HomeMy WebLinkAboutACFR 2002 CITY OF MOORPARK
MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the fiscal year
July 1, 2001 through June 30, 2002
CITY OF MOORPARK
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30,2002
CONTENTS
PAGE
GENERAL PURPOSE FINANCIAL STATEMENTS
Independent Auditors' Report 1
All Fund Types and Account Groups
Combined Balance Sheet 3
All Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes In Fund Balances 5
Combined Statement of Revenues, Expenditures and Changes In Fund Balances
—Budget and Actual 6
Notes to General-Purpose Financial Statements 8
SUPPLEMENTARY SCHEDULES
All Special Revenue Funds
Combining Balance Sheet 26
Combining Statement of Revenues, Expenditures and Changes In Fund Balances 29
Combining Statement of Revenues, Expenditures and Changes In Fund Balances
—Budget and Actual 32
All Capital Projects Funds
Combining Balance Sheet 38
Combining Statement of Revenues, Expenses and Changes In Fund Balances 40
Combining Statement of Revenues, Expenditures and Changes In Fund Balance
-Budget and Actual 42
Agency Fund—Developer Deposit Fund
Statement of Changes in Assets and Liabilities 44
CITY OF MOORPARK
ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30,2002
CONTENTS (Continued)
PAGE
STATISTICAL SECTION
Revenues by Source—All Governmental Fund Types—Last Ten Fiscal Years 45
Expenditures by Function—All Governmental Fund Types—Last Ten Fiscal Years 46
Assessed Value of Taxable Property—Last Ten Fiscal Years 47
Secured Tax Charge and Delinquencies—Most Recent Five Year History 48
Direct and Overlapping Bonded Debt as of Fiscal Year 2001-2002 49
Computation of Legal Debt Margin and Breakdown of General Property Tax Levy 50
City Population—Last Ten Years 51
Building Permit Valuation—Last Ten Fiscal Years 52
Largest Property Owners—Per Assessed Valuation 2002 53
Miscellaneous Statistics 54
7.I! Vavrinek,Trine, Day & Co., LLP
Certified Public Accountants&Consultants VALUE THE DIFFERENCE
INDEPENDENT AUDITORS' REPORT
The Honorable City Council
City of Moorpark
Moorpark,California
We have audited the accompanying general-purpose financial statements of the City of Moorpark as of and for
the year ended June 30, 2002, as listed in the accompanying table of contents. These general-purpose financial
statements are the responsibility of the City's management. Our responsibility is to express an opinion on these
general-purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued by
the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the general-purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the general-purpose financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall general-purpose financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued a report dated November 14, 2002 on
our consideration of City of Moorpark's internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in conjunction with this
report in considering the results of our audit.
The City has not maintained a complete historical record of its fixed assets and accordingly the financial
statements do not include the general fixed assets group of accounts as required by accounting principles
generally accepted in the United States of America. The amount that should be recorded in the general fixed
assets account group relates to historical data that is not currently available.
In our opinion, except for the omission of the information discussed in the preceding paragraph, the general-
purpose financial statements referred to above present fairly,in all material respects,the financial position of the
City of Moorpark, California as of June 30, 2002, and the results of its operations for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
1
8270 Aspen Street Rancho Cucamonga,CA 91730 Tel:909 466.4410 Fax:909.466.4431 www.vtdcpa.com
FRESNO • LAGUNA HILLS • PLEASANTON • RANCHO CUCAMONGA • SACRAMENTO • SAN JOSE
Our audit was made for the purpose of forming an opinion on the general-purpose financial statements taken as
a whole. The combining and individual fund statements listed in the accompanying table of contents as
supplementary information are presented for purposes of additional analysis and are not a required part of the
general-purpose financial statements of the City of Moorpark, California. Such information has been subjected
to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is
fairly stated, in all material respects in relation to the general-purpose financial statements taken as a whole.
The statistical information listed in the table of contents was not audited by us, and accordingly, we do not
express an opinion thereon.
1,70 Dal
Rancho Cucamonga,California
November 14, 2002
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CITY OF MOORPARK
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30,2002
(With Comparative Totals for June 30, 2001)
GOVERNMENTAL FUND TYPES
Special Capital Debt
General Revenue Projects Service
ASSETS AND OTHER DEBITS
Cash and Investments $ 11,086,154 $ 35,244,802 $ 11,882,770 $ 1,000,560
Restricted cash and investments 1,581,347
Accounts and interest receivable,net 1,036,734 849,183 118,257 27,004
Taxes receivable 31,477
Notes and loans receivable 64,727 3,263,283 3,444,704
Due from other funds 167,580 42,461 275,308
Other assets 471 22,486 11,120
Land held for resale 821,075 990,622
Amount available for debt service
Amount to be provided for retirement
of general long-term debt
Total Assets $ 12,355,666 $ 40,274,767 $ 16,722,781 $ 2,608,911
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities 601,568 1,394,413 79,402 686,034
Employees compensated absences payable
Deposits,principally from developers 2,927 8,883
Due to other funds 439,184 46,165
Deferred revenue 1,455,104
Tax allocation bonds payable
Total Liabilities 601,568 3,291,628 134,450 686,034
FUND EQUITY AND OTHER CREDITS
Fund balances and other credits:
Fund balances:
Reserved for unpaid grants 5,315
Reserved for encumbrances 25,717 691,972 267
Reserved for receivables due after one year,net 64,727 2,053,697 3,444,704
Reserved for land held for resale 821,075 990,622
Reserved for prepaid expenditures
Reserved for debt services 1,922,877
Reserved for low/moderate income housing 1,173,088
Unreserved:
Designated
Undesignated 11,658,339 32,243,307 12,152,738
Total Fund Equity and Other Credits 11,754,098 36,983,139 16,588,331 1,922,877
Total Liabilities and Fund Equity $ 12,355,666 $ 40,274,767 $ 16,722,781 $ 2,608,911
The accompanying notes are an integral part of these financial statements.
3
FIDUCIARY
FUND ACCOUNT TOTALS
TYPE GROUPS (Memorandum Only)
General-Long
Agency Term Debt 2002 2001
$ 1,966,219 $ 61,180,505 $ 47,743,246
1,581,347 803,959
2,031,178 1,446,101
31,477 285,757
6,772,714 4,352,062
485,349 715,244
34,077 15,082
1,811,697 2,734,878
$ 1,922,877 1,922,877 403,309
18,818,414 18,818,414 9,024,226
$ 1,966,219 $ 20,741,291 $ 94,669,635 $ 67,523,864
227,731 2,989,148 4,113,631
276,291 276,291 232,535
1,738,488 1,750,298 1,442,668
485,349 715,244
1,455,104 559,804
20,465,000 20,465,000 9,195,000
1,966,219 20,741,291 27,421,190 16,258,882
5,315 5,315
717,956 596,104
5,563,128 4,313,968
1,811,697 2,734,878
4,492
1,922,877 403,309
1,173,088 1,832,626
233,678
56,054,384 41,140,612
67,248,445 51,264,982
$ 1,966,219 $ 20,741,291 $ 94,669,635 $ 67,523,864
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CITY OF MOORPARK
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
(With Comparative Totals for the Fiscal Year Ended June 30,2001)
TOTALS
GOVERNMENTAL FUND TYPES (Memorandum Only)
J o a a.2if tL3 :r. ..
General Special Capital Debt
Fund Revenue Projects Service 2002 2001
REVENUES
Property taxes $ 2,173,598 $2,646,012 $ 4,819,610 $ 4,503,755
Sales taxes 1,790,801 1,790,801 1,869,411
Other taxes $ 552,240 552,240 662,865
Motor vehicle license fees 1,954,948 1,954,948 1,656,722
Utility franchise fees 839,920 209,262 1,049,182 870,580
Building and safety fees 38,555 851,914 890,469 924,610
Maintenance assessments 4,922,207 $ 153,850 5,076,057 6,385,546
Subventions and grants 137,905 1,964,689 2,102,594 1,688,714
Planning and public works fees 1,491,350 1,491,350 1,321,470
Development fees 966,879 966,879 2,181,308
Charges for current services 682,309 122,104 804,413 821,094
Fines and forfeitures 128,654 145,828 274,482 268,720
Interest 451,320 1,264,429 349,681 143,420 2,208,850 2,987,920
Other 206,880 640,434 265,497 1,112,811 247,826
Total Revenues 8,404,890 13,131,336 769,028 2,789,432 25,094,686 26,390,541
EXPENDITURES
Current:
General government 1,808,984 141 1,809,125 1,601,638
Public safety 3,694,096 211,000 3,905,096 3,830,253
Public services 669,087 4,650,271 471,221 1,171,910 6,962,489 5,035,651
Parks and recreation 722,133 1,199,455 1,921,588 1,851,648
Capital outlay 235,476 2,909,117 1,645,139 4,789,732 6,888,258
Debt service
Principal 355,000 355,000 2,210,369
Interest 770,529 770,529 557,401
Total Expenditures 7,129,776 8,969,843 2,116,501 2,297,439 20,513,559 21,975,218
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 1,275,114 4,161,493 (1,347,473) 491,993 4,581,127 4,415,323
OTHER FINANCING SOURCES(USES)
Operating transfers in 802,669 1,107,639 405,251 152,727 2,468,286 2,918,573
Proceeds from bond issuance 10,000,965 1,404,051 11,405,016
Proceeds from sale of city property 5,100 5,100 11,684
Loss from sale of city property (7,780) (7,780) (15,000)
Operating transfers out (922,141) (1,016,942) (529,203) (2,468,286) (2,918,573)
Total Other Financing Sources(Uses) (119,472) 88,017 10,406,216 1,027,575 11,402,336 (3,316)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES 1,155,642 4,249,510 9,058,743 1,519,568 15,983,463 4,412,007
Fund Balances,Beginning of Year 10,598,456 32,733,629 7,529,588 403,309 51,264,982 45,933,672
Prior Period Adjustment 919,303
Fund Balances,End of Year $ 11,754,098 $ 36,983,139 $16,588,331 $1,922,877 $ 67,248,445 $ 51,264,982
The accompanying notes are an integral part of these financial statements.
5
CITY OF MOORPARK
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30,2002
GENERAL FUND SPECIAL REVENUE FUNDS
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Property taxes $ 1,912,700 $ 2,173,598 $ 260,898
Sales taxes 1,830,908 1,790,801 (40,107)
Other taxes $ 612,000 $ 552,240 $ (59,760)
Motor vehicle license fees 1,634,223 1,954,948 320,725
Utility franchise fees 652,000 839,920 187,920 205,300 209,262 3,962
Building and safety fees 36,100 38,555 2,455 1,451,760 851,914 (599,846)
Maintenance assessments 5,874,163 4,922,207 (951,956)
Subventions and grants 147,924 137,905 (10,019) 3,792,487 1,964,689 (1,827,798)
Planning and public works fees 2,887,316 1,491,350 (1,395,966)
Development fees 835,044 966,879 131,835
Charges for current services 560,665 682,309 121,644 122,104 122,104
Fines and forfeitures 102,000 128,654 26,654 141,000 145,828 4,828
Interest 831,700 451,320 (380,380) 1,906,655 1,264,429 (642,226)
Other 64,000 206,880 142,880 110,300 640,434 530,134
7,772,220 8,404,890 632,670 17,816,025 13,131,336 (4,684,689)
EXPENDITURES
Current:
General government 2,178,322 1,808,984 369,338
Public safety 3,929,180 3,694,096 235,084 452,221 211,000 241,221
Public services 841,036 669,087 171,949 8,668,472 4,650,271 4,018,201
Parks and recreation 987,608 722,133 265,475 321,094 1,199,455 (878,361)
Capital outlay 245,737 235,476 10,261 14,278,507 2,909,117 11,369,390
Debt service
Principal
Interest
Total Expenditures 8,181,883 7,129,776 1,052,107 23,720,294 8,969,843 14,750,451
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (409,663) 1,275,114 1,684,777 (5,904,269) 4,161,493 10,065,762
OTHER FINANCING SOURCES(USES)
Operating transfers in 951,163 802,669 (148,494) 1,364,827 1,107,639 (257,188)
Proceeds from bond issuance
Proceeds from sale of city property 5,100 5,100
Loss from sale of city property (7,780) (7,780)
Operating transfers out (1,149,477) (922,141) 227,336 (1,178,949) (1,016,942) 162,007
Total Other Financing Sources(Uses) (198,314) (119,472) 78,842 190,978 88,017 (102,961)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES $ (607,977) 1,155,642 $ 1,763,619 $ (5,713,291) 4,249,510 $ 9,962,801
Fund Balances,Beginning of Year 10,598,456 32,733,629
Fund Balances,End of Year $ 11,754,098 $ 36,983,139
The accompanying notes are an integral part of these financial statements.
6
TOTAL
CAPITAL PROJECTS FUNDS DEBT SERVICE (Memorandum Only)
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 2,710,000 $ 2,646,012 $ (63,988) $ 4,622,700 $ 4,819,610 $ 196,910
1,830,908 1,790,801 (40,107)
612,000 552,240 (59,760)
1,634,223 1,954,948 320,725
857,300 1,049,182 191,882
1,487,860 890,469 (597,391)
$ 295,474 $ 153,850 $ (141,624) 6,169,637 5,076,057 (1,093,580)
3,940,411 2,102,594 (1,837,817)
2,887,316 1,491,350 (1,395,966)
835,044 966,879 131,835
560,665 804,413 243,748
243,000 274,482 31,482
209,600 349,681 140,081 35,000 143,420 108,420 2,982,955 2,208,850 (774,105)
402,000 265,497 (136,503) 576,300 1,112,811 536,511
907,074 769,028 (138,046) 2,745,000 2,789,432 44,432 29,240,319 25,094,686 (4,145,633)
515,000 141 514,859 2,693,322 1,809,125 884,197
4,381,401 3,905,096 476,305
359,254 471,221 (111,967) 1,166,800 1,171,910 (5,110) 11,035,562 6,962,489 4,073,073
1,308,702 1,921,588 (612,886)
2,371,129 1,645,139 725,990 16,895,373 4,789,732 12,105,641
355,000 355,000 355,000 355,000
825,000 770,529 54,471 825,000 770,529 54,471
3,245,383 2,116,501 1,128,882 2,346,800 2,297,439 49,361 37,494,360 20,513,559 16,980,801
(2,338,309) (1,347,473) 990,836 398,200 491,993 93,793 (8,254,041) 4,581,127 12,835,168
401,700 405,251 3,551 152,737 152,727 (10) 2,870,427 2,468,286 (402,141)
10,000,965 10,000,965 1,404,100 1,404,051 (49) 11,405,065 11,405,016 (49)
5,100 5,100
(7,780) (7,780)
(542,000) (529,203) 12,797 (2,870,426) (2,468,286) 402,140
10,402,665 10,406,216 3,551 1,014,837 1,027,575 12,738 11,410,166 11,402,336 (7,830)
$ 8,064,356 9,058,743 $ 994,387 $ 1,413,037 1,519,568 $ 106,531 $ 3,156,125 15,983,463 $ 12,827,338
7,529,588 403,309 51,264,982
$16,588,331 $ 1,922,877 $ 67,248,445
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CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Moorpark (the City), accounts for its financial operations in accordance with accounting principles
generally accepted in the United States of America applicable to governmental units. Accordingly, the City uses
several fund types and an account group as described below.
A. Fund Types and Account Group
The accounts of the City are organized on the basis of individual funds and an account group, each of which
is considered a separate accounting entity. The operations of each fund are accounted for with a separate set
of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or
expenses as appropriate. The City's resources are allocated to and accounted for in these individual funds
based on the purposes for which they are to be spent and the means by which spending activities are
controlled. The various funds are grouped in the general-purpose financial statements as follows:
Governmental Fund Types
• General Fund: The General Fund is the general operating fund of the City. It is used to account for all
financial resources except those required to be accounted for in another fund.
• Special Revenue Funds: Special Revenue Funds are used to account for the proceeds of specific revenue
sources that are legally restricted to expenditures for specified purposes.
• Capital Project Funds: Capital Project Funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities.
• Debt Service Funds: The Debt Service Funds are used to account for the accumulation of resources for,
and the payment of, general long-term debt principal, interest, and related costs.
Fiduciary Funds
• Agency Funds: Agency Funds are used to account for assets held by the City as an agent for individuals,
private organizations, other governments and/or other funds. The agency funds are custodial in nature
(assets equal liabilities) and do not involve measurement of results of operations. The agency funds use
the modified accrual basis of accounting.
Account Group
• General Long-Term Debt Account Group
The General Long-Term Debt Account Group is used to account for unmatured long-term indebtedness
of the governmental fund types.
8
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
B. Measurement Focus
All governmental funds are accounted for on a spending or financial flow measurement focus, which means
that only current assets and current liabilities are generally included on their balance sheets. Their reported
. fund balance is their net current assets, which is considered only to be a measure of available spendable
resources. Governmental fund operating statements present a summary of sources and uses of available
spendable resources during a period by presenting increases and decreases in net current assets.
Because of their spending measurement focus, governmental funds exclude noncurrent liabilities. Instead,
these liabilities are reported in the general long-term obligation account group. This account measures only
financial position; it is not a fund and does not measure results of operations. This account group maintains
accounting control over the City's Debt, which will be repaid by governmental funds.
In those cases when a governmental fund records a long-term receivable or other non-current asset, an
offsetting credit is made to deferred revenue, or undesignated fund balance is reduced to reflect the fact that
this amount is not yet available.
C. Reporting Entity
The accompanying general-purpose financial statements include all accounts for the City and the
Redevelopment Agency. The City of Moorpark Redevelopment Agency is a separate legal entity, over
which the City Council exercises significant oversight responsibility and authority. The Financial
operations of the Redevelopment Agency are included in the accompanying financial statements based on
the financial interdependency of the City and the Redevelopment Agency, the absence of authoritative
independence of its officials, and the significant ability of the City Council to influence the Redevelopment
Agency's operations and fiscal matters.
A component unit financial statement for the City of Moorpark Redevelopment Agency previously
described may be obtained at 799 Moorpark Avenue, Moorpark, California 93021.
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts
and reported in the general-purpose financial statements. Basis of accounting relates to the timing of the
measurements made,regardless of the measurement focus applied.
All governmental and agency fund types are accounted for using the modified accrual basis of accounting.
Their revenues are recognized when they become measurable and available as net current assets.
Those revenues susceptible to accrual are property taxes, sales taxes,transient occupancy taxes, interest
revenues, and charges for services. Fines,licenses, and permit revenues are not susceptible to accrual
because they generally are not measurable until received in cash.
9
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund
liability is incurred, except for principal and interest on general long-term obligations which is recognized
when due. Because of their current financial resources focus, expenditure recognition for governmental
fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current
assets, such long-term amounts are not recognized as governmental fund expenditures or fund liabilities.
E. Interfund Transactions
In the course of normal operations, transactions occur among various City funds. Recurring operating
transfers are recorded by the receiving fund as an operating transfer in and as an addition to fund balance.
Such transfers are recorded by the disbursing fund as an operating transfer out and a reduction of fund
balance.
Due to/from accounts and advance to/from accounts are primarily related to advances made by the General
Fund to various Special Revenue and Capital Projects Funds and the Redevelopment Agency. Advances to
Special Revenue and Capital Projects Funds are current and will be repaid from the receipt of grant funds
and future revenues.
F. Property Taxes
The duties of assessing and collecting property taxes are performed by the Ventura County (County)
Assessor and Tax Collector, respectively. The City receives an allocation of property taxes collected by the
County with respect to property located within the City limits equal to 6.5 percent of the 1 percent State
levy. The Redevelopment Agency receives incremental property taxes on property within its project area
over the base-assessed valuation at the date the project area was established. Tax levies cover the period
from July 1 to June 30 of each year. All tax liens are attached annually on the first day in January preceding
the fiscal year for which the taxes are levied. Taxes are levied on both real and personal property, as it
exists on that date.
Secured property taxes are levied against real property and are due and payable in two equal installments.
The first installment is due on November 1 and becomes delinquent if not paid by December 10. The
second installment is due on February 1 and becomes delinquent if not paid by April 10. Unsecured
personal property taxes are due on July 1 each year. These taxes become delinquent if not paid by
August 31.
G. Land Held for Resale
Land held for resale in the Redevelopment Low-and-Moderate Income Housing Special Revenue Fund and
the Redevelopment Capital Projects Fund totaled $1,811,697 at June 30, 2002. Such property represents
land purchased by the Agency for redevelopment purposes. Land is valued at the lower of cost or estimated
net realizable value.
10
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
H. Long-Term Liabilities
The General Long Term Debt Account Group provides accounting control over the unmatured principal of
the City's general long-term debt. This debt will be repaid out of governmental funds but is not accounted
for in these funds because this part of the debt does not require an appropriation or expenditure in this
accounting period.
The account group is not a fund. It is concerned only with the measurement of financial position. It is not
involved with measurement of results of operations.
I. Deposits
Deposits principally consist of amounts collected from developers for services to be rendered by the City,
including engineering, plan checks and inspections and planning review services. The City recognizes such
amounts deposited as revenue when the services are performed and the corresponding expenditures are
incurred.
J. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is
employed in the governmental funds. Open encumbrances are recorded as reservations of fund balance
since the commitments will be paid by subsequent years' budget appropriations. Encumbrances do not
constitute expenditures,or liabilities.
Governmental Accounting Standards Board(GASB) Statement No.34
The Governmental Accounting Standards Board has issued Statement No. 34, "Basic Financial Statements—
and Management's Discussion and Analysis — for State and Local Governments". This Statement
establishes a new financial reporting model for state and local governments. This new model requires that
at a minimum the basic financial statements of a government include: (1) Management's discussion and
analysis (MD&A) as a component of required supplementary information (RSI), (2) both government-wide
financial statements and fund financial statements, (3) notes to the financial statements and (4) RSI other
than MD&A.
The implementation of the Statement is mandated in three phases based upon a government's total annual
revenues of its governmental and enterprise funds in the fiscal years ending after June 15, 1999.
Phase 1 governments, those with annual revenues of $100 million or greater will be required to
implement for periods beginning after June 15, 2001.
Phase 2 governments,those with annual revenues of$10 million or more but less than$100 million will
be required to implement for periods beginning after June 15, 2002.
11
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
Phase 3 governments,those with annual revenues of less than$10 million will be required to implement
for periods beginning after June 15,2003.
The Statement also requires that governments capitalize all infrastructure assets, and also include all debt of
the government in the Statement of Net Assets.
This will require a complete change in the presentation of government financial statements. The City of
Moorpark has already begun to develop plans and implement policies to prepare for the implementation of
the new reporting model defined within GASB Statements No. 34.
K. Deferred Compensation
In October 1997, GASB Statement No. 32,"Accounting and Financial Reporting for Internal Revenue Code
Section 457 Deferred Compensation Plans", was issued. This Statement establishes accounting and
financial reporting standards for Internal Revenue Code (IRC) section 457 deferred compensation plans of
state and local governments. Pursuant to the IRC 457 subsection(g), all amounts of compensation deferred
under the plan, all property, or rights are solely the property and rights of the employee and beneficiaries of
the Plan. Deferred compensation funds are not subject to the claims of the City's general creditors. The
City has established an eligible deferred compensation plan in accordance with subsection (g) of the IRC
Section 457. Under the provisions of this Statement, it is no longer considered appropriate to report the
Section 457 plan in the City's financial statements.
L. Deferred Revenue
Deferred revenue is recorded to off set long-term notes receivables and for monies collected in advance that
have not been earned. As of June 2002, total deferred revenue reported is $1,455,104 of which $1,354,184
is to off set long-term receivables, and$100,920 is for monies collected in advance but not yet earned.
M. Total(Memorandum Only)Columns
The combined financial statements include certain "Memorandum Only" totals, which represent
mathematical summations of account totals by fund type and account group and do not reflect the
elimination of interfund transactions. Such totals are for information purposes only and do not present
consolidated financial information.
12
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#2—BUDGETARY INFORMATION
The City Council adopts a formal budget at the beginning of the City's fiscal year providing for operations and
capital expenditures of the City's General Fund, Special Revenue Funds, Capital Projects Funds, and the Debt
Service Funds. Budgetary controls and the levying of taxes are established by the City within state limitations.
The City's adopted budget requires that expenditures not exceed appropriations in total from each fund. The
budgetary basis of accounting is consistent with accounting principles generally accepted in the United States of
America applicable to the City's financial statements.
The Council is authorized to make and has made appropriation adjustments to the budget during the year as
deemed necessary. Such adjustments, which are considered immaterial, are included in the budget amounts in
the accompanying general-purpose financial statements. Appropriations lapse at year-end.
NOTE#3—CASH AND INVESTMENTS
Cash and investments of the City are pooled for deposit and investment purposes. Interest earned on pooled
investments is credited to the funds based on each fund's average deposit balance.
Investments are stated at fair value. The City's investments consist primarily of the State of California Local
Agency Investment Fund(LAIF) and money market investments.
A. Deposits
The California Government Code requires California banks and savings and loan associations to secure a
city's deposits by pledging government securities as collateral. The market value of pledged securities must
equal at least 110 percent of a city's deposits. California law also allows financial institutions to secure such
deposits by pledging first trust deed mortgage notes having a value of 150 percent of a city's total deposits.
B. Investments
The City temporarily invests its excess cash in instruments, which are allowable under current legislation of
the State of California(Government Code Section 53600 et seq.). The state code permits investments in the
following instruments:
• Securities of the U. S. government or its agencies
• Small business administration loans
• Certificates of deposit(or time deposits)placed with commercial banks and/or savings and loan
companies
• Negotiable certificates of deposit
• Bankers' acceptances
• Commercial paper
• Local Agency Investment Fund(LAIF)
• Repurchase agreements, Passbook savings accounts
• Reverse-repurchase agreements
13
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002
NOTE#3—CASH AND INVESTMENTS(Continued)
As of and for the year ended June 30, 2002 and for the year ended, the City did not choose to utilize either
repurchase agreements or reverse-repurchase agreements, investment vehicles; nor did it engage in
securities lending activities.
The City's cash and investments at June 30, 2002 are as follows:
Unrestricted cash and investments $ 61,180,505
Restricted cash and investments 1,581,347
Total Cash and Investments $ 62,761,852
The cash and investments are aggregated as follows:
Deposits $ 802,455
Petty cash 1,100
Investments 61,958,297
Total Cash and Investments $ 62,761,852
The City's deposits at June 30, 2002 are categorized in the following table:
BANK BALANCE-
CATEGORY BANK CARRYING
1 2 3 BALANCES AMOUNTS
Categorized
Deposits held with banks $ 100,000 $ 1,312,678 $ 1,412,678 $ 802,455
Total $ 100,000 $ - $ 1,312,678 $ 1,412,678 $ 802,455
Category 1: Includes deposits that are insured or collateralized with securities held by the City or its
agent in the City's name.
Category 2: Includes deposits that are collateralized with securities held by the pledging financial
institution's trust department or agent in the City's name.
Category 3: Deposits, which are uncollateralized, or collateralized with securities held by the pledging
financial institution or by its trust department or agent but not in the City's name.
14
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#3—CASH AND INVESTMENTS(Continued)
The City's investments at June 30, 2002 are categorized in the following table:
CATEGORY Carrying Fair
(1) (2) (3) Value Value
Restricted investments
Transamerica Investment
Agreement 1999* $ 771,100 $ 771,100
CDC Funding Investment
Agreement 2001* 584,674 584,674
Fidelity Money Market Fund * 225,573 225,573
Subtotal restricted investments 1,581,347 1,581,347
Unrestricted investments
U.S. Treasuries $ 9,061,900 9,061,900 9,061,900
State Treasurer's Local Agency
Investment Fund(1) * 51,312,590 51,427,403
Common Stock-Disney 2,460 2,460 2,460
Subtotal unrestricted investments 9,064,360 60,376,950 60,491,763
Total investments $ 9,064,360 $ - $ - $61,958,297 $62,073,110
* Not required to be categorized.
Category 1: Includes investments that are insured or registered or for which the securities are held by the
City or its agent in the City's name.
Category 2: Includes uninsured and unregistered investments for which the securities are held by the
counterparty's trust department or agent in the City's name.
Category 3: Includes uninsured and unregistered investments for which securities are held by the
counterparty's trust department or agent but not in the City's name.
(1) The management of the State of California Pooled Money Investment Account (generally referred to as
LAIF) has indicated to the City that as of June 30, 2002, the carrying amount of the pool was
$47,719,552,487 and the estimated market value for the pool (including accrued interest) was
$48,082,558,173. The City's proportionate share of that value is $51,312,590. Included in LAIF's
investment portfolio are certain derivative securities or similar products in the form of structured notes
totaling $551,578,000, and asset-backed securities totaling $921,063,000. LAIF's (and the City's)
exposure to risk(credit, market or legal) is not currently available.
15
CITY OF MOORPARK
NOTES TO]FINANCIAL STATEMENTS
JUNE 30, 2002
NOTE#3—CASH AND INVESTMENTS(Continued)
Fair Value of Investments
Accounting pronouncement GASB Statement No. 31 generally applies to investments in external investment
pools, investments purchased with maturities greater than one year, mutual funds, and certain investment
pools. Generally, governmental entities need to report the "fair value" changes for these investments at
year-end and record these gains or losses on their income statement.
State of California State Treasurer's Local Agency Investment Fund (LAW): The City holds an investment
in LATE that is 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 LAW. The City relied upon information
provided by the State Treasurer in estimating the City's fair value position of its holding in LAW. The City
had a contractual withdrawal value of$51,312,590 whose pro-rata share of fair value was estimated by the
State Treasurer to be $51,427,403. The fair value change in this investment for the year came to an amount
that was not material for presentation in the financial statements.
The State Treasurer's Local Agency Investment Fund("LAW") is a governmental investment pool managed
and directed by the California State Treasurer and is not registered with the Securities and Exchange
Commission. An oversight committee, comprised of California State officials and various participants,
provide oversight to the management of the fund. The daily operations and responsibilities of LAW fall
under the auspices of the State Treasurer's office. The City is a voluntary participant in the investment pool.
NOTE#4—LONG-TERM DEBT
The following is a schedule of changes in long-term debt for the fiscal year ended June 30, 2002:
Balance Balance
Beginning of End of
Year Additions Deletions Year
A. Employee compensated absences payable $ 232,535 $ 43,756 $ 276,291
B. 1999 Tax Allocation Bonds 9,195,000 $ 355,000 8,840,000
C. 2001 Tax Allocation Bonds 11,625,000 11,625,000
Totals $ 9,427,535 $ 11,668,756 $ 355,000 $20,741,291
A. Employee Compensated Absences Payable
In accordance with accounting principles generally accepted in the United States of America, the City
recognizes the long-term portion of accumulated employee compensated absences in the Long-Term Debt
Account Group.
16
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#4—LONG-TERMDEBT(Continued)
B. 1999 Tax Allocation Bonds
In 1999, the Redevelopment Agency issued a $9,860,000 aggregated principal amount of Moorpark
Redevelopment Project 1999 Tax Allocation Refunding Bonds (the Bonds). The purpose of the Bonds was
to advance refund the Agency's previously issued$10,000,000 Moorpark Redevelopment Project, 1993 Tax
Allocation Bonds. The purpose of the 1993 Bonds was to finance a portion of the costs of implementing the
Redevelopment Plan, including low-and moderate-income housing projects. The 1999 Bonds bear interest
at rates ranging from 3.05 percent to 4.875 percent per annum, payable semi-annually on April 1 and
October 1 of each year, commencing on October 1, 1999, and are subject to mandatory sinking fund
redemption commencing on October 1, 2009, and on each October 1 thereafter. The Bonds are payable
from and secured by the tax revenues to be derived from the project area.
The bonds are secured by all property tax increment revenue, which is deposited directly with the fiscal
agent and recorded in the Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the Tax Allocation Bonds. In
addition, the bond resolutions require retention of funds held by the fiscal agent prior to use for other than
debt service.
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which
require the establishment of certain specific accounts for the Tax Allocation Bonds.
Debt service payments on the 1999 Tax Allocation Refunding Bonds payable will be made from the Debt
Service Fund. Annual debt service requirements to maturity are as follows:
Fiscal Year Ending
June 30, Principal Interest Total
2003 $ 365,000 $ 396,124 $ 761,124
2004 380,000 382,710 762,710
2005 395,000 368,368 763,368
2006 405,000 353,065 758,065
2007 425,000 336,667 761,667
Thereafter 6,870,000 2,190,268 9,060,268
Total $8,840,000 $4,027,202 $12,867,202
Redemption
Redemption Dates Price
October 1, 2003 and April 1, 2004 102%
October 1, 2004 and April 1, 2005 101%
October 1, 2005 and Thereafter 100%
17
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002
NOTE#4 -LONG-TERM DEBT(Continued)
C. 2001 Tax Allocation Bonds
In December 2001, the Redevelopment Agency of the City of Moorpark issued $11,625,000 of Tax
Allocation Parity Bonds. The proceeds of the 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 April 1, 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 fund redemption in the amount of
the principal and accrued interest. The Bonds are payable from and secured by the tax revenues to be
derived from the project area.
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which
require the establishment of certain specific accounts for the Tax Allocation Bonds.
Fiscal Year Ending
June 30, Principal Interest Total
2003 $ 593,430 $ 593,430
2004 $ 15,000 591,573 606,573
2005 10,000 591,216 601,216
2006 15,000 590,819 605,819
2007 15,000 590,309 605,309
Thereafter 11,570,000 11,209,720 22,779,720
Total $11,625,000 $14,167,066 $ 25,792,066
Redemption
Redemption Dates Price
October 1, 2012 and September 30, 2013 102%
October 1, 2013 and September 30, 2014 101%
October 1, 2014 and Thereafter 100%
18
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#5—AGREEMENTS WITH VARIOUS TAXING AGENCIES
The Moorpark Redevelopment Agency has entered into five(5) agreements for allocation and distribution of tax
increment revenues. The Agency has entered into an agreement with the County of Ventura, Ventura County
Library District, Ventura County Fire Protection District, and Ventura County Flood Control District
(collectively, the"County Taxing Entities"), which provides for the Agency to retain 100 percent of the County
Taxing Entities share (55.82 percent) of annual tax increment revenues up to $1,750,000. For annual tax
increment revenue in excess of$1,750,000, the Agency shall distribute 55.85 percent of such revenues to the
County on behalf of the County Taxing Entities. The County Taxing Entities have agreed to defer payments in
the initial years of the Redevelopment Plan, and consequently, the parties agree that the County Taxing Entities
may receive payments in any single fiscal year in excess of the amount of tax revenues the County Taxing
Entities would otherwise be entitled to, but for the adoption of the Redevelopment Plan. Additionally, the
agreement calls for the Agency to receive a$1,000,000 payment from the tax increment disbursed to the County
pursuant to the agreement, by December 31, 2008, if and only if the Agency's annual debt statements which are
filed with the County Auditor-Controller from fiscal year 1993-94 to fiscal year 2008-09 list debts in an amount
equal to or in excess of the maximum tax increment available to the Agency in each of such fiscal years.
The second agreement is with the City of Moorpark Vector Control, formerly known as the Moorpark Mosquito
Abatement District and states that the City of Moorpark Vector Control shall receive 87.5 percent of its share
(1.53 percent) of annual tax increment revenue. The City of Moorpark Vector Control has agreed to contribute
its pro rata share of the Agency's required annual payment to the Agency.
The third agreement is with the Moorpark Unified School District (the "School District"), and states that the
School District shall receive, after the Agency has satisfied debt service payments to bond or note holders or to
the holder of any other instruments of Agency indebtedness (provided such indebtedness is not reasonable
foreseeable to impair the Agency's obligation under the agreement), the School District's share (33.41 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 School District's share of annual tax increment revenue. Additionally, the
agreement calls for the Agency to make a one-time $750,000 payment to the School District as a contribution to
a new School District maintenance facility, at a future date. Under a separate agreement between the City and
the MUSD, all of the School District's share of tax increment revenues shall be payable to the City until one-
half of the cost of tennis courts constructed in AUPC has been paid. As of June 30, 2002, the remaining balance
of the payable was withheld from the School District share of tax increment.
The fourth agreement is with the Ventura County Community College District (the "Community College
District"), and states that the Community College District will receive, after the Agency has satisfied debt
service payments to bond or note holders or to the holders of any other instruments of Agency indebtedness
(provided such indebtedness is not reasonably foreseeable to impair the Agency's obligation under the
agreement), the Community College District's 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
Community College District's share of annual tax increment revenue.
The fifth agreement is with the Ventura County Superintendent of Schools Office (the "Superintendent"), and
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.
19
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#6—RETIREMENT PLAN
A. Plan Description
The City of Moorpark's defined benefit pension plan(the Plan) provides retirement and disability benefits,
annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. The Plan is part of
the Public Agency portion of the California Public Employees Retirement System (Ca1PERS), and agent-
multiple-employer plan administered by Ca1PERS, which acts as a common investment and administrative
agent for participating public employers within the State of California. A menu of benefit provisions as well
as other requirements are established by State statutes within the Public Employees' Retirement Law. The
City of Moorpark selects optional benefits through local ordinance. Ca1PERS issues a separate
comprehensive annual financial report. Copies of Ca1PERS' annual financial report may be obtained from
the Ca1PERS Executive Office—400 P. Street, Sacramento, CA 95814.
All full-time City employees are eligible to participate in the Plan. Part-time employees appointed to a term
of one year or longer and who work an average of 20 hours per week are also eligible to participate. Other
part-time non-benefited hourly employees do not participate in the Plan. (Effective January 1, 1992, such
part-time employees participate in a defined deferred compensation program). Related benefits vest after
five years of service. Upon five years of service, employees who retire at or after age 50 are entitled to
receive an annual retirement benefit.
The benefit is payable monthly for life, in an amount that varies from 1.426 percent at age 50 to 2 percent at
age 55 to a maximum of 2.418 percent at age 63, of the employees' average of the three highest year's
salary for each year of credited service. The Plan also provides death and disability benefits.
B. Funding Policy
Active plan members in the Plan are required to contribute 7.00 percent of their covered salary. The City of
Moorpark is required to contribute the actuarially determined remaining amounts necessary to fund the
benefits for its members. The actuarial methods and assumptions used are those adopted by the CaIPERS
Board of Administration. The required employer contribution rate for the fiscal year ended June 30, 2002,
was zero percent. The contribution requirements of the plan members are established by State statute and
the employer contribution rate is established and may be amended by Ca1PERS.
20
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#6—RETIREMENT PLANS(Continued)
C. Annual Pension Cost
For the year ended June 30, 2002, the City of Moorpark's annual pension cost and its actual contributions
were zero. Also, contributions made directly from employees were zero,but on behalf of the employees the
City contributed a total of $194,055. The required contribution for the year ended June 30, 2002, was
determined as part of the June 30,2000, actuarial valuation using the entry age normal actuarial cost method
with the contributions determined as a percent of pay. The actuarial assumptions included: (a) 8.25 percent
investment rate of return (net of administrative expenses); (b) projected salary increases that vary by
duration of service ranging from 3.75 percent to 14.20 percent for miscellaneous members: and; (c) zero
percent cost-of-living adjustment. Both (a) and (b) include an inflation component of 3.5 percent. The
actuarial value of Miscellaneous Plan's assets was determined using a technique that smoothes the effect of
short-term volatility in the market value of investments over a two to five year period depending on the size
of investment gains and/or losses. Miscellaneous Plan's unfunded actuarial accrued liability (or excess
assets) is being amortized as a level percentage of projected payroll on a closed basis. The remaining
amortization period at June 30, 1999, was three years.
Three-Year Trend Information
Annual Pension Cost Percentage of APC Net Pension
Fiscal Year Ending (APC) Contributed Obligation
6/30/2000 $18,373 100% $0
6/30/2001 $2,104 100% $0
6/30/2002 $0 100% $0
Funded Status of the Plan
Entry Age Unfunded
Normal Actuarial (Overfunded) Annual UAAL As a
Accrued Value of Liability Funded Covered %of
Valuation Date Liability Assets (UAAL) Ratio Payroll Payroll
6/30/1999 $3,105,530 $4,399,396 ($1,293,866) 141.7% $2,067,768 (62.57)%
6/30/2000 $3,667,082 $5,053,792 ($1,386,710) 137.8% $2,291,864 (60.51)%
6/30/2001 $4,380,051 $5,444,425 ($1,064,374) 124.3% $2,756,860 (38.60)%
21
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#7-INTERFUND TRANSACTIONS
A summary of operating transfers and interfund receivables/payables as of and for the year ended June 30, 2002,
is included in the following table:
Operating Operating Due From Due To
Transfers In Transfers Out Other Funds Other Funds
General Fund $ 802,669 $ 922,141 $ 167,580
Special Revenue Funds
Community Development Fund 351,401
State Gas Tax Fund 76,754 $ 275,308
Endowment 76,910
Local Transportation Fund 54,600
Assessment District Fund 573,940 246,298 47,306
Park Development 4,496
Areas of Contribution Fund 42,461
Low-and Moderate-Income Housing Fund 529,203 152,727 112,726
State and Federal Assistance 21,263 3,844
Solid Waste 34,989
Total Special Revenue Funds 1,107,639 1,016,942 42,461 439,184
Capital Projects Funds
Redevelopment Agency Fund 275,308 46,165
Equipment Replacement 405,251
Total Capital Projects Fund 405,251 - 275,308 46,165
Debt Service Fund 152,727 529,203
Total $ 2,468,286 $ 2,468,286 $ 485,349 $ 485,349
NOTE#8-COMMITMENTS AND CONTINGENCIES
A. Commitments
The City has contracted with the County of Ventura for various services, most notably law enforcement.
These service contracts are renegotiated annually and cancelable by the City or the County on May 31 of
each year after 30 days notice has been given. The aggregate of these and other various contractual
commitments total approximately$3,405,942 for the year ended June 30, 2002.
22
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#8—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 disallowances under the terms of the grants, it
is believed that any disallowed amounts will not be material.
NOTE#9—CONDUIT DEBT—REVENUE BONDS
The City sponsored a revenue bond program during the year ended June 30, 1985, under which $20,000,000 of
Single-Family Residential Mortgage Revenue Bonds were issued. The Single-Family Mortgage program is
designed to provide funds to acquire mortgage loans on single-family residences located in the City. These
bonds are secured by a pledge of all loans receivable advanced from the bond proceeds by the trustee, First
Interstate Bank of California, and are serviced from payments on the loans to the Trustee. During the year
ended June 30, 1995, the outstanding mortgages in this program were sold, the proceeds were used to establish
an irrevocable trust to defease the bonds at April 1, 1995, and the program was discontinued.
The City Council, serving as the Industrial Development Authority of the City of Moorpark, issued $9,300,000
of Industrial Revenue Bonds during the year ended June 30, 1986. The bonds were issued to finance the
development and construction of manufacturing facilities for the Kavlico Corporation. These bonds are secured
by a standby letter of credit issued by Bank of America. Dai Ichi Kangyo Bank of California serves as the
Trustee for these bonds. The unpaid principal balance on such bonds is$6,795,000 at June 30, 2002.
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, 2002, total
$15,040,000.
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 general-purpose financial statements.
23
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002
NOTE#10—SPECIAL ASSESSMENT BONDS
On April 1, 1994, the City sponsored the issuance of special assessment bonds to finance certain capital
improvements for the Mission Bell Plaza project. These bonds, totaling $2,595,000, of which $735,000 and
$1,475,000 mature in 2013 and 2023, respectively, were issued under the 1915 Improvement Bond Act and are
obligations against the properties in the assessment district. The special assessment, which is collected with
other property related taxes as part of the secured property tax bill for properties in the assessment district, will
be forwarded to an independent bank that serves as the paying agent. These bonds do not constitute an
indebtedness of the City, and the City is not liable for their repayment. Accordingly, these special assessment
bonds payable have been excluded from the accompanying general-purpose financial statements. The unpaid
principal balance on such bonds is $1,900,000 at June 30, 2002.
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 general-purpose
financial statements. The unpaid principal balance is $7,300,000 at June 30, 2002.
Seven properties in the assessment district, which had been zoned for commercial use prior to the City's
incorporation, are currently used for residential, commercial and agricultural purposes. At various times, the
City has advanced monies and contributed assessments on these properties from the Los Angeles Avenue Area
of Contribution Special Revenue Fund to the paying agent, which the paying agent has used to purchase certain
securities which have been placed in trust accounts to be used solely to provide for principal of and interest on
the seven properties' proportionate share of the bonds through maturity. Notes receivable, secured by deeds of
trust and various accounts receivable, have been established for these advances with interest accruing at a
variable rate equivalent to the rate at which the City earns on funds deposited in the State Treasurer's Local
Agency Investment Fund or 7 percent, whichever is less. Under the terms of the original promissory notes, the
notes and accrued interest are due at the earlier of(1) sale of the property, (2) conversion of the property to a
commercial use or (3) the maturity of the notes in March 2023. Subsequent to June 30, 1998, the notes were
amended and the repayment terms changed as follows: the notes and accrued interest are due August 2029.
24
CITY OF MOORPARK
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2002
NOTE#11 —RISK MANAGEMENT
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority (Authority). The Authority is
composed of 84 California public entities and is organized under a joint powers agreement pursuant to
California Government Code 6500 et seq. The purpose of the Authority is to arrange and administer
programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange
for group-purchased insurance for property and other coverages. The Authority's pool began covering
claims of its members in 1978. Each member government has an elected official as its representative on the
Board of Directors. The Board operates through a 9-member Executive Committee.
B. Self-Insurance Programs of the Authority
General Liability: Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a fiscal year, outstanding claims are valued. A
retrospective deposit computation is then made for each open claims year. Costs are spread to members as
follows: the first $20,000 of each occurrence is charged directly to the member; costs from $20,001 to
$500,000 are pooled based on a member's share of costs under$20,000; costs from $500,001 to $5,000,000
are pooled based on payroll. Costs of covered claims above $5,000,000 are currently paid by reinsurance.
The protection for each member is $50,000,000 per occurrence and$50,000,000 annual aggregate.
Workers Compensation: The City also participates in the workers compensation pool administered by the
Authority. Pool deposits and retrospective adjustments are valued in a manner similar to the General
Liability pool. The City of Moorpark is charged for the first $25,000 of each claim. Costs are pooled above
that level to $50,000. Costs from $50,001 to $100,000 per claim are pooled based on the member's losses
under its retention level. Costs between $100,001 and $500,000 per claim are pooled based on payroll.
Costs in excess of$500,000 are paid by excess insurance purchased by the Authority. The excess insurance
provides coverage to statutory limits.
C. Purchased Insurance
The City of Moorpark participates in the all-risk property protection program of the Authority. This
insurance protection is underwritten by several insurance companies. The City of Moorpark property is
currently insured according to a schedule of covered property submitted by the City of Moorpark to the
Authority. Total all-risk property insurance coverage is $8,548,437. There is a $5,000 per loss deductible.
Premiums for the coverage are paid annually and are not subject to retroactive adjustments.
D. Adequacy of Protection
During the past three fiscal (claims) years none of the above programs of protection have had settlements or
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.
25
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CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS
JUNE 30, 2002
(With Comparative Totals for June 30,2001)
State
Traffic Community Affordable Gas
Safety Development Housing Tax
ASSETS
Cash and Investments $ 317,033 $ 667,107 $ 690,986 $ 1,603,195
Accounts and interest receivable,net 27,831 966 861
Taxes receivable
Notes and loans receivable 297,371
Due from other funds
Other assets
Land held for resale
Total Assets $ 344,864 $ 668,073 $ 988,357 $ 1,604,056
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities 4,768 539,874 534 29,419
Deposits,principally from developers
Due to other funds 275,308
Deferred revenue 273,566
Total Liabilities 4,768 539,874 274,100 304,727
FUND BALANCES
Fund balances:
Reserved for encumbrances 897 82,896 2,933
Reserved for receivables due after one year,net 23,805
Reserved for land held for resale
Reserved for low/moderate income housing
Undesignated 339,199 45,303 690,452 1,296,396
Total Fund Balances 340,096 128,199 714,257 1,299,329
Total Liabilities and Fund Balances $ 344,864 $ 668,073 $ 988,357 $ 1,604,056
•
26
(CONTINUED)
Low and Street and Traffic State and
Moderate Areas of Safety Park Assessment Federal
Endowment Income Housing Contributions Development Development District Assistance
$ 8,427,693 $ 1,330,099 $ 7,140,019 $ 7,319,398 $ 2,901,622 $ 1,031,242 $ 2,883,074
14,577 137,275 323,577 97,090
31,477
625,000 1,585,575 632,668 119,868 2,801
42,461
22,486
821,075
$ 9,052,693 $ 3,751,326 $ 7,952,423 $ 7,439,266 $ 2,904,423 $ 1,408,782 $ 2,980,164
54,535 43,438 430 103,687 226,481 76,531
2,927
112,726 47,306 3,844
625,000 325,625 119,868 2,801 7,324
625,000 170,188 369,063 120,298 106,488 281,111 80,375
1,400 158,296 116,696 400 7,400
1,585,575 444,317
821,075
1,173,088
8,427,693 6,980,747 7,202,272 2,797,535 1,120,271 2,899,789
8,427,693 3,581,138 7,583,360 7,318,968 2,797,935 1,127,671 2,899,789
$ 9,052,693 $ 3,751,326 $ 7,952,423 $ 7,439,266 $ 2,904,423 $ 1,408,782 $ 2,980,164
27
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CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL SPECIAL REVENUE FUNDS (CONTINUED)
NNE 30,2002
(With Comparative Totals for June 30,2001)
Local TOTALS
Transportation Solid
Transit Waste 2002 2001
ASSETS
Cash and Investments $ 178,005 $ 755,329 $ 35,244,802 $ 32,992,734
Accounts and interest receivable,net 229,974 17,032 849,183 766,601
Taxes receivable 31,477 22,417
Notes and loans receivable 3,263,283 785,119
Due from other funds 42,461 42,461
Other assets 22,486
Land held for resale 821,075 1,744,256
Total Assets $ 407,979 $ 772,361 $ 40,274,767 $ 36,353,588
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities 307,059 7,657 1,394,413 2,877,899
Deposits,principally from developers 2,927 25,000
Due to other funds 439,184 218,461
Deferred revenue 100,920 1,455,104 498,599
Total Liabilities 407,979 7,657 3,291,628 3,619,959
FUND BALANCES
Fund balances:
Reserved for encumbrances 301,054 20,000 691,972 540,936
Reserved for receivables due after one year,net 2,053,697 747,117
Reserved for land held for resale 821,075 1,744,256
Reserved for low/moderate income housing 1,173,088 1,832,626
Undesignated (301,054) 744,704 32,243,307 27,868,694
Total Fund Balances 764,704 36,983,139 32,733,629
Total Liabilities and Fund Balances $ 407,979 $ 772,361 $ 40,274,767 $ 36,353,588
28
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2002
(With Comparative Totals for the Fiscal Year Ended June 30, 2001)
State
Traffic Community Affordable Gas
Safety Development Housing Tax
REVENUES
Other taxes $ 552,240
Utility franchise fees
Building and safety fees $ 851,914
Maintenance assessments
Subventions and grants 495 1,438
Planning and public works fees 1,491,350
Development fees
Charges for current services $ 1,000 190
Fines and forfeitures $ 145,828
Interest 10,087 24,103 60,056
Other 22,644 1,091
Total Revenues 155,915 2,343,759 47,747 615,015
EXPENDITURES
Current:
Public safety 31,196
Public services 53,547 2,122,927 13,991 695,973
Parks and recreation
Capital outlay 4,631 341,524
Total Expenditures 84,743 2,127,558 13,991 1,037,497
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 71,172 216,201 33,756 (422,482)
OTHER FINANCING SOURCES(USES)
Operating transfers in
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out (353,401) (76,754)
Total Other Financing Sources(Uses) (353,401) (76,754)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES 71,172 (137,200) 33,756 (499,236)
Fund Balances,Beginning of Year 268,924 265,399 680,501 1,798,565
Prior Period Adjustment
Fund Equity Transfer/Residual Equity Transfer
Fund Balances,End of Year $ 340,096 $ 128,199 $ 714,257 $ 1,299,329
29
(CONTINUED)
Low and Street and Traffic State and
Moderate Areas of Safety Park Assessment Federal
Endowment Income Housing Contributions Development Development District Assistance
$ 847,858 $ 937,977 $ 1,169,590 $ 1,966,782
95,044 $ 1,236,160
$ 966,879
43,257 526 1,475 48,677
295,278 $ 108,890 261,263 246,443 112,502 23,173 91,967
99,019 500,206 12,834 4,640
1,262,157 207,909 1,747,628 1,184,946 1,296,401 2,043,272 1,328,127
179,804
701,382 6,281 18,217 828,610 47,713
4,680 890,125
5,971 1,309,514 43,556 506,671 61,707 349,211
707,353 1,315,795 61,773 511,351 1,780,442 576,728
1,262,157 (499,444) 431,833 1,123,173 785,050 262,830 751,399
529,203 4,496 573,940
5,100
(7,780)
(76,910) (152,727) (246,298) (21,263)
(76,910) 373,796 4,496 327,642 (21,263)
1,185,247 (125,648) 431,833 1,123,173 789,546 590,472 730,136
7,242,446 3,706,786 7,151,527 6,195,795 2,008,389 537,199 2,169,653
$ 8,427,693 $ 3,581,138 $ 7,583,360 $ 7,318,968 $ 2,797,935 $ 1,127,671 $ 2,899,789
30
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CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES (CONTINUED)
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2002
(With Comparative Totals for the Fiscal Year Ended June 30, 2001)
Local TOTALS
Transportation Solid
Transit Waste 2002 2001
REVENUES
Other taxes $ 552,240 $ 662,865
Utility franchise fees $ 209,262 209,262 202,402
Building and safety fees 851,914 924,610
Maintenance assessments 4,922,207 6,132,478
Subventions and grants $ 613,970 17,582 1,964,689 1,346,265
Planning and public works fees 1,491,350 1,321,470
Development fees 966,879 2,181,308
Charges for current services 26,979 122,104 43,302
Fines and forfeitures 145,828 155,635
Interest 4,633 26,034 1,264,429 1,875,778
Other 640,434 26,685
Total Revenues 645,582 252,878 13,131,336 14,872,798
EXPENDITURES
Current:
Public safety 211,000 48,675
Public services 161,630 4,650,271 3,873,836
Parks and recreation 304,650 1,199,455 1,011,300
Capital outlay 286,332 2,909,117 4,771,982
Total Expenditures 590,982 161,630 8,969,843 9,705,793
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 54,600 91,248 4,161,493 5,167,005
OTHER FINANCING SOURCES(USES)
Operating transfers in 1,107,639 1,217,939
Proceeds from sale of city property 5,100 7,980
Loss from sale of city property (7,780) (15,000)
Operating transfers out (54,600) (34,989) (1,016,942) (963,418)
Total Other Financing Sources(Uses) (54,600) (34,989) 88,017 247,501
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES 56,259 4,249,510 5,414,506
Fund Balances,Beginning of Year 708,445 32,733,629 27,172,539
Prior Period Adjustment 100,502
Fund Equity Transfer/Residual Equity Transfer 46,082
Fund Balances,End of Year $ - $ 764,704 $ 36,983,139 $ 32,733,629
31
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2002
Traffic Community
Safety Development
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Other taxes
Utility franchise fees
Building and safety fees $ 1,451,760 $ 851,914 $ (599,846)
Maintenance assessments
Subventions and grants 495 495
Planning and public works fees 2,887,316 1,491,350 (1,395,966)
Development fees
Charges for current services
Fines and forfeitures $ 140,000 $ 145,828 $ 5,828
Interest 14,200 10,087 (4,113)
Other 100 (100)
Total Revenues 154,300 155,915 1,615 4,339,076 2,343,759 (1,995,317)
EXPENDITURES
Current:
Public safety 46,852 31,196 15,656
Public services 61,470 53,547 7,923 3,777,424 2,122,927 1,654,497
Parks and recreation
Capital outlay 6,814 4,631 2,183
Total Expenditures 108,322 84,743 23,579 3,784,238 2,127,558 1,656,680
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 45,978 71,172 25,194 554,838 216,201 (338,637)
OTHER FINANCING SOURCES(USES)
Operating transfers in
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out 5353,401) (353,401)
Total Other Financing Sources(Uses) (353,401) (353,401)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES $ 45,978 71,172 $ 25,194 $ 201,437 (137,200) $ (338,637)
Fund Balances,Beginning of Year 268,924 265,399
Fund Balances,End of Year $ 340,096 $ 128,199
32
(CONTINUED)
State
Affordable Gas
Housing Tax Endowment
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 612,000 $ 552,240 $ (59,760)
1,438 1,438
$ 835,044 $ 966,879 $ 131,835
$ 1,000 $ 1,000 190 190
$ 28,900 24,103 (4,797) 90,800 60,056 (30,744) 397,200 295,278 (101,922)
22,644 22,644 1,091 1,091
28,900 47,747 18,847 702,800 615,015 (87,785) 1,232,244 1,262,157 29,913
56,135 13,991 42,144 831,486 695,973 135,513
422,664 341,524 81,140
56,135 13,991 42,144 1,254,150 1,037,497 216,653
(27,235) 33,756 60,991 (551,350) (422,482) 128,868 1,232,244 1,262,157 29,913
(76,754) (76,754) (225,403) (76,910) 148,493
(76,754) (76,754) (225,403) (76,910) 148,493
$ (27,235) 33,756 $ 60,991 $ (628,104) (499,236) $ 128,868 $ 1,006,841 1,185,247 $ 178,406
680,501 1,798,565 7,242,446
$ 714,257 $ 1,299,329 $ 8,427,693
33
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2002
Low and
Moderate Areas of
Income Housing Contributions
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Other taxes
Utility franchise fees
Building and safety fees
Maintenance assessments $ 1,077,118 $ 847,858 $ (229,260)
Subventions and grants 95,044 95,044
Planning and public works fees
Development fees
Charges for current services 43,257 43,257
Fines and forfeitures
Interest $ 75,000 $ 108,890 $ 33,890 608,300 261,263 (347,037)
Other 97,200 99,019 1,819 500,206 500,206
Total Revenues 172,200 207,909 35,709 1,685,418 1,7472628 62,210
EXPENDITURES
Current:
Public safety
Public services 1,167,201 701,382 465,819 80,000 6,281 73,719
Parks and recreation
Capital outlay 226,292 5,971 220,321 8,445,940 1,309,514 7,136,426
Total Expenditures 1,393,493 707,353 686,140 8,525,940 1,315,795 7,210,145
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (1,221,293) (499,444) 721,849 (6,840,522) 431,833 7,272,355
OTHER FINANCING SOURCES(USES)
Operating transfers in 542,000 529,203 (12,797)
Proceeds from sale of city property 5,100 5,100
Loss from sale of city property (7,780) (7,780)
Operating transfers out (152,737) (152,727) 10
Total Other Financing Sources(Uses) 394,363 373,796 (20,567)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES $(826,930) (125,648) $ 701,282 $ (6,840,522) 431,833 $ 7,272,355
Fund Balances,Beginning of Year 3,706,786 7,151,527
Fund Balances,End of Year $ 3,581,138 $ 7,583,360
34
(CONTINUED)
Street and Traffic
Safety Park Assessment
Development Development District
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 1,705,172 $ 937,977 $ (767,195) $ 1,114,589 $ 1,169,590 $ 55,001 $ 1,977,284 $ 1,966,782 $ (10,502)
526 526 1,475 1,475 48,677 48,677
1,000 (1,000)
329,800 246,443 (83,357) 97,600 112,502 14,902 19,455 23,173 3,718
13,000 12,834 (166) 4,640 4,640
2,034,972 1,184,946 (850,026) 1,225,189 1,296,401 71,212 1,997,739 2,043,272 45,533
18,217 (18,217) 2,545,250 828,610 1,716,640
1,300 4,680 (3,380) 890,125 (890,125)
242,267 43,556 198,711 1,178,428 506,671 671,757 88,571 61,707 26,864
242,267 61,773 180,494 1,179,728 511,351 668,377 2,633,821 1,780,442 853,379
1,792,705 1,123,173 (669,532) 45,461 785,050 739,589 J636,082) 262,830 898,912
4,496 4,496 804,827 573,940 (230,887)
(241,802) (246,298) (4,496)
4,496 4,496 563,025 327,642 (235,383)
$ 1,792,705 1,123,173 $ (669,532) $ 45,461 789,546 $ 744,085 $ (73,057) 590,472 $ 663,529
6,195,795 2,008,389 537,199
$ 7,318,968 $ 2,797,935 $ 1,127,671
35
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL SPECIAL REVENUE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
State and Local
Federal Transportation
Assistance Transit
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Other taxes
Utility franchise fees
Building and safety fees
Maintenance assessments
Subventions and grants $ 3,005,805 $ 1,236,160 $ (1,769,645) $ 766,394 $ 613,970 $ (152,424)
Planning and public works fees
Development fees
Charges for current services 26,979 26,979
Fines and forfeitures
Interest 203,900 91,967 (111,933) 9,000 4,633 (4,367)
Other
Total Revenues 3,209,705 1,328,127 (1,881,578) 775,394 645,582 (129,812)
EXPENDITURES
Current:
Public safety 178,606 179,804 (1,198)
Public services 149,506 47,713 101,793
Parks and recreation 319,794 304,650 15,144
Capital outlay 3,242,931 349,211 2,893,720 424,600 286,332 138,268
Total Expenditures 3,571,043 576,728 2,994,315 744,394 590,982 153,412
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (361,338) 751,399 1,112,737 31,000 54,600 23,600
OTHER FINANCING SOURCES(USES)
Operating transfers in 18,000 (18,000)
Proceeds from sale of city property
Loss from sale of city property
Operating transfers out (21,263) (21,263) (72,600) (54,600) 18,000
Total Other Financing Sources(Uses) (3,263) (21,263) (18,000) (72,600) (54,600) 18,000
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES $ (364,601) 730,136 $ 1,094,737 $ (41,600) $ 41,600
Fund Balances,Beginning of Year 2,169,653
Fund Balances,End of Year $ 2,899,789 $ -
36
Solid
Waste Total
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 612,000 $ 552,240 $ (59,760)
$ 205,300 $ 209,262 $ 3,962 205,300 209,262 3,962
1,451,760 851,914 (599,846)
5,874,163 4,922,207 (951,956)
20,288 17,582 (2,706) 3,792,487 1,964,689 (1,827,798)
2,887,316 1,491,350 (1,395,966)
835,044 966,879 131,835
122,104 122,104
141,000 145,828 4,828
32,500 26,034 (6,466) 1,906,655 1,264,429 (642,226)
110,300 640,434 530,134
258,088 252,878 (5,210) 17,816,025 13,131,336 (4,684,689)
226,763 226,763 452,221 211,000 241,221
161,630 (161,630) 8,668,472 4,650,271 4,018,201
321,094 1,199,455 (878,361)
14,278,507 2,909,117 11,369,390
226,763 161,630 65,133 23,720,294 8,969,843 14,750,451
31,325 91,248 59,923 (5,904,269) 4,161,493 10,065,762
1,364,827 1,107,639 (257,188)
5,100 5,100
(7,780) (7,780)
(34,989) (34,989) (1,178,949) (1,016,942) 162,007
(34,989) (34,989) 190,978 88,017 (102,961)
$ (3,664) 56,259 $ 59,923 $ (5,713,291) 4,249,510 $ 9,962,801
708,445 32,733,629
$ 764,704 $36,983,139
37
CITY OF MOORPARK
COMBINING BALANCE SHEET
ALL CAPITAL PROJECTS FUNDS
JUNE 30,2002
(With Comparative Totals for June 30, 2001)
City Hall Police Facilities Equipment Redevelopment
Building Fee Fund Replacement Agency
ASSETS
Cash and Investments $ 614,944 $ 1,269,966 $ 451,144 $ 9,546,716
Accounts and interest receivable,net 118,257
Notes and loans receivable 3,444,704
Due from other funds 275,308
Other assets 11,120
Land held for resale 990,622
Total Assets $ 614,944 $ 1,269,966 $ 451,144 $ 14,386,727
LIABILITIES
Liabilities:
Accounts payable and accrued liabilities 79,402
Deposits,principally from developers 8,883
Due to other funds 46,165
Total Liabilities 134,450
FUND BALANCES
Fund balances and other credits:
Investment in general fixed assets
Fund balances:
Reserved for AB939
Reserved for unpaid grants
Reserved for encumbrances 267
Reserved for receivables due after one year,net 3,444,704
Reserved for land held for resale 990,622
Designated for business incentives
Undesignated 614,944 1,269,966 450,877 9,816,951
Total Fund Balances 614,944 1,269,966 451,144 14,252,277
Total Liabilities and Fund Balances $ 614,944 $ 1,269,966 $ 451,144 $ 14,386,727
38
TOTALS
2002 2001
$ 11,882,770 $ 3,796,933
118,257 76,006
3,444,704 3,493,320
275,308
11,120 10,590
990,622 990,622
$ 16,722,781 $ 8,367,471
79,402 349,077
8,883 4,045
46,165 484,761
134,450 837,883
267
3,444,704 3,493,320
990,622 990,622
233,678
12,152,738 2,811,968
16,588,331 7,529,588
$ 16,722,781 $ 8,367,471
39
CITY OF MOORPARK
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
(With Comparative Totals for the Fiscal Year Ended June 30, 2001)
City Hall Police Facilities Equipment Redevelopment
Building Fee Fund Replacement Agency
REVENUES
Maintenance assessments $ 153,850
Interest $ 19,855 42,100 $ 12,887 $ 274,839
Other 130,000 135,497
Total Revenues 149,855 195,950 12,887 410,336
EXPENDITURES
Current:
General government 141
Public safety
Public services 471,221
Capital outlay 97,621 1,547,518
Total Expenditures 141 97,621 2,018,739
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 149,855 195,809 (84,734) (1,608,403)
OTHER FINANCING SOURCES(USES)
Operating transfers in 405,251
Proceeds from bond issuance 10,000,965
Operating transfers out
Total Other Financing Sources(Uses) 405,251 10,000,965
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES 149,855 195,809 320,517 8,392,562
Fund Balances,Beginning of Year 465,089 1,074,157 130,627 5,859,715
Prior Period Adjustment
Fund Balances,End of Year $ 614,944 $ 1,269,966 $ 451,144 $ 14,252,277
40
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CITY OF MOORPARK
STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30,2002
City Hall Police Facilities
Building Fee Fund
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Maintenance assessments $ 295,474 $ 153,850 $ (141,624)
Interest $ 23,800 $ 19,855 $ (3,945) 57,000 42,100 (14,900)
Other 130,000 130,000
Total Revenues 153,800 149,855 (3,945) 352,474 195,950 (156,524)
EXPENDITURES
Current:
General government 515,000 141 514,859
Public services
Capital outlay
Total Expenditures 515,000 141 514,859
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 153,800 149,855 (3,945) (162,526) 195,809 358,335
OTHER FINANCING SOURCES(USES)
Operating transfers in
Proceeds from bond issuance
Total Other Financing Sources(Uses)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES $ 153,800 149,855 $ (3,945) $ (162,526) 195,809 $ 358,335
Fund Balances,Beginning of Year 465,089 1,074,157
Fund Balances,End of Year $ 614,944 $ 1,269,966
42
Equipment Redevelopment
Replacement Agency Total
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 295,474 $ 153,850 $ (141,624)
$ 13,800 $ 12,887 $ (913) $ 115,000 $ 274,839 $ 159,839 209,600 349,681 140,081
272,000 135,497 (136,503) 402,000 265,497 (136,503)
13,800 12,887 (913) 387,000 410,336 23,336 907,074 769,028 (138,046)
515,000 141 514,859
359,254 471,221 (111,967) 359,254 471,221 (111,967)
117,700 97,621 20,079 2,253,429 1,547,518 705,911 2,371,129 1,645,139 725,990
117,700 97,621 20,079 2,612,683 2,018,739 593,944 3,245,383 2,116,501 1,128,882
(103,900) (84,734) 19,166 (2,225,683) (1,608,403) 617,280 (2,338,309) (1,347,473) 990,836
401,700 405,251 3,551 401,700 405,251 3,551
10,000,965 10,000,965 10,000,965 10,000,965
401,700 405,251 3,551 10,000,965 10,000,965 10,402,665 10,406,216 3,551
$ 297,800 320,517 $ 22,717 $ 7,775,282 8,392,562 $ 617,280 $ 8,064,356 9,058,743 $ 994,387
130,627 5,859,715 7,529,588
$ 451,144 $ 14,252,277 $ 16,588,331
43
CITY OF MOORPARK
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND-DEVELOPER DEPOSIT FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
Balance Net Net Balance
Fund Name June 30, 2001 Additions Reductions June 30, 2002
Cash and investments $ 1,413,623 $ 552,596 $ 1,966,219
Total Assets $ 1,413,623 $ 552,596 $ - $ 1,966,219
Accounts payable 227,731 227,731
Developer deposits 1,413,623 324,865 1,738,488
Total Liabilities $ 1,413,623 $ 552,596 $ - $ 1,966,219
44
STATISTICAL SECTION
CITY OF MOORPARK
REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
LAST TEN FISCAL YEARS
Taxes and Licenses Revenue Use of
Fiscal Assessments Permits and From Other Maintenance Money& Other Total
Year (See Note 1) Fees Agencies Assessments Property Revenue Revenue
1993 $ 3,937,065 $ 3,157,288 $ 951,352 $ 1,811,483 $ 1,316,507 $ 1,916,469 $ 13,090,164
1994 3,902,251 2,717,299 1,966,343 3,592,238 1,356,679 1,128,888 14,663,698
1995 4,390,156 2,501,078 789,852 940,377 1,314,740 1,157,615 11,093,818
1996 4,282,265 2,672,673 1,021,458 2,991,121 2,320,057 1,746,631 15,034,205
1997 6,349,631 4,693,256 1,373,726 1,641,622 1,984,162 493,938 16,536,335
1998 4,879,322 4,587,138 1,170,287 1,630,996 1,988,731 623,362 14,879,836
1999 5,486,444 4,033,723 849,089 3,856,911 2,691,285 709,444 17,626,896
2000 6,099,037 4,377,998 4,325,305 3,197,752 2,384,356 946,795 21,331,243
2001 7,036,031 6,954,690 1,688,714 6,385,546 2,987,920 1,337,640 26,390,541
2002 7,162,651 6,352,828 2,102,594 5,076,057 2,208,850 2,191,706 25,094,686
Governmental Fund types includes General Fund and all Special Revenue, Debt Service and Capital Project
Funds.
NOTE: 1991 was the first year the Redevelopment Agency received tax increment. In 1992, the County of
Ventura impounded tax increment for the Redevelopment Agency and then released it in 1993.
Source: City of Moorpark
45
CITY OF MOORPARK
EXPENDITURES BY FUNCTION
ALL GOVERNMENTAL FUND TYPES
LAST TEN FISCAL YEARS
Fiscal General Public Public Parks& Capital Debt
Year Government Safety Services Recreation Outlay Service Total
1993 $ 1,251,186 $ 2,220,034 $ 2,609,431 $ 706,997 $ 3,714,679 $ 126,414 $ 10,628,741
1994 1,502,504 2,417,915 2,913,513 989,482 9,218,073 554,029 17,595,516
1995 1,332,372 2,518,495 2,457,737 1,175,997 2,342,077 1,694,708 11,521,386
1996 1,530,824 2,618,063 2,533,477 1,263,862 5,740,952 2,582,130 16,269,308
1997 1,386,598 2,807,382 3,960,313 1,336,029 3,452,115 1,125,199 14,067,636
1998 1,631,787 3,026,724 3,599,360 1,381,058 1,081,814 1,268,704 11,989,447
1999 1,993,878 3,102,834 3,148,264 1,385,376 1,965,474 4,156,354 15,752,180
2000 1,168,049 3,476,781 5,070,009 1,383,146 5,355,271 3,564,305 20,017,561
2001 1,601,638 3,830,253 5,035,651 1,851,648 6,888,258 2,767,770 21,975,218
2002 1,809,125 3,905,096 6,962,489 1,921,588 4,789,732 1,125,529 20,513,559
Governmental Fund Types include General Fund and all Special Revenue, Debt Service and Capital Projects
Funds.
Source: City of Moorpark
46
CITY OF MOORPARK
ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Total
Fiscal Net Secured Net Unsecured Net Assessed Percent Homeowner's
Year Roll Roll Roll Change Exemptions
1993 $ 1,674,603,922 $ 57,669,820 $ 1,732,273,742 5.2% $ 33,507,656
1994 1,673,307,475 57,005,483 1,730,312,958 -0.1% 33,943,139
1995 1,732,877,452 56,810,214 1,789,687,666 3.4% 36,000,192
1996 1,784,220,963 63,819,253 1,848,040,216 3.3% 37,421,267
1997 1,848,655,764 68,944,812 1,917,600,576 3.8% 38,289,239
1998 1,920,177,164 70,911,851 1,991,089,015 3.8% 39,313,581
1999 2,035,487,530 85,464,519 2,120,952,049 10.6% 40,240,720
2000 2,149,505,500 84,834,286 2,234,339,786 12.2% 40,687,060
2001 2,421,104,221 92,634,149 2,513,738,370 18.5% 40,786,802
2002 2,549,782,519 94,204,773 2,643,987,292 18.3% 41,025,922
Source: Ventura County Assessor
47
CITY OF MOORPARK
SECURED TAX CHARGE AND DELINQUENCIES
MOST RECENT FIVE YEAR HISTORY
Amount Percent
Fiscal Secured Delinquent Delinquent
Year Tax Charge June 30 June 30
1998 1,191,918 21,807 1.8%
1999 1,374,741 25,687 1.9%
2000 1,410,082 25,054 1.8%
2001 1,573,688 67,292 4.3%
2002 1,832,673 29,778 1.6%
Source: California Municipal Statistics, Inc.
48
CITY OF MOORPARK
DIRECT AND OVERLAPPING BONDED DEBT
AS OF FISCAL YEAR 2001-2002*
2001-2002 Assessed Valuation: $ 2,685,810,036
Redevelopment Incremental Valuation: 260,866,507
Adjusted Assessed Valuation: $ 2,424,943,529
Percent Debt
Direct and Overlapping Tax and Assessment Debt: Applicable as 6/30/02
Ventura County Flood Control District Zone No. 3 8.039% $ 46,224
Metropolitan Water District 0.229% 1,152,042
Conejo Valley Unified School District 0.027% 18,203
Moorpark Unified School District 92.311% 20,382,893
City of Moorpark 100.000% 0
City of Moorpark Community Facilities District No. 97-1 100.000% 7,300,000
City of Moorpark 1915 Act Bonds 100.000% 1,900,000
Total Direct and Overlapping Tax&Assessment Debt $30,799,362
Overlapping General Fund Obligation Debt: 4.255% $ 3,714,402
Ventura County General Fund Obligations 4.255% 4,390,309
Ventura County Pension Obligations 4.255% 92,334
Ventura County Superintendent of Schools COPS 4.256% 470,501
Ventura County Community College District COPS 92.311% 4,643,243
Ventura County Library District Authority 6.921% 13,842
Total Overlapping General Fund Obligation Debt $13,324,631
Combined Total Debt* $44,123,993
Ratios to 2001-2002 Assessed Valuation:
Direct Debt 0.00%
Total Direct and Overlapping Tax&Assessment Debt 1.15%
Ratio to Adjusted Assessed Valuation
Combined Total Debt 1.82%
State School Building Aid Repayable as of 6/30/02 0
* Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non-
bonded capital lease obligations.
Source: California Municipal Statistics, Inc.
49
CITY OF MOORPARK
COMPUTATION OF LEGAL DEBT MARGIN AND
BREAKDOWN OF GENERAL PROPERTY TAX LEVY
Legal Debt Margin as of June 30, 2002
Assessed Valuation:
Secured property assessed value: $ 2,549,782,519
Bonded Debt Limit(15%of Assessed Value) $ 382,467,378
Amount of Debt Subject to Debt Limit
Total Bonded Debt $ 20,465,000
Less CRA Tax Allocation Bonds 20,465,000
Amount of Debt Subject to Debt Limit: $
Breakdown of General Property Tax Levy
In accordance with the California State Constitution as amended by Proposition 13
in 1978, property taxes are limited to $1 per$100 of valuation unless additional
levies are approved by the general electorate. Most local public agencies receive
a share of the "general levy" ($1 per$100 of valuation) in accordance with State
statutes. The following is a breakdown of the proportional shares of the "General Levy":
Moorpark Unified School District 33.50%
County of Ventura General Fund 17.20%
Fire Protection District 15.10%
E.R.A.F 93-94 Shift 8.77%
City of Moorpark 6.50%
Education Revenue Augmentation 5.50%
Ventura Community College 5.80%
Ventura Co. Superintendent of Schools 2.60%
County Library 1.67%
County Flood Zone#3 1.26%
Moorpark Mosquito Abatement 0.91%
Calleguas Municipal Water 0.90%
Ventura County Flood Control Admin 0.26%
Ventura College Child Care 0.03%
Total 100.00%
Source: City of Moorpark, Ventura County Assessor and HdL Coren&Cone
50
CITY OF MOORPARK
CITY POPULATION
LAST TEN YEARS
Percent
Year Population Change
1993 26,713 1.6%
1994 27,170 1.7%
1995 27,099 -0.3%
1996 27,752 2.4%
1997 28,377 2.3%
1998 29,300 3.3%
1999 29,589 1.0%
2000 29,727 0.5%
2001 32,150 8.2%
2002 33,760 5.0%
Source: City of Moorpark,and State Department of Finance
51
CITY OF MOORPARK
BUILDING PERMIT VALUATION
LAST TEN FISCAL YEARS
Number Number
Fiscal Residential of Commercial of Total Permit
Year Valuation Permits Valuation Permits Valuation
1993 $ 9,182,124 326 $ 7,488,066 50 $ 16,670,190
1994 26,189,940 250 11,374,256 55 37,564,196
1995 55,828,983 250 2,575,542 37 58,404,525
1996 45,807,776 443 6,869,232 65 52,677,008
1997 24,274,609 364 27,460,489 85 51,735,098
1998 6,331,779 258 18,950,107 131 25,281,886
1999 3,112,703 213 6,538,260 90 9,650,963
2000 45,298,666 386 9,786,014 59 55,084,680
2001 76,864,038 581 7,046,028 69 83,910,066
2002 76,284,366 667 4,058,411 101 80,342,777
Source: City of Moorpark
52
CITY OF MOORPARK
LARGEST PROPERTY OWNERS
PER ASSESSED VALUATION 2002
Assessed
Value of
Property Owner Property
Autosafe Airbag Limited Partnership $ 78,197,247
Security Capital Pacific Trust 31,646,026
Kavlico Corporation, A C-Mac Company 24,486,100
Toll California Limited Partnership 21,175,377
Laars Inc. 20,233,185
G-S Partnership 18,270,520
Calabasas BCD Inc. 16,529,990
Richmond American Homes California 15,924,485
James Birkenshaw, et.al., Lessor 15,344,223
Augusta Homes 13,484,000
Source: Hdl Coren&Cone and Ventura County Assessor
53
CITY OF MOORPARK
MISCELLANEOUS STATISTICS
Year of Incorporation: 1983 Parks&Recreation:
Number of Parks 15
Form of Government: Council-Manager Park Acreage 160 acres
General Law City
Most Recent Population Estimate: 33,760 Education(Number of Schools):
High Schools 3
Registered Voters: 16,005 Middle Schools 2
Elementary Schools 6
City Employees: 102
Number of Community Facilities
Fire Protection: City Civic Buildings 1
Number of Stations: 2 Libraries 1
Number of Firefighters: 7 Community Centers 2
Senior Centers 1
Police Protection: Gym 1
Number of Stations: 1 Activity Rooms for Rentals 4
Number of Police Officers: 24
Number of Support Personnel: 2
54