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Fiscal Year Ending June 30, 2010
CITY OF MOORPARK,CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30,2010
Prepared By:
Ron Ahlers,Finance Director
Irmina Lumbad,Finance&Accounting Manager
Debbie Burdorf,Accountant I
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City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2010
TABLE OF CONTENTS
PAGE
I, INTRODUCTORY SECTION
Letter of Transmittal i-vi
Directory of Officials vii
OrganizationalChart—__.._.._..._.__---.__.------_..—_._. -----_._-______.-._... ..__.--_...__..------...:._.__._._- viii
Certificate of Achievement of Excellence in Financial Reporting ix
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:
Schedule of Revenues,Expenditures and Changes in Fund Balance-
Budget and Actual-General Fund 65 - 67
Schedule of Revenues,Expenditures and Changes in Fund Balance-
Budget and Actual- Street and Traffic Safety Development
Special Revenue Fund 68
Schedule 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 -72
Schedule of Revenues,Expenditures and Changes in Fund Balance-
Budget and Actual-Endowment Special Revenue Fund 73
Schedule of Revenues,Expenditures and Changes in Fund Balance-
Budget and Actual-Park/Public Facilities Special Revenue Fund 74-75
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2010
TABLE OF CONTENTS-Continued
PAGE
Required Supplementary Information-Continued:
Schedule of Revenues,Expenditures and Changes in Fund Balance-
Budget.and Actual—MRA Operating.Special Revenue Fund...._ _-- 76_77
Schedule of Funding Progress for MRHP 78
Notes to Required Supplementary Information 79
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 80
Redevelopment Agency Capital Projects Fund 81
Redevelopment Agency Debt Service Fund 82
Non-Major Governmental Funds 83 -84
Combining Balance Sheet 85 - 88
Combining Statement of Revenues,Expenditures and Changes in Fund Balance 89-92
Schedule of Revenues,Expenditures, and Changes in Fund Balances-
Budget and Actual:
Library Services Special Revenue Fund 93
Traffic Safety Special Revenue Fund 94
Affordable Housing Special Revenue Fund 95
Los Angeles Area of Contribution Special Revenue Fund 96
Tierra Rejada/Spring A.O.0 Special Revenue Fund 97
Cassey/Gabbert Area of Contribution Special Revenue Fund 98
Freemont Storm Drain A.O.0 Special Revenue Fund 99
State and Federal Assistance Special Revenue Fund 100
State Gas Tax Special Revenue Fund 101
Prop 1B Local Streets and Roads Special Revenue Fund 102
Art in Public Places Special Revenue Fund 103
Prop 1B Safety and Security Special Revenue Fund 104
Low and Moderate Income Housing Special Revenue Fund 105
Local Transportation Transit Special Revenue Fund 106
Solid Waste Special Revenue Fund 107
Capital Projects Fund 108
City Hall Building Capital Projects Fund 109
Equipment Replacement Capital Projects Fund . 110
Statement of Changes in Net Assets-Agency Funds 111
III. STATISTICAL SECTION
Net Assets by Component-Last Eight Fiscal Years 112- 113
Changes in Net Assets Governmental Activities -Last Eight Fiscal Years 114- 115
Fund Balances of Governmental Funds-Last Eight Fiscal Years 116- 117
Changes in Fund Balances of Governmental Funds-Last Eight Fiscal Years 118 -119
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30,2010
TABLE OF CONTENTS-Continued
PAGE
III. STATISTICAL SECTION-Continued
Assessed Value and Estimated Actual Value of Taxable Property-
Last Ten Fiscal Years 120
Direct and Overlapping Property Tax Rates--Last-Teri Fiscal Years -- 121
Principal Property Tax Payers- Current Year and Nine Years Ago 122
Property Tax Levies and Collections-Last Ten Fiscal Years 123
Ratios of Outstanding Debt by Type-Last Ten Fiscal Years 124
Ratio of General Bonded Debt Outstanding-Last Ten Fiscal Years 125
Direct and Overlapping Debt 126
Legal Debt Margin Information-Last Ten Fiscal Years 127- 128
Pledged Revenue Coverage-Last Ten Fiscal Years 129
Demographic and Economic Statistics-Last Ten Calendar Years 130
Principal Employers-Current and Ten Calendar Years Ago 131
Full-Time and Part-Time City Employees by Function-Last Ten Fiscal Years 132
Operating Indicators by Function-Last Ten Fiscal Years 133
Capital Asset Statistics by Function-Last Ten Fiscal Years 134
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�� 799 Moorpark Avenue, Moorpark, California 93021 (805)517-6200 fax(805)532-2545
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December 7, 2010
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 (City) for the fiscal year ended June 30, 2010. 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 of
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
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JANICE S. PARVIN ROSEANN MIKOS KEITH E. MILLHOUSE DAVID POLLOCK MARK VAN DAM
Mayor Mayor Pro Tern Councilmember Councilmember Councilmember
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section with detail information to be in compliance with GASB No. 44 requirements
for fiscal year 2009/10.
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 as well as all of its
component units. The City is the primary government. The component units are the
Moorpark Redevelopment Agency (Agency), the Moorpark Public Financing
Authority (Authority) and the Moorpark Industrial Development Authority (IDA).
The City was incorporated in 1983 as a general law city and operates under a
Council-Manager form of government.
The Agency 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 Authority 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 of the City 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 approximately 56 and part-time staff of approximately 45 employees. Major
services such as police (contracted with Ventura County Sheriff), attorney, library,
development engineering and inspection, building and safety plan check/inspection,
transit, street sweeping and landscape maintenance are provided through
contractual arrangements. In addition, fire protection is provided by the Ventura
County Fire District. The City provides services such as emergency management,
redevelopment, housing, planning, code compliance, recreation programs,
vector/animal control, park and facilities maintenance, street maintenance, city
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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 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
approximately 37,000 (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 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 GAAP. 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.
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ANNUAL AUDIT
An independent accounting firm has performed the annual audit of the City's
financial statements for the fiscal year ended June 30, 2010. 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 the California Constitution (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 fiscal year 2009/10 amounted to $26,198,908 and
$13,748,165, 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, 2010, approximately $51.7
million (City & Agency combined) was invested with the State Treasurer's Local
Agency Investment Fund (LAIF); approximately $49.3 million in the Ventura County
Pool; and $0.7 million was invested in Certificate of Deposits (CDs).
The cash management system of the City 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 infrastructure in the Government-Wide Statement of Net Assets. The City
elected to use the basic approach for all infrastructures reporting, whereby l .
depreciation expense and accumulated depreciation have been recorded. Capital
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assets for the fiscal year ended June 30, 2010 have a net ending balance of $151.1
million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
At June 30, 2010, the City has no outstanding bonds or other debt but does have
long-term liabilities in the approximate amount of $0.7 million for employee
compensated absences (accrued leave) and $1.3 million for Pension related
........ .liabilities.
The Agency has the 1999 Tax Allocation Refunding Bonds, the 2001 Tax Allocation
Bonds and the 2006 Tax Allocation Bonds outstanding in the amounts of $5.5
million, $11.5 million and $11.4 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 Agency 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
CJPIA. In addition, the City also participates in the all-risk property protection
offered by CJPIA. Various control techniques, including safety, ergonomic,
harassment and driver awareness training have been implemented to minimize
losses.
AWARD
The Government Finance Officers Association of the- United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the City for its comprehensive annual financial report for the fiscal year ended
June 30, 2009. In order to be awarded a Certificate of Achievement, a government
unit must publish an easily readable and efficiently organized comprehensive annual
financial report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that
our current comprehensive annual financial report continues to meet the Certificate
of Achievement Program's requirements and we are submitting it to the GFOA to
determine its eligibility for another certificate.
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ACKNOWLEDGEMENT
We Would like to express appreciation to fill 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 is available on the City's website at
www,ci.moorpark.ca.us.
Respectfully submitted,
oesv‘.
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, 2010
DIRECTORY OF CITY OFFICIALS
CITY COUNCIL
Janice S. Parvin, Mayor
Roseann Mikos, Mayor Pro Tern David Pollock, Councilmember
Keith F. Millhouse, Councilmember Mark Van Dam, Councilmember
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Ron Ahlers, Finance Director
David Bobardt, Community Development Director
Deborah Traffenstedt, Administrative Services Director
Vacant, City Engineer/Public Works Director
Vacant, Parks & Recreation Director
vii
CITY OF MOORPARK
ORGANIZATION CHART
Arts Commission
City Attorney
Honorable City Council
(Contract)
Parks and Recreation
Commission
City Manager
Planning Commission
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Assistant City Manager
.Emergency Services
.Grants
.Intergovernmental Community and
Police:Services Legislative Relations
.Public Facility Capital Projects
(Contract) : .Public Information/Cable TV
.Redevelopment
Economic Development
Property Management
Housing
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Community Administrative Parks, Recreation and City Finance
Development Services/City Clerk Community Services Engineer/Public Department
Department Department Department Works Department
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.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 .Transit
viii
Certificate of
Achievement
for Excellence •
in Financial
Reporting
Presented to
City of.Moorpark
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2009
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports(CAFRs)achieve the highest
standards in government accounting
and financial reporting.
Orti
egial .h4
., tofi President
Executive Director
ix
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S 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 and for the
year ended June 30, 2010, which collectively comprise the City's basic financial statements as listed in the
table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express opinions on these 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
respective financial position of the governmental activities, each major fund, and the aggregate remaining
fund information of the City, as of June 30, 2010, 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 7,
2010 on our consideration of the City'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 65 through 77,and the schedule of funding progress for MRHP 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, GPA• David M. Ramirez, OPA• Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riverside CA 92501 • 951.274.9500• 951.274.7828 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 7,2010
L
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
As management of the City of Moorpark, California (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 30,2010. 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 fiscal year 2009110 by $248,428,562(net assets) -
Of this amount, $17,761,703 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$1,302,959 during the current fiscal year. The Statement of Net Assets
is presented on page 15.
• As of June 30, 2010, the City's governmental funds (General Fund, Special Revenue Funds, Debt Service
Funds, and Capital Projects Funds) reported combined ending fund balances of$132,781,925, a decrease of
$2,826,257,from the prior year.
• At the end of the current fiscal year,unreserved fund balance for the General Fund was $2,662,713.
• The City's total Long— Term Liabilities decreased by $491,562 or 1.6% 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 MC 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 are comprised of three components:
1)Government-wide financial statements
2)Fund financial statements
3)Notes to basic financial statements
Other required supplementary information is included in addition to the basic fmancial 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.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
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 as the primary government, but also a legally
separate Moorpark Redevelopment Agency (Agency), the Moorpark Public Financing Authority (Authority), and the
Industrial Development Authority(IDA) of the City. 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 fmancial statements can be found on pages 14 and 15 of this report.
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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 fmancial 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 fmancing 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, Assessment District,
Endowment, Parks/Public Facilities, MRA Operating, Police Facilities Fee, Moorpark Highlands Improvement,
Redevelopment Agency Capital Projects, Special Projects and Redevelopment Agency Debt Service. All of which are
considered to be major funds. Data from the remaining governmental funds are combined into a single, aggregated
presentation. ludividual 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
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
statements are located in the basic financial statements. The non-major governmental fund budgetary comparisons are
located in the non-major governmentalBends 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 24 of this report.
Notes to the Basic Financial Statements. The notes to the basic fmancial statements provide additional information
that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The
notes to the basic fmancial statements can be found on pages 26-64 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City has continued to present its fmancial statements under the reporting model required by GASB 34. A
comparative analysis of the government-wide data has been included in this report.
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case
of the City,assets exceeded liabilities by$248.4 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 $141.1 million. As shown on
Table 1,the largest portion of the City's net assets(57%) 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(36%)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 (7%) 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, 2010, 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 30,2010
Table 1
Net Assets
Governmental Activities
As of June 30,2010 and 2009
2010 2009-
Assets:
Current and other assets $ 143,511,765 $ 145,680,876
Capital assets 141,095,551 130,581,499
Total Assets 284,607,316 276,262,375
Liabilities:
Long-term debt outstanding 29,390,677 29,942,239
Other liabilities 6,788,077 6,646,441
Total Liabilities 36,178,754 36,588,680
Net Assets:
Invested in capital assets,
net of related debt 141,095,551 130,581,499
Restricted 89,571,308 94,878,693
Unrestricted 17,761,703 14,213,503
Total Net Assets $ 248,428,562 $ 239,673,695
The City's net assets increased by$1.3 million during the current fiscal year.
6
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
Table 2
Changes in Net Assets
Governmental Activities
As of June 30,2010 and 2009
2010 2009
Revenues
Program Revenues:
Charges for services $ 4,148,970 $ 4,589,249
Operating contributions and grants 4,128,842 6,172,315
Capital contributions and grants 1,970,931 3,326,778
General Revenues:
Property taxes 7,449,063 7,802,643
Tax increment 6,864,777 7,054,432
Franchise taxes 1,171,825 1,171,556
Sales taxes 2,382,010 2,329,522
Sales tax in lieu 588,635 849,227
Motor vehicle in lieu tax 109,136 125,307
Investment income 853,074 2,875,649
Other 283,372 386,040
Special Item—County Settlement -_ 1,000,000
Total Revenues 29,950,635 37,682,718
Expenses
General government 1,603,279 2,041,596
Public safety 7,016,015 7,035,384
Public services 13,589,878 18,170,325
Parks and recreation 4,934,002 4,470,524
Interest on long-term debt 1,504,502 1,616,843
Total Expenses 28,647,676 33,334,672
Increase in net assets 1,302,959 4,348,046
Net assets-July 1, 239,673,695 235,325,649
Prior Period Adjustment 7,451,908 -
Net assets-June 30, $ 248,428,562 $ 239,673,695
Il
7
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
Program Revenues
Capital Charges for
contributions and services
grants 40%
19%
Operating
contributions and
grants
40%
Motor vehicle in lieu
tax
Investment income
1%
4%
Sales tax in lieu Other
3% I%
Sales taxes
12% Property taxes
38%
Franchise taxes
6%
Tax increment
35%
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
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 F
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City's governmental funds reported total fund balances of
$132,781,925. This is a decrease of$2,426,110 in comparison with the prior year. Approximately$94.2 million
or 71%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$3.0 million which is a decrease of$0.2 million or 6%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 23%of total General Fund expenditures and transfers out. This is a healthy reserve.
Key factors for revenues and expenses when compared to fiscal year 2008-09 are as follows:
• The City's share of property taxes increased by approximately$121,000 or 2%.
• Sales tax revenues also improved with an increase of approximately $53,000 or 2%. This is quite
remarkable considering the economic downturn.
• The Sales Tax Compensation or "triple flip" decreased$260,000 or 31%. This revenue is calculated by
the State each year and reflects the economic downturn in the State of California as a whole.
• Interest earnings decreased by approximately $415,000 or 57% in response to declining rates in the
market.
• Motor vehicle in lieu decreased by$16,000 or 13%due to the economic downturn.
• Expenditures and transfers out ended the year approximately$1.4 million less than the prior year figure 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 $0.3 million from the prior year, primarily
due to the receipt of development fees for various construction projects.
Community Development Fund j
The fund balance of the Community Development Fund increased by $49,000 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 30,2010
Assessment District Fund
The fund balance of the Assessment District Fund increased by$34,000 from the prior year due to transfers from
the General Fund and the Gas Tax Fund of$1.3 million.
Endowment Fund
The-fund balance of the Endowment Fund increased by$384,000, due to deferring capital outlay expenditures.
Park/Public Facilities Fund (Includes ten(10)various development fee related funds)
The fund balance of the Park Improvement Fund decreased by $1.7 million primarily due to increased capital
expenditures,primarily for the new Skate Park and Poindexter Park expansion.
MRA Operating Fund
The fund balance of the MRA Operating Fund decreased by$2.8 million from the prior year due to a payment to
the State of California for the Supplemental Educational Revenue Augmentation Fund(SERAF)of$1,925,000.
Police Facilities Fee 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
$55,000 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 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$713,000 from the previous
year mainly due to capital outlay expenditures.
Special Projects Capital Projects Fund
The fund balance of the Special Projects Capital Projects Fund increased by $1.8 million from the previous year
solely due to a transfer from the General Fund.
10
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
Redevelopment Agency Debt Service Fund
The fund balance of the Redevelopment Agency Debt Service Fund increased by $33,000 due to investment
earnings.
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds decreased by $21,000 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 Bond's
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, 2010, were right in line with the budget. Revenues
were$250,000 greater than the budget and expenditures ended the year under budget by$1.3 million.
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets. The City's investment in capital assets as of June 30, 2010, amounted to $141.1 million(net of
accumulated depreciation). This investment, detailed in Table 3, includes land, construction in progress,
buildings and improvements, machinery and equipment, and infrastructure. The total increase in the City's
investment in capital assets for the current fiscal year was$10.5 million or 8.1%. Land shows the largest increase
in 2010 at $7.7 million. This year the City recorded the Mammoth Highlands Park as a donation from the
developer.
11
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2010
Table 3
Capital Assets(net of depreciation)
Governmental Activities
As of June 30,2010 and 2009
2010 2009
Land $ 36,414,011 $ 28,719,337
Construction in Progress 9,481,646 9,903,188
Buildings and improvements 29,632,142 25,393,673
Machinery and equipment 1,688,603 1,982,243
Infrastructure 63,879,149 64,583,058
Total $ 141,095,551 $ 130,581,499
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 fmancial 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 pages 45-46 of this report.
Long-term Liabilities
At the end of the current fiscal year,the City's long-term liability outstanding is$30.4 million. This is comprised
of$28.4 million in tax allocation bonded indebtedness, $0.7 million in employee compensated absences payable
and$1.3 million for pension related debt.
Table 4
Outstanding Long-Term Liabilities
Governmental Activities
As of June 30,2010 and 2009
2010 2009
Tax Allocation Bonds
(issued by the Agency) $ 28,422,563 $ 28,906,716 �.
Employee Compensated Absences 673,139 642,256
Pension Related Debt 1,319,064 1,357,356
Total $ 30,414,766 $ 30,906,328
i
12
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSJS
JUNE 30,2010
The City's total liabilities decreased by $0.5 million or 1.6% 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 47 thru 51 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 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 2010/11 and 2011/12 currently show a $28 billion shortfall. The State has not adopted a strategy to reduce
this projected deficit. The City has additional protections from the State taking our monetary resources thanks to
the voter passage of Proposition 22 in November 2010. The City anticipates the State taking away property tax
revenue from the Agency in the amount of$396,000.
General purpose revenues such as property tax and sales tax are anticipated to decrease in fiscal year 2010/11.
The sales tax decrease is a reflection of the economic recession.
Additionally,the City took into consideration the following factors in preparing the budget for fiscal year
2010/11:
• Interest income will show a decrease in response to declining interest rates.
• Slight increase in PERS retirement cost from 10.990%to 11.040%effective July 1,2010.
• Projections indicate our cost for general liability and workers compensation insurance will both decrease
for fiscal year 2010/11 when compared to fiscal year 2009/10 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 fiscal year 2010/11 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.m.00rpark.ca.us.
13
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City of Moorpark
Statement of Net Assets
June 30, 2010
Governmental
Activities
ASSETS
Cash and Investments $ 100,742,441
Receivables:
Taxes 726,511
Accounts 610,414
Interest 1,489,596
Notes and Loans 3,589,400
Prepaid Items 337,286
Property Held for Resale/Development 19,428,853
Restricted Cash and Investments 16,140,661
Debt Issuance Costs 446,603
Capital Assets:
Non-Depreciable:
Land 36,414,011
Construction in Progress 9,481,646
Depreciable,Net of Accumulated Depreciation:
Buildings and Improvements 29,632,142
Machinery and Equipment 1,688,603
Infrastructure 63,879,149
Total Assets 284,607,316
LIABILITIES
Accounts Payable and Accrued Liabilities 5,226,141
Interest Payable 341,025
Unearned Revenue 196,822
Noncurrent Liabilities:
Due Within One Year 1,024,089
Due in More Than One Year 29,390,677
Total Liabilities 36,178,754
NET ASSETS
Invested in Capital Assets 141,095,551
Restricted for:
Public Services 77,819,976
Recreation Services 3,033,766
Public Safety 612,108
Low/Moderate Income Housing 8,105,458
Unrestricted 17,761,703
Total Net Assets $ 248,428,562
The accompanying notes are an integral part of this statement.
14
City of Moorpark
Statement of Activities
Year Ended June 30, 2010
Program Revenues
Charges Operating Capital Net
for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities
Primary Government:
Governmental Activities:
General Government $ 1,603,279 $ 258,431 $ 50,323 $ $ (1,294,525)
Public Safety 7,016,015 477,305 234,972 (6,303,738)
Public Services 13,589,878 2,769,641 1,699,628 1,970,931 (7,149,678)
Parks and Recreation 4,934,002 643,593 2,143,919 (2,146,490)
Interest on Long-Term Debt 1,504,502 (1,504,502)
Total Governmental Activities $ 28,647,676 $ 4,148,970 $ 4,128,842 $ 1,970,931 (18,398,933)
General Revenues:
Taxes:
Property Tax,Levied for General Purpose 7,449,063
Property Tax,Redevelopment Agency Tax
Increment 6,864,777
Franchise Taxes 1,171,825
Sales Tax 2,382,010 l .
Sales Tax In-Lieu 588,635
Motor Vehicle In-Lieu,unrestricted 109,136
Investment Income 853,074
Other 283,372
Total General Revenues 19,701,892
Change in Net Assets 1,302,959
Net Assets-Beginning of Year 239,673,695
Prior Period Adjustment 7,451,908
Net Assets-End of Year $248,428,562
The accompanying notes are an integral part of this statement.
15
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City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2010
Special Revenue
Street and Community Assessment
General Traffic Safety Development District
ASSETS
Cash and Investments $ 2,433,246 $ 19,969,837 $ 191,618 $ 6,702,057
Restricted Cash and Investments
Receivables:
Taxes 708,818 17,693
Accounts 160,507 6,131 43,285
Interest 208,098
Notes and Loans
Due From Other Funds 147,902
Advances to Other Funds
Prepaid Items 337,286
Property Held for Resale/Development
Total Assets $ 3,995,857 $ 19,969,837 $ 197,749 $ 6,763,035
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ 995,858 $ 27,259 $ 148,226 $ 282,564
Due to Other Funds
Advances from Other Funds
Deferred Revenue 17,693
Total Liabilities 995,858 27,259 148,226 300,257
Fund Balances:
Reserved for:
Capital Projects
Debt Service
Property Held for Resale/Development
Advances
Prepaid Items 337,286
Unreserved,Reported In:
General Fund 2,662,713
Special Revenue Funds 19,942,578 49,523 6,462,778
Capital Projects Funds
Debt Service Funds
Total Fund Balances 2,999,999 19,942,578 49,523 6,462,778
Total Liabilities and
Fund Balances $ 3,995,857 $ 19,969,837 $ 197,749 $ 6,763,035
The accompanying notes are an integral part of this statement.
16
1 .
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Police Highlands Redevelopment
Endowment Facilities Operating Facilities Fee Improvement Agency
$ 3,228,417 $ 2,604,075 $ 4,115,164 $ 972 $ $ 11,043,917
13,961,736
9,171 20,715
1,263,869 17,629
800,000 1,704,786
350,000
1,933,495
7,142,622 4,398,806
$ 5,961,912 $ 2,613,246 $ 14,247,156 $ 972 $ 13,961,736 $ 15,810,352
$ 128,617 $ 3,045,569 $ $ $ 2,121
61,233 33,752
1,000,000 1,933,495
800,000 2,957,967
800,000 1,128,617 6,064,769 1,933,495 - 35,873
13,961,736
7,142,622 4,398,806
1,933,495
3,228,417 1,484,629 1,039,765
(1,932,523) 11,375,673
5,161,912 1,484,629 8,182,387 (1,932,523) 13,961,736 15,774,479
$ 5,961,912 $ 2,613,246 $ 14,247,156 $ 972 $ 13,961,736 $ 15,810,352
Continued
The accompanying notes are an integral part of this statement.
17
L
City of Moorpark
Balance Sheet
Governmental Funds - Continued
June 30,2010
Capital Projects Debt Service
Non-Major Total
Special Redevelopment Governmental Governmental
Projects Agency Funds Funds
ASSETS
Cash and Investments $ 24,292,789 $ $ 26,160,349 $ 100,742,441
Restricted Cash and Investments 2,178,925 16,140,661
Receivables:
Taxes 726,511
Accounts 370,605 610,414
Interest 1,489,596
Notes and Loans 1,084,614 3,589,400
Due From Other Funds 166,564 664,466
Advances to Other Funds 1,000,000 2,933,495
Prepaid Items 337,286
Property Held for Resale/Development 7,887,425 19,428,853
Total Assets $ 25,292,789 $ 2,178,925 $ 35,669,557 $ 146,663,123
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabilities $ $ $ 595,927 $ 5,226,141
Due to Other Funds 569,481 664,466
Advances from Other Funds 2,933,495
Deferred Revenue 1,281,436 5,057,096
Total Liabilities - - 2,446,844 13,881,198
Fund Balances:
Reserved for:
Capital Projects 13,961,736
Debt Service 1,884,723 1,884,723
Property Held for Resale/Development 7,887,425 19,428,853
Advances 1,000,000 2,933,495
Prepaid Items 337,286
Unreserved,Reported In:
General Fund 2,662,713
Special Revenue Funds 20,964,948 53,172,638
Capital Projects Funds 24,292,789 4,370,340 38,106,279
Debt Service Funds 294,202 294,202
Total Fund Balances 25,292,789 2,178,925 33,222,713 132,781,925
Total Liabilities and
Fund Balances $ 25,292,789 $ 2,178,925 $ 35,669,557 $ 146,663,123
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, 2010
Fund balances of governmental funds $ 132,781,925
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. 141,095,551
Long-term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 3,589,400
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. 1,270,874
Interest expenditures are recognized when due, and therefore, interest payable is
not recorded in the governmental funds. (341,025)
Long-term liabilities are not due and payable in the current period and are not
reported in the funds.
Compensated Absences (673,139)
Tax Allocation Bonds (28,710,000)
Unamortized Discount 287,437
Pension Related Debt (1,319,064)
Issuance costs net of accumulated amortization were recorded as expenditures
in the governmental funds. 446,603
Net assets of governmental activities $ 248,428,562
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, 2010
Special Revenue
Street and Community Assessment
General Traffic Safety Development District
REVENUES
Taxes $ 10,794,266 $ $ $
Licenses and Permits 146,915 451,455
Fines and Forfeitures 195,161 15,457
Use of Money and Property 492,505 247,087 136 84,380
Charges for Services 784,383 432,459 610,657 6,775
Intergovernmental 162,527
Maintenance Assessments 1,887,286
Other Revenue 133,789 430 75,101 240,034
Total Revenues 12,709,546 679,976 1,152,806 2,218,475
EXPENDITURES
Current:
General Government 1,497,916
Public Safety 6,076,995 443,850
Public Services 77,649 33,277 1,990,225
Parks and Recreation 1,486,374 2,960,426
Capital Outlay 99,215 345,914 68,347
Debt Service:
Principal
Interest
Total Expenditures 9,238,149 379,191 1,990,225 3,472,623
Excess(Deficiency)of Revenues
over Expenditures 3,471,397 300,785 (837,419) (1,254,148)
OTHER FINANCING SOURCES (USES)
Transfer In 136,398 886,942 1,288,301
Transfer Out (3,813,625) (18,754)
Total Other Financing
Sources(Uses) (3,677,227) (18,754) 886,942 1,288,301
Net Change in Fund Balances (205,830) 282,031 49,523 34,153
Fund Balances,Beginning of Year 3,205,829 19,660,547 - 6,428,625
Prior Period Adjustment
Fund Balances,End of Year $ 2,999,999 $ 19,942,578 $ 49,523 $ 6,462,778
The accompanying notes are an integral part of this statement.
20
Special Revenue Capital Projects
Moorpark
Parks/Public MRA Police Highlands Redevelopment
Endowment Facilities Operating Facilities Fee Improvement Agency
$ $ $ 3,771,651 $ $ $
110,971 38,275 100,607 1,585 85,355
327,462 67,716
89,495
63,145
95 68,115
438,433 195,581 3,940,373 63,145 1,585 85,355
6,282 6,590,521 8,361
6,600
54,187 1,911,627 4,219 54,775 759,299
76,500
54,187 1,924,509 6,671,240 - 54,775 767,660
384,246 (1,728,928) (2,730,867) 63,145 (53,190) (682,305)
1,860,440 1,857,500
(2,760) (1,921,660) (1,887,728)
(2,760) (61,220) - - (30,228)
384,246 (1,731,688) (2,792,087) 63,145 (53,190) (712,533)
4,777,666 3,216,317 10,974,474 (1,995,668) 14,014,926 16,288,672
198,340
$ 5,161,912 $ 1,484,629 $ 8,182,387 $ (1,932,523) $ 13,961,736 $ 15,774,479
Continued
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 - Continued
Year Ended June 30, 2010
Capital Projects Debt Service
Non-Major Total
Special Redevelopment Governmental Governmental
Projects Agency Funds Funds
REVENUES
Taxes $ $ 1,720,138 $ 2,444,716 $ 18,730,771
Licenses and Permits 598,370
Fines and Forfeitures 225,759 436,377
Use of Money and Property 6,600 32,868 346,860 1,547,229
Charges for Services 1,054,823 3,284,275
Intergovernmental 2,377,110 2,629,132
Maintenance Assessments 1,950,431
Other Revenue 70,268 587,832 `
Total Revenues 6,600 1,753,006 6,519,536 29,764,417
EXPENDITURES
Current:
General Government 1,497,916
Public Safety 248,639 6,769,484
Public Services 3,637,581 12,343,896 r
Parks and Recreation 4,453,400
Capital Outlay 2,250,596 5,548,179
Debt Service:
Principal 495,000 495,000
Interest 1,376,091 30,208 1,482,799
Total Expenditures - 1,871,091 6,167,024 32,590,674
Excess(Deficiency)of Revenues
over Expenditures 6,600 (118,085) 352,512 (2,826,257)
OTHER FINANCING SOURCES(USES)
Transfer In 1,837,820 150,952 1,359,748 9,378,101
Transfer Out (1,733,574) (9,378,101)
Total Other Financing
Sources(Uses) 1,837,820 150,952 (373,826) -
L .
Net Change in Fund Balances 1,844,420 32,867 (21,314) (2,826,257)
Fund Balances,Beginning of Year 23,448,369 2,146,058 33,042,220 135,208,035 ? ,
Prior Period Adjustment 201,807 400,147
Fund Balances,End of Year $ 25,292,789 $ 2,178,925 $ 33,222,713 $ 132,781,925
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, 2010
Net change in fund balances-total governmental funds $(2,826,257)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However,in the statement
of activities,the cost of those assets is allocated over ther estimated useful lives as
depreciation expense or are allocated to the appropriate functional expense when
the cost is below the capitalization threshold. This activity is reconciled as follows:
Cost of assets capitalized 6,854,946
Depreciation expense (3,376,108)
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 (40,832)
Accumulated depreciation on disposed assets 24,285
Long-term notes and loans receivable are reported as expenditures when made and as
revenue when repaid in the governmental funds. However,there is no impact in the
statement of activities when notes and loam are made or repaid. This amount
represents the net change in the long-term notes and loans receivable. 210,242
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. (24,023)
The issuance of long-term debt provides current financial resources to governmental
funds,while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction,however,has any
effect on net assets. Also governmental funds report the effect of issuance costs,
premiums, discounts, and similar items when debt is first issued,whereas these
amounts are deferred and amortized in the statement of activities. This amount is the
net effect of these differences in the treatment of long-term debt and related items. 505,592
� I
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. 5,997
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. (30,883)
Change in net assets of governmental activities $ 1,302,959
The accompanying notes are an integral part of this statement.
23
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City of Moorpark
Statement of Fiduciary Assets and Liabilities
Agency Funds
June 30, 2010
ASSETS
Cash and Investments $ 3,429,286
Restricted Cash and Investments 7,307,054
Accounts Receivable 23,307
Total Assets $ 10,759,647
LIABILITIES
Accounts Payable $ 100,902
Deposits 3,330,023
Due to Bondholders 7,328,722
Total Liabilities $ 10,759,647
Ilf
The accompanying notes are an integral part of this statement.
24
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City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 26-35
2 Cash and Investments 35 -40
3 Notes and Loans Receivable 41 -43
4 Interfund Transactions 43 -45
5 Capital Assets and Depreciation 45-46
6 Long-Tenn Liabilities 47- 51
7 Agreements with Various Taxing Agencies 51 - 53
8 Retirement Plan 53 - 54
9 Other Post Employment Benefits(OPEB) 54-56
10 Conduit Debt-Revenue Bonds 57
11 Special Assessment Bonds 57 -58
12 Risk Management 58 - 60
13 Classification of Net Assets and Fund Balance 60-62
14 Commitments and Contingencies 62 - 63
15 Proposition lA Borrowing by the State of California 63
16 New Pronouncement 64
17 Prior Period Adjustment 64
18 Subsequent Events 64
25
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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
(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 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 L
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 30,2010
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 Statement 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 30,2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
C) Description of Funds-Continued
Debt Service Funds - 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.
I)) 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
t
28
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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 regard 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 30,2010
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 parks and 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 Operating 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 Community Facilities District(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 30,2010
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 developer deposits and assets held for property owners of various assessment and
community facilities districts. The agency fund is custodial in nature (assets equal liabilities) and
therefore does not involve measurement of results of operations.
E) Investments
The City has adopted the provisions of GASB Statement No. 31, Accounting and Financial
Reporting for Certain Investments and External Pools, which requires governmental entities to
report certain investments at fair value in the balance sheet and recognize the corresponding change
in the fair value of investments in the year in which the change occurred. In accordance with
GASB Statement No. 31,the City has adjusted certain investments to fair value(when material).
Investments are included within the financial statement classifications of"cash and investments"
and"restricted cash and investments,"and are stated at fair value.
F) Property Held for Resale/Development
Property held for resale in the MRA Operating Special Revenue Fund, Low and Moderate Income
Housing Special Revenue Fund and the Redevelopment Agency Capital Projects Fund represents
land and buildings purchased by the Agency. Such property is valued at the lower of cost or
31
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
F) Property Held for Resale/Development-Continued
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 30,2010 was$19,428,853.
G) Capital Assets
Capital assets, which include land, machinery and equipment (vehicles, computers, etc), buildings
and improvements, and infrastructure assets (street systems, storm chains, sewer systems, etc.), are
reported in the Governmental Activities column of the Government-wide Financial Statements.
Capital assets are defined by the City as all land; buildings and improvements with an initial
individual cost of more than $10,000; vehicles, computers and equipment with an initial individual
cost of more than $5,000; and improvements and infrastructure assets with costs of more than
$100,000. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated or annexed capital assets are recorded at estimated market value at the date of
donation or annexation.
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
H) 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, 2010, the total unearned revenue amounted to $196,822 and unavailable revenue
amounted to$4,860,274.
32
1 . �
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Continued
I) 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.
J) 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.
K) Property Taxes
The duties of assessing and collecting property taxes are performed by the Ventura County
(County) Assessor and Tax Collector, respectively. The City receives an allocation of property
taxes collected by the County with respect to property located within the City limits equal to 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 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 andersonal property,as it exists on that date.
p
1
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.
33
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
L) 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, 2010, 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). 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.
M)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.
II
N) 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.
0) 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
L .
34
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—Continued
0) Explanation of Certain Differences Between the Governmental Fund Statement of Revenues,
Expenditures and Changes in Fund Balances and the Government-wide Statement of
Activities-Continued
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$505,592 difference is as follows:
Amortization of Issuance Costs $ (16,853)
Amortization of Bond Discounts (10,847)
Principal Repayment 495,000
Principal Payment on Pension Related Debt 38,292
Net adjustment to increase net change in fund balances -
total governmental funds to arrive at changes in net assets
of governmental activities $ 505,592
2) CASH AND INVESTMENTS
Cash and investments at June 30,2010,consisted of the following:
City Treasury Deposits
Demand Deposits $ 2,478,660
Cash on Hand 3,250
Total City Treasury Deposits 2,481,910
City Treasury Investments
Certificates of Deposit 700,000
Local Agency Investment Fund(LAIF) 51,694,108
Ventura County Pool 49,295,709
Total City Treasury Investments 101,689,817
Cash and Investments With Fiscal Agent
Money Markets 20,521,758
Guaranteed Investment Contracts 2,925,957
Total Cash and Investments With Fiscal Agent 23,447,715
Total Cash and Investments $127,619,442
35
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
2) CASH AND INVESTMENTS-Continued
Cash and Investments are reported in the basic financial statements as follows:
Statement of
Statement of Fiduciary
Net Assets Net Assets
Governmental
Activities Agency Fund Total
Cash and Investments $ 100,742,441 $ 3,429,286 $104,171,727
Restricted Cash and Investment 16,140,661 7,307,054 23,447,715
Total $ 116,883,102 $ 10,736,340 $127,619,442
The City follows the practice of pooling cash and investments of all funds, except for funds required
to be held by fiscal agents under the provisions of bond indentures. Interest income earned on
pooled cash and investments is allocated on a quarterly basis to the various funds based on average
daily cash and investment balances. Interest income from cash and investments with fiscal agents is
credited directly to the related fund.
A) Authorized Investments
Investments Authorized by the California Government Code and the City's Investment Policy
The table below identifies the investment 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, 2010, the only debt agreements of
the City pertain to the Agency.
36
,
,
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
2) CASH AND INVESTMENTS- Continued
A) Authorized Investments-Continued
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
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.
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
37
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
2) CASH AND INVESTMENTS-Continued
B) Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates. One of the ways that the City
manages its exposure to interest rate risk is by purchasing a combination of shorter term and
longer term investments and by timing cash flows from maturities so that a portion of the
portfolio is maturing or coming close to maturity evenly over time as necessary to provide the
cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investment to market interest rate
fluctuation is provided by the following table that shows the distribution of the City's
investments by maturity.
Investment Maturities(in Years)
Investment Type Total Less than 1 1 to 2 2 to 3 3 to 4 >5
LAIF $ 51,694,108 $51,694,108 $ $ $ $
Ventura County Pool 49,295,709 49,295,709
Certificates of Deposit 700,000 600,000 100,000
Held by Bond Trustee:
Money Market Funds 20,521,758 20,521,758
Guaranteed Investment
Contracts 2,925,957 2,925,957
Total $125,137,532 $122,111,575 $ 100,000 $ - $ - $2,925,957
C) Credit Risk and Concentration of Credit Risk
Deposits
{
At June 30, 2010, the carrying amount of the City's deposits was $2,478,660. Bank balances
before reconciling items were $2,819,456 at June 30, 2010, of which $2,819,456 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.
38
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
2) CASH AND INVESTMENTS-Continued
C) Credit Risk and Concentration of Credit Risk-Continued
Deposits - Continued
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.
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
LAIF $ 51,694,108 Not Rated 41.31%
Ventura County Pool 49,295,709 Not Rated 39.39%
Certificates of Deposit 700,000 Not Rated .56%
Held by Bond Trustee: 1
Money Market Funds 20,521,758 Not Rated 16.40%
Guaranteed Investment Contracts 2,925,957 Not Rated 2.34%
Total $ 125,137,532 100.00%
The City has no investments in any one issuer that represent 5% or more of total investments as
of June 30,2010 other than LAW and the Ventura County Pool.
39
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
2) CASH AND INVESTMENTS-Continued
D) Local Agency Investment Fund(LAII')
The LAE is a special fund of the California State Treasury through which local governments
may pool investments. Each governmental agency may invest up to $50,000,000 in each account
in the fund. Investments in LAT 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, 2010, accounts were maintained in the name
of the City for $36,602,174 and the Agency for$15,091,934. The total cost value of investment
in LAW was $51,694,108. The total fair value of investments in LAIF was $51,779,082. The
unrealized gain was based on a fair market value adjustment factor of 1.001643776 that was
calculated by the State of California Treasurer's Office. At June 30, 2010, the market value of
the State of California Pooled Money Investment Account(PMIA) including accrued interest was
$69,573,678,456. 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 LAW 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$49,295,709 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.
L . .
40
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30,2010, is as follows:
Beginning Ending
Balance Increases Decreases Balance _
Notes Receivable:
Asadurian $ 800,000 $ $ $ 800,000
Mission Bell 1,704,786 1,704,786
Deferred Property Assessments 250,249 250,249
Total Notes Receivable 2,755,035 - - 2,755,035
Loans Receivable:
Rehabilitation 31,384 31,384
First-time Homeowners Assistance 211,556 211,556
CalHome 381,183 (122,204) 258,979
Area Housing Authority 125,514 206,932 332,446
Total Loans Receivable 749,637 206,932 (122,204) 834,365
Total Notes and Loans Receivable $ 3,504,672 $ 206,932 $ (122,204 $ 3,589,400
A) Asadurian Note
On April 7, 2003,the City entered into an agreement with Asadurian Investment Corporation(AIC)
whereby in return for land disposition, the City received a $1,200,000 promissory note secured by
Deed of Trust. The note bears simple interest at the rate equal to the average monthly interest rate
announced by LAIF. The borrower shall pay the City the amount of$80,000 plus interest over
fifteen years. Payments are due annually in April. AIC did not pay the April 2010 payment. A
bank holds a first trust deed note on the property which is superior to the City's note. The bank is
seeking to foreclose on the property due to lack of payment by AIC. AIC had filed for bankruptcy
but that case was dismissed. The balance outstanding at June 30,2010 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 30,2010 was$1,704,786. Principal and interest are due on September 2,2029.
41
1
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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, 2010, the principal balance outstanding was
$250,249.
D) Rehabilatation Loans
The Agency operates a rehabilitation loan program for the renovation of low and moderate income
housing. The total balance outstanding at June 30,2010,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 30,2010 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, which 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,
2010 was $258,979. 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;to date $150,256 has been received and $65,202 has been forgiven. Funds received
are deposited into a City Trust Fund to be used for eligible home ownership-related activities.
42
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
•
3) NOTES AND LOANS RECEIVABLE-Continued
•
G) Area Housing Authority(AHA)
The Agency has entered into an agreement to loan the County of Ventura AHA up to $350,000 to
assist in developing residential rental units on Agency owned property. As of June 30, 2010, the
AHA has drawn down $332,446 on the available loan. The outstanding principal balance and
interest are expected to be paid during fiscal year 2010/11.
4) INTERFUND TRANSACTIONS
Due to/Due From
Due to/due from other funds for the year ending June 30,2010, consisted of the following:
DUE TO
RDA Capital
General Projects Non-Major
Fund Fund Funds Total
RDA Capital Projects Fund $ 33,752 $ $ $ 33,752
DUE MRA Operating Fund 61,233 61,233
FROM Non-Major Funds 52,917 350,000 166,564 569,481
Total $ 147,902 $ 350,000 $ 166,564 $ 664,466
The General Fund has advanced to the Agency and the State and Federal Assistance Fund $147,902 to
cover current expenditures while the RDA Capital Projects Fund advanced the Low and Moderate
Income Housing Fund$350,000 to fund housing projects. Balances between Non-Major Funds were to
ti
cover deficits at year end. Repayments are expected during fiscal year 2010/11.
Advances to/from Other Funds
The Special Projects Fund has advanced to the Parks/Public Facilities Fund $1,000,000 to construct a
new Skate Park and improvement of the Poindexter Park. The advance is expected to be repaid with
development fees to be collected in the future.
The Endowment Fund has advanced to the Police Facilities Fee Fund $1,933,495 to fund capital
improvements. The advance is expected to be repaid with development fees to be collected in the
future.
43
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
4) INTERFUND TRANSACTIONS- Continued
Transfers
Interfund transfers for the year ended June 30,2010 consisted of the following:
TRANSFER FROM
RDA
General Street and Capital Parks/Public
Fund Traffic Safety Project Facilities
General Fund $ $ 18,754 $ $ 2,760
RDA Debt Service Fund
RDA Capital Projects Fund
TRANSFER Special Projects Fund 1,837,820
TO Community Development Fund 860,255
Assessment District Fund 1,115,550
MRA Operating Fund 1,857,500
Non-Major Funds 30,228
Total $ 3,813,625 $ 18,754 $ 1,887,728 $ 2,760
r '
TRANSFER FROM
MRA Non-Major
Operating Funds Total
General Fund $ $ 114,884 $ 136,398
RDA Debt Service Fund 150,952 150,952
RDA Capital Projects Fund 1,857,500 1,857,500
TRANSFER Special Projects Fund 1,837,820
TO Community Development Fund 26,687 886,942
Assessment District Fund 172,751 1,288,301
MRA Operating Fund 2,940 1,860,440
Non-Major Funds 64,160 1,265,360 1,359,748
Total $ 1,921,660 $ 1,733,574 $ 9,378,101
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.
44
1 ,
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
4) INTERFIJND TRANSACTIONS-Continued
The transfers of$1,857,500 between the Redevelopment Agency Capital Projects Fund and the MRA
Operating Fund were to transfer land held for resale to the Redevelopment Agency Capital Projects
Fund and to reimburse the MRA Operating Fund for the cost of the land transferred.
The Low and Moderate Income Housing Special Revenue Fund transferred funds to the
Redevelopment Agency Debt Service Fund to pay the 20% debt service on the 1999 Tax Allocation
Refunding Bonds.
The General Fund transferred $1,837,820 to the Special Projects Fund to fund various capital projects
of the City.
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.
45
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
5) CAPITAL ASSETS AND DEPRECIATION-Continued
The following table presents the capital assets activity for the year ended June 30,2010.
Beginning Ending
Balance Adjustments* Increases Decreases Balance
Governmental Activities:
Capital Assets,Not Depreciated:
Land $ 28,719,337 $ 7,577,422 $ 117,252 $ $ 36,414,011
Construction in Progress 9,903,188 (525,661) 3,652,864 (3,548,745) 9,481,646 ,
Total Capital Assets Not
Depreciated 38,622,525 7,051,761 3,770,116 (3,548,745) 45,895,657
Capital Assets Being Depreciated:
Buildings and Improvements 30,497,261 (23,026) 5,244,138 (15,095) 35,703,278
Machinery and Equipment 4,511,773 71,938 (20,626) 4,563,085
Infrastructure
Roadway System 93,683,497 3,150 (5,111) 93,681,536
Storm Drainage System 1,619,399 1,314,349 2,933,748
Parks System 251,434 251,434
Total Capital Assets Being
Depreciated 130,563,364 (23,026) 6,633,575 (40,832) 137,133,081
Less Accumulated Depreciation:
Buildings and Improvements (5,103,588) 23,026 (997,241) 6,667 (6,071,136) 1
Machinery and Equipment (2,529,530) (362,570) 17,618 (2,874,482)
Infrastructure
Roadway System (30,733,907) (1,988,502) (32,722,409)
Storm Drainage System (184,696) (22,766) (207,462)
Parks System (52,669) (5,029) (57,698)
Total Accumulated Depreciation (38,604,390) 23,026 (3,376,108) 24,285 (41,933,187) I
Total Capital Assets Being
Depreciated,Net 91,958,974 - 3,257,467 (16,547) 95,199,894
Government Activities Capital Assets,
Net of Depreciation $ 130,581,499 7,051,761 $ 7,027,583 $ (3,565,292) $ 141,095,551
*Represents prior period adjustments(see Note 17).
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities: ,
General Government $ 116,007
Public Safety 234,774
Public Services 2,551,192
Parks and Recreation 474,135
Total Depreciation Expense $ 3,376,108
46
City of Moorpark.
'Notes to Financial Statements
Year Ended June 30,2010
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30,2010,are as follows:
Beginning Ending Due Within
Balance Additions Deletions Balance One Year
1999 Tax Allocation Bonds $ 5,970,000 $ $ (475,000) $ 5,495,000 $ 500,000
2001 Tax Allocation Bonds 11,540,000 (20,000) 11,520,000 15,000
2006 Tax Allocation Bonds 11,695,000 11,695,000 40,000
Discount on Bonds (298,284) 10,847 (287,437) (10,847)
Pension Related Debt 1,357,356 (38,292) 1,319,064
Employee Compensated
Absences 642,256 510,819 (479,936) 673,139 479,936
Total $30,906,328 $ 510,819 IS129122311.1 $30,414,766 $ 1,024,089
A) 1999 Tax Allocation Bonds
In 1999, the Agency issued $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 in the
Redevelopment Agency 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 1999 Bonds.
47
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
6) LONG-TERM LIABILITIES - Continued
A) 1999 Tax Allocation Bonds-Continued
Debt service payments on the 1999 Bonds payable will be made from the Redevelopment Agency
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 605,000 148,078 753,078
2016-2019 2,735,000 274,827 3,009,827
Total $ 5,495,000 $ 1,290,776 $ 6,785,776
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 are deposited in the
Redevelopment Agency 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 2001 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 2001 Bonds.
Debt service payments on the 2001 Bonds payable will be made from the Redevelopment Agency
Debt Service Fund.
48
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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
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 20,000 584,711 604,711
2016-2020 720,000 2,893,470 3,613,470
2021-2025 3,705,000 2,289,046 5,994,046
2026-2030 4,755,000 1,211,422 5,966,422
2031-2032 2,255,000 116,978 2,371,978
Total $ 11,520,000 $ 9,442,312 $ 20,962,312
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
Redevelopment Agency 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 2006 Bonds.
The Agency is in compliance with the covenants contained in the debt indenture, which require
the establishment of certain specific accounts for the 2006 Bonds.
49
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
6) LONG-TERM LIABILITIES- Continued
C) 2006 Tax Allocation Bonds-Continued
Debt service payments on the 2006 Bonds payable will be made from the Redevelopment Agency
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending Tax Allocation Bonds
June 30, Principal Interest Total
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 40,000 501,819 541,819
2016-2020 235,000 2,483,919 2,718,919
2021-2025 295,000 2,431,187 2,726,187
2026-2030 355,000 2,361,781 2,716,781
2031-3035 4,270,000 2,028,031 6,298,031
2036-2039 6,345,000 570,172 6,915,172
Total $ 11,695,000 $ 12,398,230 $ 24,093,230
D) Pension-Related Debt
As of June 30,2003, California Public Employees Retirement System(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.
L .
50
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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
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 $ 1,319,064 $ 735,475 $ 2,054,539
E) Employee Compensated Absences
absences. The
2010 is for employee ee com ensated
The long-term liabilityat June 30, $673,139p y p
General Fund is primarily expected to liquidate this liability.
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES
1 �
The Agency has entered into four (4) 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 the
51
}
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES- Continued
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.
With respect to the first paragraph, 4.2 percent of the County Taxing Entities share is allocated to the
County Library District (County Free Library System). The City 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 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 Moorpark Unified School District (MUSD), and states that the
MUSD 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 MUSD'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 MUSD's share of annual tax
increment revenue.
Per the agreement between the MUSD and the Agency, the distributions to the MUSD 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 MUSD overhead or salary/benefits for regular MUSD
employees.
The Agency may pre-approve other expenditures that are submitted in writing by the MUSD.
The third agreement is with the Ventura County Community College District(VCCCD),and states that
the VCCCD should 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 L
is not reasonably foreseeable to impair the Agency's obligation under the agreement), the VCCCD's
52
1 .
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES- Continued
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 VCCCD's share of annual tax
increment revenue.
An agreement, dated May 1, 2008, between the City and the VCCCD redirects the VCCCD's tax
increment allocation. The Agency shall transfer to the City the VCCCD'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 fourth agreement is with the Ventura County Superintendent of Schools Office (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.
8) RETIREMENT PLAN
A) Plan Description
The City contributes to Ca1PERS, a cost-sharing multiple-employer public employee defined
benefit pension plan. CaIPERS provides retirement and disability benefits, annual cost-of-living
adjustments, and death benefits to plan members and beneficiaries. CalPERS 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 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 2009/10 was 10.990 percent. The contribution requirements for plan
members are established by State statute and the employer contribution rate is
53
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
8) RETIREMENT PLAN-Continued
B) Funding Policy-Continued
established and may be amended by CaIPERS. The following represents the required contributions
for the past three fiscal years:
Fiscal Required Percent
Year Contributions Contributed
2007/08 $ 448,187 100%
2008/09 $ 491,357 100%
2009/10 $ 566,161 100%
9) OTHER POST EMPLOYMENT BENEFITS
Plan Description
' I
The City's defined benefit post-employment 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
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 CaIPERS plans. Copies of the Ca1PERS CAFR may be obtained from the CaIPERS
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.
54
. f
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
9) OTHER POST EMPLOYMENT BENEFITS-Continued
Funding Policy- Continued
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 2010,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 2010 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
6/30/10 $ 54,000 100% (316,000)
6/30/09 $ 54,000 100% (341,000)#
6/30/08
# 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 year ending June 30,2008 is»nsvailable. GASB 45 was implemented prospectively
in fiscal year 2008/09.
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%
55
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
9) OTHER POST EMPLOYMENT BENEFITS-Continued
Funded Status and Funding Progress- Continued
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.
r II,
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: L .
Investment Rate of Return 7.75%
Projected Salary Increase 3.25%
Health Care Trend Rate 4.50%
General Inflation 3.00%
56
1
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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 30,2010,totaled$13,025,000.
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 30,2010,totaled$14,832,592.
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$1,465,000 at June 30,2010.
57
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
` I
11)SPECIAL ASSESSMENT BONDS -Continued
B) Community Facilities District No.97-1 (Carlsberg)
On July 1, 1997, the City issued bonds to fmance 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$6,130,000 at June 30,2010.
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
$35,955,000 at June 30,2010.
{
12)RISK MANAGEMENT
L ..
A) Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the Authority. The Authority is composed of over 100 California public
entities and is organized under a joint powers agreement pursuant to California Government Code
6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of
self-insured losses,to purchase excess insurance or reinsurance, and to arrange for group-purchased
insurance for property and other coverages. The Authority's pool began covering claims of its
members in 1978. Each member government has an elected official as its representative on the
Board of Directors. The Board operates through a nine-member Executive Committee.
58
_ I
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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.
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 $38,504,423. There is a $5,000 per loss deductible. Premiums
for the coverage are paid annually and are not subject to retroactive adjustments.
59
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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 $34,531,896. There is a deductible of 5
percent of the value with a minimum deduction of$100,000. Premiums for the coverage are paid
ann Ally 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 Iaws and
regulations of other governments and restrictions imposed by law through constitutional provisions or
enabling legislation.
60
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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, 2010, are presented below,
followed by explanations of the nature and purpose of each reserve and designation.
Highlands
General Endowment MRA Improvement
Fund Fund Operating Fund Fund
Reserved:
Capital Projects $ $ $ $ 13,961,736
Debt Service
Property Held for Resale/
Development 7,142,622
Advances 1,933,495
Prepaid Items 337,286 _
Total Reserved $ 337,286 1,933,495 7,142,622 $ 13,961,736
Unreserved,Designated:
Future Projects $ - $ - $ - $
Redevelopment Redevelopment
Agency Agency Non-Major
Capital Projects Special Projects Debt Service Governmental
Fund Fund Fund Funds
Reserved:
Capital Projects $ $ $ $
Debt Service 1,884,723
Property Held for Resale/
Development 4,398,806 7,887,425
Advances 1,000,000
Prepaid Items
Total Reserved $ 4,398,806 $ 1,000,000 $ 1,884,723 $ 7,887,425
Unreserved,Designated:
Future Projects $ $ 24,292,789 $ - $
61
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
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 Reid for Resale/Development
These funds are reserved for property purchased by the Agency to be sold or otherwise used for the
development of the Moorpark Redevelopment Agency Project Area or Low and Moderate Income
Housing Projects.
Reserved for Advances
These funds are reserved for advances to other funds.
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 non-major governmental funds had a deficit at June 30,2010:
Tierra Rejada/Spring Road Special Revenue Fund (167,864)
Management expects these deficits to be eliminated through future revenues.
14)COMMITMENTS AND CONTINGENCIES
A) Commitments
L.,
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.
62
L .
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
14)COMMITMENTS AND CONTINGENCIES- Continued
B) Contingencies
There are certain legal actions pending against the City which management considers incident to
normal operations, some of which seek substantial monetary damages. In the opinion of
management, after consultation with counsel,the ultimate resolution of such actions is not expected
to have a significant effect on the financial position or the results of operations of the City.
The City has received State and Federal funds for specific purposes that are subject to review by the
grantor agencies. Although such audits could generate expenditure disallowance under the terms of
the grants,it is believed that any disallowed amounts will not be material.
15)PROPOSITION 1A BORROWING BY THE STATE OF CALIFORNIA
Under the provisions of Proposition lA and as part of the 2009-10 budget package passed by the
California State Legislature on July 28, 2009, the State of California borrowed 8% of the amount of
property tax revenue, including those property taxes associated with the in-lieu motor vehicle license
fee, the triple flip in-lieu sales tax, and the supplemental property tax, apportioned to cities, counties
and special districts (excluding redevelopment agencies). The State is required to repay this
borrowing plus interest by June 30, 2013. After repayment of this initial borrowing, the California
legislature may consider only one additional borrowing within a ten-year period. The amount of this
borrowing pertaining to the City was $628,112.
Authorized with the 2009-10 State budget package, the Proposition 1A Securitization Program was
instituted by the California Statewide Communities Development Authority ("California
Communities"), a joint powers authority sponsored by the California State Association of Counties
and the League of California Cities, to enable local governments to sell their Proposition lA
receivables to California Communities. Under the Securitization Program, California Communities
simultaneously purchased the Proposition 1A receivables and issued bonds ("Prop 1A Bonds") to
provide local agencies with cash proceeds in two equal installments, on January 15,2010 and May 3,
2010. The purchase price paid to the local agencies equaled 100% of the amount of the property tax
reduction. All transaction costs of issuance and interest were paid by the State of California.
Participating local agencies have no obligation on the bonds and no credit exposure to the State. The
City participated in the securitization program and accordingly property taxes have been recorded in
the same manner as if the State had not exercised its right under Proposition 1A. The receivable sale
proceeds were equal to the book value and, as a result,no gain or loss was recorded.
•
63
City of Moorpark
Notes to Financial Statements
Year Ended June 30,2010
16)NEW PRONOUNCEMENT
The provisions of Governmental Accounting Standards Board (GASB) Statement No. 54, Fund
Balance Reporting and Governmental Fund Type Definitions, will be required to be adopted and
implemented by the City for the fiscal year 2010-11.
17)PRIOR PERIOD ADJUSTMENT
A) Governmental Activities
The prior period adjustment of $7,451,908 in the Statement of Activities consists of the
following: Capital assets were increased by $7,577,422 for land donated in prior years by a
developer; $525,661 recorded as construction in progress should have been classified as land
held for resale; in the Low and Moderate Income Housing Special Revenue Fund, prior year
revenue of$125,514 should have been deferred while $327,320 and $198,341 of expenditures in
the Low and Moderate Income Housing Special Revenue and the Redevelopment Agency Capital
Projects Funds, respectively, should have been recorded as land held for resale but were
expensed.
B) Fund Financial Statements
The prior period adjustment of $400,147 in the Statement of Revenues, Expenditures and
Changes in Fund Balances consists of$125,514 in prior year revenue which should have been
deferred in the Low and Moderate Income Housing Special Revenue Fund and $525,661 of land
held for resale which was expensed in the prior year ($327,320 and $198,341 in the Low and
Moderate Income Housing Special Revenue and the Redevelopment Agency Capital Projects
Funds,respectively).
18)SUBSEQUENT EVENTS
Subsequent to June 30, 2010, the City loaned $600,000 to the Agency for development of residential
housing units for the Charles Street project.
Subsequent to June 30, 2010 there was an unscheduled bond call of$8,395,000 that paid down the
bonds of Moorpark Highlands.
64
•
•
•
•
•
REQUIRED SUPPLEMENTARY INFORMATION
•
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual- General Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
PROPERTY TAXES
Current Secured $ 3,150,000 $ 3,000,000 $ 3,231,498 $ 231,498
Current Unsecured 50,000 40,000 32,128 (7,872)
Prior Year Secured/Unsecured 3,000 65,000 63,844 (1,156)
Supplemental Secured/Unsecured 100,000 100,000 64,265 (35,735)
Real Property Transfer Tax 100,000 100,000 159,918 59,918
Homeowners Property Exemption 30,000 45,000 40,832 (4,168)
Parcel Taxes 120,000 139,110 19,110 f
Property Taxes-VLF 2,825,000 2,920,000 2,920,201 201 ,
Total Property Taxes 6,258,000 6,390,000 6,651,796 261,796
SALES TAXES
Sales and Use Tax 2,175,000 2,175,000 2,382,010 207,010
Sales Tax Compensation 825,000 589,000 588,635 (365)
Total Sales Taxes 3,000,000 2,764,000 2,970,645 206,645
FRANCHISE FEES
Franchise Fee-Adelphia 325,000 350,000 392,578 42,578
Franchise Fee-Edison 305,000 305,000 293,718 (11,282)
Franchise Fee-Gas 125,000 125,000 83,313 (41,687)
Franchise Fee-Oil 2,631 2,631
Franchise PEG Fees 30,000 41,799 11,799
Franchise GI Rubbish 225,000 195,000 186,955 (8,045)
Franchise Moorpark Rubbish 120,000 115,000 113,323 (1,677)
Landfill Local Impact Fee 55,000 55,000 49,483 (5,517)
CIWMP Fees 10,000 10,000 8,025 (1,975)
Total Franchise Fees 1,165,000 1,185,000 1,171,825 (13,175)
SPECIAL BENEFIT ASSESSMENTS
SBA-Storm Drain Maintenance -
Total Special Benefit Assessments - - -
LICENSES AND PERMITS
Business Registration gi 60,000 80,000 137,830 57,830
Filming Permits 7,000 7,000 5,940 (1,060)
NPDES Business Inspection Fees 6,000 6,000 3,145 (2,855)
Total Licenses and Permits 73,000 93,000 146,915 _ 53,915
65 Continued
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual- General Fund- Continued
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
FINES AND FORFEITURES
Municipal Code Fines $ 175,000 $ 175,000 $ 195,161 $ 20,161
Animal Control Fines 2,000 2,000 (2,000)
Forfeiture&Penalties 2,000 (2,000)
Settlements 2,000 -
Total Fines&Forfeitures 179,000 179,000 195,161 16,161
USE OF MONEY AND PROPERTY
Investment Earnings 498,000 498,000 304,989 (193,011)
Rents and Concessions 125,000 125,000 111,016 (13,984)
Interest/City MRA Advance 230,000 150,000 76,500 (73,500)
Total Money&Property 853,000 773,000 492,505 (280,495)
CHARGES FOR SERVICES
Other Admin Service Fees 80,000 80,000 99,017 19,017
Administrative Fees-CFD 100,000 100,000 (100,000)
Park and Facility Use Fee 72,000 72,000 81,501 9,501
Contract Class Registration Fees 160,000 160,000 212,322 52,322
League Fees 100,000 100,000 103,213 3,213
Recreation Event Fees 250,000 250,000 238,339 (11,661)
' Advertising in brochure 10,000 10,000 10,240 240 1
Other Community Services Fees 48,000 37,000 1,443 (35,557)
Photocopying 1,000 1,000 567 (433)
Sale of Documents 1,000 1,000 656 (344)
Special Police Dept Services 45,000 30,000 36,050 6,050
NSF Fees and Misc. Charges 1,000 1,000 1,035 35
Total Charges for Services 868,000 842,000 784,383 (57,617)
INTERGOVERNMENTAL
Off Highway Motor Vehicle -
Motor Vehicle In Lieu 100,000 75,000 109,136 34,136
Other State Funds 5,000 20,000 18,608 (1,392)
County Grants 10,000 10,000 21,934 11,934
r Other Federal Revenue/Grants 5,000 23,465 12,849 (10,616)
Total Intergovernmental 120,000 128,465 162,527 34,062
Continued
I
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66
1
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual- General Fund-Continued
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final _ Amounts (Negative)
REVENUES
OTHER REVENUES '
Contributions/Donations $ $ 500 $ 9,781 $ 9,281
Revenues not elsewhere classified 15,000 15,000 12,769 (2,231)
Expense Reimbursements 75,000 75,000 63,327 (11,673)
Restitution/Insurance Proceeds 15,000 15,000 47,912 32,912
Total Other Revenues 105,000 105,500 133,789 28,289
Total Revenue 12,621,000 12,459,965 12,709,546 249,581
EXPENDITURES
Current:
General Government 1,493,125 1,601,125 1,497,916 103,209
Public Safety 6,729,198 6,729,698 6,076,995 652,703
Public Services 196,163 316,571 77,649 238,922 r
Parks and Recreation 1,608,910 1,623,788 1,486,374 137,414
Capital Outlay 61,897 281,945 99,215 182,730
Total Expenditures 10,089,293 10,553,127 9,238,149 1,314,978
Excess(Deficiency)of Revenues
over Expenditures 2,531,707 1,906,838 3,471,397 1,564,559
OTHER FINANCING SOURCES(USES)
Transfers In 26,000 55,925 136,398 80,473
Transfer Out (2,298,000) (2,307,816) (3,813,625) (1,505,809)
Total Other Financing
Sources(Uses) (2,272,000) (2,251,891) (3,677,227) (1,425,336)
Net Change in Fund Balance 259,707 (345,053) (205,830) 139,223
Fund Balance,Beginning of Year 3,205,829 3,205,829 3,205,829
Fund Balance,End of Year $ 3,465,536 $ 2,860,776 $ 2,999,999 $ 139,223
67
I
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, 2010
•
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 400,000 $ 400,000 $ 247,087 $ (152,913)
Total Use of Money and Property 400,000 400,000 247,087 (152,913)
CHARGES FOR SERVICES
Other Development Fees 1,672,000 365,000 432,459 67,459
Total Charges for Services 1,672,000 365,000 432,459 67,459
OTHER REVENUE
Sale of Plans/Specifications - - - 430 430
Total Other Revenue - - 430 430
Total Revenues 2,072,000 765,000 679,976 (85,024)
EXPENDITURES
Current:
Public Services 26,939 36,939 33,277 3,662
Capital Outlay 665,493 3,840,958 345,914 3,495,044
Total Expenditures 692,432 3,877,897 379,191 3,498,706
I
Excess(Deficiency)of Revenues
over Expenditures 1,379,568 (3,112,897) 300,785 3,413,682
OTHER FINANCING SOURCES(USES) I
Transfers Out (50,000) _ (50,000) (18,754) 31,246
Total Other Financing
Sources(Uses) (50,000) (50,000) (18,754) 31,246
Net Change in Fund Balance 1,329,568 (3,162,897) 282,031 3,444,928
Fund Balance,Beginning of Year 19,660,547 19,660,547 19,660,547
Fund Balance,End of Year $ 20,990,115 $ 16,497,650 $ 19,942,578 $ 3,444,928 1
- 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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
LICENSES AND PERMITS
Misc.Business Permits $ $ $ $ - r
Street Vendor Permits 1,000 1,000 1,780 780
Home Occupation Permits 9,000 9,000 12,670 3,670
Sign Permits 6,000 6,000 4,865 (1,135)
Banner Permits 2,000 2,000 1,530 (470)
Residential Building Permits • 293,000 293,000 350,045 57,045
Non Residential Building 285,000 30,000 37,442 7,442
•
Permit Adj Commercial 2,000 2,000 2,520 520 ,
Permit Adj Industrial 1,000 1,000 (1,000)
Permit Adj Residential 1,000 1,000 (1,000) 1
Temporary Use Permit 3,000 3,000 3,465 465
Enchroachment Permit 20,000 20,000 25,158 5,158
Rental Inspection Permits 4,180 4,180
Administrative Permits 4,000 4,000 7,800 3,800
Total Licenses and Permits 627,000 372,000 451,455 79,455
FINES AND FORFEITURES
Municipal Code Fines 4,000 4,000 10,575 6,575
Code Enforcement Fines 4,171 4,171
Forfeiture and Penalties 711 711
Total Fines and Forfeitures 4,000 4,000 15,457 11,457
USE OF MONEY AND PROPERTY
Investment Earnings 136 136
Total Use of Money and Property - - 136 136
CHARGES FOR SERVICES
City Admin Engin Contract 60,000 15,000 12,213 (2,787)
City Admin Attny Contract 3,000 11,000 16,573 5,573
Contract Admin Fee 2,000 2,000 11,046 9,046
Other Admin Service Fees 2,000 2,000 4,130 2,130
Zone Clearance 32,000 32,000 36,900 4,900
Imaging Fees 5,000 5,000 926 (4,074)
Advance Planning Fees 18,000 18,000 18,789 789
Plan Check Residential 89,000 70,000 95,943 25,943
Plan Check Non Residential 47,000 20,000 18,631 (1,369)
Continued
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 30,2010
Variance with
Final Budget
_ Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
CHARGES FOR SERVICES
Planning Time Charges $ 336,000 $ 225,000 $ 363,769 $ 138,769
Public Improv Plan Check 9,000 25,000 19,733 (5,267)
Public Improv Inspections 81,000 10,000 8,809 (1,191)
Real Estate Fees 2,000 2,000 3,195 1,195
Total Charges for Services 686,000 437,000 610,657 173,657
OTHER REVENUES
Expense Reimbursements 75,101 75,101
Total Other Revenues - - 75,101 75,101
Total Revenues 1,317,000 813,000 1,152,806 339,806
EXPENDITURES
Current:
Public Services 2,574,711 2,268,239 1,990,225 278,014
Total Expenditures . 2,574,711 2,268,239 1,990,225 278,014
Excess(Deficiency)of Revenues
over Expenditures (1,257,711) (1,455,239) (837,419) 617,820
OTHER FINANCING SOURCES(USES)
Transfers In 1,095,000 1,095,000 886,942 (208,058)
Total Other Financing
Sources(Uses) 1,095,000 1,095,000 886,942 (208,058)
Net Change in Fund Balance (162,711) (360,239) 49,523 409,762
Ik
Fund Balance,Beginning of Year - - -
Fund Balance,End of Year $ (162,711) $ (360,239) $ 49,523 $ 409,762
70
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual-Assessment District Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 113,984 $ 112,484 $ 84,380 $ (28,104)
Total Use of Money and Property 113,984 112,484 84,380 (28,104)
CHARGES FOR SERVICES
Tennis/Basketball Court Lighting Use 3,000 3,000 6,775 3,775
3,000 3,000 6,775 3,775
SPECIAL BENEFIT ASSESSMENTS
SBA-Street Lighting 246,000 246,000 251,377 5,377
SBA-Landscape Maintenance 888,000 1,062,000 925,962 (136,038)
SBA-Storm Drain Maintenenace 9,000 9,000 18,745 9,745 ,
SBA-Park Maintenance 708,000 708,000 691,202 (16,798)
Total Special Benefit Assessments 1,851,000 2,025,000 1,887,286 (137,714)
OTHER REVENUES
Expense Reimbursements 66,000 240,034 174,034
Contributions and Donations 85,000 85,000 (85,000)
Total Other Revenues 85,000 151,000 240,034 89,034
Total Revenues 2,052,984 2,291,484 2,218,475 (73,009)
EXPENDITURES
Current:
Public Safety 379,032 394,032 443,850 (49,818)
Parks and Recreation 3,489,466 3,648,512 2,960,426 688,086
Capital Outlay 476,447 68,347 408,100
Total Expenditures 3,868,498 4,518,991 3,472,623 1,046,368
Excess(Deficiency)of Revenues
over Expenditures (1,815,514) (2,227,507) (1,254,148) 973,359
Continued
71
1
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual-Assessment District Special Revenue Fund - Continued
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
OTHER FINANCING SOURCES(USES)
Transfers In $ 1,495,500 $ 1,441,568 $ 1,288,301 $ (153,267)
Total Other Financing
Sources(Uses) 1,495,500 1,441,568 1,288,301 (153,267)
Net Change in Fund Balance (320,014) (785,939) 34,153 820,092
Fund Balance,Beginning of Year 6,428,625 _ 6,428,625 6,428,625
Fund Balance,End of Year $ 6,108,611 $ 5,642,686 $ 6,462,778 $ 820,092
If
72
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual-Endowment Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 76,000 $ 76,000 $ 40,152 $ (35,848)
Rents and Concessions 84,000 84,000 70,819 (13,181)
Total Use of Money and Property 160,000 160,000 110,971 (49,029)
CHARGES FOR SERVICES
Other Development Fees 588,000 230,000 277,202 47,202
Community Service Fees 32,000 18,000 21,760 3,760
Administration Fees 25,000 25,000 28,500 3,500 ,
Total Charges for Services 645,000 273,000 327,462 54,462
Total Revenues 805,000 433,000 438,433 5,433
EXPENDITURES
Capital Outlay 358,402 362,902 54,187 308,715
Total Expenditures 358,402 362,902 54,187 308,715
Excess(Deficiency)of Revenues
over Expenditures 446,598 70,098 384,246 314,148
1
OTHER FINANCING SOURCES (USES)
Transfers Out - I�
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance 446,598 70,098 384,246 314,148
Fund Balance,Beginning of Year 4,777,666 4,777,666 4,777,666
Fund Balance,End of Year $ 5,224,264 $ 4,847,764 $ 5,161,912 $ 314,148
73
i
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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative) I
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 74,000 $ 74,000 $ 38,275 $ (35,725)
Rents and Concessions 16,000 16,000 - (16,000)
Total Use of Money and Property 90,000 90,000 38,275 (51,725)
CHARGES FOR SERVICES
Trees/Landscape Fees 12,000 12,000 41 (11,959)
Library Facilities Fees 169,000 42,000 56,774 14,774
Fees in Lieu of Park Land 393,000 55 55
, Other Development Fees 11,000 11,000 10,846 (154)
Total Charges for Services 585,000 65,000 67,716 2,716
f INTERGOVERNMENTAL
Park Bond 89,495 89,495
Total Intergovernmental - - 89,495 89,495
OTHER REVENUES
Sale Plans/Specifications 95 95
Total Other Revenues - - 95 95
i
Total Revenues 675,000 155,000 195,581 40,581
i
EXPENDITURES 1
Public Services 31,300 31,300 6,282 25,018
Parks and Recreation 6,600 (6,600)
Capital Outlay 2,929,873 3,209,273 1,911,627 1,297,646
Total Expenditures 2,961,173 3,240,573 1,924,509 1,316,064
Excess(Deficiency)of Revenues
over Expenditures (2,286,173) (3,085,573) (1,728,928) 1,356,645
Continued
3
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74
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual-Park/Public Facilities Special Revenue Fund-Continued
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
O'T'HER FINANCING SOURCES(USES)
Transfers In $ 1,500,000 $ 1,500,000 $ $ (1,500,000)
Transfers Out (2,760) (2,760)
Total Other Financing
Sources(Uses) 1,500,000 1,500,000 (2,760) (1,502,760)
Net Change in Fund Balance (786,173) (1,585,573) (1,731,688) (146,115)
Fund Balance,Beginning of Year 3,216,317 3,216,317 3,216,317
Fund Balance,End of Year $ 2,430,144 $ 1,630,744 $ 1,484,629 $ (146,115)
f II
75
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual-MRA Operating Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
PROPERTY TAXES
Current Secured $ $ 3,172,000 $ 2,995,783 (176,217)
Current Unsecured 712,000 758,316 46,316
Homeowners Property Exemption 24,000 17,552 (6,448)
Total Property Taxes - 3,908,000 3,771,651 (136,349)
USE OF MONEY AND PROPERTY
Investment Earnings 183,000 46,098 (136,902)
Rents and Concessions 47,000 47,000 54,509 7,509
Total Use of Money and Property 47,000 230,000 100,607 (129,393)
OTHER REVENUES
Ticket Sales 65,000 65,000 62,050 (2,950)
Advertising in Brochures 3,000 3,000 6,050 3,050
` Sale Plans/Specifications 15 15
68,000 68,000 68,115 115
Total Revenues 115,000 4,206,000 3,940,373 (265,627)
EXPENDITURES
Public Services 1,513,852 6,672,010 6,590,521 81,489
Capital Outlay 5,494,934 5,884,670 4,219 5,880,451
Debt Service:
Interest on Short-term Loan from City - 150,000 76,500 73,500
Total Expenditures 7,008,786 12,706,680 6,671,240 6,035,440
Excess(Deficiency)of Revenues
over Expenditures (6,893,786) (8,500,680) (2,730,867) 5,769,813
OTHER FINANCING SOURCES (USES)
Proceeds from Bonds 5,000,000 5,000,000 (5,000,000)
Transfers In 1,857,500 1,860,440 2,940
Transfers Out (11,000) (11,000) (1,921,660) (1,910,660)
Total Other Financing
Sources(Uses) 4,989,000 6,846,500 (61,220) (6,907,720)
76 Continued
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balances
Budget and Actual-MRA Operating Special Revenue Fund- Continued
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Net Change in Fund Balance $ (1,904,786) $ (1,654,180) $ (2,792,087) $ (1,137,907)
Fund Balance,Beginning of Year 10,974,474 10,974,474 10,974,474
Fund Balance,End of Year $ 9,069,688 $ 9,320,294 $ 8,182,387 $ (1,137,907)
f ISI
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77
City of Moorpark
Schedule of Funding Progress for MRHP
Year Ended June 30,2010
Schedule of Funding Progress for M1 RHP
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) (AB) (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.
78
City of Moorpark
Notes to the Required Supplementary Information
Year Ended June 30,2010
Budgetary Accounting
The City adopts an annual budget on a basis consistent with GAAP for all governmental funds. The
City Manager is required to prepare and submit to the City Council the annual budget of the City and
administer it thereafter. All annual appropriations lapse at fiscal year-end. Throughout the year, the
City Council made several supplementing budgetary adjustments to various funds. These adjustments
resulted in a net appropriation increase of $13,248,276. This increase resulted primarily from
additional appropriations to various construction in progress projects, acquisition of property, SERAF
payment and rebudgeted projects and amounts carried over from Fiscal Year 2009/2010 as continuing
appropriations.
1
Li
1
79
II 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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
MAINTENANCE ASSESSMENTS
Police Facilities Fees $ 232,000 $ 46,000 $ 63,145 $ 17,145
Total Maintenance Assessments 232,000 46,000 63,145 17,145
Total Revenues 232,000 46,000 63,145 17,145
EXPENDITURES
Public Safety -
Capital Outlay -
Total Expenditures - - - -
Excess(Deficiency)of Revenues
over Expenditures 232,000 46,000 63,145 17,145
Fund Balance,Beginning of Year (1,995,668) (1,995,668) (1,995,668)
Fund Balance,End of Year $ (1,763,668) $ (1,949,668) $ (1,932,523) $ 17,145
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80
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual-Redevelopment Agency Capital Projects Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
f '
REVENUES
USE OF MONEY AND PROPERTY
Investment Earnings $ 355,000 $ 355,000 $ 85,355 $ (269,645)
Total Use of Money and Property 355,000 355,000 85,355 (269,645)
O'T'HER REVENUES
Revenues Not Elsewhere Classified -
Sale Plans/Specifications -
Total Other Revenues - - - -
Total Revenues 355,000 355,000 85,355 (269,645)
EXPENDITURES
Current
Public Services 8,361 (8,361)
Capital Outlay 12,053,153 12,352,269 759,299 11,592,970
Total Expenditures 12,053,153 12,352,269 767,660 11,584,609
Excess(Deficiency)of Revenues
over Expenditures (11,698,153) (11,997,269) (682,305) 11,314,964
OTHER FINANCING SOURCES (USES)
Transfers In 1,857,500 1,857,500
Transfers Out (3,802,500) (1,887,728) 1,914,772
Total Other Financing
Sources(Uses) -- (3,802,500) (30,228) 3,772,272
Net Change in Fund Balances (11,698,153) (15,799,769) (712,533) 15,087,236
Fund Balance,Beginning of Year 16,288,672 16,288,672 16,288,672
Prior Period Adjustment 198,340 198,340
Fund Balances,End of Year $ 4,590,519 $ 488,903 $ 15,774,479 $ 15,285,576
81
1 . `
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual-Redevelopment Agency Debt Service Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
PROPERTY TAXES
Tax Increment Secured $ $ 1,720,138 $ 1,720,138 $ -
Tax Increment Unsecured - 1
Total Property Taxes - 1,720,138 1,720,138 -
USE OF MONEY AND PROPERTY
Investment Earnings 30,953 32,868 1,915
Total Use of Money and Property - 30,953 32,868 1,915
Total Revenues - 1,751,091 1,753,006 1,915
EXPENDITURES
Current:
Public Services - i
Debt Service
Principal 495,000 495,000 -
Interest 1,376,091 1,376,091 -
Total Expenditures - 1,871,091 1,871,091 -
Excess(Deficiency)of Revenues
over Expenditures - (120,000) (118,085) 1,915
OTHER FINANCING SOURCES(USES)
Transfers In 152,000 150,952 (1,048)
Tr nfers Out -
` Total Other Financing 1
Sources(Uses) - 152,000 150,952 (1,048)
Net Change in Fund Balance - 32,000 32,867 867
Fund Balance,Beginning of Year 2,146,058 2,146,058 2,146,058
', Fund Balance,End of Year $ 2,146,058 $ 2,178,058 $ 2,178,925 $ 867
82
City of Moorpark
Non-Major Governmental Funds
June 30,2010
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 fmes 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 (A.O.C) 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 A.O.0 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 fiends received from the State of
California for specific transportation programs.
Art in Public Places Fund — is used to account for fees used for public facilities improvements as a
result of additional development.
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 L ,
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. f
83
City of Moorpark
Non-Major Governmental Funds-Continued
June 30,2010
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 finds 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.
84
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30,2010
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
ASSETS
Cash and Investments $ 850,287 $ 582,639 $ 3,923,806 $ 11,491,518
Receivables:
Accounts 43 32,360
Notes 485,535 250,249
Due From Other Funds 166,564
Property Held for Resale/Development
Total Assets $ 850,330 $ 614,999 $ 4,409,341 $ 11,908,331
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ 24,084 $ 2,891 $ $ 29,889
Due to Other Funds
Deferred Revenue 485,535 250,249
Total Liabilities 24,084 2,891 485,535 280,138
Fund Balances:
Reserved For:
Property Held for Resale/Development
Unreserved,Reported In:
Special Revenue Funds 826,246 612,108 3,923,806 11,628,193
Capital Projects Funds
Total Fund Balances 826,246 612,108 3,923,806 11,628,193
Total Liabilities and Fund Balances $ 850,330 $ 614,999 $ 4,409,341 $ 11,908,331
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85
Special Revenue
Tierra Rejadal Freemont State and Prop 1B Art
Spring Road Casey/Gabbert Storm Drain Federal State Gas Local Streets in Public
A.O.0 A.O.0 A.O.0 Assistance Tax and Roads Places
$ $ 84,150 $ 15,080 $ 810,332 $ 324,382 $ 683,731 $ 1,549,318
142,778 39,969
$ - $ 84,150 $ 15,080 $ 953,110 $ 364,351 $ 683,731 $ 1,549,318
r I
$ 1,300 $ $ $ 328,443 $ 44,420 $ 84,687 $ 181
166,564 23,216
167,864 - - 351,659 44,420 84,687 181
(167,864) 84,150 15 080 601 451 319,931 599,044 1,549,137
,
(167,864) 84,150 15,080 601,451 319,931 599,044 1,549,137
$ - $ 84,150 $ 15,080 $ 953,110 $ 364,351 $ 683,731 $ 1,549,318
Continued
If
86
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds - Continued
June 30,2010
Special Revenue
Prop 1B Low and Local
Safety Moderate Transportation Solid
and Security Income Housing Transit Waste
ASSETS
Cash and Investments $ 103,513 $ 258,092 $ 129,402 $ 983,759
Receivables:
Accounts 5,179 127,163 23,113
Notes 348,830
Due From Other Funds
Property Held for Resale/Development 7,887,425
Total Assets $ 103,513 $ 8,499,526 $ 256,565 $ 1,006,872
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable and Accrued Liabiliies $ $ 14,367 $ 52,875 $ 12,790
Due to Other Funds 379,701
Deferred Revenue 348,830 196,822
Total Liabilities - 742,898 249,697 12,790
Fund Balances:
Reserved For:
Property Held for Resale/Development 7,887,425
Unreserved,Reported In:
Special Revenue Funds 103,513 (130,797) 6,868 994,082
Capital Projects Funds
Total Fund Balances 103,513 7,756,628 6,868 994,082
Total Liabilities and Fund Balances $ 103,513 $ 8,499,526 $ 256,565 $ 1,006,872
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87
Capital Projects Total
Nonmajor
Capital City Hall Equipment Governmental
Projects Building Replacement Funds
$ 225,181 $ 3,702,319 $ 442,840 $ 26,160,349
370,605
1,084,614
166,564
7,887,425
$225,181 $ 3,702,319 $ 442,840 $ 35,669,557
$ $ $ $ 595,927
•
569,481
1,281,436
2,446,844
7,887,425
20,964,948
225,181 3,702,319 442,840 4,370,340
225,181 3,702,319 442,840 33,222,713
$225,181 $ 3,702,319 $ 442,840 $ 35,669,557
88
City of Moorpark
Combining Statement of Revenues,Expenditures and Changes in Fund Balance
Non-Major Governmental Funds
Year Ended June 30,2010
Special Revenue
Los Angeles
Library Traffic Affordable Area of
Services Safety Housing Contribution
REVENUES
Taxes $ 797,267 $ $ $
Fines and Forteitures 18,579 207,180
Use of Money and Property 6,489 6,593 46,486 144,059
Charges for Services 6,939 254,849 500,969
Intergovernmental 13,135
Other Revenue 62,658
Total Revenues 842,409 213,773 363,993 645,028
EXPENDITURES
Current:
Public Safety 100,696
Public Services 755,080 10,109
Capital Outlay 676,994
Debt Service:
Interest
Total Expenditures 755,080 100,696 10,109 676,994
Excess(Deficiency)of Revenues
Over Expenditures 87,329 113,077 353,884 (31,966)
OTHER FINANCING SOURCES(USES)
Transfers In 204
Transfers Out (29,925) (57,499)
Total Other Financing Sources(Uses) (29,925) 204 - (57,499)
Net Change in Fund Balances 57,404 113,281 353,884 (89,465)
Fund Balances,Beginning of Year 768,842 498,827 3,569,922 11,717,658
Prior Period Adjustment
Fund Balances,End of Year $ 826,246 $ 612,108 $ 3,923,806 $ 11,628,193
r I
89
i II!
Special Revenue
Tierra Rejada/ Freemont State and Prop 1B Art
Spring Road Casey/Gabbert Storm Drain Federal State Gas Local Streets in Public
A.O.0 A.O.0 A.O.0 Assistance Tax and Roads Places
$ $ . $ $ $ $ $
1,019 186 11,044 2,808 12,855 17,814
9,142 2,030 30 204,110
1,338,415 587,692
7,350 260
1
9,142 3,049 186 1,349,459 597,880 13,115 221,924
147,943
18,000 1,617,372
5,850 520,509 1,550 552,706 11,160
5,850 - - 686,452 1,618,922 552,706 11,160
3,292 3,049 186 663,007 (1,021,042) (539,591) 210,764
1
1,064,142
(3,839) (1,312,867) (172,752)
(3,839) - - (1,312,867) 891,390 - -
(547) 3,049 186 (649,860) (129,652) (539,591) 210,764
I
(167,317) 81,101 14,894 1,251,311 449,583 1,138,635 1,338,373
$ (167,864) $ 84,150 $ 15,080 $ 601,451 $ 319,931 $ 599,044 $ 1,549,137
Continued
90
City of Moorpark
Combining Statement of Revenues,Expenditures and Changes in Fund Balance
Non-Major Governmental Funds-Continued
Year Ended June 30,2010
Special Revenue
Prop 1B Low and Local
Safety Moderate Transportation Solid
and Security Income Housing Transit Waste
REVENUES
Taxes $ $ 1,372,988 $ $ 274,461
Fines and Forteitures
Use of Money and Property 1,279 30,781 59 12,061
Charges for Services 73,774 2,980
Intergovernmental 422,692 15,176
Other Revenue
Total Revenues 1,279 1,403,769 496,525 304,678
EXPENDITURES
Current:
Public Safety
Public Services 584,596 372,889 279,535
Capital Outlay 11,337 353,636
Debt Service:
Interest 30,208
Total Expenditures - 626,141 726,525 279,535
Excess(Deficiency)of Revenues
Over Expenditures 1 279 777 628
p (230,000) 25,143
OTHER FINANCING SOURCES(USES)
Transfers In 237,122
Transfers Out (151,612)
Total Other Financing Sources(Uses) - (151,612) 237,122 -
i
Net Change in Fund Balances 1,279 626,016 7,122 25,143
Fund Balances,Beginning of Year 102,234 6,928,805 (254) 968,939
Prior Period Adjustment 201,807
is
Fund Balances,End of Year $ 103,513 $ 7,756,628 $ 6,868 $ 994,082
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Capital Projects Total
Nonmajor
Capital City Hall Equipment Governmental
Projects Building Replacement Funds
$ $ $ $ 2,444,716
225,759
1,890 45,930 5,507 346,860
1,054,823
2,377,110
70,268
1,890 45,930 5,507 6,519,536
248,639
3,637,581
96,003 20,851 2,250,596
30,208
96,003 20,851 6,167,024
r I
1,890 (50,073) (15,344) 352,512
58,280 1,359,748
(2,670) (2,410) (1,733,574)
55,610 (2,410) - (373,826)
57,500 (52,483) (15,344) (21,314)
167,681 3,754,802 458,184 33,042,220
201,807
.
$ 225,181 $ 3,702,319 $ 442,840 $ 33,222,713
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City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual-Library Services Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 755,000 $ 755,000 $ 797,267 $ 42,267
Fines and Forfeitures 25,000 25,000 18,579 (6,421)
Use of Money and Property 6,489 6,489
Charges for Services 8,000 8,000 6,939 (1,061)
Intergovernmental 13,000 13,000 13,135 135
Total Revenues 801,000 801,000 842,409 41,409
EXPENDITURES
Current:
Public Services 789,389 789,389 755,080 34,309
Total Expenditures 789,389 789,389 755,080 34,309
Excess(Deficiency)of:Revenues
over Expenditures 11,611 11,611 87,329 75,718
OTHER FINANCING SOURCES(USES)
Transfers In -
Transfers Out (29,925) (29,925) -
t
Total Other Financing
Sources(Uses) - (29,925) (29,925)
Net Change in Fund Balance 11,611 (18,314) 57,404 75,718
Fund Balance,Beginning of Year 768,842 768,842 768,842
Fund Balance,End of Year $ 780,453 $ 750,528 $ 826,246 $ 75,718
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City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual -Traffic Safety Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Fines and Forfeitures $ 155,000 $ 155,000 $ 207,180 $ 52,180
Use of Money and Property 15,000 15,000 6,593 (8,407)
Total Revenues 170,000 170,000 213,773 43,773
EXPENDITURES
Current:
Public Safety 103,108 103,108 100,696 2,412
Total Expenditures 103,108 103,108 100,696 2,412
Excess(Deficiency)of Revenues
over Expenditures 66,892 66,892 113,077 46,389
OTHER FINANCING SOURCES(USES)
Transfer In 204 204
Total Other Financing
Sources(Uses) - - 204 204
L
Net Change in Fund Balance 66,892 66,892 113,281 46,389
Fund Balance,Beginning of Year 498,827 498,827 498,827
Fund Balance,End of Year $ 565,719 $ 565,719 $ 612,108 $ 46,389
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual-Affordable Housing Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 74,000 $ 74,000 $ 46,486 $ (27,514)
Charges for Services 277,000 277,000 254,849 (22,151)
Other Revenue _ 20,000 62,658 42,658
Total Revenues 351,000 371,000 363,993 (7,007)
EXPENDITURES
Current:
Public Services 37,200 37,200 10,109 27,091
Total Expenditures 37,200 37,200 10,109 27,091
Excess(Deficiency)of Revenues
over Expenditures 313,800 333,800 353,884 20,084
OTHER FINANCING SOURCES(USES)
Transfers Out (18,000) (18,000) 18,000
Total Other Financing
Sources(Uses) (18,000) (18,000) - 18,000
Net Change in Fund Balance 295,800 315,800 353,884 38,084
Fund Balance,Beginning of Year 3,569,922 3,569,922 3,569,922
Fund Balance,End of Year $ 3,865,722 $ 3,885,722 $ 3,923,806 $ 38,084
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 242,000 $ 242,000 $ 144,059 $ (97,941)
Charges for Services 715,000 125,000 500,969 375,969
Total Revenues 957,000 367,000 645,028 278,028
EXPENDITURES
Capital Outlay 4,439,383 5,052,256 676,994 4,375,262
Total Expenditures 4,439,383 5,052,256 676,994 4,375,262
Excess(Deficiency)of Revenues
over Expenditures (3,482,383) (4,685,256) (31,966) 4,653,290
OTHER FINANCING SOURCES(USES)
Transfers Out (57,000) (57,000) (57,499) (499)
Total Other Financing
Sources(Uses) (57,000) (57,000) (57,499) (499)
Net Change in Fund Balance (3,539,383) (4,742,256) (89,465) 4,652,791
Fund Balance,Beginning of Year 11,717,658 11,717,658 11,717,658
Fund Balance,End of Year $ 8,178,275 $ 6,975,402 $ 11,628,193 $ 4,652,791
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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 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 2,000 $ 2,000 $ $ (2,000)
Charges for Services 377,000 9,142 9,142
Other Revenue -
Total Revenues 379,000 2,000 9,142 7,142
EXPENDITURES
Capital Outlay 26,091 5,850 20,241
Total Expenditures - 26,091 5,850 20,241
Excess(Deficiency)of Revenues
over Expenditures 379,000 (24,091) 3,292 27,383
OMER FINANCING SOURCES(USES)
Transfers Out (3,839) (3,839)
Total Other Financing
Sources(Uses) - - (3,839) (3,839)
Net Change in Fund Balance 379,000 (24,091) (547) 23,544
Fund Balance,Beginning of Year (167,317) (167,317) (167,317)
Fund Balance,End of Year $ 211,683 $ (191,408) $ (167,864) $ 23,544
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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 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 2,000 $ 2,000 $ 1,019 $ (981)
Charges for Services 2,030 2,030
Total Revenues 2,000 2,000 3,049 1,049
EXPENDITURES
Capital Outlay -
Total Expenditures - - - -
Excess (Deficiency)of Revenues
over Expenditures 2,000 2,000 3,049 1,049
Fund Balance,Beginning of Year 81,101 81,101 81,101
Fund Balance,End of Year $ 83,101 $ 83,101 $ 84,150 $ 1,049
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 1,000 $ 1,000 $ 186 $ (814)
Total Revenues 1,000 1,000 186 (814)
EXPENDITURES
Capital Outlay
Total Expenditures
Excess(Deficiency)of Revenues
over Expenditures 1,000 1,000 186 (814)
Fund Balance,Beginning of Year 14,894 14,894 14,894
Fund Balance,End of Year $ 15,894 $ 15,894 $ 15,080 $ (814)
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 18,000 $ 18,000 $ 11,044 $ (6,956)
Intergovernmental 2,494,000 2,863,356 1,338,415 (1,524,941)
Other Revenue 70,000 (70,000)
Total Revenues 2,512,000 2,951,356 1,349,459 (1,601,897)
EXPENDITURES
Current:
Public Safety 100,000 107,819 147,943 (40,124)
Public Services 37,025 37,025 18,000 19,025
Capital Outlay 1,190,175 2,311,867 520,509 1,791,358
Total Expenditures 1,327,200 2,456,711 686,452 1,770,259
Excess(Deficiency)of Revenues
over Expenditures 1,184,800 494,645 663,007 168,362
OTHER FINANCING SOURCES(USES)
Transfers Out (1,213,000) (1,213,000) (1,312,867) (99,867)
Total Other Financing
Sources(Uses) (1,213,000) (1,213,000) (1,312,867) (99,867)
Net Change in Fund Balance (28,200) (718,355) (649,860) 68,495
Fund Balance,Beginning of Year 1,251,311 1,251,311 1,251,311
Fund Balance,End of Year $ 1,223,111 $ 532,956 $ 601,451 $ 68,495
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 2,808 $ 2,808
Charges for Services 30 30
Intergovernmental 606,000 596,000 587,692 (8,308)
Other Revenue 7,350 7,350
Total Revenues 606,000 596,000 597,880 1,880
EXPENDITURES
Current:
Public Services 1,674,548 1,685,567 1,617,372 68,195
Capital Outlay 1,550 (1,550) r
Total Expenditures 1,674,548 1,685,567 1,618,922 66,645
Excess(Deficiency)of Revenues ,
over Expenditures (1,068,548) (1,089,567) (1,021,042) 68,525
OTHER FINANCING SOURCES (USES)
Transfers In 1,139,000 1,072,000 1,064,142 (7,858)
Transfers Out (229,000) (172,752) (172,752) -
i
Total Other Financing r
Sources(Uses) 910,000 899,248 891,390 (7,858) I
i
Net Change in Fund Balance (158,548) (190,319) (129,652) 60,667
Fund Balance,Beginning of Year 449,583 449,583 449,583
Fund Balance,End of Year $ 291,035 $ 259,264 $ 319,931 $ 60,667
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 12,000 $ 12,000 $ 12,855 $ 855
Intergovernmental 537,000 -
Other Revenue 260 260
Total Revenues 549,000 12,000 13,115 1,115
EXPENDITURES
Capital Outlay 581,448 581,448 552,706 28,742
Total Expenditures 581,448 581,448 552,706 28,742
Excess(Deficiency)of Revenues
over Expenditures (32,448) (569,448) (539,591) 29,857
Fund Balance,Beginning of Year 1,138,635 1,138,635 1,138,635
Fund Balance,End of Year $ 1,106,187 $ 569,187 $ 599,044 $ 29,857
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City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual-Art in Public Places Special Revenue Fund
Year Ended June 30, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 36,000 $ 36,000 $ 17,814 $ (18,186)
Intergovernmental 226,000 226,000 204,110 (21,890)
Total Revenues 262,000 262,000 221,924 (40,076)
EXPENDITURES
Capital Outlay 8,000 92,460 11,160 81,300
Total Expenditures 8,000 92,460 11,160 81,300
Excess(Deficiency)of Revenues
over Expenditures 254,000 169,540 210,764 41,224
Fund Balance,Beginning of Year 1,338,373 1,338,373 1,338,373
Fund Balance,End of Year $ 1,592,373 $ 1,507,913 $ 1,549,137 $ 41,224
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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, 2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 2,000 $ 2,000 $ 1,279 $ (721)
Intergovernmental 100,000 -
Total Revenues 102,000 2,000 1,279 (721)
EXPENDITURES
Capital Outlay 100,000 100,000
Total Expenditures - 100,000 - 100,000
Excess(Deficiency)of Revenues
over Expenditures 102,000 (98,000) 1,279 99,279
Fund Balance,Beginning of Year 102,234 102,234 102,234 _
Fund Balance,End of Year $ 204,234 $ 4,234 $ 103,513 $ 99,279
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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 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 1,340,000 $ 1,407,000 $ 1,372,988 $ (34,012)
Use of Money and Property 31,000 31,000 30,781 (219)
Total Revenues 1,371,000 1,438,000 1,403,769 (34,231)
EXPENDITURES
Current:
Public Services 345,833 578,040 584,596 (6,556)
Capital Outlay 95,735 157,322 11,337 145,985
Debt Service:
Interest 36,000 36,000 30,208 5,792
Total Expenditures 477,568 771,362 626,141 145,221
Excess(Deficiency)of Revenues
over Expenditures 893,432 666,638 777,628 110,990
OTHER FINANCING SOURCES (USES)
Transfers In _
Transfers Out (152,000) (152,000) (151,612) 388
Total Other Financing
Sources(Uses) (152,000) (152,000) (151,612) 388
Net Change in Fund Balance 741,432 514,638 626,016 111,378
Fund Balance,Beginning of Year 6,928,805 6,928,805 6,928,805
Prior Period Adjustment 201,807 201,807
Fund Balance,End of Year $ 7,670,237 $ 7,443,443 $ 7,756,628 $ 313,185
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City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual-Local Transportation Transit Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 4,000 $ 4,000 $ 59 $ (3,941)
Charges for Services 65,000 65,000 73,774 8,774
Intergovernmental 1,653,000 1,775,000 422,692 (1,352,308)
Other Revenue -
Total Revenues 1,722,000 1,844,000 496,525 (1,347,475)
EXPENDITURES
` Current:
Public Services 382,921 383,896 372,889 11,007
Capital Outlay 1,681,330 1,803,646 353,636 1,450,010
Total Expenditures 2,064,251 2,187,542 726,525 1,461,017
Excess(Deficiency) of Revenues
over Expenditures (342,251) (343,542) (230,000) 113,542
OTHER FINANCING SOURCES(USES)
Transfers In 170,000 237,000 237,122 122
Total Other Financing
Sources(Uses) 170,000 237,000 237,122 122 i
Net Change in Fund Balance (172,251) (106,542) 7,122 113,664
Fund Balance,Beginning of Year (254) (254) (254)
Fund Balance,End of Year $ (172,505) $ (106,796) $ 6,868 $ 113,664
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106
City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual- Solid Waste Special Revenue Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 288,000 $ 288,000 $ 274,461 $ (13,539)
Use of Money and Property 20,000 20,000 12,061 (7,939)
Charges for Services 2,980 2,980
Intergovernmental 16,600 16,600 15,176 (1,424)
Other Revenue
Total Revenues 324,600 324,600 304,678 (19,922)
EXPENDITURES
Current:
Public Services 410,124 429,735 279,535 150,200
Capital Outlay
Total Expenditures 410,124 429,735 279,535 150,200
Excess(Deficiency)of Revenues
over Expenditures (85,524) (105,135) 25,143 130,278
Fund Balance,Beginning of Year 968,939 968,939 968,939
Fund Balance,End of Year $ 883,415 $ 863,804 $ 994,082 $ 130,278
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107
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual- Capital Projects Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ $ $ 1,890 $ 1,890
Total Revenues - -_ 1,890 1,890
EXPENDITURES
Capital Outlay 210,000 211,280 211,280
Total Expenditures 210,000 211,280 - 211,280
Excess(Deficiency)of Revenues
over Expenditures (210,000) (211,280) 1,890 213,170
OTHER FINANCING SOURCES(USES)
Transfer In 58,280 58,280
Transfer Out (2,670) (2,670)
Total Other Financing
Sources(Uses) - - 55,610 55,610
Net Change in Fund Balance (210,000) (211,280) 57,500 268,780
Fund Balance,Beginning of Year 167,681 167,681 167,681
Fund Balance,End of Year $ (42,319) $ (43,599) $ 225,181 $ 268,780
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City of Moorpark
Schedule of Revenues,Expenditures, and Changes in Fund Balance
Budget and Actual-City Hall Building Capital Projects Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 8,000 $ 26,000 $ 45,930 $ 19,930
Total Revenues 8,000 26,000 45,930 19,930
EXPENDITURES
Capital Outlay 3,772,795 3,748,795 96,003 3,652,792
Total Expenditures 3,772,795 3,748,795 96,003 3,652,792
Excess(Deficiency)of Revenues
over Expenditures (3,764,795) (3,722,795) (50,073) 3,672,722
OTHER FINANCING SOURCES (USES)
Transfer Out (2,410) (2,410)
Total Other Financing
Sources(Uses) - - (2,410) (2,410)
Net Change in Fund Balance (3,764,795) (3,722,795) (52,483) 3,670,312
Fund Balance,Beginning of Year 3,754,802 3,754,802 3,754,802
Fund Balance,End of Year $ (9,993) $ 32,007 $ 3,702,319 $ 3,670,312
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual- Equipment Replacement Capital Projects Fund
Year Ended June 30,2010
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of Money and Property $ 10,000 $ 10,000 $ 5,507 $ (4,493)
Total Revenues 10,000 10,000 5,507 (4,493)
EXPENDITURES
Capital Outlay 1,800 40,800 20,851 19,949
Total Expenditures 1,800 40,800 20,851 19,949
Excess(Deficiency)of Revenues
over Expenditures 8,200 (30,800) (15,344) 15,456
OTHER FINANCING SOURCES(USES)
Transfer In -
Total Other Financing
Sources(Uses) - - - -
Net Change in Fund Balance 8,200 (30,800) (15,344) 15,456
Fund Balance,Beginning of Year 458,184 458,184 458,184
Fund Balance,End of Year $ 466,384 $ 427,384 $ 442,840 $ 15,456
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City of Moorpark
Statement of Changes in Net Assets
Agency Funds
Year Ended June 30,2010
Balance at Balance at
July 1,2009 Additions Deletions June 30,2010
ASSETS
Cash and Investments $ 3,297,388 $ 131,898 $ $ 3,429,286
Restricted Cash and Investments 6,507,455 799,599 7,307,054
Accounts Receivable 26,323 (3,016) 23,307
Due from Other Funds 21,532 (21,532)
Total Assets $ 9,852,698 $ 931,497 $ (24,548) $ 10,759,647
LIABILITIES
Accounts Payable $ 182,046 $ $ (81,144) $ 100,902
Developer Deposits 3,116,619 213,404 3,330,023
Due to Bondholders 6,554,023 774,699 7,328,722
Total Liabilities $ 9,852,688 $ 988,103 $ (81,144) $ 10,759,647
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CITY OF MOORPARK
Net Assets by Component
Last Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Governmental activities:
Invested in capital assets,
net of related debt $ 85,969,804 $ 93,941,392 $ 99,760,671 $ 108,190,324
Restricted 39,344,368 41,506,906 46,405,391 57,986,366
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428
Total governmental activities net assets $ 159,106,739 $ 167,310,012 $ 172,580,040 $ 193,142,118
Continued
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.
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CITY OF MOORPARK
Net Assets by Component
Last Eight Fiscal Years-Continued
(accrual basis of accounting)
Fiscal Year
2007 2008 2009 2010
Governmental activities:
Invested in capital assets,
net of related debt $ 125,900,770 $ 130,071,108 $ 130,581,499 $ 141,095,551
Restricted 100,649,409 101,613,368 94,878,693 89,571,308
Unrestricted 6,458,224 3,641,173 14,213,503 17,761,703
Total governmental activities net assets $ 233,008,403 $ 235,325,649 $ 239,673,695 $ 248,428,562
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.
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CITY OF MOORPARK
Changes in Net Assets
Last Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Expenses:
General government $ 2,116,644 $ 2,351,860 $ 3,030,395 $ 3,044,381
Public safety 4,142,268 4,902,148 5,709,323 6,230,057
Public services 7,150,513 10,957,272 9,844,050 13,106,843
Parks and recreation 2,276,066 2,600,523 2,304,852 2,771,270
Interest on long-term debt 1,040,854 1,097,421 978,843 1,333,370
Total governmental activities expense 16,726,345 21,909,224 21,867,463 26,485,921
i
Program revenues:
Charges for services:
General government 509,401 1,407,130. 2,010,540 2,201,590
Public safety 708,392 369,795 344,019 340,341
Public services 2,166,168 4,181,363 2,776,976 4,163,781
Parks and recreation 322,772 536,238 501,283 536,166
Total charges for services 3,706,733 6,494,526 5,632,818 7,241,878
Operating contributions and grants 5,440,099 4,077,849 2,313,834 3,237,143
Capital contributions and grants 4,131,439 4,731,311 4,633,166 18,027,831
Total governmental activities
program revenues 13,278,271 15,303,686 12,579,818 28,506,852
Net program revenues(expenses) (3,448,074) (6,605,538) (9,287,645) 2,020,931
General revenues and other changes in net assets:
Taxes:
Property tax 2,413,964 2,658,230 2,655,093 2,929,842
Property tax,Redevelopment Agency 3,577,050 4,116,542 3,901,779 5,530,198 j
Franchise tax 1,067,669 919,290 955,829 1,080,893
Sales tax 1,664,626 2,176,893 2,046,368 2,260,786
Sales tax in lieu - - 537,485 608,298
Motor vehicle in lieu 2,161,324 1,570,551 2,836,154 2,734,470 1
Investment income 2,027,190 1,363,344 1,725,579 3,261,384
Other 21,479 177,380 1,160,805 135,276
Gain on sale of property - - 48,339 -
Special item(1) - (900,000) - -
County settlement - - - -
Total governmental activities 12,933,302 12,082,230 15,867,431 18,541,147
Changes in net assets-
governmental activities $ 9,485,228 $ 5,476,692 $ 6,579,786 $ 20,562,078
1
Continued
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
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CITY OF MOORPARK
Changes in Net Assets -Continued
Last Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year
2007 2008 2009 2010
Expenses:
General government $ 1,639,628 $ 1,949,206 $ 2,041,596 $ 1,603,279
Public safety 6,317,283 6,882,072 7,035,384 7,016,015
Public services 21,231,766 20,580,204 18,170,325 13,589,878
Parks and recreation 4,293,823 4,551,045 4,470,524 4,934,002
Interest on long-term debt 1,332,541 1,773,841 1,616,843 1,504,502
Total governmental activities expenses 34,815,041 35,736,368 33,334,672 28,647,676
Program revenues:
Charges for services:
General government 191,674 283,576 232,926 258,431
Public safety 598,500 633,131 538,636 477,305
Public services 6,612,769 5,743,200 3,172,708 2,769,641
Parks and recreation 604,904 756,885 644,979 643,593
Total charges for services 8,007,847 7,416,792 4,589,249 4,148,970
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Operating contributions and grants 4,489,945 7,113,883 6,172,315 4,128,842
Capital contributions and grants 38,337,638 5,481,972 3,326,778 1,970,931
Total governmental activities
program revenues 50,835,430 20,012,647 14,088,342 10,248,743
Net program revenues(expenses) 16,020,389 (15,723,721) (19,246,330) (18,398,933)
1
General revenues and other changes in net assets: 1
Taxes:
Property tax 3,334,491 4,505,980 7,802,643 7,449,063
Property tax,Redevelopment Agency 6,347,692 6,887,079 7,054,432 6,864,777
Franchise tax 1,126,951 1,150,180 1,171,556 1,171,825
Sales tax 2,192,327 2,306,281 2,329,522 2,382,010
Sales tax in lieu 704,562 779,263 849,227 588,635
Motor vehicle in lieu 2,860,207 3,038,440 125,307 109,136
Investment income 6,556,186 2,491,856 2,875,649 853,074
Other 58,841 139,728 386,040 283,372
Gain on sale of property 276,797 - - -
Special item(1) - - - -
County settlement - - 1,000,000 -
Total governmental activities 23,458,054 21,298,807 23,594,376 19,701,892
Changes in net assets-
governmental activities $ 39,478,443 $ 5,575,086 $ 4,348,046 $ 1,302,959
The City of Moorpark has elected to report retroactively back to the year the City I
implemented GASB 34(June 30, 2003).
(1)Mission Bell note
115
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
General fund:
Reserved $ - $ - $ 5,772,444 $ 2,943,353
Unreserved 13,456,231 14,756,222 _ 12,527,255 18,301,058
Total general fund $ 13,456,231 $ 14,756,222 $ 18,299,699 $ 21,244,411
All other governmental funds:
Reserved $ 4,378,065 $ 4,099,849 $ 13,889,036 $ 14,124,235
Unreserved,reported in:
Special revenue funds 32,857,500 29,994,471 26,977,320 36,903,391
Capital projects funds 9,625,965 8,950,250 3,361,134 1,293,998
Debt Service funds (97,935) (891,297) (346,716) (321,425)
Non-major funds 7,146,987 10,651,331 8,272,652 9,724,941
Total all other governmental funds $ 53,910,582 $ 52,804,604 $ 52,153,426 $ 61,725,140
Continued
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
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116
CITY OF MOORPARK
Fund Balances of Governmental Funds-Continued
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2007 2008 2009 2010
General fund:
Reserved $ - $ 95,397 $ 373,209 $ 337,286
Unreserved 24,405,620 3,625,348 2,832,620 2,662,713
Total general fund $ 24,405,620 $ 3,720,745 $ 3,205,829 $ 2,999,999
All other governmental funds:
Reserved $ 41,864,116 $ 35,103,620 $ 33,719,016 $ 38,208,807
Unreserved,reported in:
Special revenue funds 41,486,631 42,761,089 37,278,628 32,207,690
Capital projects funds 16,807,370 39,098,065 35,699,829 33,735,939
Debt Service funds 83,243 (1,025,927) 261,336 294,202
Non-major funds 8,693,969 13,384,413 25,043,397 25,335,288
Total all other governmental funds $ 108,935,329 $ 129,321,260 $ 132,002,206 $ 129,781,926
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
117
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CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Revenues:
Taxes $ 8,490,985 $ 9,870,955 $ 9,139,722 $ 12,231,076
Licenses and permits 51,083 63,146 54,180 72,365
Fines and forfeitures 290,054 306,871 344,019 340,341
Uses of money and property 2,027,190 1,363,006 1,924,579 3,261,384
Charges for services 867,731 2,001,561 2,558,974 2,665,391
Intergovernmental 4,051,263 4,298,009 5,150,992 6,302,193
Maintenance assessments 2,955,340 2,639,628 1,963,190 1,845,742
Franchise fees 232,324 257,127 1,231,763 283,162
Building and safety fees 608,879 595,138 431,959. 1,110,715
Planning and public work fees 2,132,190 2,614,959 1,967,751 3,053,066
Development fees 4,486,128 4,097,977 2,669,976 15,568,347
Contributions from prop owners - - - -
Other 256,376 281,506 2,832,962 397,574
Total revenues 26,449,543 28,389,883 30,270,067 47,131,356
Expenditures
Current:
General government 2,048,658 2,259,017 2,893,359 2,919,564
Public safety 4,127,670 4,882,547 5,690,820 6,211,461
Public services 8,765,039 8,401,453 8,098,147 11,215,406
Parks and recreation 2,063,428 2,381,698 2,081,723 2,544,206
Capital outlay 3,596,982 8,775,159 7,810,879 10,038,439
Debt service:
Principal 365,000 395,000 405,000 435,910
Interest 1,044,915 1,100,996 1,158,585 1,251,354
Bond issuance costs - - - -
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Total expenditures 22,011,692 28,195,870 28,138,513 34,616,340
Excess of revenues over
expenditures 4,437,851 194,013 2,131,554 _ 12,515,016
Other financing sources(uses):
Gain from sale of property - - 48,339 1,410 f
Bond Proceeds - - - -
Discount on Bonds - - - -
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County settlements
Transfers in 3,781,938 3,588,717 2,027,315 3,352,002
Transfers out (3,781,938) (3,588,717) (2,027,315) (3,352,002)
Total other financing
sources(uses) - - 48,339 1,410
Net change in fund balances $ 4,437,8.51 $ 194,013 $ 2,179,893 $ 12,516,426
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 8.3% 7.4%
Continued
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
118
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CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds-Continued
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2007 2008 2009 2010
Revenues:
Taxes $ 13,706,024 $ 15,392,269 $ 19,716,636 $ 18,730,771
Licenses and permits 65,630 72,951 645,010 598,370
Fines and forfeitures 343,579 358,665 484,930 436,377
Uses of money and property 7,085,104 5,684,111 3,114,881 1,547,229
Charges for services 338,929 677,277 3,813,159 3,284,275
Intergovernmental 6,163,985 7,549,040 3,948,059 2,629,132
Maintenance assessments 1,922,471 4,205,700 3,491,975 1,950,431
Franchise fees 292,003 301,514 398,539 587,832
Building and safety fees 716,552 530,761 - -
Planning and public work fees 1,649,002 1,938,143 - -
Development fees 6,403,851 4,501,837 - -
Contributions from prop owners 34,066,993 - - -
Other 2,030,211 433,378 - -
Total revenues 74,784,334 41,645,646 35,613,189 29,764,417
Expenditures
Current:
General government 1,471,354 1,835,801 1,926,283 1,497,916
Public safety 6,083,917 6,637,757 6,814,425 6,769,484
Public services 9,608,754 12,505,613 11,259,297 12,343,896
Parks and recreation 4,039,888 4,291,867 4,182,091 4,453,400
Capital outlay 19,477,866 14,682,017 8,100,604 5,548,179
Debt service:
Principal 440,000 455,000 475,000 495,000
Interest 1,400,985 1,631,932 1,594,062 1,482,799
Bond issuance costs 505,588 - - -
• Total expenditures 43,028,352 42,039,987 34,351,762 32,590,674
Excess of revenues over
expenditures 31,755,982 (394,341) 1,261,427 (2,826,257)
Other financing sources(uses):
Gain from sale of property 276,797 - - -
Bond Proceeds 11,695,000 - - -
Discount on Bonds (325,401) - - -
County settlements 1,000,000 -
Transfers in 9,457,260 27,626,755 17,062,650 9,378,101
Transfers out (9,457,260) (27,626,755) (17,062,650) (9,378,101)
Total other financing
sources(uses) 11,646,396 - 1,000,000 -
Net change in fund balances $ 43,402,378 $ (394,341) $ 2,261,427 $ (2,826,257)
Debt service as a percentage of
noncapital expenditures 8.7% 8.3% 8.6% 7.9%
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
119
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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
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%
2010 4,619,910,655 180,988,669 46,474,508 4,847,373,832 825,093,781 113,302,525 4,333,240 942,729,546 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
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CITY OF MOORPARK
Direct and Overlapping Property Tax Rates
(Rate per$100 of assessed value)
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
City Direct Rates:
City basic rate L05062 1.04171 1.06072 1.05820 1.05020 1.05480 1.06163 1.04955 L04950 1.05020
Redevelopment agency
Total City Direct Rate 1,051 1.042 1.061 1.058 1.050 1.055 1.062 1.050 1.050 1.050
Overlapping Rates:
Ventura County Flood Cont. 8.012 8.039 8.097 Lila nla n/a n/a n/a ala n/a
Metropolitan Water District 0.222 0.229 2.340 0.233 0.232 0.235 0.233 0.234 0.230 0.230
Ventura Community College n/a n/a 4.312 4.311 4.269 4.331 4.296 4.361 4.371 4,402
Ventura County Waterworks 100.000 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Conejo Valley Unified School
District 0.021 0.027 0.025 0.024 0.022 0.020 0.019 0.018 0.018 0.019
Moorpark Unified School
District n/a 92.311 91.733 91.959 92.121 92.442 92.313 92.417 92.240 91.924
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 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
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 109.306 101.648 107.568 97.585 97.694 98.083 97.923 98.080 97.909 97.625
NOTE:
1) In 1978,California voters passed Proposition 13 which sets the property tax rate at a 1.00%fixed amount. This 1.00%is shared by
all taxing agencies for which the subject property resides within. In addition to the 1.00%fixed amount,property owners are charged
taxes as a percentage of assessed property values for the payment of the Moorpark Unified School District bonds.
2) The direct and overlapping bonded debt above is not the City's nor the Redevelopment Agency's obligation.
Source: California Municipal Statistics
Ventura County Assessor
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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 $ 69,761,376 14.18% $ - 0.00%
Waterstone Properties Moorpark LLC 48,894,000 9.94% - 0.00%
G&Y Moorpark LLC 25,547,420 5.19% - 0.00%
Mission Bell West LP 23,536,896 4.78% 20,208,563 7.91%
James Birkenshaw,Et.Al. 19,913,624 4.05% 12,264,597 4.80%
Calabasas BCD Inc. 19,554,740 3.97% 11,751,954 4.60%
Tuscany Square Partners LLC 18,910,560 3.84% - 0.00%
Fred Kavli 15,777,912 3.21% 12,701,599 4.97%
Mission Bell East LLC 14,124,992 2.87% 14,297,706 5.60%
Moorpark Plaza Family Partners Ltd 14,022,917 2.85% - 0.00%
$ 270,044,437 54.88% $ 71,224,419 27.88%
* Due to varying tax rates,the assessed value does not necessarily mean the highest tax.
The assessed value includes secured property tax revenue.
Source: HdL 2009-2010 property data
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122
CITY OF MOORPARK
Secured Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the Collections
Fiscal Taxes Levied Fiscal Year of Levy from Total Collections
Year Ended for the Percent Previous Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy
2001 $ 1,573,688 $ 1,506,396 95.72% $ 44,188 $1,550,584 98.53%
2002 1,832,673 1,581,343 86.29% 63,897 $1,645,240 89.77%
2003 2,036,839 1,732,812 85.07% 77,316 $1,810,128 88.87%
2004 2,208,605 1,902,007 86.12% 84,452 $1,986,459 89.94%
2005 2,391,927 1,796,670 98.95% 87,669 $1,884,339 78.78%
2006 2,705,083 1,994,418 73.73% 93,157 $2,087,575 77.17%
2007 3,010,493 2,432,164 80.79% 124,057 $2,556,221 84.91%
2008 3,286,857 3,376,883 102.74% 145,134 $3,522,017 107.15%
2009 3,763,078 3,393,933 90.19% 208,491 $3,602,423 95.73%
2010 3,682,559 2,789,672 75.75% 262,057 $3,051,730 82.87%
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NOTE:
The amount presented includes City property taxes only.
It does not include redevelopment tax increment.
Source: Ventura County Auditor Controller's Office
123
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 Activities Government Income 2 Capita 2
2001 - $ 9,195,000 $ 9,195,000 $ 9,195,000 0.38% 286
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
2010 28,710,000 28,710,000 28,710,000 0.81% 764
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
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$11,625,000 in 2001,and$11,695,000 in 2006.
The principal balance on these three bonds as of June 30,2010 is$5,495,000, $11,520,000 and$11,695,000
respectively.
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2 These ratios are calculated using personal income and population for the prior calendar year.
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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
2001 - $ 9,195,000 $ 9,195,000 0.30% $ 286
` 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
2010 28,710,000 28,710,000 0.50% 764
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. 1
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CITY OF MOORPARK
Direct and Overlapping Debt
June 30,2010
City Assessed Valuation 2009-10 $ 4,847,716,832
Redevelopment Agency Incremental Valuation 678,574,184
Adjusted Assessed Valuation $ 4,169,142,648
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2010 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.230% $ 264,220,000 $ 607,706
Ventura Community College District 4.402% 315,947,814 13,908,023
Conejo Valley Unified School District 0.019% 38,595,505 7,333
Moorpark Unified School District 91.924% 40,850,407 37,551,328
City of Moorpark Community Facilities District No. 97-1 100.000% 6,130,000 6,130,000
City of Moorpark Community Facilities District No.2004-1 100.000% 34,440,000 34,440,000
City of Moorpark 1915 Act Bonds 100.000% 1,465,000 1,465,000
Toal Direct and Overlapping Tax&Assessment Debt 701,648,726 94,109,390
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.401% $ 108,610,000 4,779,926
Ventura County Superintendent of Schools COPs 4.401% 12,445,000 547,704
Moorpark Unified School District COPs 91.924% 8,550,000 7,859,502
Total Overlapping General Fund Obligation Debt 129,605,000 13,187,132
Combined Total Debt* $ 831,253,726 107,296,522
Total direct and overlapping debt $107,296,522
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.
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CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2001 2002 2003 2004 2005
Assessed valuation $ 2,421,104,221 $2,549,782,519 $ 2,823,727,286 $ 2,823,727,286 $3,231,418,940
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 605,276,055 637,445,630 705,931,822 705,931,822 807,854,735
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 90,791,408 95,616,844 105,889,773 105,889,773 121,178,210
Total net debt applicable to limit:
General obligation bonds - - - - -
t
Legal debt margin 90,791,408 95,616,844 105,889,773 105,889,773 121,178,210
Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
Continued
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.
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Source: City Finance Department
Ventura County Tax Assessor's Office
127
CITY OF MOORPARK
Legal Debt Margin Information-Continued
Last Ten Fiscal Years
2006 2007 2008 2009 2010
Assessed valuation $ 3,721,591,791 $ 4,157,360,033 $ 4,558,597,806 $ 4,700,305,496 $ 4,700,305,496
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 930,397,948 1,039,340,008 1,139,649,452 1,175,076,374 1,175,076,374
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 139,559,692 155,901,001 170,947,418 176,261,456 176,261,456
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin 139,559,692 155,901,001 170,947,418 176,261,456 176,261,456
Total debt applicable to the limit
as a percentage of debt limit 0.0% 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.
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Source: City Finance Department
Ventura County Tax Assessor's Office
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CITY OF MOORPARK
Pledged-Revenue Coverage
Last Ten 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
2010 6,842,837 495,000 1,376,088 3.66
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.
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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)
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%
2010 37,576 3,565,248 94,881 10.6%
Sources: (1) State Department of Finance or Community Development Department
(2) Sperling's Best Places
(3) State of California Employment Development Department(data shown
is for the County)
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130
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CITY OF MOORPARK
Principal Employers
Current and Ten Years Ago
2010 2000
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
Moorpark Unified School District 825 4.88% 388 2.38%
Moorpark College 750 4.44% 600 3.68%
Pentair Pool Products 377 2.23% 252 1.54%
Kavlico 350 2.07% 1,100 6.74%
Target 150 0.89% - 0.00%
Boething Tree Farm 145 0.86% 70 0.43%
Vons 120 0.71% - 0.00%
American Board Assembly 115 0.68% 90 0.55%
General Optics 75 0.44% 50 0.31%
Prudential Overall Supply 70 0.41% 50 0.31%
"Total Employment" as used above represents the total employment of all employers Iocated within
City limits. The total number of employees within the City limits in 2010 were 16,896 as compared to
the total number of employees within the City limits in 2000 were 16,324.
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Source: Chamber of Commerce
City-data.com
Bureau of Labor Statistics
131
CITY OF MOORPARK
Full-time and Part-time City Employees
by Function
Last Ten Fiscal Years
Function 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
General government 20 36 43 33 32 31 30 26 26 55
Public safety(crossing guards) 6 6 6 7 4 7 7 7 6 5
Public services 21 41 38 20 17 17 26 22 22 20
Parks and recreation 42 19 19 42 38 41 49 54 56 26
Total 89 102 106 102 91 96 112 109 110 106
Public safety I 34 33 30 28 31 31 42 42 38 38
1 Police and fire services were provided by the County.
Fire=18 and police=20
Source:City of Moorpark,Finance department
132
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CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fire:
Fire stations 2 2 2 2 2 2 2 2 2 2
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Public works:
Streets(miles) 75 75 75 75 75 75 75 78 79 79 1
Streetlights 2,264 2,263 2,269 2,299 2,325 2,347 2,497 2,510 2,518 2,518 j
Traffic signals 15 15 16 17 17 17 17 20 20 20
Parks and recreation:
Parks 14 15 15 15 15 16 16 16 17 18
Community centers 2 2 2 2 2 2 2 2 2 2 1
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Source: City of Moorpark
Of the streetlights,2,510 are owned by Edison and 8 are owned by the City
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