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HomeMy WebLinkAboutACFR 1984 MOORPARK ettrip ( \, -z...,...r. ANNUAL FINANCIAL REPORT Year ended June 30, 1984 MOORPARK ANNUAL FINANCIAL REPORT June 30, 1984 TABLE OF CONTENTS FINANCIAL SECTION Page Report of Certified Public Accountants 1 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 3 Notes to Combined Financial Statements 4-5 Schedule Additional Financial Information: Special Revenue Funds: Combining Balance Sheet 1 6 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 2 7 QOU A MEMBER OF ARTHUR YOUNG INTERNATIONAL ARTHUYOURCOMPANYnnITHUR V0U^ a 433 NORTH CAMDEN DRIVE BEVERLY HILLS, CALIFORNIA 90210 Honorable City Council Moorpark, California We have examined the combined financial statements of Moorpark at June 30, 1984 and for the year then ended, as listed in the accompanying table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. Moorpark has not obtained appraised values for certain real property transferred from the County of Ventura during the year ended June 30, 1984. Accordingly, such property has not been recorded in the General Property and Equipment Account Group in the accompanying combined balance sheet. This departure from generally accepted accounting principles does not have a material effect on the results of operations of Moorpark for the year ended June 30, 1984. In our opinion, the combined financial statements mentioned above present fairly the combined results of operations of Moorpark for the year ended June 30, 1984 and, except for the effects on the combined balance sheet of not recording certain real property as discussed in the preceding paragraph, the combined financial position of Moorpark at June 30, 1984, in conformity with generally accepted accounting princi- ples. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining and individual fund financial statements listed as additional financial information in the table of contents are presented for purposes of addi- tional analysis and are not a required part of the combined financial statements of Moorpark. Such additional financial information has been subjected to the auditing procedures applied in our examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. d4,14/0-7/ • September 28, 1984 MOORPARK COMBINED BALANCE SRFFT ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1984 Governmental Fund Types General Special Capital Property and General revenue Projects Equipment ASSETS Fund funds Fund Account Group Totals (memorandum only) Cash, including short-term interest-bearing securities of $3,426,829 $244,502 $3,140,564 $45,000 $ - $3,430,066 Accounts and interest receivable 3,313 250,114 - - 253,427 Office furniture and equipment - - - 3,673 3,673 $247.815 $3,390,678 $45,000 $3,673 $3,687,166 LIABILITIES AND FUND EQUITIES Liabilities: Accounts payable and accrued liabilities $ 24,894 $ - $ - $ - $ 24,894 Commitments and contingencies (Note 3) Fund equities: Investment in general property and equipment - - - 3,673 3,673 Fund balances available 222,921 3,390,678 45,000 - 3,658,599 Total fund balances/equities 222,921 3,390,678 45,000 3,673 3,662,272 $247,815 $3,390,678 $45,000 $3.673 $3.687.166 See accompanying notes to combined financial statements. 2. MOORPARK COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES Year ended June 30, 1984 Governmental Fund Types Special Capital General revenue Projects Totals Fund funds Fund (memorandum only) Revenues: Sales taxes $ 97,893 '" $ - $ - $ 97,893 Other taxes 21,826 ' 193,118 - 214,944 Motor vehicle license fees 271,043 ,, - - 271,043 Utility franchise fees 40,414 ' - - 40,414 Street improvement fees - 488,356 - 488,356 Licenses and permits 3,452 ., - - 3,452 Fines and forfeitures 1,5914 12,840 - 14,431 Interest 3,619 ✓ 99,451 - 103,070 Other 5,983 - - 5,983 Total revenues 445,821 793,765 - 1,239,586 Expenditures: General government 177,900 - - 177,900 Excess of revenues over expenditures 267,921 793,765 - 1,061,686 Residual equity transfers (to) from other funds (Note 2) ( 45,000) - 45,000 - Residual equity transfers from the County of Ventura of park development and street improvement monies collected prior to the City's incorporation (Note 2) - 2,596,913 - 2,596,913 Fund balances, June 30, 1984 $ 222.921 $3,390,678 $45,000 $3.658.599 See accompanying notes to combined financial statements. _ 3. MOORPARK NOTES TO COMBINED FINANCIAL STATEMENTS June 30, 1984 1. Summary of significant accounting policies The combined financial statements include total columns Moorpark (City) was incorporated on July 1, 1983 after which aggregate the financial statements of the various fund approval by the voters resident within its boundaries. The types and account group. The columns are designated "memoran- City was previously a portion of the unincorporated area of dum only" because the totals are not comparable to a consolida- Ventura County. As provided by State law, the County retained tion in that interfund transactions are not eliminated. all property taxes collected through June 30, 1984 and pro- Basisvided of accounting governmental services, principally law enforcement and - public works, to the City without charge through that date. Governmental fund types use a modified accrual basis of accounting. Revenues are recognized when available and Fund types and account group measurable. Revenues which are accrued include street improve- The City accounts for its financial position and opera- ment fees, building permits, interest and certain other taxes. tions in accordance with generally accepted accounting prin- Revenues which are not considered susceptible to accrual include ciples applicable to governmental units. Accordingly, the motor vehicle license fees, certain other licenses and fees, City uses several funds and an account group described below. fines, forfeitures and penalties. Expenditures are recorded when the liability is incurred. A fund or account group is an accounting entity with a self-balancing set of accounts established to record the Cash and investments financial position and results of operations of a specific Short-term interest-bearing securities consist of time governmental activity. The City maintains the following fund certificates of deposit and U.S. Treasury obligations and are types and account group: stated at cost, which approximates market value. Investment Governmental fund types, which include the General Fund, income is allocated to the various funds based upon the funds' special revenue funds and Capital Projects Fund, are used average cash and investment balances. to record the general operations of the government; Property and equipment General Property and Equipment Account Group, which is - - used to account for property and equipment purchased by Acquisitions of property and equipment are recorded the governmental funds, as expenditures in governmental fund types at the time of purchase. These assets, when over $500 each, are capitalized at cost in the General Property and Equipment Account Group. Expenditures for infrastructure (roads, curbs, sidewalks, 4. MOORPARK NOTES TO COMBINED FINANCIAL STATEMENTS June 30, 1984 1. Summary of significant accounting policies (Cont'd.) balance. During the year ended June 30, 1984, a residual Property and equipment (Cont'd.) equity transfer of $45,000 was made from the General Fund to the Capital Projects Fund to finance future capital projects, etc.) normally are not capitalized as such assets are immova- principally improvements to the city hall during the year ble and generally of value only to the City. No depreciation ending June 30, 1965. is provided for assets capitalized in the General Property and Equipment Account Group. Transfers from the County of Ventura During the year ended June 30, 1984, the County of During the year ended June 30, 1984, residual equity Ventura transferred certain real property to the City. The transfers totalling $2,596,913 were made from the County of City has not obtained appraised values for this real property; Ventura to the City; such transfers were recorded as additions accordingly, it has not been recorded in the General Property to the appropriate City fund balances. These transfers repre- and Equipment Account Group. It is the City's intent to sent monies collected by the County, prior to the City's incor-. obtain appraisals as of the date the property was transferred poration, for park development and street improvements of and record such property in the General Property and Equipment $889,526 and $1,707,387, respectively. Account Group during the year ending June 30, 1985. 3. Commitments and contingencies Budget Commitments Because of the organizational nature of its activities The City has contracted with the County of Ventura for during its initial period of operations, the City operated various services, principally law enforcement, effective July with an informal budget during the period ended June 30, 1984. 1, 1984. These contractual commitments total approximately The City Council has adopted a formal budget for the $749,000 for the year ending June 30, 1985. year ending June 30, 1985 providing for operations and capital expenditures of the City. Budgetary controls and the levying Contingencies of taxes are set by the City Council within State limitations. There are certain legal actions pending against the City 2. Residual equity transfers which have arisen in the normal course of operations. In the opinion of management, after consultation with counsel, the Interfund transactions ultimate resolution of such actions is not expected to have a Residual equity transfers are recorded by the disbursing significant effect upon the combined financial statements or fund as a transfer-out and reduction of fund balance and by operations of the City. the receiving fund as a transfer-in and as an addition to fund 5. ADDITIONAL FINANCIAL INFORMATION Schedule 1 MOORPARK COMBINING BALANCE SHEET ALL SPECIAL REVENUE FUNDS June 30, 1984 State Special Gas Tax Park Street Traffic Fund Development Construction Safety Total ASSETS Cash in City treasury $186,970 $904,413 $2,036,341 $12,840 $3,140,564 Accounts and interest receivable 14,355 786 234,973 - 250,114 $201,325 $905,199 $2,271,314 $12,840 $3,390,678 FUND BALANCES Fund balances available $201,325 $905,199 $2,271,314 $12,840 $3,3901678 6. Schedule 2 MOORPARK COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL SPECIAL REVENUE FUNDS Year ended June 30, 1984 State Special Gas Tax Park Street Traffic Fund Development Construction Safety Total Revenues: Taxes $193,118 $ - $ - $ - $ 193,118 Street improvement fees - - 488,356 - 488,356 Fines and forfeitures - - - 12,840 12,840 Interest 8,207 15,673 75,571 - 99,451 Total revenues 201,325 15,673 563,927 12,840 793,765 Expenditures - - - - - Excess of revenues over expenditures 201,325 15,673 563,927 12,840 793,765 Residual equity transfers from the County of Ventura of park development and street improvement monies collected prior to the City's incorporation - 889,526 1,707,387 - 2,596,913 Fund balances, June 30, 1984 '201,325 $905199 $2,271,314 $12,840 $3,390.678 7.