which should have been
deferred in the Low and Moderate Income Housing Special Revenue Fund and $525,661 of land
held for resale which was expensed in the prior year ($327,320 and $198,341 in the Low and
Moderate Income Housing Special Revenue and the Redevelopment Agency Capital Projects
Funds, respectively).
18) SUBSEQUENT EVENTS
Subsequent to June 30, 2010, the City loaned $600,000 to the Agency for development of residential
housing units for the Charles Street project.
Subsequent to June 30, 2010 there was an unscheduled bond call of $8,395,000 that paid down the
bonds of Moorpark Highlands.
64 180
REQUIRED SUPPLEMENTARY INFORMATION
181
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
325,000
350,000
392,578
42,578
PROPERTY TAXES
305,000
305,000
293,718
(11,282)
Current Secured
$ 3,150,000
$ 3,000,000
S 3,231,498
$ 231,498
Current Unsecured
50,000
40,000
32,128
(7,872)
Prior Year Secured/ Unsecured
3,000
65,000
63,844
(1,156)
Supplemental Secured/ Unsecured
100,000
100,000
64,265
(35,735)
Real Property Transfer Tax
100,000
100,000
159,918
59,918
Homeowners Property Exemption
30,000
45,000
40,832
(4,168)
Parcel Taxes
10,000
120,000
139,110
19,110
Property Taxes - VLF
2,825,000
2,920,000
2,920,201
201
Total Property Taxes
6,258,000
6,390,000
6,651,796
261,796
SALES TAXES
Sales and Use Tax
2,175,000
2,175,000
2,382,010
207,010
Sales Tax Compensation
825,000
589,000
588,635
(365)
Total Sales Taxes
3,000,000
2,764,000
2,970,645
206,645
FRANCHISE FEES
Franchiso Fee - Adelphia
325,000
350,000
392,578
42,578
Franchise Fee - Edison
305,000
305,000
293,718
(11,282)
Franchise Fee - Gas
125,000
125,000
83,313
(41,687)
Franchise Fee - Oil
73,000
93,000
2,631
2,631
Franchise PEG Fees
30,000
41,799
11,799
Franchise GI Rubbish
225,000
195,000
186,955
(8,045)
Franchise Moorpark Rubbish
120,000
115,000
113,323
(1,677)
Landfill Local Impact Fee
55,000
55,000
49,483
(5,517)
CIWMP Fees
10,000
10,000
8,025
(1,975)
Total Franchise Fees
1,165,000
1,185,000
1,171,825
(13,175)
SPECIAL BENEFIT ASSESSMENTS
SBA - Storm Drain Maintenance
Total Special Benefit Assessments - - - -
LICENSES AND PERMITS
Business Registration
60,000
80,000
137,830
57,830
Filming Permits
7,000
7,000
5,940
(1,060)
NPDES Business Inspection Fees
6,000
6,000
3,145
(2,855)
Total Licenses and Permits
73,000
93,000
146,915
53,915
65
Continued 182
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund - Continued
Year Ended .Tune 30, 2010
REVENUES
FINES AND FORFEITURES
Municipal Code Fines
Animal Control Fines
Forfeiture & Penalties
Settlements
Total Fines & Forfeitures
USE OF MONEY AND PROPERTY
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 175,000 $ 175,000 $ 195,161 $ 20,161
2,000 2,000 (2,000)
2,000 (2,000)
2,000 -
179,000 179,000 195,161 16,161
Investment Earnings
498,000
498,000
304,989
(193,011)
Rents and Concessions
125,000
125,000
111,016
(13,984)
Interest / City MRA Advance
230,000
150,000
76,500
(73,500)
Total Money & Property
853,000
773,000
492,505
(280,495)
CHARGES FOR SERVICES
Other Admin Service Fees
80,000
80,000
99,017
19,017
Administrative Foes - CFD
100,000
100,000
(100,000)
Park and Facility Use Fee
72,000
72,000
81,501
9,501
Contract Class Registration Fees
160,000
160,000
212,322
52,322
League Fees
100,000
100,000
103,213
3,213
Recreation Event Fees
250,000
250,000
238,339
(11,661)
Advertising in brochure
10,000
10,000
10,240
240
Other Community Services Fees
48,000
37,000
1,443
(35,557)
Photocopying
1,000
1,000
567
(433)
Sale of Documents
1,000
1,000
656
(344)
Special Police Dept Services
45,000
30,000
36,050
6,050
NSF Fees and Misc. Charges
1,000
1,000
1,035
35
Total Charges for Services
868,000
842,000
784,383
(57,617)
WERGOVERNMEENTAL
Off Highway Motor Vehicle
-
Motor Vehicle In Lieu
100,000
75,000
109,136
34,136
Other State Funds
5,000
20,000
18,608
(1,392)
County Grants
10,000
10,000
21,934
11,934
Other Federal Revenue / Grants
5,000
23,465
12,849
(10,616)
Total Intergovernmental
120,000
128,465
162,527
34,062
Continued
66 183
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund - Continued
Year Ended June 30, 2010
REVENUES
OTHER REVENUES
Contributions / Donations
Revenues not elsewhere classified
Expense Reimbursements
Restitution / Insurance Proceeds
Total Other Revenues
Total Revenue
EXPENDITURES
Current:
General Government
Public Safety
Public Services
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
S 500
$ 9,781
$ 9,281
15,000
15,000
12,769
(2,231)
75,000
75,000
63,327
(11,673)
15,000
15,000
47,912
32,912
105,000
105,500
133,789
28,289
12,621,000
12,459,965
12,709,546
249,581
1,493,125
1,601,125
1,497,916
103,209
6,729,198
6,729,698
6,076,995
652,703
196,163
316,571
77,649
238,922
1,608,910
1,623,788
1,486,3 74
137,414
61,897
281,945
99,215
182,730
10,089,293
10,553,127
9,238,149
1,314,978
(2,251,891)
(3,677,227)
2,531,707
1,906,838
3,471,397
1,564,559
OTHER FINANCING SOURCES (USES)
Transfers In
26,000
55,925
136,398
80,473
Transfer Out
(2,298,000)
(2,307,816)
(3,813,625)
(1,505,809)
Total Other Financing
Sources (Uses)
(2,272,000)
(2,251,891)
(3,677,227)
(1,425,336)
Net Change in Fund Balance
259,707
(345,053)
(205,830)
139,223
Fund Balance, Beginning of Year
3,205,829
3,205,829
3,205,829
Fund Balance, End of Year
S 3,465,536
$ 2,860,776
S 2,999,999
$ 139,223
67 184
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Street and Traffic Safety Special Revenue fund
Year Ended June 30, 2010
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 400,000 S 400,000 S 247,087 $ (152,913)
Total Use of Money and Property 400,000 400,000 247,087 (152,913)
CHARGES FOR SERVICES
Other Development Fees
Total Charges for Services
bTHER REVENUE
Sale of Plans/Specifications
Total Other Revenue
Total Revenues
EXPENDTIURES
Current;
Public Services
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
1,672,000 365,000 432,459 67,459
1,672,000 365,000 432,459 67,459
- - 430 430
430 430
2,072,000 765,000 679,976 (85,024)
26,939 36,939 33,277 3,662
665,493 3,840,958 345,914 3,495,044
692,432 3,877,897 379,191 3,498,706
1,379,568 (3,112,897 ) 300,785 3,413,682
OTHER FINANCING SOURCES (USES)
Transfers Out (50,000) (50,000) (18,754) 31,246
Total Other Financing
Sources (Uses)
(50,000)
(50,000)
(18,754) 31,246
Net Change in Fund Balance
1,329,568
(3,162,897)
282,031 3,444,928
Fund Balance, Beginning of Year
19,660,547
19,660,547
19,660,547
Fund Balance, End of Year
$ 20,990,115
$ 16,497,650
$ 19,942,578 S 3,444,928
68 185
City of Moorpark
Schedule of Revenues, Expenditures, and Chauges in Fund Balances
Budget and Actual - Community Development Special Revenue Fund
Year Ended June 30, 2010
REVENUES
LICENSES AND PERMITS
Misc. Business Permits
Street Vendor Permits
Home Occupation Permits
Sign Permits
Banner Permits
Residential Building Permits
Non Residential Building
Permit Adj Commercial
Permit Adj Industrial
Permit Adj Residential
Temporary Use Permit
Enchroachmcnt Perooit
Rental Inspection Permits
Administrative Permits
Total Licenses and Permits
FINES AND FORFEITURES
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S
4,000 4,000 10,575
S $
-
1,000
1,000
1,780
780
9,000
9,000
12,670
3,670
6,000
6,000
4,865
(1,135)
2,000
2,000
1,530
(470)
293,000
293,000
350,045
57,045
285,000
30,000
37,442
7,442
2,000
2,000
2,520
520
1,000
1,000
18,631
(1,000)
1,000
1,000
(1,000)
3,000
3,000
3,465
465
20,000
20,000
25,158
5,158
4,180
4,180
4,000
4,000
7,800
3,800
627,000
372,000
451,455
79,455
Municipal Code Fines
4,000 4,000 10,575
6,575
Code Enforcement Fines
4,171
4,171
Forfeiture and Penalties
711
711
Total Fines and Forfeitures
4,000 4,000 15,457
11,457
2,000
USE OF MONEY AND PROPERTY
4,130
2,130
Investment Earnings
136
136
Total Use of Money and Property
- - 136
136
CHARGES FOR SERVICES
City Admin Engin Contract
City Admin Attny Contract
Contract Admin Fee
Other Admin Service Fees
Zone Clearance
Imaging Fees
Advance Planning Fees
Plan Check Residential
Plan Check Non Residential
60,000
15,000
12,213
(2,787)
3,000
11,000
16,573
5,573
2,000
2,000
11,046
9,046
2,000
2,000
4,130
2,130
32,000
32,000
36,900
4,900
5,000
5,000
926
(4,074)
18,000
18,000
18,789
789
89,000
70,000
95,943
25,943
47,000
20,000
18,631
(1,369)
Continued
69
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Community Development Special Revenue Fund - Continued
Year Ended June 30, 2010
REVENUES
CHARGES FOR SERVICES
Planning Time Charges
Public Improv Plan Check
Public Improv Inspections
Real Estate Fees
Total Charges for Services
OTHER REVENUES
Expense Reimbursements
Total Other Revenues
Total Revenues
EXPENDPPURES
Current:
Public Services
Total Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S 336,000 S 225,000 S 363,769 S 138,769
9,000
25,000
19,733
(5,267)
81,000
10,000
8,809
(1,191)
2,000
2,000
3,195
1,195
686,000
437,000
610,657
173,657
752101
75,101
-
-
75,101
75,101
1,317,000
813,000
1,152,806
339,806
2,574,711 2,268,239 1,990,225 278,014
. 2,574,711 2,268,239 1,990,225 278,014
Excess (Deficiency) of Revenues
over Expenditures (1,257,711) (1,455,239) (837,419) 617,820
OTHER FINANCING SOURCES (USES)
Transfers In 1,095,000 1,095,000 886,942 (208,058)
Total Other Financing
Sources (Uses) 1,095,000 1,095,000 886,942 (208,058)
Net Change in Fund Balance (162,711) (360,239) 49,523 409,762
Fund Balance, Beginning of Year - - -
Fund Balance, End of Year _L_(162,71 1) S (360,239) S 49,523 $ 409,762
70 187
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Assessment District Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings S 113,984 S 112,484 S 84,380 S (28,104)
Total Use of Money and Property 113,984 112,484 84,380 (28,104)
CHARGES FOR SERVICES
Tennis/Basketball Court Lighting Use
SPECIAL BENEFTr ASSESSMENTS
SBA - Street Lighting
SBA - Landscape Maintenance
SBA - Storm Drain Maintenenace
SBA - Park Maintenance
Total Special Benefit Assessments
OTHER REVENUES
Expense Reimbursements
Contributions and Donations
Total Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Safety
Parks and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
3,000
3,000
6,775
3,775
3,000
3,000
6,775
3,775
408,100
3,868,498 4,518,991
246,000
246,000
251,377
5,377
888,000
1,062,000
925,962
(136,038)
9,000
9,000
18,745
9,745
708,000
708,000
691,202
(16,798)
1,851,000
2,025,000
1,887,286
(137,714)
66,000
240,034
174,034
85,000
85,000
(85,000)
85,000
151,000
240,034
89,034
2,052,984 2,291,484 2,218,475 (73,009)
379,032 394,032
443,850
(49,818)
3,489,466 3,648,512
2,960,426
688,086
476,447
68,347
408,100
3,868,498 4,518,991
3,4721623
1,046,368
(1,815,514) (2,227,507) (1,254,148) 973,359
Continued
71 188
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Assessment District Special Revenue Fund - Continued
Year Ended June 30, 2010
OTHER FINANCING SOURCES (USES)
Transfers In
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 1,495,500 $ 1,441,568 S 1,288,301 $ (153,267)
1,495,500 1,441,568 1,288,301 (153,267)
(320,014) (785,939) 34,153 820,092
6,428,625 6,428,625 6,428,625
$ 6,108,611 S 5,642,686 $ 6,462,778 S 820,092
72 189
City of Moorpark
Schedule of Revenues, Expenditures, mind Changes in Fund Balances
Budget and Actual - Endowment Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 76,000 $ 76,000 S 40,152 S (35,848)
Rents and Concessions 84,000 84,000 70,819 (13,181)
Total Use of Money and Property 160,000 160,000 110,971 (49,029)
CHARGES FOR SERVICES
Other Development Fees
Community Service Fees
Administration Fees
Total Charges for Services
Total Revenues
EXPENDITURES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
588,000
230,000
277,202
47,202
32,000
18,000
21,760
3,760
25,000
25,000
28,500
3,500
645,000
273,000
327,462
54,462
805,000
433,000
438,433
5,433
358,402
362,902
54,187
308,715
358,402
362,902
54,187
308,715
446,598
70,098
384,246
314,148
OTHER FINANCING SOURCES (USES)
Transfers Out
Total Other Financing
Sources (Uses) - - - -
Net Change in Fund Balance 446,598 70,098 384,246 314,148
Fund Balance, Beginning of Year
4,777,666
4,777,666
4,777,666
Fund Balance, End of Year
S 5,224,264
S 4,847,764
S 5,161,912 S 314,148
73 190
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Park/Public Facilities Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 74,000 $ 74,000 $ 38,275 $ (35,725)
Rents and Concessions 16,000 16,000 - (16,000)
Total Use of Money and Property 90,000 90,000 38,275 (51,725)
CHARGES FOR SERVICES
Trees/Landscape Fees
12,000
12,000
41
(11,959)
Library Facilities Fees
169,000
42,000
56,774
14,774
Fees in Lieu of Park Land
393,000
55
55
Other Development Fees
11,000
11,000
10,846
(154)
Total Charges for Services
585,000
65,000
67,716
2,716
1TITERGOVERNMENTAL
Park Bond
89,495
89,495
Total Intergovernmental
-
-
89,495
89,495
OTHER REVENUES
Sale Plans/Specifications
95
95
Total Other Revenues
-
-
95
95
Total Revenues
675,000
155,000
195,581
40,581
EXPENDITURES
Public Services
31,300
31,300
6,282
25,018
Parks and Recreation
6,600
(6,600)
Capital Outlay
2,929,873
3,209,273
1,911,627
1,297,646
Total Expenditures
2,961,173
3,240,573
1,924,509
1,316,064
Excess (Deficiency) of Revenues
over Expenditures
(2,286,173)
(3,085,573)
(1,728,928)
1,356,645
Continued
74 191
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Park/Public Facilities Special Revenue Fund - Continued
Year Ended June 30, 2010
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
OTHER FINANCING SOURCES (USES)
Transfers In S 1,500,000 S 1,500,000 $ S (1,500,000)
Transfers Out (2,760) (2,760)
Total Other Financing
Sources (Uses)
1,500,000
1,500,000
(2,760)
(1,502,760)
Net Change in Fund Balance
(786,173)
(1,585,573)
(1,731,688)
(146,115)
Fund Balance, Beginning of Year
3,216,317
3,216,317
3,216,317
Fund Balance, End of Year
S 2,430,144
S 1,630,744
S 1,484,629
$ (146,115)
75 192
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - MRA Operating Special Revenue Fund
Year Ended June 30, 2010
REVIENU S
PROPERTY TAXES
Current Secured
Current Unsecured
Homeowners Property Exemption
Total Property Taxes
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ S 3,172,000 S 2,995,783 (176,217)
712,000 758,316 46,316
24,000 17,552 (6,448)
3,908,000 3,771,651 (136,349)
USE OF MONEY AND PROPERTY
Investment Earnings 183,000 46,098 (136,902)
Rents and Concessions 47,000 47,000 54,509 7,509
Total Use of Money and Property 47,000 230,000 100,607 (129,393)
OTHER REVENUES
Ticket Sales 65,000 65,000 62,050 (2,950)
Advertising in Brochures 3,000 3,000 6,050 3,050
Sale Plans/Specifications 15 15
68,000 68,000 68,115 115
Total Revenues
EXPENDITURES
Public Services
Capital Outlay
Debt Service:
Interest on Short -term Loan from City
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
OTHER FINANCING SOURCES (USES)
Proceeds from Bonds 5,000,000 5,000,000 (5,000,000)
Transfers In 1,857,500 1,860,440 2,940
Transfers Out (11,000) (11,000) (1,921,660) (1,910,660)
115,000 4,206,000 3,940,373 (265,627)
1,513,852 6,672,010 6,590,521 81,489
5,494,934 5,884,670 4,219 5,880,451
150,000 76,500 73,500
7,008,786 12,706,680 6,671,240 6,035,440
(6,893,786) (8,500,680) (2,730,867) 5,769,813
Total Other Financing
Sources (Uses)
4,989,000 6,846,500 (61,220) (6,907,720)
76 Continued 193
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - MRA Operating Special Revenue Fund - Continued
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Net Change in Fund Balance
S (1,904,786)
S (1,654,180)
$ (2,792,087)
S (1,137,907)
Fund Balance, Beginning of Year
10,974,474
10,974,474
10,974,474
Fund Balance, End of Year
S 9,069,688
S 9,320,294
S 8,182,387
S (1,137,907
77 194
City of Moorpark
Schedule of Funding Progress for MRHP
Year Ended June 30, 2010
Schedule of Funding Progreas for MRHP
UAAL as a
Percentage of
Funded Covered Covered
Ratio Payroll Payroll
(A/B) (L) [(B-AYC]
0% S 4,519,000 8.055%
•GASB 45 was implemented prospectively in fiscal year 2009. There were no previous actuarial valuations.
78 195
Actuarial
Accrued
Actuarial Actuarial
Liability
Unfunded
Valuation Value of
(AAL) Entry
AAL
Date Assets
Age
(UAAL)
(A)
(B)
(B - A)
06/30/08 $ -
S 364,000
$ 364,400
UAAL as a
Percentage of
Funded Covered Covered
Ratio Payroll Payroll
(A/B) (L) [(B-AYC]
0% S 4,519,000 8.055%
•GASB 45 was implemented prospectively in fiscal year 2009. There were no previous actuarial valuations.
78 195
City of Moorpark
Notes to the Required Supplementary Information
Year Ended June 30, 2010
Budgetary Accounting
The City adapts an annual budget on a basis consistent with GAAP for all governmental funds. The
City Manager is required to prepare and submit to the City Council the annual budget of the City and
administer it thereafter. All annual appropriations lapse at fiscal year -end. Throughout the year, the
City Council made several supplementing budgetary adjustments to various funds. These adjustments
resulted in a net appropriation increase of $13,248,276. 'Ibis increase resulted primarily from
additional appropriations to various construction in progress projects, acquisition of property, SERAF
payment and rebudgeted projects and amounts carried over from Fiscal Year 2009/2010 as continuing
appropriations.
79
196
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Police Facilities Fee Capital Projects Fund
Year Ended June 30, 2010
REVENUES
MAINTENANCE ASSESSMENTS
Police Facilities Fees
Total Maintenance Assessments
Total Revenues
EXPENDITURES
Public Safety
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance, Beginning of Year
Fund Balance, End of Year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 232,000 S
46,000 S
63,145 S
17,145
232,000
46,000
63,145
17,145
232,000
46,000
63,145
17,145
232,000 46,000 63,145 17,145
(1,995,668) (1,995,668) (1,995,668)
S (1,763,668) $ (1,949,668) S (1,932,523) S 17,145
80 197
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Redevelopment Agency Capital Projects Fund
Year Ended Jane 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Ne aUg �ve)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings S 355,000 S 355,000 S 85,355 $ (269,645)
Total Use of Money and Property 355,000 355,000 85,355 (269,645)
OTHER REVENUES
Revenues Not Elsewhere Classified
Sale Plans/Specifications
Total Other Revenues
Total Revenues
EXPENDITURES
Current:
Public Services
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
Net Change in Fund Balances
Fund Balance, Beginning of Year
Prior Period Adjustment
355,000 355,000 85,355 (269,645)
8,361 (8,361)
12,053,153 12,352,269 759,299 11,592,970
12,053,153 12,352,269 767,660 11,584,609
(11,698,153) (11,997,269) (682,305) 11,314,964
1,857,500 1,857,500
(3,802,5001 (1,887,728) 1,914,772
(3,802,500) _ (30,228) 3,772,272
(11,698,153) (15,799,769) (712,533) 15,087,236
16,288,672 16,288,672 16,288,672
198,340 198,340
Fund Balances, End of Year $ 4,590,519 $ 488,903 S 15,774,479 $ 15,285,576
81 198
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Redevelopment Agency Debt Service Fund
Year Ended June 30, 2010
REVENUES
PROPERTY TAXES
Tax Increment Secured
Tax Increment Unsecured
Total Property Taxes
USE OF MONEY AND PROPERTY
Investment Earnings
Total Use of Money and Property
Total Revenues
EXPENDITURES
Current:
Public Services
Debt Service
Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Tranfers Out
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S
$ 1,720,138 S 1,720,138 S -
1,720,138 1,720,138 -
_ 30,953
32,868
1,915
_ 30,953
32,868
1,915
- 1,751,091
1,753,006
1,915
495,000 495,000 -
1,376,091 1,376,091 -
- 1,871,091 1,871,091 -
(120,000) (118,085) 1,915
152,000 150,952 (1,048)
152,000 150,952 (1,048)
32,000 32,867 867
2,146,058 2,146,058 2,146,058
S 2,146,058 $ 2,178,058 $ 2,178,925 S 867
82 199
City of Moorpark
Non -Major Governmental Funds
June 30, 2010
SPECIAL REVENUE FUNDS
Library Services Fund — is used to account for the financial resources for the operation of the City's
public library system.
Traffic Safety Fund - is used to account for revenues collected from traffic fines and forfeitures, which
is used for crossing guards and parking enforcement.
Affordable Housing Fund (City) - is used to account for grants used for development of affordable
housing units.
Los Angeles Area of Contribution (A.O.C) Fund - is used to account for the financial resources for
capital projects related to streets and other improvements within the Los Angeles project area.
Tierra Rejeda/Spring Road A.O.0 Fund - is used to account for the financial resources for capital
projects related to streets and other improvements within the Tierra Rejeda & Spring Road project area.
Casey /Gabbert A.O.0 Fund - is used to account for the financial resources for capital projects related
to streets and other improvements within the Casey & Gabbert project area.
Freemont Storm Drain A.O.0 Fund - is used to account for the financial resources for capital projects
related to streets and other improvements within the Freemont Storm Drain project area
State and Federal Assistance Fund - is used to account for Federal and State grants used for the
constriction of street and related improvements and help fund law enforcement.
State Gas Tax Fund - is used to account for fees used for street maintenance, right -of -way acquisition
and street construction.
Proposition 1B Local Streets and Roads Fund — is used to account for funds received from the State of
California for specific transportation programs.
Art in Public Places Fund — is used to account for fees used for public facilities improvements as a
result of additional development.
Proposition 1 B Safety and Security Fund — is used to account for the financial resources of the Prop 1 B
bonds used for the seismic safety of bridges and public transit.
Low and Moderate Income Housing Fund (MRA) - is used to account for the receipt of 20 percent of
the gross tax increment allocation, which is restricted for use on projects that increase or preserve the
supply of low and moderate income housing in accordance with Health and Safety Code Section 33334.
83 200
City of Moorpark
Non -Major Governmental Funds - Continued
June 30, 2010
SPECIAL REVENUE FUNDS - Continued
Local Transportation Transit Fund - is used to account for fees used in local transportation and street
projects that help relieve traffic congestion programs and development.
Solid Waste Fund - is used to account for fees used on programs that promote resource conservation,
recycling, composting, and proper disposal of hazardous household waste.
CAPITAL PROJECTS FUNDS
Capital Projects Fund — is used to account for financial resources used for major capital projects of the
general government operations.
City Hall Building Fund - is used to account for the funds used to build the new Civic Center
Complex.
Equipment Replacement Fund - is used to account for the funds used to replace city equipment and
vehicles.
84 201
City of Moorpark
Combining Balance Sheet
Non -Major Governmental Funds
June 30, 2010
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
ASSETS
Cash and investments S 850,287 $ 582,639 $ 3,923,806 S 11,491,518
Receivables:
Accounts 43 32,360
Notes 485,535 250,249
Due From Other Funds 166,564
Property Held for Resale/Development
Total Assets S 850,330 S 614,999 S 4,409,341 S 11,908,331
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies S 24,084 $ 2,891 S S 29,889
Due to Other Funds
Deferred Revenue 485,535 250,249
Total Liabilities 24,084 2,891 485,535 280,138
Fund Balances:
Reserved For:
Property Field for Resale/Development
Unreserved, Reported in:
Special Revenue Funds 826,246 612,108 3,923,806 11,628,193
Capital Projects Funds
Total Fund Balances 826,246 612,108 3,923,806 11,628,193
Total Liabilities and Fund Balances 3 850,330 S 614,999 $ 4,409,341 $ 11,908,331
85 202
Special Revenue
Tierra Rejada/ Freemont State and Prop 1B Art
Spring Road Casey /Gabbers Storm Drain Federal State Gas Local Streets in Public
A.O.0 A.O.0 A.O.0 Assistance Tax and Roads Places
S $ 84,150 S 15,080 S 810,332 $ 324,382 S 683,731 S 1,549,318
142,778 39,969
S - S 84,150 S 15,080 $ 953,110 S 364,351 S 683,731 $ 1,549,318
S 1,300 $ S S 328,443 S 44,420 S 84,687 $ 181
166,564 23,2I6
167,864 - - 351,659 44,420 84,687 181
(167,864) 84,150 15,080 601,451 319,931 599,044 1,549,137
(167,864) 84,150 15,080 601,451 319,931 599,044 1,549,137
S - S 84,150 S 15,080 S 953,110 S 364,351 S 683,731 S 1,549,318
Continued
86 203
City of Moorpark
Combining Balance Sheet
Non -Major Governmental Funds - Continued
June 30, 2010
Fund Balances:
Reserved For.
Property Held for Resale/Development 7,887,425
Unreserved, Reported In:
Special Revenue Funds 103,513 (130,797) 6,868 994,082
Capital Projects Funds
Total Fund Balances 103,513 7,756,628 6,868 994,082
Total Liabilities and Fund Balances $ 103,513 S 8,499,526 S 256,565 S 1,006,872
87 204
Special Revenue
Prop 1 B
Low and
Local
Safety
Moderate
Transportation
Solid
and Security
Income Housing
Transit
Waste
ASSETS
Cash and Investments
S 103,513
S 258,092
S 129,402
S 983,759
Receivables:
Accounts
5,179
127,163
23,113
Notes
348,830
Due From Other Funds
Property Held for Resale/Development
7,887,425
Total Assets
S 103,513
$ 8,499,526
$ 256,565
$ I,006,872
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies
S
$ 14,367
S 52,875
S 12,790
Due to Other Funds
379,701
Deferred Revenue
348,830
196,822
Total Liabilities
-
742,898
249,697
12,790
Fund Balances:
Reserved For.
Property Held for Resale/Development 7,887,425
Unreserved, Reported In:
Special Revenue Funds 103,513 (130,797) 6,868 994,082
Capital Projects Funds
Total Fund Balances 103,513 7,756,628 6,868 994,082
Total Liabilities and Fund Balances $ 103,513 S 8,499,526 S 256,565 S 1,006,872
87 204
Capital Projects Total
Nonmajor
Capital City Hall Equipment Governmental
Projects Building Replacement Funds
$225,181 S 3,702,319 S 442,840 $ 26,160,349
370,605
1,084,614
166,564
7,887,425
$225,181 S 3,702,319 $ 442,840 S 35,669,557
S S S S 595,927
569,481
1,281,436
2,446,844
7,887,425
20,964,948
225,181 3,702,319 442,840 4,370,340
225,181 3,702,319 442,840 33,222,713
S225,181 $ 3,702,319 S 442,840 S 35,669,557
88 205
City of Moorpark
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Non -Major Governmental Funds
Year Ended June 30, 2010
REVENUES
Taxes
Fines and Forteitures
Use of Money and Property
Charges for Services
Intergovernmental
Other Revenue
Total Revenues
EXPENDITURES
Current:
Public Safety
Public Services
Capital Outlay
Debt Service:
Interest
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Prior Period Adjustment
Fund Balances, End of Year
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
S 797,267 $ S S
18,579 207,180
6,489 6,593 46,486 144,059
6,939 254,849 500,969
13,135
62,658
842,409 213,773 363,993 645,028
100,696
755,080 10,109
676,994
755,080 100,696 10,109 676,994
87,329 113,077 353,884 (31,966)
204
(29,925) (57,499)
(29,925) 204 - (57,499)
57,404 113,281 353,884 (89,465)
768,842 498,827 3,569,922 11,717,658
S 826,246 S 612,108 S 3,923,806 S 11,628,193
89 206
Special Revenue
Tierra Rejada/ Freemont State and Prop 1 B Art
Spring Road Casey /Gabbers Storm Drain Federal State Gas Local Streets in Public
A.O.0 A.O.0 A.O.0 Assistance Tax and Roads Places
s s $ s $ s s
1,019 186 11,044 2,808 12,855 17,814
9,142 2,030 30 204,110
1,338,415 587,692
7,350 260
9,142 3,049 186 I,349,459 597,880 13,115 221,924
90 207
147,943
18,000
1,617,372
5,850
520,509
1,550
552,706
11,160
5,850
-
- 686,452
1,618,922
552,706
11,160
3,292
3,049
186 663,007
(1,021,042)
(539,591)
210,764
1,064,142
(3,839)
(1,312,867)
(172,752)
(3,839)
-
- (1,312,867)
891,390
-
-
(547)
3,049
186 (649,860)
(129,652)
(539,591)
210,764
(167,317)
81,101
14,894 1,251,311
449,583
1,138,635
1,338,373
$ (167,864) s
84,150 $
15,080 s 601,451
$ 319,931
S 599,044
$ 1,549,137
Continued
90 207
City of Moorpark
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Non -Major Governmental Funds - Continued
Year Ended June 30, 2010
Special Revenue
Prop 1 B Low and Local
Safety Moderate Transportation Solid
and Security income Housing Transit Waste
REVENUES
Taxes
S
S 1,372,988
S S
274,461
Fines and Forteitures
Use of Money and Property
1,279
30,781
59
12,061
Charges for Services
73,774
2,980
Intergovernmental
422,692
15,176
Other Revenue
Total Revenues
1,279
1,403,769
496,525
304,678
EXPENDITURES
Current:
Public Safety
Public Services
584,596
372,889
279,535
Capital Outlay
11,337
353,636
Debt Service:
Interest
30,208
Total Expenditures
-
626,141
726,525
279,535
Excess (Deficiency) of Revenues
Over Expenditures
1,279
777,628
(230,000)
25,143
OTHER FINANCING SOURCES (USES)
Transfers In
237,122
Transfers Out
(151,612)
Total Other Financing Sources (Uses)
-
(151,612)
237,122
-
Net Change in Fund Balances
1,279
626,016
7,122
25,143
Fund Balances, Beginning of Year
102,234
6,928,805
(254)
968,939
Prior Period Adjustment
201,807
Fund Balances, End of Year
$ 103,513
S 7,756,628
S 6,868 S
994,082
91 208
Capital Projects Total
Nontnajor
Capital City Hail Equipment Governmental
Projects Building Replacement Funds
S S S S 2,444,716
225,759
1,890 45,930 5,507 346,860
1,054,823
2,377,110
70,268
1,890 45,930 5,507 6,519,536
248,639
3,637,581
96,003 20,851 2,250,596
30,208
96,003 20,851 6,167,024
1,890 (50,073) (15,344) 352,512
58,280 1,359,748
(2,670) (2,410) (1,733,574)
55,610 (2,410) - (373,826)
57,500 (52,483) (15,344) (21,314)
167,681 3,754,802 458,184 33,042,220
201,807
S 225,181 $3,702,319 S 442,840 $ 33,222,713
92 209
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Library Services Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Taxes
Fines and Forfeitures
Use of Money and Property
Charges for Services
Intergovernmental
Total Revenues
EXPENDITURES
Current:
Public Services
Total Expenditures
Excess (Deficiency) of,Revenues
over Expenditures
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
$ 755,000 $ 755,000 $ 797,267 S 42,267
25,000
25,000
18,579
(6,421 }
Find Balance, End of Year
$ 780,453
6,489
6,489
8,000
8,000
6,939
(1,061)
13,000
13,000
13,135
135
801,000
801,000
842,409
41,409
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
789,389 789,389 755,080 34,309
789,389 789,389 755,080 34,309
11,611 11,611 87,329 75,718
(29,925) (29,925) -
(29,925) (29,925) -
11,611 (18,314) 57,404 75,718
Fund Balance, Beginning of Year
768,842
768,842
768,842
Find Balance, End of Year
$ 780,453
$ 750,528
$ 826,246 S 75,718
93 210
City of Moorpark
Sebedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Traffic Safety Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Fines and Forfeitures $ 155,000 $ 155,000 $ 207,180 S 52,180
Use of Money and Property 15,000 15,000 6,593 (8,407)
Total Revenues 170,000 170,000 213,773 43,773
EXPENDITURES
Current:
Public Safety 103,108 103,108 100,696 2,412
Total Expenditures 103,108 103,108 100,696 2,412
Excess (Deficiency) of Revenues
over Expenditures 66,892 66,892 113,077 46,389
OTHER FINANCING SOURCES (USES)
Transfer In 204 204
Total Other Financing
Sources (Uses) - - 204 204
Net Change in Fund Balance 66,892 66,892 113,281 46,389
Fund Balance, Beginning of Year 498,827 498,827 498,827
Fund Balance, End of Year $ 565,719 $ 565,719 $ 612,108 $ 46,389
94 211
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Affordable Housing Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Charges for Services
Other Revenue
Total Revenues
EXPENDPTURES
Current:
Public Services
Total Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S 74,000 $ 74,000 S 46,486 $ (27,514)
277,000 277,000 254,849 (22,151)
20,000 62,658 42,658
351,000 371,000 363,993 (7,007)
37,200 37,200 10,109 27,091
37,200 37,200 10,109 27,091
Excess (Deficiency) of Revenues
over Expenditures 313,800 333,800 353,884 20,084
OTHER FINANCING SOURCES (USES)
Transfers Out (18,000) (18,000) 18,000
Total Other Financing
Sources (Uses) (18,00 (18,000) - 18,000
Net Change in Fund Balance
295,800
315,800
353,884 38,084
Fund Balance, Beginning of Year
3,569,922
3,569,922
3,569,922
Fund Balance, End of Year
$ 3,865,722
$ 3,885,722
$ 3,923,806 $ 38,084
95 212
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Los Angeles Area of Contribution Special Reveme Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Charges for Services
Total Revenues
EXPENDITURES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S 242,000 S 242,000 S 144,059 S (97,941)
715,OOt1 125,UOtD 5D0,969 375,969
957,000 367,000 645,028 278,028
4,439,383 5,052,256 676,994 4,375,262
4,439,383 5,052,256 676,994 4,375,262
(3,482,383) (4,685,256) (31,966) 4,653,290
OTHER FINANCING SOURCES (USES)
Transfers Out (57,000) (57,000) (57,499) (499)
Total Other Financing
Sources (Uses)
(57,000)
(57,000)
(57,499) (499)
Net Change in Fund Balance
(3,539,383)
(4,742,256)
(89,465) 4,652,791
Fund Balance, Beginning of Year
11,717,658
11,717,658
11,717,658
Fund Balance, End of Year
$ 8,178,275
S 6,975,402
S 11,628,193 $ 4,652,791
96 213
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Tierra Rejada/Spring Road A.O.0 Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Orin Final Amounts (Negative)
REVENUES
Use of Money and Property $ 2,000 $ 2,000 $ $ (2,000)
Charges for Services 377,000 9,142 9,142
Other Revenue -
Total Revenues 379,000 2,000 9,142 7,142
EXPENDITURES
Capital Outlay 26,091 5,850 20,241
Total Expenditures - 26,091 5,850 20,241
Excess (Deficiency) of Revenues
over Expenditures 379,000 (24,091) 3,292 27,383
OTHER MANCING SOURCES (USES)
Transfers Out (3,839) (3,839)
Total Other Financing
Sources (Uses) - - 3,8391 (3,839)
Net Change in Fund Balance 379,000 (24,091) (547) 23,544
Fund Balance, Beginning of Year (167,317) (167,317) (167,317)
Fund Balance, End of Year $ 211,683 S (191,408) $ (167,864) $ 23,544
97 214
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Cassey /Gabbert Area of Contribution Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Charges for Services
Total Revenues
EXPENDITURES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance, Beginning of Year
Fund Balance, End of Year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
S 2,000 S 2,000 S 1,019 S (981)
2,030 2,030
2,000 2,000 3,049 1,049
2,000 2,000 3,049 1,049
81,101 81,10I 81,101
S 83,101 S 83,101 S 84,150 S 1,049
98 215
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Freemont Storm Drain A.O.0 Special Revenue Fund
Year Ended June 30, 2010
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
REVENUES
Use of Money and Property $ 1,000 $ 1,000 $ 186 S (814)
Total Revenues 1,000 1,000 186 (814)
EXPENDITURES
Capital Outlay -
Total Expenditures - - - -
Excess (Deficiency) of Revenues
over Expenditures 1,000 1,000 186 (814)
Fund Balance, Beginning of Year 14,894 14,894 14,894
Fund Balance, End of Year $ 15,894 $ 15,894 $ 15,080 S (814)
99 216
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - State and Federal Assistance Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Intergovernmental
Other Revenue
Total Revenues
EXPENDITURES
Current:
Public Safety
Public Services
Capital Outlay
Total Expenditures
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positivc
(Negative)
$ 18,000 S 18,000 S 11,044 S (6,956)
2,494,000 2,863,356 1,338,415 (1,524,941)
70,000 (70,000)
2,512,000 2,951,356 1,349,459 (1,601,897)
100,000
107,819
147,943
(40,124)
37,025
37,025
18,000
19,025
1,190,175
2,3I1,867
520,509
1,791,358
1,327,200
2,456,711
686,452
1,770,259
Excess (Deficiency) of Revenues
over Expenditures 1,184,800 494,645 663,007 168,362
OTHER FINANCING SOURCES (USES)
Transfers Out (1,2132000) (1,213,000) (1,312,867) (99,867)
Total Other Financing
Sources (Uses)
(1,213,000)
_ (1,213,000)
(1,312,867 ) (99,867)
Net Change in Fund Balance
(28,200)
(718,355)
(649,860) 68,495
Fund Balance, Beginning of Year
1,251,311
1,251,311
1,251,311
Fund Balance, End of Year
S 1,223,111
S 532,956
S 601,451 S 68,495
100 217
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - State Gas Tax Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Charges for Services
Intergovernmental
Other Revenue
Total Revenues
EXPENDITURES
Current:
Public Services
Capital Outlay
Total Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ $ $ 2,808 S 2,808
30 30
606,000 596,000 587,692 (8,308)
7,350 7,350
606,000 596,000 597,880 1,880
1,674,548 1,685,567 1,617,372 68,195
1,550 (1,550)
1,674,548 1,685,567 1,618,922 66,645
Excess (Deficiency) of Revenues
over Expenditures
(1,068,548)
(1,089,567)
(1,021,042)
68,525
OTHER FINANCING SOURCES (USES)
Transfers In
1,139,000
1,072,000
1,064,142
(7,858)
Transfers Out
(229,000)
(172,752)
(172,752)
-
Total Other Financing
Sources (Uses)
910,000
899,248
891,390
(7,858)
Net Change in Fund Balance
(158,548)
(190,319)
(129,652)
60,667
Fund Balance, Beginning of Year
449,583
449,583
449,583
Fund Balance, End of Year
S 291,035
S 259,264
S 319,931
S 60,667
101 218
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Prop I B Local Streets and Roads Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property S 12,000 S 12,000 $ 12,855 S 855
Intergovernmental 537,000 -
Other Revenue 260 260
Total Revenues 549,000 12,000 13,115 1,115
EXPENDITURES
Capital Outlay 581,448 581,448 552,706 28,742
Total Expenditures 581,448 581,448 552,706 28,742
Excess (Deficiency) of Revenues
over Expenditures (32,448) (569,448) (539,591) 29,857
Fund Balance, Beginning of Year 1,138,635 1,138,635 1,138,635
Fund Balance, End of Year S 1,106,187 $ 569,187 S 599,044 $ 29,857
102 219
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Art in Public Places Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Intergovernmental
Total Revenues
EXPENDPITMES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 36,000
S 36,000
$ 17,814
$ (18,186)
226,000
226,000
204,110
(21,890)
262,000
262,000
221,924
(40,076)
8,000
92,460
11,160
81,300
8,000
92,460
11,160
81 ,300
254,000
169,540
210,764
41,224
Fund Balance, Beginning of Year
1,338,373
1,338,373
1,338,373
Fund Balance, End of Year
$ 1,592,373
$ 1,507,913
$ 1,549,137 S 41,224
103
1
I
I
220
I
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Prop 1B Safety and Security Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Intergovernmental
Total Revenues
EXPENDITURES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance, Beginning of Year
Fund Balance, End of Year
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
$ 2,000 $ 2,000 $ 1,279 $ (721)
100,000 -
102,000 2,000 1,279 (721)
100,000 100,000
- 100,000 - 100,000
102,000 (98,000) 1,279 99,279
102,234 102,234 102,234
S 204,234 $ 4,234 $ 103,513 S 99,279
104 221
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Low and Moderate income Housing Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Taxes
Use of Money and Property
Total Revenues
EXPENDITURES
Current:
Public Services
Capital Outlay
Debt Service:
Interest
Total Expenditures
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
1,340,000
S 1,407,000
S 1,372,988
S (34,012)
31,000
31,000
30,781
(219)
1,371,000
1,438,000
1,403,769
(34,231)
345,833
578,040
584,596
(6,556)
95,735
157,322
11,337
145,985
36,000
36,000
30,208
5,792
477,568
771,362
626,141
145,221
Excess (Deficiency) of Revenues
over Expenditures 893,432 666,638 777,628 110,990
OTHER FINANCING SOURCES (USES)
Transfers to
Transfers Out (152,000) (152,000) (151,612) 388
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
(152,000) (152,000) (151,612)
741,432 514,638 626,016
6,928,805 6,928,805 6,928,805
111,378
Prior Period Adjustment 201,807 201,807
Fund Balance, End of Year $ 7,670,237 S 7,443,443 S 7,756,628 S 313,185
105 222
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Local Transportation Transit Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Charges for Services
Intergovernmental
Other Revenue
Total Revenues
EXPENDITURES
Current:
Public Services
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 400
$ 4,000 S
59
$ (3,941)
65,000
65,000
73,774
8,774
1,653,000
1,775,000
422,692
(1,352,308)
1,722,000 1,844,000 496,525 (1,347,475)
382,921 383,896 372,889 11,007
1,681,330 1,803,646 353,636 1,450,010
2,064,251 2,187,542 726,525 1,461,017
(342,251) (343,542) (230,000) 113,542
OTHER FINANCING SOURCES (USES)
Transfers In 170,000 237,000 237,122 122
Total Other Financing
Sources (Uses)
170,000
237,000
237,122 122
Net Change in Fund Balance
(172,251)
(106,542)
7,122 113,664
Fund Balance, Beginning of Year
(254)
(254)
(254)
Fund Balance, End of Year
$ (172,505)
$ (106,796)
S 6,868 S 113,664
106 223
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Solid Waste Special Revenue Fund
Year Ended June 30, 2010
REVENUES
Taxes
Use of Money and Property
Charges for Services
Intergovernmental
Other Revenue
Total Revenues
EXPENDITURES
Current:
Public Services
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
S 288,000 S 288,000 $ 274,461 S (13,539)
20,000 20,000 12,061 (7,939)
2,980 2,980
16,600 16,600 15,176 (1,424)
324,600 324,600 304,678 (19,922)
410,124
429,735
279,535
150,200
410,124
429,735
279,535
150,200
(85,524)
(105,135)
25,143
130,278
Fund Balance, Beginning of Year
968,939
968,939
968,939
Fund Balance, End of Year
$ 883,415
$ 863,804
S 994,082 S 130,278
107 224
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Capital Projects Fund
Year Ended June 30, 2010
Budgeted Amounts Actual
Original Final Amounts
Variance with
Final Budget
Positive
(Negative)
REVENUES
Use of Money and Property S $ S 1,890 $ 1,890
Total Revenues - - 1,890 1,890
EXPENDITURES
Capital Outlay 210,000 211,280 211,280
Total Expenditures 210,000 211,280 - 211,280
Excess (Deficiency) of Revenues
over Expenditures (210,000) (211,280) 1,890 213,170
OTHER FINANCING SOURCES (USES)
Transfer In 58,280 58,280
Transfer Out (2,670) (2,670)
Total Other Financing
Sources (Uses) - - 55,610 55,610
Net Change in Fund Balance (210,000) (211,280) 57,500 268,780
Fund Balance, Beginning of Year 167,681 167,681 167,681
Fund Balance, End of Year S (42,319) $ (43,599) S 225,181 S 268,780
108 225
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - City Hall Building Capital Projects Fund
Year Ended June 30, 2010
Budgeted Amounts
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
REVENUES
Use of Money and Property S 8,000 S 26,000 $ 45,930 $ 19,930
Total Revenues 8,000 26,000 45,930 19,930
EXPENDITURES
Capital Outlay 3,772,795 3,748,795 96,003 3,652,792
Total Expenditures 3,772,795 3,748,795 96,003 3,652,792
Excess (Deficiency) of Revenues
over Expenditures (3,764,795) (3,722,795) (50,073) 3,672,722
OTHER FINANCING SOURCES (USES)
Transfer Out (2,410) (2,410)
Total Other Financing
Sources (Uses) - - (2,410) (2,410)
Net Change in Fund Balance (3,764,795) (3,722,795) (52,483) 3,670,312
Fund Balance, Beginning of Year 3,754,802 3,754,802 3,754,802
Fund Balance, End of Year $ (9,993) $ 32,007 $ 3,702,319 $ 3,670,312
109 226
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Equipment Replacement Capital Projects Fund
Year Ended June 30, 2010
REVENUES
Use of Money and Property
Total Revenues
EXPENDITURES
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 10,000 $ 10,000 $ 5,507 $ (4,493)
OTHER FINANCING SOURCES (USES)
Transfer In
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
10,000 10,000 5,507 (4,493)
1,800 40,800 20,851 19,949
1,800 40,800 20,851 19,949
8,200 (30,800) (15,344) 15,456
8,200 (30,800) (15,344) 15,456
458,184 458,184 458,184
$ 466,384 $ 427,384 $ 442,840 S 15,456
110 227
City of Moorpark
Statement of Changes in Net Assets
Agency Funds
Year Ended June 30, 2010
ASSETS
Cash and Investments
Restricted Cash and Investments
Accounts Receivable
Due from Other Funds
Total Assets
LUBB.IT[ES
Accounts Payable
Developer Deposits
Due to Bondholders
Total Liabilities
Balance at Balance at
July 1, 2009 Additions Deletions June 30, 2010
$ 3,297,388 $ 131,898 S S 3,429,286
6,507,455 799,599 7,307,054
26,323 (3,016) 23,307
21,532 (21,532) -
$ 9,852,698 $ 931,497 $ (24,548) $ 10,759,647
S 182,046 $
3,116,619 213,404
6,554,023 774,699
S (81,144) $ 100,902
3,330,023
7,328,722
$ 9,852,688 $ 988,103 $ (81,144) $ 10,759,647
111 228
CITY OF MOORPARK
Net Assets by Component
Lest Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Governmental activities:
Invested in capital assets,
net of related debt S 85,969,804 S 93,941,392 S 99,760,671 S 108,190,324
Restricted 39,344,368 41,506,906 46,405,391 57,986,366
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428
Total governmental activities net assets S 159,106,739 $ 167,310,012 S 172,580,040 S 193,142,118
Continued
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
The City of Moorpark does not have any business -type activities.
112 229
Governmental activities:
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total governmental activities net assets
CITY OF MOORPARK
Net Assets by Component
Last Eight Fiscal Years - Continued
(accrual basis of accounting)
Fiscal Year
2007 2008 2009 2010
S 125,900,770 S
130,071,108
S 130,581,499 $
141,095,551
100,649,409
101,613,368
94,878,693
89,571,308
6,458,224
3,641,173
14,213 ,503
17,761,703
S 233,008,403 S
235,325,649
S 239,673,695 S
248,428,562
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
The City of Moorpark does not have any business -type activities.
113 230
CITY OF MOORPARK
Changes in Net Assets
Last Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005
Expenses:
5,709,323
General government
S 2,116,644
Public safety
4,142,268
Public services
7,150,513
Parks and recreation
2,276,066
Interest on long -term debt
1,040,854
Total governmental activities expense
16,726,345
Program revenues:
1,570,551
Charges for services:
2,734,470
General government
509,401
Public safety
708,392
Public services
2,166,168
Parks and recreation
3222,772
Total charges for services
3,706 733
Operating contributions and grants
5,44001099
Capital contributions and grants
4,1312439
Total governmental activities
4,077,849
program revenues
13,278,271
Net program revenues (expenses)
J3,448,074)
General revenues and other changes in net assets:
Taxes:
Property tax
2,413,964
Property tax, Redevelopment Agency
3,577,050
Franchise tax
1,067,669
Sales tax
1,664,626
Sales tax in lieu
-
Motor vehicle in lieu
2,161,324
Investment income
2,027,190
Other
21,479
Gain on sale of property
-
Special item (1)
-
County settlement
-
Total governmental activities
122933 302
Changes in net assets -
2006
S 2,351,860 $ 3,030,395 S 3,044,381
4,902,148
5,709,323
6,230,057
10,957,272
9,844,050
13,106,843
2,600,523
2,304,852
2,771,270
1,097,421
97 8, 843
1,333,370
21,909,224
21,867,463
26,485,921
1,570,551
2,836,154
2,734,470
1,407,130
2,010,540
2,201,590
369,795
344,019
340,341
4,181,363
2,776,976
4,163,781
536,238
501,283
536,166
6,494,526
5,632,818
7,241,878
4,077,849
2,313 834
3,237,143
4,7312311
4,633 166
18,027,831
15,303,686 12,579,818 28,506,852
(6,605,538) (9,287,645) 2,020,931
2,658,230
2,655,093
2,929,842
4,116,542
3,901,779
5,530,198
919,290
955,829
1,080,893
2,176,893
2,046,368
2,260,786
-
537,485
608,298
1,570,551
2,836,154
2,734,470
1,363,344
1,725,579
3,261,384
177,380
1,160,805
135,276
-
48,339
-
(900,000)
-
-
12,082,230 15,867,431 18,541,14
governmental activities $ 9� 485 228 $ 5,476,692 S 6,579,786 S 20_ 562,078
Continued
Tice City of Moorpark has elected to report retroactively hack to the year the City
implemented GASB 34 (June 30, 2003).
(1) Mission Bell note
114
231
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003),
(1) Mission Bell note
C
115 232
CITY OF MOORPARK
Changes in Net Assets
- Continued
Last Bight Fiscal
Years
(accrual basis of accounting)
Fiscal Year
2007
2008
2009
2010
Expenses:
General government
S 1,639,628
S 1,949,206
$ 2,041,596
S 1,603,279
Public safety
6,317,283
6,882,072
7,035,384
7,016,015
Public scrvices
21,231,766
20,580,204
18,170,325
13,589,878
Parks and recreation
4,293,823
4,551,045
4,470,524
4,934,002
Interest on long -term debt
1,332,541
1,773,841
1,616,843
1,504,502
Total governmental activities expenses
34,815,041
35,736,368
33,334,672
28,647,676
Program revenues:
Charges for services:
General government
191,674
283,576
232,926
258,431
Public safety
598,500
633,131
538,636
477,305
Public services
6,612,769
5,743,200
3,172,708
2,769,641
Parks and recreation
604,904
756,885
644,979
643,593
Total charges for services
8,007,847
7,416,792
4,589,249
4,148,970
Operating contributions and grants
4,489,945
7,113,883
6,172,315
4,128,842
Capital contributions and grants
38,337,638
5,481,972
3,326,778
1,970,931
Total governmental activities
program revenues
50,835,430
20,012,647
14,088,342
10,248,743
Net program revenues (expenses)
16,020,389
(15,723,721
(19,246,330
18 398,933
General revenues and other changes in net assets:
Taxes:
Property tax
3,334,491
4,505,980
7,802,643
7,449,063
Property tax, Redevelopment Agency
6,347,692
6,887,079
7,054,432
6,864,777
Franchise tax
1,126,951
1,150,180
1,171,556
1,171,825
Sales tax
2,192,327
2,306,281
2,329,522
2,382,010
Sales tax in lieu
704,562
779,263
849,227
588,635
Motor vehicle in lieu
2,860,207
3,038,440
125,307
109,136
Investment income
6,556,186
2,491,856
2,875,649
853,074
Other
58,841
139,728
386,040
283,372
Gain on sale of property
276,797
-
_
Special item (1)
-
-
-
-
County settlement
-
-
1,000,000
-
Total governmental activities
23,458,054
21,298,807
23,594,376
19,701,892
Changes in net assets -
govetnmental activities
S 39,478,443
S 5,575,086
$ 4,348,046
S 1,302,959
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003),
(1) Mission Bell note
C
115 232
General fund:
Reserved
Unreserved
Total general fund
All other governmental funds:
Reserved
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt Service funds
Non -major funds
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005
2006
$ - $ - $ 5,772,444 S 2,943,353
13,456,231 14,756,222 12,5271255 18,301,058
S 13,456,231 S 14,756,222 S 18,299,699 $ 21,244,411
S 4,378,065 S 4,099,849 $ 13,889,036 $ 14,124,235
32,857,500
29,994,471
26,977,320
36,903,391
9,625,965
8,950,250
3,361,134
1,293,998
(97,935)
(891,297)
(346,716)
(321,425)
7,146,987
10,651,331
8,272,652
9,724,941
Total all other governmental funds S 53,910,582 S 52,8042604 $ 52,153,426 S 61,725,140
Continued
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
116
233
CirY OF MOORPARK
Fund Balances of Governmental Funds - Continued
Last Eight Fiscal Years
(modified accrual basis of accounting)
General fund:
Reserved
Unreserved
Total general fiord
All other governmental funds:
Reserved
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt Service funds
Non -major funds
Total all other governmental funds
Fiscal Year
2007 2008 2009 2010
$ - $ 95,397 $ 373,209 S 337,286
24,405,620 3,625,348 2,832,620 2,662,713
$ 24,405,620 S 3,720,745 $ 3,205,829 $ 2,999,999
$ 41,864,116 S 35,103,620 $ 33,719,016 $ 38,208,807
41,486,631
42,761,089
37,278,628
32,207,690
16,807,370
39,098,065
35,699,829
33,735,939
83,243
(1,025,927)
261,336
294,202
8,693,969
13,384,413
25,043,397
25,335,288
$ 108,935,329 S 129,321,260 S 132,002,206 $ 129,781,926
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
117 234
CITY OF MOOPPARK
Changes in Fund Balances of Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005
Revenues:
Taxes
Licenses and permits
Fines and forfeitures
Uses of money and property
Charges for services
Intergovernmental
Maintenance assessments
Franchise fees
Building and safety fees
Planning and public work fees
Development fees
Contributions from prop owners
Other
Total revenues
Expenditures
Current:
General government
Public safety
Public services
Parks and recreation
Capital outlay
Debt service:
Principal
Interest
Bond issuance costs
Total expenditures
2006
S 8,490,985 $ 9,870,955 S 9,139,722 S 12,231,076
51,083
63,146
54,180
72,365
290,054
306,871
344,019
340,341
2,027,190
1,363,006
1,924,579
3,261,384
867,731
2,001,561
2,558,974
2,665,391
4,051,263
4,298,009
5,150,992
6,302,193
2,955,340
2,639,628
1,963,190
1,845,742
232,324
257,127
1,231,763
283,162
608,879
595,138
431,959
1,110,715
2,132,190
2,614,959
1,967,751
3,053,066
4,486,128
4,097,977
2,669,976
15,568,347
256,376
281,506
2,832,962
397,574
26,449,543
28,389,883
30,270,067
47,131,356
2,048,658
2,259,017
2,893 ,359
2,919,564
4,127,670
4,882,547
5,690,820
6,211,461
8,765,039
8,401,453
8,098,147
11,215,406
2,063,428
2,381,698
2,081,723
2,544,206
3,596,982
8,775,159
7,810,879
10,038,439
365,000
395,000
405,000
435,910
1,044,915
1,100,996
1,158,585
1,251,354
22,011,692
28,195,870
28,138,513
34,616,340
Excess of revenues over
expenditures
4,437,851
194,013
2,131,554
12,515,016
Other financing sources (uses):
Gain from sale of property
-
-
48,339
1,410
Bond Proceeds
-
-
-
-
Discount on Bonds
-
-
-
-
County settlements
Transfers in
3,781,938
3,588,717
2,027,315
3,352,002
Transfers out
(3,781,938)
(3,588,717)
(2,027,315)
(3,352,002)
Total other financing
sources (uses)
-
-
48,339
1,410
Net change in fund balances
S 4,437,851
$ 194,013
$ 2,1791893
$ 122516,426
Debt service as a percentage of
noncapital expenditures
8.3%
8.3%
8.3%
7.4%
Continued
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
118
235
CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds - Continued
Last Bight Fiscal Years
(modified accrual basis of accounting)
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (Jare 30, 2003). 236
119
Fiscal Year
2007
2008
2009
2010
Revenues:
Taxes
S 13,706,024
S 15,392,269
S 19,716,636
S 18,730,771
Licenses and permits
65,630
72,951
645,010
598,370
Fines and forfeitures
343,579
358,665
484,930
436,377
Uses of money and property
7,085,104
5,684,111
3,114,881
1,547,229
Charges for services
338,929
677,277
3,813,159
3,284,275
Intergovernmental
6,163,985
7,549,040
3,948,059
2,629,132
Maintenance assessments
1,922,471
4,205,700
3,491,975
1950,431
Franchise fees
292,003
301,514
398,539
587,832
Building and safety fees
716,552
530,761
-
-
Planning and public work fees
1,649,002
1,938,143
-
-
Development fees
6,403,851
4,501,837
-
Contributions from prop owners
34,066993
-
-
-
Other
2,030,211
433,378
-
-
Total revenues
74,784,334
41,645,646
35,613,189
29,764,417
Expenditures
Current:
General government
1,471,354
1,835,801
1,926,283
1,497,916
Public safety
6,083,917
6,637,757
6,814,425
6,769,484
Public services
9,608,754
12,505,613
11,259,297
12,343,896
Parks and recreation
4,039,888
4,291,867
4,182,091
4,453,400
Capital outlay
19,477,866
14,682,017
8,100,604
5,548,179
Debt service:
Principal
440,000
455,000
475,000
495,000
Interest
1,400,985
1,631,932
1,594,062
1,482,799
Bond issuance costs
505,588
-
-
-
Total expenditures
43,028,352
42,039,987
34,351,762
32,590,674
Excess of revenues over
expenditures
31,755,982
(394,341)
1,261,427
(2,826,257)
Other financing sources (uses):
Gain from sale of property
276,797
-
-
-
Bond Proceeds
11,695,000
-
-
-
Discount on Bonds
(325,401)
-
-
-
County settlements
1,000,000
-
Transfers in
9,457,260
27,626,755
17,062,650
9,378,101
Transfers out
(9,457,260)
(27,626,755)
(17,062,650)
_ (9,378,101)
Total other financing
sources (uses)
11,6462396
-
1,000,000
Net change in fund balances
S 43,402,378
S 394 41
S 2,261,427
S 2,826,25
Debt service as a percentage of
noncapital expenditures
8.7%
8.3%
8.6%
7.9%
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (Jare 30, 2003). 236
119
CITY OF MOORPARK
Assessed Value and Fstirsated Actual Value of Taxable Property
Last Tea Fiscal Years
NOTE:
In 1978 flue voters of the State of Califomia passed Proposition 13 whist limited property tax rs to a total maximum rate of 1% based upon the
assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limned to a magnum
increase of 2%). With few exceptions, property is only re- sawased at the time that it is sold to a new owner. At that point, the new assessed value is
reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with
respect to the actual market value of taxable property and is subject to the limitations described above.
Source: Ventura County Asstnsoes Office
120 237
City
Redevelopment
Agency
Frseal Year
Taxable
Taxable
Total
Fmdod
Less.
Assessed
Leas
Assessed
Duect Tax
Jaee 30
Sensed
Uosecmod
exemptions
Value
Secured
Unsecured
Exemptions
Value
Rabe
2001
S 2,421,104,221
S 92,634,149
S 40,786,802
S 2,554,525,172
$434,091,609
S 59,042,494
S 3,849,357
S 496,983,460
1051%
2002
2,549,732,519
94,204,773
41,025,922
2,685,013,214
456,765,976
64,634,089
3,860,792
525,260,857
1.042%
2003
2,823,727,286
120,175,258
42,233,926
2,986,141,470
514,599,965
84,435,148
3,862.434
602,897,547
1061%
2004
3,026,137,647
155,943,246
43,185,512
3,225,266,405
542,789,350
95,244,418
3915,879
641,950,147
1.059%
2005
3,231,418,940
172,769,306
43,305,637
3,447,494,383
532,445,978
93,810,356
3,904,910
630,161,744
1.050%
2006
3,721 91,791
168,802.350
43,313,074
3, 933,707,215
660,810,677
99,693,057
3,931,766
764,435,500
1055%
2007
4,157,360,033
165,798,359
43,364,070
4,366,522,462
743,592,913
102,795,641
3,958,627
850,347,181
1062%
2008
4,558,597,806
173,209,606
45,607,510
4,777,414,922
809,452,407
102,442,198
4,276,693
916,171,298
1.050%
2009
4,700,305,496
174,181,146
46,351 ,377
4,920,833,019
828,244,210
102,730,045
4,309,164
933,283,419
IOSM
2010
4,619,910,655
180,983,669
46,474,503
4,847,373,832
825,093,781
113,302,525
4,333 ,240
942,729,546
1050%
NOTE:
In 1978 flue voters of the State of Califomia passed Proposition 13 whist limited property tax rs to a total maximum rate of 1% based upon the
assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limned to a magnum
increase of 2%). With few exceptions, property is only re- sawased at the time that it is sold to a new owner. At that point, the new assessed value is
reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with
respect to the actual market value of taxable property and is subject to the limitations described above.
Source: Ventura County Asstnsoes Office
120 237
CITY OF MOORPARK
Direct and Overlapping Property Tax Rates
(Rate per S 100 of assessed value)
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
City Direct Rites:
City basic rate
1.05062
1.04171
1.06072
1.05820
1.05020
1.05480
1.06163
1.04955
1.04950
1.05020
Redevelopment agency
-
-
-
-
-
-
Total City Direct Rate
1.051
1.042
1 061
1.058
1 050
1.055
1.062
1.050
1.050
1 050
Overlapping Rates:
Ventura County Flood Coat.
8.012
8.039
8.097
1118
n/a
ala
de
n/a
n/a
n/a
Metropolitan Water District
0.222
0.229
2.340
0.233
0.232
0.235
0.233
0.234
0.230
0.230
Ventura Community College
a/a
n/a
4.312
4.311
4.269
4.331
4.296
4.361
4.371
4 402
Ventura County Waterworks
100.000
n/a
alit
n/a
n/a
ale
n/a
n/a
alit
n/a
Conejo Valley Unified School
District
0.021
0 027
0.025
0.024
0.022
0.020
0.019
0.018
0.018
0.019
Moorpark Unified School
District
n/a
92.311
91.733
91.959
92.121
92.442
92.313
92.417
92.240
91.924
City of Moorpark
100.000
100.000
100.000
100.000
100.000
100.000
100.000
I00.000
100.000
100.000
City of Moorpark Community
Facilities District No. 97 -1
11/1
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
City of Moorpark 1915 Act
Bonds
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
Total Direct Rate
109.306
101.648
107.568
97.585
97.694
98.083
97.923
98.080
97.909
97.625
NOTE:
1) In 1978, California voters passed Proposition 13
which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by
all taxing agencies for which the subject
property resides within. in addition to the 1.00% fixed amount, property
owners are
charged
taxes as a percentage of assessed property values for the payment of the Moorpark Unified School District bonds.
2) The direct and overlapping bonded debt above is
not the City's nor the Redevelopment Agency's obligation
Source: California Municipal Statistics
Ventura County Assessor
121 238
CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Nine Years Ago
$ 270,044,437 54.88% S 71,224,419 27.88%
' Due to varying tax rates, the assessed value does not necessarily mean the highest tax.
The assessed value includes secured property tax revenue.
Source: HdL 2009 -2010 property data
122 239
2009
2000
Percent of
Percent of
Total City
Total City
Taxable
Taxable
Taxable
Taxable
Assessed
Assessed
Assessed
Assessed
Taxpayer
Value'
Value
Value
Value
DBRE Moorpark LLC $
69,761,376
14.18%
$ -
0.00%
Waterstone Properties Moorpark LLC
48,894,000
9.94%
-
0.00%
G & Y Moorpark LLC
25,547,420
5.19%
-
0.00%
Mission Bell West LP
23,536,896
4.78%
20,208,563
7.91%
James Birkenshaw, Et. Al.
19,913,624
4.05%
12,264,597
4.80%
Calabasas BCD Inc.
19,554,740
3.97%
11,751,954
4.60%
Tuscany Square Partners LLC
18,910,560
3.84%
-
0.00%
Fred Kavii
15,777,912
3.21%
12,701,599
4.97%
Mission Bell East LLC
14,124,992
2.87%
14,297,706
5.60%
Moorpark Plaza Family Partners Ltd
14,022,917
2.85%
-
0.00%
$ 270,044,437 54.88% S 71,224,419 27.88%
' Due to varying tax rates, the assessed value does not necessarily mean the highest tax.
The assessed value includes secured property tax revenue.
Source: HdL 2009 -2010 property data
122 239
CTfY OF MOORPARK
Secured Property Tax Levies and Collections
Last Teo Fiscal Years
Collected within the
Collections
Fiscal Taxes Levied Fiscal Year of Levy
from
Year Eaded for the Percent
Previous
June 30 Fiscal Year Amount of Levy
Years
Total Collections
Percent
Amount of Levy
2001
$ 1,573,688
$ 1,506,396
95.72%
$ 44,188
$1,550,584
98.53%
2002
1,832,673
1,581,343
86.29%
63,897
$1,645,240
89.77%
2003
2,036,839
1,732,812
85.07%
77,316
$1,810,128
88.87%
2004
2,208,605
1,902,007
86.12%
84,452
$1,986,459
89.94%
2005
2,391,927
1,796,670
98.95%
87,669
$1,884,339
78.78%
2006
2,705,083
1,994,418
73.73%
93,157
$2,087,575
77.17%
2007
3,010,493
2,432,164
80.79%
124,057
$ 2,556,221
84.91%
2008
3,286,857
3,376,883
102.74%
145,134
$3,522,017
107.15%
2009
3,763,078
3,393,933
90.19%
208,491
$3,602,423
95.73%
2010
3,682,559
2,789,672
75.75%
262,057
$3,051,730
82.87%
NOTE:
The amount presented includes City property taxes only.
It does not include redevelopment tax increment.
Source: Ventura County Auditor Controller's Office
123 240
Fiscal Year
Ended
June 30
CffY OF MOORPARK
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
General Tax Total Total Percentage Debt
Obligation Allocation Governmental Primary of Personal Per
Bonds Bonds t Activities Government income 2 Capita 2
2001
- S 9,195,000
S 9,195,000
S 9,195,000
0.38%
286
2002
- 20,465,000
20,465,000
20,465,000
0.73%
606
2003
- 20,100,000
20,100,000
20,100,000
0.67%
582
2004
- 19,705,000
19,705,000
19,705,000
0.65%
564
2005
- 19,300,000
19,300,000
19,300,000
0.64%
537
2006
- 18,880,000
18,880,000
18,880,000
0.62%
527
2007
- 30,135,000
30,135,000
30,135,000
0.95%
826
2008
- 29,680,000
29,680,000
29,680,000
0.84%
803
2009
- 29,185,000
29,185,000
29,185,000
0.83%
787
2010
28,710,000
28,710,000
28,710,000
0.81%
764
Notes: Details regarding the City's outstanding debt can be found in the notes to the
financial statements.
The Moorpark Redevelopment Agency issued $9,860,000 of new tax allocation bonds in 1999,
$11,625,000 in 2001, and $11,695,000 in 2006.
The principal balance on these three bonds as of June 30, 2010 is $5,495,000, $11,520,000 and $11,695,000
respectively.
2 These ratios are calculated using personal income and population for the prior calendar year.
124 241
CITY OF MOORPARK
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal Year
Ended
June 30
Outstanding General Bonded Debt
General Tax
Obligation Allocation
Bonds Bonds Total
Percent of
Assessed
Value t
Per
Capita
2001
- S 9,195,000 S
9,195,000
0.30% S
286
2002
- 20,465,000
20,465,000
0.64%
606
2003
- 20,100,000
20,100,000
0.56%
582
2004
- 19,705,000
19,705,000
0.51%
564
2005
- 19,300,000
19,300,000
0.47%
537
2006
- 18,880,000
18,880,000
0.40%
527
2007
- 30,135,000
30,135,000
0.58%
826
2008
- 29,680,000
29,680,000
0.52%
803
2009
- 29,185,000
29,185,000
0.50%
787
2010
28,710,000
28,710,000
0.50%
764
General bonded debt is debt payable with governmental fund resources and general
obligation bonds recorded in enterprise funds (of which, the City has none).
Assessed value has been used because the actual value of taxable property is not
readily available in the State of California.
125 242
CITY OF MOORPARK
Direct and Overlapping Debt
June 30, 2010
City Assessed Valuation 2009 -10 S 4,847,716,832
Redevelopment Agency Incremental Valuation 678,574,184
Adjusted Assessed Valuation S 42169,142,648
Notes:
• Excludes tax and revenue anticipation notes, revenue, mortgage revenue
and tax allocation bonds and non - bonded capital lease obligations.
The direct and overlapping bonded debt above is not the City's or the
Redevelopment Agency's obligation.
Source: California Municipal Statistics, Inc.
126 243
Estimated
Share of
Percentage
Debt as of
Overlapping
Applicable
6/30/2010
Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District
0.230%
S 264,220,000
$ 607,706
Ventura Community College District
4.402%
315,947,814
13,908,023
Conejo Valley Unified School District
0.019%
38,595,505
7,333
Moorpark Unified School District
91.924%
40,850,407
37,551,328
City of Moorpark Community Facilities District No. 97 -1
100.000%
6,130,000
6,130,000
City of Moorpark Community Facilities District No. 2004 -1
1 WOW%
34,440,000
34,440,000
City of Moorpark 1915 Act Bonds
100.000%
1,465,000
1,465,000
Toal Direct and Overlapping Tax & Assessment Debt
701,648,726
94,109,390
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations
4.401%
S 108,610,000
4,779,926
Ventura County Superintendent of Schools COPS
4.401%
12,445,000
547,704
Moorpark Unified School District CODs
91.924%
89550,000
7,859,502
Total Overlapping General Fund Obligation Debt
129,605,000
13,187,132
Combined Total Debt*
S 8319253,726
107,296,522
Total direct and overlapping debt
$107,296,522
Notes:
• Excludes tax and revenue anticipation notes, revenue, mortgage revenue
and tax allocation bonds and non - bonded capital lease obligations.
The direct and overlapping bonded debt above is not the City's or the
Redevelopment Agency's obligation.
Source: California Municipal Statistics, Inc.
126 243
Assessed valuation
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin 90,791,408 952616,844 105,889,773 105,889,773 121,178,210
Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.08/0 0.00/0
Continued
The Government Code 2227 of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the
81 -82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for
that parcel). The computations shown above reflect a conversion of assessed valuation date for each fiscal year from
the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted
by the State of California for local governments located within the state.
CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2001
2002
2003
2004
2005
S 2,421,104,221
$2,549,782,519
S 2,823,727,286
S 2,823,727,286
S 3,231,418,940
25%
25%
25%
25%
25%
605,276,055
637,445,630
705,931,822
705,931,822
807,854,735
15%
15%
15%
15%
15%
90,791,408
95,616,844
105,889,773
105,889,773
121,178,210
Source: City Finance Department
Ventura County Tax Assessor's Office
127 244
Assessed valuation
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
Total net debt applicable to limit:
General obligation bonds
CITY OF MOORPARK
Legal Debt Margin Information - Continued
Last Ten Fiscal Years
2006 2007 2008 2009 2010
$ 3,721,591,791
S 4,157,360,033
S 4,558,597,806
S 4,700,305,496
$ 4,700,305,496
25%
25%
25%
25%
25%
930,397,948
1,039,340,008
1,139,649,452
1,175,076,374
1,175,076,374
15%
15%
15%
15%
15%
139,559,692
155,901,001
170,947,418
176,261,456
176,261,456
Legal debt margin
Total debt applicable to the limit
as a percentage of debt limit
1391559,692 155,901,001 170,947,418 176,261,456 176,261,456
0.0% 0.0% 0.0% 0.0% 0.0%
The Government Code 2227 of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
However, this provision was enacted when assessed vahuation was based upon 25% of market value. Effective with the
81 -82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for
that parcel). The computations shown above reflect a conversion of assessed valuation date for each fiscal year from
the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted
by the State of California for local governments located within the state.
Source: City Finance Department
Ventura County Tax Assessors Office
128 245
CITY OF MOORPARK
Pledgod- Revenue Coverage
Last Ten Fiscal Years
Note: Details regarding Moorpark Redevelopment Agency outstanding debt can be
found in the notes to the financial statements. Operating expenses do not include interest
or depreciation expenses.
129 246
Tax Allocation Bonds
Fiscal Year
Ended
Tax
Debt Service
June 30
Increment
Principal
Interest
Coverage
2001
$ 2,501,624
$ 345,000
S 420,193
3.27
2002
2,606,388
355,000
408,638
3.41
2003
3,537,293
365,000
989,554
2.61
2004
4,076,183
395,000
976,140
2.97
2005
3,860,624
405,000
959,942
2.83
2006
5,487,272
420,000
944,281
4.02
2007
6,306,385
440,000
1,085,040
4.14
2008
6,858,882
455,000
909,906
5.03
2009
7,010,760
475,000
1,397,922
3.74
2010
6,842,837
495,000
1,376,088
3.66
Note: Details regarding Moorpark Redevelopment Agency outstanding debt can be
found in the notes to the financial statements. Operating expenses do not include interest
or depreciation expenses.
129 246
CITY OF MOORPARK
Demographic and Economic Statistics
Last Ten Calendar Years
Sources: (1) State Department of Finance or Community Development Department
(2) Sperlines Best Places
(3) State of California Employment Development Department (data shown
is for the County)
130 247
Household
Median
Unemployment
Calendar
Population
Income
Household
Rate
Year
(1)
(in thousands)
Income (2)
(3)
2001
32,150
S 2,414,272
S 75,094
5.2%
2002
33,760
2,811,600
83,282
6.8%
2003
34,529
2,978,092
86,249
7.2%
2004
34,933
3,054,507
87,439
6.4%
2005
35,933
3,039,105
84,577
5.4%
2006
35,836
3,050,432
85,122
4.4%
2007
36,480
3,179,341
87,153
4.7%
2008
36,971
3,526,775
95,393
5.7%
2009
37,086
3,508,076
94,593
10.3%
2010
37,576
3,565,248
94,881
10.6%
Sources: (1) State Department of Finance or Community Development Department
(2) Sperlines Best Places
(3) State of California Employment Development Department (data shown
is for the County)
130 247
CITY OF MOORPARK
Principal Employers
Current and Ten Years Ago
"Total Employment" as used above represents the total employment of su employers located within
City limits. The total number of employees within the City limits in 2010 were 16,896 as compared to
the total number of employees within the City limits in 2000 were 16,324.
Source: Chamber of Commerce
City- data.com
Bureau of Labor Statistics
131 248
2010
2000
Percent of
Percent of
Number of
Total
Number of
Total
Employer
Employees
Employment
Employees
Employment
Moorpark Unified School District
825
4.88%
388
2.38%
Moorpark College
750
4.44%
600
3.68%
Pentair Pool Products
377
2.23%
252
1.54%
Kavlico
350
2.07%
1,100
6.74%
Target
150
0.89%
-
0.00%
Boething Tree Farm
145
0.86%
70
0.43%
Vons
120
0.71%
-
0.00%
American Board Assembly
115
0.68%
90
0.55%
General Optics
75
0.44%
50
0.31%
Prudential Overall Supply
70
0.41%
50
0.31%
"Total Employment" as used above represents the total employment of su employers located within
City limits. The total number of employees within the City limits in 2010 were 16,896 as compared to
the total number of employees within the City limits in 2000 were 16,324.
Source: Chamber of Commerce
City- data.com
Bureau of Labor Statistics
131 248
CITY OF MOORPARK
Full -time and Part-time City Employees
by Function
Last Ten Fiscal Years
Function
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
General government
20
36
43
33
32
31
30
26
26
55
Public safety (crossing guards)
6
6
6
7
4
7
7
7
6
5
Public services
21
41
38
20
17
17
26
22
22
20
Parks and recreation
42
19
19
42
38
41
49
54
56
26
Total
89
102
106
102
91
96
112
109
110
106
Public safety ' 34 33 30 28 31 31 42 42 38 38
' Police and fire services were provided by the County.
Fire = 18 and police = 20
Source: City of Moorpark, Finance department
132
% e]
CITY OF MOORPARK
Operating Indicators
by Function
Last Ten Fiscal Years
Prime calls and business inspections are for County of Ventura, Fire department station x#42
• In November 2001, all business occupancies less than 10,000 sq. feet became eligible for self inspection program.
Source: City of Moorpark
(A) Provided by Moorpark P.D.; parking citation data is not available for earlier years
(B) Ventura County Fire Dept.; - some data not available for earlier years
(C) Moorpark Public Works Dept.; - every six years, the City plans to resurface its streets, 1/3 every other year (total street miles = 220)
(D) Arroyo Vista Recreation Dept.; - recreation classes and room rentals began after the park opened
133
N
Ui
O
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Police:(A)
Arrests
1,414
1,235
1,296
1,520
1,388
1,653
1,890
1,732
1,412
2,207
Parking citations issued
2,579
2,582
4,285
3,706
2,890
4,160
2,860
3,254
4,969
Fire: (B)
Number of "prime" emergency call:
975
1,103
1,179
1,415
1,308
1,329
1,351
1,362
1,100
1,945
Business Inspections*
417
117
117
125
125
125
123
130
143
115
Public works: (C)
Street resurfacing (miles)
-
-
73.33
-
0.10
-
30.0
3.8
-
5.0
Parks and recreation: (D)
Number of recreation classes
423
386
317
290
364
338
479
378
265
419
Number of facility rentals
250
184
258
307
491
338
180
210
186
230
Prime calls and business inspections are for County of Ventura, Fire department station x#42
• In November 2001, all business occupancies less than 10,000 sq. feet became eligible for self inspection program.
Source: City of Moorpark
(A) Provided by Moorpark P.D.; parking citation data is not available for earlier years
(B) Ventura County Fire Dept.; - some data not available for earlier years
(C) Moorpark Public Works Dept.; - every six years, the City plans to resurface its streets, 1/3 every other year (total street miles = 220)
(D) Arroyo Vista Recreation Dept.; - recreation classes and room rentals began after the park opened
133
N
Ui
O
Police:
Stations
Fire:
Fire stations
Public works:
Streets (miles)
Streetlights
Traffic signals
Parks and recreation:
Parks
Community centers
CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
I 1 1 I I t 1 I 1 1
2 2 2 2 2 2 2 2 2 2
75 75 75 75 75 75 75 78 79 79
2,264 2,263 2,269 2,299 2,325 2,347 2,497 2,510 2,518 2,518
IS 15 16 17 17 17 17 20 20 20
14 15 15 15 15 16 16 16 17 18
2 2 2 2 2 2 2 2 2 2
Source: City of Moorpark
Of the streetlights, 2,510 are owned by Edison and 8 are owned by the City
134 251
07RSTEAMAN. RAMIREZ 8 SMITH. INC Attachment 2
( f I I r- i 0 1 u 8 1 C + c c o 0• 1 r 4 1 s
December 7, 2010
Ron Ahlers, Finance Director
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Dear Mr. Ahlers:
We have audited the financial statements of the City of Moorpark (City) as of and for the
year ended June 30, 2010. In planning and performing our audit of the financial statements
of the City for the year ended June 30, 2010, we considered its internal control 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. We noted no matters
involving the internal control and its operations that we consider to be material weaknesses
under standards established by the American Institute of Certified Public Accountants.
However, we noted items of less significance which are presented for your consideration.
This letter by its very nature is critical and does not highlight the many positive features of
the City's internal controls. These comments and recommendations are intended to improve
the internal controls or result in other operating efficiencies and are summarized as follows:
(1)
Purchasing Policy
As noted in the prior year, in gaining an understanding of the purchasing process, we noted
the City's Municipal Code only gives guidance for purchases of supplies and equipment,
and refers to the Public Contract Code for Public Project procurement policies. The
Municipal Code states that the City Council will establish, by resolution, procedures
governing the purchase of contractual or professional services, but no such resolution has
been developed or adopted. The Finance Department has an informal procedure manual that
includes purchasing policies, but it is not very clear or consistent regarding the procurement
of professional services as well as which purchases need to go through the requisition
process with or without a purchase order. Also, other departments do not necessarily have a
copy of this manual to refer to when making purchases.
To strengthen internal controls over purchasing and procurements, we recommend that the
City revisit its purchasing policies, along with the informal Finance manual, and determine
what changes can be made to clarify the policies regarding procurement of professional
services and help ensure purchasing policies are consistent throughout the City.
Richard A Teaman. CPA • Greg W Fankhanel. CPA • Dav-d M. Ramfrer CPA • Javier H Carr llo. CPA 252
4201 Brockton Ave Suite 100. R,vet side CA 92501 • 951.274.9500 • 951.274.7828 rti • www trscpas corn
Attachment 2
Management Response:
Management concurs with the recommendation and will review the current purchasing
policies and make suggested improvements with regards to the procurement of
professional services and the establishment of adequate bidding documentation.
(2)
New Accounting Standards
In February 2009, the Governmental Accounting Standards Board ( "GASB ") issued its
Statement No. 54 entitled "Fund Balance Reporting and Governmental Fund Type
Definitions," which will significantly change the reporting of fund balances and
governmental fund types. The City will be required to implement this Statement as of the
20[0 -ll fiscal year. We recommend the City to take steps to determne how tars
Statement will affect the City's financial statement presentation, and what action is
necessary. The City may need to revise its chart of accounts and fund structure to
comply with the new standard.
Management Response:
Management concurs with the recommendation and will research GASB 54 and
determine which new account(s) to establish in order to comply with the statement.
P)
Fraud Prevention and Detection Program
As noted in the prior year, Management of the City is responsible for designing and
implementing systems and procedures for the prevention and detection of fraud, and for
ensuring a culture and environment that promotes honesty and ethical behavior. Fraud
can range from minor employee theft and unproductive behavior to misappropriation of
assets and fraudulent financial reporting.
The risk of fraud can be reduced through a combination of prevention, deterrence, and
detection measures. However, fraud can be difficult to detect because it often involves
concealment through fa)sificauon of docuwenis or collusion among management,
employees, or third parties. Therefore, it is important to place a strong emphasis on fraud
prevention, which may reduce opportunities for fraud to take place, and fraud deterrence,
which could persuade individuals that they should not commit fraud because of the
likelihood of detection and punishment. Moreover, prevention and deterrence measures
are much less costly than the time and expense required for fraud detection and
investigation.
While the City has taken steps to address the risk of fraud in certain areas, such as
segregation of duties and other internal controls, we recommend the City consider taking
a more formal, proactive approach to fraud prevention and deterrence. This would
involve establishing an ongoing program of formally identifying and measuring fraud
risks, taking steps to mitigate identified risks, and implementing and monitoring any
necessary preventive and deterrent measures.
253
Attachment 2
For example, although the City provides training regarding ethics to management level
employees, the City may want to establish a more formal training program for all
employees regarding fraud. New employees should be trained at the time of hiring about
the entity's values and its code of conduct. This training should explicitly cover
expectations of all employees regarding (1) their duty to communicate certain matters; (2)
a list of the types of matters, including actual or suspected fraud, to be communicated
along with specific examples; and (3) information on how to communicate those matters.
In addition to the training at the time of hiring, employees should receive refresher
training periodically thereafter.
As mentioned above, management needs to provide information to employees on how to
communicate fraud related matters. Research has shown that the majority of fraud is
detected by fellow employees, and not by outside auditors or internal controls. It is
important for the City to establish and communicate to employees a reporting system that
is appropriate for the City. The City should consider establishing a confidential reporting
mechanism, which may include a combination of internal reporting and an anonymous tip
hotline, not only for employees, but also for vendors and customers of the City.
In summary, the City has established controls over fraud in many areas and, based on our
experience, has set an appropriate "tone at the top" regarding ethical behavior. However,
the City should consider a more formal, proactive approach to preventing fraud. The
above comments do not address all components of a strong antifraud program.
Additional information can be provided to the City's management regarding this issue.
Management Response:
Management concurs with the recommendation and will explore the feasibility of
establishing an anonymous "fraud hotline" for: employees, citizens, vendors and the
business community. The City will research other fraud prevention training programs in
order to train new and existing staff.
Summation
We would like to take this opportunity to express our appreciation for the assistance
extended us during the course of our audit. If we can be of further assistance, or if you have
any questions regarding our recommendations, please call our office. This letter is intended
solely for the information and use of management and is not intended to be and should not
be used by anyone other than these specified parties.
Respectfully submitted,
TEAMAN, RAMIREZ & SMITH, INC.
Greg W. Fankhanel
Certified Public Accountant
254
07RsTEAMAN RAMIRE7 8 SMITH INC
ctl•�r to 0�9' c •cco�. •� s
December 7, 2010
Ron Ahlers, Finance Director
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Dear Mr. Ahlers:
Attachment 3
Based on the Schedule of Expenditures of Federal Awards that was prepared by the City as
required by OMB Circular A -133 and our review of the expenditures, it appears that the
City was below the $500,000 threshold in federal expenditures, and no Single Audit was
required for fiscal year 2009/10.
Sincerely,
Greg Fankhanel
Certified Public Accountant
R -chard A feaman. CPA • Greg W Fankhanel. CPA • David M. Ramjrer. CPA • Javier H. Ca-110 c.PA
4201 Brockton Ave. Sete 100. Rverside CA 92501 • 951.274.9500 • 951.774 7898 -. • www.t,scpas com
255
'�'R Attachment 4
•' TEAM�1tV. RAMiREZ 8 SMfTH. INC
C101- f0 Pu8,-( ACE0uaIA41S
City Council
City of Moorpark
Moorpark, California
Report on Internal Control Over Financial Reporting and on Compliance and
Other NUtters Based on an Audit of Financial Statements Performed
in Accordance with Governnwnt Auditing Standards
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 (City) as of and for the year ended June 30,
2010, which collectively comprise the City's basic financial statements, and have issued our report thereon
dated December 7, 2010. 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.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial reporting as a
basis for designing our auditing procedures 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 over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the
City's internal control over financial reporting.
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.
Our consideration of internal control over financial reporting was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in intemal control over financial
reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any
deficiencies in intemal control over financial reporting that we consider to be material weaknesses, as defined
above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are firee of 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 determination
of financial statement amounts. However, providing an opinion on compliance with those provisions was not
Richard A Teaman. CPA • Greg W. Fanknanel. CPA • David M Ramirez, CPA • Javier H. Carr-11o. (,PA 256
4201 Brockton Ave. Suite 100, R,verside CA 92501 • 951.274.9500 • 951.274.7878 • www.irscpas.com
Attachment 4
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 outer matters that are required to be reported under Government
Auditing Standards.
We noted certain matters that we reported to Management of the City of Moorpark in a separate letter dated
December 7, 2010.
This report is intended solely for the information and use of the City Council, management, others within the
entity, federal awarding agencies and pass - through entities and is not intended to be and should not be used
by anyone other than these specified parties.
December 7, 2010
257
7RSCI TE WAN. RAMIRE7 8 SMITH. 1NC Attachment 5
o r- r- t 0 I o B, -( r( (0 u li'- 4 r S
INDEPENDENT ACCOUNTANT'S REPORT ON AGREED -UPON PROCEDURES
APPLIED TO APPROPRIATIONS LIMIT WORKSHEETS
City Council
City of Moorpark
Moorpark, California
We have performed the procedures enumerated below to the accompanying Appropriations Limit worksheet of the City of
Moorpark, California, for the year ended June 30, 2010. These procedures, which were agreed to by the City of Moorpark,
California and the League of California Cities (as presented in the publication entitled Agreed -upon Procedures Applied to
the Appropriations Limitation Prescribed by Article X1llB of the California Constitution), were performed solely to assist the
City in meeting the requirements of Section 1.5 of Article XMB of the California Constitution. The City of Moorpark's
management is responsible for the Appropriations Limit worksbeet. This agreed -upon procedures engagement was conducted
in accordance with attestation standards established by the American Institute of Certified Public Accountants. The
sufficiency of the procedures is solely the responsibility of those parties specified in this report. Consequently, we make no
representation regarding the sufficiency of the procedures described below either for the purpose for which this report has
been requested or for any other purpose.
The procedures performed and our finding's were as follows:
1. We obtained the completed worksbeets 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 documents 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, we added last year's limit to total adjustments and agreed the
resulting amount to this year's limit.
Finding: No exceptions were noted as a result of our procedures.
3. We agreed the current year information presented in the accompanying Appropriations Limit worksheet to the other
documents referenced in 41 above.
Finding: No exceptions were noted as a result of our procedures.
4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit worksheet to the prior
year appropriations limit adopted by the City Council during the prior year.
Finding: No exceptions were noted as a result of our procedures.
We were not engaged to, and did not, perform an examination, the objective of which would be the expression of an opinion
on the accompanying Appropriations Limit worksheet. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would have been reported to you. No procedures
have been performed with respect to the determination of the appropriations limit for the base year, as defined by the League
publication entitled Article NLIB of the California Constitution.
This report 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. However, this report is a matter of public
record and its distribution is not limited.
December 7, 2010
R.cha,d A. Teaman. CPA • Greg W Fankhanel. CPA • Davici M. Ramirez. CPA • laver H Ca,rillo. CPA 258
4201 Brockton Ave Suite 100. Riverside CA 92501 • 951.274.9800 • 951.274.7828 � • www.trscpas.com
CITY OF MOORPARK
APPROPRIATIONS LIMIT COMPUTATION
2009-2010
Non - Residential New Construction
Population Change
City Population Growth
Non - Residential New Construction Change Converted to a Ratio
Population Change Converted to a Ratio
Calculation of Growth Factor
2008 - 2009 Appropriations Limit
2009 - 2010 Appropriations Limit
(522,189,171 X 1.18070693)
S 22,189,171
S 26,198,908
Attachment 5
2009-2010
16.59%
1.27%
1.1659
1.0127
1.18070693
259
07RSII,-AN R, M8, C 8SMIrH aI
C f � ' � ' � t 0 � u D � - C � C (0 u a ' A � r S
December 7, 2010
City Council
City of Moorpark
Moorpark, California
Attachment 6
We have audited the financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of Moorpark (City) for the year ended June 30, 2010. Professional
standards require that we provide you with information about our responsibilities under generally accepted auditing
standards and Government Auditing Standards, 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 June 3, 2010. Professional
standards also require that we communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of 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. No new accounting policies were
adopted and the application of existing policies was not changed during the year ended June 30, 2010. 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 financial statements were:
Management's estimates of the useful lives for capital assets are based on the expectation that the capital
assets will be of use to the City over the specified useful lives. We evaluated the key factors and
assumptions used to develop the estimates in determining that they are reasonable in relation to the
financial statements taken as whole.
Certain financial statement disclosures are particularly sensitive because of their significance to financial statement
users. The most sensitive disclosure(s) affecting the financial statements was (were):
The disclosure of accumulated depreciation in Note 5 to the financial statements is based on estimated
useful lives which could differ Gom actual useful lives of each capitalized item.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
Richard A Teaman. CPA • Greg W. Fankhanel. CPA • David M. Ramirez. CPA • Javier H. Carrillo. CPA 260
4201 Brockton Ave. Suite 100. Riverside CA 92501 • 951.274.9500 • 951.274.7828,A, • www.trscpas com
Attachment 6
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. Management has
corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and
corrected by management were material, either individually or in the aggregate, to the financial statements taken as a
whole.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as 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 7, 2010.
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 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 Information in Documents Containing Audited Financial Statements
Other information included in documents containing audited financial statements such as management's discussion
and analysis is not a required part of the basic financial statements but is supplementary information required by
accounting principles generally accepted in the United States of America. We applied limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and we expressed no opinion on it.
261
Attachment 6
This information is intended solely for the use of the City Council and management of the City and is not intended
to be and should not be used by anyone other than these specified parties.
Very truly yours,
262