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CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30,2009
Prepared By:
Ron Ahlers, Finance Director
Irmina Lumbad, Finance &Accounting Manager
Debbie Burdorf,Accountant I
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2009
TABLE OF CONTENTS
PAGE
I. INTRODUCTORY SECTION
Letter of Transmittal i -v
Directory of Officials vi
Organizational Chart vii
II. FINANCIAL SECTION
Independent Auditors' Report 1 -2
Management Discussion&Analysis 3 - 13
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Assets 14
Statement of Activities 15
Fund Financial Statements
Balance Sheet- Governmental Funds 16 - 18
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets 19
Statement of Revenues, Expenditures and Changes in Fund Balances - 20 - 22
Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 23
Statement of Fiduciary Assets and Liabilities 24
Notes to Financial Statements 25 - 64
Required Supplementary Information:
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund 65 - 67
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Street and Traffic Safety Development
Special Revenue Fund 68
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - Community Development Special Revenue Fund 69 - 70
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual—Assessment District Special Revenue Fund 71
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual -Endowment Special Revenue Fund 72
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual -Park/Public Facilities Special Revenue Fund 73
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2009
TABLE OF CONTENTS-Continued
PAGE
Required Supplementary Information-Continued:
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual—MRA Area 1 Operations Special Revenue Fund 74
Schedule of Funding Progress for MRHP 75
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 76
Redevelopment Agency Capital Projects Fund 77
Redevelopment Agency Debt Service Fund 78
Non-Major Governmental Funds 79 - 80
Combining Balance Sheet 81 - 84
Combining Statement of Revenues, Expenditures and Changes in Fund Balance 85 - 88
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Library Services Special Revenue Fund 89
Traffic Safety Special Revenue Fund 90
Affordable Housing Special Revenue Fund 91
Los Angeles Area of Contribution Special Revenue Fund 92
Tierra Rejada/Spring A.O.0 Special Revenue Fund 93
Cassey/Gabbert Area of Contribution Special Revenue Fund 94
Freemont Storm Drain A.O.0 Special Revenue Fund 95
State and Federal Assistance Special Revenue Fund 96
State Gas Tax Special Revenue Fund 97
Prop 1B Local Streets and Roads Special Revenue Fund 98
Prop 1B Safety and Security Special Revenue Fund 99
Low and Moderate Income Housing Special Revenue Fund 100
Local Transportation Transit Special Revenue Fund 101
Solid Waste Special Revenue Fund 102
Capital Projects Fund 103
City Hall Building Capital Projects Fund 104
Equipment Replacement Capital Projects Fund 105
Statement of Changes in Net Assets -Agency Funds 106
III. STATISTICAL SECTION
Net Assets by Component-Last Seven Fiscal Years 107
Changes in Net Assets Governmental Activities - Last Seven Fiscal Years 108
Fund Balances of Governmental Funds -Last Seven Fiscal Years 109
Changes in Fund Balances of Governmental Funds -Last Seven Fiscal Years 110
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2009
TABLE OF CONTENTS-Continued
PAGE
III. STATISTICAL SECTION-Continued
Assessed Value and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years 111
Direct and Overlapping Property Tax Rates -Last Ten Fiscal Years 112
Principal Property Tax Payers- Current Year and Nine Years Ago 113
Property Tax Levies and Collections-Last Ten Fiscal Years 114
Ratios of Outstanding Debt by Type-Last Ten Fiscal Years 115
Ratio of General Bonded Debt Outstanding-Last Ten Fiscal Years 116
Direct and Overlapping Debt 117
Legal Debt Margin Information- Last Ten Fiscal Years 118 - 119
Pledged Revenue Coverage- Last Nine Fiscal Years 120
Demographic and Economic Statistics-Last Ten Calendar Years 121
Principal Employers- Current and Ten Calendar Years Ago 122
Full-Time and Part-Time City Employees by Function-Last Ten Fiscal Years 123
Operating Indicators by Function-Last Ten Fiscal Years 124
Capital Asset Statistics by Function-Last Ten Fiscal Years 125
INTRODUCTORY SECTION
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799 Moorpark Avenue, Moorpark, California 93021 (805)517-6200 fax (805)532-2545
December 4, 2009
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, 2009. 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
JANICE S. PARVIN MARK VAN DAM ROSEANN MIKOS KEITH F. MILLHOUSE DAVID POLLOCK
Mayor Mayor Pro Tern Councilmember Councilmember Councilmember
section with detail information to be in compliance with GASB No. 44 requirements
for fiscal year 2008/09.
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 61 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,
ii
vector/animal control, park and facilities maintenance, street maintenance, city
engineering, crossing guard and administrative management services with city
employees.
HISTORY OF THE CITY OF MOORPARK
In 1887, Robert W. Poindexter was granted title to the present site of Moorpark. He
named the City after the Moorpark apricot which grew throughout the valley.
Poindexter plotted Moorpark city streets and planted Pepper trees in the downtown
area. The City of Moorpark was incorporated in 1983 as the tenth city of Ventura
County with a Council-Manager form of government. The Mayor is elected at large
to serve a two-year term. The four Council Members are elected at large to serve
staggered four-year terms. The size of the City was 12.36 square miles with a
population of about 10,000 at incorporation and is currently 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, 2009. As part of the annual
audit, reviews are made to determine the adequacy of the City's internal control
structure, as well as to determine that the City has complied with certain provisions
of laws and regulations. Their examination has been completed and the auditor's
report on the City's financial statements is included at the beginning of the Financial
Section of this report.
APPROPRIATION LIMIT
Article XIIIB of 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 2008/09 amounted to $22,189,171 and $10,169,255,
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, 2009, approximately $59.7
million (City & RDA combined) was invested with the State Treasurer's Local Agency
Investment Fund (LAIF); approximately $42 million in the Ventura County Pool;
approximately $3.1 million in U.S. Treasury and Agency Securities; and $1.2 million
was invested in Certificate of Deposits (CDs).
The cash management system of the City of Moorpark is designed to monitor
revenues and expenditures to ensure the investment of monies to the fullest extent
possible. The criteria for selecting investments and the order of priority are (a)
safety, (b) liquidity, and (c) yield. The underlying objective of the City's policy is to
obtain the highest interest rate yields, and at the same time, 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
iv
depreciation expense and accumulated depreciation have been recorded. Capital
assets for the fiscal year ended June 30, 2009, have a net ending balance of $130.6
million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
At June 30, 2009, the City has no outstanding bonds or other debt but does have
long-term liabilities in the approximate amount of $0.6 million for employee
compensated absences (accrued leave) and $1.4 million for Pension related
liabilities.
The Agency has the 1999 Tax Allocation Bonds, the 2001 Tax Allocation Bonds and
the 2006 Tax Allocation Bonds outstanding in the amounts of $6.0 million, $11.5
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 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.
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.ci.moorpa rk.ca.us.
Respectfully submitted,
STEVEN KUENY RON AHLERS
CITY MANAGER FINANCE DIRECTOR
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City of Moorpark
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Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2009
DIRECTORY OF CITY OFFICIALS
CITY COUNCIL
Janice S. Parvin, Mayor
Mark Van Dam, Mayor Pro Tern Roseann Mikos, Councilmember
Keith F. Millhouse, Councilmember David Pollock, Councilmember
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Barry Hogan, Deputy City Manager
Ron Ahlers, Finance Director
David Bobardt, Planning Director
Yugal Lall, City Engineer/Public Works Director
Deborah Traffenstedt, Administrative Services Director
Vacant, Parks, Recreation & Community Services Director
vi
CITY OF MOORPARK
ORGANIZATION CHART
Arts Commission
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• 11 Honorable CityCouncil City Attorney(Contract)
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Parks and Recreation _
Commission r
City Manager
Planning Commission
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Assistant City Manager
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.Emergency Services
.Grants
c 1 .Intergovernmental Community and
Deputy city Police Services Legislative Relations
Contract .Public Facility Capital Projects
• " (Contract) .Public Information/Cable TV
.Redevelopment
J Economic Development
Property Management
Housing
CommunityAdministrative Parks, Recreation and, City , Finance
Development Services/City Clerk Community Services Engineer/Public Department
Department Department Department Works Department
J ` J ` J ` J
.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 .Engineering .Purchasing
.Planning .Parks/Landscape/Facilities/ .NPDES
.Vendor Permits Maintenance .Parking Enforcement
.Recreation .Street Maintenance
.Solid Waste
FINANCIAL SECTION
i10 FRS TEAMAN, RAMIREZ&SMITH, INC.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
The Honorable City Council
The City of Moorpark, California
We have audited the accompanying financial statements of the governmental activities, each major fund,
and the aggregate remaining fund information of the City of Moorpark, California (City), as of June 30,
2009,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, 2009, 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 4,
2009 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 3 through 13, the budgetary comparison information
on pages 66 through 75, and the schedule of funding progress for MRI IP are not a required part of the basic
financial statements, but are supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures, which consisted
principally of inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However,we did not audit the information and express no opinion on
it.
Richard A. Teaman, CPA • Greg W. Fankhanel, CPA • David M. Ramirez, CPA • Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riverside CA 92501 • 951.274.9500 • 951.274.7E12B FAX • www.trscpas.com
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 4,2009
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
As management of the City of Moorpark, California (the "City"), we offer readers of the City's financial statements
this narrative overview and analysis of the financial activities of the City (the "Primary Government") for the fiscal
year ended June 30, 2009. It is encouraged that the readers consider the information presented here in conjunction
with the accompanying basic financial statements.
FINANCIAL HIGHLIGHTS
• The assets of the City exceeded its liabilities at the close of the 2008/09 fiscal year by $239,673,695 (net
assets). Of this amount, $14,213,503 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 $4,348,046 during the current fiscal year. The Statement of Net Assets
is presented on page 15.
• As of June 30, 2009, the City's governmental funds (General Fund, Special Revenue Funds, Debt Service
Funds, and Capital Projects Funds) reported combined ending fund balances of$135,208,035, an increase of
$2,261,427, from the prior year.
• At the end of the current fiscal year,unreserved fund balance for the General Fund was $2,832,620.
• The City's total Long —Term Liabilities decreased by $1,018,568 or 3.3% during the current fiscal year. The
decrease is attributable to the difference between employee compensated absences addition; the fiscal years
regularly scheduled debt service payments for the 1999, 2001 and 2006 Tax Allocation Bonds; and the
decrease in pension related debt.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's
basic financial statements comprise three components:
1) Government-wide financial statements
2)Fund fmancial statements
3)Notes to basic financial statements
Other required supplementary information is included in addition to the basic financial statements.
Government-Wide Financial Statements. The City has presented its financial statements under the reporting model
required by Governmental Accounting Standards Board Statement No. 34 (GASB 34) and its related Statements,
GASB 37, 38, and 41. These financial statements are designed to provide readers with a broad overview of the City's
finances,in a manner similar to a private-sector business.
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.
3
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
The statement of net assets presents information on all of the City's assets and liabilities, with the difference between
the two reported as net assets. Over time, increases and decreases in net assets may serve as a useful indicator of
whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed during the most recent
fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some
items that will only result in cash flows in future fiscal periods (i.e., uncollected taxes and earned but unused vacation
leave).
The government-wide financial statements include not only the City of Moorpark as the primary government,but also
a legally separate Moorpark Redevelopment Agency, the Moorpark Public Financing Authority, and the Industrial
Development Authority of the City of Moorpark. Although legally separate from the City, these component units are
blended with the primary government because of their governance or financial relationships to the City.
The government-wide financial statements can be found on pages 15 and 16 of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources
that have been segregated for specific activities or objectives. The City, like other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the
City can be divided into two categories: governmental funds and fiduciary funds.
Governmental Funds. Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide financial
statements,governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as
well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating the City's near-term financial requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements,it is useful
to compare the information presented for governmental funds with similar information presented for governmental
activities in the government-wide financial statements. By doing so, readers may better understand the long-term
impact of the City's near-term financing decisions. Both the governmental fund balance sheet and the governmental
fund statement of revenues, expenditures and changes in fund balances, provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
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
4
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
statements are located in the basic financial statements. The non-major governmental fund budgetary comparisons are
located in the non-major governmental funds section of the report.
Fiduciary Funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account for resources
held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of the fund are not available to support the City's own programs. Fiduciary
funds are custodial in nature and, therefore, the accounting used does not involve the measurement of the results of
operations. The basic fiduciary fund financial statement can be found on page 25 of this report.
Notes to the Basic Financial Statements. The notes to the basic financial statements provide additional information
that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The
notes to the basic financial statements can be found on pages 27-65 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City has continued to present its financial statements under the reporting model required by GASB 34. A
comparative analysis of the government-wide data has been included in this report.
As noted earlier,net assets may serve over time as a useful indicator of a government's financial position. In the case
of the City, assets exceeded liabilities by $239.7 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 $130.6 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.
5
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
Table 1
Net Assets
Governmental Activities
As of June 30,2009 and 2008
2009 2008
Assets:
Current and other assets $ 145,680,876 $ 145,749,306
Capital assets 130,581,499 130,071,108
Total Assets 276,262,375 275,820,414
Liabilities:
Long-term debt outstanding 29,942,239 30,960,807
Other liabilities 6,646,441 9,533,958
Total Liabilities 36,588,680 40,494,765
Net Assets:
Invested in capital assets,
net of related debt 130,581,499 130,071,108
Restricted 94,878,693 101,613,368
Unrestricted 14,213,503 3,641,173
Total Net Assets $ 239,673,695 $ 235,325,649
The City's net assets increased by $4.3 million during the current fiscal year.
6
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
Table 2
Changes in Net Assets
Governmental Activities
As of June 30,2009 and 2008
2009 2008
Revenues
Program Revenues:
Charges for services $ 4,589,249 $ 7,416,792
Operating contributions and grants 6,172,315 7,113,883
Capital contributions and grants 3,326,778 5,481,972
General Revenues:
Property taxes 7,802,643 4,505,980
Tax increment 7,054,432 6,887,079
Franchise taxes 1,171,556 1,150,180
Sales taxes 2,329,522 2,306,281
Sales tax in lieu 849,227 779,263
Motor vehicle in lieu tax 125,307 3,038,440
Investment income 2,875,649 2,491,856
Other 386,040 139,728
Special Item—County Settlement 1,000,000 -
Total Revenues 37,682,718 41,311,454
Expenses
General government 2,041,596 1,949,206
Public safety 7,035,384 6,882,072
Public services 18,170,325 20,580,204
Parks and recreation 4,470,524 4,551,045
Interest on long-term debt 1,616,843 1,773,841
Total Expenses 33,334,672 35,736,368
Increase in net assets 4,348,046 5,575,086
Net assets-July 1, 235,325,649 233,008,403
Prior Period Adjustment - (3,257,840)
Net assets-June 30, $ 239,673,695 $ 235,325,649
7
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
Program Revenues
Capital Charges for
contributions and services
grants 33%
1%111.
24%
Operating
contributions and
grants
43%
General Revenues
Special Item:
Investment income Other County Settlement Property taxes
12% <0% 4% 32%
Motor vehicle in
Lieu tax
1%
Sales tax in lieu
4%
Sales taxes 11111111 ,
10% rill
Franchise taxes
5% Tax increment
30%
8
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
FINANCIAL ANALYSIS OF THE CITY'S MAJOR FUNDS
As noted earlier, the City uses fund accounting to demonstrate compliance with finance-related legal
requirements.
Governmental Funds. The focus of the City's governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City's financial
requirements. In particular unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City's governmental funds reported total fund balances of
$135,208,035. This is an increase of $2,261,427 in comparison with the prior year. Approximately $101.1
million or 75% 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 $3.2 million which is a decrease of$0.5 million or 14% from the prior year. As
a measure of the General Fund's liquidity, it may be useful to compare total fund balance to total fund
expenditures. Total fund balance represents 22% of total General Fund expenditures and transfers out. This is a
healthy reserve.
Key factors in this growth when compared to FY 2007-08 are as follows:
• The City's share of property taxes increased by approximately $3.1 million as a result of reclassifying
certain vehicle license fee in lieu revenue as property taxes.
• Sales tax revenues also improved with an increase of approximately $93,000, which is a reflection of
increased sales from various business groups and an increase in the "triple flip" from the State.
• Interest earnings decreased by approximately $65,000 in response to declining rates in the market.
• Motor vehicle in lieu decreased by approximately $2.9 million as a result of reclassifying certain vehicle
license fee in lieu revenue as property taxes.
• Expenditures and transfers out ended the year approximately $1.7 million under budget as a result of
prudent spending by staff and capital projects that have not yet started.
Street and Traffic Safety Fund (Includes the Traffic System Management Fund, City-Wide Traffic
Mitigation Fund and Crossing Guard Fund)
The fund balance of the Street and Traffic Safety Fund increased by $0.9 million from the prior year, primarily
due to the receipt of development fees for various construction projects.
Community Development Fund
The fund balance of the Community Development Fund increased by $0.4 million from the prior year as a result
of increased transfers from the General Fund to support this operation.
9
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
Assessment District Fund
The fund balance of the Assessment District Fund increased by $1.9 million from the prior year due to transfers
from the General Fund.
Endowment Fund
The fund balance of the Endowment Fund decreased by $2.9 million, due to a transfer to the City Hall Building
Capital Projects Fund.
Park/Public Facilities Fund(Includes ten (10)various development fee related funds)
The fund balance of the Park Improvement Fund decreased by $0.6 million primarily due to increased capital
expenditures.
MRA Area 1 Operations Fund
The fund balance of the MRA Area 1 Operations Fund increased by $4 million from the prior year due to a
transfer from the Redevelopment Agency Capital Projects Fund.
Police Facilities Fund
The fund balance of the Police Facilities Fund increased by $0.1 million from the prior year.
Moorpark Highlands Improvement Fund
The Moorpark Highland Improvement Fund is one of six accounts held by the Fiscal Agent for the Community
Facilities District (CFD)No. 2004-1 (Moorpark Highlands) Special Tax Bonds 2006. The Improvement account
has been recorded under a capital projects fund to reflect the proceeds that have been designated for capital
improvement projects. Bond proceeds of$34 million have been deposited into this fund. The expenditures of$4
million represent payments to Pardee homes for reimbursement of improvements and grading in the district. The
debt service portion of this bond issue has been recorded as an agency fund. Note that the City 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.
Redevelopment Agency Capital Projects Fund
The fund balance of the Redevelopment Agency Capital Projects Fund decreased by $5.4 million from the
previous year mainly due to a transfer to the Redevelopment Agency Area 1 Operations Fund.
Special Projects Capital Projects Fund
The fund balance of the Special Projects Capital Projects Fund increased by $2 million from the previous year
solely due to a transfer from the General Fund.
10
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
RDA Debt Service Fund
The fund balance of the Redevelopment Agency Debt Service Fund increased by $0.5 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 $6.1 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, 2009, were right in line with the budget. Revenues
were $736,000 greater than the budget and expenditures and transfers out ended the year under budget.
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets. The City's investment in capital assets as of June 30, 2009, amounted to $130.6 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 0.4%. Buildings and improvements show the largest
increase in 2009 at$1.7 million.
11
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
Table 3
Capital Assets(net of depreciation)
Governmental Activities
As of June 30,2009 and 2008
2009 2008
Land $ 28,719,337 $ 28,719,337
Construction in Progress 9,903,188 9,970,434
Buildings and improvements 25,393,673 23,643,388
Machinery and equipment 1,982,243 1,519,510
Infrastructure 64,583,058 66,218,439
Total $ 130,581,499 $ 130,071,108
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 48 of this report.
Long-term Liabilities
At the end of the current fiscal year,the City's long-term liability outstanding is$30.9 million. This is comprised
of$28.9 million in tax allocation bonded indebtedness, $0.6 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 30,2009 and 2008
2009 2008
Tax Allocation Bonds
(issued by the Redevelopment Agency) $ 28 906 716 $ 29 370 869
Employee Compensated Absences 642,256 665,389
Pension Related Debt 1,357,356 1,388,702
Total $ 30,906,328 $ 31,424,960
12
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2009
The City of Moorpark's total liabilities decreased by $0.5 million or 1.7% during the current fiscal year. The
decrease is attributable to the normal pay down of principal on the outstanding debt.
Additional information on the City's long-term liabilities can be found in Note 6 on pages 49 thru 53 of the basic
financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The State's "Triple Flip" payment plan remains in effect as the state attempts to repay the $15.0 billion deficit
reduction bonds. The impact to the City of Moorpark will be on cash flow and the subsequent reduction in
interest income due to biannual (catch-up payments) rather than monthly sales tax payments. In addition, the
State's budget for Fiscal Year 2009/10 and 2010/11 currently show a deficit in the billions. 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 in fiscal year 2009/10.
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,increasing the City's sales tax revenue.
Additionally,the City took into consideration the following factors in preparing the budget for fiscal year
2009/10:
• Interest income will show a decrease in response to declining interest rates.
• Slight decrease in PERS retirement cost from 11.607%to 10.990% effective July 1,2009.
• Projections indicate our cost for general liability insurance will increase by 30% and earthquake and flood
insurance is expected to decrease by 13% for FY 2009/10 when compared to fiscal year 2008/09 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 2009/10 budget as adopted by the City Council is a balanced budget and will serve as a guide in
planning for the future.
REQUESTS FOR INFORMATION
This management's discussion and analysis is designed to provide citizens, taxpayers, customers, investors, and
creditors with a general overview of the City's finances and to demonstrate the City's accountability for the
money it receives. If you have questions or need additional financial information, please contact the Finance
Department at City Hall, 799 Moorpark Avenue,Moorpark, CA 93021,or at www.ci.moorpark.ca.us.
13
BASIC FINANCIAL STATEMENTS
City of Moorpark
Statement of Net Assets
June 30, 2009
Governmental
Activities
ASSETS
Cash and Investments $ 104,179,611
Receivables:
Taxes 695,717
Accounts 776,708
Interest 1,707,151
Notes and Loans 3,504,672
Prepaid Items 378,409
Property Held for Resale/Development 17,814,168
Restricted Cash and Investments 16,160,984
Debt Issuance Costs 463,456
Capital Assets:
Non-Depreciable:
Land 28,719,337
Construction in Progress 9,903,188
Depreciable,Net of Accumulated Depreciation:
Buildings and Improvements 25,393,673
Machinery and Equipment 1,982,243
Infrastructure 64,583,058
Total Assets 276,262,375
LIABILITIES
Accounts Payable and Accrued Liabilities 5,206,621
Interest Payable 347,022
Unearned Revenue 107,177
Due to Agency Funds 21,532
Noncurrent Liabilities:
Due Within One Year 964,089
Due in More Than One Year 29,942,239
Total Liabilities 36,588,680
NET ASSETS
Invested in Capital Assets 130,581,499
Restricted for:
Public Services 82,879,987
Recreation Services 4,554,690
Public Safety 498,827
Low/Moderate Income Housing 6,945,189
Unrestricted 14,213,503
Total Net Assets $ 239,673,695
The accompanying notes are an integral part of this statement.
14
City of Moorpark
Statement of Activities
Year Ended June 30, 2009
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 $ 2,041,596 $ 232,926 $ 48,807 $ $ (1,759,863)
Public Safety 7,035,384 538,636 64,677 (6,432,071)
Public Services 18,170,325 3,172,708 2,446,735 3,326,778 (9,224,104)
Parks and Recreation 4,470,524 644,979 3,612,096 (213,449)
Interest on Long-Term Debt 1,616,843 (1,616,843)
Total Governmental Activities $ 33,334,672 $ 4,589,249 $ 6,172,315 $ 3,326,778 (19,246,330)
General Revenues:
Taxes:
Property Tax,Levied for General Purpose 7,802,643
Property Tax,Redevelopment Agency Tax
Increment 7,054,432
Franchise Taxes 1,171,556
Sales Tax 2,329,522
Sales Tax In-Lieu 849,227
Motor Vehicle In-Lieu,unrestricted 125,307
Investment Income 2,875,649
Other 386,040
Special Items:
County Settlement 1,000,000
Total General Revenues 23,594,376
Change in Net Assets 4,348,046
Net Assets-Beginning of Year 235,325,649
Net Assets-End of Year $239,673,695
The accompanying notes are an integral part of this statement.
15
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2009
Special Revenue
Street and Community Assessment
General Traffic Safety Development District
ASSETS
Cash and Investments $ 2,212,671 $ 19,671,937 $ 232,806 $ 6,488,096
Restricted Cash and Investments
Receivables:
Taxes 678,233 17,484
Accounts 111,865 609 59,851
Interest 365,212
Notes and Loans
Due From Other Funds 389,348
Prepaid Items 373,209
Property Held for Resale/Development
Total Assets $ 4,130,538 $ 19,671,937 $ 233,415 $ 6,565,431
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ 848,600 $ 11,390 $ 233,415 $ 119,322
Due to Other Funds 54,577
Due to Agency Funds 21,532
Deferred Revenue 17,484
Total Liabilities 924,709 11,390 233,415 136,806
Fund Balances:
Reserved for:
Capital Projects
Debt Service
Property Held for Resale/Development
Prepaid Items 373,209
Unreserved,Reported In:
General Fund 2,832,620
Special Revenue Funds 19,660,547 6,428,625
Capital Projects Funds
Debt Service Funds
Total Fund Balances 3,205,829 19,660,547 - 6,428,625
Total Liabilities and
Fund Balances $ 4,130,538 $ 19,671,937 $ 233,415 $ 6,565,431
The accompanying notes are an integral part of this statement.
16
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Area 1 Police Highlands Redevelopment
Endowment Facilities Operations Facilities Fee Improvement Agency
$ 2,838,312 $ 4,783,985 $ 5,019,531 $ $ $ 14,124,781
14,014,926
9,171 17,952 3,330
1,253,181 88,758
800,000 1,704,786
1,943,495 54,577 350,000
9,117,374 2,041,544
$ 5,581,807 $ 4,793,156 $ 17,167,401 $ - $ 14,014,926 $ 16,608,413
$ 4,141 $ 238,466 $ 3,114,659 $ $ $ 302,455
120,301 1,995,668 17,286
800,000 2,957,967
804,141 238,466 6,192,927 1,995,668 - 319,741
14,014,926
9,117,374 2,041,544
4,777,666 4,554,690 1,857,100
(1,995,668) 14,247,128
4,777,666 4,554,690 10,974,474 (1,995,668) 14,014,926 16,288,672
$ 5,581,807 $ 4,793,156 $ 17,167,401 $ - $ 14,014,926 $ 16,608,413
The accompanying notes are an integral part of this statement.
17
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2009
Capital Projects Debt Service
Non-Major Total
Special Redevelopment Governmental Governmental
Projects Agency Funds Funds
ASSETS
Cash and Investments $ 23,448,369 $ $ 25,359,123 $ 104,179,611
Restricted Cash and Investments 2,146,058 16,160,984
Receivables: -
Taxes 695,717
Accounts 573,930 776,708
Interest 1,707,151
Notes and Loans 999,886 3,504,672
Due From Other Funds 194,242 2,931,662
Prepaid Items 5,200 378,409
Property Held for Resale/Development 6,655,250 17,814,168
Total Assets $ 23,448,369 $ 2,146,058 $ 33,787,631 $ 148,149,082
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ $ $ 334,173 $ 5,206,621
Due to Other Funds 743,830 2,931,662
Due to Agency Funds 21,532
Deferred Revenue 1,005,781 4,781,232
Total Liabilities - - 2,083,784 12,941,047
Fund Balances:
Reserved for:
Capital Projects 14,014,926
Debt Service 1,884,722 1,884,722
Property Held for Resale/Development 6,655,250 17,814,168
Prepaid Items 5,200 378,409
Unreserved,Reported In:
General Fund 2,832,620
Special Revenue Funds 20,662,730 57,941,358
Capital Projects Funds 23,448,369 4,380,667 40,080,496
Debt Service Funds 261,336 261,336
Total Fund Balances 23,448,369 2,146,058 31,703,847 135,208,035
Total Liabilities and
Fund Balances $ 23,448,369 $ 2,146,058 $ 33,787,631 $ 148,149,082
The accompanying notes are an integral part of this statement.
18
City of Moorpark
Reconciliation of the Governmental Funds - Balance Sheet
to the Statement of Net Assets
June 30, 2009
Fund balances of governmental funds $ 135,208,035
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. 130,581,499
Long-term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 3,379,158
Revenues not received soon enough after year-end to be considered available are
deferred in the funds. The availability criteria does not apply to the government-
wide financial statements. 1,294,897
Interest expenditures are recognized when due, and therefore, interest payable is
not recorded in the governmental funds. (347,022)
Long-term liabilities are not due and payable in the current period and are not
reported in the funds.
Compensated Absences (642,256)
Tax Allocation Bonds (29,205,000)
Unamortized Discount 298,284
Pension Related Debt (1,357,356)
Issuance costs net of accumulated amortization were recorded as expenditures
in the governmental funds. 463,456
Net assets of governmental activities $ 239,673,695
The accompanying notes are an integral part of this statement.
19
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2009
Special Revenue
Street and Community Assessment
General Traffic Safety Development District
REVENUES
Taxes $ 10,880,716 $ $ $
Licenses and Permits 88,308 556,702
Fines and Forfeitures 186,809 6,148
Use of Money and Property 1,000,429 474,772 138,105
Charges for Services 766,713 586,421 1,080,455
Intergovernmental 155,043
Maintenance Assessments 19,323 3,450,229
Other Revenue 269,864 4,777
Total Revenues 13,367,205 1,061,193 1,643,305 3,593,111
EXPENDITURES
Current:
General Government 1,926,283
Public Safety 6,253,223 311,770
Public Services 414,949 61,240 2,413,472
Parks and Recreation 1,436,923 2,745,168
Capital Outlay 90,725 90,147 25,721
Debt Service:
Principal
Interest
Total Expenditures 10,122,103 151,387 2,413,472 3,082,659
Excess(Deficiency)of Revenues
over Expenditures 3,245,102 909,806 (770,167) 510,452
OTHER FINANCING SOURCES (USES)
Transfer In 464,718 1,162,972 1,357,750
Transfer Out (4,311,166) (29,017) (10,000)
Total Other Financing
Sources(Uses) (3,846,448) (29,017) 1,162,972 1,347,750
SPECIAL ITEMS
County Settlement
Net Change in Fund Balances (601,346) 880,789 392,805 1,858,202
Fund Balances, Beginning of Year 3,807,175 18,779,758 (392,805) 4,570,423
Fund Balances, End of Yea] $ 3,205,829 $ 19,660,547 $ - $ 6,428,625
The accompanying notes are an integral part of this statement.
20
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Area 1 Police Highlands Redevelopment
Endowment Facilities Operations Facilities Fee Improvement Agency
$ $ $ $ $ $
82,606 141,882 44,595 70,492 403,316
428,101 361,055
22,423
11,546 69,295 6,990
510,707 514,483 113,890 22,423 70,492 410,306
74,302
26,605 1,455,487 113,289
51,343 1,089,263 347,509 4,034,153 813,288
51,343 1,115,868 1,802,996 74,302 4,034,153 926,577
459,364 (601,385) (1,689,106) (51,879) (3,963,661) (516,271)
5,777,516 -
(3,368,697) (48,273) (4,863,609)
(3,368,697) - 5,729,243 - - (4,863,609)
(2,909,333) (601,385) 4,040,137 (51,879) (3,963,661) (5,379,880)
7,686,999 5,156,075 6,934,337 (1,943,789) 17,978,587 21,668,552
$ 4,777,666 $ 4,554,690 $ 10,974,474 $ (1,995,668) $ 14,014,926 $ 16,288,672
The accompanying notes are an integral part of this statement.
21
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2009
Capital Projects Debt Service
Non-Major Total
Special Redevelopment Governmental Governmental
Projects Agency Funds Funds
REVENUES
Taxes $ $ 7,054,432 $ 1,781,488 $ 19,716,636
Licenses and Permits 645,010
Fines and Forfeitures 291,973 484,930
Use of Money and Property 224,688 533,996 3,114,881
Charges for Services 590,414 3,813,159
Intergovernmental 3,793,016 3,948,059
Maintenance Assessments 3,491,975
Other Revenue 36,067 398,539
Total Revenues - 7,279,120 7,026,954 35,613,189
EXPENDITURES
Current:
General Government 1,926,283
Public Safety 175,130 6,814,425
Public Services 3,366,958 3,407,297 11,259,297
Parks and Recreation 4,182,091
Capital Outlay 1,558,455 8,100,604
Debt Service:
Principal 475,000 475,000
Interest 1,557,896 36,166 1,594,062
Total Expenditures - 5,399,854 5,177,048 34,351,762
Excess(Deficiency)of Revenues
over Expenditures - 1,879,266 1,849,906 1,261,427
OTHER FINANCING SOURCES (USES)
Transfer In 1,969,504 152,117 6,178,073 17,062,650
Transfer Out (2,515,766) (1,916,122) (17,062,650)
Total Other Financing
Sources(Uses) 1,969,504 (2,363,649) 4,261,951 -
SPECIAL ITEMS
County Settlement 1,000,000 1,000,000
Net Change in Fund Balances 1,969,504 515,617 6,111,857 2,261,427
Fund Balances, Beginning of Year 21,478,865 1,630,441 25,591,990 132,946,608
Fund Balances, End of Yea] $ 23,448,369 $ 2,146,058 $ 31,703,847 $ 135,208,035
The accompanying notes are an integral part of this statement.
22
City of Moorpark
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
Year Ended June 30, 2009
Net change in fund balances-total governmental fund $ 2,261,427
Amounts reported for governmental activities in the statement of activities are different because
Governmental funds report capital outlays as expenditures. However, in the statemen
of activities, the cost of those assets is allocated over ther estimated useful lives a
depreciation expense or are allocated to the appropriate functional expense wher
the cost is below the capitalization threshold. This activity is reconciled as follows
Cost of assets capitalized 3,789,980
Depreciation expense (3,261,709)
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 (92,475)
Accumulated depreciation on disposed assets 74,595
Long-term notes and loans receivable are reported as expenditures when made and a
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 amoun
represents the net change in the long-term notes and loans receivable 15,147
Revenues not received soon enough after year-end to be considered available an
deferred in the funds. The availability criteria does not apply to the government-wid
financial statements 1,054,383
The issuance of long-term debt provides current financial resources to governmenta
funds, while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction, however, has an.
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 thf
net effect of these differences in the treatment of long-term debt and related items 478,646
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. 4,919
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 23,133
Change in net assets of governmental activities $ 4,348,046
The accompanying notes are an integral part of this statement.
23
City of Moorpark
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30, 2009
ASSETS
Cash and Investments $ 3,297,388
Restricted Cash and Investments 6,507,445
Accounts Receivable 26,323
Due From Other Funds 21,532
Total Assets 9,852,688
LIABILITIES
Accounts Payable 182,046
Deposits 3,116,619
Due to Bondholders 6,554,023
Total Liabilities $ 9,852,688
The accompanying notes are an integral part of this statement.
24
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 26 - 35
2 Cash and Investments 36 -41
3 Notes and Loans Receivable 42 -44
4 Interfund Transactions 44 - 46
5 Capital Assets and Depreciation 46- 47
6 Long-Term Liabilities 48 - 52
7 Agreements with Various Taxing Agencies 52 - 54
8 Retirement Plan 55
9 Other Post Employment Benefits (OPEB) 55 - 57
10 Conduit Debt-Revenue Bonds 58
11 Special Assessment Bonds 58 -59
12 Risk Management 59 - 61
13 Classification of Net Assets and Fund Balance 61 - 63
14 Expenditures in Excess of Appropriations 63
15 Commitments and Contingencies/Subsequent Events 64
16 Special Items 64
25
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Moorpark (City) conform to accounting principles generally
accepted in the United States of America as applicable to governments. The Governmental
Accounting Standards Board (GASB) is the accepted standard setting body for governmental
accounting and financial reporting principles. The following is a summary of the significant policies.
A) Reporting Entity
The reporting entity "City of Moorpark" includes the accounts of the City, the Moorpark
Redevelopment Agency (Agency), the Moorpark Public Financing Authority (PFA), and the
Industrial Development Authority of the City of Moorpark(IDA).
The City was incorporated in July, 1983 as a general law city and operates under a
Council/Manager form of government.
The Agency was formed in 1987 pursuant to the State of California Health and Safety Code,
Section 33000 entitled "Community Redevelopment Law". Its purpose is to finance long-term
capital improvements designed to eliminate physical and economic blight in a project area.
The PFA was formed in 1993 as a joint powers authority between the City and the Agency in order
to provide financial assistance to the City and the Agency by issuing debt and financing the
construction of public facilities.
The IDA was formed in 1985 pursuant to the California Industrial Development Financing Act(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 Agency, the PFA, and IDA as "blended" component units. Despite
being legally separate, they are so intertwined with the City, they are in substance, part of the
City's operations. Accordingly, the balances and transactions of the Agency are reported as
separate funds in the Special Revenue, Debt Service, and Capital Projects Funds. The PFA and
IDA are inactive.
26
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
A) Reporting Entity-Continued
The following specific criteria were used in determining that the Agency, the PFA, and the IDA are
"blended" component unit:
1) The members of the City Council also act as the governing body of the Agency, the PFA, and
the IDA.
2) The City, the Agency, the PFA, and the IDA are financially interdependent. The City makes
loans to the Agency for use on redevelopment projects. Available property tax revenues of the
Agency will be used to repay the loans from the City.
3) The Agency, the PFA, and the IDA are managed by employees of the City.
The financial statements for the Agency may be obtained at the City's administrative offices. The
PFA and IDA do not issue separate financial statements.
B) Accounting and Reporting Policies
The City has conformed to the pronouncements of the GASB, which are the primary authoritative
statements of the accounting principles generally accepted in the United States of America
applicable to state and local governments. In accordance with GASB 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.
C) Description of Funds
The accounts of the City are organized on the basis of funds, each of which is considered a separate
accounting entity. The operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures.
The following are types of funds used:
Governmental Fund Types
General Fund- Used to account for all financial resources except those required to be accounted
for in another fund.
Special Revenue Funds - Used to account for the proceeds of specific revenue sources that are
restricted by law or administrative action for specified purposes.
27
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
C) Description of Funds - Continued
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.
D) Basis of Accounting and Measurement Focus
Government-Wide Financial Statements
The City's Government-Wide Financial Statements include a Statement of Net Assets and a
Statement of Activities. These statements present summaries of Governmental Activities for the
City.
These statements are presented on an "economic resources" measurement focus and the accrual
basis of accounting. Accordingly, all of the City's assets and liabilities, including capital assets and
infrastructure as well as long-term debt, are included in the accompanying Statement of Net Assets.
The Statement of Activities presents changes in net assets. Under the accrual basis of accounting,
revenues are recognized in the period in which they are earned while expenditures are recognized
in the period in which the liability is incurred. The Statement of Activities demonstrates the degree
to which the direct expenses of a given function are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function. The types of transactions reported as
program revenues for the City are reported in three categories: 1) charges for services, 2) operating
contributions and grants, and 3) capital grants and contributions. Charges for services include
revenues from customers or applicants who purchase, use, or directly benefit from goods, services,
or privileges provided by a given function. Operating contributions and grants include revenues
restricted to meeting the requirements of a particular operating function and may include state
shared revenues and grants. Capital contributions and grants include revenues restricted to meeting
28
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
D) Basis of Accounting and Measurement Focus -Continued
the requirements of a particular capital function and may include grants and developer fees. Taxes
and other items not properly included among program revenues are 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 Statement No. 34. In addition, the City has included funds that are significant to the City as
major funds.
All governmental funds are accounted for on a spending or "current financial resources"
measurement focus and the modified accrual basis of accounting. Accordingly, only current assets
and current liabilities are included on the Balance Sheets. The Statement of Revenues,
Expenditures, and Changes in Fund Balances presents increases (revenues and other financing
sources) and decreases (expenditures and other financing uses) in fund balances. Revenues are
recognized in the accounting period in which they become susceptible to accrual, that is,when they
become both measurable and available to finance expenditures of the current period. "Measurable"
means that the amount of the transaction can be determined, and "available" means collectible
within the current period or soon enough thereafter to be used to pay liabilities of the current
period. Accrued revenues included property taxes received within 60 days after year-end taxpayer
assessed taxes such as sales taxes, and earnings on investments. Grant funds earned but not
received are recorded as a receivable, and grant funds received before the revenue recognition
criteria have been met are reported as deferred revenues. Expenditures are recorded when the fund
liability is incurred, if measurable, except for unmatured interest on general long-term debt, which
is recognized when due.
29
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
D) Basis of Accounting and Measurement Focus -Continued
The City reports the following major governmental funds:
The General Fund is the government's primary operating fund. It accounts for all financial
resources of the City, except those required to be accounted for in another fund.
The Street and Traffic Safety Special Revenue Fund is used to account for fees used for street
maintenance, right-of-way acquisition and street construction.
The Community Development Special Revenue Fund is used to account for fees used in planning,
building and safety, and engineering services relating to community development.
The Assessment District Special Revenue Fund is used to account for funds received by the City
for maintenance of community-wide landscaping.
The Endowment Special Revenue Fund is used to account for funds received by the City for certain
development projects or other sources directed by the City Council to be held for the purpose of
one-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 MRA Area 1 Operations Special Revenue Fund is used to account for monies received and
expended within the project area in accordance with the Redevelopment Plan of the Agency made
pursuant to redevelopment laws of the State of California.
The Police Facilities Fee Capital Projects Fund is used to account for the funds used to build the
new police facility.
The Moorpark Highlands Improvement Capital Projects Fund is used to account for the receipt and
expenditure of the CFD No. 2004-1 special tax bonds proceeds.
The Redevelopment Agency Capital Projects Fund is used to account for the funds used for the
Agency's capital improvement projects.
30
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
D) Basis of Accounting and Measurement Focus -Continued
The Special Projects Fund is used to account for various City capital improvement projects.
The Redevelopment Agency Debt Service Fund is used to account for the accumulation of
resources for, and the payment of principal and interest on the Agency's debt and other long-term
obligations.
Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Net Assets. The fiduciary fund is used
to report assets held in a trustee or agency capacity for others and therefore are not available to
support City programs. Since these assets are being held for the benefit of a third party, these funds
are not incorporated into the government-wide statements.
The City's only fiduciary 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.
E) 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$6,148,975. This increase resulted primarily from additional appropriations to various
construction in progress projects, acquisition of CALTRANS property and rebudgeted projects and
amounts carried over from Fiscal Year 2007/2008 as continuing appropriations. The City did not
budget for revenues and expenditures for the Moorpark Highland Improvement and Special
Projects Capital Projects Funds.
F) 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
31
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
F) Investments -Continued
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.
G) Property Held for Resale/Development
Property held for resale in the MRA Area 1 Operations Fund, 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, 2009 was $17,814,168.
H) 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
initialindividual 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.
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
32
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
I) 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, 2009, the total unearned revenue amounted to $107,177 and unavailable revenue
amounted to $4,674,055.
J) 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.
K) 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.
L) 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 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
33
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
L) Property Taxes -Continued
cover the period from July 1 to June 30 of each year. All tax liens are attached annually on the first
day in January preceding the fiscal year for which the taxes are levied. Taxes are levied on both
real and personal property, as it exists on that date.
Secured property taxes are levied against real property and are due and payable in two equal
installments. The first installment is due on November 1 and becomes delinquent if not paid by
December 10. The second installment is due on February 1 and becomes delinquent if not paid by
April 10. Unsecured personal property taxes are due on July 1 each year. These taxes become
delinquent if not paid by August 31.
M) 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, 2009, in the opinion of the City Attorney, the City had no
material claims, which require loss provision in the financial statements. Small claims and
judgments are recorded as expenditures when paid.
The City's self-insurance program is administered through the California Joint Powers Insurance
Authority (Authority). The Authority is a public entity risk pool, which is accounted for under the
provisions of GASB Statement No. 10. Claim losses recorded in the Authority include both current
claims and Incurred But Not Reported claims (IBNR). Deposits to the Authority 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
Authority and such refunds, if any, are recorded as a reduction of insurance expenditures in the
year received. Adverse claims experience results in the payment of additional deposits and such
deposits, if any, are recorded as insurance expenditures when paid.
N) 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.
34
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
0) Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, and then unrestricted resources as they are needed.
P) 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 $478,646 difference is as follows:
Amortization of Issuance Costs $ (16,853)
Amortization of Bond Discounts (10,847)
Principal Repayment 475,000
Principal Payment on Pension Related Debt 31,346
Net adjustment to increase net change in fund balances -
total governmental funds to arrive at changes in net assets
of governmental activities $ 478,646
35
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS
Cash and investments at June 30, 2009, consisted of the following:
City Treasury Deposits
Demand Deposits $ 1,453,248
Cash on Hand 3,250
Total City Treasury Deposits 1,456,498
City Treasury Investments
Certificates of Deposit 1,200,000
LAIF 59,725,094
Ventura County Pool 42,032,593
U.S. Agency Securities 3,062,813
Total City Treasury Investments 106,020,500
Cash and Investments With Fiscal Agent
Money Markets 19,631,708
Guaranteed Investment Contracts 3,036,722
Total Cash and Investments With Fiscal Agent 22,668,430
Total Cash and Investments $130,145,428
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 $ 104,179,611 $3,297,388 $107,476,999
Restricted Cash and Investment 16,160,984 6,507,445 22,668,429
Total $ 120,340,595 $9,804,833 $130,145,428
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.
36
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS-Continued
A) Authorized Investments
Investments Authorized by the California Government Code and the City's Investment Policy
The table below identifies the investment types that are authorized for the City by the California
Government Code (or the City's investment policy, where more restrictive). The table also
identifies certain provisions of the California Government Code (or the City's investment policy,
where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk.
This table does not address investments of debt proceeds held by bond trustees that are governed
by provisions of debt agreements of the City, rather than the general provisions of the California
Government or the City's investment policy. As of June 30, 2009, 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(LAIF) N/A None None
*Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.
The Policy, in addition to State statutes, establishes that funds on deposit in banks must be
federally insured or collateralized and investments shall (1) have maximum maturity not to
exceed five years and (2) be laddered and based on cash flow forecasts. The City's investments
comply with the established policy.
37
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS-Continued
A) Authorized Investments - Continued
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.
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.
38
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS-Continued
B) Interest Rate Risk-Continued
Investment Maturities(in Years)
Investment Type Total Less than 1 1 to 2 2 to 3 3 to 4 >5
Local Agency Investment Fund $ 59,725,094 $ 59,725,094 $ $ $ $
Ventura County Pool 42,032,593 42,032,593
Certificates of Deposit 1,200,000 500,000 700,000
FHLM 3,062,813 3,062,813
Held by Bond Trustee:
Money Market Funds 19,631,708 19,631,708
Guaranteed Investment
Contracts 3,036,722 3,036,722
Total $128,688,930 $124,952,208 $ 700,000 $ - $ - $3,036,722
C) Credit Risk and Concentration of Credit Risk
Deposits
At June 30, 2009, the carrying amount of the City's deposits was $1,453,248. Bank balances
before reconciling items were $2,228,630 at June 30, 2009, of which $2,228,630 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 $250,000 by the Federal Deposit Insurance Corporation. The City,
however, does not normally waive the collateralization requirements.
39
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS-Continued
C) Credit Risk and Concentration of Credit Risk-Continued
Investments
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required by
(where applicable) the California Government Code and the actual rating as of year end for each
investment type.
The California Government Code places limitations on the amount that can be invested in any
one issuer (as detailed above). Investments in any one issuer (other than U.S. Treasury
securities, mutual funds, and external investment pools) that represent 5% or more of total
investments are as follows:
Credit Quality Distribution for Securities with Credit Exposure as a Percentage of
Total Investments
Percentage of
Investment Type Carrying Value Credit Rating Investments
Local Agency Investment Fund $ 59,725,094 Not Rated 46.41%
Ventura County Pool 42,032,593 Not Rated 32.66%
Certificates of Deposit 1,200,000 Not Rated .93%
FHLM 3,062,813 AAA 2.38%
Held by Bond Trustee:
Money Market Funds 19,631,708 Not Rated 15.26%
Guaranteed Investment Contracts 3,036,722 Not Rated 2.36%
Total $ 128,688,930 100.00%
The City has no investments in any one issuer that represent 5% or more of total investments as
of June 30, 2009 other than LAIF and the Ventura County Investment Pool.
40
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
2) CASH AND INVESTMENTS-Continued
D) Local Agency Investment Fund(LAIF)
The LAIF is a special fund of the California State Treasury through which local governments
may pool investments. Each governmental agency may invest up to $40,000,000 in each account
in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within
twenty-four hours without loss of interest or principal. The full faith and credit of the State of
California secures investment in LAIF. At June 30, 2009, accounts were maintained in the name
of the City for $40,000,000 and the Redevelopment Agency for $19,725,094. The total cost
value of investment in LAIF was $59,725,094. The total fair value of investments in LAIF was
$59,806,571. The unrealized gain was based on a fair market value adjustment factor of
1.001364207 that was calculated by the State of California Treasurer's Office. At June 30, 2009,
the market value of the State of California Pooled Money Investment Account (PMIA) including
accrued interest was $50,892,735,136. The State of California Pooled Money Account portfolio
had securities in the form of structured notes and asset-backed securities. The PMIA has
policies, goals, and objectives for the portfolio to make certain that the goals of safety, liquidity,
and yield are not jeopardized. These policies are formulated by investment staff and reviewed
by both the PMIA and LAIF Advisory Boards on an annual basis. LAIF's and the City's
exposure to credit, market, or legal risk is not available.
E) The Ventura County Treasurer's Investment Pool
The City holds investments in the County Pool that are subject to being adjusted to "fair value".
The City is required to disclose its methods and assumptions used to estimate the fair value of its
holdings in the County Pool. The City relied upon information provided by the County
Treasurer in estimating the City's fair value position of its holdings in the County Pool. The
City had a contractual withdrawal value of$42,032,593 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.
41
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30, 2009, is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes Receivable:
Asadurian $ 960,000 $ $ (160,000) $ 800,000
Mission Bell 1,704,786 1,704,786
Deferred Property Assessments 250,249 250,249
Total Notes Receivable 2,915,035 - (160,000) 2,755,035
Loans Receivable:
Rehabilitation 31,384 31,384
First-time Homeowners Assistance 111,556 100,000 211,556
CalHome 306,036 75,147 381,183
Other 125,514 125,514
Total Loans Receivable 448,976 300,661 - 749,637
Total Notes and Loans Receivable $ 3,364,011 $ 300,661 $ (160,000) $ 3,504,672
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, 2009 was $800,000.
B) Mission Bell Note
On August 2, 1995, the Agency entered into an agreement with Mission Bell Partners whereby in
return for land disposition, the Agency received seven promissory notes totaling $3,934,500. The
notes bear simple interest from a rate of 3% to a rate of 6% per annum from August 29, 1995 until
August 29, 2029. In June 2004 the Agency, per settlement agreement discharged three of the
remaining six of the original seven promissory notes totaling $500,000. In September of 2006,
notes number 2 and 6 were paid off The balance of the remaining note (note no. 7) outstanding at
June 30, 2009 was $1,704,786. Principal and interest are due on September 2, 2029.
42
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
3) NOTES AND LOANS RECEIVABLE - Continued
C) Deferred Property Assessments Notes
In March 1993, the City entered into agreements with three property owners of the City of
Moorpark Assessment District No. 92-1 whereby in return for deferring the property owner's
assessment levy, the City received three promissory notes totaling $279,427. The notes bear
simple interest equivalent to the LAIF variable rate not to exceed 7% per annum. Principal and
interest are due on the date the City executes an approved final map of the property or the date of a
court ordered subdivide of the property. At June 30, 2009, the principal balance outstanding was
$250,249.
D) Rehabilatation Loans
The Agency operates a rehabilitation loan program for the renovation of low-moderate income
housing. The total balance outstanding at June 30, 2009, was $31,384.
E) First-Time Homeowner Assistance
The City provides down payment assistance loans to first-time homeowners. The total balance
outstanding at June 30, 2009 was $211,556. 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.
F) CalHome Mobilehome Rehabilitation Loans
The total balance of CalHome loans for repairs to mobilehomes in Villa del Arroyo at June 30,
2009 was $381,183. 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.
43
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
3) NOTES AND LOANS RECEIVABLE -Continued
G) Other Loans Receivable
The Agency has entered into an agreement to loan the County of Ventura Area Housing Authority
(AHA) up to $350,000 to assist in developing residential rental units on Agency owned property.
As of June 30, 2009, the AHA has drawn down $125,514 on the available loan. The outstanding
principal balance and interest are expected to be paid during fiscal year 2009/10.
4) INTERFUND TRANSACTIONS
Due to/Due From
Due to/due from other funds for the year ending June 30, 2009, consisted of the following:
DUE TO
MRA RDA Capital
General Endowment Area 1 Projects Non-Major Agency
Fund Fund Operations Fund Funds Funds Total
General Fund $ $ $ 54,577 $ $ $ 21,532 $ 76,109
Police Facilities Fund 52,173 1,943,495 1,995,668
DUE RDA Capital Projects Fund 17,286 17,286
FROM MRA Area 1 Operations 60,301 60,000 120,301
Non-Major Funds 259,588 350,000 134,242 743,830
Total $ 389,348 $ 1,943,495 $ 54,577 $ 350,000 $ 194,242 $ 21,532 $ 2,953,194
The General Fund has advanced to the Agency and the State and Federal Assistance Fund $316,868 to
cover current expenditures. Repayment is expected during fiscal year 2009/10.
The RDA Capital Projects and Low/Moderate Funds have advanced to the RDA Debt Service Fund
$41,245 to cover current expenditures. Repayment is expected during fiscal year 2009/10.
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.
44
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
4) INTERFUND TRANSACTIONS - Continued
Transfers
Interfund transfers for the year ended June 30, 2009 consisted of the following:
TRANSFERS FROM
RDA
General Street and Capital Assessment Endowment
Fund Traffic Safety Project District Fund
General Fund $ $ 29,017 $ $ 10,000 $
RDA Debt Service
RDA Capital Projects
TRANSFER Special Projects Fund 1,969,504
TO Community Development 1,146,356
Assessment District 1,195,306
MRA Area 1 Operations 4,846,323
Non-Major Funds 17,286 3,368,697
Total $ 4,311,166 $ 29,017 $ 4,863,609 $ 10,000 $ 3,368,697
TRANSFERS FROM
RDA MRA
Debt Area 1 Non-Major
Service Operations Funds Total
General Fund $ $ 20,085 $ 405,616 $ 464,718
RDA Debt Service 152,117 152,117
RDA Capital Projects
TRANSFER Special Projects Fund 1,969,504
TO Community Development 5,245 11,371 1,162,972
Assessment District 162,444 1,357,750
MRA Area 1 Operations 931,193 5,777,516
Non-Major Funds 1,584,573 22,943 1,184,574 6,178,073
Total $ 2,515,766 $ 48,273 $ 1,916,122 $ 17,062,650
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.
45
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
4) INTERFUND TRANSACTIONS - Continued
The RDA 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 RDA Debt Service Fund transferred its remaining equity to the MRA Area 1 Operations Fund
The RDA Capital Projects Fund transferred funds to the MRA Area 1 Operations Fund to reimburse
for eligible capital expenditures.
The Low/Mod Housing Special Revenue Fund transferred funds to the RDA Debt Service Fund to pay
the 20% debt service on the 1999 Tax Allocation Refunding Bonds
The General Fund transferred $1,969,504 to the Special Projects Fund to fund various capital projects
of the City.
The Endowment Fund transferred funds to the City Hall Building Fund to plan and construct a New
City Hall complex.
The General Fund transferred funds to the Community Development and Assessment District Funds to
finance these operations.
5) CAPITAL ASSETS AND DEPRECIATION
In accordance with GASB Statement No. 34, the City has reported all capital assets including
infrastructure in the 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.
46
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
5) CAPITAL ASSETS AND DEPRECIATION - Continued
The following table presents the capital assets activity for the year ended June 30, 2009.
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities:
Capital Assets,Not Depreciated:
Land $ 26,417,883 $ $ $ 28,719,337
Construction in Progress 9,970,434 3,539,706 (3,606,952) 9,903,188
Total Capital Assets Not
Depreciated 38,689,771 3,539,706 (3,606,952) 38,622,525
Capital Assets Being Depreciated:
Buildings and Improvements 27,926,738 2,570,523 30,497,261
Machinery and Equipment 4,389,381 201,857 (79,465) 4,511,773
Infrastructure
Roadway System 92,706,368 990,139 (13,010) 93,683,497
Storm Drainage System 1,619,399 1,619,399
Parks System 156,727 94,107 251,434
Total Capital Assets Being
Depreciated 126,798,613 3,857,226 (92,475) 130,563,364
Less Accumulated Depreciation:
Buildings and Improvements (4,283,350) (820,238) (5,103,588)
Machinery and Equipment (2,169,871) (434,254) 74,595 (2,529,530)
Infrastructure
Roadway System (28,746,966) (1,986,941) (30,733,907)
Storm Drainage System (168,502) (16,194) (184,696)
Parks System (48,587) (4,082) (52,669)
Total Accumulated Depreciation (35,417,276) (3,261,709) 74,595 (38,604,390)
Total Capital Assets Being
Depreciated,Net 91,381,337 595,517 (17,880) 91,958,974
Government Activities Capital Assets,
Net of Depreciation $ 130,071,108 $ 4,135,223 $ (3,624,832) $ 130,581,499
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General Government $ 136,314
Public Safety 230,129
Public Services 2,601,940
Parks and Recreation 293,326
Total Depreciation Expense $ 3,261,709
47
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30, 2009, are as follows:
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
1999 Tax Allocation Bonds $ 6,430,000 $ $ (460,000) $ 5,970,000 $ 475,000
2001 Tax Allocation Bonds 11,555,000 (15,000) 11,540,000 20,000
2006 Tax Allocation Bonds 11,695,000 11,695,000
Discount on Bonds (309,131) 10,847 (298,284) (10,847)
Pension Related Debt 1,388,702 (31,346) 1,357,356
Employee Compensated
Absences 665,389 673,408 (696,541) 642,256 479,936
Total $31,424,960 $ 673,408 $(1,192,040) $30,906,328 $ 964,089
A) 1999 Tax Allocation Bonds
In 1999, the Agency issued a $9,860,000 aggregated principal amount of Moorpark
Redevelopment Project 1999 Tax Allocation Refunding Bonds (1999 Bonds). The purpose of the
1999 Bonds was to advance refund the Agency's previously issued $10,000,000 Moorpark
Redevelopment Project, 1993 Tax Allocation Bonds (1993 Bonds). The purpose of the 1993
Bonds was to finance a portion of the costs of implementing the Redevelopment Plan, including
low-and moderate-income housing projects. The 1999 Bonds bear interest at rates ranging from
3.05 percent to 4.875 percent per annum, payable semi-annually on April 1 and October 1 of each
year, commencing on October 1, 1999, and are subject to mandatory sinking fund redemption
commencing on October 1, 2009, and on each October 1 thereafter. The Bonds are payable from
and secured by the tax revenues to be derived from the project area.
The 1999 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 Agency is in compliance with the covenants contained in debt indenture, which require the
establishment of certain specific accounts for the Tax Allocation Bonds.
Debt service payments on the 1999 Tax Allocation Refunding Bonds payable will be made from
the Debt Service Fund. Annual debt service requirements to maturity are as follows:
48
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
6) LONG-TERM LIABILITIES - Continued
A) 1999 Tax Allocation Bonds -Continued
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 580,000 176,962 756,962
2015-2019 3,340,000 422,905 3,762,905
Total $ 5,970,000 $ 1,570,235 $ 7,540,235
B) 2001 Tax Allocation Bonds
In December 2001, the Agency issued $11,625,000 of Tax Allocation Parity Bonds (2001 Bonds).
The proceeds of the 2001 Bonds will be used to fund redevelopment activities within the Moorpark
Redevelopment Project area. Interest on the 2001 Bonds is payable semi-annually on April 1 and
October 1, commencing April 1, 2002, at rates ranging from 2.85 percent to 5.13 percent per
annum. The 2001 Bonds maturing October 2031 are subject to mandatory sinking funds
redemption in the amount of the principal and accrued interest. The 2001 Bonds are payable from
and secured by the tax revenues to be derived from the project area.
The 2001 Bonds are secured by all property tax increment revenue, which 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 Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the Tax Allocations Bonds.
Debt service payments on the 2001 Tax Allocation Bonds payable will be made from the Debt
Service Fund.
49
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
6) LONG-TERM LIABILITIES - Continued
B) 2001 Tax Allocation Bonds -Continued
Annual debt service requirements to maturity are as follows:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 15,000 585,525 600,525
2015-2019 100,000 2,913,875 3,013,875
2020-2024 3,530,000 2,473,206 6,003,206
2025-2029 4,520,000 1,449,095 5,969,095
2030 -2032 3,305,000 259,454 3,564,454
Total $ 11,540,000 $ 10,030,784 $ 21,570,784
C) 2006 Tax Allocation Bonds
In 2006, the Agency issued an $11,695,000 aggregated principal amount of Moorpark
Redevelopment Project 2006 Tax Allocation Bonds (2006 Bonds). The purpose of the 2006 Bonds
was to finance redevelopment activities related to the Moorpark Redevelopment Project Area. The
2006 Bonds bear interest at rates ranging from 3.625 percent to 4.375 percent per annum, payable
semi-annually on April 1 and October 1 of each year, commencing on April 1, 2007, and are
subject to mandatory sinking fund redemption commencing on October 1, 2016, and on each
October 1 thereafter. The 2006 Bonds are payable from and secured by the tax revenues to be
derived from the project area.
The 2006 Bonds are secured by all property tax increment revenue, which is recorded in the 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 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.
50
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
6) LONG-TERM LIABILITIES - Continued
C) 2006 Tax Allocation Bonds -Continued
Debt service payments on the 2006 Tax Allocation Bonds payable will be made from the Debt
Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 40,000 503,269 543,269
2015-2019 225,000 2,492,706 2,717,706
2020-2024 280,000 2,443,069 2,723,069
2025-2029 345,000 2,376,884 2,721,884
2030-3034 2,920,000 2,185,313 5,105,313
2035-2039 7,770,000 878,937 8,648,937
Total $ 11,695,000 $ 12,906,393 $ 24,601,393
D) Pension-Related Debt
As of June 30, 2003, Ca1PERS implemented risk pooling for the City's multiple-employer public
employee defined benefit pension plan. At that point, in accordance with generally accepted
accounting principles, the City's Miscellaneous Plan converted from an "agent" multiple-employer
plan to a "cost-sharing" multiple-employer plan. Although a portion of the City's annual 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 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.
51
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
6) LONG-TERM LIABILITIES - Continued
D) Pension-Related Debt-Continued
The future debt service requirements on this debt are as follows:
Year Ending Pension-related Debt
June 30, Principal Interest Total
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 $ 1,357,356 $ 835,414 $ 2,192,770
E) Employee Compensated Absences
The long-term liability at June 30, 2009 is $642,256 for employee compensated absences. There is
no current liability estimated. The General Fund is primarily expected to liquidate this liability.
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES
The 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 provides for the Agency to retain 100 percent of the County Taxing Entities share
(55.82 percent) of annual tax increment revenues up to $1,750,000. For annual tax increment revenue
in excess of$1,750,000, the Agency shall distribute 55.82 percent of such revenues to the County on
behalf of the County Taxing Entities. The County Taxing Entities have agreed to defer payments in
52
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES - Continued
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. (Also, see Note 16)
With respect to the first paragraph, 4.2 percent 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 second agreement is with the City of Moorpark Vector Control, formerly known as the Moorpark
Mosquito Abatement District and states that the City of Moorpark Vector Control shall receive 87.5
percent of its share (1.53 percent) of annual tax increment revenue, following a deduction from total
increment revenues for amounts required to be used for housing purposes (currently 20 percent of total
tax increment revenue).
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 percent) of tax increment revenues generated by an annual 2 percent increase in
assessed valuation, and beginning in fiscal year 1995/96, 14 percent of the School District's share of
annual tax increment revenue.
53
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES - Continued
Per the agreement between the School District and the Moorpark Redevelopment Agency, 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 percent) of tax
increment revenues generated by an annual 2 percent increase in assessed valuation, and beginning in
fiscal year 1993/94, 14 percent of the Community College District's share of annual tax increment
revenue.
An agreement, dated May 1, 2008, between the City and the Community College District redirects
the Community College District's tax increment allocation. The Agency shall transfer to the City
the Community College District's tax increment allocations, up to One Million Dollars ($1,000,000),
beginning with fiscal year 2006/07 and for every fiscal year thereafter through and including the
2024/25 fiscal year for the purpose of constructing certain public improvements near Moorpark
College.
The fifth agreement is with the Ventura County Superintendent of Schools Office (the Superintendent),
and states that the Superintendent shall receive its share (2.49 percent) of tax increment revenues
generated by an annual 2 percent increase in assessed valuation.
54
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
8) RETIREMENT PLAN
A) Plan Description
The City of Moorpark contributes to the California Public Employees Retirement System
(Ca1PERS), a cost-sharing multiple-employer public employee defined benefit pension plan.
Ca1PERS provides retirement and disability benefits, annual cost-of-living adjustments, and death
benefits to plan members and beneficiaries. Ca1PERS acts as a common investment and
administrative agent for participating public entities within the State of California. Benefit
provisions and all other requirements are established by state statute and city ordinance. Copies of
Ca1PERS' annual financial report may be obtained from their executive office: 400 P Street,
Sacramento, California 95814.
B) Funding Policy
Active plan members are required to contribute 7 percent 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 2008/09 was 11.607 percent. The contribution
requirements for plan members are established by State statute and the employer contribution rate
is established and may be amended by Ca1PERS. The following represents the required
contributions for the past three fiscal years:
Fiscal Required Percent
Year Contributions Contributed
2006/07 $ 455,376 100%
2007/08 $ 448,187 100%
2008/09 $ 491,357 100%
9) OTHER POST EMPLOYMENT BENEFITS
Plan Description
The City's defined benefit postemployment healthcare plan, (City of Moorpark Retiree Healthcare
Plan, MRHP), provides medical benefits to eligible retired City employees and spouses. MRHP is part
of the Public Agency portion of the California Employers' Retiree Benefit Trust Fund (CERBT), an
agent multiple-employer plan administered by Ca1PERS, which acts as a common investment and
administrative agent for participating public employers within the State of California. A menu of
benefit provisions as well as other requirements is established by State statute within the Public
55
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
9) OTHER POST EMPLOYMENT BENEFITS -Continued
Plan Description - Continued
Employees' Retirement Law. MRHP selects optional benefit provisions from the benefit menu by
contract with Ca1PERS and adopts those benefits through City resolution. Ca1PERS issues a
Comprehensive Annual Financial Report (CAFR). The CAFR is issued in aggregate and includes the
sum of all Ca1PERS plans. Copies of the Ca1PERS CAFR may be obtained from the Ca1PERS
Executive Office, 400 P Street, Sacramento, California 95814.
Funding Policy
The contribution requirements of plan members and the City are established and may be amended by
the Council. The City contributes the Public Employees' Medical and Hospital Care Act
(PEMHCA) minimum.
The City is required to contribute the annual required contribution of the employer (ARC), an
amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC
represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost
each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to
exceed thirty years. The current ARC rate is 1.2% of the annual covered payroll.
Annual OPEB Cost
For 2009, the City's annual OPEB cost (expense) of$54,000 for MRHP was equal to the ARC. The
City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2009 and the two preceding years were as follows:
THREE-YEAR TREND INFORMATION FOR CERBT
Percentage of
Fiscal Annual OPEB OPEB Cost Net OPEB
Year Cost(AOC) Contributed Obligation
6/30/09 $ 54,000 100% (341,000)#
6/30/08 * * *
6/30/07 * * *
# The City of Moorpark pre-funded the Actuarial Accrued Liability of$364,000 plus the normal cost of$31,000
during the 2008/09 fiscal year ending June 30,2009.
* The information for the two preceding years is unavailable. GASB 45 was implemented prospectively in
fiscal year 2008/09.
56
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
9) OTHER POST EMPLOYMENT BENEFITS -Continued
Funded Status and Funding Progress
The funded status of the plan as of June 30, 2008, was as follows:
Actuarial Accrued Liability (AAL) $ 364,000
Actuarial Value of Plan Assets $ 0
Unfunded Actuarial Accrued Liability (UAAL) $ 364,000
Funded Ratio (Actuarial Value of Plan Assets/AAL) 0%
Covered Payroll (Active Plan Members) $ 4,519,000
UAAL as a Percentage of Covered Payroll 8.055%
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts
determined regarding the funded status of the plan and the annual required contributions of the
employer are subject to continual revision as actual results are compared with past expectations and
new estimates are made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to the financial statements, presents multiyear trend
information that shows whether the actuarial value of the plan assets is increasing or decreasing over
time relative to the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the
time of each valuation and the historical pattern of sharing of benefit costs between the employer
and plan members to that point. The actuarial methods and assumptions used include techniques
that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value
of assets, consistent with the long-term perspective of the calculations.
The following is a summary of the actuarial assumptions and methods:
Valuation Date June 30, 2008
Actuarial Cost Method Entry Age Normal Cost Method
Amortization Method Level Percent of Payroll
Remaining Amortization Period 30 Years as of the Valuation Date
Actuarial Assumptions:
Investment Rate of Return 7.75%
Projected Salary Increase 3.25%
Health Care Trend Rate 4.50%
General Inflation 3.00%
57
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
10)CONDUIT DEBT -REVENUE BONDS
The City of Moorpark Mobile Home Park Revenue Bonds (Villa Del Arroyo) Series 2000 A and the
City of Moorpark Mobile Home Park Subordinate Revenue Bonds (Villa Del Arroyo) Series 2000 B
were issued in the amounts of $12,740,000 and $2,635,000 respectively. Both issuances were dated
May 19, 2000. The Series A bonds were issued to fund a loan to Augusta Homes, a California non-
profit public benefit corporation, to finance the acquisition of the Villa Del Arroyo Mobile Home Park.
The Series B bonds were issued for the same purpose but are subordinate to the Series A bonds. The
total bonds outstanding at June 30, 2009, totaled $13,330,000.
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, 2009, totaled $15,107,172.
Each of the bond programs described above do not constitute an indebtedness of the City, and there is
neither a legal nor a moral obligation on the part of the City to make payments on such bonds from any
source other than the revenues and assets pledged therefore. The programs are completely
administered by the Trustees without any involvement by the City. Accordingly, these programs and
the bonds issued thereunder have been excluded from the accompanying basic financial statements.
11)SPECIAL ASSESSMENT BONDS
A) Assessment District 92-1 (Mission Bell Plaza)
On April 1, 1994, the City sponsored the issuance of special assessment bonds to finance certain
capital improvements for the Mission Bell Plaza project. These bonds, totaling $2,595,000, of
which $735,000 and$1,475,000 mature in 2013 and 2023,respectively,were issued under the 1915
Improvements Bonds Act and are obligations against the properties in the assessment district. The
special assessment, which is collected with other property related taxes as part of the secured
property tax bill for properties in the assessment district, will be forwarded to an independent bank
that serves as the paying agent. These bonds do not constitute an indebtedness of the City, and the
City is not liable for their repayment. Accordingly, these special assessment bonds payable have
been excluded from the accompanying basic financial statements. The unpaid principal balance on
such bonds is $1,525,000 at June 30, 2009.
58
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
11)SPECIAL ASSESSMENT BONDS - Continued
B) Community Facilities District No. 97-1 (CARLSBERG)
On July 1, 1997, the City issued bonds to finance the acquisition and construction of public
improvements within the City of Moorpark Community Facilities District No. 97-1. These bonds,
totaling $7,645,000, were issued pursuant to the Mello-Roos Community Facilities Act of 1982.
The bonds mature on September 1, 2027 with interest payable at rates ranging from 4.4 percent to 6
percent per annum on March 1, and September 1 of each year commencing March 1, 1998. The
City is not liable under any circumstance for the repayment of the debt, but is only acting as agent
for the property owners in collecting the assessments and special taxes, forwarding collections to
fiscal agents to pay the bondholders and initiating foreclosure proceedings, if appropriate.
Accordingly, these bonds payable have been excluded from the accompanying basic financial
statements. The unpaid principal balance is $6,310,000 at June 30, 2009.
C) Community Facilities District No.2004-1 (Moorpark Highlands)
During fiscal year 2006/07, the City issued bonds to construct and acquire certain public
facilities of benefit to the Community Facilities District No. 2004-1. The bonds, totaling
$38,030,000, were issued pursuant to the Mello-Roos Community Facilities Act of 1982. The
bonds mature on September 1, 2038 with interest payable at rates ranging from 4.0 percent to 5.3
percent per annum, on March 1 and September 1 of each year. The City is not liable under any
circumstance for the repayment of the debt, but is only acting as agent for the property owners in
collecting the assessments and special taxes, forwarding collections to fiscal agents to pay the
bondholders and initiating foreclosure proceedings, if appropriate. Accordingly, these bonds
payable have been excluded from the accompanying basic financial statements. The unpaid
principal balance is $35,435,000 at June 30, 2009.
12)RISK MANAGEMENT
A) Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority (Authority). The
Authority is composed of 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.
59
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
12)RISK MANAGEMENT - Continued
A) Description of Self-Insurance Pool Pursuant to Joint Powers Agreement-Continued
The City does not have an equity interest in the Authority: therefore, no amount has been reported
in the Statement of Net Assets. However, the City does have an ongoing financial interest because
the City is able to influence the operations of the Authority so that the Authority uses its resources
on behalf of the City. Also, an ongoing financial responsibility exists because the Authority is
dependent on continued funding from the City. The condensed financial information of the
Authority has not been reproduced in this report,but is available from the Authority.
B) Self Insurance Programs of the Authority
General Liability: Each member government pays a primary deposit to cover estimated losses for a
fiscal year (claims year). Six months after the close of a fiscal year, outstanding claims are valued.
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 also participates in the workers compensation pool
administered by the Authority. Members retain the first $50,000 of each claim. Claims are pooled
separately between public safety and non-public safety. Loss development reserves are allocated
by pool and by loss layer ($0 to $100,000 allocated by retained amount and $100,000 to
$2,000,000 by payroll). Losses from $50,000 to $100,000 and the loss development reserve
associated with losses up to $100,000 are pooled based on the member's share of losses under
$50,000. Losses from $100,000 to $2,000,000 are pooled based on payroll. Costs in excess of
$50,000,000 are pooled among the Members based on payroll. Administrative expenses are paid
from the Authority's investment earnings.
C) Purchased Insurance
The City participates in the all-risk property protection program of the Authority. This insurance
protection is underwritten by several insurance companies. The City property is currently
insured according to a schedule of covered property submitted by the City to the Authority.
Total all-risk property insurance coverage is $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.
60
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
12)RISK MANAGEMENT - Continued
D) Earthquake and Flood Insurance
The City purchased earthquake and flood insurance on a portion of its property. The earthquake
insurance is part of the property protection insurance program of the Authority. The City property
currently has earthquake protection in the amount of $20,504,842. There is a deductible of 5
percent of the value with a minimum deduction of$100,000. Premiums for the coverage are paid
annually and are not subject to retroactive adjustments.
E) Adequacy of Protection
During the past three fiscal (claims) years none of the above program of protection have had
settlements or judgments that exceeded pooled or insured coverage. There have been no significant
reductions in pooled or insured liability coverage from coverage in the prior year.
F) Claims and Judgments
The City accounts for uninsured, material claims and judgments and associated legal and
administrative costs when it is probable that the liability claim has been incurred and the amount
of the loss can be reasonably estimated. Included therein are claims incurred but not reported,
which consists of (a) known loss events expected to be presented as claims later, (b) unknown
loss events that are expected to become claims, and (c) expected future development on claims
already reported. This is based upon historical actual results that have established a reliable pattern
supplemented by specific information about current matters. Small dollar claims and judgments
are recorded as expenditures when paid.
13)CLASSIFICATION OF NET ASSETS AND FUND BALANCE
In the Government-wide financial statements;net assets are classified in the following categories:
Invested in Capital Assets
This category groups all assets, including infrastructure, into one component of net assets.
Accumulated depreciation on these assets reduces this category.
Restricted Net Assets
This category presents external restrictions imposed by creditors, grantors, contributors, or laws and
regulations of other governments and restrictions imposed by law through constitutional provisions or
enabling legislation.
61
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
13)CLASSIFICATION OF NET ASSETS AND FUND BALANCE - Continued
Unrestricted Net Assets
This category represents the net assets of the City that are not externally restricted for any project or
other purpose.
In the Fund Financial Statements, the City has established "reserves" to segregate portions of fund
balance which are not appropriable for expenditure in future periods, or which are legally set aside for
a specific future use. Fund "designations" also are established to indicate tentative plans for financial
resource utilization of unreserved fund balance in a future period.
The City's governmental funds reserves and designations at June 30, 2009, are presented below,
followed by explanations of the nature and purpose of each reserve and designation.
Redevelopment
MRA Highland Agency
General Area 1 Improvement Capital Projects
Fund Operations Fund Fund Fund
Reserved:
Capital Projects $ $ $ 14,014,926 $
Debt Service
Property Held for Resale/
Development 9,117,374 2,041,544
Prepaid Items 373,209
Total Reserved $ 373,209 9,117,374 $ 14,014,926 $ 2,041,544
Unreserved,Designated:
Future Projects $ - $ - $ - $
Redevelopment
Agency Non-Major
Special Projects Debt Service Governmental
Fund Fund Funds
Reserved:
Capital Projects $ $ $
Debt Service 1,884,722
Property Held for Resale/
Development 6,655,250
Prepaid Items 5,200
Total Reserved $ $ 1,884,722 $ 6,660,450
Unreserved,Designated:
Future Projects $ 23,448,369 $ - $ -
62
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
13)CLASSIFICATION OF NET ASSETS AND FUND BALANCE - Continued
Reserved for Capital Projects
These funds are reserved for project expenditures related to the issuance of the CFD No. 2004-1 bonds.
Reserved for Debt Service
These funds are reserved for restricted debt proceeds.
Reserved for Property Held for Resale/Development
These funds are reserved for property purchased by the City to be sold or otherwise used for the
development of the Moorpark Redevelopment Agency Project Area or Low and Moderate Housing
Projects.
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, 2009
Police Facilities Fee Capital Projects Fund $(1,995,668)
Tierra Rejada/Spring Road Special Revenue Fund (167,317)
Management expects these deficits to be eliminated through future revenues.
14)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, 2009:
Community Development $ 145,233
Redevelopment Agency Debt Service Fund 496,933
63
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2009
15)COMMITMENTS AND CONTINGENCIES/SUBSEQUENT EVENTS
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/Subsequent Events
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.
Subsequent to June 30, 2009, the State of California passed legislation to divert approximately
$2.05 billion of local redevelopment funds to use for State purposes, as part of the 2009/10 State
budget. This includes $1.7 billion in fiscal year 2009/10 and another $350 million in fiscal year
2010/11. The California Redevelopment Association (CRA) has filed a lawsuit in Sacramento
Superior Court to challenge the constitutionality of this legislation. Currently, the effect that this
legislation and resulting lawsuit will have on the Agency's future revenues is unknown. If the
legislation is upheld in court then the Agency's share is approximately $1,925,000 in fiscal year
2009/10 and $395,000 in fiscal year 2010/11.
16)SPECIAL ITEMS
The Agency received $1,000,000 from the County of Ventura resulting from a settlement agreement
between the Agency and the County.
64
REQUIRED SUPPLEMENTARY INFORMATION
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
PROPERTY TAXES
Current Secured $ 3,000,000 $ 3,000,000 $ 3,024,932 $ 24,932
Current Unsecured 50,000 50,000 35,866 (14,134)
Prior Year Secured/Unsecured 3,000 3,000 127,471 124,471
Supplemental Secured/Unsecured 100,000 100,000 101,677 1,677
Real Property Transfer Tax 175,000 175,000 112,298 (62,702)
Homeowners Property Exemption 30,000 30,000 45,090 15,090
Parcel Taxes 118,623 118,623
Property Taxes-VLF 2,964,454 2,964,454
Total Property Taxes 3,358,000 3,358,000 6,530,411 3,172,411
SALES TAXES
Sales and Use Tax 2,255,000 2,255,000 2,329,523 74,523
Sales Tax Compensation 755,000 755,000 849,227 94,227
Total Sales Taxes 3,010,000 3,010,000 3,178,750 168,750
FRANCHISE FEES
Franchise Fee - Adelphia 326,000 326,000 354,824 28,824
Franchise Fee - Edison 305,000 305,000 303,305 (1,695)
Franchise Fee - Gas 123,000 123,000 143,564 20,564
Franchise Fee - Oil 2,584 2,584
Franchise PEG Fees 15,694 15,694
Franchise GI Rubbish 185,000 185,000 189,013 4,013
Franchise Moorpark Rubbish 117,000 117,000 107,735 (9,265)
Landfill Local Impact Fee 65,000 65,000 45,135 (19,865)
CIWMP Fees 12,500 12,500 9,701 (2,799)
Total Franchise Fees 1,133,500 1,133,500 1,171,555 38,055
SPECIAL BENEFIT ASSESSMENTS
SBA - Storm Drain Maintenance 19,323 19,323
Total Special Benefit Assessments - - 19,323 19,323
LICENSES AND PERMITS
Business Registration 53,000 53,000 80,190 27,190
Filming Permits 7,000 7,000 6,150 (850)
NPDES Business Inspection Fees 2,900 2,900 1,968 (932)
Total Licenses and Permits 62,900 62,900 88,308 25,408
65
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund - Continued
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
FINES AND FORFEITURES
Municipal Code Fines $ 140,000 $ 140,000 $ 184,492 $ 44,492
Animal Control Fines 550 550 530 (20)
Forfeiture& Penalties 1,787 1,787
Settlements -
Total Fines&Forfeitures 140,550 140,550 186,809 46,259
USE OF MONEY AND PROPERTY
Investment Earnings 798,333 798,333 719,610 (78,723)
Rents and Concessions 125,000 125,000 120,843 (4,157)
Interest/City MRA Advance 230,000 230,000 159,976 (70,024)
Total Money&Property 1,153,333 1,153,333 1,000,429 (152,904)
CHARGES FOR SERVICES
Other Admin Service Fees 77,000 77,000 125,131 48,131
Administrative Fees 5,979 5,979
Administrative Fees - CFD 80,000 80,000 (80,000)
Park and Facility Use Fee 82,250 82,250 91,386 9,136
Contract Class Registration Fees 115,000 115,000 182,606 67,606
League Fees 64,000 64,000 98,019 34,019
Recreation Event Fees 220,200 220,200 216,778 (3,422)
Advertising in brochure 8,000 8,000 11,165 3,165
Other Community Services Fees 1,847 1,847
Photocopying 1,000 1,000 554 (446)
Sale of Documents 1,300 1,300 240 (1,060)
Special Police Dept Services 45,000 45,000 31,458 (13,542)
NSF Fees and Misc. Charges 1,000 1,000 1,550 550
Total Charges for Services 694,750 694,750 766,713 71,963
INTERGOVERNMENTAL
Off Highway Motor Vehicle 1,000 1,000 (1,000)
Motor Vehicle In Lieu 2,953,000 2,953,000 125,307 (2,827,693)
Other State Funds 4,323 4,323
County Grants 17,835 17,835 21,196 3,361
Other Federal Revenue/Grants 9,281 4,217 (5,064)
Total Intergovernmental 2,971,835 2,981,116 155,043 (2,826,073)
66
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - General Fund - Continued
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
OTHER REVENUES
Sale General Fixed Assets $ 1,000 $ 1,000 $ $ (1,000)
Contributions/Donations 19,070 19,070
Revenues not elsewhere classified 11,000 11,000 12,725 1,725
Expense Reimbursements 70,000 70,000 207,018 137,018
Restitution/Insurance Proceeds 15,000 15,000 31,051 16,051
Total Other Revenues 97,000 97,000 269,864 172,864
Total Revenue 12,621,868 12,631,149 13,367,205 736,056
EXPENDITURES
Current:
General Government 1,841,584 2,304,194 1,926,283 377,911
Public Safety 6,657,799 6,659,507 6,253,223 406,284
Public Services 491,959 632,561 414,949 217,612
Parks and Recreation 1,651,800 1,669,330 1,436,923 232,407
Capital Outlay 65,680 152,325 90,725 61,600
Total Expenditures 10,708,822 11,417,917 10,122,103 1,295,814
Excess(Deficiency)of Revenues
over Expenditures 1,913,046 1,213,232 3,245,102 2,031,870
OTHER FINANCING SOURCES (USES)
Transfers In 402,000 454,678 464,718 10,040
Transfer Out (2,313,405) (2,718,114) (4,311,166) (1,593,052)
Total Other Financing
Sources(Uses) (1,911,405) (2,263,436) (3,846,448) (1,583,012)
Net Change in Fund Balance 1,641 (1,050,204) (601,346) 448,858
Fund Balance,Beginning of Year 3,807,175 3,807,175 3,807,175
Fund Balance,End of Year $ 3,808,816 $ 2,756,971 $ 3,205,829 $ 448,858
67
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Street and Traffic Safety Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 631,463 $ 631,463 $ 474,772 $ (156,691)
Total Use of Money and Property 631,463 631,463 474,772 (156,691)
CHARGES FOR SERVICES
Other Development Fees 573,815 573,815 586,421 12,606
Total Charges for Services 573,815 573,815 586,421 12,606
Total Revenues 1,205,278 1,205,278 1,061,193 (144,085)
EXPENDITURES
Current:
Public Services 69,289 69,338 61,240 8,098
Capital Outlay 886,994 1,154,221 90,147 1,064,074
Total Expenditures 956,283 1,223,559 151,387 1,072,172
Excess(Deficiency)of Revenues
over Expenditures 248,995 (18,281) 909,806 928,087
OTHER FINANCING SOURCES (USES)
Transfers Out (29,017) (29,017) -
Total Other Financing
Sources(Uses) - (29,017) (29,017) -
Net Change in Fund Balance 248,995 (47,298) 880,789 928,087
Fund Balance,Beginning of Year 18,779,758 18,779,758 18,779,758
Fund Balance,End of Year $ 19,028,753 $ 18,732,460 $ 19,660,547 $ 928,087
68
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Community Development Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
LICENSES AND PERMITS
Misc. Business Permits $ $ $ 405 $ 405
Street Vendor Permits 1,000 1,000 1,585 585
Home Occupation Permits 12,000 12,000 10,800 (1,200)
Sign Permits 5,000 5,000 7,305 2,305
Banner Permits 1,000 1,000 2,160 1,160
Residential Building Permits 468,436 468,436 365,318 (103,118)
Non Residential Building 207,775 207,775 116,966 (90,809)
Permit Adj Commercial 1,800 1,800 4,560 2,760
Permit Adj Industrial 600 600 (600)
Permit Adj Residential 600 600 (600)
Temporary Use Permit 2,500 2,500 4,215 1,715
Encroachment Permits 12,000 12,000 33,788 21,788
Administrative Permits 8,000 8,000 9,600 1,600
Total Licenses and Permits 720,711 720,711 556,702 (164,009)
FINES AND FORFEITURES
Municipal Code Fines 1,500 1,500 6,148 4,648
Total Fines and Forfeitures 1,500 1,500 6,148 4,648
CHARGES FOR SERVICES
City Admin Engin Contract 20,000 110,000 120,561 10,561
City Admin Attny Contract 3,200 3,200 16,257 13,057
Contract Admin Fee 3,000 3,000 5,621 2,621
Other Admin Service Fees 500 500 4,560 4,060
Zone Clearance 70,000 70,000 39,600 (30,400)
Imaging Fees 8,000 8,000 5,949 (2,051)
Advance Planning Fees 15,000 15,000 25,353 10,353
Other Comm Develop Fees 4,000 4,000 914 (3,086)
Plan Check Residential 116,538 116,538 116,901 363
Plan Check Non Residential 104,150 104,150 59,634 (44,516)
Planning Time Charges 348,000 348,000 390,885 42,885
Public Improv Plan Check 45,000 115,000 104,744 (10,256)
Public Improv Inspections 151,286 151,286 187,163 35,877
Real Estate Fees 4,000 4,000 2,313 (1,687)
NSF Fees and Misc. Charges 500 500 (500)
Total Charges for Services 893,174 1,053,174 1,080,455 27,281
69
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Community Development Special Revenue Fund - Continued
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
OTHER REVENUES
Expense Reimbursements $ 2,500 $ 2,500 $ $ (2,500)
Total Other Revenues 2,500 2,500 - (2,500)
Total Revenues 1,617,885 1,777,885 1,643,305 (134,580)
EXPENDITURES
Current:
Public Services 2,574,711 2,268,239 2,413,472 (145,233)
Total Expenditures 2,574,711 2,268,239 2,413,472 (145,233)
Excess(Deficiency)of Revenues
over Expenditures (956,826) (490,354) (770,167) (279,813)
OTHER FINANCING SOURCES (USES)
Transfers In 956,826 1,403,442 1,162,972 (240,470)
Total Other Financing
Sources(Uses) 956,826 1,403,442 1,162,972 (240,470)
Net Change in Fund Balance - 913,088 392,805 (520,283)
Fund Balance,Beginning of Year (392,805) (392,805) (392,805)
Fund Balance,End of Year $ (392,805) $ 520,283 $ - $ (520,283)
70
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Assessment District Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 111,405 $ 111,405 $ 138,105 $ 26,700
Total Use of Money and Property 111,405 111,405 138,105 26,700
SPECIAL BENEFIT ASSESSMENTS
SBA - Street Lighting 244,886 244,886 264,844 19,958
SBA - Landscape Maintenance 2,420,459 2,420,459 2,486,519 66,060
SBA - Storm Drain Maintenenace 5,235 5,235 6,201 966
SBA - Park Maintenance 660,000 660,000 692,665 32,665
Total Special Benefit Assessments 3,330,580 3,330,580 3,450,229 119,649
OTHER REVENUES
Expense Reimbursements 600 600 1,770 1,170
Tennis Court Lighting Use 2,700 2,700 3,007 307
Total Other Revenues 3,300 3,300 4,777 1,477
Total Revenues 3,445,285 3,445,285 3,593,111 147,826
EXPENDITURES
Current:
Public Safety 350,038 360,062 311,770 48,292
Parks and Recreation 3,353,834 3,404,347 2,745,168 659,179
Capital Outlay 494,947 494,947 25,721 469,226
Total Expenditures 4,198,819 4,259,356 3,082,659 1,176,697
Excess(Deficiency)of Revenues
over Expenditures (753,534) (814,071) 510,452 1,324,523
OTHER FINANCING SOURCES (USES)
Transfers In 1,530,366 1,493,732 1,357,750 (135,982)
Transfer Out - - (10,000) (10,000)
Total Other Financing
Sources(Uses) 1,530,366 1,493,732 1,347,750 (145,982)
Net Change in Fund Balance 776,832 679,661 1,858,202 1,178,541
Fund Balance,Beginning of Year 4,570,423 4,570,423 4,570,423
Fund Balance,End of Year $ 5,347,255 $ 5,250,084 $ 6,428,625 $ 1,178,541
71
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Endowment Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ $ 98,000 $ $ (98,000)
Rents and Concessions 83,800 83,800 82,606 (1,194)
Total Use of Money and Property 83,800 181,800 82,606 (99,194)
CHARGES FOR SERVICES
Other Development Fees 772,853 772,853 376,316 (396,537)
Community Service Fees 44,839 44,839 26,785 (18,054)
Administration Fees 25,000 25,000 25,000 -
Total Charges for Services 842,692 842,692 428,101 (414,591)
Total Revenues 926,492 1,024,492 510,707 (513,785)
EXPENDITURES
Capital Outlay 49,228 358,400 51,343 307,057
Total Expenditures 49,228 358,400 51,343 307,057
Excess(Deficiency)of Revenues
over Expenditures 877,264 666,092 459,364 (206,728)
OTHER FINANCING SOURCES (USES)
Transfers Out (3,368,697) (3,368,697) (3,368,697) -
Total Other Financing
Sources(Uses) (3,368,697) (3,368,697) (3,368,697) -
Net Change in Fund Balance (2,491,433) (2,702,605) (2,909,333) (206,728)
Fund Balance,Beginning of Year 7,686,999 7,686,999 7,686,999
Fund Balance,End of Year $ 5,195,566 $ 4,984,394 $ 4,777,666 $ (206,728)
72
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Park/Public Facilities Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 215,131 $ 215,131 $ 125,638 $ (89,493)
Rents and Concessions 16,000 16,000 16,244 244
Total Use of Money and Property 231,131 231,131 141,882 (89,249)
CHARGES FOR SERVICES
Art in Public Places 319,140 319,140 169,528 (149,612)
Trees/Landscape Fees 7,775 7,775 71,056 63,281
Library Facilities Fees 176,948 176,948 34,205 (142,743)
Fees in Lieu of Park Land 515,207 515,207 75,420 (439,787)
Other Development Fees 10,290 10,290 10,846 556
Total Charges for Services 1,029,360 1,029,360 361,055 (668,305)
OTHER REVENUES
Revenues Not Classified Elsewhere 9,171 9,171
Sale Plans/Specifications 2,375 2,375
- - 11,546 11,546
Total Revenues 1,260,491 1,260,491 514,483 (746,008)
EXPENDITURES
Public Services 46,500 46,500 26,605 19,895
Capital Outlay 5,443,041 4,096,621 1,089,263 3,007,358
Total Expenditures 5,489,541 4,143,121 1,115,868 3,027,253
Excess(Deficiency)of Revenues
over Expenditures (4,229,050) (2,882,630) (601,385) 2,281,245
Fund Balance,Beginning of Year 5,156,075 5,156,075 5,156,075
Fund Balance,End of Year $ 927,025 $ 2,273,445 $ 4,554,690 $ 2,281,245
73
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - MRA Area 1 Operations Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Rents and Concessions $ 62,750 $ 62,750 $ 44,595 $ (18,155)
Total Use of Money and Property 62,750 62,750 44,595 (18,155)
OTHER REVENUES
Ticket Sales 70,000 92,793 64,755 (28,038)
Advertising in Brochures 4,275 4,275
Sale Plans/Specifications 100 100 265 165
70,100 92,893 69,295 (23,598)
Total Revenues 132,850 155,643 113,890 (41,753)
EXPENDITURES
Public Services 1,536,050 2,374,792 1,455,487 919,305
Capital Outlay 1,178,138 1,063,903 347,509 716,394
Total Expenditures 2,714,188 3,438,695 1,802,996 1,635,699
Excess(Deficiency)of Revenues
over Expenditures (2,581,338) (3,283,052) (1,689,106) 1,593,946
OTHER FINANCING SOURCES (USES)
Transfers In 5,777,516 5,777,516
Transfers Out (48,233) (48,273) (40)
Total Other Financing
Sources(Uses) - (48,233) 5,729,243 5,777,476
Net Change in Fund Balance (2,581,338) (3,331,285) 4,040,137 7,371,422
Fund Balance,Beginning of Year 6,934,337 6,934,337 6,934,337
Fund Balance,End of Year $ 4,352,999 $ 3,603,052 $ 10,974,474 $ 7,371,422
74
City of Moorpark
Schedule of Funding Progress for MRHP
Year Ended June 30, 2009
Schedule of Funding Progress for MRHP
Actuarial
Accrued UAAL as a
Actuarial Actuarial Liability Unfunded Percentage of
Valuation Value of (AAL)Entry AAL Funded Covered Covered
Date Assets Age (UAAL) Ratio Payroll Payroll
(A) (B) (B-A) (A/B) (C) [(B-A)/C]
06/30/08 $ - $ 364,000 $ 364,000 0% $ 4,519,000 8.055%
*GASB 45 was implemented prospectively in fiscal year 2009. There were no previous actuarial valuations.
75
SUPPLEMENTARY INFORMATION
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Police Facilities Fee Capital Projects Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
MAINTENANCE ASSESSMENTS
Police Facilities Fees $ 225,783 $ 225,783 $ 22,423 $ (203,360)
Total Maintenance Assessments 225,783 225,783 22,423 (203,360)
Total Revenues 225,783 225,783 22,423 (203,360)
EXPENDITURES
Public Safety 1,000 1,000 74,302 (73,302)
Capital Outlay 104,389 103,489 103,489
Total Expenditures 105,389 104,489 74,302 30,187
Excess(Deficiency)of Revenues
over Expenditures 120,394 121,294 (51,879) (173,173)
Fund Balance,Beginning of Year (1,943,789) (1,943,789) (1,943,789)
Fund Balance,End of Year $ (1,823,395) $ (1,822,495) $ (1,995,668) $ (173,173)
76
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Redevelopment Agency Capital Projects Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 686,031 $ 686,031 $ 403,316 $ (282,715)
Total Use of Money and Property 686,031 686,031 403,316 (282,715)
OTHER REVENUES
Revenues Not Elsewhere Classified 3,330 3,330
Sale Plans/Specifications 3,660 3,660
Total Other Revenues - - 6,990 6,990
Total Revenues 686,031 686,031 410,306 (275,725)
EXPENDITURES
Current:
Public Services 47,400 113,289 (65,889)
Capital Outlay 12,053,153 15,553,472 813,288 14,740,184
Total Expenditures 12,053,153 15,600,872 926,577 14,674,295
Excess(Deficiency)of Revenues
over Expenditures (11,367,122) (14,914,841) (516,271) 14,398,570
OTHER FINANCING SOURCES (USES)
Transfers Out (17,286) (4,863,609) (4,846,323)
Total Other Financing
Sources(Uses) - (17,286) (4,863,609) (4,846,323)
Net Change in Fund Balances (11,367,122) (14,932,127) (5,379,880) 9,552,247
Fund Balance,Beginning of Year 21,668,552 21,668,552 21,668,552
Fund Balances,End of Year $ 10,301,430 $ 6,736,425 $ 16,288,672 $ 9,552,247
77
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Redevelopment Agency Debt Service Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
PROPERTY TAXES
Homeowners Property Exemption $ 30,000 $ 30,000 $ 43,672 $ 13,672
Tax Increment Secured 5,700,000 5,700,000 6,121,054 421,054
Tax Increment Unsecured 830,000 830,000 889,706 59,706
Total Property Taxes 6,560,000 6,560,000 7,054,432 494,432
USE OF MONEY AND PROPERTY
Investment Earnings 342,060 342,060 224,688 (117,372)
Total Use of Money and Property 342,060 342,060 224,688 (117,372)
Total Revenues 6,902,060 6,902,060 7,279,120 377,060
EXPENDITURES
Current:
Public Services 2,800,000 2,800,000 3,366,958 (566,958)
Debt Service
Principal 475,000 475,000 475,000 -
Interest 1,627,921 1,627,921 1,557,896 70,025
Total Expenditures 4,902,921 4,902,921 5,399,854 (496,933)
Excess(Deficiency)of Revenues
over Expenditures 1,999,139 1,999,139 1,879,266 (119,873)
OTHER FINANCING SOURCES (USES)
Transfers In 152,117 152,117 152,117 -
Tranfers Out (1,312,000) (1,312,000) (2,515,766) (1,203,766)
Total Other Financing
Sources(Uses) (1,159,883) (1,159,883) (2,363,649) (1,203,766)
SPECIAL ITEMS
County Settlement 1,000,000 1,000,000 -
Net Change in Fund Balance 839,256 1,839,256 515,617 (1,323,639)
Fund Balance, Beginning of Year 1,630,441 1,630,441 1,630,441
Fund Balance,End of Year $ 2,469,697 $ 3,469,697 $ 2,146,058 $ (1,323,639)
78
City of Moorpark
Non-Major Governmental Funds
June 30,2009
SPECIAL REVENUE FUNDS
Library Services Fund — is used to account for the financial resources for the operation of the City's
public library system.
Traffic Safety Fund - is used to account for revenues collected from traffic fines and forfeitures, which
is used for crossing guards and parking enforcement.
Affordable Housing Fund (City) - is used to account for grants used for development of affordable
housing units.
Los Angeles Area of Contribution Fund - is used to account for the financial resources for capital
projects related to streets and other improvements within the Los Angeles project area.
Tierra Rejeda/Spring Road A.O.0 Fund - is used to account for the financial resources for capital
projects related to streets and other improvements within the Tierra Rejeda& Spring Road project area.
Casey/Gabbert Area of Contribution Fund - is used to account for the financial resources for capital
projects related to streets and other improvements within the Casey & Gabbert project area.
Freemont Storm Drain A.O.0 Fund - is used to account for the financial resources for capital projects
related to streets and other improvements within the Freemont Storm Drain project area.
State and Federal Assistance Fund - is used to account for Federal and State grants used for the
construction of street and related improvements and help fund law enforcement.
State Gas Tax Fund - is used to account for fees used for street maintenance, right-of-way acquisition
and street construction.
Proposition 1B Local Streets and Roads Fund—is used to account for funds received from the State of
California for specific transportation programs.
Proposition 1B Safety and Security Fund—is used to account for the financial resources of the Prop 1B
bonds used for the seismic safety of bridges and public transit.
Low and Moderate Income Housing Fund (MRA) - is used to account for the receipt of 20 percent of
the gross tax increment allocation, which is restricted for use on projects that increase or preserve the
supply of low and moderate income housing in accordance with Health and Safety Code Section 33334.
79
City of Moorpark
Non-Major Governmental Funds
June 30,2009
SPECIAL REVENUE FUNDS - Continued
Local Transportation Transit Fund - is used to account for fees used in local transportation and street
projects that help relieve traffic congestion programs and development.
Solid Waste Fund - is used to account for fees used on programs that promote resource conservation,
recycling, composting, and proper disposal of hazardous household waste.
CAPITAL PROJECTS FUNDS
Capital Projects Fund—is used to account for financial resources used for major capital projects of the
general government operations.
City Hall Building Fund-is used to account for the funds used to build the new Civic Center
Complex.
Equipment Replacement Fund - is used to account for the funds used to replace city equipment and
vehicles.
80
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2009
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
ASSETS
Cash and Investments $ 787,699 $ 455,659 $ 3,570,082 $ 11,641,856
Receivables:
Taxes
Accounts 43 70,225
Notes 607,739 250,249
Due From Other Funds 134,242
Prepaid Items
Property Held for Resale/Development
Total Assets $ 787,742 $ 525,884 $ 4,177,821 $ 12,026,347
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ 18,900 $ 2,825 $ 160 $ 58,440
Due to Other Funds
Deferred Revenue 24,232 607,739 250,249
Total Liabilities 18,900 27,057 607,899 308,689
Fund Balances:
Reserved For:
Property Held for Resale/Development
Prepaid Items
Unreserved,Reported In:
Special Revenue Funds 768,842 498,827 3,569,922 11,717,658
Capital Projects Funds
Total Fund Balances 768,842 498,827 3,569,922 11,717,658
Total Liabilities and Fund Balances $ 787,742 $ 525,884 $ 4,177,821 $ 12,026,347
81
Special Revenue
Tierra Rejada/ Casey/Gabbert Freemont State and Prop 1B
Spring Road Area of Storm Drain Federal State Gas Local Streets
A.O.0 Contribution A.O.0 Assistance Tax and Roads
$ $ 81,101 $ 14,894 $ 1,202,802 $ 430,251 $ 1,138,635
295,151 62,566
$ - $ 81,101 $ 14,894 $ 1,497,953 $ 492,817 $ 1,138,635
$ 12,768 $ $ $ 9,471 $ 43,234 $
154,549 237,171
167,317 - - 246,642 43,234 -
(167,317) 81,101 14,894 1,251,311 449,583 1,138,635
(167,317) 81,101 14,894 1,251,311 449,583 1,138,635
$ - $ 81,101 $ 14,894 $ 1,497,953 $ 492,817 $ 1,138,635
82
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2009
Special Revenue
Prop 1B Low and Local
Safety Moderate Transportation Solid
and Security Income Housing Transit Waste
ASSETS
Cash and Investments $ 102,234 $ 621,582 $ 32,178 $ 959,483
Receivables:
Taxes
Accounts 4,488 117,497 23,960
Notes 141,898
Due From Other Funds
Prepaid Items 5,200
Property Held for Resale/Development 6,655,250
Total Assets $ 102,234 $ 7,428,418 $ 149,675 $ 983,443
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ $ 131,119 $ 42,752 $ 14,504
Due to Other Funds 352,110
Deferred Revenue 16,384 107,177
Total Liabilities - 499,613 149,929 14,504
Fund Balances:
Reserved For:
Property Held for Resale/Development 6,655,250
Prepaid Items 5,200
Unreserved,Reported In:
Special Revenue Funds 102,234 268,355 (254) 968,939
Capital Projects Funds
Total Fund Balances 102,234 6,928,805 (254) 968,939
Total Liabilities and Fund Balances $ 102,234 $ 7,428,418 $ 149,675 $ 983,443
83
Capital Projects Total
Nonmajor
Capital City Hall Equipment Governmental
Projects Building Replacement Funds
$ 107,681 $ 3,754,802 $ 458,184 $ 25,359,123
573,930
999,886
60,000 194,242
5,200
6,655,250
$ 167,681 $ 3,754,802 $ 458,184 $ 33,787,631
$ $ $ $ 334,173
743,830
1,005,781
2,083,784
6,655,250
5,200
20,662,730
167,681 3,754,802 458,184 4,380,667
167,681 3,754,802 458,184 31,703,847
$ 167,681 $ 3,754,802 $ 458,184 $ 33,787,631
84
City of Moorpark
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Non-Major Governmental Funds
Year Ended June 30, 2009
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
REVENUES
Taxes $ 1,495,700 $ $ $
Fines and Forteitures 18,259 273,714
Use of Money and Property 17,702 86,793 285,929
Charges for Services 4,232 203,044 209,758
Intergovernmental 12,974
Other Revenue 5,356
Total Revenues 1,531,165 291,416 295,193 495,687
EXPENDITURES
Current:
Public Safety 111,876
Public Services 675,893 182,827
Parks and Recreation
Capital Outlay 269,680
Debt Service:
Interest
Total Expenditures 675,893 111,876 182,827 269,680
Excess(Deficiency)of Revenues
Over Expenditures 855,272 179,540 112,366 226,007
OTHER FINANCING SOURCES(USES)
Transfers In
Transfers Out (402,000) (81,380)
Total Other Financing Sources (Uses) _ (402,000) - (81,380)
Net Change in Fund Balances 855,272 (222,460) 112,366 144,627
Fund Balances,Beginning of Year (86,430) 721,287 3,457,556 11,573,031
Fund Balances, End of Year $ 768,842 $ 498,827 $ 3,569,922 $ 11,717,658
85
Special Revenue
Tierra Rejada/ Casey/Gabbert Freemont State and Prop 1B
Spring Road Area of Stonn Drain Federal State Gas Local Streets
A.O.0 Contribution A.O.0 Assistance Tax and Roads
$ $ $ $ $ $
708 1,978 363 31,633 16,064
94,639
1,845,852 602,923 537,418
590 1,320 7,723
95,937 1,978 363 1,878,805 610,646 553,482
63,254
14,733 1,407,744
118,662 494,658 52,920
118,662 - - 572,645 1,460,664 -
(22,725) 1,978 363 1,306,160 (850,018) 553,482
1,211,625
(8,969) (1,107,970) (162,444)
(8,969) - - (1,107,970) 1,049,181 -
(31,694) 1,978 363 198,190 199,163 553,482
(135,623) 79,123 14,531 1,053,121 250,420 585,153
$ (167,317) $ 81,101 $ 14,894 $ 1,251,311 $ 449,583 $ 1,138,635
Continued
86
City of Moorpark
Combining Statement of Revenues,Expenditures and Changes in Fund Balance
Non-Major Governmental Funds - Continued
Year Ended June 30,2009
Special Revenue
Prop 1B Low and Local
Safety Moderate Transportation Solid
and Security Income Housing Transit Waste
REVENUES
Taxes $ $ $ $ 285,788
Fines and Forteitures
Use of Money and Property 2,234 28,494 7,414 23,517
Charges for Services 75,781 2,960
Intergovernmental 100,000 658,522 35,327
Other Revenue 75 21,003
Total Revenues 102,234 28,494 741,792 368,595
EXPENDITURES
Current:
Public Safety
Public Services 318,243 373,572 434,285
Parks and Recreation
Capital Outlay 234,174 337,167
Debt Service:
Interest 36,166
Total Expenditures - 588,583 710,739 434,285
Excess(Deficiency)of Revenues
Over Expenditures 102,234 (560,089) 31,053 (65,690)
OTHER FINANCING SOURCES(USES)
Transfers In 1,410,886 13,178
Transfers Out (153,359)
Total Other Financing Sources(Uses) - 1,257,527 13,178 -
Net Change in Fund Balances 102,234 697,438 44,231 (65,690)
Fund Balances,Beginning of Year 6,231,367 (44,485) 1,034,629
Fund Balances,End of Year $ 102,234 $ 6,928,805 $ (254) $ 968,939
87
Capital Projects Total
Nonmajor
Capital City Hall Equipment Governmental
Projects Building Replacement Funds
$ $ $ $ 1,781,488
291,973
954 18,725 11,488 533,996
590,414
3,793,016
36,067
954 18,725 11,488 7,026,954
175,130
3,407,297
6,960 24,315 19,919 1,558,455
36,166
6,960 24,315 19,919 5,177,048
(6,006) (5,590) (8,431) 1,849,906
173,687 3,368,697 6,178,073
(1,916,122)
173,687 3,368,697 - 4,261,951
167,681 3,363,107 (8,431) 6,111,857
391,695 466,615 25,591,990
$ 167,681 $ 3,754,802 $ 458,184 $ 31,703,847
88
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Library Services Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 811,000 $ 811,000 $ 1,495,700 $ 684,700
Fines and Forfeitures 25,000 25,000 18,259 (6,741)
Charges for Services 3,000 3,000 4,232 1,232
Intergovernmental 13,887 13,887 12,974 (913)
Total Revenues 852,887 852,887 1,531,165 678,278
EXPENDITURES
Current:
Public Services 797,507 806,856 675,893 130,963
Total Expenditures 797,507 806,856 675,893 130,963
Excess(Deficiency)of Revenues
over Expenditures 55,380 46,031 855,272 809,241
Fund Balance,Beginning of Year (86,430) (86,430) (86,430)
Fund Balance,End of Year $ (31,050) $ (40,399) $ 768,842 $ 809,241
89
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Traffic Safety Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Fines and Forfeitures $ 155,000 $ 155,000 $ 273,714 $ 118,714
Use of Money and Property 23,050 23,050 17,702 (5,348)
Total Revenues 178,050 178,050 291,416 113,366
EXPENDITURES
Current:
Public Safety 114,433 114,854 111,876 2,978
Total Expenditures 114,433 114,854 111,876 2,978
Excess(Deficiency)of Revenues
over Expenditures 63,617 63,196 179,540 116,344
OTHER FINANCING SOURCES (USES)
Transfer Out (402,000) (402,000) (402,000) -
Total Other Financing
Sources (Uses) (402,000) (402,000) (402,000) -
Net Change in Fund Balance (338,383) (338,804) (222,460) 116,344
Fund Balance,Beginning of Year 721,287 721,287 721,287
Fund Balance,End of Year $ 382,904 $ 382,483 $ 498,827 $ 116,344
90
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Affordable Housing Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 105,884 $ 105,884 $ 86,793 $ (19,091)
Charges for Services 406,070 406,070 203,044 (203,026)
Other Revenue 5,356 5,356
Total Revenues 511,954 511,954 295,193 (216,761)
EXPENDITURES
Current:
Public Services 65,200 201,200 182,827 18,373
Total Expenditures 65,200 201,200 182,827 18,373
Net Change in Fund Balance 446,754 310,754 112,366 (198,388)
Fund Balance,Beginning of Year 3,457,556 3,457,556 3,457,556
Fund Balance,End of Year $ 3,904,310 $ 3,768,310 $ 3,569,922 $ (198,388)
91
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Los Angeles Area of Contribution Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 398,806 $ 398,806 $ 285,929 $ (112,877)
Charges for Services 663,460 663,460 209,758 (453,702)
Total Revenues 1,062,266 1,062,266 495,687 (566,579)
EXPENDITURES
Capital Outlay 5,055,019 5,598,787 269,680 5,329,107
Total Expenditures 5,055,019 5,598,787 269,680 5,329,107
Excess(Deficiency)of Revenues
over Expenditures (3,992,753) (4,536,521) 226,007 4,762,528
OTHER FINANCING SOURCES (USES)
Transfers Out (81,380) (81,380) -
Total Other Financing
Sources(Uses) - (81,380) (81,380) -
Net Change in Fund Balance (3,992,753) (4,617,901) 144,627 4,762,528
Fund Balance,Beginning of Year 11,573,031 11,573,031 11,573,031
Fund Balance,End of Year $ 7,580,278 $ 6,955,130 $ 11,717,658 $ 4,762,528
92
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Tierra Rejada/Spring Road A.O.0 Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 708 $ 708
Charges for Services 307,176 307,176 94,639 (212,537)
Other Revenue 590 590
Total Revenues 307,176 307,176 95,937 (211,239)
EXPENDITURES
Capital Outlay 45,197 143,866 118,662 25,204
Total Expenditures 45,197 143,866 118,662 25,204
Excess(Deficiency)of Revenues
over Expenditures 261,979 163,310 (22,725) (186,035)
OTHER FINANCING SOURCES (USES)
Transfers Out (8,969) (8,969) -
Total Other Financing
Sources(Uses) - (8,969) (8,969) -
Net Change in Fund Balance 261,979 154,341 (31,694) (186,035)
Fund Balance,Beginning of Year (135,623) (135,623) (135,623)
Fund Balance,End of Year $ 126,356 $ 18,718 $ (167,317) $ (186,035)
93
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Cassey/Gabbert Area of Contribution Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 2,641 $ 2,641 $ 1,978 $ (663)
Total Revenues 2,641 2,641 1,978 (663)
EXPENDITURES
Capital Outlay -
Total Expenditures - - - -
Excess(Deficiency)of Revenues
over Expenditures 2,641 2,641 1,978 (663)
Fund Balance,Beginning of Year 79,123 79,123 79,123
Fund Balance,End of Year $ 81,764 $ 81,764 $ 81,101 $ (663)
94
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Freemont Storm Drain A.O.0 Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 480 $ 480 $ 363 $ (117)
Total Revenues 480 480 363 (117)
EXPENDITURES
Capital Outlay -
Total Expenditures - - - -
Excess(Deficiency)of Revenues
over Expenditures 480 480 363 (117)
Fund Balance,Beginning of Year 14,531 14,531 14,531
Fund Balance,End of Year $ 15,011 $ 15,011 $ 14,894 $ (117)
95
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - State and Federal Assistance Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 41,057 $ 41,057 $ 31,633 $ (9,424)
Intergovernmental 2,667,025 3,039,023 1,845,852 (1,193,171)
Other Revenue 1,320 1,320
Total Revenues 2,708,082 3,080,080 1,878,805 (1,201,275)
EXPENDITURES
Current:
Public Safety 100,000 100,000 63,254 36,746
Public Services 33,850 33,850 14,733 19,117
Capital Outlay 2,073,049 2,013,249 494,658 1,518,591
Total Expenditures 2,206,899 2,147,099 572,645 1,574,454
Excess(Deficiency)of Revenues
over Expenditures 501,183 932,981 1,306,160 373,179
OTHER FINANCING SOURCES (USES)
Transfers Out (1,107,970) (1,107,970) (1,107,970) -
Total Other Financing
Sources(Uses) (1,107,970) (1,107,970) (1,107,970) -
Net Change in Fund Balance (606,787) (174,989) 198,190 373,179
Fund Balance,Beginning of Year 1,053,121 1,053,121 1,053,121
Fund Balance,End of Year $ 446,334 $ 878,132 $ 1,251,311 $ 373,179
96
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - State Gas Tax Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ $
Intergovernmental 721,000 721,000 602,923 (118,077)
Other Revenue 7,723 7,723
Total Revenues 721,000 721,000 610,646 (110,354)
EXPENDITURES
Current:
Public Services 1,529,419 1,532,246 1,407,744 124,502
Capital Outlay 125,765 120,317 52,920 67,397
Total Expenditures 1,655,184 1,652,563 1,460,664 191,899
Excess(Deficiency)of Revenues
over Expenditures (934,184) (931,563) (850,018) 81,545
OTHER FINANCING SOURCES (USES)
Transfers In 1,107,970 1,211,625 1,211,625 -
Transfers Out (173,787) (162,444) (162,444) -
Total Other Financing
Sources(Uses) 934,183 1,049,181 1,049,181 -
Net Change in Fund Balance (1) 117,618 199,163 81,545
Fund Balance,Beginning of Year 250,420 250,420 250,420
Fund Balance,End of Year $ 250,419 $ 368,038 $ 449,583 $ 81,545
97
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Prop 1B Local Streets and Roads Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ 12,000 $ 16,064 $ 4,064
Intergovernmental 537,418 537,418 -
Total Revenues - 549,418 553,482 4,064
EXPENDITURES
Capital Outlay 581,448 581,448 581,448
Total Expenditures 581,448 581,448 - 581,448
Excess(Deficiency) of Revenues
over Expenditures (581,448) (32,030) 553,482 585,512
Fund Balance,Beginning of Year 585,153 585,153 585,153
Fund Balance,End of Year $ 3,705 $ 553,123 $ 1,138,635 $ 585,512
98
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Prop 1B Safety and Security Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 2,234 $ 2,234
Intergovernmental 100,000 100,000 100,000 -
Total Revenues 100,000 100,000 102,234 2,234
EXPENDITURES
Capital Outlay 100,000 100,000 100,000
Total Expenditures 100,000 100,000 - 100,000
Excess(Deficiency) of Revenues
over Expenditures - - 102,234 102,234
Fund Balance,Beginning of Year
Fund Balance,End of Year $ - $ - $ 102,234 $ 102,234
99
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Low and Moderate Income Housing Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 100,909 $ 100,909 $ 28,494 $ (72,415)
Total Revenues 100,909 100,909 28,494 (72,415)
EXPENDITURES
Current:
Public Services 2,120,229 2,198,329 318,243 1,880,086
Capital Outlay 378,950 443,366 234,174 209,192
Debt Service:
Interest 31,000 36,166 36,166 -
Total Expenditures 2,530,179 2,677,861 588,583 2,089,278
Excess(Deficiency)of Revenues
over Expenditures (2,429,270) (2,576,952) (560,089) 2,016,863
OTHER FINANCING SOURCES (USES)
Transfers In 1,312,000 1,312,000 1,410,886 98,886
Transfers Out (152,117) (153,359) (153,359) -
Total Other Financing
Sources(Uses) 1,159,883 1,158,641 1,257,527 98,886
Net Change in Fund Balance (1,269,387) (1,418,311) 697,438 2,115,749
Fund Balance,Beginning of Year 6,231,367 6,231,367 6,231,367
Fund Balance,End of Year $ 4,961,980 $ 4,813,056 $ 6,928,805 $ 2,115,749
100
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Local Transportation Transit Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 6,963 $ 6,963 $ 7,414 $ 451
Charges for Services 60,000 60,000 75,781 15,781
Intergovernmental 775,779 276,506 658,522 382,016
Other Revenue 75 75
Total Revenues 842,742 343,469 741,792 398,323
EXPENDITURES
Current:
Public Services 718,822 721,834 373,572 348,262
Capital Outlay 236,695 267,567 337,167 (69,600)
Total Expenditures 955,517 989,401 710,739 278,662
Excess(Deficiency)of Revenues
over Expenditures (112,775) (645,932) 31,053 676,985
OTHER FINANCING SOURCES (USES)
Transfers In 13,178 13,178 -
Total Other Financing
Sources(Uses) - 13,178 13,178 -
Net Change in Fund Balance (112,775) (632,754) 44,231 676,985
Fund Balance,Beginning of Year (44,485) (44,485) (44,485)
Fund Balance,End of Year $ (157,260) $ (677,239) $ (254) $ 676,985
101
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Solid Waste Special Revenue Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 295,000 $ 295,000 $ 285,788 $ (9,212)
Use of Money and Property 34,334 34,334 23,517 (10,817)
Charges for Services 2,960 2,960
Intergovernmental 48,965 48,965 35,327 (13,638)
Other Revenue 21,003 21,003
Total Revenues 378,299 378,299 368,595 (9,704)
EXPENDITURES
Current:
Public Services 389,125 401,506 434,285 (32,779)
Capital Outlay 68,758 95,000 95,000
Total Expenditures 457,883 496,506 434,285 62,221
Net Change in Fund Balance (79,584) (118,207) (65,690) 52,517
Fund Balance,Beginning of Year 1,034,629 1,034,629 1,034,629
Fund Balance,End of Year $ 955,045 $ 916,422 $ 968,939 $ 52,517
102
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Capital Projects Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 954 $ 954
Total Revenues - - 954 954
EXPENDITURES
Capital Outlay 210,000 6,960 203,040
Total Expenditures - 210,000 6,960 203,040
Excess(Deficiency)of Revenues
over Expenditures - (210,000) (6,006) 203,994
OTHER FINANCING SOURCES (USES)
Transfer In 173,687 173,687
Total Other Financing
Sources(Uses) - - 173,687 173,687
Net Change in Fund Balance - (210,000) 167,681 377,681
Fund Balance,Beginning of Year
Fund Balance,End of Year $ - $ (210,000) $ 167,681 $ 377,681
103
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - City Hall Building Capital Projects Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 14,406 $ 14,406 $ 18,725 $ 4,319
Total Revenues 14,406 14,406 18,725 4,319
EXPENDITURES
Capital Outlay 3,764,754 3,773,109 24,315 3,748,794
Total Expenditures 3,764,754 3,773,109 24,315 3,748,794
Excess(Deficiency)of Revenues
over Expenditures (3,750,348) (3,758,703) (5,590) 3,753,113
OTHER FINANCING SOURCES (USES)
Transfer In 3,368,697 3,368,697 3,368,697 -
Total Other Financing
Sources(Uses) 3,368,697 3,368,697 3,368,697 -
Net Change in Fund Balance (381,651) (390,006) 3,363,107 3,753,113
Fund Balance,Beginning of Year 391,695 391,695 391,695
Fund Balance,End of Year $ 10,044 $ 1,689 $ 3,754,802 $ 3,753,113
104
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Equipment Replacement Capital Projects Fund
Year Ended June 30, 2009
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 17,047 $ 17,047 $ 11,488 $ (5,559)
Total Revenues 17,047 17,047 11,488 (5,559)
EXPENDITURES
Capital Outlay 1,800 41,366 19,919 21,447
Total Expenditures 1,800 41,366 19,919 21,447
Excess(Deficiency) of Revenues
over Expenditures 15,247 (24,319) (8,431) 15,888
OTHER FINANCING SOURCES (USES)
Transfer In -
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance 15,247 (24,319) (8,431) 15,888
Fund Balance,Beginning of Year 466,615 466,615 466,615
Fund Balance,End of Year $ 481,862 $ 442,296 $ 458,184 $ 15,888
105
City of Moorpark
Statement of Changes in Net Assets
Agency Funds
Year Ended June 30, 2009
Balance at Balance at
July 1,2008 Additions Deletions June 30,2009
ASSETS
Cash and Investments $ 4,038,463 $ $ (741,075) $ 3,297,388
Restricted Cash and Investments 6,442,184 65,271 6,507,455
Accounts Receivable 1,104 25,219 26,323
Accounts Receivable 21,532 21,532
Total Assets $ 10,481,751 $ 112,022 $ (741,075) $ 9,852,698
LIABILITIES
Accounts Payable $ 319,241 $ $ (137,195) $ 182,046
Developer Deposits 3,567,978 (451,359) 3,116,619
Due to Bondholders 6,594,532 (40,509) 6,554,023
Total Liabilities $ 10,481,751 $ - $ (629,063) $ 9,852,688
106
STATISTICAL SECTION
CITY OF MOORPARK
Net Assets by Component
Last Seven Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
Govemmental 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 $ 130,581,499
Restricted 39,344,368 41,506,906 46,405,391 57,986,366 100,649,409 101,613,368 94,878,693
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428 6,458,224 3,641,173 14,213,503
Total govemmental activities net assets $ 159,106,739 $ 167,310,012 $ 172,580,040 $ 193,142,118 $ 233,008,403 $ 235,325,649 $ 239,673,695
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30,2003).
The City of Moorpark does not have any business-type activities.
107
CITY OF MOORPARK
Changes in Net Assets
Last Seven Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
Expenses:
General government $ 2,116,644 $ 2,351,860 $ 3,030,395 $ 3,044,381 $ 1,639,628 $ 1,949,206 $ 2,041,596
Public safety 4,142,268 4,902,148 5,709,323 6,230,057 6,317,283 6,882,072 7,035,384
Public services 7,150,513 10,957,272 9,844,050 13,106,843 21,231,766 20,580,204 18,170,325
Parks and recreation 2,276,066 2,600,523 2,304,852 2,771,270 4,293,823 4,551,045 4,470,524
Interest on long-term debt 1,040,854 1,097,421 978,843 1,333,370 1,332,541 1,773,841 1,616,843
Total governmental activities expense 16,726,345 21,909,224 21,867,463 26,485,921 34,815,041 35,736,368 33,334,672
Program revenues:
Charges for services:
General government 509,401 1,407,130 2,010,540 2,201,590 191,674 283,576 232,926
Public safety 708,392 369,795 344,019 340,341 598,500 633,131 538,636
Public services 2,166,168 4,181,363 2,776,976 4,163,781 6,612,769 5,743,200 3,172,708
Parks and recreation 322,772 536,238 501,283 536,166 604,904 756,885 644,979
Total charges for services 3,706,733 6,494,526 5,632,818 7,241,878 8,007,847 7,416,792 4,589,249
Operating contributions and grants 5,440,099 4,077,849 2,313,834 3,237,143 4,489,945 7,113,883 6,172,315
Capital contributions and grants 4,131,439 4,731,311 4,633,166 18,027,831 38,337,638 5,481,972 3,326,778
Total governmental activities
program revenues 13,278,271 15,303,686 12,579,818 28,506,852 50,835,430 20,012,647 14,088,342
Net program revenues(expenses) (3,448,074) (6,605,538) (9,287,645) 2,020,931 16,020,389 (15,723,721) (19,246,330)
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 7,802,643
Property tax,Redevelopment Agency 3,577,050 4,116,542 3,901,779 5,530,198 6,347,692 6,887,079 7,054,432
Franchise tax 1,067,669 919,290 955,829 1,080,893 1,126,951 1,150,180 1,171,556
Sales tax 1,664,626 2,176,893 2,046,368 2,260,786 2,192,327 2,306,281 2,329,522
Sales tax in lieu - - 537,485 608,298 704,562 779,263 849,227
Motor vehicle in lieu 2,161,324 1,570,551 2,836,154 2,734,470 2,860,207 3,038,440 125,307
Investment income 2,027,190 1,363,344 1,725,579 3,261,384 6,556,186 2,491,856 2,875,649
Other 21,479 177,380 1,160,805 135,276 58,841 139,728 386,040
Gain on sale of property - - 48,339 - 276,797 - -
Special item(1) - (900,000) - - - - -
County settlement - - - - - - 1,000,000
Total governmental activities 12,933,302 12,082,230 15,867,431 18,541,147 23,458,054 21,298,807 23,594,376
Changes in net assets-
governmental activities $ 9,485,228 $ 5,476,692 $ 6,579,786 $ 20,562,078 $ 39,478,443 $ 5,575,086 $ 4,348,046
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
108
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Seven Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
General fund:
Reserved $ - $ - $ 5,772,444 $ 2,943,353 $ - $ 95,397 $ 373,209
Unreserved 13,456,231 14,756,222 12,527,255 18,301,058 24,405,620 3,625,348 2,832,620
Total general fund $ 13,456,231 $ 14,756,222 $ 18,299,699 $ 21,244,411 $ 24,405,620 $ 3,720,745 $ 3,205,829
All other governmental funds:
Reserved $ 4,378,065 $ 4,099,849 $ 13,889,036 $ 14,124,235 $ 41,864,116 $ 35,103,620 $ 33,719,016
Unreserved,reported in:
Special revenue funds 32,857,500 29,994,471 26,977,320 36,903,391 41,486,631 42,761,089 37,278,628
Capital projects funds 9,625,965 8,950,250 3,361,134 1,293,998 16,807,370 39,098,065 35,699,829
Debt Service funds (97,935) (891,297) (346,716) (321,425) 83,243 (1,025,927) 261,336
Non-major funds 7,146,987 10,651,331 8,272,652 9,724,941 8,693,969 13,384,413 25,043,397
Total all other governmental funds $ 53,910,582 $ 52,804,604 $ 52,153,426 $ 61,725,140 $ 108,935,329 $ 129,321,260 $ 132,002,206
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30,2003).
109
CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Seven Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007 2008 2009
Revenues:
Taxes $ 8,490,985 $ 9,870,955 $ 9,139,722 $ 12,231,076 $ 13,706,024 $ 15,392,269 $ 19,716,636
Licenses and permits 51,083 63,146 54,180 72,365 65,630 72,951 645,010
Fines and forfeitures 290,054 306,871 344,019 340,341 343,579 358,665 484,930
Uses of money and property 2,027,190 1,363,006 1,924,579 3,261,384 7,085,104 5,684,111 3,114,881
Charges for services 867,731 2,001,561 2,558,974 2,665,391 338,929 677,277 3,813,159
Intergovernmental 4,051,263 4,298,009 5,150,992 6,302,193 6,163,985 7,549,040 3,948,059
Maintenance assessments 2,955,340 2,639,628 1,963,190 1,845,742 1,922,471 4,205,700 3,491,975
Franchise fees 232,324 257,127 1,231,763 283,162 292,003 301,514 398,539
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 prop owners - - - - 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 35,613,189
Expenditures
Current:
General government 2,048,658 2,259,017 2,893,359 2,919,564 1,471,354 1,835,801 1,926,283
Public safety 4,127,670 4,882,547 5,690,820 6,211,461 6,083,917 6,637,757 6,814,425
Public services 8,765,039 8,401,453 8,098,147 11,215,406 9,608,754 12,505,613 11,259,297
Parks and recreation 2,063,428 2,381,698 2,081,723 2,544,206 4,039,888 4,291,867 4,182,091
Capital outlay 3,596,982 8,775,159 7,810,879 10,038,439 19,477,866 14,682,017 8,100,604
Debt service:
Principal 365,000 395,000 405,000 435,910 440,000 455,000 475,000
Interest 1,044,915 1,100,996 1,158,585 1,251,354 1,400,985 1,631,932 1,594,062
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 34,351,762
Excess of revenues over
expenditures 4,437,851 194,013 2,131,554 12,515,016 31,755,982 (394,341) 1,261,427
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) - -
County settlements 1,000,000
Transfers in 3,781,938 3,588,717 2,027,315 3,352,002 9,457,260 27,626,755 17,062,650
Transfers out (3,781,938) (3,588,717) (2,027,315) (3,352,002) (9,457,260) (27,626,755) (17,062,650)
Total other financing
sources(uses) - - 48,339 1,410 11,646,396 - 1,000,000
Net change in fund balances $ 4,437,851 $ 194,013 $ 2,179,893 $ 12,516,426 $ 43,402,378 $ (394,341) $ 2,261,427
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 8.3% 7.4% 8.7% 8.3% 8.6%
The City of Moorpark has elected to report retroactively back to the year the City implemented
GASB 34(June 30, 2003).
110
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
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%
2009 4,700,305,496 174,181,146 46,351,377 4,920,838,019 828,244,210 102,730,045 4,309,164 935,283,419 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 price of the
property sold.The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is
subject to the limitations described above.
Source: Ventura County Assessor's Office
111
CITY OF MOORPARK
Direct and Overlapping Property Tax Rates
(Rate per$100 of assessed value)
Last Ten Fiscal Years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
City Direct Rates:
City basic rate 1.04244 1.05062 1.04171 1.06072 1.05820 1.05020 1.05480 1.06163 1.04955 1.0495
Redevelopment agency - - - - - - - - - -
Total City Direct Rate 1.042 1.051 1.042 1.061 1.058 1.050 1.055 1.062 1.050 1.050
Overlapping Rates:
Ventura County Flood Cont. 8.012 8.012 8.039 8.097 n/a n/a n/a n/a n/a n/a
Metropolitan Water District 0.222 0.222 0.229 2.340 0.233 0.232 0.235 0.233 0.234 0.230
Ventura Community College n/a n/a n/a 4.312 4.311 4.269 4.331 4.296 4.361 4.371
Ventura County Waterworks 100.000 100.000 n/a n/a n/a n/a n/a n/a n/a n/a
Conejo Valley Unified School
District 0.021 0.021 0.027 0.025 0.024 2.200 0.020 0.019 0.018 0.018
Moorpark Unified School
District n/a n/a 92.311 91.733 91.959 92.121 92.442 92.313 92.417 92.240
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 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
City of Moorpark 1915 Act
Bonds 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
Total Direct Rate 109.297 109.306 101.648 107.568 97.585 99.872 98.083 97.923 98.080 97.909
NOTE:
1) In 1978,California voters passed Proposition 13 which sets the property tax rate at a 1.00%fixed amount. This 1.00%is shared by
all taxing agencies for which the subject property resides within. In addition to the 1.00%fixed amount,property owners are charged
taxes as a percentage of assessed property values for the payment of the Moorpark Unified School District bonds.
2) The direct and overlapping bonded debt above is not the City's nor the Redevelopment Agency's obligation.
112
CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Nine Years Ago
2009 2000
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value * Value Value Value
DBRE Moorpark LLC $ 68,371,546 13.89% $ - 0.00%
Waterstone Properties Moorpark LLC 65,825,559 13.38% - 0.00%
G&Y Moorpark LLC 25,183,900 5.12% - 0.00%
Mission Bell West LP 23,948,893 4.87% 20,208,563 7.91%
James Birkenshaw,Et. Al. 19,523,166 3.97% 12,264,597 4.80%
Calabasas BCD Inc. 19,171,316 3.90% 11,751,954 4.60%
Fred Kavli 15,468,544 3.14% 12,701,599 4.97%
Mission Bell East LLC 13,848,034 2.81% 14,297,706 5.60%
Leonard Rose Trust 11,720,030 2.38% 9,998,062 3.91%
6100 Condor LLC 11,645,300 2.37% - 0.00%
$ 274,706,288 55.83% $ 81,222,481 31.80%
* Due to varying tax rates,the assessed value does not necessarily mean the highest tax.
The assessed value includes secured.
Source: HdL 2008-2009 property data
113
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
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%
2009 3,763,078 3,603,423 95.76%
NOTE:
The amount presented includes City property taxes
only.
Source: Ventura County Auditor Controller's Office
114
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
2000 - $ 9,540,000 $ 9,540,000 $ 9,540,000 0.44% 321
2001 - 15,424,000 15,424,000 15,424,000 0.64% 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
2009 - 29,185,000 29,185,000 29,185,000 0.83% 787
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 30,2009 is$5,970,000, $11,540,000 and$11,695,000
respectively.
2 These ratios are calculated using personal income and population for the prior calendar year.
115
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
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
2009 - 29,185,000 29,185,000 0.50% 787
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.
116
CITY OF MOORPARK
Direct and Overlapping Debt
June 30,2009
City Assessed Valuation 2008-09 $ 4,921,181,019
Redevelopment Agency Incremental Valuation 671,128,057
Adjusted Assessed Valuation $ 4,250,052,962
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2009 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.230% $ 293,425,000 $ 674,878
Ventura Community College District 4.371% 317,212,814 13,865,372
Conejo Valley Unified School District 0.018% 43,060,143 7,751
Moorpark Unified School District 92.240% 41,615,407 38,386,051
City of Moorpark Community Facilities District No. 97-1 100.000% 6,310,000 6,310,000
City of Moorpark Community Facilities District No.2004-1 100.000% 36,965,000 36,965,000
City of Moorpark 1915 Act Bonds 100.000% 1,525,000 1,525,000
Total Direct and Overlapping Tax&Assessment Debt 740,113,364 97,734,052
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.370% $ 62,125,000 2,714,863
Ventura County Superintendent of Schools COPs 4.370% 12,740,000 556,738
Moorpark Unified School District COPs 92.240% 9,050,000 8,347,720
Total Overlapping General Fund Obligation Debt 83,915,000 11,619,321
Combined Total Debt* $ 824,028,364 109,353,372
Total direct and overlapping debt $ 109,353,372
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.
117
CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2000 2001 2002 2003
Assessed valuation $ 2,149,505,500 $ 2,421,104,221 $ 2,549,782,519 $ 2,823,727,286
Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 537,376,375 605,276,055 637,445,630 705,931,822
Debt limit percentage 15% 15% 15% 15%
Debt limit 80,606,456 90,791,408 95,616,844 105,889,773
Total net debt applicable to limit:
General obligation bonds - - - -
Legal debt margin 80,606,456 90,791,408 95,616,844 105,889,773
Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
The Government Code 2227 of the State of California provides for a legal debt limit of 15%of gross assessed
valuation. However,this provision was enacted when assessed valuation was based upon 25%of market value.
Effective with the 81-82 fiscal year,each parcel is now assessed at 100%of market value(as of the most recent
change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation
date for each fiscal year from the current full valuation perspective to the 25%level that was in effect at the time
that the legal debt margin was enacted by the State of California for local governments located within the state.
Source: City Finance Department
Ventura County Tax Assessor's Office
118
CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years - Continued
Fiscal Year
2004 2005 2006 2007 2008 2009
$ 2,823,727,286 $ 3,231,418,940 $ 3,721,591,791 $ 4,157,360,033 $ 4,558,597,806 $ 4,700,305,496
25% 25% 25% 25% 25% 25%
705,931,822 807,854,735 930,397,948 1,039,340,008 1,139,649,452 1,175,076,374
15% 15% 15% 15% 15% 15%
105,889,773 121,178,210 139,559,692 155,901,001 170,947,418 176,261,456
105,889,773 121,178,210 139,559,692 155,901,001 170,947,418 176,261,456
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
119
CITY OF MOORPARK
Pledged-Revenue Coverage
Last Nine Fiscal Years
Tax Allocation Bonds
Fiscal Year
Ended Tax Debt Service
June 30 Increment Principal Interest Coverage
2001 $ 2,501,624 $ 345,000 $ 420,193 3.27
2002 2,606,388 355,000 408,638 3.41
2003 3,537,293 365,000 989,554 2.61
2004 4,076,183 395,000 976,140 2.97
2005 3,860,624 405,000 959,942 2.83
2006 5,487,272 420,000 944,281 4.02
2007 6,306,385 440,000 1,085,040 4.14
2008 6,858,882 455,000 909,906 5.03
2009 7,010,760 475,000 1,397,922 3.74
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.
120
CITY OF MOORPARK
Demographic and Economic Statistics
Last Ten Calendar Years
Household Median Unemployment
Calendar Population Income Household Rate
Year (1) (in thousands) Income (2) (3)
2000 29,727 $ 2,177,919 $ 73,264 5.1%
2001 32,150 2,414,272 75,094 5.2%
2002 33,760 2,811,600 83,282 6.8%
2003 34,529 2,978,092 86,249 7.2%
2004 34,933 3,054,507 87,439 6.4%
2005 35,933 3,039,105 84,577 5.4%
2006 35,836 3,050,432 85,122 4.4%
2007 36,480 3,179,341 87,153 4.7%
2008 36,971 3,526,775 95,393 5.7%
2009 37,086 3,508,076 94,593 10.3%
Sources: (1) State Department of Finance or Dave Bobardt
(2) CLRSearch.com
(3) State of California Employment Development Department(data shown
is for the County)
121
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 6.76% 1,000 12.28%
Moorpark Unified School Dist. 871 4.91% 700 8.60%
Pentair Pool Products 527 2.97% - 0.00%
Waterpik Tech. (Teledyne) 451 2.54% 300 3.68%
Moorpark College 315 1.78% 500 6.14%
SMTEK International 220 1.24% - 0.00%
Special Devices,Inc. 190 1.07% - 0.00%
Axius/Auto Shade 150 0.85% 120 1.47%
Target 150 0.85% - 0.00%
Boething Tree Farm 145 0.82% - 0.00%
"Total Employment" as used above represents the total employment of all employers located
within City limits. The total number of employees within the City limits in 2008 were 17,743 as compared to
total number of employees within the City limits in 1998 were 8,142.
Source: Chamber of Commerce
City-datacom
122
CITY OF MOORPARK
Full-time and Part-time City Employees
by Function
Last Nine Fiscal Years
Function 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General government 18 20 36 43 33 32 31 30 26 26
Public safety(crossing guards) 8 6 6 6 7 4 7 7 7 6
Public services 21 21 41 38 20 17 17 26 22 22
Parks and recreation 45 42 19 19 42 38 41 49 54 56
Total 92 89 102 106 102 91 96 112 109 110
Public safety 1 34 34 33 30 28 31 31 42 42 38
1 Police and fire services were provided by the County.
Fire=18 and police=20
Source:City Payroll Office
123
CITY OF MOORPARK
Operating Indicators
by Function
Last Ten Fiscal Years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Police:(A)
Arrests 1,258 1,414 1,235 1,296 1,520 1,388 1,653 1,890 1,732 1,412
Parking citations issued 2,579 2,582 4,285 3,706 2,890 4,160 2,860 3,254
Fire:(B)
Number of"prime"emergency calls 1,013 975 1,103 1,179 1,415 1,308 1,329 1,351 1,362 1,100
Business Inspections* 417 417 117 117 125 125 125 123 130 143
Public works:(C)
Street resurfacing(miles) 73.33 - - 73.33 - 0.10 - 30.0 3.8 -
Parks and recreation:(D)
Number of recreation classes 351 423 386 317 290 364 338 479 378 265
Number of facility rentals 243 250 184 258 307 491 338 180 210 186
Prime calls and business inspections are for station#42
*In November 2001,all business occupancies less than 10,000 sq.feet became eligible for self inspection program.
Source:City of Moorpark
(A)Provided by Moorpark P.D.;parking citation data is not available for earlier years
(B)Ventura County Fire Dept.;-some data not available for earlier years
(C)Moorpark Public Works Dept.;-every six years,the City plans to resurface its streets,1/3 every other year (total street miles=220)
(D)Arroyo Vista Recreation Dept.;-recreation classes and room rentals began after the park opened
124
CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Police:
Stations 1 1 1 1 1 2 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 78 79
Streetlights 2,264 2,263 2,269 2,299 2,325 2,347 2497 2510 2518
Traffic signals 15 15 15 16 17 17 17 17 20 20
Parks and recreation:
Parks 14 14 15 15 15 15 16 16 16 17
Community centers 2 2 2 2 2 2 2 2 2 2
Source:City of Moorpark
Of the streetlights,2,510 are owned by Edison and 8 are owned by the City
125