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Comprehensive Annual Financial Report
Fiscal Year Ending June 30, 2013
CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30, 2013
Prepared By:
Ron Ahlers, Finance Director
Irmina Lumbad, Budget& Finance Manager
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2013
TABLE OF CONTENTS
PAGE
I. INTRODUCTORY SECTION
Letter of Transmittal i
Directory of Officials vi
Organizational Chart vii
Certificate of Achievement of Excellence in Financial Reporting viii
II. FINANCIAL SECTION
Independent Auditor's Report 1
Management Discussion &Analysis 4
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Position 14
Statement of Activities 15
Fund Financial Statements
Balance Sheet- Governmental Funds 16
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position 19
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds 20
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 23
Statement of Fiduciary Net Position 24
Statement of Changes in Fiduciary Net Position 25
Notes to Financial Statements 26
Required Supplementary Information:
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - General Fund 64
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual -Street and Traffic Safety Special Revenue Fund 67
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual—Assessment District Special Revenue Fund 68
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual—Affordable Housing Special Revenue Fund 69
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Los Angeles A.O.0 Special Revenue Fund 70
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual— Low-Mod Housing Asset Special Revenue Fund 71
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2013
TABLE OF CONTENTS -Continued
PAGE
Required Supplementary Information -Continued:
Schedule of Funding Progress for MRHP 72
Notes to Required Supplementary Information 73
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 74
Non-Major Governmental Funds 75
Non-Major Governmental Funds - Combining Balance Sheet 77
Non-Major Governmental Funds - Combining Statement of Revenues,
Expenditures and Changes in Fund Balance 83
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Library Services Special Revenue Fund 89
Traffic Safety Special Revenue Fund 90
Parks and Public Facilities Special Revenue Fund 91
Endowment Special Revenue Fund 92
Community Development Special Revenue Fund 93
State Gas Tax Special Revenue Fund 94
Prop 1B Local Streets and Roads Special Revenue Fund 95
Art in Public Places Special Revenue Fund 96
State and Federal Assistance Special Revenue Fund 97
Local Transportation Transit Special Revenue Fund 98
Solid Waste Special Revenue Fund 99
Capital Projects Fund 100
City Hall Building Capital Projects Fund 101
Equipment Replacement Capital Projects Fund 102
Statement of Changes in Net position -Agency Funds 103
III. STATISTICAL SECTION
Net position by Component- Last Ten Fiscal Years 104
Changes in Net position Governmental Activities - Last Ten Fiscal Years 106
Fund Balances of Governmental Funds - Last Ten Fiscal Years 108
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 110
City of Moorpark
Comprehensive Annual Financial Report
Year Ended June 30, 2013
TABLE OF CONTENTS -Continued
PAGE
III. STATISTICAL SECTION -Continued
Assessed Value and Estimated Actual Value of Taxable Property-
Last Ten Fiscal Years 112
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 113
Principal Property Tax Payers- Current Year and Ten Years Ago 114
Property Tax Levies and Collections- Last Ten Fiscal Years 115
Ratios of Outstanding Debt by Type- Last Ten Fiscal Years 116
Ratio of General Bonded Debt Outstanding- Last Ten Fiscal Years 117
Direct and Overlapping Debt 118
Legal Debt Margin Information- Last Ten Fiscal Years 119
Pledged Revenue Coverage- Last Ten Fiscal Years 121
Demographic and Economic Statistics- Last Ten Calendar Years 122
Principal Employers-Current and Ten Calendar Years Ago 123
Full-Time and Part-Time City Employees by Function- Last Ten Fiscal Years 124
Operating Indicators by Function- Last Ten Fiscal Years 125
Capital Asset Statistics by Function- Last Ten Fiscal Years 126
INTRODUCTORY SECTION
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4°/1/1111,400111. City f1ooparI
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799 Moorpark Avenue, Moorpark, California 93021 (805)517-6200 fax (805)532-2545
R4TAO ' 4
December 20, 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, 2013. 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 2012/13.
Responsibility for both the accuracy of this data, and the completeness and fairness of its presentation,
including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data
are accurate in all material respects and are reported in a manner that presents fairly the account groups
and the financial position and operational results of the City's various funds and component units. All
disclosures necessary to enable the reader to gain an understanding of the City's activities have been
included.
THE REPORTING ENTITY AND ITS SERVICES
The financial reporting entity includes all the funds of the City as well as all of its component units. The
City is the primary government. The component units are the Moorpark Public Financing Authority
(Authority) and the Moorpark Industrial Development Authority (IDA).
JANICE S. PARVIN KEITH F. MILLHOUSE ROSEANN MIKOS DAVID POLLOCK MARK VAN DAM
Mayor Councilmember Councilmember Councilmember Councilmember
The City was incorporated in 1983 as a general law city and operates under a Council-Manager form of
government.
The Authority was formed in 1993 as a joint powers authority between the City and the Redevelopment
Agency of the City of Moorpark (Agency) in order to provide financial assistance to the City and the
Agency by issuing debt and financing the construction of public facilities. The Agency is now dissolved,
but the Authority still continues to exist.
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.
SUCCESSOR AGENCY
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 lx 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. On February 1, 2012, the Agency was dissolved and the
Successor Agency to the Redevelopment Agency of the City of Moorpark (Successor Agency) was
created. The Successor Agency is included as a fiduciary fund (private purpose trust fund).
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, affordable housing, economic development,
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. Mr. Poindexter plotted Moorpark city streets and
planted Pepper trees in the downtown area. The City was incorporated in 1983 as the tenth city of
Ventura County with a Council-Manager form of government. The Mayor is elected at large to serve a
two-year term. The four Council Members are elected at large to serve staggered four-year terms. The
size of the City was 12.36 square miles with a population of about 10,000 at incorporation and is currently
at 12.44 square miles with a population of approximately 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.
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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, 2013. 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
2012/2013 amounted to $27,972,590 and $15,262,503 respectively.
CASH MANAGEMENT
The City Treasurer is responsible for investing cash temporarily idle during the year in accordance with
the State Government Code and the Investment Policy adopted by the City Council. The City diversified
its investment portfolio by utilizing several investment instruments. At fiscal year end June 30, 2013,
approximately $45 million was invested with the Ventura County Pool; $36 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 $6 million was invested in demand deposits.
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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, 2013 have a net ending balance of
$262 million.
LONG-TERM LIABILITIES/BONDED LIABILITIES
At June 30, 2013, the City has no outstanding bonds or other debt but does have long-term liabilities in
the approximate amount of$0.7 million for employee compensated absences (accrued leave).
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 $3.9 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, 2012. In order to be awarded a Certificate of
Achievement, a government unit must publish an easily readable and efficiently organized comprehensive
annual financial report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
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ACKNOWLEDGEMENT
We would like to express appreciation to 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, Malody & Scott, LLP, Certified Public Accountants for
their professional assistance. As in the past, the CAFR is available on the City's website at
www.MoorparkCA.gov.
Respectfully submitted,
7,417-cziPUY\ ALLZ--
STEVEN KUENY RON AHLERS
CITY MANAGER FINANCE DIRECTOR
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Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2013
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
Jeremy Laurentowski, Parks & Recreation Director
Ron Ahlers, Finance Director
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CITY OF MOORPARK
Arts ORGANIZATION CHART
Commission 1
Parks and Honorable City
Recreation -— Council City Attorney
Commission (Contract)
1 (- City Manager 1
Planning i • Business Registration
Commission -' • Economic Development
' • Housing Programs
J i • Successor Agency to the
' Redevelopment Agency
Library -_i
Board
[ Police Services
(Contract)
Communit� Administrative C Parks, Recreation 1 / Engineering/Public, /
& Community Finance
Development Services Works
Services Department
Department }
Department Department J \. Department \. J
• Building and Safety • City Clerk • Art in Public Places • Assessment District Street • Cash Management
• Code Compliance • Human Resources • Parks and Landscape Lighting • Central Services
• Permits • Risk Management Maintenance • Capital Projects • Finance and Accounting
• Planning • Information Systems • Recreation • Crossing Guards • Fixed Assets Management
• Cable Television • Active Adult Center • NPDES • Purchasing
• Legislative Relations • Open Space • Parking Enforcement • Franchise Administration
• Public Information Maintenance • Street Maintenance • Budget Development&
• Intergovernmental • Facility Operations and • Transit Administration
Relations Maintenance • Solid Waste& Recycling
• Library • Property Management • Animal ControlNector
• Emergency Management
Government Finance Officers Association
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, 2012
*1.4/.-FA^.
Executive Director/CEO
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 Independent Auditor's Report
909 889 5361 F
ramscpa.net
The Honorable City Council
PARTNERS City of Moorpark, California
Brenda L.Odle,CPA,MST
Terry P.Shea,CPA Report on the financial statements
Kirk A.Franks,CPA
Matthew B.Wilson,CPA,MSA,CGMA
Scott W. Manno,CPA,CGMA We have audited the accompanying financial statements of the government
Leena Shanbhag,CPA,MST,CGMA activities, each major fund, and the aggregate remaining fund information of the
Jay H.Zercher,CPA(Partner Emeritus)v C1ty of Moorpark (City), California, as of and for the year ended June 30, 2013,
Phillip H.Waller,CPA(Partner Emeritus) and the related notes to the financial statements, which collectively comprise the
City's basic financial statements as listed in the table of contents.
MANAGERS I STAFF
Nancy O'Rafferty,CPA,MBA Management's responsibility for the financial statements
Br-adferd A.Welebir,CPA,MBA
Jenny Liu,CPA.MST
Papa Matar Thiaw,CPA,MBA Management is responsible for the preparation and fair presentation of these
Maya S. Ivanova,CPA,MBA financial statements in accordance with accounting principles generally accepted
Peter E. Murray.CPA in the United States of America; this includes the design, implementation, and
Seong-Hyea Lee,CPA,MBA maintenance of internal control relevant to the preparation and fair presentation
Charles De Simon,,CPA of financial statements that are free from material misstatement, whether due to
Yiann Fang,CPA
Daniel T.Turner,CPA,MSA fraud or error.
Derek J.Brown.CPA.MST
David D.Henwood,CPA Auditor's responsibility
Our responsibility is to express opinions on these financial statements based on
our audit. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable
to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected
depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant
MEMBERS to the entity's preparation and fair presentation of the financial statements in
American Institute of order to design audit procedures that are appropriate in the circumstances, but
Certified Public Accountants
not for the purpose of expressing an opinion on the effectiveness of the entity's
PCPS The AICPA Alliance internal control. Accordingly, we express no such opinion. An audit also includes
for CPA Firms evaluating the appropriateness of accounting policies used and the
Governmental Audit reasonableness of significant accounting estimates made by management, as
Quality Center well as evaluating the overall presentation of the financial statements.
California Society of
Certified Public Accountants We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
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STABILITY. ACCURACY. TRUST.
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 of Moorpark, California, as of June 30, 2013, and the respective changes in
financial position thereof for the year then ended in accordance with accounting principles generally
accepted in the United States of America.
Other matters
Required supplementary information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, budgetary comparison information and the schedule of funding progress as
listed in the table of contents 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 provide any assurance.
Other information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City of Moorpark, California's basic financial statements. The introductory section, the
combining and individual nonmajor fund financial statements, the budgetary comparison schedules, and
the statistical section are presented for purposes of additional analysis and are not a required part of the
basic financial statements.
The combining nonmajor fund financial statements and the budgetary comparison schedules 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. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements
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 to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
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Implementation of new pronouncement
As discussed in Note 1 of the financial statements, the City adopted the provisions of GASB Statement
No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net
Position.
Other reporting required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 20,
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 in considering City's internal control over financial
reporting and compliance.
4ily ..)vtd. C dx.t4 o 4_ OD thi of r, Luz)
San Bernardino, CA
December 20, 2013
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
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, 2013. 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 2012/13 by $354,439,063
(Net Position). Of this amount, $10,042,168 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 defines "Net
Position" as assets less liabilities. GASB requires the City to record infrastructure assets
(streets, parks, buildings, etc.) less accumulated depreciation as a restricted fund balance titled,
"Net Investment in Capital Assets" ($262,271,564). Restrictions for Special Revenue Funds
amounts to $82,125,331, this reduces the Total Net Position to the Unrestricted Net Position
($10,042,168). The Statement of Net Position is presented on page 14.
• The City's Total Net Position decreased by $2,399,591 during the current fiscal year. The
Statement of Activities is presented on page 15.
• As of June 30, 2013, the City's governmental funds (General Fund, Special Revenue Funds and
Capital Projects Funds) reported combined ending fund balances of $89,982,295, a decrease of
$2,256,342, from the prior year. The decrease is a result of expenditures in capital by the Street
and Traffic Safety Fund, Affordable Housing Fund and Los Angeles Area of Contribution Fund.
• At the end of the current fiscal year, fund balances for the General Fund were $3,635,176
($635,176 is in nonspendable form, and $3,000,000 is unassigned).
• The City posted "Rights of Way" of $123,066,830 to Capital Assets. This amount had not been
posted to the Government wide statements in prior years. Please read Note 15, Restatement of
Fund Balances, on page 63.
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.
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CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
The government-wide financial statements include the Statement of Net Position and the Statement of
Activities.
The governmental activities of the City include general government, public safety, public services, parks
and recreation, debt service, and interest on debt. The City does not have any business-type activities.
The Statement of Net Position presents information on all of the City's assets and liabilities, with the
difference between the two reported as Net Position. Over time, increases and decreases in Net Position
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 Position changed during the
most recent fiscal year. All changes in Net Position 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 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 Redevelopment Agency of the City of Moorpark (Agency) was dissolved on February 1, 2012 as
legislated in Assembly Bill x1 26. Its Successor Agency is shown as a Private Purpose Trust Fund
(pages 24-25).
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,
Affordable Housing, Los Angeles Area of Contribution, Low and Moderate Income Housing Asset, Police
Facilities Fee, and Special Projects. 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
-5-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
for each of these non-major governmental funds is provided in the form of combining statements in the
non-major governmental funds section of this report.
The City adopts an annual budget for all its funds. A budgetary comparison statement is provided for all
funds with an annually adopted budget to demonstrate compliance with their respective budgets. The
budgetary comparison statements are located in the basic financial statements. The non-major
governmental fund budgetary comparisons are located in the non-major governmental funds section of
the report.
Fiduciary Funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account
for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in
the government-wide financial statements because the resources of the fund are not available to support
the City's own programs. Fiduciary funds are custodial in nature and, therefore, the accounting used
does not involve the measurement of the results of operations. The basic fiduciary fund financial
statement can be found on pages 24-25 of this report. The assets, liabilities, fund equity and operations
of the dissolved 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 26-63
of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The City has continued to present its financial statements under the reporting model required by GASB
34. A comparative analysis of the government-wide data has been included in this report.
As noted earlier, net position may serve over time as a useful indicator of a government's financial
position. In the case of the City, assets exceeded liabilities by $354 million at the close of the current
fiscal year.
The City's net investment in capital assets, net of related debt reflects a positive $262 million. As shown
on Table 1, the largest portion of the City's net position (74%) is its investment in capital assets. The City
uses these capital assets (parks, streets, sidewalks, rights of way etc.) to provide services to citizens;
consequently, these assets are not available for future spending.
An additional portion of the City's net position (23%) represents resources that are subject to external
restrictions on how they may be used. The major restrictions on net position are funding source
restrictions. The remaining balance of total net position (3%) is unrestricted and may be used to meet the
City's obligations to citizens and creditors in accordance with the finance-related legal requirements
reflected in the City's fund structure. At the end of the fiscal year ended June 30, 2013, the City reported
positive balances in all three categories of net position, both for the City as a whole, as well as for its
separate governmental activities.
-6-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
Table 1
Net Position
Governmental Activities
As of June 30, 2013 and 2012
2013 2012
Assets:
Current and other assets $ 95,273,076 $ 96,908,780
Capital Assets 262,271,564 262,318,305
Total Assets: 357,544,640 359,227,085
Liabilities:
Other liabilities 3,105,577 2,388,731
Total Liabilities: 3,105,577 2,388,731
Net Position:
Net invested in capital assets 262,271,564 262,318,305
Restricted 82,125,331 87,274,979
Unrestricted 10,042,168 7,245,370
Total Net Position, as restated $ 354,439,063 $ 356,838,654
The City's net position decreased by $2.4 million during the current fiscal year primarily as a result of
capital improvement projects.
-7-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
Table 2
Changes in Net Position
Governmental Activities
As of June 30, 2013 and 2012
2013 2012
Revenues:
Program Revenues:
Charges for services $ 6,525,531 $ 3,700,311
Operating contributions and grants 3,533,608 3,702,582
Capital contributions and grants 1,879,634 2,770,701
General Revenues:
Property taxes, levied for general purposes 6,776,729 6,943,275
Tax increment - 3,389,064
Franchise taxes 1,222,956 1,231,741
Sales taxes 2,730,871 2,622,419
Sales taxes in lieu 875,160 857,217
Motor vehicle in lieu tax, unrestricted 19,262 18,590
Investment income 142,222 1,206,622
Contributed capital - -
Other 299,730 245,235
Extraordinary gain -dissolution of redevelopment agency - 356,845
Total Revenues: 24,005,703 27,044,602
Expenses:
General government 4,149,965 2,207,826
Public safety 6,550,936 6,158,455
Public services 9,948,865 11,134,822
Parks and recreation 5,755,528 5,704,208
Interest on long-term debt - 354,412
Total Expenses: 26,405,294 25,559,723
Increase (decrease) in net position (2,399,591) 1,484,879
Net position, beginning of the year, as restated 356,838,654 355,353,775
Net position, end of the year $ 354,439,063 $ 356,838,654
-8-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
Program Revenues
Capital
Contributions and
Grants, 16%
Charges for
Services,55%
4,
it
1 11111011111111111111111111,111:;,
Operating11111111 ..
/
Contributions and J .1,111111
11
Grants,30% mtitititi11I1
Motor vehicle Investment
in lieu tax income Extraordinary
1% item
1° item General Revenues
Sales tax Capital °
in lieu 0% 0/
5% Other
3%
Sales taxes
23%
Property taxes
56%
f:.
Franchise]
taxes
Tax increment
6% 0%
-9-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
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
$89,982,295. This is a decrease of $2,256,342 in comparison with the prior year. $11,114,077 or 12% is
nonspendable, $44,067,428 or 49% is restricted to specific purpose, $742,546 or 1% is committed, $33,084,456
or 37% is assigned and $973,788 or 1% 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 $3,635,176, which increased by $25,091 or 0.02% 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 27% of total General Fund expenditures and transfers out. This is a healthy
reserve.
Key factors for revenues and expenses when compared to fiscal year 2011/12 are as follows:
• The City's property tax revenues decreased by$166,546 or 2.4%.
• Sales tax revenues grew by approximately $108,452 or 4.1% as we slowly emerged from the economic
downturn.
• The Sales Tax Compensation or"triple flip" increased by $17,943 or 2.1%. This revenue is calculated by
the State each year.
• Interest earnings declined by $300,571 or 79% due to market value loss on the portfolio and a correction
from prior years. GASB 34 requires the City to record any market gain or loss during the fiscal year.
There is no loss of principal,just a posting of a "market loss" for this past fiscal year.
• Motor vehicle in lieu has been eliminated by the State. The City received residual revenue in the amount
of$19,262.
• Expenditures and transfers out ended the year approximately $0.3 million less than the prior year figure
primarily due to reduced transfers to the operating departments.
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 by $1.3 million due to the construction of the
State Route 23 Sound Wall project.
-10-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
Assessment District Fund
The fund balance of the Assessment District Fund decreased by $440,839 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.
City Affordable Housing Fund
The fund balance of the Affordable Housing Fund decreased by $489,824 from the prior year. The City
purchased two properties: 224 and 226 Charles Street.
Los Angeles Area of Contribution Fund
The fund balance of the Los Angeles Area of Contribution Fund decreased by $785,856 due to the construction of
the Spring Road Rail Crossing improvements.
Low and Moderate Income Housing Asset Fund
The City elected to become the Successor Housing Agency and created the Low and Moderate Income Housing
Asset Fund for this purpose. The main activity this past year was the sale of an affordable home located at 81
First Street.
Police Facilities Fee Fund
The fund balance of the Police Facilities Fund improved by $20,952 from the prior year. These funds are derived
from new construction fees and transferred to the Endowment Fund as payback for the loan to construct the
Police Services Center.
Special Projects Capital Projects Fund
Per City Council Policy, the General Fund transferred fund balance in excess of$3 million to the Special Projects
Capital Projects Fund. In prior year the amount in excess was $524,451.
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds grew by$872,820 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, 2013, were revenues exceeding expenditures by
approximately $3.0 million, of which $0.5 million was transferred to the Special Projects Fund. Revenues plus
Transfers In were $139,392 less than the budget and expenditures plus Transfers Out ended the year under
budget by$1.4 million.
-11-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets. The City's investment in capital assets as of June 30, 2013, amounted to $262.3 million (net of
accumulated depreciation). This investment, detailed in Table 3, includes land, rights of way, construction in
progress, buildings and improvements, machinery and equipment, and infrastructure. In the current year, the City
recorded Rights of Way, not previously reported in prior years, for $123.0 million. Please refer to Note 15 on
Page 63 of the financial statements.
Table 3
Capital Assets(net of depreciation)
Governmental Activities
As of June 30, 2013 and 2012
2013 2012
Land $ 39,380,903 $ 38,976,406
Rights of Way 123,066,830 123,066,830
Construction in Progress 9,681,261 6,665,025
Buildings and inprovements 28,807,241 29,929,267
Machinery and equipment 2,637,862 2,954,181
Infrastructure 58,697,467 60,726,596
Total $ 262,271,564 $ 262,318,305
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 45 of this report.
Long-term Liabilities
At the end of the current fiscal year, the City's long-term liabilities outstanding are $614,611, which is the
employee compensated absences payable. Additional information on the City's long-term liabilities can be found
in Note 6 on page 46 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. These categories may not be declining and may even increase
as was the case of this past fiscal year. Increases in pension costs and the Ventura County Sheriffs Contract
continue to exceed revenue gains.
-12-
CITY OF MOORPARK
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2013
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 on December 29, 2011, the California Supreme Court issued their ruling
upholding the constitutionality of ABx1 26; thereby all redevelopment agencies within the State of California are
abolished.
For fiscal year 2013/14, the City took into consideration the following factors in preparing the budget:
• Sales Tax revenues assume a 3% increase from fiscal year 2012/13.
• Property Tax and Vehicle License fees revenue are projected to increase slightly.
• Interest income will remain stable at an average rate of return of just over 1%.
• Slight decrease in PERS employer retirement rate from 10.806% to 10.282% effective July 1, 2013.
• Increase in employee compensation from a general 1% cost of living adjustment and increases in medical
insurance premiums.
• Projections indicate our cost for general liability and workers compensation insurance will both increase
for fiscal year 2013/14 when compared to fiscal year 2012/13 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 2013/14 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.MoorparkCA.gov.
-13-
BASIC FINANCIAL STATEMENTS
City of Moorpark
Statement of Net Position
June 30, 2013
Governmental
Activities
ASSETS
Cash and investments $ 83,055,925
Cash and investments with fiscal agent 2,844
Receivables, net:
Taxes 18,444
Accounts 1,486,413
Prepaid items 48,459
Property held for resale 8,096,221
Long term notes receivables 2,564,770
Capital assets:
Non-depreciable:
Land 39,380,903
Rights of way 123,066,830
Construction in progress 9,681,261
Depreciable, net of accumulated depreciation
Buildings and improvements 28,807,241
Machinery and equipment 2,637,862
Infrastructure 58,697,467
Total assets 357,544,640
LIABILITIES
Accounts payable and accrued liabilities 2,490,966
Noncurrent liabilities:
Due within one year 307,305
Due in more than one year 307,306
Total liabilities 3,105,577
NET POSITION
Net investment in capital assets 262,271,564
Restricted for:
Public services 49,584,973
Recreation services 1,886,230
Public safety 16,737,171
Housing activities 13,916,957
Unrestricted 10,042,168
Total net position $ 354,439,063
The accompanying notes are an integral part of these financial statements.
- 14 -
City of Moorpark
Statement of Activities
Year Ended June 30, 2013
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 $ 4,149,965 $ 587,915 $ - $ - $ (3,562,050)
Public safety 6,550,936 809,257 - - (5,741,679)
Public services 9,948,865 4,154,598 3,533,608 1,879,634 (381,025)
Parks and recreation 5,755,528 973,761 - - (4,781,767)
Total governmental activities 26,405,294 6,525,531 3,533,608 1,879,634 (14,466,521)
Total primary government $ 26,405,294 $ 6,525,531 $ 3,533,608 $ 1,879,634
General revenues:
Taxes:
Property tax,levied for general purpose 6,776,729
Franchise tax 1,222,956
Sales tax 2,730,871
Sales tax in lieu 875,160
Motor vehicle in lieu tax, unrestricted 19,262
Investment income 142,222
Other 299,730
Total general revenues 12,066,930
Change in net position (2,399,591)
Net position, beginning of year,as restated(see Note 15) 356,838,654
Net position,end of year $ 354,439,063
The accompanying notes are an integral part of these financial statements
- 15 -
City of Moorpark
Balance Sheet
Governmental Funds
June 30, 2013
Special Revenue
Street and Assessment
General Traffic Safety Districts
ASSETS
Cash and investments $ 3,272,212 $ 18,605,246 $ 5,768,845
Cash and investments with fiscal agent - - -
Receivables:
Taxes - - 18,444
Accounts 934,596 37,464 47,797
Notes and loans - - -
Due from other funds - - -
Prepaid items 24,092 - -
Property held for resale 611,084 - -
Total assets $ 4,841,984 $ 18,642,710 $ 5,835,086
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 1,160,925 $ 650,571 $ 218,689
Due to other funds - - -
Deferred revenues 45,883 - 18,444
Deferred loans - - -
Total liabilities 1,206,808 650,571 237,133
Fund balances:
Nonspendable 635,176 - -
Restricted - 17,992,139 5,597,953
Committed - - -
Assigned - - -
Unassigned 3,000,000 - -
Total fund balances (deficit) 3,635,176 17,992,139 5,597,953
Total liabilities and fund balances $ 4,841,984 $ 18,642,710 $ 5,835,086
The accompanying notes are an integral part of these financial statements.
- 16 -
Continued
Special Revenue Capital Projects
Los Angeles Low-Mod
Affordable Area of Income Police
Housing Contribution Housing Asset Facilities Fee
$ 3,469,239 $ 10,809,533 $ 225,958 $ 20,910
7,032 21,996 458 42
218,573 431,050 1,908,647 -
- 177,006 - -
5,200 - - -
55,573 - 7,429,564 -
$ 3,755,617 $ 11,439,585 $ 9,564,627 $ 20,952
$ 14,371 $ 31,825 $ - $ -
- - - 1,870,158
- - 11,750 -
218,573 431,050 1,908,647 -
232,944 462,875 1,920,397 1,870,158
60,773 177,006 7,429,564 -
3,461,900 10,799,704 214,666 -
- - - (1,849,206)
3,522,673 10,976,710 7,644,230 (1,849,206)
$ 3,755,617 $ 11,439,585 $ 9,564,627 $ 20,952
The accompanying notes are an integral part of these financial statements.
- 17 -
City of Moorpark
Balance Sheet, (continued)
Governmental Funds
June 30, 2013
Capital Projects
Nonmajor Total
Special Governmental Governmental
Projects Funds Funds
ASSETS
Cash and investments $ 25,830,784 $ 15,053,198 $ 83,055,925
Cash and investments with fiscal agent - 2,844 2,844
Receivables:
Taxes - - 18,444
Accounts - 437,028 1,486,413
Notes and loans - 6,500 2,564,770
Due from other funds 941,400 1,870,158 2,988,564
Prepaid items - 19,167 48,459
Property held for resale - - 8,096,221
Total assets $ 26,772,184 $ 17,388,895 $ 98,261,640
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ - $ 414,585 $ 2,490,966
Due to other funds - 1,118,406 2,988,564
Deferred revenues - 158,968 235,045
Deferred loans - 6,500 2,564,770
Total liabilities - 1,698,459 8,279,345
Fund balances:
Nonspendable 941,400 1,870,158 11,114,077
Restricted - 6,001,066 44,067,428
Committed - 742,546 742,546
Assigned 25,830,784 7,253,672 33,084,456
Unassigned - (177,006) 973,788
Total fund balances (deficit) 26,772,184 15,690,436 89,982,295
Total liabilities and fund balances $ 26,772,184 $ 17,388,895 $ 98,261,640
The accompanying notes are an integral part of these financial statements.
- 18 -
City of Moorpark
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
June 30, 2013
Fund balances of governmental funds $ 89,982,295
Amounts reported for governmental activities in the statement of net
position are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds. 262,271,564
Long-term notes and loans receivable are not current financial resources and,
therefore, are deferred in the governmental funds. 2,564,770
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. 235,045
Long term liabilities are not due and payable
in the current period and, therefore, are not reported in funds.
Compensated absences payable (614,611)
Net position of governmental activities $ 354,439,063
The accompanying notes are an integral part of these financial statements.
- 19 -
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2013
Special Revenue
Street and Assessment
General Traffic Safety Districts
REVENUES
Taxes $ 11,605,716 $ - $ -
Licenses and permits 130,119 - -
Fines and forfeitures 251,971 -
Use of money and property 334,830 29,744 6,769
Charges for services 1,187,870 613,012 6,806
Intergovernmental 69,950 - -
Maintenance assessments - - 1,872,828
Other revenue 118,144 1,449 16,383
Total revenues 13,698,600 644,205 1,902,786
EXPENDITURES
Current:
General government 1,358,343 - -
Public safety 5,995,292 -
Public services 1,787,980 342,844 382,184
Parks and recreation 1,535,377 - 3,551,297
Capital Outlay 36,556 1,595,554 9,512
Total expenditures 10,713,548 1,938,398 3,942,993
Excess (deficiency)of revenues
over(under)expenditures 2,985,052 (1,294,193) (2,040,207)
OTHER FINANCING SOURCES (USES)
Transfers in 18,875 - 1,599,368
Transfers out (2,978,836) (18,280) -
Total other financing sources (uses) (2,959,961) (18,280) 1,599,368
Net change in fund balances 25,091 (1,312,473) (440,839)
Fund balances, beginning of year 3,610,085 19,304,612 6,038,792
Fund balances (deficit), end of year $ 3,635,176 $ 17,992,139 $ 5,597,953
The accompanying notes are an integral part of these financial statements.
- 20 -
Continued
Special Revenue Capital Projects
Los Angeles Low-Mod
Affordable Area of Income Police
Housing Contribution Housing Asset Facilities Fee
$ - $ $ - $ -
700 - - -
2,956 10,973 563 81
197,736 201,240 24,503 -
- - - 20,871
22,622 - 2,670 -
224,014 212,213 27,736 20,952
68,261 - 698,400 -
245,988 14,347 - -
400,403 944,985 - -
714,652 959,332 698,400 -
(490,638) (747,119) (670,664) 20,952
814 - - -
- (38,737) - -
814 (38,737) - -
(489,824) (785,856) (670,664) 20,952
4,012,497 11,762,566 8,314,894 (1,870,158)
$ 3,522,673 $ 10,976,710 $ 7,644,230 $ (1,849,206)
The accompanying notes are an integral part of these financial statements.
- 21 -
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City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances, (continued)
Governmental Funds
Year Ended June 30, 2013
Capital Projects
Non major Total
Special Governmental Governmental
Projects Funds Funds
REVENUES
Taxes $ - $ 1,056,772 $ 12,662,488
Licenses and permits - 367,983 498,102
Fines and forfeitures - 167,884 420,555
Use of money and property - 96,213 482,129
Charges for services - 2,939,071 5,170,238
Intergovernmental - 2,433,784 2,503,734
Maintenance assessments - - 1,893,699
Other revenue - 6,516 167,784
Total revenues - 7,068,223 23,798,729
EXPENDITURES
Current:
General government - - 2,125,004
Public safety - 311,614 6,306,906
Public services - 4,618,289 7,391,632
Parks and recreation - 99 5,086,773
Capital Outlay - 2,157,746 5,144,756
Total expenditures - 7,087,748 26,055,071
Excess (deficiency)of revenues
over(under)expenditures - (19,525) (2,256,342)
OTHER FINANCING SOURCES(USES)
Transfers in 524,451 1,119,157 3,262,665
Transfers out - (226,812) (3,262,665)
Total other financing sources (uses) 524,451 892,345 -
Net change in fund balances 524,451 872,820 (2,256,342)
Fund balances, beginning of year 26,247,733 14,817,616 92,238,637
Fund balances (deficit), end of year $ 26,772,184 $ 15,690,436 $ 89,982,295
The accompanying notes are an integral part of these financial statements.
- 22 -
City of Moorpark
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
Year Ended June 30, 2013
Net change in fund balance-total governmental funds $ (2,256,342)
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:
Repairs and
Maintenance Capital Outlay
Capital outlays and other capital expenditures $ 1,604,238 $ 3,540,519
Depreciation expense (3,569,224)
Asset disposals (18,036) (46,741)
Long-term notes and loans receivable are reported as expenditures when made and
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. 20,964
Revenues that are measurable but not available are not recorded as revenues under the
modified accrual basis of accounting. 206,974
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.
Decrease in compensated absences $ 91,554
Decrease in OPEB asset (416,000) (324,446)
Change in net position of governmental activities $ (2,399,591)
The accompanying notes are an integral part of these fmancial statements.
- 23 -
City of Moorpark
Statement of Fiduciary Net Position
June 30, 2013
Successor Agency
Private Purpose Agency
Trust Fund Fund
ASSETS
Cash and investments $ 3,905,893 $ 3,895,779
Cash and investments with fiscal agent 3,176,417 6,824,889
Receivable:
Accounts 560,164 16,675
Amortizable deferred charges-asset 396,044 -
Land held for resale 11,249,945 -
Contruction in progress 9,442,996 -
Total assets 28,731,459 $ 10,737,343
LIABILITIES
Accounts payable 1,541,455 $ 82,149
General deposits - 3,803,596
Bonds payable-due within one year 635,000 -
Bonds payable-due in more than one year 26,335,000 -
Amortizable deferred charge- liability (254,896) -
Due to bond holders - 6,851,598
Total liabilities 28,256,559 $ 10,737,343
NET POSITION
Held in trust for the Successor Agency $ 474,900
The accompanying notes are an integral part of these financial statements.
- 24 -
City of Moorpark
Statement of Changes in Fiduciary Net Position
Private Purpose Trust Fund - Successor Agency
Year Ended June 30, 2013
Successor Agency
Private-Purpose
Trust Fund
ADDITIONS
RPTTF distribution $ 3,207,037
Investment earnings 112,668
Other receipts 5,670
Proceeds from sale of property to County 5,600,000
Total additions 8,925,375
DEDUCTIONS
Administrative allowance 250,000
Debt service payments - interest 1,288,210
Cost of property sold to county 5,600,000
Amortization of deferred charges 27,700
Property maintenance 140,885
Total deductions 7,306,795
Change in net position 1,618,580
Net position, beginning of year (1,143,680)
Net position, end of year $ 474,900
The accompanying notes are an integral part of these financial statements.
- 25 -
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
NOTE DESCRIPTION PAGE
1 Summary of Significant Accounting Policies 26
2 Cash and Investments 35
3 Notes and Loans Receivable 41
4 Interfund Transactions 44
5 Capital Assets and Depreciation 45
6 Long-Term Liabilities 46
7 Retirement Plan 47
8 Other Post Employment Benefits 48
9 Conduit Debt - Revenue Bonds 50
10 Special Assessment Bonds 51
11 Risk Management 52
12 Classification of Net Position and Fund Balance 54
13 Commitments and Contingencies 58
14 Successor Agency - Fiduciary Private Purpose Trust Fund 59
15 Restatement of Net Position 63
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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 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 PFA was formed in 1993 as a joint powers authority between the City and the former
Moorpark Redevelopment Agency (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 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 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. The PFA and IDA were inactive during the fiscal year ended June 30, 2013.
-26-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
A) Reporting Entity, (continued)
The following specific criteria were used in determining that the PFA and the IDA are
"blended" component unit:
1) The members of the City Council also act as the governing body of the PFA, and the IDA.
2) The City, the PFA, and the IDA are financially interdependent.
3) The PFA, and the IDA are managed by employees of the City.
The 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.
-27-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
C) Description of Funds, (continued)
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 Types:
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 position 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 Position. The Statement of Activities presents changes in
net position. 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.
-28-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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.
Sometimes the government will fund outlays for a particular purpose from both restricted and
unrestricted resources. In order to calculate the amounts to report as restricted-net position
and unrestricted-net position in the government-wide and proprietary fund financial
statements, a flow assumption must be made about the order in which the resources are
considered to be applied. It is the City's policy to consider restricted-net position to have been
depleted before unrestricted-net position is applied.
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 position
presented in the Government-wide Financial Statements. The City has presented all major
funds that met qualifications of GASB Statement No. 34. 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.
Sometimes the government will fund outlays for a particular purpose from both restricted and
unrestricted resources. In order to calculate the amounts to report as restricted, committed,
assigned and unassigned fund balance in the governmental fund financial statements, a flow
assumption must be made about the order in which the resources are considered to be
applied. It is the City's policy to consider restricted fund balance to have been depleted
before using any of the unrestricted components of fund balance.
-29-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
Furthermore, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance.
Unassigned fund balance is applied last.
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.
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 Affordable Housing Special Revenue Fund is used to account for grants used for
development of affordable housing units. Sources of revenue are development fees and
rental income.
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 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 former Redevelopment Agency.
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 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.
-30-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
Fiduciary Funds Financial Statements
Fiduciary Funds Financial Statements include a Statement of Fiduciary Net Position and a
Statement of Changes in Fiduciary Net Position. 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.
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 General Fund, Low and Moderate Income Housing Asset Fund
and City Affordable Housing Fund, represent 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, 2013 was
$8,096,221.
-31-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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, 2013, unavailable revenue in the Governmental Funds amounted to
$235,045.
I) Long-Term Debt
In the statement of net position of the government-wide financial statements, long-term debt
and other obligations are reported as liabilities. The balance showed as outstanding
represents compensated absences payable at June 30, 2013.
-32-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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 720 hours or annual leave up to a maximum of 744 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, 2013, 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.
-33-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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) Implementation of new GASB pronouncement
Beginning with the current fiscal year, the City implemented GASBS No. 63, Financial
Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net
Position. This statement is designed to improve financial reporting by standardizing the
presentation of deferred outflows of resources and deferred inflows of resources and their
effects on the government's net position. Deferred outflows of resources are transactions that
result in the consumption of net position in one period that are applicable to future periods
and are not considered assets as described by the statement. Deferred outflows of resources
are required to be presented separately after assets on the Statement of Net Position.
Deferred inflows of resources are transactions that result in the acquisition of net position in
one period that are applicable to future periods and are not considered to be liabilities as
described by the statement. Deferred inflows of resources are required to be presented
separately after liabilities on the Statement of Net Position.
-34-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
2) CASH AND INVESTMENTS
Cash and investments at June 30, 2013, consisted of the following:
City Treasury Deposits
Demand Deposits $ 6,311,097
Cash on Hand 1,750
Total City Treasury Deposits 6,312,847
City Treasury Investments
Local Agency Investment Fund (LAIF) 3,023,299
Ventura County Pool 45,334,087
Highmark Money Market 191,594
U.S. Treasury Notes 2,058,280
U.S. Agency Securities:
Federal National MTG Association 8,905,000
Federal Home Loan Bank 6,094,330
Federal Farm Credit Bank 5,007,170
Federal Home Loan MTG Corporation 10,984,390
Federal Agricultural MTG Corporation 2,946,600
Total City Treasury Investments 84,544,750
Cash and Investments With Fiscal Agent
Money Market 8,201,730
US Treasury Notes 1,217,747
Guaranteed Investment Contracts 584,673
Total Cash and Investments With Fiscal Agent 10,004,150
Total Cash and Investments $ 100,861,747
Cash and Investments are reported in the basic financial statements as follows:
Statement of Statement of Fiduciary
Net Position Net Position
Governmental Private Purpose Agency Fund Total
Activities Trust Fund
Cash and investments $ 83,055,925 $ 3,905,893 $ 3,895,779 $ 90,857,597
Cash and investments with fiscal agent 2,844 3,176,417 6,824,889 10,004,150
Total $ 83,058,769 $ 7,082,310 $ 10,720,668 $ 100,861,747
-35-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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.
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.
-36-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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.
-37-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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 $ 3,023,299 $ 3,023,299 $ - $ - $ - $ -
Ventura County Pool 45,334,087 45,334,087 - - - -
Highmark Money Market 191,594 191,594 - - -
U.S.Treasury Notes 2,058,280 - 1,030,000 1,028,280 - -
U.S.Agency Securities:
Federal National MTG Assn. 8,905,000 - - 2,028,720 2,995,160 3,881,120
Federal Home Loan Bank 6,094,330 - 1,030,650 3,077,110 1,000,000 986,570
Federal Farm Credit Bank 5,007,170 - 3,053,150 - - 1,954,020
Federal National MTG Corp. 10,984,390 - 1,064,080 2,030,630 1,992,430 5,897,250
Federal Agric MTG Corp. 2,946,600 - - - - 2,946,600
Held by bond trustee:
Money market funds 8,201,730 8,201,730 - - - -
U.S.Treasury Notes 1,217,747 1,217,747 - - - -
Guaranteed Contracts 584,673 - - - - 584,673
$ 94,548,900 $57,968,457 $ 6,177,880 $ 8,164,740 $ 5,987,590 $16,250,233
C) Credit Risk and Concentration of Credit Risk
At June 30, 2013, the carrying amount of the City's deposits was $6,312,847. Bank balances,
before reconciling items, were $5,360,019 at June 30, 2013, of which $5,360,019 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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 insured for interest and non-interest bearing accounts up to $250,000 by the
Federal Deposit Insurance Corporation. The City, however, does not normally waive the
collateralization requirements. As of June 30, 2013, the City has $4,844,959 in excess of the
$250,000 limit of FDIC coverage.
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 $ 3,023,299 Not Rated 3.2%
Ventura County Pool 45,334,087 Not Rated 47.9%
Highmark Money Market 191,594 AAA 0.2%
U.S. Treasury Notes 2,058,280 AA+ 2.2%
U.S. Agency Securities:
Federal National MTG Assn. 8,905,000 AA+ 9.4%
Federal Home Loan Bank 6,094,330 AA+ 6.4%
Federal Farm Credit Bank 5,007,170 AA+ 5.3%
Federal National MTG Corp. 10,984,390 AA+ 11.6%
Federal Agric MTG Corp. 2,946,600 AA 3.1%
Held by bond trustee:
Money market funds 8,201,730 Not Rated 8.7%
U.S. Treasury Notes 1,217,747 AA+ 1.3%
Guaranteed Contracts 584,673 Not Rated 0.6%
$ 94,548,900 100.0%
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
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, 2013, accounts were
maintained in the name of the City for $3,023,299. At June 30, 2013, the fair value of the
State of California Pooled Money Investment Account (PMIA) including accrued interest was
$58,852,094,221. 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. The City is a voluntary participant in the investment pool.
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$45,334,087 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.
-40-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30, 2013, is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes receivable
Deferred property assessments $ 429,617 $ 1,433 $ - $ 431,050
Moorpark 20, LP 1,176,500 78,433 - 1,254,933
Moorpark 20, LP 600,000 40,000 - 640,000
Total notes receivable 2,206,117 119,866 - 2,325,983
Loans receivable
Rehabilitation 31,384 - (2,670) 28,714
First-time home buyer assistance 75,480 - - 75,480
CalHome 152,716 35,639 (60,262) 128,093
Mountain Recreation&Conservation
Authority 6,500 - - 6,500
266,080 35,639 (62,932) 238,787
Governmental activities Loans and Notes receivable $ 2,472,197 $ 155,505 $ (62,932) $ 2,564,770
A) 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, 2013, the principal balance
outstanding is $250,249 and accrued interest of$180,801 for a total balance of$431,050.
-41-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
3) NOTES AND LOANS RECEIVABLE, (continued)
B) 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. The principal and accrued interest
outstanding on this note at June 30, 2013 are $1,176,500 and $78,433 respectively for a total
of$1,254,933.
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. The
principal and accrued interest outstanding on this note at June 30, 2013 are $600,000 and
$40,000 respectively for a total of$640,000.
C) Rehabilitation Loans
The City operates a rehabilitation loan program for the renovation of low and moderate
income housing. The total balance outstanding at June 30, 2013, was $28,714.
D) First-Time Homeowner Assistance
The City provides down payment assistance loans to first-time homeowners. The total
balance outstanding at June 30, 2013 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
3) NOTES AND LOANS RECEIVABLE, (continued)
E) Cal Home Mobile-home Rehabilitation Loans
The total balance of Cal Home loans for repairs to mobile-homes in Villa del Arroyo at June
30, 2013 was $128,093. 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 $117,958 has been received and $174,897 has
been forgiven. Funds received are deposited into a City Trust Fund to be used for eligible
home ownership-related activities.
F) 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, 2013, 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, 2013 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
4) INTERFUND TRANSACTIONS
Due to/Due from
Due to/due from other funds for the year ending June 30, 2013, consisted of the following:
Receivable Fund Payable fund Amount
Special Revenues-Los Angeles A.O.0 Non Major Funds $ 177,006
Capital Projects-Special Projects Non Major Funds a 941,400
Non-Major Funds Capital Projects-Police Facilities Fee b 1,870,158
$ 2,988,564
a. The Special Projects Fund has advanced to the Parks/Public Facilities Fund $941,400 to
construct a new Skate Park and improvement of the Poindexter Park.
b. The Endowment Fund outstanding advance balance to the Police Facilities Fee Fund was
$1,870,158 previously used to fund capital improvements.
Transfers
Interfund transfers for the year ended June 30, 2013 consisted of the following:
Fund receiving transfers Fund making transfers Amount
General Fund Street and Traffic Safety 1 $ 1,758
Los Angeles A.O.C. 1 5,674
Non Major funds 1 11,443
18,875
Assessment Districts General Fund 2 1,524,482
Streets Traffic and Safety 1 840
Non Major funds 1 &2 74,046
1,599,368
Affordable Housing Los Angeles A.O.C. 1 581
Non Major funds 1 233
814
Special Projects General Fund 3 524,451
Non Major funds General Fund 2 929,903
Street and Traffic Safety 1 15,682
Los Angeles A.O.C. 1 32,482
Non Major funds 1 &3 141,090
1,119,157
Total governmental funds $ 3,262,665
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
4) INTERFUND TRANSACTIONS, (continued)
(1) = Transfers made to reimburse expenditures/expenses.
(2) = Transfers made to provide funding for operations.
(3) = 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 position. 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, 2013:
Beginning Prior Year Ending
Balance Adjustment Additions Deletions Balance
Governmental activities:
Capital assets,not being depreciated:
Land $ 39,520,861 $ (544,455) $ 404,497 $ - $ 39,380,903
Land Rights-of-Way - 123,066,830 - - 123,066,830
Construction in progress 6,665,025 - 3,420,734 (404,498) 9,681,261
Total capital assets not being depreciated 46,185,886 122,522,375 3,825,231 (404,498) 172,128,994
Capital assets,being depreciated:
Buildings and improvements 38,765,370 - - - 38,765,370
Machinery and equipment 6,316,067 - 119,786 (7,675) 6,428,178
Infrastructure
Roadway system 94,611,334 - - (18,036)* 94,593,298
Storm drain system 3,029,632 - - - 3,029,632
Parks system 251,434 - - - 251,434
Total capital assets being depreciated 142,973,837 - 119,786 (25,711) 143,067,912
Less accumulated depreciation/amortization for:
Buildings and improvements (8,836,103) - (1,122,026) - (9,958,129)
Machinery and equipment (3,361,886) - (436,105) 7,675 (3,790,316)
Infrastructure
Roadway system (36,829,514) - (1,975,769) - (38,805,283)
Storm drain system (268,534) - (30,296) - (298,830)
Parks system (67,756) - (5,028) - (72,784)
Total accumulated depreciation (49,363,793) - (3,569,224) 7,675 (52,925,342)
Total capital assets being depreciated net 93,610,044 - (3,449,438) (18,036) 90,142,570
Governmental activities capital assets,net $ 139,795,930 $ 122,522,375 $ 375,793 $ (422,534) $ 262,271,564
-45-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
5) CAPITAL ASSETS AND DEPRECIATION, (continued)
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $ 77,514
Public safety 244,030
Public services,including general infrastructure 2,578,925
Parks and recreation 668,755
Total depreciation expense-governmental activities $ 3,569,224
*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 Land. 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.
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30, 2013, are as follows:
Beginning Ending Due within
Balance Increases Decreases Balance one year
Governmental activities:
Compensated absences $ 706,165 $ 299,449 $ (391,003) $ 614,611 $ 307,305
Governmental activities
long-term liabilities $ 706,165 $ 299,449 $ (391,003) $ 614,611 $ 307,305
Employee Compensated Absences
The long-term liability at June 30, 2013 is $614,611 for employee compensated absences. The
General Fund is primarily expected to liquidate this liability.
-46-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
7) 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.
On September 12, 2012 the Governor signed Assembly Bill 340, Public Employee's Pension
Reform Act of 2013 (PEPRA), which significantly changed the retirement benefit of
employees hired on or after January 1, 2013. A two-tier retirement system has been adopted
by the City according to the provisions of the law.
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 2012/13 was 10.806 percent. The 10.806
percent is comprised of 9.716 percent for the cost-sharing pool and 1.090 percent for the
payment on the City's side fund. 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 and the percentage contributed by the City:
Fiscal Year Required Percent
Contributions Contributed
2012-2013 $ 536,748 100.00%
2011-2012 488,328 100.00%
2010-2011 504,158 100.00%
New employees who qualify as new members per PEPRA will be enrolled in Tier 2; and will
be required to pay at least 50% of total normal cost rate. For the period January 1, 2013 thru
June 30, 2015, CaIPERS established the normal cost rate at 12.50%. As of June 30, 2013,
the City does not have any new employees enrolled in the Tier 2.
-47-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
8) 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 0.72 % of the annual covered payroll.
For 2013, the City's annual OPEB cost (expense) was $455,000 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 2013 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)
6/30/13 $ 455,000 100% $ -
6/30/12 44,215 92% (416,000)
6/30/11 40,122 100% (420,227)
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
8) OTHER POST EMPLOYMENT BENEFITS, (continued)
Annual OPEB Cost and Net OPEB Obligation Calculation:
The OPEB Cost and Net OPEB Obligation (Asset) for the fiscal year 2013 was as follows:
June 30, 2013
Annual required contribution $ 39,000
Add: Interest on net OPEB obligation (32,000)
Net OPEB asset expensed 404,000
Amortization of NOO 44,000
Annual OPEB cost (expense) 455,000
Contributions made (39,000)
Increase in net OPEB obligation 416,000
Net OPEB asset- beginning of year (416,000)
Net OPEB asset-end of year $ -
Funded Status and Funding Progress
The funded status of the plan as of June 30, 2013, the most recent actuarial valuation
applicable to 2013, was as follows:
Actuarial Accrued Liability (AAL) $ 863,000
Actuarial Value of Plan Assets $ 877,000
Unfunded Actuarial Accrued Liability(Asset) (UAAL) $ (14,000)
Funded Ratio (Actuarial Value of Plan Assets/AAL) 101.6%
Covered Payroll (Active Plan Members) $ 4,890,000
UAAL as a Percentage of Covered Payroll -0.3%
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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
8) OTHER POST EMPLOYMENT BENEFITS, (continued)
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term
perspective of the calculations
The following is a summary of the actuarial assumptions and methods:
Valuation Date June 30, 2013
Actuarial Cost Method Entry Age Normal Cost Method
Amortization Method Level Percent of Payroll
Remaining Amortization Period 15 years fixed (closed) period for plan
changes
Actuarial Assumptions:
Investment Rate of Return 7.25% 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%
9) CONDUIT DEBT- REVENUE BONDS
The City of Moorpark Mobile Home Park Revenue Bonds (Villa Del Arroyo) Series 2000 A and
the City of Moorpark Mobile Home Park Subordinate Revenue Bonds (Villa Del Arroyo) Series
2000 B were issued in the amounts of$12,740,000 and $2,635,000 respectively. Both issuances
were dated May 19, 2000. The Series A bonds were issued to fund a loan to Augusta Homes, a
California 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, 2013, totaled
$13,005,000.
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, 2013, totaled $13,918,800.
-50-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
9) CONDUIT DEBT- REVENUE BONDS, (continued)
Each of the bond programs described above do not constitute an indebtedness of the City, and
there is neither a legal nor a moral obligation on the part of the City to make payments on such
bonds from any source other than the revenues and assets pledged therefore. The programs are
completely administered by the Trustees without any involvement by the City. Accordingly, these
programs and the bonds issued there under have been excluded from the accompanying basic
financial statements.
10) 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
$1,255,000 at June 30, 2013.
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 $5,535,000 at June 30, 2013.
-51-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
10) SPECIAL ASSESSMENT BONDS, (continued)
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 $22,360,000 at June 30, 2013.
11) 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 position. 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).
-52-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
11) RISK MANAGEMENT, (continued)
B) Self Insurance Programs of the Authority, (continued)
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.
The City owes the Authority$26,544 from the Workers' Compensation pool.
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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
11) RISK MANAGEMENT, (continued)
F) Claims and Judgments
The City accounts for uninsured, material claims and judgments and associated legal and
administrative costs when it is probable that the liability claim has been incurred and the
amount of the loss can be reasonably estimated. Included therein are claims incurred but not
reported, which consists of (a) known loss events expected to be presented as claims later,
(b) unknown loss events that are expected to become claims, and (c) expected future
development on claims already reported. This is based upon historical actual results that
have established a reliable pattern supplemented by specific information about current
matters. Small dollar claims and judgments are recorded as expenditures when paid.
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE
A) Net position
In the Government-wide financial statements, net position is classified in the following
categories:
Net Investment in Capital Assets - This category groups all assets, including infrastructure,
into one component of net position. Accumulated depreciation on these assets reduces this
category.
Restricted Net Position - 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 Position - This category represents the net position 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.
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City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Restricted Fund Balance - Amounts that are constrained to specific purposes by state or
federal laws, or externally imposed conditions by grantors or creditors.
Committed Fund Balance - Amounts that may be specified by the City Council by 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, 2013, are presented below:
Street and Assessment
General Traffic Safety Districts
Nonspendable:
Prepaid items $ 24,092 $ - $ -
Due from other funds and governments - - -
Property held for resale 611,084 - -
Restricted for:
Public services - 17,992,139 5,597,953
Recreation services - - -
Public safety - - -
Low and moderate income housing - - -
Committed to:
Library services - - -
Assigned to:
Capital projects - - -
Unassigned 3,000,000 - -
Total fund balances(deficit) $ 3,635,176 $ 17,992,139 $ 5,597,953
-55-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Los Angeles Low-Mod
Affordable Area of Income
Housing Contribution Housing Asset
Nonspendable:
Prepaid items $ 5,200 $ - $ -
Due from other funds and governments - 177,006 -
Property held for resale 55,573 - 7,429,564
Restricted for:
Public services - 10,799,704 -
Recreation services - - -
Public safety - - -
Low and moderate income housing 3,461,900 - 214,666
Committed to:
Library services - - -
Assigned to:
Capital projects - - -
Unassigned - - -
Total fund balances(deficit) $ 3,522,673 $ 10,976,710 $ 7,644,230
-56-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Nonmajor Total
Police Special Governmental Governmental
Facilities Fee Projects Funds Funds
Nonspendable:
Prepaid items $ - $ - $ - $ 29,292
Due from other funds and governments - 941,400 1,870,158 2,988,564
Property held for resale - - - 8,096,221
Restricted for:
Public services - - 2,606,766 36,996,562
Recreation services - - 1,922,768 1,922,768
Public safety - - 1,471,532 1,471,532
Low and moderate income housing - - - 3,676,566
Committed to:
Library services - - 742,546 742,546
Assigned to:
Capital projects - 25,830,784 7,253,672 33,084,456
Unassigned (1,849,206) - (177,006) 973,788
Total fund balances(deficit) $ (1,849,206) $ 26,772,184 $ 15,690,436 $ 89,982,295
Deficit Fund Balances
The following major governmental fund has a deficit at June 30, 2013:
Police Facilities Fees Capital Projects Fund - $ (1,849,206)
The following non-major governmental fund has a deficit at June 30, 2013:
Tierra Rejada/Spring Road A.O.C. Special Revenue Fund - $ (177,006)
Management expects these deficits to be eliminated through future revenues.
-57-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
13) 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 $4,835,699. This
amount represents all outstanding encumbrances relating to capital projects.
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 Redevelopment
Agency of the City of Moorpark for the year ended June 30, 2013 (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, 2013, the Successor Agency of the former Moorpark
Redevelopment Agency has completed its assets transfers review for any transfers made to
the City, County, and/or private parties for the period from January 1, 2011 through June 30,
2012.
-58-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA)
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. 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 accrual method of accounting.
-59-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA), (continued)
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 defined by
the Health and Safety Code Section 34176 (e), were transferred to the City of Moorpark in a
specially created new fund shown, as a major fund in 2013, named "Successor Low-Mod Housing
Asset" fund in the governmental funds financial statements.
LONG TERM DEBT
The following is a schedule of changes in long-term liabilities for the year ended June 30, 2013:
Beginning Ending Due within
Balance Increases Decreases Balance one year
Bonds payable:
1999 Tax allocation bonds $ 4,470,000 $ - $ (550,000) $ 3,920,000 $ 580,000
2001 Tax allocation bonds 11,490,000 - (20,000) 11,470,000 15,000
2006 Tax allocation bonds 11,615,000 - (35,000) 11,580,000 40,000
Subtotal bonds payable 27,575,000 - (605,000) 26,970,000 635,000
Plus/(less)deferred amounts:
For issuance discount (265,743) - 10,847 (254,896) -
Successor agency
long-term liabilities $ 27,309,257 $ - $ (594,153) $ 26,715,104 $ 635,000
Combined annual debt service requirements to maturity for all bonds are as follows:
Year Ending Principal Interest Total
2014 $ 635,000 $ 1,265,756 $ 1,900,756
2015 665,000 1,234,608 1,899,608
2016 700,000 1,201,893 1,901,893
2017 730,000 1,167,604 1,897,604
2018 765,000 1,131,631 1,896,631
2019-2023 3,775,000 5,105,225 8,880,225
2024-2028 4,635,000 4,066,575 8,701,575
2029-2033 5,930,000 2,739,175 8,669,175
2034-2038 7,445,000 1,211,766 8,656,766
2039 1,690,000 36,968 1,726,968
Total $ 26,970,000 $ 19,161,201 $ 46,131,201
-60-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA), (continued)
LONG TERM DEBT (continued)
A) 1999 Tax Allocation Bonds
In 1999, the former Redevelopment 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 were secured by all property tax increment revenue, which was deposited in
the former Redevelopment Agency Debt Service Fund. Cash and investments in the custody
of the fiscal agent are restricted by the bond resolutions for payment of principal and interest
on the Tax Allocation Bonds. In addition, the bond resolutions require retention of funds held
by the fiscal agent prior to use for other than debt service.
The 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. The Successor Agency is in compliance with the covenants contained in
debt indenture, which require the establishment of certain specific accounts for the 1999
Bonds.
B) 2001 Tax Allocation Bonds
In December 2001, the former Redevelopment Agency issued $11,625,000 of Tax Allocation
Parity Bonds (2001 Bonds). The proceeds of the 2001 Bonds were 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.
-61-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA), (continued)
LONG TERM DEBT, (continued)
B) 2001 Tax Allocation Bonds, (continued)
The 2001 Bonds were secured by all property tax increment revenue, which were deposited
in the former 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 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. The Successor Agency is in compliance with the covenants contained in
debt indentures, which require the establishment of certain specific accounts for the 2001
Bonds.
C) 2006 Tax Allocation Bonds
In 2006, the former Redevelopment 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 was recorded in
the former 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 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. The Successor Agency is in compliance with the covenants contained in the
debt indenture, which require the establishment of certain specific accounts for the 2006
Bonds.
-62-
City of Moorpark
Notes to Financial Statements
Year Ended June 30, 2013
15) RESTATEMENT OF NET POSITION
The beginning net position balance shown in the Statement of Activities of the Government-wide
statements was restated as a result of the correction of an error in a balance of certain capital
assets being accounted twice in the schedule of capital assets of the City of Moorpark.
The beginning net position balance shown in the Statement of Activities of the Government-wide
statements was restated as a result of the correction of an error in the balance of rights of way
assets never reported in the financial statements of the City of Moorpark.
The beginning net position was restated as follows:
Government-wide statements
Statement of Activities
Net Position -Beginning of the Year-prior to restatement $ 234,316,279
Capital Assets-adjustment-Property accounted for twice (544,455)
Capital Assets-adjustment-Rights of way never reported 123,066,830
Net Position -Beginning of the Year-as restated $ 356,838,654
-63-
REQUIRED SUPPLEMENTARY INFORMATION
This page intentionally left blank
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Property Taxes
Current Secured $ 3,270,000 $ 3,080,000 $ 2,945,232 $ (134,768)
Current Unsecured 115,000 115,000 108,993 (6,007)
Prior year Secured-Unsecured 10,000 10,000 5,570 (4,430)
Supplemental Secured-Unsecured 35,000 35,000 32,293 (2,707)
Real Property Transfer Tax 120,000 140,000 167,110 27,110
Homeowners Property Exemption 40,000 40,000 37,121 (2,879)
Parcel Tax 200,000 200,000 200,086 86
Property Taxes -VLF 2,880,000 2,838,000 2,838,547 547
Other Property Taxes - 340,000 441,777 101,777
Total Property Taxes 6,670,000 6,798,000 6,776,729 (21,271)
Sales Taxes
Sales and use tax 2,750,000 2,730,000 2,730,871 871
Sales tax compensation 875,000 875,000 875,160 160
Total Sales Taxes 3,625,000 3,605,000 3,606,031 1,031
Franchise Fees
Cable TV 400,000 425,000 427,467 2,467
Edison 300,000 282,000 281,518 (482)
Gas 100,000 79,000 79,099 99
Oil - - 5,388 5,388
PEG Fees 40,000 40,000 49,149 9,149
VM 155,000 - - -
GI Rubbish 200,000 200,000 195,381 (4,619)
Moorpark Rubbish 125,000 125,000 120,204 (4,796)
Landfill local impact fee 54,000 54,000 55,801 1,801
CIWMP Fees 10,000 10,000 8,949 (1,051)
Total Franchise Fees 1,384,000 1,215,000 1,222,956 7,956
Licenses and Permits
Bicycle Permits - - 20 20
Business Registration 125,000 125,000 113,383 (11,617)
Filming Permits 7,000 7,000 8,400 1,400
NPDES Business Inspection Fees 8,100 8,100 8,316 216
Total Licenses and Permits 140,100 140,100 130,119 (9,981)
- 64 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2013
Continued
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and Forfeitures
Municipal Codes Fines 200,000 250,000 250,724 724
Animal Control Fines 2,000 2,000 1,205 (795)
Forfeitures and Penalties 2,000 2,000 42 (1,958)
Total Fines and Forfeitures 204,000 254,000 251,971 (2,029)
Use of Money and Property
Investment Earnings 250,000 250,000 80,574 (169,426)
Rents and Concessions 125,000 125,000 128,904 3,904
Rents Tenants 113,600 113,600 117,568 3,968
Other earnings and rents 7,000 7,000 7,784 784
Total Use of Money and Property 495,600 495,600 334,830 (160,770)
Charges for Services
Other Administrative Services 86,400 86,400 101,470 15,070
Administrative Fees 250,000 250,000 250,000 -
Park and Facility Use Fee 93,600 93,600 130,189 36,589
Contract Class Registration Fees 249,000 249,000 220,942 (28,058)
Contract Admin Fee - - 250 250
League Fees 132,340 132,340 117,396 (14,944)
Recreation Events Fees 299,175 299,175 274,078 (25,097)
Other Recreation Fees 5,500 5,500 5,431 (69)
Advertising in Brochure 8,000 8,000 7,789 (211)
Other Community Services Fees 5,000 5,000 314 (4,686)
Photocopying 1,000 1,000 1,230 230
Sale of Documents 1,000 1,000 1,258 258
Special Police Department Services 30,000 30,000 38,275 8,275
NSF Fees and Charges 1,000 1,000 1,058 58
Planning Time Charges - - 27,715 27,715
HHW-Community Maintenance Fee 137,000 - - -
PW/ENG Staff Time Charges - - 10,475 10,475
Total Charges for Services 1,299,015 1,162,015 1,187,870 25,855
Intergovernmental
Motor Vehicle in Lieu - 20,000 19,262 (738)
Other State Funds 20,000 20,000 20,291 291
County Grants 20,000 20,000 22,557 2,557
Other Federal Revenue Grants 3,000 6,152 7,840 1,688
Total Intergovernmental 43,000 66,152 69,950 3,798
- 65 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - General Fund
Year Ended June 30, 2013
Continued
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Other Revenues
Cost Plan Revenues 1,864,700 - - -
Contributions-Donations 16,000 16,000 1,000 (15,000)
Revenues not classified elsewhere 5,000 5,000 3,010 (1,990)
Expense Reimursements 80,000 80,000 79,255 (745)
Restitutions-Insurance Proceeds 20,000 20,000 34,849 14,849
Cash overage/shortage - - 30 30
Total Other Revenues 1,985,700 121,000 118,144 (2,856)
Total revenues 15,846,415 13,856,867 13,698,600 (158,267)
EXPENDITURES
General government 3,253,779 1,469,304 1,358,343 110,961
Public safety 6,378,982 6,378,982 5,995,292 383,690
Public services 1,979,015 2,084,192 1,787,980 296,212
Parks and recreation 1,754,843 1,776,859 1,535,377 241,482
Capital Outlay - 304,163 36,556 267,607
Total expenditures 13,366,619 12,013,500 10,713,548 1,299,952
Excess of revenues
over expenditures 2,479,796 1,843,367 2,985,052 1,141,685
OTHER FINANCING SOURCES (USES)
Transfers in - - 18,875 18,875
Transfers out (3,110,969) (3,089,968) (2,978,836) 111,132
Total other financing sources (uses) (3,110,969) (3,089,968) (2,959,961) 130,007
Net change in fund balance (631,173) (1,246,601) 25,091 1,271,692
Fund balance, beginning of year 3,610,085 3,610,085 3,610,085 -
Fund balance, end of year $ 2,978,912 $ 2,363,484 $ 3,635,176 $ 1,271,692
- 66 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Street and Traffic Safety-Special Revenue Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 20,000 $ 20,000 $ 19,239 $ (761)
Rents Tenants - - 10,505 10,505
Total Use of Money and Property 20,000 20,000 29,744 9,744
Charges for Services
Other Development Fees 348,000 348,000 613,012 265,012
Total Charges for Services 348,000 348,000 613,012 265,012
Other Revenues
Sale Plans/Specifications - - 570 570
Pw/Eng Staff Time Charges - - 880 880
Total Other Revenues - - 1,449 1,449
Total revenues 368,000 368,000 644,205 276,205
EXPENDITURES
Public services 265,251 367,650 342,844 24,806
Capital Outlay 4,142,462 4,645,951 1,595,554 3,050,397
Total expenditures 4,407,713 5,013,601 1,938,398 3,075,203
Excess (deficiency)of revenues
over(under)expenditures (4,039,713) (4,645,601) (1,294,193) 3,351,408
OTHER FINANCING SOURCES (USES)
Transfers out - - (18,280) (18,280)
Total other financing sources (uses) - - (18,280) (18,280)
Net change in fund balance (4,039,713) (4,645,601) (1,312,473) 3,333,128
Fund balance, beginning of year 19,304,612 19,304,612 19,304,612 -
Fund balance, end of year $ 15,264,899 $ 14,659,011 $ 17,992,139 $ 3,333,128
- 67 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule -Assessment Districts -Special Revenue Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 7,000 $ 7,000 $ 6,769 $ (231)
Total Use of Money and Property 7,000 7,000 6,769 (231)
Charges for Services
Tennis-Basketball Court Lightning 7,600 7,600 6,806 (794)
Total Charges for Services 7,600 7,600 6,806 (794)
Maintenance Assessment
SBA-Street Lightning 244,300 244,300 193,961 (50,339)
SBA-Landscape Maintenance 1,090,300 1,090,300 938,185 (152,115)
SBA-Storm Drain Maintenance 9,400 9,400 7,459 (1,941)
SBA-Park Maintenance 731,400 731,400 733,223 1,823
Total Maintenance Assessments 2,075,400 2,075,400 1,872,828 (202,572)
Other Revenues
Expense Reimursements 20,000 20,000 4,143 (15,857)
Pw/Eng Staff Time Charges - - 12,240 12,240
Total Other Revenues 20,000 20,000 16,383 (3,617)
Total revenues 2,110,000 2,110,000 1,902,786 (207,214)
EXPENDITURES
General government - 200 - 200
Public safety - 500 - 500
Public services 411,243 406,243 382,184 24,059
Parks and recreation 4,258,705 4,409,391 3,551,297 858,094
Capital Outlay 41,000 20,369 9,512 10,857
Total expenditures 4,710,948 4,836,703 3,942,993 893,710
Excess (deficiency)of revenues
over(under)expenditures (2,600,948) (2,726,703) (2,040,207) 686,496
OTHER FINANCING SOURCES(USES)
Transfers in 1,883,112 1,862,111 1,599,368 (262,743)
Total other financing sources (uses) 1,883,112 1,862,111 1,599,368 (262,743)
Net change in fund balance (717,836) (864,592) (440,839) 423,753
Fund balance, beginning of year 6,038,792 6,038,792 6,038,792 -
Fund balance, end of year $ 5,320,956 $ 5,174,200 $ 5,597,953 $ 423,753
- 68 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule -Affordable Housing -Special Revenue Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and Forfeitures
Fines and Forfeitures $ - $ - $ 700 $ 700
Total Fines and Forfeitures - - 700 700
Use of Money and Property
Investment Earnings 4,000 4,000 2,956 (1,044)
Total Use of Money and Property 4,000 4,000 2,956 (1,044)
Charges for Services
Other Community Development Fees 113,000 113,000 194,086 81,086
Rents Tenants 22,200 22,200 3,650 (18,550)
Total Charges for Services 135,200 135,200 197,736 62,536
Other Revenues
Expense Reimbursements - - 286 286
Other Loan Payoff 6,000 6,000 19,942 13,942
Pw/Eng Staff Time Charges - - 2,394 2,394
Total Other Revenues 6,000 6,000 22,622 16,622
Total revenues 145,200 145,200 224,014 78,814
EXPENDITURES
General government - 20,000 68,261 (48,261)
Public services 268,687 284,818 245,988 38,830
Capital Outlay 21,000 410,610 400,403 10,207
Total expenditures 289,687 715,428 714,652 776
Excess (deficiency)of revenues
over(under)expenditures (144,487) (570,228) (490,638) 79,590
OTHER FINANCING SOURCES(USES)
Transfers in - - 814 814
Total other financing sources (uses) - - 814 814
Net change in fund balance (144,487) (570,228) (489,824) 80,404
Fund balance, beginning of year 4,012,497 4,012,497 4,012,497 -
Fund balance, end of year $ 3,868,010 $ 3,442,269 $ 3,522,673 $ 80,404
- 69 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Los Angeles AOC -Special Revenue Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 12,000 $ 12,000 $ 10,973 $ (1,027)
Total Use of Money and Property 12,000 12,000 10,973 (1,027)
Charges for Services
Area of Contribution Fee 171,000 171,000 201,240 30,240
Total Charges for Services 171,000 171,000 201,240 30,240
Total revenues 183,000 183,000 212,213 29,213
EXPENDITURES
Public services - 35,000 14,347 20,653
Capital Outlay 5,718,635 7,080,561 944,985 6,135,576
Total expenditures 5,718,635 7,115,561 959,332 6,156,229
Excess (deficiency) of revenues
over(under) expenditures (5,535,635) (6,932,561) (747,119) 6,185,442
OTHER FINANCING SOURCES(USES)
Transfers out - - (38,737) (38,737)
Total other financing sources (uses) - - (38,737) (38,737)
Net change in fund balance (5,535,635) (6,932,561) (785,856) 6,146,705
Fund balance, beginning of year 11,762,566 11,762,566 11,762,566 -
Fund balance, end of year $ 6,226,931 $ 4,830,005 $ 10,976,710 $ 6,146,705
- 70 -
Required Supplementary Information
City of Moorpark
Budgetary Comparison Schedule - Low-Mod Income Housing Asset Fund -Special Revenue Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ - $ - $ 563 $ 563
Total Use of Money and Property - - 563 563
Charges for Services
Rents Tenants - - 24,503 24,503
Total Charges for Services - - 24,503 24,503
Other Revenues
Other Loan Payoff - - 2,670 2,670
Total Other Revenues - - 2,670 2,670
Total revenues - - 27,736 27,736
EXPENDITURES
General Government - - 698,400 (698,400)
Capital Outlay 58,877 58,877 - 58,877
Total expenditures 58,877 58,877 698,400 (639,523)
Excess(deficiency)of revenues
over(under)expenditures (58,877) (58,877) (670,664) (611,787)
Net change in fund balance (58,877) (58,877) (670,664) (611,787)
Fund balance, beginning of year 8,314,894 8,314,894 8,314,894 -
Fund balance, end of year $ 8,256,017 $ 8,256,017 $ 7,644,230 $ (611,787)
- 71 -
Required Supplementary Information
City of Moorpark
Schedule of Funding Progress for MRHP - OPEB
Year Ended June 30, 2013
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%
6/30/2013 877 863 (14) 101.6% 4,890 -0.3%
GASB 45 was implemented prospectively in fiscal year 2009. There were no previous actuarial valuations.
- 72 -
City of Moorpark
Notes to the Required Supplementary Information
Year Ended June 30, 2013
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 $3,512,499. This increase resulted primarily from additional
appropriations to various construction in progress projects, acquisition of property, prepayments of certain
liabilities and re-budgeted projects and amounts carried over from Fiscal Year 2011/12 as continuing
appropriations.
The Low-Mod Income Housing Asset Fund presents total budgeted expenditures of$58,877, total actual
expenditures of$698,400, and total excess of expenditures over budgeted amounts of$639,523.
-73-
SUPPLEMENTARY INFORMATION
This page intentionally left blank
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual —Police Facilities Fee— Major Capital Projects Fund
Year Ended June 30, 2013
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ - $ - $ 81 $ 81
Total Use of Money and Property - - 81 81
Maintenance Assesment
Police Facilities Fees 39,000 39,000 20,871 (18,129)
Total Maintenance Assesment 39,000 39,000 20,871 (18,129)
Total revenues 39,000 39,000 20,952 (18,048)
EXPENDITURES
Total expenditures - - - -
Net change in fund balance 39,000 39,000 20,952 (18,048)
Fund balance (deficit), beginning of year (1,870,158) (1,870,158) (1,870,158) -
Fund balance (deficit), end of year $ (1,831,158) $ (1,831,158) $ (1,849,206) $ (18,048)
- 74 -
City of Moorpark
Non-Major Governmental Funds
June 30, 2013
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.
Parks/Public Facilities 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.
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 Rejada/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. . The City does not present a Budget to Actual schedule for this fund.
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.
- 75 -
City of Moorpark
Non-Major Governmental Funds
June 30, 2013
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 transferred 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.
- 76 -
City of Moorpark
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2013
Special Revenue Funds
Library Traffic Parks/Public
Services Safety Facilities
ASSETS
Cash and investments $ 752,343 $ 585,563 $ 2,080,773
Cash and investments with fiscal agent - - -
Receivables:
Accounts 33 14,599 4,313
Notes and loans - - -
Due from other funds - - -
Prepaid items - - -
Total assets $ 752,376 $ 600,162 $ 2,085,086
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 9,830 $ 5,925 $ -
Due to other funds - - 941,400
Deferred revenues - - -
Total liabilities 9,830 5,925 941,400
Fund balances:
Nonspendable - - -
Restricted - 594,237 1,143,686
Committed 742,546 - -
Assigned - - -
Unassigned - - -
Total fund balances (deficit) 742,546 594,237 1,143,686
Total liabilities and fund balances $ 752,376 $ 600,162 $ 2,085,086
-77-
Continued
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.
$ 3,289,336 $ 180,182 $ - $ 88,381 $ 15,470
6,669 2,311 - 179 31
6,500 - - - -
1,870,158 - - - -
- 19,167 - - -
$ 5,172,663 $ 201,660 $ - $ 88,560 $ 15,501
$ 33,187 $ 201,560 $ - $ - $ -
- - 177,006 - -
6,500 - - - -
39,687 201,560 177,006 - -
1,870,158 - - - -
- 100 - 88,560 15,501
3,262,818 - - - -
- - (177,006) - -
5,132,976 100 (177,006) 88,560 15,501
$ 5,172,663 $ 201,660 $ - $ 88,560 $ 15,501
-78-
City of Moorpark
Combining Balance Sheet, (continued)
Non-Major Governmental Funds
June 30, 2013
Special Revenue Funds
Prop 1B Art
State Gas Local Streets in Public
Tax and Roads Places
ASSETS
Cash and investments $ 733,398 $ 38,973 $ 1,919,820
Cash and investments with fiscal agent - - -
Receivables:
Accounts 154,373 1,264 3,891
Notes and loans - - -
Due from other funds - - -
Prepaid items - - -
Total assets $ 887,771 $ 40,237 $ 1,923,711
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 10,476 $ 40,237 $ 943
Due to other funds - - -
Deferred revenues - - -
Total liabilities 10,476 40,237 943
Fund balances:
Nonspendable - - -
Restricted 877,295 - 1,922,768
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances (deficit) 877,295 - 1,922,768
Total liabilities and fund balances $ 887,771 $ 40,237 $ 1,923,711
-79-
Continued
Special Revenue Funds Total
State and Local
Federal Transportation Solid Special
Assistance Transit Waste Revenue
$ 250,017 $ 133,971 $ 1,003,764 $ 11,071,991
83,786 132,999 24,510 428,958
- - - 6,500
- - - 1,870,158
- - - 19,167
$ 333,803 $ 266,970 $ 1,028,274 $ 13,396,774
$ 31,069 $ 67,773 $ 12,318 $ 413,318
- - - 1,118,406
136,189 22,779 - 165,468
167,258 90,552 12,318 1,697,192
- - - 1,870,158
166,545 176,418 1,015,956 6,001,066
- - 742,546
- - - 3,262,818
- - - (177,006)
166,545 176,418 1,015,956 11,699,582
$ 333,803 $ 266,970 $ 1,028,274 $ 13,396,774
-80-
City of Moorpark
Combining Balance Sheet, (continued)
Non-Major Governmental Funds
June 30, 2013
Capital Projects
Moorpark
Capital Highlands City Hall
Projects Improvement Building
ASSETS
Cash and investments $ 92,246 $ - $ 3,631,041
Cash and investments with fiscal agent - 2,844 -
Receivables:
Accounts 187 - 7,360
Notes and loans - - -
Due from other funds - - -
Prepaid items - - -
Total assets $ 92,433 $ 2,844 $ 3,638,401
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ - $ - $ 1,267
Due to other funds - - -
Deferred revenues - - -
Total liabilities - - 1,267
Fund balances:
Nonspendable - - -
Restricted - - -
Committed - - -
Assigned 92,433 2,844 3,637,134
Unassigned - - -
Total fund balances (deficit) 92,433 2,844 3,637,134
Total liabilities and fund balances $ 92,433 $ 2,844 $ 3,638,401
-81-
Continued
Capital Projects Total Total
Capital NonMajor
Equipment Projects Governmental
Replacement Funds Funds
$ 257,920 $ 3,981,207 $ 15,053,198
- 2,844 2,844
523 8,070 437,028
- - 6,500
- - 1,870,158
- - 19,167
$ 258,443 $ 3,992,121 $ 17,388,895
$ - $ 1,267 $ 414,585
- - 1,118,406
- - 165,468
- 1,267 1,698,459
- - 1,870,158
- - 6,001,066
- - 742,546
258,443 3,990,854 7,253,672
- - (177,006)
258,443 3,990,854 15,690,436
$ 258,443 $ 3,992,121 $ 17,388,895
-82-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
Non-Major Governmental Funds
Year Ended June 30, 2013
Special Revenue Funds
Library Traffic Parks/Public
Services Safety Facilities
REVENUES
Taxes $ 782,302 $ - $ -
Licenses and permits - - -
Fines and forfeitures 17,029 142,933 -
Use of money and property 2,700 465 2,562
Charges for services 13,595 - 237,166
Intergovernmental 5,000 - -
Other revenue - 288 -
Total revenues 820,626 143,686 239,728
EXPENDITURES
Current:
Public safety - 211,614 -
Public services 861,361 - -
Parks and recreation - - -
Capital Outlay - - 13,280
Total expenditures 861,361 211,614 13,280
Excess (deficiency) of revenues
over(under) expenditures (40,735) (67,928) 226,448
OTHER FINANCING SOURCES(USES)
Transfers in - 3,792 -
Transfers out - - -
Total other financing sources (uses) - 3,792 -
Net change in fund balances (40,735) (64,136) 226,448
Fund balances (deficit), beginning of year 783,281 658,373 917,238
Fund balances (deficit), end of year $ 742,546 $ 594,237 $ 1,143,686
-83-
Continued
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.
$ - $ - $ - $ - $ -
- 367,833 - - -
- 7,922 - - -
80,930 - - 100 18
1,751,868 701,750 - - -
- 736 - - -
1,832,798 1,078,241 - 100 18
- 2,052,730 - - -
72,500 - - - -
72,500 2,052,730 - - -
1,760,298 (974,489) - 100 18
- 974,589 - - -
(22,130) - - - -
(22,130) 974,589 - - -
1,738,168 100 - 100 18
3,394,808 - (177,006) 88,460 15,483
$ 5,132,976 $ 100 $ (177,006) $ 88,560 $ 15,501
-84-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance, (continued)
Non-Major Governmental Funds
Year Ended June 30, 2013
Special Revenue
Prop 1B Art
State Local Streets in Public
Gas Tax and Roads Places
REVENUES
Taxes $ - $ - $ -
Licenses and permits 150 - -
Fines and forfeitures - - -
Use of money and property 474 808 2,793
Charges for services - - 168,469
Intergovernmental 915,324 - -
Other revenue 2,332 - -
Total revenues 918,280 808 171,262
EXPENDITURES
Current:
Public safety - - -
Public services 700,087 - 944
Parks and recreation - - 99
Capital Outlay 289,844 586,500 -
Total expenditures 989,931 586,500 1,043
Excess (deficiency)of revenues
over(under)expenditures (71,651) (585,692) 170,219
OTHER FINANCING SOURCES (USES)
Transfers in 98,202 - -
Transfers out (128,251) - -
Total other financing sources (uses) (30,049) - -
Net change in fund balances (101,700) (585,692) 170,219
Fund balances (deficit), beginning of year 978,995 585,692 1,752,549
Fund balances (deficit), end of year $ 877,295 $ - $ 1,922,768
-85-
Continued
Special Revenue Total
State and Local Special
Federal Transportation Solid Revenue
Assistance Transit Waste Funds
$ - $ - $ 274,470 $ 1,056,772
- - - 367,983
- - - 167,884
- 904 1,011 92,765
- 63,589 2,634 2,939,071
991,813 501,770 19,877 2,433,784
2,771 389 - 6,516
994,584 566,652 297,992 7,064,775
100,000 - - 311,614
418,130 308,298 276,739 4,618,289
- - - 99
792,017 271,118 - 2,025,259
1,310,147 579,416 276,739 6,955,261
(315,563) (12,764) 21,253 109,514
31,012 4,791 6,771 1,119,157
(76,431) - - (226,812)
(45,419) 4,791 6,771 892,345
(360,982) (7,973) 28,024 1,001,859
527,527 184,391 987,932 10,697,723
$ 166,545 $ 176,418 $ 1,015,956 $ 11,699,582
-86-
City of Moorpark
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance, (continued)
Non-Major Governmental Funds
Year Ended June 30, 2013
Capital Projects
Moorpark
Capital Highlands City Hall
Projects Improvement Building
REVENUES
Taxes $ - $ - $ -
Licenses and permits - - -
Fines and forfeitures - - -
Use of money and property 80 - 3,368
Charges for services - - -
Intergovernmental - - -
Other revenue - - -
Total revenues 80 - 3,368
EXPENDITURES
Current:
Public safety - - -
Public services - - -
Parks and recreation - - -
Capital Outlay - - 52,272
Total expenditures - - 52,272
Excess (deficiency)of revenues
over(under)expenditures 80 - (48,904)
OTHER FINANCING SOURCES (USES)
Transfers in - - -
Transfers out - - -
Total other financing sources (uses) - - -
Net change in fund balances 80 - (48,904)
Fund balances (deficit), beginning of year 92,353 2,844 3,686,038
Fund balances (deficit), end of year $ 92,433 $ 2,844 $ 3,637,134
-87-
Continued
Capital Projects Total Total
Capital Nonmajor
Equipment Projects Governmental
Replacement Funds Funds
$ - $ - $ 1,056,772
- - 367,983
- - 167,884
- 3,448 96,213
- - 2,939,071
- - 2,433,784
- - 6,516
- 3,448 7,068,223
- - 311,614
- - 4,618,289
- - 99
80,215 132,487 2,157,746
80,215 132,487 7,087,748
(80,215) (129,039) (19,525)
- - 1,119,157
- - (226,812)
- - 892,345
(80,215) (129,039) 872,820
338,658 4,119,893 14,817,616
$ 258,443 $ 3,990,854 $ 15,690,436
-88-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Library Services -Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 775,000 $ 775,000 $ 782,302 $ 7,302
Fines and forfeitures 17,000 17,000 17,029 29
Use of money and property 1,000 1,000 2,700 1,700
Charges for services 9,000 9,000 13,595 4,595
Intergovernmental - - 5,000 5,000
Total revenues 802,000 802,000 820,626 18,626
EXPENDITURES
Current:
Public services 931,345 943,790 861,361 82,429
Total expenditures 931,345 943,790 861,361 82,429
Net change in fund balance (129,345) (141,790) (40,735) 101,055
Fund balance, beginning of year 783,281 783,281 783,281 -
Fund balance, end of year $ 653,936 $ 641,491 $ 742,546 $ 101,055
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Traffic Safety- Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and forfeitures $ 175,000 $ 175,000 $ 142,933 $ (32,067)
Use of money and property 1,000 1,000 465 (535)
Other revenue - - 288 288
Total revenues 176,000 176,000 143,686 (32,314)
EXPENDITURES
Public safety 230,697 240,842 211,614 29,228
Total expenditures 230,697 240,842 211,614 29,228
Excess (deficiency)of revenues
over(under)expenditures (54,697) (64,842) (67,928) (3,086)
OTHER FINANCING SOURCES(USES)
Transfers in - - 3,792 3,792
Total other financing sources(uses) - - 3,792 3,792
Net change in fund balance (54,697) (64,842) (64,136) 706
Fund balance, beginning of year 658,373 658,373 658,373 -
Fund balance, end of year $ 603,676 $ 593,531 $ 594,237 $ 706
-90-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Parks and Public Facilities -Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 1,000 $ 1,000 $ 2,562 $ 1,562
Charges for services 81,000 81,000 237,166 156,166
Intergovernmental 49,000 49,000 - (49,000)
Total revenues 131,000 131,000 239,728 108,728
EXPENDITURES
Public services 41,500 41,000 - 41,000
Capital outlay 27,000 157,176 13,280 143,896
Total expenditures 68,500 198,176 13,280 184,896
Excess (deficiency)of revenues
over(under)expenditures 62,500 (67,176) 226,448 293,624
Net change in fund balance 62,500 (67,176) 226,448 293,624
Fund balance, beginning of year 917,238 917,238 917,238 -
Fund balance, end of year $ 979,738 $ 850,062 $ 1,143,686 $ 293,624
-91-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Endowment -Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 61,000 $ 61,000 $ 80,930 $ 19,930
Charges for services 325,000 325,000 1,751,868 1,426,868
Total revenues 386,000 386,000 1,832,798 1,446,798
EXPENDITURES
Public services - 25,650 - 25,650
Parks and recreation 17,200 17,200 - 17,200
Capital outlay 401,773 415,666 72,500 343,166
Total expenditures 418,973 458,516 72,500 386,016
Excess (deficiency)of revenues
over(under)expenditures (32,973) (72,516) 1,760,298 1,832,814
OTHER FINANCING SOURCES(USES)
Transfers out - - (22,130) (22,130)
Total other financing sources(uses) - - (22,130) (22,130)
Net change in fund balance (32,973) (72,516) 1,738,168 1,810,684
Fund balance, beginning of year 3,394,808 3,394,808 3,394,808 -
Fund balance, end of year $ 3,361,835 $ 3,322,292 $ 5,132,976 $ 1,810,684
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City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Community Development- Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Licenses and permits $ 417,700 $ 417,700 $ 367,833 $ (49,867)
Fines and forfeitures 1,000 1,000 7,922 6,922
Charges for services 495,500 532,001 701,750 169,749
Other revenue - - 736 736
Total revenues 914,200 950,701 1,078,241 127,540
EXPENDITURES
Public services 2,205,233 2,239,473 2,052,730 186,743
Total expenditures 2,205,233 2,239,473 2,052,730 186,743
Excess (deficiency) of revenues
over(under)expenditures (1,291,033) (1,288,772) (974,489) 314,283
OTHER FINANCING SOURCES(USES)
Transfers in 1,289,303 1,289,303 974,589 (314,714)
Total other financing sources (uses) 1,289,303 1,289,303 974,589 (314,714)
Net change in fund balance (1,730) 531 100 (431)
Fund balance, beginning of year - - - -
Fund balance, end of year $ (1,730) $ 531 $ 100 $ (431)
-93-
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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Licenses and permits $ - $ - $ 150 $ 150
Use of money and property - - 474 474
Intergovernmental 946,000 946,000 915,324 (30,676)
Other revenue - - 2,332 2,332
Total revenues 946,000 946,000 918,280 (27,720)
EXPENDITURES
Public services 731,456 740,011 700,087 39,924
Capital outlay 638,770 875,016 289,844 585,172
Total expenditures 1,370,226 1,615,027 989,931 625,096
Excess (deficiency)of revenues
over(under)expenditures (424,226) (669,027) (71,651) 597,376
OTHER FINANCING SOURCES(USES)
Transfers in - - 98,202 98,202
Transfers out (61,446) (61,446) (128,251) (66,805)
Total other financing sources (uses) (61,446) (61,446) (30,049) 31,397
Net change in fund balance (485,672) (730,473) (101,700) 628,773
Fund balance, beginning of year 978,995 978,995 978,995 -
Fund balance,end of year $ 493,323 $ 248,522 $ 877,295 $ 628,773
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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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 1,000 $ 1,000 $ 808 $ (192)
Total revenues 1,000 1,000 808 (192)
EXPENDITURES
Capital outlay 538,139 539,061 586,500 (47,439)
Total expenditures 538,139 539,061 586,500 (47,439)
Excess (deficiency)of revenues
over(under)expenditures (537,139) (538,061) (585,692) (47,631)
Net change in fund balance (537,139) (538,061) (585,692) (47,631)
Fund balance, beginning of year 585,692 585,692 585,692 -
Fund balance, end of year $ 48,553 $ 47,631 $ - $ (47,631)
-95-
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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 2,000 $ 2,000 $ 2,793 $ 793
Charges for services 121,000 121,000 168,469 47,469
Total revenues 123,000 123,000 171,262 48,262
EXPENDITURES
Public services - - 944 (944)
Parks and recreation - 20,000 99 19,901
Total expenditures - 20,000 1,043 18,957
Net change in fund balance 123,000 103,000 170,219 67,219
Fund balance, beginning of year 1,752,549 1,752,549 1,752,549 -
Fund balance, end of year $ 1,875,549 $ 1,855,549 $ 1,922,768 $ 67,219
-96-
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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Intergovernmental $ 3,259,665 $ 3,375,065 $ 991,813 $ (2,383,252)
Other revenue - - 2,771 2,771
Total revenues 3,259,665 3,375,065 994,584 (2,380,481)
EXPENDITURES
Public safety 100,000 100,000 100,000 -
Public services 445,514 585,721 418,130 167,591
Capital outlay 3,201,625 3,754,914 792,017 2,962,897
Total expenditures 3,747,139 4,440,635 1,310,147 3,130,488
Excess (deficiency)of revenues
over(under)expenditures (487,474) (1,065,570) (315,563) 750,007
OTHER FINANCING SOURCES(USES)
Transfers in - - 31,012 31,012
Transfers out - - (76,431) (76,431)
Total other financing sources (uses) - - (45,419) (45,419)
Net change in fund balance (487,474) (1,065,570) (360,982) 704,588
Fund balance, beginning of year 527,527 527,527 527,527 -
Fund balance, end of year $ 40,053 $ (538,043) $ 166,545 $ 704,588
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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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ - $ - $ 904 $ 904
Charges for services 70,000 70,000 63,589 (6,411)
Intergovernmental 774,561 815,161 501,770 (313,391)
Other revenue - - 389 389
Total revenues 844,561 885,161 566,652 (318,509)
EXPENDITURES
Public services 678,000 709,411 308,298 401,113
Capital outlay 262,618 289,482 271,118 18,364
Total expenditures 940,618 998,893 579,416 419,477
Excess (deficiency)of revenues
over(under)expenditures (96,057) (113,732) (12,764) 100,968
OTHER FINANCING SOURCES(USES)
Transfers in - - 4,791 4,791
Total other financing sources (uses) - - 4,791 4,791
Net change in fund balance (96,057) (113,732) (7,973) 105,759
Fund balance, beginning of year 184,391 184,391 184,391 -
Fund balance, end of year $ 88,334 $ 70,659 $ 176,418 $ 105,759
-98-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Solid Waste -Special Revenue Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 285,300 $ 285,300 $ 274,470 $ (10,830)
Use of money and property 1,000 1,000 1,011 11
Charges for services 2,700 2,700 2,634 (66)
Intergovernmental 20,100 20,100 19,877 (223)
Total revenues 309,100 309,100 297,992 (11,108)
EXPENDITURES
Public services 291,012 294,012 276,739 17,273
Total expenditures 291,012 294,012 276,739 17,273
Excess of revenues
over expenditures 18,088 15,088 21,253 6,165
OTHER FINANCING SOURCES(USES)
Transfers in - - 6,771 6,771
Total other financing sources(uses) - - 6,771 6,771
Net change in fund balance 18,088 15,088 28,024 12,936
Fund balance, beginning of year 987,932 987,932 987,932 -
Fund balance,end of year $1,006,020 $1,003,020 $1,015,956 $ 12,936
-99-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Capital Projects -Capital Projects Fund
Year Ended June 30, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ - $ - $ 80 $ 80
Total revenues - - 80 80
EXPENDITURES
Total expenditures - - - -
Excess of revenues
over expenditures - - 80 80
OTHER FINANCING SOURCES (USES)
Transfers in 60,000 60,000 - (60,000)
Total other financing sources (uses) 60,000 60,000 - (60,000)
Net change in fund balance 60,000 60,000 80 (59,920)
Fund balance, beginning of year 92,353 92,353 92,353 -
Fund balance, end of year $ 152,353 $ 152,353 $ 92,433 $ (59,920)
-100-
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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 4,000 $ 4,000 $ 3,368 $ (632)
Total revenues 4,000 4,000 3,368 (632)
EXPENDITURES
Capital outlay 3,604,225 3,508,635 52,272 3,456,363
Total expenditures 3,604,225 3,508,635 52,272 3,456,363
Excess (deficiency)of revenues
over(under)expenditures (3,600,225) (3,504,635) (48,904) 3,455,731
Net change in fund balance (3,600,225) (3,504,635) (48,904) 3,455,731
Fund balance, beginning of year 3,686,038 3,686,038 3,686,038 -
Fund balance, end of year $ 85,813 $ 181,403 $ 3,637,134 $ 3,455,731
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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, 2013
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Total revenues $ - $ - $ - $ -
EXPENDITURES
Capital outlay 37,000 146,969 80,215 66,754
Total expenditures 37,000 146,969 80,215 66,754
Excess (deficiency)of revenues
over(under) expenditures (37,000) (146,969) (80,215) 66,754
Net change in fund balance (37,000) (146,969) (80,215) 66,754
Fund balance, beginning of year 338,658 338,658 338,658 -
Fund balance, end of year $ 301,658 $ 191,689 $ 258,443 $ 66,754
-102-
City of Moorpark
Statement of Fiduciary Net position
Agency Funds
Year Ended June 30, 2013
Balance Balance
June 30, 2012 Additions Deletions June 30, 2013
General Trust
Assets
Cash and investments $ 3,595,018 $ 661,584 $ 360,823 $ 3,895,779
Cash and investments with fiscal agent 5,485,612 1,339,277 - 6,824,889
Accounts receivable 27,780 - 11,105 16,675
Total assets $ 9,108,410 $ 2,000,861 $ 371,928 $ 10,737,343
Liabilities
Accounts payable $ 61,473 $ 20,676 $ - $ 82,149
Deposits payable 3,536,011 20,153,997 19,886,412 3,803,596
Due to bondholders 5,510,926 1,372,132 31,460 6,851,598
Total liabilities $ 9,108,410 $ 21,546,805 $ 19,917,872 $ 10,737,343
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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 Position by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007 2008
Governmental activities:
Net investment in capital assets $ 93,941,392 $ 99,760,671 $ 108,190,324 $ 125,900,770 $ 130,071,108
Restricted 41,506,906 46,405,391 57,986,366 100,649,409 101,613,368
Unrestricted 31,861,714 26,413,978 26,965,428 6,458,224 3,641,173
Total governmental activities net position $ 167,310,012 $ 172,580,040 $ 193,142,118 $ 233,008,403 $ 235,325,649
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34(June 30, 2003).
The City ofMoorpark does not have any business-type activities.
-104-
CITY OF MOORPARK
Net Position by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2009 2010 2011 2012 2013
Governmental activities:
Net investment in capital assets $ 130,581,499 $ 141,095,551 $ 145,841,042 $ 262,318,305 $ 262,271,564
Restricted 94,878,693 91,504,803 72,654,599 87,274,979 82,125,331
Unrestricted 14,213,503 15,828,208 13,402,969 7,245,370 10,042,168
Total governmental activities net position $ 239,673,695 $ 248,428,562 $ 231,898,610 $ 356,838,654 $ 354,439,063
-105-
CITY OF MOORPARK
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007 2008
Expenditures:
General government $ 2,351,860 $ 3,030,395 $ 3,044,381 $ 1,639,628 $ 1,949,206
Public safety 4,902,148 5,709,323 6,230,057 6,317,283 6,882,072
Public services 10,957,272 9,844,050 13,106,843 21,231,766 20,580,204
Parks and recreation 2,600,523 2,304,852 2,771,270 4,293,823 4,551,045
Interest on long-term debt 1,097,421 978,843 1,333,370 1,332,541 1,773,841
Total governmental activities expenses 21,909,224 21,867,463 26,485,921 34,815,041 35,736,368
Program revenues:
Charges for services:
General government 1,407,130 2,010,540 2,201,590 191,674 283,576
Public safety 369,795 344,019 340,341 598,500 633,131
Public services 4,181,363 2,776,976 4,163,781 6,612,769 5,743,200
Parks and recreation 536,238 501,283 536,166 604,904 756,885
Total charges for services 6,494,526 5,632,818 7,241,878 8,007,847 7,416,792
Operating contributions and grants 4,077,849 2,313,834 3,237,143 4,489,945 7,113,883
Capital contributions and grants 4,731,311 4,633,166 18,027,831 38,337,638 5,481,792
Total governmental activities
program revenues 15,303,686 12,579,818 28,506,852 50,835,430 20,012,467
Net program revenues(expenses) (6,605,538) (9,287,645) 2,020,931 16,020,389 (15,723,901)
General revenues and other changes in net assets:
Taxes:
Property tax 2,658,230 2,655,093 2,929,842 3,334,491 4,505,980
Property tax, Redevelopment Agency 4,116,542 3,901,779 5,530,198 6,347,692 6,887,079
Franchise tax 919,290 955,829 1,080,893 1,126,951 1,150,180
Sales tax 2,176,893 2,046,368 2,260,786 2,192,327 2,306,281
Sales tax in lieu - 537,485 608,298 704,562 779,263
Motor vehicle in lieu 1,570,551 2,836,154 2,734,470 2,860,207 3,038,440
Investment income 1,363,344 1,725,579 3,261,384 6,556,186 2,491,856
Other 177,380 1,160,805 135,276 58,841 139,728
Gain on sale of property - 48,339 - 276,797 -
Special item (1) (900,000) - - - -
County settlement - - - - -
Extraordinary item-Gain on Dissolution
of RDA _ _ _ _ _
Total governmental activities 12,082,230 15,867,431 18,541,147 23,458,054 21,298,807
Changes in net position-
governmental activities $ 5,476,692 $ 6,579,786 $ 20,562,078 $ 39,478,443 $ 5,574,906
The City of Moorpark has elected to report retroactively back to the year the City
(1)Mission Bell note
-106-
CITY OF MOORPARK
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
Fiscal Year
2009 2010 2011 2012 2013
Expenditures:
General government $ 2,041,596 $ 1,603,279 $ 3,201,184 $ 2,207,826 $ 4,149,965
Public safety 7,035,384 7,016,015 7,070,049 6,158,455 6,550,936
Public services 18,170,325 13,589,878 31,775,462 11,134,822 9,948,865
Parks and recreation 4,470,524 4,934,002 4,658,717 5,704,208 5,755,528
Interest on long-term debt 1,616,843 1,504,502 1,492,604 354,412 -
Total governmental activities expenses 33,334,672 28,647,676 48,198,016 25,559,723 26,405,294
Program revenues:
Charges for services:
General government 232,926 258,431 293,008 407,883 587,915
Public safety 538,636 477,305 492,847 445,642 809,257
Public services 3,172,708 2,769,641 2,473,770 1,988,453 4,154,598
Parks and recreation 644,979 643,593 697,787 858,333 973,761
Total charges for services 4,589,249 4,148,970 3,957,412 3,700,311 6,525,531
Operating contributions and grants 6,172,315 4,128,842 5,999,168 3,702,582 3,533,608
Capital contributions and grants 3,326,778 1,970,931 1,703,076 2,770,701 1,879,634
Total governmental activities
program revenues 14,088,342 10,248,743 11,659,656 10,173,594 11,938,773
Net program revenues(expenses) (19,246,330) (18,398,933) (36,538,360) (15,386,129) (14,466,521)
General revenues and other changes in net assets:
Taxes:
Property tax 7,802,643 7,449,063 7,287,282 6,943,275 6,776,729
Property tax, Redevelopment Agency 7,054,432 6,864,777 6,755,960 3,389,064 -
Franchise tax 1,171,556 1,171,825 1,207,778 1,231,741 1,222,956
Sales tax 2,329,522 2,382,010 2,577,105 2,622,419 2,730,871
Sales tax in lieu 849,227 588,635 940,791 857,217 875,160
Motor vehicle in lieu 125,307 109,136 170,592 18,590 19,262
Investment income 2,875,649 853,074 856,413 1,206,622 142,222
Other 386,040 283,372 212,487 245,235 299,730
Gain on sale of property - - - - -
Special item (1) - - - - -
Countysettlement 1,000,000 - - - -
Extraordinary item-Gain on
Dissolution of RDA - - - 356,845 -
Total governmental activities 22,594,376 19,701,892 20,008,408 16,871,008 12,066,930
Changes in net position-
governmental activities $ 3,348,046 $ 1,302,959 $(16,529,952) $ 1,484,879 $ (2,399,591)
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
-107-
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2004 2005 2006 2007 2008
General fund:
Reserved $ - $ 5,772,444 $ 2,943,353 $ - $ 95,397.00
Unreserved 14,756,222 12,527,255 18,301,058 24,405,620 3,625,348
Nonspendable - - - - -
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total general fund $ 14,756,222 $ 18,299,699 $ 21,244,411 $ 24,405,620 $ 3,720,745
All other governmental funds:
Reserved $ 4,099,849 $ 13,889,036 $ 14,124,235 $ 41,864,116 $ 35,103,620
Unreserved, reported in:
Special revenue funds 29,994,471 26,977,320 36,903,391 41,486,631 42,761,089
Capital projects funds 8,950,250 3,361,134 1,293,998 16,807,370 39,098,065
Debt Service funds (891,297) (346,716) (321,425) 83,243 (1,025,927)
Non-major funds 10,651,331 8,272,652 9,724,941 8,693,969 13,384,413
Fund Balances:
Nonspendable - - - - -
Restricted - - - - -
Committed - - - - -
Assig ned - - - - -
Unassigned - - - - -
Total all other governmental funds $ 52,804,604 $ 52,153,426 $ 61,725,140 $ 108,935,329 $ 129,321,260
The City of Moorpark has elected to report retroactively back to the year the City
implemented GASB 34 (June 30, 2003).
-108-
CITY OF MOORPARK
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
Fiscal Year
2009 2010 2011 2012 2013
General fund:
Reserved $ 373,209 $ 337,286 $ - $ - $ -
Unreserved 2,832,620 2,662,713 - - -
Nonspendable - - 220,976 1,275,022 635,176
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - 2,779,024 2,999,000 3,000,000
Total general fund $ 3,205,829 $ 2,999,999 $ 3,000,000 $ 4,274,022 $ 3,635,176
All other governmental funds:
Reserved $ 33,719,016 $ 38,208,807 $ - $ - $ -
Unreserved, reported in:
Special revenue funds 37,278,628 32,207,690 - - -
Capital projects funds 35,699,829 33,735,939 - - -
Debt Service funds 261,336 294,202 - - -
Non-major funds 25,043,397 25,335,288 - - -
Fund Balances:
Nonspendable - - 14,862,594 3,055,064 10,478,901
Restricted - - 66,565,551 55,945,095 44,067,428
Committed - - 795,208 783,281 742,546
Assigned - - 28,849,138 30,892,276 33,084,456
Unassigned - - (2,124,660) (2,047,164) (2,026,212)
Total all other governmental funds $ 132,002,206 $ 129,781,926 $108,947,831 $ 88,628,552 $ 86,347,119
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
2004 2005 2006 2007 2008
Revenues:
Taxes $ 9,870,955 $ 9,139,722 $ 12,231,076 $ 13,706,024 $ 15,392,269
Licenses and permits 63,146 54,180 72,365 65,630 72,951
Fines and forfeitures 306,871 344,019 340,341 343,579 358,665
Uses of money and property 1,363,006 1,924,579 3,261,384 7,085,104 5,684,111
Charges for services 2,001,561 2,558,974 2,665,391 338,929 677,277
Intergovernmental 4,298,009 5,150,992 6,302,193 6,163,985 7,549,040
Maintenance assessments 2,639,628 1,963,190 1,845,742 1,922,471 4,205,700
Franchise fees 257,127 1,231,763 283,162 292,003 301,514
Building and safety fees 595,138 431,959 1,110,715 716,552 530,761
Planning and public work fees 2,614,959 1,967,751 3,053,066 1,649,002 1,938,143
Development fees 4,097,977 2,669,976 15,568,347 6,403,851 4,501,837
Contributions from prop.owners - - - 34,066,993 -
Other 281,506 2,832,962 397,574 2,030,211 433,378
Total revenues 28,389,883 30,270,067 47,131,356 74,784,334 41,645,646
Expenditures:
Current:
General government 2,259,017 2,893,359 2,919,564 1,471,354 1,835,801
Public safety 4,882,547 5,690,820 6,211,461 6,083,917 6,637,757
Public services 8,401,453 8,098,147 11,215,406 9,608,754 12,505,613
Parks and recreation 2,381,698 2,081,723 2,544,206 4,039,888 4,291,867
Capital outlay 8,775,159 7,810,879 10,038,439 19,477,866 14,682,017
Debt service:
Principal 395,000 405,000 435,910 440,000 455,000
Interest 1,100,996 1,158,585 1,251,354 1,400,985 1,631,932
Bond issuance costs - - - 505,588 -
Total expenditures 28,195,870 28,138,513 34,616,340 43,028,352 42,039,987
Excess of revenues over
expenditures 194,013 2,131,554 12,515,016 31,755,982 (394,341)
Other financing sources(uses):
Gain from sale of property - 48,339 1,410 276,797 -
Bond Proceeds - - - 11,695,000 -
Discount on Bonds - - - (325,401) -
County settlements - - - - -
Transfers in 3,588,717 2,027,315 3,352,002 9,457,260 27,626,755
Transfers out (3,588,717) (2,027,315) (3,352,002) (9,457,260) (27,626,755)
Total other financing
sources(uses) - 48,339 1,410 11,646,396 -
Extraordinary Item - - - - -
Net change in fund balances $ 194,013 $ 2,179,893 $ 12,516,426 $ 43,402,378 $ (394,341)
Debt service as a percentage of
noncapital expenditures 8.3% 8.3% 7.4% 8.7% 8.3%
The City of Moorpark has elected to report retroactively back to the year the City implemented
GASB 34(June 30, 2003).
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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
2009 2010 2011 2012 2013
Revenues:
Taxes $ 19,716,636 $ 18,730,771 $ 19,042,900 $ 16,147,175 $ 12,662,488
Licenses and permits 645,010 598,370 587,186 561,530 498,102
Fines and forfeitures 484,930 436,377 441,543 446,426 420,555
Uses of money and property 3,114,881 1,547,229 1,537,255 1,381,412 482,129
Charges for services 3,813,159 3,284,275 2,579,593 3,559,454 5,170,238
Intergovernmental 3,948,059 2,629,132 4,786,235 1,627,462 2,503,734
Maintenance assessments 3,491,975 1,950,431 2,112,992 2,114,957 1,893,699
Franchise fees - - - - -
Building and safety fees - - - - -
Planning and public work fees - - - - -
Development fees - - - - -
Contributions from prop.owners - - - - -
Other 398,539 587,832 833,082 1,345,246 167,784
Total revenues 35,613,189 29,764,417 31,920,786 27,183,662 23,798,729
Expenditures
Current:
General government 1,926,283 1,497,916 2,289,299 890,396 2,125,004
Public safety 6,814,425 6,769,484 6,839,355 6,467,065 6,306,906
Public services 11,259,297 12,343,896 12,876,132 8,321,267 7,391,632
Parks and recreation 4,182,091 4,453,400 4,074,490 5,038,957 5,086,773
Capital outlay 8,100,604 5,548,179 24,506,524 4,679,053 5,144,756
Debt service:
Principal 475,000 495,000 1,874,064 590,122 -
Interest 1,594,062 1,482,799 1,471,516 688,825 -
Bond issuance costs - - - - -
Total expenditures 34,351,762 32,590,674 53,931,380 26,675,685 26,055,071
Excess of revenues over
expenditures 1,261,427 (2,826,257) (22,010,594) 507,977 (2,256,342)
Other financing sources(uses):
Gain from sale of property - - - - -
Bond Proceeds - - - - -
Discount on Bonds - - - - -
County settlements 1,000,000 - - - -
Transfers in 17,062,650 9,378,101 3,820,738 4,739,189 3,262,665
Transfers out (17,062,650) (9,378,101) (2,644,238) (4,739,189) (3,262,665)
Total other financing
sources(uses) 1,000,000 - 1,176,500 - -
Extraordinary Item - - - (19,553,234) -
Net change in fund balances $ 2,261,427 $ (2,826,257) $(20,834,094) $(19,045,257) $ (2,256,342)
Debt service as a percentage of
noncapital expenditures 8.6% 7.9% 12.8% 6.2% 0.0%
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
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%
2013 4,596,277,650 115,888,876 45,786,243 4,757,952,769 867,853,781 70,454,127 4,491,843 942,799,751 1.068%
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
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
City Direct Rates:
City basic rate 1.05820 1.05020 1.05480 1.06163 1.04955 1.04950 1.05020 1.05300 1.06125 1.06750
Redevelopment agency - - - - - - - - - -
Total City Direct Rate 1.058 1.050 1.055 1.062 1.050 1.050 1.050 1.053 1.061 1.068
Overlapping Rates:
Ventura County Flood Cont. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Metropolitan Water District 0.233 0.232 0.235 0.233 0.234 0.230 0.230 0.233 0.232 0.224
Ventura Community College 4.311 4.269 4.331 4.296 4.361 4.371 4.402 4.383 4.373 4.506
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 0.024 0.022 0.020 0.019 0.018 0.018 0.019 0.019 0.018 0.017
Moorpark Unified School
District 91.959 92.121 92.442 92.313 92.417 92.240 91.924 91.820 92.126 93.008
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 Community n/a n/a 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
Facilities District No.2004-1
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 97.585 97.694 98.083 97.923 98.080 97.909 97.625 97.508 97.810 98.823
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
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CITY OF MOORPARK
Principal Property Tax Payers
Current Year and Ten Years Ago
2013 2003
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value * Value Value Value
DBRE Moorpark, LLC $ 70,625,120 1.48% $ - 0.00%
Waterstone Properties Moorpark, LLC 68,611,932 1.44% - 0.00%
Moorpark Center, LLC 50,586,490 1.06% - 0.00%
Toll Land XIX, LLC 33,067,956 0.70% 35,651,094 1.11%
Village at Moorpark, LLC 29,904,965 0.63% - 0.00%
Mission Bell West, LP 23,666,814 0.50% - 0.00%
Tuscany Square Partners, LLC 23,081,188 0.49% - 0.00%
EB West Properties, Inc. 22,000,000 0.46% - 0.00%
G-S Partnership 21,976,694 0.46% 18,635,928 0.58%
James Birkenshaw, Et. Al. Lessor 20,334,538 0.43% 16,176,381 0.50%
$ 363,855,697 7.65% $ 70,463,403 2.18%
* 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 2012-2013 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
2004 $ 2,208,605 $1,902,007 86.1% $ 84,452 $1,986,459 89.9%
2005 2,391,927 1,796,670 75.1% 87,669 1,884,339 78.8%
2006 2,705,083 1,994,418 73.7% 93,157 2,087,575 77.2%
2007 3,010,493 2,432,164 80.8% 124,057 2,556,221 84.9%
2008 4,072,510 3,376,883 82.9% 145,134 3,522,017 86.5%
2009 3,763,078 3,393,933 90.2% 208,491 3,602,423 95.7%
2010 3,682,559 2,789,672 75.8% 262,057 3,051,730 82.9%
2011 3,663,098 3,388,402 92.5% 184,044 3,572,446 97.5%
2012 3,638,780 3,394,794 93.3% 162,584 3,557,378 97.8%
2013 3,724,968 3,533,421 94.9% 158,049 3,691,470 99.1%
NOTE:
The amounts 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
2004 $ - $ 19,705,000 $ 19,705,000 $19,705,000 1% 564
2005 - 19,300,000 19,300,000 19,300,000 1% 537
2006 - 18,880,000 18,880,000 18,880,000 1% 527
2007 - 30,135,000 30,135,000 30,135,000 1% 826
2008 - 29,680,000 29,680,000 29,680,000 1% 803
2009 - 29,185,000 29,185,000 29,185,000 1% 787
2010 - 28,710,000 28,710,000 28,710,000 1% 764
2011 - 28,155,000 28,155,000 28,155,000 1% 811
2012 - - - - 0% -
2013 - - - - 0% -
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.
Tax Allocation Bonds are the debt of the Successor Agency and not a part of the City.
Please read NOTE 14,pages 59-62.
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' Capita
2004 $ - $ 19,705,000 $ 19,705,000 0.5% 564
2005 - 19,300,000 19,300,000 0.5% 537
2006 - 18,880,000 18,880,000 0.4% 527
2007 - 30,135,000 30,135,000 0.6% 826
2008 - 29,680,000 29,680,000 0.5% 803
2009 - 29,185,000 29,185,000 0.5% 787
2010 - 28,710,000 28,710,000 0.5% 764
2011 - 28,155,000 28,155,000 0.5% 811
2012 - - - 0.0% -
2013 - - - 0.0% -
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 Tax Allocation Bonds are the debt of the Successor Agency and not a part of the City.
Please read NOTE 14, pages 59-62.
2 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
City Assessed Valuation 2012-13 $ 4,712,166,526
Redevelopment Agency Incremental Valuation 674,152,546
Adjusted Assessed Valuation $ 4,038,013,980
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2013 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.224% $ 165,085,000 $ 369,790
Ventura Community College District 4.506% 308,659,326 13,908,189
Conejo Valley Unified School District 0.017% 36,186,104 6,152
Moorpark Unified School District 93.008 % 57,579,983 53,553,991
City of Moorpark Community Facilities District No. 97-1 100.000 % 5,535,000 5,535,000
City of Moorpark Community Facilities District No. 2004-1 100.000% 22,360,000 22,360,000
City of Moorpark 1915 Act Bonds 100.000 % 995,000 995,000
Total Direct and Overlapping Tax &Assessment Debt 596,400,413 96,728,122
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.505% $ 388,450,000 $ 17,499,673
Ventura County Superintendent of Schools COPs 4.505% 11,510,000 $ 518,526
Moorpark Unified School District COPs 93.008 % 6,615,000 $ 6,152,479
Total Overlapping General Fund Obligation Debt 406,575,000 24,170,678
Overlapping Tax Increment Debt(Successor Agency): 100.000 % 26,970,000 26,970,000
Combined Total Debt* $ 1,029,945,413 147,868,800
Total direct and overlapping debt $147,868,800
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 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
2004 2005 2006 2007 2008
Assessed valuation $2,823,727,286 $3,231,418,940 $3,721,591,791 $4,157,360,033 $4,558,597,806
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 705,931,822 807,854,735 930,397,948 1,039,340,008 1,139,649,452
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 105,889,773 121,178,210 139,559,692 155,901,001 170,947,418
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin $ 105,889,773 $ 121,178,210 $ 139,559,692 $ 155,901,001 $ 170,947,418
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
2009 2010 2011 2012 2013
Assessed valuation $4,700,305,496 $4,619,910,655 $4,659,133,835 $4,662,536,870 $4,596,277,650
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 1,175,076,374 1,154,977,664 1,164,783,459 1,165,634,218 1,149,069,413
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 176,261,456 173,246,650 174,717,519 174,845,133 172,360,412
Total net debt applicable to limit:
General obligation bonds - - - - -
Legal debt margin $ 176,261,456 $ 173,246,650 $ 174,717,519 $ 174,845,133 $ 172,360,412
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 %
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 - - - N/A
2013 - - - N/A
The Moorpark Redevelopment Agency issued $9,860,000 of tax allocation bonds in 1999,
$11,625,000 in 2001, and $11,695,000 in 2006.
Tax Allocation Bonds are the debt of the Successor Agency and not a part of the City.
Please refer to Note 14 to the Financial Statements, pages 59-62.
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CITY OF MOORPARK
Demographic and Economic Statistics
Last Ten Calendar Years
Household Median
Calendar Income Household Unemployment
Year Population (in thousands) Income Rate
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%
2013 34,904 3,494,030 100,104 6.4%
Sources: California State Department of Finance
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CITY OF MOORPARK
Principal Employers
Current and Ten Calendar Years Ago
2013
Percent of
Number of Total
Employer Employees Employment
Moorpark Unified School District 1,147 6.60%
PennyMac 600 3.45%
Moorpark College 592 3.41%
Pentair Water Pool and Spa 530 3.05%
Kavlico 375 2.16%
Benchmark Electronics 275 1.58%
Target 191 1.10%
AJ Machining 132 0.76%
Ensign-Bickford Aerospace 124 0.71%
Test Equity 121 0.70%
The City does not present 2003 information because data
for that year was not available.
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 20042005 2006 2007 2008 2009 2010 2011 2012 2013
General government 33 32 31 30 26 26 26 27 28 27
Public safety(crossing guards) 7 4 7 7 7 6 5 5 3 3
Public services 20 17 17 26 22 22 20 16 18 19
Parks and recreation 42 38 41 49 54 56 55 54 51 58
Total 102 91 96 112 109 110 106 102 100 107
Public safety 1 28 31 31 42 42 38 38 40 39 40
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
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Police:(A)
Arrests 1,520 1,388 1,653 1,890 1,732 1,412 2,207 1,266 1,158 1,120
Parking citations issued 4,285 3,706 2,890 4,160 2,860 3,254 4,969 4,887 5,704 5,129
Fire: (B)
Number of"prime"emergency calls 1,415 1,308 1,329 1,351 1,362 1,100 1,945 1,707 2,174 -
Business Inspections* 125 125 125 123 130 143 115 196 196 -
Public works:(C)
Street resurfacing (miles) - 0.1 - 30.0 3.8 - 5.0 2.0 - 4.5
Parks and recreation: (D)
Number of recreation classes 290 364 338 479 378 265 419 325 308 300
Number of facility rentals 307 491 338 180 210 186 230 277 118 226
Prime calls and business inspections are for County of Ventura,Fire Department Station#42
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 2013
Police:
Stations 1 1 1 1 1 1 1 1 1 1 1
Fire:
Fire stations 2 2 2 2 2 2 2 2 2 2 2
Public works:
Streets(miles) 75 75 75 75 75 78 79 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 2,620
Traffic signals 16 17 17 17 17 20 20 20 21 21 21
Parks and recreation:
Parks 15 15 15 16 16 16 17 18 18 18 18
Community centers 2 2 2 2 2 2 2 2 2 2 2
Of the streetlights, 2,612 are owned by Edison and 8 are owned by the City
Source: City of Moorpark
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