ACFR FY 2000-2001I
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CITY OF POWAY
CALIFORNIA
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
For the Year En
June 30, �0
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CITY OF POWAY
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2001
Prepared by:
Department of Administrative Services
Warren Shafer
Director
Andrew White
Finance Manager
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CITY OF POWAY
Comprehensive Annual Financial Report
For the Year Ended June 30, 2001
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION
Title
Tableof Contents ............................................................................ ............................... iii
PrincipalOfficials ........................................................................... ............................... vi
OrganizationChart .......................................................................... ............................... vii
Letterof Transmittal ....................................................................... .......:....................... ix
GFOA Certificate of Achievement for Excellence
in Financial Reporting
............. xxin
CSMFO Certificate of Award for Outstanding Financial Reporting .. ...........................xxiv
FINANCIAL SECTION
Independent Auditors' Report ......................................................... ..............................1 3
Combined Financial Statements ( "Liftable General Purpose Financial Statements "):
Combined Balance Sheet - All Fund Types and Account Groups ............................
4
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - All Governmental Fund Types
and Expendable Trust Funds ................................................. ...............................
8
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual - General,
Special Revenue and Debt Service Funds * ... * * ........... .......... ...............................
10
Combined Statement of Revenues, Expenses, and Changes
in Retained Earnings - All Proprietary Fund Types
and Similar Trust Funds ...................................................... ...............................
12
Combined Statement of Cash Flows - All Proprietary Fund Types
and Similar Trust Funds ........................................................ ...............................
14
Notes to Financial Statements .................................................... ...............................
18
Combining and Individual Fund and Account Group Financial
Statements and Schedules (Supplementary Information):
General Fund:
Comparative Balance Sheets ................................. ............ .. .... ............................. 50
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual ................................... .............................. 51
iii
0 CITY OF POWAY 0
Comprehensive Annual Financial Report
For the Year Ended June 30, 2001
TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
Special Revenue Funds
PAGE
Combining Balance Sheet... .................................................................................
56
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ................................................ ...............................
60
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual:
FireProtection .............................................................. ...............................
63
800 MHZ Communication Systems ............................ ...............................
64
GasTax Fund ............................................................... ...............................
65
Street Improvement Fund ............................................. ...............................
66
DrainageFund .............................................................. ...............................
67
Maintenance District 83 -1 Fund ............... .................... ..............................
68
Miscellaneous and Grants Fund ........................ ... ......... I ....................
......... 69
Community Development Block Grant Fund ............... ...............................
70
Transportation Development Act Fund ........................ ...............................
71
Proposition A Fund
72
Royal Mobilehome Park Administration Fund ............. ...............................
73
Traffic Congestion AB2928 ......................................... ...............................
74
Low and Moderate Income Housing Fund ................... ...............................
75
Debt Service Funds:
Combining Balance Sheet ..................................................... ...............................
78
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ................................................ ...............................
79
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual:
City of Poway Fund .. ................................................... .................
.... .......... 80
City of Poway Redevelopment Agency Fund ............... .................I.............
81
Capital Projects Funds:
Combining Balance Sheet .............. ....................................... ...............................
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ................................................ ...............................
86
Enterprise Funds:
Combining Balance Sheet ..................................................... ...............................
90
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings ...........................................................
I............. 93
Combining Statement of Cash Fl ows ................................... ...............................
94
Internal Service Fund:
Comparative Balance Sheet ................ ............................... ..................................... .....................
_...... 100
Comparative Statement of Revenues, Expenses, and
Changes in Retained Earnings .......................................... ...............................
101
Comparative Statement of Cash Flows ............................. ...............................
102
ry
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CITY OF POWAY
' Comprehensive Annual Financial Report
For the Year Ended June 30, 2001
i TABLE OF CONTENTS
PAGE
'
FINANCIAL SECTION (Continued)
Fiduciary Funds:
Combining Balance Sheet ..................................................... ...............................
106
Nonexpendable Trust Funds:
124
Combining Statement of Revenues, Expenses, and
124
'
Changes in Fund Balances.. ........................................ I ................................
108
Combining Statement of Cash Flows ........................... ...............................
109
Expendable Trust Funds:
128
'
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ........................................... ...............................
110
'
Agency Funds:
Combining Statement of Changes in Assets and Liabilities .......... I ..................
111
'
Account Groups:
132
Comparative Schedule of General Fixed Assets by Source ... ...............................
115
'
Schedule of General Fixed Assets by Function and Activity ..... ..........................
116
'
Schedule of Changes in General Fixed Assets
134
by Function and Activity ................... .
118
Comparative Schedule of General Long -Term Debt ............ ........__...................
. 119
'
STATISTICAL SECTION (Unaudited)
General Governmental Expenditures by Function -
Last Ten Fiscal Years .............. ............................... . .
................. ...............................
122
General Governmental Revenues by Source - Last Ten Fiscal Years ............................
124
General Governmental Tax Revenues by Source - Last Ten Fiscal Years ....................
124
'
Property Tax Levies and Collections - Last Ten Fiscal Years ........ ...............................
126
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years .:..................................................:..:....... ...............................
128
'
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years ................................................................. ...............................
130
Ten Largest Taxpayers ............ ......................... ..
131
'
Special Assessment Collections - Last Ten Fiscal Years .................... ..........................
132
Computation of Legal Debt Margin .............................................. ...............................
133
Ratio of Net General Bonded Debt to Assessed Value and
'
Net Bonded Debt Per Capita - Last Ten Fiscal Years ............... ...............................
134
Ratio of Debt Service for General Bonded Debt to
Total General Expenditures - Last Ten Fiscal Years ...................... ...............................
135
'
Direct and Overlapping Bond Debt ........ .......... . ......
136
Demographic Statistics - Last Ten Fiscal Years ........,,,. * ............. ...............................
137
'
Property Value, Construction Activity and Bank Deposits -
Last Ten Fiscal Years ................................................................. ...............................
138
Miscellaneous Statistics ...............................
..................................................................
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CITY OF POWAY
City Council
Mayor
Council: Mickey Cafagna
Bob Emery
Jay Goldby
Don Higginson
Betty Rexford
Appointed Officials
City Manager James L. Bowersox
City Clerk/City Treasurer Lori A. Peoples
City Attorney Stephen M. Eckis
Administrative Personnel
Director of Administrative Services
Warren H. Shafer
Director of Community Services
Robert A. Clark
Director of Development Services
Niall S. Fritz
Director of Public Services
James R. Howell
Director of Redevelopment Services
Deborah A. Johnson
Director of Safety Services
Mark A. Sanchez
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CITY OF POWAY
ORGANIZATION CHART
Redevelopment
and Housing Services
f.
Citizens
City Council
Planning Commission
Redevelopment Agency
City Manager/
Executive Director
City Clerk/ City I Council
Treasurer I I Attorney Committees
Administrative
Services
1. Personnel
2. Customer Services
3. Finance
4. Data Processing
5. Support Services
6. Risk Management
7. Capital Management
Community
Services
1. Leisure Services
2. Lake Operations
3. Aquatics Center
4. Performing Arts Ctr.
5. Old Poway Park
6. Library
Development
Services
1. Current Planning
2. Advance Planning
3. Building Inspection
4. Capital Projects
5. Land Development
6. Engineering Inspection
7. Traffic Engineering
Public
Services
1.
Fleet Maintenance
2.
Water Supply
3.
Sewer Pumping &
Disposal
4.
Water Distribution
5.
Wastewater Collection
6.
Maintenance Control
7.
Street Maintenance
8.
Drainage Maintenance
9.
Facilities Maintenance
10.
Trails & Open Space
11.
Park & Landscape
Maintenance
12.
Special District
Administration
Safety
Services
1. Fire Suppression
2. Fire Prevention
3. Paramedics
4. Law Enforcement
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tITY OF POWA?
MICKEY CAFAGNA, Mayer
JAY GOLDBY, Depury Mayor
BOB EMERY, Gnuxihnember
DON HIGGINSON, Councilmemher
BETTY REXFORD, Councilmemher
November 30, 2001
Honorable Mayor and Members of the City Council
Poway, California
This Comprehensive Annual Financial Report (CAFR) is prepared in order to provide you and
the community with a report of the financial transactions of the City of Poway as of and for the
year ended June 30, 2001. Responsibility for the accuracy, completeness, and fairness of the
report rests with the City.
We believe that the data, as presented, is accurate in all material aspects; that it is presented in a
manner designed to fairly set forth the financial position and results of operations of the City as
measured by the financial activity of its various fund types, and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
The significant accounting policies of the City are described in the Notes to Financial State-
ments. These accounting policies have been approved by the City's independent certified public
accountants, and are in conformance with the recommendations of the American Institute of
Certified Public Accountants and the Governmental Accounting Standards Board.
This report is prepared following the guidelines set forth by the Government Finance Officers
Association of the United States and Canada and the California Society of Municipal Finance
' Officers.
In accordance with the above - mentioned guidelines, the report is divided into three sections:
' 1. Introductory Section - including this letter of transmittal, the City's organiza-
tional chart, and the list of principal officers.
' 2. Financial Section - including the independent report from the City's certified
public accountants, the combined financial statements, notes to financial state-
ments, and supplemental statements.
3. Statistical Section - including other pertinent unaudited financial tables and in-
' formation that presents historical trends, demographics, and miscellaneous data
about the City.
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City Hall Located at 13325 Civic Center Drive
Mailing Address: P.O. Box 789, Poway, California 92074 -0789 • (858) 748 -6600, 695 -1400
F ,;, FAX 748 -1455
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Annual Financial Report
November 30, 2001
Page 2
The Reporting Entity and Its Services
Included within the City's financial statements is the financial information of the Poway Rede-
velopment Agency and the Poway Public Financing Authority. Although the entities are legally
separate from the City, their financial operations are closely related. Their activities are in-
cluded with the activities of the City, because the City Council serves as the Board of Directors
and is able to impose its will on both entities. There is therefore, a financial benefit /burden re-
lationship. This financial presentation is in accordance with GASB Codification, Section 2100.
The City of Poway was incorporated December 1, 1980, tinder the general laws of the State of
California. The City operates under a Council- Manager form of government and provides the
following services: public safety (police and fire), community services, development services,
public works, general administrative services, and capital improvements.
The Poway Redevelopment Agency was established April 26, 1983, pursuant to the State of
California Health and Safety Codes, Section 33000 entitled "Community Redevelopment Law."
Its purpose is to eliminate blighted areas by encouraging the development of residential, com-
mercial, industrial, recreational, and public facilities.
The Poway Public Financing Authority is a joint powers authority organized pursuant to the
State of California Government Code, Section 6500. The authority exists under a Joint Exer-
cise of Power Agreement dated October 8, 1991, between the City of Poway and the Poway Re-
development Agency. Its purpose is to assist in financing and refinancing projects for the bene-
fit of the City and the Agency.
Economic Condition and Outlook
Poway, from Indian words meaning "where the waters meet," first gained prominence in the
1800s as an important link in Southern California's stagecoach network. Now the City, a thriv-
ing, civic - spirited community, is located in the coastal foothills of San Diego County just
twenty miles north of downtown San Diego and three miles east of Interstate 15.
The City of Poway flourishes with a family - oriented population of 49,082 and covers 39 square
miles with elevations ranging from 450 to 2,250 feet above sea level. Poway is a full- service
general law city governed by a council of five members -at -large serving staggered four -year
terms. In 1990 the City had its first mayor directly elected by the voters. The City absorbed ex-
isting special districts as of February 1, 1981. Water, sewage disposal, fire, paramedic, parks
and recreation, planning and building, street maintenance, and redevelopment services are pro-
vided by the City; sheriff services are contracted through the County of San Diego.
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Annual Financial Report
November 30, 2001
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' Poway has been popularly dubbed the "City in the Country." Poway has set aside over 65 per-
cent of total land use as open space, nearly 3,000 acres of dedicated public open space, 345
acres of developed parkland featuring community parks and centers, and 60 miles of riding and
hiking trails. Home lots are often larger than in most other areas, with a median sales price of
$313,000. Poway is predominately a single- family community, and the Poway Unified School
District - -a top performer in the state and nation - -is a source of great pride, as is the fact that the
' City has the lowest crime rate in the county. As part of San Diego County, Poway has a rela-
tively dry climate with frost -free temperatures over 300 days per year, and rainfall of about 11
inches, which falls principally between October and April. The average daytime temperature in
' Poway is about 74° F. The expected population at build out is 55,000.
Poway's local economy is based primarily on automobile and transportation related sales, gen-
eral merchandising, and retail sales of food and gas. In addition, activity in the South Poway
Business Park has generated a substantial growth in sales tax. Having the third highest median
household income of $68,268 in San Diego County has helped fuel the dramatic increase in
' sales tax revenues over the past several years. While an increased volume in automobile sales
has led the way, with the development of the business parks, other sectors, such as business and
industry and building and construction, have grown dramatically.
' The year 2001 saw the continued economic expansion of Poway as a part of the San Diego
County economy; however, we anticipate that the rate of growth will begin to slow in 2002.
The past year has seen the addition of 1.4 million square feet of building construction in the
South Poway Business Park. Jobs continue to grow, with more than 12,900 people now em-
ployed in the South Poway Business Park. Construction of over 500,000 square feet of new
building space is anticipated in 2002. The South Poway Business Park will continue to be a
major growth center for San Diego County.
Major Initiatives
' For the Year:
Housing: Construction concluded on the first affordable senior housing complex in Poway.
' Located along Pomerado Road, Brookview development is a 102 -unit housing facility reserved
exclusively for income qualified senior citizens who are at least 62 years of age. The facility
opened in July 2001, and is fully occupied.
Acquisition of the eight parcels that comprise the Brighton Affordable Housing Overlay site
was completed in May 2001. This site will ultimately be developed with approximately 91 af-
fordable apartments for Poway's workforce, which is part of the overall revitalization efforts in
the Old Poway historic district.
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Annual Financial Report
November 30, 2001
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Public Improvements: The Meadowbrook Soccer Field Renovation is ajoint use project with
the Poway Unified School District. The City funded the renovation of the soccer field with im-
provements such as regrading, landscaping, irrigation, the addition of lights, and the construc-
tion of a cul -de -sac at the end of Meadowbrook Lane. The joint use agreement between the
City and School District will provide improved playing conditions for youth soccer.
The $6 million Pomerado Road Improvement project began in the fall of 2000 and was substan-
tially completed during fiscal year 2000 -01. The project was funded by the City of Poway, the
Poway Redevelopment Agency, TRANSNET, and a Federal grant. The work was performed
between Poway Road and Ted Williams Parkway. Improvements on this two -mile portion of
road consist of pavement repair and overlay, road widening south of Leona Lane, and installa-
tion of new curb, gutter, and sidewalk to provide safe pedestrian access to school children north
of Meadowbrook Lane. Additionally, a sound wall was constructed. A portion of the road wid-
ening was performed by the Brookview affordable senior housing project, and included the in-
stallation of new traffic signals.
For the Future The City was awarded a California Integrated Waste Management Board
grant in the amount of $50,000. The grant will fund the renovation of an existing playground
and replace unsafe and outdated playground equipment at Garden Road Park. The project pro-
vides for a new fall zone surfacing to meet ADA requirements, drinking fountain, and shade
structure.
The Redevelopment Agency approved a Disposition and Development Agreement with Breihan
Housing Associates to develop a 71 -unit affordable housing development and day care center
on the Hillside Village site. A Federal Low Income Tax Credits application was submitted and
approved, with construction expected to begin by February 2002.
In terms of maintaining a thriving business environment, one goal includes the continuation of
the Commercial Rehabilitation Loan Program, targeting the substantial rehabilitation and reno-
vation of prominent commercial buildings located on Poway Road. The Library Plaza on Po-
way Road is in the process of being renovated with an additional 5,000 square feet of retail
space and improved vehicle access. In addition, in November 2001, the Redevelopment
Agency acquired a site for a business class hotel in the South Poway Business Park and expects
development to begin in 2002.
Since 1980, the population in the City of Poway has grown significantly. With this growth, the
demand for responsive fire and emergency medical services has also increased. To meet this
demand, the City Council supports the addition of a third fire station. The location for the new
fire station is under review, with the construction cost expected to be approximately
$4,000,000.
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Annual Financial Report
' November 30, 2001
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To meet the growing need for recreational activities for teens, the City Council approved the
designation of a .22 -acre site for a skateboard park. The site plan for the Poway skateboard
' park design has been completed. The 12,000 square foot concrete skating surface with ramps,
bowls, pipes, stairs, benches and other well -known skating elements is estimated to cost
$600,000, of which $361,000 has been raised through donations.
The Community Road Widening Project is a project totaling approximately $3.5 million funded
by the City of Poway, the Poway Redevelopment Agency, and Prop A monies. This project
will widen lanes, add curbs, gutters, and sidewalks, street lights, and storm drains. There will
also be a two -inch asphalt overlay, deep patching, enhanced storm drains, and traffic signal
modification.
' The latest drafts of the National Discharge Pollution Elimination System (NPDES) permits for
the various Regional Water Boards attempt to shift and broaden the storm water inspection and
' enforcement responsibilities from the state to the cities. The City must comply as part of the
San Diego region with the Stormwater Discharge Permit issued by the State Regional Water
Quality Control Board. The costs associated with compliance, which include testing, reporting,
' education, maintenance, and construction, could be as high as $1.5 million annually.
' Accounting System and Budgetary Control
The City's accounting records for governmental fund types, the expendable trust fund, and the
' agency funds are maintained on the modified accrual basis of accounting. The modifications to
the accrual basis of accounting are described in the Notes to Financial Statements. The ac-
counting records for proprietary funds (water and sewer) and the nonexpendable trust fund are
' maintained on the full accrual basis of accounting. Accordingly, revenues are recognized in the
accounting period earned, and expenses are recognized in the period incurred.
' In developing and evaluating the City's accounting system, consideration is given to the ade-
quacy of internal accounting controls. Internal accounting controls are designed to provide rea-
sonable, but not absolute, assurance regarding (1) the safeguarding of assets against loss from
unauthorized use or disposition, and (2) the reliability of financial records for preparing finan-
cial statements and maintaining accountability of assets. The concept of reasonable assurance
' recognizes that the cost of a control should not exceed the benefits likely to be derived. The
evaluation of this cost /benefit relationship requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
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Annual Financial Report
November 30, 2001
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Financial transactions are continuously updated in the City's computerized financial reporting
system, and all managers have instant access to the current budget information for which they
are responsible. These financial reports compare the budgeted figures to the recorded transac-
tions and compute the resulting variance. These reports form the basis of the budgetary control
system that allows for the timely review and continuous assessment of the financial position
and results of operations.
Additionally, an encumbrance system is employed as an extension of the formal budget integra-
tion. The estimated purchase order amounts are encumbered prior to releasing the order to
a vendor. Purchase orders, which would result in an overrun of balances at the functional level,
are normally not released until budget transfers are approved by the City Manager or additional
appropriations are authorized by the City Council. Open encumbrances are reported as reserva-
tions of fund balances at year -end. The level of budgetary control (the level on which expendi-
tures may not legally exceed appropriations) is the individual fund level.
Other financial reports available for management and legislative review include monthly reports
of investments and capital improvement projects. At the end of six months, a midyear report is
distributed, which assesses the City's financial position and results of operations and projects
activity for the remainder of the fiscal year. The interim reports form the basis for the budget
projections for the upcoming fiscal year's budget. A budget review committee consisting of
five council- designated citizens annually reviews the City's financial operations and budget
controls. During fiscal year 2000 -01, the City, for the third time, adopted a two -year budget
covering fiscal years 2001 -02 and 2002 -03. In addition to the traditional midyear review proc-
ess, the City will complete an extensive review process at the end of fiscal year 2001 -02 to de-
termine if any adjustments to the fiscal year 2002 -03 budget are necessary.
Financial Highlights of 2000 -2001
The City continued an aggressive capital improvement project program administering 175 new
or continuing projects designed to expand and maintain the City's infrastructure. These projects
were financed using redevelopment funds, the reserves in the General Fund, and special reve-
nue funds. The City also began the process of developing a new five -year Capital Improvement
Project plan. All City departments are participating in the development of the plan, and it will
include park, street, water, sewer and drainage projects. During the year the City also set -aside
$1.6 million for facility maintenance. These funds will be used to perform needed maintenance
on the facilities that the City has built over the past twenty years.
The City's investment policy is reviewed annually for changes in state regulations and is ap-
proved by City Council. The pooled investment portfolio balance decreased by $6,073,132 or
6 %, from the beginning of the year to the end of the year. The portfolio's decrease was primar-
ily due to the spending of bond proceeds received in the prior year. Major changes in the
xtv
Annual Financial Report
November 30, 2001
' Page 7
City's investment portfolio include a $6.2 million increase in medium -term corporate notes and
asset - backed securities, an $8.8 million decrease in U.S. government securities, and a $3.5 mil-
lion decrease in the state's investment pool.
Since fiscal year 1996 -97, the City has had an investment management agreement with Metro-
politan West Securities, Inc. Metropolitan West Securities, Inc. actively monitors the portfolio
and advises the City of various investment strategies that assist the City in meeting its stated in-
vestment goals of (1) safety of principal, (2) liquidity, and (3) return on investment.
Financial Statement Analysis
' General Governmental Functions
Governmental fund types include General, Special Revenue, Debt Service, Capital Projects
(City of Poway, Poway Redevelopment Agency, and Community Facility District), and Fiduci-
ary Fund Type Expendable Trust.
' Revenues
For the 2000 -01 fiscal year, revenues for governmental fund types and the expendable trust
fund totaled $64,568,434 as compared to $58,957,133 for the prior fiscal year - -an increase of
' S5,611,301. The amount of revenue from each revenue source and the changes over the previ-
ous year are shown in the following tabulation:
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[]
Revenue Sources:
,FY 2000;; -01
Amoifff
Parcent of
" ,. _ Total.-
Increase (Decrease)
'.from 2000
Taxes
$35,840,942
55.5
$ 4,722,255
Licenses and Permits
309,652
0.5
2,964
Intergovernmental
6,026,700
9.3
886,993
Charges for Services
9,602,278
14.9
150,633
Fines and Forfeitures
239,369
0.4
04,217)
Interest and Rentals
10,735,796
16.6
2,363,385
Developer Fees
855,799
1.3
(1,733,967)
Other
957,898
1.5
(766,745)
otal
$64,568,434
100.0
$ 5,611,301
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Annual Financial Report
November 30, 2001
Page 8
A pie chart depicting the above information is shown below.
City of Poway
Revenue Composite
FY 2000 -2001
16.6% 1.5%
M
14.9%
Z1. 1370 0.5%
55.5%
OTaxes
17 Licenses & Permits
l] Intergovermental
❑Developer Fees
OCharges for Services
■ Fines & Forfeitures
El Interest & Rentals
17 Other
Revenues from taxes increased by 15.2% in 2001. The majority of the increase was attributed
to an increase in property taxes of $3,933,343 and sales tax of $488,293. Intergovernmental
revenue increased because of the receipt of nearly $700,000 in federal and state traffic conges-
tion grants. The slight decrease in the fines and forfeitures category appears to be related to the
discontinuance of red light camera monitoring at two intersections. The increase in interest and
rentals was primarily related to the average portfolio balance being greater than in the prior
year, an increase in the portfolio's yield, as well as an increase in its market value. Developer
fees decreased substantially as new activity in the City's Business Parks began to slow. Be-
cause there were fewer new projects started this year, the traffic, drainage and park fees de-
clined by $L2 million. Finally, the other revenue decrease is primarily related to the receipt of
approximately $470,000 of one -time revenues for mutual aide reimbursements and lawsuit set-
tlements. There was also a decrease of $120,000 from the prior fiscal year for state mandated
reimbursements and workers compensation and general liability insurance premium rebates.
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Annual Financial Report
November 30, 2001
Page 9
Expenditures
Changes in the level of expenditures for major functions of the City over the previous year are
shown in the following table:
Function
FY 000.1 Amountl
KnWrtt ofT6017
Increase (Decrease) From,20OQA'
General Government
$8,407,234
11.6
$ 920,577
Public Safety
11,324,004
15.6
423,636
Public Works
3,702,963
5.1
150,100
C ommunity Services
6,666,018
9.2
860,413
C apital Expenditures
17,733,164
24.4
8,208,805
Debt Service:
Principal
6,821,853
9.
(15,893,107)
Interest
11,805,570
16.2
369,247
Bond Reffinding
7,790
0.0
(1,111,741
Tax Increment
Reimbursement
6,176,3651
8.5
681,099
[T otal
$72,644,961
100.0
$(6,129,465)
City of Poway
Expenditure Composite
0.0%
8.5%
11.6%
5.6%
9.4%
24.4%
5.1%
El General Government 0 Public Safety El Public Works ❑Community Services ❑Capital Expenditures
El Principal Dlnterest ■Bond Refunding 0 Tax Increment Reim.
xvii
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Annual Financial Report
November 30, 2001
Page 10
0
Total expenditures decreased by $6,129,465, while capital expenditures increased by
$8,208,805. The prior fiscal year was higher because it included $17 million in principal pay-
ments for two Redevelopment Agency owner participation agreements that were paid off. The
increase in capital improvement expenditures was significantly related to road projects such as
the Pomerado Road Improvement project.
The cost for the operating departments increased $2,354,726, or 8.49% from the prior year.
The increase in General Government was primarily caused by increased activity in the Redevel-
opment Agency. As for the Community Services increase, this category includes the City's
planning function that had increased activity related to development which began in the prior
year.
eneraLFund Activity
Amount:
Anf6drit
(In Thousands)
'(In Thousauds)
Year Ended;
Year Ended' -
Junea30 =2001;
June 30; 2000; .
_P,ercenvGhan e
Revenues
$26,467
$24,696
7.2
Expenditures
23,457
21,711
8.0
Excess (Deficiency) of Revenues
Over Expenditures
3,010
2,985
0.8
Other Financing Sources (Uses), Net
1,244
955
30.3
Increase (Decrease) in Fund Balance
$4,254
$3,940
8.0
As of June 30, 2001, the fund balance in the General Fund was $37,855,493 compared to the
balance at June 30, 2000, of $33,601,204, for an increase of $4,254,289. Included in the operat-
ing transfers out are principal pay downs of the 1992 and 1995 certificates of participation
amounting to $805,000. The fund balances remain adequate in the major operating funds.
There were increases in the general and expendable trust funds, and decreases in the special
revenue, debt service and capital project funds.
The general fixed assets of the government are those fixed assets used in the performance of
general governmental functions and exclude the fixed assets accounted for in the enterprise
funds. The general fixed assets totaled $114,723,100 as of year -end. Depreciation of general
fixed assets is not recognized in the accounting system. The net book value of fixed assets pre-
sented for the water and sewer funds includes depreciation, which is in accordance with gener-
ally accepted accounting principles. The stated values for the assets for the enterprise funds
represent the original cost of the assets, which is considerably less than the present -day values.
xviii
Annual Financial Report
' November 30, 2001
Page 11
Enterprise Operations
The City's water utility had a net decrease in retained earnings of $216,475, which included in-
terest income of $765,663, net operating loss of $1,183,565, and tax revenue of $380,600. To-
tal operating revenue was $869,861 less than the prior year. This was due to a decrease in the
volume of water sold resulting in a decrease in charges for services of $296,461, and a decrease
' of $405,814 for connection fees.
The sewer utility had a net increase in retained earnings of $682,726, which included a net op-
crating loss of $781,355, and interest income of $1,364,086. Total operating revenue was
$533,759 more than last year. During the fiscal year the sewer utility also purchased excess ca-
pacity from a neighboring utility for $6.6 million.
One financial test to verify an enterprise fund's ability to continue operating (paying its own
bills) is a comparison of liquid or readily available assets to liabilities that must be paid from
these assets. This comparison also known as the acid test ratio —was 5.1 for the water fund (a
ratio of 1.0 or greater is usually deemed an acceptable level of liquidity for an enterprise fund).
The sewer fund's acid test ratio is 33.8, indicating a very liquid position for this find.
' The data used to calculate water and sewer rates do not include all of the factors present in the
financial statements. Primarily such items as depreciation and debt service that affect the finan-
cial statements are not included in the rate calculation, and it would be misleading to infer that
the rates that are established to offset operating costs also are sufficient to offset the total ex-
penses of these funds.
Fiduciary Operations
The South Poway and Parkway Business Center Community Facilities District and the High
Valley Road funds account for debt service payments, which are funded through property tax
assessments that are forwarded to the fiscal agent- trustee for payment of bonds.
' Cash ManaEement
' Cash was invested primarily in U. S. Government Securities, the State of California's Local
Agency Investment Fund, and medium -term corporate notes. The average yield on maturing
' investments during fiscal year 2000 -01 was 6.1 %, as compared to 5.7% in the prior year. In-
vestment interest revenue on the City's general operating reserves was $5,998,355 —an increase
of $969,356 from the previous year. This was primarily the result of an increase of 21% in the
portfolio's average month -end balance as compared to FY 2000 -01.
1
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Annual Financial Report
November 30, 2001
Page 12
Debt Administration
At June 30, 2001, the City and the Poway Redevelopment Agency had general long -term debt
amounting to $228.9 million that is detailed.in the Notes to Financial Statements. This includes
$140.4 million of tax allocation bonds, $7.9 million of tax allocation notes, $53.1 million of
certificates of participation, $42,206 contracts payable to the Cemetery District, $27.1 million
in advances from other funds, and a $245,775 obligation for a capital lease.
The Water Fund has included in long -tern debt $2,362,789 of general obligation refunding
bonds and $2,770,613 of revenue bond indebtedness.
Risk Management
The City of Poway is a member of the California Joint Powers Insurance Authority, a consor-
tium of approximately 84 public entities. The Authority's governing board consists of one
member from each participating entity and is responsible for the selection of management as
well as budgeting and finance. Insurance activities are financed by charges to members, and no
long -term debt has been incurred. Actual annual premiums are determined using a retrospec-
tive method.
At June 30, 2001, for general liability, the City is self - insured for each loss to the extent of
$20,000. Losses between $20,001 and $5,000,000 are shared by the participating entities.
Costs of covered claims between $5,000,000 and $50,000,000 are paid by reinsurance. As for
workers compensation, the City is charged for the first $50,000 of each claim. Costs between
$50,001 and $500,000 are shared by the participating entities. Costs in excess of $500,000 are
paid by excess insurance purchased by the Authority. The Authority does maintain reserves,
which are regularly reviewed by an independent third party, Because of the tow deductible
amounts of the self- insurance program, the City does not maintain reserves or a sinking fund for
its unpaid claims and judgments. They are expended as they occur, and the City intends to pay
all of its unpaid claims and judgments from available resources.
GFOA Certificate of Achievement for
Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) has
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Po-
way, California, for its comprehensive annual financial report for the fiscal year ended June 30,
2000. In order to be awarded a Certificate of Achievement for Excellence in Financial Report-
ing, a government must publish an easily readable, efficiently organized comprehensive
XX
Annual Financial Report
November 30, 2001
Page 13
annual financial report whose contents conform to program standards. Such reports must sat-
isfy both generally accepted accounting principles and applicable legal requirements. A Certifi-
cate of Achievement is valid for a period of one year only. We believe that our current report
continues to conform to the Certificate of Achievement program requirements, and we are sub-
mitting it to GFOA to determine its eligibility for the certificate.
CSMFO Certificate of Award for
Outstanding Financial Reporting
The California Society of Municipal Finance Officers ( CSMFO) presented the City of Poway
with a Certificate of Award for Outstanding Financial Reporting for the fiscal year ended June
30, 2000. This award is designed to recognize cities that demonstrate superior financial report-
ing. The report must meet requirements outlined in the CSMFO Awards Checklist, satisfying
generally accepted accounting principles in all material respects, and including certain statisti-
cal information. The Certificate of Award is valid for a period of one year only. We believe
that our current report continues to conform to the Certificate of Award program requirements,
and we are submitting it to the CSMFO to determine its eligibility for the certificate.
' Independent Audit
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The Government Code of the State of California requires general law cities such as Poway to be
audited annually by independent certified public accountants selected by the City Council. This
requirement has been met and the auditors' independent report is included in this report.
Acknowledgments
Preparation of the City's Comprehensive Annual Financial Report is an undertaking of the Ad-
ministrative Services Department. Special credit is due to Andrew White, Finance Manager; Al
Kohn, Senior Accountant; Tro Badillo and Rick Munoz, Accountants; and the staff in the Fi-
nance Division. Their year -long hard work and dedication have made this report possible.
We should also like to thank the City Council for their interest and support in planning and con-
ducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
James L. Bowersox
City Manager
gum ��n iI h� a. -<,an rdl'r.,loc
Warren H. Shafer
Director of Administrative Services
xxi
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XXII
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City of Poway,
California
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Poway,
California
[1
11
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r
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P LACE AM 1
F9 s
i �UXREC R0.1FS �
X H
&-MRX' nuuA Pr sident
[MIf16C
Y � E t ecufive Director
xxiii
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2000
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
[1
11
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r
I
P LACE AM 1
F9 s
i �UXREC R0.1FS �
X H
&-MRX' nuuA Pr sident
[MIf16C
Y � E t ecufive Director
xxiii
California society of
JVfunicipal jinance Officers
Certificate of Award
Outstanding Financial Reporting 1999 -2000
Presented to the
x
x
This certificate is issued in recognition of meeting professional standards and criteria in reporting
which reflect a high level of quality in the annual financial statements
i and in the underlying accounting system from which the reports were prepared.
February 26, 2001
Zzz�—
Chair, Professional .& Technical Standards Committee
M M an M r
Dedicated to Excellence in Municipal Financial Management
r no AM r CM am am Imo', am lm i
1 1 0
G
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FINANCIAL SECTION
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' October 28, 2001
The Honorable City Council of
the City of Poway, California
Independent Auditors' Report
We have audited the accompanying general purpose financial statements of the City of Poway, California as
' of and for the year ended June 30, 2001, as listed in the table of contents. These general purpose financial
statements are the responsibility of the City of Poway management. Our responsibility is to express an
opinion on these general purpose financial statements based on our audit,
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
' statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
t In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City of Poway as of June 30, 2001, and the results of its operations and
cash flows of its proprietary fund types and nonexpendable trust funds for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
:V As discussed in Note 20 to the financial statements the City changed its method of accounting for certain
capital contributions.
In accordance with Government Auditing_ Standards we have also issued our report dated October 28, 2001
on our consideration of the City of Poway internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part
' of an audit performed in accordance with Government Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.
1 Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Poway taken as a whole. The accompanying combining, individual fund and
account group financial statements and schedules listed as supplementary information in the table of
contents are presented for purposes of additional analysis and are not a required part of the general
purpose financial statements. The information has been subjected to the auditing procedures applied in
the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material
I respects, in relation to the general purpose financial statements taken as a whole. The statistical
information listed in the table of contents was not audited by us and, accordingly, we do not express an
' opinion thereon.
3 .
•
'
oreland
12C1 DOVE STREET, SUITE 68C
NEWPORT BEACH, CALIFORNIA 92660
(949) 221 -0025
�®JL CERTIFIED PUBLIC ACCOUNTANTS
570 RANCHEROS DRIVE, SUITE 260
SAN MARCOS, CA 92069
(760)752 -3390
' October 28, 2001
The Honorable City Council of
the City of Poway, California
Independent Auditors' Report
We have audited the accompanying general purpose financial statements of the City of Poway, California as
' of and for the year ended June 30, 2001, as listed in the table of contents. These general purpose financial
statements are the responsibility of the City of Poway management. Our responsibility is to express an
opinion on these general purpose financial statements based on our audit,
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
' statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall general purpose financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
t In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City of Poway as of June 30, 2001, and the results of its operations and
cash flows of its proprietary fund types and nonexpendable trust funds for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
:V As discussed in Note 20 to the financial statements the City changed its method of accounting for certain
capital contributions.
In accordance with Government Auditing_ Standards we have also issued our report dated October 28, 2001
on our consideration of the City of Poway internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part
' of an audit performed in accordance with Government Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.
1 Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Poway taken as a whole. The accompanying combining, individual fund and
account group financial statements and schedules listed as supplementary information in the table of
contents are presented for purposes of additional analysis and are not a required part of the general
purpose financial statements. The information has been subjected to the auditing procedures applied in
the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material
I respects, in relation to the general purpose financial statements taken as a whole. The statistical
information listed in the table of contents was not audited by us and, accordingly, we do not express an
' opinion thereon.
3 .
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Proprietary
Fiduciary
Account Groups
Fund Types
Fund Type
General
General
Totals
Intemal
Trust and
Fixed
Long -Term
(Memorandum
Only)
Enterprise Service
Agency
Assets
Debt
2001
2000
$ 17,468,305 $ 3,049,319
$ 8,254,489
$ 93,927,729
$ 99,912,980
2,615,670 4,567
88,736
2,448,827
2,023,837
5,753,502
2,131,475
6,251,866
86,091
1,659,381
1,792,624
485,963
580,450
27,686
509,923
816,262
347,515
627,502
1,127,042
1,052,764
4,969
16,775
'
500,044
558,311
729,166
11,968,730
33,064,879
31,335,219
149,067
149,067
168,871
'
474
474,974
■.
1,294,498
1,394,498
1,483,745
288,675
6,079,422
22,148,837
22,074,291
5,807
5,807
6,968
13,378
13,378
13,378
37,553,889
$ 114,723,100
152,276,989
136,766,294
$ 26,891,775
26,891,775
27,894,528
202,009,440
202,009,440
201,897,177
$ 71,858,063 $ 3,053,886
$ 16,957,565
$ 114,723,100
$ 228,901,215
$ 545,296,563
$535,586,248
(Continued)
5
0 CITY OF POWAY •
Combined Balance Sheet - All Fund Types and Account Groups (Continued)
June 30, 2001
Liabilities Equity, and Other Credits
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds (Note 12)
Deposits
Due to bondholders
Deferred revenue
Payable from restricted assets:
Bonds payable within
one year (Note 7)
Accrued liabilities
Advances from other funds
(Notes 7 and 12)
Contract payable (Note 7)
Obligations under capital
leases (Note 7)
Bonds payable (Note 7)
Tax allocation notes (Note 7)
Certificates of participation (Note 7)
Total Liabilities
Equity and Other Credits:
Contributed capital, net
Investment in general fixed assets
Retained earnings:
Reserved (Note 11)
Designated (Note 11)
Unreserved
Fund Balances:
Reserved (Note 11)
Unreserved:
Designated (Note 11)
Undesignated (deficit)
Total Equity and
Other Credits
Total Liabilities, Equity
and Other Credits
See Accompanying Notes to Financial Statements.
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
$ 1,110,957 $ 570,173 $ 1,220,058
840,167 44,273 $ 1,379,661 38,251
509,923
94,731 24,510
2,5', 6 9,047
1,033,847 2,111,743 307,228
2,045,855 2,160,792 3,491,404 1,599,094
17,681,990 8,995,045 26,891,775 1,445,616
20,173,503 7,370,213
4,580,699 13,366,748
37,855,493 20,945,957 26,891,775 14,812,364
$ 39,901,348 $ 23,106,749 $ 30,383,179 $ 16,411,458
Proprietary
Fiduciary
Account Groups
Fund Types
Fund Type
General
General
Totals
Internal
Trust and
Fixed
Long -Term
(Memorandum
Only)
'
Enterprise
Service
— Agency —
Assets
Debt
2001
2000
$ 1,548,444
$ 158,791
$ 55,834
$ 4,664,257
$ 4,231,468
159,927
23,137
2,485,416
1,677,166
509,923
347,515
3,007,052
3,126,293
2,832,116
10,590,039
10,590,039
10,053,500
'
11,623
28,443
565,000
565,000
545,000
56,619
56,619
77,695
2,448,827
$ 27,163,234
33,064,879
31,335,219
5,407
42,206
47,613
48,351
102,751
245,775
348,526
410,175
4,568,402
140,430,000
144,998,402
147,892,407
7,945,000
7,945,000
7,945,000
53,075,000
53,075,000
54,095,000
7,006,550
181,928
16,101,752
228,901,215
261,488,590
261,519,055
9,073,711
9,073,711
9,229,657
'
$ 114,723,100
114,723,100
104,392,841
1,574,948
2,871,958
4,446,906
4,742,294
54,202,854
54,202,854
53,647,620
'
864,588
55,879,014
60,536,870
27,543,716
22,727,094
(8,775)
17,938,672
18,790,817
64,851,513
2,871,958
855,813
114,723,100
283,807,973
274,067,193
$ 71,858,063
$ 3,053,886
$ 16,957
$ 114,723,100
$ 228,901,215
$ 545,296,563
$ 535,586,248
7
• CITY OF POWAY • 1
Combined Statement of Revenues, Expenditures, and Changes in
Fund Balances - All Governmental Fund Types and Expendable Trust Funds '
For the Year Ended June 30, 2001
Governmental Fund Types
See Accompanying Notes to Financial Statements.
9
General
Revenue
Service
Projects
Revenues:
Taxes (Note 3)
$ 14,377,436
$ 581,707
$ 20,881,799
Licenses and permits
309,652
Intergovernmental
2,845,776
3,180,924
Charges for services
5,323,359
2,457,960
$ 1,820,959
Fines and forfeitures
239,369
Interest and rentals
2,784,028
4,492,889
2,474,465
982,785
Developer fees
621,814
233,985
Other
587,702
347,809
22,387
Total Revenues
26,467,322
11,683,103
23,356,264
3,060,116
Expenditures:
Current:
General government
4,342,156
169,184
3,895,894
Public safety
11,194,001
130,003
Public works
1,802,000
1,900,963
Community services
3,726,452
2,939,566
Capital expenditures
2,392,598
9
5,341,531
Debt service:
Principal
6,821,853
Interest and fiscal charges
11,805,570
Bond issuance costs
7,790
Tax increment reimbursement
6,176,365
Total Expenditures
23,457,207
15,138,751
24,811,578
9,237,425
Excess (Deficiency) of
Revenues Over
Expenditures
3,010,115
(3,455,648)
(1,455,314)
(6,177,309)
Other Financing Sources (Uses):
Proceeds from long -term debt
5,975,575
Payment to refunding escrow agent
Operating transfers in
2,066,687
4,253,401
6,035,287
814,959
Operating transfers out
(822,513)
(4,432,784)
(5,582,726)
(943,861)
Total Other Financing
Sources (Uses)
1,244,174
(179,383)
452,561
5,846,673
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures and
Other Uses
4,254,289
(3,635,031)
(1,002,753)
(330,636)
Fund Balances, Beginning
33,601,204
24,580,988
27,894,528
15,143,000
Fund Balances, Ending
$ 37,855,493
$ 20,945,957
$ 26,891,775
$ 14,812,364
See Accompanying Notes to Financial Statements.
9
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Fiduciary
Fund Type
Totals
Expendable
(Memorandum Only)
Trust
2001
2000
$ 35,840,942 $
31,118,687
309,652
306,688
6,026,700
5,139,707
9,602,278
9,451,645
239,369
253,586
$ 1,629
10,735,796
8,372,411
855,799
2,589,766
957,898
1,724,643
1,629
64,568,434
58,957,133
8,407,234
7,486,657
11,324,004
10,900,368
3,702,963
3,552,863
6,666,018
5,805,605
17,733,164
9,524,359
6,821,853
22,714,960
11, 805,5 70
12,174, 817
7,790
1,119,531
6,176,365
5,495,266
72, 644, 961 78,774,426
1,629 (8,076,527) (19,817,293)
5,975,575 43,763,276
(9,681,371)
13,170,334 11,414,559
(11,781,884) (10,451,273)
7,364,025 35,045,191
1,629 (712,502) 15,227,898
12,458 101,232,178 86,004,280
$ 14,087 $ 100,519,676 $ 101,232,178
E
0 CITY OF POWAY •
Combined Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual '
General, Special Revenue and Debt Service Funds
For the Year Ended June 30, 2001
General Fund
Variance '
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes (Note 3)
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest and rentals
Developer fees
Other
Total Revenues
Expenditures:
Current:
General government
Public safety
Public works
Community services
Capital expenditures
Debt service:
Principal
Interest and fiscal charges
Bond issuance costs
Tax increment reimbursement
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Proceeds from long -term debt
Operating transfers in
Operating transfers out
$ 13,867,070
$ 14,377,436
$ 510,366
260,020
309,652
49,632
2,740,380
2,845,776
105,396
4,916,400
5,323,359
406,959
'
200,000
239,369
39,369
2,060,220
2,784,028
723,808
428,550
587,702
159,152
24,472,640
26,467,322
1,994,682
i
5,333,329
4,342,156
991,173
,
11,584,952
11,194,001
390,951
1,942,774
1,802,000
140,774
3,927,424
3,726,452
200,972
3,599,523
2,392,598
1,206,925
1,366,749 1
26,388,002 23,457,207 2,930,795
(1,915,362) 3,010,115 4,925,477
699,938 2,066,687
(822,513) (822,513)
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses
Fund Balances, Beginning
Fund Balances, Ending
See Accompanying Notes to Financial Statements.
SI
(122,575) 1,244,174 1,366,749
(2,037,937) 4,254,289 6,292,226
i
I
I
33,601,204 33,601,204 '
$ 31,563,267 S 37,855,493 $ 6,292,226
11
1
L
I
I
I
11
1
I
0
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ 573,710 $ 581,707 $ 7,997
3,809,756
3,180,924
(628,832)
2,508,150
2,457,960
(50,190)
4,506,550
4,492,889
(13,661)
585,900
621,814
35,914
567,100
347,809
(219,291)
24,580,988
12,551,166
11,683,103
(868,063)
$ 20,945,957
$ 9,013,316
369,391
169,184
200,207
123,460
130,003
(6,543)
2,082,923
1,900,963
181,960
3,717,027
2,939,566
777,461
18,422,404
9,999,035
8
24,715,205 15,138,751 9,576,454
(12,164,039) (3,455,648) 8,708,391
815,000
6,035,287
(815,000)
3,104,730
4,253,401
1,148,671
(4,404,038)
(4,432,784)
(28,746)
(484,308)
(179,383)
304,925
(12,648,347)
(3,635,031)
9,013,316
24,580,988
24,580,988
$ 11,932,641
$ 20,945,957
$ 9,013,316
LI
Debt Service Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ 19,420,490 $ 20,881,799 $ 1,461,309
1,431,870 2,474,465 1,042,595
20,852,360 23,356,264 2,503,904
6,450,540 6,821,853 (371,313)
10,198,750 11,805,570 (1,606,820)
7,790 (7,790)
1,011,080 6,176,365 (5,165,285)
17,660,370 24,811,578 (7,151,208)
3,191,990 (1,455,314) (4,647,304)
6,153,860
6,035,287
(118,573)
(4,101,450)
(5,582,726)
(1,481,276)
2,052,410
452,561
(1,599,849)
5,244,400 (1,002,753) (6,247,153)
27,894,528 27,894,528
S 33,138,928 $ 26,891,775 $ (6,247,153)
11
• CITY OF POWAY •
Combined Statement of Revenues, Expenses, and Changes in
Retained Earnings/Fund Balance - All Proprietary Fund Types and Similar Trust Funds
For the Year Ended June 30, 2001
Operating Revenues:
Charges for services
Connection fees
Other
Total Operating Revenues
Operating Expenses:
Personnel services
Maintenance and operations
Cost of purchased water
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Taxes
Interest revenue
Interest expense and fiscal agent charges
Grant reimbursements
Total Nonoperating Revenues
Income (Loss) Before Operating
Transfers and Capital Contributions
Operating Transfers:
Transfers in
Transfers out
Capital contributions (Note 20)
Depreciation on Contributed Capital
Increase (Decrease) in Retained
Earnings/Fund Balance
Retained Earnings /Fund Balance, Beginning
Retained Earnings/Fund Balance, Ending
See Accompanying Notes to Financial Statements.
12
Proprietary Fund Types
Internal
Enterprise Service
$ 17,183,271 $ 1,397,412
1,463,201
31,129 69,438
18,677,601 1,466,850
I
7
I
I
11
2,069,899
210,711
,
10,074,317
372,764
6,815,909
1,682,396
20,642,521
583,475
(1,964,920)
883,375
380,600
,
2,129,749
255,959
(299,889)
17,223
2,227,683
255,959
262,763
1,139,334
(1,345,739)
47,543
155,945
466,251
(206,405)
55,311,551 3,078,363
$ 55,777,802 $ 2,871,958
1
I
I
I
Totals
(Memorandum Only)
2001 2000
'
$ 18,580,683
Fiduciary Fund
Type
Nonexpendable
1,463,201
Trust Funds
Totals
(Memorandum Only)
2001 2000
'
$ 18,580,683
$ 18,316,351
1,463,201
1,874,615
$ 63,085
163,652
263,185
63,085
20,207,536
20,454,151
2,280,610
2,100,194
1,251
10,448,332
8,744,036
6,815,909
7,298,928
1,682,396
1,647,138
'
1,251
21,227,247
19,790,296
61,834
(1,019,711)
663,855
'
380,600
435,076
2,385,708
(299,889)
1,635,820
(322,951)
17,223
450,000
2,483,642
2,197,945
61,834
1,463,931
2,861,800
7,141
(42,711)
(1,388,450)
(970,427)
47,543
155,945
135,332
19,123
278,969
2,033,846
822,603
59,212,517
57,178,671
$ 841,726
$ 59,491,486
$ 59,212,517
'
13
• CITY OF POWAY •
Combined Statement of Cash Flows
All Proprietary Fund Types and Similar Trust Funds
For the Year Ended June 30, 2001
Cash Flows From Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation
Interest income
Changes in operating assets and liabilities:
(Increase) in accounts receivable
Decrease in inventories
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Net Cash Provided by (Used for)
Operating Activities
Cash Flows from Non - Capital Financing Activities:
Taxes
Transfers in
Transfers out
Advances to other funds
Repayment of advances to other funds
Net Cash (Used for)
Non - Capital Financing Activities
Cash Flows from Capital and Related Financing Activities:
Interest expense and fiscal agent charges
Principal payments on long -term borrowing
Acquisition of property, plant, and equipment
Grant reimbursements
Net Cash Used for Capital and
Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
See. Accompanying Notes to Financial Statements.
(383,246) 716,666
381,759
(1,025,660)
(1,345,739)
(643,901) (1,345,739)
(290,167)
(563,175)
(6,814,180)
17,223
(7,650,299)
2,129,749 255,959
(6,547,697) (373,114)
25,599,175 3,422,433
$ 19,051,478 $ 3,049,319
14
Proprietary Fund Types
Internal
Enterprise
Service
$ (1,964,920) $
883,375
1,682,396
(75,744)
(4,567)
111,044
(144,151)
(165,526)
8,129
3,384
(383,246) 716,666
381,759
(1,025,660)
(1,345,739)
(643,901) (1,345,739)
(290,167)
(563,175)
(6,814,180)
17,223
(7,650,299)
2,129,749 255,959
(6,547,697) (373,114)
25,599,175 3,422,433
$ 19,051,478 $ 3,049,319
14
i
Fiduciary Fund
Type
Nonexpendable
Trust
$ 61,834
(63,085)
2,710,156
431,473
7,141
(970,427)
195,507
(336,306)
(308,341)
(537,126)
(739,542)
450,000
(7,650,299) (1,135,009)
63,085 2,448,793 1,679,988
19,123 (6,901,688) 2,918,829
822,603 29,844,211 26,925,382
$ 841,726 $ 22,942,523 $ 29,844,211
(Continued)
15
Totals
(Memorandum Only)
2001 2000
$ (1,019,711) $ 663,855
1,682,396
(63,085)
(80,311)
111,044
(309,677)
11,513
1,647,138
(44,168)
(367,451)
35,004
785,283
(9,505)
(1,251) 332,169
381,759
(42,711) (1,388,450)
(1,025,660)
(42,711) (2,032,351)
(290,167)
(563,175)
(6,814,180)
17,223
• CITY OF POWAY •
Combined Statement of Cash Flows
All Proprietary Fund Types and Similar Trust Funds (Continued)
For the Year Ended June 30, 2001
Reconciliation of Cash Equivalents to the Balance Sheet:
Total cash and invesments per the balance sheet
Total restricted assets per the balance sheet:
Cash and investments
Cash and investments with fiscal agents
Cash and Investments of Expendable
Trust and Agency Funds
Proprietary Fund Types
Internal
Enterprise
$ 17,468,305
1,294,498
288,675
Service
Cash and Cash Equivalents at the End of Year
Noncash Investing, Capital and Financing Activities:
I
1
I
$ 3,049,319
1
$ 19,051,478 $ 3,049,319
The Enterprise Funds acquired $47,543 of fixed assets through contributed capital during the year ended
June 30, 2001.
See Accompanying Notes to Financial Statements.
16
Fiduciary Fund
Twe Totals
9
Nonexpendable
(Memorandum Only)
Trust
2001
2000
t $
8,254,489
$ 28,772,113
$ 35,015,466
1,294,498
1,383,745
6,079,422
6,368,097
6,199,548
(13,492,185)
(13,492,185)
(12,754,548)
'
$ 841,726
$ 22,942,523
$ 29,844,211
17
9
• CITY OF POWAY
Notes to Financial Statements
June 30, 2001
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of the Reporting Entity
This report includes all fund types and account groups of the City of Poway (the
"primary government "), as well as the Poway Redevelopment Agency (Agency) and the
Poway Public Financing Authority (Authority). The Agency and the Authority meet the
definition of a 'component unit ", and are presented on a "blended" basis as if they were
part of the primary government. Although they are legally separate entities, their
governing boards are comprised of the same membership as the City Council. The City
may impose its will on the Agency and the Authority, including the ability to appoint,
hire, reassign or dismiss management. There are also financial benefit/burden
relationships between the City and the other two entities.
The City of Poway was incorporated December 1, 1980, under the general laws of the
State of California. The City operates under a Council - Manager form of government
and provides the following services: public safety (police -- through the County of San
Diego - -and fire), community services, engineering services, planning services, public
works, general administrative services, and capital improvements.
The Poway Redevelopment Agency was established April 26, 1983, pursuant to the
State of California Health and Safety Codes, Section 33000 entitled "Community
Redevelopment Law." Its purpose is to eliminate blighted areas by encouraging the
development of residential, commercial, industrial, recreational and public facilities.
The financial statements of the Redevelopment Agency can be obtained from the Poway
Finance Department located at Poway City Hall.
The Poway Public Financing Authority is a joint powers authority organized pursuant to
the State of California Government Code, section 6500. The authority exists under a
Joint Exercise of Power Agreement dated October 8, 1991, between the City of Poway
and the Poway Redevelopment Agency. Its purpose is to assist in financing and
refinancing projects for the benefit of the City and the Agency. Separate financial
statements are not prepared for the Authority.
The accounting policies of the City of Poway, the Poway Redevelopment Agency and
the Poway Public Financing Authority conform to generally accepted accounting
principles as applicable to governments. The following is a summary of the more
significant policies..
Fund Accounting
The accounts of the City are organized on the basis of funds and account groups, 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,
IN
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate.
Government resources are allocated to and accounted for in individual funds based upon
the purposes for which they are to be spent and the means by which spending activities
are controlled. The various funds are grouped, in the financial statements in this report,
into generic fund types and broad fund categories as follows:
Governmental Funds
General Fund - The General Fund is the general operating fund of the City. It is
used to account for all financial resources except those required to be accounted
for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account for the
proceeds of specific revenue sources that are legally restricted to expenditures for
specified purposes.
Debt Service Funds - The Debt Service Funds are used to account for the
accumulation of resources for, and the payment of principal, interest, and related
costs of the debt of the general long -term debt account group.
Capital Projects Funds - Capital Projects Funds are used to account for financial
resources to be used for the acquisition or construction of major capital facilities
(other than those financed by proprietary funds).
Proprietary Funds
Enterprise Funds - The Enterprise Funds are used to account for operations that
are financed and operated in a manner similar to a private business enterprise -
where the intent of the City Council is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a continuing
basis be financed or recovered primarily through user charges.
Internal Service Fund - The Internal Service Fund is used to account for activities
and services performed for other organizational units within the City. Charges to
other city departments are made to support these activities.
j Fiduciary Funds
Nonexpendable Trust Funds - The Nonexpendable Trust Funds are used to
account for the resources received from a private donor and held by the City in a
trustee capacity. The principal gift is to be maintained intact and invested.
Investment earnings are used for library and park - related projects. These funds
are accounted for in essentially the same manner as proprietary funds, since capital
maintenance is critical.
i 19
0 CITY OF POWAY 0
Notes to Financial Statements (Continued)
June 30, 2001
Expendable Trust Funds - The Expendable Trust Funds are used to account for
the resources received from private donors. The principal gifts and investment
earnings are used for beautification projects on Poway Road. These funds are
accounted for in essentially the same manner as Governmental Funds.
Agency Funds - The Agency Funds are used to account for developer deposits
and bond deposits. These funds are custodial in nature (assets equal liabilities)
and do not involve measurement of results of operations.
Fixed Assets and Lone, -Term Liabilities
The accounting and reporting treatment applied to the fixed assets and long -term
liabilities associated with a fund are determined by its measurement focus. All
governmental funds are accounted for on a spending or "financial flow" measurement
focus. This means that only current assets and current liabilities are generally included
on their balance sheets. Their reported fund balance (net current assets) is considered a
measure of "available spendable resources." Governmental funds operating statements
present increases (revenues and other financing sources) and decreases (expenditures
and other financing uses) in net current assets. Accordingly, they are said to present a
summary of resources and uses of "available spendable resources" during a period.
Fixed assets used in governmental fund type operations (general fixed assets) are
accounted for in the General Fixed Assets Account Group, rather than in governmental
funds. Public domain ('infrastructure ") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs and gutters, streets
and sidewalks, drainage systems, and lighting systems are not capitalized along with
other general fixed assets. No depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual
historical cost is not available. Donated fixed assets are valued at their estimated fair
market value on the date donated. The City capitalizes its fixed assets acquired under
lease, purchases or similar contracts.
Long -term liabilities expected to be financed from governmental funds are accounted
for in the General Long -Term Debt Account Group, not in the governmental funds.
The two account groups are not "funds." They are concerned only with the
measurement of financial position. They are not involved with measurement of results
of operations.
Because of their spending measurement focus, expenditure recognition for
governmental fund types is limited to exclude amounts represented by non - current
liabilities. Since they do not affect net current assets, such long -term amounts are not
recognized as governmental fund type expenditures or fund liabilities. They are instead
reported as liabilities in the General Long -Term Debt Account Group.
20
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
The proprietary funds and nonexpendable trust funds are accounted for on a cost of
services or "capital maintenance" measurement focus. This means that all assets and all
liabilities (whether current or noncurrent) associated with their activities are included on
their balance sheets. The reported fund equity (net total assets) is segregated into
contributed capital and retained earnings components. Proprietary fund type operating
statements present increases (revenues) and decreases (expenses) in net total assets.
1 Depreciation of all exhaustible fixed assets used by the proprietary funds is charged as
an expense against their operations. Accumulated depreciation is provided on
proprietary fund balance sheets. Depreciation has been provided over the estimated
1 useful lives using the straight -line method. The estimated useful lives are as follows:
Distribution lines and improvements other than buildings 25 -100 Years
Buildings 25 Years
Machinery and equipment 5 -10 Years
Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of accounting
relates to the timing of the measurements made, regardless of the measurement focus
applied.
All governmental funds, the expendable trust funds and the agency funds are accounted
for using the modified accrual basis of accounting. Their revenues are recognized when
'
they become measurable and available as net current assets. Their measurement focus is
based on flow of current financial resources. The primary revenue sources susceptible
to accrual are property and sales taxes, franchise fees, transient occupancy taxes,
investment income, federal motor vehicle fees and tax subventions.
entitlement, gas
Expenditures are generally recognized under the modified accrual basis of accounting
when the related fund liability is incurred. An exception to this general rule is principal
and interest on general long -term debt which is recognized when due.
The proprietary funds and the nonexpendable trust fund are accounted for using the
accrual basis of accounting. Their measurement focus is based on flow of economic
resources. Their revenues are recognized when earned, and expenses are recognized
when they are incurred. In accordance with Governmental Accounting Standards Board
(GASB) Statement No. 20, Accounting and Financial Reporting for Proprietary Funds
and Other Governmental Entities That Use Proprietary Fund Accounting the City
applies all GASB pronouncements currently in effect as well as Financial Accounting
Standards Board Statements and Interpretations, Accounting Principals Board Opinions
'
and Accounting Research Bulletins of the Committee on Accounting Procedure issued
on or before November 30, 1989.
1
21
• CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
Budgets and Budgetary Accounting
The City prepares its budgets on the basis of estimated actual expenditures and,
accordingly, the budget amounts included in the accompanying financial statements are
presented on a basis consistent with generally accepted accounting principles.
Each year, the City Manager submits a proposed budget to the City Council during
early May. The City Council holds budget hearings during May and early June. The
final budget is adopted by the City Council during late June.
No budget expenditures can be disbursed without proper appropriations. Once the
budget is adopted, no additional fund appropriations can be authorized without the
Council's approval. The level of budgetary control (the level on which expenditures
may not legally exceed appropriations) is the individual fund level. The City Manager
can authorize budget transfers between departments without additional appropriations.
During 2000 -01, the City made the following supplemental appropriations: General
Fund $1,689,249, Special Revenue Funds $5,878,713 and Debt Service Funds
$6,038,340.
The City holds a mid -year budget review meeting. During the meeting, all the budget
expenditures are reviewed and projections for the whole year are made. Therefore, any
necessary changes are submitted for approval by the City Council with a resolution.
Annual appropriated budgets are adopted for the general, special revenue, and debt
service funds. Budgets are adopted on a basis consistent with generally accepted
accounting principles. Budgeted amounts are as originally adopted and as further
amended by the City Council.
Unexpended and unencumbered appropriations of the governmental funds
automatically lapse at the end of the fiscal year.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of monies are recorded in order to reserve that portion
of the applicable appropriation, is employed as an extension of formal budgetary
integration in the Governmental Fund Types. Encumbrances at year end are a portion
of reserved fund balance and are reappropriated the following year.
Investments
Investments are stated at fair value, the value at which a financial instrument could be
exchanged in a current transaction between willing parties other than a forced or
liquidation sale.
22
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
Cash and Cash Equivalents
For purposes of the Statement of Cash Flows, the City considers all highly liquid
investments (including restricted assets) with a maturity of three months or less when
purchased to be cash equivalents. In addition, cash invested in the City's cash
management pool is considered to be cash equivalents.
Inventories
Inventories are stated at cost, computed on a first -in, first -out basis.
1 General fund inventory consists of expendable supplies held for consumption, and are
recorded as expenditures in the fiscal year consumed. This reported inventory is offset
by a fund balance reserve to indicate that it is not available for appropriation.
Fixed Assets Held for Resale
The Capital Projects Fund fixed assets held for resale are valued at lower of cost or
market, Reported fixed assets held for resale are equally offset by a fund balance reserve
' which indicates that it does not constitute available spendable resources.
Compensated Absences
The City accounts for compensated absences (unpaid vacation, sick leave and
compensatory time) in accordance with GASB Cod. Sec. C60. Compensated absences
are accrued as incurred in both governmental and proprietary funds as the City intends
to pay this liability as it becomes due, from currently available financial resources. No
portion of this liability is considered to be long -term.
Comparative Data
Comparative total data for the prior year have been presented in the accompanying
financial statements in order to provide an understanding of changes in the City's
financial position and operations. However, comparative (i.e., presentation of prior year
totals by fund type) data have not been presented in each of the statements since their
inclusion would make the statements unduly complex and difficult to read.
Total Columns on Combined Statements
Total columns on the Combined Statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these
columns do not present financial position, results of operations, or cash flows in
conformity with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
1 23
0 CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
2.
CASH AND INVESTMENTS
Cash and investments at June 30, 2001 consisted of the following:
Pooled deposits:
Demand accounts (bank balances)
Add deposit in transit
Less outstanding warrants
Book Balance
Certifcates of deposit
S 2,935,166
24,426
(2,561,440)
Total Pooled Deposits
Pooled investments
Deposits and investments with fiscal agents
Total Cash and Investments
S 398,152
100,000
498,152
94,824,075
22,148,837
$ 117,471,064
The City follows the practice of pooling cash and investments of all funds except for
funds required to be held by outside fiscal agents under the provisions of bond
indentures.
Interest income earned on pooled cash and investments is allocated monthly to the
various funds based on the average cash balance in each fund. Interest income from
cash and investments with fiscal agents is credited directly to the related fund.
Authorized Deposits /Investments
Under provision of the City's investment policy, and in accordance with Section 53601
of the California Government Code, the City may invest in the following types of
investments:
Securities of the U.S. Government or its agencies.
Obligations of State or Municipal Governments.
Certificates of Deposit (or Time Deposits).
Bankers' Acceptances.
Negotiable Certificates of Deposit.
Commercial Paper.
Local Agency Investment Fund demand deposits (State pool).
County Treasury Pool.
Repurchase Agreements.
Reverse repurchase agreements
FIB
•
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
Passbook Savings Account demand deposits.
' Mutual Funds.
Medium -Term Corporate Notes.
Asset- backed Securities.
Other prudent investments instruments, approved prior to purchase by a two- thirds
majority of the governing body.
' Deposits /Credit Risk
The California Government Code requires California banks and savings and loan
associations to secure a City's deposits by pledging government securities as collateral.
The market value of pledged securities must equal at least 110% of a City's deposits.
California law also allows financial institutions to secure City deposits by pledging first
trust deed mortgage notes having a value of 150% of a City's total deposits,
The City may waive collateral requirements for deposits which are fully insured up to
$100,000 by Federal depository insurance.
In accordance with GASB Statement 3, deposits are classified as to credit risk by three
categories as follows:
Category 1: Insured or collateralized with securities held by the City or by its agent
in the City's name.
Category 2: Collateralized with securities held by the pledging financial institution's
trust department or agent in the City's name.
Category 3: Uncol lateral ized.
Credit Risk Carrying Amount, and Fair Value of Investments
The investments that are represented by specific identifiable investment securities are
classified as to credit risk by the three categories as follows:
Category 1: Insured or registered, or securities held by the City or its agent in the
City's name.
Category 2: Uninsured and unregistered with securities held by the pledging
financial institution's or counterparty's trust department or agent in the
City's name.
Category 3: Uninsured and unregistered with securities held by the counterparty, or
by its trust department or agent, but not in the City's name.
1 25
0 CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
Deposits were categorized as follows at June 30, 2001:
Category
1 2 3 Amount
Pooled Deposits:
Demand Accounts
(Bank Balance)
Add deposit in transit
Less outstanding warrants
Demand Accounts
(Book Balance)
Certificates of Deposit
Total Deposits
Deposits with Fiscal Agents:
Deposits (Cash)
Total Deposits
$ 106,190 $ 2,828,976
100,000
206,190
2,828,976
$ 2,935,166
24,426
(2,561,440)
398,152
100,000
498,152
$ 54,885 54,885
$ 206,190 $ 2,828,976 $ 54,885 $ 553,037
Investments consisted of the following at June 30, 2001:
Category
1 2 3
Pooled Investment:
U.S. Government Securities $ 45,912,232
Medium -Term Corporate Notes 26,384,008
Local Agency Investment
Fund (State Pool) °I
San Diego County Pool
Total Pooled Investment 72,296,240
Investments with Fiscal Agents:
U.S. Treasury Notes
Mutual Funds (1)
Fair
Value
$ 45,912,232
26,384,008
22,438,056 '
89,779 ("
94,824,075
$ 8,298,779 8,298,779 '
13,795,173
Total Investments With
Fiscal Agents 8,298,779 22,093,952
Total Investments $ 72,296,240 $ - $ 8,298,779 $ 116,918,027
Not subject to categorization
26
CITY OF POWAY
]Votes to Financial Statements (Continued)
June 30, 2001
' (2) The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that
is regulated by California Government Code Section 16429 under the oversight of
' the Treasurer of the State of California. The fair value of the City's investment in
this pool is reported in the accompanying financial statements at amounts based upon
' the City's pro -rata share of the fair value provided by LAIF for the entire LAIF
portfolio (in relation to the amortized cost of that portfolio). The balance available
for withdrawal is based on the accounting records maintained by LAIF, which are
I recorded on an amortized cost basis. Included in LAIF's investment portfolio are
collateralized mortgage obligations, mortgage- backed securities, other asset - backed
securities, and floating rate securities issued by federal agencies, government-
'
sponsored enterprises, and corporations.
3> The City is a voluntary participant in the County Treasury Pool (Pool) which is
regulated under the oversight of the Treasurer of the County of San Diego. The fair
value of the City's investment in the Pool is reported in the accompanying financial
statements based upon the City's pro -rate a share of the fair value provided by the
Pool for the entire Pool portfolio. The balance available for withdrawal is based on
the accounting records maintained by the Pool. Included in the Pool's investment
portfolio are collateralized and negotiable certificates of deposit, floating rate
'
securities issued by federal agencies and corporations, money market funds,
repurchase agreements and commercial paper.
Cash and Investments with Fiscal Aeents
The City has monies held by trustees or fiscal agents pledged to the payment or security
'
of certain bonds. The California Government Code provides these monies, in the
absence of specific statutory provisions governing the issuance of bonds, may be
invested in accordance with the ordinance, resolutions or indentures specifying the types
of investments its trustees or fiscal agents may make.
3. PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes are
levied on July 1 and are payable in two installments on December 10 and April 10. The
County bills and collects the property taxes and remits them to the City in installments
during the year. City property tax revenues are recognized when levied to the extent that
they result in current receivables in accordance with GASB Statement No. 33. Property
tax receivables are not offset by deferred revenues because they are collectible within 60
days after the fiscal year end.
The County is permitted by State Law (Proposition 13) to levy taxes at 1% of full
I market value (at time of purchase) and can increase the property tax rate no more than
two percent per year. The City receives a share of this basic levy.
1 27
0 CITY OF POWAY 0
Notes to Financial Statements (Continued)
June 30, 2001
4
61
REHABILITATION LOAN PROGRAM
The City has made various non - interest bearing loans to property owners for the
rehabilitation of property within the City. In accordance with the Affordable Housing
Rehabilitation Loan Program, ten percent of each loan is forgiven each year on the loan
anniversary. A portion of the loans are repayable only upon the sale of the property
within ten years of the loan origination date or upon the death of the current property
owner. Due to the contingent repayment schedule of these loans, the Agency records
an expenditure when a loan is made and no receivable is included in the financial
statements. The balance of the loans outstanding at June 30, 2001 was $411,534.
CHANGES IN GENERAL FIXED ASSETS
Changes in general fixed assets during the year ended June 30, 2001, were as follows:
Total Investments $ 104,392,841 $ 10,673,272 $ 343,013 $ 114,723,100
n
ENTERPRISE FIXED ASSETS
A summary of proprietary fund type property, plant and equipment at June 30, 2001
follows:
Land
Balance
Buildings
Balance
Improvements other than buildings
July 1, 2000
Addition
Deletions July 1, 2001
Construction in progress
1,977,499
Land
$ 46,190,733
$ 8,845,321
$ 55,036,054
Buildings
45,105,104
214,408
45,319,512
Improvements other
than buildings
3,187,974
8,095
3,196,069
Machinery and equipment
9,909,030
1,605,448
$ 343,013 11,171,465
Total Investments $ 104,392,841 $ 10,673,272 $ 343,013 $ 114,723,100
n
ENTERPRISE FIXED ASSETS
A summary of proprietary fund type property, plant and equipment at June 30, 2001
follows:
Land
$ 76,797
Buildings
20,082,314
Improvements other than buildings
42,941,526
Machinery and equipment
1,764,617
Construction in progress
1,977,499
Total
66,842,753
Less accumulated depreciation
(29,288,864)
Net
$ 37,553,889
fekl
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
1 7
1
I
[1
I
i
i
I
u
CHANGES IN LONG -TERM DEBT
General Long -Term Debt Account Group
The following is a summary of the changes in the General Long -Term Debt Account
Group for the year ended June 30, 2001:
General long -term debt consisted of the following at June 30, 2001:
Tax Allocation Bonds
1990 Tax Allocation Bonds, issued in 1990 in the amount of
$21,595,000 consisting of serial bonds of $7,475,000 maturing
from 1991 to 2001 in semi - annual installments of $295,000 to
$510,000 and term bonds of $4,840,000 and $9,280,000
maturing in 2004 and 2011, respectively. Interest is payable semi-
annually on June 15 and December 15 at rates ranging from
5.75% to 725 %. Bonds maturing on or after December 15, 2011
are subject to optional redemption in whole or in part on any
interest payment date. Bonds maturing on December 15, 2004 are
subject to mandatory redemption on each interest payment date
from June 15, 2001 to December 15, 2004. Bonds maturing on
December 15, 2011 are subject to mandatory redemption on each
interest payment date from June 15, 2005 to December 15, 2011.
$ 4,305,000
1 29
Balance
New Debt
Debt
Balance
July 1, 2000
Incurred
Retirement
June 1, 2001
Tax Allocation Bonds
$ 142,770,000
$ 2,340,000
$ 140,430,000
Tax Allocation Notes
7,945,000
7,945,000
Certificates of Participation
54,095,000
1,020,000
53,075,000
Advances from Other Funds
24,649,512
$ 5,975,575
3,461,853
27,163,234
Contract Payable
42,944
738
42,206
Obligations Under Capital Leases
289,249
43,474
245,775
Total Investments
$ 229,791,705
$ 5,975,575
$ 6,866,065
$ 228,901,215
General long -term debt consisted of the following at June 30, 2001:
Tax Allocation Bonds
1990 Tax Allocation Bonds, issued in 1990 in the amount of
$21,595,000 consisting of serial bonds of $7,475,000 maturing
from 1991 to 2001 in semi - annual installments of $295,000 to
$510,000 and term bonds of $4,840,000 and $9,280,000
maturing in 2004 and 2011, respectively. Interest is payable semi-
annually on June 15 and December 15 at rates ranging from
5.75% to 725 %. Bonds maturing on or after December 15, 2011
are subject to optional redemption in whole or in part on any
interest payment date. Bonds maturing on December 15, 2004 are
subject to mandatory redemption on each interest payment date
from June 15, 2001 to December 15, 2004. Bonds maturing on
December 15, 2011 are subject to mandatory redemption on each
interest payment date from June 15, 2005 to December 15, 2011.
$ 4,305,000
1 29
• CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
1993 Tax Allocation Refunding Bonds issued in 1993 in the
amount of $104,710,000 consisting of $79,355,000 Fixed Rate
bonds and $25,355,000 Indexed Inverse Floating /Fixed Rate
bonds. The $79,355,000 Fixed Rate bonds consist of $9,520,000
serial bonds maturing from 1993 to 2002 in annual installments of
$325,000 to $2,810,000; term bonds of $49,035,000 maturing in
2023; and term bonds of $20,800,000 maturing in 2026. The
$25,355,000 Indexed Inverse Floating /Fixed Rate bonds consist of
$4,390,000 bonds maturing in 2006 scheduled to convert in 2003
to 5.22% and $20,965,000 bonds maturing in 2014 scheduled to
convert in 2001 to 5.67°/x. Interest on the bonds is payable semi-
annually on June 15 and December 15 at rates ranging from 2.70%
to 5.75 %. Bonds maturing on or after December 15, 2002 are
subject to optional redemption in whole or in part on any interest
date. Bonds maturing on December 15, 2006, are subject to
mandatory redemption beginning June 15, 2003. Bonds maturing
on December 15, 2014, are subject to mandatory redemption
beginning June 15, 2007. Bonds maturing on December 15, 2023,
are subject to mandatory redemption beginning June 15, 2015.
Bonds maturing on December 15, 2026, are subject to mandatory
redemption beginning June 15, 2024,
In March, 2000 Tax Allocation Refunding Bonds were issued in
the amount of $39,915,000. The Bonds were issued on a
subordinate basis to the portion of the Agency's previously issued
$21,595,000 Paguay Redevelopment Project, Tax Allocation
Refunding Bonds, Series 1990A, of which $5,855,000 were not
refunded and of which $5,350,000 are currently outstanding. The
bonds consisted of serial bonds of $9,940,000 maturing from 2001
to 2011 in semi - annual installments of $45,000 to $785,000 and
term bonds of $29,975,000 maturing in 2033. Interest is paid semi-
annually on June 15 and December 15 at rates ranging from 3.75%
to 5.75 %. Bonds maturing on or after June 11, 2011 are subject to
optional redemption in whole or in part on any interest payment
date. Bonds maturing on June 15, 2033 are subject to mandatory
redemption on each interest payment date beginning June 15, 2027.
Total Tax Allocation Bonds
96,475,000
39,650,000
140.430.000
30
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
Certificates of Participation
' 1995 Refunding Certificates of Participation issued in 1995 in the
amount of $9,315,000 consisting of $6,930,000 serial certificates
maturing from 1996 to 2008 in annual installments of $375,000 to
$710,000 and $2,385,000 term certificates maturing in 2011.
Interest is payable semi - annually on February 1 and August 1 at
rates ranging from 4.10% to 6.07 %. Certificates maturing on or
' after August 1, 2006 are subject to optional redemption in whole or
in part on any interest payment date beginning August 1, 2005.
Certificates maturing on August 1, 2011 are subject to mandatory
redemptions in part on August 1 of each year beginning August 1, .
2009.
1995 Refunding Certificates of Participation issued in 1995 in the
amount of $31,770,000 consisting of $3,895,000 serial certificates
maturing from 1996 to 2008 in semi - annual installments of
$10,000 to $360,000 and term certificates of $6,335,000,
$6,405,000 and $15,135,000 maturing in 2015, 2020 and 2028,
' respectively. Interest is payable semi - annually on February 1 and
August 1 at rates ranging from 3.65% to 6.15 %. Certificates
maturing on or after February 1, 2006 are subject to optional
' 31
7 945 000
$ 7,160,000
Tax Allocation Notes
In May 1999, the Agency issued $7,945,000 of Subordinated Tax
'
Allocation Notes (Notes). The Notes were issued on a subordinate
basis to the Agency's previously issued $21,595,000 Paguay
Redevelopment Project, Tax Allocation Refunding Bonds, Series
1990A of which $4,305,000 are currently outstanding and the
Agency's $104,710,000 Paguay Redevelopment Project,
Subordinate Tax Allocation Refunding Bonds, Series 1993 of
which $96,475,000 are currently outstanding. The Notes are also
subordinate to payments under certain Owner Participation
Agreements and Pass - Through Agreements. The Notes are being
issued to repay certain obligations owed by the Agency. The
Notes are payable from and secured by Pledged Tax Revenues
derived from taxes levied on the property within the Project Area.
The Notes may be called before maturity and redeemed, in whole
or in part, on June 15, 2001 or on any day thereafter prior to
maturity. The Notes will mature on December 15, 2003 and bear
interest at 4.75 %. Interest is payable semiannually on December
15` and June 15` beginning December 1999.
'
Total Tax Allocation Notes
Certificates of Participation
' 1995 Refunding Certificates of Participation issued in 1995 in the
amount of $9,315,000 consisting of $6,930,000 serial certificates
maturing from 1996 to 2008 in annual installments of $375,000 to
$710,000 and $2,385,000 term certificates maturing in 2011.
Interest is payable semi - annually on February 1 and August 1 at
rates ranging from 4.10% to 6.07 %. Certificates maturing on or
' after August 1, 2006 are subject to optional redemption in whole or
in part on any interest payment date beginning August 1, 2005.
Certificates maturing on August 1, 2011 are subject to mandatory
redemptions in part on August 1 of each year beginning August 1, .
2009.
1995 Refunding Certificates of Participation issued in 1995 in the
amount of $31,770,000 consisting of $3,895,000 serial certificates
maturing from 1996 to 2008 in semi - annual installments of
$10,000 to $360,000 and term certificates of $6,335,000,
$6,405,000 and $15,135,000 maturing in 2015, 2020 and 2028,
' respectively. Interest is payable semi - annually on February 1 and
August 1 at rates ranging from 3.65% to 6.15 %. Certificates
maturing on or after February 1, 2006 are subject to optional
' 31
7 945 000
$ 7,160,000
0 CITY OF POWAY 0
Notes to Financial Statements (Continued)
June 30, 2001
prepayment in whole or in part on any interest payment date on or
after August 1, 2005. Certificates maturing on August 1, 2015,
2020 and 2028 are subject to mandatory prepayment by lot on any
interest payment date beginning February 1, 2009, 2016 and
2021, respectively. 31,460,000
1992 Certificates of Participation, issued in 1992 in the amount of
$12,640,000 consisting of serial certificates of $3,265,000
maturing from 1992 to 2003 in semi- annual installments of
$70,000 to $350,000 and term certificates of $2,880,000 and
$6.495,000 maturing in 2009 and 2018, respectively. Interest
is payable semi- annually on June 1 and December l at rates
ranging from 3.5% to 6.375 %.Certificates maturing on or after
December 1, 2002 are subject to optional prepayment in whole
on any interest payment date on or after June 1, 2002.
Certificates maturing on December 1, 2009 are subject to
mandatory prepayment on each interest payment date from June
1, 2004 to December 1, 2009. Certificates maturing on June 1,
2018 are subject to mandatory prepayment on each interest
payment date from June 1, 2010 to June 1, 2018. 10,295,000
1996 Certificates of Participation, issued in 1996 in the amount of
$4,375,000 consisting of serial certificates of $960,000 maturing
from 2001 through 2008 in annual installments of $70,000 to
$110,000 and term certificates of $3,415,000 maturing in 2026.
Interest is payable semi - annually on February 1 and August 1 at
rates ranging from 4.4% to 5.6 %. Certificates maturing on or after
August, 2008 are subject to optional redemption in whole or in
part, on any February 1 or August 1, on or after August 1, 2007.
Certificates maturing on August 1, 2026 are subject to mandatory
redemption, without premium, on August 1, 2009 to August 1,
2026. 4,160,000
Total Certificates of Participation 53.075:000
Advances from Other Funds
The City Council authorized a loan to the Redevelopment Agency
in the amount of $4,214,159 at an interest rate ranging fi
6.25% to 7.875 %. The loan is repayable as tax increment funds
become available to the Agency. $ 4,214,159
32
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
The City Council authorized a number of loans to the
Redevelopment Agency in the amount of $16,866,588 at various
' interest rates. The terms of the loans are indefinite. Accrued
interest on the loans of $7,894,051 is not reflected in the
accompanying financial statements. Interest is recorded when it
' becomes payable from available spendable resources. 16,866,588
The City Council authorized a loan to the Redevelopment Agency
in the amount of $6,082,487 at interest rates ranging from 6.5% to
8.375 %. The loan is repayable as tax increment funds become
available to the Agency. 6,082,487
Total Advances from Other Funds $27.163234
Contract Payable
Payable to Pomerado Cemetery District from future tax revenues
per agreement between the Cemetery District and the Poway
Redevelopment Agency dated October 23, 1984. The purpose of
the agreement is to alleviate any financial burden or detriment
caused to the District by the Redevelopment Plan. The Agency is
to make payments to the District as follows:
A. For the first fiscal year in which the Agency receives tax
revenues at least equal to two hundred fifty dollars ($250)
plus an additional twenty percent (20 %) pursuant to
Section 33334.2 of the Health and Safety Code, the Agency
shall pay to the District the sum of two hundred fifty dollars
($250);
B. For each fiscal year during which the Redevelopment Plan
remains in effect after the fiscal year referred to in the
preceding paragraph A, the Agency shall pay to the District
'
from tax revenues an amount equal to (i) the amount of tax
revenues paid by the Agency to the District during the fiscal
year immediately preceding the fiscal year for which the
calculation is being made, multiplied by (ii) one and seven
one - hundredths (1.07). $42,20
'
Obligations Under Capital Leases
The City entered into a lease agreement to fund the energy retrofit
of the lighting systems throughout the City facilities. The lease
qualifies as a capital lease and the asset has been recorded in the
General Fixed Assets Account Group accordingly. The terms of
the lease call for quarterly payments of $14,959 including interest 24
at 5.99 %.
33
0 CITY OF POWAY 0
Notes to Financial Statements (Continued)
June 30, 2001
There are a number of limitations and restrictions contained in the bond indentures
The City is in compliance with all significant limitations and restrictions.
The annual requirements to amortize all debt outstanding in the General Long -Term
Debt Account Group, excluding amounts for advances from other funds, as of June 30,
2001, including interest payments of $194,364,721 are as follows:
$ 287,294,391 S 8,888,468 $ 99,593,420 $ 42,206 $ 284,217 $ 396,102,702
The contract payable, advances from other funds, Tax Allocation Bonds, Certificates of
Participation (except for the 1996 Certificates of Participation) and notes payable are
serviced by tax increment revenues of the City of Poway Redevelopment Agency.
Enterprise Funds
Long -term debt in the Water Fund at June 30, 2001 consisted of the following:
1995 General Obligation Refunding Bonds issued in the amount
of $5,170,000 to advance refund $5,120,000 1975 General
Obligation Water Bonds. The bonds mature from 1996 to 2005 in
annual installments of $375,000 to $1,200,000. Interest is
payable semi - annually in April and October 1 at rates ranging
from 3.8% to 4.8 %. The balance outstanding at June 30, 2001, is
net of a bond discount of $4,493 and a loss on refunding of
$22,718.
Poway Public Financing Authority Revenue Bonds, series 1995
issued in the amount of $3,380,000 to provide funds to construct
certain water facility improvements. The bonds consist of
$2,190,000 serial bonds maturing from 1996 to 2010 in annual
installments of $105,000 to $200,000 and $1,190,000 term
bonds maturing in 2015.
$2,362,789
34
Obligations
Year
Tax
Tax
Certificates
Under
Ending
Allocation
Allocation
of
Contract
Capital
June 30
Bonds
Notes
Participation
Payable
Leases
Total
2002
$ 9,890,900
$ 377,388
$ 4,259,710
$ 790
$ 59,835
$ 14,588,623
2003
9,899,670
377,388
4,292,580
845
59,835
14,630,318
2004
9,896,829
8,133,692
4,344,432
904
59,835
22,435,692
2005
9,893,962
4,417,896
968
59,835
14,372,661
2006
9,900,008
4,231,702
1,035
44,877
14,177,622
Thereafter
237,813,022
78,047,100
37,664
315,897,786
$ 287,294,391 S 8,888,468 $ 99,593,420 $ 42,206 $ 284,217 $ 396,102,702
The contract payable, advances from other funds, Tax Allocation Bonds, Certificates of
Participation (except for the 1996 Certificates of Participation) and notes payable are
serviced by tax increment revenues of the City of Poway Redevelopment Agency.
Enterprise Funds
Long -term debt in the Water Fund at June 30, 2001 consisted of the following:
1995 General Obligation Refunding Bonds issued in the amount
of $5,170,000 to advance refund $5,120,000 1975 General
Obligation Water Bonds. The bonds mature from 1996 to 2005 in
annual installments of $375,000 to $1,200,000. Interest is
payable semi - annually in April and October 1 at rates ranging
from 3.8% to 4.8 %. The balance outstanding at June 30, 2001, is
net of a bond discount of $4,493 and a loss on refunding of
$22,718.
Poway Public Financing Authority Revenue Bonds, series 1995
issued in the amount of $3,380,000 to provide funds to construct
certain water facility improvements. The bonds consist of
$2,190,000 serial bonds maturing from 1996 to 2010 in annual
installments of $105,000 to $200,000 and $1,190,000 term
bonds maturing in 2015.
$2,362,789
34
The annual requirements to amortize long -term debt outstanding included in the
Enterprise Funds as of June 30, 2001, excluding contract payable and including interest
' payments of $1,573,980 are as follows:
Obligation
Year General Under
' Ending Revenue Obligation Capital
June 30 Bonds Bonds Lease Total
'
2002
$ 271,930
$ 535,486
CITY OF POWAY
$ 832,431
Notes to Financial Statements (Continued)
271,033
535,788
June 30, 2001
831,836
2004
269,775
534,625
Interest is payable semi - annually on May I and November 1 with
829,415
'
rates ranging from 3.70% to 5.75 %. Bonds maturing on or after
273,030
'
November 1, 2006 are subject to optional redemption prior to
834,995
maturity, in whole or in part, on any date on or after November I,
270,785
537,600
2005. The term bonds are subject to mandatory redemption in pan
827,147
'
on November 1, 2011 to 2015 in amounts ranging from. $215,000
2,715,907
to $265,000. The balance outstanding at June 30, 2001 is net of a
2,715,907
bond discount of $34,387.
2,770,613
$ 2,680,449
The Water Fund entered into a lease agreement to fund the energy
$ 6,871,731
retrofit of the lighting systems throughout the water facilities. The
'
lease qualifies as a capital lease and the asset has been capitalized
accordingly. The terms of the lease call for quarterly payments of
$6,254 including interest at 5.99 %.
102,751
Contract payable
5,407
Total
5,241,560
Less current portion
(584,289
Long -term Debt Payable in Enterprise Funds
4.657.271
The annual requirements to amortize long -term debt outstanding included in the
Enterprise Funds as of June 30, 2001, excluding contract payable and including interest
' payments of $1,573,980 are as follows:
Obligation
Year General Under
' Ending Revenue Obligation Capital
June 30 Bonds Bonds Lease Total
'
2002
$ 271,930
$ 535,486
$ 25,015
$ 832,431
2003
271,033
535,788
25,015
831,836
2004
269,775
534,625
25,015
829,415
'
2005
273,030
536,950
25,015
834,995
2006
270,785
537,600
18,762
827,147
'
Thereafter
2,715,907
2,715,907
$ 4,072,460
$ 2,680,449
$ 118,822
$ 6,871,731
1 35
• CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
8. RESTRICTED ASSETS
Restricted assets at June 30, 2001, consisted of the following:
Cash and Investments Receivables
General Enterprise Enterprise
Fund Funds Funds
Tax revenues received
for payment of
general obligation
bonds
Certificate of deposit $'100,000
1987 special tax
refunding bonds
1998 special tax bonds
1996 special tax bonds
1996 certificates of
participation
1995 certificates of
participation
1992 certificates of
participation
1990 tax allocation bonds
1993 tax allocation bonds
1999 tax allocation note
2001 tax allocation bonds
Various general obligation
bonds
1995 revenue bonds
$ 1,294,498 $ 5,807
s t
Agency '
Funds
$ 2,636,648
3 ,
$ 181,275 54,825
$ 483,834
3,386,750
Cash and Investments With Fiscal
Debt Capital
Service Enterprise Projects
Funds Funds Funds
1,013,468
10
,
8,298,812
$ 18,677,601
681,329
1,200,207
1,735,262
1,682,396
$ 5,000
(1,183,565)
283,675
(1,964,920)
$ 100,000 $ 1,294,498 $ 5,807 $ 15,599,465 $ 288,675 $ 181,275 $ 6,079,422
9. SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains two enterprise funds which provide water and sewer services.
Segment information for the year ended June 30, 2001, was as follows:
Total
Enterprise
Water Fund Sewer Fund Funds
Operating Revenues
$ 12,707,977
$ 5,969,624
$ 18,677,601
Depreciation
1,200,207
482,189
1,682,396
Operating Loss
(1,183,565)
781,355
(1,964,920)
Tax Revenues
380,600
380,600
Capital Contributions
6,509
41,034
47,543
Decrease in Retained Earnings
(216,475)
682,726
466,251
Total Assets
36,769,944
35,088,119
71,858,063
36
• CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
Total
Enterprise
Water Fund Sewer Fund Funds
' Plant, Property and Equipment:
Additions 222,469 6,639,254 6,861,723
' Net Working Capital 8,969,997 9,886,362 18,856,359
Bonds and Other Long -Term Liabilities:
Term Liabilities:
' Payable from Operating Revenues 4,657,271 4,657,271
Total Equity 30,064,440 34,787,073 64,851,513
10. RETIREMENT PLAN
' Plan Description: The City of Poway contributes to the California Public Employees
Retirement System (PERS), an agent multiple - employer public employee defined
' benefit pension plan. PERS provides retirement and disability benefits, annual cost -of-
living adjustments, and death benefits to plan members and beneficiaries. PERS acts as
a common investment and administrative agent for participating public entities within
' the State of California. Benefit provisions and all other requirements are established by
state statute and City ordinance. Copies of PERS' annual financial report may be
obtained from their executive office: 400 P Street, Sacramento, CA 95814.
Funding Policy: Participants are required to contribute 7% (9% for safety employees)
of their annual covered salary. The City makes the contributions required of City
' employees on their behalf and for their account. The City is required to contribute at an
actuarially determined rate; the current rate is 0% for non -safety employees and 0% for
safety employees, of annual covered payroll. The contribution requirements of plan
' members and the City are.established and may be amended by PERS.
Annual Pension Cost: For the year ended June 30, 2001, the City's annual pension cost
of $790,628 for PERS was equal to the City's required and actual contributions. The
required contribution was determined as part of the June 30, 1999, actuarial valuation
' using the entry age normal actuarial cost method. The actuarial assumptions included
(a) 8.25% investment rate of return (net of administrative expenses), (b) projected
annual salary increases that vary by duration of service, and (c) 175% per year cost -of-
' living adjustments. Both (a) and (b) included an inflation component of 3.5 %. The
actuarial value of PERS assets was determined using techniques that smooth the effects
of short -term volatility in the market value of investments over a three -year period
' (smoothed market value). PERS unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on a closed basis. The remaining
amortization period at June 30, 2001, is twenty-four years for safety and miscellaneous
employees.
1 37
0 CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
Fiscal
Year
6/30/99
6/30/00
6/30/01
Actuarial
Valuation
6/30/97
Misc.
Safety
Total
6/30/98
Misc,
Safety
Total
6/30/99
Misc.
Safety
Total
Three -Year Trend Information For PERS ($ Amount In Thousands)
Annual Pension Percentage of Net Pension
Cost (APC) APC Contributed Obligation
$1,146 100% $ -
805 100 % -
791 100% -
Schedule of Fundino, Progress For PERS ($ Amount In Thousands)
(Most Recent Information Available)
Entry Age
Accrued
Actuarial
Liability
Unfunded
Value of
(AAL)
AAL
Assets
Entry Age
(UAAL)
(A)
(B)
(B -A)
$ 22,168
3 18,986
$ (3,182)
10,384
8,286
(2,098)
[(B -A) /C]
116.8%
$ 32,552
$ 27,272
$ (5,280)
125.3%
1,702
(123.282)
$ 27,406
$ 20,877
$ (6,529)
12,523
9,905
(2,618)
$ 39,929
$ 30,782
$ (9,147)
(90.001)
%
126.4%
$32,810
$ 24,019
$ (8,791)
14,853
10,959
(3,894)
%
$ 47,663
$ 34,978
$ (12,685)
38
UAAL as
a % of
Funded
Covered
Covered
Ratio
Payroll
Payroll
(A/B)
(C)
[(B -A) /C]
116.8%
$ 6,878
(46.257)
%
125.3%
1,702
(123.282)
%
119A%
$ 8,580
(61.540)
%
131.3%
$ 7,254
(90.001)
%
126.4%
1,754
(149.202)
%
1297%
$ 9,008
(101.530)
%
136.6%
$ 7,391
(118.942)
%
135.5%
1,878
(207.348)
%
136.3%
$ 9,269
(136.854)
%
38
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
Defined Contribution Pension Plan
' The City provides pension benefits for all of its part-time employees through a defined
contribution plan. In a defined contribution plan, benefits depend solely on amounts
contributed to the plan plus investment earnings. The plan is administered as part of the
Public Agency Retirement Systems (PARS). All part-time employees are eligible to
participate from the date of employment. Federal legislation requires contributions of at
' least 7.5 percent to a retirement plan, and City Council resolved to match the
employees' contributions of 3.75 percent for employees hired prior to July 1, 1996.
Employees hired after July 1, 1996 pay 7.5% of the contributions. The City's
' contributions for each employee (and interest earned by the accounts) are fully vested
immediately.
'
'
For the year ended June 30, 2001, the City's payroll covered by the plan was $642,198.
The City made employer contributions of $2,717 (.43 percent of current covered
payroll), and employees contributed $45,448 (7.08 percent, of current covered payroll).
11. RETAINED EARNINGS /FUND BALANCE RESERVES AND DESIGNATIONS
'
Reserves
'
The various reserves established as of June 30, 2001, are described below:
General Fund
'
Notes receivable
$ 298,868
Prepaid items
1,127,042
Inventory
58,267
'
Advances to Other Funds
16,197,813
'
$ 17,681,990
Special Revenue Funds
'
Notes receivable
$ 7,095
Deposits
4,969
Advances to Other Funds
Low and Moderate Income Housing
4,755,099
4,227,882
Total Reserved
$ 8,995,045
Debt Service Funds
Debt Service
$ 26,891,775
1 39
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
Capital Projects Funds
Notes Receivable
Advances to Other Funds
Fixed Assets Held for Resale
Capital Projects
Total Reserved
Enterprise Funds
Debt Service
Internal Service Fund
Equipment Replacement
Trust and Agency Funds
Capital Projects
Reserve for Notes Receivable
This reserve is established for long -term notes receivable.
$ 180,000
125,660
474,974
664,982
$ 1,445,616
$ 1,574,948
$ 2,871,958
Reserved for Prepaid Items
Represents disbursements for insurance and similar services extending over more than
one accounting period.
Reserve for Inventory
Reserves have been established for inventory held by the General Fund (stationery,
gasoline, and maintenance supplies).
Reserve for Advances to Other Funds
This reserve is established for long -term advances to other funds.
Reserve for Deposits
This reserve is established for deposits to indicate that they are not available spendable
resources.
Reserve for Low and Moderate Income Housing
This reserve is established for funds set aside to benefit low and moderate income
housing within the redevelopment area.
,M
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
' Reserve for Debt Service
Funds collected and interest earned on these funds are reserved for future principal and
interest payments of general long -term debt.
' Reserve for Fixed Assets Held for Resale
This reserve is established for fixed assets the Redevelopment Agency purchased for
the purpose of resale. Fund balance is reserved in an amount equal to the carrying
value of the fixed assets held for resale because such assets are not available to finance
' the Agency's operations.
Reserve for Capital Projects
' Principal from the nonexpendable trust is reserved for park expansion and is restricted
from use until after the year 2006. Additional funding is reserved in the Capital
Projects Fund and Expendable Trust Fund for projects.
1 Reserve for Equipment Replacement
This reserve is established for replacement of vehicles and equipment on a scheduled
' program based on the estimated life of the vehicles and equipment.
Designations
' Resolution 85 -038 passed by the City Council set aside all unreserved and otherwise
undesignated fund balance ($18,525,194) at June 30, 2001, of the General Fund for
future contingencies. The General Fund contingencies are unfunded reserves for
insurance, vacation and sick leave, infrastructure replacement, and future contingencies
designated by the City Council.
' A designation of $1,648,309 of the General Fund has been set -aside for the continued
maintenance of existing City facilities.
The Gas Tax, Maintenance District 83 -1, Miscellaneous and Grants, and Proposition A
'
Special Revenue Funds unreserved fund balances
of $7,370,213 are
designated for
capital projects.
'
12. INTERFUND RECEIVABLES /PAYABLES
Fund
Receivable
Payables
General Fund
$ 16,658,119
'
Special Revenue Funds:
Street Improvement Fund
2,466,944
$ 780,647
'
Drainage Fund
Miscellaneous and Grants Fund
2,094,732
11,000
253,200
440,660
Community Development Block Grant
49,617
Transporation Development Act
19,646
'
Proposition A Fund
200,000
Debt Service Funds:
'
Redevelopment Agency
41
2,111,743
• CITY OF POWAY •
Notes to Financial Statements (Continued)
June 30, 2001
Fund
Capital Projects Funds:
Park Improvement Fund
Redevelopment Area
Water Enterprise Fund
Sewer Enterprise Fund
Agency Fund:
Parkway Business Center CFD #88 -1
Bond Deposits
General Long -Term Debt
Account Group (Note 7)
Receivable Payables
125,660 307,228
49,617
3,862,411
8,106,319
2,448,827
27,163,234
$ 33,574,802 $ 33,574,802
13
INSURANCE (CLAIMS AND JUDGMENTS)
I1
Description of Self- Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the CALIFORNIA JOINT POWERS INSURANCE
AUTHORITY (Authority). The Authority is composed of 84 California public
entities and is organized under a joint powers agreement pursuant to California
Government Code §6500 et seq. The purpose of the Authority is to arrange and
administer programs for the pooling of self - insured losses, to purchase excess
insurance or reinsurance, and to arrange for group- purchased insurance for
property and other coverages. The Authority's pool began covering claims of its
members in 1978. Each member government has an elected official as its
representative on the Board of Directors. The Board operates through a 9- member
Executive Committee.
Self - Insurance Programs of the Authority in which the City Participates
General Liability — Each member government pays a primary deposit to cover
estimated losses for a fiscal year (claims year). Six months after the close of a
fiscal year, outstanding claims are valued. A retrospective deposit computation is
then made for each open claims year. Costs are spread to members as follows: the
first $20,000 of each occurrence is charged directly to the member; costs from
$20,001 to $500,000 are pooled based on a member's share of costs under
$20,000; costs from $500,001 to $5,000,000 are pooled based on payroll. Costs of
covered claims above $5,000,000 are currently paid by reinsurance. The
protection for each member is $50,000,000 per occurrence and $50,000,000
annual aggregate.
42
CITY OF POWAY
Notes to Financial Statements (Continued)
June 30, 2001
' Workers Compensation — The City also participates in the workers compensation
pool administered by the Authority. Pool deposits and retrospective adjustments
are valued in a manner similar to the General Liability pool. The City is charged
for the first $50,000 of each claim. Costs are pooled above that level to $50,000.
' Costs from $50,001 to $100,000 per claim are pooled based on the member's
losses under its retention level. Costs between $100,001 and $500,000 per claim
are pooled based on payroll. Costs in excess of $500,000 are paid by excess
insurance purchased by the Authority. The excess insurance provides coverage to
statutory limits.
' C. Purchased Insurance
Property Insurance — The City participates in the all -risk property protection
' program of the Authority. This insurance protection is underwritten by several
insurance companies. The City's property is currently insured according to a
schedule of covered property submitted by the City to the Authority. Total all -risk
' property insurance coverage is $76,870,987. There is a $5,000 per loss deductible.
Premiums for the coverage are paid annually and are not subject to retroactive
adjustments.
Fidelity Bonds — The City purchases blanket fidelity bond coverage in the amount
' of $1,000,000 with a $5,000 deductible. The fidelity coverage is provided through
the Authority. Premiums are paid annually and are not subject to retroactive
adjustments.
' 14. JOINT VENTURE
The City is a member of the (Regional Solid Waste Association) Joint Powers Authority
(JPA). The JPA was formed on September 1, 1997 by the Cities of Del Mar, Encinitas,
Lemon Grove, National City, Solana Beach and Vista to provide stable, long term, cost
'. effective options for all aspects of regional solid waste disposal. Each member provides
a proportionate percentage of revenue to cover all costs related to the obligations and
liabilities of the JPA when they are due and payable. In the event of dissolution of.the
' JPA, any money or assets in possession of the Regional Solid Waste Association after
the payment of all liabilities, costs, expenses and charges shall be distributed to the
member agencies in proportion to their contributions determined as of the time of
' termination. The activities of the JPA are supervised by a board consisting of one
elected member of the legislative body of each of the member agencies. Summarized
' audited information of the JPA for the fiscal year ended June 30, 2001 is as follows:
1 43
0 CITY OF POWAY 0
Notes to Financial Statements (Continued)
June 30, 2001
Total Assets
Liabilities
Fund Equity and Other Credits
Revenues
Expenditures
Net Increase in Fund Equity
$ 168,488
(9,994)
$ 158,494
$ 192,084
(92,516)
$ 99,568
The City's share of the JPA's assets and liabilities are not available. Separate financial
statements of the JPA are available at the City bf Poway.
15. OTHER REOUI RED INDIVIDUAL FUND DISCLOSURES
Expenditures of $130,003 of the 800 MHz Communication System Special Revenue
Fund exceeded the budget appropriation of $123,460.
Expenditures of $2,198,208 of the City of Poway Debt Service Fund exceeded the
budget appropriation of $2,196,000
Expenditures of $22,613,370 of the City of Poway Redevelopment Agency Debt Service
Fund exceeded the budget appropriation of $15,464,370.
The Performing Art Center Expendable Trust Fund had a deficit fund balance of $8,775
at June 30, 2001, which is expected to be eliminated through future revenues.
16. ASSESSMENT DISTRICT AND COMMUNITY FACILITIES DISTRICTS
BOND ISSUES
a. In November 1998, the City issued $26,090,000 in Special Tax Refunding Bonds to
refund the outstanding portion of the $32,800,000 South Poway Community
Facilities District No. 1 1987 Special Tax Refunding Bonds. In May 1998, the City
issued $35,445,000 in Special Tax Refunding Bonds to refund the outstanding
portion of the $30,000,000 and $8,000,000 Communities Facilities District No. 88-
1, (Parkway Business Centre) Special Tax Bonds, Series 1989 and (Parkway
Business Centre) Special Tax Bonds, Series 1990 respectively. The bonds are
authorized pursuant to the Mello -Roos Community Facilities Act of 1982 and are
secured by and payable from the proceeds of annual special assessment taxes levied
and collected on the property within the District. The Bonds are not general or
special obligations of the City of Poway. The City is acting as agent only for the
property owners in collecting the special assessments and forwarding the
collections to the fiscal agents. Neither the faith and credit nor the taxing power of
the City is pledged to the payment of these bonds.
44
CITY OF POWAY
' Notes to Financial Statements (Continued)
June 30, 2001
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At June 30, 2001, the November 1998 and May 1998 bonds outstanding were
$21,245,000 and $33,855,000, respectively.
The City has loaned $2,448,827 (including interest) to the Parkway Business Center
CID 988 -1 Bond Deposits Agency Fund to pay debt service which should have
been paid from special taxes revenues. The loan will be repaid by 1) payments to
the City by the developer based on a per lot basis as lots are sold, 2) payments to the
City by the developer based on a sales price basis as lots are sold, and 3) if
necessary, assessments to the property owners via the special tax.
b. In June 1996, the City issued $586,470 Integrated Financing Assessment District
No. 96 -1 (High Valley Roads) Limited Obligation Improvement Bonds to finance
the cost of acquisition and construction of certain public infrastructure
improvements benefiting properties within the boundaries of the assessment district.
The bonds are authorized pursuant to the Improvement Bond Act of 1915 and are
secured by and payable fromthe proceeds of annual special assessment taxes levied
and collected on the property within the District. The Bonds are not general or
special obligations of the City of Poway. The City is acting as agent only for the
property owners in collecting the special assessments and forwarding the collections
to the fiscal agent. Neither the faith and credit nor the taxing power of the City is
pledged to the payment of these bonds. At June 30, 2001, the balance outstanding
was $500,000.
17. DEFEASEMENT OF LONGTERM DEBT
In September 1995, the City advance refunded $27,985,000 1991 Certificates of
Participation by placing an irrevocable trust with an escrow agent amounts sufficient to
meet all future debt service payments of the refunded debt. As a result, the Certificates
were considered to be defeased and the liability was removed from the general long-
term debt account group. At June 30, 2001, $230,000 of the 1991 Certificates remained
outstanding.
In 1993 the Agency advance refunded $35,000,000 Tax Allocation Bonds Series 1989A
and $9,330,000 Tax Allocation Bonds, Issue of 1991 by placing in an irrevocable trust
amounts sufficient to meet all future debt service payments of the refunded debts. As a
result, the bonds were considered defeased and the liability was removed from the
general long -term debt account group. At June 30, 2001, $70,000 of the Tax Allocation
Bonds, Series 1989A and $8,295,000 of the Tax Allocation Bonds, Issue of 1991
remained outstanding.
II
F
1 45
0 CITY OF POWAY .
Notes to Financial Statements (Continued)
June 30, 2001
18. COMMITMENTS AND CONTINGENCIES
a. On March 22, 1997, the Poway Redevelopment Agency entered into an Owner
Participation Agreement with a developer with regards to a certain parcel of real
property located in the Project Area within the boundaries of CFD 88 -1. In order to
partially fund debt service on the CFD Bonds (see note 16a) and to provide for the
funding of certain public improvements associated with the project, the Agency
shall pay the developer on each annual payment date an amount equal to the
gross property tax increment allocated to and received by the Agency with respect
to the site less the housing set aside and the County and City administrative charges
for the previous fiscal year ending June 30` preceding the annual payment date.
b. The City is a defendant in certain legal actions arising in the normal course of
operations. In the opinion of management and legal counsel, any liability resulting
from those actions will not result in a material adverse effect on the City's financial
position.
19. SUBSEQUENT EVENT
In July 2001, the Redevelopment Agency issued $76,395,000 Series 2001 Tax
Allocation Bonds for the purpose of (i) refinancing the Agency's outstanding Paguay
Redevelopment Project, Subordinated Tax Allocation Notes of 1999, (ii) financing
certain improvements, including low and moderate income housing improvements, in
the Paguay Redevelopment Project Area, (iii) funding an escrow for future capital
improvements, (iv) funding a reserve account, and (v) paying the costs of issuing the
Bonds. The Bonds outstanding bear interest from 5.00% to 5.25% with interest payable
semi - annually on June 15 and December 15 through 2033. Payment of the bonds is
collateralized by a pledge of tax revenues to be received by the Agency. The bonds
maturing on or after June 15, 2012 are subject to redemption prior to maturity at the
option of the Agency.
20. CONTRIBUTED CAPITAL /CAPITAL CONTRIBUTIONS
In accordance with GASB Statement No. 33 effective July 1, 2000, governments are
required to recognize capital contributions to proprietary funds as revenues, not
contributed capital. However, governments are not to restate contributed capital arising
from periods prior to implementation of GASB Statement No. 33.
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SUPPLEMENTARY INFORMATION
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS AND SCHEDULES
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GENERAL FUND Used to account for all of the general revenues of the City
not specifically levied or collected for other City funds,
and for the expenditures related to the rendering of general
services by the City. The General Fund is used to account
for all resources not required to be accounted for in another
fund.
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1 49
Assets
• CITY OF POWAY •
Comparative Balance Sheets
General Fund
June 30, 2001
2001
Cash and investments
Receivables (Net of allowance
for uncollectibles):
Taxes
Accounts
Notes
Interest
Due from other funds
Due from other governments
Prepaid items
Inventory, at cost
Advances to other funds
Restricted cash and investments
Total Assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued liabilities
Deposits
Total Liabilities
Fund Balance:
Reserved:
Notes receivable
Prepaid items
Inventory
Advances to other funds
Unreserved:
Designated for facilities maintenance
Designated for contingencies
Total Fund Balance
Total Liabilities and Fund Balance
2000
$ 17,915,963 $ 14,443,798
1,450,283
570,314
298,868
1,444,499
460,306
277,993
1,127,042
58,267
16,197,813
100,000
$ 39,901,348
1,455,532
323,075
303,355
1,518,032
319,297
445,508
1,052,764
118,078
15,493,813
100,000
$ 35,573,252
$ 1,110,957
840,167
94,731
2,045,855
298,868
1,127,042
58,267
16,197,813
1,648,309
18,525,194
37,855,493
$ 39,901,348
$ 1,177,450
728,364
66,234
1,972,048
303,355
1,052,764
118,078
15,493,813
16,633,194
33,601,204
$ 35,573,252
50
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0
CITY OF POWAY
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General Fund
For the Year Ended June 30, 2001
Revenues:
Taxes
Licenses and permits
Intergovermnental
Charges for services
Fines and forfeitures
Interest and rentals
Other
Total Revenues
Expenditures:
Current:
General government
Public safety
Public works
Community services
Capital expenditures
Total Expenditures
Excess (Deficiency) of
Revenues Over
Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers (out)
Total Other Financing
Sources (Uses)
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures and
Other Uses
Fund Balance, Beginning
Fund Balance, Ending
2001
Variance
Favorable
Budget Actual (Unfavorable)
$ 13,867,070 $ 14,377,436
2000
Actual
$ 510,366 $ 13,277,446
260,020
309,652
49,632
306,688
2,740,380
2,845,776
105,396
2,530,901
4,916,400
5,323,359
406,959
5,487,613
200,000
239,369
39,369
253,586
2,060,220
2,784,028
723,808
1,647,201
428,550
587,702
159,152
1,193,074
23,457,207
2,930,795
21,711,059
24,472,640
26,467,322
1,994,682
24,696,509
5,333
4,342,156
991,173
4,069,090
11,5 84,952
11,194,001
390,951
10,775,423
1,942,774
1,802,000
140,774
1,697, 846
3,927,424
3,726,452
200,972
3,227,179
3,599,523
2,392,598
1,206,925
1,941,521
26,388,002
23,457,207
2,930,795
21,711,059
(1,915,362) 3,010,115 4,925,477 2,985,450
699,938 2,066,687 1,366,749 1,724,824
(822,513) (822,513) (770,000)
(122,575) 1,244,174 1,366,749 954,824
(2,037,937) 4,254,289 6,292,226 3,940,274,
33,601,204 33,601,204 29,660,930
$ 31,563,267 $ 37,855,493 $ 6,292,226 $ 33,601,204
1 51
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' SPECIAL REVENUE FUNDS
' Fire Protection Fund Used to account for revenues received from the Fire
Protection Special Tax. Voters approved this special
' tax in June 1997. It is used to pay for a portion of
the costs of fire protection within the City of Poway.
800 MHZ Regional Communication
System Fund
I
Used to account for revenues received from the 800
MHZ Regional Communication System Special Tax.
Voters approved this special tax in June 1998. It is
used to pay for the City's share of the County -wide
radio backbone system, and a portion of the annual
maintenance expenses.
' Gas Tax Fund Used to account for revenues received and
expenditures made for street maintenance. Financing
' is provided by the City's share of State gasoline taxes
made pursuant to the California State Constitution
and authorized by the State Legislature.
Street Improvement Fund Used to account for revenues received and
expenditures made for street improvements.
Financing is provided primarily from developer's
traffic mitigation fees. City Ordinance No. 80
authorized the collection and the segregation of the
funding.
Drainage Fund Used to account for operations of the flood control
and drainage division. Financing is provided by
developer's drainage fees and flood zone fees from
' the County. Poway Municipal Code Section 16.72
requires the segregation of the funding.
Maintenance District 83 -1 Fund Used for landscape and maintenance of a noise
buffer. Costs of the projects are estimated and
property owners are assessed their proportionate
share based on acreage owned. The assessments are
collected via the tax rolls.
Miscellaneous and Grants Fund Used to account for grants from various agencies
used for operations and maintenance, and to account
for specific in -lieu fees from developers. Financing
for grants is provided by the State, County and
Federal Government. Such grants provide for
payment of all current operating costs and may be
used only for specified purposes.
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1 0 •
I SPECIAL REVENUE FUNDS (Continued)
' Community Development Used to account for revenues received and
Block Grant Fund expenditures made for community development and
housing assistance. Financing is provided under
' agreement with the County whereby the City is a
secondary recipient with funds made available from
t the U.S. Department of Housing and Urban
Development under the Housing and Community
Development Acts of 1974 and 1977.
Transportation Development Used to account for revenues received and
Act Fund expenditures made for transportation development,
transit and related studies. Funding is provided to
the City as secondary recipient under agreements
with the County and with the San Diego Association
1 of Governments
Proposition A Fund To account for the San Diego County special
'
Proposition A one -half (1/2) cent transportation sales
tax which became effective July 1, 1988. All
revenues of this fund must be expended for certain
1
transportation- related purposes.
'
Royal Mobilehome Park
Administration Fund
Used to account for revenues received and
expenditures made in the administration of the Royal
Mobilehome Park.
Traffic Congestion
Used to account for revenues received and
AB2928 Fund
expenditures made under the State's Traffic
Congestion Relief grant, AB 2928. These funds
must be used for street and highway pavement
maintenance, rehabilitation and reconstruction of
necessary associated facilities such as drainage and
traffic control devices.
Low and Moderate Income
Housing Fund
Used to account for funds restricted for low and
moderate income housing financial activity.
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• CITY OF POWAY 0
Combining Balance Sheet - All Special Revenue Funds
June 30, 2001
Assets
Street
Gas Tax Improvement
$ 313,461 $ 1,205,686
93,498
Cash and investments
Taxes receivable
Accounts receivable
Interest receivable
Notes receivable
Due from other governments
Deposits
Advances to other funds
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Reserved:
Notes receivable
Deposits
Advances to other funds
Low and moderate
income housing
Unreserved:
Designated for:
Capital projects
Fair value adjustment
Undesignated
Total Fund Balances
Total Liabilities and
Fund Balances
M
7,095
4,969
2,466,944
$ 20,554 $ 91,139 $ 406,959 $ 3,684,694
$ 21,460 $ 183,174 $ 40,645
30,826
780,647
21,460 214,000 821,292
7,095
4,969
2,466,944
192,959
$ 20,554 69,679 384,394
20,554 69,679 192,959 2,863,402
$ 20,554 $ 91,139 $ 406,959 $ 3,684,694
56
800 MHz
Fire
Communication
Protection
System
$ 14,597
$ 89,779
5,957
314
Street
Gas Tax Improvement
$ 313,461 $ 1,205,686
93,498
Cash and investments
Taxes receivable
Accounts receivable
Interest receivable
Notes receivable
Due from other governments
Deposits
Advances to other funds
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Reserved:
Notes receivable
Deposits
Advances to other funds
Low and moderate
income housing
Unreserved:
Designated for:
Capital projects
Fair value adjustment
Undesignated
Total Fund Balances
Total Liabilities and
Fund Balances
M
7,095
4,969
2,466,944
$ 20,554 $ 91,139 $ 406,959 $ 3,684,694
$ 21,460 $ 183,174 $ 40,645
30,826
780,647
21,460 214,000 821,292
7,095
4,969
2,466,944
192,959
$ 20,554 69,679 384,394
20,554 69,679 192,959 2,863,402
$ 20,554 $ 91,139 $ 406,959 $ 3,684,694
56
0
$ 20,621 $ 97,581 $ 69,627 $ 37,339
6,655 6,792
440,660 49,617 $ 19,646
2,576
253,200
2,077,155
104,373 512,863 86,956 19,646
11,000
4,379,592 2,009,635
$ 200,000
417.765
$ 33,492
33,492
1,374,261
1,902
43,914
Community
Transportation
1,902
Royal Mobile -
2,685,995
Maintenance
Miscellaneous
Development
Development
Proposition
home Park
Drainage
District 83 -1
and Grants
Block Grant
Act
A
Administration
$ 1,631,760
$ 4,443,235
$ 2,049,348
$ 25,339
$ 63,560
$ 417,765
$ 2,719,487
3,800
26,926
13,804
1,600
473,150
63,519
2,094,732
11,000
200,000
$ 3,731,892
$ 4,483,965
$ 2,533,498
$ 88,858
$ 63,560
$ 617,765
$ 2,719,487
$ 20,621 $ 97,581 $ 69,627 $ 37,339
6,655 6,792
440,660 49,617 $ 19,646
2,576
253,200
2,077,155
104,373 512,863 86,956 19,646
11,000
4,379,592 2,009,635
$ 200,000
417.765
$ 33,492
33,492
1,374,261
1,902
43,914
2,685,995
3,451,416 4,379,592 2,020,635
1,902
43,914 617,765
2,685,995
$ 3,731,892 $ 4 $ 2,533,498 $ 88,858 $ 63,560 $ 617,765 $ 2,719,487
(Continued)
57
• CITY OF POWAY •
Combining Balance Sheet - All Special Revenue Funds (Continued)
June 30, 2001
Assets
Cash and investments
Taxes receivable
Accounts receivable
Interest receivable
Notes receivable
Due from other governments
Deposits
Advances to other funds
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Due to other funds
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Reserved:
Notes receivable
Deposits
Advances to other funds
Low and moderate
income housing
Unreserved:
Designated for:
Capital projects
Fair value adjustment
Undesignated
Total Fund Balances
Total Liabilities and
Fund Balances
Low and
Traffic Moderate
Congestion Income Totals
AB2928 Housing 2001 2000
$ 370,262 $ 4,287,294 $ 17,631,573 $ 21,590,945
36,997
31,073
6,822 114,124
155,976
1,046
7,861
7,095
7,095
538,269
181,994
4,969
5,806
4,772,676
4,772,676
$ 370,262 $ 4,294,116 S 23,106,749 $ 26,745,565
$ 66,234
$ 570,173 $ 735,081
44,273
40,273
509,923
347,515
2,576
7,861
1,033,847
1,033,847
66,234 2,160,792 2,164,577
7,095 7,095
4,969 5,806
4,755,099 4,772,676
4,227,882 4,227,882 8,957,088
$ 370,262 7,370,213 6,093,646
56
4,580,699 4,744,621
370,262 4,227,882 20,945,957 24,580,988
$ 370,262 $ 4,294,116 $ 23,106,749 $ 26,745,565
M
1 6
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This page left blank intentionally.
59
0 CITY OF PO W AY •
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
All Special Revenue Funds
For the Year Ended June 30, 2001
Revenues:
Taxes
Intergovernmental
Charges for services
Interest and rentals
Developer fees
Other
Total Revenues
Expenditures:
Current:
General government
Public safety
Public works
Community services
Capital expenditures
Total Expenditures
Excess (Deficiency) of
Revenues Over
Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures
and Other Uses
Fund Balances, Beginning
Fund Balances, Ending
800 MHz
Fire Communication Street
Protection System Gas Tax Improvement
$ 918,463
$ 573,603 $ 133,744
5,348 12,854 $ 125,782
259,539
23,190
573,603 139,092 954,507 385,321
130,003
854,831
108,008 1,066,117
130,003 962,839 1,066,117
573,603 9,089 (8,332) (680,796)
(553,049)
(553,049)
20,554 9,089
60,590
$ 20,554 $ 69,679
60
(8,332) (680,796)
201,291 3,544,198
$ 192,959 $ 2,863,402
1
1
Community Transportation
Maintenance Miscellaneous Development Development Proposition
Drainage District 83 -1 and Grants Block Grant Act A
$ 394,605 $ 187,102
Royal Mobile -
home Park
Administration
$ 968,044 $ 134,319 $ 42,790 $ 766,000
1,750,613
111,965 309,663 34,644 3,297 32,617 $ 3,374,419
87,314 274,961
137,314 15,141
593,884 2,384,692 1,292,790 134,319 46,087 798,617 3,374,419
303,390 742,742
1,636,198 1,303,368
51,240 413,928 594,240 134,711 14,339 67,516
354,630 2,050,126 594,240 134,711 14,339 810,258 1,303,368
239,254 334,566 698,550 (392) 31,748 (11,641) 2,071,051
(107,675)
(107,675)
(1,872,063)
(1,872,063)
239,254 334,566 590,875 (392) 31,748 (11,641) 198,988
3,212,162 4,045,026 1,429,760 2,294 12,166 629,406 2,487,007
$ 3,451,416 $ 4,379,592 $ 2,020,635 $ 1,902 $ 43,914 $ 617,765 $ 2,685,995
61 (Continued)
• CITY OF POWAY •
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
All Special Revenue Funds (Continued)
For the Year Ended June 30, 2001
Revenues:
Taxes
Intergovernmental
Charges for services
Interest and rentals
Developer fees
Other
Total Revenues
Expenditures:
Current:
General government
Public safety
Public works
Community services
Capital expenditures
Total Expenditures
Excess (Deficiency) of
Revenues Over
Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures
and Other Uses
Fund Balances, Beginning
Fund Balances, Ending
Low and
Traffic Moderate
Congestion Income
AB2928 Housing
1
I
I
, 2001 Totals 2000
$ 581,707
$ 564,588
,
$ 351,308 3,180,924
2,483,806
130,003
2,457,960
2
18,954 $ 463,346 4,492,889
4,440,609
621,814
1,083,374
2,578,426
172,164 347,809
311,560
9,999,035
7,165,774
'
370,262 635,510 11,683,103
11,175,788
15,138,751
169,184
169,184
246,636
130,003
124,945
1,900,963
1,855,017
2,939,566
2,578,426
7,548,936
9,999,035
7,165,774
7,718,120
15,138,751
11,970,798
,
370,262 (7,082,610)
(3,455,648)
(795,010)
'
4,253,401 4,253,401 3,466,233
(1,899,997) (4,432,784) (4
2,353,404 (179,383) (762,800)
370,262 (4,729,206) (3,635,031) (1,557,810)
8,957,088 24,580,988 26,138,798
$ 370,262 $ 4,227,882 $ 20,945,957 $ 24,580,988
62
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r
1
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r
r
r
r
• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Fire Protection Special Revenue Fund
For the Year Ended June 30, 2001
Revenues:
Charges for services
Other Financing (Uses):
Operating transfers out
Excess of Revenues
Over Other Uses
Fund Balance, Beginning
Fund Balance, Ending
2001 2000
Variance
Favorable
Budget Actual ( Unfavorable ) Actual
$ 560,000 $ 573,603 $ 13,603 $ 564,663
(535,000) (553,049) (18,049) (564,663)
25,000 20,554 (4,446)
$ 25,000 $ 20,554 $ (4,446) $ -
63
• CITY OFPOWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
800 MHz Communication System Special Revenue Fund
For the Year Ended June 30, 2001
2001
2000
Variance
Favorable
Budget
Actual
( Unfavorable )
Actual
Revenues:
Charges for services
$ 125,000
$ 133,744
$ 8,744
$ 130,000
Interest
5,348
5,348
9,619
Total Revenue
125,000
139,092
14,092
139,619
Expenditures:
Current:
Public safety
123,460
130,003
(6,543)
124,945
Capital expenditures
275,000
Total Expenditures
123,460
130,003
(6,543)
399,945
Excess (Deficiency) of
Revenues Over
Expenditures
1,540
9,089
7,549
(260,326)
Fund Balance, Beginning
60,590
60,590
320,916
Fund Balance, Ending
$ 62,130
$ 69,679
$ 7,549
$ 60,590
1
• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Gas Tax Special Revenue Fund
For the Year Ended June 30, 2001
Revenues:
Intergovernmental
Interest
Other
Total Revenue
Expenditures:
Current:
Public works
Capital expenditures
Total Expenditures
Deficiency of Revenues
Over Expenditures
Fund Balance, Beginning
Fund Balance, Ending
2001
2000
Budget
$ 907,720
11,100
'' :: 11
1,043,831
Variance
189,000
831,617
Favorable
108,008
Actual
( Unfavorable )
.Actual
$ 918,463
$ 10,743
$ 899,628
12,854
1,754
13,255
23,190
23,190
5,749
954,507
35,687
918,632
1,043,831
854,831
189,000
831,617
109,260
108,008
1,252
129,037
1,153,091
962,839
190,252
960,654
(234,271)
(8,332)
225,939
(42,022)
201,291 201,291 243,313
$ (32,980) $ 192,959 $ 225,939 $ 201,291
65
CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Street Improvement Special Revenue Fund
For the Year Ended June 30, 2001
Excess (Deficiency) of
Revenues Over
Expenditures 190,941 (680,796) (871,737) 203,093
Other Financing Sources:
Proceeds of long -term debt 815,000 (815,000)
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures 1,005,941 (680,796) (1,686,737) 203,093
Fund Balance, Beginning
3,544,198
2001
3,544,198
2000
Fund Balance, Ending
$ 4,550,139
Variance
$ 2,863,402 $ (1,686,737)
3,544,198
Favorable
Budget
Actual
(Unfavorable)
Actual
Revenues.
Intergovernmental
$ 939,380
$ (939,380)
Interest and rentals
52,720
$ 125,782
73,062
$ 91,855
Developer fees
276,900
259,539
(17,361)
370,214
Total Revenues
1,269,000
385,321
(883,679)
462,069
Expenditures:
Capital expenditures
1,078,059
1,066,117
11,942
258,976
Excess (Deficiency) of
Revenues Over
Expenditures 190,941 (680,796) (871,737) 203,093
Other Financing Sources:
Proceeds of long -term debt 815,000 (815,000)
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures 1,005,941 (680,796) (1,686,737) 203,093
Fund Balance, Beginning
3,544,198
3,544,198
3,341
Fund Balance, Ending
$ 4,550,139
$ 2,863,402 $ (1,686,737)
3,544,198
:.
'
•
•
CITY OF POWAY
Statement of Revenues, Expenditures, and Changes in
Fund Balance
Budget and Actual
Drainage Special Revenue Fund
1
For the Year Ended June 30, 2001
2001
2000
Variance
Favorable
Budget Actual
( Unfavorable )
Actual
Revenues.
Taxes
$ 392,460 $ 394,605
$ 2,145
$ 390,556
Interest and rentals
49,940 111,965
62,025
63,040
Developer fees
74,000 87,314
13,314
500,526
Other
23,413
Total Revenues
516,400 593,884
77,484
977,535
1
Expenditures:
Current:
Public works
Capital expenditures
328,063 303,390
149,489 51,240
24,673
98,249
285,450
52,044
Total Expenditures
477,552 354,630
122,922
337,494
Excess of Revenues
Over Expenditures
38,848 239,254
200,406
640,041
Fund Balance, Beginninp
3,212,162 3,212,162
2,572,121
Fund Balance, Ending
$ 3,251,010 $ 3,451,416
$ 200,406
$ 3,212,162
1
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1
67
1
0 CITY OF POWAY 0
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Maintenance District 83 -1 Special Revenue Fund
For the Year Ended June 30, 2001
Expenditures:
Current:
Community services 2,148,150 1,636,198 511,952 1,472,300
Capital expenditures 230,583 413,928 (183,345) 509,173
Total Expenditures
2,378,733
2001
1,981,473
2000
Excess of Revenues
Variance
Over Expenditures
33,317
334,566 301,249
49,404
Favorable
4,045,026
4,045,026
Budget
Actual
(Unfavorable)
Actual
Revenues:
$ 4,045,026
Taxes
$ 181,250
$ 187,102
$ 5,852
$ 174,032
Charges for services
1,823,150
1,750,613
(72,537)
1,597,188
Interest and rentals
165,770
309,663
143,893
208,602
Other
241,880
137,314
(104,566)
51,055
Total Revenues
2,412,050
2,384,692
(27,358)
2,030,877
Expenditures:
Current:
Community services 2,148,150 1,636,198 511,952 1,472,300
Capital expenditures 230,583 413,928 (183,345) 509,173
Total Expenditures
2,378,733
2,050,126 328,607
1,981,473
Excess of Revenues
Over Expenditures
33,317
334,566 301,249
49,404
Fund Balance, Beginning
4,045,026
4,045,026
3,995,622
Fund Balance, Ending
$ 4,078,343
$ 4,379,592 $ 301,249
$ 4,045,026
m
1
0
•
CITY OF POWAY
Statement of Revenues,
Expenditures, and Changes in
Fund Balance
Budget and Actual
Miscellaneous
and Grants Special Revenue
Fund
For
the Year Ended June 30, 2001
2001
2000
Variance
Favorable
Budget Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
Interest
$ 471,241 $ 968,044
21,370 34,644
S 496,803
13,274
$ 578,577
42,646
Developer fees
235,000 274,961
39,961
212,634
Other
141,820 15,141
(126,679)
149,791
Total Revenues
869,431 1,292,790
423,359
983,648
Expenditures:
Capital expenditures
2,041,124 594,240
1,446,884
752,743
Excess (Deficiency) of
Revenues Over
Expenditures
(1,171,693) 698,550
1,870,243
230,905
Other Financing (Uses):
Operating transfers out
(196,158) (107,675)
88,483
(189,735)
Excess (Deficiency) of
Revenues Over
Expenditures
and Other Uses
(1,367,851) 590,875
1,958,726
41,170
'
Fund Balance, Beginning
1,429,760 1,429,760
1,388,590
Fund Balance, Ending
$ 61,909 $ 2,020,635
$ 1,958,726
$ 1,429,760
1
i
69
• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Community Development Block Grant Special Revenue Fund
For the Year Ended June 30, 2001
Revenues:
Intergovernmental
Expenditures:
Capital expenditures
Deficiency of Revenues
Over Expenditures
Fund Balance, Beginning
Fund Balance, Ending
2001 2000
Variance
Favorable
Budget Actual ( Unfavorable ) Actual
$ 364,105 $ 134,319 $ (229,786) $ 258,050
417,400 134,711 282,689 258,050
(53,295) (392) 52,903
2,294 2,294 2,294
$ (51,001) $ 1,902 $ 52,903 $ 2,294
70
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• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Transportation Development Act Special Revenue Fund
For the Year Ended June 30, 2001
Excess (Deficiency) of
Revenues Over
Expenditures (1,277,859) 31,748 1,309,607 32,725
Fund Balance, Beginning
12,166
2001
(20,559)
2000
$ (1,265,693)
$ 43,914
$ 1,309,607 $ 12,166
Variance
Favorable
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 10,000
$ 42,790
$ 32,790
$ 66,551
Interest and rentals
2,220
3,297
1,077
Total Revenues
12,220
46,087
33,867
66,551
Expenditures:
Capital expenditures
1,290,079
14,339
1,275,740
33,826
Excess (Deficiency) of
Revenues Over
Expenditures (1,277,859) 31,748 1,309,607 32,725
Fund Balance, Beginning
12,166
12,166
(20,559)
Fund Balance (Deficit), Ending
$ (1,265,693)
$ 43,914
$ 1,309,607 $ 12,166
71
0 CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Proposition A Special Revenue Fund
For the Year Ended June 30, 2001
72
2001
2000
Variance
Favorable
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 766,000
$ 766,000
$ 681,000
Interest and rentals
27,750
32,617
$ 4,867
37,691
Total Revenues
793,750
798,617
4,867
718,691
Expenditures:
Public works
711,029
742,742
(31,713)
737,950
Capital expenditures
697,354
67,516
629,838
380,249
Total Expenditures
1,408,383
810,258
598,125
1,118,199
Deficiency of Revenues
Over Expenditures
(614,633)
(11,641)
602,992
(399,508)
Fund Balance, Beginning
629,406
629,406
1,028,914
Fund Balance, Ending
$ 14,773
$ 617,765
$ 602,992
$ 629,406
72
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• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Royal Mobilehome Park Administration Special Revenue Fund
For the Year Ended June 30, 2001
2001
Revenues:
Interest and rentals
Expenditures:
Current:
Community services
Capital expenditures
Total Expenditures
Excess of Revenues
Over Expenditures
Other Financing (Uses):
Operating transfers out
Excess of Revenues
Over Expenditures
and Other Uses
2000
Variance
Favorable
Budget Actual ( Unfavorable ) Actual
$ 3,516,030 $ 3,374,419 $ (141,611) $ 3,064,511
1,568,877 1,303,368 265,509 1,106,126
41,712 41,712
1,610,589 1,303,368 307,221 1,106,126
1,905,441 2,071,051 165,610 1,958,385
(1,892,900) (1,872,063) 20,837 (1,811,794)
12,541 198,988 186,447 146,591
Fund Balance, Beginning
Fund Balance, Ending
2,487,007 2,487,007 2,340,416
$ 2,499,548 $ 2,685,995 $ 186,447 $ 2,487,007
73
0 CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Traffic Congestion AB 2928 Special Revenue Fund
For the Year Ended June 30, 2001
Fund Balance, Beginning
Fund Balance, Ending $ 351,310 $ 370,262 $ 18,952 $
74
2001
2000
Variance
Favorable
Budget
Actual
(Unfavorable) Actual
Revenues:
Intergovernmental
$ 351,310
$ 351,308
$ (2)
Interest and rentals
18,954
18,954
Total Revenues
351,310
370,262
18,952
Fund Balance, Beginning
Fund Balance, Ending $ 351,310 $ 370,262 $ 18,952 $
74
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Total Revenues
Expenditures:
Current:
General government
Capital expenditures
Total Expenditures
E
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0 CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Low and Moderate Income Housing Special Revenue Fund
For the Year Ended June 30, 2001
2001
20 00
Budget Actual
Variance
Favorable
(Unfavorable) Actual
$ 659,650 $ 463,346 $ (196,304) $ 909,390
183,400 172,164 (11,236) 81,552
Revenues:
Interest and rentals
Other
843,050 635,510 (207,540) 990,942
369,391 169,184 200,207 246,636
12,367,344 7,548,936 4,818,408 4,516,676
12,736,735 7,718,120 5,018,615 4,763,312
Deficiency of Revenues
Over Expenditures (11,893,685) (7,082,610) 4,811,075 (3,772,370)
Other Financing Sources (Uses):
Operating transfers in 3,104,730 4,253,401 1,148,671 3,466,233
Operating transfers out (1,779,980) (1,899,997) (120,017) (1,662,841)
1,324,750 2,353,404 1,028,654 1,803,392
Total Other Financing
Sources (Uses)
(10,568,935) (4,729,206) 5,839,729 (1,968,978)
8,957,088 8,957,088 10,926,066
Deficiency of Revenues
and Other Sources
Over Expenditures
and Other Uses
Fund Balance, Beginning
$ (1,611,847) $ 4,227,882 S 5,839,729 S 8,957,088
Fund Balance, Ending
75
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1 •
1 DEBT SERVICE FUNDS
1
11
1
1
1
i
1
1
1
1
1
1
i
1
f1
1
0
Used to account for accumulation of resources `for
the payment of interest and principal of general
long -term debt.
• CITY OF POWAY •
Combining Balance Sheet
All Debt Service Funds
June 30, 2001
City of
Poway
City of Redevelopment Totals
Poway Agency 2001 2000
Assets
Cash and investments
$ 4,412,083
$ 9,823,282
$ 14,235,365
$ 14,227,504
Taxes receivable
447,821
447,821
574,546
Interest receivable
7,014
93,514
100,528
180,622
Other receivables
27,616
Restricted assets:
Cash and investments
with fiscal agents
2,410,450
13,189,015
15,599,465
15,702,867
Total Assets
$ 6,829,547
$ 23,553,632
$ 30,383,179
$ 30,713,155
Liabilities and Fund Balances
Liabilities:
Accrued liabilities $ 3,990 $ 1,375,671 $ 1,379,661 $ 706,884
Advances from other funds 2,111,743 2,111,743 2,111,743
Total Liabilities 3,990 3,487,414 3,491,404 2,818,627
Fund balances:
Reserved:
Debt service 6,825,557 20,066,218 26,891,775 27,894,528
Total Fund Balances 6,825,557 20,066,218 26,891,775 27,894,528
Total Liabilities and
Fund Balances $ 6,829,547 $ 23,553,632 $ 30,383,179 $ 30,713,155
wi
1 • CITY OF POWAY •
Combining Statement of Revenues, Expenditures, and
' Changes in Fund Balances - All Debt Service Funds
For the Year Ended June 30, 2001
City of
' Poway
City of Redevelopment Totals
Poway Agency 2001 2000
' Revenues:
Taxes $ 20,881,799 $ 20,881,799 $ 17,276,653
Interest and rentals $ 745,879 1,728,586 2,474,465 1,550,938
' Other 60,563
Total Revenues 745,879 22,610,385 23,356,264 18,888,154
' Expenditures:
Debt service:
Principal 880,000 5,941,853 6,821,853 22,714,960
Interest and fiscal charges 1,318,208 10,487,362 11,805,570 12,174
Bond issuance costs 7,790 7,790 1,119,531
Tax increment reimbursement 6,176,365 6,176,365 5,495,266
Total Expenditures 2,198,208 22,613,370 24,811,578 41,504,574
(Deficiency) of Revenues
Over Expenditures (1,452,329) (2,985) (1,455,314) (22,616,420)
Other Financing Sources (Uses):
' Proceeds from long -term debt 41,110,003
Payment to refunding escrow agent (9,681,371)
Operating transfers in 1,774,985 4,260,302 6,035,287 5,937,547
' Operating transfers out (5,582,726) (5,582,726) (4,493,939)
Total Other Financing
' Sources (Uses) 1,774,985 (1,322,424) 452,561 32,872,240
' Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures and
Other Uses 322,656 (1,325,409) (1,002,753) 10,255,820
' Fund Balances, Beginning 6,502,901 21,391,627 27,894,528 17,638,708
Fund Balances, Ending $ 6,825,557 $ 20,066,218 $ 26,891,775 $ 27,894,528
1 79
• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
City of Poway Debt Service Fund
For the Year Ended June 30, 2001
Revenues:
Interest and rentals
Total Revenues
Expenditures:
Debt service:
Principal
Interest and fiscal charges
Total Expenditures
(Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Operating transfers in
Excess (Deficiency) of
Revenues and Other
Sources Over
Expenditures
Fund Balance, Beginning
Fund Balance, Ending
2001 2000
Variance
Favorable
Budget Actual (Unfavorable) Actual
$ 639,810 $ 745,879 $ 106,069 $ 628,692
639,810 745,879 106,069 628,692
880,000
880,000
840,000
1,316,000
1,318,208
(2,208) 1,363,302
2,196,000
2,198,208
(2,208) 2,203,302
(1,556,190)
(1,452,329)
103,861 (1,574,610)
1,801,720 1,774,985 (26,735)
245,530 322,656 77,126
797.706
223,096
6,502,901 6,502,901 6,279,805
$ 6,748,431 $ 6,825,557 $ 77,126 $ 6,502,901
MM
• CITY OF POWAY •
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
City of Poway Redevelopment Agency Debt Service Fund
For the Year Ended June 30, 2001
Revenues:
Taxes
Interest and rentals
Other
' Total Revenues
t Fund Balance, Beginning
Fund Balance, Ending
I.
21,391,627 21,391,627 11,358,903
$ 26,390,497 $ 20,066,218 $ (6,324,279) $ 21,391,627
M
2001
2000
Variance
Principal
5,570,540
5,941,853
Favorable
21,874,960
Budget
Actual
(Unfavorable)
Actual
(1,604,612)
10,811,515
'
Bond issuance costs
$ 19,420,490
$ 20,881,799
$ 1,461,309
$ 17,276,653
792,060
1,728,586
936,526
922,246
(5,165,285)
5,495,266
'
60,563
15,464,370
22,613,370
(7,149,000)
39,301,272
20,212,550
22,610,385
2,397,835
18,259,462
t Fund Balance, Beginning
Fund Balance, Ending
I.
21,391,627 21,391,627 11,358,903
$ 26,390,497 $ 20,066,218 $ (6,324,279) $ 21,391,627
M
Expenditures:
Debt service:
Principal
5,570,540
5,941,853
(371,313)
21,874,960
Interest and fiscal charges
8,882,750
10,487,362
(1,604,612)
10,811,515
'
Bond issuance costs
7,790
(7,790)
1,119,531
Tax increment reimbursement
1,011,080
6,176,365
(5,165,285)
5,495,266
'
Total Expenditures
15,464,370
22,613,370
(7,149,000)
39,301,272
(Deficiency) of Revenues
Over Expenditures
4,748,180
(2,985)
(4,751,165)
(21,041,810)
Other Financing Sources (Uses):
Proceeds from long -term debt
41,110,003
Payment to refunding escrow agent
(9,681,371)
Operating transfers in
4,352,140
4,260,302
(91,838)
4,139,841
Operating transfers out
(4,101,450)
(5,582,726)
(1,481,276)
(4,493,939)
'
Total Other Financing
Sources (Uses)
250,690
(1,322,424)
(1,573,114)
31,074,534
'
Excess of Revenues and
Other Sources Over
Expenditures and
Other Uses
4,998,870
(1,325,409)
(6,324,279)
10,032,724
t Fund Balance, Beginning
Fund Balance, Ending
I.
21,391,627 21,391,627 11,358,903
$ 26,390,497 $ 20,066,218 $ (6,324,279) $ 21,391,627
M
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1
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0
CAPITAL PROJECTS FUNDS
Park Improvement Fund
Municipal Improvement Fund
Redevelopment Area Fund
Used to account for the financing and construction
of park facilities throughout the City_
Used to account for financing and construction of
major capital facilities other than those financed by
the proprietary funds. Major capital projects
include construction of government buildings,
including City Hall, fire station and warehouse
facilities.
Used to account for financing and construction of
projects of the Redevelopment Agency in
accordance with the State's Health and Safety
Code.
N
CITY OF POWAY •
Combining Balance Sheet
All Capital Projects Funds
June 30, 2001
Park Municipal Redevelopment
Improvement Improvement Area
Assets
Cash and investments
Interest receivable
Notes receivable
Other receivables
Due from other funds
Deposits
Advances to other funds
Fixed assets held for resale
Cash and investments with fiscal agents
$ 1,841,153 $ 48,890 $ 13,482,672
516 26,701
180,000
49,617
125,660
474,974
Total Assets
$ 1,966,813 $ 230,681 $ 14,213,964
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Deposits
Deferred revenue
Advances from other funds
Total Liabilities
Fund Balances:
Reserved:
Notes receivables
Deposits
Advances to other funds
Fixed assets held for resale
Capital projects
Unreserved:
Designated for fair value adjustment
Undesignated
Total Fund Balances
$ 2,150 $ 1,217,908
38,251
24,510
9,047
$ 307,228
307,228 2,150 1,289,716
:1 111
125,660
474,974
228,531 436,451
1,533,925 11,832,823
1,659,585 228,531 12,924,248
Total Liabilities and
Fund Balances
$ 1,966,813 $ 230,681 $ 14,213,964
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0 CITY OF POWAY •
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
All Capital Projects Funds
For the Year Ended June 30, 2001
Revenues:
Intergovernmental
Charges for services
Interest and rentals
Developer fees
Other
Total Revenues
Expenditures:
Current:
General government
Capital expenditures
Total Expenditures
Excess (Deficiency) of
Revenues Over Expenditures
Other Financing Sources (Uses):
Proceeds from long -term debt
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses
Fund Balances, Beginning
Fund Balances, Ending
Park Municipal Redevelopment
Improvement Improvement Area
$ 1,820,959
$ 11,660 971,125
$ 233,985
12,595 9,792
233,985 24,255 2,801,876
3,895,894
74,162 2,150 5,265,219
74,162 2,150 9,161,113
159,823 22,105 (6,359,237)
5,975,575
814,959
(943,861)
5,846,673
159,823 22,105 (512,564)
1,499,762 206,426 13,436,812
$ 1,659,585 $ 228,531 $ 12,924,248
1
1
Totals
2001
2000
$
125,000
'
$ 1,820,959
1,672,181
982,785
732,590
233,985
1,506,392
22,387
159,446
'
3,060,116
4,195,609
3,895,894
3,170,931
5,341,531
417,064
'
9,237,425
3,587,995
607,614
(6,177,309)
5,975,575
2,653,273
814,959
285,955
'
(943,861)
(958,301)
'
5,846,673
1,980,927
'
(330,636)
2,588,541
'
15,143,000
12,554,459
'
$ 14,812,364 $
15,143,000
1
'
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9
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0
::?F:3
1
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1
1
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0
ENTERPRISE FUNDS
Water Fund To account for the provision of water services to the
residents of the City. All activities necessary to provide
such services are accounted for in this fund, including, but
not limited to, administration, operations, maintenance,
financing and related debt service, and billing and
collection.
Sewer Fund To account for the provision of sewer services to the
residents of the City. All activities necessary to provide
such services are accounted for in this fund, including, but
not limited to, administration, operations, maintenance,
financing and related debt service, and billing and
collection.
:•
CITY OF POWAY • ,
Combining Balance Sheet
All Enterprise Funds
June 30, 2001
Water Sewer Totals
Assets Fund Fund 2001 2000
Current Assets:
Cash and investments
Receivables (net, where
applicable of allowance for
estimated uncollectibles):
Accounts
Inventories, at cost
Total Current Assets
Restricted Assets:
Cash and investments
Cash and investments
with fiscal agents
Taxes receivable (net,
where applicable, of
allowance for estimated
uncollectibles)
Deposits
Total Restricted Assets
Other Assets:
Advances to other funds
Deferred charges
Total Other Assets
Property, Plant and Equipment:
Land
Buildings and structures
Improvements other
than buildings
Machinery and equipment
Construction in progress
Total Property, Plant
and Equipment
Less Accumulated Depreciation
Net Property, Plant
and Equipment
Total Assets
$ 8,072,046 $ 9,396,259 $ 17,468,305 $ 23,910,289
1,824,521 791,149
2,615,670
2,539,926
500,044
500,044
61.1,088
10,396,611 10,187,408
20,584,019
27,061,303
1,294,498
1,294,498
1,383,745
288,675
288,675
305,141
5,804
3
5,807
6,968
13,378
13,378
13,378
'
1,602,355
3
1,602,358
1,709,232
'
3,862,411
8,106,319
11,968,730
10,943,070
149,067
149,067
168,871
'
4,011,478
8,106,319
12,117,797
11,111,941
76,797
76,797
76,797
'
19,414,110
668,204
20,082,314
19,986,421
20,692,647
22,248,879
42,941,526
36,260,195
'
987,145
777,472
1,764,617
1,767,782
1,977,499
1,977,499
1,977,499
'
41,093,902
25,748,851
66,842,753
60,068,694
'
(20,334,402)
(8,954,462)
(29,288,864)
(27,695,241)
20,759,500
16,794,389
37,553,889
32,373,453
'
$ 36,769,944
$ 35,088,119
$ 71,858,063
S 72,255,929
1
(Continued)
90
,
CITY OF POWAY
Combining Balance Sheet
1 All Enterprise Funds (Continued)
June 30, 2001
1 91
Totals
t
Liabilities and Fund Equity
Water Fund
Sewer Fund
2001
2000
Current Liabilities (payable
from current assets):
Accounts payable
$ 1,264,331
$ 284,113
S 1,548,444
$ 1,691,595
Accrued liabilities
142,994
16,933
159,927
151,691
Leases payable
19,289
19,289
18,175
1
1,426,614
301,046
1,727,660
1,861,461
Current Liabilities (payable
from restricted assets):
Bonds payable - due
within one year
565,000
565,000
545,000
Unredeemed matured bond
and interest payable
56,619
56,619
77,695
621,619
621,619
622,695
'
Total Current Liabilities
2,048,233
2,349,279
301,046
2,484,156
Long -Term Debt Excluding
Current Installments:
General obligation bonds payable
1,927,789
1,927,789
2,355,394
Revenue bonds payable
2,640,613
2,640,613
2,767,013
'
Lease payable
83,462
83,462
102,751
Contract payable
5,407
5,407
5,407
Total Long -Term Debt
4,657,271
4,657,271
5,230,565
'
Total Liabilities
6,705,504
301,046
7,006,550
7,714,721
Fund Equity:
Contributed capital
8,058,138
2,505,174
10,563,312
10,563,312
Less accumulated depreciation
(907,896)
(581,705)
(1,489,601)
(1,333,655)
7,150,242
1,923,469
9,073,711
9,229,657
'
Retained Earnings:
Reserved for debt service
1,574,948
1,574,948
1,663,931
Unreserved
21,339,250
32,863,604
54,202,854
53,647,620
Total Retained Earnings
22,914,198
32,863,604
55,777,802
55,311,551
Total Fund Equity
30,064,440
34,787,073
64,851,513
64,541,208
Total Liabilities and
'
Fund Equity $ 36,769,944
$ 35,088,119
$ 71,858,063
$ 72,255,929
1 91
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92
• CITY OF POWAY •
Combining Statement of Revenues, Expenses, and Changes in Retained Earnings
' All Enterprise Funds
For the Year Ended June 30, 2001
1 93
Water
Sewer
Totals
Fund
Fund
2001
2000
Operating Revenues:
Charges for services
$ 12,076,786
$ 5,106,485
$ 17,183,271
$ 16,931,674
Connection fees
600,062
863,139
1,463,201
1,874,615
Other
31,129
31,129
207,414
Total Operating Revenues
12,707,977
5,969,624
18,677,601
19,013,703
r Operating
Expenses:
Personnel services
1,697,499
372,400
2,069,899
1,912,837
'
Maintenance and operations
4,177,927
5,896,390
10,074,317
8,303,795
Cost of purchased water
6,815,909
6,815,909
7,298,928
Depreciation
1,200,207
482,189
1,682,396
1,647,138
1
Total Operating Expenses
13,891,542
6,750,979
20,642,521
19,162,698
Operating Income (Loss)
(1,183,565)
(781,355)
(1,964,920)
(148,995)
Nonoperating Revenues (Expenses):
Taxes
380,600
380,600
435,076
Interest revenue
765,663
1,364,086
2,129,749
1,458,487
Interest expense and fiscal
'
agent charges
(299,889)
(299,889)
(322,951)
Grant reimbursements
17,223
17,223
450,000
Total Nonoperating
Revenues (Expenses)
846,374
1,38,1,309
2,227,683
2,020,612
I�
Income (Loss) Before
Operating Transfers and
Capital Contributions
(337,191)
599,954
262,763
1,871,617
Operating Transfers:
Transfers in
7,141
•�
Capital contributions
6,509
41,034
47,543
Depreciation on contributed capital
114,207
41,738
155,945
135,332
Increase (Decrease) in
Retained Earnings
(216,475)
682,726
466,251
2,014,090
Retained Earnings, Beginning
23,130,673
32,180,878
55,311,551
53,297,461
Retained Earnings, Ending
$ 22,914,198
$ 32,863,604
$ 55,777,802
$ 55,311,551
1 93
• CITY OF POWAY •
Combining Statement of Cash Flows
All Enterprise Funds
For the Year Ended June 30, 2001
Cash Flows from Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
Decrease in inventories
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Net Cash Provided by (Used for)
Operating Activities
Cash Flows from Non - Capital Financing Activities:
Taxes
Operating transfers in
Advances to other funds
Repayment of advances to other funds
Net Cash Provided by (Used for)
Non - Capital Financing Activities
Water Fund Sewer Fund
$ (1,183,565) $ (781,355)
1,200,207 482,189
23,548 (99,292)
111,044
(40,927) (103,224)
8,129
118,436 (501,682)
381,759
(1,025,660)
381,759 (1,025,660)
Cash Flows from Capital and Related Financing Activities:
Interest expense and fiscal agent charges (290,167)
Principal payments on long -term borrowing (563,175)
Acquisition of property, plant, and equipment (215,960)
Grant reimbursements
Net Cash Provided By (Used for) Capital
and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
(6,598,220)
17,223
(1,069,302) (6,580,997)
765,663 1,364,086
196,556 (6,744,253)
9,458,663 16,140,512
$ 9,655,219 $ 9,396,259
0 0
Totals
2001 2000
$ (1,964,920) $ (148,995)
1,682,396 1,647,138
(75,744)
(367,451)
111,044
35,004
(144,151)
488,442
8,129
(11,779)
(383,246) 1,642,359
381,759
(1,025,660)
431,473
7,141
195,507
(643,901) 634,121
(290,167)
(308,341)
(563,175)
(537,126)
(6,814,180)
(739,542)
17,223
450,000
(7,650,299) (1,135,009)
2,129,749
1,458,487
(6,547,697)
2,599,958
25,599,175
22,999,217
$ 19,051,478
$ 25,599,175
(Continued)
M
CITY OF POWAY •
Combining Statement of Cash Flows
All Enterprise Funds (Continued)
For the Year Ended June 30, 2001
Reconciliation of Cash Equivalents to the Balance Sheet:
Total cash and investments per the balance sheet
Total restricted assets per the balance sheet:
Cash and investments
Cash and investments with fiscal agents
Cash and Cash Equivalents at the End of Year
Water Fund Sewer Fund
$ 8,072,046 $ 9,396,259
1,294,498
288,675
$ 9,655,219 $ 9,396,259
Noncash Investing, Capital and Financing Activities:
The Water and Sewer Enterprise Funds acquired $6,509 and $41,034, respectively, of fixed
assets through contributed capital during the year ended June 30, 2001.
K1
• s
r
Totals
2001 2000
$ 17,468,305 $ 23,910,289
1,294,498 1,383,745
288,675 305,141
$ 19,051,478 $ 25,599,175
L
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C:
I •
I INTERNAL SERVICE FUND
Vehicle Maintenance Fund
I
I
I
i
I
99
n
u
Used to account for the costs of operating a
maintenance facility for automotive
equipment used by other City departments.
Such costs to other departments are billed
on a direct cost basis. The Vehicle
Maintenance Fund is responsible for
financing replacement vehicles, as
necessary.
CITY OF POWAY •
Comparative Balance Sheet
Vehicle Maintenance Internal Service Fund
June 30, 2001
Assets
Current Assets:
Cash and investments
Accounts receivable
Total Assets
Liabilities and Fund Equity
Current Liabilities:
Accounts payable
Accrued liabilities
Total Liabilities
Fund Equity:
Retained Earnings:
Reserved for equipment replacement
Total Liabilities and Fund Equity
2001 2000
$ 3,049,319 $ 3,422,433
4,567
$ 3,053,886 $ 3,422,433
$ 158,791 $ 324,317
23,137 19,753
181,928 344,070
2,871,958 3,078,363
$ 3,053,886 $ 3,422,433
11
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• CITY OF POWAY •
Comparative Statement of Revenues, Expenses, and Changes in Retained Earnings
Vehicle Maintenance Internal Service Fund
For the Year Ended June 30, 2001
Operating Revenues:
Charges for services
Other
Total Operating Revenues
Operating Expenses:
Personal services
Maintenance and operations
Total Operating Expenses
Operating Income
Nonoperating Revenue:
Interest revenue
Income Before Operating Transfers
Operating Transfers:
Transfers out
Net Income (Loss)
2001 2000
$ 1,397,412 $ 1,384,677
69,438 11,603
1,466,850 1,396,280
210,711
187,357
372,764
419,930
583,475
607,287
883,375
788,993
255,959 177,333
1,139,334 966,326
(1,345,739) (931,115)
(206,405) 35,211
Retained Earnings, Beginning
Retained Earnings, Ending
101
3,078,363 3,043,152
S 2,871,958 $ 3,078,363
0 CITY OF POWAY •
Comparative Statement of Cash Flows
Vehicle Maintenance Internal Service Fund
For the Year Ended June 30, 2001
2001
Cash Flows from Operating Activities:
Operating income
Adjustments to reconcile operating income
to net cash provided by operating activities:
Changes in operating assets and liabilities:
(Increase) in accounts receivable
Increase (decrease) in accounts payable
Increase in accrued liabilities
Net Cash Provided by Operating Activities
Cash Flows from Non - Capital and
Related Financing Activities:
Operating transfers out
Cash Flows from Investing Activities:
Interest received
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
$ 883,375
2000
$ 788,993
(4,567)
(165,526) 296,841
3,384 2,274
716,666 1,088,108
(1,345,739) (931,115)
255,959
177,333
(373,114)
334,326
3,422,433
3,088,107
$ 3,049,319
$ 3,422,433
102
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FIDUCIARY FUNDS
NONEXPENDABLE TRUST FUNDS
Mary Patricia Ross Trust Fund
Used to account for revenues and expenses
provided by a private estate to finance
community park and recreation purposes. The
principal must be maintained intact until 2006.
Interest income must also be used to finance
such recreational purposes.
Library Trust Fund
Used to account for a donation to the City
which is to be held in perpetual trust. The
income from the principal is to be used for
library supplies and services.
EXPENDABLE TRUST FUNDS
Bendixon Trust Fund
Used to account for money provided by private
donors restricted to maintenance of riding and
hiking trails.
Poway Road Beautification Trust Fund
Performing Arts Center Trust Fund
Used to account for money provided by
Expendable Trust Fund donors restricted to
beautification efforts along Poway Road.
Used to account for money provided by
donors restricted to Performing Arts Center
construction.
AGENCY FUNDS
Developer Deposits
Used to account for the collection and
payments of development deposits from and on
behalf of the collective and individual
developers.
South Poway CFD #1 Bond Deposits
Used to account for debt service payments
CFD #1 Bond Deposits collected through
property tax assessments remitted to fiscal
agent - trustee for payment on bonds.
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FIDUCIARY FUNDS (Continued)
AGENCY FUNDS
Parkway Business Center CFD 988 -1
Bond Deposits
High Valley Roads AD 996 -1
Bond Deposits
Used to account for debt service payments
CFD 488 -1 Bond Deposits collected
through property tax assessments remitted
to fiscal agent - trustee for payment on bonds.
Used to account for debt service payments
CFD #96 -1 Bond Deposits collected
through property tax assessments remitted
to fiscal agent - trustee for payment on bonds.
105
• CITY OF POWAY
Combining Balance Sheet
All Fiduciary Funds
June 30, 2001
Assets
Cash and investments
Receivables:
Taxes
Accounts
Interest
Cash and investments with
fiscal agents
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Deposits
Due to bondholders
Advances from other funds
Total Liabilities
Fund Balances:
Reserved for capital projects
Unreserved:
Undesignated
Total Fund Balances
Total Liabilities and
Fund Balances
Nonexpendable
Trust Funds Expendable Trust Funds
Mary Poway
Patricia Road Performing
Ross Library Bendixon Beautificat Arts Center
$ 64,239 $ 777,487 $ 15,324 $ 7,538
$ 64,239 $ 777,487 $ 15,324 $ 7,538 $ -
$ 8,775
8,775
$ 64,239 $ 777,487 $ 15,324 $ 7,538
(8,775)
64,239 777,487 15,324 7,538 (8,775)
$ 64,239 $ 777,487 $ 15,324
$ 7,538 $ -
106
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Agency Funds
70,324
Parkway
High
Business
Valley
South Poway Center
Roads
Developer CFD #1 CFD #88 -1
AD 496 -1
Deposits Bond Deposits Bond Deposits
Bond Deposits 2001
Totals
2000
$ 3,049,986 $ 1,521,867 $ 2,766,027 $ 52,021 $ 8,254,489 $ 7,682,744
19,256 68,960
2,448,827
6,950 78,985
2,636,648 3,387,949
$ 3,049,986 $ 4,184,721 $ 8,750,748
520 88,736
70,324
2,448,827
3,232,889
156 86,091
87,475
54,825 6,079,422
5,894,407
$ 107,522 $ 16,957,565 $ 16,967,839
$ 51,709
2,998,277
$ 4,184,721 $ 6,301,921
2,448,827
3,049,986 4,184,721 8,750,748
$ 4,125 $ 55,834 $ 104,803
3,007,052 2,741,586
103,397 10,590,039 10,053,500
2,448,827 3,232,889
107,522 16,101,752 16,132,778
864,588 843,836
(8,775) (8,775)
855,813 835,061
$ 3,049,986 $ 4,184,721 $ 8,750,748 $ 107,522 $ 16,957,565 $ 16,967,839
107
• CITY OF POWAY •
Combining Statement of Revenues, Expenses, and Changes in Fund Balances
All Nonexpendable Trust Funds
For the Year Ended June 30, 2001
Mary
111
Patricia
Totals
Ross
Library
2001
2000
Operating Revenues:
Interest
$ 4,575
$ 58,510
$ 63,085
$ 44,168
Operating Expenses:
Maintenance and operations
1,251
1,251
20,311
Operating Income
4,575
57,259
61,834
23,857
Operating Transfers:
Operating transfers out
(42,711)
(42,711)
(39,312)
Net Income (Loss)
4,575
14,548
19,123
(15,455)
Fund Balances, Beginning
59,664
762,939
822,603
838,058
Fund Balances, Ending
$ 64,239
$ 777,487
$ 841,726
$ 822,603
111
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• CITY OF POWAY
Combining Statement of Cash Flows
All Nonexpendable Trust Funds
For the Year Ended June 30, 2001
Cash Flows from Operating Activities:
Operating income
Adjustment to reconcile operating income
to net cash from operating activities:
Interest income
Net Cash (Used for)
Operating Activities
Cash Flows from Non- Capital and
Related Financing Activities:
Operating transfers out
Net Cash (Used for)
Non - Capital and Related
Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Increase (Decrease) in
Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
Mary
Patricia
Ross Library
Totals
2001 2000
$ 4,575 $ 57,259 $ 61,834 $ 23,857
(4,575) (58,510) (63,085) (44,168)
(1,251) (1,251) (20,311)
(42,711) (42,711) (39,312)
(42,711) (42,711) (39,312)
4,575
58,510
63,085
44,168
4,575
14,548
19,123
(15,455)
59,664
762,939
822,603
838,058
$ 64,239
$ 777,487
$ 841,726
$ 822,603
109
0 CITY OF POWAY •
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
All Expendable Trust Funds
For the Year Ended June 30, 2001
110
Poway
Road
Performing
Beautifi-
Arts
Totals
Bendixon
cation
Center
2001
2000
Revenues:
Interest
$ 1,092
$ 537
$ 1,629 $
1,073
Fund Balances, Beginning
14,232
7,001
$ (8,775)
12,458
11,385
Fund Balances, Ending
$ 15,324
$ 7,538
$ (8,775)
$ 14,087 $
12,458
110
• CITY OF POWAY •
Combining Statement of Changes in Assets and Liabilities
' All Agency Funds
For the Year Ended June 30, 2001
Balance Balance
Developer Deposits Fund July 1, 2000 Additions Deletions June 30, 2001
i Assets
I
I 111
Cash and investments
$
2,833,489
$
1,630,452
$
1,413,955
$
3,049,986
Accounts payable
$
100,678
S
1,364,986
$
1,413,955
$
51,709
Deposits
2,732,811
265,466
2,998,277
Total Liabilities
$
2,833
$
1,630,452
$
1,413,955
$
3,049,986
'
South Powav CFD
#1 Bond Deposits
Assets
Cash and investments
$
1,400,294
$
2,639,654
$
2,518,081
$
1,521,867
Taxes receivable
15,914
19,256
15,914
19,256
Interest receivable
12,875
6,950
12,875
6,950
Cash and investments with
'
fiscal agents
2,647,876
3,321,097
3,332,325
2,636,648
Total Assets
$
4,076,959
S
5,986,957
S
5,879,195
$
4,184,721
Liabilities
Due to bondholders
$
4,076,959
$
5,986,957
$
5,879,195
$
4,184,721
Parkwav Business Center
CFD #88 -1 Bond Deposits
Assets
Cash and investments
$
2,534,590
$
3,608,376
$
3,376,939
$
2,766,027
Taxes receivable
52,714
68,960
52,714
68,960
Accounts receivable
3,232,889
784,062
2,448,827
Interest receivable
74,341
78,984
74,340
78,985
Cash and investments with
fiscal agents
3,191,498
4,496,436
4,299,985
3,387,949
Total Assets
$
9,086,032
$
8,252,756
$
8,588,040
$
8,750,748
(Continued)
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• CITY OF POWAY •
Combining Statement of Changes in Assets and Liabilities
All Agency Funds (Continued)
For the Year Ended June 30, 2001
Liabilities
Balance Balance
Julv 1. 2000 Additions Deletions June 30. 2001
Due to bondholders
$
5,853,143
$
8,252,756
$
7,803,978
$
6,301,921
Advances from other funds
$ 55,834
3,232,889
Deposits
2,732,811
265,466,
784,062
2,998,277
2,448,827
Due to bondholders
10,053,500
14,322,133
13,785,594
10,590,039
,
Total Liabilities
$
9,086,032
$
8,252,756
$
8,588,040
$
8,750,748
$ 15,987,736
$ 16,092,977
'
112
High Vallev Roads
AD #96 -1 Bond Deposits
Assets
Cash and investments
$
70,535
$
34,202
$
52,716
$
52,021
Taxes receivable
1,696
520
1,696
520
Interest receivable
259
156
259
156
Cash and investments with
fiscal agents
55,033
51,667
51,875
54,825
Total Assets
$
127,523
$
86,545
$
106,546
$
107,522
Liabilities
Account payable
$
4,125
$
4,125
$
4,125
$
4,125
Due to bondholders
123,398
82,420
102,421
103,397
Total Liabilities
$
127,523
$
86,545
$
106,546
$
107,522
Total - All Agency Funds
Assets
Cash and investments
Accounts receivable
Taxes receivable
Interest receivable
Cash and investments with
fiscal agents
Total Assets
$ 6,838,908 $ 7,912,684 $ 7,361,691 $ 7,389,901
3,232,889 784,062 2,448,827
70,324 88,736 70,324 88,736
87,475 86,090 87,474 86,091
5,894,407 7,869,200 7,684,185 6,079,422
$ 16,124,003 $ 15,956,710 $ 15,987,736 $ 16,092,977
Liabilities
,
Accounts payable
$ 104,803 $
1,369,111
$ 1,418,080
$ 55,834
Deposits
2,732,811
265,466,
2,998,277
Due to bondholders
10,053,500
14,322,133
13,785,594
10,590,039
,
Advances from other funds
3,232,889
784,062
2,448,827
Total Liabilities
$ 16,124,003 $
15,956,710
$ 15,987,736
$ 16,092,977
'
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ACCOUNT GROUPS
0
General Fixed Assets Used to account for the cost of fixed assets that are
used in the performance of general government
functions and that are not accounted for in the
proprietary funds.
General Long -Term Debt Used to account for the unmatured long -term
indebtedness of the City and Redevelopment Agency
not accounted for in the proprietary funds.
113
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114
' CITY OF POWAY •
Comparative Schedule of General Fixed Assets
by Source
June 30, 2001
11
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2001
2000
'
General Fixed Assets:
Land
$
55,036,054
$
46,190,733
Buildings
45,319,512
45,105,104
Improvements other than buildings
3,196,069
3,187,974
Machinery and equipment
11,171,465
9,909,030
Total General Fixed Assets
$
114,723,100
$
104,392,841
Investments in General Fixed Assets:
General Fund revenues
$
101,220,193
$
90,889,934
Special Revenue Fund revenues
7,097,031
7,097,031
'
Capital Projects Funds:
State grants
237,514
237,514
Donations
Bond proceeds
1,987,442
262,922
1,987,442
262,922
Federal grants
1,096
1,096
Transfer from prior water districts
3,916,902
3,916,902
Total Investments in General Fixed Assets
$
114,723,100
$
104,392,841
11
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CITY OF POWAY
Schedule of General Fixed Assets
by Function and Activity
June 30, 2001
Function and Activity
General Government:
Manager
Clerk
Personnel
Finance and Administration
Other -
Services
Government Buildings
Total General Government
Public Safety:
Safety
Fire
Paramedics
Inspection
Total Public Safety
Highways and Streets:
Engineering
Maintenance
Total Highways and Streets
Culture and Recreation
Mobilehome Parks
Total General Fixed Assets
Improvements
Otherthan
Land Buildings Buildings
$ 33,674
$ 117,796 413,793
10,867,575 425,748 $ 405,036
1,997,057 10,879,140 141,271
12,982,428 11,752,355 546,307
5,509,251 18,215
100,226
5,609,477 18,215
309,156
592,059
214,377
309,156
592,059
214,377
14,048,066
11,710,363
689,809
27, 696, 404
15,655
1,727,361
$ 55,036,054 $ 45,319,512 $ 3,196,069
116
Machinery
and
Equipment
Total
$ 34,814
$ 68,488
149,992
149,992
4,648
4,648
1,375,994
1,907,583
2,553,924
14,252,283
914,478
13,931,946
5,033,850
30,314,940
857,623
6,385,089
1,610,713
1,710,939
482,427
482,427
55,182
55,182
3,005,945
8,633,637
1
162,082
162,082
1,881,569
2,997,161
2,043,651
3,159,243
1,070,940
27,519,178
17,079
45,096,102
$ 11,171,465
$ 114,723,100
117
• CITY OF POWAY 0
Schedule of Changes in General Fixed Assets
by Function and Activity
For the Year Ended June 30, 2001
Function and Activity
General Government:
Manager
Clerk
Personnel
Finance and Administration
Other -
Services
Government Buildings
Total General Government
Public Safety:
Safety
Fire
Paramedics
Inspection
Total Public Safety
Highways and Streets:
Engineering
Maintenance
Total Highways and Streets
Culture and Recreation
Mobilehome Parks
Total General Fixed Assets
General
General
Fixed
Fixed
Assets
Assets
June 30, 2000
Additions
Deletions
June 30, 2001
$ 66,286
$ 2,202
$ 68,488
149,992
149,992
4,648
4,648
1,886,706
20,877
1,907,583
8
6,067,402
$ (194,502)
14,252,283
13,931,946
13,931,946
24,418,961
6,090,481
(194,502)
30,314,940
6,315,720
69,369
6,385,089
1,584,085
126,854
1,710,939
188,411
294,016
482,427
55,182
55,182
8,143,398
490,239
8,633,637
78,095
83,987
162,082
2,879,974
265,698
(148,511)
2,997,161
2,958,069
349,685
(148,511)
3,159,243
26,654,738
864,440
27,519,178
42,217,675
2,878,427
45,096,102
$ 104,392,841 $ 10,673,272 $ (343,013) $ 114,723,100
118
CITY OF POWAY 0
Comparative Schedule of General Long -Term Debt
June 30, 2001
2001 2000
Amount Available and to be Provided for
the Payment of General Long -Term Debt:
Amount available in debt service funds
Amount to be provided
Total Available and to be Provided
General Long -Term Debt Payable:
Tax allocation bonds payable
Tax allocation notes
Certificates of participation
Advances from other funds
Contract payable
Obligations under capital leases
Total General Long -Term Debt Payable
119
$ 26,891,775 $ 27,894,528
202,009,440 201,897,177
$ 228,901,215 $ 229,791,705
$ 140,430,000 $ 142,770,000
7,945,000
7,945,000
53,075,000
54,095,000
27,163,234
24,649,512
42,206
42,944
245,775
289,249
$ 228,901,215 $ 229,791,705
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STATISTICAL SECTION
I
0 CITY OF POWAY •
General Governmental Expenditures by Function
Last Ten Fiscal Years
Fiscal
General
Public
Public
Community
Capital
Year
Government
Safety
Works
Services
Expenditures
1992
$ 5,487,555
$ 8,019,225
$ 2,584,301
$ 4,009,375
$ 27,891,391
1993
6,954,504
8
2,605,336
4,289,493
18,690,422
1994
6,018,367
8.371,953
3,001,012
4,216,928
18,312,184
1995
6,555,752
8,156,328
3,040,823
4,375,933
12,711,970
1996
6,758,341
8,554,473
2,248,039
5,151,534
32,408,989
1997
7,822,743
8,884,438
4,661,719
5,068,108
23,553,095
1998
7,758,604
9,428,221
6,035,135
4,921,563
20,385,782
1999
7,704,342
9,958,312
3,343,102
5,266,558
8,213,245
2000
7,486,657
10,900,368
3,552,863
5,805,605
9,524,359
2001
8,407,234
11,324,004
3,702,963
6,666,018
17,733,164
Notes:
(1) Includes all governmental fund types
Source: City Administrative Services Department
122
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Debt
Service
$ 23,317,449
21,761,546
29,469,665
17,341,788
32,901,191
18,596,415
19,619,3 70
19,574,558
41,504,574
24,811,578
TAB�E 1 •
Total
$ 71,309,296
62,623,912
69,390,109
52,182,594
88,022,567
68,586,518
68,148,675
54,060,117
78,774,426
72,644,961
123
• CITY OF POWAY 0
General Govemmental Revenues by Source
Last Ten Fiscal Years
TABLE 2A
CITY OF POWAY
General Governmental Tax Revenues by Source
Last Ten Fiscal Years
Fiscal
Property
Licenses
Intergovem-
Charges
Fiscal
Tax ( �
and
mental
for
Fines and
Year
Taxes
Permits
Revenues
Services
Forfeitures
1992
$ 18,702,862
$ 352,341
$ 3,492,141
$ 6,047,267
$ 95,080
1993
18,952,451
340,884
3,643,717
6,532,158
71,747
1994
20,065,771
335,037
10,363,173
7,061,989
91,593
1995
20,865,001
326,041
12,048,349
6,746,721
72,140
1996
21,187,183
299,810
12,912,925
7,550,017
67,799
1997
20,941,439
281,610
5,013,053
8,826,878
71,477
1998
23,021,049
257,818
8,837,630
10,584,717
86,273
1999
26,047,002
262,482
4,678,887
10,207,646
210,762
2000
31,118,687
306,688
5,139,707
9,451,645
253,586
2001
35,840,942
309,652
6,026,700
9,602,278
239,369
TABLE 2A
CITY OF POWAY
General Governmental Tax Revenues by Source
Last Ten Fiscal Years
Fiscal
Property
Franchise
Motor
Year
Tax ( �
Sales Tax
Tax
Vehicle Tax
Total
1992
$ 13,920,524
$ 2,672,052
$ 403,911
$ 1,706,375
$ 18,702,862
1993
13,588,578
3,251,723
510,581
1,601,569
18,952,451
1994
14,251,274
3,659,912
593,164
1,561,421
20,065,771
1995
14,959,431
3,639,756
627,215
1,638,599
20,865,001
1996
15,184,101
3,696,899
597,782
1,708,401
21,187,183
1997
14,338,241
4,149,019
618,386
1,835,793
20,941,439
1998
15,451,792
4,902,359
714,901
1,951,997
23,021,049
1999
17,460,797
5,714,050
764,077
2,108,078
26,047,002
2000
20,780,169
7,076,323
905,382
2,356,813
31,118,687
2001
24,713,512
7,564,616
958,058
2,604,756
35,840,492
Notes:
(1) Includes all governmental fund types and an expendable trust fund.
« Includes property taxes for Redevelopment Agency.
Source : City. Administrative Services Department
124
1
1
i
1
i
i
1
1
1
• TABLE 2
Interest
and
Rentals
Other
Total
$ 8,351,217
$ 2,574,632
$ 39,615,540
8,226,841
1,961,333
39,729,131
8,995,116
1,121,228
48,033,907
8,233,586
651,515
48,943,353
7,508,118
1,630,809
51,156,661
6,729,950
1,508,101
43,372,508
8,243,028
2,161,644
53,192,159
7,738,120
3,119,416
52,264,315
8,372,411
4,314,409
58,957,133
10,735,796
1,813,697
64,568,434
125
0
0 CITY OF POWAY
Property Tax Levies and Collections
Last Ten Fiscal Years
Notes:
(1) Includes Community Facilities Districts assessments of $7,005,288.
(2) Includes Community Facilities Districts collections of $1,515,168.
(3) This percentage is 94% excluding the amounts for the Community Facilities Districts.
(4) Includes Community Facilities Districts receivables of $3,110,877.
(5) No collections for Community Facilities Districts.
(6) This percentage is 98% excluding the Community Facilities Districts. -
(7) Includes $8,600,996 for Community Facilities Districts.
(8) This percentage is 15% excluding the Community Facilities Districts.
(9) Includes Community Facilities District #88 -1 assessments of $4,236,818.
t 101 Includes Community Facilities District #88 -1 collections of $935,580.
t This percentage is 97% excluding the amounts for CFD #88 -1.
(12) Includes Community Facilities District #88 -1 receivable of $7,527,270.
(13) Includes Community Facilities District #88 -1 collection of $196,928.
(14) This percentage is 105% excluding Community Facilities District 488 -1.
(15) Includes $10,631,580 for CID 488 -1.
(16) This percentage is 16% excluding CID #88 -1.
(17) During fiscal year 1996 -97, Community Facilities District #88 -1 had its delinquent
assessments from prior years forgiven and was current for its fiscal year 1996 -97.
Source: County of San Diego, Auditor and Controller's Office
126
Current
Percent
Delinquent
Delinquent
Fiscal
Year
Current Tax
of Levy
Tax
Tax
Year
Tax Levy
Collections
Collected
Receivable
Collections
1992
$ 12,639,697
$ 12,284,495
97 %
$ 377,585
$ 424,816
1993
9,604,741
9,156,139
95
484,933
400,191
1994
12,855
9,585,698
75
548,364
386,361
1995
14,285,101
tl 8,350,135
� 58 (3)
3,743,833
(4) 269,023 (5)
1996
12,712,597
(9) 9,195,911
(10) 72 (11)
8
(12) 811,738 (13>
1997 (17)
13,967,053
13,834,167
99
327,952
511,601
1998
13,052,091
12,874,241
99
244,785
225,298
1999
13,302,138
13,088,362
98
191,183
261,592
2000
13,317,472
13,122,841
99
165,439
269,313
2001
13,683,327
13,541,508
99
177,010
208,718
Notes:
(1) Includes Community Facilities Districts assessments of $7,005,288.
(2) Includes Community Facilities Districts collections of $1,515,168.
(3) This percentage is 94% excluding the amounts for the Community Facilities Districts.
(4) Includes Community Facilities Districts receivables of $3,110,877.
(5) No collections for Community Facilities Districts.
(6) This percentage is 98% excluding the Community Facilities Districts. -
(7) Includes $8,600,996 for Community Facilities Districts.
(8) This percentage is 15% excluding the Community Facilities Districts.
(9) Includes Community Facilities District #88 -1 assessments of $4,236,818.
t 101 Includes Community Facilities District #88 -1 collections of $935,580.
t This percentage is 97% excluding the amounts for CFD #88 -1.
(12) Includes Community Facilities District #88 -1 receivable of $7,527,270.
(13) Includes Community Facilities District #88 -1 collection of $196,928.
(14) This percentage is 105% excluding Community Facilities District 488 -1.
(15) Includes $10,631,580 for CID 488 -1.
(16) This percentage is 16% excluding CID #88 -1.
(17) During fiscal year 1996 -97, Community Facilities District #88 -1 had its delinquent
assessments from prior years forgiven and was current for its fiscal year 1996 -97.
Source: County of San Diego, Auditor and Controller's Office
126
1
E
TABLE 3 •
127
Percent of
Percent of
Total Tax
Outstanding
Delinquent
Total Tax
Collections
Delinquent
Taxes to
Collections
to Tax Levy
Taxes
Tax Levy
$ 12,709,311
101 %
$ 732,787
6 %
9,556,330
99
933,535
10
9,972,059
78
3,817,946
30
8,619,158
60 (6)
9,678,799
(7) 68 (8)
10,007,649
79 (14)
12,218,542
(15) 96 (16)
14,345,768
103
460,838
3
13,099,539
100
422,635
3
13,349,954
100
404,959
3
13,392,154
101
360,070
3
13,750,226
100
318,829
2
127
• CITY OF POWAY •
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
$ 2,684,903,547
2,858,029,834
2,964,014,503
3,014,899,373
3,060,395,506
3,052,732,206
3,135,010,184
3,353,922,981
3,770,910,047
4,231,171,541
$ 2,684,903,547
2,858,029,834
2,964,014,503
3,014,899,373
3,060,395,506
3,052,732,206
3,135,010,184
3,353,922,981
3,770,910,047
4,231,171,541
Value
$ 44,186,797
54,214,861
69,952,694
76,590,235
85,193,678
87,641,025
88,447,865
118,083,485
143,548,709
174,311,208
Source: County of San Diego Assessor's Office
Actual Value
$ 44,186,797
54,214,861
69,952,694
76,590,235
85,193,678
87,641,025
88,447,865
118,083,485
143,548,709
174,311,208
128
Real Property Personal Property
Fiscal Assessed Estimated Assessed Estimated
1
1
t
Assessed
Value
$ 2,729,090,344
2,912,244,695,
3,033,967,197
3,091,489,608
3,145,589,184
3,140,373,231
3,223,458,049
3,472,006,466
3,914,458,756
4,405,482,749
Total
Estimated
Actual Value
$ 2,729,090,344
2,912,244,695
3,033,967,197
3,091,489,608
3,145,589,184
3,140,373
3,223,458
3,472,006,466
3,9.14,458,756
4,405,482,749
WROMCKII
Percent
Change From
Previous Year
11 %
7
4
2
1)
(0.2)
3
8
13
13
129
0
0 CITY OF POWAY 0 TABLE 5
Property Tax Rates - Direct and Overlapping Governments
(Per $100 of Assessed Value)
Last Ten Fiscal Years
Fiscal
School
Other
Year
City
County
District
District
Total
1991
.26594
.25000
.46636
.11147
1.09377
1992
.25841
.25000
.46636
.11147
1.08624
1993
.25440
.25000
.46636
.11147
1.08223
1994
.27516
.16722
.50771
.12620
1.07629
1995
.27370
.16722
.50771
.12598
1.07461
1996
.27349
.16722
.50771
.12585
1.07427
1997
.23434
.16722
.50771
.12612
1.03539
1998
.23234
.16722
.50771
.12540
1.03267
1999
.22954
.16722
.50771
.12380
1.02827
2000
.22724
.16722
.50771
.12373
1.02590
2001
.22424
.16722
.50771
.12354
1.02271
Source: County of San Diego Auditor and Controller's Office and Planning and Land Use
Development.
130
1
•
CITY OF POWAY
TABLE 6
Ten Largest Taxpayers
June 30, 2001
Assessed
Percentage
Name
Valuation
of Total
Government Employees Insurance Co.
$ 39,375,888
18.4
%
Pacific Starr -Poway LLC
23,755,778
11.1
%
Sysco Food Services of San Diego Inc.
22,969,000
10.8
%
Western Silver Oaks Partners LP
21,312,719
10.0
%
Burnham Pacific Operating Partnership
20,884,000
9.8
%
Regency Centers LP
20,035,681
9.4
%
First American Title Insurance Co.
19,696,986
9.2
%
Toppan Electronics Inc.
17,959,786
8.4
%
Braemar Properties LP
14,210,528
6.7
%
K -Tube Corp.
13,316,705
6.2
%
$ 213,517,071
100
%
Source: San Diego County Assessor's Office and City Finance Division
131
• CITY OF POWAY • TABLE 7
Special Assessment Collections
Last Ten Fiscal Years
( �) Bonds were retired in fiscal year ended June 30, 1996.
Source: City Administrative Services Department
132
Current
Current
Ratio of
Total
Fiscal
Assessment
Assessment
Collections
Outstanding
Year
Due
Collected
To Amount Due
Assessments
1992
$ 215,209
$ 187,447
87
$ 27,762
1993
209,640
194,214
93
15,426
1994
216,707
196,692
91
20,015
1995
182,262
178,082
98
4,180
1996 (1)
-0-
-0-
-0-
-0-
1997
-0-
-0-
-0-
-0-
1998
-0-
-0-
-0-
-0-
1999
-0-
-0-
-0-
-0-
2000
-0-
-0-
-0-
-0-
2001
-0-
-0-
-0-
-0-
( �) Bonds were retired in fiscal year ended June 30, 1996.
Source: City Administrative Services Department
132
1
1
1
• CITY OF POWAY •
Computation of Legal Debt Margin
June 30, 2001
Total Valuation (1)
Debt Limit - 15 percent of total valuation
Amount of Debt Applicable
to Debt Limit:
Bonded Debt
Less Amounts Available for
Repayment of Debt:
Held by Debt Service Fund
Total Amount of Debt Applicable
to Debt Limit
Legal Debt Margin
$ 628,604,334
$ 94,290,650
1,095,502
$ 93,195,148
Note:
(l) 25% of the assessed valuation, after deducting redevelopment tax allocation increment.
Source: City Administrative Services Department
133
$ 2,390,000
1,294,498
0 CITY OF POWAY i TABLE 9
Ratio of Net General Bonded Debt to Assessed Value
and Net Bonded Debt Per Capita
Last Ten Fiscal Years
Notes
(1) Based on estimated population provided by the State of California.
(2) After deducting $919,469,750 Redevelopment Tax Allocation increment.
(3) After deducting $1,013,256,369 Redevelopment Tax Allocation increment.
(4) After deducting $1,074,705,577 Redevelopment Tax Allocation increment.
(5) After deducting $1,082,290,553 Redevelopment Tax Allocation increment.
(6) After deducting $1,106,345,405 Redevelopment Tax Allocation increment.
(') After deducting $1,095,311,115 Redevelopment Tax Allocation increment.
(8) After deducting $1,132,455,143 Redevelopment Tax Allocation increment.
(9) After deducting $1,298,069,644 Redevelopment Tax Allocation increment.
(10) After deducting $1,553,794,553 Redevelopment Tax Allocation increment.
(u) After deducting $1,891,065,411 Redevelopment Tax Allocation increment.
Source: City Administrative Services Department
134
General
Ratio to
Per
Fiscal
Assessed
Bonded
Assessed
Capita
Year
Population
Valuation
Debt
Valuation
Debt
1992
45,263
$ 1,809,620,594
$ 9,850,000
0.54
217.62
1993
46,219
1,898,988,326
13)
9,300,000
0.49
201.22
1994
46,579
1,959,261,620
(4)
8,875,000
0.45
190.54
1995
46,132
2,009,199,055
5>
8,405,000
0.42
182.19
1996
45,452
2,039,243,779
161
5,340,000
0.26
117.49
1997
46,008
2,045,062,116
3,970,000
0.19
86.29
1998
47,098
2,091,002,906
c8>
3,595,000
0.17
76.33
1999
48,277
2,173,069,644
(9)
3,210,000
0.15
66.49
2000
49,287
2,360,644,203
I0
2,810,000
0.12
57.01
2001
49,082
2,514,417,338
"'
2,390,000
0
48.69
Notes
(1) Based on estimated population provided by the State of California.
(2) After deducting $919,469,750 Redevelopment Tax Allocation increment.
(3) After deducting $1,013,256,369 Redevelopment Tax Allocation increment.
(4) After deducting $1,074,705,577 Redevelopment Tax Allocation increment.
(5) After deducting $1,082,290,553 Redevelopment Tax Allocation increment.
(6) After deducting $1,106,345,405 Redevelopment Tax Allocation increment.
(') After deducting $1,095,311,115 Redevelopment Tax Allocation increment.
(8) After deducting $1,132,455,143 Redevelopment Tax Allocation increment.
(9) After deducting $1,298,069,644 Redevelopment Tax Allocation increment.
(10) After deducting $1,553,794,553 Redevelopment Tax Allocation increment.
(u) After deducting $1,891,065,411 Redevelopment Tax Allocation increment.
Source: City Administrative Services Department
134
1
1
1
1
• CITY OF POWAY • TABLE 10
Ratio of Debt Service for General Bonded Debt to Total General Expenditures "
Last Ten Fiscal Years
Note:
(') Includes all governmental fund types.
(Z) Bonds were retired in fiscal year ended June 30, 1997.
Source: City Administrative Services Department
135
Total
Total
Ratio of Debt Service
Fiscal
Debt
General
to Total General
Year
Principal
Interest
Service
Expenditures
Expenditures
1992
S 125,000
$ 48,450
$ 173,450
$ 71,309,296
0.2
1993
130,000
40,800
170,800
62,623,912
0.3
1994
140,000
32,700
172,700
69,390,109
0.2
1995
145,000
24,150
169,150
52,182,594
0.3
1996
160,000
15,000
175,000
88,022,567
0.2
1997 121
170,000
5,100
175,100
68,586,518
0.3
1998
0
0
0
68,148,675
0.0
1999
0
0
0
54,060,117
0.0
2000
0
0
0
78,774,426
0.0
2001
0
0
0
72,671,959
0.0
Note:
(') Includes all governmental fund types.
(Z) Bonds were retired in fiscal year ended June 30, 1997.
Source: City Administrative Services Department
135
• CITY OF POWAY •
Direct and Overlapping Bond Debt
June 30, 2001
TABLE 11
2000 -01 Assessed Valuation: $2,514,417,338 (after deducting $1,891,065,411 redevelopment
incremental valuation)
DIRECT AND OVERLAPPING TAX
AND ASSESSMENT DEBT: % Applicable Debt 6/30/01
POPULATION
G` 1:
San Diego County Water Authority
Metropolitan Water District
Escondido Union High School District
San Pasqual Union School District
Poway Municipal Water District
City of Poway
City of Poway Assessment District No. 96 -1
City of Poway Community Facilities District No. 88 -1
South Poway Community Facilities District No. 1
TOTAL DIRECT AND OVERLAPPING
TAX AND ASSESSMENT DEBT
DIRECT AND OVERLAPPING LEASE OBLIGATION DEBT:
59,580,693
San Diego County General Fund Obligations 1.410 % $ 7,491,497
San Diego County Pension Obligations 1.410 4,474,565
San Diego County Superintendent of Schools Obligations 1.410 30,668
Palomar Community College District Certificates of Participation 6.328 438,530
City of Poway Certificates of Participation 100.000 53,075,000
TOTAL DIRECT AND OVERLAPPING
LEASE OBLIGATION DEBT
COMBINED TOTAL DEBT
Ratios to Assessed Valuation:
Direct Debt ($2,390,000)
Combined Direct Debt ($55,465,000)
Total Direct and Overlapping Tax and Assessment Debt
Combined Total Debt
STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/01
457 % $ 68,843
0.255
1,345,074
0.091
39,779
2.181
36,997
100.000
100,000
100.000
2,390,000
100.000
500,000
100.000
33,855,000
100.000
21,245,000
0.05%
2.21%
1.35%
4.97%
M
$ 65,510,260
$ 125,090,953
Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds
and non- bonded capital lease obligations.
Source: California Municipal Statistics, Inc.
136
'
•
•
CITY OF POWAY
TABLE 12
Demographic Statistics
Last Ten Fiscal Years
'
Median
Fiscal
Household Median
School
Unemployment
Year
Population (2)
Income (1) Age ") Enrollment
Rate
1992
45,263
$ 54,409 32.6
25.873
8.1 %
'
1993
46,219
54,529
26,625
32.6
8.4
'
1994
46,579
54,743 32.1
27,520
7.5
1995
46,132
55,564 32.0
29,817
7.3
'
1996
45,452
57,009 32.0
30,664
5.7
1997
46,008
59,728 34.7
30,293
2.9
1998
47,098
61,783 34.9
30,984
2.5
1999
48,277
62,747 35.0
31,649
2.1
'
2000
49,287
64,255 35.2
32,546
1.9
2001
49,082
68,268 36.9
32,262
2.1
1
(U
Based on information provided by SANDAG.
(2)
Based on estimated population provided by the state of California as of January I" of
'
each year.
'
Source:
Compiled by City Administrative
Services Department
'
137
• CITY OF POWAY •
Property Value, Construction Activity and Bank Deposits
Last Ten Fiscal Years
(1) Estimated assessed value from Table 4.
Source: City Planning Department
138
Property Value"
Fiscal
Property Value
Year
Commercial
Residential
Exemption
Total
1992
$ 44,186,797
$ 2,750,384,816
$ 65,481,269
$ 2,729,090,344
1993
54,214,861
2,922,783,103
64,753,269
2,912,244,695
1994
69,952,694
3,032,530,528
68,516,025
3,033,967,197
1995
76,590,235
3,085,143,929
70,244,556
3,091,489,608
1996
85,193,678
3,130,596,779
70,201,273
3,145,589,184
1997
87,641,025
3,123,520,296
70,788,090
3,140,373,231
1998
88,447,865
3,206,158,747
71,148,563
3,223,458,049
1999
118,083,485
3,427,371,909
73,448,928
3,472,006,466
2000
143,548,709
3,844,803,210
73,893,163
3,914,458,756
2001
174,311,208
4,306,691,610
75,520,069
4,405,482,749
(1) Estimated assessed value from Table 4.
Source: City Planning Department
138
1
1
1
1
1
1
1
1
1
1
• • TABLE 13
Commercial Construction
Residential Construction
Number
Percent
Number
Percent
Bank
of Units
Value
Change
of Units
Value
Change
Deposits
15
$ 17,696,194
144.4
50
$ 17,152,025
(63.6)
$ 184,091,972
19
13,887,733
(21.5)
40
12,870,944
(25.0)
163,998,953
4
915,093
(93.4)
81
19,829,254
54.1
143,923,796
5
616,318
(32.7)
50
15,238,827
(23.1)
121,516,477
5
744,592
20.8
99
25,285,941
65.9
122,745,369
16
5,692,228
664.5
71
23,964,243
(5.2)
136,217,918
13
23,158,638
306.8
180
60,243,002
151.4
199,549,791
13
5,602,765
(75.8)
142
42,903,691
(28.8)
250,542,833
13
4,074,341
(27.3)
148
50,705,886
18.2
328,064,820
18
5,282,560
29.7
59
29,502,886
(41.8)
392,665,416
139
• CITY OF POWAY • TABLE 14
Miscellaneous Statistics
June 30, 2001
Date of Incorporation
December 1, 1980
Form of Government
Council- Manager
Area
39 Square Miles
Miles of Streets
180
Number of Street Lights
2,758
Fire Protection:
4
Number of Stations
2
Number of Staff Firefighters and Officers
35
Number of Volunteer Firefighters
23
Police Protection:
30
Number of Stations
1
Number of Sworn Officers
48
Number of Clerical Staff
10
Senior Volunteer Patrol
37
Reserve Sheriff
4
Community Service Officers
3
Crime Prevention Specialist
I
Education
Attendance Centers
30
Number of Classrooms
1,281
Number of Teachers
1,742
Number of Students
32,262
Water:
Number of Consumers
13,562
Average Daily Consumption
12,487,296
Miles of Water Mains
248
Sewer:
Sanitary Sewers
172
Storm Sewers
65
Building Permits Issued
1,622
Recreation and Culture:
Parks
14 with 345 acres
Community Center
1
Libraries u)
1
Employees
Classified Services (full and part -time) 249
Management 72
Total Employees 321
Note: (1) Library services are provided by the County of San Diego.
Source: Compiled by City Administrative Services Department
140