HomeMy WebLinkAboutACFR 2012 City of Moorpark, California
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The City of Moorpark Library celebrates its 100th Anniversary in 2012.
The Library is located at 699 Moorpark Avenue.
Picture by Jennifer Mellon, Administrative Services Department
CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30, 2012
Prepared By:
Ron Ahlers, Finance Director
Irmina Lumbad, Budget& Finance Manager
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2012
TABLE OF CONTENTS
PAGE
I. INTRODUCTORY SECTION
Letter of Transmittal i -v
Directory of Officials vi
Organizational Chart vii
Certificate of Achievement of Excellence in Financial Reporting viii
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 16-19
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets 20
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds 21-24
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 25
Statement of Fiduciary Assets and Liabilities 26
Statement of Changes in Fiduciary Net Assets 27
Notes to Financial Statements 28-69
Required Supplementary Information:
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - General Fund 70-72
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual -Street and Traffic Safety Special Revenue Fund 73
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual—Assessment District Special Revenue Fund 74
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual— Los Angeles A.O.C. Special Revenue Fund 75
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Park/Public Facilities Special Revenue Fund 76
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual— MRA Low-Mod Special Revenue Fund 77
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2012
TABLE OF CONTENTS -Continued
PAGE
Required Supplementary Information -Continued:
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual— MRA Operating Special Revenue Fund 78
Schedule of Funding Progress for MRHP 79
Notes to Required Supplementary Information 80
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 81
MRA Capital Projects Fund 82
Special Projects Capital Projects Fund 83
MRA Debt Service Fund 84
Non-Major Governmental Funds 85-86
Non-Major Governmental Funds - Combining Balance Sheet 87-92
Non-Major Governmental Funds - Combining Statement of Revenues,
Expenditures and Changes in Fund Balance 93-98
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Library Services Special Revenue Fund 99
Traffic Safety Special Revenue Fund 100
City Affordable Housing Special Revenue Fund 101
Endowment Special Revenue Fund 102
Community Development Special Revenue Fund 103
Casey/Gabbert Area of Contribution Special Revenue Fund 104
State Gas Tax Special Revenue Fund 105
Prop 1B Local Streets and Roads Special Revenue Fund 106
Art in Public Places Special Revenue Fund 107
Prop 1B Safety and Security Special Revenue Fund 108
State and Federal Assistance Special Revenue Fund 109
Local Transportation Transit Special Revenue Fund 110
Solid Waste Special Revenue Fund 111
Capital Projects Fund 112
City Hall Building Capital Projects Fund 113
Equipment Replacement Capital Projects Fund 114
Statement of Changes in Net Assets -Agency Funds 115
III. STATISTICAL SECTION
Net Assets by Component- Last Ten Fiscal Years 116-117
Changes in Net Assets Governmental Activities - Last Ten Fiscal Years 118-119
Fund Balances of Governmental Funds - Last Ten Fiscal Years 120-121
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 122-123
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2012
TABLE OF CONTENTS -Continued
PAGE
III. STATISTICAL SECTION -Continued
Assessed Value and Estimated Actual Value of Taxable Property-
Last Ten Fiscal Years 124
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 125
Principal Property Tax Payers- Current Year and Ten Years Ago 126
Property Tax Levies and Collections- Last Ten Fiscal Years 127
Ratios of Outstanding Debt by Type- Last Ten Fiscal Years 128
Ratio of General Bonded Debt Outstanding- Last Ten Fiscal Years 129
Direct and Overlapping Debt 130
Legal Debt Margin Information- Last Ten Fiscal Years 131-132
Pledged Revenue Coverage- Last Ten Fiscal Years 133
Demographic and Economic Statistics- Last Ten Calendar Years 134
Principal Employers-Current and Ten Calendar Years Ago 135
Full-Time and Part-Time City Employees by Function- Last Ten Fiscal Years 136
Operating Indicators by Function- Last Ten Fiscal Years 137
Capital Asset Statistics by Function- Last Ten Fiscal Years 138
INTRODUCTORY SECTION
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799 Moorpark Avenue, Moorpark, California 93021 (805) 517-6200 fax(805) 532-2545
January 30, 2013
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, 2012. 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 section with detail information to be in compliance
with GASB No. 44 requirements for fiscal year 2011/12.
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.
JANICE S. PARVIN KEITH F. MILLHOUSE ROSEANN MIKOS DAVID POLLOCK MARK VAN DAM
Mayor Councilmember Councilmember Councilmember Councilmember
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 Redevelopment Agency of the City of
Moorpark (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. On
December 29, 2011, the California Supreme Court upheld Assembly Bill x1 26 ("the Bill") that provides for
the dissolution of all redevelopment agencies in the State of California. The Bill provides that upon
dissolution of a redevelopment agency, the entity that established the redevelopment agency may elect to
serve as the "Successor Agency". The Successor Agency holds the assets of the former redevelopment
agency until they are distributed to other units of state and local government after the payment of
enforceable obligations that were in effect as of the signing of the Bill. On January 4, 2012, the City
elected to become the Successor Agency. Therefore, as of June 30, 2012, the previous Agency is
excluded from the City's entity wide statements. The Successor Agency is included as a fiduciary fund
(private purpose trust fund).
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 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
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at 12.44 square miles with a population of approximately 34,826 (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.
ANNUAL AUDIT
An independent accounting firm has performed the annual audit of the City's financial statements for the
fiscal year ended June 30, 2012. 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
2011/2012 amounted to $26,792,899 and $13,725,944 respectively.
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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, 2012,
approximately $50.2 million was invested with the Ventura County Pool; $31.6 million in various U.S.
Treasury Notes and Agency Securities; about $3.0 million in the State Treasurer's Local Agency
Investment Fund (LAIF); and $5.1 million was invested in demand deposits.
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 depreciation expense and accumulated depreciation
have been recorded. Capital assets for the fiscal year ended June 30, 2012 have a net ending balance of
$139.8 million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
At June 30, 2012, the City has no outstanding bonds or other debt but does have long-term liabilities in
the approximate amount of$0.4 million for employee compensated absences (accrued leave).
The Successor Agency has the 1999 Tax Allocation Refunding Bonds, the 2001 Tax Allocation Bonds
and the 2006 Tax Allocation Bonds outstanding in the amounts of $4.5 million, $11.5 million and $11.6
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, 2011. In order to be awarded a Certificate of
Achievement, a government unit must publish an easily readable and efficiently organized comprehensive
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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.
ACKNOWLEDGEMENT
We would like to express appreciation to all City staff that assisted and contributed to the preparation of
this report, particularly to the members of the Finance Department. We would also like to extend our
appreciation to the auditors, Rogers, Anderson, Melody & Scott, LLP, 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,
XI-X-117/C-r
•
STEVEN KUENY RON AHLERS
•
CITY MANAGER FINANCE DIRECTOR
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Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2012
DIRECTORY OF CITY OFFICIALS
CITY COUNCIL
Janice S. Parvin, Mayor
Roseann Mikos, Councilmember David Pollock, Councilmember
Keith F. Millhouse, Councilmember Mark Van Dam, Councilmember
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Hugh Riley, Assistant City Manager
Deborah Traffenstedt, Deputy City Manager
David Bobardt, Community Development Director
David Klotzle, City Engineer/Public Works Director
Ron Ahlers, Finance Director
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CITY OF MOORPARK
ORGANIZATION CHART
Arts Commission
:1 Honorable City CouncilCity Attorney
(Contract)
Parks and Recreation _
Commission r J
City Manager
Planning Commission ,
Assistant Clty Manager
Pairiss, RC:c:reotiQrt aria
Library Board Community Services Department
r Artivr•Adt c rtc^r
Animal RequiationrVector Control
Pollee Services Art in Public Places
(Contract) Emergency Services
Library
ti ParksiLer dscape/Facilities Maintenance
Public.Facility Copitnl Projects
Recreation
Community Deputy City Manager { Finance City Engineer/
Development Administrative Services/ Department Public Works
Department City Clerk. Department Depeirtrrictit
-
Advari fo Planning City Clerk A;-, ^ir_nt Distrir:t Strait CapitV Prz,iects
Building and Safety Human Resources ID-,f:nrg Cry .:;_I Guards
Business Registration Information Systems Ca:.-]i) Management --.cirneering
CDBG Administration Intergovernmental Centre! Services i\JES
Cote Compliance Community and Legislative Finance and Accounting Park nq Enforcement
Current Planning Relations Fixed Assets M: ri::c;e:ri& •! ' Dile Waste
Economic Development Public Information/Cable TV Payroll .;::rev: r.1.alntenance
Housing Risk Management Purchasing —m-,,.,;;
Property Management
Redevelopment
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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 30,2011
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,
a AU
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Executive Director
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FINANCIAL SECTION
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RA ROGERS,ANDERSON, MALODY& SCOTT, LLP
MS CERTIFIED PUBLIC ACCOUNTANTS,SINCE 1948
735 E. Carnegie Dr. Suite 100
San Bernardino, CA 92408
909 889 0871 T
909 889 5361 F
ramscpanet
Independent Auditors' Report
PARTNERS
Brenda L.Odle.CPA,MST
Terry P. Shea,CPA
Kirk A Franks,CPA The Honorable City Council
Matthew B.Wilson,CPA,MSA The City of Moorpark, California
Scott W. Manno,CPA
Leena Shanbhag,CPA.MST
jay H. Zer CPA(Retired)
Phillip H.Waller,CPA(Retired; statements of
We have audited the accompanyingfinancial the governmental
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activities, each major fund, and the aggregate remaining fund information of
MANAGERS STAFF the City of Moorpark, California (City), as of and for the year ended June 30,
Nancy ORafferty,CPA,MB,' 2012, which collectively comprise the City's basic financial statements as
Brrd A.welebii CPA,MBA listed in the table of contents. These financial statements are the
Jenny Liu, CPA,MST
Katie L. Millsom,CPA responsibility of the City's management. Our responsibility is to express
Papa Matar Thiaw,CPA,MB^ opinions on these financial statements based on our audit.
Maya S. Ivanova,CPA,MBA
William C. Clayton,CPA
Peter E Murray,CPA We conducted our audit in accordance with auditing standards generally
Genivive Schwarzkopf,CPG accepted in the United States of America and the standards applicable to
Megan Hackney.CPA financial audits contained in Government Auditing Standards, issued by the
Seong-Hyea Lee,CPA,MBA Comptroller General of the United States. Those standards require that we
Charles De Simon',CPA p q
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, 2012, and the respective changes in financial position
thereof for the year then ended in conformity with accounting principles
MEMBERS generally accepted in the United States of America.
American Institute of
Certified Public Accountants
As discussed in Note 15 to the financial statements, there have been recent
PCPS The AICPA Alliance changes in legislation affecting redevelopment agencies in the State of
for CPA Firms
California which required the dissolution of redevelopment agencies as of
Governmental Audit February 1, 2012, including the Redevelopment Agency of the City of
Quality Cenier
Moorpark.
California Society of
Certified Public Accountants
STABILITY. ACCURACY. TRUST.
In accordance with Government Auditing Standards, we have also issued our report dated
January 30, 2013 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 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.
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis on pages 3 through 13, the budgetary comparison
information on pages 70 through 78, and the schedule of funding progress on page 79 be
presented to supplement the basic financial statements. Such information, although not a part of
the basic financial statements, is required by the Governmental Accounting Standards Board,
who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or to provide any
assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's financial statements as a whole. 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 financial
statements. The combining statements and schedules included in the supplementary
information section are the responsibility of management and were derived from and relate
directly to the underlying accounting and other records used to prepare the financial statements.
The information has been subjected to the auditing procedures applied in the audit of the
financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statement themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation the financial statements
as a whole. The introductory and statistical sections have not been subjected to the auditing
procedures applied in the audit of the financial statements and, accordingly, we do not express
an opinion or provide any assurance on them.
49./A,a) ds./uo Itocty L 110
January 30, 2013
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
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, 2012. 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 2011/12 by $234,316,279
(Net Assets). Of this amount, $7,245,370 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. GASB 34 defines "Net Assets" as
assets less liabilities. GASB 34 requires the City to record infrastructure assets (streets, parks,
buildings, etc.) less accumulated depreciation as a restricted fund balance titled, "Invested in
Capital Assets". These factors, along with restrictions for Special Revenue Funds, reduce the
Total Net Assets $234,316,279 to the Unrestricted Net Assets $7,245,370. The Statement of Net
Assets is presented on page 14.
• The City's Total Net Assets increased by $1,484,879 during the current fiscal year. The
Statement of Activities is presented on page 15.
• As of June 30, 2012, the City's governmental funds (General Fund, Special Revenue Funds, Debt
Service Funds, and Capital Projects Funds) reported combined ending fund balances of
$92,238,637, a decrease of$19,045,257, from the prior year. The entire decrease is a result of
the loss on the dissolution of the Redevelopment Agency of the City of Moorpark (Agency).
• At the end of the current fiscal year, fund balances for the General Fund were $3,610,085
($654,207 is in nonspendable form, and $2,955,878 is unassigned).
• The City's total Liabilities decreased by $27,833,807 or 98% during the current fiscal year. The
majority of the decrease is due to the dissolution of the Agency. The Agency's 1999, 2001 and
2006 Tax Allocation Bonds are not a debt of the City, but a debt of the Successor Agency as is
now reported as a Private Purpose Trust Fund in the Fiduciary Fund category.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial
statements. The City's basic financial statements 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 financial statements.
Government-Wide Financial Statements: The City has presented its financial statements under the
reporting model required by Governmental Accounting Standards Board Statement No. 34 (GASB 34)
and its related Statements, GASB 37, 38, and 41. These financial statements are designed to provide
readers with a broad overview of the City's finances, in a manner similar to a private-sector business.
The government-wide financial statements include the statement of net assets and the statement of
activities
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
The governmental activities of the City include general government, public safety, public services, parks
and recreation, debt service, and interest on debt. The City does not have any business-type activities.
The statement of net assets presents information on all of the City's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases and decreases in net assets
may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving
rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenditures 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 Redevelopment Agency of the City of Moorpark (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 Agency was dissolved on February 1, 2012 as
legislated in Assembly Bill x1 26.
The government-wide financial statements can be found on pages 14 and 15 of this report.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the City can be divided into two categories: governmental funds
and fiduciary funds.
Governmental Funds: Governmental Funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating the City's near-term financial
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the City's near-term financing decisions. Both
the governmental fund balance sheet and the governmental fund statement of revenues, expenditures
and changes in fund balances, provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
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, Assessment Districts, Los
Angeles Area of Contribution, Parks/Public Facilities, Low and Moderate Income Housing Asset,
Redevelopment Agency Low-Mod, Redevelopment Agency Operating, Police Facilities Fee,
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
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. Individual fund data for each of these non-major governmental
funds is provided in the form of combining statements in the non-major governmental funds section of this
report.
The City adopts an annual budget for all its funds. A budgetary comparison statement is provided for all
funds with an annually adopted budget to demonstrate compliance with their respective budgets. The
budgetary comparison statements are located in the basic financial statements. The non-major
governmental fund budgetary comparisons are located in the non-major governmental funds section of
the report.
Fiduciary Funds: Fiduciary funds, which consist solely of trust and agency funds, are used to account
for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in
the government-wide financial statements because the resources of the fund are not available to support
the City's own programs. Fiduciary "agency" funds are custodial in nature and, therefore, the accounting
used on them does not involve the measurement of the results of operations. Fiduciary "private-purpose
trust" funds are used to report all trust arrangements under which "principal and income benefit
individuals, private organizations or other governments (GASB No. 34)". The measurement of the result
of operations (change in fiduciary net assets) of a private-purpose trust fund is reported in a statement of
changes in fiduciary net assets. The basic fiduciary funds financial statements can be found on pages 26-
27 of this report. The assets, liabilities, fund equity and operations of the dissolved Redevelopment
Agency were transferred to the "Successor Agency Private-Purpose Trust Fund".
Notes to the Basic Financial Statements: The notes to the basic financial statements provide
additional information that is essential to a full understanding of the data provided in the government-wide
and fund financial statements. The notes to the basic financial statements can be found on pages 29-69
of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City has continued to present its financial statements under the reporting model required by GASB
No. 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 $234.3 million at the close of the current fiscal year.
The City's net assets invested in capital assets, net of related debt reflects a positive $139.8 million. As
shown on Table 1, the largest portion of the City's net assets (59%) is its investment in capital assets.
The City uses these capital assets (parks, streets, sidewalks, etc.) to provide services to citizens;
consequently, these assets are not available for future spending.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
An additional portion of the City's net assets (37%) 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 (4%) 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, 2012, the City reported
positive balances in all three categories of net assets, both for the City as a whole, as well as for its
separate governmental activities.
Table 1
Net Assets
Governmental Activities
As of June 30,2012 and 2011
2012 2011
Assets:
Current and other assets $ 96,908,780 $ 120,733,509
Capital assets 139,795,930 145,841,042
Total Assets 236,704,710 266,574,551
Liabilities:
Long-term debt outstanding - 27,640,038
Other liabilities 2,388,431 7,035,903
Total Liabilities 2,388,431 34,675,941
Net Assets:
Invested in capital assets,
net of related debt 139,795,930 145,841,042
Restricted 87,274,979 72,652,252
Unrestricted 7,245,370 13,405,316
Total Net Assets $ 234,316,279 $ 231,898,610
The City's Net Assets increased by $1.5 million during the current fiscal year.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
Table 2
Changes in Net Assets
Governmental Activities
As of June 30,2012 and 2011
2012 2011
Revenues
Program Revenues:
Charges for services $ 3,700,311 $ 3,957,412
Operating contributions and grants 3,702,582 5,999,168
Capital contributions and grants 2,770,701 1,703,076
General Revenues:
Property taxes 6,943,275 7,287,282
Tax increment 3,389,064 6,755,960
Franchise taxes 1,231,741 1,207,778
Sales taxes 2,622,419 2,577,105
Sales tax in lieu 857,217 940,791
Motor vehicle in lieu tax 18,590 170,592
Investment income 1,206,622 856,413
Other 245,235 212,487
Extraordinary gain-dissoluton of redevelopment agency 356,845 -
Total Revenues 27,044,602 31,668,064
Expenses
General government 2,207,826 3,201,184
Public safety 6,158,455 7,070,049
Public services 11,134,822 31,775,462
Parks and recreation 5,704,208 4,658,717
Interest on long-term debt 354,412 1,492,604
Total Expenses 25,559,723 48,198,016
Increase in net assets 1,484,879 (16,529,952)
Net assets-July 1, as restated 232,831,400 248,428,562
Net assets-June 30, $ 234,316,279 $ 231,898,610
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
Program Revenues
Capital
Contributions and Charges for
Grants, 22% Services,39
11"
Operating
Contributions and
Grants,39%
General Revenues
Motor vehicle Investment Extraordinary
in lieu tax income item
1% Contributed 7% 2% Other
Capital I � 1%
Sales tax—N, 4%
in lieu
5%
C ,,, Property taxes
40%
Sales taxes
15% 4410.1.°*"
1111
Franchise,
taxes
6%
Tax increment
19%
- 8 -
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
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 net resources. Such information is useful in assessing the City's current financial
requirements or its liquidity. Beginning fiscal year ending June 30, 2011, GASB 54 required the
implementation of the new fund balance classification that focuses on the constraints on the use of
resources and the source of the constraints. The five (5) fund balance categories are:
Nonspendable — net resources that cannot be spent because of their form or those
resources that should be maintained intact
Restricted — amounts constrained to specific purpose by external providers, by law
through constitutional provisions or by enabling legislation
Committed — funds are limited to a specific purpose by government itself through
resolution or ordinance
Assigned — resources intended for a specific purpose by the governing body or official
delegated by the governing body
Unassigned — represents the General Fund net residual fund balance available for any
purposes and other governmental funds in a deficit position.
As of the end of the current fiscal year, the City's governmental funds reported total fund balances of
$92,238,637. This is a decrease of$19,045,257 in comparison with the prior year. About $3,709,271 or
4% is nonspendable, $55,945,095 or 60.7% is restricted to specific purpose, $783,281 or 0.8% is
committed, $30,892,276 or 33.5% is assigned and approximately $908,714 or 1.0% of the fund balances
constitutes unassigned fund balance.
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 $3,610,085, which decreased by $1,000 over 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 30% of total General Fund expenditures and transfers out.
This is a healthy reserve.
Key factors for revenues and expenses when compared to fiscal year 2010/11 are as follows:
• The City's share of property taxes increased by$451,578 or 7.0%.
• Sales tax revenues grew by approximately $45,314 or 1.8% as we slowly emerged from the
economic downturn.
• The Sales Tax Compensation or "triple flip" decreased by $83,574 or 8.9%. This revenue is
calculated by the State each year.
• Interest earnings increased slightly by $79,810 or 26% in response to still declining rates in the
market.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
• Motor vehicle in lieu has been eliminated by the State. The City received residual revenue in the
amount of$18,590.
• Expenditures and transfers out ended the year approximately $1.7 million less than the prior year
figure primarily due to the payoff in the prior year of the following liabilities: CaIPERS side fund
($1,352,300), OPEB ($103,000) and general liability retrospective deposit balance due to the
California Joint Powers Insurance Authority (CJPIA) ($473,300).
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 decreased slightly by$29,531.
Assessment District Fund
The fund balance of the Assessment District Fund decreased by $314,441 from the prior year. Increasing
operating costs of water and landscaping caused this deficit. The General Fund will cover this deficit in
the following year's budget.
Los Angeles Area of Contribution Fund
The fund balance of the Los Angeles Area of Contribution Fund remained stable at approximately $11.8
million.
Park/Public Facilities Fund (Includes ten (10) various development fee related funds)
The fund balance of the Park/Public Facilities Fund increased by$172,063 to $917,238. No major capital
projects occurred during the year.
Successor Low and Moderate Income Housing Asset Fund
The City elected to become the Successor Agency to the Low and Moderate Income Housing Asset
Fund. The assets transferred consisted primarily of land for affordable housing units.
MRA Low and Moderate Income Housing Fund
ABx1 26 eliminated this fund from the City. The City elected to become the Successor Agency, described
above, in order to preserve the land purchased for affordable housing units.
MRA Operating Fund
ABx1 26 eliminated this fund from the City. The City elected to become the Successor Agency to the
Redevelopment Agency of the City of Moorpark. The assets, liabilities and fund equity were transferred
to the "Successor Agency Private Purpose Trust Fund".
Police Facilities Fee Fund
The fund balance of the Police Facilities Fund improved by $16,432 from the prior year. These funds are
transferred to the Endowment Fund as payback for the loan to construct the Police Services Center.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
Redevelopment Agency Capital Projects Fund
ABx1 26 eliminated this fund from the City. The City elected to become the Successor Agency to the
Redevelopment Agency of the City of Moorpark. The assets, liabilities and fund equity were transferred
to the "Successor Agency Private Purpose Trust Fund". The Redevelopment Agency Capital Projects
fund balance is constructing the Ruben Castro Human Services Center(RCHSC).
Redevelopment Agency Debt Service Fund
ABx1 26 eliminated this fund from the City. The City elected to become the Successor Agency to the
Redevelopment Agency of the City of Moorpark. The assets, liabilities and fund equity were transferred
to the "Successor Agency Private Purpose Trust Fund".
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds grew by $706,981 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, 2012, were revenues exceeding
expenditures by approximately $1.5 million which was transferred to the Special Projects Fund.
Revenues plus Transfers In were $2.3 million less than the budget and expenditures plus Transfers Out
ended the year under budget by$0.21 million.
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets: The City's investment in capital assets as of June 30, 2012, amounted to $139.8 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 decrease
in the City's investment in capital assets for the current fiscal year was $6.0 million or 4.1%. Construction
in Progress shows the largest decrease in 2012 at $5.7 million. This reduction is due to the demise of the
Redevelopment Agency and the transfer of assets to the Successor Agency Private Purpose Trust Fund.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
Table 3
Capital Assets (net of depreciation)
Governmental Activities
As of June 30, 2012 and 2011
2012 2011
Land $ 39,520,861 $ 38,857,043
Construction in Progress 6,665,025 12,401,812
Buildings and improvements 29,929,267 29,248,760
Machinery and equipment 2,954,181 2,887,655
Infrastructure 60,726,596 62,445,772
Total $139,795,930 $145,841,042
As a result of the implementation of GASB No. 34, the City has continued to account for infrastructure
assets on its financial statements. The accompanying government-wide financial statements include
those infrastructure assets that were either completed during the current fiscal year or considered
construction in progress at current fiscal year-end.
Additional information on the City's capital assets can be found in Note 5 on pages 48-49 of this report.
Long-term Liabilities
At the end of the current fiscal year, the City's long-term liabilities outstanding are $353,082, which is the
employee compensated absences payable. The liabilities are reduced by approximately $28 million
which reflects the transfer of the Agency Tax Allocation Bonds to the Successor Agency Private Purpose
Trust Fund. The bonds are solely a debt of the Successor Agency and a pledge of Redevelopment
Property Tax Trust Fund revenues (RPTTF).
Additional information on the City's long-term liabilities can be found in Note 6 on pages 50 to 52 of the
basic financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The slow economic recovery in conjunction with the State's efforts to address its budget deficit by taking
resources from cities have combined to cause a strain in the City's General Fund. It should be noted that
increases in General Fund revenue categories provide optimism for the future, but it is uncertain if these
increases will be sustainable over the foreseeable future. In addition, costs continue to outpace any
growth seen in major revenues such as property and sales tax. While these categories may not be
declining and even increase as was the case this past fiscal year, increases in pension costs and the
Ventura County Sheriff's Contract continue to exceed revenue gains.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
The State's "Triple Flip" payment plan remains in effect as the State attempts to repay the $15 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.
The City has additional protections from the State taking our monetary resources thanks to the voter
passage of Proposition 22 in November 2010. However, on July 29, 2011, the Governor of the State of
California signed Assembly Bills X1 26 (ABx1 26) and X1 27 (ABx1 27) as part of the State budget
package. AB x1 26 essentially dissolves the existence of the redevelopment agency while AB x1 27
provides a way to continue the redevelopment agency's program if specified payments are made to the
State annually. On July 18, 2011 the League of California Cities and the California Redevelopment
Association (CRA), on behalf of cities, counties and redevelopment agencies, filed a lawsuit challenging
the constitutionality of these Bills. CRA asserts that both bills violate Article XIII Section 25.5(a)(7)(A)
added by Proposition 22. On August 11 and 17, 2011, the California Superior Court issued a stay on
some provisions of the AB x1 26 and AB x1 27. On December 29, 2011, the California Supreme Court
issued their ruling upholding the constitutionality of AB x1 26 and invalidating AB x1 27; thereby all
redevelopment agencies within the State of California are abolished.
For fiscal year 2012/13, the City took into consideration the following factors in preparing the budget:
• Sales Tax revenues assume a 3% increase from fiscal year 2011/12.
• Property Tax and Vehicle License fees revenue are projected to remain status quo.
• Interest income will remain stable at an average rate of return of just over 1%.
• Slight increase in PERS employer retirement rate from 9.539% to 10.806% effective July 1, 2012.
• Projections indicate our cost for general liability and workers compensation insurance will both
increase for fiscal year 2012/13 when compared to fiscal year 2011/12 actual payments.
A priority of the City is to maintain high quality of services while adopting a balanced budget. As in prior
years, the fiscal year 2012/13 budget as adopted by the City Council is a balanced budget and will serve
as a guide in planning for the future.
REQUESTS FOR INFORMATION
This management's discussion and analysis is designed to provide citizens, taxpayers, customers,
investors, and creditors with a general overview of the City's finances and to demonstrate the City's
accountability for the money it receives. If you have questions or need additional financial information,
please contact the Finance Department at City Hall, 799 Moorpark Avenue, Moorpark, CA 93021, or at
www.ci.moorpark.ca.us.
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BASIC FINANCIAL STATEMENTS
City of Moorpark
Statement of Net Assets
June 30, 2012
Governmental
Activities
ASSETS
Cash and investments $ 83,535,251
Cash and investments with fiscal agent 2,844
Receivables, net;
Taxes 18,444
Accounts 1,246,644
Interest 354,088
Notes and loans 2,292,829
Prepaid items 56,222
Due from other governments 4,276
Net OPEB asset 416,728
Property held for resale 8,981,454
Capital assets:
Non-depreciable:
Land 39,520,861
Construction in progress 6,665,025
Depreciable, net of accumulated depreciation
Buildings and improvements 29,929,267
Machinery and equipment 2,954,181
Infrastructure 60,726,596
Total assets 236,704,710
LIABILITIES
Accounts payable and accrued liabilities 1,682,266
Noncurrent liabilities:
Due within one year 353,083
Due in more than one year 353,082
Total liabilities 2,388,431
NET ASSETS
Invested in capital assets, net of related debt 139,795,930
Restricted for:
Public services 52,506,961
Recreation services 1,700,518
Public safety 18,092,826
Housing activities 14,974,674
Unrestricted 7,245,370
Total net assets $ 234,316,279
The accompanying notes are an integral part of these financial statements.
- 14 -
City of Moorpark
Statement of Activities
Year Ended June 30, 2012
Program Revenues
Operating Capital Net
Charges for Contributions Contributions Governmental
Functions/Programs Expenses Service and Grants and Grants Activities
Primary Government
Governmental activities:
General government $ 2,207,826 $ 407,883 $ - $ - $ (1,799,943)
Public safety 6,158,455 445,642 - 16,432 (5,696,381)
Public services 11,134,822 1,988,453 3,702,582 2,754,269 (2,689,518)
Parks and recreation 5,704,208 858,333 - - (4,845,875)
Interest on long-term debt 354,412 - - - (354,412)
Total governmental activities 25,559,723 3,700,311 3,702,582 2,770,701 (15,386,129)
Total primary government $ 25,559,723 $ 3,700,311 $ 3,702,582 $ 2,770,701
General revenues:
Taxes:
Property tax, levied for general purpose 6,943,275
Property tax, Redevelopment Agency tax increment, restricted 3,389,064
Franchise tax 1,231,741
Sales tax 2,622,419
Sales tax in lieu 857,217
Motor vehicle in lieu tax, unrestricted 18,590
Investment income 1,206,622
Other 245,235
Extraordinary item-gain on dissolution of redevelopment agency 356,845
Total general revenues and extraordinary item 16,871,008
Change in net assets 1,484,879
Net assets, beginning of year,as restated (see Note 16) 232,831,400
Net assets,end of year $ 234,316,279
The accompanying notes are an integral part of these financial statements.
- 15 -
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2012
Special Revenue
Street and Assessment
General Traffic Safety Districts
ASSETS
Cash and investments $ 3,097,955 $ 19,345,744 $ 6,117,023
Cash and investments with fiscal agent - - -
Receivables:
Taxes - - 18,444
Accounts 849,589 - 46,014
Interest 174,720 - -
Notes and loans - - -
Due from other funds 13,513 - -
Prepaid items 43,122 - 7,900
Due from other governments 4,276 - -
Property held for resale 611,085 - -
Total assets $ 4,794,260 $ 19,345,744 $ 6,189,381
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 1,138,292 $ 41,132 $ 132,145
Due to other funds - - -
Deferred revenues 45,883 - 18,444
Deferred loans - - -
Total liabilities 1,184,175 41,132 150,589
Fund balances:
Nonspendable 654,207 - 7,900
Restricted - 19,304,612 6,030,892
Committed - - -
Assigned - - -
Unassigned 2,955,878 - -
Total fund balances 3,610,085 19,304,612 6,038,792
Total liabilities and fund balances $ 4,794,260 $ 19,345,744 $ 6,189,381
The accompanying notes are an integral part of these financial statements.
- 16 -
Special Revenue
Los Angeles Low-Mod Redevelopment Redevelopment
Area of Parks/Public Income Agency Agency
Contribution Facilites Housing Asset Low-Mod Operating
11,603,080 $ 1,917,238 $ 11,848 $ - $ -
179,368 - - - -
250,249 - 1,792,884 - -
177,006 - - - -
- - 8,314,796 - -
$ 12,209,703 $ 1,917,238 $ 10,119,528 $ - $ -
$ 17,519 $ - $ 11,750 $ - $ -
- 1,000,000 - - -
179,369 - - - -
250,249 - 1,792,884 - -
447,137 1,000,000 1,804,634 - -
177,006 - - - -
11,585,560 917,238 8,314,894 - -
11,762,566 917,238 8,314,894 - -
$ 12,209,703 $ 1,917,238 $ 10,119,528 $ - $ -
The accompanying notes are an integral part of these financial statements.
- 17 -
City of Moorpark
Balance Sheet
Governmental Funds - Continued
June 30, 2012
Capital Projects
Redevelopment
Police Agency Special
Facilities Fee Capital Projects Projects
ASSETS
Cash and investments $ - $ - $ 25,247,733
Cash and investments with fiscal agent - - -
Receivables:
Taxes - - -
Accounts - - -
Interest - - -
Notes and loans - - -
Due from other funds - - 1,000,000
Prepaid items - - -
Due from other governments - - -
Property held for resale - - -
Total assets $ - $ - $ 26,247,733
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities - $ - $ -
Due to other funds 1,870,158 - -
Deferred revenues - - -
Deferred loans - - -
Total liabilities 1,870,158 - -
Fund balances:
Nonspendable - - 1,000,000
Restricted - - -
Committed - - -
Assigned - - 25,247,733
Unassigned (1,870,158) - -
Total fund balances (1,870,158) - 26,247,733
Total liabilities and fund balances $ - $ - $ 26,247,733
The accompanying notes are an integral part of these financial statements.
- 18 -
Debt Service
Redevelopment Nonmajor Total
Agency Governmental Governmental
Debt Service Funds Funds
$ - $ 16,194,630 $ 83,535,251
- 2,844 2,844
- - 18,444
- 351,041 1,246,644
- - 354,088
- 249,696 2,292,829
- 1,870,158 3,060,677
- 5,200 56,222
- - 4,276
- 55,573 8,981,454
$ - $ 18,729,142 $ 99,552,729
$ - $ 341,428 $ 1,682,266
- 190,519 3,060,677
- 34,624 278,320
- 249,696 2,292,829
- 816,267 7,314,092
- 1,870,158 3,709,271
- 9,791,899 55,945,095
- 783,281 783,281
- 5,644,543 30,892,276
- (177,006) 908,714
- 17,912,875 92,238,637
$ - $ 18,729,142 $ 99,552,729
The accompanying notes are an integral part of these financial statements.
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City of Moorpark
Reconciliation of the Governmental Funds - Balance Sheet
to the Statement of Net Assets
June 30, 2012
Fund balances of governmental funds $ 92,238,637
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds. 139,795,930
Long-term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 2,292,829
Certain assets are not available to pay for current-period expenditures
and therefore are deferred in the funds. The availabity criteria does not apply
to the government-wide statements. 278,320
Long term liabilities are not due and payable
in the current period and, therefore, are not reported in funds.
Compensated absences payable (706,165)
The City is required to report a net Other Post Employment Benefits (OPEB)
obligation in accordance with Governmental Accounting Standards Board (GASB)
Statement No. 45. The City has contributed more than the required ARC to
the retiree medical plan and reports the OPEB obligation as an asset on the
statement of net assets. 416,728
Net assets of governmental activities $ 234,316,279
The accompanying notes are an integral part of these financial statements.
- 20 -
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2012
Special Revenue
Street and Assessment
General Traffic Safety Districts
REVENUES
Taxes $ 11,654,652 $ - $ -
Licenses and permits 142,501 - -
Fines and forfeitures 265,897 - -
Use of money and property 499,936 253,004 84,360
Charges for services 1,210,693 265,170 7,491
Intergovernmental 79,165 - -
Maintenance assessments - - 2,090,274
Other revenue 201,266 3,865 43,238
Total revenues 14,054,110 522,039 2,225,363
EXPENDITURES
Current:
General government 886,262 - -
Public safety 6,173,964 - -
Public services 1,845,732 230,243 375,297
Parks and recreation 1,551,591 - 3,483,566
Capital Outlay 83,538 307,367 76,658
Debt service:
Principal - - -
Interest - - -
Total expenditures 10,541,087 537,610 3,935,521
Excess (deficiency)of revenues
over(under)expenditures 3,513,023 (15,571) (1,710,158)
OTHER FINANCING SOURCES (USES)
Transfers in 6,533 - 1,395,717
Transfers out (3,520,556) (13,960) -
Total other financing sources (uses) (3,514,023) (13,960) 1,395,717
EXTRAORDINARY ITEM
Gain(loss)on redevelopment
agency dissolution - - -
Net change in fund balances (1,000) (29,531) (314,441)
Fund balances, beginning of year, as restated 3,611,085 19,334,143 6,353,233
Fund balances (deficit), end of year $ 3,610,085 $ 19,304,612 $ 6,038,792
The accompanying notes are an integral part of these financial statements.
- 21 -
Special Revenue
Los Angeles Low-Mod Redevelopment Redevelopment
Area of Parks/Public Income Agency Agency
Contribution Facilites Housing Asset Low-Mod Operating
$ - $ - $ - $ 384,176 $ 1,594,014
152,436 26,147 124 11,229 55,822
7,807 163,615 - - -
- - - 41 981,217
160,243 189,762 124 395,446 2,631,053
- - 4,134 - -
1,298 2,969 - 147,774 1,104,526
- 3,800 - - -
117,660 10,930 - 4,027 1,283,409
- - - 20,000 -
118,958 17,699 4,134 171,801 2,387,935
41,285 172,063 (4,010) 223,645 243,118
(12,700) - - (151,142) (29,620)
(12,700) - - (151,142) (29,620)
- - 8,318,904 (8,318,904) (6,232,772)
28,585 172,063 8,314,894 (8,246,401) (6,019,274)
11,733,981 745,175 - 8,246,401 6,019,274
$ 11,762,566 $ 917,238 $ 8,314,894 $ - $ -
The accompanying notes are an integral part of these financial statements.
- 22 -
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds - Continued
Year Ended June 30, 2012
Capital Projects
Redevelopment
Police Agency Special
Facilities Fee Capital Projects Projects
REVENUES
Taxes $ - $ - $ -
Licenses and permits - - -
Fines and forfeitures - - -
Use of money and property - 13,775 3,800
Charges for services - - -
Intergovernmental - - -
Maintenance assessments 16,432 - -
Other revenue - - -
Total revenues 16,432 13,775 3,800
EXPENDITURES
Current:
General government - - -
Public safety - - -
Public services - - -
Parks and recreation - - -
Capital Outlay - 2,200,636 -
Debt service:
Principal - - -
Interest - - -
Total expenditures - 2,200,636 -
Excess (deficiency)of revenues
over(under)expenditures 16,432 (2,186,861) 3,800
OTHER FINANCING SOURCES (USES)
Transfers in - - 1,500,523
Transfers out - - -
Total other financing sources (uses) - - 1,500,523
EXTRAORDINARY ITEM
Gain(loss)on redevelopment
agency dissolution - (10,780,770) -
Net change in fund balances 16,432 (12,967,631) 1,504,323
Fund balances, beginning of year, as restated (1,886,590) 12,967,631 24,743,410
Fund balances (deficit), end of year $ (1,870,158) $ - $ 26,247,733
The accompanying notes are an integral part of these financial statements.
- 23 -
Debt Service
Redevelopment Non major Total
Agency Governmental Governmental
Debt Service Funds Funds
$ 1,410,874 $ 1,103,459 $ 16,147,175
419,029 561,530
180,529 446,426
16,244 264,535 1,381,412
1,904,678 3,559,454
-
1,548,297 1,627,462
-
8,251 2,114,957
-
115,619 1,345,246
1,427,118 5,544,397 27,183,662
-
890,396
-
293,101 6,467,065
4,623,550 8,331,389
-
5,038,957
-
594,828 4,679,053
580,000 - 580,000
668,825 - 688,825
1,248,825 5,511,479 26,675,685
178,293 32,918 507,977
151,142 1,685,274 4,739,189
(1,011,211) (4,739,189)
151,142 674,063 -
(2,539,692) - (19,553,234)
(2,210,257) 706,981 (19,045,257)
2,210,257 17,205,894 111,283,894
$ - $ 17,912,875 $ 92,238,637
The accompanying notes are an integral part of these financial statements.
- 24 -
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, 2012
Net change in fund balance-total governmental funds $ (19,045,257)
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 their estimated
useful lives and reported as depreciation expense.Asset deletions also affect
the amounts reported in the statement of activities. This activity is reconciled
as follows:
Capital outlays and other capital expenditures $ 5,251,114
Depreciation expense (4,396,587)
Contributed assets 663,818
Asset disposals (604,876) 913,469
Long-term notes and loans receivable are reported as expenditures when made and as
as a revenue when repaid in the governmental funds. However, there is no impact in the
statement of activities when these notes and loans are made or repaid. This amount
represents the net change in the long term notes and loans receivable. (1,043,914)
Revenues that are measurable but not available are not recorded as revenues under the
modified accrual basis of accounting. (115,809)
Bond proceeds are reported as financing sources in governmental funds and thus
contribute to the change in fund balance. In the statement of net assets, however,
issuing debt increases long-term liabilities and does not affect the statement of activities.
Similarly, repayment of debt principal is an expenditure in the governmental
funds, but reduces long-term liabilities in the statement of net assets.
Principal payments on debt 580,000
Some 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.
Increase in compensated absences $ (44,603)
Decrease in OPEB asset (3,499)
Decrease in accrued interest payable on bonds 334,413 286,311
Gain in closing of the former redevelopment agency(see Note 15) 19,910,079
Change in net assets of governmental activities $ 1,484,879
The accompanying notes are an integral part of these financial statements.
- 25 -
City of Moorpark
Statement of Fiduciary Net Assets
June 30, 2012
Successor Agency
Private Purpose Agency
Trust Fund Fund
ASSETS
Cash and investments $ 2,760,385 $ 3,595,018
Cash and investments with fiscal agent 1,901,043 5,485,612
Receivable:
Accounts 3,445 27,780
Amortizable deferred charges-asset 412,897 -
Land held for resale 11,248,855 -
Contruction in progress 12,625,826 -
Total assets 28,952,451 $ 9,108,410
LIABILITIES
Accounts payable 2,783,004 $ 61,473
General deposits - 3,536,011
Due to other governments 3,370 -
Deferred revenue 500 -
Bonds payable-due within one year 605,000 -
Bonds payable-due in more than one year 26,970,000 -
Amortizable deferred charge- liability (265,743) -
Due to bond holders - 5,510,926
Total liabilities 30,096,131 $ 9,108,410
NET ASSETS(Deficit)
Held in trust for the Successor Agency $ (1,143,680)
The accompanying notes are an integral part of these financial statements.
- 26 -
City of Moorpark
Statement of Changes in Fiduciary Net Assets
Private Purpose Trust Fund - Successor Agency
For the Period from Inception (February 1, 2012) to June 30, 2012
Successor Agency
Private-Purpose
Trust Fund
ADDITIONS
RPTTF distribution $ 98,288
Investment earnings 121,290
Other receipts 19,330
Total additions 238,908
DEDUCTIONS
Debt service payments - interest 982,454
Amortization of deferred charges 27,700
Other payments 15,589
Total deductions 1,025,743
EXTRAORDINARY ITEM
Loss in redevelopment agency dissolution (356,845)
Change in net assets (1,143,680)
Net assets, beginning (at inception) -
Net assets, end of the year $ (1,143,680)
The accompanying notes are an integral part of these financial statements.
- 27 -
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 29
2 Cash and Investments 38
3 Notes and Loans Receivable 44
4 Interfund Transactions 47
5 Capital Assets and Depreciation 48
6 Long-Term Liabilities 50
7 Agreements with Various Taxing Agencies 52
8 Retirement Plan 54
9 Other Post Employment Benefits 55
10 Conduit Debt - Revenue Bonds 57
11 Special Assessment Bonds 58
12 Risk Management 59
13 Classifiaction of Net Assets and Fund Balance 61
14 Commitments and Contingencies 65
15 Successor Agency - Fiduciary Private Purpose Trust Fund 66
16 Restatement of Fund Balances 69
- 28 -
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
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 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 Agency ceased to exist as of January 31, 2012 (see Note 15). The PFA and IDA
were inactive during the fiscal year ended June 30, 2012.
-29-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
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 Agency, PFA and IDA did not issue separate financial statements in the current fiscal
year.
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 types of funds are in use by the City:
Governmental Fund Types
General Fund - Used to account for and report all financial resources not accounted for and
reported in another fund.
Special Revenue Funds - Used to account for and report the proceeds of specific revenue
sources that are restricted or committed to expenditure for specific purposes other than debt
service or capital projects.
-30-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
C) Description of Funds, (continued)
Debt Service Funds - Used to account for and report financial resources that are restricted,
committed, or assigned to service the principal and interest on debt.
Capital Projects Funds - Used to account for and report financial resources that are
restricted, committed, or assigned to expenditure for capital outlays, including the acquisition
or construction of capital facilities and other capital assets.
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.
Private Purpose Trust Fund— Used to account for the resources, obligations and activities of
the Successor Agency of the Redevelopment Agency of the City of Moorpark (SARA) as
directed by the Oversight Board to settle the affairs of the dissolved agency (see Note 15).
D) Basis of Accounting and Measurement Focus
Government-Wide Financial Statements
The City's Government-Wide Financial Statements include a Statement of Net Assets and a
Statement of Activities. These statements present summaries of Governmental Activities for
the City. These statements are presented on an "economic resources" measurement focus
and the accrual basis of accounting. Accordingly, all of the City's assets and liabilities,
including capital assets and infrastructure as well as long-term debt, are included in the
accompanying Statement of Net Assets. The Statement of Activities presents changes in net
assets. Under the accrual basis of accounting, revenues are recognized in the period in
which they are earned while expenditures are recognized in the period in which the liability is
incurred. The Statement of Activities demonstrates the degree to which the direct expenses
of a given function are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function. The types of transactions reported as program revenues
for the City are reported in three categories: 1) charges for services, 2) operating
contributions and grants, and 3) capital grants and contributions. Charges for services include
revenues from customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function. Operating contributions and grants
include revenues restricted to meeting the requirements of a particular operating function and
may include state shared revenues and grants. Capital contributions and grants include
revenues restricted to meeting 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.
-31-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
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 as
major, funds that are significant to the City in light of the circumstances that occurred related
to the Agency during the fiscal year ended June 30, 2012. 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 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 include 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.
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. Sources of
revenue are property tax, sales tax, franchise and transfer taxes, fines and forfeitures, fees
for services and interest.
-32-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
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. Sources of revenue are
traffic fines and forfeitures collected through Ventura County Superior Courts.
The Assessment Districts Special Revenue Fund is used to account for funds received by the
City for maintenance of community-wide parks, street lighting and landscaping. Sources of
revenue are property assessments collected by the Ventura County Tax Collector.
The Los Angeles Area of Contribution Special Revenue Fund is used to account for the
financial resources for capital projects related to streets and other improvements within the
Los Angeles Avenue project area. Sources of revenues are development fees.
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. Sources of revenue
are developer fees.
The Low and Moderate Income Housing Asset Special Revenue Fund is used to account for
the housing assets transferred from the former redevelopment agency and Low and
Moderate housing activities of the City. Sources of revenue are from sale of property and
repayment of loans. The fund activities are restricted to the same requirements as the former
Low and Moderate Income Housing Fund of the Agency.
The MRA Low and Moderate Income Housing Special Revenue Fund is used to account for
the 20% set aside of the tax increment received by the Agency, which is restricted for use on
projects that increase or preserve the supply of low and moderate income housing throughout
the City. The fund was closed on January 31, 2012 as part of the dissolution of the Agency
(see Note 15).
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. Sources of revenue are the
tax increment collected by the Ventura County Tax Collector, property rents and High Street
Theatre ticket sales. The fund was closed on January 31, 2012 as part of the dissolution of
the Agency (see Note 15).
The Police Facilities Fee Capital Projects Fund is used to account for the funds used to build
the new police facility. The source of revenue is a percentage of permit fees issued.
The MRA Capital Projects Fund is used to account for the funds used for the Agency's capital
improvement projects. The sources of funds are the revenue bond proceeds from the 2001
and 2006 tax allocation bonds. The fund was closed on January 31, 2012 as part of the
dissolution of the Agency (see Note 15).
The Special Projects Capital Projects Fund is used to account for various City capital
improvement projects including major rehabilitation of streets, parks and facilities and other
infrastructure. Source of revenue is the General Fund monies in excess of the $3,000,000
maximum unreserved fund balance per City General Fund Reserve Policy, Resolution No.
2008-2725.
-33-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
The MRA Debt Service Fund is used to account for the accumulation of resources and the
payment of principal and interest on the Agency's debt and other long-term obligations.
Sources of revenue are property tax increment collected by Ventura County. The fund was
closed on January 31, 2012 as part of the dissolution of the Agency (see Note 15).
Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Fiduciary Net Assets and a
Statement of Changes in Fiduciary Net Assets. The fiduciary funds are 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 fiduciary funds are accounted for
using the accrual basis of accounting.
The city reports the following Private Purpose Trust Fund:
Private Purpose Trust Fund — This fund is used to account for the resources, obligations and
activities of the Successor Agency of the Redevelopment Agency of the City of Moorpark
(SARA) as directed by the Oversight Board to settle the affairs of the dissolved agency (see
Note 15).
The city reports the following Agency Fund:
The agency fund accounts 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 Low and Moderate Income Housing Asset Fund and the City
Affordable Housing Fund represents land and buildings purchased by the City or by the
former Agency and transferred to the City as housing assets. Such property is valued at the
lower of cost or estimated net realizable value and has been offset by nonspendable or
restricted fund balances to indicate that these assets constitute future projects and are
restricted or not available spendable resources. The balance at June 30, 2012 was
$8,981,454.
-34-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
G) Capital Assets
Capital assets, which include land, machinery and equipment (vehicles, computers, etc),
buildings and improvements, and infrastructure assets (street systems, storm drains, sewer
systems, etc.), are reported in the Governmental Activities column of the Government-wide
Financial Statements. Capital assets are defined by the City as all land; buildings and
improvements with an initial individual cost of more than $10,000; vehicles, computers and
equipment with an initial individual cost of more than $5,000; and improvements and
infrastructure assets with costs of more than $100,000. Such assets are recorded at historical
cost or estimated historical cost if purchased or constructed. Donated or annexed capital
assets are recorded at estimated market value at the date of donation or annexation.
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, 2012, unavailable revenue amounted to $278,320.
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. As of June 30, 2012, all bond debt and
its corresponding deferred charges have been transferred to the SARA.
-35-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
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 administrative
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 9.1 percent 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 and personal property, as it exists
on that date.
Secured property taxes are levied against real property and are due and payable in two equal
installments. The first installment is due on November 1 and becomes delinquent if not paid
by December 10. The second installment is due on February 1 and becomes delinquent if not
paid by April 10. Unsecured personal property taxes are due on July 1 each year. These
taxes become delinquent if not paid by August 31.
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, 2012, 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.
-36-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
L) Claims and Judgments, (continued)
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.
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 effect on net assets. Also governmental funds report the affect of issuance
costs, premiums, discounts, and similar items when debt is first issued, whereas these
amounts are deferred and amortized in the statement of activities. This $580,000 difference is
due to the principal repayment of outstanding bond debt.
-37-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS
Cash and investments at June 30, 2012, consisted of the following:
City Treasury Deposits
Demand Deposits $ 5,124,140
Cash on Hand 1,750
Total City Treasury Deposits 5,125,890
City Treasury Investments
Local Agency Investment Fund (LAIF) 3,016,228
Ventura County Pool 50,167,536
U.S. Treasury Notes 2,082,270
U.S.Agency Securities:
Federal National MTG Association 13,086,800
Federal Home Loan Bank 6,169,060
Federal Farm Credit Bank 3,079,150
Federal Home Loan MTG Corporation 7,163,720
Total City Treasury Investments 84,764,764
Cash and Investments With Fiscal Agent
Money Market 5,693,430
US Treasury Notes 1,111,394
Guaranteed Investment Contracts 584,675
Total Cash and Investments With Fiscal Agent 7,389,499
Total Cash and Investments $ 97,280,153
Cash and Investments are reported in the basic financial statements as follows:
Statement of Statement of Fiduciary
Net Assets Net Assets
Governmental Private Purpose Agency Fund Total
Activities Trust Fund
Cash and investments $ 83,535,251 $ 2,760,385 $ 3,595,018 $ 89,890,654
Cash and investments with fiscal agent 2,844 1,901,043 5,485,612 7,389,499
Total $ 83,538,095 $ 4,661,428 $ 9,080,630 $ 97,280,153
-38-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS, (continued)
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, 2012, the debt
agreements of the City pertaining to the Agency were transferred to the Successor Agency
for the former Moorpark Redevelopment Agency.
Maximum Maximum
Authorized Maximum Percentage Investment
Investment Type Maturity of Portfolio* In One Issuer
U.S.Treasury Obligations 5 years None None
U.S.Agency Securities 5 years None None
Banker's Acceptances 180 days 40% 30%
Commercial Paper 270 days 25% 10%
Negotiable Certificates of Deposit 5 years 30% None
Repurchase Agreements 1 year None None
Medium-Term Notes 5 years 30% None
Money Market Mutual Funds N/A 20% None
County Pooled Investment Funds N/A None None
LAIF N/A None $50,000,000
*Excluding amounts held by bond trustees that are not subject to California Government
Code restrictions.
-39-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS, (continued)
A) Authorized Investments, (continued)
The Policy, in addition to State statutes, establishes that funds on deposit in banks must be
federally insured or collateralized and investments shall (1) have maximum maturity not to
exceed five years and (2) be laddered and based on cash flow forecasts. The City's
investments comply with the established policy.
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the
City's investment policy. The table below identifies the investment types that are authorized
for investment held by bond trustees.
The table also identifies certain provisions of these debt agreements that address interest
rate risk, credit risk, and concentration of credit risk.
Authorized Investment Type Maximum Maturity
U.S. Treasury Obligations None
U.S. Agency Securities None
Banker's Acceptances 180 days
Commercial Paper 270 days
Money Market Mutual Funds N/A
Investment Contracts 30 years
B) Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates. One of the ways that the City
manages its exposure to interest rate risk is by purchasing a combination of shorter term and
longer term investments and by timing cash flows from maturities so that a portion of the
portfolio is maturing or coming close to maturity evenly over time as necessary to provide the
cash flow and liquidity needed for operations.
-40-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS, (continued)
B) Interest Rate Risk, (continued)
Information about the sensitivity of the fair values of the City's investment to market interest
rate fluctuation is provided by the following table that shows the distribution of the City's
investments by maturity.
Remaining maturity(in years)
Investment type Total Less than 1 1 to 2 2 to 3 3 to 4 >4
LAIF $ 3,016,228 $ 3,016,228 $ - $ - $ - $ -
Ventura County Pool 50,167,536 50,167,536 - - - -
U.S.Treasury Notes 2,082,270 - 1,042,660 1,039,610 -
U.S.Agency Securities:
Federal National MTG Assn. 13,086,800 - - - 5,012,680 8,074,120
Federal Home Loan Bank 6,169,060 - - 2,055,190 3,102,170 1,011,700
Federal Farm Credit Bank 3,079,150 - - 3,079,150 - -
Federal National MTG Corp. 7,163,720 - - 1,102,370 2,043,050 4,018,300
Held by bond trustee:
Money market funds 5,693,430 5,693,430 - - - -
U.S.Treasury Notes 1,111,394 1,111,394 - - - -
Guaranteed Contracts 584,675 - - - - 584,675
$ 92,154,263 $59,988,588 $ - $ 7,279,370 $ 11,197,510 $13,688,795
C) Credit Risk and Concentration of Credit Risk
At June 30, 2012, the carrying amount of the City's deposits was $5,125,140. Bank balances,
before reconciling items, were $5,750,656 at June 30, 2012, of which $5,750,656 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.
-41-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS, (continued)
C) Credit Risk and Concentration of Credit Risk, (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 for non interest bearing accounts and up to $250,000 for interest
bearing accounts 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:
Investment type Carrying Credit Percentage of
Value Rating Investments
LAIF $ 3,016,228 Not Rated 3.3%
Ventura County Pool 50,167,536 Not Rated 54.4%
U.S.Treasury Notes 2,082,270 AAA 2.3%
U.S.Agency Securities:
Federal National MTG Assn. 13,086,800 AAA 14.2%
Federal Home Loan Bank 6,169,060 AAA 6.7%
Federal Farm Credit Bank 3,079,150 AAA 3.3%
Federal National MTG Corp. 7,163,720 AAA 7.8%
Held by bond trustee:
Money market funds 5,693,430 AAA 6.2%
U.S.Treasury Notes 1,111,394 AAA 1.2%
Guaranteed Contracts 584,675 Not Rated 0.6%
$ 92,154,263 100.0%
-42-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
2) CASH AND INVESTMENTS, (continued)
D) Local Agency Investment Fund (LAIF)
The LAIF is a special fund of the California State Treasury through which local governments
may pool investments. Each governmental agency may invest up to $50,000,000 in each
account in the fund. Investments in LAIF are highly liquid, as deposits can be converted to
cash within twenty-four hours without loss of interest or principal. The full faith and credit of
the State of California secures investment in LAIF. At June 30, 2012, accounts were
maintained in the name of the City for $3,016,228. At June 30, 2012, the fair value of the
State of California Pooled Money Investment Account (PMIA) including accrued interest was
$60,612,199,285. The PMIA portfolio had securities in the form of structured notes and asset-
backed securities. The PMIA has policies, goals, and objectives for the portfolio to make
certain that the goals of safety, liquidity, and yield are not jeopardized. These policies are
formulated by investment staff and reviewed by both the PMIA and LAIF Advisory Boards on
an annual basis. LAIF's and the City's exposure to credit, market, or legal risk is not
available.
E) The Ventura County Treasurer's Investment Pool
The City holds investments in the County Pool that are subject to being adjusted to "fair
value." The City is required to disclose its methods and assumptions used to estimate the fair
value of its holdings in the County Pool. The City relied upon information provided by the
County Treasurer in estimating the City's fair value position of its holdings in the County Pool.
The City had a contractual withdrawal value of$50,167,536 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.
-43-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30, 2012, is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes receivable
Mission Bell $ 900,000 $ - $ (900,000) $ -
Deferred property assessments 250,249 - - 250,249
Moorpark 20, LP 1,176,500 - - 1,176,500
Moorpark 20, LP 600,000 - - 600,000
Total notes receivable 2,926,749 - (900,000) 2,026,749
Loans receivable
Rehabilitation 31,384 - - 31,384
First-time home buyer assistance 171,980 - (96,500) 75,480
CalHome 200,130 (47,414) 152,716
Mountain recreation&conservation
authority 6,500 - - 6,500
409,994 - (143,914) 266,080
Governmental activities capital assets,net $ 3,336,743 $ - $ (1,043,914) $ 2,292,829
A) 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. Prior to 2004, one note was paid off. 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.
In early 2011, a notice of default was issued by the senior lender for the property. There was
a possibility that the $1,704,786 note could be foreclosed out. Therefore, on March 16, 2011,
the Agency assigned note no. 7 to the City in partial satisfaction of the $5 million annual
operating loan between the City and the Agency. If and to the extent that any moneys are
recovered from the Mission Bell note, those moneys will be credited toward the outstanding
balance owed pursuant to the City/Agency loan agreement.
Subsequent to June 30, 2011, the City and Mission Bell Partners entered into a settlement
agreement whereby Mission Bell Partners would give $900,000 to the City in exchange for
the total discharge of note no. 7. This agreement was consummated in October 2011. As a
result the loan was partially written off to reflect the $900,000 settlement amount at June 30,
2011. The loan was paid in full in the 2012 fiscal year and the balance eliminated as of June
30, 2012.
-44-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
3) NOTES AND LOANS RECEIVABLE, (continued)
B) 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, 2012, the principal balance
outstanding was $250,249.
C) Moorpark 20, LP Promissory Note
On October 29, 2010, the Agency signed the Disposition and Development Agreement (DDA)
with the Area Housing Authority of the County of Ventura (AHA) and Moorpark 20, Limited
Partnership (M20LP), consisting of AHA and Santa Barbara Housing Assistance Corporation.
The DDA provides for the construction of a 20-unit affordable housing project (Project) on
Agency-owned property located at 396, 406 and 496 Charles Street (Site). During the tax
credit application, the sale price of Site was determined to be $1,176,500 to show more local
funds into the Project. On the same date, the Agency executed a $1,176,500 loan agreement
with M20LP to purchase the Site from the Agency. The loan will accrue interest at the rate of
2.5% per annum and have a term of 55 years. One annual payment will be made to the
Agency by M20LP from residual receipts after the $600,000 has been paid off. This loan is
subordinate in right of payment to First Mortgage Note held by Bank of America, N.A. and is
secured by Deed of Trust and Security Agreement.
On November 2, 2010 the Agency entered into a $600,000 loan agreement with M20LP to
complete the construction of the Project. As of June 30, 2012, M20LP has drawn down the
entire amount. The term of the loan is 30 years with a fixed interest rate of 2.5%. One
annual payment will be made to the Agency by M20LP equal to 75% of available residual
receipts. This note is subordinate in right of payment to the First Mortgage Loan payable to
Bank of America, N.A. and is secured by Deed of Trust and Security Agreement.
D) Rehabilitation Loans
The Agency operates a rehabilitation loan program for the renovation of low and moderate
income housing. The total balance outstanding at June 30, 2012, 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, 2012 was $75,480. 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.
-45-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
3) NOTES AND LOANS RECEIVABLE, (continued)
F) CalHome Mobile-home Rehabilitation Loans
The total balance of CalHome loans for repairs to mobile-homes in Villa del Arroyo at June
30, 2012 was $152,716. 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 $169,833 has been received and $151,887 has
been forgiven. Funds received are deposited into a City Trust Fund to be used for eligible
home ownership-related activities.
G) Mountains Recreation and Conservation Authority (MRCA)
The City advanced $6,500 to MRCA to conduct an updated appraisal for approximately 3,805
acres in and adjacent to the Moorpark Area of Interest near Moorpark College for review by
the State of California Department of General Services. These funds are to be repaid without
interest to the City by June 30, 2012, or within sixty days of the State of California's
reauthorization of MRCA's Proposition 84 Project Planning and Design grant from the Santa
Monica Mountains Conservancy, whichever comes first. The total balance outstanding at
June 30, 2012 was $6,500. The City is exploring options for repayment; including exchange
of services to manage the conservation of an 80-acres City-owned open space property
located outside the City limits along Tierra Rejada Road.
-46-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
4) INTERFUND TRANSACTIONS
Due to/Due from
Due to/due from other funds for the year ending June 30, 2012, consisted of the following:
Receivable Fund Payable fund Amount
General Fund Non Major Funds $ 13,513
Special Revenues-Los Angeles A.O.0 Non Major Funds 177,006
Capital Projects-Special Projects Special Revenues-Parks/Public Facilities a 1,000,000
Non-Major Funds Special Revenues-Police Facilities Fee b 1,870,158
$ 3,060,677
a. 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.
b. The Endowment Fund has advanced to the Police Facilities Fee Fund $1,870,158 to fund
capital improvements.
Transfers
Interfund transfers for the year ended June 30, 2012 consisted of the following:
Interfund Transfers
Fund receiving transfers Fund making transfers Amount
General Fund Non Major funds (1) $ 6,533
Assessment Districts General Fund (2) 1,130,444
Non Major funds (2) 265,273
1,395,717
Special Projects General Fund (4) 1,500,523
Redevelopment Agency- Debt Service Redevelopment Agency-Low Mod (3) 151,142
Non Major funds General Fund (1) 889,589
Street and Traffic Safety (1) 13,960
Los Angeles Area of Contribution (1) 12,700
Redevelopment Agency-Operating (1) 29,620
Non Major funds (1) 739,405
1,685,274
Total governmental funds $ 4,739,189
-47-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
4) INTERFUND TRANSACTIONS, (continued)
(1) = Transfers made to reimburse expenditures/expenses.
(2) = Transfers made to provide funding for operations.
(3) = Transfers made to pay debt service.
(4) = Transfers made to adjust fund balance to minimum requirement.
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 infrastructures reporting, whereby depreciation
expense and accumulated depreciation have been recorded.
The following table presents the capital assets activity for the year ended June 30, 2012.
Beginning Ending
Balance Additions Deletions Balance
Governmental activities:
Capital assets, not being depreciated:
Land $ 38,857,043 $ 663,818 $ - $ 39,520,861
Construction in progress 12,401,812 4,556,611 (10,293,398) 6,665,025
Total capital assets not being depreciated 51,258,855 5,220,429 (10,293,398) 46,185,886
Capital assets, being depreciated:
Buildings and improvements 36,384,166 2,381,204 - 38,765,370
Machinery and equipment 6,151,883 630,620 (466,436) 6,316,067
Infrastructure
Roadway system 94,273,476 355,825 (17,967) 94,611,334
Storm drain system 2,933,748 95,884 - 3,029,632
Parks system 251,434 - - 251,434
Total capital assets being depreciated 139,994,707 3,463,533 (484,403) 142,973,837
Less accumulated depreciation/amortization for:
Buildings and improvements (7,135,406) (1,700,697) - (8,836,103)
Machinery and equipment (3,264,228) (542,972) 445,314 (3,361,886)
Infrastructure
Roadway system (34,713,360) (2,116,154) - (36,829,514)
Storm drain system (236,799) (31,735) - (268,534)
Parks system (62,727) (5,029) - (67,756)
Total accumulated depreciation (45,412,520) (4,396,587) 445,314 (49,363,793)
Total capital assets being depreciated net 94,582,187 (933,054) (39,089) 93,610,044
Governmental activities capital assets, net $ 145,841,042 $ 4,287,375 $ (10,332,487) $ 139,795,930
-48-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
5) CAPITAL ASSETS AND DEPRECIATION, (continued)
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $ 685,637
Public safety 242,266
Public services, including general infrastructure 2,803,433
Parks and recreation 665,251
Total depreciation expense-governmental activities $ 4,396,587
Certain deletions in the capital assets activity schedule shown above could be the result of:
reclassifications of assets into a different class of asset, disposal of the assets, and/or transfer of
the assets to another government or governmental agency. Such case is of a portion of the
Construction in progress transferred to the SARA(see Note 15) on February 1, 2012. If the asset
transferred or disposed of is not fully depreciated at the time of the transfer or disposal, these
deletions in the asset classes may not be accompanied by a like decrease in the accumulated
depreciation for the same asset class.
-49-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30, 2012, are as follows:
July 01,2011 February 01,2012 June 30,2012
Beginning Transferred to Ending Due within
Balance Increases Decreases Successor Agency Balance one year
Governmental activities:
Bonds payable:
1999 Tax allocation Bonds $ 4,995,000 $ - $ (525,000) $ (4,470,000) $ - $
2001 Tax allocation bonds 11,505,000 - (15,000) (11,490,000) -
2006 Tax allocation bonds 11,655,000 - (40,000) (11,615,000) -
Subtotal bonds payable 28,155,000 - (580,000) (27,575,000) -
Plus/(less)deferred amounts:
For issuance discount (276,590) - - 276,590 -
Total bonds payable 27,878,410 - (580,000) (27,298,410) -
Compensated absences 661,562 642,806 (598,203) - 706,165 353,083
Governmental activities
long-term liabilities $ 28,539,972 $ 642,806 $ (1,178,203) $ (27,298,410) * $ 706,165 $ 353,083
*Agrees to beginning balance in Note 15:Schedule of changes in long-term liabilities.
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.
-50-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
6) LONG-TERM LIABILITIES, (continued)
A) 1999 Tax Allocation Bonds, (continued)
The Agency is in compliance with the covenants contained in debt indenture, which require
the establishment of certain specific accounts for the 1999 Bonds. The outstanding balance
of the bonds was transferred to the Successor Agency on February 1, 2012 as part of the
Moorpark Redevelopment Agency dissolution in accordance with ABX1 26 and AB 1484.
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. The outstanding balance of the bonds was transferred to the
Successor Agency on February 1, 2012 as part of the Moorpark Redevelopment Agency
dissolution in accordance with AB x1 26 and AB 1484.
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.
The outstanding balance of the bonds was transferred to the Successor Agency on February
1, 2012 as part of the Moorpark Redevelopment Agency dissolution in accordance with AB x1
26 and AB 1484.
-51-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
6) LONG-TERM LIABILITIES, (continued)
D) Employee Compensated Absences
The long-term liability at June 30, 2012 is $706,165 for employee compensated absences.
The General Fund is primarily expected to liquidate this liability.
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES
Per Assembly Bill x1 26 Dissolution of Redevelopment Agencies effective February 1, 2012, the
County of Ventura Auditor-Controller (Auditor) has been designated as the administrator of the
newly establish Redevelopment Property Tax Trust Fund of the former redevelopment agency.
Increment property tax revenues that would have been allocated to the Agency will be deposited
into this fund and monies in trust will be used to pay for the Auditor's administrative costs,
enforceable obligations including passthrough agreements with various taxing agencies and
Successor Agency administrative allowance. The same legislation stipulates that the Auditor will
be responsible for calculation and distribution of increment property tax due to the taxing
agencies.
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 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
7) AGREEMENTS WITH VARIOUS TAXING AGENCIES, (continued)
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 is not reasonably foreseeable to impair the Agency's obligation under the
agreement), the VCCCD's share (5.81 percent) of tax increment revenues generated by an
annual 2 percent increase in assessed valuation, and beginning in fiscal year 1993/94, 14 percent
of the 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
8) RETIREMENT PLAN
A) Plan Description
The City contributes to CaIPERS, a cost-sharing multiple-employer public employee defined
benefit pension plan. CaIPERS provides retirement and disability benefits, annual cost-of-
living adjustments, and death benefits to plan members and beneficiaries. CaIPERS acts as a
common investment and administrative agent for participating public entities within the State
of California. Benefit provisions and all other requirements are established by state statute
and city ordinance.
Copies of CaIPERS' annual financial report may be obtained from their executive office: 400
P Street, Sacramento, California 95814.
B) Funding Policy
Active plan members are required to contribute 7 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 2011/12 was 12.192 percent. The 12.192
percent is comprised of 9.539 percent for the cost-sharing pool and 2.653 percent for the
payment on the City's side fund. The City paid off the side fund in February 2011. Therefore,
the annual required contribution is only the 9.539 percent of the cost sharing pool. The
contribution requirements for plan members are established by State statute and the
employer contribution rate is established and may be amended by CaIPERS. The following
represents the required contributions for the past three fiscal years:
Fiscal Year Required Percent
Contributions Contributed
2009-10 $ 566,161 100.00%
2010-11 504,158 100.00%
2011-12 488,328 100.00%
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
9) OTHER POST EMPLOYMENT BENEFITS
Plan Description
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 CaIPERS,
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 CaIPERS
and adopts those benefits through City resolution. CaIPERS issues a Comprehensive Annual
Financial Report (CAFR). The CAFR is issued in aggregate and includes the sum of all
CaIPERS plans. Copies of the CaIPERS 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. 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.
For 2012, the City's annual OPEB cost (expense) was $44,215 for MRHP. The City's annual
OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB
obligation (asset) for 2012 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 (Asset)
6/30/12 $ 44,215 92% $ (416,728)
6/30/11 40,122 100% (420,227)
6/30/10 54,000 100% (341,000)
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
9) OTHER POST EMPLOYMENT BENEFITS, (continued)
Annual OPEB Cost and Net OPEB Obligation (Asset) Calculation:
The OPEB Cost and Net OPEB Obligation (Asset) for the fiscal year 2012 was as follows:
June 30, 2012
Annual required contribution $ 37,000
Add: Interest on net OPEB obligation (32,568)
Less: Adjustment to annual required contribution 39,783
Annual OPEB cost (expense) 44,215
Contributions made (40,716)
Increase in net OPEB obligation 3,499
Net OPEB asset- beginning of year (420,227)
Net OPEB asset-end of year $ (416,728)
Funded Status and Funding Progress
The funded status of the plan as of June 30, 2010, according to the most recent actuarial
valuation was as follows:
Actuarial Accrued Liability (AAL) $ 590,000
Actuarial Value of Plan Assets $ 487,000
Unfunded Actuarial Accrued Liability (UAAL) $ 103,000
Funded Ratio (Actuarial Value of Plan Assets/AAL) 82.5%
Covered Payroll (Active Plan Members) $ 5,066,000
UAAL as a Percentage of Covered Payroll 2.0%
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
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
9) OTHER POST EMPLOYMENT BENEFITS, (continued)
The following is a summary of the actuarial assumptions and methods:
Valuation Date June 30, 2010
Actuarial Cost Method Entry Age Normal Cost Method
Amortization Method Level Percent of Payroll
Remaining Amortization Period 15 Years fixed(closed) period for
06/30/2010 Unfunded Liability
Actuarial Assumptions:
Investment Rate of Retum 7.75% Pre-funded
Aggregate Increases—3.25%
Projected Salary Increase Merit Increases —CaIPERS
1997-2007 Experience Study 4.5%
Health Care Trend Rate 4.50%
General Inflation 3.00%
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 nonprofit 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. On May 31, 2012 these taxable subordinate bonds were refunded for
$13,085,000 and $375,000, respectively. The total bonds outstanding at June 30, 2012, totaled
$13,225,000.
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, 2012, totaled $14,239,596.
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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
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
$1,330,000 at June 30, 2012.
B) Community Facilities District No. 97-1 (Carlsberg)
On July 1, 1997, the City issued bonds to finance the acquisition and construction of public
improvements within the City of Moorpark Community Facilities District No. 97-1. These
bonds, totaling $7,645,000, were issued pursuant to the Mello-Roos Community Facilities Act
of 1982. The bonds mature on September 1, 2027 with interest payable at rates ranging from
4.4 percent to 6 percent per annum on March 1, and September 1 of each year commencing
March 1, 1998. On February 1, 2012 the City issued Community Facilities District No. 97-1
(Carlsberg) Special Tax Refunding Bonds-Series 2012 for $5,720,000 to refund the original
1997 bond issue. The Special Tax Refunding Bonds-Series 2012 bonds mature on
September 1, 2027 with interest payable at rates ranging from 2.0 percent to 4.5 percent per
annum on March 1, and September 1, of each year commencing September 1, 2012. 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 of the Special Tax Refunding Bonds-
Series 2012 is $5,720,000 at June 30, 2012.
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 $23,365,000 at June 30, 2012.
-58-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
12) RISK MANAGEMENT
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 coverage. 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.
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
Beginning coverage period 2010/11, the Authority implemented a new funding and cost
allocation formula, from retrospective funding model to a prospective funding model and
increased the funding estimate goal to 75 percent confidence level. This change aims to
improve the Authority's long-term financial viability by sufficiently pre-funding each period to
cover expected claims and expenditures. Under the new formula, the General Liability and
Workers' Compensation annual contributions are separately calculated for public safety and
non-public safety categories based on the member's exposure and experience factors.
Exposure factor is determined by the annual reported payroll, with the minimum imputed
payroll of $420,000 for the liability formula. Experience factors are defined by loss layer
weighting ratio equivalent to 50 percent on the agency's first layer losses ($0 to $30,000 for
liability and $0 to $50,000 for worker's compensation) and 50 percent on its second layer of
losses ($30,000 to $750,000 for liability and $50,000 to $100,000 for workers' compensation).
A credibility weighting component, ranging from 80 percent to 20 percent, is applied to
determine the portion of the member's cost attributable to its own loss experience relative to
its payroll size. The annual contribution is subject to 0 percent-35 percent volatility band, so
that no member will pay more than 35 percent or pay less than prior year amount.
General Liability: Costs of 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: Members retain the first $50,000 of each claim. Losses up to
$2,000,000 are pooled by members and excess coverage is purchased by statutory limits.
Administrative expenses are paid from the Authority's investment earnings.
-59-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
12) RISK MANAGEMENT, (continued)
B) Self Insurance Programs of the Authority, (continued)
The Authority owes the City $181,621 from the Workers' Compensation pool and the City
received 25 percent or$45,405 refund as a reduction on the 2010/11 annual contribution.
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 $37,087,004. There is a $5,000 per
loss deductible. Premiums for the coverage are paid annually and are not subject to
retroactive adjustments.
D) Earthquake and Flood Insurance
The City 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$33,254,981. There is
a deductible of 5 percent of the value with a minimum deduction of$100,000. Premiums for
the coverage are paid annually and are not subject to retroactive adjustments.
E) Adequacy of Protection
During the past three fiscal (claims) years, none of the above programs 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE
A) Net Assets
In the Government-wide financial statements, net assets are classified in the following
categories:
Invested in Capital Assets, net of related debt - This category groups all assets, including
infrastructure, into one component of net assets. Accumulated depreciation on these assets
reduces this category.
Restricted Net Assets - This category presents external restrictions imposed by creditors,
grantors, contributors, or laws and regulations of other governments and restrictions imposed
by law through constitutional provisions or enabling legislation.
Unrestricted Net Assets - This category represents the net assets of the City that are not
externally restricted for any project or other purpose.
B) Fund Balance
The City implemented GASB Statement No. 54, Fund Balance Reporting and Governmental
Fund Type Definitions as of June 30, 2011. Fund balances in governmental funds are
reported in classifications that comprise a hierarchy based primarily on the extent to which
the City is bound to honor constraints on the specific purposes for which amounts in those
funds can be spent. The City considers restricted fund balance to have been spent first when
an expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available. Similarly, when an expenditure is incurred for purposes for which
amounts in any of the unrestricted classifications of fund balance could be used, the City
considers committed amounts to be reduced first, followed by assigned amounts and then
unassigned amounts. A City Council Ordinance or Resolution is the formal action that would
effectively commit fund balances for a particular purpose.
The following classifications describe the relative strength of the spending constraints placed
on the purposes for which resources can be used:
Nonspendable Fund Balance - Amounts that cannot be spent either because they are in
nonspendable form or are required to be maintained intact.
Restricted Fund Balance - Amounts that are constrained to specific purposes by state or
federal laws, or externally imposed conditions by grantors or creditors.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Committed Fund Balance - Amounts that may be specified by the City Council by ordinance
or resolution to formally commit part of the City's fund balances or future revenues for a
specific purpose(s) or program. To change or repeal any such commitment will require an
additional formal City Council's action utilizing the same type of action that was originally
used.
Assigned Fund Balance - Amounts that are constrained by the Council's intent to use
specified financial resources for specific purposes, but are neither restricted nor committed. It
is the policy of the City Council that assignment of fund balances must be approved by the
Council prior to the fiscal year end.
Unassigned Fund Balance - These are either residual positive net resources of fund balance
in excess of what can properly be classified in one of the other four categories, or negative
balances.
The City's governmental fund balances at June 30, 2012, are presented below:
Street and Assessment
General Traffic Safety Districts
Nonspendable:
Prepaid items $ 43,122 $ - $ 7,900
Due from Other Funds and Governments - - -
Property held for resale 611,085 - -
Restricted for:
Public Services - 19,304,612 6,030,892
Recreation services - - -
Public Safety - - -
Low and Moderate Income Housing - - -
Committed to:
Library Services - - -
Assigned to:
Capital Projects - - -
Unassigned 2,955,878 - -
Total fund balances $ 3,610,085 $ 19,304,612 $ 6,038,792
-62-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Los Angeles Low-Mod
Area of Parks/Public Income
Contribution Facilites Housing Asset
Nonspendable
Prepaid items -
Due from Other Funds and Governments 177,006 - -
Property held for resale - - -
Restricted for:
Public Services 11,585,560 - -
Rercreation services - 917,238 -
Public Safety - - -
Low and Moderate Income Housing - - 8,314,894
Committed to:
Library Services - - -
Assigned to:
Capital Projects - - -
Unassigned - - -
Total fund balances $ 11,762,566 $ 917,238 $ 8,314,894
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
13) CLASSIFICATION OF NET ASSETS AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Nonmajor Total
Police Special Governmental Governmental
Facilities Fee Projects Funds Funds
Nonspendable:
Prepaid items $ - $ - $ - $ 51,022
Due from Other Funds and Governments - 1,000,000 1,870,158 3,047,164
Property held for resale - - - 611,085
Restricted for:
Public Services - - 2,389,485 39,310,549
Rercreation services - - 1,752,549 2,669,787
Public Safety - - 1,637,368 1,637,368
Low and Moderate Income Housing - - 4,012,497 12,327,391
Committed to:
Library Services - - 783,281 783,281
Assigned to:
Capital Projects - 25,247,733 5,644,543 30,892,276
Unassigned (1,870,158) - (177,006) 908,714
Total fund balances $ (1,870,158) $ 26,247,733 $ 17,912,875 $ 92,238,637
Deficit Fund Balances
The following major governmental fund has a deficit at June 30, 2012:
Police Facilities Fees Capital Projects Fund - $ (1,870,158)
The following non-major governmental fund has a deficit at June 30, 2012:
Tierra Rejada/Spring Road A.O.C. Special Revenue Fund - $ (177,006)
Management expects these deficits to be eliminated through future revenues.
-64-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
14) COMMITMENTS AND CONTINGENCIES
A) Commitments
The City has contracts with County of Ventura for various services, most notably law
enforcement. These service contracts are renegotiated annually and cancelable by the City
or the County on May 31 of each year after 30 days notice has been given. These are based
on an hourly rate and adjusted throughout the fiscal year.
The estimated amount of construction contract obligations at year-end is $4,217,665. This
amount represents all outstanding encumbrances relating to capital projects excluding those
funded by the former Redevelopment Agency or the Successor Agency.
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.
C) Successor Agency
Deductions (expenses) incurred by the Successor Agency of the former Moorpark
Redevelopment Agency for the year ended June 30, 2012 (and subsequent years in which
the Successor Agency is in operation) are subject to review by various State agencies and
the County in which the Successor Agency resides. If any expenses incurred by the
Successor Agency are disallowed by the State agencies or County, the City, acting as the
Successor Agency could be liable for the repayment of the disallowed costs from either its
own funds or by the State withholding remittances normally paid to the City. The amount, if
any, of expenses that may be disallowed by the State agencies or County cannot be
determined at this time, although the Successor Agency expects such amounts, if any, to be
immaterial. Furthermore, as of June 30, 2012, the Successor Agency of the former Moorpark
Redevelopment Agency is subject to several reviews and agreed-upon procedures to be
performed on the appropriateness of the dissolution and transfer of assets and liabilities to
the Successor Agency as well as a review on any transfers made to the City, County, and/or
private parties for the period from January 1, 2011 through June 30, 2012. The result of these
reviews and agreed upon procedures could impact the City and its finances if an unfavorable
outcome results from them. The amount, if any, for any possible contingency, cannot be
determined at this time to be material or not.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
15) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
On December 29, 2011, the California Supreme Court upheld Assembly Bill X1 26, ("the bill") that
provides for the dissolution of all redevelopment agencies in the State of California. Most of
California cities had established a redevelopment agency that was included in the reporting entity
of the city as a blended component unit (since the city council, in many cases, also served as the
governing board for those agencies). The Bill provided that upon dissolution of a redevelopment
agency, either the city or another unit of local government will agree to serve as the "Successor
Agency" to administer assets, pay and adhere to the provisions of enforceable obligations, and to
expeditiously settle the affairs of the dissolved redevelopment agency. If the city declines to
accept the role of Successor Agency, other local agencies may elect to perform this role. If no
local agency accepts the role of Successor Agency, the Governor is empowered by the Bill to
establish a local "designated local authority" to perform this role. On January 4, 2012, the City
Council met and created the Successor Agency of the former Redevelopment Agency of the City
of Moorpark in accordance with the Bill as part of the City of Moorpark resolution number 2012-
3079.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the
State of California cannot enter into new projects, obligations or commitments. Subject to the
control of a newly established oversight board, remaining assets could only be used to pay
enforceable obligations in existence at the date of dissolution (including the completion of any
unfinished projects that were subject to legally enforceable, contractual commitments). In future
fiscal years, successor agencies will only be allocated tax increment revenue in the amount that
is necessary to pay the estimated annual installment payments on enforceable obligations of the
former redevelopment agency until all enforceable obligations of the prior redevelopment agency
have been paid in full.
The Bill directs the State Controller of the State of California to review the propriety of any
transfers of assets between redevelopment agencies and other private and public bodies that
occurred after January 1, 2011. If the body that received such transfers is not contractually
committed to a third party for the expenditure or encumbrance of those assets, the State
Controller is required to order the available assets to be transferred to the public body designated
as the successor agency by the Bill. In accordance with the timeline set forth in the Bill (as
modified by the California Supreme Court on December 29, 2011), all redevelopment agencies in
the State of California were dissolved and ceased to operate as a legal entity on February 1,
2012.
Prior to that date, the final seven months of the activity of the redevelopment agency continued to
be reported in the governmental funds of the City of Moorpark. After the date of dissolution,
January 31, 2012, the assets, liabilities, and activities of the dissolved redevelopment agency are
reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City of
Moorpark. The private-purpose trust fund keeps its activities under the normal accrual method of
accounting.
The transfer of the assets and liabilities of the former redevelopment agency as of February 1,
2012 (effectively the same date as January 31, 2012) from governmental funds to fiduciary funds
was reported in the governmental funds as an extraordinary loss (or gain) in the governmental
fund financial statements. The receipt of these assets and liabilities was reported in the private-
purpose trust fund as an extraordinary gain (or loss) in the fiduciary funds financial statements.
-66-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
15) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, (continued)
As part of the FY 2012-13 state budget package, on June 27, 2012, the State of California
Legislature passed, and the Governor signed, Assembly Bill 1484, the primary purpose of which
is to make technical and substantive amendments to the Dissolution Act based on experience to-
date at the state and local level in implementing that act. As a budget "trailer bill," AB 1484 took
immediate effect upon signature by the Governor.
In accordance with AB 1484 and in compliance with the California Health & Safety Code, the City
of Moorpark elected to be Housing Successor to the housing activities and functions of the former
Redevelopment Agency of the City of Moorpark. Accordingly, all housing assets, as define by the
Health and safety Code Section 34176 (e), were transfer to the City of Moorpark in a specially
created new fund shown as a major fund in 2012 and named "Successor Low-Mod Housing
Asset" fund in the governmental funds financial statements.
Because of the different measurement focus of the governmental funds (current financial
resources measurement focus) and the measurement focus of the trust funds (economic
resources measurement focus) the extraordinary loss (gain) recognized in the governmental
funds will not be the same amount as the extraordinary gain (loss) that will be recognized in the
fiduciary fund financial statements.
The difference between the extraordinary loss recognized in the fund financial statements and the
extraordinary loss recognized in the fiduciary fund-private purpose trust financial statements is
reconciled as follows:
Total extraordinary loss reported in the governmental funds statements $ 19,553,234
Add: Capital assets previously recorded in the government-wide financial
statements 6,958,581
Add: Deferred charges previously recorded in the government-wide
financial statements 429,750
Less: Long-term debt previously reported in the government-wide
financial statements (27,298,410)
Total extraordinary loss reported in the private-purpose trust fund
statement $ (356,845)
-67-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
15) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, (continued)
Schedule of changes in long-term liabilities for the period from February 1, 2012 to June 30, 2012
February 1,2012
Transferred from June 30,2012
Redevelopment Ending Due within
Agency Increases Decreases Balance one year
Successor agency
Bonds payable:
1999 Tax allocation bonds $ 4,470,000 $ - $ - $ 4,470,000 $ 550,000
2001 Tax allocation bonds 11,490,000 - - 11,490,000 20,000
2006 Tax allocation bonds 11,615,000 - - 11,615,000 35,000
Subtotal bonds payable 27,575,000 - - 27,575,000 605,000
Plus/(less)deferred amounts:
For issuance discount (276,590) - 10,847 (265,743)
Successor agency
long-term liabilities $ 27,298,410 $ - $ 10,847 $ 27,309,257 $ 605,000
Combined annual debt service requirements to maturity for all bonds are as follows:
Year Ending Principal Interest Total
2013 $ 605,000 $ 1,309,333 $ 1,914,333
2014 635,000 1,280,243 1,915,243
2015 665,000 1,249,820 1,914,820
2016 700,000 1,201,889 1,901,889
2017 730,000 1,185,113 1,915,113
2018-2022 3,745,000 5,382,572 9,127,572
2023-2027 4,410,000 4,407,136 8,817,136
2028-2032 5,645,000 3,171,361 8,816,361
2033-2037 7,130,000 1,686,561 8,816,561
2038-2039 3,310,000 218,749 3,528,749
Total $ 27,575,000 $ 21,092,777 $ 48,667,777
-68-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2012
16) RESTATEMENT OF FUND BALANCES
The beginning fund balance shown in the Statement of Activities of the Government-wide
statements was restated as a result of the recording of an OPEB asset at the beginning of the
fiscal year 2012, the recognition of deferred revenue from prior periods, and the portion of Land
held for resale converted to Capital assets from the former MRA. The restatements were done to
comply with the requirements of Governmental Accounting Standards Board (GASB) Statement
No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other
Than Pensions and to record a long-term note receivable from prior year in the City statements.
The beginning fund balances shown in the Statement of Revenues, Expenditures and Changes in
Fund Balance of the General fund, the Redevelopment Agency Operating fund, and the
Redevelopment Agency Capital Projects fund were restated as the correction and recording of
Property held for resale at the beginning of the fiscal year 2012 in the General fund that was
being mistakenly reported in the MRA Operating and MRA Capital Projects funds, and to adjust
beginning fund balances as appropriate. Portion of these assets are classified as capital assets in
the City financial statements.
The beginning fund balances were restated as follows:
Government-wide statements
Statement of Activities
Net Assets-Beginning of the Year-prior to restatement $ 231,898,610
Capital Assets-Dissolved MRA-adjustment (663,937)
OPEB Obligation- adjustment 420,227
Deferred Loan-adjustment 1,176,500
Net Assets-Beginning of the Year-as restated $ 232,831,400
Governmental Funds
Statement of Revenues,Expenditures and Changes in Fund Balances
General Fund
Net Assets-Beginning of the Year-prior to restatement $ 3,000,000
Land Held for Resale-asset adjustment 611,085
Beginning Fund Balance-as restated $ 3,611,085
Redevelopment Agency-Operating
Fund Balance-Beginning of the Year-prior to restatement $ 7,005,294
Land Held for Resale-asset adjustment (986,020)
Fund Balance-Beginning of the Year-as restated $ 6,019,274
Redevelopment Agency-Capital Projects
Fund Balance-Beginning of the Year-prior to restatement $ 13,256,633
Land Held for Resale-asset adjustment (289,002)
Fund Balance-Beginning of the Year-as restated $ 12,967,631
-69-
REQUIRED SUPPLEMENTARY INFORMATION
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Property Taxes
Current Secured $ 3,150,000 $ 3,150,000 $ 3,096,832 $ (53,168)
Current Unsecured 40,000 115,000 115,040 40
Prior year Secured-Unsecured 10,000 10,000 4,775 (5,225)
Supplemental Secured-Unsecured 75,000 35,000 39,375 4,375
Real Property Transfer Tax 100,000 100,000 138,796 38,796
Homeowners Property Exemption 45,000 45,000 39,284 (5,716)
Parcel Tax 140,000 175,000 186,010 11,010
Property Taxes-VLF 2,900,000 2,880,000 2,880,212 212
Other Property Taxes - - 442,951 442,951
Total Property Taxes 6,460,000 6,510,000 6,943,275 433,275
Sales Taxes
Sales and use tax 2,500,000 2,600,000 2,622,419 22,419
Sales tax compensation 825,000 857,000 857,217 217
Total Sales Taxes 3,325,000 3,457,000 3,479,636 22,636
Franchise Fees
Cable TV 400,000 400,000 417,118 17,118
Edison 300,000 300,000 277,067 (22,933)
Gas 100,000 100,000 94,596 (5,404)
Oil - - 2,742 2,742
PEG Fees 30,000 30,000 48,601 18,601
GI Rubbish 185,000 185,000 198,330 13,330
Moorpark Rubbish 100,000 100,000 124,892 24,892
Landfill local impact fee 50,000 50,000 59,511 9,511
CIWMP Fees 10,000 10,000 8,884 (1,116)
Total Franchise Fees 1,175,000 1,175,000 1,231,741 56,741
Licenses and Permits
Business Registration 125,000 125,000 125,428 428
Filming Permits 7,000 2,000 10,300 8,300
Miscellaneous Business Permits - - 1,119 1,119
NPDES Business Inspection Fees 13,500 13,500 5,654 (7,846)
Total Licenses and Permits 145,500 140,500 142,501 2,001
CONTINUED
- 70 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and Forfeitures
Municipal Codes Fines 200,000 200,000 265,382 65,382
Animal Control Fines 2,000 2,000 515 (1,485)
Forfeitures and Penalties 2,000 2,000 - (2,000)
Total Fines and Forfeitures 204,000 204,000 265,897 61,897
Use of Money and Property
Investment Earnings 350,000 350,000 381,145 31,145
Rents and Concessions 188,095 188,095 118,791 (69,304)
Interest/City-MRA Advance 150,000 - - -
Total Use of Money and Property 688,095 538,095 499,936 (38,159)
Charges for Services
Other Administrative Services 80,000 80,000 237,270 157,270
Administrative Fees 306,500 179,000 214,768 35,768
Park and Facility Use Fee 70,000 70,000 67,914 (2,086)
Contract Class Registration Fees 137,000 215,000 233,435 18,435
League Fees 125,000 125,000 111,518 (13,482)
Recreation Events Fees 281,300 281,300 277,964 (3,336)
Other Recreation Fees - - 3,887 3,887
Advertising in Brochure 8,000 8,000 8,755 755
Other Community Services Fees 2,000 2,000 549 (1,451)
Photocopying 1,000 1,000 1,104 104
Sale of Documents 1,000 1,000 767 (233)
Special Police Department Services 30,000 30,000 49,660 19,660
NSF Fees and Charges 1,000 1,000 976 (24)
Planning Time Charges - - 2,126 2,126
Total Charges for Services 1,042,800 993,300 1,210,693 217,393
Intergovernmental
Motor Vehicle in Lieu 75,000 75,000 18,590 (56,410)
Other State Funds 20,000 20,000 22,119 2,119
County Grants 10,000 10,000 21,809 11,809
Other Federal Revenue Grants 3,000 3,000 16,647 13,647
Total Intergovernmental 108,000 108,000 79,165 (28,835)
CONTINUED
- 71 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Other Revenues
Cost Plan Revenues 2,191,800 2,191,800 - (2,191,800)
Other Loans Payoff - 900,000 - (900,000)
Contributions-Donations 10,000 10,000 8,732 (1,268)
Revenues not classified elsewhere 15,000 15,000 11,417 (3,583)
Expense Reimursements 75,000 75,000 67,933 (7,067)
Restitutions-Insurance Proceeds 20,000 20,000 113,184 93,184
Total Other Revenues 2,311,800 3,211,800 201,266 (3,010,534)
Total revenues 15,460,195 16,337,695 14,054,110 (2,283,585)
EXPENDITURES
General government 1,039,641 1,114,781 886,262 228,519
Public safety 6,395,537 6,395,537 6,173,964 221,573
Public services 1,643,054 2,224,977 1,845,732 379,245
Parks and recreation 1,621,852 1,768,399 1,551,591 216,808
Capital Outlay 200,404 395,718 83,538 312,180
Total expenditures 10,900,488 11,899,412 10,541,087 1,358,325
Excess (deficiency)of revenues
over expenditures 4,559,707 4,438,283 3,513,023 (925,260)
OTHER FINANCING SOURCES (USES)
Transfers in 26,000 26,000 6,533 (19,467)
Transfers out (2,390,116) (2,367,906) (3,520,556) (1,152,650)
Total other financing sources (uses) (2,364,116) (2,341,906) (3,514,023) (1,172,117)
Net change in fund balance 2,195,591 2,096,377 (1,000) (2,097,377)
Fund balance, beginning of year, restated 3,611,085 3,611,085 3,611,085 -
Fund balance, end of year $ 5,806,676 $ 5,707,462 $ 3,610,085 $ (2,097,377)
- 72 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Street and Traffic Safety-Special Revenue Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 243,000 $ 243,000 $ 253,004 $ 10,004
Total Use of Money and Property 243,000 243,000 253,004 10,004
Charges for Services
Other Development Fees 1,186,281 1,186,281 265,170 (921,111)
Total Charges for Services 1,186,281 1,186,281 265,170 (921,111)
Other Revenues
Restitutions-Insurance Proceeds - - 3,865 3,865
Total Other Revenues - - 3,865 3,865
Total revenues 1,429,281 1,429,281 522,039 (907,242)
EXPENDITURES
Public services 259,571 259,571 230,243 29,328
Capital Outlay 4,006,029 4,453,962 307,367 4,146,595
Total expenditures 4,265,600 4,713,533 537,610 4,175,923
Excess (deficiency)of revenues
over expenditures (2,836,319) (3,284,252) (15,571) 3,268,681
OTHER FINANCING SOURCES (USES)
Transfers out (50,000) (50,000) (13,960) 36,040
Total other financing sources (uses) (50,000) (50,000) (13,960) 36,040
Net change in fund balance (2,886,319) (3,334,252) (29,531) 3,304,721
Fund balance, beginning of year 19,334,143 19,334,143 19,334,143 -
Fund balance, end of year $ 16,447,824 $ 15,999,891 $ 19,304,612 $ 3,304,721
- 73 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule -Assessment Districts -Special Revenue Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 85,000 $ 85,000 $ 84,360 $ (640)
Total Use of Money and Property 85,000 85,000 84,360 (640)
Charges for Services
Tennis-Basketball Court Lightning 6,400 6,400 7,491 1,091
Total Charges for Services 6,400 6,400 7,491 1,091
Special Benefit Assessment
SBA-Street Lightning 244,300 244,300 252,408 8,108
SBA- Landscape Maintenance 1,090,300 1,090,300 1,106,596 16,296
SBA-Storm Drain Maintenance 9,400 9,400 9,395 (5)
SBA- Park Maintenance 710,000 710,000 721,875 11,875
Total Intergovernmental 2,054,000 2,054,000 2,090,274 36,274
Other Revenues
Expense Reimursements 18,000 28,800 43,238 14,438
Total Other Revenues 18,000 28,800 43,238 14,438
Total revenues 2,163,400 2,174,200 2,225,363 51,163
EXPENDITURES
Public service 411,102 411,102 375,297 35,805
Parks and recreation 4,614,782 4,669,383 3,483,566 1,185,817
Capital Outlay 34,000 280,991 76,658 204,333
Total expenditures 5,059,884 5,361,476 3,935,521 1,425,955
Excess (deficiency) of revenues
over expenditures (2,896,484) (3,187,276) (1,710,158) 1,477,118
OTHER FINANCING SOURCES(USES)
Transfers in 1,698,982 1,639,180 1,395,717 (243,463)
Total other financing sources (uses) 1,698,982 1,639,180 1,395,717 (243,463)
Net change in fund balance (1,197,502) (1,548,096) (314,441) 1,233,655
Fund balance, beginning of year 6,353,233 6,353,233 6,353,233 -
Fund balance, end of year $ 5,155,731 $ 4,805,137 $ 6,038,792 $ 1,233,655
- 74 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Los Angeles Area of Contribution - Special Revenue Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 144,000 $ 144,000 $ 152,436 $ 8,436
Total Use of Money and Property 144,000 144,000 152,436 8,436
Charges for Services
Area of Contribution Fee 194,233 194,233 7,807 (186,426)
Total Charges for Services 194,233 194,233 7,807 (186,426)
Total revenues 338,233 338,233 160,243 (177,990)
EXPENDITURES
Public services 35,000 35,000 1,298 33,702
Capital Outlay 6,024,113 7,083,670 117,660 6,966,010
Total expenditures 6,059,113 7,118,670 118,958 6,999,712
Excess (deficiency)of revenues
over expenditures (5,720,880) (6,780,437) 41,285 6,821,722
OTHER FINANCING SOURCES(USES)
Transfers out (57,000) (57,000) (12,700) 44,300
Total other financing sources (uses) (57,000) (57,000) (12,700) 44,300
Net change in fund balance (5,777,880) (6,837,437) 28,585 6,866,022
Fund balance, beginning of year 11,733,981 11,733,981 11,733,981 -
Fund balance, end of year $ 5,956,101 $ 4,896,544 $ 11,762,566 $ 6,866,022
- 75 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Park/Public Facilities - Special Revenue Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 25,000 $ 25,000 $ 26,147 $ 1,147
Total Use of Money and Property 25,000 25,000 26,147 1,147
Charges for Services
Rents and Concessions - 38,000 37,543 (457)
Trees-Landscape Fees 650 650 926 276
Library Facilities Fees 63,128 63,128 13,885 (49,243)
Fees in Lieu of Park Land 88,900 88,900 100,000 11,100
Other Development Fees 10,000 10,000 11,261 1,261
Total Charges for Services 162,678 200,678 163,615 (37,063)
Total revenues 187,678 225,678 189,762 (35,916)
EXPENDITURES
Public services 25,000 25,000 2,969 22,031
Parks and recreation - - 3,800 (3,800)
Capital Outlay 164,676 164,676 10,930 153,746
Total expenditures 189,676 189,676 17,699 171,977
Net change in fund balance (1,998) 36,002 172,063 136,061
Fund balance, beginning of year 745,175 745,175 745,175 -
Fund balance, end of year $ 743,177 $ 781,177 $ 917,238 $ 136,061
- 76 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - MRA Low and Moderate Income Housing -Special Revenue
Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Property Taxes
Tax Increment Secured $ 1,140,000 $ 1,140,000 $ 263,496 $ (876,504)
Tax Increment Unsecured 185,000 185,000 116,196 (68,804)
Other Property Taxes 5,000 5,000 4,484 (516)
Total Property Taxes 1,330,000 1,330,000 384,176 (945,824)
Use of Money and Property
Investment Earnings 2,000 2,000 379 (1,621)
Contributions 33,000 33,000 10,850 (22,150)
Total Use of Money and Property 35,000 35,000 11,229 (23,771)
Other Revenues
Reimbursements - - 41 41
Total Other Revenues - - 41 41
Total revenues 1,365,000 1,365,000 395,446 (969,554)
EXPENDITURES
Public services 342,524 342,584 147,774 194,810
Capital Outlay 58,798 75,775 4,027 71,748
Debt service:
Principal 16,000 16,000 - 16,000
Interest 20,000 20,000 20,000 -
Total expenditures 437,322 454,359 171,801 282,558
Excess (deficiency)of revenues
over expenditures 927,678 910,641 223,645 (686,996)
OTHER FINANCING SOURCES (USES)
Transfers out (151,142) (151,142) (151,142) -
Total other financing sources (uses) (151,142) (151,142) (151,142) -
Extraordinary Item
Gain(Loss)on Dissolution of MRA - - (8,318,904) (8,318,904)
Net change in fund balance 776,536 759,499 (8,246,401) (9,005,900)
Fund balance, beginning of year, restated 8,246,401 8,246,401 8,246,401 -
Fund balance, end of year $ 9,022,937 $ 9,005,900 $ - $ (9,005,900)
- 77 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - MRA Operating -Special Revenue Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Property Taxes
Tax Increment Secured $ 2,810,000 $ 2,810,000 $ 1,111,294 $ (1,698,706)
Tax Increment Unsecured 740,000 740,000 464,785 (275,215)
Other Property Taxes 20,000 20,000 17,935 (2,065)
Total Property Taxes 3,570,000 3,570,000 1,594,014 (1,975,986)
Use of Money and Property
Investment Earnings 24,000 24,000 5,447 (18,553)
Rents and Concessions 51,000 51,000 50,375 (625)
Total Use of Money and Property 75,000 75,000 55,822 (19,178)
Other Revenues
Tickets Sales 130,000 130,000 75,948 (54,052)
Loans Payoffs - - 900,000 900,000
Miscellaneous 10,000 10,000 2,050 (7,950)
Revenues not Classified Elsewhere 3,000 3,000 2,000 (1,000)
Expense Reimbursements - - 1,174 1,174
Restitutions-Insurance Proceeds - - 45 45
Total Other Revenues 143,000 143,000 981,217 838,217
Total revenues 3,788,000 3,788,000 2,631,053 (1,156,947)
EXPENDITURES
Public services 3,887,000 3,887,000 1,104,526 2,782,474
Capital Outlay 178,244 174,901 1,283,409 (1,108,508)
Total expenditures 4,065,244 4,061,901 2,387,935 1,673,966
Excess (deficiency)of revenues
over expenditures (277,244) (273,901) 243,118 517,019
OTHER FINANCING SOURCES(USES)
Transfers out (11,000) (11,000) (29,620) (18,620)
Total other financing sources (uses) (11,000) (11,000) (29,620) (18,620)
Extraordinary Item
Gain(Loss)on Dissolution of MRA - - (6,232,772) (6,232,772)
Net change in fund balance (288,244) (284,901) (6,019,274) (5,734,373)
Fund balance, beginning of year 6,019,274 6,019,274 6,019,274 -
Fund balance,end of year $ 5,731,030 $ 5,734,373 $ - $ (5,734,373)
- 78 -
City of Moorpark
Schedule of Funding Progress for MRHP
Year Ended June 30, 2012
Schedule of Funding Progress for MRHP(Amounts in 000's)
Entry age
Actuarial Actuarial Actuarial Unfunded Actuarial Funded Annual UAAL as a%of
Valuation Value of Accrued Liability Accrued Liability (b- Ratio Covered Covered Payroll
Date Assets(a) (b) a) (a/b) Payroll (c) ((b-a)/c)
6/30/2008 $ - $ 364 $ 364 0.0% $ 4,519 8.1%
6/30/2010 487 590 103 82.5% 5,066 2.0%
GASB 45 was implemented prospectively in fiscal year 2009. There were no previous actuarial valuations.
As of June 30, 2012 the City of Moorpark is in the process of obtaining a new actuarial valuation for the plan.
- 79 -
City of Moorpark
Notes to the Required Supplementary Information
Year Ended June 30, 2012
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 $4,774,642. This increase resulted primarily from additional
appropriations to various construction in progress projects, acquisition of property, prepayments of certain
liabilities and rebudgeted projects and amounts carried over from Fiscal Year 2010/11 as continuing
appropriations.
Budget to Actual Schedules
The City does not present a Budgetary Comparison Schedule for the following major Special Revenue
Governmental Fund:
- Low and Moderate Income Housing Asset Special Revenue Fund: This is a new special
revenue fund created to retain the housing assets of the dissolved Redevelopment Agency.
The City of Moorpark did not prepare a budget for this fund.
-80-
SUPPLEMENTARY INFORMATION
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual—Police Facilities Fee—Capital Projects Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Maintenance Assessments $ 72,501 $ 72,501 $ 16,432 $ (56,069)
Total revenues 72,501 72,501 16,432 (56,069)
EXPENDITURES
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 72,501 72,501 16,432 (56,069)
Net change in fund balance 72,501 72,501 16,432 (56,069)
Fund balance (deficit), beginning of year (1,886,590) (1,886,590) (1,886,590) -
Fund balance, end of year $ (1,814,089) $ (1,814,089) $ (1,870,158) $ (56,069)
- 81 -
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual—MRA Capital Projects—Capital Projects Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ 15,000 $ 15,000 $ 13,775 $ (1,225)
Other Revenue 5,600,000 5,600,000 - (5,600,000)
Total revenues 5,615,000 5,615,000 13,775 (5,601,225)
EXPENDITURES
Capital Outlay 9,785,193 11,150,680 2,200,636 8,950,044
Total expenditures 9,785,193 11,150,680 2,200,636 8,950,044
Excess (deficiency)of revenues
over expenditures (4,170,193) (5,535,680) (2,186,861) 3,348,819
OTHER FINANCING SOURCES (USES)
Transfers out (42,000) (42,000) - 42,000
Total other financing sources (uses) (42,000) (42,000) - 42,000
Extraordinary Item
Gain(loss)on Dissolution of MRA - - (10,780,770) (10,780,770)
Net change in fund balance (4,212,193) (5,577,680) (12,967,631) (7,389,951)
Fund balance, beginning of year, restated 12,967,631 12,967,631 12,967,631 -
Fund balance, end of year $ 8,755,438 $ 7,389,951 $ - $ (7,389,951)
- 82 -
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual —Special Projects—Capital Projects Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ - $ - $ 3,800 $ 3,800
Total revenues - - 3,800 3,800
EXPENDITURES
Capital Outlay 2,700,000 2,690,830 - 2,690,830
Total expenditures 2,700,000 2,690,830 - 2,690,830
Excess (deficiency) of revenues
over expenditures (2,700,000) (2,690,830) 3,800 2,694,630
OTHER FINANCING SOURCES (USES)
Transfers in - - 1,500,523 1,500,523
Total other financing sources (uses) - - 1,500,523 1,500,523
Net change in fund balance (2,700,000) (2,690,830) 1,504,323 4,195,153
Fund balance, beginning of year 24,743,410 24,743,410 24,743,410 -
Fund balance, end of year $ 22,043,410 $ 22,052,580 $ 26,247,733 $ 4,195,153
- 83 -
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual—MRA Debt Service—Debt Service Fund
Year Ended June 30, 2012
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 1,752,794 $ 1,752,794 $ 1,410,874 $ (341,920)
Use of money and property 3,000 3,000 16,244 13,244
Total revenues 1,755,794 1,755,794 1,427,118 (328,676)
EXPENDITURES
Debt service:
Principal 580,000 580,000 580,000 -
Interest 1,323,794 1,323,794 668,825 654,969
Total expenditures 1,903,794 1,903,794 1,248,825 654,969
Excess (deficiency) of revenues
over expenditures (148,000) (148,000) 178,293 326,293
OTHER FINANCING SOURCES(USES)
Transfers in 151,142 151,142 151,142 -
Total other financing sources (uses) 151,142 151,142 151,142 -
Extraordinary Item
Gain(loss) on Dissolution of MRA - - (2,539,692) (2,539,692)
Net change in fund balance 3,142 3,142 (2,210,257) (2,213,399)
Fund balance, beginning of year 2,210,257 2,210,257 2,210,257 -
Fund balance, end of year $ 2,213,399 $ 2,213,399 $ - $ (2,213,399)
- 84 -
City of Moorpark
Non-Major Governmental Funds
June 30, 2012
SPECIAL REVENUE FUNDS
Library Services Fund — is used to account for the financial resources for the operation of the City's
public library system. Sources of revenue are a percentage of property taxes, library fines, federal and
state grant funds, gifts, donations and fees for services.
Traffic Safety Fund - is used to account for revenues collected from traffic fines and forfeitures, which
are used for crossing guards and parking enforcement.
Affordable Housing Fund (City) - is used to account for grants used for development of affordable
housing units. Sources of revenue are development fees and rental income.
Endowment Fund - is used to account for funds received by the City for certain projects or other sources
directed by the City Council to be held for the purpose of one-time expenditure of community-wide benefit
due to the impact of additional development. Sources of revenue are development fees.
Community Development Fund - is used to account for planning, development, public works and
engineering related expenditures. Sources of revenues are from service fees collected from issuance of
various types of permits, plan checks, improvement inspections and other miscellaneous items.
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.
Sources of revenue are development fees. The City does not present a Budget to Actual schedule for this
fund.
Casey/Gabbert Road 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. Sources of revenue
are development fees.
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. Sources of
revenue are development fees. The City does not present a Budget to Actual schedule for this fund.
State Gas Tax Fund - is used to account for fees used for street maintenance, right-of-way acquisition
and street construction. Source of revenue is gas tax money collected by the State of California.
Proposition 1B Local Streets and Roads Fund — is used to account for funds received from the State
of California for specific transportation programs. Source of revenue is Prop 1B bond proceeds distributed
by the State of California.
Art in Public Places Fund - is used to account for fees used for public facilities improvements, most
recently the Veterans' Memorial. Source of revenue is development fees.
Proposition 1 B 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. Source of revenue is the State of
California selling Prop 1B bonds.
- 85 -
City of Moorpark
Non-Major Governmental Funds
June 30, 2012
SPECIAL REVENUE FUNDS, (continued)
State and Federal Assistance Fund - is used to account for Federal and State grants used for the
construction of streets and related improvements and helps fund law enforcement. Sources of funds are
federal and state grants.
Local Transportation Transit Fund - is used to account for fees spent on local transportation
operations, maintenance and related programs. Sources of revenue include Ventura County 8C funding,
the Federal Transportation Administration grant funding and bus fares.
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. Sources of revenue are
AB939 fees from rubbish operators, compost bin sales, the California Beverage Container grant, and the
Used Oil Recycling grant.
CAPITAL PROJECTS FUNDS
Capital Projects Fund — is used to account for financial resources used for major capital projects of the
general government operations. Sources of revenue are the Ventura Community College District tax
increment pass through fees and interest.
Moorpark Highlands Fund - is used to accounts for the remaining bond proceeds issued for the
construction of certain public facilities for the benefit of the Community Facilities District 2004-01. The
City does not present a Budget to Actual schedule for this fund
City Hall Building Fund - is used to account for the funds used to build the new Civic Center Complex.
Original source of revenue was transfer from the Endowment Fund; current revenue source is interest
earnings.
Equipment Replacement Fund - is used to account for the funds used to replace city equipment and
vehicles. Sources of revenue are interest earnings and transfers from the General Fund.
- 86 -
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2012
Special Revenue Funds
City
Library Traffic Affordable
Services Safety Housing
ASSETS
Cash and investments $ 836,711 $ 636,790 $ 3,958,053
Cash and investments with fiscal agent - - -
Receivables:
Accounts 111 28,660 -
Notes and loans - - 243,196
Due from other funds - - -
Prepaid items - - 5,200
Property held for resale - - 55,573
Total assets $ 836,822 $ 665,450 $ 4,262,022
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 53,541 $ 7,077 $ 6,329
Due to other funds - - -
Deferred revenues - - -
Deferred loans - - 243,196
Total liabilities 53,541 7,077 249,525
Fund balances:
Nonspendable - - -
Restricted - 658,373 4,012,497
Committed 783,281 - -
Assigned - - -
Unassigned - - -
Total fund balances 783,281 658,373 4,012,497
Total liabilities and fund balances $ 836,822 $ 665,450 $ 4,262,022
-87-
Special Revenue Funds
Tierra Rejada/ Freemount
Endowment Community Spring Road Casey/Gabbert Storm Drain
Fund Development A.O.C. A.O.C. A.O.C.
$ 1,524,650 $ 102,507 $ - $ 88,460 $ 15,483
- 1,359 - - -
6,500 - - - -
1,870,158 - - - -
$ 3,401,308 $ 103,866 $ - $ 88,460 $ 15,483
$ - $ 103,866 $ - $ - $ -
- - 177,006 - -
6,500 - - - -
6,500 103,866 177,006 - -
1,870,158 - - - -
- - - 88,460 15,483
1,524,650 - - - -
- - (177,006) - -
3,394,808 - (177,006) 88,460 15,483
$ 3,401,308 $ 103,866 $ - $ 88,460 $ 15,483
-88-
City of Moorpark
Combining Balance Sheet, (continued)
Non-Major Governmental Funds
June 30, 2012
Special Revenue Funds
Prop 1B Art
State Gas Local Streets in Public
Tax and Roads Places
ASSETS
Cash and investments $ 886,273 $ 585,692 $ 1,752,549
Cash and investments with fiscal agent - - -
Receivables:
Accounts 114,475 - -
Notes - - -
Due from other funds - - -
Prepaid items - - -
Property held for resale - - -
Total assets $ 1,000,748 $ 585,692 $ 1,752,549
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 21,753 $ - $ -
Due to other funds - - -
Deferred revenues - - -
Deferred loans - - -
Total liabilities 21,753 - -
Fund balances:
Nonspendable - - -
Restricted 978,995 585,692 1,752,549
Committed - - -
Assigned - -
Unassigned - - -
Total fund balances 978,995 585,692 1,752,549
Total liabilities and fund balances $ 1,000,748 $ 585,692 $ 1,752,549
-89-
Special Revenue Funds Total
Prop 1B State and Local
Safety Federal Transportation Solid Special
and Security Assistance Transit Waste Revenue
$ - $ 565,444 $ 68,836 $ 1,018,915 $ 12,040,363
- 25,000 159,085 22,351 351,041
- - - - 249,696
- - - - 1,870,158
- - - - 5,200
- - - - 55,573
$ - $ 590,444 $ 227,921 $ 1,041,266 $ 14,572,031
$ - $ 14,780 $ 43,530 $ 53,334 $ 304,210
- 13,513 - - 190,519
- 34,624 - - 34,624
- - - - 249,696
- 62,917 43,530 53,334 779,049
- - - - 1,870,158
- 527,527 184,391 987,932 9,791,899
- - - 783,281
- - - - 1,524,650
- - - - (177,006)
- 527,527 184,391 987,932 13,792,982
$ - $ 590,444 $ 227,921 $ 1,041,266 $ 14,572,031
-90-
City of Moorpark
Combining Balance Sheet, (continued)
Non-Major Governmental Funds
June 30, 2012
Capital Projects
Moorpark
Capital Highlands City Hall
Projects Improvement Building
ASSETS
Cash and investments $ 92,353 $ - $ 3,723,256
Cash and investments with fiscal agent - 2,844 -
Receivables:
Accounts - - -
Notes - - -
Due from other funds - - -
Prepaid items - - -
Property held for resale - - -
Total assets $ 92,353 $ 2,844 $ 3,723,256
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ - $ - $ 37,218
Due to other funds - - -
Deferred revenues - - -
Deferred loans - - -
Total liabilities - - 37,218
Fund balances:
Nonspendable - - -
Restricted - - -
Committed - - -
Assigned 92,353 2,844 3,686,038
Unassigned - - -
Total fund balances 92,353 2,844 3,686,038
Total liabilities and fund balances $ 92,353 $ 2,844 $ 3,723,256
-91-
Capital Projects Total Total
Capital NonMajor
Equipment Projects Governmental
Replacement Funds Funds
$ 338,658 $ 4,154,267 $ 16,194,630
2,844 2,844
351,041
249,696
1,870,158
5,200
55,573
$ 338,658 $ 4,157,111 $ 18,729,142
$ $ 37,218 $ 341,428
190,519
34,624
249,696
37,218 816,267
1,870,158
9,791,899
783,281
338,658 4,119,893 5,644,543
(177,006)
338,658 4,119,893 17,912,875
$ 338,658 $ 4,157,111 $ 18,729,142
-92-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
Non-Major Governmental Funds
Year Ended June 30, 2012
Special Revenue Funds
City
Library Traffic Affordable
Services Safety Housing
REVENUES
Taxes $ 823,826 $ - $ -
Licenses and permits - - -
Fines and forfeitures 17,760 159,445 -
Use of money and property 2,243 8,419 51,978
Charges for services 8,811 - 113,504
Intergovernmental 7,500 - -
Maintenance assessments - - -
Other revenue - - 105,349
Total revenues 860,140 167,864 270,831
EXPENDITURES
Current:
Public safety - 193,101 -
Public services 872,067 - 142,402
Capital Outlay - - -
Total expenditures 872,067 193,101 142,402
Excess (deficiency) of revenues
over expenditures (11,927) (25,237) 128,429
OTHER FINANCING SOURCES(USES)
Transfers in - 2,653 -
Transfers out - - -
Total other financing sources (uses) - 2,653 -
Net change in fund balances (11,927) (22,584) 128,429
Fund balances, beginning of year 795,208 680,957 3,884,068
Fund balances, end of year $ 783,281 $ 658,373 $ 4,012,497
-93-
Special Revenue Funds
Tierra Rejada/ Freemount
Endowment Community Spring Road Casey/Gabbert Storm Drain
Fund Development A.O.C. A.O.C. A.O.C.
$ - $ - $ - $ - $ -
- 418,939 - - -
- 3,324 - - -
93,274 1,077 - 1,166 203
129,495 442,866 - 2,030 -
- 1,477 - - -
222,769 867,683 - 3,196 203
- 1,931,381 - - -
95,106 - - - -
95,106 1,931,381 - - -
127,663 (1,063,698) - 3,196 203
- 913,813 - - -
(5,070) - - - -
(5,070) 913,813 - - -
122,593 (149,885) - 3,196 203
3,272,215 149,885 (177,006) 85,264 15,280
$ 3,394,808 $ - $ (177,006) $ 88,460 $ 15,483
-94-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance, (continued)
Non-Major Governmental Funds
Year Ended June 30, 2012
Special Revenue
Prop 1B Art
State Local Streets in Public
Gas Tax and Roads Places
REVENUES
Taxes $ - $ - $ -
Licenses and permits 90 - -
Fines and forfeitures - - -
Use of money and property - 7,684 22,639
Charges for services 1,057,211 - 75,115
Intergovernmental 10,179 - -
Maintenance assessments 8,251 - -
Other revenue - - -
Total revenues 1,075,731 7,684 97,754
EXPENDITURES
Current:
Public safety - - -
Public services 1,028,274 - -
Capital Outlay 881 - -
Total expenditures 1,029,155 - -
Excess (deficiency)of revenues
over expenditures 46,576 7,684 97,754
OTHER FINANCING SOURCES (USES)
Transfers in 720,824 - -
Transfers out (280,244) - -
Total other financing sources (uses) 440,580 - -
Net change in fund balances 487,156 7,684 97,754
Fund balances, beginning of year 491,839 578,008 1,654,795
Fund balances, end of year $ 978,995 $ 585,692 $ 1,752,549
-95-
Special Revenue Total
Prop 1B State and Local Special
Safety Federal Transportation Solid Revenue
and Security Assistance Transit Waste Funds
$ - $ - $ - $ 279,633 $ 1,103,459
- - - - 419,029
- - - - 180,529
- 8,400 2 13,295 210,380
- - 73,433 2,213 1,904,678
- 892,903 606,844 30,871 1,548,297
- - - - 8,251
- 300 8,493 - 115,619
- 901,603 688,772 326,012 5,490,242
- 100,000 - - 293,101
177 - 327,585 321,664 4,623,550
735 62,575 328,656 8,241 496,194
912 162,575 656,241 329,905 5,412,845
(912) 739,028 32,531 (3,893) 77,397
6,073 1,713 7,018 3,557 1,655,651
- (713,530) (9,512) - (1,008,356)
6,073 (711,817) (2,494) 3,557 647,295
5,161 27,211 30,037 (336) 724,692
(5,161) 500,316 154,354 988,268 13,068,290
$ - $ 527,527 $ 184,391 $ 987,932 $ 13,792,982
-96-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance, (continued)
Non-Major Governmental Funds
Year Ended June 30, 2012
Capital Projects
Moorpark
Capital Highlands City Hall
Projects Improvement Building
REVENUES
Taxes $ - $ - $ -
Licenses and permits - - -
Fines and forfeitures - - -
Use of money and property 895 - 48,910
Charges for services - - -
Intergovernmental - - -
Maintenance assessments - - -
Other revenue - - -
Total revenues 895 - 48,910
EXPENDITURES
Current:
Public safety - - -
Public services - - -
Capital Outlay 9,328 2,928 62,669
Total expenditures 9,328 2,928 62,669
Excess (deficiency)of revenues
over expenditures (8,433) (2,928) (13,759)
OTHER FINANCING SOURCES (USES)
Transfers in 29,623 - -
Transfers out (2,855) - -
Total other financing sources (uses) 26,768 - -
Net change in fund balances 18,335 (2,928) (13,759)
Fund balances, beginning of year 74,018 5,772 3,699,797
Fund balances, end of year $ 92,353 $ 2,844 $ 3,686,038
-97-
Capital Projects Total Total
Capital Nonmajor
Equipment Projects Governmental
Replacement Funds Funds
$ - $ - $ 1,103,459
- - 419,029
- - 180,529
4,350 54,155 264,535
- - 1,904,678
- - 1,548,297
- - 8,251
- - 115,619
4,350 54,155 5,544,397
- - 293,101
- - 4,623,550
23,709 98,634 594,828
23,709 98,634 5,511,479
(19,359) (44,479) 32,918
- 29,623 1,685,274
- (2,855) (1,011,211)
- 26,768 674,063
(19,359) (17,711) 706,981
358,017 4,137,604 17,205,894
$ 338,658 $ 4,119,893 $ 17,912,875
-98-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Library Services -Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 775,000 $ 775,000 $ 823,826 $ 48,826
Fines and forfeitures 17,000 17,000 17,760 760
Use of money and property 7,000 7,000 2,243 (4,757)
Charges for services 10,000 10,000 8,811 (1,189)
Intergovernmental 13,000 20,500 7,500 (13,000)
Total revenues 822,000 829,500 860,140 30,640
EXPENDITURES
Current:
Public services 926,436 926,436 872,067 54,369
Total expenditures 926,436 926,436 872,067 54,369
Excess (deficiency)of revenues
over expenditures (104,436) (96,936) (11,927) 85,009
Net change in fund balance (104,436) (96,936) (11,927) 85,009
Fund balance, beginning of year 795,208 795,208 795,208 -
Fund balance, end of year $ 690,772 $ 698,272 $ 783,281 $ 85,009
-99-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Traffic Safety- Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and forfeitures $ 200,000 $ 200,000 $ 159,445 $ (40,555)
Use of money and property 8,000 8,000 8,419 419
Total revenues 208,000 208,000 167,864 (40,136)
EXPENDITURES
Public safety 205,484 205,484 193,101 12,383
Total expenditures 205,484 205,484 193,101 12,383
Excess (deficiency)of revenues
over expenditures 2,516 2,516 (25,237) (27,753)
OTHER FINANCING SOURCES(USES)
Transfers in - - 2,653 2,653
Total other financing sources (uses) - - 2,653 2,653
Net change in fund balance 2,516 2,516 (22,584) (25,100)
Fund balance, beginning of year 680,957 680,957 680,957 -
Fund balance, end of year $ 683,473 $ 683,473 $ 658,373 $ (25,100)
-100-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -City Affordable Housing -Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 46,000 $ 82,000 $ 51,978 $ (30,022)
Charges for services 274,927 274,927 113,504 (161,423)
Other revenue 39,000 39,000 105,349 66,349
Total revenues 359,927 395,927 270,831 (125,096)
EXPENDITURES
Public services 68,747 306,240 142,402 163,838
Total expenditures 68,747 306,240 142,402 163,838
Net change in fund balance 291,180 89,687 128,429 38,742
Fund balance, beginning of year 3,884,068 3,884,068 3,884,068 -
Fund balance, end of year $ 4,175,248 $ 3,973,755 $ 4,012,497 $ 38,742
-101-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Endowment -Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 100,000 $ 100,000 $ 93,274 $ (6,726)
Charges for services 521,306 521,306 129,495 (391,811)
Total revenues 621,306 621,306 222,769 (398,537)
EXPENDITURES
Capital outlay 459,172 407,272 95,106 312,166
Total expenditures 459,172 407,272 95,106 312,166
Excess (deficiency) of revenues
over(under)expenditures 162,134 214,034 127,663 (86,371)
OTHER FINANCING SOURCES(USES)
Transfers out - - (5,070) (5,070)
Total other financing sources (uses) - - (5,070) (5,070)
Net change in fund balance 162,134 214,034 122,593 (91,441)
Fund balance, beginning of year 3,272,215 3,272,215 3,272,215 -
Fund balance, end of year $ 3,434,349 $ 3,486,249 $ 3,394,808 $ (91,441)
-102-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Community Development- Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Licenses and permits $ 472,209 $ 251,000 $ 418,939 $ 167,939
Fines and forfeitures 3,000 3,000 3,324 324
Use of money and property 1,000 1,000 1,077 77
Charges for services 581,396 422,750 442,866 20,116
Other revenue - - 1,477 1,477
Total revenues 1,057,605 677,750 867,683 189,933
EXPENDITURES
Public services 2,095,254 1,999,994 1,931,381 68,613
Total expenditures 2,095,254 1,999,994 1,931,381 68,613
Excess (deficiency)of revenues
over(under)expenditures (1,037,649) (1,322,244) (1,063,698) 258,546
OTHER FINANCING SOURCES (USES)
Transfers in 1,040,000 1,040,000 913,813 (126,187)
Total other financing sources (uses) 1,040,000 1,040,000 913,813 (126,187)
Net change in fund balance 2,351 (282,244) (149,885) 132,359
Fund balance, beginning of year 149,885 149,885 149,885 -
Fund balance, end of year $ 152,236 $ (132,359) $ - $ 132,359
-103-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Casey Gabbert A.O.C. - Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 1,000 $ 1,000 $ 1,166 $ 166
Charges for services - - 2,030 2,030
Total revenues 1,000 1,000 3,196 2,196
EXPENDITURES
Total expenditures - - - -
Excess (deficiency) of revenues
over expenditures 1,000 1,000 3,196 2,196
Net change in fund balance 1,000 1,000 3,196 2,196
Fund balance, beginning of year 85,264 85,264 85,264 -
Fund balance, end of year $ 86,264 $ 86,264 $ 88,460 $ 2,196
-104-
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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Licenses and permits $ - $ - $ 90 $ 90
Charges for services 946,000 946,000 1,057,211 111,211
Intergovernmental - - 10,179 10,179
Maintenance assessments - - 8,251 8,251
Total revenues 946,000 946,000 1,075,731 129,731
EXPENDITURES
Public services 1,096,513 1,099,330 1,028,274 71,056
Capital outlay 25,000 75,000 881 74,119
Total expenditures 1,121,513 1,174,330 1,029,155 145,175
Excess (deficiency) of revenues
over expenditures (175,513) (228,330) 46,576 274,906
OTHER FINANCING SOURCES(USES)
Transfers in 803,300 803,300 720,824 (82,476)
Transfers out (302,866) (265,274) (280,244) (14,970)
Total other financing sources (uses) 500,434 538,026 440,580 (97,446)
Net change in fund balance 324,921 309,696 487,156 177,460
Fund balance, beginning of year 491,839 491,839 491,839 -
Fund balance, end of year $ 816,760 $ 801,535 $ 978,995 $ 177,460
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 8,000 $ 8,000 $ 7,684 $ (316)
Total revenues 8,000 8,000 7,684 (316)
EXPENDITURES
Capital outlay 533,000 539,061 - 539,061
Total expenditures 533,000 539,061 - 539,061
Excess (deficiency) of revenues
over (under) expenditures (525,000) (531,061) 7,684 538,745
Net change in fund balance (525,000) (531,061) 7,684 538,745
Fund balance, beginning of year 578,008 578,008 578,008 -
Fund balance, end of year $ 53,008 $ 46,947 $ 585,692 $ 538,745
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 20,000 $ 20,000 $ 22,639 $ 2,639
Charges for services 255,440 255,440 75,115 (180,325)
Total revenues 275,440 275,440 97,754 (177,686)
EXPENDITURES
Total expenditures - - - -
Net change in fund balance 275,440 275,440 97,754 (177,686)
Fund balance, beginning of year 1,654,795 1,654,795 1,654,795 -
Fund balance, end of year $ 1,930,235 $ 1,930,235 $ 1,752,549 $ (177,686)
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 1,000 $ 1,000 $ - $ (1,000)
Total revenues 1,000 1,000 - (1,000)
EXPENDITURES
Public services - - 177 (177)
Capital outlay - 3,194 735 2,459
Total expenditures - 3,194 912 2,282
Excess (deficiency) of revenues
over(under)expenditures 1,000 (2,194) (912) 1,282
OTHER FINANCING SOURCES(USES)
Transfers in - - 6,073 6,073
Total other financing sources (uses) - - 6,073 6,073
Net change in fund balance 1,000 (2,194) 5,161 7,355
Fund balance, beginning of year (5,161) (5,161) (5,161) -
Fund balance, end of year $ (4,161) $ (7,355) $ - $ 7,355
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 10,000 $ 10,000 $ 8,400 $ (1,600)
Intergovernmental 3,123,000 3,243,000 892,903 (2,350,097)
Other revenue - - 300 300
Total revenues 3,133,000 3,253,000 901,603 (2,351,397)
EXPENDITURES
Public safety 1,302,732 1,302,732 100,000 1,202,732
Capital outlay 1,856,948 1,856,948 62,575 1,794,373
Total expenditures 3,159,680 3,159,680 162,575 2,997,105
Excess (deficiency) of revenues
over expenditures (26,680) 93,320 739,028 645,708
OTHER FINANCING SOURCES (USES)
Transfers in - - 1,713 1,713
Transfers out (702,000) (702,000) (713,530) (11,530)
Total other financing sources (uses) (702,000) (702,000) (711,817) (9,817)
Net change in fund balance (728,680) (608,680) 27,211 635,891
Fund balance, beginning of year 500,316 500,316 500,316 -
Fund balance, end of year $ (228,364) $ (108,364) $ 527,527 $ 635,891
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ - $ - $ 2 $ 2
Charges for services 60,000 60,000 73,433 13,433
Intergovernmental 835,000 773,465 606,844 (166,621)
Other revenue - 8,500 8,493 (7)
Total revenues 895,000 841,965 688,772 (153,193)
EXPENDITURES
Public services 329,936 329,936 327,585 2,351
Capital outlay 708,699 708,699 328,656 380,043
Total expenditures 1,038,635 1,038,635 656,241 382,394
Excess (deficiency) of revenues
over expenditures (143,635) (196,670) 32,531 229,201
OTHER FINANCING SOURCES(USES)
Transfers in 10,000 10,000 7,018 (2,982)
Transfers out (5,300) (5,300) (9,512) (4,212)
Total other financing sources (uses) 4,700 4,700 (2,494) (7,194)
Net change in fund balance (138,935) (191,970) 30,037 222,007
Fund balance, beginning of year 154,354 154,354 154,354 -
Fund balance, end of year $ 15,419 $ (37,616) $ 184,391 $ 222,007
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Solid Waste -Special Revenue Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 280,000 $ 280,000 $ 279,633 $ (367)
Use of money and property 12,000 12,000 13,295 1,295
Charges for services 3,000 3,000 2,213 (787)
Intergovernmental 10,000 10,000 30,871 20,871
Total revenues 305,000 305,000 326,012 21,012
EXPENDITURES
Public services 343,810 375,569 321,664 53,905
Capital outlay 8,000 8,241 8,241 -
Total expenditures 351,810 383,810 329,905 53,905
Excess (deficiency) of revenues
over expenditures (46,810) (78,810) (3,893) 74,917
OTHER FINANCING SOURCES (USES)
Transfers in - - 3,557 3,557
Total other financing sources (uses) - - 3,557 3,557
Net change in fund balance (46,810) (78,810) (336) 78,474
Fund balance, beginning of year 988,268 988,268 988,268 -
Fund balance, end of year $ 941,458 $ 909,458 $ 987,932 $ 78,474
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Capital Projects -Capital Projects Fund
Year Ended June 30, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 3,000 $ 3,000 $ 895 $ (2,105)
Total revenues 3,000 3,000 895 (2,105)
EXPENDITURES
Capital outlay - 33,897 9,328 24,569
Total expenditures - 33,897 9,328 24,569
Excess (deficiency) of revenues
over expenditures 3,000 (30,897) (8,433) 22,464
OTHER FINANCING SOURCES (USES)
Transfers in 60,000 60,000 29,623 (30,377)
Transfers out - - (2,855) (2,855)
Total other financing sources (uses) 60,000 60,000 26,768 (33,232)
Net change in fund balance 63,000 29,103 18,335 (10,768)
Fund balance, beginning of year 74,018 74,018 74,018 -
Fund balance, end of year $ 137,018 $ 103,121 $ 92,353 $ (10,768)
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 46,000 $ 46,000 $ 48,910 $ 2,910
Total revenues 46,000 46,000 48,910 2,910
EXPENDITURES
Capital outlay 3,577,791 3,065,304 62,669 3,002,635
Total expenditures 3,577,791 3,065,304 62,669 3,002,635
Excess (deficiency) of revenues
over expenditures (3,531,791) (3,019,304) (13,759) 3,005,545
Net change in fund balance (3,531,791) (3,019,304) (13,759) 3,005,545
Fund balance, beginning of year 3,699,797 3,699,797 3,699,797 -
Fund balance, end of year $ 168,006 $ 680,493 $ 3,686,038 $ 3,005,545
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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, 2012
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 5,000 $ 5,000 $ 4,350 $ (650)
Total revenues 5,000 5,000 4,350 (650)
EXPENDITURES
Capital outlay 61,500 73,626 23,709 49,917
Total expenditures 61,500 73,626 23,709 49,917
Excess (deficiency) of revenues
over expenditures (56,500) (68,626) (19,359) 49,267
Net change in fund balance (56,500) (68,626) (19,359) 49,267
Fund balance, beginning of year 358,017 358,017 358,017 -
Fund balance, end of year $ 301,517 $ 289,391 $ 338,658 $ 49,267
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City of Moorpark
Statement of Changes in Fiduciary Net Assets
Agency Funds
For the Year Ended June 30, 2012
Balance Balance
June 30, 2011 Additions Deletions June 30, 2012
General Trust
Assets
Cash and investments $ 3,684,080 $ 4,120,208 $ 4,209,270 $ 3,595,018
Cash and investments with fiscal agent 6,803,880 1,976,768 3,295,036 5,485,612
Accounts receivable 116,391 26,390 115,001 27,780
Total assets $ 10,604,351 $ 6,123,366 $ 7,619,307 $ 9,108,410
Liabilities
Accounts payable $ 157,677 $ 365,818 $ 462,022 $ 61,473
Deposits payable 3,528,136 562,421 554,546 3,536,011
Due to bondholders 6,918,538 5,195,127 6,602,739 5,510,926
Total liabilities $ 10,604,351 $ 6,123,366 $ 7,619,307 $ 9,108,410
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STATISTICAL SECTION
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Statistical Section
This part of the City of Moorpark comprehensive annual financial report presents detailed
information regarding five categories: financial trends, revenue capacity, demographic and
economic information, and operating information. These schedules are presented as a context
for understanding the City's overall financial health.
Statistical Section Categories
Financial Trends Data
These schedules contain trend information to help the reader understand how the City's
financial performance and well-being have changed over time.
Revenue Capacity Data
These schedules contain information to help the reader assess the City's most significant local
revenue source, the property tax.
Debt Capacity Data
These schedules contain information to help the reader assess the affordability of the City's
current levels of outstanding debt and its ability to issue additional debt in the future.
Demographic and Economic Information
These schedules contain demographic and economic indicators to help the reader understand
the environment within which the City's financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City's financial report relates to the services it provides and the activities it
performs.
CITY OF MOORPARK
Net Assets by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Governmental activities:
Invested in capital assets,
net of related debt $ 85,969,804 $ 93,941,392 $ 99,760,671 $ 108,190,324 $ 125,900,770
Restricted 39,344,368 41,506,906 46,405,391 57,986,366 100,649,409
Unrestricted 33,792,567 31,861,714 26,413,978 26,965,428 6,458,224
Total governmental activities net assets $ 159,106,739 $ 167,310,012 $ 172,580,040 $ 193,142,118 $ 233,008,403
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
The City of Moorpark does not have any business-type activities.
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CITY OF MOORPARK
Net Assets by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
Governmental activities:
Invested in capital assets,
net of related debt $ 130,071,108 $ 130,581,499 $ 141,095,551 $ 145,841,042 $ 139,795,930
Restricted 101,613,368 94,878,693 91,504,803 72,654,599 87,274,979
Unrestricted 3,641,173 14,213,503 15,828,208 13,402,969 7,245,370
Total governmental activities net assets $ 235,325,649 $ 239,673,695 $ 248,428,562 $ 231,898,610 $ 234,316,279
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CITY OF MOORPARK
Changes in Net Assets
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Expenditures:
General government $ 2,116,644 $ 2,351,860 $ 3,030,395 $ 3,044,381 $ 1,639,628
Public safety 4,142,268 4,902,148 5,709,323 6,230,057 6,317,283
Public services 7,150,513 10,957,272 9,844,050 13,106,843 21,231,766
Parks and recreation 2,276,066 2,600,523 2,304,852 2,771,270 4,293,823
Interest on long-term debt 1,040,854 1,097,421 978,843 1,333,370 1,332,541
Total governmental activities expense 16,726,345 21,909,224 21,867,463 26,485,921 34,815,041
Program revenues:
Charges for services:
General government 509,401 1,407,130 2,010,540 2,201,590 191,674
Public safety 708,392 369,795 344,019 340,341 598,500
Public services 2,166,168 4,181,363 2,776,976 4,163,781 6,612,769
Parks and recreation 322,772 536,238 501,283 536,166 604,904
Total charges for services 3,706,733 6,494,526 5,632,818 7,241,878 8,007,847
Operating contributions and grants 5,440,099 4,077,849 2,313,834 3,237,143 4,489,945
Capital contributions and grants 4,131,439 4,731,311 4,633,166 18,027,831 38,337,638
Total governmental activities
program revenues 13,278,271 15,303,686 12,579,818 28,506,852 50,835,430
Net program revenues(expenses) (3,448,074) (6,605,538) (9,287,645) 2,020,931 16,020,389
General revenues and other changes in net assets:
Taxes:
Property tax 2,413,964 2,658,230 2,655,093 2,929,842 3,334,491
Property tax, Redevelopment Agency 3,577,050 4,116,542 3,901,779 5,530,198 6,347,692
Franchise tax 1,067,669 919,290 955,829 1,080,893 1,126,951
Sales tax 1,664,626 2,176,893 2,046,368 2,260,786 2,192,327
Sales tax in lieu - - 537,485 608,298 704,562
Motor vehicle in lieu 2,161,324 1,570,551 2,836,154 2,734,470 2,860,207
Investment income 2,027,190 1,363,344 1,725,579 3,261,384 6,556,186
Other 21,479 177,380 1,160,805 135,276 58,841
Gain on sale of property - - 48,339 - 276,797
Special item (1) - (900,000) - - -
County settlement - - - - -
Extraordinary item-Gain on
Dissolution of RDA _ _ _ _ _
Total governmental activities 12,933,302 12,082,230 15,867,431 18,541,147 23,458,054
Changes in net assets-
governmental activities $ 9,485,228 $ 5,476,692 $ 6,579,786 $ 20,562,078 $ 39,478,443
The City of Moorpark has elected to report retroactively back to the year the City
(1)Mission Bell note
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CITY OF MOORPARK
Changes in Net Assets
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
Expenditures:
General government $ 1,949,206 $ 2,041,596 $ 1,603,279 $ 3,201,184 $ 2,207,826
Public safety 6,882,072 7,035,384 7,016,015 7,070,049 6,158,455
Public services 20,580,204 18,170,325 13,589,878 31,775,462 11,134,822
Parks and recreation 4,551,045 4,470,524 4,934,002 4,658,717 5,704,208
Interest on long-term debt 1,773,841 1,616,843 1,504,502 1,492,604 354,412
Total governmental activities expenses 35,736,368 33,334,672 28,647,676 48,198,016 25,559,723
Program revenues:
Charges for services:
General government 283,576 232,926 258,431 293,008 407,883
Public safety 633,131 538,636 477,305 492,847 445,642
Public services 5,743,200 3,172,708 2,769,641 2,473,770 1,988,453
Parks and recreation 756,885 644,979 643,593 697,787 858,333
Total charges for services 7,416,792 4,589,249 4,148,970 3,957,412 3,700,311
Operating contributions and grants 7,113,883 6,172,315 4,128,842 5,999,168 3,702,582
Capital contributions and grants 5,481,972 3,326,778 1,970,931 1,703,076 2,770,701
Total governmental activities
program revenues 20,012,647 14,088,342 10,248,743 11,659,656 10,173,594
Net program revenues(expenses) (15,723,721) (19,246,330) (18,398,933) (36,538,360) (15,386,129)
General revenues and other changes in net assets:
Taxes:
Property tax 4,505,980 7,802,643 7,449,063 7,287,282 6,943,275
Property tax, Redevelopment Agency 6,887,079 7,054,432 6,864,777 6,755,960 3,389,064
Franchise tax 1,150,180 1,171,556 1,171,825 1,207,778 1,231,741
Sales tax 2,306,281 2,329,522 2,382,010 2,577,105 2,622,419
Sales tax in lieu 779,263 849,227 588,635 940,791 857,217
Motor vehicle in lieu 3,038,440 125,307 109,136 170,592 18,590
Investment income 2,491,856 2,875,649 853,074 856,413 1,206,622
Other 139,728 386,040 283,372 212,487 245,235
Gain on sale of property - - - - -
Special item (1) - - - - -
Countysettlement - 1,000,000 - - -
Extraordinary item-Gain on
Dissolution of RDA - - - - 356,845
Total governmental activities 21,298,807 23,594,376 19,701,892 20,008,408 16,871,008
Changes in net assets-
governmental activities $ 5,575,086 $ 4,348,046 $ 1,302,959 $ (16,529,952) $ 1,484,879
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
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
General fund:
Reserved $ - $ - $ 5,772,444 $ 2,943,353 $ -
Unreserved 13,456,231 14,756,222 12,527,255 18,301,058 24,405,620
Nonspendable - - - - -
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total general fund $ 13,456,231 $ 14,756,222 $ 18,299,699 $ 21,244,411 $ 24,405,620
All other governmental funds:
Reserved $ 4,378,065 $ 4,099,849 $ 13,889,036 $ 14,124,235 $ 41,864,116
Unreserved, reported in:
Special revenue funds 32,857,500 29,994,471 26,977,320 36,903,391 41,486,631
Capital projects funds 9,625,965 8,950,250 3,361,134 1,293,998 16,807,370
Debt Service funds (97,935) (891,297) (346,716) (321,425) 83,243
Non-major funds 7,146,987 10,651,331 8,272,652 9,724,941 8,693,969
Fund Balances:
Nonspendable - - - - -
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total all other governmental funds $ 53,910,582 $ 52,804,604 $ 52,153,426 $ 61,725,140 $ 108,935,329
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
-120-
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
General fund:
Reserved $ 95,397 $ 373,209 $ 337,286 $ - $ -
Unreserved 3,625,348 2,832,620 2,662,713 - -
Nonspendable - - - 220,976 654,207
Restricted - - - -
Committed - - - -
Assigned - - - -
Unassigned - - - 2,779,024 2,955,878
Total general fund $ 3,720,745 $ 3,205,829 $ 2,999,999 $ 3,000,000 $ 3,610,085
All other governmental funds:
Reserved $ 35,103,620 $ 33,719,016 $ 38,208,807 $ - $ -
Unreserved, reported in:
Special revenue funds 42,761,089 37,278,628 32,207,690 - -
Capital projects funds 39,098,065 35,699,829 33,735,939 - -
Debt Service funds (1,025,927) 261,336 294,202 - -
Non-major funds 13,384,413 25,043,397 25,335,288 - -
Fund Balances:
Nonspendable - - - 14,862,594 3,055,064
Restricted - - - 66,565,551 55,945,095
Committed - - - 795,208 783,281
Assigned - - - 28,849,138 30,892,276
Unassigned - - - (2,124,660) (2,047,164)
Total all other governmental funds $ 129,321,260 $ 132,002,206 $129,781,926 $ 108,947,831 $ 88,628,552
The City of Moorpark has elected to report retroactively back to the year the City
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CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Revenues:
Taxes $ 8,490,985 $ 9,870,955 $ 9,139,722 $ 12,231,076 $ 13,706,024
Licenses and permits 51,083 63,146 54,180 72,365 65,630
Fines and forfeitures 290,054 306,871 344,019 340,341 343,579
Uses of money and property 2,027,190 1,363,006 1,924,579 3,261,384 7,085,104
Charges for services 867,731 2,001,561 2,558,974 2,665,391 338,929
Intergovernmental 4,051,263 4,298,009 5,150,992 6,302,193 6,163,985
Maintenance assessments 2,955,340 2,639,628 1,963,190 1,845,742 1,922,471
Franchise fees 232,324 257,127 1,231,763 283,162 292,003
Building and safety fees 608,879 595,138 431,959 1,110,715 716,552
Planning and public work fees 2,132,190 2,614,959 1,967,751 3,053,066 1,649,002
Development fees 4,486,128 4,097,977 2,669,976 15,568,347 6,403,851
Contributions from prop owners - - - - 34,066,993
Other 256,376 281,506 2,832,962 397,574 2,030,211
Total revenues 26,449,543 28,389,883 30,270,067 47,131,356 74,784,334
Expenditures:
Current:
General government 2,048,658 2,259,017 2,893,359 2,919,564 1,471,354
Public safety 4,127,670 4,882,547 5,690,820 6,211,461 6,083,917
Public services 8,765,039 8,401,453 8,098,147 11,215,406 9,608,754
Parks and recreation 2,063,428 2,381,698 2,081,723 2,544,206 4,039,888
Capital outlay 3,596,982 8,775,159 7,810,879 10,038,439 19,477,866
Debt service:
Principal 365,000 395,000 405,000 435,910 440,000
Interest 1,044,915 1,100,996 1,158,585 1,251,354 1,400,985
Bond issuance costs - - - - 505,588
Total expenditures 22,011,692 28,195,870 28,138,513 34,616,340 43,028,352
Excess of revenues over
expenditures 4,437,851 194,013 2,131,554 12,515,016 31,755,982
Other financing sources(uses):
Gain from sale of property - - 48,339 1,410 276,797
Bond Proceeds - - - - 11,695,000
Discount on Bonds - - - - (325,401)
County settlements - - - - -
Transfers in 3,781,938 3,588,717 2,027,315 3,352,002 9,457,260
Transfers out (3,781,938) (3,588,717) (2,027,315) (3,352,002) (9,457,260)
Total other financing
sources(uses) - - 48,339 1,410 11,646,396
Extraordinary Item - - - - -
Net change in fund balances $ 4,437,851 $ 194,013 $ 2,179,893 $ 12,516,426 $ 43,402,378
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 8.3% 7.4% 8.7%
The City of Moorpark has elected to report retroactively back to the year the City implemented
GASB 34(June 30, 2003).
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CITY OF MOORPARK
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
Revenues:
Taxes $ 15,392,269 $ 19,716,636 $ 18,730,771 $ 19,042,900 $ 16,147,175
Licenses and permits 72,951 645,010 598,370 587,186 561,530
Fines and forfeitures 358,665 484,930 436,377 441,543 446,426
Uses of money and property 5,684,111 3,114,881 1,547,229 1,537,255 1,381,412
Charges for services 677,277 3,813,159 3,284,275 2,579,593 3,559,454
Intergovernmental 7,549,040 3,948,059 2,629,132 4,786,235 1,627,462
Maintenance assessments 4,205,700 3,491,975 1,950,431 2,112,992 2,114,957
Franchise fees 301,514 - - - -
Building and safety fees 530,761 - - - -
Planning and public work fees 1,938,143 - - - -
Development fees 4,501,837 - - - -
Contributions from prop owners - - - - -
Other 433,378 398,539 587,832 833,082 1,345,246
Total revenues 41,645,646 35,613,189 29,764,417 31,920,786 27,183,662
Expenditures
Current:
General government 1,835,801 1,926,283 1,497,916 2,289,299 890,396
Public safety 6,637,757 6,814,425 6,769,484 6,839,355 6,467,065
Public services 12,505,613 11,259,297 12,343,896 12,876,132 8,321,267
Parks and recreation 4,291,867 4,182,091 4,453,400 4,074,490 5,038,957
Capital outlay 14,682,017 8,100,604 5,548,179 24,506,524 4,679,053
Debt service:
Principal 455,000 475,000 495,000 1,874,064 590,122
Interest 1,631,932 1,594,062 1,482,799 1,471,516 688,825
Bond issuance costs - - - - -
Total expenditures 42,039,987 34,351,762 32,590,674 53,931,380 26,675,685
Excess of revenues over
expenditures (394,341) 1,261,427 (2,826,257) (22,010,594) 507,977
Other financing sources(uses):
Gain from sale of property - - - - -
Bond Proceeds - - - - -
Discount on Bonds - - - - -
County settlements 1,000,000 - - -
Transfers in 27,626,755 17,062,650 9,378,101 3,820,738 4,739,189
Transfers out (27,626,755) (17,062,650) (9,378,101) (2,644,238) (4,739,189)
Total other financing
sources(uses) - 1,000,000 - 1,176,500 -
Extraordinary Item - - - - (19,553,234)
Net change in fund balances $ (394,341) $ 2,261,427 $ (2,826,257) $(20,834,094) $(19,045,257)
Debt service as a percentage of
noncapital expenditures 8.3% 8.6% 7.9% 12.8% 6.2%
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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CITY OF MOORPARK
City Redevelopment Agency
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
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%
2011 4,659,133,835 153,090,627 46,689,455 4,858,913,917 813,947,565 110,905,079 4,436,801 929,289,445 1.053%
2012 4,662,536,870 118,452,976 46,220,250 4,827,210,096 829,750,375 76,258,253 4,422,902 910,431,530 1.061%
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
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
City Direct Rates:
City basic rate 1.06072 1.05820 1.05020 1.05480 1.06163 1.04955 1.04950 1.05020 1.05300 1.06125
Redevelopment agency - - - - - - - - - -
Total City Direct Rate 1.061 1.058 1.050 1.055 1.062 1.050 1.050 1.050 1.053 1.061
Overlapping Rates:
Ventura County Flood Cont. 8.097 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Metropolitan Water District 2.340 0.233 0.232 0.235 0.233 0.234 0.230 0.230 0.233 0.232
Ventura Community College 4.312 4.311 4.269 4.331 4.296 4.361 4.371 4.402 4.383 4.373
Ventura County Waterworks n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Conejo Valley Unified School
District 0.025 0.024 0.022 0.020 0.019 0.018 0.018 0.019 0.019 0.018
Moorpark Unified School
District 91.733 91.959 92.121 92.442 92.313 92.417 92.240 91.924 91.820 92.126
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.97-1 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
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 107.568 97.585 97.694 98.083 97.923 98.080 97.909 97.625 97.508 97.810
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.
3) The Total Direct Rate is comprised of its five components listed above, the Metropolitan Water District,Ventura Community
College,Ventura County Waterworks,Conejo Valley Unified School District,and the Moorpark Unified School District.
Source: California Municipal Statistics
Ventura County Assessor
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CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Ten Years Ago
2012 2002
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value * Value Value Value
DBRE Moorpark LLC $ 69,100,000 14.31% $ - 0.00%
Waterstone Properties Moorpark LL 57,800,000 11.97% - 0.00%
G & Y Moorpark LLC 25,678,784 5.32% - 0.00%
Tuscany Square Partners LLC 24,214,523 5.02% - 0.00%
Mission Bell West LP 23,381,785 4.84% 15,440,652 5.17%
James Birkenshaw, Et. Al. 19,935,825 4.13% 15,344,223 5.14%
Calabasas BCD Inc. 19,655,282 4.07% 16,529,990 5.54%
SunBelt Enterprises LLC (prey. Kay 15,522,919 3.22% 24,486,100 8.20%
Mission Bell East LLC 14,233,381 2.95% 15,565,585 5.21%
Leonard Rose Trust 12,009,878 2.49% 10,198,021 3.42%
$ 281,532,377 58.32% $ 97,564,571 32.67%
* 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 2011-2012 property data
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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
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 75.11% 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 4,072,510 3,376,883 82.92% 145,134 $3,522,017 86.48%
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%
2011 3,663,098 3,388,402 92.50% 184,044 $3,572,446 97.53%
2012 3,638,780 3,394,794 93.29% 162,584 $3,557,378 97.76%
NOTE:
The amount presented includes City property taxes only.
It does not include redevelopment tax increment.
Source: Ventura County Auditor Controller's Office Levy Letter
Note: In FY 2007/08 $785,653 in adjustments (including the Library) were added to the Levy Letter
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CITY OF MOORPARK
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
Fiscal Year General Tax Total Total Percentage Debt
Ended Obligation Allocation Governmental Primary of Personal Per
June 30 Bonds Bonds 1 Activities Government Income 2 Capita 2
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
2011 - 28,155,000 28,155,000 28,155,000 0.83% 811
2012 - 27,575,000 27,575,000 27,575,000 0.88% 792
Notes: Details regarding the City's outstanding debt can be found in the notes to the
financial statements.
1 The Moorpark Redevelopment Agency issued $9,860,000 of new tax allocation bonds in 1999,
$11,625,000 in 2001, and $11,695,000 in 2006.
The principal balance on these three bonds as of June 30, 2011 is $4,995,000, $11,505,000 and $11,655,000
respectively.
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
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
2011 - 28,155,000 28,155,000 0.49% 811
2012 - 27,575,000 27,575,000 0.48% 792
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.
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CITY OF MOORPARK
Direct and Overlapping Debt
June 30, 2012
City Assessed Valuation 2011-12 $ 4,781,332,846
Redevelopment Agency Incremental Valuation 641,853,266
Adjusted Assessed Valuation $ 4,139,479,580
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2012 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.232% $ 196,545,000 $ 455,984
Ventura Community College District 4.373% 310,868,691 13,594,288
Conejo Valley Unified School District 0.018% 25,908,896 4,664
Moorpark Unified School District 92.126% 59,009,983 54,363,537
City of Moorpark Community Facilities District No.97-1 100.000% 5,720,000 5,720,000
City of Moorpark Community Facilities District No.2004-1 100.000% 23,365,000 23,365,000
City of Moorpark 1915 Act Bonds 100.000% 1,330,000 1,330,000
Total Direct and Overlapping Tax&Assessment Debt 622,747,570 98,833,473
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.372% $ 93,740,000 $ 4,098,313
Ventura County Superintendent of Schools COPs 4.372% 11,865,000 518,738
Moorpark Unified School District COPs 92.126% 8,300,000 7,646,458
Total Overlapping General Fund Obligation Debt 113,905,000 12,263,509
Combined Total Debt* $ 736,652,570 111,096,982
Total direct and overlapping debt $111,096,982
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. The overlapping district's assessed valuation located within the City is
divided by the total assessed valuation of the overlapping district. That percentage is multiplied by the total debt
outstanding for the overlapping district resulting in the City's share of debt.
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CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
2003 2004 2005 2006 2007
Assessed valuation $2,823,727,286 $2,823,727,286 $3,231,418,940 $3,721,591,791 $4,157,360,033
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 705,931,822 705,931,822 807,854,735 930,397,948 1,039,340,008
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 105,889,773 105,889,773 121,178,210 139,559,692 155,901,001
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin $ 105,889,773 $ 105,889,773 $ 121,178,210 $ 139,559,692 $ 155,901,001
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.
Source: City Finance Department
Ventura County Tax Assessor's Office
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CITY OF MOORPARK
Legal Debt Margin Information
Last Ten Fiscal Years
2008 2009 2010 2011 2012
Assessed valuation $4,558,597,806 $4,700,305,496 $4,619,910,655 $4,659,133,835 $4,662,536,870
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 1,139,649,452 1,175,076,374 1,154,977,664 1,164,783,459 1,165,634,218
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 170,947,418 176,261,456 173,246,650 174,717,519 174,845,133
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin $ 170,947,418 $ 176,261,456 $ 173,246,650 $ 174,717,519 $ 174,845,133
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.
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
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
2011 6,716,136 555,000 1,350,874 3.52
2012 2,883,952 600,000 1,279,917 1.53
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)
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%
2011 34,710 3,385,509 97,537 10.0%
2012 34,826 3,150,987 90,478 8.7%
Sources: (1) State Department of Finance or Community Development Department
(2) California Desert Association of Realtors
(3) State of California Employment Development Department
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CITY OF MOORPARK
Principal Employers
Current and Ten Calendar Years Ago
2012 2002
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
Moorpark Unified School District 1,147 6.60% 1,135 6.76%
PennyMac 756 4.35% - 0.00%
Moorpark College 608 3.50% 360 2.14%
Pentair Pool Products 375 2.16% 407 2.42%
Kavlico 400 2.30% 1,200 7.14%
Target 175 1.01% - 0.00%
AJ Machining 135 0.78% - 0.00%
Boething Tree Farm 121 0.70% 135 0.80%
American Board Assembly 87 0.50% 200 1.19%
Kohl's 84 0.48% - 0.00%
"Total Employment" as used above represents the total employment of all employers located within
City limits. The total number of employees within the City limits in 2012 were 17,379 as compared to
the total number of employees within the City limits in 2002 were 16,799.
Source: Chamber of Commerce
City-data.com
Bureau of Labor Statistics
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CITY OF MOORPARK
Full-time and Part-time City Employees
by Function
Last Ten Fiscal Years
Function 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General government 43 33 32 31 30 26 26 26 27 28
Public safety (crossing guards) 6 7 4 7 7 7 6 5 5 3
Public services 38 20 17 17 26 22 22 20 16 18
Parks and recreation 19 42 38 41 49 54 56 55 54 51
Total 106 102 91 96 112 109 110 106 102 100
Public safety 1 30 28 31 31 42 42 38 38 40 39
1
Police and fire services were provided by the County.
Fire = 18 and police = 22
Source: City of Moorpark, Finance department
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CITY OF MOORPARK
Operating Indicators
by Function
Last Ten Fiscal Years
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Police:(A)
Arrests 1,296 1,520 1,388 1,653 1,890 1,732 1,412 2,207 1,266 1,158
Parking citations issued 2,582 4,285 3,706 2,890 4,160 2,860 3,254 4,969 4,887 5,704
Fire:(B)
Number of"prime"emergency calls 1,179 1,415 1,308 1,329 1,351 1,362 1,100 1,945 1,707 2,174
Business Inspections* 117 125 125 125 123 130 143 115 196 196
Public works:(C)
Street resurfacing(miles) 73.33 - 0.10 - 30.0 3.8 - 5.0 2.0
Parks and recreation:(D)
Number of recreation classes 317 290 364 338 479 378 265 419 325 308
Prime calls and business inspections are for County of Ventura, Fire Department Station#42
* In November 2001,all business occupancies less than 10,000 sq.feet became eligible for self inspection program.
Source:City of Moorpark
(A)Provided by Moorpark Police Department.
(B)Ventura County Fire Department.
(C)Moorpark Public Works Department:-every six years,the City plans to resurface its streets, 1/3 every other year(total street miles=220)
(D)Arroyo Vista Recreation Departmen:Active Adult Center.
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CITY OF MOORPARK
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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
Public works:
Streets (miles) 75 75 75 75 75 78 79 79 79 79
Streetlights 2,269 2,299 2,325 2,347 2,497 2,510 2,518 2,518 2,620 2,620
Traffic signals 16 17 17 17 17 20 20 20 21 21
Parks and recreation:
Parks 15 15 15 16 16 16 17 18 18 18
Community centers 2 2 2 2 2 2 2 2 2 2
Source: City of Moorpark
Of the streetlights, 2,612 are owned by Edison and 8 are owned by the City
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