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Comprehensive Annual
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Financial Report
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Fiscal Year Ended June 30 , 2008
CITY OF f :l.00➢dA(, (Y0,I[14ORNIA
COMPREHENSIVE ANNUAL H.11N.A iQI[AIL REPORT
Year Ended June 30,24008
Prepared By:
Ron Alrr!ers, Finance Ii Nrreci;o r
h min'ia L 1i;llrl_1bad, }F'in 'IInee ST. Accounting Manager
Debbie Burdlorf, Accountant 11
i QD Moo['po t
Comprehensive ehensiive Ainuial Financial cial Iq.eporli-
Year Ended June 30 2008
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 23-51
Required Supplementary Information:
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
General Fund 52
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
Street and Traffic Safety Development Special Revenue Fund 53
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
Community Development Special Revenue Fund 54
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
Areas of Contribution Special Revenue Fund 55
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
Endowment Special Revenue Fund 56
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual-
Park/Public Facilities Special Revenue Fund 57
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 58
Redevelopment Agency Capital Projects Fund 59
Special Projects Capital Projects Fund 60
Redevelopment Agency Debt Service Fund 61
Non-Major Governmental Funds 62
Combining Balance Sheet 63-64
Combining Statement of Revenues,Expenditures and Changes in Fund Balance 65-66
Lifit of I.-ifoop IpvaO°k
Coii1;1pA°ehenslive : oiu It11:F6OATICiai Re Umrt
Yenv Ended June 30, 2008
TABLE OF CONTENTS-Continued
Supplementary Information-Continued:
Schedule of Revenues,Expenditures,and Changes in Fund Balances-Budget and Actual:
Traffic Safety Special Revenue Fund 67
Affordable Housing Special Revenue Fund 68
Assessment District Special Revenue Fund 69
State and Federal Assistance Special Revenue Fund 70
State Gas Tax Special Revenue Fund 71
Prop 1B Special Revenue Fund 72
Low and Moderate Income Housing Special Revenue Fund 73
Local Transportation Transit Special Revenue Fund 74
Solid Waste Special Revenue Fund 75
City Hall Building Capital Projects Fund 76
Equipment Replacement Capital Projects Fund 77
Statement of Changes in Net Assets-Agency Funds 78
III. STATISTICAL SECTION
Net Assets by Component-Last Six Fiscal Years 79
Changes in Net Assets Governmental Activities-Last Six Fiscal Years 80
Fund Balances of Governmental Funds-Last Six Fiscal Years 81
Changes in Fund Balances of Governmental Funds-Last Six Fiscal Years 82
Assessed Value and Estimated Actual Value of Taxable Property-Last Ten Fiscal Years 83
Direct and Overlapping Property Tax Rates-Last Ten Fiscal Years 84
Principal Property Tax Payers-Current.Year and Eight Years Ago 85
Property Tax Levies and Collections-Last Ten Fiscal Years 86
Ratios of Outstanding Debt by Type-Last Ten Fiscal Years 87
Ratio of General Bonded Debt Outstanding-Last Ten Fiscal Years 88
Direct and Overlapping Debt 89
Legal Debt Margin Information-Last Ten Fiscal Years 90-91
Pledged Revenue Coverage-Last Eight Fiscal Years 92
Demographic and Economic Statistics-Last Ten Calendar Years 93
Principal Employers-Current and Ten Calendar Years Ago 94
Full-Time and Part-Time City Employees by Function-Last Nine Fiscal Years 95
Operating Indicators by Function-Last Ten Fiscal Years 96
Capital Asset Statistics by Function-Last Ten Fiscal Years 97
liNTROID-U-CTORY SECTI[ON
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1 y 799 Moorpark Avenue, Moorpark, California 93021 (805)517-6200 fax(805) 532-2545
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December 17, 2008
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, 2008. The City
has continued to prepare the CAFR to comply with the financial reporting model
developed by the Governmental Accounting Standards Board (GASB) Statement 34.
This model improves the financial reporting by adding significant additional
information not previously available in local government financial statements prior to
GASB 34.
•
As a result of GASB 34, the Government-Wide Financial Statements are presented
along with the fund-by-fund financial information. The Government-Wide Financial
Statements include a Statement of Net Assets that provides the total net equity of
the City including infrastructures and the Statement of Activities that shows the cost
of providing government services. These statements include all assets and liabilities
using the accrual basis of accounting (similar to a private-sector business) versus
the modified accrual method used in the fund financial statements. A reconciliation
of the balance sheet of the Governmental Funds to the Statement of Net Assets has
been prepared to reflect the changes between the two reporting methods. In
addition, the reporting model includes an emphasis on the City's major funds as
shown in the Governmental Fund Statements. These statements and other
significant information are analyzed in the narrative section called Management's
Discussion and Analysis (MD&A). The MD&A provides "financial highlights" and a
brief overview of the basic financial statements. In addition, the MD&A provides the
readers of the City's financial statements with financial trends, explanation 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
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 2007/08.
i
JANICE S. PARVIN MARK VAN DAM ROSEANN MIKOS GARY LOWENBERG KEITH F. MILLHOUSE
Mayor Mayor Pro Tem Councilmember Councilmember Councilmember
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 RDA), 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 RDA 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 RDA in order to provide financial assistance to
the City and the RDA 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 55 and part-time staff of approximately 45 employees. Major services
such as police (contracted with Ventura County Sheriff), attorney, library,
development engineering and inspection, building and safety plan check/inspection,
transit, street sweeping and landscape maintenance are provided through
contractual arrangements. In addition, fire protection is provided by the Ventura
County Fire District. The City provides services such as emergency management,
redevelopment, housing, planning, code compliance, recreation programs,
vector/animal control, park and facilities maintenance, street maintenance, city
ii
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 at 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 an internal
control structure to ensure that the assets of the government are protected from
loss, theft, misuse and to ensure that adequate accounting data is compiled to allow
for the preparation of financial statements in conformity with Generally Accepted
Accounting Principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met. The concept
of reasonable assurance recognizes that: 1) the cost of a control should not exceed
the benefits likely to be derived; and 2) the valuation of the costs and benefits
requires estimates and judgments by management.
iii
ANNUAL AUDIT
An independent accounting firm has performed the annual audit of the City's
financial statements for the fiscal year ended June 30, 2008. 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,
2007. 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 2007/08 amounted to $20,788,056 and $10,422,285,
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, 2008, approximately $65.1
million (City & RDA combined) was invested with the State Treasurer's Local Agency
Investment Fund (LAIF); approximately $24.2 million in the Ventura County Pool;
approximately $15.1 million in U.S. Treasury and Agency Securities; and $1.5 million
was invested in Certificate of Deposits (CDs).
iv
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, ensure that money is
available when needed and all deposits are insured by the Federal Deposit
Insurance Corporation or collateralized.
CAPITAL ASSETS
In accordance with GASB Statement No. 34, the City has reported all capital assets
including 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, 2008 has a net ending balance of $130.1
million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
At June 30, 2008, the City of Moorpark has no outstanding bonds or other debt but
does have long-term liabilities in the approximate amount of $0.7 million for
employee compensated absences (accrued leave) and $1.4 million for Pension
related liabilities.
The Moorpark Redevelopment Agency (MRA) has the 1999 Tax Allocation Bonds,
the 2001 Tax Allocation Bonds and the 2006 Tax Allocation Bonds outstanding in
the amounts of $6.4 million, $11.6 million and $11.7 million, respectively. The
purpose of the 1999 Bonds was to advance refund the Agency's previously issued
1993 Tax Allocation Bonds. The purpose of the 2001 and 2006 bonds were to
finance a portion of the costs of implementing the Redevelopment Plan and fund
redevelopment activities within the 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,
ergonomic, harassment and driver awareness training have been implemented to
minimize losses.
v
•
ACKNOWLEDGEMENT
We would like to express appreciation to all City staff that assisted and contributed
to the preparation of this report, particularly to the members of the Finance
Department. We would also like to extend our appreciation to the auditors, Teaman,
Ramirez & Smith, Inc., Certified Public Accountants for their professional assistance.
As in the past, the CAFR will be available on the City's website at
www.moorpark.ca.us.
Respectfully submitted,
,c.c vc
t 41-1L4-
STEVEN KUENY RON AHLERS
CITY MANAGER FINANCE DIRECTOR
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Annua F na[nc0ell Report
['or the vaae1i ' Year Ended June 30, 2008
U R ,CTORY OF CITY FHCIAI S
CITY COUNCIL
Patrick Hunter, Mayor
Janice S. Parvin, Mayor Pro Tern Roseann Mikos, Councilmember
Keith F. Millhouse, Councilmember Mark Van Dam, Councilmember
Ci T Y MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Barry Hogan, Deputy City Manager
David Poha rdt, Planning Director
Vacant, Finance Director
Yuga[ Lail, City Engineer/ Public Works Director
Mary Lindley, Parks, Recreation & Community Services Director
Deborah T raifen stedt, Administrative Services Director
vii
CITY OF MOORPARK
ORGANIZATION CHART
Arts Commission r
.-1 Honorable City Council City Attorney
(Contract)
,
Parks and Recreation _
Commission
City Manager
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Planning Commission —
,
Assistant City Manager
.Emergency Services
.Grants
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1 1 Intergovernmental Community and
Deputy City Police Services Legislative Relations
.Public Facility Capital Projects
Manager (Contract) Public Information/Cable TV
.Redevelopment
Economic Development
Property Management
IHousing
Community 1 Administration , Parks, Recreation and, Public Works 1 Finance
Development Services/ City Clerk Community Services Department Department
Department Department Department
.Building and Safety .City Clerk .Active Adult Center .Assessment District Street .Cash Management
.Business Registration .Human Resources .Animal RegulationNector 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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I ilNANCI[ 't SECTI[ON
STEAIV4N.RAMIREZ&SMETI-I,INC.
CERTIFIED PUBLIC ACCOUNTAN T S
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 30,2008,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
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the 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, 2008, 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 16, 2008 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 52
through 57 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 16,2008
Richard A. Teaman, CPA • Greg W. Fankhanel, CPA • David M. Ramirez, CPA • Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riverside CA 92501 • 951.274.9500 • 951.274.7828 FAX • www.trscpas.com
C,iT OF MOORP A 1(
MANAGEMENTS fSC.1C;SSiO I AND ANALYSIS
JUNE.. 30, 2008
As management of the City of Moorpark, California (the "City"), we offer readers of the City's fmancial statements
this narrative overview and analysis of the financial activities of the City (the "Primary Government") for the fiscal
year ended June 30, 2008. It is encouraged that the readers consider the information presented here in conjunction
with the accompanying basic financial statements.
FILNANCLia HIGT-ILIGHTS
• The assets of the City exceeded its liabilities at the close of the 2007/08 fiscal year by $235,325,649 (net
assets). Of this amount, $3,641,173 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$2,317,246 during the current fiscal year. The Statement of Net Assets
is presented on page 14.
• As of June 30, 2008, the City's governmental funds (General Fund, Special Revenue Funds, Debt Service
Funds, and Capital Projects Funds) reported combined ending fund balances of$132,946,608, a decrease of
$394,341,from the prior year.
• The City's General Fund finished the year with a $794,000 surplus (revenues exceeded expenses). At year-
end, the General Fund transferred $21.5 million into the newly created Special Projects Fund. This reduced
the General Fund's unreserved fund balance to $3,625,348. This is a healthy reserve of approximately 30
percent of operating expenses.
• The City's total Long— Term Liabilities increased by $993,498 or 3.3% 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, 2001 and 2006 Tax Allocation Bonds (the bonds are
the responsibility of the Moorpark Redevelopment Agency); and the recognition of a prior period adjustment
to record pension related debt.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's
basic financial statements comprise three components:
1) Government-wide financial statements
2)Fund financial statements
3)Notes to basic fmancial 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.
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.
2
CM(' O MOORPAR:r t
MANAGEMENT S DISCUS LION A T N ALYSl[S
AlNE 30, 2,008
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 fmancial 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 ou flows 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 fmancial 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.
The City maintains a variety of individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in
fund balances for the General Fund, Street and Traffic Safety, Community Development, Areas of Contribution,
Endowment, Park/Public Facilities, Police Facilities Fee, Moorpark Highlands Improvements, Moorpark
Redevelopment Agency (MRA) — Capital Projects, Special Projects and Moorpark Redevelopment Agency (MRA)—
Debt Service. All of which are considered to be major funds. Data from the remaining governmental funds are
combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds
is provided in 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.
3
CITY Of OO PARK
MANAGEMENT'S I SC USSJO_ AND ANALYSIS
SINE 30, 2008
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 22 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 fmancial statements can be found on pages 24-51 of this report.
GOVERNMENT-WIDE P IAINCIAL ANALYSIS
The City has continued to present its fmancial statements under the reporting model required by GASB 34. A
comparative analysis of the government-wide data has been included in this report.
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case
of the City, assets exceeded liabilities by$235.3 million at the close of the current fiscal year.
The City's net assets invested in capital assets, net of related debt reflects a positive $130.1 million. As shown on
Table 1,the largest portion of the City's net assets(55%)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.
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 (2%) 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, 2008, 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.
4
CITY OF M.00RP'ARi(
MANAGEMENT'S affscuSSION, AND ANALYSIS
JUNE 30, 2008
Table 1
Net Assets
Governmental Activities
As of June 30,2008 and 2007
2008 2007
Assets:
Current and other assets $ 145,749,306 $ 143,073,175
Capital assets 130,071,108 125,900,770
Total Assets 275,820,414 268,973,945
Liabilities:
Long-term debt outstanding 30,960,807 30,431,462
Other liabilities 9,533,958 5,534,080
Total Liabilities 40,494,765 35,965,542
Net Assets:
Invested in capital assets,
net of related debt 130,071,108 125,900,770
Restricted 101,613,368 100,649,409
Unrestricted 3,641,1 73 6,458,224
Total Net Assets S 235,375,649 $ 233,008,403
The City's net assets increased by$2.3 million during the current fiscal year.
5
CITY OT MOORPARK
'MANQGEMITAT'S IEI2 ClI_%SSE[ON ,2Aily ANALYSIS
+iLY SIS
JUNE 30, 2008
Tabic 2
Changes gnu N'et
GoverIl➢inent ll AetMties
As of PITh A 30, 2008 and 2007
2008 2007
Revenues
Program Revenues:
Charges for services $ 7,416,792 $ 8,007,847
Operating contributions and grants 7,113,883 4,489,945
Capital contributions and grants 5,481,972 38,337,638
General Revenues:
Property taxes 4,505,980 3,334,491
Tax increment 6,887,079 6,347,692
Franchise taxes 1,150,180 1,126,951
Sales taxes 2,306,281 2,192,327
Sales tax in lieu 779,263 704,562
Motor vehicle in lieu tax 3,038,440 2,860,207
Investment income 2,491,856 6,556,186
Other 139,728 58,841
Gain on Sale of Property - 276.797
Total Revenues 41,31.1,454 74,293.484
Expenses
General government 1,949,206 1,639,628
Public safety 6,882,072 6,317,283
Public services 20,580,204 21,231,766
Parks and recreation 4,551,045 4,293,823
Interest on long-term debt 1,773,841 1,332,541
Total Expenses 35,736,368 34,815,041
Increase in net assets 5,575,086 39,478,443
Net assets -July 1, 233,008,403 193,142,118
Prior Period Adjustment(see note 15) (3,257,840) 387,842
Net assets - June 30, 5 235,32'x,649 SS 133,008,403
6
CM,' Of 1-V100RPAJU(
MA'.`NAC ?MTENIT"ti DESC LTSSIECY _AIvDaANSILYO]S
INE 30, 2008
lc rrogr;°5111 e;r ICS
Capital Charges for
contributions and services
grants 37%
27%
Operating
contributions and
grants
36%
General Revenues
Other
Investment income <0% Property taxes
12% 2I%
Motor vehicle in t
lieu tax 1
14% —..-.—_�—
llIllIllIllIlIllilkr•...
—1111111111111111111K
Sales tax in lieu
4% � ,
Sales taxes
-
11% Franchise taxes Tax increment32%
5%
7
CM' OF MOORPARA,
MANAGEMENT'S DISCUSSION AND MS 1LY S
JUNE 30, 2008
FD ANCIAL A ALYSMS 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 fmancial
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
$132,946,608. This is a decrease of$394,341 in comparison with the prior year. Approximately $97.8 million or
73.6% 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 $3.7 million which is a decrease of$20.7 million or 85% from the prior year.
This past year the City Council established the Special Projects fund and transferred approximately $21.5 million
from the General Fund to establish this newly created capital projects fund. 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
30%of total General Fund expenditures and transfers out. This is a very healthy reserve.
Key factors in this growth when compared to FY 2006/07 are as follows:
• The City's share of property taxes increased by approximately $124,000 as a result of the rise in home
values.
• Sales tax revenues also improved with an increase of approximately $189,000, which is a reflection of
higher fuel prices and increased sales from various business groups.
• Interest earnings decreased by approximately$457,000 in response to declining rates in the market.
• Motor vehicle in lieu increased by approximately$178,000.
• State mandated reimbursements ended the year approximately $174,000 less than last year as a result of
catch up payments for claims paid in the prior fiscal year 2006/07.
• Expenditures and transfers out ended the year approximately $2 million under budget as a result of
prudent spending by staff and capital projects that have not yet started.
8
C:IT Z OF Ii[OORPA
MANAGEMENT'S DEscUsSZON AND ANAL`u'Sl[S
MN 17, 30, 2008
Street and Traffic Safety Fund (Includes i:he Traffic S ytueail Management Fund, Cita-Wide Traffic
Mitigation Fund and Crossing G uarull Fund)
nd)
The fund balance of the Street and Traffic Safety Fund increased by $1.7 million from the prior year, primarily
due to the receipt of development fees for various construction projects.
Co FM unity Development Fund
The fund balance of the Community Development Fund decreased by $0.8 million from the prior year as a result
of increased expenditures.
Areas of Contribution Fund
The fund balance of the Areas of Contribution Fund increased by$150,000 from the prior year.
Endowment Fund
The fund balance of the Endowment Fund increased by $0.9 million, due to basically zero expenditures this past
year.
Park/Public T acidities Fund (linncludes ten (10) various development fee related funds)
The fund balance of the Park Improvement Fund decreased by $0.7 million primarily due to increased capital
expenditures.
Police Facilities Fund
The fund balance of the Police Facilities Fund increased by$0.3 million from the prior year.
Moorpark Highlands Improvement Fund
The Moorpark Highland Improvement Fund is one of six accounts held by the Fiscal Agent for the Community
Facilities District (CFD)No. 2004-1 (Moorpark Highlands) Special Tax Bonds 2006. The Improvement account
has been recorded under a capital projects fund to reflect the proceeds that have been designated for capital
improvement projects. Bond proceeds of$34 million have been deposited into this fund, which earned interest in
excess of$0.5 million this current fiscal year. The expenditures of$8 million represent one payment to Pardee
homes for reimbursement of improvements and grading in the district. The debt service portion of this bond issue
has been recorded as an agency fund. Note that the City 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.
RDA Capital Projects Fund
The fund balance of the Redevelopment Agency Capital Projects Fund increased by $1.7 million from the
previous year mainly due to the transfer from the Redevelopment Agency Debt Service Fund.
9
CITY OF MOORPr'v rK
Oi u'\ ,CEMENT'S DISCUSSION A,NO, ANALYSIS
1i 1LTNC 30, 2.008
RDA Debt Service Fund
The fund balance of the Redevelopment Agency Debt Service Fund decreased by $1.6 million due to the
increased transfer out to the Redevelopment Agency Capital Projects Fund.
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds increased by $4.7 million 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, 2008, were right in line with the budget. Revenues
were $176,000 greater than the budget and expenditures and transfers out ended the year$2 million under budget.
The largest savings came from reduced transfers out of $800,000. The operational savings are: Parks and
Recreation($378,000),General Government($318,000),Public Service($282,000).
10
CITY OF AfOORPARK
MANAGEMENTS S DI1SCLSSIION AND ANA .YS1.S
SEN]2 30,2008
CAPITAL ASSET LONG-TERM L]'i_:=. 1I L T TIES
Capital Assets. The City's investment in capital assets as of June 30, 2008, amounted to $130.1 million (net of
accumulated depreciation). This investment, detailed in Table 3, includes land, construction in progress,
buildings and improvements, machinery and equipment, and infrastructure. The total increase in the City's
investment in capital assets for the current fiscal year was 3.3%. Infrastructure and Land show the largest
increases in 2008 at$3.7 million and $2.3 million respectively.
Table 3
Capital Assets(net of depreciation)
Governmental Activities
As of June 30,2008 and 2007
2008 2007
Land $ 28,719,337 $ 26,417,883
Construction in Progress 9,970,434 10,905,684
Buildings and improvements 23,643,388 23,811,751
Machinery and equipment 1,519,510 2,258,427
Infrastructure 66,218,439 62,507,025
Total S 130,071..108 $ 125,900,770
Some of the City's major general fixed asset purchases in the current fiscal year were:
• The City spent $4.9 million on infrastructure: $3.4 million on street pavement overlay, $0.9 million for
traffic signals and$0.6 million for medians&parkways.
• The City's land purchases, totaling $2.3 million, include: three properties on Charles Street, two
properties on Princeton Avenue and one property on Moorpark Avenue.
As a result of the implementation of GASB No. 34, the City has continued to account for infrastructure assets on
its financial statements. The accompanying government-wide financial statements include those infrastructure
assets that were either completed during the current fiscal year or considered construction in progress at current
fiscal year-end.
Additional information on the City's capital assets can be found in Note 5 on page 40 of this report.
11
CITY OF x-1OG' ARK
irrif$J TAGTMENT'S 1IMSCUSSIEGN AND ANALYSES
JJ1 N, 30,20N1
Long-term Liabilities. At the end of the current fiscal year, the City's long-term liability outstanding is $31.4
million. This is comprised of $29.4 million in tax allocation bonded indebtedness (the bonds are the
responsibility of the Moorpark Redevelopment Agency), $0.7 million in employee compensated absences payable
and$1.4 million for pension related debt.
Table 4
Outstanding Long-Term Liabilities
Governmental Activities
As of June 30,2008 and 2007
2008 2007
Tax Allocation Bonds $ 29,370,869 $ 29,815,022
(issued by the Redevelopment Agency)
Employee Compensated Absences 665,389 616,440
Pension Related Debt 1,388,702
Total $ 31,424,960 $ 30,431,462
The City of Moorpark's total liabilities increased by $1 million or 3.3% during the current fiscal year. The
increase is attributable to the Pension Related Debt being recorded this current fiscal year as a prior period
adjustment.
Additional information on the City's long-term liabilities can be found in Note 6 on pages 41 thru 44 of the basic
fmancial statements.
ECONOMIC FACTORS ANTI NEXT YEAR'S v;1.TDCET
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 2008/09 and 2009/10 currently shows a deficit of$40+ billion. The State has not
adopted a strategy to reduce this projected deficit. The City anticipates the State taking away property tax
revenue from the redevelopment agency and Proposition 42 monies.
General purpose revenues such as property tax and sales tax are anticipated to decrease by 2.0% in fiscal year
2008/09. The sales tax decrease is a reflection of the economic recession plus the addition of new tenants to fill
spaces in the Campus Plaza, Village at Moorpark, Warehouse Discount Center, Moorpark Grove and Mountain
Meadows Plaza shopping centers.
12
CITY OIF MOOIM A
I NAG E 1ViiENT'S DISC J SSION AND ANALYSIS
U1DNIF 30,2008
Additionally,the City took into consideration the following factors in preparing the budget for fiscal year
2008/09:
• Interest income will show a decrease in response to declining interest rates.
• Slight decrease in PERS retirement cost from 11.840%to 11.607% effective July 1,2008.
• Projections indicate cost for general liability insurance will increase by 10% and worker's compensation
is expected to increase by 10% for fiscal year 2008/09 when compared to fiscal year 2007/08 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 2008/09 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 STA EMENTS
Civ of Moorpark
Statement of Net Asset,
June 30, 2008
Governmental
Activities
ASSETS
Cash and Investments $ 103,250,472
Receivables:
Taxes 108,822
Accounts 2,614,572
Interest 827,500
Notes and Loans 3,364,011
Prepaid Items 95,397
Property Held for Resale/Development 14,373,268
Restricted Cash and Investments 20,634,955
Debt Issuance Costs 480,309
Capital Assets:
Non-Depreciable:
Land 28,719,337
Construction in Progress 9,970,434
Depreciable,Net of Accumulated Depreciation:
Buildings and Improvements 23,643,388
Machinery and Equipment 2,219,510
Infrastructure 65,518,439
Total Assets 275,820,414
LIABILITIES
Accounts Payable and Accrued Liabilities 8,204,835
Interest Payable 351,941
Unearned Revenue 513,029
Noncurrent Liabilities:
Due Within One Year 464,153
Due in More Than One Year 30,960,807
Total Liabilities 40,494,765
NET ASSETS
Invested in Capital Assets,Net of Related Debt 130,071,108
Restricted for:
Public Services 89,488,255
Recreation Services 5,156,075
Public Safety 721,287
Low/Moderate Income Housing 6,247,751
Unrestricted 3,641,173
Total Net Assets $ 235,325,649
The accompanying notes are an integral part of this statement.
14
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Cllicy ®i Moor i iiii'k
Statement of Activities
4 2 is Ended odL ,Joie $0, 2008
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 $ 1,949,206 $ 283,576 $ 96,003 $ $ (1,569,627)
Public Safety 6,882,072 633,131 293,534 (5,955,407)
Public Services 20,580,204 5,743,200 2,614,016 5,481,972 (6,741,016)
Parks and Recreation 4,551,045 756,885 4,110,330 316,170
Interest on Long-Term Debt 1,773,841 (1,773,841)
Total Governmental Activities $ 35,736,368 $ 7,416,792 $ 7,113,883 $ 5,481,972 (15,723,721)
General Revenues:
Taxes:
Property Tax,Levied for General Purpose 4,499,646
Property Tax,Redevelopment Agency Tax
Increment 6,887,079
Franchise Taxes 1,150,180
Sales Tax 2,306,281
Sales Tax In-Lieu 779,263
Motor Vehicle In-Lieu,unrestricted 3,038,440
Investment Income 2,491,856
Other 139,728
Total General Revenues 21,292,473
Change in Net Assets 5,568,752
Net Assets-Beginning of Year 233,008,403
Prior Period Adjustments (3,257,840)
Net Assets-End of Year $ 235,319,315
The accompanying notes are an integral part of this statement.
15
C y of 1t1Loo^Irpakt
Balance Sheet
Governmental Funds
June 30, 7008
Special Revenue
Street and Community Areas of
General Traffic Safety Development Contribution Endowment
ASSETS
Cash and Investments $ 2,141,499 $ 18,900,037 $ 42,795 $ 11,588,635 $5,743,504
Restricted Cash and Investments
Receivables:
Taxes 95,777
Accounts 916,648 845
Interest 600,487
Notes and Loans 250,249 960,000
Due From Other Funds 890,471 1,943,495
Prepaid Items 95,397
Property Held for Resale/Development
Total Assets $ 4,740,279 $ 18,900,037 $ 43,640 $ 11,838,884 $8,646,999
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ 796,066 $ 120,279 $ 436,445 $ 57,573 $
Due to Other Funds
Deferred Revenue 223,468 250,249 960,000
Total Liabilities 1,019,534 120,279 436,445 307,822 960,000
Fund Balances:
Reserved for:
Capital Projects
Debt Service
Property Held for Resale/Development
Prepaid Items 95,397
Unreserved,Reported In:
General Fund 3,625,348
Special Revenue Funds 18,779,758 (392,805) 11,531,062 7,686,999
Capital Projects Funds
Debt Service Funds
Total Fund Balances 3,720,745 ` 18,779,758 (392,805) 11,531,062 7,686,999
Total Liabilities and
Fund Balances $ 4,740,279 $ 18,900,037 $ 43,640 $ 11,838,884 $8,646,999
The accompanying notes are an integral part of this statement.
16
Special Revenue Capital Projects Debt Service
Moorpark Non-Major Total
Parks/Public Police Highlands Redevelopment Special Redevelopment Governmental Governmental
Facilities Facilities Fee Improvement Agency Projects Agency Funds Funds
$ 5,387,478 $ $ $19,400,781 $ 21,478,865 $ 4,926,182 $ 13,640,696 $103,250,472
17,978,587 2,656,368 20,634,955
13,045 108,822
2,010 30,751 1,664,318 2,614,572
227,013 827,500
1,704,786 448,976 3,364,011
714 40,531 2,875,211
95,397
9,039,900 5,333,368 14,373,268
$ 5,387,478 $ - $17,978,587 $30,375,204 $ 21,478,865 $ 7,613,301 $21,140,934 $148,144,208
$ 231,403 $ 294 $ $ 49,250 $ $ 5,881,756 $ 631,769 $ 8,204,835
1,943,495 18,279 101,104 812,333 2,875,211
1,704,786 979.051 4,1L7,554
231,403 1,943,789 - 1,772,315 - 5,982,860 2,423,153 15,197,600
17,978,587 17,978,587
2,656,368 2,656,368
9,039,900 5,333,368 14,373,268
95,397
3,625,348
5,156,075 12,526,103 55,287,192
(1,943,789) 19,562,989 21,478,865 858,310 39,956,375
(1,025,927) (1,025,927)
5,156,075 (1,943,789) 17,978,587 28,602,889 21,478,865 1,630,441 18,717,781 132,946,608
$ 5,387.478 $ - $17,978,587 $30,375,204 $ 21,478,865 $ 7,613,301 $21,140,934 $148,144,208
The accompanying notes are an integral part of this statement.
17
Ciiy Maoi ,p°r,1'1eh
Recoraici;�iation of the Go eu umental Fuedls = ]Colonce Sheet
to the Maten'ueat of \et assets
JJu se 30, 2000
Fund balances of governmental funds $ 132,946,608
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. 130,071,108
Long-term notes and loans receivable are not current financial resources and,
therefore,are deferred in the governmental funds. 3,364,011
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. 240,514
Interest expenditures are recognized when due,and therefore,interest payable is
not recorded in the governmental funds. (351,941)
Long-term liabilities are not due and payable in the current period and are not
reported in the funds.
Compensated Absences (665,389)
Tax Allocation Bonds (29,680,000)
Unamortized Discount 309,131
Pension Liability (1,388,702)
Issuance costs net of accumulated amortization were recorded as expenditures
in the governmental funds. 480,309
Net assets of governmental activities $235,325,649
The accompanying notes are an integral part of this statement.
18
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CRT of Moorpark
State .,ent of Re 'en nos, Expenditures, and rl nang s hi Fund )3aianies
Goverinnieatiral Funds
Year F.nded June 30,2008
Special Revenue
Street and Community Areas of
General Traffic Safety Development Contribution Endowment
REVENUES
Taxes $ 8,505,190 $ $ $ $
Licenses and Permits 72,951
Fines and Forfeitures 181,301
Use of Money and Property 1,139,197 879,549 558,070 203,767
Charges for Services 610,387 372
Intergovernmental 3,215,276
Maintenance Assessments
Franchise Fees
Building and Safety Fees 530,761
Planning and Public Works Fees 1,938,143
Development Fees 1,618,266 958,664 670,845
Contributions from Property Owners
Other Revenue 371,787 5,775
Total Revenues 14.096.089 2,498,187 2,474,679 1,516,734 874,612
EXPENDITURES
Current:
General Government 1,835,801
Public Safety 6,074,910
Public Services 2,484,720 22,906 3,290,171
Parks and Recreation 1,426,036
Capital Outlay 109,328 716,079 1,324,741 167
Debt Service:
Principal
Interest
Bond Issuance Costs
Total Expenditures 11,930,795 738,985 3,290,171 1,324,741 167
Excess(Deficiency)of Revenues
over Expenditures 2,165,294 1,759,202 (815,492) 191,993 874,445
OTHER FINANCING SOURCES(USES)
Transfer In 28,233 10,433
Transfer Out (22,878,402) (33,627) (41,635)
Total Other Financing
Sources(Uses) (22,850,169) (33,627) 10,433 (41,635)
Net Change in Fund Balances (20,684,875) 1,725,575 (805,059) 150,358 874,445
Fund Balances,Beginning of Year 24,405,620 17,054,183 412,254 11,380,704 6,812,554
Fund Balances,End of Year $ 3,720,745 $ 18,779.758 $ (392.805) $ 11,531,062 $ 7,686,999
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 Special Redevelopment Governmental Governmental
Facilities Facilities Fee Improvement Agency Projects Agency Funds Funds
$ $ $ $ $ $ 6,887,079 $ $ 15,392,269
72,951
177,364 358,665
305,885 567,765 999,972 407,655 622,251 5,684,111
66,518 677,277
55,489 4,278,275 7,549,040
263,740 3,941,960 4,205,700
301,514 301,514
530,761
1,938,143
690,638 563,424 4,501,837
1,852 4,330 49,634 433,378
998,375 263,740 567,765 1,059,791 - 7,294,734 10,000,940 41,645,646
1,835,801
562,847 6,637,757
3,226 855,425 3,392,760 2,456,405 12,505,613
2,865,831 4,291,867
1,666,010 1,753 8,037,248 737,162 2,089,529 14,682,017
455,000 455,000
1,627,071 4,861 1,631,932
1,669,236 1,753 8,037,248 1,592,587 - 5,474,831 7,979,473 42,039,987
(670,861) 261,987 (7,469,483) (532,796) - 1,819,903 2,021,467 (394,341)
2,241,299 21,478,865 151,830 3,716,095 27,626,755
(10,151) (3,618,714) (1,044,226) (27,626,755)
- - - 2,231,148 21,478,865 (3,466,884) 2,671,869 -
(670,861) 261.987 (7,469,483) 1,698,352 21,478,865 (1,646,981) 4,693,336 (394,341)
5,826,936 (2,205,776) 25,448,070 26,904,537 3,277,422 14,024,445 133,340,949
$ 5,156,075 $(1,943,789) 517,978,587 S 28,602,889 $21,478,865 $ 1,630,441 $ 18,717,781 $ 132,946,608
The accompanying notes are an integral part of this statement.
20
City of Moou°pa°k
Reconciliation of the Statement of Re enaes, E pendtitu res and Changes So INA Balances
01 Goveranfiewal ]Fanndis to the Statement of Ac'livities
Ycac Ended Jane 30, 200
Net change in fund balances-total governmental funds $ (394,341)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However,in the statement
of activities,the cost of those assets is allocated over ther estimated useful lives as
depreciation expense or are allocated to the appropriate functional expense when
the cost is below the capitalization threshold. This activity is reconciled as follows:
Cost of assets capitalized 9,115,882
Depreciation expense (3,098,077)
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 (22,860)
Accumulated depreciation on disposed assets 19,500
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. (26,388)
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. (307,803)
The issuance of long-term debt provides current fmancial 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. 452,332
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. (114,210)
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. (48,949)
Change in net assets of governmental activities $ 5,575,086
The accompanying notes are an integral part of this statement.
21
City of Moorpark
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30, 2008
ASSETS
Cash and Investments $ 4,038,463
Restricted for Cash and Investments 6,442,184
Accounts Receivable 1,104
Total Assets 10,481,751
LIABMLMTIES
Accounts Payable 319,241
Deposits 3,567,978
Due to Bondholders 6,594,532
Total Liabilities $ 10,481,751
The accompanying notes are an integral part of this statement.
22
City of NiCOirp ark
Notes to Rnayficiall Statements
Year Ended June 30, 208
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 24-31
2 Cash and Investments 31 -36
3 Notes and Loans Receivable 36-38
4 Interfund Transactions 38-39
5 Capital Assets and Depreciation 39-40
6 Long-Term Liabilities 41 -44
7 Agreements with Various Taxing Agencies 44-45
8 Retirement Plan 46
9 Conduit Debt-Revenue Bonds 46
10 Special Assessment Bonds 47
11 Risk Management 47-49
12 Classification of Net Assets and Fund Balance 49-50
13 Expenditures in Excess of Appropriations 51
14 Commitments and Contingencies 51
15 Prior Period Adjustments 51
23
City of Moorpark
Notes lig) Flithi?icla.� 4alei en—is
Ve.a ° qtr Juane 30,; 2008
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
Ce of Moorpark
Notes to E inane aI1 Statements
Year Ended June 30, 2900
1) SUMMARY 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 30,2008
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 1,11o4u.ipat L�
Notes to Finaite. al 5to(emileists
Year.- Ended June 30, 2008
1) SUMMARY OF SICNTF9 ANT ACCOUNTS IC 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 Special.Projects Fund is used to account for various City 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
of Moorrlimrrk
Notes to ]F fnianc.ial Sta::l`eifincotts
Year Ended Same 30, 2008
1)
SUIVI`S1ARY OF SI[GNIFICANT ACCOu>N I G 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$6,453,102. This increase resulted primarily from rebudgeted projects and
amounts carried over from Fiscal Year 2006/2007 as continuing appropriations. The City did not budget for revenues
and expenditures for the Moorpark Highland Improvement Capital Projects Fund.
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 30,2008 was$14,373,268.
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 ci MooEipali"LL
Notes to Financial Staiemea s
Year Ended June 30, 2008
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 30,2008,the total unearned revenue
amounted to$513,029 and unavailable revenue amounted to$3,604,525.
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. The amount of
maximum hours for the leave accrual is based on the employee classification: regular employee, management,
department head or City Manager. Upon termination, employees are paid the full value of their unused annual leave,
administrative leave,vacation time, and a portion of sick leave per management benefits and City's MOU. There is no
fixed payment schedule for employee compensated absences.
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 A oor. ;
Notes to Financi,-,15-tativenixerAs
Year Ended June 30,`008
1) SMt NI,ARV OF SIGNIFICANT ACCOUN INC POLICIES—Conaimed
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 30,2008,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(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) 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 (OPEB). 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.
P) 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.
Q) Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resourses
first,and then unrestricted resources as they are needed.
30
Cit o1 l iloo[prllairk
Notes to 'Financial Statements
Year Ended Jane 30, 2008
II) SUM NNIAIRY OFF SIGNIFICANT ACCOUNTING POLICIES—Continued
R) 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$452,332 difference is as follows:
Amortization of Issuance Costs $ (16,852)
Amortization of Bond Discounts (10,847)
Principal Repayment 455,000
Principal Payment on Pension Related Debt 25,031
Net adjustment to decrease net changes in fund balances-
total governmental funds to arrive at changes in net assets of
governmental activities $ 452,332
2) CASH AND INVESTMENTS
Cash and investments at June 30,2008,consisted of the following:
City Treasury Deposits
Demand Deposits $ 1,487,752
Cash on Hand 3,250
Total City Treasury Deposits 1,491,002
City Treasury Investments
Certificates of Deposit 1,499,000
LAIF 65,070,661
Ventura County Pool 24,170,617
U.S Treasury Obligations 6,015,468
U.S.Agency Securities 9,042,187
Total City Treasury Investments 105,797,933
Cash and Investments With Fiscal Agent
Money Markets 22,672,696
Guaranteed Investment Contracts 4,404,443
Total Cash and Investments With Fiscal Agent 27,077,139
Total Cash and Investments $ 134,366,074
31
City of T'vvo;iD'u"l at'k
Noies to Financial StWeli tents
Year Ended :Dune 30, 200
2) CASH AND INVESTMENTS-Continued
Cash and Investments are reported in the basic financial statements as follows:
Statement of
Statement of Fiduciary
Net Assets Net Assets
Governmental
Activities Agency Fund Total
Cash and Investments $ 103,250,472 $ 4,038,463 $ 107,288,935
Restricted Cash and Investment 20,634.955 6,442,184 27,077,139
Total $ 123,885,427 $ 10,480,647 $ 134,366,074
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.
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 30,2008,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 None None
Medium-Term Notes 5 years 30% None
Money Market Mutual Funds N/A 20% None
County Pooled Investment Funds N/A None None
Local Agency Investment Fund(LAW) N/A None None
*Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.
32
C iiy of Moorpark
Notes to Finarl6al Statements
Year Envy ec Jtme 30, 2000
2) CASH AND INVESTMENTS-Continued
A) Authorized Investments-Continued
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
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.
33
(L:ttty oll Moorpark
Notes to Financial MIYIeinedds
Year Ended June 30, 2008
2) CASH AND INVESTMENTS S=Coutilnucd
B) Interest Rate Risk-Continued
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 $ 65,070,661 $ 65,070,661 $ $ $ $
Ventura County Pool 24,170,617 24,170,617
Certificates of Deposit 1,499,000 1,399,000 100,000
U.S.Treasury Notes 6,015,468 6,015,468
Freddie Mac 6,024,375 6,024,375
FHLM 3,017,812 3,017,812
Held by Bond Trustee:
Money Market Funds 22,672,696 22,672,696
Guaranteed Investment
Contracts 4,404,443 4,404,443
Total $132,875,072 $128,370,629 $ 100,000 $ $ $4,404,443
C) Credit Risk and Concentration of Credit Risk
Deposits
At June 30, 2008, the carrying amount of the City's deposits was $1,447,689. Bank balances before reconciling
items were $2,095,754 at June 30, 2008, of which $2,095,754 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,does not normally waive the collateralization requirements.
Investments
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of rating by a nationally recognized statistical rating organization.
Presented below is the minimum rating required by (where applicable) the California Government Code and the
actual rating as of year end for each investment type.
34
City or MooT'park
_otos to EfnalndLall Statements
Year Ended Jnirue 30,2008
2) CASH AND IN IESTM:Ei 'TS Continued
C) Credit Risk and Concentration of Credit Risk-Continued
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 $ 65,070,661 Not Rated 48.97%
Ventura County Pool 24,170,617 Not Rated 18.19%
Certificates of Deposit 1,499,000 Not Rated 1.13%
U.S.Treasury Notes 6,015,468 AAA 4.53%
Freddie Mae 6,024,375 AAA 4.54%
FHLM 3,017,812 AAA 2.27%
Held by Bond Trustee:
Money Market Funds 22,672,696 Not Rated 17.06%
Guaranteed Investment Contracts 4,404,443 Not Rated 3.31%
Total $ 132,875,072 100.00%
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.
D) Local Agency Investment Fund(LAW)
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, 2008, accounts were
maintained in the name of the City for$40,000,000 and the Redevelopment Agency for$25,070,661. The total cost
value of investment in LAIF was $65,070,661. The total fair value of investments in LAIF was $65,067,421. The
unrealized loss was based on a fair market value adjustment factor of.999950219 that was calculated by the State of
California Treasurer's Office. At June 30, 2008, the market value of the State of California Pooled Money
Investment Account (PMIA) including accrued interest was $70,154,761,610. The State of California Pooled
Money Account portfolio had securities in the form of structured notes and asset-backed securities. The PMIA
35
it off I1; oorpor
Notes to Financial! Statei(]'iien s
Year Ended June 30,2008
2) CASH AND INVESTMENTS-Continued
D) Local Agency Investment Fund(LAIF)
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 PMIS 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$24,170,617 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.
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30,2008,is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes Receivable:
Asadurian $ 960,000 $ $ $ 960,000
Mission Bell 1,704,786 1,704,786
Deferred Property Assessments 250,249 250,249
Total Notes Receivable 2,915,035 - - 2,915,035
Loans Receivable:
Employee Computer 1,243 (1,243) -
Rehabilitation 31,384 31,384
First-time Homeowners Assistance 119,104 (7,548) 111,556
CalHome 324,876 (18,840) 306,036
Total Loans Receivable 476,607 - (27,631) 448,976
Total Notes and Loans Receivable $ 3,391,642 $ - $ (27 631) 3,364 011
36
City oil Mooll{Yo1L I§.
Notes to 1Fiunucial $�atements
Ven °Ended June 3092008
3) NOTES AND LOANS RECEIVABLE
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 30,2008 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 3%to a rate of 6%per annum from August 29, 1995 until August 29,2029. In June 2004 the Agency,per settlement
agreement discharged three of the remaining six of the original seven promissory notes totaling$500,000. In September
of 2006, notes number 2 and 6 were paid off. The balance of the remaining note (note no. 7) outstanding at June 30,
2008 was$1,704,786. Principal and interest are due on September 2,2029.
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 Ievy, 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 30,2008,the principal balance outstanding was$250,249.
D) 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 30,2008,was$31,384.
E) Villa Campesina
The City provides down payment assistance loans to buyers in Villa Campesina. The total balance outstanding at June
30,2008 was$111,556.
G) CalHome Mobilehome Rehabilitation Loans
The total balance of CalHome loans for repairs to mobilehomes in Villa del Arroyo at June 30, 2008 was $306,036.
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; $90,657 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.
37
r
`rvit of Maof;
Notes o IFS;inm;i iciall Statements
Year Ended June 309 200
3) NOTES AND LOANS RECEIVABLE-Continued
II) 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 30,2008,consisted of the following:
DUE FROM
RDA
Capital
General Endowment Projects Non-Major
Fund Fund Fund Funds Total
Police Facilities Fund $ $ 1,943,495 $ $ $ 1,943,495
DUE RDA Capital Projects Fund 18,279 18,279
TO RDA Debt Service Fund 59,859 714 40,531 101,104
Non-Major Funds 812,333 812,333
Total $ 890,471 $ 1,943,495 $ 714 $ 40,531 $ 2,875,211
The General Fund has advanced to the Redevelopment Agency and the State and Federal Assistance Fund$890,471 to cover
current expenditures. Repayment is expected during fiscal year 2008/09.
The RDA Capital Projects and Low/Moderate Funds has advanced to the RDA Debt Service Fund$41,245 to cover current
expenditures. Repayment is expected during fiscal year 2008/09.
The Endowment Fund has advanced to the Police Facilities Fee Fund $1,943,495 to fund Capital Improvements. The
advance is expected to be repaid with development fees to be collected in the future.
38
City of lkdoorpick
Notea to l eioaolthll etneua
Yeor Ended June 30, 2008
4) INTERU ND TRANSACTIONS •Continued
Transfers
Interfund transfers for the year ended June 30,2008 consisted of the following:
TRANSFERS FROM
Street and Area of
Traffic Safety RDA Contribution RDA
General Special Capital Special Debt Non-Major
Fund Revenue Project Revenue Service Governmental Total
General Fund $ $ $ $ 28,233$ 28,233
RDA Debt Service 151,830 151,830
RDA Capital Projects 2,241,299 2,241,299
Special Projects Fund 21,478,865 21,478,865
TRANSFER Community Development
TO Special Revenue 10,433 10,433
Non-Major
Governmental Funds 1,399,537 33,627 10,151 41,635 1,366,982 864,163 3,716,095
Total $22.878,402 $ 33,627 $ 10,151 $ 41,635 $3,618.714 5 1,044,226 $ 27,626,755
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.
At year-end, June 30, 2008,the General Fund transferred$21,478,865 to the Special Projects Fund to fund various capital
projects of the City.
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
(ENT of Mooli'jpourk
Notes lO 1`lu(iiOi< citti Statements
Venr Ended Jfur:cte 30, 2008
5) CAPTIAL ASSETS AND DEPRECIATION-Continued
The following table presents the capital assets activity for the year ended June 30,2008.
Beginning Ending
Balance Adjustments* Increases Decreases Balance
Governmental Activities:
Capital Assets,Not Depreciated:
Land $ 26,417,883 $ $ 2,301,454 $ $ 28,719,337
Construction in Progress 10,905,684 (1,860,076) 6,441,049 (5,516,223) 9,970,434
Total Capital Assets Not
Depreciated 37,323,567 (1,860.076) 8,742,503 (5,516,223) 38,689,771
Capital Assets Being Depreciated:
Buildings and Improvements 27,356,079 570,659 27,926,738
Machinery and Equipment 4,012,948 395,933 (19,500) 4,389,381
Infrastructure
Roadway System 87,786,718 4,923,010 (3,360) 92,706,368
Storm Drainage System 1,619,399 1,619,399
Parks System 156,727 156,727
1 Total Capital Assets Being
Depreciated 120,931,871 - 5,889,602 (22,860) 126,798,613
Less Accumulated Depreciation:
Buildings and Improvements (3,536,462) (746,888) (4,283,350)
Machinery and Equipment (1,762,387) (426,984) 19,500 (2,169,871)
Infrastructure
Roadway System (26,858,059) 15,969 (1,904,876) (28,746,966)
Storm Drainage System (152,308) (16,194) (168,502)
Parks System (45,452) (3,135) (48,587)
Total Accumulated Depreciation (32,354,668) 15,969 (3,098,077) 19,500 (35,417,276)
Total Capital Assets Being
Depreciated,Net 88,577,203 15,969 2,791,525 (3,360) 91,381,337
Government Activities Capital Assets,
NetofDepreciation $ 125,900,770 $ (1,844,107) $ 11,534,028 $ ,5,519,583) $ 130,07I,108
*The adjustments to capital assets are due to misclassification of construction in progress in prior years. These assets should have been appropriately classified as
expenses.
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General Government $ 118,924
Public Safety 225,930
Public Services 2,505,245
Parks and Recreation 247,978
Total Depreciation Expense $ 3,098,077
40
fiCitti- of hlooipoLt k
Notes to F'i lloucia l fyt iienn sts
Year Ended June 30, 2008
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30,2008,are as follows:
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
1999 Tax Allocation Bonds $ 6,870,000 $ $ (440,000) $ 6,430,000 $ 460,000
2001 Tax Allocation Bonds 11,570,000 (15,000) 11,555,000 15,000
2006 Tax Allocation Bonds 11,695,000 11,695,000
Discount on Bonds (319,978) 10,847 (309,131) (10,847)
Pension Related Debt 1,413,733* (25,031) 1,388,702
Employee Compensated Absences 616,440 48,949 665,389
Total $ 30,431,462 1 4 2 682 $ (469,184) $ 31,424,960 $ 464,153
*This addition represents a prior period adjustment to record pension related debt.
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.
41
City o;i hiIoorr➢ aniJ
motes ids Stainneuu s
Year Ended June 30, 2008
6) LONG-TERM LIABILITIES-Continued
A) 1999 Tax Allocation Bonds-Continued
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
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 550,000 204,506 754,506
2014-2018 3,185,000 581,953 3,766,953
2019 735,000 17,916 752,916
Total $ 6,430,000 $ 1.870,820 5 8,300,820
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 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.
The Redevelopment Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the Tax Allocations Bonds.
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 20,000 586,319 606,319
2014-2018 95,000 2,918,594 3,013,594
2019-2023 2,775,000 2,633,121 5,408,121
2024-2028 4,300,000 1,675,108 5,975,108
2029-2032 4,300,000 454,332 4,754,332
Total $ 11,555,000 $ 10,619,960 $ 22,174,960
42
C ty of Moos patty'.
Notes to l i natteiiol State ter is
Ynif Ellded , unoc 30 2008
6) LONG-TERM LIABILITIES-Continued
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.
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
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 35,000 504,628 539,628
2014-2018 215,000 2,500,944 2,715,944
2019-2023 265,000 2,454,187 2,719,187
2024-2028 335,000 2,391,469 2,726,469
2029-3033 1,630,000 2,284,844 3,914,844
2034-2038 7,445,000 1,211,765 8,656,765
2039 1,690,000 36,969 1,726,969
Total $ 11,695,000 $ 13,414,556 $ 25,109,556
D) Pension-Related Debt
As of June 30, 2003, CaIPERS implemented risk pooling for the City's multiple-employer public employee defined
benefit pension plan. At that point, in accordance with generally accepted accounting principles, the City's
Miscellaneous Plan converted from an "agent" multiple-employer plan to a "cost-sharing" multiple-employer plan.
Although a portion of the City's annual required contributions are actuarially determined and shared by all employers of
the risk pool, the City is also required to make annual payments on a "Side Fund" which was created when the City
entered the risk pool. The responsibility for funding the Side Fund is specific to the City and is not shared by all
43
C tly:' at Nido•Arairik
Notes t F11(112;11 60 J`tSO meats
Y em Ended lune 30, 2008
6) LONG-TERM LIABILITIES-Cou1thined
D) Pension-Related Debt-Continued
employers in the plan. Therefore,the Side Fund falls under the definition of pension-related debt,as described in GASB
Statement No. 27. The annual payments on the Side Fund represent principal and interest payments on the pension-
related debt. Principal and interest are included in the retirement expenditures in the various functions. The future debt
service requirements on this debt are as follows:
Year Ending Pension-related Debt
June 30, Principal Interest Total
2009 $ 31,346 $ 102,533 $ 133,879
2010 38,292 99,939 138,231
2011 45,923 96,800 142,723
2012 54,297 93,065 147,362
2013 63,476 88,675 152,151
2014 73,528 83,567 157,095
2015 84,527 77,675 162,202
2016 96,549 70,923 167,472
2017 109,682 63,234 172,916
2018 124,016 54,520 178,536
2019 139,650 44,688 184,338
2020 156,692 33,637 190,329
2021 175,256 21,258 196,514
2022 195,468 7,433 202,901
Total $ 1,388,702 $ 937.947 $ 2,326,649
E) Employee Compensated Absences
The long-term liability at June 30, 2008 is $655,389 for employee compensated absences. There is no current liability
estimated. The General Fund is primarily expected to Iiquidate 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.
44
Ci of Moorrll ar k
Notes to Finotneinll ;Taftc4ments
Year Ended Sime 30, 2008
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES-Continued
With respect to the first paragraph,4.2%of the County Taxing Entities share is allocated to the County Library District(aka
County Free Library System). The City of Moorpark has withdrawn from the County Free Library System and now operates
the Moorpark Library. Pursuant to the Memorandum of Understanding governing the County Free Library System, upon
withdrawal, a city is entitled to all property taxes allocated to library purposes from within the corporate boundaries of such
city. The County has agreed that the City of Moorpark is entitled to the share of annual tax increment previously allocated to
the County Library District under the first agreement. The City and County are in the process of finalizing documents to
effectuate the allocation to the City,rather than to the County Library District.
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 2%
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 2%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 2% increase in assessed
valuation.
45
Cily of Moe parr-,
N®ties 4) 1ailiGat.l�dM StatQ.ments
Ye2): i lOided June 30,2008
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. CaIPERS provides retirement and disability benefits,
annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. CaIPERS 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 CaIPERS' 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% 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 2007108 was 11.840%.
The contribution requirements for plan members are established by State statute and the employer contribution rate is
established and may be amended by CaIPERS. The following represents the required contributions for the past three
fiscal years:
Fiscal Required Percent
Year Contributions Contributed
2005/06 $ 426,533 100%
2006/07 $ 455,376 100%
2007/08 $ 448,187 100%
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 30,2008,totaled$13,620,000.
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 30,2008,totaled$15,367,815.
Each of the bond programs described above do not constitute an indebtedness of the City, and there is neither a legal nor a
moral obligation on the part of the City to make payments on such bonds from any source other than the revenues and assets
pledged therefore. The programs are completely administered by the Trustees without any involvement by the City.
Accordingly, these programs and the bonds issued thereunder have been excluded from the accompanying basic financial
statements.
46
Ciia' oc IIo park
Notes i_o Flu 1r 1d Ia l St atelier s
Year Ended Joeie 30, 2008
10) SPECIAL ASSESSMENT T 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$1,580,000 at June 30,2008.
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$6,475,000 at June 30,2008.
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$37,510,000 at June 30,2008.
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.
47
Ciit‘ QEFff ivff ol["rorirk
Notes U.o Fin aric!eo11 S OECemeots
Year Ended aksne 311, 2038
11) RISK MANAGEMENT-Continued
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 to $100,000 allocated by
retained amount and$100,000 to $2,000,000 by payroll). Losses from$50,000 to $100,000 and the loss development
reserve associated with losses up to$100,000 are pooled based on the member's share of losses under$50,000. Losses
from $100,000 to $2,000,000 are pooled based on payroll. Costs in excess of$50,000,000 are pooled among the
Members based on payroll. Administrative expenses are paid from the Authority's investment earnings.
C) Purchased Insurance
The City 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$25,067,394. 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 $20,504,842. There is a deductible of 5% of the value with a minimum
deduction of$100,000. Premiums for the coverage are paid annually and are not subject to retroactive adjustments.
E) Adequacy of Protection
During the past three fiscal (claims)years none of the above program of protection have had settlements or judgments
that exceeded pooled or insured coverage. There have been no significant reductions in pooled or insured liability
coverage from coverage in the prior year.
48
CA:,„?A „' o Moorpark
Notes o "'financial S a.ements
Year Ended June 3a, 008
1 ii) ASK MANAGEMENT-Continued
F) Claims and Judgments
The City accounts for uninsured,material claims and judgments and associated legal and administrative costs when it
is probable that the liability claim has been incurred and the amount of the loss can be reasonably estimated.
Included therein are claims incurred but not reported, which consists of (a) known loss events expected to be
presented as claims later, (b) unknown loss events that are expected to become claims, and (c) expected future
development on claims already reported. This is based upon historical actual results that have established a reliable
pattern supplemented by specific information about current matters. Small dollar claims and judgments are recorded as
expenditures when paid.
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, contributors, 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.
49
"pati ccs 1ViLoou ij aii
Notes o . inaiPciaJ Slg„frenaelatts
Year Ended ,une 30,2000
12)CLASSIFICATION OF NET ASSETS AND FUND BALANCE
The City's governmental funds reserves and designations at June 30,2008,are presented below,followed by explanations of
the nature and purpose of each reserve and designation.
Redevelopment Redevelopment
Highland Agency Agency Non-Major
General Improvement Capital Projects Special Projects Debt Service Governmental
Fund Fund Fund Fund Fund Funds
Reserved:
Capital Projects $ $ 17.978,587 $ $ $ $
Debt Service 2,656,368
Property Held for Resale/
Development 9,039,900 5,333,368
Prepaid Items 95,397
Total Reserved $ 95,397 $ 17,978,587 $ 9,039,900 $ $ 2,656,368 $ 5,333,368
Unreserved,Designated:
Future Projects $ - $ - $ 9,178,622 $ 21,478,865 $ - $
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 Prepaid Items
These funds are reserved for prepaid items.
Unreserved,Designated for Future Projects
These funds have been designated for future capital projects.
Deficit Fund Balance
The following funds had a deficit at June 30,2008
Community Development 5 (392,805)
Police Facilities Fee Capital Projects Fund (1,943,789)
Local Transportation Transit (44,485)
Management expects these deficits to be eliminated through future revenues.
50
City of M000u°palrk
Notes to Financlall Statements
Year Ended June 30, 2008
13) EXPENDITURES IN EXCESS OF APPROPRIATIONS
The following funds had expenditures in excess of the budget in the following amounts for the year ended June 30,2008:
Community Development $ 510,811
Redevelopment Agency Debt Service Fund 797,760
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
The prior period adjustment of $3,257,840 in the statement of activities consists of the following: In prior years
$1,844,107 of construction in progress should have been recorded as expenses but was capitalized. Also, $1,413,733 of
pension-related debt for the City's "Side Fund" at CaIPERS was not recorded in prior years when Ca1PERS moved the
City into a"Risk Pool"(Cost-Sharing Plan),but should have been.
51
L- QUI[RIED SUPPLEMEr'\ITARY 1[NFORIvRAII[ON
CRC' of C'1{o o li"lil li`k
SOaetiffiejo of Revenues, EITeT[illiis.ires, nucld CIU'an'gees in Fund Ba?lance.s
Budget and Act!1: i General Fund
Vein-Ended June 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 8,382,918 $ 8,513,224 $ 8,505,190 $ (8,034)
Licenses&Permits 60,000 60,000 72,951 12,951
Fines&Forfeitures 152,500 152,500 181,301 28,801
Use of Money and Property 1,348,285 1,348,285 1,139,197 (209,088)
Charges for Services 523,100 523,100 610,387 87,287
Intergovernmental 3,060,525 3,065,448 3,215,276 149,828
Other Revenue 258,500 257,500 371,787 114,287
Total Revenues 13,785,828 13,920,057 14.096.089 176,032
EXPENDITURES
Current:
General Government 2,026,729 2,153,895 1,835,801 318,094
Public Safety 6,766,499 6,216,269 6,074,910 141,359
Public Services 982,206 2,766,450 2,484,720 281,730
Parks and Recreation 1,772,116 1,804,319 1,426,036 378,283
Capital Outlay 62,655 123,727 109,328 14,399
Total Expenditures 11,610,205 13,064,660 11,930,795 1,133,865
Excess(Deficiency)of Revenues
over Expenditures 2,175,623 855,397 2,165,294 1,309,897
OTHER FINANCING SOURCES(USES)
Transfers In 28,233 28,233
Transfers Out (2,137,160) (23,687,639) (22,878,402) 809,237
Total Other Financing
Sources(Uses) (2,137,160) (23,687,639) (22.850,169) 837,470
Net Change in Fund Balance 38,463 (22,832,242) (20,684,875) 2,147,367
Fund Balance,Beginning of Year 24,405,620 24,405,620 24,405,620
Fund Balance, End of Year $ 24,444,083 $ 1,573,378 $ 3,720,745 $ 2,147,367
52
City a Mooirpalga
S 'ateiti't71ent of IZ,.cved1i ues,) Expenclidures, alriid1 Changes ➢n Fund Ba hinez s
Budget and Actual Street and Traffic Safety Specflall k eveune .T'uunil
Year Ended June 309 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 776,302 $ 776,302 $ 879,549 $ 103,247
Charges for Services 372 372
Development Fees 3,683,510 1,375,918 1,618,266 242,348
Total Revenues 4,459,812 2,152,220 2,498,187 345,967
EXPENDITURES
Current:
Public Services 39,189 39,189 22,906 16,283
Capital Outlay 2,278,987 1,907,838 716,079 1,191,759
Total Expenditures 2,318,176 1,947,027 738,985 1,208,042
Excess(Deficiency)of Revenues
over Expenditures 2,141,636 205,193 1,759,202 1,554,009
OTHER FINANCING SOURCES(USES)
Transfers Out (34,100) (33,627) 473
I
Total Other Financing
Sources(Uses) - (34,100) (33,627) 473
Net Change in Fund Balance 2,141,636 171,093 1,725,575 1,554,482
Fund Balance,Beginning of Year 17,054,183 17,054,183 17,054,183
Fund Balance,End of Year $ 19,195,819 $ 17,225,276 $ 18,779,758 $ 1,554,482
53
Ci-1-y- of Moorpark
Statement of Revenues,L ,ss, 'xpenditu''es, and Changes in Fund nd Ballance
Budget t a add Actual). - Counvi unify Development Spial Revenue ilk'and
Year Faiddod June 3O 201)8
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Building and Safety Fees $ 1,290,794 $ 567,736 $ 530,761 $ (36,975)
Planning and Public Works Fees 1,486,099 1,203,380 1,938,143 734,763
Other Revenue 1,500 3,500 5,775 2,275
Total Revenues 2,778,393 1,774,616 2,474,679 700,063
EXPENDITURES
Current:
Public Services 3,449,520 2,725,160 3,290,171 (565,011)
Capital Outlay 13,548 54,200 - 54,200
Total Expenditures 3,463,068 2,779,360 3,290,171 (510,811)
Excess(Deficiency)of Revenues
over Expenditures (684,675) (1,004,744) (815,492) 189,252
OTHER FINANCING SOURCES(USES)
Transfers In 638,192 638,192 10,433 (627,759)
Total Other Financing
Sources(Uses) 638,192 638,192 10,433 (627,759)
Net Change in Fund Balance (46,483) (366,552) (805,059) (438,507)
Fund Balance,Beginning of Year 412,254 412,254 412,254
Fund Balance,End of Year $ 365,771 $ 45,702 $ (392,805) $ (438,507)
54
City ofIfJooli[ lark
Statement of Revenues, Expenditures, and Changes lin Fund Balances
Budget and actual -Areas of Contribution Special Revenue Fund
Year Ended June 39, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 575,206 $ 575,206 $ 558,070 $ (17,136)
Development Fees 3,031,057 1,304,843 958,664 (346,179)
Other Revenue 100 100 - (100)
Total Revenues 3,606,363 1,880,149 1,516,734 (363,415)
EXPENDITURES
Capital Outlay 4,964,883 5,571,947 1,324,741 4,247,206
Total Expenditures 4,964,883 5,571,947 1,324,741 4,247,206
Excess(Deficiency)of Revenues
over Expenditures (1,358,520) (3,691,798) 191,993 3,883,791
OTHER FINANCING SOURCES(USES)
Transfers Out (42,200) (41,635) 565
Total Other Financing
Sources(Uses) - (42,200) (41,635) 565
Net Change in Fund Balance (1,358,520) (3,733,998) 150,358 3,884,356
Fund Balance,Beginning of Year 11,380,704 11,380,704 11,380,704
Fund Balance,End of Year $ 10,022,184 $ 7,646,706 $ 11,531,062 $ 3,884,356
55
City of MOOrpaffik
Statement of Revenues, Eripen+' blu res„ and (.hoiiiges Fund Balances
Budget et and Actual - Endowment Special Revenue Fund
Year Ended June :30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 144,972 $ 144,972 $ 203,767 $ 58,795
Development Fees 3,464,700 384,012 670,845 286,833
Total Revenues 3,609,672 528,984 874,612 345,628
EXPENDITURES
Capital Outlay 309,172 167 309,005
Total Expenditures - 309,172 167 309,005
Excess(Deficiency)of Revenues
over Expenditures 3,609,672 219,812 874,445 654,633
OTHER FINANCING SOURCES(USES)
Transfers Out (2,072,612) (2,072,612) = 2,072,612
Total Other Financing
Sources(Uses) (2,072,612) (2,072,612) - 2,072,612
Net Change in Fund Balance 1,537,060 (1,852,800) 874,445 2,727,245
Fund Balance,Beginning of Year 6,812,554 6,812,554 6,812,554
Fund Balance,End of Year $ 8,349,614 $ 4,959,754 $ 7,686,999 $ 2,727,245
56
City of Moorpark
Statement of Rev eEDues„ E°perms itirr:r F s, and Changes in Fund ]C allame
Budget dgei and Actual - ]Pair' /Publlic Facibtfies Special Revenue Fund
d
Ye2.11' Ended Efune 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 306,917 $ 306,917 $ 305,885 $ (1,032)
Development Fees 3,307,361 525,328 690,638 165,310
Other Revenue - - 1,852 1,852
Total Revenues 3,614,278 832,245 998,375 166,130
1 EXPENDITURES
Public Services 72,800 54,500 3,226 51,274
Capital Outlay 3,346,367 3,883,374 1,666,010 2,217,364
Total Expenditures 3,419,167 3,937,874 1,669,236 2,268,638
Excess(Deficiency)of Revenues
over Expenditures 195,111 (3,105,629) (670,8611 2,434,768
OTHER FINANCING SOURCES(USES)
Transfers In 53.154 53,154 - (53,154)
Total Other Financing
Sources(Uses) 53,154 53,154 - (53,154)
Net Change in Fund Balance 248,265 (3,052,475) (670,861) 2,381,614
Fund Balance,Beginning of Year 5,826,936 5,826,936 5,826,936
Fund Balance,End of Year $ 6.075,201 $ 2,774,461 $ 5,156,075 $ 2,381,614
57
SUPPLEMENTARY INFORMATION
City of 1vLoorpw i
;%ied le of Revenues, Expenditures, and C bdunges ici iFurid Enhances
Budget a d Actual Police Facilities Fee Capital Projects IFutial
Year nded JTuune 3111,, Vl08
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ 1 - $
Maintenance Assessments 634,933 634,933 263,740 (371,193)
Total Revenues 634,933 634,933 263,740 (371,193)
EXPENDITURES
Capital Outlay 113,402 109,388 1,753 107,635
Total Expenditures 113,402 109,388 1,753 107,635
Excess(Deficiency)of Revenues
over Expenditures 521,531 525,545 261,987 (263,558)
OTHER FINANCING SOURCES(USES)
Transfers In -
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance 521,531 525,545 261,987 (263,558)
Fund Balance,Beginning of Year (2,205,776) (2,205,776) (2,205,776)
Fund Balance,End of Year $ (1,684,245) $ (1,680,231) $ (1,943,789) $ (263,558)
58
CltI.- oll!i1ooirp1°jnk
Schedule of Revenues, ll ven,th4ui°es, and Changes ie Ii uunntd Balances
Budget awned Ac iml - Redevelopinnenii Agency Capital Projects Fund
year Ended June 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 1,073,432 $ 1,458,432 $ 999,972 $ (458,460)
Intergovernmental 55,489 55,489
Other Revenue 70,000 4,100 4,330 230
Total Revenues 1,143,432 1,462,532 1.059.791 (402,741)
EXPENDITURES
Current:
Public Services 892,167 943,907 855,425 88,482
Capital Outlay 2,836,627 4,561,969 737,162 3,824,807
Total Expenditures 3,728,794 5,505,876 1,592,587 3,913,289
Excess(Deficiency)of Revenues
over Expenditures (2,585,362) (4,043,344) (532,796) 3,510,548
OTHER FINANCING SOURCES (USES)
Transfers In 2,280,529 2,280,529 2,241,299 (39,230)
Transfers Out (10,400) (10,151) 249
Total Other Financing
Sources(Uses) 2,280,529 2,270,129 2,231,148 (38,981)
Net Change in Fund Balances (304,833) (1,773,215) 1,698,352 3,471,567
Fund Balance,Beginning of Year 26,904,537 26,904,537 26,904,537
Fund Balances,End of Year $ 26,599,704 $ 25,131,322 $ 28,602,889 $ 3,471,567
59
City of Moorpark
Schedule of Revenues, Lxpenehtures, and Changes in T'ond Balance
lance
'Budget and Actual - Specaall Projects Capital. Projccts, Fund
Year Ended June 30., 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ $
Total Revenues - - - -
EXPENDITURES
Capital Outlay
Total Expenditures - - -
Excess(Deficiency)of Revenues
over Expenditures - - - -
OTHER FINANCING SOURCES(USES)
Transfer In 21,478,865 21,478,865 -
Total Other Financing Sources(Uses) - 21,478,865 21,478,865 -
Net Change in Fund Balance - 21,478,865 21,478,865 -
Fund Balance,Beginning of Year - - -
Fund Balance,End of Year - 21,478,865 21,478,865 -
60
City of_vifoorkn1ark
Schedlule of Revenues, Expe ndilur es, and Changes in ,Fund Balance
Budget and Actual - Redevelopment Agency Debt Service Fcii d
Year Ended dlune 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 5,988,000 $ 6,488,000 $ 6,887,079 $ 399,079
Use of Money and Property 336,260 336,260 407,655 71,395
Total Revenues 6.324,260 6.824;260 7,294,734 470,474
EXPENDITURES
1. Current:
Public Services 2,500,000 2,500,000 3,392,760 (892,760)
Debt Service
Principal 455,000 455,000 455,000 -
Interest 1,722,071 1,722,071 1,627,071 95,000
Total Expenditures 4,677,071 4,677,071 5,474,831 (797,760)
Excess(Deficiency)of Revenues
over Expenditures 1,647,189 2,147,189 1,819,903 (327,286)
OTHER FINANCING SOURCES(USES)
Transfers In 151,829 151,829 151,830 1
Tranfers Out (3,478,129) (3,478,129) (3,618,714) (140,585)
Total Other Financing Sources(Uses) (3,326,300) (3,326,300) (3,466,884) (140,584)
Net Change in Fund Balance (1,679,111) (1,179,111) (1,646,981) (467,870)
Fund Balance, Beginning of Year 3,277,422 3,277,422 3,277,422
Fund Balance,End of Year $ 1,598,311 $ 2,098,311 5 1,630,441 $ (467,870)
61
Moorpa rk
Non-lVii2jou° Jov(eh utamenuall a rads
3 ne 39, 2098
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 Iandscaping.
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.
Proposition 18 Fund-To account for funds received from the State of California for specific transportation programs.
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.
62
CO, voorpt1.t'k
Combining Balance Sheet
Non-Major Governmental Funds
Jliiie 30, 2008
Special Revenue
State and
Traffic Affordable Assessment Federal
Safety Housing District Assistance
ASSETS
Cash and Investments $ 695,724 $ 3,457,556 $ 4,773,511 $ 1,133,644
Receivables:
Taxes 13,045
Accounts 28,156 56,999 1,012,856
Notes 432,592
Due From Other Funds
Property Held for Resale/Development
Total Assets $ 723,880 $ 3,890,148 $ 4,843,555 $ 2,146,500
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ 2,593 $ $ 260,087 $ 277,045
Due to Other Funds 812,333
Deferred Revenue 432,592 13,045 4,001
Total Liabilities 2,593 432,592 273,132 1,093,379
Fund Balances:
Reserved For:
Property Held for Resale/Development
Unreserved,Reported In:
Special Revenue Funds 721,287 3,457,556 4,570,423 1,053,121
Capital Projects Funds
Total Fund Balances 721,287 3,457,556 4,570,423 1,053,I21
Total Liabilities and Fund Balances $ 723,880 $ 3,890,148 $ 4,843,555 $ 2,146,500
63
Special Revenue Capital Projects Total
Low and Local Nonmajor
State Gas Prop lB Moderate Transportation Solid City Hall Equipment Governmental
Tax Income Housing Transit Waste Building Replacement Funds
$ 39,321 $ 585,153 $ 862,688 $ 254,945 $ 979,346 $ 391,695 $ 467,113 $ 13,640,696
13,045
227,418 13,390 256,966 68,533 1,664,318
16,384 448,976
40,531 40,531
5,333,368 5,333,368
$ 266,739 $ 585,153 $ 6,266,361 $ 511,911 $ 1,047,879 $ 391,695 $ 467,113 $ 21,140,934
$ 16,319 $ $ 18,610 $ 43,367 $ 13,250 $ $ 498 $ 631,769
812,333
16,384 513,029 979,051
16,319 - 34,994 556,396 13,250 - 498 2,423,153
5,333,368 5,333,368
250,420 585,153 897,999 (44,485) 1,034,629 12,526,103
391,695 466,615 858,310
250,420 585,153 6,231,367 (44,485) 1,034,629 391,695 466,615 18,717,781
$ 266,739 $ 585,153 $ 6,266,36I $ 511,911 $ 1,047,879 $ 391,695 $ 467,113 $ 21,140,934
64
Ci.6, of IVI oonyal1`
Comb ning S t a teriiieth ed Revenues, Expenditures and C r anges Oi Fund 1Ballawice
Nonllajor Govern enita1 Funds
Year lEndc,0 June 30, 2008
Special Revenue
State aid
Traffic Affordable Assessment I.deral
Safety Housing District Assistance
REVENUES
Fines and Forfeitures $ 177,364 $ $ $
Use of Money and Property 32,360 150,922 168,535 54,711
Charges for Services
Intergovernmental 2,136,532
Maintenance Assessments 3,941,960
Franchise Fees
Development Fees 563,424
Other Revenue 243 26,388 8,551 300
Total Revenues 209,967 740,734 4,119,046 2,191,543
EXPENDITITRES
Current:
Public Safety 132,132 330,715 100,000
Public Services 1,168 145,963
Parks and Recreation 2,865,831
Capital Outlay 1,363,945
Debt Service:
Interest
Total Expenditures — 132,132 1,168 3,196,546 1,609,908
Excess(Deficiency)of Revenues Over Expenditures 77,835 739,566 922,500 581,635
OTHER FINANCING SOURCES(USES)
Transfers In 1,328,962 34,045
Transfers Out (808,893)
Total Other Financing Sources(Uses) - - 1,328,962 (774,848)
Net Change in Fund Balances 77,835 739,566 2,251,462 (193,213)
Fund Balances,Beginning of Year 643,452 2,717,990 2,318,961 1,246,334
Fund Balances,End of Year $ 721,287 $ 3.457,556 $ 4,570,423 $ 1,053,121
65
Special Re\-cime Capital Projects Total
Low and 1 oral Nonmajor
State Gas Prop lB Moderate Transportation Solid City Hall Equipment Governmental
Tax Income Housing Transit Waste Building Replacement Funds
$ $ $ $ $ $ $ $ 177,364
3,705 111,546 10,578 46,920 19,567 23,407 622,251
66,518 66,518
651,648 581,448 854,929 53,718 4,278,275
3,941,960
301,514 301,514
563,424
13,402 750 49;634
665,050 585,153 112,296 932,025 402,152 19,567 23,407 10,000,940
562,847
1,275,585 369,804 387,280 276,605 2,456,405
2,865,831
83,541 62,326 543,377 21,645 14,695 2,089,529
4,861 4,861
1,359,126 - 436,991 930,657 276,605 21,645 14,695 7,979,473
(694,076) 585,153 (324,695) 1,368 125,547 (2,078) 8,712 2,021,467
969,392 1,377,416 6,280 3,716,095
(75,601) (151,830) (7,902) (1,044,226)
893,791 - 1,225,586 (1,622) - - - 2,671,869
199,715 585,153 900,891 (254) 125,547 (2,078) 8,712 4,693,336
50,705 5,330,476 (44,231) 909,082 393,773 457,903 14,024,445
$ 250,420 $ 585,153 $ 6,231,367 $ (44,485) $ 1,034,629 $ 391,695 $ 466,615 $ 18,717,781
66
City o1 Mom-park
Schedule of Revenues, IDLpet litureti., wundl Changes in Fund Balance
Budget and Actual Traffic Safety Special evenue Fundi
`i{eacr Ended June 30, 284)8
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Fival Amounts (Negative)
REVENUES
Fines and Forfeitures $ 170,000 $ 170,000 $ 177,364 $ 7,364
Use of Money and Property 29,054 29,054 32,360 3,306
Other Revenue - - 243 243
Total Revenues 199,054 199,054 209,967 10,913
EXPENDITURES
Current:
Public Safety 133,322 133,322 132,132 1,190
Total Expenditures 133,322 133,322 132,132 1,190
Net Change in Fund Balance 65,732 65,732 77,835 12,103
Fund Balance,Beginning of Year 643,452 643,452 643,452
Fund Balance,End of Year $ 709,184 $ 709,184 $ 721,287 $ 12,103
67
City of Moorpark
Schedule of Revenues, Expenditures, zndi Changes lie Ti ua.uu ! Balance
Budget and Actual _ Affordable kliot sing Special Revenue Fund
Yeaai Ended Sane 30,, 2005
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 112,952 $ 112,952 $ 150,922 $ 37,970
Development Fees 1,082,357 236,668 563,424 326,756
Other Revenue 7,548 26.388 18,840
Total Revenues 1,195,309 357,168 740,734 383,566
EXPENDITURES
Current:
Public Services 110,900 110,900 1,168 109,732
Capital Outlay 400,000 174,324 174,324
Total Expenditures 510,900 285,224 1,168 284,056
Net Change in Fund Balance 684,409 71,944 739,566 667,622
Fund Balance,Beginning of Year 2,717,990 2,717,990 2,717,990
Fund Balance,End of Year $ 3,402,399 $ 2,789,934 $ 3,457,556 $ 667,622
68
City of Moor'j o1i'1.
Sc4Jiuedffl of11'e,.e19llleSf, Expenditures, and Changes in and Bolianee
Budget find Actual - Assersimer t District Special Revenue Fund
Year ]Ended d ms e 39, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 121,075 $ 121,075 $ 168,535 $ 47,460
Maintenance Assessments 1,910,994 3,952,994 3,941,960 (11,034)
Other Revenue 3,300 3,300 8,551 5,251
Total Revenues 2,035,369 4,077,369 4,119,046 41,677
EXPENDITURES
Current:
Public Safety 324,990 324,990 330,715 (5,725)
Public Services 441,447 441,447 441,447
Parks and Recreation 3,081,983 3,152,412 2,865,831 286,581
Capital Outlay 12,029 - 10,500 10,500
Total Expenditures 3,860,449 3,929,349 3,196,546 732,803
Excess(Deficiency)of Revenues
over Expenditures (1,825,080) 148,020 922,500 774,480
OTHER FINANCING SOURCES(USES)
Transfers In 1,482,209 1,448,029 1,328,962 (119,067)
Total Other Financing
Sources(Uses) 1,482,209 1,448,029 1,328,962 (119,067)
Net Change in Fund Balance (342,871) 1,596,049 2,251,462 655,413
Fund Balance,Beginning of Year 2,318,961 2,318,961 2,318,961
Fund Balance,End of Year $ 1,976,090 $ 3,915,010 $ 4,570,423 $ 655,413
69
City of Moipiir .
Schedule of Revenues, Expenditures, 2111d Changes in Fund td Ballance
Budget and Act ural - State and Fe iet eil As9istanee Special Revenue Fund
d
Year Ended ,fuiuc 30. 20110
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 183,464 $ 183,464 $ 54,711 $ (128,753)
Intergovernmental 3,055,496 3,055,496 2,136,532 (918,964)
Other Revenue 300 300
Total Revenues 3,238,960 3,238,960 2,191,543 (1,047,417)
! EXPENDITURES
Current:
Public Safety 103,000 103,000 100,000 3,000
Public Services 438,542 335,957 145,963 189,994
Capital Outlay 2,771,999 3,032,541 1,363,945 1,668,596
Total Expenditures 3,313,541 3,471,498 1,609,908 1,861,590
Excess(Deficiency)of Revenues
over Expenditures (74,581) (232,538) 581,635 814,173
OTHER FINANCING SOURCES (USES)
Transfers In 24,968 34,045 9,077
Transfers Out (825,787) (850,755) (808,893) 41,862
Total Other Financing
Sources(Uses) (825,787) (825,787) (774,848) 50,939
Net Change in Fund Balance (900,368) (1,058,325) (193,213) 865,112
Fund Balance,Beginning of Year 1,246,334 _ 1,246,334 1,246,334
Fund Balance,End of Year $ 345,966 $ 188,009 $ 1,053,121 $ 865,112
70
Schedule of Reve' s1e0, Expenditures, and Changes in Fuutilirll Balance
Budget ani Actual - Stine Gas Tax Special Revenue Fund
Vest.. Ended June 30., 2OO l
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ $
Intergovernmental 708,527 535,618 651,648 116,030
Other Revenue 13,402 13,402
Total Revenues 708,527 535,618 665,050 129,432
1 EXPENDITURES
Current:
Public Services 1,438,712 1,463,712 1,275,585 188,127
Capital Outlay 103,748 154,513 83,541 70,972
Total Expenditures 1,542,460 1,618,225 1,359,126 259,099
Excess(Deficiency)of Revenues
over Expenditures (833.933) (1,082,607) (694,076) 388,531
OTHER FINANCING SOURCES (USES)
Transfers In 975,787 975,787 969,392 (6,395)
Transfers Out (186,395) (75,601) (75,601) -
Total Other Financing
Sources(Uses) 789,392 900,186 893,791 (6,395)
Net Change in Fund Balance (44,541) (182,421) 199,715 382,136
Fund Balance,Beginning of Year 50,705 50,705 50,705
Fund Balance,End of Year $ 6,164 $ (131,716) $ 250,420 $ 382,136
71
City of Mooir[5aml;
Fund de of Revenues, ExpeniS ll ti es,, and Changes in Fund Baflancce
Budget and Actual - Prop lB Special Revenue Fund
Year Ended June 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property n $ $ 3,705 $ 3,705
Intergovernmental 581,448 581,448
Total Revenues - 585,153 585,153
EXPENDITURES
Current:
Public Services
Capital Outlay
Total Expenditures - - -
Excess(Deficiency)of Revenues
over Expenditures - - 585,153 585,153
Fund Balance,Beginning of Year - - -
Fund Balance,End of Year $ - $ - $ 585,153 $ 585,153
72
Cnth,, of vioorr'Ilpairk.
S hednk of Revenues, lExpendTtnres, and (Changes in Fund Balance
JL ndiget and Actual u Lc,w and Moderate ilneor<ue- Housing SI[peeilaii Revenue Fund
Year Ended Juane 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 308,790 $ 308,790 $ 111,546 $ (197,244)
Other Revenue 750 750
Total.Revenues 308,790 308,790 112,296 (196,494)
EXPENDITURES
Current:
Public Services 431,823 548,323 369,804 178,519
Capital Outlay 2,078,343 3,451,508 62,326 3,389,182
Debt Service:
Principal 16,000 16,000 16,000
Interest 21,000 21,000 4,861 16,139
Total Expenditures 2,547,166 4,036,831 436,991 3,599,840
Excess(Deficiency)of Revenues
over Expenditures (2,238,376) (3,728,041) (324,695) 3,403,346
OTHER FINANCING SOURCES(USES)
Transfers In 1,197,600 1,297,600 1,377,416 79,816
Transfers Out (151,829) (151,829) (151,830) (1)
Total Other Financing
Sources(Uses) 1,045,771 1,145,771 1,225,586 79,815
Net Change in Fund Balance (1,192,605) (2,582,270) 900,891 3,483,161
Fund Balance,Beginning of Year 5,330,476 5,330,476 5,330,476
Fund Balance,End of Year $ 4,137,871 $ 2,748,206 S 6.231,367 $ 3,483,161
73
Cft) of Moorpark
Stui<eclula of Revernaues, 1;Kpendiifi Aires and Changes in Fund Eallnttce
Budget and Acicuaa1 - Local Transportation Transit Spccfa?i Reveutaue Fund
l't,urr Ended June 30, 2108
Variance with
Final Budget
Budgeted Amounts _ Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 18,281 $ 18,281 $ 10,578 $ (7,703)
Charges for Services 50,000 50,000 66,518 16,518
Intergovernmental 1,177,214 1,101,464 854,929 (246,535)
Total Revenues 1,245,495 1,169,745 932,025 (237,720)
EXPENDITURES
Current:
Public Services 425,060 409,560 387,280 22,280
Capital Outlay 835,435 831,407 543,377 288,030
Total Expenditures 1,260,495 1,240,967 930,657 310,310
Excess(Deficiency)of Revenues
over Expenditures (15,000) (71,222) 1,368 72,590
OTHER FINANCING S lU RCES(USES)
Transfers In - - 6,280 6,280
Transfers Out - - (7,902) (7,902)
Total Other Financing
Sources(Uses) - - (1,622) (1,622)
Net Change in Fund Balance (15,000) (71,222) (254) 70,968
Fund Balance,Beginning of Year (44,231) (44,231) (44,231)
Fund Balance,End of Year $ (59,231) $ (115,453) $ (44,485) $ 70,968
74
City of'Moorpark
Schedule of Re-venues, Expenditures, and Changes ha h wadialaarace
Budget and Actual - Solid Waste Special Revenue F0.11:11(1
Year Ended Jnue 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 42,438 $ 42,438 $ 46,920 $ 4,482
Intergovernmental 38,450 38,450 53,718 15,268
Franchise Fees 295,000 295,000 301,514 6,514
Total Revenues 375,888 375,888 402,152 26,264
EXPENDITURES
Current:
Public Services 423,162 446,350 276,605 169,745
Total Expenditures 423,162 446,350 276,605 169,745
Net Change in Fund Balance (47,274) (70,462) 125,547 196,009
Fund Balance,Beginning of Year 909,082 909,082 909,082
Fund Balance,End of Year $ 861,808 $ 838,620 $ 1,034,629 $ 196,009
75
City old Moo1'i�7 1r°k
Schedule &I:Revenuers., Expenditures, and Changes :In Fund Balance
uAl;ani aired Acltual - City fail Buuldiiog Capitol Pyoj cts _Fund
Yeau°Ended June 309 20418
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 21,219 $ 21,219 $ 19,567 $ (1,652)
Total Revenues 21,219 21,219 19,567 (1,652)
EXPENDITURES
Capital Outlay 2,504,023 3,794,754 21,645 3,773,109
Total Expenditures 2,504,023 3,794,754 21,645 3,773,109
Excess(Deficiency)of Revenues
over Expenditures (2,482,804) (3,773,535) (2,078) 3,771,457
OTHER FINANCING SOURCES(USES)
Transfer In 2,072,612 2,072,612 (2,072,612)
Total Other Financing Sources(Uses) 2,072,612 2,072,612 - (2,072,612)
Net Change in Fund Balance (410,192) (1,700,923) (2,078) 1,698,845
Fund Balance,Beginning of Year 393,773 393,773 393,773
Fund Balance,End of Year $ (16,419) $ (1,307,150) $ 391,695 $ 1,698,845
76
City of Moorpark
Schedule of lfeverr rtuos, LJxperrrtaiiictri 'es, and Changes 5un1 Fund BaL ,ncs,
Budget and Actual - Equipment Replacement Capital Projects ;Fund
Year Ended June 30, 2008
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 23,831 $ 23,831 $ 23,407 $ (424)
Total Revenues 23,831 23,831 23,407 (424)
EXPENDITURES
Capital Outlay 26,500 38,500 14,695 23,805
Total Expenditures 26,500 38,500 14,695 23,805
Excess(Deficiency)of Revenues
over Expenditures (2,669) (14,669) 8,712 23,381
OTHER FINANCING SOURCES(USES)
Transfer In -
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balance (2,669) (14,669) 8,712 23,381
Fund Balance,Beginning of Year 457,903 457,903 457,903
Fund Balance,End of Year $ 455,234 $ 443,234 $ 466,615 $ 23,381
77
City o Moovirfark
e :etni of Changes In Net Assets
Agency Fonds
-'eat Ended June 30, 2008
Balance at Balance at
July 1,2007 Additions Deletions June 30,2008
ASSETS
Cash and Investments $ 8,763,508 $ 2,056,588 $ (339,449) $ 10,480,647
Accounts Receivable 70,711 (69,607) 1,104
Total Assets $ 8,834,219 $ 2,056,588 $ (409,056) $ 10,481,751
LIABILITIES
Accounts Payable $ 68,834 $ 250,407 $ $ 319,241
Developer Deposits 2,500,864 1,355,384 (288,270) 3,567,978
Due to Bondholders 6,264,521 330,011 6,594,532
Total Liabilities $ 8,834,219 $ 1,935,802 $ (288,270) $ 10,481,751
78
STATISTICAL SEC71ON
CITY OF MOORPARK
Net Assets by Component
Last Six Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008
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 $ 130,071,108
Restricted 39,344,368 41,506,906 46,405,391 57,986,366 100,649,409 101,613,368
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428 6,458,224 3,641,173
Total governmental activities net assets $ 159,106,739 $ 167,310,012 $ I72,580,040 $ 193,142,118 $ 233,008,403 $ 235,325,649
The City of t-:foorpark has elected to report retroactively back to the year the City
imrlen:entecl GASB 34(June 30,2003),
TN Chir;,of foofparkdoes not have any business-type activities.
79
CITY OF MOORPARK
Changes in Net Assets
Last Six Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008
Expenses:
General government $ 2,116,644 $ 2,351,860 $ 3,030,395 $ 3,044,381 $ 1,639,628 $ 1,949,206
Public safety 4,142,268 4,902,148 5,709,323 6,230,057 6,317,283 6,882,072
Public services 7,150,513 10,957,272 9,844,050 13,106,843 21,231,766 20,580,204
Parks and recreation 2,276,066 2,600,523 2,304,852 2,771,270 4,293,823 4,551,045
Interest on long-term debt 1,040,854 1,097,421 978,843 1,333,370 1,332,541 1,773,841
Total governmental activities expense; 16,726,345 21,909,224 21,867,463 26,485,921 34,815,041 35,736,368
Program revenues:
Charges for services:
General government 509,401 1,407,130 2,010,540 2,201,590 191,674 283,576
Public safety 708,392 369,795 344,019 340,341 598,500 633,131
Public services 2,166,168 4,181,363 2,776,976 4,163,781 6,612,769 5,743,200
Parks and recreation 322,772 536,238 501,283 536,166 604,904 756,885
Total charges for services 3,706,733 6,494,526 5,632,818 7,241,878 8,007,847 7,416,792
Operating contributions and grants 5,440,099 4,077,849 2,313,834 3,237,143 4,489,945 7,113,883
Capital contributions and grants 4,131,439 4,731,311 4,633,166 18,027,831 38,337,638 5,481,972
Total governmental activities
program revenues 13,278,271 15,303,686 12,579,818 28,506,852 50,835,430 20,012,647
Net program revenues(expenses) (3,448,074) (6,605,538) (9,287,645) 2,020,931 16,020,389 (15,723,721)
General revenues and other changes in net assets:
Taxes:
Property tax 2,413,964 2,658,230 2,655,093 2,929,842 3,334,491 4,505,980
Property tax,Redevelopment Agency 3,577,050 4,116,542 3,901,779 5,530,198 6,347,692 6,887,079
Franchise tax 1,067,669 919,290 955,829 1,080,893 1,126,951 1,150,180
Sales tax 1,664,626 2,176,893 2,046,368 2,260,786 2,192,327 2,306,281
Sales tax in lieu - - 537,485 608,298 704,562 779,263
Motor vehicle in lieu 2,161,324 1,570,551 2,836,154 2,734,470 2,860,207 3,038,440
Investment income 2,027,190 1,363,344 1,725,579 3,261,384 6,556,186 2,491,856
Other 21,479 177,380 1,160,805 135,276 58,841 139,728
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 21,298,807
Changes in net assets-
governmental activities $ 9,485,228 $ 5,476,692 $ 6,579,786 $ 20,562,078 $ 39,478,443 $ 5,575,086
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
80
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Six Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008
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 3,625,348
Total general fund $ 13,456,231 $ 14,756,222 $ 18,299,699 $ 21,244,411 $ 24,405,620 $ 3,625,348
All other governmental funds:
Reserved $ 4,378,065 $ 4,099,849 $ 13,889,036 $ 14,124,235 $ 41,864,116 $ 35,103,620
Unreserved.reported in:
Special revenue funds 37,832,070 39,748,684 34,364,075 45,736,017 41,486,631 55,287,192
Capital projects funds 11,798,382 9,847,368 4,247,031 2,186,313 16,807,370 39,956,375
Debt Service funds (97,935) (891,297) (346,716) (321,425) 8,777,212 (1,025,927)
Total all other governmental funds $ 53,910,582 $ 52,804,604 $ 52,153,426 $ 61,725,140 $ 108,935,329 $ 129,321,260
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
81
CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Six Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008
Revenues:
Taxes $ 8,490,985 $ 9,870,955 $ 9,139,722 $ 12,231,076 $ 13,706,024 $ 15,392,269
Licenses and permits 51,083 63,146 54,180 72,365 65,630 72,951
Fines and forfeitures 290,054 306,871 344,019 340,341 343,579 358,665
Uses of money and property 2,027,190 1,363,006 1,924,579 3,261,384 7,085,104 5,684,111
Charges for services 867,731 2,001,561 2,558,974 2,665,391 338,929 677,277
Intergovernmental 4,051,263 4,298,009 5,150,992 6,302,193 6,163,985 7,549,040
Maintenance assessments 2,955,340 2,639,628 1,963,190 1,845,742 1,922,471 4,205,700
Franchise fees 232,324 257,127 1,231,763 283,162 292,003 301,514
Building and safety fees 608,879 595,138 431,959 1,110,715 716,552 530,761
Planning and public work fees 2,132,190 2,614,959 1,967,751 3,053,066 1,649,002 1,938,143
Development fees 4,486,128 4,097,977 2,669,976 15,568,347 6,403,851 4,501,837
Contributions from property ovk - - - - 34,066,993 -
Other 256,376 281,506 2,832,962 397,574 2,030,211 433,378
Total revenues 26,449,543 28,389,883 30,270,067 47,131,356 74,784,334 41,645,646
Expenditu res
Current:
General government 2,048,658 2,259,017 2,893,359 2,919,564 1,471,354 1,835,801
Public safety 4,127,670 4,882,547 5,690,820 6,211,461 6,083,917 6,637,757
Public services 8,765,039 8,401,453 8,098,147 11,215,406 9,608,754 12,505,613
Parks and recreation 2,063,428 2,381,698 2,081,723 2,544,206 4,039,888 4,291,867
Capital outlay 3,596,982 8,775,159 7,810,879 10,038,439 19,477,866 14,682,017
Debt service:
Principal 365,000 395,000 405,000 435,910 440,000 455,000
Interest 1,044,915 1,100,996 1,158,585 1,251,354 1,400,985 1,631,932
Bond issuance costs - - - - 505,588
Total expenditures 22,011,692 28,195,870 28,138,513 34,616,340 43,028,352 42,039,987
Excess of revenues over
expenditures 4,437,851 194,013 2,131,554 12,515,016 31,755,982 (394,341)
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 27,626,755
Transfers out (3,781,938) (3,588,717) (2,027,315) (3,352,002) (9,457,260) (27,626,755)
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 $ (394,341)
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 8.3% 7.4% 8.7% 8.3%
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
82
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
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%
2008 4,558,597,806 173,209,606 45,607,510 4,777,414,922 809,452,407 102,442,198 4,276,693 916,171,298 1.050%
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 p rice 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.
83
CITY OF MOORPARK
Direct and Overlapping Property Tax Rates
(Rate per$100 of assessed value)
Last Ten Fiscal Years
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
City Direct Rates:
City basic rate 1.04156 1.04244 1.05062 1.04171 1.06072 1.05820 1.05020 1.05480 1.06163 1,04955
Redevelopment agency - - - - - _ - - - - -
Total City Direct Rate 1.042 1.042 1,051 1.042 1.061 1.058 1.050 1.055 1.062 1.050
Overlapping Rates:
Ventura County Flood Cont. 8,317 8.012 8.012 8.039 8.097 n/a 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 0.234
Ventura Community College n/a n/a n/a n/a 4.312 4.311 4.269 4.331 4.296 4.361
Ventura County Waterworks 100.000 100.000 100.000 n/a n/a nla n/a n/a n/a nla
Conejo Valley Unified School
District 0.003 0.021 0,021 0.027 0.025 0.024 2.200 0.020 0.019 0.018
Moorpark Unified School
District nla n/a n/a 92.311 91.733 91.959 92.121 92.442 92.313 92.417
City of Moorpark 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100,000
City of Moorpark Community
Facilities District No.97-1 n/a n/a n/a 100.000 100.000 100.000 100.000 100.000 100.000 100.000
City of Moorpark 1915 Act
Bonds 100.000 100.000 100,000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
Total Direct Rate 109,587 109.297 109.306 101.648 107,568 97.585 99.872 98.083 97.923 98,080
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 propel n resdes 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 dei,,above is not the City's nor the Redevelopment Agency's obligation.
Source: California Municipal Statistics
Ventura County Assessor
84
CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Eight Years Ago
2008 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 $ 66,963,815 17.02% $ - 0.00%
Waterstone Properties Moorpark LLC 64,540,359 16.41% - 0.00%
G&Y Moorpark LLC 24,704,900 6.28% - 0.00%
Mission Bell East LLC 23,479,312 5.97% 20,208,563 9.35%
James Birkenshaw,Et. Al. 19,136,164 4.86% 12,264,597 5.67%
Calabasas BCD Inc. 18,795,410 4.78% 11,751,954 5.44%
FredKavli 15,105,439 3.84% 12,701,620 5.88%
Leonard Rose Trust 11,469,639 2.92% 9,998,062 4.63%
BCP 5898 Condor LLC 10,965,000 2.79% - 0.00%
6100 Condor LLC 10,521,299 2.67% - 0.00%
$ 265,681,337 67.54% $ 66,924,796 30.97%
* Due to varying tax rates,the assessed value does not necessarily mean the highest tax
The assessed value includes secured and unsecured.
Source: HdL 2007-2008 property data
85
CITY OF MOORPARK
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the
Fiscal Taxes Levied Fiscal Year of Levy
Year Ended for the Percent
June 30, Fiscal Year Amount of Levy
1999 $ 1,374,741 $ 1,349,054 98.81%
2000 1,410,082 1,385,028 95.20%
2001 1,573,688 1,506,396 95.72%
2002 1,832,673 1,802,895 98.38%
2003 2,036,839 2,009,255 98.65%
2004 2,208,605 2,180,794 98.74%
2005 2,391,927 2,359,181 98.95%
2006 2,705,083 2,668,950 98.66%
2007 3,010,493 2,940,209 97.67%
2008 3,286,857 3,163,641 96.25%
NOTE:
The amount presented includes City property taxes
only.
Source: Ventura County Auditor Controller's Office
86
CITY OF MOORPARK
Ratios of Outstanding Debt by Type
Last Ten 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
2008 - 29,680,000 29,680,000 29,680,000 0.84% 803
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, 2008 is $6,430,000, $11,555,000 and $11,695,000
respectively.
2 These ratios are calculated using personal income and population for the prior calendar year.
87
CITY OF MOORPARK
Ratio of General Bonded Debt Outstanding
Last Ten 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
2008 - 29,680,000 29,680,000 0.52% 803
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.
88
CITY OF MOORPARK
Direct and Overlapping Debt
June 30,2008
City Assessed Valuation Fiscal Year 2007/08 $ 4,777,757,922
Redevelopment Agency Incremental Valuation 652,014,453
Adjusted Assessed Valuation $ 4,125,743,469
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2008 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.234% $ 327,215,000 $ 765,683
Ventura Community College District 4.361% 126,980,000 5,537,598
Conejo Valley Unified School District 0.018% 47,980,000 8,636
Moorpark Unified School District 92.417% 28,199,870 26,061,474
City of Moorpark Community Facilities District No.97-1 100.000% 6,475,000 6,475,000
City of Moorpark Community Facilities District No.2004-1 100.000% 37,510,000 37,510,000
City of Moorpark 1915 Act Bonds 100.000% 1,580,000 1,580,000
Toal Direct and Overlapping Tax&Assessment Debt 575,939,870 77,938,391
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.360% $ 71,885,000 3,134,186
Ventura County Superintendent of Schools COPs 4.360% 13,025,000 567,890
Moorpark Unified School District COPs 92.417% 8,925,000 8,248,217
Total Overlapping General Fund Obligation Debt 93,835,000 11,950,293
Combined Total Debt* $ 669,774,870 89,888,684
Total direct and overlapping debt $ 89,888,684
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.
89
CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
1999 2000 2001 2002
Assessed valuation $ 2,035,487,530 $ 2,149,505,500 $ 2,421,104,221 $ 2,549,782,519
Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 508,871,883 537,376,375 605,276,055 637,445,630
Debt limit percentage 15% 15% 15% 15%
Debt limit 76,330,782 80,606,456 90,791,408 95,616,844
Total net debt applicable to Iimit:
General obligation bonds 8,910,000 9,540,000 9,195,000 20,465,000
Legal debt margin 67,420,782 71,066,456 81,596,408 75,151,844
Total debt applicable to the limit
as a percentage of debt limit 11.7% 11.8% 10.1% 21.4%
The Government Code 2227 of the State of California provides for a legal debt limit of 15%of gross assessed
valuation. However,this provision wasenacted when assessed valuation was based upon 25%of market value.
Effective with the 1981/1982 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 eachfiscal 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
90
CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years-continued
Fiscal Year
2003 2004 2005 2006 2007 2008
$2,823,727,286 $ 2,823,727,286 $3,231,418,940 $3,721,591,791 $ 4,157,360,033 $ 4,558,597,806
25% 25% 25% 25% 25% 25%
705,931,822 705,931,822 807,854,735 930,397,948 1,039,340,008 1,139,649,452
15% 15% 15% 15% 15% 15%
105,889,773 105,889,773 121,178,210 139,559,692 155,901,001 170,947,418
20,100,000 19,695,000 19,300,000 18,880,000 30,135,000 29,680,000
85,789,773 86,194,773 101,878,210 120,679,692 125,766,001 141,267,418
19.0% 18.6% 15.9% 13.5% 19.3% 17.4%
91
CITY OF MOORPARK
Pledged-Revenue Coverage
Last Eight 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
j 2004 4,076,183 395,000 976,140 2.97
2005 3,860,624 405,000 959,942 2.83
2006 5,487,272 420,000 944,281 4.02
2007 6,306,385 440,000 1,085,040 4.14
2008 6,858,882 455,000 909,906 5.03
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.
92
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)
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%
2008. 36,971 3,526,775 95,393 5.7%
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)
93
I
CITY OF MOORPARK
Principal Employers
Current and Ten Years Ago
Current 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 within the City Iimits in 2007 were 11,760 as compared to
total number of employees within the City limits in 1998 were 8,142.
Source: Chamber of Commerce
94
CITY OF MOORPARK
Full-time and Part-time City Employees
by Function
Last Nine Fiscal Years
Function 20002001 2002 2003 2004 2005 2006 2007 2008
General government 18 20 36 43 33 32 31 30 26
Public safety(crossing guards) 8 6 6 6 7 4 7 7 7
Public services 21 21 41 38 20 17 17 26 22
Parks and recreation 45 42 19 19 42 38 41 49 54
Total 92 89 102 106 102 91 96 112 109
Public safety' 34 34 33 30 28 31 31 42 42
' Police and fire services were provided by the County.
Fire=21 and police=21
Source:City Payroll Office
95
CITY OF MOORPARK
Operating Indicators
by Function
Last Ten Fiscal Years
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Police:(A)
Arrests 874 1,258 1,414 1,235 1,296 1,520 1,388 1,653 1,890 1,732
Parking citations issued 2,579 2,582 4,285 3,706 2,890 4,160 2,860
Fire:(B)
Number of"prime"emergency calls 979 1,013 975 1,103 1,179 1,415 1,308 1,329 1,351 1,362
Business Inspections* 417 417 417 117 117 125 125 125 123 130
Public works:(C)
Street resurfacing(miles) - 7333 - - 73.33 0.10 - 30.0 3.8
Parks and recreation:(0)
Number of recreation classes 298 351 423 386 317 290 364 338 479 378
Number of facility rentals 203 243 250 184 258 307 491 338 180 210
Prime calls and business inspections are for station 442
.In November 2001.all business occupancies less than 10,004 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
96
CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Ten Fiscal Years
Fiscal Year
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Police:
Stations 1 1 1 1 I 1 2 2 2 2
Fire:
Fire stations 2 2 2 2 2 2 2 2 2 2
Public works:
Streets(miles) 75 75 75 75 75 75 75 75 75 78
Streetlights 2,264 2,263 2,269 2,299 2,325 2,347 2497 2510
Traffic signals 15 15 15 15 16 17 17 17 17 20
Parks and recreation:
Parks 14 14 14 15 15 15 15 16 I6 16
Community centers 2 2 2 2 2 2 2 2 2 2
Source:City of Moorpark
97