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for the fiscal. Year Ended �June 30, 2007
On the cover...
Top Left: Magnolia Park located at 296 Charles Street .
Top Right : Arroyo Vista Recreation Center located at 4550 Tierra
Rejada Road.
Bottom Left : Tierra Rejada Park located at 11900 Mountain Trail
Street .
The City of Moorpark currently maintains sixteen (16) park sites . The
city is responsible for maintaining the grounds, equipment and
facilities of city parks; coordinating the design and construction of
park improvements; and planning future parks . The parks are available
to the community to reserve to host parties, special events,
recreational activities, and sports programs .
Bottom Right : Moorpark City Library Located at 699 Moorpark Avenue .
In January 2007, the City established and opened the Moorpark City
Library which had previously been operated by the County of Ventura .
The Moorpark City library is open 7 days a week and employs 6 . 5 full-
time equivalent staff . Day to day operation of the Library is the
responsibility of the Parks, Recreation, and Community Services
Department who contracts with Library Systems and Services to provide
staffing and daily operational support . Books, media, databases, and
technology are available for children, teens, and adults; allowing
everyone convenient access to information .
CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30, 2007
Prepared By:
Finance Department
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2007
TABLE OF CONTENTS
PAGE
I. INTRODUCTORY SECTION
Letter of transmittal i-vi
Directory of Officials vii
Organizational Chart viii
Awards for Financial Reporting ix
II. FINANCIAL SECTION
Independent Auditors'Report 1
Management Discussion&Analysis 2- 13
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Assets 14
Statement of Activities 15
Fund Financial Statements
Balance Sheet-Governmental Funds 16- 17
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets 18
Statement of Revenues,Expenditures and Changes in Fund Balances-Governmental Funds 19-20
Reconciliation of the Statement of Revenues,Expenditures,and Changes in Fund Balances
of Governmental Funds to the Statement of Activities 21
Statement of Fiduciary Assets and Liabilities 22
Notes to Financial Statements 23 -50
Required Supplementary Information:
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
General Fund 51
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
Street and Traffic Safety Development Special Revenue Fund 52
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
Community Development Special Revenue Fund 53
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
Areas of Contribution Special Revenue Fund 54
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
Endowment Special Revenue Fund 55
Statement of Revenues,Expenses and Changes in Fund Balance-Budget and Actual-
Park/Public Facilities Special Revenue Fund 56
Supplementary Information:
Budgetary Comparison Schedules-Major Fund
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budget and Actual:
Police Facilities Fee Capital Projects Fund 57
Redevelopment Agency Capital Projects Fund 58
Redevelopment Agency Debt Service Fund 59
Non-Major Governmental Funds 60
Combining Balance Sheet 61 -62
Combining Statement of Revenues,Expenditures and Changes in Fund Balance 63-64
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budget and Actual:
Traffic Safety Special Revenue Fund 65
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2007
TABLE OF CONTENTS-Continued
Supplementary Information-Continued:
Affordable Housing Special Revenue Fund 66
Assessment District Special Revenue Fund 67
State and Federal Assistance Special Revenue Fund 68
State Gas Tax Special Revenue Fund 69
Low and Moderate Income Housing Special Revenue Fund 70
Local Transportation Transit Special Revenue Fund 71
Solid Waste Special Revenue Fund 72
City Hall Building Capital Projects Fund 73
Equipment Replacement Capital Projects Fund 74
Statement of Changes in Net Assets-Agency Funds 75
III. STATISTICAL SECTION
Net Assets by Component-Last Five Fiscal Years 76
Changes in Net Assets Governmental Activities-Last Five Fiscal Years 77
Fund Balances of Governmental Funds-Last Five Fiscal Years 78
Changes in Fund Balances of Governmental Funds-Last Five Fiscal Years 79
Assessed Value and Estimated Actual Value of Taxable Property-Last Nine Fiscal Years 80
Direct and Overlapping Property Tax Rates-Last Eight Fiscal Years 81
Principal Property Tax Payers-Current Year and Six Years Ago 82
Property Tax Levies and Collections-Last Ten Fiscal Years 83
Ratios of Outstanding Debt by Type-Last Eight Fiscal Years 84
Ratio of General Bonded Debt Outstanding-Last Eight Fiscal Years 85
Direct and Overlapping Debt 86
Legal Debt Margin Information-Last Eight Fiscal Years 87
Pledged Revenue Coverage-Last Six Fiscal Years 88
Demographic and Economic Statistics-Last Ten Fiscal Years 89
Principal Employers-Current Year and Ten Years Ago 90
Full-Time and Part-Time City Employees by Function-Last Seven Fiscal Years 91
Operating Indicators by Function-Last Ten Fiscal Years 92
Capital Asset Statistics by Function-Last Eight Fiscal Years 93
INTRODUCTORY SECTION
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799 Moorpark Avenue, Moorpark, California 93021 (805)517-6200 fax (805)532-2520
December 17, 2007
Honorable Mayor, Members of the City Council and Citizens of Moorpark:
We are pleased to present this Comprehensive Annual Financial Report (CAFR) of
the City of Moorpark, California for the fiscal year ended June 30, 2007. The City
has continued to prepare the CAFR to comply with the financial reporting model
developed by the Governmental Accounting Standards Board (GASB) Statement 34.
This model improves the financial reporting by adding significant additional
information not previously available in local government financial statements prior to
GASB 34.
As a result of GASB 34, the Government-Wide Financial Statements are presented
along with the fund-by-fund financial information. The Government-Wide Financial
Statements include a Statement of Net Assets that provides the total net equity of
the City including infrastructures and the Statement of Activities that shows the cost
of providing government services. These statements include all assets and liabilities
using the accrual basis of accounting (similar to a private-sector business) versus
the modified accrual method used in the fund financial statements. A reconciliation
of the balance sheet of the Governmental Funds to the Statement of Net Assets has
been prepared to reflect the changes between the two reporting methods. In
addition, the reporting model includes an emphasis on the City's major funds as
shown in the Governmental Fund Statements. These new statements and other
significant information are analyzed in the narrative section called Management's
Discussion and Analysis (MD&A). The MD&A provides "financial highlights" and a
brief overview of the basic financial statements. In addition, the MD&A provides the
readers of the City's financial statements with financial trends, explanation for
variances and economic factors for the upcoming fiscal year's budget.
Furthermore, in May 2004, the GASB issued Statement No. 44, Economic Condition
Reporting. This statement requires the statistical section to be presented with
detailed information, typically in ten-year trends, that assists users in utilizing the
basic financial statements, notes to basic financial statements, and required
supplementary information to assess the economic condition of a government. This
PATRICK HUNTER JANICE S. PARVIN ROSEANN MIKOS KEITH F. MILLHOUSE MARK VAN DAM
Mayor Mayor Pro Tern Councilmember Councilmember Councilmember
statement was effective starting with fiscal year 2005/06 and has resulted in
changes to the statistical section. The City continues to present the statistical
section with detail information to be in compliance with GASB No. 44 requirements
for fiscal year 2006/07.
Responsibility for both the accuracy of this data, and the completeness and fairness
of its presentation, including all disclosures, rests with the City. To the best of our
knowledge and belief, the enclosed data are accurate in all material respects and
are reported in a manner that presents fairly the account groups and the financial
position and operational results of the City's various funds and component units. All
disclosures necessary to enable the reader to gain an understanding of the City's
activities have been included.
THE REPORTING ENTITY AND ITS SERVICES
The financial reporting entity includes all the funds of the City of Moorpark as well as
all of its component units. The City of Moorpark is the primary government. The
component units are the Moorpark Redevelopment Agency (the MRA), the Moorpark
Public Financing Authority and the Moorpark Industrial Development Authority.
The City was incorporated in 1983 as a general law city and operates under a
Council-Manager form of government.
The MRA was formed in 1987 with the objective of providing long-term financing of
capital improvements designed to eliminate physical and economic blight in the
designated project area.
The Moorpark Public Financing Authority was formed in 1993 as a joint powers
authority between the City and the MRA in order to provide financial assistance to
the City and the MRA by issuing debt and financing the construction of public
facilities.
The Industrial Development Authority of the City of Moorpark was formed in 1985
pursuant to the California Industrial Development Financing Act (the "Act"). Its
purpose is to finance the acquisition and development of certain industrial activities
as permitted by the Act and to issue bonds for the purpose of enabling industrial
firms to finance the cost of such activities.
PROFILE OF THE CITY OF MOORPARK
The City provides a full range of services to its residents with a total regular full-time
staff of about 63 and part-time staff of approximately 49 employees. Major services
such as police (contracted with Ventura County Sheriff), attorney, development
engineering and inspection, building and safety plan check/inspection, transit, street
sweeping and landscape maintenance are provided through contractual
arrangements. In addition, fire protection is provided by the Ventura County Fire
ii
District. The City provides services such as emergency management,
redevelopment, housing, planning, code compliance, recreation programs,
vector/animal control, park and facilities maintenance, street maintenance, city
engineering, crossing guard and administrative management services with city
employees.
HISTORY OF THE CITY OF MOORPARK
In 1887, Robert W. Poindexter was granted title to the present site of Moorpark. He
named the City after the Moorpark apricot which grew throughout the valley.
Poindexter plotted Moorpark city streets and planted Pepper trees in the downtown
area. The City of Moorpark was incorporated in 1983 as the tenth city of Ventura
County with a Council-Manager form of government. The Mayor is elected at large
to serve a two-year term. The four Council Members are elected at large to serve
staggered four-year terms. The size of the City was 12.36 square miles with a
population of about 10,000 at incorporation and is currently 12.44 square miles with
a population of about 36,150 (source: California Department of Finance). Moorpark
is recognized for having the lowest number of serious crimes committed in Ventura
County and is one of the safest cities of its size in the United States.
BUDGETARY CONTROL
The City of Moorpark prepares an annual budget consistent with Generally Accepted
Accounting Principles (GAAP) for all governmental funds on a modified accrual basis
where revenues are recognized when they become measurable and available to
finance expenditures of the current period. Expenditures are recorded when the
goods or services are received and the liabilities are incurred.
Department Directors are responsible, not only to accomplish his/her particular goals
within each program, but also to monitor budget allocations consistent to the funding
levels adopted by the City Council prior to July 1 of the budget year.
In addition, the City maintains budgetary control through the use of an encumbrance
accounting system. As purchase orders are issued, corresponding amounts are
encumbered for later payments to ensure that budget amounts are not over spent.
INTERNAL CONTROLS
The City's management is responsible for developing and establishing internal
control structure to ensure that the assets of the government are protected from
loss, theft, misuse and to ensure that adequate accounting data is compiled to allow
for the preparation of financial statements in conformity with Generally Accepted
Accounting Principles. The internal control structure is designed to provide
reasonable assurance, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: 1) the cost of a control should
iii
not exceed the benefits likely to be derived; and 2) the valuation of the costs and
benefits requires estimates and judgments by management.
ANNUAL AUDIT
An independent accounting firm has performed the annual audit of the City's
financial statements for the fiscal year ended June 30, 2007. As part of the annual
audit, reviews are made to determine the adequacy of the City's internal control
structure, as well as to determine that the City has complied with certain provisions
of laws and regulations. Their examination has been completed and the auditor's
report on the City's financial statements is included at the beginning of the Financial
Section of this report.
AWARD
The California Society of Municipal Finance Officers (CSMFO) presented the City of
Moorpark with a Certificate of Award for Outstanding Financial Reporting for the
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30,
2006. The Certificate of Award is a prestigious state recognition for conformance
with high standards for preparation of local government financial reports. The
reports must meet requirements outlined in the CSMFO Awards Checklist, satisfying
generally accepted accounting principles and applicable legal requirements.
The Certificate of Award is valid for a period of one year only. The City will continue
to participate in the program by submitting the current CAFR to CSMFO to
determine its eligibility for another award.
APPROPRIATION LIMIT
Article XIIIB of Proposition 4, commonly referred to as the "Gann Initiative" was
approved by California voters in 1979, which placed limits on the amount of
proceeds of taxes that State and Local agencies can appropriate and spend each
fiscal year. In addition, voters approved Proposition 111 in 1990 to further increase
the accountability of local government in adopting their limits by requiring the
governing body to annually adopt, by resolution, an appropriation limit for the
upcoming fiscal year. The appropriation limit and the City's appropriations subject to
the limit for the fiscal year 2006/07 amounted to $19,700,584 and $9,225,745,
respectively.
CASH MANAGEMENT
The City Treasurer is responsible for investing cash temporarily idle during the year
in accordance with the State Government Code and the Investment Policy adopted
by the City Council. The City diversified its investment portfolio by utilizing several
investment instruments. At fiscal year end June 30, 2007, approximately $64.4
million (City & MRA combined) was invested with the State Treasurer's Local
iv
Agency Investment Fund (LAIF); approximately $12.5 million in the Ventura County
Pool; approximately $20.9 million in U.S. Treasury and Agency Securities; and $1.5
million was invested in Certificate of Deposits (CDs).
The cash management system of the City of Moorpark is designed to monitor
revenues and expenditures to ensure the investment of monies to the fullest extent
possible. The criteria for selecting investments and the order of priority are (a)
safety, (b) liquidity, and (c) yield. The underlying objective of the City's policy is to
obtain the highest interest rate yields and at the same time, ensures that money is
available when needed and all deposits are insured by the Federal Deposit
Insurance Corporation or collateralized.
CAPITAL ASSETS
In accordance with GASB Statement No. 34, the City has reported all capital assets
including infrastructures in the Government-Wide Statement of Net Assets. The City
elected to use the basic approach for all infrastructures reporting, whereby
depreciation expense and accumulated depreciation has been recorded. Capital
assets for the fiscal year ended June 30, 2007 has a net ending balance of $125.9
million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
The City of Moorpark has no outstanding bond or other debt but does have long-
term liabilities in an amount of $616,440 at June 30, 2007 for employee
compensated absences (accrued leave).
The Moorpark Redevelopment Agency (MRA) has the 1999 Tax Allocation Bonds
and the 2001 Tax Allocation Bonds outstanding in an amount of $6.9 million and
$11.6 million, respectively. In addition, the MRA issued the 2006 Tax Allocation
Bonds which ended the year with a balance of $11,695,000. The purpose of the
1999 Bonds was to advance refund the Agency's previously issued 1993 Tax
Allocation Bonds. The purpose of these bonds were to finance a portion of the costs
of implementing the Redevelopment Plan and fund redevelopment activities within
the MRA project area.
RISK MANAGEMENT
The City is a member of the California Joint Powers Insurance Authority (CJPIA)
established under the provisions of California Government Code 6500 et seq.,
consisting of over 100 California public entities. The CJPIA provides risk coverage
for its members through the pooling of losses and purchased insurance. The
coverage extends to general liability and workers' compensation administered by the
Authority. In addition, the City of Moorpark also participates in the all-risk property
protection offered by the Authority. Various control techniques, including safety,
v
ergonomic, harassment and driver awareness training have been implemented to
minimize losses.
ACKNOWLEDGEMENT
We would like to express appreciation to all City staff who assisted and contributed
to the preparation of this report, particularly to the members of the Finance
Department. We would also like to extend our appreciation to our auditors, Team,
Ramirez & Smith, Inc., Certified Public Accountants for their professional assistance.
As in the past, the CAFR will be available on the City's website at
www.moorpark.ca.us.
Respectfully submitted,
//c/J2y()-r-
Steven Kueny Johnny Ea
City Manager Finance Director
vi
City of Moorpark
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Comprehensive
Annual Financial Report
For the Fiscal Year Ended June 30, 2007
DIRECTORY OF CITY OFFICIALS
CITY COUNCIL
Patrick Hunter, Mayor
Keith F. Millhouse, Mayor Pro Tern Roseann Mikos, Councilmember
Janice S. Parvin, Councilmember Mark Van Darn, Councilmember
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Barry Hogan, Deputy City Manager
David Bobardt, Planning Director
Johnny Ea, Finance Director
Yugal Lall, City Engineer/ Public Works Director
Mary Lindley, Parks, Recreation & Community Services Director
Deborah Traffenstedt, Administrative Services Director
vii
CITY OF MOORPARK
ORGANIZATION CHART
Arts Commission r r
Honorable City Council City Attorney
(Contract)
, ,
Parks and Recreation _
Commission r
City Manager
Planning Commission — \.
Assistant City Manager
,
.Emergency Services
.Grants
c , .Intergovernmental Community and
Police Services Legislative Relations
" •
.Public Facility Capital Projects
Manager (Contract) .Public Information/Cable TV
.Redevelopment
J Economic Development
Property Management
Housing
CommunityAdministration Parks, Recreation and, Public Works , / Finance
Development Services/ City Clerk Community Services Department Department
Department Department Department
\ J \ J \ J \ J
.Building and Safety .City Clerk .Active Adult Center .Assessment District Street .Cash Management
.Business Registration .Human Resources .Animal Regulation/Vector Lighting .Central Services
.CDBG .Information Systems Control .Capital Projects .Finance and Accounting
.Code Compliance .Risk Management .Art in Public Places .Crossing Guards .Fixed Assets Management
.Film Permits .Library .NPDES .Purchasing
.Planning .Parks/Landscape/Facilities/Main .Parking Enforcement
.Vendor Permits tenance .Street Maintenance
.Recreation .Transit
.Solid Waste
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Californiaaof
Municipal inane Officers
Certificate of Award
Outstanding Financial Reporting 2005-06
Presented to the
City of Moo r ark
,,,•
This certificate is issued in recognition of meeting professional standards and criteria in reporting
which reflect a high level of quality in the annual financial statements
and in the underlying accounting system from which the reports were prepared.
March 6, 2007 '
I
�. C 4 i,�j .lesKi akahashi
'„ 'eV= Professional and Technicat Standards Committee
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'v\f\ 'J Dedicated to Excellence in Municipal Financial Management
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FINANCIAL SECTION
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STEAMAN. RAMIRF7&SMITH, INC.
CERTIFIED FROLIC ACCOUNTANTS
Independent Auditors'Report
The Honorable City Council
The City of Moorpark,California
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of Moorpark, California(the City), as of June 30, 2007,which collectively comprise the
City of Moorpark's basic financial statements as listed in the table of contents. These financial statements are the responsibility of
the City of Moorpark's management. Our responsibility is to express opinions on these basic 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
fznancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the
governmental activities,each major fund,and the aggregate remaining fund information of the City of Moorpark,California,as of
June 30, 2007, and the respective changes in financial position, thereof for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated December 27, 2007 on our
consideration of the City of Moorpark's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws,regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the
scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide
an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed
in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.
The management's discussion and analysis on pages 2 through 13, and the budgetary comparison information on pages 51
through 56 are not a required part of the basic financial statements, but are supplementary information required by accounting
principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary
information. However,we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's
basic financial statements. The introductory section, supplementary information section, and statistical section, as listed in the
table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The supplementary information section has been subjected to the auditing procedures applied in the audit of the basic financial
statements and,in our opinion,is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section and the statistical section have not been subjected to the auditing procedures applied in the audit of the
basic financial statements and,accordingly,we express no opinion on them.
December 27,2007
Richard A. Teaman, CPA • Greg W. Fankhanel, CPA • David M. Ramirez, CPA a Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riverside CA 92501 • 951.274.9500 • 951.274.7828 FAX • www.trscpas.com
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
As management of the City of Moorpark, California (the "City"), we offer readers of the City's financial
statements this narrative overview and analysis of the financial activities of the City (the "Primary Government")
for the fiscal year ended June 30, 2007. It is encouraged that the readers consider the information presented here
in conjunction with the accompanying basic financial statements.
FINANCIAL HIGHLIGHTS
• The assets of the City exceeded its liabilities at the close of the 2006/07 fiscal year by $233,008,403 (net
assets). Of this amount, $6,458,224 is not restricted by external law or administrative action for a
specified purpose. The City Council's approval is required before these funds may be used to meet the
City's ongoing obligations to citizens and creditors.
• The City's total net assets increased by $39,866,285 during the current fiscal year. The Statement of Net
Assets is presented on page 20.
• As of June 30, 2007,the City's governmental funds(General Fund, Special Revenue Funds,Debt Service
Funds, and Capital Projects Funds)reported combined ending fund balances of$133,340,949, an increase
of$43,402,378, from the prior year. In addition, there was a prior year adjustment of$6,969,020,mainly
due to reclassification of properties purchased by the City's Redevelopment Agency and recorded as
capital assets in prior years,which is now recorded as property held for resale (see note # 15).
• At the end of the current fiscal year,unreserved fund balance for the General Fund was$24,405,620.
• The City's total Long — Term Liabilities increased by $11,021,245 or 56.8% during the current fiscal
year. The increase is attributable to the difference between employee compensated absences addition; the
fiscal year's regularly scheduled debt service payments for the 1999 and 2001 Tax Allocation Bonds; and
issuance of the 2006 Tax Allocation Bonds.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The
City's basic financial statements comprise three components:
1) Government-wide financial statements
2)Fund financial statements
3)Notes to basic financial statements
Other required supplementary information is included in addition to the basic financial statements.
Government-Wide Financial Statements. The City has presented its financial statements under the reporting
model required by Governmental Accounting Standards Board Statement No. 34 (GASB 34) and its related
Statements, GASB 37, 38, and 41. These financial statements are designed to provide readers with a broad
overview of the City's finances,in a manner similar to a private-sector business.
2
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
The government-wide financial statements include the statement of net assets and the statement of activities.
The governmental activities of the City include general government, public safety, public services, parks and
recreation,debt service, and interest on debt. The City does not have any business-type activities.
The statement of net assets presents information on all of the City's assets and liabilities, with the difference
between the two reported as net assets. Over time, increases and decreases in net assets may serve as a useful
indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed during the most recent
fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for
some items that will only result in cash flows in future fiscal periods (i.e., uncollected taxes and earned but
unused vacation leave).
The government-wide financial statements include not only the City of Moorpark as the primary government,but
also a legally separate Moorpark Redevelopment Agency, the Moorpark Public Financing Authority, and the
Industrial Development Authority of the City of Moorpark. Although legally separate from the City, these
component units are blended with the primary government because of their governance or financial relationships
to the City.
The government-wide financial statements can be found on pages 14 and 15 of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the City can be divided into two categories: governmental funds and fiduciary
funds.
Governmental Funds. Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements focus on near-term inflows and outflows of
spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such
information may be useful in evaluating the City's near-term financial requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so,readers may better understand
the long-term impact of the City's near-term financing decisions. Both the governmental fund balance sheet and
the governmental fund statement of revenues, expenditures and changes in fund balances,provide a reconciliation
to facilitate this comparison between governmental funds and governmental activities.
3
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
The City maintains 20 individual governmental funds. Information is presented separately in the governmental
fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund
balances for the General Fund, Street and Traffic Safety, Park/Public Facilities, Community Development, Areas
of Contribution,Endowment, Police Facilities Fee,Moorpark Highlands Improvement, Moorpark Redevelopment
Agency (MRA) — Capital Projects, and Moorpark Redevelopment Agency (MRA) —Debt Service. All of which
are considered to be major funds. Data from the remaining 10 governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the
form of combining statements in the non-major governmental funds section of this report.
The City adopts an annual budget for all its funds. A budgetary comparison statement is provided for all funds
with an annually adopted budget to demonstrate compliance with their respective budgets. The budgetary
comparison statements are located in the basic financial statements. The non-major governmental fund budgetary
comparisons are located in the non-major governmental funds section of the report.
Fiduciary Funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account for
resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of the fund are not available to support the City's
own programs. Fiduciary funds are custodial in nature and, therefore, the accounting used does not involve the
measurement of the results of operations. The basic fiduciary fund financial statement can be found on page 28 of
this report.
Notes to the Basic Financial Statements. The notes to the basic financial statements provide additional
information that is essential to a full understanding of the data provided in the government-wide and fund
financial statements. The notes to the basic financial statements can be found on pages 30-58 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City has continued to present its financial statements under the new reporting model required by GASB 34.
A comparative analysis of the government-wide data has been included in this report.
As noted earlier,net assets may serve over time as a useful indicator of a government's financial position. In the
case of the City, assets exceeded liabilities by$233,008,403 at the close of the current fiscal year.
The City's,net assets invested in capital assets,net of related debt reflects a positive $125,900,770. As shown on
Table 1, the largest portion of the City's net assets (54%) is its investment in capital assets. The City uses these
capital assets to provide services to citizens; consequently,these assets are not available for future spending.
4
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
An additional portion of the City's net assets(43%)represents resources that are subject to external restrictions on
how they may be used. The major restrictions on net assets are funding source restrictions. The remaining
balance of total net assets (3%) is unrestricted and may be used to meet the City's obligations to citizens and
creditors in accordance with the finance-related legal requirements reflected in the City's fund structure. At the
end of the fiscal year ended June 30,2007,the City reported positive balances in all three categories of net assets,
both for the City as a whole, as well as for its separate governmental activities.
Table 1
Net Assets
Governmental Activities
As of June 30,2007 and 2006
2007 2006
Assets:
Current and other assets $ 143,073,175 $ 90,444,349
Capital assets 125,900,770 125,196,438
Total Assets 268,973,945 215,640,787
Liabilities:
Long-term debt outstanding 30,431,462 19,410,217
Other liabilities 5,534,080 3,088,452
Total Liabilities 35,965,542 22,498,669
Net Assets:
Invested in capital assets,
net of related debt 125,900,770 108,190,324
Restricted 100,649,409 57,986,366
Unrestricted 6,458,224 26,965,428
Total Net Assets $ 233,008,403 $ 193,142,118
The City's net assets increased by$39,866,285 during the current fiscal year.
5
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Table 2
Changes in Net Assets
Governmental Activities
As of June 30,2007 and 2006
2007 2006
Revenues
Program Revenues:
Charges for services $ 8,007,847 $ 7,241,878
Operating contributions and grants 4,489,945 3,237,143
Capital contributions and grants 38,337,638 18,027,831
General Revenues:
Property taxes 3,334,491 2,929,842
Tax increment 6,347,692 5,530,198
Franchise taxes 1,126,951 1,080,893
Sales taxes 2,192,327 2,260,786
Sales tax in lieu 704,562 608,298
Motor vehicle in lieu tax 2,860,207 2,734,470
Investment income 6,556,186 3,261,384
Other 58,841 135,276
Gain on Sale of Property 276,797 -
Total Revenues 74,293,484 47,047,999
Expenses
General government 1,639,628 3,044,381
Public safety 6,317,283 6,230,057
Public services 21,231,766 13,106,843
Parks and recreation 4,293,823 2,771,270
Interest on long-term debt 1,332,541 1,333,370
Total Expenses 34,815,041 26,485,921
Increase in net assets 39,478,443 20,562,078
Net assets -July 1, 193,142,118 172,580,040
Prior Period Adjustment(see note 15) 387,842 -
Total Net assets-June 30 $ 233,008,403 $ 193,142,118
6
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Program Revenues
Charges for
services
16%
iiiri—illIl
Operating
contributions and
grants
9%
Capital
contributions and
grants
75% • Charges for services
• Operating contributions and grants
O Capital contributions and grants
General Revenues
Gain on Sale of
Prop erty
Other 1% Property taxes
<0% 14%
Investment income
29%
T ax increment
27%
Motor vehicle in
lieu tax Sales tax in lieu Franchise taxes
12% Sales taxes
3% 9% 5%
® Property taxes
• T ax increment
E l Franchise taxes
El Sales taxes
• Sales tax in lieu
• Motor vehicle in lieu tax
• Investment income
E l Other
• Gain on Sale of Property
7
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
FINANCIAL ANALYSIS OF THE CITY'S MAJOR FUNDS
As noted earlier, the City uses fund accounting to demonstrate compliance with finance-related legal
requirements.
Governmental Funds. The focus of the City's governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City's financial
requirements. In particular unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City's governmental funds reported total fund balances of
$133,340,949. This is an increase of $50,371,398 in comparison with the prior year. This increase is mainly
attributable to $34.1 million in contributions from property owners for the Moorpark Highlands Improvement —
Capital Projects Fund (CFD 2004-1) and $11.7 million from bond proceeds for the 2006 Tax Allocation Bonds,
net of related expenditures. In addition, a prior year adjustment of$6.9 million contributed to the increase in the
total fund balance (see note 15). Approximately $91,476,833 or 68.6% of the fund balances constitutes
unreserved fund balance, which is available to meet the City's current and future needs. The remainder of fund
balance is reserved to indicate that it is not available for new spending because it has been committed to a variety
of restricted purposes.
General Fund
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the total fund
balance of the General Fund was $24,405,620 which was $3,161,209 or 13% more than the prior year's General
Fund total fund balance. As a measure of the General Fund's liquidity, it may be useful to compare total fund
balance to total fund expenditures. Total fund balance represents 231 % of total General Fund expenditures and
transfers out.
Key factors in this growth when compared to FY 2005-06 are as follows:
• The City's share of property taxes increased by approximately $405,000 as a result of the rise in home
values.
• Sales tax revenues also improved with an increase of approximately $207,000,which is a reflection of the
full occupancy of the Moorpark Marketplace,higher fuel prices and increased sales from various business
groups.
• Interest earnings increased by approximately $565 in response to rising rates in the market.
• Motor vehicle in lieu increased by approximately $126,000.
• State mandated reimbursements ended the year approximately $142,000 higher than last year as a result
of catch up payments for claims made prior to FY 05/06.
• Expenditures and transfers out ended the year approximately $2.2 million under budget as a result of
prudent spending by staff and capital projects that have not yet started been completed.
Street and Traffic Safety Fund (Includes the Traffic System Management Fund, City-Wide Traffic
Mitigation Fund and Crossing Guard Fund)
The fund balance of the Street and Traffic Safety Fund increased by $2,364,396 from the prior year,primarily due
to the receipt of development fees for various construction projects.
8
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Community Development Fund
The fund balance of the Community Development Fund decreased by ($381,019) from the prior year as a result of
decreased residential development activities.
Areas of Contribution Fund
The fund balance of the Areas of Contribution Fund increased by $267,191 from the prior year, primarily due to
development fees received for the Los Angeles AOC and fees for the Tierra Rejada/Spring Road AOC.
Endowment Fund
The fund balance of the Endowment Fund decreased by $5,762,925 from the prior year, primarily due to the
completion of the construction of the Corporation Yard to serve Public Works and Parks Maintenance field
operations. In addition, the City Council authorized a transfer of$5,434,834 to the Police Facilities Fee Fund to
help offset a portion of prior year's costs for construction of the Moorpark Police Services Center.
Park/Public Facilities Fund(Includes ten (10)various development fee related funds)
The fund balance of the Park/Public Facilities Improvement Fund increased by $454,005 primarily due to savings
from various ongoing projects that have not yet been completed.
Police Facilities Fund
The fund balance of the Police Facilities Fund increased by $5,510,675 from the prior year, primarily due to a
transfer of$5,434,834 from the Endowment Fund as noted above. The Police Department moved into the new
facility in November of 2005. The major funding source for this new facility is a loan from the Endowment Fund,
which currently has an outstanding balance of$2,205,608. Repayments will be made when the Police Facilities
Fund collect fees from future development projects.
Moorpark Highlands Improvement Fund
The Moorpark Highlands Improvement Fund is one of six accounts held by the Fiscal Agent for the Community
Facilities District (CFD)No. 2004-1 (Moorpark Highlands) Special Tax Bonds 2006. The Improvement account
has been recorded under a capital projects fund to reflect the proceeds that have been designated for capital
improvement projects. Sources of the fund has been identified as "Contributions from Property Owners"with an
initial amount of$34,066,993 from the bond issue. The debt service portion of this bond issue has been recorded
as an agency fund. Note that the City of Moorpark is not obligated in any manner for this bond issue and is only
limited to acting as an agent for the assessed property owners and bondholders.
9
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
RDA Capital Projects Fund
The fund balance of the Redevelopment Agency Capital Projects Fund increased by $17,017,487 from the
previous year mainly due to the issuance of the 2006 Tax Allocation Bonds and the prior adjustments of property
held from resale/development.
RDA Debt Service Fund
The fund balance of the Redevelopment Agency Debt Service Fund increased by $2,204,818 primarily resulting
from capitalized interest (bond proceeds) for the 1999 and 2001 Tax Allocation Bonds and higher property tax
revenues received.
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds (10 funds) increased by 87,491 or .01 % from the
previous fiscal year.
General Fund Budgetary Highlights
The City adopts annual appropriated operating budgets for its governmental funds (General Fund, Special
Revenue Funds,Debt Service Funds, and Capital Project Funds (except for the Moorpark Highlands Improvement
Fund as these sources have been designated for specific projects in accordance with the Bonds' Official
Statement) and reports the results of operation on a budget comparison basis.
In preparing its budgets,the City attempts to estimate its revenues using realistic,but conservative,methods so as
to budget its expenditure appropriations and activities in a prudent manner. As a result, the City Council adopts
budget adjustments during the course of the fiscal year to reflect both changed priorities and availability of
additional revenues to allow for expansion of existing programs. During the course of the year, the City Council
amended the originally adopted budget to re-appropriate prior year approved projects and expenditures, as well as
approving many other adjustments for the current year.
The results of the General Fund for the year ended June 30, 2007, were more favorable than anticipated.
Revenues were $1.3 million over budget and expenditures and transfers out ended the year $2.2 million under
budget. The three largest savings came from General Government ($506,783), Public Service ($377,534) and
Parks and Recreation($333,218).
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets. The City's investment in capital assets as of June 30, 2007, amounted to $125,900,770 (net of
accumulated depreciation). This investment, detailed in Table 3, includes land, construction in progress,
buildings and improvements, machinery and equipment, and infrastructure. The total increase in the City's
investment in capital assets for the current fiscal year was .01%. Buildings and improvement shows a significant
increase in 2007 due to the completion of the Moorpark Public Services Facility and the addition of the Moorpark
Public Library.
10
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Table 3
Capital Assets(net of depreciation)
Governmental Activities
As of June 30,2007 and 2006
2007 2006
Land $ 26,417,883 $ 31,662,804
Construction in Progress 10,905,684 12,125,310
Buildings and improvements 23,819,617 16,220,793
Machinery and equipment 2,250,561 1,780,306
Infrastructure 62,507,025 63,407,225
Total $ 125,900,770 $ 125,196,438
Some of the City's major general fixed asset purchases in the current fiscal year were:
• The Internal Service Fund purchased$76,345 in computer and software related items.
• The General Fund spent$14,190 (net of trade in for an existing bike) for a new motorcycle for the Police
Department, $21,069 for an inscriber generator&mixer and$10,761 for a theater system at Arroyo Vista
Recreation Center.
• The Library Facilities Fund purchased computer and technology related items for $69,162 and spent
another$58,174 on library furniture.
• The Endowment Fund spent $25,814 in digital telecommunications connectivity system and $97,154 for
furniture for the Moorpark Public Services Facility.
• The operating fund of the Redevelopment Agency spent approximately 95,000 on sound and video
equipment.
• The Equipment Replacement Fund purchased a heavy duty truck for$47,334.
As a result of the implementation of GASB No. 34, the City has continued to account for infrastructure assets on
its financial statements. The accompanying government-wide financial statements include those infrastructure
assets that were either completed during the current fiscal year or considered construction in progress at current
fiscal year-end.
Additional information on the City's capital assets can be found in Note #5 on page 40 of this report.
11
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Long-term Liabilities. At the end of the current fiscal year, the City's long-term liability outstanding is
$616,440 in employee compensated absences payable. The Redevelopment Agency's bonded liability is
comprised of$29,815,022 of tax allocation bonds which are secured by future tax revenues. This is shown in
Table 4.
Table 4
Outstanding Long-Term Liabilities
Governmental Activities
As of June 30,2007 and 2006
2007 2006
Tax allocation bonds(issued by the
Redevelopment Agency) $ 29,815,022 $ 18,880,000
Employee Compensated Absences
Payable 616,440 530,217
Total $ 30,431,462 $ 19,410,217
The City of Moorpark's total liabilities increased by $11,021,245 or 56.8% during the current fiscal year. The
increase is attributable to the difference between long-term liabilities additions and the fiscal year's regularly
scheduled liabilities service payments.
Additional information on the City's long-term liabilities can be found in Note #6 on pages 40 thru 43 of the basic
financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The State's "Triple Flip" payment plan remains in effect as the state attempts to repay the $15.0 billion deficit
reduction bonds. The impact to the City of Moorpark will be on cash flow and the subsequent reduction in
interest income due to biannual (catch-up payments) rather than monthly sales tax payments. In addition, the
State's budget for Fiscal Year 2007/08 does not include funding for Proposition 42. However, the City is
projected to receive approximately $368,000 in FY 2008/09 from Proposition 42.
General purpose revenues such as property tax and sales tax are anticipated to increase by 2.0% and 4.5%
respectively in fiscal year 2007/08. The sales tax increase is a reflection of the full occupancy of the Moorpark
Marketplace and the continued tenant mix in fiscal year 2007/08. In addition, new tenants are expected to fill
spaces in the Campus Plaza, Village at Moorpark, Warehouse Discount Center, Moorpark Grove and Mountain
Meadows Plaza shopping centers,increasing the City's sales tax revenue.
12
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2007
Additionally,the City took into consideration the following factors in preparing the budget for fiscal year
2007/08:
• Interest income will show an increase in response to rising interest rates.
• Sales tax growth should continue to increase with the full occupancy of the Moorpark Marketplace and
generally having the same tenant mix in FY 2007/08 and occupancy of the other centers referenced above
for portions of the year.
• Slight increase in PERS retirement cost from 11.728%to 11.840% effective July 1,2007.
• Projections indicate our cost for general liability insurance will increase by 17% and worker's
compensation is expected to increase by 28% for FY 07/08 when compared to fiscal year 2006/07 actual
payments.
A priority of the City is to maintain a high quality of services while adopting a balanced budget. As in prior
years, the 2007/08 budget as adopted by the City Council is a balanced budget and will serve as a guide in
planning for the future.
REQUESTS FOR INFORMATION
This management's discussion and analysis is designed to provide citizens, taxpayers, customers, investors, and
creditors with a general overview of the City's finances and to demonstrate the City's accountability for the
money it receives. If you have questions or need additional financial information, please contact the Finance
Department at City Hall, 799 Moorpark Avenue,Moorpark, CA 93021,or at www.ci.moorpark.ca.us.
13
BASIC FINANCIAL STATEMENTS
City of Moorpark
Statement of Net Assets
June 30, 2007
Governmental
Activities
ASSETS
Cash and Investments $ 97,360,641
Receivables:
Taxes 125,298
Accounts 1,631,024
Interest 1,302,058
Notes and Loans 3,391,642
Property Held for Resale/Development 10,123,102
Restricted Cash and Investments 28,642,249
Debt Issuance Costs 497,161
Capital Assets:
Non-Depreciable:
Land 26,417,883
Construction in Progress 10,905,684
Depreciable,Net of Accumulated Depreciation:
Buildings and Improvements 23,819,617
Machinery and Equipment 2,250,561
Infrastructure 62,507,025
Total Assets 268,973,945
LIABILITIES
Accounts Payable and Accrued Liabilities 4,793,623
Interest Payable 237,731
Deferred Revenue 502,726
Noncurrent Liabilities:
Due Within One Year 444,154
Due in More Than One Year 29,987,308
Total Liabilities 35,965,542
NET ASSETS
Invested in Capital Assets,Net of Related Debt 125,900,770
Restricted for:
Public Services 91,080,256
Recreation Services 5,826,936
Public Safety 643,452
Housing Set-Aside 3,098,765
Unrestricted 6,458,224
Total Net Assets $ 233,008,403
The accompanying notes are an integral part of this statement.
14
City of Moorpark
Statement of Activities
Year Ended June 30,2007
Program Revenues
Charges Operating Capital Net
for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Primary Government:
Governmental Activities:
General Government $ 1,639,628 $ 191,674 $ 276,299 $ $ (1,171,655)
Public Safety 6,317,283 598,500 100,000 (5,618,783)
Public Services 21,231,766 6,612,769 2,383,904 38,337,638 26,102,545
Parks and Recreation 4,293,823 604,904 1,729,742 (1,959,177)
Interest on Long-Term Debt 1,332,541 (1,332,541)
Total Governmental Activities $ 34,815,041 $ 8,007,847 $ 4,489,945 $ 38,337,638 16,020,389
General Revenues:
Taxes:
Property Tax,Levied for General Purpose 3,334,491
Property Tax,Redevelopment Agency Tax
Increment 6,347,692
Franchise Taxes 1,126,951
Sales Tax 2,192,327
Sales Tax In-Lieu 704,562
Motor Vehicle In-Lieu Tax 2,860,207
Investment Income 6,556,186
Gain on Sale of Land 276,797
Other 58,841
Total General Revenues 23,458,054
Change in Net Assets 39,478,443
Net Assets-Beginning of Year 193,142,118
Prior Period Adjustments 387,842
Net Assets-End of Year $ 233,008,403
The accompanying notes are an integral part of this statement.
15
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2007
Special Revenue
Street and Community Areas of
General Traffic Safety Development Contribution Endowment
ASSETS
Cash and Investments $ 22,828,985 $ 17,140,838 $ 1,008,776 $ 11,583,585 $ 4,614,261
Restricted Cash and Investments
Receivables:
Taxes 119,087
Accounts 919,167 563
Interest 924,495
Notes and Loans 1,243 250,249 960,000
Due From Other Funds 382,882 2,205,608
Property Held for Resale/Development
Total Assets $ 25,175,859 $ 17,140,838 $ 1,009,339 $ 11,833,834 $ 7,779,869
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ 642,407 $ 86,655 $ 597,085 $ 202,881 $ 7,315
Due to Other Funds
Deferred Revenue 127,832 250,249 960,000
Total Liabilities 770,239 86,655 597,085 453,130 967,315
Fund Balances:
Reserved for:
Capital Projects
Debt Service
Property Held for Resale/Development
Housing Set-Aside
Unreserved,Reported In:
General Fund 24,405,620
Special Revenue Funds 17,054,183 412,254 11,380,704 6,812,554
Capital Projects Funds
Debt Service Funds
Total Fund Balances 24,405,620 17,054,183 412,254 11,380,704 6,812,554
Total Liabilities and
Fund Balances $ 25,175,859 $ 17,140,838 $ 1,009,339 $ 11,833,834 $ 7,779,869
The accompanying notes are an integral part of this statement.
16
Special Revenue Capital Projects Debt Service Non-Major Total
Moorpark
Parks/Public Police Highlands Redevelopment Redevelopment Governmental Governmental
Facilities Facilities Fee Improvement Agency Agency Funds Funds
$ 5,912,298 $ $ $18,805,272 $ 2,602,453 $ 12,864,173 $ 97,360,641
25,448,070 3,194,179 28,642,249
6,211 125,298
1,283 33,480 676,531 1,631,024
377,563 1,302,058
1,704,786 475,364 3,391,642
2,588,490
7,891,391 2,231,711 10,123,102
$ 5,912,298 $ - $25,448,070 $28,780,295 $ 5,830,112 $ 16,253,990 $ 145,164,504
$ 85,362 $ 168 $ $ 98,861 $ 2,543,574 $ 529,315 $ 4,793,623
2,205,608 72,111 310,771 2,588,490
1,704,786 9,116 1,389,459 4,441,442
85,362 2,205,776 - 1,875,758 2,552,690 2,229,545 11,823,555
25,448,070 25,448,070
3,194,179 3,194,179
7,891,391 2,231,711 10,123,102
3,098,765 3,098,765
24,405,620
5,826,936 7,842,293 49,328,924
(2,205,776) 19,013,146 851,676 17,659,046
83,243 83,243
5,826,936 (2,205,776) 25,448,070 26,904,537 3,277,422 14,024,445 133,340,949
$ 5,912,298 $ - $25,448,070 $28,780,295 $ 5,830,112 $ 16,253,990 $ 145,164,504
The accompanying notes are an integral part of this statement.
17
City of Moorpark
Reconciliation of the Governmental Funds - Balance Sheet
to the Statement of Net Assets
June 30, 2007
Fund balances of governmental funds $ 133,340,949
Amounts reported for governmental activities in the statement of net assets
are different because:
Capital assets of governmental activities are not financial resources and,therefore,
are not reported in the governmenal funds. 125,900,770
Long-term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 3,390,399
Revenues not received soon enough after year-end to be considered available are
deferred in the funds. The availability criteria does not apply to the government-
wide financial statements. 548,317
Interest expenditures are recognized when due, and therefore,interest payable is
not recorded in the governmental funds. (237,731)
Long-term liabilities are not due and payable in the current period and are not
reported in the funds.
Compensated Absences (616,440)
Tax Allocation Bonds (30,135,000)
Unamortized Discount 319,978
Issuance costs net of accumulated amortization were recorded as expenditures
in the governmental funds. 497,161
Net assets of governmental activities $ 233,008,403
The accompanying notes are an integral part of this statement.
18
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City of Moorpark
Statement of Revenues,Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30,2007
Special Revenue
Street and Community Areas of
General Traffic Safety Development Contribution Endowment
REVENUES
Taxes $ 7,358,332 $ $ $ $
Licenses and Permits 65,630
Fines and Forfeitures 193,949
Use of Money and Property 1,729,467 807,394 587,139 138,748
Charges for Services 613,796
Intergovernmental 3,141,363
Maintenance Assessments
Franchise Fees
Building and Safety Fees 716,552
Planning and Public Works Fees 1,649,002
Development Fees 1,849,025 568,843 2,258,950
Contributions from Property Owners
Other Revenue 338,929 6,106 338,870
Total Revenues 13,441,466 2,656,419 2,371,660 1,494,852 2,397,698
EXPENDITURES
Current:
General Government 1,465,126 6,228
Public Safety 5,584,268
Public Services 412,512 25,650 2,709,564
Parks and Recreation 1,277,148
Capital Outlay 662,052 266,373 36,887 1,227,661 2,725,789
Debt Service:
Principal
Interest
Bond Issuance Costs
Total Expenditures 9,401,106 292,023 2,752,679 1,227,661 2,725,789
Excess(Deficiency)of Revenues
over Expenditures 4,040,360 2,364,396 (381,019) 267,191 (328,091)
OTHER FINANCING SOURCES(USES)
Gain on Sale of Property 1,000
Bond Proceeds
Discount on Bonds
Transfer In
Transfer Out (1,142,090) (5,434,834)
Total Other Financing
Sources(Uses) (1,141,090) - - - (5,434,834)
Net Change in Fund Balances 2,899,270 2,364,396 (381,019) 267,191 (5,762,925)
Fund Balances-Beginning of Year 21,244,411 14,689,787 793,273 11,113,513 12,575,479
Prior Period Adjustments 261,939
Fund Balances,End of Year $ 24,405,620 $ 17,054,183 $ 412,254 $ 11,380,704 $ 6,812,554
The accompanying notes are an integral part of this statement.
19
Special Revenue Capital Projects Debt Service
Moorpark Non-Major Total
Parks/Public Police Highlands Redevelopment Redevelopment Governmental Governmental
Facilities Facilities Fee Improvement Agency Agency Funds Funds
$ $ $ $ $ 6,347,692 $ $ 13,706,024
65,630
149,630 343,579
312,026 1 1,312,503 1,123,833 316,015 757,978 7,085,104
613,796
3,022,622 6,163,985
192,729 1,729,742 1,922,471
292,003 292,003
716,552
1,649,002
1,032,193 694,840 6,403,851
34,066,993 34,066,993
309 1,032,562 38,568 1,755,344
1,344,528 192,730 35,379,496 2,156,395 6,663,707 6,685,383 74,784,334
1,471,354
499,649 6,083,917
141,901 925,806 2,869,751 2,523,570 9,608,754
2,762,740 4,039,888
748,622 116,889 9,931,426 571,192 3,190,975 19,477,866
440,000 440,000
1,380,633 20,352 1,400,985
505,588 505,588
890,523 116,889 9,931,426 1,496,998 5,195,972 8,997,286 43,028,352
454,005 75,841 25,448,070 659,397 1,467,735 (2,311,903) 31,755,982
275,797 276,797
8,923,500 2,771,500 11,695,000
(325,401) (325,401)
5,434,834 591,812 152,334 3,278,280 9,457,260
(1,861,350) (1,018,986) (9,457,260)
5,434,834 - 9,791,109 737,083 2,259,294 11,646,396
454,005 5,510,675 25,448,070 10,450,506 2,204,818 (52,609) 43,402,378
5,372,931 (7,716,451) - 9,887,050 1,072,604 13,936,954 82,969,551
6,566,981 140,100 6,969,020
$ 5,826,936 $ (2,205,776) $ 25,448,070 $ 26,904,537 $ 3,277,422 $ 14,024,445 $ 133,340,949
The accompanying notes are an integral part of this statement.
20
City of Moorpark
Reconciliation of the Statement of Revenues,Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities
Year Ended June 30,2007
Net change in fund balances-total governmental funds $ 43,402,378
Amounts reported for governmental activities in the statement of activities are different because.
Governmental funds report capital outlays as expenditures. However,in the statement
of activities,the cost of those assets is allocated over ther estimated useful lives a;
depreciation expense or are allocated to the appropriate functional expense when
the cost is below the capitalization threshold. This activity is reconciled as follows:
Cost of assets capitalized 10,066,299
Depreciation expense (2,733,594)
Governmental funds report only proceeds from the sale of capital assets. The
statement of activities reports a gain or loss on disposal based on the net book value
at the time of disposal. Disposal activity included the following:
Costs of assets disposed (62,599)
Accumulated depreciation on disposed assets 15,404
Long-term notes and loans receivable are reported as expenditures when made and as
revenue when repaid in the governmental funds. However,there is no impact in the
statement of activities when notes and loans are made or repaid. This amount
represents the net change in the long-term notes and loans receivable. (1,137,031)
Revenues not received soon enough after year-end to be considered available are
deferred in the funds. The availability criteria does not apply to the government-wide
financial statements. 369,376
The issuance of long-term debt provides current financial resources to governmental
funds,while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction,however,has any
effect on net assets. Also governmental funds report the effect of issuance costs.
premiums,discounts, and similar items when debt is first issued,whereas these
amounts are deferred and amortized in the statement of activities. This amount is the
net effect of these differences in the treatment of long-term debt and related items. (10,437,861)
Accrued interest for tax allocation bonds is not recorded in the governmental funds.
This is the net change in accrued interest for the current period. 82,294
Compensated absence expenses reported in the statement of activities do not require
the use of current financial resources and,therefore, are not reported as expenditures
in governmental funds. (86,223)
Change in net assets of governmental activities $ 39,478,443
The accompanying notes are an integral part of this statement.
21
City of Moorpark
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30,2007
ASSETS
Cash and Investments $ 2,563,697
Restricted for Cash and Investments 6,199,811
Accounts Receivable 70,711
Total Assets 8,834,219
LIABILITIES
Accounts Payable 68,834
Deposits 2,500,864
Due to Bondholders 6,264,521
Total Liabilities $ 8,834,219
The accompanying notes are an integral part of this statement.
22
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 24-31
2 Cash and Investments 32-36
3 Notes and Loans Receivable 37-38
4 Interfund Transactions 38-39
5 Capital Assets and Depreciation 39-40
6 Long-Term Liabilities 40-43
7 Agreements with Various Taxing Agencies 43 -44
8 Retirement Plan 45
9 Conduit Debt-Revenue Bonds 45-46
10 Special Assessment Bonds 46
11 Risk Management 47-48
12 Classification of Net Assets and Fund Balance 48 -49
13 Expenditures in Excess of Appropriations 49
14 Commitments and Contingencies 50
15 Prior Period Adjustments 50
23
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Moorpark(the City) conform to accounting principles generally accepted in the
United States of America as applicable to governments. The Governmental Accounting Standards Board (GASB) is the
accepted standard setting body for governmental accounting and financial reporting principles. The following is a summary
of the significant policies.
A) Reporting Entity
The reporting entity "City of Moorpark"includes the accounts of the City,the Moorpark Redevelopment Agency(the
RDA), the Moorpark Public Financing Authority (the PFA), and the Industrial Development Authority of the City of
Moorpark(the IDA).
The City was incorporated in July 1983 as a general law city and operates under a Council/Manager form of
government.
The RDA was formed in 1987 pursuant to the State of California Health and Safety Code, Section 33000 entitled
"Community Redevelopment Law". Its purpose is to finance long-term capital improvements designed to eliminate
physical and economic blight in a project area.
The PFA was formed in 1993 as a joint powers authority between the City and the RDA in order to provide financial
assistance to the City and the RDA by issuing debt and financing the construction of public facilities.
The IDA was formed in 1985 pursuant to the California Industrial Development Financing Act(the ACT). Its purpose
is to finance the acquisition and development of certain industrial activities as permitted by the Act and to issue bonds
for the purpose of enabling industrial firms to finance the cost of such activities.
The criteria used in determining the scope of the reporting entity are based on the provisions of GASB Statement No.
14(as amended by GASB Statement No. 39). The City of Moorpark is the primary government unit. Component units
are those entities which are financially accountable to the primary government, either because the City appoints a
voting majority of the component unit's Board, or because the component unit will provide a financial benefit or
impose a financial burden on the City.
The City has accounted for the RDA,the PFA,and IDA as"blended"component units. Despite being legally separate,
they are so intertwined with the City,they are in substance,part of the City's operations. Accordingly,the balances and
transactions of the RDA are reported as separated funds in the Special Revenue, Debt Service, and Capital Projects
Funds. The PFA and IDA are inactive. The following specific criteria were used in determining that the RDA, the
PFA,and the IDA are"blended"component unit:
1) The members of the City Council also act as the governing body of the RDA,the PFA,and the IDA.
2) The City,the RDA,the PFA, and the IDA are financially interdependent. The City makes loans to the RDA for
use on redevelopment projects. Available property tax revenues of the RDA will be used to repay the loans from
the City.
3) The RDA,the PFA,and the IDA are managed by employees of the City.
The financial statements for the RDA may be obtained at the City's administrative offices. The PFA and IDA do not
issue separate financial statements.
24
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUM1VIARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
B) Participation in Public Entity Joint Powers Authority
The City is a member of the California Joint Powers Insurance Authority(the Authority). The Authority is composed
of over 100 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 coverage. The Authority's pool began covering claims of its members in 1978. Each member
government has elected an official as its representative on the Board of Directors. The Board operates through a nine-
member Executive Committee.
The City does not have an equity interest in the Authority:therefore,no amount has been reported in the Statement of
Net Assets. However, the City does have an ongoing financial interest because the City is able to influence the
operations of the Authority so that the Authority uses its resources on behalf of the City. Also, an ongoing financial
responsibility exists because the Authority is dependent on continued funding from the City. The condensed financial
information of the Authority has not been reproduced in this report,but is available from the Authority.
C) Accounting and Reporting Policies
The City has conformed to the pronouncements of the GASB, which are the primary authoritative statements of the
accounting principles generally accepted in the United States of America applicable to state and local governments. In
accordance with GASB Statements No. 20, the City applies all applicable Financial Accounting Standards Board
(FASB)pronouncements issued on or before November 30, 1989,unless any such pronouncements contradict GASB
pronouncements.
D) Description of Funds
The accounts of the City are organized on the basis of funds,each of which is considered a separate accounting entity.
The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets,
liabilities,fund equity,revenues,and expenditures. The following are types of funds used:
Governmental Fund Types
General Fund-Used to account for all financial resources except those required to be accounted for in another fund.
Special Revenue Funds - Used to account for the proceeds of specific revenue sources that are restricted by law or
administrative action for specified purposes.
Debt Service Funds -The debt service fund is used to account for property tax increment revenue and related interest
income. Disbursements from this fund consist mainly of principal and interest on indebtedness.
Capital Projects Funds-Used to account for financial resources used for the construction of specific capital projects.
Fiduciary Fund Type
Agency Funds - Used to account for assets held by the City as an agent for individuals, private organizations, other
governments and/or other funds.
25
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
E) Basis of Accounting and Measurement Focus
Government-Wide Financial Statements
The City's Government-Wide Financial Statements include a Statement of Net Assets and a Statement of Activities.
These statements present summaries of Governmental Activities for the City.
These statements are presented on an"economic resources"measurement focus and the accrual basis of accounting.
Accordingly,all of the City's assets and liabilities,including capital assets and infrastructure as well as long-term debt,
are included in the accompanying Statement of Net Assets. The Statement of Activities presents changes in net assets.
Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while
expenditures are recognized in the period in which the liability is incurred. The Statement of Activities demonstrates
the degree to which the direct expenditures of a given function are offset by program revenues. Direct expenditures are
those that are clearly identifiable with a specific function. The types of transactions reported as program revenues for
the City are reported in three categories: 1) charges for services, 2) operating contributions and grants, and 3) capital
grants and contributions. Charges for services include revenues from customers or applicants who purchase, use, or
directly benefit from goods, services, or privileges provided by a given function. Operating contributions and grants
include revenues restricted to meeting the requirements of particular operating function and may include state shared
revenues and grants. Capital contributions and grants include revenues restricted to meeting the requirements of a
particular capital function and may include grants and developer fees. Taxes and other items not properly included
among program revenues are reported instead as general revenues.
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities,
payables,and receivables. All internal balances in the government-wide financial statements have been eliminated.
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and Statement of Revenues, Expenditures, and
Changes in Fund Balances for all major governmental funds and aggregated non-major funds. An accompanying
schedule is presented to reconcile and explain the differences in fund balances as presented in these statements to the
net assets presented in the Government-Wide Financial Statements. The City has presented all major funds that met
qualifications of GASB Statements No. 34. In addition,the City has included funds that are significant to the City as
major funds.
All governmental funds are accounted for on a spending or"current financial resources"measurement focus and the
modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the
Balance Sheets. The Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases
(revenues and other financing sources) and decreases (expenditures and other financing uses) in fund balances.
Revenues are recognized in the accounting period in which they become susceptible to accrual, that is, when they
become both measurable and available to finance expenditures of the current period. "Measurable" means that the
amount of the transaction can be determined, and "available" means collectible within the current period or soon
enough thereafter to be used to pay liabilities of the current period. Accrued revenues included property taxes received
within 60 days after year-end taxpayer assessed taxes such as sales taxes, and earnings on investments. Grant funds
earned but not received are recorded as a receivable, and grant funds received before the revenue recognition criteria
have been met are reported as deferred revenues. Expenditures are recorded when the fund liability is incurred, if
measurable,except for unmatured interest on general long-term debt,which is recognized when due.
26
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
E) Basis of Accounting and Measurement Focus-Continued
The City reports the following major governmental funds:
The General Fund is the government's primary operating fund. It accounts for all financial resources of the City,
except those required to be accounted for in another fund.
The Street and Traffic Safety Special Revenue Fund is used to account for fees used for street maintenance, right-of-
way acquisition and street construction.
The Community Development Special Revenue Fund is used to account for fees used in planning,building and safety,
and engineering services relating to community development.
The Areas of Contribution Special Revenue Fund is used to account for fees used for street and related improvements
to specific project areas and fund infrastructure enhancements as a result of additional development.
The Endowment Special Revenue Fund is used to account for funds received by the City for certain development
projects or other sources directed by the City Council to be held for the purpose of one-time capital expenditure of
community-wide benefit due to the impact of additional development.
The Parks/Public Facilities Special Revenue Fund is used to account for fees used for park and public facilities
improvements as a result of additional development.
The Police Facilities Fee Capital Projects Fund is used to account for the funds used to build the new police facility.
The Moorpark Highlands Improvement Capital Projects Fund is used to account for the receipt and expenditure of the
CFD No.2004-1 special tax bonds proceeds.
The RDA Capital Projects Fund is used to account for the funds used for the RDA's capital improvement projects.
The RDA Debt Service Fund is used to account for the accumulation of resources for,and the payment of principal and
interest on the RDA's debt and other long-term obligations.
Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Net Assets. The fiduciary fund is used to report assets held
in a trustee or agency capacity for others and therefore are not available to support City programs. Since these assets
are being held for the benefit of a third party,these funds are not incorporated into the government-wide statements.
The City's only fiduciary fund is an agency fund,which uses the accrual basis of accounting to account for amounts
held for individuals, private organizations, other governments, and/or other funds. The agency fund is custodial in
nature(assets equal liabilities)and therefore does not involve measurement of results of operations.
27
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
F) Budgetary Accounting
Annual budgets are adopted on a basis consistent with GAAP for all governmental funds. All annual appropriations
lapse at fiscal year-end. Throughout the year,the City Council made several supplementing budgetary adjustments to
the General Fund, Special Revenue Funds, Capital Projects Funds, and the Debt Service Fund. These adjustments
resulted in a net appropriation increase of$5,488,135. This increase resulted primarily from rebudgeted projects and
amounts carried over from Fiscal Year 2005-2006 as continuing appropriations.
G) Investments
The City has adopted the provisions of Governmental Accounting Standards Board (GASB) Statement No. 31,
Accounting and Financial Reporting for Certain Investments and External Pools,which requires governmental entities
to report certain investments at fair value in the balance sheet and recognize the corresponding change in the fair value
of investments in the year in which the change occurred. In accordance with GASB Statement No. 31,the City has
adjusted certain investments to fair value(when material).
Investments are included within the financial statement classifications of"cash and investments" and"restricted cash
and investments,"and are stated at fair value.
H) Property Held for Resale/Development
Property held for resale in the Low and Moderate Income Housing Special Revenue Fund and the Capital Projects Fund
represent land and buildings purchased by the Agency. Such property is valued at the lower of cost or estimated net
realizable value(as determined by a disposition and development agreement between the Agency and a developer)and
has been offset by reservation of fund balance to indicate that assets constitute future capital projects and are not
available spendable resources. The balance at June 30,2007 was$10,123,102.
I) Capital Assets
Capital assets,which include land,machinery and equipment(vehicles, computers, etc),buildings and improvements,
and infrastructure assets(street systems,storm drains,sewer systems,etc.),are reported in the Governmental Activities
column of the Government-wide Financial Statements. Capital assets are defined by the City as all land;buildings and
improvements with an initial individual cost of more than$10,000;vehicles, computers and equipment with an initial
individual cost of more than $5,000; and improvements and infrastructure assets with costs of more than $100,000.
Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated or annexed
capital assets are recorded at estimated market value at the date of donation or annexation.
28
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
I) Capital Assets-Continued
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives
are not capitalized. Depreciation is recorded in the Government-wide Financial Statements on a straight-line basis over
the useful life of the assets as follows:
Building and Improvements 25 to 50 years
Vehicles,Computers,and equipment 3 to 20 years
Infrastructure Assets
Roadway Network 7 to 100 years
Drain Network 20 to 100 years
Parks and Recreation Network 50 years
J) Deferred Revenue
Deferred revenue is recorded for monies collected in advance that have not been earned. In the fund financial
statements revenue is also deferred when the availability criteria has not been met. As of June 30, 2007, the total
unearned revenue amounted to$502,726 and unavailable revenue amounted to$3,938,716.
K) Long-Term Debt
In the government-wide financial statements, long-term debt and other obligations are reported as liabilities in the
statement of net assets. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance
costs are reported as deferred charges and amortized over the term of the related debt. In the fund financial statements,
governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current
period. The face amounts of debt issuances are reported as other financing sources. Issuance costs, whether or not
withheld from the actual net proceeds received,are reported as debt service expenditures.
L) Employee Compensated Absences
City employees may receive from 20 to 30 days vacation time or annual leave each year, depending upon length of
service. An employee may accumulate earned vacation time up to a maximum of 760 hours or annual leave up to a
maximum of 784 hours and admin leave up to a maximum of 120 hours, depending on position. Upon termination,
employees are paid the full value of their unused annual leave,administrative leave,vacation time,and a portion of sick
leave per management benefits and City's MOA. There is no fixed payment schedule for employee compensated
absences.
M) Property Taxes
The duties of assessing and collecting property taxes are performed by the Ventura County(the County)Assessor and
Tax Collector, respectively. The City receives an allocation of property taxes collected by the County with respect to
property located within the City limits equal to 7.40% of the one percent State levy. The 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.
29
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
M) Property Taxes-Continued
Secured property taxes are levied against real property and are due and payable in two equal installments. The first
installment is due on November 1 and becomes delinquent if not paid by December 10. The second installment is due
on February 1 and becomes delinquent if not paid by April 10. Unsecured personal property taxes are due on July 1
each year.These taxes become delinquent if not paid by August 31.
N) Claims and Judgments
When it is probable that a claim liability has been incurred,and the amount of the loss can be reasonably estimated,the
City records the estimated loss,net of any insurance coverage under its self-insurance program. At June 30, 2007, in
the opinion of the City Attorney, the City had no material claims, which require loss provision in the financial
statements. Small claims and judgments are recorded as expenditures when paid.
The City's self-insurance program is administered through the California Joint Powers Authority (the CJPIA). The
CJPIA is a public entity risk pool, which is accounted for under the provisions of GASB Statement No. 10. Claim
losses recorded in the CJPIA include both current claims and Incurred But Not Reported claims(IBNR). Deposits to
the CJPIA are recorded by the City as insurance expenditures in the General Fund when paid. These deposits are
subject to retrospective adjustment. Favorable claims experience results in a refund of deposits from the CJPIA and
such refunds, if any, are recorded as a reduction of insurance expenditures in the year received. Adverse claims
experience results in the payment of additional deposits and such deposits, if any, are recorded as insurance
expenditures when paid.
0) 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 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.
P) New Pronouncements
GASB Statement No. 45 - In June 2004,the GASB issued Statement No.45,Accounting and Financial Reporting by
Employers for Postemployment Benefits Other Than Pensions. This Statement establishes standards for the
measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets),note disclosures,
and, if applicable, required supplementary information(RSI) in the financial reports of state and local governmental
employers. The City is required to implement the new standard as of June 30,2009. The City has not determined its
effect on the financial statements.
30
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
Q) Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly,actual results could differ from those estimates.
R) Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted recourses
first,and then unrestricted resources as they are needed.
S) Explanation of Certain Differences Between the Governmental Fund Statement of Revenues,Expenditures and
Changes in Fund Balances and the Government-wide Statement of Activities
The reconciliation states that the issuance of long-term debt provides current financial resources to governmental funds,
while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds.
Neither transaction,however,has any affect on net assets. Also governmental funds report the affect of issuance costs,
premiums,discounts,and similar items when debt is first issued,whereas these amounts are deferred and amortized in
the statement of activities. The details of this$10,437,861 difference is as follows:
Issuance of Tax Allocation Bonds $ (11,695,000)
Costs of Issuance 505,588
Discount on Bonds 325,401
Amortization of Issuance Costs (8,427)
Amortization of Bond Discounts (5,423)
Principal Repayment 440,000
Net adjustment to decrease net changes in fund balances-
total governmental funds to arrive at changes in net assets of
governmental activities X10,437,861)
31
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
2) CASH AND INVESTMENTS
Cash and investments at June 30,2007,consisted of the following:
City Treasury Deposits
Demand Deposits $ 657,372
Cash on Hand 2,750
Total City Treasury Deposits 660,122
City Treasury Investments
Certificates of Deposit 1,499,000
LAIF 64,397,657
Ventura County Pool 12,455,599
U.S Treasury Obligations 8,980,320
U.S.Agency Securities 11,931,640
Total City Treasury Investments 99,264,216
Cash and Investments With Fiscal Agent
Money Markets 28,829,530
Guaranteed Investment Contracts 6,012,530
Total Cash and Investments With Fiscal Agent 34,842,060
Total Cash and Investments $ 134,766,398
Cash and Investments are reported in the basic financial statements as follows:
Statement of
Statement of Fiduciary
Net Assets Net Assets
Governmental
Activities Agency Fund Total
Cash and Investments $ 97,360,641 $ 2,563,697 $ 99,924,338
Restricted Cash and Investment 28,642,249 6,199,811 34,842,060
Total $ 126,002,890 $ 8,763,508 $ 134,766,398
The City follows the practice of pooling cash and investments of all funds,except for funds required to be held by fiscal
agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on a
quarterly basis to the various funds based on average daily cash and investment balances. Interest income from cash and
investments with fiscal agents is credited directly to the related fund.
A) Authorized Investments
Investments Authorized by the California Government Code and the City's Investment Policy
The table below identifies the investment type that are authorized for the City by the California Government Code
(or the City's investment policy, where more restrictive). The table also identifies certain provisions of the
California Government Code(or the City's investment policy,where more restrictive)that address interest rate risk,
credit risk,and concentration of credit risk.
32
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
2) CASH AND INVESTMENTS-Continued
A) Authorized Investments-Continued
This table does not address investments of debt proceeds held by bond trustees that are governed by provisions of
debt agreements of the City, rather than the general provisions of the California Government or the City's
investment policy. As of June 30, 2007, the only debt agreements of the City pertain to the Moorpark
Redevelopment Agency.
Maximum Maximum
Authorized Maximum Percentage Investment
Investment Type Maturity Of Portfolio* In One Issuer
U.S.Treasury Obligations 5 years None None
U.S.Agency Securities 5 years None None
Banker's Acceptances 180 days 40% 30%
Commercial Paper 270 days 25% 10%
Negotiable Certificates of Deposit 5 years 30% None
Repurchase Agreements 1 year 20% None
Medium-Term Notes 5 years 30% None
Money Market Mutual Funds N/A 20% None
Mortgage Pass-Through Securities 5 Years 20% None
County Pooled Investment Funds N/A None None
Local Agency Investment Fund(LAIF) N/A None None
CALTRUST Investment Pool N/A None None
*Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.
The Policy, in addition to State statutes, establishes that funds on deposit in banks must be federally insured or
collateralized and investments shall (1)have maximum maturity not to exceed five years and (2) be laddered and
based on cash flow forecasts. The City's investments comply with the established policy.
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than
the general provisions of the California Government Code or the City's investment policy. The table below
identifies the investment types that are authorized for investment held by bond trustees.
The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and
concentration of credit risk
Authorized Investment Type Maximum Maturity
U.S.Treasury Obligations None
U.S.Agency Securities None
Banker's Acceptances 180 days
Commercial Paper 270 days
Money Market Mutual Funds N/A
Investment Contracts 30 years
33
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
2) CASH AND INVESTMENTS-Continued
B) Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.
Generally,the longer the maturity of an investment,the greater the sensitivity of its fair value to changes in market
interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a
combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion
of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and
liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investment to market interest rate fluctuation is
provided by the following table that shows the distribution of the City's investments by maturity.
Investment Maturities(in Years)
Investment Type Less than 1 1 to 2 2 to 3 3 to 4 >5
Local Agency Investment Fund $ 64,397,657 $ 64,397,657 $ $ $ $
Ventura County Pool 12,455,599 12,455,599
Certificates of Deposit 1,499,000 1,199,000 300,000
U.S.Treasury Notes 8,980,320 8,980,320
Freddie Mae 2,942,160 2,942,160
FNM 6,995,660 6,995,660
FHLM 1,993,820 1,993,820
Held by Bond Trustee:
Money Market Funds 28,829,530 28,829,530
Guaranteed Investment
Contracts 6,012,530 6,012,530
Total $134,106,276 $127,793,746 $ 300,000 $ $ $6,012,530
C) Credit Risk and Concentration of Credit Risk
Deposits
At June 30,2007,the carrying amount of the City's deposits was$657,372. Bank balances before reconciling items
were $1,536,917 at June 30, 2007, of which $1,536,917 were collateralized with securities held by the pledging
financial institution's trust department but not in the City's name.
The California Government Code requires California banks and savings and loan associations to secure the City's
cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have
the effect of perfecting a security interest in such collateral superior to those of a general creditor.
According to California law, the market value of pledged securities with banking institutions must equal at least
110% of the City's cash deposits. California law also allows institutions to serve City deposits by pledging first
trust deed mortgage notes having a value of 150%of the City's total cash deposits. The City may waive collateral
requirements for cash deposits, which are fully insured up to $100,000 by the Federal Deposit Insurance
Corporation. The City,however,has not waived the collateralization requirements.
34
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
2) CASH AND INVESTMENTS-Continued
C) Credit Risk and Concentration of Credit Risk-Continued
Investments
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of rating by a nationally recognized statistical rating organization.
Presented below is the minimum rating required by (where applicable) the California Government Code and the
actual rating as of year end for each investment type.
The California Government Code places limitations on the amount that can be invested in any one issuer (as
detailed above). Investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external
investment pools)that represent 5%or more of total investments are as follows:
Credit Quality Distribution for Securities with Credit Exposure as a Percentage of Total Investments
Percentage of
Investment Type Carrying Value Credit Rating Investments
Local Agency Investment Fund $ 64,397,657 Not Rated 48.02%
Ventura County Pool 12,455,599 Not Rated 9.29%
Certificates of Deposit 1,499,000 Not Rated 1.12%
U.S.Treasury Notes 8,980,320 AAA 6.69%
Freddie Mae 2,942,160 AAA 2.19%
FNM 6,995,660 AAA 5.22%
FHLM 1,993,820 AAA 1.49%
Held by Bond Trustee:
Money Market Funds 28,829,530 Not Rated 21.50%
Guaranteed Investment Contracts 6,012,530 Not Rated 4.48%
Total $ 134,106,276 100.00%
Investments in any one issuer that represent 5%or more of total investments by reporting unit(primary government,
governmental activities,major fund,non-major funds in the aggregate,etc)are as follows:
$771,100 of the cash and investments(including amount held with bond trustee)reported in the Redevelopment
Agency Debt Service Fund (a major fund of the City) are held in the form of a nonnegotiable unrated
investment contract issued by Transamerica Occidental Life Insurance Company that matures on October 1,
2018.
$584,674 of the cash and investments(including amount held with bond trustee)reported in the Redevelopment
Agency Debt Service Fund (a major fund of the City) are held in the form of a nonnegotiable unrated
investment contract issued by CDC that matures on October 1,2031.
35
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
2) CASH AND INVESTMENTS-Continued
D) Local Agency Investment Fund(LAIF)
The LAIF is a special fund of the California State Treasury through which local governments may pool investments.
Each governmental agency may invest up to $40,000,000 in each account in the fund. Investments in LAIF are
highly liquid, as deposits can be converted to cash within twenty-four hours without loss of interest or principal.
The full faith and credit of the State of California secure investment in LAIF. At June 30, 2007, accounts were
maintained in the name of the City for$40,000,000 and the Redevelopment Agency for$24,397,656. The total cost
value of investment in LAIF was $64,397,656. The total fair value of investments in LAIF was $64,368,356. The
unrealized loss was based on a fair market value adjustment factor of.9995455022 that was calculated by the State
of California Treasurer's Office. At June 30, 2007, the market value of the State of California Pooled Money
Investment Account (PMIA) including accrued interest was $66,051,251,287. The State of California Pooled
Money Investment Account portfolio had securities in the form of structured notes and asset-backed securities. The
PMIA has policies, goals, and objectives for the portfolio to make certain that the goals of safety, liquidity, and
yield are not jeopardized. These policies are formulated by investment staff and review by both the PMIB and
LAIF Advisory Board on an annual basis. LAIF's and the City's exposure to credit, market, or legal risk is not
available.
E) The Ventura County Treasurer's Investment Pool
The City holds investments in the County Pool that are subject to being adjusted to "fair value". The City is
required to disclose its methods and assumptions used to estimate the fair value of its holdings in the County Pool.
The City relied upon information provided by the County Treasurer in estimating the City's fair value position of its
holdings in the County Pool. The City had a contractual withdrawal value of$12,455,599 at fiscal year end.
The Ventura County Treasurer's Investment Pool is a governmental investment pool managed and directed by the
elected Ventura County Treasurer. The County Pool is not registered with the Securities and Exchange
Commission. An oversight committee comprised of local government officials and various participants provide
oversight to the management of the fund. The daily operations and responsibilities of the Pool fall under the
auspices of the County Treasurer's office. The City is a voluntary participant in the investment pool.
36
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30,2007,is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes Receivable:
Asadurian $ 1,040,000 $ $ (80,000) $ 960,000
Mission Bell 2,737,323 (1,032,537) 1,704,786
Deferred Property Assessments 250,249 250,249
Total Notes Receivable 4,027,572 (1,112,537) 2,915,035
Loans Receivable:
Employee Computer 5,060 (3,817) 1,243
Rehabilitation 47,550 31,384
First-time Homeowners Assistance 119,104 (16,166) 119,104
CalHome 333,204 (8,328) 324,876
Total Loans Receivable 504,918 (28,311) 476,607
Total Notes and Loans Receivable $ 4,532,490 $ $ (1,140,848) $ 3,391,642
A) Asadurian Note
On April 7,2003,the City entered into an agreement with Asadurian Investment Corporation whereby in return for land
disposition, the City received a $1,200,000 promissory note. The note bears simple interest at the rate equal to the
average monthly interest rate announced by the Local Agency Investment Fund(LAIF). The borrower shall pay the
City the amount of$80,000 plus interest over fifteen years. The balance outstanding at June 30,2007 was$960,000.
B) Mission Bell Note
On August 2, 1995, the Agency entered into an agreement with Mission Bell Partners whereby in return for land
disposition, the Agency received seven promissory notes totaling $3,934,500. The notes bear simple interest from a
rate of three percent to a rate of six percent per annum from August 29, 1995 until August 29,2029. In June 2004 the
Agency,per settlement agreement discharged three of the remaining six of the original seven promissory notes totaling
$500,000. In September of 2006,notes number 2 and 6 were paid off. The balance of the remaining note(note no. 7)
outstanding at June 30,2007 was$1,704,786. Interest payments are due annually on September rd.
C) Deferred Property Assessment Notes
In March 1993, the City entered into agreements with three property owners of the City of Moorpark Assessment
District No. 92-1 whereby in return for deferring the property owner's assessment levy, the City received three
promissory notes totaling$279,427. The notes bear simple interest equivalent to the LAIF variable rate not to exceed
7%per annum. Principal and interest are due on the date the City executes an approved final map of the property or the
date of a court ordered subdivide of the property. At June 30,2007,the principal balance outstanding was$250,249.
37
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
3) NOTES AND LOANS RECEIVABLE-Continued
D) Employee Computer Loans
The City operates an employee computer loan program. The City allows employees to buy computers and make
payments over 3 years. The balance outstanding at June 30,2007,was$1,243.
E) Rehab Loans
The Redevelopment Agency of the City of Moorpark operates a rehabilitation loan program for the renovation of low-
moderate income housing. The total balance outstanding at June 30,2007,was$31,384.
F) Villa Campesina
The City provides down payment assistance loans to buyers in Villa Campesina. The total balance outstanding at June
30,2007 was$119,104.
G) CalHome Mobilehome Rehabilitation Loans
The total balance of CalHome loans for repairs to mobilehomes in Villa del Arroyo at June 30, 2007 was $324,876.
These loans are subject to a conditional forgiveness provision,beginning in Year 6 of the loan,continuing through Year
10 of the loan,with 20%of the balance forgiven each of these years; $71,727 has been received and$2,597 has been
forgiven. Funds received are deposited into a City Trust Fund to be used for eligible home ownership-related activities.
H) First Time Home Buyer Program
In order to reinforce the resale restrictions on properties purchased through the City's First Time Home Buyer Program,
buyers execute Promissory Notes and Deeds of Trust are recorded to secure these Notes. The Notes become payable
only in the event of a default of any provision of this program.
4) INTERFUND TRANSACTIONS
Due to/Due From
Due to/due from other funds for the year ending June 30,2007,consisted of the following:
Due to the General Fund From:
Redevelopment Agency Capital Projects Fund $ 72,111
Non-Major Special Revenue Funds 310,771
Total Due to the General Fund S 382,882
Due to the Endowment Special Revenue Fund From:
The Police Facilities Special Revenue Fund $ 2,205,608
38
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
4) INTERFUND TRANSACTIONS-Continued
The General Fund has advanced to the Redevelopment Agency and the State and Federal Assistance Fund $382,882 to
cover current expenditures. Repayment is expected during 2007-08.
The Endowment Fund has advanced to the Police Facilities Fee Fund $2,205,608 to fund Capital Improvements. The
advance is expected to be repaid with development fees to be collected in the future.
Transfers
Interfund transfers for the year ended June 30,2007 consisted of the following:
TRANSFER FROM
Endowment RDA
General Special Debt Non-Major
Fund Revenue Service Governmental Total
RDA Debt Service $ $ $ $ 152,334 $ 152,334
RDA Capital Projects 591,812 591,812
TRANSFER Police Facilities
TO Special Revenue 5,434,834 5,434,834
Non-Major
Governmental Funds 1,142,090 1,269,538 866,652 3,278,280
Total $ 1,142,090 $5,434,834 $1,861,350 $ 1,018,986 $ 9,457,260
Transfers are used to(1)move revenues from the fund that statute or budget requires to collect them to the fund that statute
or budget requires to expend them and (2) use unrestricted revenues collected in the General Fund to finance various
programs accounted for in other funds in accordance with budgetary authorizations or grant matching requirements.
The Debt Service Fund transferred funds to the Low/Mod Housing Special Revenue Fund to meet the low and moderate
income housing 20%tax increment set-aside requirement.
The Low/Mod Housing Special Revenue Fund transferred funds to the Debt Service Fund to pay the 20%debt service on
bond issues. The Debt Service Fund transferred funds to the Capital Projects Fund to fund future capital projects.
5) CAPTIAL ASSETS AND DEPRECIATION
In accordance with GASB Statement No. 34, the City has reported all capital assets including infrastructure in the
Government-Wide Statement of Net Assets. The City elected to use the basic approach as defined by GASB Statement
No.34 for all infrastructure reporting,whereby depreciation expense and accumulated depreciation have been recorded.
39
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
5) CAPTIAL ASSETS AND DEPRECIATION-Continued
The following table presents the capital assets activity for the year ended June 30,2007.
Beginning Ending
Balance Adjustments* Increases Decreases Balance
Governmental Activities:
Capital Assets,Not Depreciated:
Land $ 31,662,804 $ (5,674,581) $ 429,660 $ $ 26,417,883
Construction in Progress 12,125,310 8,634,008 (9,853,634) 10,905,684
Total Capital Assets Not
Depreciated 43,788,114 (5,674,581) 9,063,668 (9,853,634) 37,323,567
Capital Assets Being Depreciated:
Buildings and Improvements 19,221,519 (1,054,634) 9,189,194 27,356,079
Machinery and Equipment 3,326,318 29,646 692,206 (35,222) 4,012,948
Infrastructure
Roadway System 86,839,230 974,865 (27,377) 87,786,718
Storm Drainage System 1,619,399 1,619,399
Parks System 156,727 156,727
Total Capital Assets Being
Depreciated 111,163,193 (1,024,988) 10,856,265 (62,599) 120,931,871
Less Accumulated Depreciation:
Buildings and Improvements (3,000,725) (3,547) (532,190) (3,536,462)
Machinery and Equipment (1,546,013) 121,938 (353,716) 15,404 (1,762,387)
Infrastructure
Roadway System (25,029,700) (1,828,359) (26,858,059)
Storm Drainage System (136,114) (16,194) (152,308)
Parks System (42,317) (3,135) (45,452)
Total Accumulated Depreciation (29,754,869) 118,391 (2,733,594) 15,404 (32,354,668)
Total Capital Assets Being
Depreciated,Net 81,408,324 (906,597) 8,122,671 (47,195) 88,577,203
Government Activities Capital Assets,
Net of Depreciation $ 125,196,438 $ (6,581,178) $ 17,186,339 $ (9,900,829) $ 125,900,770
*The adjustments to capital assets are due to misclassification of land and buildings in prior years. These assets should have been appropriately classified as
property held for resale.
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30,2007,are as follows:
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
1999 Tax Allocation Bonds $ 7,295,000 $ $ (425,000) $ 6,870,000 $ 440,000
2001 Tax Allocation Bonds 11,585,000 (15,000) 11,570,000 15,000
2006 Tax Allocation Bonds 11,695,000 11,695,000
Discount on Bonds (325,401) 5,423 (319,978) (10,846)
Employee Compensated Absences 530,217 86,223 616,440
Total $ 19,410,217 $ 11,455,822 $ (434,577) $ 30,431,462 $ 444,154
40
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
6) LONG-TERM LIABILITIES
A) 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%to 4.875%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 indenture, 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:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
2008 $ 440,000 $ 319,148 $ 759,148
2009 460,000 300,583 760,583
2010 475,000 279,459 754,459
2011 500,000 255,694 755,694
2012 525,000 230,709 755,709
2013-2017 3,035,000 733,566 3,768,566
2018-2019 1,435,000 70,809 1,505,809
Total $ 6,870,000 $ 2,189,968 $ 9,059,968
B) 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 % to 5.13% per annum. The 2001 Bonds maturing October 2031 are subject to
mandatory sinking funds redemption in the amount of the principal and accrued interest. The Bonds are payable from
and secured by the tax revenues to be derived from the project area.
41
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
6) LONG-TERM LIABILITIES-Continued
B) 2001 Tax Allocation Bonds-Continued
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts form the Tax Allocations Bonds.
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
2008 $ 15,000 $ 589,761 $ 604,761
2009 15,000 589,176 604,176
2010 20,000 588,469 608,469
2011 15,000 587,743 602,743
2012 15,000 587,098 602,098
2013-2017 95,000 2,923,107 3,018,107
2018-2022 2,055,000 2,755,215 4,810,215
2023-2027 4,090,000 1,890,101 5,980,101
2028-2032 5,250,000 699,051 5,949,051
Total $ 11,570,000 $ 11,209,721 $ 22,779,721
C) 2006 Tax Allocation Bonds
In 2006,the Redevelopment Agency issued an$11,695,000 aggregated principal amount of Moorpark Redevelopment
Project 2006 Tax Allocation Bonds (the Bonds). The purpose of the Bonds was to finance redevelopment activities
related to the Agency's Moorpark Redevelopment Project(the"Project Area"). The 2006 Bonds bear interest at rates
ranging from 3.625% to 4.375% per annum, payable semi-annually on April 1 and October 1 of each year,
commencing on April 1,2007,and are subject to mandatory sinking fund redemption commencing on October 1,2016,
and on each October 1 thereafter. The 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 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.
The Redevelopment Agency is in compliance with the covenants contained in the debt indenture, which require the
establishment of certain specific accounts for the Tax Allocation Bonds.
42
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
6) LONG-TERM DEBT-Continued
Debt service payments on the 2006 Tax Allocation Bonds payable will be made from the Debt Service Fund. Annual debt
service requirements to maturity are as follows:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
2008 $ - $ 508,163 $ 508,163
2009 - 508,163 508,163
2010 - 508,163 508,163
2011 40,000 507,437 547,437
2012 40,000 505,987 545,987
2013-2017 205,000 2,508,641 2,713,641
2018-2022 255,000 2,464,656 2,719,656
2023-2027 320,000 2,405,431 2,725,431
2028-3032 395,000 2,329,141 2,724,141
2033-2037 7,130,000 1,530,594 8,660,594
2038-2039 3,310,000 146,344 3,456,344
Total $ 11,695,000 $ 13,922,720 $ 25,617,720
D) Employee Compensated Absences
The long-term liability at June 30,2007 is $616,440 for employee compensated absences. There is no current liability
estimated. The General Fund is primarily expected to liquidate this liability.
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES
The Moorpark Redevelopment Agency has entered into five(5)agreements for allocation and distribution of tax increment
revenues:
The first agreement is with the County of Ventura, Ventura County Library District, Ventura County Fire Protection
District, and Ventura County Flood Control District (collectively, the "County Taxing Entities"), which provide for the
Agency to retain 100%of the County Taxing Entities share (55.82%)of annual tax increment revenues up to $1,750,000.
For annual tax increment revenue in excess of$1,750,000, the Agency shall distribute 55.82% 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.
43
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES-Continued
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%of its share(1.53%)of annual tax increment
revenue, following a deduction from total increment revenues for amounts required to be used for housing purposes
(currently 20%of total 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 reasonably foreseeable to impair the Agency's
obligation under the agreement),the School District's share(33.41%)of tax increment revenues generated by an annual two
percent increase in assessed valuation, and beginning in fiscal year 1995-96, 14%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. This payment was made by the Agency in
August of 1999.
Per the agreement between the School District and the RDA of the City of Moorpark,the distributions to the School District
shall be expended for the following purposes at school sites in the incorporated boundaries of the City:
1. Telephone systems for new buildings
2. Computer hardware and educational systems
3. Land acquisition
4. Books
5. School buildings and facilities and related capital improvements and modernization projects(collectively public
works); such public works may include design, inspection and administration costs, but not School District
overhead or salary/benefits for regular School District employees.
The Agency may pre-approve other expenditures that are submitted in writing by the School District.
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%)of tax
increment revenues generated by an annual two percent increase in assessed valuation,and beginning in fiscal year 1993-94,
14%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%) of tax increment revenues generated by an annual two percent increase in
assessed valuation.
44
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
8) RETIREMENT PLAN
A) Plan Description
The City of Moorpark contributes to the California Public Employees Retirement System(Ca1PERS), a cost-sharing
multiple-employer public employee defined benefit pension plan.Ca1PERS provides retirement and disability benefits,
annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Ca1PERS acts as a common
investment and administrative agent for participating public entities within the State of California. Benefit provisions
and all other requirements are established by state statute and city ordinance. Copies of Ca1PERS' annual financial
report may be obtained from their executive office:400 P Street,Sacramento,California 95814.
B Funding Policy
Active plan members are required to contribute 7.00% of their covered salary. The City of Moorpark makes the
contribution required of the City employees on their behalf. The City is also required to make an additional
contribution at an actuarially determined rate. The required employer contribution rate for the fiscal year 2006/07 was
11.728%. The contribution requirements for plan members are established by State statute and the employer
contribution rate is established and may be amended by Ca1PERS.
C) Annual Pension Cost
THREE YEAR TREND INFORMATION FOR PERS
Fiscal Annual Pension Percentage of Net Pension
Year Cost(APC) APC Contributed Obligation
6/30/05 $ 279,434 100% $ 0
6/30/06 $ 426,533 100% $ 0
6/30/07 $ 455,376 100% $ 0
9) CONDUIT DEBT-REVENUE BONDS
The City of Moorpark Mobile Home Park Revenue Bonds (Villa Del Arroyo) Series 2000 A and the City of Moorpark
Mobile Home Park Subordinate Revenue Bonds (Villa Del Arroyo) Series 2000 B were issued in the amounts of
$12,740,000 and $2,635,000 respectively. Both issuances were dated May 19, 2000. The Series A bonds were issued to
fund a loan to Augusta Homes,A California non-profit public benefit corporation,to finance the acquisition of the Villa Del
Arroyo Mobile Home Park.The Series B bonds were issued for the same purpose but are subordinate to the Series A bonds.
The total bonds outstanding at June 30,2007,totaled$13,890,000.
The City of Moorpark Multifamily Housing Revenue Bonds(Vintage Crest Senior Apartment Project)2002 Series A were
issued in the amount of$16,000,000. The issuance was dated December 1,2002. The Series A Bonds were issued to fund
a loan to Vintage Crest Senior Apartment L.P., a California Limited Partnership, to finance the Vintage Crest Senior
Housing Project. The bonds outstanding at June 30,2007,totaled$15,615,230.
45
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
9) CONDUIT DEBT-REVENUE BONDS-Continued
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
edged therefore. The programs are completely administered by the Trustees without any involvement by the City.
Accordingly,these programs and the bonds issued thereunder have been excluded from the accompanying basic financial
statements.
10) SPECIAL ASSESSMENT BONDS
A) Mission Bell Plaza AD 92-1
On April 1, 1994,the City sponsored the issuance of special assessment bonds to finance certain capital improvements
for the Mission Bell Plaza project. These bonds, totaling $2,595,000, of which $735,000 and $1,475,000 mature in
2013 and 2023, respectively, were issued under the 1915 Improvements Bonds Act and are obligations against the
properties in the assessment district. The special assessment,which is collected with other property related taxes as part
of the secured property tax bill for properties in the assessment district,will be forwarded to an independent bank that
serves as the paying agent. These bonds do not constitute an indebtedness of the City,and the City is not liable for their
repayment. Accordingly, these special assessment bonds payable have been excluded from the accompanying basic
financial statements. The unpaid principal balance on such bonds is$1,630,000 at June 30,2007.
B) Community Facilities District No.97-1
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 %to 6% per annum on March 1, and September 1 of each year commencing March 1, 1998.
The City is not liable under any circumstance for the repayment of the debt,but is only acting as agent for the property
owners in collecting the assessments and special taxes, forwarding collections to fiscal agents to pay the bondholders
and initiating foreclosure proceedings,if appropriate. Accordingly,these bonds payable have been excluded from the
accompanying basic financial statements. The unpaid principal balance is$6,630,000 at June 30,2007.
C) Community Facilities District No.2004-1
During the 2006-07 fiscal year, the City issued bonds to construct and acquire certain public facilities of benefit to
the Community Facilities District No. 2004-1. The bonds,totaling$38,030,000,were issued pursuant to the Mello-
Roos Community Facilities Act of 1982. The bonds mature on September 1, 2038 with interest payable at rates
ranging from 4.0%to 5.3%per annum,on March 1 and September 1 of each year. The City is not liable under any
circumstance for the repayment of the debt, but is only acting as agent for the property owners in collecting the
assessments and special taxes, forwarding collections to fiscal agents to pay the bondholders and initiating
foreclosure proceedings, if appropriate. Accordingly, these bonds payable have been excluded from the
accompanying basic financial statements. The unpaid principal balance is$38,030,000 at June 30,2007.
46
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
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(the Authority). The Authority is composed
of over 100 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 nine-
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$30,000 of each occurrence is
charged directly to the member;costs from$30,001 to $750,000 are pooled based on a member's share of costs under
$30,000;costs from$50,001 to $5,000,000 are pooled based on payroll. Cost of covered claims above $5,000,000 are
currently paid by reinsurance. The Protection for each member is$50,000,000 per occurrence and$50,000,000 annual
aggregate.
Workers' Compensation: The City of Moorpark also participates in the workers compensation pool administered by
the Authority. Members retain the first$50,000 of each claim. Claims are pooled separately between public safety and
non-public safety. Loss development reserves are allocated by pool and by loss layer ($0-$100,000 allocated by
retained amount and$100,000 to $2,000,000 by payroll). Losses from$50,000 to $100,000 and the loss development
reserve associated with losses up to$100,000 are pooled based on the member's share of losses under$50,000. Losses
from $100,000 to $2,000,000 are pooled based on payroll. Costs in excess of $50,000,000 are pooled among the
Members based on payroll. Administrative expenses are paid from the Authority's investment earnings.
C) Purchased Insurance
The City 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$11,019,343. There is a$5,000 per loss deductible. Premiums for the coverage are paid annually
and are not subject to retroactive adjustments.
D) Earthquake and Flood Insurance
The City of Moorpark purchased earthquake and flood insurance on a portion of its property. The earthquake insurance
is part of the property protection insurance program of the Authority. The City of Moorpark property currently has
earthquake protection in the amount of$8,240,521. There is a deductible of five percent of the value with a minimum
deduction of$100,000. Premiums for the coverage are paid annually and are not subject to retroactive adjustments.
47
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
11) RISK MANAGEMENT-Continued
E) Adequacy of Protection
During the past three fiscal(claims)years none of the above program of protection have had settlements or judgments
that exceeded pooled or insured coverage. There have been no significant reductions in pooled or insured liability
coverage from coverage in the prior year.
12)CLASSIFICATION OF NET ASSETS AND FUND BALANCE
In the Government-wide financial statements;net assets are classified in the following categories:
Invested in Capital Assets
This category groups all assets,including infrastructure,into one component of net assets. Accumulated depreciation on
these assets reduces this category.
Restricted Net Assets
This category presents external restrictions imposed by creditors,grantors, contributions,or laws and regulations of other
governments and restrictions imposed by law through constitutional provisions or enabling legislation.
Unrestricted Net Assets
This category represents the net assets of the City that are not externally restricted for any project or other purpose.
In the Fund Financial Statements, the City has established"reserves"to segregate portions of fund balance which are not
appropriable for expenditure in future periods,or which are legally set aside for a specific future use. Fund"designations"
also are established to indicate tentative plans for financial resource utilization of unreserved fund balance in a future period.
The City's governmental funds reserves and designations at June 30, 2007,are presented below,followed by explanations
of the nature and purpose of each reserve and designation.
Redevelopment Redevelopment
Highland Agency Agency Non-Major
Improvement Capital Projects Debt Service Governmental
Fund Fund Fund Funds
Reserved:
Capital Projects $ 25,448,070 $ $ $
Debt Service 3,194,179
Property Held for Resale/Development 7,891,391 2,231,711
Housing Set-Aside 3,098,765
Total Reserved $ 25,448,070 $ 7,891,391 $ 3,194,179 $ 5,330,476
Unreserved,Designated:
Future Projects S $ 9,178,622 $ S
48
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
12)CLASSIFICATION OF NET ASSETS AND FUND BALANCE-Continued
Reserved for Capital Projects
These funds are reserved for project expenditures related to the issuance of the CFD No.2004-1 bonds.
Reserved for Debt Service
These funds are reserved for restricted debt proceeds.
Reserved for Property Held for Resale/Development
These funds are reserved for property purchased by the City to be sold or otherwise used for the development of the
Redevelopment Agency Project Areas.
Reserved for Housing Set-Aside
These funds are for the development of low and moderate-income housing
Unreserved,Designated for Future Projects
These funds have been designated for future capital projects.
Deficit Fund Balance
The following fund had a deficit at June 30,2007
Police Facilities Fee Capital Projects Fund $ (2,205,776)
The deficit will be made up through future police facilities assessment fees.
13) EXPENDITURES IN EXCESS OF APPROPRIATIONS
The following fund has expenditures in excess of the budget in the following amount for the year ended June 30,2007:
Redevelopment Agency Debt Service Fund $ 1,653,997
The variance in the RDA Debt Service Fund of$1,653,997 is mainly a result of the required tax increment pass-through
payments that were higher than budgeted reflecting the increase in property tax revenue received. The variance is also a
result of the costs related to the issuance of the 2006 Tax Allocation Bonds.
49
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2007
14)COMMITMENTS AND CONTINGENCIES
A) Commitments
The City has contracts with County of Ventura for various services, most notably law enforcement. These service
contracts are renegotiated annually and cancelable by the City or the County on May 31 of each year after 30 days
notice has been given. These are based on an hourly rate and adjusted throughout the fiscal year.
B) Contingencies
There are certain legal actions pending against the City which management considers incident to normal operations,
some of which seek substantial monetary damages. In the opinion of management,after consultation with counsel,the
ultimate resolution of such actions is not expected to have a significant effect on the financial position or the results of
operations of the City.
The City has received State and Federal funds for specific purposes that are subject to review by the grantor agencies.
Although such audits could generate expenditure disallowance under the terms of the grants, it is believed that any
disallowed amounts will not be material.
15)PRIOR PERIOD ADJUSTMENTS
A) Governmental Activities
The prior period adjustment of$387,842 in the statement of activities consists of the following: In the prior year
$261,939 of interest receivable was not properly accrued and recorded as revenue. In the Local Transportation
Transit fund revenue of$30,000 was recorded in the prior year,however,the availability period for the revenue had
passed and the revenue should have been deferred in the prior year. Accumulated depreciation in the prior years
was overstated by$118,391. Also,$37,512 in capital assets was not recorded in prior years but should have been.
B) Fund Financial Statements
The prior period adjustment of$6,969,020 in the statement of revenues,expenditures,and changes in fund balances
for the governmental funds represents land and buildings previously recorded as capital assets in prior years of
$5,674,581 and $1,062,500 respectively, which were removed from capital assets and added to property held for
resale in the fund financial statements. Also interest receivable of$261,939 was not properly accrued and recorded
as revenue in the prior year. In the Local Transportation Transit fund,revenue of$30,000 was recorded in the prior
year;however,the availability period had passed and the revenue should have been deferred in the funds in the prior
year.
50
REQUIRED SUPPLEMENTARY INFORMATION
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 7,105,000 $ 7,435,000 $ 7,358,332 $ (76,668)
Licenses&Permits 57,000 57,000 65,630 8,630
Fines&Forfeitures 125,500 131,000 193,949 62,949
Use of Money and Property 959,000 1,089,000 1,729,467 640,467
Charges for Services 397,300 409,800 613,796 203,996
Intergovernmental 2,561,625 2,776,625 3,141,363 364,738
Other Revenue 266,500 266,500 338,929 72,429
Total Revenues 11,471,925 12,164,925 13,441,466 1,276,541
EXPENDITURES
Current:
General Government 1,932,745 1,971,909 1,465,126 506,783
Public Safety 5,864,381 5,872,683 5,584,268 288,415
Public Services 238,906 790,046 412,512 377,534
Parks and Recreation 1,563,916 1,610,366 1,277,148 333,218
Capital Outlay 208,011 909,849 662,052 247,797
Total Expenditures 9,807,959 11,154,853 9,401,106 1,753,747
Excess(Deficiency)of Revenues
over Expenditures 1,663,966 1,010,072 4,040,360 3,030,288
OTHER FINANCING SOURCES(USES)
Gain From Sale of Property 1,000 1,000
Transfers Out (1,592,179) (1,633,179) (1,142,090) 491,089
Total Other Financing
Sources(Uses) (1,592,179) (1,633,179) (1,141,090) 492,089
Net Change in Fund Balance 71,787 (623,107) 2,899,270 3,522,377
Fund Balance,Beginning of Year 21,244,411 21,244,411 21,244,411
Prior Period Adjustments 261,939 261,939
Fund Balance,End of Year $ 21,316,198 $ 20,621,304 $ 24,405,620 $ 3,784,316
51
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Street and Traffic Safety Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 468,633 $ 468,633 $ 807,394 $ 338,761
Development Fees 4,000,730 4,000,730 1,849,025 (2,151,705)
Total Revenues 4,469,363 4,469,363 2,656,419 (1,812,944)
EXPENDITURES
Current:
Public Services 156,730 156,730 25,650 131,080
Capital Outlay 1,265,825 1,709,970 266,373 1,443,597
Total Expenditures 1,422,555 1,866,700 292,023 1,574,677
Excess(Deficiency)of Revenues
over Expenditures 3,046,808 2,602,663 2,364,396 (238,267)
Fund Balance,Beginning of Year 14,689,787 14,689,787 14,689,787
Fund Balance,End of Year $ 17,736,595 $ 17,292,450 $ 17,054,183 $ (238,267)
52
City of Moorpark
Statement of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual - Community Development Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Building and Safety Fees $ 1,330,444 $ 830,444 $ 716,552 $ (113,892)
Planning and Public Works Fees 1,681,971 1,409,011 1,649,002 239,991
Other Revenue 2,000 2,000 6,106 4,106
Total Revenues 3,014,415 2,241,455 2,371,660 130,205
EXPENDITURES
Current:
General Government 7,500 7,500 6,228 1,272
Public Services 3,438,407 2,932,615 2,709,564 223,051
Capital Outlay 39,995 39,995 36,887 3,108
Total Expenditures 3,485,902 2,980,110 2,752,679 227,431
Excess(Deficiency)of Revenues
over Expenditures (471,487) (738,655) (381,019) 357,636
OTHER FINANCING SOURCES(USES)
Transfers In 58,398 58,398 (58,398)
Total Other Financing
Sources(Uses) 58,398 58,398 - (58,398)
Net Change in Fund Balance (413,089) (680,257) (381,019) 299,238
Fund Balance,Beginning of Year 793,273 793,273 793,273
Fund Balance,End of Year $ 380,184 $ 113,016 $ 412,254 $ 299,238
53
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual -Areas of Contribution Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 453,886 $ 453,886 $ 587,139 $ 133,253
Development Fees 1,782,851 1,782,851 568,843 (1,214,008)
Other Revenue 338,870 338,870
Total Revenues 2,236,737 2,236,737 1,494,852 (741,885)
EXPENDITURES
Capital Outlay 4,223,655 4,589,982 1,227,661 3,362,321
Total Expenditures 4,223,655 4,589,982 1,227,661 3,362,321
Excess(Deficiency)of Revenues
over Expenditures (1,986,918) (2,353,245) 267,191 2,620,436
OTHER FINANCING SOURCES(USES)
Transfers In -
Transfers Out -
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance (1,986,918) (2,353,245) 267,191 2,620,436
Fund Balance,Beginning of Year 11,113,513 11,113,513 11,113,513
Fund Balance,End of Year $ 9,126,595 $ 8,760,268 $ 11,380,704 $ 2,620,436
54
City of Moorpark
Statement of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual -Endowment Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 122,133 $ 122,133 $ 138,748 $ 16,615
Development Fees 2,800,220 2,885,293 2,258,950 (626,343)
Total Revenues 2,922,353 3,007,426 2,397,698 (609,728)
EXPENDITURES
Capital Outlay 5,547,379 3,009,176 2,725,789 283,387
Total Expenditures 5,547,379 3,009,176 2,725,789 283,387
Excess(Deficiency)of Revenues
over Expenditures (2,625,026) (1,750) (328,091) (326,341)
OTHER FINANCING SOURCES(USES)
Transfers Out (2,018,260) (7,453,094) (5,434,834) 2,018,260
Total Other Financing
Sources(Uses) (2,018,260) (7,453,094) (5,434,834) 2,018,260
Net Change in Fund Balance (4,643,286) (7,454,844) (5,762,925) 1,691,919
Fund Balance,Beginning of Year 12,575,479 12,575,479 12,575,479
Fund Balance,End of Year $ 7,932,193 $ 5,120,635 $ 6,812,554 $ 1,691,919
55
City of Moorpark
Statement of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual -Park/Public Facilities Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 180,182 $ 244,182 $ 312,026 $ 67,844
Development Fees 2,223,144 2,248,144 1,032,193 (1,215,951)
Other Revenue 309 309
Total Revenues 2,403,326 2,492,326 1,344,528 (1,147,798)
EXPENDITURES
Public Services 60,000 215,824 141,901 73,923
Capital Outlay 3,598,634 4,101,555 748,622 3,352,933
Total Expenditures 3,658,634 4,317,379 890,523 3,426,856
Excess(Deficiency)of Revenues
over Expenditures (1,255,308) (1,825,053) 454,005 2,279,058
OTHER FINANCING SOURCES(USES)
Transfers Out -
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance (1,255,308) (1,825,053) 454,005 2,279,058
Fund Balance,Beginning of Year 5,372,931 5,372,931 5,372,931
Fund Balance,End of Year $ 4,117,623 $ 3,547,878 $ 5,826,936 $ 2,279,058
56
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SUPPLEMENTARY INFORMATION
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Police Facilities Fee Capital Projects Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 1 $ 1
Maintenance Assessments 581,686 581,686 192,729 (388,957)
Total Revenues 581,686 581,686 192,730 (388,956)
EXPENDITURES
Capital Outlay 5,000 594,748 116,889 477,859
Total Expenditures 5,000 594,748 116,889 477,859
Excess(Deficiency)of Revenues
over Expenditures 576,686 (13,062) 75,841 88,903
OTHER FINANCING SOURCES(USES)
Transfers In 5,434,834 5,434,834 -
Total Other Financing
Sources(Uses) - 5,434,834 5,434,834 -
Net Change in Fund Balance 576,686 5,421,772 5,510,675 88,903
Fund Balance,Beginning (7,716,451) (7,716,451) (7,716,451)
Fund Balance,Ending $ (7,139,765) $ (2,294,679) $ (2,205,776) $ 88,903
57
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual -Redevelopment Agency Capital Projects Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 809,488 $ 893,488 $ 1,123,833 $ 230,345
Other Revenue 82,271 1,032,537 1,032,562 25
Total Revenues 891,759 1,926,025 2,156,395 230,370
EXPENDITURES
Current:
Public Services 1,058,373 982,196 925,806 56,390
Capital Outlay 2,532,010 3,459,991 571,192 2,888,799
Total Expenditures 3,590,383 4,442,187 1,496,998 2,945,189
Excess(Deficiency)of Revenues
over Expenditures (2,698,624) (2,516,162) 659,397 3,175,559
OTHER FINANCING SOURCES(USES)
Transfers In 1,456,811 1,456,811 591,812 (864,999)
Gain From Sale of Property 275,797 275,797
Bond Proceeds 8,923,500 8,923,500 -
Total Other Financing
Sources(Uses) 1,456,811 10,380,311 9,791,109 (589,202)
Net Change in Fund Balances (1,241,813) 7,864,149 10,450,506 2,586,357
Fund Balance,Beginning of Year 9,887,050 9,887,050 9,887,050
Prior Period Adjustments 6,566,981 6,566,981
Fund Balances,End of Year $ 8,645,237 $ 17,751,199 $ 26,904,537 $ 9,153,338
58
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Redevelopment Agency Debt Service Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 5,358,000 $ 5,386,846 $ 6,347,692 $ 960,846
Use of Money and Property 309,985 309,985 316,015 6,030
Total Revenues 5,667,985 5,696,831 6,663,707 966,876
EXPENDITURES
Current:
Public Services 1,900,000 1,900,000 2,869,751 (969,751)
Debt Service
Principal 440,000 440,000 440,000 -
Interest 1,201,975 1,201,975 1,380,633 (178,658)
Bond Issuance Costs 505,588 (505,588)
Total Expenditures 3,541,975 3,541,975 5,195,972 (1,653,997)
Excess(Deficiency)of Revenues
over Expenditures 2,126,010 2,154,856 1,467,735 (687,121)
OTHER FINANCING SOURCES(USES)
Bond Proceeds 1,940,511 2,771,500 830,989
Discount on Bonds (325,401) (325,401)
Transfers In 152,334 152,334 152,334 -
Tranfers Out (2,528,411) (2,528,411) (1,861,350) 667,061
Total Other Financing Sources(Uses) (2,376,077) (435,566) 737,083 1,172,649
Net Change in Fund Balance (250,067) 1,719,290 2,204,818 485,528
Fund Balance,Beginning 1,072,604 1,072,604 1,072,604
Fund Balance,Ending $ 822,537 $ 2,791,894 $ 3,277,422 $ 485,528
59
City of Moorpark
Non-Major Governmental Funds
June 30,2007
SPECIAL REVENUE FUNDS
Traffic Safety Fund - The Traffic Safety Fund is used to account for revenues collected from traffic fines and forfeitures,
which is used for crossing guards and parking enforcement.
Affordable Housing Fund (City) - The Affordable Housing Fund is used to account for grants used for development of
affordable housing units.
Assessment District Fund — The Assessment District Fund is used to account for funds received by the City for
maintenance of community-wide landscaping.
State and Federal Assistance Fund—The State and Federal Assistance Fund is used to account for Federal and State grants
used for the construction of street and related improvements and help fund law enforcement.
State Gas Tax Fund — The State Gas Tax Fund is used to account for fees used for street maintenance, right-of-way
acquisition and street construction.
Low and Moderate Income Housing Fund (MRA)—The Low and Moderate Income Housing Fund is used to account for
the receipt of 20%of the gross tax increment allocation,which is restricted for use on projects that increase or preserve the
supply of low and moderate income housing in accordance with Health and Safety Code Section 33334.
Local Transportation Transit Fund —The Local Transportation Transit Fund is used to account for fees used in local
transportation and street projects that help relieve traffic congestion programs and development.
Solid Waste Fund—The Solid Waste Fund is used to account for fees used on programs that promote resource conservation,
recycling,composting,and proper disposal of hazardous household waste.
CAPITAL PROJECTS FUNDS
City Hall Building Fund-The City Hall Building Fund is used to account for the funds used to build the new Civic Center
Complex.
Equipment Replacement Fund - The Equipment Replacement Fund is used to account for the funds used to replace city
equipment and vehicles.
60
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2007
Special Revenue
State and
Traffic Affordable Assessment Federal
Safety Housing District Assistance
ASSETS
Cash and Investments $ 648,630 $ 2,722,990 $ 2,375,834 $ 1,848,139
Receivables:
Taxes 6,211
Accounts 45,100 403,756
Notes 458,980
Property Held for Resale/Development
Total Assets $ 648,630 $ 3,181,970 $ 2,427,145 $ 2,251,895
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ 5,178 $ 5,000 $ 101,973 $ 341,814
Due to Other Funds 302,820
Deferred Revenue 458,980 6,211 360,927
Total Liabilities 5,178 463,980 108,184 1,005,561
Fund Balances:
Reserved For:
Property Held for Resale/Development
Housing Set-Aside
Unreserved,Reported In:
Special Revenue Funds 643,452 2,717,990 2,318,961 1,246,334
Capital Projects Funds
Total Fund Balances 643,452 2,717,990 2,318,961 1,246,334
Total Liabilities and Fund Balances $ 648,630 $ 3,181,970 $ 2,427,145 $ 2,251,895
61
Special Revenue Capital Projects Total
Low and Local Nonmajor
State Gas Moderate Transportation Solid City Hall Equipment Governmental
Tax Income Housing Transit Waste Building Replacement Funds
$ $ 3,107,811 $ 420,144 $ 888,906 $ 393,773 $ 457,946 $ 12,864,173
6,211
70,014 6,091 124,273 27,297 676,531
16,384 475,364
2,231,711 2,231,711
$ 70,014 $ 5,361,997 $ 544,417 $ 916,203 $ 393,773 $ 457,946 $ 16,253,990
$ 19,309 $ 7,186 $ 41,691 $ 7,121 $ $ 43 $ 529,315
7,951 310,771
16,384 546,957 1,389,459
19,309 31,521 588,648 7,121 - 43 2,229,545
2,231,711 2,231,711
3,098,765 3,098,765
50,705 (44,231) 909,082 7,842,293
393,773 457,903 851,676
50,705 5,330,476 (44,231) 909,082 393,773 457,903 14,024,445
$ 70,014 $ 5,361,997 $ 544,417 $ 916,203 $ 393,773 $ 457,946 $ 16,253,990
62
City of Moorpark
Combining Statement of Revenues,Expenditures and Changes in Fund Balance
Non-Major Governmental Funds
Year Ended June 30, 2007
Special Revenue
State and
Traffic Affordable Assessment Federal
Safety Housing District Assistance
REVENUES
Fines and Forfeitures S 149,630 S S S
Use of Money and Property 30,423 118,458 121,908 181,173
Intergovernmental 1,653,471
Maintenance Assessments 1,729,742
Franchise Fees
Development Fees 694,840
Other Revenue 8,328 4,408 1,680
Total Revenues 180,053 821,626 1,856,058 1,836,324
EXPENDITURES
Current:
Public Safety 120,909 273,068 105,672
Public Services 5,208 250,217
Parks and Recreation 2,762,740
Capital Outlay 2,737,020
Debt Service:
Interest
Total Expenditures 120,909 5,208 3,035,808 3,092,909
Excess(Deficiency)of Revenues Over Expenditures 59,144 816,418 (1,179,750) (1,256,585)
OTHER FINANCING SOURCES(USES)
Transfers In 1,231,880
Transfers Out (735,862)
Total Other Financing Sources(Uses) - - 1,231,880 (735,862)
Net Change in Fund Balances 59,144 816,418 52,130 (1,992,447)
Fund Balances-Beginning of Year 584,308 1,901,572 2,266,831 3,238,781
Prior Period Adjustments
Fund Balances-End of Year $ 643,452 $ 2,717,990 S 2,318,961 $ 1,246,334
63
Special Revenue Capital Projects Total
Low and Local Nonmajor
State Gas Moderate Transportation Solid City Hall Equipment Governmental
Tax Income Housing Transit Waste Building Replacement Funds
$ $ $ $ $ $ 5 149,630
195,966 20,664 43,520 21,510 24,356 757,978
665,487 693,095 10,569 3,022,622
1,729,742
292,003 292,003
694,840
7,985 16,167 38,568
673,472 212,133 713,759 346,092 21,510 24,356 6,685,383
499,649
1,191,503 333,677 522,445 220,520 2,523,570
2,762,740
93,960 26,945 205,545 50,050 77,455 3,190,975
20,352 20,352
1,285,463 380,974 727,990 220,520 50,050 77,455 8,997,286
(611,991) (168,841) (14,231) 125,572 (28,540) (53,099) (2,311,903)
735,862 1,269,538 41,000 3,278,280
(130,790) (152,334) (1,018,986)
605,072 1,117,204 - - - 41,000 2,259,294
(6,919) 948,363 (14,231) 125,572 (28,540) (12,099) (52,609)
57,624 4,212,013 783,510 422,313 470,002 13,936,954
170,100 (30,000) 140,100
$ 50,705 $ 5,330,476 $ (44,231) 5 909,082 $ 393,773 $ 457,903 $ 14,024,445
64
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Traffic Safety Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Fines and Forfeitures $ 175,000 $ 175,000 $ 149,630 $ (25,370)
Use of Money and Property 23,500 23,500 30,423 6,923
Total Revenues 198,500 198,500 180,053 (18,447)
EXPENDITURES
Current:
Public Safety 126,884 127,654 120,909 6,745
Total Expenditures 126,884 127,654 120,909 6,745
Net Change in Fund Balance 71,616 70,846 59,144 (11,702)
Fund Balance,Beginning of Year 584,308 584,308 584,308
Fund Balance,End of Year $ 655,924 $ 655,154 $ 643,452 $ (11,702)
65
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual -Affordable Housing Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 41,702 $ 41,702 $ 118,458 $ 76,756
Development Fees 1,510,762 1,510,762 694,840 (815,922)
Other Revenue 30,000 30,000 8,328 (21,672)
Total Revenues 1,582,464 1,582,464 821,626 (760,838)
EXPENDITURES
Current:
Public Services 116,900 122,050 5,208 116,842
Capital Outlay 200,000 200,000 200,000
Total Expenditures 316,900 322,050 5,208 316,842
Net Change in Fund Balance 1,265,564 1,260,414 816,418 (443,996)
Fund Balance,Beginning of Year 1,901,572 1,901,572 1,901,572
Fund Balance,End of Year $ 3,167,136 $ 3,161,986 $ 2,717,990 $ (443,996)
66
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Assessment District Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 100,789 $ 100,789 $ 121,908 $ 21,119
Maintenance Assessments 1,695,178 1,718,637 1,729,742 11,105
Other Revenue 4,500 4,500 4,408 (92)
Total Revenues 1,800,467 1,823,926 1,856,058 32,132
EXPENDITURES
Current:
Public Safety 267,317 277,317 273,068 4,249
Parks and Recreation 3,156,737 3,207,237 2,762,740 444,497
Capital Outlay 429,565 429,565 429,565
Total Expenditures 3,853,619 3,914,119 3,035,808 878,311
Excess(Deficiency)of Revenues
over Expenditures (2,053,152) (2,090,193) (1,179,750) 910,443
OTHER FINANCING SOURCES(USES)
Transfers In 1,873,573 1,873,573 1,231,880 (641,693)
Total Other Financing
Sources(Uses) 1,873,573 1,873,573 1,231,880 (641,693)
Net Change in Fund Balance (179,579) (216,620) 52,130 268,750
Fund Balance,Beginning 2,266,831 2,266,831 2,266,831
Fund Balance,Ending $ 2,087,252 $ 2,050,211 $ 2,318,961 $ 268,750
67
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual - State and Federal Assistance Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 121,880 $ 121,880 $ 181,173 $ 59,293
Intergovernmental 3,213,617 3,225,617 1,653,471 (1,572,146)
Other Revenue 1,680 1,680
Total Revenues 3,335,497 3,347,497 1,836,324 (1,511,173)
EXPENDITURES
Current:
Public Safety 103,000 108,276 105,672 2,604
Public Services 53,171 437,534 250,217 187,317
Capital Outlay 3,835,114 4,453,164 2,737,020 1,716,144
Total Expenditures 3,991,285 4,998,974 3,092,909 1,906,065
Excess(Deficiency)of Revenues
over Expenditures (655,788) (1,651,477) (1,256,585) 394,892
OTHER FINANCING SOURCES(USES)
Transfers Out (1,153,822) (1,153,822) (735,862) 417,960
Total Other Financing
Sources(Uses) (1,153,822) (1,153,822) (735,862) 417,960
Net Change in Fund Balance (1,809,610) (2,805,299) (1,992,447) 812,852
Fund Balance,Beginning of Year 3,238,781 3,238,781 3,238,781
Fund Balance,End of Year $ 1,429,171 $ 433,482 $ 1,246,334 $ 812,852
68
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual - State Gas Tax Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 11,059 $ 11,059 $ $ (11,059)
Intergovernmental 671,000 671,000 665,487 (5,513)
Other Revenue 2,400 2,400 7,985 5,585
Total Revenues 684,459 684,459 673,472 (10,987)
EXPENDITURES
Current:
Public Services 1,363,941 1,386,334 1,191,503 194,831
Capital Outlay 134,547 111,709 93,960 17,749
Total Expenditures 1,498,488 1,498,043 1,285,463 212,580
Excess(Deficiency)of Revenues
over Expenditures (814,029) (813,584) (611,991) 201,593
OTHER FINANCING SOURCES (USES)
Transfers In 1,153,822 1,153,822 735,862 (417,960)
Transfers Out (339,793) (339,793) (130,790) 209,003
Total Other Financing
Sources(Uses) 814,029 814,029 605,072 (208,957)
Net Change in Fund Balance - 445 (6,919) (7,364)
Fund Balance,Beginning of Year 57,624 57,624 57,624
Fund Balance,End of Year $ 57,624 $ 58,069 $ 50,705 $ (7,364)
69
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual -Low and Moderate Income Housing Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 143,444 $ 143,444 $ 195,966 $ 52,522
Other Revenue 1,166 16,167 15,001
Total Revenues 143,444 144,610 212,133 67,523
EXPENDITURES
Current:
Public Services 620,582 640,682 333,677 307,005
Capital Outlay 1,733,196 2,472,030 26,945 2,445,085
Debt Service:
Principal 16,000 16,000 16,000
Interest 22,000 22,000 20,352 1,648
Total Expenditures 2,391,778 3,150,712 380,974 2,769,738
Excess(Deficiency)of Revenues
over Expenditures (2,248,334) (3,006,102) (168,841) 2,837,261
OTHER FINANCING SOURCES(USES)
Transfers In 1,071,600 1,071,600 1,269,538 197,938
Transfers Out (152,334) (152,334) (152,334) -
Total Other Financing
Sources(Uses) 919,266 919,266 1,117,204 197,938
Net Change in Fund Balance (1,329,068) (2,086,836) 948,363 3,035,199
Fund Balance,Beginning of Year 4,212,013 4,212,013 4,212,013
Prior Period Adjustment 170,100 170,100
Fund Balance,End of Year $ 2,882,945 $ 2,125,177 $ 5,330,476 $ 3,205,299
70
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual -Local Transportation Transit Special Revenue Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 8,524 $ 8,524 $ 20,664 $ 12,140
Intergovernmental 1,035,424 1,035,424 693,095 (342,329)
Total Revenues 1,043,948 1,043,948 713,759 (330,189)
EXPENDITURES
Current:
Public Services 570,377 571,943 522,445 49,498
Capital Outlay 695,431 706,863 205,545 501,318
Total Expenditures 1,265,808 1,278,806 727,990 550,816
Net Change in Fund Balance (221,860) (234,858) (14,231) 220,627
Fund Balance,Beginning of Year - - - -
Prior Period Adjustment - - (30,000) (30,000)
Fund Balance,End of Year $ (221,860) $ (234,858) $ (44,231) $ 190,627
71
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Solid Waste Special Revenue Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 33,638 $ 33,638 $ 43,520 $ 9,882
Intergovernmental 19,000 29,700 10,569 (19,131)
Franchise Fees 275,600 275,600 292,003 16,403
Total Revenues 328,238 338,938 346,092 7,154
EXPENDITURES
Current:
Public Services 295,284 409,085 220,520 188,565
Capital Outlay 100,000
Total Expenditures 395,284 409,085 220,520 188,565
Net Change in Fund Balance (67,046) (70,147) 125,572 195,719
Fund Balance,Beginning of Year 783,510 783,510 783,510
Fund Balance,End of Year $ 716,464 $ 713,363 $ 909,082 $ 195,719
72
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual - City Hall Building Capital Projects Fund
Year Ended June 30, 2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 19,123 $ 19,123 $ 21,510 $ 2,387
Total Revenues 19,123 19,123 21,510 2,387
EXPENDITURES
Capital Outlay 2,438,362 2,460,589 50,050 2,410,539
Total Expenditures 2,438,362 2,460,589 50,050 2,410,539
Excess(Deficiency)of Revenues
over Expenditures (2,419,239) (2,441,466) (28,540) 2,412,926
OTHER FINANCING SOURCES (USES)
Transfer In 2,018,260 2,018,260 (2,018,260)
Total Other Financing Sources(Uses) 2,018,260 2,018,260 - (2,018,260)
Net Change in Fund Balance (400,979) (423,206) (28,540) 394,666
Fund Balance,Beginning of Year 422,213 422,313 422,313
Fund Balance,End of Year $ 21,234 $ (893) $ 393,773 $ 394,666
73
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Equipment Replacement Capital Projects Fund
Year Ended June 30,2007
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 17,971 $ 17,971 $ 24,356 $ 6,385
Total Revenues 17,971 17,971 24,356 6,385
EXPENDITURES
Capital Outlay 46,320 99,145 77,455 21,690
Total Expenditures 46,320 99,145 77,455 21,690
Excess(Deficiency)of Revenues
over Expenditures (28,349) (81,174) (53,099) 28,075
OTHER FINANCING SOURCES(USES)
Transfer In 41,000 41,000 -
Total Other Financing Sources(Uses) - 41,000 41,000 -
Net Change in Fund Balance (28,349) (40,174) (12,099) 28,075
Fund Balance,Beginning of Year 470,002 470,002 470,002
Fund Balance,End of Year $ 441,653 $ 429,828 $ 457,903 $ 28,075
74
City of Moorpark
Statement of Changes in Net Assets
Agency Funds
Year Ended June 30,2007
Balance at Balance at
July 1,2006 Additions Deletions June 30,2007
ASSETS
Cash and Investments $ 7,508,803 $ 3,281,425 $ (2,026,720) $ 8,763,508
Accounts Receivable 81,123 (10,412) 70,711
Total Assets $ 7,508,803 $ 3,362,548 $ (2,037,132) $ 8,834,219
LIABILITIES
Accounts Payable $ 290,510 $ $ (221,676) $ 68,834
Developer Deposits 4,299,907 (1,799,043) 2,500,864
Due to Bondholders 2,918,386 3,346,135 6,264,521
Total Liabilities $ 7,508,803 $ 3,346,135 $ (2,020,719) $ 8,834,219
75
STATISTICAL SECTION
CITY OF MOORPARK
Net Assets by Component
Last Five Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Governmental activities:
Invested in capital assets,
net of related debt $ 85,969,804 $ 93,941,392 $ 99,760,671 $ 108,190,324 125,900,770
Restricted 39,344,368 41,506,906 46,405,391 57,986,366 100,649,409
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428 6,458,224
Total governmental activities net assets $ 159,106,739 $ 167,310,012 $ 172,580,040 $ 193,142,118 $ 233,008,403
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
The City of Moorpark does not have any business-type activities.
76
CITY OF MOORPARK
Changes in Net Assets
Last Five Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Expenses:
Governmental activities:
General government $ 2,116,644 $ 2,351,860 $ 3,030,395 $ 3,044,381 $ 1,639,628
Public safety 4,142,268 4,902,148 5,709,323 6,230,057 6,317,283
Public services 7,150,513 10,957,272 9,844,050 13,091,843 21,231,766
Parks and recreation 2,276,066 2,600,523 2,304,852 2,771,270 4,293,823
Interest on long-term debt 1,040,854 1,097,421 978,843 1,333,370 1,332,541
Total governmental activities expense 16,726,345 21,909,224 21,867,463 26,470,921 34,815,041
Program revenues:
Governmental activities:
Charges for services:
General government 611,240 1,559,982 2,205,817 2,500,320 467,973
Public safety 1,499,721 478,971 533,154 5,926,409 698,500
Public services 9,375,386 10,838,840 9,150,233 15,999,135 8,996,673
Community development 1,791,924 2,425,893 690,614 4,363,651 2,334,646
Total governmental activities
program revenues 13,278,271 15,303,686 12,579,818 28,789,515 12,497,792
Net revenues(expenses):
governmental activities (3,448,074) (6,605,538) (9,287,645) 2,318,594 (22,317,249)
Total net revenues(expenses) (3,448,074) (6,605,538) (9,287,645) 2,318,594 (22,317,249)
General revenues and other changes in net assets:
Governmental activities:
Taxes:
Property tax 2,413,964 2,658,230 2,655,093 2,929,842 3,334,491
Property tax,Redevelopment Agency 3,577,050 4,116,542 3,901,779 5,530,198 6,347,692
Franchise tax 1,067,669 919,290 955,829 1,080,893 1,126,951
Sales tax 1,664,626 2,176,893 2,046,368 2,260,786 2,192,327
Sales tax in lieu 537,485 608,298 704,562
Motor vehicle in lieu 2,161,324 1,570,551 2,836,154 2,734,470 2,860,207
Investment income 2,027,190 1,363,344 1,725,579 3,261,384 6,556,186
Other 21,479 177,380 1,160,805 135,276 58,841
Gain on sale of property - - 48,339 - 276,797
Special item(1) - (900,000) - - -
Total governmental activities 12,933,302 12,082,230 15,867,431 18,541,147 23,458,054
Changes in net assets
Governmental activities 9,485,228 5,476,692 6,579,786 20,859,741 1,140,805
Total primary government $ 9,485,228 $ 5,476,692 $ 6,579,786 $ 20,859,741 $ 1,140,805
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
(1)Mission Bell note and employee computer loans
2 From Statement of Activities
77
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Five Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
General fund:
Reserved $ - $ - $ 5,772,444 $ 2,943,353 $ -
Unreserved 13,456,231 14,756,222 12,527,255 18,301,058 24,405,620
Total general fund $ 13,456,231 $ 14,756,222 $ 18,299,699 $ 21,244,411 $ 24,405,620
All other governmental funds:
Reserved $ 4,378,065 $ 4,099,849 $ 13,889,036 $ 14,124,235 $ 41,864,116
Unreserved,reported in:
Special revenue funds 37,832,070 39,748,684 34,364,075 45,736,017 41,486,631
Capital projects funds 11,798,382 9,847,368 4,247,031 2,186,313 16,807,370
Debt Service funds (97,935) (891,297) (346,716) (321,425) 8,777,212
Total all other governmental funds $ 53,910,582 $ 52,804,604 $ 52,153,426 $ 61,725,140 $ 108,935,329
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
78
CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Five Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Revenues:
Taxes $ 8,490,985 $ 9,870,955 $ 9,139,722 $ 12,231,076 $ 13,706,024
Licenses and permits 51,083 63,146 54,180 72,365 65,630
Fines and forfeitures 290,054 306,871 344,019 340,341 343,579
Uses of money and property 2,027,190 1,363,006 1,924,579 3,261,384 7,085,104
Charges for services 867,731 2,001,561 2,558,974 2,665,391 338,929
Intergovernmental 4,051,263 4,298,009 5,150,992 6,302,193 6,163,985
Maintenance assessments 2,955,340 2,639,628 1,963,190 1,845,742 1,922,471
Franchise fees 232,324 257,127 1,231,763 283,162 292,003
Building and safety fees 608,879 595,138 431,959 1,110,715 716,552
Planning and public work fees 2,132,190 2,614,959 1,967,751 3,053,066 1,649,002
Development fees 4,486,128 4,097,977 2,669,976 15,568,347 6,403,851
Contributions from property owners 34,066,993
Other 256,376 281,506 2,832,962 397,574 2,030,211
Total revenues 26,449,543 28,389,883 30,270,067 47,131,356 74,784,334
Expenditures
Current:
General government 2,048,658 2,259,017 2,893,359 2,919,564 1,471,354
Public safety 4,127,670 4,882,547 5,690,820 6,211,461 6,083,917
Public services 8,765,039 8,401,453 8,098,147 11,215,406 9,608,754
Parks and recreation 2,063,428 2,381,698 2,081,723 2,544,206 4,039,888
Capital outlay 3,596,982 8,775,159 7,810,879 10,038,439 19,477,866
Debt service:
Principal 365,000 395,000 405,000 435,910 440,000
Interest 1,044,915 1,100,996 1,158,585 1,251,354 1,400,985
Bond issuance costs - - - - 505,588
Total expenditures 22,011,692 28,195,870 28,138,513 34,616,340 43,028,352
Excess of revenues over
expenditures 4,437,851 194,013 2,131,554 12,515,016 31,755,982
Other financing sources(uses):
Gain from sale of property - - 48,339 1,410 276,797
Bond Proceeds 11,695,000
Discount on Bonds (325,401)
Transfers in 3,781,938 3,588,717 2,027,315 3,352,002 9,457,260
Transfers out (3,781,938) (3,588,717) (2,027,315) (3,352,002) (9,457,260)
Total other financing
sources(uses) - - 48,339 1,410 11,646,396
Net change in fund balances $ 4,437,851 $ 194,013 $ 2,179,893 $ 12,516,426 $ 43,402,378
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 8.3% 7.4% 8.7%
The City of Moorpark has elected to report retroactively back to the year the City implemented
GASB 34(June 30, 2003).
79
CITY OF MOORPARK
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
City Redevelopment Agency
Fiscal Year Taxable Taxable Total
Ended Less: Assessed Less: Assessed Direct Tax
June 30 Secured Unsecured Exemptions Value Secured Unsecured Exemptions Value Rate
1998 $ 1,920,177,164 $ 70,911,851 $ 39,313,581 $ 2,030,402,596 $ 374,566,635 $ 44,499,427 $ 3,738,802 $ 422,804,864 n/a
1999 2,035,487,530 85,464,519 40,240,720 2,161,192,769 375,405,789 54,721,462 3,802,511 433,929,762 1.042%
2000 2,149,505,500 84,834,286 40,687,060 2,275,026,846 397,463,516 47,384,350 3,808,526 448,656,392 1.042%
2001 2,421,104,221 92,634,149 40,786,802 2,554,525,172 434,091,609 59,042,494 3,849,357 496,983,460 1.051%
2002 2,549,782,519 94,204,773 41,025,922 2,685,013,214 456,765,976 64,634,089 3,860,792 525,260,857 1.042%
2003 2,823,727,286 120,175,258 42,238,926 2,986,141,470 514,599,965 84,435,148 3,862,434 602,897,547 1.061%
2004 3,026,137,647 155,943,246 43,185,512 3,225,266,405 542,789,850 95,244,418 3,915,879 641,950,147 1.058%
2005 3,231,418,940 172,769,806 43,305,637 3,447,494,383 532,445,978 93,810,856 3,904,910 630,161,744 1.050%
2006 3,721,591,791 168,802,350 43,313,074 3,933,707,215 660,810,677 99,693,057 3,931,766 764,435,500 1.055%
2007 4,157,360,033 165,798,359 43,364,070 4,366,522,462 743,592,913 102,795,641 3,958,627 850,347,181 1.062%
NOTE:
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1%based upon the assessed value of the
property being taxed. Each year,the assessed value of property may be increased by an"inflation factor"(limited to a maximum increase of 2%). With few
exceptions,property is only re-assessed at the time that it is sold to a new owner. At that point,the new assessed value is reassessed at the purchase price of the
property sold.The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is
subject to the limitations described above.
Source: Ventura County Assessor's Office
80
CITY OF MOORPARK
Direct and Overlapping Property Tax Rates
(Rate per$100 of assessed value)
Last Nine Fiscal Years
1999 2000 2001 2002 2003 2004 2005 2006 2007
City Direct Rates:
City basic rate 1.04156 1.04244 1.05062 1.04171 1.06072 1.05820 1.05020 1.05480 1.06163
Redevelopment agency - - - - - - - - -
Total City Direct Rate 1.042 1.042 1.051 1.042 1.061 1.058 1.050 1.055 1.062
Overlapping Rates:
Ventura County Flood Cont. 8.317 8.012 8.012 8.039 8.097 n/a n/a n/a n/a
Metropolitan Water District 0.225 0.222 0.222 0.229 2.340 0.233 0.232 0.235 0.233
Ventura Community College n/a n/a n/a n/a 4.312 4.311 4.269 4.331 4.296
Ventura County Waterworks 100.000 100.000 100.000 n/a n/a n/a n/a n/a n/a
Conejo Valley Unified School
District 0.003 0.021 0.021 0.027 0.025 0.024 2.200 0.020 0.019
Moorpark Unified School
District n/a n/a n/a 92.311 91.733 91.959 92.121 92.442 92.313
City of Moorpark 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
City of Moorpark Community
Facilities District No.97-1 n/a n/a n/a 100.000 100.000 100.000 100.000 100.000 100.000
City of Moorpark 1915 Act
Bonds 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
Total Direct Rate 109.587 109.297 109.306 101.648 107.568 97.585 99.872 98.083 97.923
NOTE:
1) In 1978,California voters passed Proposition 13 which sets the property tax rate at a 1.00%fixed amount. This 1.00%is shared by all taxing
agencies for which the subject property resides within. In addition to the 1.00%fixed amount,property owners are charged taxes as a percentage of
assessed property values for the payment of the Moorpark Unified School District bonds.
2) The direct and overlapping bonded debt above is not the City's nor the Redevelopment Agency's obligation.
Source: California Municipal Statistics
81
CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Seven Years Ago
2007 2000
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value * Value Value Value
DBRE Moorpark LLC $ 65,660,200 16.69% $ - 0.00%
Waterstone Properties Moorpark LLC 63,280,359 16.09% 0.00%
Mission Bell East LLC 24,255,154 6.17% 20,208,563 9.95%
James Birkenshaw,Et. Al. 18,760,949 4.77% 12,264,597 6.04%
Calabasas BCD Inc. 18,426,875 4.68% 11,751,954 5.79%
Fred Kavli 14,809,258 3.76% 12,701,620 6.26%
Laars Inc. 14,342,375 3.65% 20,267,350 9.98%
Leonard Rose Trust 11,244,746 2.86% 9,998,062 4.92%
6100 Condor LLC 10,315,000 2.62% - 0.00%
Shea Homes Limited Partnership 10,256,107 2.61% - 0.00%
$ 251,351,023 63.90% $ 87,192,146 42.94%
* Due to varying tax rates,the assessed value does not necessarily mean the highest tax
The assessed value includes secured and unsecured.
Source: HdL 2006-2007 property data
82
CITY OF MOORPARK
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the
Fiscal Taxes Levied Fiscal Year of Levy Collections in Total Collections to Date
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy
1998 $ 1,191,918 $ 1,170,111 98.17% $ 21,807 $ 1,191,918 100.00%
1999 1,374,741 1,349,054 98.81% 25,687 1,374,741 100.00%
2000 1,410,082 1,385,028 95.20% 25,054 1,410,082 100.00%
2001 1,573,688 1,506,396 95.72% 67,292 1,573,688 100.00%
2002 1,832,673 1,802,895 98.38% 29,778 1,832,673 100.00%
2003 2,036,839 2,009,255 98.65% 27,584 2,036,839 100.00%
2004 2,208,605 2,180,794 98.74% 27,811 2,208,605 100.00%
2005 2,391,927 2,359,181 98.95% 32,746 2,391,927 100.00%
2006 2,705,083 2,668,950 98.66% 36,133 2,705,083 100.00%
2007 3,316,735 2,940,209 88.65% 376,526 3,316,735 100.00%
NOTE:
The amount presented includes City property taxes only.
Source: Ventura County Auditor Controller's Office
83
CITY OF MOORPARK
Ratios of Outstanding Debt by Type
Last Nine Fiscal Years
Governmental Activities
Fiscal Year General Tax Total Total Percentage Debt
Ended Obligation Allocation Governmental Primary of Personal Per
June 30 Bonds Bonds 1 Activities Government Income 2 Capita 2
1999 - $ 9,860,000 $ 9,860,000 $ 9,860,000 0.98% $ 333
2000 - 9,540,000 9,540,000 9,540,000 0.88% 321
2001 - 15,424,000 15,424,000 15,424,000 1.28% 480
2002 - 20,465,000 20,465,000 20,465,000 0.73% 606
2003 - 20,100,000 20,100,000 20,100,000 0.67% 582
2004 - 19,705,000 19,705,000 19,705,000 0.65% 564
2005 - 19,300,000 19,300,000 19,300,000 0.64% 537
2006 - 18,880,000 18,880,000 18,880,000 0.62% 527
2007 30,135,000 30,135,000 30,135,000 0.95% 826
Notes: Details regarding the City's outstanding debt can be found in the notes to the
financial statements.
1 The Moorpark Redevelopment Agency issued$9,860,000 of new tax allocation bonds in 1999,
$11,625,000 in 2001, and$11,695,000 in 2006.
The principal balance on these three bonds as of June 30, 2007 is $6,870,000, $11,570,000 and$11,695,000
respectively.
2 These ratios are calculated using personal income and population for the prior calendar year.
84
CITY OF MOORPARK
Ratio of General Bonded Debt Outstanding
Last Nine Fiscal Years
Outstanding General Bonded Debt
Fiscal Year General Tax Percent of
Ended Obligation Allocation Assessed Per
June 30 Bonds Bonds Total Value 1 Capita
1999 - 9,860,000 9,860,000 0.38% 333
2000 - 9,540,000 9,540,000 0.35% 321
2001 - 15,424,000 15,424,000 0.51% 480
2002 - 20,465,000 20,465,000 0.64% 606
2003 - 20,100,000 20,100,000 0.56% 582
2004 - 19,705,000 19,705,000 0.51% 564
2005 - 19,300,000 19,300,000 0.47% 537
2006 - 18,880,000 18,880,000 0.40% 527
2007 - 30,135,000 30,135,000 0.58% 826
General bonded debt is debt payable with governmental fund resources and general
obligation bonds recorded in enterprise funds (of which,the City has none).
1 Assessed value has been used because the actual value of taxable property is not
readily available in the State of California.
85
CITY OF MOORPARK
Direct and Overlapping Debt
June 30,2007
City Assessed Valuation 2006-07 $ 4,367,376,624
Redevelopment Agency Incremental Valuation 585,973,938
Adjusted Assessed Valuation $ 3,781,402,686
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2007 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.233% $ 359,115,000 836,738
Ventura Community College District 4.296% 135,780,000 5,833,109
Conejo Valley Unified School District 0.019% 52,420,143 9,960
Moorpark Unified School District 92.313% 28,354,870 26,175,231
City of Moorpark Community Facilities District No.97-1 100.000% 6,630,000 6,630,000
City of Moorpark Community Facilities District No.2004-1 100.000% 38,030,000 38,030,000
City of Moorpark 1915 Act Bonds 100.000% 1,630,000 1,630,000
Tool Direct and Overlapping Tax&Assessment Debt 621,960,013 79,145,038
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.295% $ 81,265,000 3,490,332
Ventura County Pension Obligations 4.295% 12,310,000 528,715
Ventura County Superintendent of Schools COPs 4.295% 13,305,000 571,450
Moorpark Unified School District COPs 92.313% 9,485,000 8,755,888
Total Overlapping General Fund Obligation Debt 116,365,000 13,346,384
Combined Total Debt* $ 738,325,013 92,491,422
Total direct and overlapping debt $ 92,491,422
Notes:
*Excludes tax and revenue anticipation notes,revenue,mortgage revenue
and tax allocation bonds and non-bonded capital lease obligations.
The direct and overlapping bonded debt above is not the City's or the
Redevelopment Agency's obligation.
Source: California Municipal Statistics,Inc.
86
CITY OF MOORPARK
Legal Debt Margin Information
Last Nine Fiscal Years
Fiscal Year Fiscal Year
1999 2000 2001 2002 2003 2004 2005 2006 2007
Assessed valuation $ 2,035,487,530 $2,149,505,500 $ 2,421,104,221 $2,549,782,519 $2,823,727,286 $2,823,727,286 $3,231,418,940 $3,721,591,791 $ 4,157,360,033
Conversion percentage 25% 25% 25% 25% 25% 25% 25% 25% 25%
Adjusted assessed valuation 508,871,883 537,376,375 605,276,055 637,445,630 705,931,822 705,931,822 807,854,735 930,397,948 1,039,340,008
Debt limit percentage 15% 15% 15% 15% 15% 15% 15% 15% 15%
Debt limit 76,330,782 80,606,456 90,791,408 95,616,844 105,889,773 105,889,773 121,178,210 139,559,692 155,901,001
Total net debt applicable to limit:
General obligation bonds 8,910,000 9,540,000 9,195,000 20,465,000 20,100,000 19,695,000 19,300,000 18,880,000 30,135,000
Legal debt margin 67,420,782 71,066,456 81,596,408 75,151,844 85,789,773 86,194,773 101,878,210 120,679,692 125,766,001
Total debt applicable to the limit
as a percentage of debt limit 11.7% 11.8% 10.1% 21.4% 19.0% 18.6% 15.9% 13.5% 19.3%
The Government Code 2227 of the State of California provides for a legal debt limit of 15%of gross assessed valuation. However,this provision was
enacted when assessed valuation was based upon 25%of market value. Effective with the 81-82 fiscal year,each parcel is now assessed at 100%of market
value(as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation date for each
fiscal year from the current full valuation perspective to the 25%level that was in effect at the time that the legal debt margin was enacted by the State of
California for local governments located within the state.
Source: City Finance Department
Ventura County Tax Assessor's Office
87
CITY OF MOORPARK
Pledged-Revenue Coverage
Last Seven Fiscal Years
Tax Allocation Bonds
Fiscal Year
Ended Tax Debt Service
June 30 Increment Principal Interest Coverage
2001 2,501,624 345,000 420,193 3.27
2002 2,606,388 355,000 408,638 3.41
2003 3,537,293 365,000 989,554 2.61
2004 4,076,183 395,000 976,140 2.97
2005 3,860,624 405,000 959,942 2.83
2006 5,487,272 420,000 944,281 4.02
2007 6,306,385 440,000 1,085,040 4.14
Note: Details regarding Moorpark Redevelopment Agency outstanding debt
can be found in the notes to the financial statements. Operating expenses do
not include interest or depreciation expenses.
88
CITY OF MOORPARK
Demographic and Economic Statistics
Last Ten Calendar Years
Personal Median Unemployment
Calendar Population Income Personal Rate
Year (1) (in thousands) (2) Income (2) (3)
1998 29,300 $ 951,752 $ 32,483 6.0%
1999 29,589 1,001,588 33,850 5.3%
2000 29,727 1,088,959 36,632 5.1%
2001 32,150 1,207,136 37,547 5.2%
2002 33,760 2,811,600 83,282 6.8%
2003 34,529 2,978,092 86,249 7.2%
2004 34,933 3,054,507 87,439 6.4%
2005 35,933 3,039,105 84,577 5.4%
2006 35,836 3,050,432 85,122 4.4%
2007 36,480 3,179,341 87,153 4.7%
Sources: (1) State Department of Finance or Dave Bobardt
(2) County Office of Economic Development VCEDA
(3) State of California Employment Development Department(data shown
is for the County)
89
CITY OF MOORPARK
Principal Employers
Current Year and Ten Years Ago
2007 1998
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
Kavlico 1,200 10.20% 1,000 12.28%
Moorpark Unified School Dist. 871 7.41% 700 8.60%
Pentair Pool Products 527 4.48% -
Waterpik Tech. (Teledyne) 451 3.84% 300 3.68%
First Data 442 3.76% -
Moorpark College 315 2.68% 500 6.14%
Special Devices,Inc. 290 2.47% -
SMTEK International 220 1.87% -
Aldik 200 1.70% -
Axius/Auto Shade 150 1.28% 120 1.47%
"Total Employment" as used above represents the total employment of all employers located
within City limits. The total number of employees in the City in 2007 were 11,760 as compared to
total number of employees in the City in 1998 were 8,142.
Source: Chamber of Commerce
90
CITY OF MOORPARK
Full-time and Part-time City Employees
by Function
Last Eight Fiscal Years
Function 2000 2001 2002 2003 2004 2005 20062007
General government 18 20 36 43 33 32 31 30
Public safety(crossing guards) 8 6 6 6 7 4 7 7
Public services 21 21 41 38 20 17 17 26
Parks and recreation 45 42 19 19 42 38 41 49
Total 92 89 102 106 102 91 96 112
Public safety' 34 34 33 30 28 31 31 42
' Police and fire services were provided by the County.
Fire=21 and police=21
Source:City Payroll Office
91
CITY OF MOORPARK
Operating Indicators
by Function
Last Ten Fiscal Years
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Police:(A)
Arrests 824 874 1,258 1,414 1,235 1,296 1,520 1,388 1,653 1,890
Parking citations issued 2,579 2,582 4,285 3,706 2,890 4,160
Fire:(B)
Number of"prime"emergency calls 979 1,013 975 1,103 1,179 1,415 1,308 1,329 2,332
Business Inspections* 417 417 417 117 117 125 125 125 123
Public works:(C)
Street resurfacing(miles) - - 73.33 - - 73.33 - 0.10 - 30.0
Parks and recreation:(D)
Number of recreation classes - 298 351 423 386 317 290 364 338 479
Number of facility rentals 115 203 243 250 184 258 307 491 338 180
*In November 2001,all business occupancies less than 10,000 sq.feet became eligible for self inspection program.
Source:City of Moorpark
(A)Provided by Moorpark P.D.;parking citation data is not available for earlier years
(B)Ventura County Fire Dept.;-some data not available for earlier years
(C)Moorpark Public Works Dept.;-every six years,the City plans to resurface its streets,1/3 every other year (total street miles=220)
(D)Arroyo Vista Recreation Dept.;-recreation classes and room rentals began after the park opened
92
CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Nine Fiscal Years
Fiscal Year
1999 2000 2001 2002 2003 2004 2005 2006 2007
Police:
Stations 1 1 1 1 1 1 2 2 2
Fire:
Fire stations 2 2 2 2 2 2 2 2 2
Public works:
Streets(miles) 75 75 75 75 75 75 75 75 75
Streetlights 2,264 2,263 2,269 2,299 2,325 2,347 2497
Traffic signals 15 15 15 15 16 17 17 17 17
Parks and recreation:
Parks 14 14 14 15 15 15 15 16 16
Community centers 2 2 2 2 2 2 2 2 2
Source:City of Moorpark
93