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Comprehensive Annual Financial Report
Fiscal Year Ending June 30, 2017
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CITY OF MOORPARK, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended June 30, 2017
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Prepared By:
Ron Ahlers, Finance Director
Irmina Lumbad, Deputy Finance Director
City of Moorpark
Table of Contents
Year Ended June 30, 2017
PAGE
I. INTRODUCTORY SECTION
Letter of Transmittal
Directory of City Officials vii
Organization Chart viii
Certificate of Achievement for Excellence in Financial Reporting ix
II. FINANCIAL SECTION
Independent Auditor's Report 1
Management's Discussion and Analysis 4
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Position 16
Statement of Activities 17
Fund Financial Statements
Balance Sheet- Governmental Funds 18
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position 21
Statement of Revenues, Expenditures, and Changes in Fund Balances-
Governmental Funds 22
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 25
Statement of Fiduciary Net Position 26
Statement of Changes in Fiduciary Net Position 27
Notes to the Basic Financial Statements 28
Required Supplementary Information:
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - General Fund 71
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Street and Traffic Safety Special Revenue Fund 74
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Assessments Districts Special Revenue Fund 75
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Parks/Public Facilities Special Revenue Fund 76
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Low-Mod Housing Asset Special Revenue Fund 77
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Community Development Special Revenue Fund 78
Required Supplementary Information - Budgetary Comparison Schedule -
Budget and Actual - Endowment Special Revenue Fund 79
City of Moorpark
Table of Contents (continued)
Year Ended June 30, 2017
PAGE
Required Supplementary Information -Continued:
Other Post-Employment Benefits- Schedule of Funding Progress 80
Schedule of the City's Proportionate Share of the Plan's Net Pension
Liability and Related Ratios as of the Measurement Date - Last 10 Years 81
Schedule of Plan's Contributions - Last 10 years 82
Notes to the Required Supplementary Information 83
Supplementary Information:
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Police Facilities Fee Major Capital Projects Fund 84
Special Projects Major Capital Projects Fund 85
Non-Major Governmental Funds 86
Non-Major Governmental Funds- Combining Balance Sheet 88
Non-Major Governmental Funds -Combining Statement of Revenues,
Expenditures, and Changes in Fund Balance 94
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual:
Library Services Special Revenue Fund 100
Traffic Safety Special Revenue Fund 101
City Affordable Housing Special Revenue Fund 102
Tierra Rejada/Spring Road A.O.C. Special Revenue Fund 103
Casey/Gabbert Road A.O.C. Special Revenue Fund 104
Los Angeles A.O.C. Special Revenue Fund 105
Freemount Storm Drain A.O.C. Special Revenue Fund 106
State Gas Tax Special Revenue Fund 107
Art in Public Places Special Revenue Fund 108
State and Federal Assistance Special Revenue Fund 109
Local Transportation Transit Special Revenue Fund 110
Prop 1B Local Streets and Roads Special Revenue Fund 111
Solid Waste Special Revenue Fund 112
Capital Projects Capital Projects Fund 113
City Hall Building Capital Projects Fund 114
Equipment Replacement Capital Projects Fund 115
Statement of Changes in Fiduciary Assets and Liabilities - Agency Funds 116
III. STATISTICAL SECTION
Net Position by Component - Last Ten Fiscal Years 117
Changes in Net Position - Last Ten Fiscal Years 119
Fund Balances of Governmental Funds - Last Ten Fiscal Years 121
Changes in Fund Balances of Governmental Funds- Last Ten Fiscal Years 123
City of Moorpark
Table of Contents (continued)
Year Ended June 30, 2017
PAGE
III. STATISTICAL SECTION -Continued
Assessed Value and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years 125
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 126
Principal Property Tax Payers- Current Year and Ten Years Ago 127
Secured Property Tax Levies and Collections - Last Ten Fiscal Years 128
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 129
Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years 130
Direct and Overlapping Debt 131
Legal Debt Margin Information - Last Ten Fiscal Years 132
Pledged Revenue Coverage - Last Ten Fiscal Years 134
Demographic and Economic Statistics - Last Ten Calendar Years 135
Principal Employers - Current and Ten Calendar Years Ago 136
Full-Time and Part-Time City Employees by Function- Last Ten Fiscal Years 137
Operating Indicators by Function - Last Ten Fiscal Years 138
Capital Asset Statistics by Function - Last Ten Fiscal Years 139
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INTRODUCTORY SECTION
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;; o CITY OF MOORPARK
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FINANCE DEPARTMENT 799 Moorpark Avenue,Moorpark,California 93021
Main City Phone Number(805)517-6200 Fax(805)532-2545 moorpark@moorparkca.gov
"""---140 �V�
December 11, 2017
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, 2017. 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 Position that provides the total net position
(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
Position 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 2016/17.
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JANICE S.PARVIN ROSEANN MIKOS,Ph.D. DAVID POLLOCK KEN SIMONS MARK VAN DAM
Mayor Councilmember Councilmember Councilmember Mayor Pro Tern
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).
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 to the REDEVELOPMENT AGENCY of the CITY of
MOORPARK (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 1x 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).
-ii-
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. 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 36,715 (source:
California Department of Finance). Moorpark is recognized for having the lowest
number of serious crimes committed in Ventura County and is one of the safest cities of
its size in the United States.
BUDGETARY CONTROL
The City prepares an annual budget consistent with Generally Accepted Accounting
Principles (GAAP) for all governmental funds on a modified accrual basis where
revenues are recognized when they become measurable and available to finance
expenditures of the current period. Expenditures are recorded when the goods or
services are received and the liabilities are incurred.
Department directors are responsible, not only to accomplish his/her particular goals
within each program, but also to monitor budget allocations consistent to the funding
levels adopted by the City Council prior to July 1 of the budget year.
In addition, the City maintains budgetary control through the use of an encumbrance
accounting system. As purchase orders are issued, corresponding amounts are
encumbered for later payments to ensure that budget amounts are not over-spent.
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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, 2017. 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 2016/2017 amounted to $35,720,629 and $15,737,652 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, 2017, approximately $21 million was invested
with the Ventura County Pool; $79 million in various U.S. Treasury Notes, Agency
Securities and money markets; about $9 million in certificates of deposit; about $3
million in the State Treasurer's Local Agency Investment Fund (LAIF); and $5 million
was invested in demand deposits.
The cash management system of the City is designed to monitor revenues and
expenditures to ensure the investment of monies to the fullest extent possible. The
criteria for selecting investments and the order of priority are (a) safety, (b) liquidity, and
(c) yield. The underlying objective of the City's policy is to obtain the highest interest
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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, 2017, have a net ending balance of$265 million.
LONG-TERM LIABILITIES/BONDED INDEBTEDNESS
At June 30, 2017, the City has no outstanding bonds or other debt but does have long-
term liabilities in the approximate amount of $3.6 million comprised of $627,796 for
employee compensated absences (accrued leave) and $2,973,847 in net pension
liability.
The City provides retirement benefits (pension) by contributing to the California Public
Employees Retirement System (CaIPERS). The City pays 100% of the Annual
Required Contributions (ARC), as calculated by CaIPERS. GASB 68 requires the City
to record net pension liability on the Statement of Net Position. This is the third year the
City has recorded a net pension liability and the impact is a reduction in net position by
$3 million for June 30, 2017. In January 2015, the City made an extra contribution of
$3.6 million towards the net pension liability. Please read Note 7) RETIREMENT PLAN
for a discussion on the City's retirement plans and the net pension liability.
The City participates in the California Employers' Retiree Benefit Trust (CERBT)
administered by CaIPERS to provide post-employment medical insurance to City
retirees. The City accounts for this liability, per GASB 45, Other Post-Employment
Benefits (OPEB). The most recent actuarial valuation was performed on June 30, 2015,
and shows the OPEB liability is 82% funded. The City contributed $644,768 in October
2015 to fully fund the OPEB liability. The City has a "Net OPEB Asset" of $604,268 on
the Statement of Net Position. Please read Note 8) OTHER POST EMPLOYMENT
BENEFITS in the CAFR.
The Successor Agency has the 2016 Tax Allocation Refunding Bonds (2016 Bonds)
and the 2014 Tax Allocation Refunding Bonds (2014 Bonds). The 2016 Bonds and
2014 Bonds outstanding principal as of June 30, 2017, were $10.4 million and $12.0
million, respectively. In July 2016, the Successor Agency issued the 2016 Bonds to
refund the 2006 Tax Allocation Bonds. In November 2014, the Successor Agency
issued the 2014 Bonds to refund the 1999 Tax Allocation Refunding Bonds and the
2001 Tax Allocation Bonds. Please read Note 14) SUCCESSOR AGENCY PRIVATE-
PURPOSE TRUST FUND TO THE FORMER REDEVELOPMENT AGENCY OF THE
CITY OF MOORPARK (SARA) in the CAFR.
-v-
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,
2016. 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.
ACKNOWLEDGEMENT
We would like to express appreciation to all City staff that assisted and contributed to
the preparation of this report, particularly to the members of the Finance Department.
We would also like to extend our appreciation to the auditors, Rogers, Anderson,
Melody & Scott, LLP, Certified Public Accountants for their professional assistance. As
in the past, the CAFR is available on the City's website at www.MoorparkCA.gov.
Respectfully submitted,
' tiAjyter
STEVEN KUENY RON AHLERS
CITY MANAGER FINANCE DIRECTOR
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Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2017
DIRECTORY OF CITY OFFICIALS
As of June 30, 2017
CITY COUNCIL
Janice S. Parvin, Mayor
Roseann Mikos, Councilmember David Pollock, Councilmember
Ken Simons, Councilmember Mark Van Dam, Mayor Pro Tern
CITY MANAGEMENT STAFF
Steven Kueny, City Manager
Deborah Traffenstedt, Assistant City Manager
David Bobardt, Community Development Director
Sean Corrigan, City Engineer/Public Works Director
Jeremy Laurentowski, Parks& Recreation Director
Ron Ahlers, Finance Director
-vii-
CITY OF MOORPARK
Arts
Commission ORGANIZATION CHART
[ Harks and Honorable City
Rr�crr�»lion -- CouncilCily Allnrnry
(Contract)
Commission
}
Planning[ }-I City Manager
Commission
Library --,
Board
[ Police Services
(Contract)
Parks, Recreation ." 1 1
Community Administrative & Community City Engineer/ Finance
Devi-low,leo Services Services Public Works Department
Department Department Department •
Department
J -, /
• Building and Satery • City Clerk • Art in Public Places • Assessment District • Cash Management
• Code Compliance - Human Resources - Parks and Landscape Street Lighting Central Services
• Permits - Risk Management Maintenance - Capital Projects - Finance and Accounting
• Planning • Information Systems • Recreation - Crossing Guards • Fixed Assets Management
- Business Registration - Cable Television - Active Adult Center NPDES Purchasing
• Economic Development - Legislative Relations - Open Space Parking Enforcement Franchise Administration
- Public Information Maintenance - Street Maintenance Budget Development&
- Intergovernmental facility Operations and - Transit Administration
Relations Maintenance - Successor Agency to the
- Solid Waste&Recycling - Property Management Redevelopment Agency
- Emergency Management - Library
- Housing Programs
- Animal ControWector
-VIII-
G
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, 2016
Cluaretab. P. "laza
Executive Director/CEO
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FINANCIAL SECTION
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RA ROGERS,ANDERSON, MALODY& SCOTT, LLP
MA 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
Kirk A.Franks,CPA
Scott W.Manno,CPA,CGMA Report on the financial statements
Leena Shanbhag,CPA,MST,CGMA
Bradferd A.Welebir,CPA,MBA,CGMA We have audited the accompanying financial statements of the governmental
Jay H.Zercher,CPA(Partner Emeritus) activities, each major fund, and the aggregate remaining fund information of the
Phillip H.Waller,CPA(Partner Emeritus) City of Moorpark (City), California, as of and for the year ended June 30, 2017,
MANAGERS/STAFF and the related notes to the financial statements, which collectively comprise the
Jenny Liu,CPA,MST City's basic financial statements as listed in the table of contents.
Seong-Hyea Lee,CPA,MBA
Charles De Simoni,CPA Management's responsibility for the financial statements
Nathan Statham,CPA,MBA
Gardenya Duran,CPA Management is responsible for the preparation and fair presentation of these
Brianna Schultz,CPA financial statements in accordance with accountingprinciples generallyaccepted
Lisa Dongxue Guo,CPA,MSA p p
in the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to
fraud or error.
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
MEMBERS material misstatement of the financial statements, whether due to fraud or error.
American Institute of In making those risk assessments, the auditor considers internal control relevant
Certified Public Accountants to the entity's preparation and fair presentation of the financial statements in
POPS The AICPA Alliance order to design audit procedures that are appropriate in the circumstances, but
for CPA Firms not for the purpose of expressing an opinion on the effectiveness of the entity's
Governmental Audit
internal control. Accordingly, we express no such opinion. An audit also includes
Quality Center evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as
California Society of well as evaluating the overall presentation of the financial statements.
Certified Public Accountants
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
-1-
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, as of June 30, 2017, 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 management's
discussion and analysis, budgetary comparison information, OPEB schedule of funding progress,
schedule of the City's proportionate share of the plans' net pension liability and related ratios as of the
measurement date, and schedule of plan's contributions 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'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 and individual 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.
-2-
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.
Other reporting required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 11, 2017, 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.
40,e,ts, .cox, 4u1 1 ,eft, LLP.
San Bernardino, CA
December 11, 2017
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Management's Discussion and Analysis
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City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
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, 2017. 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 2016/17
by $384,804,147 (Net Position). This amount is reflective of the entire City which
includes all funds. Of this amount, $23,886,449 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, "Invested
in Capital Assets" ($265,474,327). Restrictions for Special Revenue Funds
($95,443,371), this reduces the Total Net Position to the Unrestricted Net
Position ($23,886,449). The Statement of Net Position is presented on page 16.
• The City's Total Net Position increased by $6,978,578 during the current fiscal
year. The Statement of Activities is presented on page 17.
• As of June 30, 2017, the City's governmental funds (General Fund, Special
Revenue Funds, Debt Service Funds, and Capital Projects Funds) reported
combined ending fund balances of$115,169,345, a decrease of$1 ,656,773 from
the prior year. The decrease is a result of the city constructing capital projects
during the year.
• At the end of the current fiscal year, fund balances for the General Fund were
$3,170,193 ($158,857 is in nonspendable form, and $3,011 ,336 is unassigned).
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
-4-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Other required supplementary information is included in addition to the basic financial
statements.
Government-Wide Financial Statements. The City has presented its financial
statements under the reporting model required by Governmental Accounting Standards
Board Statement No. 34 (GASB 34) and its related Statements, GASB 37, 38, and 41 .
These financial statements are designed to provide readers with a broad overview of
the City's finances, in a manner similar to a private-sector business.
The government-wide financial statements include the statement of net 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 assets may serve as a useful indicator of whether the
financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net position
changed during the most recent fiscal year. All changes in net position assets are
reported as soon as the underlying event giving rise to the change occurs, regardless of
the timing of related cash flows. Thus, revenues and expenditures are reported in this
statement for some items that will only result in cash flows in future fiscal periods (i.e.,
uncollected taxes and earned but unused 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 26-27).
The government-wide financial statements can be found on pages 16 and 17 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
-5-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
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, Parks/Public Facilities, Low and
Moderate Income Housing Asset, Community Development, Endowment, 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 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.
-6-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
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 26-27 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 28-70 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
$385 million at the close of the current fiscal year.
The City's net investment in capital assets, net of related debt reflects a positive $265
million. As shown on Table 1 , the largest portion of the City's net position (69%) 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 (25%) 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
(6%) 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, 2017, 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.
-7-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Table 1
Net Position
Governmental Activities
As of June 30, 2017 and 2016
2017 2016
Assets:
Current and other assets $ 126,443,937 $ 123,270,061
Capital Assets 265,474,327 259,824,449
Total Assets: 391,918,264 383,094,510
Deferred Outflows of Resources:
Pension related 3,037,579 2,846,763
Liabilities:
Other liabilities 7,737,173 4,744,189
Total Liabilities: 7,737,173 4,744,189
Deferred Inflows of Resources:
Pension related 2,414,523 3,371,515
Net Position:
Net invested in capital assets 265,474,327 259,824,449
Restricted 95,443,371 94,421,242
Unrestricted 23,886,449 23,579,878
Total Net Position $ 384,804,147 $ 377,825,569
The City's net position increased by $7.0 million during the current fiscal year as a result
of increase development activity within the City.
-8-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Changes in Net Position
Governmental Activities
For the Years Ended June 30, 2017 and 2016
2017 2016
Revenues:
Program Revenues:
Charges for services $ 13,894,579 $ 10,061,140
Operating contributions and grants 6,021,546 3,943,429
Capital contributions and grants 993,530 2,014,302
General Revenues:
Property taxes, levied for general purposes 9,332,969 7,923,937
Franchise taxes 1,559,634 1,276,932
Sales taxes 3,854,408 3,316,402
Sales taxes in lieu - 730,083
Investment income 347,582 2,447,983
Other 215,621 1,607,108
Total Revenues: 36,219,869 33,321,316
Expenses:
General government 3,336,050 795,772
Public safety 9,302,239 7,614,298
Public services 9,513,380 12,162,933
Parks and recreation 6,791,321 7,117,157
Streets and roads 274,954 -
Interest on long-term debt 23,347 -
Total Expenses: 29,241,291 27,690,160
Increase in net position 6,978,578 5,631,156
Net position, beginning of year 377,825,569 372,194,413
Net position, end of year $ 384,804,147 $ 377,825,569
-9-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Capital
Program Revenues Contributions
and Grants,
5T
Charges for
eServices,
ContribuOptionratings 66 °'a
and Grants,
2€ °0
General Revenues
Investment
income Other
2% 1%
Sales taxes
25%
Franchise
taxes Property
10% taxes
62%
-10-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
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. GASB 54
requires fund balance classifications that focus 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 $115,169,345. This is a decrease of $1 ,656,773 in comparison with the
prior year. $158,857 or 0.1% is nonspendable, $61 ,978,590 or 53.8% is restricted to
specific purpose, $847,588 or 0.7% is committed, $50,386,413 or 43.8% is assigned
and $1 ,797,897 or 1 .6% 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 $3,170,193, which increased by
$149,891 over prior year. Asa measure of the General Fund's liquidity, it may be useful
to compare total fund balance to total fund expenditures. Total fund balance represents
19% of total General Fund expenditures and transfers out. This is a healthy reserve.
Key factors for revenues and expenses when compared to fiscal year 2015/16 are as
follows:
• The City's property tax revenues increased by $189,837 or 5.7%.
• Sales tax revenues increased by approximately $538,006 or 16.2% as a result of
the "triple flip" cessation. Sales tax allocation reverted to the full 1 % Bradley-
burns rate because of the mid-year cessation of the "triple flip" in 2016. When
combined with the "triple flip", total sales tax decreased by $192,078 or 4.7%.
-11-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
• The Sales Tax Compensation or "triple flip" decreased by $730,083 or 100%.
This revenue ceased mid-year from the State and is now allocated to Sales Tax
(see above).
• Interest earnings decreased by $659,057 or 94.8% due to unrealized market
value losses.
• Expenditures and transfers out ended the year $1 ,493,012 or 8.4% less than the
prior year figure. The prior year the City transferred $1 .4 million more to the
Special Projects fund than in the current year
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 .8 million due to
construction of trail project at Arroyo Vista Community Park and widening of Moorpark
Avenue.
Assessment District Fund
The fund balance of the Assessment District Fund increased by $518,698 from the prior
year. Increasing conservation and more abundant rain fall helped reduce operating
costs of water and landscaping.
Parks/Public Facilities Fund
The fund balance of the Parks/Public Facilities Fund decreased by $765,282 this year
due to the construction of the trail project at Arroyo Vista Community Park.
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. There was little activity this
past year.
Community Development Fund
This fund received a transfer in from the General Fund in the amount of$490,276. This
subsidy reflects the pattern that development fees decreased and are providing less
revenues for operations of the Community Development Department.
Endowment Fund
The fund balance of the Endowment Fund increased by $106,401 . This past year this
fund was used for the purchase of three properties from the Successor Agency in
accordance with the approved Long Range Property Management Plan.
Police Facilities Fee Fund
The fund balance of the Police Facilities Fund improved by $141 ,150 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.
-12-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Special Projects Fund
Per City Council Policy, the General Fund transferred fund balance in excess of $3
million to the Special Projects Capital Projects Fund. This amount was $1 .4 million this
past year. The June 30, 2017 fund balance is about $28.1 million.
Non-Major Governmental Funds
The fund balance of all other Non-Major Governmental Funds decreased by $952,348
from the previous fiscal year due to capital outlay expenditures of about $3 million.
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 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, 2017, were revenues
exceeding expenditures by approximately $3.7 million which was transferred, on its
majority, to the Special Projects Fund. Revenues plus Transfers In were $439,884
more than the final budget and expenditures plus Transfers Out ended the year under
budget (final) by $4.3 million. Almost one-half of the revenue increase was due to
Property tax increase of $190,000. During the fiscal year, the City Council appropriated
an additional $1 million in the General Fund expenses for prior year projects and
purchase orders along with funding new projects. The City has a history of not
spending the entire appropriation, this along with the additional appropriation created
the under budget of$4.3 million noted above.
CAPITAL ASSET AND LONG-TERM LIABILITIES
Capital Assets. The City's investment in capital assets as of June 30, 2017, amounted
to $265 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. The total increase in the City's
investment in capital assets for the current fiscal year was $5.6 million.
-13-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
Capital Assets (net of depreciation)
Governmental Activities
As of June 30, 2017 and 2016
2017 2016
Land $ 44,302,328 $ 41,966,406
Rights of Way 123,302,765 123,302,765
Construction in Progress 18,818,320 12,120,583
Buildings and improvements 25,258,537 26,365,877
Machinery and equipment 2,821,857 3,229,119
Infrastructure 50,970,520 52,839,699
Total $ 265,474,327 $ 259,824,449
GASB 34 requires the City account for infrastructure assets on its financial statements.
The accompanying government-wide financial statements include those infrastructure
assets that were either completed during the current fiscal year or considered
construction in progress at current fiscal year-end.
Additional information on the City's capital assets can be found in Note 5 on page 48 of
this report.
Long-term Liabilities
At the end of the current fiscal year, the City's long-term liabilities outstanding are
$3,601 ,643, which are the net pension liability ($2,973,847) and the employee
compensated absences payable ($627,796). The City implemented GASB 68,
Accounting and Financial Reporting for Pensions, in the fiscal year 2014-15. In January
2015, the City contributed $3.6 million to pay down the net pension liability. An
additional $4 million contribution to pay down the net pension liability was made in
September 2017; this is not reflected in this year's financial statements. Additional
information on the City's long-term liabilities can be found in Note 6 on page 49 of the
basic financial statements. Note 7, Defined Benefit Pension, discloses the pension plan
data according to GASB 68.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The slow economic recovery in conjunction with the rising costs of police services and
utilities and the ultra-low interest rate environment combined to cause strains in the
City's General Fund. Certain costs continue to outpace the growth seen in major
General Fund revenues such as property and sales tax, including increases in pension
costs, parks and landscape maintenance and the Ventura County Sheriffs Contract.
There is also an increasing need for the General Fund to partially support services that
-14-
City of Moorpark
Management's Discussion and Analysis
Year Ended June 30, 2017
in the past were self-supporting or required a lower General Fund contribution such as:
street lighting, landscaping, engineering and planning services.
The City has additional protections from the State taking our monetary resources as a
result of the 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 the fiscal year 2017/18 budget, the City took into consideration the following factors:
• Sales Tax revenues assume a minor increase from fiscal year 2016/17
• 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%.
• Increase of 0.041% in PERS employer retirement rate from 8.377% to 8.418%
effective July 1 , 2017. This rate is projected to increase to over 10% within three
years.
• Increase in employee compensation from a general 2% cost of living adjustment
and increases in medical insurance premiums.
• Projections indicate our cost for general liability and workers compensation
insurance will both slightly decrease for fiscal year 2017/18 when compared to
fiscal year 2016/17 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 2017/18 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.
-15-
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BASIC FINANCIAL STATEMENTS
City of Moorpark
Statement of Net Position
June 30, 2017
Governmental
Activities
ASSETS
Cash and investments $ 109,587,760
Receivables, net:
Accounts 1,978,385
Interest 512,233
Prepaid items 17,371
Net OPEB asset 604,268
Property held for resale 6,893,496
Long term notes and loans receivables 6,850,424
Capital assets:
Non-depreciable 187,742,761
Depreciable, net of accumulated depreciation:
Buildings and improvements 25,258,537
Machinery and equipment 2,821,857
Infrastructure 49,651,172
Total assets 391,918,264
DEFERRED OUTFLOWS OF RESOURCES
Pension related 3,037,579
LIABILITIES
Accounts payable and accrued liabilities 3,835,392
Unearned revenues 300,138
Noncurrent liabilities:
Due within one year 364,614
Due in more than one year 263,182
Net pension liability 2,973,847
Total liabilities 7,737,173
DEFERRED INFLOWS OF RESOURCES
Pension related 2,414,523
NET POSITION
Net investment in capital assets 265,474,327
Restricted for:
Public services 57,204,567
Recreation services 5,080,464
Public safety 21,395,540
Housing activities 11,762,800
Unrestricted 23,886,449
Total net position $ 384,804,147
The accompanying notes are an integral part of these financial statements.
-16-
City of Moorpark
Statement of Activities
Year Ended June 30, 2017
Program Revenues
Operating Capital Net
Charges for Contributions Contributions Governmental
Functions/Programs Expenses Services and Grants and Grants Activities
Primary Government
Governmental activities:
General government $ 3,336,050 $ 960,934 $ - $ - $ (2,375,116)
Public safety 9,302,239 2,623,885 - - (6,678,354)
Publicservices 9,513,380 6,499,441 6,021,546 993,530 4,001,137
Parks and recreation 6,791,321 3,810,319 - - (2,981,002)
Streets and roads 274,954 - - - (274,954)
Interest on long-term debt 23,347 - - - (23,347)
Total governmental activities 29,241,291 13,894,579 6,021,546 993,530 (8,331,636)
Total primary government $ 29,241,291 $ 13,894,579 $ 6,021,546 $ 993,530
General revenues:
Taxes:
Property tax,levied for general purpose 9,332,969
Franchise fee 1,559,634
Sales tax 3,854,408
Investment income 347,582
Other 215,621
Total general revenues 15,310,214
Change in net position 6,978,578
Net position,beginning of year 377,825,569
Net position,end of year $ 384,804,147
The accompanying notes are an integral part of these financial statements.
-17-
City of Moorpark
Balance Sheet—Governmental Funds
June 30, 2017
Special Revenue
Street and Assessment
General Traffic Safety Districts
ASSETS
Cash and investments $ 3,032,423 $ 21,695,532 $ 5,744,692
Receivables, net:
Accounts 1,389,902 41,645 128,773
Interest - - -
Notes and loans - - -
Due from other funds 143,237 - -
Prepaid items 15,620 1,751 -
Property held for resale - - -
Total assets $ 4,581,182 $ 21,738,928 $ 5,873,465
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 1,293,374 $ 413,667 $ 243,241
Due to other funds - - -
Unearned revenues - - -
Total liabilities 1,293,374 413,667 243,241
Deferred inflows of resources:
Unavailable revenues 117,615 - -
Total deferred inflows of resources 117,615 - -
Fund balances:
Nonspendable 158,857 - -
Restricted - 21,325,261 5,630,224
Committed - - -
Assigned - - -
Unassigned 3,011,336 - -
Total fund balances(deficit) 3,170,193 21,325,261 5,630,224
Total liabilities, deferred inflows of
resources and fund balances $ 4,581,182 $ 21,738,928 $ 5,873,465
The accompanying notes are an integral part of these financial statements.
-18-
Continued
Capital
Special Revenue Projects
Low-Mod Police
Parks/Public Income Community Facilities
Facilities Housing Asset Development Endowment Fee
$ 5,837,752 $ 178,194 $ 1,173,375 $ 13,210,368 $ 1,244
23,575 322 4,107 23,727 258
315,456 - - -
5,233,968 - - -
- - - 1,186,906 -
-
6,316,148 - - -
$ 5,861,327 $ 12,044,088 $ 1,177,482 $ 14,421,001 $ 1,502
$ 309,890 $ 8,493 $ 1,176,258 $ 4,433 $ -
458,855 - - - 1,186,905
10,000 - - -
768,745 18,493 1,176,258 4,433 1,186,905
12,118 4,346,699 250 - -
12,118 4,346,699 250 - -
5,080,464 7,678,896 - - -
- 974 14,416,568 -
- - - - (1,185,403)
5,080,464 7,678,896 974 14,416,568 (1,185,403)
$ 5,861,327 $ 12,044,088 $ 1,177,482 $ 14,421,001 $ 1,502
-19-
City of Moorpark
Balance Sheet—Governmental Funds Continued
June 30, 2017
Capital
Projects
Non-major Total
Special Governmental Governmental
Projects Funds Funds
ASSETS
Cash and investments $ 27,684,571 $ 31,029,609 $ 109,587,760
Receivables, net
Accounts - 366,076 1,978,385
Interest - 196,777 512,233
Notes and loans - 1,616,456 6,850,424
Due from other funds 458,855 30,073 1,819,071
Prepaid items - - 17,371
Property held for resale - 577,348 6,893,496
Total assets $ 28,143,426 $ 33,816,339 $ 127,658,740
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ - $ 386,036 $ 3,835,392
Due to other funds - 173,311 1,819,071
Unearned revenues - 290,138 300,138
Total liabilities - 849,485 5,954,601
Deferred inflows of resources:
Unavailable revenues - 2,058,112 6,534,794
Total deferred inflows of resources - 2,058,112 6,534,794
Fund balances:
Nonspendable - - 158,857
Restricted - 22,263,745 61,978,590
Committed - 847,588 847,588
Assigned 28,143,426 7,825,445 50,386,413
Unassigned - (28,036) 1,797,897
Total fund balances(deficit) 28,143,426 30,908,742 115,169,345
Total liabilities, deferred inflows of
resources and fund balances $ 28,143,426 $ 33,816,339 $ 127,658,740
The accompanying notes are an integral part of these financial statements.
-20-
City of Moorpark
Reconciliation of the Balance Sheet of
Governmental Funds to the Statement of Net Position
June 30, 2017
Fund balances of governmental funds $ 115,169,345
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. 265,474,327
Revenues and resources reported as unavailable revenue in the governmental funds are
recognized in the Statement of Activities.The availability criteria does not apply
to the government-wide statements. 6,534,794
Long term liabilities are not due and payable in the current period and,therefore,
are not reported in funds:
Compensated absences payable (627,796)
Net pension liability (2,973,847)
Governmental funds report all Other Post Employment Benefits(OPEB)contributions
as expenditures, however, in the Statement of Net Position,any excess or deficiencies
in contributions in relation to the Annual Required Contribution(ARC)are reported
as an asset or liability.The City has contributed more than the required ARC to the
retiree medical plan and reports the OPEB obligation as an asset. 604,268
Deferred inflows and outflows of resources related to pensions are not
reported in the governmental funds:
Net deferred inflows of resources (2,414,523)
Net deferred outflows of resources 3,037,579
Net position of governmental activities $ 384,804,147
The accompanying notes are an integral part of these financial statements.
-21-
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended June 30, 2017
Special Revenue
Street and Assessment
General Traffic Safety Districts
REVENUES
Taxes $ 13,481,150 $ - $ -
Licenses and permits 197,765 - -
Fines and forfeitures 284,855 -Use of money and property 634,816 40,480 7,919
Charges for services 1,169,170 1,948,398 -
Intergovernmental 60,747 - -
Maintenance assessments - - 3,015,980
Other revenue 624,858 - 1,621
Total revenues 16,453,361 1,988,878 3,025,520
EXPENDITURES
Current:
General government 2,770,296 30,300
Public safety 7,275,103 49,885 6,474
Public services 789,922 307,972 363,957
Parks and recreation 1,069,854 - 3,737,287
Streets and roads 137,302 - -
Capital outlay 727,777 3,398,288 -
Debt service:
Interest - - -
Total expenditures 12,770,254 3,786,445 4,107,718
Excess(deficiency)of revenues
over(under)expenditures 3,683,107 (1,797,567) (1,082,198)
OTHER FINANCING SOURCES(USES)
Transfers in - - 1,600,896
Transfers out (3,533,216) (1,116) -
Total other financing sources(uses) (3,533,216) (1,116) 1,600,896
Net change in fund balances 149,891 (1,798,683) 518,698
Fund balances(deficit), beginning of year 3,020,302 23,123,944 5,111,526
Fund balances(deficit), end of year $ 3,170,193 $ 21,325,261 $ 5,630,224
The accompanying notes are an integral part of these financial statements.
_22_
Continued
Capital
Special Revenue Projects
Low-Mod Police
Parks/Public Income Community Facilities
Facilities Housing Asset Development Endowment Fee
$ - $ - $ - $ - $ -
- - 1,060,915 - -
- - 11,360 - -
688 19,284 (1,272) 101,302 424
1,184,126 - 837,510 1,163,112 140,726
29,179 - - - -
1,213,993 19,284 1,908,513 1,264,414 141,150
- 7,542 - - -
- - 896,658 - -
- 27,065 1,501,058 123,213 -
49,627 - - - -
1,924,042 - - 1,034,800 -
- 23,347 - - -
1,973,669 57,954 2,397,716 1,158,013 -
(759,676) (38,670) (489,203) 106,401 141,150
- - 490,276 - -
(5,606) - - - -
(5,606) - 490,276 - -
(765,282) (38,670) 1,073 106,401 141,150
5,845,746 7,717,566 (99) 14,310,167 (1,326,553)
$ 5,080,464 $ 7,678,896 $ 974 $ 14,416,568 $ (1,185,403)
-23-
City of Moorpark
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds Continued
Year Ended June 30, 2017
Capital
Projects
Non-major Total
Special Governmental Governmental
Projects Funds Funds
REVENUES
Taxes $ - $ 1,335,660 $ 14,816,810
Licenses and permits - - 1,258,680
Fines and forfeitures - 197,392 493,607
Use of money and property (43,649) 3,009 763,001
Charges for services - 2,076,880 8,519,922
Intergovernmental - 2,675,300 2,765,226
Maintenance assessments - - 3,015,980
Other revenue 4,431 143,722 774,632
Total revenues (39,218) 6,431,963 32,407,858
EXPENDITURES
Current:
General government - 55,067 2,863,205
Public safety - 265,325 8,493,445
Public services - 3,539,343 6,652,530
Parks and recreation - 830,560 5,687,328
Streets and roads - 122,244 259,546
Capital outlay - 3,000,323 10,085,230
Debt service:
Interest - - 23,347
Total expenditures - 7,812,862 34,064,631
Excess(deficiency)of revenues
over(under)expenditures (39,218) (1,380,899) (1,656,773)
OTHER FINANCING SOURCES(USES)
Transfers in 1,442,044 428,551 3,961,767
Transfers out (421,829) - (3,961,767)
Total other financing sources(uses) 1,020,215 428,551 -
Net change in fund balances 980,997 (952,348) (1,656,773)
Fund balances(deficit), beginning of year 27,162,429 31,861,090 116,826,118
Fund balances(deficit), end of year $ 28,143,426 $ 30,908,742 $ 115,169,345
The accompanying notes are an integral part of these financial statements.
-24-
City of Moorpark
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
Year Ended June 30, 2017
Net change in fund balance-total governmental funds $ (1,656,773)
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.
This activity is reconciled as follows:
Capital outlays and other capital expenditures $ 9,237,242
Depreciation expense (3,587,363) 5,649,879
Revenues that are measurable but not available are not recorded as revenues under the
modified accrual basis of accounting in the governmental funds. 3,812,010
Some expenses reported in the Statement of Activities do not require the use of current
financial resources and,therefore,are not reported as expenditures in governmental funds.
Increase in compensated absences (27,177)
Decrease in OPEB asset (66,500)
Pension expense net adjustments (732,861)
Change in net position of governmental activities $ 6,978,578
The accompanying notes are an integral part of these financial statements.
_25_
City of Moorpark
Statement of Fiduciary Net Position
June 30, 2017
Successor Agency
Private-Purpose Agency
Trust Fund Fund
ASSETS
Cash and investments $ 2,664,010 $ 4,567,425
Cash and investments with fiscal agent 2,071,307 4,940,275
Receivables, net:
Accounts - 27,685
Prepaid insurance premium 176,654 -
Land held for resale 9,905,743 -
Construction in progress 119,736 -
Capital assets, net of accumulated depreciation 8,714,713 -
Total assets 23,652,163 $ 9,535,385
LIABILITIES
Accounts payable 186,616 89,375
General deposits - 4,472,013
Bonds payable - due within one year 835,000 -
Bonds payable - due in more than one year 21,540,000 -
Amortizable charges- debt related 348,363 -
Due to bondholders - 4,973,997
Total liabilities 22,909,979 $ 9,535,385
NET POSITION
Held in trust for the Successor Agency $ 742,184
The accompanying notes are an integral part of these financial statements.
-26-
City of Moorpark
Statement of Changes in Fiduciary Net Position
Private-Purpose Trust Fund
Year Ended June 30, 2017
Successor Agency
Private-Purpose
Trust Fund
ADDITIONS
RPTTF distribution $ 2,430,597
Investment earnings 18,549
Total additions 2,449,146
DEDUCTIONS
Debt service payments - interest 849,437
Loss on property sold 466,392
Depreciation 205,746
Amortization of deferred charges 450,224
Other payments 1,752,153
Total deductions 3,723,952
Change in net position (1,274,806)
Net position, beginning of year 2,016,990
Net position, end of year $ 742,184
The accompanying notes are an integral part of these financial statements.
_27_
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
NOTEDESCRIPTION PAGE
1 Summary of Significant Accounting Policies 28
2 Cash and Investments 37
3 Notes and Loans Receivable 44
4 Interfund Transactions 46
5 Capital Assets and Depreciation 48
6 Long-Term Liabilities 49
7 Defined Benefit Pension Plan 49
8 Other Post Employment Benefits 57
9 Conduit Debt- Revenue Bonds 59
10 Special Assessment Bonds 60
11 Risk Management 61
12 Classification of Net Position and Fund Balance 64
13 Commitments and Contingencies 67
14 Successor Agency - Private Purpose Trust Fund 68
15 Employees Retirement Plan 70
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 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 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, 2017.
The following specific criteria were used in determining that the PFA and the IDA are "blended" component
units:
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.
4) The PFA and IDA did not issue separate financial statements in the current fiscal year.
_28_
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
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.
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 balance, 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.
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 14).
_29_
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
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, deferred inflows of resources, liabilities, and deferred outflows of resources, 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
contributions and grants. 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.
Certain eliminations have been made in regard to inter-fund 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 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 the qualifications in accordance with the accounting standards. 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, deferred outflows of resources,
current liabilities, and deferred inflows of resources are included on the Balance Sheets.
-30-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
Governmental Fund Financial Statements, (continued)
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 unearned revenues. Expenditures are recorded when the fund liability is incurred, if measurable,
except for un-matured 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.
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 fee 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 Parks and Public Facilities Special Revenue Fund is used to account for fees used for park and public
facilities improvements as a result of additional development. Sources of revenue are development fees.
The Low and Moderate Income Housing Asset Special Revenue Fund is used to account for the housing assets
transferred from the former 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
Low and Moderate Income Housing Fund of the former Agency.
The Community Development Special Revenue 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.
-31-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
D) Basis of Accounting and Measurement Focus, (continued)
Governmental Fund Financial Statements, (continued)
The Endowment Special Revenue 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.
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 balance monies in excess of$3,000,000.
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 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 reports certain investments at fair value in the balance sheet and recognizes the corresponding change
in the fair value of investments in the year in which the change occurred. The City has adjusted certain
investments to fair value (if material).
Investments are included within the financial statement classifications of"cash and investments" and "restricted
cash and investments," and are stated at fair value.
F) Property Held for Resale/Development
Property held for resale in the Low and Moderate Income Housing Asset Fund and 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 restricted fund balance to indicate that these assets constitute future projects and are restricted
resources. The balance at June 30, 2017, was $6,893,496.
-32-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 acquisition 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) Unearned and Unavailable Revenue
Unearned revenue is recorded for monies collected in advance that have not been earned. Unavailable revenue
is recorded when the availability criteria has not been met. As of June 30, 2017, unearned revenue in the
Governmental Funds amounted to $300,138. The majority of this amount, $290,138 is for the Metro link North
Parking Lot project. Unavailable revenue amounted to $374,862; of which $239,884 represents Transit
revenues from the Ventura County Transportation Commission that were not available as of June 30, 2017. The
balance for Unavailable revenues of$6,159,932 is related to deferred housing notes and loans receivables.
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 and net pension liability at June 30, 2017.
-33-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
J) Employee Compensated Absences
City employees may receive from 20 to 30 days of 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 Memorandum of Understanding (MOU) with the Service Employee International Union.
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. SARA
receives incremental property taxes on property within the 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, 2017, in the opinion of the City Attorney, the City had no material claims, which require loss
provision in the financial statements. Small claims and judgments are recorded as expenditures when paid.
The City's self-insurance program is administered through the California Joint Powers Insurance Authority
(Authority). The Authority is a public entity risk pool, which is accounted for under the provisions of GASB
Statement No. 10. Claim losses recorded in the Authority include both current claims and Incurred but Not
Reported claims (IBNR). These deposits are subject to retrospective adjustment. Favorable claims experience
results in a refund of deposits from the Authority and such refunds, if any, are recorded as a reduction of
insurance expenditures in the year received. Adverse claims experience results in the payment of additional
deposits and such deposits, if any, are recorded as insurance expenditures when paid.
-34-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
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) Fund Balance Reporting and Governmental Fund Type Definitions
The following fund balance classifications describe the relative strength of the spending constraints placed on
the purposes for which resources can be used:
Nonspendable —amounts that are not in a spendable form (such as inventory) or are required to be maintained
intact.
Restricted — amounts constrained to specific purposes by their providers (such as grantors, bondholders and
higher levels of government), through constitutional provisions or by enabling legislation.
Committed — amounts constrained to specific purposes by a government itself, using the highest level of
decision-making authority, a City Council Action; to be reported as committed, amounts cannot be used for any
other purpose unless the government takes the same highest level action to remove or change the constraint.
Assigned — amounts a government intends to use for a specific purpose; intent can be expressed by the
governing body or by an official or body to which the governing body delegates the authority.
Unassigned—amounts that are for any purpose; positive amounts are reported only in the General Fund.
The City Council, establishes (and modifies or rescinds) fund balance commitments by passage of a resolution.
The City's Fund Balance Policy authorizes the City Council to assign Fund Balances for specific purposes.
When both restricted and unrestricted resources are available for use when expenditures are incurred, it is the
City's policy to use restricted resources first, then unrestricted resources as they are needed. It is also the City's
policy to consider committed amounts as being reduced first, followed by assigned amounts and then
unassigned amounts when expenditures are incurred for purposes for which amounts in any of those
unrestricted fund balance classifications could be used.
-35-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, (continued)
0) Pension plans
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to
pensions, and pension expense, information about the fiduciary net position and additions to/deductions from
the fiduciary net position have been determined on the same basis as they are reported by the CaIPERS
Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are
recognized when currently due and payable in accordance with the benefit terms. Investments are reported at
fair value. CaIPERS audited financial statements are publicly available reports that can be obtained at California
Public Employees Retirement System (CaIPERS) at www.calpers.ca.gov.
GASB 68 requires that the reported results must pertain to liability and asset information within certain defined
timeframes. For this report, the following timeframes are used:
Valuation Date (VD) June 30, 2015
Measurement Date (MD) June 30, 2016
Measurement Period (MP) July 1, 2015 to June 30, 2016
-36-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
2) CASH AND INVESTMENTS
Cash and investments at June 30, 2017, consisted of the following:
City Treasury Deposits
Demand Deposits $ 4,605,862
Cash on Hand 1,750
Total City Treasury Deposits 4,607,612
City Treasury Investments
Local Agency Investment Fund (LAIF) 3,064,869
Ventura County Pool 21,104,381
Money Market 34,117
Certificates of Deposit-Negotiable 9,480,112
U.S. Treasury Notes 1,004,340
U.S. Agency Securities:
Federal National Mortgage Assoc. 28,291,492
Federal Home Loan Bank 24,325,361
Federal Farm Credit Bank 12,151,362
Federal Home Loan Mortgage Corp. 7,064,320
Farmer Mac 4,684,429
Federal Agricultural Mortgage Corp. 1,006,800
Total City Treasury Investments 112,211,583
Cash and Investments With Fiscal Agent
Money Market 2,870,552
US Treasury Notes 2,839,100
Medium Term Notes 1,301,930
Total Cash and Investments With Fiscal Agent 7,011,582
Total Cash and Investments $ 123,830,777
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 $ 109,587,760 $ 2,664,010 $ 4,567,425 $ 116,819,195
Cash and investments
with fiscal agent - 2,071,307 4,940,275 7,011,582
Total $ 109,587,760 $ 4,735,317 $ 9,507,700 $ 123,830,777
-37-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 Code
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 $ 65,000,000
*Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.
-38-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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.
-39-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 1to 2 2 to 3 3 to 4 >4
LAIF $ 3,064,869 $ 3,064,869 $ - $ - $ - $ -
VenturaCountyPool 21,104381 21,104381 - - -Money Market 34,117 34,117 - - - -
CertificatesofDeposit 9480,112 245466 245835 199388 4168391 4,621,032
U.S.Treasury Notes 1,004340 - 1,004340 - - -
U.S.Agency Securities:
Federal National Mortgage Assoc. 28291,492 5988320 5,034,550 3403,702 7,939260 5925,660
Federal Home Loan Bank 24325361 997,460 5675669 6,071230 3,501385 8,079,617
Federal Farm Credit Bank 12,151362 3,009390 1,004290 4231317 992,620 2913,745
Federal Home Loan Mortgage Corp. 7,064320 2,014,670 2,047,080 3,002,570 -Farmer Mac 4,684429 2,000,000 1506,985 1177,444 - -
Federal Agricultural Mortgage Corp. 1,006,800 - - 1,006800 - -
Held by bond trustee.
Money Market 2,870552 2,870552 - - - -
USTreasuryNotes 2,839,100 2,839,100 - - - -
Medium Term Notes 1,301,930 - - 673857 - 628,073
$ 119223,165 $ 44,168325 $ 16518749 $ 19,766308 $ 16601,656 $ 22168,127
C) Credit Risk and Concentration of Credit Risk
At June 30, 2017, the carrying amount of the City and SARA's deposits with financial institutions was
$1,941,852 and $2,664,010, respectively. Bank balances, before reconciling items, were $1,158,920 and
$2,664,010, for the City and SARA, respectively, which were collateralized with securities held by the pledging
financial institution's trust department.
The California Government Code requires California depository banks and savings and loan institutions to
secure government organizations' cash deposits by pledging securities as collateral. The 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.
-40-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 organization'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 organization's total cash deposits. The
organizations 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 (FDIC). The City,
however, does not normally waive the collateralization requirements. As of June 30, 2017, the City and SARA
have $1,691,250 and $2,414,010, respectively, in excess of the $250,000 limit of FDIC coverage, respectively.
The excess amounts are fully collateralized by the banking institution, per California law.
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 $ 3,064,869 Not Rated 2.6%
Ventura County Pool 21,104,381 AAAf 17.7%
Money Market 34,117 AAA 0.0%
Certificates of Deposit 9,480,112 AAA 8.0%
U.S.Treasury Notes 1,004,340 AA+ 0.8%
U.S.Agency Securities:
Federal National Mortgage Assoc. 28,291,492 AA+ 23.7%
Federal Home Loan Bank 24,325,361 AA+ 20.4%
Federal Farm Credit Bank 12,151,362 AA+ 10.2%
Federal National Mtg Corp. 7,064,320 AA+ 5.9%
Farmer Mac 4,684,429 AA+ 3.9%
Federal Agric Mtg Corp. 1,006,800 AA 0.8%
Held by bond trustee:
Money Market 2,870,552 Not Rated 2.4%
US Treasury Notes 2,839,100 AA+ 2.4%
Medium Term Notes 1,301,930 AA+ 1.1%
$ 119,223,165 100.0%
-41-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 $65,000,000 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, 2017,
accounts were maintained in the name of the City for$3,064,869. At June 30, 2017, the fair value of the State of
California Pooled Money Investment Account (PMIA) including accrued interest was $78,345,749,000. 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 $21,104,381 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. As of June 30, 2017, the fair value of the City's position in the pool equals the value of the pool
shares. 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.
F) Fair Value Measurements
GASB Statement No. 72, Fair Value Measurements and Application, establishes a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad
levels: Level 1 inputs consist of quoted prices (unadjusted) for identical assets and liabilities in active markets
that a government can access at the measurement date, Level 2 inputs that are observable for an asset or
liability, either directly or indirectly, and Level 3 inputs have the lowest priority and consist of unobservable
inputs for an asset or liability.
-42-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
2) CASH AND INVESTMENTS, (continued)
F) Fair Value Measurements, (continued)
The following table presents the balances of the assets measured at fair value on a recurring basis as of
June 30, 2017:
Investments by Fair Value Level Total Level 1 Level 2 Level 3
Money Market $ 34,117 $ 34,117 $ - $ -
Certificates of Deposit 9,480,112 - 9,480,112 -
U.S. Treasury Notes 1,004,340 1,004,340 - -
U.S.Agency Securities:
Federal National Mortgage Assoc. 28,291,492 28,291,492 - -
Federal Home Loan Bank 24,325,361 24,325,361 - -
Federal Farm Credit Bank 12,151,362 12,151,362 - -
Federal National Mtg Corp. 7,064,320 7,064,320 - -
Farmer Mac 4,684,429 4,684,429 - -
Federal Agric Mtg Corp. 1,006,800 1,006,800 - -
Held by bond trustee:
Money Market 2,870,552 2,870,552 - -
US Treasury Notes 2,839,100 2,839,100 - -
Medium Term Notes 1,301,930 - 1,301,930 -
Total assets in the fair value hierarchy 95,053,915 $ 84,271,873 $ 10,782,042 $ -
Investments measured at the net asset
value
LAIF 3,064,869
Ventura County Pool 21,104,381
Total investments measured at fair value $ 119,223,165
-43-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
3) NOTES AND LOANS RECEIVABLE
Notes and loans receivable activity for the year ended June 30, 2017, is as follows:
Beginning Ending
Balance Increases Decreases Balance
Notes receivable
Deferred property assessments $ 433,428 $ 1,880 $ - $ 435,308
Moorpark 20,LP 2,028,170 44,413 - 2,072,583
Walnut 24,LP - 4,725,090 - 4,725,090
Total notes receivable 2,461,598 4,771,383 - 7,232,981
Loans receivable
Rehabilitation 13,469 - - 13,469
First-time home buyer assistance-Affordable Housing 7,548 - - 7,548
CalHome 108,659 - - 108,659
Mountain Recreation&Conservation Authority 6,500 - (6,500) -
Total loans receivable 136,176 - (6,500) 129,676
Total loans and notes receivable $ 2,597,774 $ 4,771,383 $ (6,500) $ 7,362,657
Balance includes accrued interest separately reported in the financial statements.
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, 2017, the principal balance
outstanding is $250,249 and accrued interest of $185,059 for a total balance of $435,308. The outstanding
balance and accrued interest are due and payable in 2023.
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 (M2OLP), 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 M2OLP
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 M2OLP 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, 2017, are $1,176,500 and $196,083 respectively for a total of$1,372,583.
-44-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
3) NOTES AND LOANS RECEIVABLE, (continued)
B) Moorpark 20, LP Promissory Note, (continued)
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, 2017, are $600,000 and $100,000 respectively for a
total of$700,000.
The combined amount of principal and accrued interest outstanding at June 30, 2017, is $1,776,500 and
$296,083 respectively, for a total of$2,072,583.
C) Walnut24, LP Promissory Notes
On March 17, 2017 the City signed the Amendment No. 2 to the Disposition and Development Agreement with
Walnut24, LP (W24LP), a California limited partnership of Area Housing Authority of the County of Ventura and
Many Mansions. The DDA provides for the construction of a 24-unit affordable housing apartment on Housing
Successor Agency-owned parcel located at 782 Moorpark Avenue, 798 Moorpark Avenue, 81 Charles Street
and 765 Walnut Street (Property). On March 22, 2017, the City and W24LP executed a $3,444,000 loan
(Purchase Loan) for the purchase of the Property and will accrue simple interest at the rate of 2.25% per annum
and have a term of 32 years. After the City's Permanent Loan has been paid in full, W24LP will begin to make
annual payments to the City each year in the amount equal to 50% of the residual receipts. A balloon payment
for the remaining balance and accrued interest will be paid to the City at the end of the 32-year term. This loan
is subordinate in right of payment to the MUFG Union Bank, N.A., California Community Reinvestment
Corporation and Ventura County Housing Trust Fund; and is secured by Deeds of Trust. As of June 30, 2017,
the outstanding principal and accrued interest on this note are $3,444,000 and $19,371 respectively for a total of
$3,463,371.
On the same date, the City and W24LP also signed a $1,250,000 construction to permanent loan (Permanent
Loan) which will accrue interest at a rate of 3.75% per annum and have a term of 18 years. Upon conversion of
the loan from construction to permanent financing, W24LP will begin to make single annual payment to the City
each year for the term of the note to equal 50% of the residual receipts. A balloon payment for the remaining
balance and accrued interest will be paid to the City at the end of the 18-year term. This loan is subordinate in
right to payment to the MUFG Union Bank, N.A., California Community Reinvestment Corporation, Ventura
County Housing Trust Fund and City's Purchase Loan; and is secured by Deeds of Trust. The principal and
accrued interest outstanding on this note at June 30, 2017, are $1,250,000 and $11,719 respectively for a total
of$1,261,719.
D) 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, 2017, was $13,469.
-45-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
3) NOTES AND LOANS RECEIVABLE, (continued)
E) First-Time Homeowner Assistance
The City provides down payment assistance loans to first-time homeowners under different State and City
programs. The total balance outstanding at June 30, 2017, was $7,548. In order to reinforce the resale
restrictions on properties purchased through the City's First Time Home Buyer Program, buyers execute
Promissory Notes and Deeds of Trust, which are recorded to secure these Notes. The Notes become payable
only in the event of a default of any provision of this program.
F) 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, 2017, was
$108,659. 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 $121,072
has been received and $222,231 has been forgiven. Funds received are deposited into a City Trust Fund to be
used for eligible home ownership-related activities.
G) Mountains Recreation &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 were to be repaid without interest to the City by June 30, 2015, 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. On June 7, 2017 City
Council approved staff's recommendation to forgive the loan on the basis that MRCA provided services in
connection with the 2009 appraisal, other City space acquisition efforts including the purchase of 80 acres by
the City in 2011 and the formation of the Moorpark Authority.
4) INTERFUND TRANSACTIONS
Due to/Due from
Due to/due from other funds for the year ending June 30, 2017, consisted of the following:
Receivable Fund Payable fund Amount
General Fund Non-Major Funds d $ 143,237
Non-Major Funds Non-Major Funds a 30,073
Special Revenues-Endowment Special Revenues-Police Facilities c 1,186,906
Capital Projects-Special Projects Special Revenues-Parks and Public Facilities b 458,855
$ 1,819,071
-46-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
4) INTERFUND TRANSACTIONS, (continued)
a. In the Fiscal Year 2005/2006, the Los Angeles A.O.C. Fund advanced to the Tierra Rejada Road/Spring
Road A.O.C., $600,000 to construct the median landscaping along Tierra Rejada Road. Repayment of the
outstanding loan is contingent upon collection of future development fees. The current amount is $30,073.
b. In the Fiscal Year 2009/2010, the Special Projects Fund advanced to the Parks/Public Facilities Fund,
$1,000,000 to construct a new Skate Park and expansion of the Poindexter Park. The loan is subject to variable
interest based on the average interest rate earned by LAIF from the previous year. The principal and interest will
be repaid as Quimby fees are collected from new developments.
c. In the Fiscal Year 2005/2006, the Endowment Fund advanced to the Police Facilities Fund, $7,641,592
to construct the Police Services Center Building. Future development fees were pledged to repay this loan.
However in March 2006, it was determined that at build-out, there will be an estimated $6.6 million shortfall in
future revenues and City Council subsequently approved the contribution of $5,434,834 from the Endowment
Fund.
d. In the current Fiscal Year, the General Fund advanced cash to several non-major funds, which posted a
negative cash balance. This is considered a short-term borrowing and is expected to be paid in the next fiscal
year.
Transfers
Interfund transfers for the year ended June 30, 2017, consisted of the following:
Fund receiving transfers Fund making transfers Amount
Special Revenues-Assessm ent Districs General Fund (1) $ 1,600,896
Special Revenues-Comm unity Development General Fund (1) 490,276
Capital Projects-Special Projects General Fund (2) 1,442,044
Non-Major Funds Special Revenues-Streets Traffic and Safety (3) 1,116
Special Revenues-Parks Public Facilities (3) 5,606
Capital Projects-Special Projects (3) 421,829
428,551
Total governmental funds transfers $ 3,961,767
(1)=Transfers made to provide funding for operations.
(2)=Transfers made to adjust fund balance to minimum requirement.
(3)=Transfers made to provide funding for future equipment replacements.
-47-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
5) CAPITAL ASSETS AND DEPRECIATION
The City reports all capital assets including infrastructure in the Government-wide Statement of Net position.
The City elected to use the basic approach, in accordance with accounting standards, for all infrastructure
reporting, whereby depreciation expense and accumulated depreciation have been recorded.
The following table presents the capital assets activity for the year ended June 30, 2017:
Beginning Ending
Balance Additions Deletions Balance
Governmental activities:
Capital assets,not being depreciated:
Land $ 41,966,406 $ 2,449,722 $ (113,800) $ 44,302,328
Land-Rights-of-way 123,302,765 - - 123,302,765
Infrastructure-Roadway system 1,319,348 - - 1,319,348
Construction in progress 12,120,583 8,852,950 (2,155,213) 18,818,320
Total capital assets not being depreciated 178,709,102 11,302,672 (2,269,013) * 187,742,761
Capital assets,being depreciated:
Buildings and improvements 39,558,788 - - 39,558,788
Machinery and equipment 7,946,845 203,582 (411,935) 7,738,492
Infrastructure
Roadway system 93,378,561 - - 93,378,561
Storm drain system 2,933,748 - - 2,933,748
Parks system 251,434 - - 251,434
Total capital assets being depreciated 144,069,376 203,582 (411,935) * 143,861,023
Less accumulated depreciation/amortization for:
Buildings and improvements (13,192,911) (1,107,340) - (14,300,251)
Machinery and equipment (4,717,726) (610,844) 411,935 (4,916,635)
Infrastructure
Roadway system (44,573,474) (1,834,813) - (46,408,287)
Storm drain system (382,048) (29,337) - (411,385)
Parks system (87,870) (5,029) - (92,899)
Total accumulated depreciation (62,954,029) (3,587,363) 411,935 (66,129,457)
Total capital assets being depreciated,net 81,115,347 (3,383,781) - 77,731,566
Governmental activities capital assets,net $ 259,824,449 $ 7,918,891 $ (2,269,013) $ 265,474,327
*Certain deletions in the capital assets activity schedule shown above are the result of reclassifications of assets
into different classes of assets. If assets that are disposed of are not fully depreciated at the time of the
disposal, these deletions in the asset classes may not be accompanied by a like decrease in the accumulated
depreciation for the same asset class.
Depreciation expense was charged to functions of the primary government as follows:
Governmental activities:
General government $ 198,132
Public safety 246,684
Public services,including general infrastructure 2,417,647
Parks and recreation 724,900
Total depreciation expense-governmental activities $ 3,587,363
-48-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
6) LONG-TERM LIABILITIES
Long-term liability activities for the year ended June 30, 2017, are as follows:
Beginning Ending Due within
Balance Increases Decreases Balance one year
Governmental activities:
Net pension liability(see Note 7) $ 1,093,178 $ 1,880,669 $ - $ 2,973,847 $ -
Compensated absences 600,619 597,790 (570,613) 627,796 364,614
Governmental activities
long-term liabilities $ 1,693,797 $ 2,478,459 $ (570,613) $ 3,601,643 $ 364,614
Employee Compensated Absences
The long-term liability at June 30, 2017, is $627,796 for employee compensated absences. The General Fund is
primarily expected to liquidate this liability.
7) DEFINED BENEFIT PENSION PLAN
A) General Information about the Pension Plan
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing
Multiple-Employer Defined Benefit Pension Plan (Plan) administered by the California Public Employees'
Retirement System (CaIPERS.) The Plan consists of individual rate plans (benefit tiers) within a safety risk pool
(police and fire) and a miscellaneous risk pool (all other). Plan assets may be used to pay benefits for any
employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or
miscellaneous pools are not separate plans under GASB Statement No. 68. Individual employers may sponsor
more than one rate plan in the miscellaneous or safety risk pools. The City sponsors two rate plans
(miscellaneous). Benefit provisions under the Plan are established by State statute and the City's resolution.
CaIPERS issues publicly available reports that include a full description of the pension plan regarding benefit
provisions, assumptions and membership information that can be found on the CaIPERS' website, at
www.cal pers.ca.gov.
Benefits Provided
CaIPERS provides service retirement and disability benefits, annual cost of living adjustments and death
benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of
credited service, equal to one year of full time employment. Members with five years of total service are eligible
to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after
5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit,
or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as
specified by the Public Employees' Retirement Law.
-49-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
A) General Information about the Pension Plan, (continued)
Benefits Provided, (continued)
The Plan operates under the provisions of the California Public Employees' Retirement Law (PERL), the
California Public Employees' Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and
policies adopted by the CaIPERS Board of Administration. The Plans' authority to establish and amend the
benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in
some cases require approval by the CaIPERS Board.
The Plans' provisions and benefits in effect at June 30, 2017, are summarized as follows:
Miscellaneous PEPRA
Hire date Prior to On or after
January 1,2013 January 1,2013
Benefit formula 2.0%@ 55 2.0%@ 62
Benefit vesting schedule 5 years service 5 years service
Benefit payments monthly for life monthly for life
Retirement age 50-67+ 52-67+
Monthly benefits,as a%of eligible compensation 1.426%to 2.418% 1.0%to 2.5%
Required employee contribution rates 7.00% 6.25%
Required employer contribution rates 8.377% 6.555%
Contributions
Section 20814(c) of the California Public Employees' Retirement Law (PERL) requires that the employer
contribution rates for all public employers be determined on an annual basis by the actuary and shall be
effective on the July 1 following notice of a change in the rate. The total plan contributions are determined
through CaIPERS' annual actuarial valuation process. For public agency cost-sharing plans covered by either
the Miscellaneous or Safety risk pools, the Plan's actuarially determined rate is based on the estimated amount
necessary to pay the Plan's allocated share of the risk pool's costs of benefits earned by employees during the
year, and any unfunded accrued liability. The employer is required to contribute the difference between the
actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if
plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are
identified by the pension plan terms as plan member contribution requirements are classified as plan member
contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2017, were $491,496. The
actual employer payments of $457,020 made to CaIPERS by the City during the measurement period ended
June 30, 2016, differed from the City's proportionate share of the employer's contributions of $990,554 by
($533,534), which is being amortized over the expected average remaining service lifetime in the Public Agency
Cost-Sharing Multiple Employer Plan.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
B) Net Pension Liability
The City's net pension liability for the Plan is measured as the total pension liability, less the pension plan's
fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2016, using an annual
actuarial valuation as of June 30, 2015 rolled forward to June 30, 2016, using standard update procedures. The
City uses the General Fund's available net position to liquidate any net pension obligations. A summary of
principal assumptions and methods used to determine the net pension liability is as follows.
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
Actuarial Valuation Date June 30, 2015
Measurement Date June 30, 2016
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Market Value of Assets
Actuarial Assumptions:
Discount Rate 7.65%
Inflation 2.75%
Salary Increases(1) 3.30%- 14.20%
Investment Rate of Return(2)
7.65%
Mortality Rate Table(3) Derived using CALPERS' membership data for all
Funds
Post Retirement Benefit Increase Contract COLA up to 2% until purchasing power
protection allowance floor on purchasing power
applies.
(1)Annual increases vary by category,entry age,and duration of service.
(2)Net of pension plan investments and administrative expenses,includes inflation.
(3)The mortality table used was developed based on CaIPERS'specific data.The table includes 20
years of mortality improvements using Society of Actuaries Scale BB.For more details on this table,
please refer to the 2014 experience study report.
All other actuarial assumptions used in the June 30, 2015, valuation were based on the results of an actuarial
experience study for the period from 1997 to 2011, including updates to salary increase, mortality and retirement
rates. The Experience Study report can be obtained at CaIPERS' website at www.calpers.ca.gov.
Change of Assumptions
There were no changes of assumptions.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
B) Net Pension Liability, (continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent for the Plan. To determine
whether the municipal bond rate should be used in the calculation of a discount rate for each plan, CaIPERS
stress tested plans that would most likely result in a discount rate that would be different from the actuarially
assumed discount rate. Based on the testing, none of the tested plans run out of assets. Therefore, the current
7.65 percent discount rate is adequate and the use of the municipal bond rate calculation is not necessary. The
long-term expected discount rate of 7.65 percent is applied to all plans in the Public Employees Retirement
Fund (PERF). The stress test results are presented in a detailed report called "GASB Crossover Testing Report"
that can be obtained at CaIPERS' website under the GASB 68 section.
The long-term expected rate of return on pension plan investments was determined using a building block
method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension
plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CaIPERS took into account both short-term and long-term
market return expectations as well as the expected pension fund (PERF) cash flows. Taking into account
historical returns of all the PERF asset classes (which includes the agent plan and two cost-sharing plans or
PERF A, B and C funds), expected compound (geometric) returns were calculated over the short-term (first 10
years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for
both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of
return was set by calculating the single equivalent expected return that arrived at the same present value of
benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of
return was then set equal to the single equivalent rate calculated above and rounded down to the nearest one
quarter of one percent.
The following table reflects long-term expected real rate of return by asset class. The rate of return was
calculated using the capital market assumptions applied to determine the discount rate and asset allocation. The
target allocation shown was adopted by the Board effective on July 1, 2015.
New Strategic Real Return Real Return
Asset Class Allocation Years 1 - 101 Years 11+2
Global Equity 51.0% 5.25% 5.71%
Global Fixed Income 20.0% 0.99% 2.43%
Inflation Sensitive 6.0% 0.45% 3.36%
Private Equity 10.0% 6.83% 6.95%
Real Estate 10.0% 4.50% 5.13%
Infrastructure and Forest Land 2.0% 4.50% 5.09%
Liquidity 1.0% (0.55%) (1.05%)
Total 100%
An expected inflation of 2.5%used for this period
2 An expected inflation of 3.0%used for this period
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
B) Net Pension Liability, (continued)
Pension Plan Fiduciary Net Position
Information about the pension plan's assets, deferred outflows of resources, liabilities, deferred inflows of
resources, and fiduciary net position are presented in CaIPERS' audited financial statements, which are publicly
available reports that can be obtained at CaIPERS' website under Forms and Publications, at
www.calpers.ca.gov. The plan's fiduciary net position and additions to/deductions from the plan's fiduciary net
position have been determined on the same basis used by the pension plan, which is the economic resources
measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and
payable in accordance with the terms of each plan. Investments are reported at fair value.
The plan fiduciary net position disclosed in the GASB 68 accounting valuation report may differ from the plan
assets reported in the funding actuarial valuation report due to several reasons. First, for the accounting
valuations, CaIPERS must keep items such as deficiency reserves, fiduciary self-insurance and Other Post-
Employment Benefits (OPEB) expense included as assets. These amounts are excluded for rate setting
purposes in the funding actuarial valuation. In addition, differences may result from early Comprehensive Annual
Financial Report closing and final reconciled reserves.
C) Proportionate Share of Net Pension Liability
The following table shows the Plan's proportionate share of the net pension liability over the measurement
period.
Increase (Decrease)
Plan Total Plan Fiduciary Net Plan Net Pension
Miscellaneous Plan Pension Liability Position Liability
(a) (b) (c) _ (a) - (b)
Balance at: 6/30/2015 (VD) $ 27,366,572 $ 26,273,394 $ 1,093,178
Balance at: 6/30/2016 (MD) 29,573,604 26,599,757 2,973,847
Net Changes during 2015-16 $ 2,207,032 $ 326,363 $ 1,880,669
Valuation Date (VD), Measurement Date (MD).
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
C) Proportionate Share of Net Pension Liability, (continued)
The City's net pension liability for the Plan is measured as the proportionate share of the net pension liability.
The net pension liability of the Plan is measured as of June 30, 2016, and the total pension liability for the Plan
used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2015, rolled
forward to June 30, 2016, using standard update procedures. The City's proportion of the net pension liability
was determined by CaIPERS using the output from the Actuarial Valuation System and the fiduciary net
position, as provided in the CaIPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a
publicly available report that can be obtained at CaIPERS' website under Forms and Publications, at
www.calpers.ca.gov. The City's proportionate share of the net pension liability for the Plan as of June 30, 2015,
and 2016 was as follows:
Proportionate Share - June 30, 2015 0.03985%
Proportionate Share - June 30, 2016 0.08561%
Change - Increase (Decrease) 0.04576%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City's proportionate share of the net pension liability for the Plan as of the
measurement date, calculated using the discount rate of 7.65 percent, as well as what the net pension liability
would be if it were calculated using a discount rate that is 1 percentage-point lower (6.65 percent) or
1 percentage-point higher (8.65 percent) than the current rate:
Discount Rate - 1% Current Discount Discount Rate + 1%
Miscellanous Plan (6.65%) Rate (7.65%) (8.65%)
Net Pension Liability(Asset) $ 6,955,375 $ 2,973,847 $ (316,689)
Subsequent Events
On September 20, 2017, the City Council authorized a $4 million additional payment contribution to CaIPERS to
pay down the City's unfunded liability. On September 29, 2017, the City wire transferred the $4 million to
CaIPERS.
Recognition of Gains and Losses
Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are
recognized in pension expense systematically over time.
The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The
remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions
and are to be recognized in future pension expense.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
C) Proportionate Share of Net Pension Liability, (continued)
Recognition of Gains and Losses, (continued)
The amortization period differs depending on the source of the gain or loss:
Difference between 5 year straight-line amortization
projected and actual
earnings
All other amounts Straight-line amortization over the
average expected remaining service
lives of all members that are
provided with benefits (active,
inactive and retired) as of the
beginning of the measurement
period
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years
by the total number of plan participants (active, inactive, and retired) in the Public Agency Cost-Sharing Multiple-
Employer Plan (PERF C).
The EARSL for the Plans for the 2015-16 measurement period is 3.7 years, which was obtained by dividing the
total service years of 475,689 (the sum of remaining service lifetimes of the active employees) by 127,009 (the
total number of participants: active, inactive, and retired). Note that inactive employees and retirees have
remaining service lifetimes equal to 0. Also note that total future service is based on the members' probability of
decrementing due to an event other than receiving a cash refund.
D) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2015), the net pension liability for the plan was $1,093,178.
For the measurement period ending June 30, 2016 (the measurement date), the City incurred a pension
expense of$1,224,356 for the Plan.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
7) DEFINED BENEFIT PENSION PLAN, (continued)
D) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to
Pensions, (continued)
As of June 30, 2017, the City's has deferred outflows and deferred inflows of resources related to pensions as
follows:
Deferred Outflows Deferred Inflows of
Miscellaneous Plan of Resources Resources
Differences between Expected and Actual Experience $ 16,275 $ (3,729)
Changes of Assumptions - (153,981)
Differences between Projected and Actual Investment Earnings 801,418 -
Differences between Employer's Contrinutions and Proportionate
Share of Contributions 1,533,643 (403,092)
Change in Employer's Proportion 194,747 (1,853,721)
Pension Contributions Subsequent to Measurement Date 491,496 -
Total $ 3,037,579 $ (2,414,523)
The amounts above are net of outflows and inflows recognized in the 2015-16 measurement period expense.
The $491,496 reported as deferred outflows of resources related to contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the upcoming fiscal year.
Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be
recognized in future pension expense as follows:
Measurement Period Ended June 30: Deferred Outflows/(Inflows) of
Resources
2017 $ (223,169)
2018 (161,683)
2019 308,836
2020 207,576
2021 -
Thereafter -
E) Payable to the Pension Plan
At June 30, 2017, the City reported a payable of$-0- for the outstanding amount of contributions to the pension
plan required for the year then ended.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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. The MRHP has a
funded status of 81.5% as of June 30, 2016. A menu of benefit provisions as well as other requirements
is established by State statute within the Public Employees' Retirement Law. MRHP selects optional
benefit provisions from the benefit menu by contract with CaIPERS and adopts those benefits through
City resolution. CaIPERS issues a Comprehensive Annual Financial Report (CAFR). The CAFR is issued
in aggregate and includes the sum of all CaIPERS plans. Copies of the CaIPERS CAFR may be obtained
from the CaIPERS Executive Office, 400 P Street, Sacramento, California 95814.
Funding Policy
The contribution requirements of plan members and the City are established and may be amended by the
Council. The City contributes the Public Employees' Medical and Hospital Care Act (PEMHCA) minimum.
The City is required to contribute the annual required contribution of the employer (ARC), an amount
actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a
level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and
amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years.
The current ARC rate is 1.64 % of the annual covered payroll.
For 2017, the City's annual OPEB cost (expense) was $86,000 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
2017 and the two preceding years were as follows:
THREE-YEAR TREND INFORMATION
Percentage of
Fiscal Annual OPEB OPEB Cost Net OPEB
Year Cost(AOC) Contributed Obligation (Asset)
6/30/2017 $ 86,000 23% $ (604,268)
6/30/2016 83,000 776% (670,768)
6/30/2015 25,000 0% (109,000)
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 2017 was as follows:
June 30, 2017
Annual required contribution $ 84,000
Add: Interest on net OPEB obligation (8,000)
Amortization of NOO 10,000
Annual OPEB cost(expense) 86,000
Contributions made (19,500)
Increase in net OPEB obligation 66,500
Net OPEB obligation (asset) - beginning of year (670,768)
Net OPEB obligation (asset) -end of year $ (604,268)
Funded Status and Funding Progress
The funded status of the plan as of June 30, 2015, the most recent actuarial valuation applicable to 2017,
was as follows:
(Amounts in 000's)
Actuarial Accrued Liability(AAL) $ 1,493
Actuarial Value of Plan Assets $ 1,217
Unfunded Actuarial Accrued Liability(Asset) (UAAL) $ 276
Funded Ratio (Actuarial Value of Plan Assets/AAL) 81.5%
Covered Payroll (Active Plan Members) $ 4,950
UAAL as a Percentage of Covered Payroll 5.6%
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.
-58-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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, 2015
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, 2017, totaled $12,005,000.
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,
2017, totaled $12,474,299.
-59-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 $1,475,000
mature 2023, was 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 $765,000 at June 30, 2017.
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 $4,305,000 at June 30, 2017.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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. In February 2014 these bonds were refinanced and refunded with the issuance of a
refunding Series A-2014 and Junior Series B-2014. The unpaid principal balance of the newly refinanced
debt is $10,265,000 at June 30, 2017.
11) RISK MANAGEMENT
A) Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of Moorpark is a member of the CALIFORNIA JOINT POWERS INSURANCE AUTHORITY
(Authority). The Authority is composed of 116 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 lines of
coverage. The California JPIA 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.
B) Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. A retrospective
adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years
2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding
requirement for self-insurance programs is based on an actuarial analysis. Costs are allocated to
individual agencies based on payroll and claims history, relative to other members of the risk-sharing
pool.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
11) RISK MANAGEMENT (continued)
B) Self-Insurance Programs of the Authority, (continued)
Liability
Claims are pooled separately between police and general government exposures. (1) The payroll of each
member is evaluated relative to the payroll of other members. A variable credibility factor is determined
for each member, which establishes the weight applied to payroll and the weight applied to losses within
the formula. (2) The first layer of losses includes incurred costs up to $30,000 for each occurrence and is
evaluated as a percentage of the pool's total incurred costs within the first layer. (3) The second layer of
losses includes incurred costs from $30,000 to $750,000 for each occurrence and is evaluated as a
percentage of the pool's total incurred costs within the second layer. (4) Incurred costs from $750,000 to
$50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
For 2016-17 the Authority's pooled retention is $2 million per occurrence, with reinsurance to $20 million,
and excess insurance to $50 million. The Authority's reinsurance contracts are subject to the following
additional pooled retentions: (a) $2.5 million annual aggregate deductible in the $3 million in excess of$2
million layer, and (b) $3 million annual aggregate deductible in the $5 million in excess of $10 million
layer. There is a third annual aggregate deductible in the amount of$2.5 million in the $5 million in excess
of $5 million layer, however it is fully covered under a separate policy and therefore not retained by the
Authority. The overall coverage limit for each member, including all layers of coverage, is $50 million per
occurrence. Costs of covered claims for subsidence losses have a sub-limit of$30 million per occurrence
Workers' Compensation
Claims are pooled separately between public safety (police and fire) and general government exposures.
(1) The payroll of each member is evaluated relative to the payroll of other members. A variable
credibility factor is determined for each member, which establishes the weight applied to payroll and the
weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to
$50,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the
first layer. (3) The second layer of losses includes incurred costs from $50,000 to $100,000 for each
occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer.
(4) Incurred costs from $100,000 to statutory limits are distributed based on the outcome of cost
allocation within the first and second loss layers.
For 2016-17 the Authority's pooled retention is $2 million per occurrence, with reinsurance to statutory
limits under California Workers' Compensation Law. Employer's Liability losses are pooled among
members to $2 million. Coverage from $2 million to $5 million is purchased as part of a reinsurance
policy, and Employer's Liability losses from $5 million to $10 million are pooled among members.
-62-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
11) RISK MANAGEMENT, (continued)
C) Purchased Insurance
Pollution Legal Liability Insurance
The City participates in the pollution legal liability insurance program which is available through the
Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm
drains owned by the City. Coverage is on a claims-made basis. There is a $50,000 deductible. The
Authority has a limit of $50 million for the 3-year period from July 1, 2014 through July 1, 2017. Each
member of the Authority has a $10 million sub-limit during the 3-year term of the policy.
Property Insurance
The City of Moorpark participates in the all-risk property protection program of the Authority. This
insurance protection is underwritten by several insurance companies. City of Moorpark property is
currently insured according to a schedule of covered property submitted by the City of Moorpark to the
Authority. City of Moorpark property currently has all-risk property insurance protection in the amount of
$52,870,999. There is a $5,000 deductible per occurrence except for non-emergency vehicle insurance
which has a $2,500 deductible.
Crime Insurance
The City purchases crime insurance coverage in the amount of$1,000,000 with a $2,500 deductible. The
fidelity coverage is provided through the Authority. Premiums are paid annually and are not subject to
retrospective adjustments.
D) Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or
judgments that exceeded pooled or insured coverage. There were also no significant reductions in
pooled or insured liability coverage in 2016-17.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 is not externally
restricted for any project or other purpose.
B) Fund Balance
The 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 Resolution is
the formal action that would effectively commit fund balances for a particular purpose.
The City's governmental fund balances at June 30, 2017, are presented below:
Street and Assessment Parks/Public
General Traffic Safety Districts Facilities
Nonspendable:
Prepaid items $ 15,620 $ -
Duefromotherfunds 143,237 - - -
Restricted for:
Public services - 21,325,261 5,630,224 -
Recreation services - - - 5,080,464
Public safety - - - -
Low and moderate income housing - - - -
Committed to:
Library services - - - -
Assigned to:
Capital projects - - - -
Unassigned 3,011,336 - - -
Total fund balances(deficit) $ 3,170,193 $ 21,325,261 $ 5,630,224 $ 5,080,464
(Continued on next page)
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Low-Mod
Income Community Police
Housing Asset Development Endowment Facilities Fee
Nonspendable:
Prepaid items $ - $ - $ - $ -
Due from other funds - - - -
Restricted for:
Public services - - - -
Recreation services - - - -
Public safety - - - -
Low and moderate income housing 7,678,896 - - -
Committed to:
Library services - - - -
Assigned to:
Capital projects - 974 14,416,568 -
Unassigned - - - (1,185,403)
Total fund balances(deficit) $ 7,678,896 $ 974 $ 14,416,568 $ (1,185,403)
(Continued on next page)
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
12) CLASSIFICATION OF NET POSITION AND FUND BALANCE, (continued)
B) Fund Balance, (continued)
Nonmajor Total
Special Governmental Governmental
Projects Funds Funds
Nonspendable:
Prepaid items $ - $ - $ 15,620
Due from other funds - - 143,237
Restricted for:
Public services - 13,793,240 40,748,725
Recreation services - 4,316,322 9,396,786
Public safety - 70,279 70,279
Low and moderate income housing - 4,083,904 11,762,800
Committed to:
Library services - 847,588 847,588
Assigned to:
Capital projects 28,143,426 7,825,445 50,386,413
Unassigned - (28,036) 1,797,897
Total fund balances(deficit) $ 28,143,426 $ 30,908,742 $ 115,169,345
Deficit Fund Balances
The following maior governmental funds has a deficit at June 30, 2017:
Police Facilities Fee Capital Projects Fund $ (1,185,403)
The following non-maior governmental fund has a deficit at June 30, 2017:
Tierra Rejada/Spring Road A.O.C. Special Revenue Fund $ (28,036)
Management expects these deficits to be eliminated through future revenues.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 $3,834,656. 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 SARA for the year ended June 30, 2017 (and subsequent years in
which the Agency is in operation) are subject to review by various State agencies and the County in
which the Agency resides. If any expenses incurred by the Agency are disallowed by the State agencies
or County, the City, acting as the 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 Agency expects such amounts, if any, to be immaterial. On February 12, 2015, the State of
California Department of Finance approved the Agency's Long Range Property/Management Plan.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
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 SARA 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. The private-purpose trust fund keeps its activities under the accrual
method of accounting.
In accordance with AB 1484 and in compliance with the California Health &Safety Code, the City elected
to be Housing Successor to the housing activities and functions of the former Agency. Accordingly, all
housing assets, as defined by the Health and Safety Code Section 34176 (e), were transferred to the City
in a specially created fund shown as a major fund in 2017, named "Low-Mod Income Housing Asset
Fund" in the Governmental Funds Financial Statements.
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City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA), (continued)
LONG TERM DEBT
The following is a schedule of changes in long-term liabilities for the year ended June 30, 2017:
Beginning Ending Due within
Balance Increases Decreases Balance one year
Bonds payable:
2006 Tax allocation bonds $ 11455,000 $ - $ (11455,000) $ - $ -
2014 Tax allocation refunding bonds 12,700,000 - (730,000) 11,970,000 750,000
2016 Tax allocation refunding bonds - 10405,000 - 10405,000 85,000
Subtotal bonds payable 24155,000 10405,000 (12,185,000) 22375,000 835,000
Plus/(less)deferred amounts
2006 Bonds discount (222357) - 222,357 - -
2014 Bonds premium 470,478 - (29407) 441,071 -
2016 Bonds discount - (96922) 4214 (92,708) -
Successor agency
long-term liabilities $ 24403,121 $ 10308,078 $ (11987,836) $ 22,723363 $ 835,000
Combined annual debt service requirements to maturity for all bonds are as follows:
Year Ending Principal Interest Total
2018 $ 835,000 $ 713,935 $ 1,548,935
2019 810,000 689,885 1,499,885
2020 685,000 664,635 1,349,635
2021 715,000 637,260 1,352,260
2022 745,000 608,510 1,353,510
2023-2027 4,100,000 2,626,537 6,726,537
2028-2032 4,845,000 1,851,072 6,696,072
2033-2037 6,715,000 953,925 7,668,925
2038-2039 2,925,000 87,675 3,012,675
Total $ 22,375,000 $ 8,833,434 $ 31,208,434
A) 2014 Tax Allocation Refunding Bonds
In November 2014, SARA issued a $13,420,000 aggregated principal amount of Moorpark
Redevelopment Project 2014 Bonds. The purpose of the 2014 Bonds was to refund the 1999
Bonds and the 2001 Bonds, previously issued by the former Agency. The 2014 Bonds bear
interest at rates ranging from 2.000% to 3.375% per annum, semi-annually on each April 1 and
October 1 of each year, commencing on April 1, 2015. The 2014 Bonds are payable from and
secured by, the tax revenues to be derived from taxes deposited into the Successor Agency's
Redevelopment Obligation Retirement Fund established pursuant to Health and Safety Code
section 34170.5(a). SARA is in compliance with the covenants contained in the debt indenture,
which require the establishment of certain specific accounts for the 2014 Bonds. As of June 30,
2017, the unpaid principal balance is $11,970,000.
-69-
City of Moorpark
Notes to the Basic Financial Statements
Year Ended June 30, 2017
14) SUCCESSOR AGENCY PRIVATE-PURPOSE TRUST FUND TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK (SARA), (continued)
LONG TERM DEBT, (continued)
B) 2006 Tax Allocation Refunding Bonds
In 2006, the Agency issued an $11,695,000 aggregated principal amount of Moorpark Redevelopment
Project 2006 Tax Allocation Bonds (2006 Bonds). The purpose of the 2006 Bonds was to finance
redevelopment activities related to the Moorpark Redevelopment Project Area. The 2006 Bonds bear
interest at rates ranging from 3.625 percent to 4.375 percent per annum, payable semi-annually on April 1
and October 1 of each year, commencing on April 1, 2007, and are subject to mandatory sinking fund
redemption commencing on October 1, 2016, and on each October 1 thereafter. The 2006 Bonds are
payable from and secured by the tax revenues to be derived from the project area. The 2006 Bonds are
secured by all property tax increment revenue, which was recorded in the 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
SARA on February 1, 2012 as part of the former Agency's dissolution in accordance with AB X1 26 and
AB 1484. SARA is in compliance with the covenants contained in the debt indenture, which require the
establishment of certain specific accounts for the 2006 Bonds. In July 2016, the Successor Agency
issued the 2016 Tax Allocation Refunding Bonds to refund the entire outstanding balance of the 2006 Tax
Allocation Bonds series. The refunding resulted in annual savings to the debt service of approximately
$200,000. The balance of the refunding debt as of June 30, 2017, is $10,405,000.
The aggregate difference in debt service between the refunding debt and the refunded debt is as follows:
Total cash flow requirement to service the old debt $ 20,783,997
Total cash flow requirement to service the new debt (16,147,799)
Total cash flow difference $ 4,636,198
The economic gain calculation on the transaction is as follows:
Present value of total cash flow requirement to service the old
debt discounted at the effective rate of 3.16% $ 13,449,930
Present value of total cash flow requirement to service the
new debt discounted at the effective rate of 3.16% (10,140,831)
Economic Gain(Loss) in present value at the date of refunding $ 3,309,099
15) EMPLOYEES RETIREMENT PLAN
PARS Alternate Retirement System (ARS) (Plan)
The City currently offers an alternative plan for employees classified as part-time, seasonal or temporary
(PST). The plan is administered by the Public Agency Retirement Services (PARS) and is a deferred
compensation plan created in accordance with Internal Revenue Code Section IRC 457. Pursuant to the
IRC 457 subsection (g): all amounts of compensation deferred under the plan, all property, or rights are
solely the property and rights of the employee and beneficiaries of the plan. Deferred compensation
funds are not subject to claims of the City's general creditor; consequently the assets and related
liabilities of the plan are not included within the City's financial statements. The City contributes 3.75%
percent of the employee's compensation. In addition, each participant is required to contribute 3.75% of
their salary. During the current fiscal year, the City contributed $8,378 to the plan.
-70-
QPa & CAS/,c
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REQUIRED SUPPLEMENTARY INFORMATION
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -General Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Property Taxes
Current Secured $ 3,450,000 $ 3,450,000 $ 3,527,008 $ 77,008
Current Unsecured 110,000 110,000 109,134 (866)
Prior Year Secured-Unsecured 10,000 10,000 5,271 (4,729)
Supplemental Secured-Unsecured 50,000 50,000 99,015 49,015
Real Property Transfer Tax 225,000 225,000 287,879 62,879
Homeowners Property Exemption 40,000 40,000 36,846 (3,154)
Parcel Tax 345,000 345,000 361,188 16,188
Property Taxes-VLF 3,350,000 3,430,000 3,429,290 (710)
Other Property Taxes 300,000 400,000 539,169 139,169
Total Property Taxes 7,880,000 8,060,000 8,394,800 334,800
Sales Taxes
Sales and Use Tax 3,800,000 3,800,000 3,854,408 54,408
Total Sales Taxes 3,800,000 3,800,000 3,854,408 54,408
Franchise Fees
Franchise Fees 1,288,000 1,133,000 1,120,692 (12,308)
PEG Fees 55,000 55,000 44,593 (10,407)
Landfill Local Impact Fee 55,000 55,000 56,365 1,365
CIWM P Fees 10,000 10,000 10,292 292
Total Franchise Fees 1,408,000 1,253,000 1,231,942 (21,058)
Licenses and Permits
Business Registration 125,000 125,000 126,300 1,300
Special Business Permit - - 50 50
Animal Licenses 18,000 18,000 71,415 53,415
Total Licenses and Permits 143,000 143,000 197,765 54,765
(Continued on next page)
-71-
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -General Fund (continued)
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and Forfeitures
Municipal Codes Fines $ 260,000 $ 260,000 $ 284,086 $ 24,086
Animal Control Fines 1,000 1,000 585 (415)
Forfeitures and Penalties 1,000 1,001 184 (817)
Total Fines and Forfeitures 262,000 262,001 284,855 22,854
Use of Money and Property
Investment Earnings 450,000 450,000 35,863 (414,137)
Rents and Concessions 394,001 394,001 436,667 42,666
Park and Facility Use Fee 259,000 122,000 162,286 40,286
Total Use of Money and Property 1,103,001 966,001 634,816 (331,185)
Charges for Services
Other Administrative Services 6,000 6,000 27,912 21,912
Administrative Fees 54,600 54,600 141,422 86,822
Contract Class Registration Fees 270,000 310,000 270,000 (40,000)
Public Safety Service Fees 40,000 40,000 93,039 53,039
NPDES Business Inspection Fees 8,000 8,000 9,716 1,716
Film Permit Fees 6,000 6,000 4,200 (1,800)
Recreation Events Fees 706,085 706,085 604,312 (101,773)
Other Recreation Fees 1,300 1,300 1,932 632
Program Sales 16,000 16,000 7,480 (8,520)
Other Community Services Fees 2,500 2,500 7,923 5,423
Photocopying 1,000 1,000 370 (630)
Sale of Documents 1,000 1,000 864 (136)
Total Charges for Services 1,112,485 1,152,485 1,169,170 16,685
Intergovernmental
Motor Vehicle in Lieu 16,000 16,000 16,448 448
Other State Funds - 7,690 6,921 (769)
County Grants 40,000 40,000 37,378 (2,622)
Total Intergovernmental 56,000 63,690 60,747 (2,943)
(Continued on next page)
_72_
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -General Fund (continued)
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Other Revenues
Contributions-Donations $ 12,000 $ 12,000 $ 4,326 $ (7,674)
Revenues not classified elsewhere 10,000 10,000 199,797 189,797
Expense Reimbursements 270,000 271,300 384,691 113,391
Restitutions-Insurance Proceeds 20,000 20,000 35,986 15,986
Cash overage/shortage - - 58 58
Total Other Revenues 312,000 313,300 624,858 311,558
Total revenues 16,076,486 16,013,477 16,453,361 439,884
EXPENDITURES
General government 6,468,780 6,865,695 2,770,296 4,095,399
Public safety 7,551,581 7,579,802 7,275,103 304,699
Public services 886,026 887,554 789,922 97,632
Streets& Roads 136,197 136,197 137,302 (1,105)
Parks and recreation 1,461,295 1,463,675 1,069,854 393,821
Capital Outlay 94,091 805,093 727,777 77,316
Total expenditures 16,597,970 17,738,016 12,770,254 4,967,762
Excess(deficientcy)of revenues
over(under)expenditures (521,484) (1,724,539) 3,683,107 5,407,646
OTHER FINANCING SOURCES(USES)
Transfers out (2,966,995) (2,874,759) (3,533,216) (658,457)
Total other financing uses (2,966,995) (2,874,759) (3,533,216) (658,457)
Net change in fund balance (3,488,479) (4,599,298) 149,891 4,749,189
Fund balance, beginning of year 3,020,302 3,020,302 3,020,302 -
Fund balance(deficit), end of year $ (468,177) $ (1,578,996) $ 3,170,193 $ 4,749,189
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City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -Street and Traffic Safety
Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 255,000 $ 255,000 $ (32,040) $ (287,040)
Rents Tenants 39,000 39,000 72,520 33,520
Total Use of Money and Property 294,000 294,000 40,480 (253,520)
Charges for Services
Other Development Fees 1,336,000 1,336,000 1,948,398 612,398
Total Charges for Services 1,336,000 1,336,000 1,948,398 612,398
Total revenues 1,630,000 1,630,000 1,988,878 358,878
EXPENDITURES
General government 32,096 56,824 30,300 26,524
Public safety 50,380 50,380 49,885 495
Public Services 284,700 358,858 307,972 50,886
Capital Outlay 2,871,550 5,342,832 3,398,288 1,944,544
Total expenditures 3,238,726 5,808,894 3,786,445 2,022,449
Excess(deficiency) of revenues
over (under) expenditures (1,608,726) (4,178,894) (1,797,567) 2,381,327
OTHER FINANCING SOURCES(USES)
Transfers out - (1,116) (1,116) -
Total other financing uses - (1,116) (1,116) -
Net change in fund balance (1,608,726) (4,180,010) (1,798,683) 2,381,327
Fund balance, beginning of year 23,123,944 23,123,944 23,123,944 -
Fund balance, end of year $ 21,515,218 $ 18,943,934 $ 21,325,261 $ 2,381,327
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City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -Assessment Districts
Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ 68,100 $ 68,100 $ 7,919 $ (60,181)
Maintenance Assessments 2,856,015 2,856,015 3,015,980 159,965
Other Revenues 5,000 5,000 1,621 (3,379)
Total revenues 2,929,115 2,929,115 3,025,520 96,405
EXPENDITURES
Public safety 12,181 12,181 6,474 5,707
Public Services 396,589 396,589 363,957 32,632
Parks and Recreation 5,273,751 5,453,864 3,737,287 1,716,577
Total expenditures 5,682,521 5,862,634 4,107,718 1,754,916
Excess(deficiency) of revenues
over (under) expenditures (2,753,406) (2,933,519) (1,082,198) 1,851,321
OTHER FINANCING SOURCES(USES)
Transfers in 2,109,768 2,017,531 1,600,896 (416,635)
Total other financing sources 2,109,768 2,017,531 1,600,896 (416,635)
Net change in fund balance (643,638) (915,988) 518,698 1,434,686
Fund balance, beginning of year 5,111,526 5,111,526 5,111,526 -
Fund balance, end of year $ 4,467,888 $ 4,195,538 $ 5,630,224 $ 1,434,686
-75-
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual - Parks/Public Facilities
Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ 71,820 $ 71,820 $ 688 $ (71,132)
Charges for Services 759,000 949,000 1,184,126 235,126
Intergovernmental - 29,179 29,179 -
Total revenues 830,820 1,049,999 1,213,993 163,994
EXPENDITURES
Parks and Recreation 36,100 122,779 49,627 73,152
Capital Outlay 95,500 2,192,425 1,924,042 268,383
Total expenditures 131,600 2,315,204 1,973,669 341,535
Excess (deficiency) of revenues
over(under) expenditures 699,220 (1,265,205) (759,676) 505,529
OTHER FINANCING SOURCES(USES)
Transfers out - (5,606) (5,606) -
Total other financing uses - (5,606) (5,606) -
Net change in fund balance 699,220 (1,270,811) (765,282) 505,529
Fund balance, beginning of year 5,845,746 5,845,746 5,845,746 -
Fund balance, end of year $ 6,544,966 $ 4,574,935 $ 5,080,464 $ 505,529
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City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual - Low-Mod Income Housing Asset Fund
Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ 22,800 $ 22,800 $ 19,284 $ (3,516)
Total revenues 22,800 22,800 19,284 (3,516)
EXPENDITURES
General Government 8,100 8,100 7,542 558
Public Services 77,900 53,400 27,065 26,335
Debt Service:
Interest - 24,500 23,347 1,153
Total expenditures 86,000 86,000 57,954 28,046
Net change in fund balance (63,200) (63,200) (38,670) 24,530
Fund balance, beginning of year 7,717,566 7,717,566 7,717,566 -
Fund balance, end of year $ 7,654,366 $ 7,654,366 $ 7,678,896 $ 24,530
_77_
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual -Community Development
Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Licenses and Permits $ 692,800 $ 692,800 $ 1,060,915 $ 368,115
Fines and Forfeitures 7,100 7,100 11,360 4,260
Use of Money and Property 5,000 5,000 (1,272) (6,272)
Charges for Services 791,500 791,500 837,510 46,010
Total revenues 1,496,400 1,496,400 1,908,513 412,113
EXPENDITURES
Public Safety 633,195 633,395 896,658 (263,263)
Public Services 1,720,432 1,774,772 1,501,058 273,714
Total expenditures 2,353,627 2,408,167 2,397,716 10,451
Excess (deficiency) of revenues
over(under) expenditures (857,227) (911,767) (489,203) 422,564
OTHER FINANCING SOURCES(USES)
Transfers in 857,227 857,227 490,276 (366,951)
Total other financing sources 857,227 857,227 490,276 (366,951)
Net change in fund balance - (54,540) 1,073 55,613
Fund balance (deficit), beginning of year (99) (99) (99) -
Fund balance (deficit), end of year $ (99) $ (54,639) $ 974 $ 55,613
_78_
City of Moorpark
Required Supplementary Information
Budgetary Comparison Schedule- Budget and Actual - Endowment Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property $ 203,000 $ 203,000 $ 101,302 $ (101,698)
Charges for Services 742,000 742,000 1,163,112 421,112
Total revenues 945,000 945,000 1,264,414 319,414
EXPENDITURES
Public Services 74,700 338,790 123,213 215,577
Capital Outlay 334,827 3,502,627 1,034,800 2,467,827
Total expenditures 409,527 3,841,417 1,158,013 2,683,404
Net change in fund balance 535,473 (2,896,417) 106,401 3,002,818
Fund balance, beginning of year 14,310,167 14,310,167 14,310,167 -
Fund balance, end of year $ 14,845,640 $ 11,413,750 $ 14,416,568 $ 3,002,818
_79_
City of Moorpark
Required Supplementary Information
Other Post-Employment Benefits -Schedule of Funding Progress
Year Ended June 30, 2017
Schedule of Funding Progress for MRHP(Amounts in 0001s)
Entry Age Unfunded
Actuarial Actuarial UAAL as a%of
Actuarial Actuarial Value Accrued Liability Accrued Liability Funded Ratio Annual Covered Covered Payroll
Valuation Date of Assets(a) (b) (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%
6/30/2015 1,217 1,493 276 81.5% 4,950 5.6%
_80_
City of Moorpark
Required Supplementary Information
Schedule of the City's Proportionate Share of the Plan's Net Pension Liability
and Related Ratios as of the Measurement Date- Last 10 Years*
Year Ended June 30, 2017
Fiscal Year End 6/30/2017 6/30/2016 6/30/2015
Measurement Date 6/30/2016 6/30/2015 6/30/2014
Employees Proportion of the Collective Net Pension Liability 0.085610% 0.039850% 0.071195%
Employees Proportionate Share of the Collective Net Pension Liability $ 2,973,847 $ 1,093,178 $ 4,430,102
Employees Covered Payroll $ 4,806,765 $ 5,015,277 $ 5,084,665
Employees Proportionate Share of the Collective Net Pension Liability as a
Percentage of the Employer's Covered Payroll 61.87% 21.80% 87.13%
Pension Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 89.94% 96.01% 79.82%
I Proportion of the collective net pension liability represents the plan's proportion of PERF C,which includes
both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool.
2 Covered payroll is defined as the payroll on which contributions to a pension plan are based,in accordance with GASB 82.
Measurement period 2013-14(fiscal year 2015)was the 1st year of implementation,therefore,only three years are shown.
-81-
City of Moorpark
Required Supplementary Information
Schedule of Plan's Contributions - Last 10 Years*
Year Ended June 30, 2017
Fiscal Year Ending
6/30/2017 6/30/2016 6/30/2015
Actuarially Determined Contributions $ 491,496 $ 457,020 $ 547,265
Contributions in Relation to the Actuarilly Determined Contributions 491,496 457,020 4,147,265
Contribution Deficiency(Excess) $ - $ - $ (3,600,000)
Employees Covered Payroll' $ 4,806,765 $ 5,015,277 $ 5,084,665
Contributions as a Percentage of Covered Payroll 10.23% 9.11% 81.56%
'Covered payroll is defined as the payroll on which contributions to a pension plan are based,in accordance with GASB 82.
Notes to Schedule:
Change in Benefit Terms:None.
Change in Assumptions:None.
*Measurement period 2013-14(fiscal year 2015)was the 1st year of implementation,therefore,only three years are shown.
_82_
City of Moorpark
Notes to the Required Supplementary Information
Year Ended June 30, 2017
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 $14,045,479. This increase resulted primarily from additional
appropriations to various construction in progress projects, construction loan and re-budgeted projects
and amounts carried over from Fiscal Year 2015/16 as continuing appropriations.
Excess of Expenditures over Appropriations
Funds with an excess of expenditures over appropriations of $(1,000) or more are presented below,
(excesses of less than $(1,000) are considered immaterial for this note disclosure):
Final Budget Amount Actual Amount Excess
Major Governmental Funds
Community Development-Special Revenue Fund
Public Safety $ 633,395 $ 896,658 $ (263,263)
Non-major Governmental Funds
Traffic Safety-Special Revenues Fund
General Government - 15,467 (15,467)
-83-
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SUPPLEMENTARY INFORMATION
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual - Police Facilities Fee Major Capital Projects Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property
Investment Earnings $ - $ - $ 424 $ 424
Total Use of Money and Property - - 424 424
Charges for Services
Police Facilities Fee 105,000 105,000 140,726 35,726
Total Maintenance Assesment 105,000 105,000 140,726 35,726
Total revenues 105,000 105,000 141,150 36,150
EXPENDITURES
Total expenditures - - - -
Net change in fund balance 105,000 105,000 141,150 36,150
Fund balance(deficit), beginning of year (1,326,553) (1,326,553) (1,326,553) -
Fund balance(deficit), end of year $ (1,221,553) $ (1,221,553) $ (1,185,403) $ 36,150
-84-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual—Special Projects Major Capital Projects Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ - $ - $ (43,649) $ (43,649)
Total Use of Money and Property - - (43,649) (43,649)
Other Revenue
Loan Interest - - 4,431 4,431
Total Other Revenue - - 4,431 4,431
Total revenues - - (39,218) (39,218)
EXPENDITURES
Total expenditures - - - -
Excess(deficiency)of revenues
over expenditures - - (39,218) (39,218)
OTHER FINANCING SOURCES(USES)
Transfers in - - 1,442,044 1,442,044
Transfers out - (421,829) (421,829) -
Total other financing sources(uses) - (421,829) 1,020,215 1,442,044
Net change in fund balance - (421,829) 980,997 1,402,826
Fund balance, beginning of year 27,162,429 27,162,429 27,162,429 -
Fund balance, end of year $ 27,162,429 $ 26,740,600 $ 28,143,426 $ 1,402,826
-85-
City of Moorpark
Non-Major Governmental Funds
June 30, 2017
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.
City Affordable Housing Fund - is used to account for grants used for development of affordable
housing units. Sources of revenue are grants, developer fees, and rental income.
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 Rejada & Spring Road project area.
Sources of revenue are development fees.
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.
Los Angeles A.O.0 Fund - is used to account for the financial resources for capital projects related to
streets and other improvements within the Los Angeles project area. Sources of revenue are
development fees.
Freemount 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.
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.
Art in Public Places Fund - is used to account for fees used for public facilities improvements. Source
of revenue is development fees.
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.
Prop 1B Local Streets and Roads Fund - is used to account for funds received from the State of
California Highway Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of 2006 for specified
purposes, such as public transit and passenger rail improvements and local street and road
improvements.
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.
-86-
City of Moorpark
Non-Major Governmental Funds (continued)
June 30, 2017
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.
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.
_87_
City of Moorpark
Non-Major Governmental Funds
Combining Balance Sheet
June 30, 2017
Special Revenue
City
Library Traffic Affordable
Services Safety Housing
ASSETS
Cash and investments $ 911,252 $ 62,923 $ 3,499,137
Receivables:
Accounts 1,654 29,527 7,899
Interest - - 11,718
Notes and loans - - 1,366,207
Due from other funds - - -
Property held for resale - - 577,348
Total assets $ 912,906 $ 92,450 $ 5,462,309
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 65,307 $ 22,171 $ 480
Due to other funds - -Unearned revenues - - -
Total liabilities 65,307 22,171 480
Deferred inflows of resources:
Unavailable revenues 11 - 1,377,925
Total deferred inflows of resources 11 - 1,377,925
Fund balances:
Restricted - 70,279 4,083,904
Committed 847,588 - -
Assigned - - -
Unassigned - - -
Total fund balances (deficit) 847,588 70,279 4,083,904
Total liabilities, deferred inflows of
resources and fund balances $ 912,906 $ 92,450 $ 5,462,309
-88-
Continued
Special Revenue
Tierra Rejada/ Casey/Gabbert Freemount
Spring Road Road Los Angeles Storm Drain
A.O.C. A.O.C. A.O.C. A.O.C.
$ 1,767 $ 96,785 $ 10,313,286 $ 16,204
270 176 18,591 29
185,059 -
-
-
250,249 -
-
-
30,073 -
$ 2,037 $ 96,961 $ 10,797,258 $ 16,233
$ - $ - $ 139,591 $ -
30,073 - - -
30,073 - 139,591 -
-
435,308 -
-
435,308 -
-
96,961 10,222,359 16,233
(28,036) - - -
(28,036) 96,961 10,222,359 16,233
$ 2,037 $ 96,961 $ 10,797,258 $ 16,233
_89_
City of Moorpark
Non-Major Governmental Funds
Combining Balance Sheet
June 30, 2017
Special Revenue
Art State and
State Gas in Public Federal
Tax Places Assistance
ASSETS
Cash and investments $ 1,033,118 $ 4,308,501 $ 1,328,659
Receivables:
Accounts 1,844 7,821 6,793
Interest - - -
Notes and loans - - -
Due from other funds - - -
Property held for resale - - -
Total assets $ 1,034,962 $ 4,316,322 $ 1,335,452
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ 1,576 $ - $ 19,197
Due to other funds - - 87,774
Unearned revenues - - -
Total liabilities 1,576 - 106,971
Deferred inflows of resources:
Unavailable revenues - - 4,984
Total deferred inflows of resources - - 4,984
Fund balances:
Restricted 1,033,386 4,316,322 1,223,497
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances (deficit) 1,033,386 4,316,322 1,223,497
Total liabilities, deferred inflows of
resources and fund balances $ 1,034,962 $ 4,316,322 $ 1,335,452
-90-
Continued
Special Revenue Total
Local Prop 1B
Transportation Local Streets Solid Special
Transit and Roads Waste Revenue
$ 188,307 $ 323,023 $ 1,123,136 $ 23,206,098
245,843 586 30,834 351,867
- - - 196,777
- - - 1,616,456
- - - 30,073
- - - 577,348
$ 434,150 $ 323,609 $ 1,153,970 $ 25,978,619
$ 103,605 $ 337 $ 21,497 $ 373,761
55,464 - - 173,311
- 290,138 - 290,138
159,069 290,475 21,497 837,210
239,884 - - 2,058,112
239,884 - - 2,058,112
35,197 33,134 1,132,473 22,263,745
- - - 847,588
- - - (28,036)
35,197 33,134 1,132,473 23,083,297
$ 434,150 $ 323,609 $ 1,153,970 $ 25,978,619
-91-
City of Moorpark
Non-Major Governmental Funds
Combining Balance Sheet
June 30, 2017
Capital Projects
Capital City Hall Equipment
Projects Building Replacement
ASSETS
Cash and investments $ 784,512 $ 3,711,809 $ 3,327,190
Receivables:
Accounts 1,429 6,742 6,038
Interest - - -
Notes and loans - -Due from other funds - - -
Property held for resale - - -
Total assets $ 785,941 $ 3,718,551 $ 3,333,228
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities $ - $ 5,097 $ 7,178
Due to other funds - -Unearned revenues - - -
Total liabilities - 5,097 7,178
Deferred inflows of resources:
Unavailable revenues - - -
Total deferred inflows of resources - - -
Fund balances:
Restricted - - -
Committed - - -
Assigned 785,941 3,713,454 3,326,050
Unassigned - - -
Total fund balances (deficit) 785,941 3,713,454 3,326,050
Total liabilities, deferred inflows of
resources and fund balances $ 785,941 $ 3,718,551 $ 3,333,228
_92_
Continued
Total Total
Capital NonMajor
Projects Governmental
Funds Funds
$ 7,823,511 $ 31,029,609
14,209 366,076
196,777
1,616,456
30,073
577,348
$ 7,837,720 $ 33,816,339
$ 12,275 $ 386,036
173,311
290,138
12,275 849,485
2,058,112
2,058,112
22,263,745
847,588
7,825,445 7,825,445
(28,036)
7,825,445 30,908,742
$ 7,837,720 $ 33,816,339
-93-
City of Moorpark
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
Year Ended June 30, 2017
Special Revenue
City
Library Traffic Affordable
Services Safety Housing
REVENUES
Taxes $ 938,169 $ - $ -
Fines and forfeitures 15,555 181,837
Use of money and property 497 (1,590) (11,369)
Charges for services 4,826 - 390,451
Intergovernmental - - -
Other revenue 7,718 2,130 -
Total revenues 966,765 182,377 379,082
EXPENDITURES
Current:
General government 39,580 15,467 -
Public safety - 141,956 18,681
Public services - - 1,466,339
Parks and recreation 815,782 - -
Street and roads - 122,244 -
Capital outlay - - -
Total expenditures 855,362 279,667 1,485,020
Excess (deficiency) of revenues
over (under) expenditures 111,403 (97,290) (1,105,938)
OTHER FINANCING SOURCES(USES)
Transfers in - - -
Total other financing sources - - -
Net change in fund balances 111,403 (97,290) (1,105,938)
Fund balances (deficit), beginning of year 736,185 167,569 5,189,842
Fund balances (deficit), end of year $ 847,588 $ 70,279 $ 4,083,904
-94-
Continued
Special Revenue
Tierra Rejada/ Casey/Gabbert Freemount
Spring Road Road Los Angeles Storm Drain
A.O.C. A.O.C. A.O.C. A.O.C.
$ $ $ $
2,037 (109) 11,787 -
146,933 - 675,146 -
148,970 (109) 686,933 -
20
2,323,471 -
2,323,471 20
148,970 (109) (1,636,538) (20)
148,970 (109) (1,636,538) (20)
(177,006) 97,070 11,858,897 16,253
$ (28,036) $ 96,961 $ 10,222,359 $ 16,233
-95-
City of Moorpark
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
Year Ended June 30, 2017
Special Revenue
Art State and
State in Public Federal
Gas Tax Places Assistance
REVENUES
Taxes -
Fines and forfeitures - -Use of money and property (844) 2,026 1,673
Charges for services - 447,194 34
Intergovernmental 707,228 - 1,395,982
Other revenue 7,832 - -
Total revenues 714,216 449,220 1,397,689
EXPENDITURES
Current:
General government - - -
Public safety - - 104,688
Public services 635,570 - 386,988
Parks and recreation - 14,778 -
Street and roads - - -
Capital outlay - 12,234 574,656
Total expenditures 635,570 27,012 1,066,332
Excess (deficiency) of revenues
over(under) expenditures 78,646 422,208 331,357
OTHER FINANCING SOURCES(USES)
Transfers in - - -
Total other financing sources - - -
Net change in fund balances 78,646 422,208 331,357
Fund balances (deficit), beginning of year 954,740 3,894,114 892,140
Fund balances (deficit), end of year $ 1,033,386 $ 4,316,322 $ 1,223,497
-96-
Continued
Special Revenue Total
Local Prop 1B Special
Transportation Local Streets Solid Revenue
Transit and Roads Waste Funds
$ - $ - $ 318 $ 938A87
197,392
(878) (6,069) (96) (2,935)
63,124 - 349,172 2,076,880
530,114 22,635 19,341 2,675,300
126,042 - - 143,722
718,402 16,566 368,735 6,028,846
55,067
265,325
768,222 - 282,224 3,539,343
830,560
122,244
22,635 - 2,932,996
768,222 22,635 282,224 7,745,535
(49,820) (6,069) 86,511 (1,716,689)
(49,820) (6,069) 86,511 (1,716,689)
85,017 39,203 1,045,962 24,799,986
$ 35,197 $ 33,134 $ 1,132,473 $ 23,083,297
_97_
City of Moorpark
Non-Major Governmental Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance
Year Ended June 30, 2017
Capital Projects
Capital City Hall Equipment
Projects Building Replacement
REVENUES
Taxes $ 397,173 $ - $ -
Fines and forfeitures - -Use of money and property 5,051 (4,272) 5,165
Charges for services - -Intergovernmental
- - -
Other revenue - - -
Total revenues 402,224 (4,272) 5,165
EXPENDITURES
Current:
General government - - -
Public safety - - -
Public services - - -
Parks and recreation - - -
Street and roads - - -
Capital outlay 2,800 25,703 38,824
Total expenditures 2,800 25,703 38,824
Excess (deficiency) of revenues
over (under) expenditures 399,424 (29,975) (33,659)
OTHER FINANCING SOURCES (USES)
Transfers in - - 428,551
Total other financing sources - - 428,551
Net change in fund balances 399,424 (29,975) 394,892
Fund balances (deficit), beginning of year 386,517 3,743,429 2,931,158
Fund balances (deficit), end of year $ 785,941 $ 3,713,454 $ 3,326,050
_98_
Continued
Total Total
Capital Nonmajor
Projects Governmental
Funds Funds
$ 397,173 $ 1,335,660
197,392
5,944 3,009
2,076,880
2,675,300
143,722
403,117 6,431,963
55,067
265,325
3,539,343
830,560
122,244
67,327 3,000,323
67,327 7,812,862
335,790 (1,380,899)
428,551 428,551
428,551 428,551
764,341 (952,348)
7,061,104 31,861,090
$ 7,825,445 $ 30,908,742
-99-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Library Services Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ 875,000 $ 900,000 $ 938,169 $ 38,169
Fines and forfeitures 25,000 25,000 15,555 (9,445)
Use of money and property 28,000 28,000 497 (27,503)
Charges for services 5,000 5,000 4,826 (174)
Other revenue - - 7,718 7,718
Total revenues 933,000 958,000 966,765 8,765
EXPENDITURES
Current:
General Government 75,638 75,638 39,580 36,058
Parks and recreation 868,302 872,399 815,782 56,617
Total expenditures 943,940 948,037 855,362 92,675
Net change in fund balance (10,940) 9,963 111,403 101,440
Fund balance, beginning of year 736,185 736,185 736,185 -
Fund balance, end of year $ 725,245 $ 746,148 $ 847,588 $ 101,440
-100-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Traffic Safety Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Fines and forfeitures $ 150,000 $ 150,000 $ 181,837 $ 31,837
Use of money and property - - (1,590) (1,590)
Other revenue 5,000 5,000 2,130 (2,870)
Total revenues 155,000 155,000 182,377 27,377
EXPENDITURES
General government - - 15,467 (15,467)
Public safety 164,562 164,562 141,956 22,606
Street and roads 114,854 129,854 122,244 7,610
Total expenditures 279,416 294,416 279,667 14,749
Net change in fund balance (124,416) (139,416) (97,290) 42,126
Fund balance, beginning of year 167,569 167,569 167,569 -
Fund balance, end of year $ 43,153 $ 28,153 $ 70,279 $ 42,126
-101-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -City Affordable Housing Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 56,000 $ 56,000 $ (11,369) $ (67,369)
Charges for services 273,500 273,500 390,451 116,951
Total revenues 329,500 329,500 379,082 49,582
EXPENDITURES
Public safety 20,013 20,013 18,681 1,332
Public services 265,185 1,527,685 1,466,339 61,346
Capital outlay 400,000 1,985,340 - 1,985,340
Total expenditures 685,198 3,533,038 1,485,020 2,048,018
Net change in fund balance (355,698) (3,203,538) (1,105,938) 2,097,600
Fund balance, beginning of year 5,189,842 5,189,842 5,189,842 -
Fund balance, end of year $ 4,834,144 $ 1,986,304 $ 4,083,904 $ 2,097,600
-102-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Tierra Rejada/Spring Road A.O.C. Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ - $ - $ 2,037 $ 2,037
Charges for services 256,000 256,000 146,933 (109,067)
Total revenues 256,000 256,000 148,970 (107,030)
EXPENDITURES
Total expenditures - - - -
Net change in fund balance 256,000 256,000 148,970 (107,030)
Fund balance (deficit), beginning of year (177,006) (177,006) (177,006) -
Fund balance (deficit), end of year $ 78,994 $ 78,994 $ (28,036) $ (107,030)
-103-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Casey/Gabbert Road A.O.C. Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 1,000 $ 1,000 $ (109) $ (1,109)
Total revenues 1,000 1,000 (109) (1,109)
EXPENDITURES
General government - - - -
Total expenditures - - - -
Net change in fund balance 1,000 1,000 (109) (1,109)
Fund balance, beginning of year 97,070 97,070 97,070 -
Fund balance, end of year $ 98,070 $ 98,070 $ 96,961 $ (1,109)
-104-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Los Angeles A.O.C. Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of Money and Property
Investment Earnings $ 218,000 $ 218,000 $ 11,787 $ (206,213)
Total Use of Money and Property 218,000 218,000 11,787 (206,213)
Charges for Services
Area of Contribution Fee 391,000 391,000 675,146 284,146
Total Charges for Services 391,000 391,000 675,146 284,146
Total revenues 609,000 609,000 686,933 77,933
EXPENDITURES
Capital outlay 10,951,629 10,934,084 2,323,471 8,610,613
Total expenditures 10,951,629 10,934,084 2,323,471 8,610,613
Net change in fund balance (10,342,629) (10,325,084) (1,636,538) 8,688,546
Fund balance, beginning of year 11,858,897 11,858,897 11,858,897 -
Fund balance, end of year $ 1,516,268 $ 1,533,813 $ 10,222,359 $ 8,688,546
-105-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Freemount Storm Drain A.O.C. Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 100 $ 100 $ - $ (100)
Total revenues 100 100 - (100)
EXPENDITURES
General government - - 20 (20)
Total expenditures - - 20 (20)
Net change in fund balance 100 100 (20) (120)
Fund balance, beginning of year 16,253 16,253 16,253 -
Fund balance, end of year $ 16,353 $ 16,353 $ 16,233 $ (120)
-106-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 15,000 $ 15,000 $ (844) $ (15,844)
Intergovernmental 737,000 737,000 707,228 (29,772)
Other revenue - - 7,832 7,832
Total revenues 752,000 752,000 714,216 (37,784)
EXPENDITURES
Public services 1,324,602 1,328,117 635,570 692,547
Total expenditures 1,324,602 1,328,117 635,570 692,547
Net change in fund balance (572,602) (576,117) 78,646 654,763
Fund balance, beginning of year 954,740 954,740 954,740 -
Fund balance, end of year $ 382,138 $ 378,623 $ 1,033,386 $ 654,763
-107-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 35,000 $ 35,000 $ 2,026 $ (32,974)
Charges for services 234,000 234,000 447,194 213,194
Total revenues 269,000 269,000 449,220 180,220
EXPENDITURES
Parks and recreation 16,048 16,048 14,778 1,270
Capital outlay 149,900 149,914 12,234 137,680
Total expenditures 165,948 165,962 27,012 138,950
Net change in fund balance 103,052 103,038 422,208 319,170
Fund balance, beginning of year 3,894,114 3,894,114 3,894,114 -
Fund balance, end of year $ 3,997,166 $ 3,997,152 $ 4,316,322 $ 319,170
-108-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 10,000 $ 10,000 $ 1,673 $ (8,327)
Charges for services - - 34 34
Intergovernmental 4,284,049 4,996,049 1,395,982 (3,600,067)
Total revenues 4,294,049 5,006,049 1,397,689 (3,608,360)
EXPENDITURES
Public safety 108,000 108,000 104,688 3,312
Public services 538,010 591,879 386,988 204,891
Capital outlay 3,445,489 4,052,318 574,656 3,477,662
Total expenditures 4,091,499 4,752,197 1,066,332 3,685,865
Net change in fund balance 202,550 253,852 331,357 77,505
Fund balance, beginning of year 892,140 892,140 892,140 -
Fund balance, end of year $ 1,094,690 $ 1,145,992 $ 1,223,497 $ 77,505
-109-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 2,000 $ 2,000 $ (878) $ (2,878)
Charges for services 69,000 69,000 63,124 (5,876)
Intergovernmental 1,033,777 853,777 530,114 (323,663)
Other revenue - - 126,042 126,042
Total revenues 1,104,777 924,777 718,402 (206,375)
EXPENDITURES
Public services 1,019,471 1,330,863 768,222 562,641
Total expenditures 1,019,471 1,330,863 768,222 562,641
Net change in fund balance 85,306 (406,086) (49,820) 356,266
Fund balance, beginning of year 85,017 85,017 85,017 -
Fund balance (deficit), end of year $ 170,323 $ (321,069) $ 35,197 $ 356,266
-110-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ - $ - $ (6,069) $ (6,069)
Intergovernmental - - 22,635 22,635
Total revenues - - 16,566 16,566
EXPENDITURES
Capital outlay 168,037 322,773 22,635 300,138
Total expenditures 168,037 322,773 22,635 300,138
Net change in fund balance (168,037) (322,773) (6,069) 316,704
Fund balance, beginning of year 39,203 39,203 39,203 -
Fund balance (deficit), end of year $ (128,834) $ (283,570) $ 33,134 $ 316,704
-111-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Solid Waste Special Revenue Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ - $ - $ 318 $ 318
Use of money and property 15,000 15,000 (96) (15,096)
Charges for services 307,000 307,000 349,172 42,172
Intergovernmental 20,000 20,000 19,341 (659)
Total revenues 342,000 342,000 368,735 26,735
EXPENDITURES
Public services 302,687 347,687 282,224 65,463
Total expenditures 302,687 347,687 282,224 65,463
Net change in fund balance 39,313 (5,687) 86,511 92,198
Fund balance, beginning of year 1,045,962 1,045,962 1,045,962 -
Fund balance, end of year $1,085,275 $1,040,275 $1,132,473 $ 92,198
-112-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual -Capital Projects Capital Projects Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes $ - $ - $ 397,173 $ 397,173
Use of money and property 2,000 2,000 5,051 3,051
Total revenues 2,000 2,000 402,224 400,224
EXPENDITURES
Capital outlay 175,000 174,950 2,800 172,150
Total expenditures 175,000 174,950 2,800 172,150
Net change in fund balance (173,000) (172,950) 399,424 572,374
Fund balance, beginning of year 386,517 386,517 386,517 -
Fund balance, end of year $ 213,517 $ 213,567 $ 785,941 $ 572,374
-113-
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, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 55,000 $ 55,000 $ (4,272) $ (59,272)
Total revenues 55,000 55,000 (4,272) (59,272)
EXPENDITURES
Capital outlay 3,317,716 3,388,702 25,703 3,362,999
Total expenditures 3,317,716 3,388,702 25,703 3,362,999
Net change in fund balance (3,262,716) (3,333,702) (29,975) 3,303,727
Fund balance, beginning of year 3,743,429 3,743,429 3,743,429 -
Fund balance, end of year $ 480,713 $ 409,727 $ 3,713,454 $ 3,303,727
-114-
City of Moorpark
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - Equipment Replacement Capital Projects Fund
Year Ended June 30, 2017
Budget Amounts Actual Variance with
Original Final Amounts Final Budget
REVENUES
Use of money and property $ 30,000 $ 30,000 $ 5,165 $ (24,835)
Total revenues 30,000 30,000 5,165 (24,835)
EXPENDITURES
Capital outlay 62,500 97,175 38,824 58,351
Total expenditures 62,500 97,175 38,824 58,351
Excess (deficiency) of revenues
over(under) expenditures (32,500) (67,175) (33,659) 33,516
OTHER FINANCING SOURCES(USES)
Transfers in - 428,551 428,551 -
Total other financing sources - 428,551 428,551 -
Net change in fund balance (32,500) 361,376 394,892 33,516
Fund balance, beginning of year 2,931,158 2,931,158 2,931,158 -
Fund balance, end of year $ 2,898,658 $ 3,292,534 $ 3,326,050 $ 33,516
-115-
City of Moorpark
Statement of Changes in Fiduciary Asset and Liabilities -Agency Funds
Year Ended June 30, 2017
Balance Balance
June 30, 2016 Additions Deletions June 30, 2017
General Trust
Assets
Cash and investments $ 4,579,000 $ 3,336,119 $ (3,347,694) $ 4,567,425
Cash and investments with fiscal agent 4,807,733 2,499,790 (2,367,248) 4,940,275
Accounts receivable, net 112 28,817 (1,244) 27,685
Total assets $ 9,386,845 $ 5,864,726 $ (5,716,186) $ 9,535,385
Liabilities
Accounts payable $ 95,051 $ 462,308 $ (467,984) $ 89,375
General deposits 4,484,061 881,804 (893,852) 4,472,013
Due to bondholders 4,807,733 5,093,659 (4,927,395) 4,973,997
Total liabilities $ 9,386,845 $ 6,437,771 $ (6,289,231) $ 9,535,385
-116-
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STATISTICAL SECTION
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City of Moorpark
Overview of Statistical Section
Year Ended June 30, 2017
Statistical Section
This part of the City of Moorpark comprehensive annual financial report presents detailed
information regarding five categories: financial trends, revenue capacity, debt 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 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)
2008 2009 2010 2011 2012
Governmental activities:
Net investment in capital assets $ 130,071,108 $ 130,581,499 $ 141,095,551 $ 145,841,042 $ 139,795,930
Restricted 101,613,368 94,878,693 91,504,803 72,654,599 87,274,980
Unrestricted 3,641,173 14,213,503 15,828,208 13,402,969 7,909,301
Total governmental activities net position $235,325,649 $239,673,695 $248,428,562 $231,898,610 $234,980,211
The City of Moorpark does not have any business-type activities.
Source: City of Moorpark CAFR.
-117-
City of Moorpark
Net Position by Component
Last Ten Fiscal Years (continued)
(Accrual basis of accounting)
2013 2014 2015 2016 2017
Governmental activities:
Net investment in capital assets $262,271,564 $259,798,991 $260,051,061 $259,824,449 $265,474,327
Restricted 82,125,331 85,872,675 89,500,647 94,421,242 95,443,371
Unrestricted 10,042,168 15,655,932 22,642,705 23,579,878 23,886,449
Total governmental activities net position $354,439,063 $361,327,598 $372,194,413 $377,825,569 $384,804,147
-118-
City of Moorpark
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
2008 2009 2010 2011 2012
Expenses:
General government $ 1,949,206 $ 2,041,596 $ 1,603,279 $ 3,201,184 $ 2,217,953
Public safety 6,882,072 7,035,384 7,016,015 7,070,049 6,158,455
Public services 20,580,204 18,170,325 13,589,878 31,775,462 11,124,523
Parks and recreation 4,551,045 4,470,524 4,934,002 4,658,717 5,704,208
Streets and roads - - - - -
Interest on long-term debt 1,773,841 1,616,843 1,504,502 1,492,604 354,412
Total governmental activities expenses 35,736,368 33,334,672 28,647,676 48,198,016 25,559,551
Program revenues:
Charges for services:
General government 283,576 232,926 258,431 293,008 407,883
Public safety 633,131 538,636 477,305 492,847 445,642
Public services 5,743,200 3,172,708 2,769,641 2,473,770 1,988,453
Parks and recreation 756,885 644,979 643,593 697,787 858,333
Total charges for services 7,416,792 4,589,249 4,148,970 3,957,412 3,700,311
Operating contributions and grants 7,113,883 6,172,315 4,128,842 5,999,168 3,702,582
Capital contributions and grants 5,481,972 3,326,778 1,970,931 1,703,076 2,106,706
Total governmental activities
program revenues 20,012,647 14,088,342 10,248,743 11,659,656 9,509,599
Net program revenues(expenses) (15,723,721) (19,246,330) (18,398,933) (36,538,360) (16,049,952)
General revenues and other changes in net position:
Taxes:
Property tax 4,505,980 7,802,643 7,449,063 7,287,282 6,943,275
Property tax, Redevelopment Agency 6,887,079 7,054,432 6,864,777 6,755,960 3,389,064
Franchise tax 1,150,180 1,171,556 1,171,825 1,207,778 1,231,741
Sales tax 2,306,281 2,329,522 2,382,010 2,577,105 2,622,419
Sales tax in lieu 779,263 849,227 588,635 940,791 857,217
Motor vehicle in lieu 3,038,440 125,307 109,136 170,592 18,590
Investment income 2,491,856 2,875,649 853,074 856,413 1,206,622
Contributed Capital - - - - 663,818
Other 139,728 386,040 283,372 212,487 245,235
Gain on sale of property - - - - -
County settlement - 1,000,000 - - -
Extraordinary item-Gain on Dissolution - - - - 356,845
Total governmental activities 21,298,807 23,594,376 19,701,892 20,008,408 17,534,826
Changes in net position-
governmental activities $ 5,575,086 $ 4,348,046 $ 1,302,959 $ (16,529,952) $ 1,484,874
Source: City of Moorpark CAFR.
-119-
City of Moorpark
Changes in Net Position
Last Ten Fiscal Years (continued)
(Accrual basis of accounting)
2013 2014 2015 2016 2017
Expenses:
General government $ 4,149,965 $ 2,169,069 $ 1,212,685 $ 795,772 $ 3,336,050
Public safety 6,550,936 6,882,753 7,024,242 7,614,298 9,302,239
Public services 9,948,865 11,779,873 11,558,575 12,162,933 9,513,380
Parks and recreation 5,755,528 6,026,182 5,614,080 7,117,157 6,791,321
Streets and roads - - - - 274,954
Interest on long-term debt - - - - 23,347
Total governmental activities expenses 26,405,294 26,857,877 25,409,582 27,868,670 29,241,291
Program revenues:
Charges for services:
General government 587,915 1,474,249 1,463,859 685,537 960,934
Public safety 809,257 2,657,332 3,325,404 1,970,207 2,623,885
Public services 4,154,598 7,815,032 10,471,498 5,026,698 6,499,441
Parks and recreation 973,761 1,913,045 3,119,649 2,378,698 3,810,319
Total charges for services 6,525,531 13,859,658 18,380,410 10,061,140 13,894,579
Operating contributions and grants 3,533,608 4,364,461 4,049,606 3,943,429 6,021,546
Capital contributions and grants 1,879,634 2,010,143 4,636,843 2,014,302 993,530
Total governmental activities
program revenues 11,938,773 20,234,262 27,066,859 16,018,871 20,909,655
Net program revenues(expenses) (14,466,521) (6,623,615) 1,657,277 (11,671,289) (8,331,636)
General revenues and other changes in net position:
Taxes:
Property tax 6,776,729 6,841,765 7,638,300 7,923,937 9,332,969
Property tax, Redevelopment Agency - - - - -
Franchise tax 1,222,956 1,222,759 1,284,268 1,276,932 1,559,634
Sales tax 2,730,871 2,695,884 2,749,320 3,316,402 3,854,408
Sales tax in lieu 875,160 1,089,362 896,527 730,083 -
Motor vehicle in lieu 19,262 15,942 15,399 - -
Investment income 142,222 1,153,683 1,116,545 2,447,983 347,582
Contributed Capital - - - - -
Other 299,730 492,755 685,569 1,607,108 215,621
Gain on sale of property - - - - -
County settlement - - - - -
Extraordinary item-Gain on Dissolution - - - - -
Total governmental activities 12,066,930 13,512,150 14,385,928 17,302,445 15,310,214
Changes in net position-
governmental activities $ (2,399,591) $ 6,888,535 $16,043,205 $ 5,631,156 $ 6,978,578
-120-
City of Moorpark
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
2008 2009 2010 2011 2012
General fund:
Reserved $ 95,397 $ 373,209 $ 337,286 $ - $ -
Unreserved 3,625,348 2,832,620 2,662,713 - -
Nonspendable - - - 220,976 1,275,022
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - 2,779,024 2,999,000
Total general fund $ 3,720,745 $ 3,205,829 $ 2,999,999 $ 3,000,000 $ 4,274,022
All other governmental funds:
Reserved $ 35,103,620 $ 33,719,016 $ 38,208,807 $ - $ -
Unreserved, reported in:
Special revenue funds 42,761,089 37,278,628 32,207,690 - -
Capital projects funds 39,098,065 35,699,829 33,735,939 - -
DebtServicefunds (1,025,927) 261,336 294,202 - -
Non-major funds 13,384,413 25,043,397 25,335,288 - -
Fund Balances:
Nonspendable - - - 14,862,594 3,055,064
Restricted - - - 66,565,551 55,945,095
Committed - - - 795,208 783,281
Assigned - - - 28,849,138 30,892,276
Unassigned - - - (2,124,660) (2,047,164)
Total all other governmental funds $129,321,260 $ 132,002,206 $ 129,781,926 $ 108,947,831 $ 88,628,552
Source: City of Moorpark CAFR.
-121-
City of Moorpark
Fund Balances of Governmental Funds
Last Ten Fiscal Years (continued)
(Modified accrual basis of accounting)
2013 2014 2015 2016 2017
General fund:
Reserved $ - $ - $ - $ - $ -
Unreserved - - - - -
Nonspendable 635,176 365,899 660,077 154,863 158,857
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned 3,000,000 3,000,000 2,999,941 2,865,439 3,011,336
Total general fund $ 3,635,176 $ 3,365,899 $ 3,660,018 $ 3,020,302 $ 3,170,193
All other governmental funds:
Reserved $ - $ - $ - $ - $ -
Unreserved, reported in:
Special revenue funds - - - - -
Capital projects funds - - - - -
Debt Service funds - - - - -
Non-major funds - - - - -
Fund Balances:
Nonspendable 10,478,901 10,253,789 10,363,316 - -
Restricted 44,067,428 49,389,385 54,572,775 66,039,589 61,978,590
Committed 742,546 698,395 711,399 736,185 847,588
Assigned 33,084,456 36,190,577 42,221,565 48,533,700 50,386,413
Unassigned (2,026,212) (1,825,187) (1,604,570) (1,503,658) (1,213,439)
Total all other governmental funds $ 86,347,119 $ 94,706,959 $ 106,264,485 $ 113,805,816 $ 111,999,152
-122-
City of Moorpark
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
2008 2009 2010 2011 2012
Revenues:
Taxes $15,392,269 $19,716,636 $ 18,730,771 $ 19,042,900 $ 16,147,175
Licenses and permits 72,951 645,010 598,370 587,186 561,530
Fines and forfeitures 358,665 484,930 436,377 441,543 446,426
Uses of money and property 5,684,111 3,114,881 1,547,229 1,537,255 1,381,235
Charges for services 677,277 3,813,159 3,284,275 2,579,593 3,559,454
Intergovernmental 7,549,040 3,948,059 2,629,132 4,786,235 1,627,462
Maintenance assessments 4,205,700 3,491,975 1,950,431 2,112,992 2,114,957
Franchise fees 301,514 - - - -
Building and safety fees 530,761 - - - -
Planning and public work fees 1,938,143 - - - -
Development fees 4,501,837 - - - -
Contributions from prop owners - - - - -
Other 433,378 398,539 587,832 833,082 1,345,246
Total revenues 41,645,646 35,613,189 29,764,417 31,920,786 27,183,485
Expenditures:
Current:
General government 1,835,801 1,926,283 1,497,916 2,289,299 890,396
Public safety 6,637,757 6,814,425 6,769,484 6,839,355 6,467,065
Public services 12,505,613 11,259,297 12,343,896 12,876,132 8,321,090
Parks and recreation 4,291,867 4,182,091 4,453,400 4,074,490 5,038,957
Streets and roads - - - - -
Capital outlay 14,682,017 8,100,604 5,548,179 24,506,524 4,679,053
Debt service:
Principal 455,000 475,000 495,000 1,874,064 590,122
Interest 1,631,932 1,594,062 1,482,799 1,471,516 688,825
Bond issuance costs - - - - -
Total expenditures 42,039,987 34,351,762 32,590,674 53,931,380 26,675,508
Excess of revenues over
expenditures (394,341) 1,261,427 (2,826,257) (22,010,594) 507,977
Other financing sources(uses):
Gain from sale of property - - - - -
Bond Proceeds - - - - -
Discount on Bonds - - - - -
County settlements - 1,000,000 - - -
Transfers in 27,626,755 17,062,650 9,378,101 3,820,738 4,739,189
Transfers out (27,626,755) (17,062,650) (9,378,101) (2,644,238) (4,739,189)
Total other financing
sources(uses) - 1,000,000 - 1,176,500 -
Extraordinary Item - - - - -
Net change in fund balances $ (394,341) $ 2,261,427 $ (2,826,257) $(20,834,094) $ 507,977
Debt service as a percentage of
noncapital expenditures 8.3% 8.6% 7.9% 12.8% 6.2%
Source: City of Moorpark CAFR.
-123-
City of Moorpark
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years (continued)
(Modified accrual basis of accounting)
2013 2014 2015 2016 2017
Revenues:
Taxes $ 12,662,488 $ 12,931,981 $ 13,688,319 $14,417,009 $ 14,816,810
Licenses and permits 498,102 1,279,619 1,249,964 1,109,136 1,258,680
Fines and forfeitures 420,555 425,844 384,288 471,684 493,607
Uses of money and property 482,129 1,533,697 1,512,399 2,968,575 763,001
Charges for services 5,170,238 10,785,334 15,951,226 8,121,521 8,519,922
Intergovernmental 2,503,734 3,257,823 5,246,632 3,584,007 2,765,226
Maintenance assessments 1,893,699 2,159,121 2,487,047 2,737,711 3,015,980
Franchise fees - - - - -
Building and safety fees - - - - -
Planning and public work fees - - - - -
Development fees - - - - -
Contributions from prop owners - - - - -
Other 167,784 438,612 445,197 1,443,805 774,632
Total revenues 23,798,729 32,812,031 40,965,072 34,853,448 32,407,858
Expenditures
Current:
General government 2,125,004 1,746,028 2,495,775 1,423,174 2,863,205
Public safety 6,306,906 6,643,550 6,789,765 6,999,561 8,493,445
Public services 7,391,632 9,126,851 10,468,227 9,254,464 6,652,530
Parks and recreation 5,086,773 5,354,601 5,732,314 6,089,350 5,687,328
Streets and roads - - - - 259,546
Capital outlay 5,144,756 1,580,438 3,892,870 4,163,202 10,085,230
Debt service:
Principal - - - - -
Interest - - 4,476 22,082 23,347
Bond issuance costs - - - - -
Total expenditures 26,055,071 24,451,468 29,383,427 27,951,833 34,064,631
Excess of revenues over
expenditures (2,256,342) 8,360,563 11,581,645 6,901,615 (1,656,773)
Other financing sources(uses):
Gain from sale of property - - - - -
Bond Proceeds - - - - -
Discount on Bonds - - - - -
County settlements - - - - -
Transfers in 3,262,665 4,718,044 7,365,629 6,115,233 3,961,767
Transfers out (3,262,665) (4,718,044) (7,365,629) (6,115,233) (3,961,767)
Total other financing
sources(uses) - - - - -
Extraordinary Item (19,553,234) - - - -
Net change in fund balances $(21,809,576) $ 8,360,563 $ 11,581,645 $ 6,901,615 $ (1,656,773)
Debt service as a percentage of
noncapital expenditures 0.0% 0.0% 0.0% 0.0% 0.0%
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City of Moorpark
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
City Redevelopment Agency
Fiscal Year Taxable Taxable Total
Ended Less: Assessed Less: Assessed Direct Tax
June 30, Secured Unsecured Exemptions Value Secured Unsecured Exemptions Value Rate
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 0.033%
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 0.035%
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 0.038%
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 0.040%
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 0.031%
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%
2014 4,718,569,672 119,712,860 45,054,167 4,883,336,699 878,368,970 70,500,448 4,423,367 953,292,785 1.068%
2015 5,042,223,024 123,500,500 45,844,355 5,119,879,169 909,850,372 74,847,964 7,970,727 976,727,609 0.095%
2016 5,333,705,999 122,090,764 73,812,980 5,381,983,783 1,040,390,804 73,089,277 34,190,142 1,079,289,939 0.094%
2017 5,654,428,902 115,219,381 76,811,398 5,692,836,885 1,042,974,399 63,588,301 35,131,954 1,071,430,746 0.094%
Source: Ventura County Assessors Office
NOTE:
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the
property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions,
property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The
assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the
limitations described above.
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City of Moorpark
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per$100 of assessed value)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1 Basic Levy 1.00000 1 00000 1.00000 1.00000 1.00000 1 00000 1.00000 1.00000 1.00000 1.00000
Conejo Valley Unified 0.02420 0 02500 0.02640 0.02850 0.03070 0 03240 0.03270 0.03290 0.03180 0.03200
School Distnct
Metropolitan Water District 0.00450 000430 0.00430 0.00370 0.00370 000350 0.00350 0.00350 0.00350 0.00350
Moorpark Unified 0.03310 0 03510 0.03760 0.03980 0.05750 0 04490 0.03950 0.05550 0.06920 0.06540
School Distnct
Ventura Community 0.00500 001520 0.01390 0.01510 0.01400 001910 0.01670 0.01760 0.01300 0.01550
College District
2 Total Direct& 1.06680 1 07960 1.08220 1.08710 1.10590 1 09990 1.09240 1.10950 1.11750 1.11640
Overlapping Tax Rates
3
City Share oft%Levy 0.07447 0 09094 0.09077 0 90770 0.09077 0 09078 0.09078 0.09078 0.09078 0.09078
per Prop 13
General Obligation Debt Rate - - - - - - - - - -
4 Redevelopment Rate 1.00450 1 00430 1.00430 1.00370 1.00370 - - - - -
5 Total Direct Rate 0.19963 021254 021589 021304 021047 021806 0.09508 0.09498 0.09447 0.09422
Notes
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 any voter approved bonds.
2 Overlapping rates are those of local and county governments that apply to property owners within the City.Not all overlapping rates apply to all city property owners.
3 City s share of 1%levy is based on the Citys share of the general fund tax rate area with the larges net taxable value within the city. ERAF general fund tax shifts
may not be included in tax ratio figures.
4 Redevelopment rates is based on the largest RDA tax rate area and only includes rate(s)from indebtedness adopted prior to 1989 per California State statute. RDA
direct and overlapping rates are applied only to the incremental property values. The approval of Ab<1 26 eliminated redevelopment from the State of California for
the fiscal year 2012/13 and years thereafter.
5 Total Direct Rates is the weighted average of all individual direct rates applied to by the government preparing the statistical section information and excludes
revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas.
Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposed of this report,residual revenue is assumed
to be distributed to the City in the same proportions as general fund revenue.
Source. HdL,Coren&Cone
Ventura County Assessor
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City of Moorpark
Principal Property Tax Payers
Current Year and Ten Years Ago
2017 2008
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayers Value* Value Value Value
NF Moorpark Multifamily Assoc $ 87,624,229 1.54% $ -
Waterstone Properties Moorpark LLC 72,628,314 1.28% 64,540,359 1.35 %
DBRE Moorpark LLC 66,963,815 1.40 %
Autosafe Airbag 12 California 66,687,506 1.40 %
Mission Bell Plaza West LLC 52,835,000 0.93%
Moorpark Center LLC 47,110,183 0.83%
KB Home Greater LA Inc 42,592,440 0.89 %
Tesoro Village Properties LLC 36,727,445 0.77 %
Village at Moorpark LLC 31,876,571 0.56%
Kavlico Corporation 30,701,700 0.64 %
Ensign-Bickford Aerospace 29,198,139 0.51 %
ROIC California 27,719,560 0.49%
Moorpark Carlsberg Holdings 26,520,000 0.56 %
Milan Tuscany LLC 25,848,387 0.45%
Calabasas BCD 21,272,135 0.37%
G &Y Moorpark LLC 20,049,100 0.35% 24,704,900 0.52 %
Pardee Homes 21,458,763 0.45 %
G-S Partnership 20,548,729 0.43 %
$ 416,161,618 7.31% $ 401,445,657 8.40%
* 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 2016-2017 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
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 %
2014 3,817,587 3,545,339 92.9% 125,651 3,670,990 96.2%
2015 4,186,012 3,965,562 94.7% 127,695 4,093,257 97.8%
2016 4,253,351 4,046,844 95.1 % 105,932 4,152,776 97.6%
2017 4,524,624 4,192,728 92.7% 133,274 4,326,002 95.6%
Source: Ventura County Auditor Controller's Office Levy Letter
Note: The amounts presented include City property taxes only. It does not include redevelopment tax increment.
Note: In FY 2007/08$785,653 in adjustments (including the Library)were added to the Levy Letter.
Subsequent years= Realized Revenue Report, Prior secured
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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
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 - - - - - -
2013 - - - - - -
2014 - - - - - -
2015 - - - - - -
2016 - - - - - -
2017 - - - - - -
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 of the financial statements.
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 Value2 Capita
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 - - - - -
2013 - - - - -
2014 - - - - -
2015 - - - - -
2016 - - - - -
2017 - - - - -
General bonded debt is debt payable with governmental fund resources and general
obligation bonds recorded in enterprise funds (of which, the City has none).
'Tax Allocation Bonds are the debt of the Successor Agency and not a part of the City.
Please read Note 14 of the financial statements.
2Assessed 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 2016-17 $ 5,692,836,885
Redevelopment Agency Incremental Valuation 1,071,430,746
Adjusted Assessed Valuation $ 4,621,406,139
Estimated
Share of
Percentage Debt as of Overlapping
Applicable 6/30/2017 Debt
Direct and Overlapping Tax and Assessment Debt:
Metropolitan Water District 0.220% $ 74,905,000 $ 164,791
Ventura Community College District 4.624% 290,844,117 13,448,632
Conejo Valley Unified School District 0.015% 55,776,988 8,367
Moorpark Unified School District 93.595% 54,421,318 50,935,633
City of Moorpark 100.000% - -
City of Moorpark Community Facilities District No.97-1 100.000% 4,305,000 4,305,000
City of Moorpark Community Facilities District No.2004-1 100.000% 10,265,000 10,265,000
City of Moorpark 1915 Act Bonds 100.000% 765,000 765,000
Total Direct and Overlapping Tax&Assessment Debt 491,282,423 79,892,422
Overlapping General Fund Obligation Debt:
Ventura County General Fund Obligations 4.622% 346,795,000 16,028,865
Ventura County Superintendent of Schools COPs 4.622% 10,040,000 464,049
Moorpark Unified School District COPs 93.595% 5,385,000 5,040,091
Total Overlapping General Fund Obligation Debt 362,220,000 21,533,004
Overlapping Tax Increment Debt(Successor Agency): 100.000% 22,375,000 22,375,000
Total Direct Debt -
Combined Total Debt* $ 875,877,423 123,800,427
Total Direct and Overlapping Debt $ 123,800,427
Notes:
Excludes tax and revenue anticipation notes,revenue,mortgage revenue and tax allocation bonds and non-bonded capital lease obligations,
of which the City has none.
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
2008 2009 2010 2011 2012
Assessed valuation $4,558,597,806 $4,700,305,496 $4,619,910,655 $4,659,133,835 $4,662,536,870
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 1,139,649,452 1,175,076,374 1,154,977,664 1,164,783,459 1,165,634,218
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 170,947,418 176,261,456 173,246,650 174,717,519 174,845,133
Total net debt applicable to limit:
General Obligation Bonds
Legal debt margin $ 170,947,418 $ 176,261,456 $ 173,246,650 $ 174,717,519 $ 174,845,133
Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
Source: City of Moorpark, Finance Department
Ventura County Tax Assessor's Office
Note: The Government Code 2227 of the State of California provides for a legal debt limit of 15% of gross assessed
valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value.
Effective with the 81-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change
in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation date for each
fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt
margin was enacted by the State of California for local governments located within the state.
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City of Moorpark
Legal Debt Margin Information
Last Ten Fiscal Years (continued)
2013 2014 2015 2016 2017
Assessed valuation $4,596,277,650 $4,718,569,672 $5,042,223,024 $5,333,705,999 $5,654,428,902
Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 1,149,069,413 1,179,642,418 1,260,555,756 1,333,426,500 1,413,607,226
Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 172,360,412 176,946,363 189,083,363 200,013,975 212,041,084
Total net debt applicable to limit:
- - - -
-
General Obligation Bonds
Legal debt margin $ 172,360,412 $ 176,946,363 $ 189,083,363 $ 200,013,975 $ 212,041,084
Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
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City of Moorpark
Pledged-Revenue Coverage
Last Ten Fiscal Years
Fiscal Year Tax Allocation Bonds
Ended Tax Debt Service
June 30, Increment Principal Interest Coverage
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
2014 - - - n/a
2015 - - - n/a
2016 - - - n/a
2017 - - - n/a
Note
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 read Note 14 of the financial statements.
Details regarding the Successor Agency outstanding debt can be
found in the notes to the financial statements. Operating expenses do not include interest
or depreciation expenses.
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City of Moorpark
Demographic and Economic Statistics
Last Ten Calendar Years
Median
Calendar Household Household Unemployment
Year Population Income(000's) Income Rate
2008 36,971 $ 1,075,236 $ 95,393 5.7 %
2009 37,086 1,069,535 94,593 10.3 %
2010 37,576 1,086,966 94,881 10.6 %
2011 34,710 1,032,167 97,537 10.0 %
2012 34,826 960,667 90,478 8.7 %
2013 34,904 1,065,253 100,104 6.4 %
2014 35,172 1,098,171 102,411 6.2 %
2015 35,727 1,115,499 102,411 5.2 %
2016 36,715 1,154,720 103,159 48 %
2017 36,828 1,120,301 99,777 3.5 %
Sources: California State Department of Finance
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City of Moorpark
Principal Employers
Current and Ten Calendar Years Ago
2017 2007
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
Pennymac 880 4.9% - -
Moorpark Unified School District 788 4.4% 871 7.4%
Moorpark College 711 4.0% 315 2.7%
Pentair Water Pool&Spa 530 3.0% 527 4.5%
Benchmark Electronics Manufacturing Solutions 320 1.8% - -
XP Systems 140 0.8% - -
Target Stores/T-1547 138 0.8% - -
Ensign-Bickford Aerospace&Defense Company 123 0.7% - -
Test Equity LLC 121 0.7% - -
Picnic Time, Inc. 120 0.7% - -
Kretek International 120 0.7% - -
Kavlico - - 1,200 10.2%
Waterpik Technology(Teledyne) - - 451 3.8%
First Data - - 442 3.8%
Aquaria - - 350 3.0%
Special Devices Inc. - - 290 2.5%
SMTEK International - - 220 1.9%
Aldik - - 200 1.7%
Axius/Auto Shade - - 150 1.3%
Boething Tree Farm - - 145 1.2%
American Board Assembly - - 115 1.0%
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City of Moorpark
Full-Time and Part-Time City Employees by Function
Last Ten Fiscal Years
Function 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General government 26 26 26 27 28 27 27 26 25 31
Public safety(crossing guards) 7 6 5 5 3 3 3 3 2 2
Public services 22 22 20 16 18 19 19 22 19 17
Parks and recreation 54 56 55 54 51 58 75 70 57 74
Total 109 110 106 102 100 107 124 121 103 124
Public safety 1 42 38 38 40 39 40 40 40 40 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
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Police:(A)
Arrests 1,732 1,412 2,207 1,266 1,158 1,120 1,148 938 966 1,139
Parking citations issued 2,860 3,254 4,969 4,887 5,704 5,129 2,736 3,117 4,582 5,841
Fire:(B)
Number of"prime"emergency calls 1,362 1,100 1,945 1,707 2,174 1,851 1,835 1,996 2,026 2,107
Business Inspections* 130 143 115 196 196 132 500 694 727 443
Public works:(C)
Street resurfacing(miles) 3.8 - 5.0 2.0 - 4.5 - - - -
Parks and recreation:(D)
Number of recreation classes 378 265 419 325 308 300 265 303 295 314
Number of facility rentals 210 186 230 277 118 226 103 248 287 405
Prime calls and business inspections are for County of Ventura,Fire department station#42
* In November 2001,all business occupancies less than 10,000 sq.feet became eligible for self inspection program.
Source:City of Moorpark
(A)Provided by Moorpark Police Department.
(B)Ventura County Fire Dept.
(C)Moorpark Public Works Dept.-every six years,the City plans to resurface its streets(total street miles=220).
(D)Arroyo Vista Recreation Dept.
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City of Moorpark
Capital Asset Statistics by Function
Last Ten Fiscal Years
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fire:
Fire stations 2 2 2 2 2 2 2 2 2 2
Public works:
Streets(miles) 78 79 79 79 79 79 79 79 79 79
Streetlights' 2,510 2,518 2,518 2,620 2,620 2,620 2,620 2,620 2,620 2,620
Traffic signals 20 20 20 21 21 21 21 21 21 22
Parks and recreation:
Parks 16 17 18 18 18 18 18 19 19 19
Community centers 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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