ML13302A222
| ML13302A222 | |
| Person / Time | |
|---|---|
| Site: | San Onofre  |
| Issue date: | 11/20/1979 |
| From: | Brewer H RIVERSIDE, CA |
| To: | |
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| References | |
| NUDOCS 8006190538 | |
| Download: ML13302A222 (96) | |
Text
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3irf 5 2 RECORDS FACILITY BRANCH For' Fisa 'Y ea Ended June 30 1979
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City of Riverside COMPREHENSIVE ANNUAL FINANCIAL REPORT For Fiscal Year Ended June 30, 1979 Prepared by the Finance Department Harold E. Brewer, Finance Director 3900 Main Street Riverside, California 92522 (714) 787-7660
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INTRODUCTORY SECTION I
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City of Riverside Annual Financial Report For the Year Ended June 30, 1979 Table of Contents Page Page INTRODUCTORY SECTION Number Number Letter of transmittal I
Schedule A Schedule of Fixed Assets -
By Function and Certificate of Conformance in Financial Reporting ix Activities 23 Organizational Chart xiSceueB PicplRqieettoMtrybyonIse 248 Roster of City Officials xi Schedule C Debt Service Requirements to Maturity 29-30 Ntsto Financial Statements 31-39 FINANCIAL SECTION Independent Auditor's Opinion 1
Exhibit I Combined Balance Sheet, All Fund Types and Table 1 General Governmental Expenditures by Function 41 Account Group 2-3 Table 2 General Governmental Revenues by Sources 41 Exhibit 2 Combined Statement of Revenues, Expenditures and Table 3 Tax Revenues by Source 42 Changes in Fund Balances, All Governmental Fund Table 4 Property Tax Levies and Collections 42 Types 5
Table5 Assessed Value of Taxable Property 43 Exhibit 3 Combined Statement of Revenues, Expenditures and Table 6 Property Tax Rates and Tax Levies -
All Overlapping Changes in Fund Balances -Budget and Actual, Governments 43 General, Special Revenue, Debt Service and Table 7 Ratio of Net General Bonded Debt to Assessed Value Capital Projects Fund Types 6-7 CptlPoetFudTps67and Net Bonded Debt Per Capita 44 Exhibit 4 Combined Statement of Revenues, Expenses and Table 8 Computation of Direct and Overlapping Debt 44 Changes in Retained Earnings/Fund Balance, All Table 9 Computation of Legal Debt Margin 45 Proprietary Fund Types and Similar Trust Funds 8
Table 10 Ratio of Annual Debt Service Expenditures for Exhibit 5 Combined Statement of Changes in Financial General.Bonded Debt to Total General Expenditures 45 Position, All Proprietary Fund Types and Table 11 Schedule of Revenue Bond Coverage 46 Nonexpendable Trust Funds 9
Table 12 Summary of Debt Service Requirements and Long Term (Notes to Financial Statement -
Pages 31-39)
Lease Obligations To Maturity 47 Exhibit 6 Combining Balance Sheets, All Special Revenue Funds 11 Table 13 Special Assessment Collections 48 Exhibit 7 Combining Statement of Revenues, Expenditures and Table 14 Salaries and Surety Bonds of Principal Officers 48 Changes in Fund Balances, All Special Revenue Table 15 Schedule of Insurance in Force 49 Funds 12 Table 16 Miscellaneous Statistical Data 50-51 Exhibit 8 Combining Balance Sheet, All CapIt@l Project Funds 13 Changes in Fund Balances, All Capital Project Funds 14 Exhibit 10 Combining Balance Sheet, Proprietary Funds and Nonexpendable Trust Funds 15 Exhibit 11 Memorandum Statement of Income and Expenses by Function, Electric and Water 16 Exhibit 12 Combining-Balance Sheet, Proprietary Fund Types Internal Services 17 Exhibit 13 Combining Statement of Revenues, Expenses and Changes in Retained Earnings, Proprietary Fund Types -
Internal Services 18 Exhibit 14 Combining Statement of Changes in Financial.
Position, Proprietary Fund Types -
Internal Services 19 Exhibit 15 Combining Statement of Changes in Assets and Liabilities -
All Agency Funds 21 SceueB PicplRqieetIoMtrt yBn su 42 SceueC DbIevc euieet oMtrt 93
CITY OF FINANCE DEPARTMENT*
3900 Main Street Riverside, California 92522 November 20, 1979 Mr. Wm. F. Cornett, City Manager City of Riverside Riverside, CA 92522 H. E. BREWER Finance Director
Dear Mr. Cornett:
DIVISIONS:
Administration The Annual Financial Report of the City of Riverside, California for the year ended June 30, 1979 is Accounting submitted herewith.
Purchasing Revenue ACCOUNTING REPORT This report has been prepared in conformity with generally accepted accounting. principles and is pre sented to conform with Statement 1, "Governmental Accounting and Financial Reporting Principles", re leased March 1979 by the National Council on Governmental Accounting.
This comprehensive annual finan cial report covers all funds and account groups of the City; it includes appropriate combined and com bining statements with accompanying notes, schedules and statistical tables deemed necessary to give an accurate financial status of this City while complying with all legal provisions and determining fairly with full disclosure the financial position and results of operations of the City for the year ending June 30, 1979. Accounting systems used by the City are described in the notes in the financial statement section of the report.
CERTIFICATE OF CONFORMANCE.
The Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Riverside for our Annual Financial Report for the fiscal year ended June 30, 1978.
In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive Annual Financial Report, whose contents conform to industry stan dards.
Such reports must satisfy both generally accepted accounting principles and applicable legal re quirements.
A Certificate of Conformance is valid for a period of three years subject to two annual reviews.
We believe our current report continues to conform to Certificate of Conformance program requirements, and we are submitting it to MFOA for-the required annual review.
GENERAL GOVERNMENTAL FUNCTION Revenue for general governmental functions totaled $43,825,144 a decrease of.8% under 1978. General property taxes produced 6.9% of general revenue compared to 10.9% last year. The amount of revenue from various sources and the increase or decrease over last year are shown in the following tabulation:
Revenue Amount Percent Increase (Decrease)
Sources (Thousands)
Of Total Over 1978 (Thousands)
Property taxes
$ 3,038 6.9%
$ (1,794)
Other taxes 13,814 31.5 1,762 Special assessment levied 37
.1 18 Licenses and permits 1,775 4.1 (2,554)
Fines and forfeitures 1,095 2.5 191 Use of money 1,609 3.7 695 Intergovernmental revenue 16,160 36.8 1,000 Charges for services 1,125 2.6 (143)
Utility contributions 4,796 10.9 551 Miscellaneous revenues 376
.9 (91) 10%
( 36bT Assessed Valuations of $539 million represents an increase of 14.3% over the preceding year. The assessed value at July 1, 1979 relating to the 1979-80 fiscal 'year is $634.9 million, an increase of 18% over the assessed value at July 1, 1978.
Current Tax Collections of $2,351,010 represent 2.15% of the maximum tax rate of $4 on the total assessed valuation of Riverside County. Under current state law, property taxes collected during fiscal year 1978-79, excluding debt service collections, were distributed to the City of Riverside on the same percentage rela tionship that existed between the City's collections for the prior three years and the total County of River side collections for that period.
The current tax collection of $687,323 is the amount collected for debt service requirements for General Obligation Bonds approved prior to the latest legislative action. approved by the voters in June 1978, which represents a $.13 tax rate.
Because the City, by law, is no longer permitted to set a tax rate other than the debt service rate, and is receiving only a percentage of the taxes collected by the County of Riverside, it no longer can compute the percentage of tax collected to the amount levied. In addition, current state law effective in fiscal year 1979-80, increases city property tax allocations by approximately 75% of the amount of state fiscal assistance aid. allocated in 1978-79.
The increased property tax revenues estimated to be approximately $755,000 are offset by the elimination of state fiscal assistance aid in 1979-80 funded by a reduction.in the amount of property tax distribution to school districts.
Expenditures for general governmental functions totaled $41,217,758, an increase of 2.8% over 1977-78.
The increases-or (decreases) in levels of expenditures for major functions of the City over the preceding year are shown in the following tabulation:
Capital Increase Current Projects Total Percentage (Decrease)
Function (Thousands) (Thousands)
(Thousands)
Of Total Over 1978 General governmental
$ 5,175
$ 195
$ 5,370 13.0%
607 Public safety 13,877 343 14,220 34.4 (797)
Highways and streets 7,901 1,701 9,602 23.2 1,899 Culture and recreation 7,063 2,209 9,272 22.5 868 Lease payments 1,987 1,987 4.8 (1,489)
Debt service 767 767 2.1 39
$36,770
$4,448
$41,218 100.0%
$1,127 The undesignated fund balances in major operating funds were maintained at adequate levels. The undesignated fund balance in the General Fund of $284,516 was down $1,911,925 from last year. Special Gas Tax undesignated fund balance of $56,094 was down $345,044 from last year, and the Special Capital Improvement undesignated fund balance of $163,418 was down $11,128 from the preceding year.
Capital Project undesignated fund-balance of $36,510 was down $46,813 from last year.
Because of a recently approved state measure limiting local spending, current and future appropriation in creases are limited to the lesser of annual increases in the consumer price index or per capital income, and population.
Fiscal year 1978-79 is the base year for future changes in appropriation limitations.
DEBT ADMINISTRATION The June 30, 1979 ratio of net bonded debt to assessed valuation and bonded debt per capita are useful indi cators of the City's debt position to municipal management investors and is reflected as follows:
Ratio of Debt to Ratio of Assessed Debt to Value 25%
Present Debt Present Market per Market Value Capita Net direct bond debt
$ 4,240,000
.006%
.002%
$ 26.04 Overlapping Debt 45,437,863
.061
.015 279.10 Net Direct & Overlapping
$ 49,677,863
.067%
.717
$305.14 Outstanding general obligation bonds at June 30, 1979 totaled $4,240,000. During the past year $570,000 of general obligation bonds were retired.
The City does not have any unissued General Obligation bonds as of June 30, 1979. The City's current Moody rating for General Obligation Bonds is Aa.
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Cash temporarily idle during the year was invested in time deposits ranging from 1 to 365 days to maturity, federal agency securities ranging from 56 days to 121-years to maturity, and bankers acceptances ranging from 61 to 179 days to maturity.
During. the year, the C.ity's cash resources were divided between demand deposits and investments as follows:
in demand deposits 9.1%; in bank time deposits 41.3%; in federal agencies 19.9%;
and in bankers acceptances 29.7%. The average yield, on maturity investments during the year was 8.6%,
and the amount of interest received was $3,723,481.
The latter amount was $1,622,178 more than interest earned for the prior year. A comparison of temporarily idle cash funds invested during the past four years. is shown in the following tabulation:
1978-79 1977-78 1976-77 1975-76 Cash on deposit (1)
$42,2,7_90
$29,624T,08
$18,927,5O
$16,82,U478 Cash invested (1) 43,393,327 30,400,001 19,540,660 17,429,628 Percentage invested 102.4%
102.6%
103.2%
103.6%
Interest income 3,723,481 2,101,303 1,027,755 1,022,766.
Average net return 8.58%
6.91%
5.26%
5.87%
Equivalent tax rate (2)
.66
.42
.25
.27 (1) Average daily balance (2) Per $100 assessed valuation CAPITAL PROJECTS FUNDS Capital Outlay, Storm Drain, and Transportation Project Funds are used to account for street and highway capital project expenditures.
It is not the policy of the City to capitalize street related projects. A report of street expenditures is required to be filed with the State Controllers Office annually.
Special Capital Improvement funds are used for park capital improvements.
The City records the prior years' park capital project expenditures as increases to general fixed assets.
The Fire Bond Construction Fund is used solely for the acquisition of fire protection capital improvements.
The expenditures are also recorded as general fixed assets.
The following tabulation shows current year expenditures for each capital project fund:
Fund Amount Capital outlay
$640,105 Special capital improvement 778,200 Storm drain 620,869 Fire bond 117,251 Transportation project 360,497 TOTAL
$2,516,9Z2 iv
GENERAL FIXED ASSETS The general fixed assets of the City are those assets used in the performance of general functions and exclude fixed assets of the enterprise funds.
It also excludes the. capitalization of all street and highway related capital improvements.
As of June 30, 1979 the general fixed assets of the City totaled $51,736,928.
This amount represents the original cost of the assets and is considerably less than their present value.
De preciation of general fixed assets is not recognized in the City's accounting system.
ENTERPRISE FUNDS Electric Fund.
The City's Electric System experienced a 9% increase in gross income during the year.
This increase in gross income resul'ted from an increase in fuel surcharges of $1.9 million, paid to Southern Cali fornia Edison, which was passed on to the consumer, and a 6.1% increase in new accounts.
The City realized a savings in fuel purchased on a prepaid arrangement with Nevada Power Company, of approximately $377,346.
Comparative data for the past two fiscal years is presented in the following tabulation:
1978-79 1977-78 Gross income
$47,97,159
$43,926,478 Net income 1,236,223 2,590,898 Income available for debt service 7,495,338 8,333,492 Debt service requirements 1,818,940 1,446,940 Coverage (income available for debt service divided by annual debt service),
4.11 5.8 3Matured bonds retired 1,250,000 850,000 Debt Service reserves of $1,572,045 fully meet bond requirements.
Capital additions to the Electri c System totaling $3,381,372 were financed from revenue funds.
The City will be selling $43,000,000 of revenue bonds for participation in the'Sa'n Onofre Nuclear Generating Project plus other projects in the near future.
The City's current Moody rating for Electric Revenue Bonds is Aa.
I Water Fund.
The City's Water System experienced a 10% increase in gross income during the year, of which 6.6%
wasdueto~ an increase in new accounts.
Comparative data of the last two fiscal years is presented in the following tabulation:
Iv 1977
$4,2,7
1978-79 1977-78 Gross income
$10,198,723
$9,267,674 Net income 1,379,402 1,297,967 Income available for debt service 5,693,990 5,095,289 Debt service requirements 2,829,772 2,306,4823 Coverage (Income available for debt service divided by annual Debt Service) 2.0 2.2 Matured bonds retired 901,000 715,000 Debt service reserves-of $2,803,973 fully meet bond requirements.
The City's current Moody rating for water revenue bonds is Al.
The water system capital addition of $4,051,803 during the year was financed from cur rent revenue and bond funds.
Airport Fund. The gross income of the Airport increased 35% over the previous year. Comparative data for the last two years is presented in the following tabulation:
1978-79 1977-78 Gross income
$155,629
$115,212 Net income of (deficit).
847 (121,820)
Contribution from general fund 69,998 253,445 Federal (FAA) and State (CAAP)
Grants (for construction purposes only) 651,312 Refuse Fund.
The gross income of the City's Refuse Collection and Disposal System increased 23% over the previous fiscal year. Comparative data 'for the last two fiscal years is presented in the following tabula tion:
1978-79 1977-78 Gross income
$3,861,840
$3,144,020 Net income 4,660 97,945 Sewer Fund. The gross income of the City's Sewage System increased 6% over 1977-78. Comparative data for the last two years is presented in the following tabulation:
1978-79 1977-78 Gross income
$2,933,859
$2,759,272 Net income 1,019,684 1,012,614 Income available for debt service 1,412,628 1,262,312 Debt service requirements 183,926 125,620 Coverage (Income available for debt service divided by Annual Debt Service) 7.7 10.1 Matured bonds retired 65,000 60,000 Vi
Debt service reserves of $487,851 fully meet bond requirements.
The City's current Moody rating is Al for sewer revenue bonds. The City issued $2,000,000 of revenue bonds in the fiscal year 1978-79 for the City's share of the new Tertiary Treatment Plant funded largely by Federal and State grants.
Transportation Fund is being presented in this financial report in accordance with the State controller's Uniform System of Accounts for Transit Operators.
INDEPENDENT AUDIT The City Charter requires an annual audit to be made of the books of account, financial records, and trans actions of all administrative departments of the City by a Certified Public Accountant selected by the City Council.
This requirement has been compiled with and the auditor's opinion has been included in this report.
I ACKNOWLEDGEMENTS The preparation of this report could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I would like to express my appreciation to all members of the depart ment who assisted and contributed to its preparation.
I would also like to thank your office and the members of the City Council for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted, Harold E. Brewer Finance Director Ib/Ap vii
Certificate of Conformance in Financial Reporting Presented to City of Riverside, Calfornita For its Annual Financial Report for the Fiscal Year Ended 3uke 30,1978 A Certificate of Confonnance in Financial Reporting is presented by the Municipal Finance.Officers Association of the United States and Canada to governmental units whose annual financial reports are judged to substantially conform to the financial reporting principles and standards promulgated by the National Council on Governmental Accounting.
Da July 11, 1919 Ix
City of Riverside MAYOR CITY COUNCIL CITY CLERK CITY MANAGER CITY ATTORNEY ASST.ITY MANAGER MANPOWER RAINCROSS SQUARE OFFICE
.OFFICE COMMUN ITY PROPERTY SERVICES RELATIONS OFFICE D ATA PROCESSING OFFICE FINANCE PERSONNEL PLANNING POLICE FIRE MUSEUM DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT I
DEPARTMENT
- BUDGET & PROGRAM
- AFFIRMATIVE ACTION
- CURRENT PLANNING
- SUPPORT SERVICES
- OPERATIONS ANALYSIS
- MERIT SYSTEM 0 ADVANCE PLANNING
- FIELD OPERATIONS
- PREVENTION
- ACCOUNTING
- RECRUITMENT
- BUILDING'& ZONING
- SUPPRESSION
- REVENUE o SAFETY
- DISASTER PREPAREDNESS
- PURCHASING & STORES PUBLIC WORKS PUBLIC SERVICE PUBLIC UTILITIES LIBRARY PARK & RECREATION AIRPORT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT
- CITY ENGINEERING
- BUILDING MAINTENANCE
- COMMERCIAL
- READER SERVICES
- OPERATIONS
- TRAFFIC ENGINEERING
- COMMUNICATIONS
- ELECTRIC
- TECHNICAL SERVICES
- RECREATION SEWERAGE SYSTEMS
- SOLID WASTE DISPOSAL
- WATER
- PARKS
- STREET SERVICES LEGISLATIVE OFFICIALS DEPARTMENT HEADS Ab Brown................................
Mayor William F. Cornett, Jr.......
City Manager*
Ernest Pintor.........
Councilman - Ward 1 Alice A. Hare................................
City Clerkd Ed Shepard*.*.*.*.*.........
Councilman - Ward 2 John H. Woodhead............................
City Attorney*
Arden R. Anderson Councilman - Ward 3 Harold E. Brewer.
Finance Director/City Controller, City Treasurer Robert E. Bowers.........................
Councilman - Ward 4 James B. Judge........
Personnel Director Don Lorenzi.....
- .....................Councilman
- Ward 5 Merle G. Gardner........
Planning Director Sam Digati............................... Councilman - Ward 6 Victor E. Jones.........
....................... Chief of Police JimManning Councilman-Ward 7 Richard J. Bosted.........
......................... Fire Chief Raul A. Lopez *.*.......................
Museum Director Robert C. Wales Public Works Director and City Engineer Vacant.
. Public Service Director-and Superintendent of Streets Everett C. Ross..
Public Utilities Director Vacant...*.*........
Library Director Eddie Brown.......
Park and Recreation Director Murray Bywater..................................Airport Director
-Appointed by City Council xi
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FINANCIAL SECTION I
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THOMAS, BYRNE & SMITH CERTIFIED PUBLIC ACCOUNTANTS November 27, 1979 Donald L. Thomas, C.P.A.
4362 Orange Street D. Richard Byrne, C.P.A.
Riverside. California 92501 V. C. Smith. Jr., C.P.A.
682-4851 The City Council City of Riverside 3900 Main Street Riverside, California 92522 Gentlemen:
We have examined the financial statements of the various funds and account groups of the City of Riverside for the year ended June 30, 1979 as reflected in the accompanying pages "2" through "39".
Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances except that we did not verify historical costs of all property and equipment.
In our opinion, except for the.values shown for property and equipment, the accompanying financial statements present fairly the financial position, of the various funds and account groups of the City of Riverside at June 30, 1979, and with.the exception of depreciation in the Proprietary Funds which was computed on property and equipment whose historical cost was not verified by us, the accompanying statements reflect fairly the results of operations of such funds and changes in financial position of the Proprietary Funds for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
The accompanying supplemental information presented on pages "40 " to "50 are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. The supplemental information has not been subjected to the tests and other auditing procedures applied in the examination of the aforementioned financial statements, and accordingly we do not express an opinion on them.
Respectfully submitted,
- THOMAS, BYRNE & SMIP Certified Public ccountant I
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City of Riverside COMBINED FINANCIAL STATEMENTS Descriptions of the funds and account groups shown on the following financial statements are as follows:
Governmental Funds 1.. General Fund -
to account for all unrestricted resources except those required to be accounted for in another fund.
- 2. Special Revenue Funds -
to account for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditures for specified purposes.
- 3.
Capital Projects Funds - to account for financial resources segregated for the acquisition of major capital facilities.
- 4.
Debt Service Fund -
to account for the accumulation of resources for the payment of interest and principal on general long term debt.
- 5. Special Assessment Fund -
to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied.
Proprietary Funds
- 6. Enterprise Funds -
to account for operations that are financed an-d operated in a manner similar to private business enterprises - where the stated intent is that the costs (expenses, including deprecia tion) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges - or where periodic determination of revenues earned, expenses incurred, and/or net income is deemed appropriate for a capital maintenance, public policy, management control, accountability, or other purposes.
- 7. Internal Service Funds -
to account for the financing of goods or services provided by one department to other departments on a cost reimbursement basis.
Fiduciary Funds - to account for assets held by the City of Riverside as a trustee or agent for individuals, private organization, and/or other governmental units. This includes nonexpendable trust funds.
Account Groups -
are used to establish accounting control and accountability for the city's general fixed assets, the unmatured principal of the general obligation long term debt, and long term lease obligations.
City of Riverside Exhibit 1 Page 1 of 2 COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1979 Total Fiduciary Account Groups Memorandum Only Governmental Fund Types Proprietary Fund Types Fund Types General General Special Debt Capital Special internal Trust and Fixed Long Term June 30, June 30, ASSETS General.
Revenue Service Proet Assessments Enterprise Services Agny Assets Debt 1979 1978.
Cash
$6,279,811- $2,352,420 $ 477,47 $3,641,484 $ 7,116
$ 29,106,314 $
681,675 982,567 $
$ 43,528,854 $ 36,006,107 Cash with fiscal agent 17,076 620,766 53,384 691,226 756,813 Investments with fiscal agent 655,425 655,425 705,000 Property taxes receivable 81,655 21,372 26,906 1,517 216 131,666 122,031 Accounts receivable 928,522 159,602 26,008 5,350,909 710,337 7,175,378 6,023,015 Allowance for estimated uncollectible (543,979)
(4.314)
(75,265)
(623,558)
(116,999)
Special assessments receivable 358 18,400 4,852 23,610 28,010 Interfund loans receivable 489,381 755,163
-1 244544 1,275,981 Due from other governments 851,177 4,105,972 3,423,749 17,989,093 2
6 26,369,991 18,592,653 Central stores inventory of supplies 2,18,600 2,
08,602 1,903,910 Prepaid expenses.
35,971 448,281 144,950 629,202 2,024,506 Land e
9.313.525 10,895,905 20,209,430 19,891,849 Buildings and improvements 8,040,119 27,075,027 35,115,146 33,719,918 Accumulated depreciation (3,553,702)
(3,553,702)
(3,397,107)
Improvements other than buildings 114,758,162 4,492,631 119,250,793 112,527,696 Accumulated depreciation (31.,757,301)
(31,757,301)
(28,743,450)
Machinery and equipment 4,505,825 390,950 9,273,365 14,170,140 13,985,416 Accumulated depreciation (3,553,744)
(247,276)
(3,801,020)
(3,538,681)
Construction in progress 12,977,373 12,977,373 8,085,734 Amount available in debt service fund 513,723
. 513,723 133,473 Amount to be provided for retirement of:
General long term debt 3,726,277 3,726,277 4,676,527 Long term lease obligations 26,625,000 26,625,000 27,120,000 Equipment lease purchase contract 48,996 48,996 125,079 TOTAL ASSETS 5 8.412.318
$6.681.517
$752074477 S16.42S..211 S7888 51.707.S67
$30.865.000 2 7 252.690.052 2
The accompanying notes are an integral part of this statement.
City of Riverside Exhibit I Page 2 of 2 COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1979 Total Fiduciary Account Groups Memorandum Only Governmental Fund Types Proprietary Fund Types Fund Types General General Special Debt Capital Special Internal Trust and Fixed Long Term June 30, June 30, LIABILITIES AND FUND EQUITY General Revenue Service Projects Assessments Enterprise Services Agency Assets Debt 1979 1978 Liabil ities:
Accounts payable
$1,547,312
$ 623,801
- $ 7,726 $
568,601
$ 9,033,442
$ 252,221 40,115
$ 12,073,218 $ 4,911,496 Contracts payable 31,640.
1,920,258 1,951,898 2,114,617 Interfund loans payable 489,381 755,163 1,244,544 1,275,981 Due to other governments 23,858 23,858 32.685 Accrued liabilities 590.437
.87,163 201,817-17,014 942,452 1,838,883 1,688,780 Revenue bonds payable 46,545,000 725,000 47,270,000 47,530,000 General obligation bonds payable 4,240,000 4,240,000, 4,810,000 Long term lease obligations 378,000 26,625,000 27,003,000 27,517,000 TOTAL LIABILITIES 2,193,247 1,200,345 7,726 568,601 58,078,517 1,024,398 1707,567 30,865,000 95,645,401 89,880,559 Fund Equity:
Investments in general fixed assets 51,736,928 51,736,928 50,694,049 Contributed capital and grants 47,814,554 47,814,554 37,338,551 Retained earnings:
Reserved for-revenue bond retirement 4,863,869 4,863,869 4,372,772 Unreserved 54,668,271 2,764,290 57,432,561 54,532.553 Fund balance:
Reserved for prepaid expenses 35,971 35,971 164,564 Reserved for encumbrances 746,339 1,251,855 1,998,194 653,381 Unreserved:
Designated for specific capital projects and programs 5,002,245 3,833,481 5,841,655 25,732 14,703,113 10,166,521 Designated for debt service 513,723 513,723 133,473 Designated for fixed asset replacements 47,682 Designated for future contingencies 150,000 145,766 295,766 296,505 Undesignated 284,516 395,836 551,355 1,231,707 4,409,442 TOTAL FUND EQUITY 6,219,071 5,481,172 513,723 6,538,776 25,732 107,346,694 2,764,290 51,736,928 180,626,386 162,809,493 TOTAL LIABILITIES AND FUND EQUITY 58.412.318 $6,681,517
$27107.377 S16S.42S.211 S3.788.688 17 567 6
30.865000$276.271.787 S252.690052 The accompanying notes are an integral part of this statement.
City of Riverside Exhibit 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES For the Fiscal Year Ended June 30, 1979 Total (Memorandum Only)
Governmental Fund Types Year Ended Special Debt Capital Special June 30, June 30, General Revenue Service Projects Assessment 1979 1978 Revenues:
Property taxes
$ 1,802,229 500,848 687,323 35,651 12,282
$ 3,038,333
$ 4,832,016 Other taxes 13,814,214 13,814,214 12,051,898 Special assessments levied 36,661 36,661 19,429 Licenses and permits 1,390,580 384,021 1,774,601 4,329,223 Fines and forfeits 188,804 905,854 1,094,658 903.944 Use of money 1,337,322 190,130 81,628 1,609,080 914,177 Intergovernmental revenues 5,398,233 9,008,335 90,287 1,662,246 1,369 16,160,470 15,160,584 Charges for service 1,086,291 38,573 1,124,864 1,267,538 Utility contributions 4,796,178 4,796,178 4,245,053 Miscellaneous revenues 123,165 504 252,416 376,085 466,837 Total Revenues 29,937,016 10,644,244 777,610 2,415,962 50,312 43,825,144 44,190,699 Expenditures:
Current:
General government 3,915,895 835,434 4.751,329 4.479,718 Public safety.
13,690,457 2,144,970 15,835,427 14,392,626 Highways and streets 2,927,414 2,096,973 5,024,387 5,185,668 Culture and recreation 3,770,781 3,279,537 12,264 7,062,582 7,605,760 Lease payments 1,986,500 1,986,500 3,475,800 Capital 'outlay 623,050 2,624,345 2,516,922 26,348 5,790,665 4,222,637 Debt service:
Principal retirement 570,000 570,000 545,000 Interest 196,868 196,868 182,882 Total Expenditures 26,914,097 10,981,259 766,868 2,516,922 38,612 41,217,758 40,090,091 Excess Revenue Over (Under) Expenditures 3,0229919 (337,015) 10,742 (100,960) 11,700 2,607,386 4,100,608 Other Financing Sources (Uses)
Proceeds of general obligation bonds 450,000 Operating transfer in 161,734 413,752 369508 31,928 976,922 742,429 Operating transfer out (515,668)
(161,734)
(677,402)
(2,921,345)
Total Other Financing Sources (Uses)
(353,934) 252,018 369,508 31,928 299,520 (1,728,916)
Excess of Revenues and Other Sources Over (Under)
Expenditures and Other Uses 2,668,985 (84,997) 380,250 (69,032).
11,700 2,906,906 2,371,692 Fund Balance July 1 3,550,086 5,566,169 133,473 6,607,808 14,032 15,871,568 13,499,876 Fund Balance -
June 30 S 6.219.071 S 5.481.172 S 6.538.776 25.732 S18.778.474 8
The accompanying notes are an integral part of this statement.
5
City of Riverside Exhibit 3 Page 1 of 2 COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES For the Fiscal Year Ended June 30, 1979 General Special Revenue Variance Variance Favorable Favorable Budget Actual (Unfavorable)
Budget Actual
.(Unfavorable)
Revenues:
Property taxes
$ 1,350,720
$ 1,802,229 451,509 377.320 500,848 123,528 Other taxes 13,190,000 13,814,214 624,214 Licenses and permits 1,311,800 1,390,580 78,780 Fines and forfeits 143,000 188,804 45,804 850,000 905,854 55,854 Use of money 456,700 1,337,322 880,622 71,500 190,130 118,630 Intergovernmental revenues 5,438,079 5,398,233 (39,846) 9,232,563 9,008,335 (224,228)
Charges for service 993,468 1,086,291 92,823 35,535 38,573 3,038 Utility contributions 4,796,178 4,796,178 Miscellaneous revenues 415,590 123,165 (292,425) 150 504 354 Total Revenues 28,095,535 29,937,016 1,841,481 10,567,068 10,644,244 77,176 Expenditures:
Current:
General government 5,708,898 3,915,895 1,793,003 953,304 835,434 117,870 Public safety 14,528,016 13,690,457 837,559 2,144,970 2,144,970 Highways and streets 4,308,188 2,927,414 1,380,774 2,041,119 2,096,973 (55,854)
Culture and recreation 4,514,457 3,770,781 743,676 3,477,569 3,279,537 198,032 Lease payments 1,986,500 1,986,500 Capital outlay 3,067,289 623,050 2,444,239 7,605,149 2,624,345 4,980,804 Debt services:
Principal retirement Interest Total Expenditures 34,113,348 26,914,097 7,199,251 16,222,111 10,981 259 5,240,852 Excess Revenues Over (Under) Expenditures (6,017,813) 3,022,919 9,040,732 (5,655,043)
(337,015) 5,318,028 Other Financial Sources (Uses)
Operating transfer in 161,734 161.734 413,752 413.752 Operating transfer out (574,740)
(515,668) 59,072 (161,734)
(161,734)
Total Other Financing Sources (Uses)
(413,006)
(353,934) 59,072 252,018 252,018 Excess of Revenues Over (Under) Expenditures and Other Uses (6,430,819) 2,668,985 9,099,804 (5,403,025)
(84,997) 5,318,028 Fund Balance -
July 1 3,550,086 3,550,086 5,566,169 5,566,169 Fund Balance -
June 30
$(2.880,733) 6.219.071 S 9.099804 163,144 5 5.481.172 S 5.318.028 The accompanying notes are an integral part of this statement.
6
City of Riverside Exhibit 3 Page 2 of 2 COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES For the Fiscal Year Ended June 30, 1979 total Debt Service Capital Projects (Memorandum Only)
Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable)
Budget Actual (Unfavorable)
Budget Actual (Unfavorable) 344,530 687,323 342,793 26,840 35,651 8,811
$ 2,099,410
$ 3,026,051 926,641 13,190,000 13,814,214 624,214 831,000 384,021 (446,979) 2,142,800 1,774,601 (368,199) 993,000 1,094,658 101,658 49,00 81,628 32,628 577,200 1,609,080 1,031,880 52,832 90,287 37,455 2,337,708 1
5662,246 (675,462) 17,561,182 16,159,101 (902,081) 1,029,003 1,124,864 95,861 4,796,178 4,796.178 260Z70 252,416
>(8,288) 676,444 376j085 (300,359) 397,362 777,610 380,248 3,505,252 2,415,962 (1,089,290) 42,565,217 43,774,832 1,209,615
-6,662,202 4s751.329 1,910,873 16,672,986 15,835,427 837,559 6,349,307 5,024,387 1,324,920 7,992,026 7,050,318 941,708 9,203,662 2,516,922 6,686,740 11,190,162 4.503,422 6,686,740 10,672,438 3,247,395 7,425,043 570,000 570,000 570,000 570,000 196,870 196,868 2
196,870 196,868 2
766,870 766,868 2
9,203,662 2,516,922 6,686,740 60,305,991 41,179,146 19,126,845 (369,508).
10,742 380,250 (5,698,410)
(100,960) 5,597,450 (17,740,774) 2,595,686 20,336,460 369,508 369,508 91,000 31,928 (59,072) 1,035,994 976,922 (59,072)
(736,474)
(677,402) 59,072 369,508 369,508 91,000 31,928 (59,072) 299,520 299,520 380,250 380,250 (5,607,410)
(69,032) 5,538,378 (17,441,254) 2,895,206 20,336,460 133,473 133,473 6,607,808 6,607,808 15,857,536 15,857,536
=13473 S.1 2820 1S000.398 6,538,776 5.538.378
$(11881.718)2
$20,336,460 The accompanying notes are an integral part of this statement.
7
City of Riverside Exhibit 4 COMBINED STATEMENT OF REVENUES, EXPENSES AND. CHANGES IN RETAINED EARNINGS/FUND BALANCE ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS For the Fiscal Year Ended June 30, 1979 Total Fiduciary (Memorandum Only)
Proprietary Fund Types Fund Types Year Ended Enterprise Funds Internal Nonexpendable June 30, June 30, Electric Water Airport Refuse Sewer -
Transportation.
Total Services Trust 1979 1978 Operating Revenues:
Charges for services
$47,047,228 $ 8,388,979 18,216 $ 3,857,180 $ 2,102,510 $
$61,414,113 $ 3,342,149 $
$64,756,262 $59,700,963 Total Operating Revenues 47,047,228 8,388,979 18,216 3,857,180 2,102,510 61,414,113 3,342,149 64,756,262 59,700,963 Operating Expenses:
Personal services 3,481,461 2,190,004 108,226 1,472,692 762,297 125,594 8,140,274 881,204 9,021,478 8,213,877 Contractual services 338.374 150,501 2,095 1,275,761 250 729,029 2,496,010 2,496,010 1,217,432 Maintenance and operations 36,232,543 1,944,923 56,063 838,864 609,744 88,278 39,770,415 1,258,801 41,029,216 36,148,647 General office expenses 83,098 18,649 2,041 2,662 4,323 3,211 113,984 7,751 121,735 134,970 Material and supplies 4,640 30,004 1,785 6,591 113,267 156,287 52,369 208,656 226,882 Insurance 116,305 93,052 18,060 101,332 31,350 12,170 372,269 1,169,837 1,542,106 1,434,847 Rent/lease payments 155,200 77,600 36,500 269,300 269,300 269,300 Depreciation 1,775,481 1,489,076 33,090 165,047 201,448 31,042 3,695,184 24,063 3,719,247 3,513,774 Total Operating Expenses 42,187,102 5,993,809 257,860 3,862,949 1,722,679 989,324 55,013,723 3,394,025 58,407,748 51,159,729 Operating Income 4860,126 2,395,170 (239,644)
(5,769) 379,831 (989,324) 6,400,390 (51,876) 6,348,514 8,541,234 Nonoperating Revenues (Expenses):
Operating grants 332,772 8,626 3,455 730,547 383,001 1,458,401 1,458,401 248,631 Interest revenue 675,812 1,308,431 63,113 41.321 2,088,677 218,801 30,500 2,337,978 1,340,320 Sundry 184,119 168,541 583 1,205 37,689 392,137 128,230 520,367 923,556 Rent 128,204 128,204 128,204 102,725 Connection fees 337,787 337,787 337,787 692,187 Interest expenses and fiscal charges (575,074)
(1,938,094)
(159,775),
(2,672,943)
(30,500) (2,703,443)
(2,312,922)
General fund contributions (3,908,760)
(887,418)
(4,796,178)
(4,796,178) (4,245,053)
Allocations to contributed capital and grants 33,090 25,905 58,995 58,995 32,421)
Total Nonoperating Revenues (Expenses)
(3,623,903)
(1,015,768) 170,503 4,660 1,009,361 450,227 (3,004,920) 347,031 (2,657,889) (3,218,135)
Income before Operating Transfers 1,236,223 1,379,402 (69,141)
(1,109) 1,389,192 (539,097) 3,395.470 295,155 3,690,625 5,323,099 Operating transfer in(out).
69,988 (369,508)
(299,5 20)
(299,520) 2,178,916 Net Income 1,236,223 1,379,402 847 (1,109) 1,019,684 (539,097) 3,095,950 295,155 3,391,105 7.502,015 Retained Earnings/Fund Balance July 1 28,728,302 15,906,831 68,433 710,404 10,318,278 703,942 56,436,190 2,469,135 58,905,325 51,403,310 Retained Earnings/Fund Balance__
Junea30B n
29.964.25 S_
69280 709.29 164.845 9
S 2.764.290 5
62.296.430 58.90 The accompanying notes are an integral part of this statement.
8
City of Riverside Exhibit 5 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS For the Fiscal Year Ended June 30, 1979 Total Fiduciary (Memorandum Only)
Proprietary Fund Types Fund Types Year Ended Enterprise.Funds Internal Nonexpendable June 30, June 30, Electric Water Airport Refuse Sewer Transportation Total Services Trust 1979 1978 Sources of Financial Resources:
Operations:
Net increase(decrease) in retained earnings or fund balance during the year (Exhibit 4)
$ 1,236.223 $ 1,379,402 $
847 $
(1,109) $ 1,019,684 $ (539,097) $ 3,095,950 295,155 $
$ 3,391,105 $ 7,502,015 Expenses not requiring current outlay of financial resources:
Depreciation 1,775,481 1,489,076 33,090 165,047 201,448 31,042 3,695,184 24,063 3,719,247 3,513,774 Total Financial Resources From Operations 3,011,704 2,868,478 33,937 163,938 1,221,132 (508,055) 6,791,134 319,218 7,110,352 11,015,789 Contributed capital and grants 658,804 1,591,079 (33,090) 8,285,114 (25,904) 10,476,003 10,476,003 15,407,114 Bond sale proceeds 2,000,000 2,000,000 2,000,000 6,600,000 Total Sources of Financial Sources 3,670,508 4,459,557 847 163,938 11,506,246 (533,959) 19,267,137 319,218 19,586,355 33,022,903 Uses of Financial Resources:
Acquisition of fixed assets 3,381,372 4,051,803 433,493 194,245 4,685,863 5,138 12,751,914 3,939 12,755,853 9,061,674 Retirement of revenue bonds payable 1,250,000 870,000 65,000 2,185,000 75,000 2,26oo 1,690,000 Total Uses of Financial Resources 4,631,372 4,921,803 433,493 194,245 4,750,863 5,138 14,936,914 3,939 75,000 15,015,853 10,751,674 Net Increase(Decrease) in Working Capital S (960.864) $
(462.246) $ (432.646) $
(30.307) $
$ 4.330.223 $_S1579.
- 00)
$22.271.229 Component Elements of Net Increase (Decrease) in Work Capital:
Cash
$ 4,204,370 $ (284,711) $
(165,518) $
(79,074) $
803,057 $
(10,993) $ 4,467,131 68,700 $
$ 4,535,831
$ 7,843,936 Cash with fiscal agent 5,124 (47,590) 24 (42,442) 16,236 (8,675)
(34,881) 402,568 Investments with fiscal agent (49,575)
(49,575)
(50,000)
Accounts receivable (net)
(270,569)
(140,605)
(191,756) 108,493 7,548,391 (519,661) 6,534,293 264,108 6,798,401 11,970,078 Central stores inventory of supplies 114,690 114,690 145,390 Prepaid expenses (1,116,102)
(11,269)
(18,250)
(77)
(62) (1,145,760)
(120,951)
(1,266,711)
(986,637)
Interest receivable 23,623 51,581 (1,319)
(5,977) 67,908 19,015 (16,750) 70,173 260,887 Accounts payable (3,823,379)
(114,499)
(75,437)
(54,709) (1,595,066)
(1,656)
(5,664.746)
(49,211)
(5,713,957) 2,539,488 Contracts payable 21,232 92,201 113,433 113,433 149,261 Lease obligation payments 19,000 19,000 19,000 18,000 Accrued liabilities (5,163)
(7,354)
(685)
(4,940) 296 (748)
(18,594) 2,692 (15,902)
(21,742)
Net increase(Decrease) in Working Capital
,960.864) 5 (462.246) S (432.646) S (3O37 67 18 4330.223 2
5 (75.000) 457002 271229 The accompanying notes are an integral part of this statement.
I.9
City of Riverside COMBINING STATEMENTS SPECIAL REVENUE FUNDS Description of-the special revenue funds combined on the following financial statements are as follows:
Library Fund accounts for the financial transactions of the City"s Library and the County Free Library System which is operated by the City by a contract with the County of Riverside.
Parking Fund accounts for the financial transactions in operating the parking lots and garages of the City.
Traffic Safety Fund accounts for the financial transactions as prescribed by State of California statute on California Vehicle Code Fines.
Special Gas Tax Fund accounts for the financial transactions as prescribed by State of California-statute on California Streets and Highways.
Revenue Sharing Fund accounts for the financial transactions as prescribed by United States Treasury Codes on revenue sharing funds.
Community Development Fund accounts for the financial transactions as prescribed by the Federal Housing and Urban Development Block Grants.
Comprehensive Employment Training Act Fund accounts for the financial transactions as prescribed by the Federal Department of Labor.
City of Riverside Exhibit 6 COMBINING-BALANCE SHEET ALL SPECIAL REVENUE FUNDS June 30, 1979 Housing & Comprehensive Total Parking Traffic Special Revenue Community Education and June 30, June 30, ASSETS Library Meter Safety Gas Tax Sharing Development Training Act 1979 1978 Cash 324,039 $
$ (147,853) $ 2,038,145 $
153,631
$ (209,512) $
193,970 $ 2,352,420 $ 2,323,766 Property taxes receivable 21,372 21,372 18,144 Accounts receivable 156,554 3,048 159,602 39,965 Interest receivable 42,151 42,151 51,184 Due from other government-147,853 513,187 3,429,974 14,958 4,105,972 3,664,675 Prepaid expenses 3,833 TOTAL ASSETS S
501,965 S 2.080.296 S
666.818 S 3.220.462 S 211.976
$ 6,681.517
$ 6.101.567 LIABILITIES AND FUND BALANCE Liabilities:
Accounts payable 217,908 $
193,917 $
211,976 $
623,801 64,031 Interfund loans 489,381 489,381 426,136 Accrued liabilities 38,541 22-87,163 45,231 Total Liabilities 256,449 489,381 242,539 211,976 1,200,345 535,398 Fund Balance:
Reserved for prepaid expenses 8-3,83 Reserved for encumbrances 53,048 66,145 1,132,662 1,251,855 156,733 Unreserved:
Designated for special capital projects and programs 49,218 1,958,057 1,826,206 3,833,481 4,477,452 Designated for fixed asset replacement 47,682 Undesignated 143,250 56,094 177,437 19,055 395,836 880,469 Total Fund Balance 245,516 2,080,296 177,437 2,977,923 5,481,172 5,566,169 TOTAL LIABILITIES AND FUND BALANCE 501,965
$ 2.080.296 $
666.818 S 3.220.462 211.976 S 6.681.517
$ 6.101.567 The accompanying notes are an integral part of this statement.
City of Riverside Exhibit 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL SPECIAL.REVENUE FUNDS For Fiscal Year Ended June 30, 1979 Total Housing & Comprehensive Year Ended Parking Traffic Special Revenue Community Education and.
June 30, June 30, Library Meter Safety Gas Tax Sharing Development Training Act 1979 1978 Revenue:
Property taxes 500,848 500,848 963,297 Licenses and permits 143,049 Fines and forfeits 905,854 905,854 744,203 Use of money 2,095 182,450 5,585 190,130 163,194 Intergovernmental revenues 1,437,062 1,515,454 2,011,476 2,040,000 2,004,343 9,008.335 9,104,927 Charges for service 38,573 38,573 32,197 Miscellaneous revenue 504 504 50,096 Total Revenues 1,979,082 905,854 1,697,904 2,017,061 2,040,000 2,004,343 109644244 11,200,963 Expenditures:
Current:
General government 259,826 575,608 835,434 576.522 Public safety n 1,958,000 186,970 2,144,970 1,973,408 Highways and streets 905,854 794,900 396,219 2,096,973 1,925,009 Culture and recreation 2,436,893 842,644 3,279,537 3,569,748 Lease payment 285,700 Capital aoutlay 31,529 918,284 1,671,630 2,902 2,624,345 866,421 Total Expenditures 2,468,422 905,854 1,713,184 1,958,000 1,931,456 2,004,343 10,981,259 9,196,808 Excess Revenue Over (Under) Expenditures (489,340)
(15,280) 59,061 108,544 (337,015) 2,004,155 Other Financing Sources (Uses):
Operating transfers in 413,752
-3,752 311,200 Operating transfers out (161,734).
(161,734)
Total Other Financing Sources (Uses) 413,752 (161,734) 252,018 311,200 Excess of Revenue and Other Sources Over (Under) Expenditures and Other Uses (75.588)
(161,734)
(15,280) 59,061 108,544 (84,997) 2,315,355 Fund Balance-July 1 321,104 161,734 2,095,576 118,376 2,869,379 5,566,169 3,250,814 Fund Balance-June 30 245.516 S 2.080.296 437 S 2.977,923 S
8 6
The accompanying notes are an integral part of this statement.
City of Riverside COMBINING STATEMENTS CAPITAL PROJECT FUNDS Descriptions of the Capital Project Funds combined on the following financial statements are as follows:
Capital Outlay Fund accounts for the financial transactions for street and highway capital improvements.
Special Capital Improvement Fund accounts for the financial transaction for park and street tree capital, improvements Storm Drain Fund accounts for the financial transactions for storm drain capital improvements.
Fire Bond Fund accounts for the financial transactions from the proceeds of sale of general obligation fire bond use for capital improvements to the City's fire protection system.
Transportation Project Fund accounts for the financial transactions per Article 8 of the Transportation Development Act of 1971 (SB 325) State of California for street and highway capital improvements.
(Designated by the City for capital outlay purposes.)
City of Riverside Exhibit 8 COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS June 30, 1979 Special 1968 Total Capital Capital Storm Fire Bond Transporta-June 30, June 30, ASSETS Outlay improvement Drain Construction tion 1979 1978 Cash 105,910
$ 1,300,328
$ 1,380,976 514,010 340,260
$ 3,641,484
$ 4,109,232 Property taxes receivable 1,517 1,517 1,824 Accounts receivable 1,580 21,694 2,734 26,008 29,973 Allowance for estimated uncollectibles (1,580)
(2,734)
(4,314)
(4,314)
Interest receivable.
10,109 8,824 18,933 13,249 Interfund loans receivable 50,529 Due from other governments 3.099,842 169,907 154,000 3,423,749 2,449,909 TOTAL ASSETS S 3.207.269
$ 1.491.929 S 1.380.976 5
524.119 0
S 7.107.377 S 6.650.402 LIABILITIES, AND FUND BALANCE Liabilities:
Accounts Payable 277,532 39,773 164,708 61,788 24,800 568,601 42,594 Total Liabilities 277,532 39,773 164,708 61,788 24,800 568,601 42,594 Fund Balance:
Unreserved:
Designated for.specific capital projects and programs 2,769,155 1,267,045 1,114,562 364,921 325,972 5,841,655 5,128.771 Designated for future contingencies 124,072 21,694 145,766 146,505 Undesignated 36,510 163,417 101,706 97,410 152,312 551,355 1,332,532 Total Fund Balance 2,929,737 1,452,156 1,216,268 462,331 478,284 6,538,776 6,607,808 TOTAL LIABILITIES AND FUND BALANCE 5 3.207.269 5 1.491.929 5 1.380.976 524.119 S 6.650.402 The accompanying notes are an integral part of this statement.
13
City of Riverside Exhibit 9 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL CAPITAL PROJECTS FUNDS For Fiscal Year Ended June 30, 1979 Total Special 1968 Year Ended Capital Capital Storm Fire Bond Transporta-June 30, June 30, Outlay Improvement Drain Construction tion 1979 1978 Revenue:
Property taxes 35,651 35,651 94,205 Licenses and permits 166,744 217,277 384,021 2,264,612 Use of money 3,106 5,532 42,448 30,542 81,628 47,438 Intergrovernmental revenues 1,388,966 73,280 200,000 1,662,246 1,036,527 Miscellaneous revenues 20,667 10,010 221,739 252,416 308.003 Total Revenues 1,448,390 255,566 439,016 42,448 230,542 2,415,962 3,750,785 Expenditures:
Capital outlay 640,105 778,200 620,869 117,251 360,497 2,516,922 2,474,765 Total Expenditures 640,105 778,200 620,869 117,251 360,497 2,516,922 2,474,765 Excess Revenue Over (Under) Expenditures 808,285 (522,634)
(181,853)
(74,803)
(129,955)
(100,960) 1,276,020 Other Financing Sources (Uses):
31,928 52,000 Transfer from general fund 31,928 3
5,000 Proceeds from general obligation bonds 450,000 Total Other Financing Sources (Uses) 31,928 31,928 502,000 Excess of Revenues and Other Sources Over (Under)
Expenditures and Other Uses 840,213 (522,634)
(181,853)
(74,803)
(129,955)
(69,032) 1,778,020 Fund Balance-July 1 2,089,524 1,974,790 1,398,121 537,134 608,239 6,607,808 4,829,788 Fund Balance-June 30 2,929.737 S 1,452,156 S 1,216.268 62.331 S
478.284 S 6.538.776 The accompanying notes are an integral part of this statement.
14
City of Riverside COMBINING STATEMENTS PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS Description of the proprietary fund types and nonexpendable trust funds combined on the following financial statements are as follows:
Electric Fund accounts for the-financial transactions of the City's electric distribution system.
Water Fund accounts for the financial transactions of de City's water distribution system.
Airport Fund accounts for the financial transactions of the City's airport operations.
Refuse Fund accounts for the financial transactions of the City's refuse collection and sanitary landfill operations.
Sewer Fund accounts for the financial transactions of the City's sewerage system.
Local Transportation Fund accounts for the financial transactions of the City's Senior Citizens transportation system in accordance with the Article 4 of the Transportation Development Act of 1971 (SB 325) of the State of California. Urban Mass Transportation funds are also accounted for in this fund.
Internal Service Funds account for the financial transactions of the operations of departments providing service for other departments.
Fiduciary Fund (Nonexpendable Trust Fund) accounts for the Parking District No. 1 Revenue Bond investments at fiscal agent for the retirement of debt service on such revenue bonds.
City of Riverside Exhibit 10 COMBINING BALANCE SHEET PROPRIETARY FUNDS AND NONEXPENDABLE TRUST FUND June 30, 1979 Fiduciary Proprietary Fund Types Fund Types Total Enterprise Funds Internal Nonexpendable June 30, June 30, ASSETS Electric Water Airport Refuse Sewer Transportation Total Services Trust 1979 1978 Cash
$ 9,270.320
$16,058,836 $ (144,886) $
48,637 $ 3.723,817 $
149,590 $ 29,106,314 $
681,675 $
$ 29,787,989
$ 25,252,158 Cash with fiscal agent 482,298 138,169 299 620,766 53,384 674,150 709,031 Investment with fiscal agent 655,425 655,425 705,000 Accounts receivable 3,917,426 772,405 15,169 443,970 201,939 5,350,909 710,337 6,061,246 5,610,689 Allowance for estimated uncollectibles (42,782)
(29,027)
(130)
(1,689)
(1,637)
(75,265)
(75,265)
(73,878)
Special assessments receivable 4,852 4,852
-4,852 5,627 Interest receivable 171,173 304,135 16,963 2,570 494,841 36,068 69,575 600,484 530,311 Interfund loans receivable 505,063 250,100 755,163 755,163 799,316 Due from other governments 1,180 12,250 468,371 3,445 17,485,847 18,000 17,989,093 17,989,093 11,594,934 Central stores inventory of supplies 2,018,600 2,018,600 1,903,910 Prepaid expenses 203,797 244,484 448,281 144,950 593,231 1,859,942 Land 827,155 6,772,234 1,403,064 77,963 233,109 9,313,525 9,313,525 9,251,444 Buildings and improvements 1,482,507 800,461 544,943 5,212,208 8,040,119 8,040,119 7,383,989 Accumulated depreciation (440,934)
(172,381)
(131,106)
(2,809,281)
(3,553,702)
(3.553.702)
(3,397,107)
Improvements other than buildings 49,219,450 55,605,291 1,030,105 115,017 8.788,299 114,758,162 114,758,162 108,155,179 Accumulated depreciation (16,332,567) (13,849,255)
(263,212)
(71,367)
(1,240,900)
(31,757,301)
(31.757.301)
(28,743,450)
Machinery and equipment 1,317,639 1,213,947 16,149 1,524,260 251,579 182,251 4,505,825 390,950 4,896,775 4,640,218 Accumulated depreciation (1,016,399)
(888,717)
(14,706)
(1,277,825)
(205,884)
(150,213)
(3.553,744)
(247,276)
(3,801,020)
(3,538,681)
Construction in progress 3,451,176 4,413,572 433,597 3,445 4,675,583 12,977,373 12,977,373 8,085,734 TOTAL ASSETS SSI.016.502 S7116 1356 7
S 865.8s6 6
S 20218 165.425.211 S 3.788.688 $
725.000 S169.918.899 5150.734.366 LIABILITIES AND FUND EQUITY Accounts payable
$ 6,678,627 $
491,214 $
97,774 $
121,998 $ 1,641,630 $
2,199
$ 9,033,442 $
252,221
$ 9,285,663 $
3,571,706 Contracts payable 25,135 1,895,123 1,920,258 1,920,258 2,033,691 Interfund loans payable 755,163 755,163 755,163 Accrued liabilities 81,321 63,533 2,616 34,563 16,668 3,116 201,817 17,014 218,831 202,930 Long term lease obligations 378,000 378,000 378,000 397,000 Revenue bonds payable 10,710,000 32,790,000 3,045,000 46,545,000 725,000 47,270,000 47,530,000 Total Liabilities 17,495,083 35,239,870 478,390 156,561 4,703,298 5,315 58,078,517 1,024,398 725,000 59,827,915 54,490,490 Fund Equity.:
Contributed capital and grants 5,556,894 19,125.253 2,809,688 20,290,681 32,038 47,814,554 47,814,554 37,338,551 Retained earnings:
Reserve for, revenue bond retirement 1,572,045 2,803,973 487,851 4,863,869 4,863,869 4,372,772 Unreserved 28,392,480 14,482,260 69,280 709,295 10,850,111 164,845 54,668,271 2,764,290 57,432,561 54,532,553 Total Retained Earnings 29,964,525 17,286,233 69,280 709,295 11,337,962 164,845 59,532,140 2,764,290 62,296,430 58,905,325 Total Fund Equity 35,521,419 36,411,486 2,878,968 709,295 31,628,643 196,883 107,346,694 2,764,290 110,110,984 96,243,876 TOTAL LIABILITIES AND FUN EUIYS53.016.502
$S71.651.356 8
,5,5 86s.8s6 $3.3.4 $
202.198 S165.2S.211 S 3.788.688 725.000
$169.98899 $150.734.366 The FUND EQUITY n
t s
a e
ni tgr part8fthi statement._15 Teaccompanying notes are an integral part of this statement, 15
City of Riverside Exhibit 11 MEMORANDUM STATEMENT OF INCOME AND EXPENSES BY FUNCTION ELECTRIC AND WATER Year Ended June 30, 1979 Total Total Memorandum Only Year Ended Memorandum Only Year Ended Electric June 30, 1979 Water June 30, 1979 Operating Revenues:
Operating Revenues:
Electric Sales:
Water Sales:
Domestic sales
$18.749,458 Domestic and commercial sales
$ 7,775,397 Commercial and industrial sales 26,528,741 Irrigation sales 36,879 Municipal sales 1,569,772 Hydrant rental 111.139 Municipal sales 201,799 Total Electric Sales 46,847,971 Miscellaneous sales 108,451 Other Operating Revenues 199,257 Total Water Sales 8,233,665 Total Operating Revenues 47,047,228 Other Operating Revenues 155,315 Less: Operating Expense Deductions Before Depreciation:
Total Operating Revenues 8,388,980 Operating Expenses:
Purchased power 36,249,753 Less: Operating Expense Before Depreciation:
Transmission expense 52,409 Operating Expenses:
Distribution expense 1,549,742 Source of supply expenses 351,058 Customer account expenses 895,213 Pumping expenses 1,115,392 Power service expenses 40,383 Water treatment expenses 18,115 Administration and general expenses 1,629,469 Transmission and distribution expense 1,032,291 Clearing and miscellaneous account expense (5,348)
Customer account expense 415,175 Administration and general expense 1,395,853 Total Operating Expenses(1) 40,411,621 Clearing and miscellaneous account expense 176,849 Net Operating Income Before Depreciation 6,635,607 Total Operating Expenses (1) 4,504,733 Less Depreciation 1,775,481 Net Operating Income Before Depreciation 3,884,247 Net Operating Income 4,860,l26 Less Depreciation 1,489,076 Add:
Non-Operating Income:
Net Operating Income 2,395,171 Interest income 675,812 Miscellaneous non-operating income 184,119 Add:
Non-Operating Income:
Interest income 1,308,431 Total Non-Operating Income 859,931 Miscellaneous non-operating income 501,312 Total Income 5,720,057 Total Non-Operating Income 1,809,743 Less: Non-Operating Expenses:
Total Income 4,204,914 Interest expense revenue bond 568,940 Bond sale expenses 6,134 Less: Non-Operating Expenses:
Interest expense revenue bond 1,928,772 Total Non-Operating Expenses 575,074 Bond sale expense 9,322 Total Net Income S 5.144.983 Total Non-Operating Expenses 1,938,094 Adjustment Surcharge (Included in operating revenue)
S11.098,272 Total Net Income S 2.266.820 Adjustment Surcharge (Included in operating revenue) s 363.822 The accompanying notes are an integral part of this statement.
16
City of Riverside COMBINING STATEMENTS INTERNAL SERVICE FUNDS Descriptions of the internal service funds combined on the following financial statements are as follows:
Workers Compensation Insurance Fund accounts for the financial transactions of the City's self insured workers compensation program.
Public Liability Insurance Fund accounts for the financial transactions of the City's self-insured public liability program.
Central Stores Fund accounts for the financial transactions for the centralizing of the City's inventory of supplies and the City's printing.
Central Garage Fund accounts for the financial transactions in the repair and maintenance of all city owned equipment except for police and fire vehicles.
City of Riverside Exhibit 12 COMBINING BALANCE SHEET PROPRIETARY FUND TYPES - INTERNAL SERVICES June 30, 1979 Proprietary Fund Types -
Internal Services Self Insured Total Workers Public Central Central June 30, June 30, ASSETS Compensation Liability Stores Garage 1979 1978 Cash 718,680
$ 1,117,056
$(1,165,929) 11,868
$ 681,675 612,975 Cash with fiscal agent 53,384 53,384 37,148 Accounts receivable 322,131 384,370 206 3,630 710,337 8,746 Allowance for estimated uncollectible (444)
Interest receivable 14,050 22,018 36,068 17,053 Interfund loans receivable 44,153 Due from other governments 393,774 Central stores inventory of supplies 2,018,600 2,018,600 1,903,910 Prepaid expenses 47,200 91,106 5,763 881 144,950 265,901 Machinery and equipment 266,169 124,781 390,950 398,701 Accumulated depreciation (156,053)
(91,223)
(247,276)
(234,902)
TOTAL ASSETS
.14.50 S
968.756 9 9 3.788.688 LIABILITIES AND FUND EQUITY Liabilities:
Accounts payable 1,773 37,504 190,370 22,574 252,221 203,010 Interfund loans payable 755,163 755,163 755,163 Accrued liabilities 4,083 12,931 17,014 19,707 Total Liabilities 1,773 37,504 949,616 35,505 1,024,398 977,880 Fund Equity:
Retained earnings 1,153,672 1,577,046 19,140 14,432 2,764,290 2,469,135 TOTAL LIABILITIES AND FUND EQUITY S 1.155.445 S 1.614,550 S
968.756 9
3788.688 I1 The accompanying notes are an integral part of this statement.
17
City of Riversi.de Exhibit 13 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES -
INTERNAL SERVICES For Fiscal Year Ended June 30, 1979 Proprietary Fund Types -
Internal Services Total Self Insured Year Ended Workers Public Central Central June 30, June 30, Compensation Liability Stores Garage 1979 1978 Operating Revenues:
Charges for services 621,377 544,844 374,239
$ 1,801,689
$ 3,342,149
$ 3,313,318 Total Operating Revenues 621,377 544,844 374,239 1,801,689 3,342,149 3,313,318 Operating Expenses:
Personal services 245,194 636,010 881,204 856,849 Maintenance and operations 129,683 1,129,118 1,258,801 1,102,836 General office expense 5,663 2,088 7,751 11,957 Material and supplies 33,437 18,932 52,369 78,037 Insurance 575,648 587.583 2,009 4,597 1,169,837 1,057,764 Depreciation 18,852 5,211 24,063 26,631 Total Operating Expenses 575,648 587,583 434,838 1,795,956 3,394,025 3,134,074 Operating Income 45,729 (42,739)
(60,599) 5,733 (51,876) 179,244 Nonoperating Revenues (Expenses):
Interest revenue 111,504 107,297
-218,80 54,367 Sundry 52,678 16,994 20,025 38,533 128,230 126,528 Total Nonoperating Revenue (Expenses) 164,182 124,291 20,025 38,533 347,031 180,895 Income Before Operating Transfers 209,911 81,552 (40,574) 44,266 295,155 360,139 Operating Transfer in (Out) 1,104,700 Net Income 209,911 81,552 (40,574) 44,266 295,155 1,464,839 Retained Earnings/Fund Balance-July 1 943,761 1,495,494 59,714 (29,834) 2,469,135 1,04,296 SRetained Earnings/Fund Balance-June 30 L 14.43u S 2764290 3
The accompanying notes are an integral part of this statement.
18
City of Riverside Exhibit 14 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION PROPRIETARY FUND TYPES -
INTERNAL SERVICES For Fiscal Year Ended June 30, 1979 Proprietary Fund Types -
Internal Services Total Self insured Year Ended Workers Public Central Central June 30.
June 30, Compensation Liability Stores Garage 1979 1978 Sources of Financial Resources:
Operations:
Net increase(decrease) in retained earnings balance during the year (Exhibit 13) 209.911 81,552 (40,574) 44,266 295,155
$ 1,464,839 Expenses not requiring current outlay of financial resources 18,852 S,211 24,063 26,631 Total Financial Resources From.Operations 209,911 81.552 (21,722) 49,477 319,218.
1,491,470 Uses of Financial Resources:
Acquisition of fixed assets
-_-_-_3,939 3,939 37,758 Total Uses of Financial Resources
-_3,939 3,939 37,758 Net Increase (Decrease) in Working Capital 209911 8152 (21722) 315 Component Elements of Net.Increase (Decrease) in Working Capital:
Cash 297,806 (163,346)
(57,169)
(8,591) 68,700
$ 1,137,913 Cash with fiscal agent 16,236 16,236 Accounts receivable (net)
(121,717) 384,370 (190) 1,639 264,108 65,406 Interest receivable 7,933 11,082 19,015 Central stores inventory of supplies 114,690 114,690 145,390 Prepaid expenses 9,700 (125,655)
(4,948)
(48)
(120,951) 131,078 Accounts payable (53)
(24,899)
(75,756) 51,497 (49,211)
(21,383)
Accrued liabilities 1,651 1,041 2,692 (4,692)
Net Increase (Decrease) in.
Working Capital S
209.911 S
81.552 (21.722) 2 1.453.712 The accompanying notes are an integral part of this statement.
19
City of Riverside COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES -ALL AGENCY FUNDS Description of All Agency Funds on the following financial statements are as follows:
Special Deposit Fund and 1911 Act Improvement Trust are used to account for resources received and held in trust by the City to be expended in accordance with the conditions of the trust or agency involved.
City of Riverside Exhibit 15 COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - ALL AGENCY FUNDS For Fiscal Year Ended June 30, 1979 Balance Balance July 1, 1978 Additions Deductions June 30, 1979 SPECIAL DEPOSIT FUND ASSETS Cash S
91_2L+4 S
58.042 336,834 92,2 LIABILITIES Accrued liabilities s 921.244 S
358.042 S
336.834 1911 ACT IMPROVEMENT TRUST ASSETS Cash 167,516 S
127.401 LIABILITIES Accounts payable S 167.516 140,11 TOTALS ALL AGENCY FUNDS ASSETS Cash 921 244 525.558 464.235 982._67 LIABILITIES Accounts payable 167,516 127,401 40,115 Accrued liabilities 921,244 358,042 336,834 942,452 Total Liabilities S
921.244 25$
982856 The accompanying notes are an integral part of this statement.
21
City of Riverside SCHEDULES The following schedules are presented to give greater detail for general fixed assets and long term debt.
City of Riverside Schedule A SCHEDULE OF GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITIES June 30, 1979 Other Land Structures Improvements Equipment Total General Government General government
$ 1,165,610
$ 1,165,610 Building maintenance 24,126 24,126 City hall 2,332,450 9,807,207 753,669 12,893,326 Total General Government 3240 9807.207 S 1.943.405 S14.083.062 Public Safety Police 588,025
$ 1,055,414 4,922
$ 1,387,100
$ 3,035,461 Fire 347,444 1,415,263 206,470 1,262,737 3,231,914 Building inspection 3,422 3,422 Disaster preparedness 100,642 100,642 Animal regulation 1
28,096 4,917 33,014 Total Public Safety 9
2.498.773 S
211.392 S 2.758.818 S 6.404.453 Streets and Highways Public works 155,384 155,384 Public service 13,136 13,136 Street maintenance 92,878 92,878 Parking 63,400 10,912 14,267 136,837 225,416 Shop and corporation yard 184,300 943,496 16,358 2,077,949 3,222,103 Parking authority 2,342,022 2,372,434 230,150 4,944,606 Communications 37,487 37,487 Total Streets and Highways S 2.589.722 S 3.326.842
_ 260.775 8.691.010 Recreation and Culture Park and recreation.
$ 3,117,572
$ 1,260,639
$ 3,972,920 343,055
$ 8,694,186 Museum 17,500 160,183 1,092 468,564 647,339 Libraries 389,725 2,290,604 46,452 604,412 3,331,193 Exhibit hall 1,513,466 7,730,779 641,440 9,885,685 Total Recreation and Culture S 5.038.263 S11.442.205
$ 4.020.464
$ 2.057.471
$22.558.403 Grand Total
$10.895.905 S27.075.027 5 4.492.631
$ 9.273.365
$51 736.928 The accompanying notes are an integral part of this statement.
23
City of Riverside Schedule B Page 1 of 5 PRINCIPAL REQUIREMENTS TO MATURITY BY BOND ISSUE -
GENERAL OBLIGATION BONDS For Fiscal YearEnded June 30, 1979 Date of Years of Rates of Original Outstanding Matured Outstanding Name of Issue Bonds Maturity Interest.
Issue 7-1-78 During Year 6-30-79 1955 Fire Station 10-1-55 1956-78 2.5,2.25%
605,000 30,000 30,000 6
1979-80 2.5%
60:000 60 000 60 000 90,0000 30,000 1957 Municipal Improvement 12-1-57 1958-82 3.25,3.75,4.75,3.5%
3.550,000 750,000 150,000 600 000 3,550,000 750.000 150,~000 0,0 1962 Municipal Improvement 1-1-62 1963-79 3,4.2.4.5,3.25,3.3%
2,394,000 150,000 150,000 1980-82 3.4%
550 000 550,000 550,000 2.94:000 700,000 150.000 550,000 1964 Sewer No. 1 8-1-64 1964-82 2.75,4.75,5,2.9,3%
1,400,000 470,000 90,000 380,000 1983-84 3.1%
200,000 200,000 200,000 1,600,000 670,000 90,0 580,000 1964 Sewer No. 2 6-1-67 1968-85 3.5,4,4.5,3.6,3.75%
1,320,000 560,000 80,000 480,000 1986-92 3.9%
580,000 580,000 580,000 1,900,000 1,140,000 80,000 1,060,000 1968 Fire Protection, Series 1 6-1-69 1970-83 5.6%
345,000 145,000 25,000 120,000 1984-87 5.1%
135,000 135,000 135,000 1988-91 5.2%
150,000 150,000 150,000 1992-94 5.25%
120,000 120,000 120,000 750,000 550,000 25,000 525,000 1968 Fire Protection, Series 2 4-1-76 1977-81 6%
120,000 80,000 25,000 55,000 1983 4.6%
30,000 30,000 30,000 1982 4.9%
30,000 30,000 30,000 1983 4.6%
30,000 30,000 30,000 1984 4.7%
35,000 35,000 35,000 1986
'4.9%
35,000 35,000
-35,000 1987 5%
40,000 40,000 40,000 1988 5.1%
40,000 40,000 40,000 1989 5.3%
45,000 45,000 45,000 1990 5.4%
45,000 45,000 45,000 1991 5.5%
50,000 450 000-50 000 1968 Fire Protection, Series 3 12-1-77 1978-81 6%
85,000 85,000 20,000 65,000 1982 5.1%
25,000 25,000 25,000 1983 4.3%
25,000 25,000 25,000 1984 4.4%
30,000 30,000 30,000 1985 4.5%
30,000 30,000 30,000 1986 4.6%
30,000 30,000 30,000 1988 4.75% 35,000 35,000 -
35,000 1987 4.7%
35,000 35,000 35,000 1989-90 4.8%
75,000 75,000 75,000 1991-92 4.9%
80 000 80000 80,000 450s000 450.000 20,000 430,000 Total General Obligation Bonds 1
5200 4810000 S
0.000 4 44 000 The accompanying notes are an integral part of this statement.
24
City of Riverside Schedule B Page 2 of 5 PRINCIPAL REQUIREMENTS TO MATURITY BY ISSUE -
REVENUE BONDS For Fiscal Year Ended June 30, 1979 Date of Years of Rates of Original Outstanding Matured Outstanding Name of Issue Bonds Maturity Interest Issue 7-1-78 During Year 6-30-79 Electric Revenue Bonds 1966 Electric Revenue 4-1-66 1967-79 4.75,5,3.5%
$ 1,940,000 160,000 160000 1980-92 3.6%
2,100,000 2,100,000 2.100,000 1993-96 3.7%
660,000 660,000 660,000 4,700,000 2,920,000 160i000 2,760,000 1969 Electric Revenue 12-1-69 1970-78 8,6.2,6.3%
630,000 70,000 70,000 1979-80 6.4%
140,000 140,000 140,000 1981-82 6.5%
140,000 140,000 140,000 1983-84 6.6%
140,000 140,000 140,000 1985-88 6.7%
280,000 280,000 280,000 1989 6.75%
70,000 70,000 70,000 1990-91 6.85%
140,000 140,000 140,000 1992-99 6.875%
560,o0 560,000 560,000 2,100,000 1.540,000 70,000 1,470,000 1971 Electric Revenue 6-1-71 1971-82 7%
1,100,000 400,000 100,000 300,000 1983 5.75%
100,000 100,000 100,000 1984-01 5%
1,800,000 1,800,000 1,800,000 3,000,000 2,300,000 100,000 2,200,000 1973 Electric Revenue 4-1-73 1974-81 6.5%
960,000 360,000 120,000 240,000 1982 5.25%
120,000 120,000 120,000 1983 4,8%
120,000 120,000 120,000 1984-85 4.9%
250,000 250,000 250,000 1986 5%
125,000
-125,000 125,000 1987-88 5.1%
250,000 250,000 250,000 1989 5.2%
125,000 125,000 125,000 1990-91 5.25%
250,000 250,000 250,000 1992-96 5.3%
625,000 625,000 625,000 1997-01 5.4%
625,000 625,000 625,000 2002-03 4.5%
250,000 250,000 250,000 3,700,000 3,100,000 120,000 2,9 0,000 1977 Electric Revenue 4-1-77 1978-79 4.8,4.9%
800,000 400,000 400,000 1979 3.5%
400,000 400,000 400,000 1980 3.7%
425,000 425,000 425,000 1980 3.9%
425,000 425,000 425,000 2,500,000 2,100,000 800,000 1,300,000 Total Electric Revenue Bonds 16,000,000 11,960,000 1,250,000 10,710,000 The accompanying notes are an integral part of this statement.
City of Riverside Schedule B Page 3 of 5 PRINCIPAL REQUIREMENTS TO MATURITY BY ISSUE-REVENUE BONDS For Fiscal Year Ended June 30, 1979 Date of Years of Rates of Original Outstanding Matured Outstanding Name of Issue Bonds Maturity Interest Issue 7-1-78 During Year 6-30-79 Water Revenue Bonds 1960 Waterworks, Series 1 6-1-61 1962-80 3.25,4.75,3.4%
$ 3,125,000 450,000 225,000 225,000 1981-86 3.5%
1,475,000 1475,000 1,475,000 4,600,000 1,925,000 225,000 1,700,000 1960 Waterworks, Series 2 2-1-66 1967-81 4.25,53.5%
455,000 105,000 35,000 70,000 1982-85 3.6%
140,000 140,000 140,000 1986-91 3.7%
210,000 210,000 210,000 1992-96 3.75%
195,000 195,000 195,000 1,000,000 650,000 35,000 000 1967 Waterworks, Series A 6-1-67 1968-83 5,6,4%
1,360,000 460,000 90,000 370,000 1984-87 4.1%
410,000 410,000 410,000 1988-90 4.15%
330,000 330,000 330,000 1991-95 4.2%
550,000 550,000 550,000 1996-02 4.25%
850,000 850,000 850,000 3,500,000 2,600,000 90,000 2,510,000 1969 Water Revenue 12-1-69 1970-79 8,6.4,6.5%
500,000 100,000 50,000 50,000 1980-81 6.6%
100,000 100,000.
100,000 1982-84 6.7%
150,000 150,000 150,000 1985-87 6.75%
150,000 150,000 150,000 1988-87 6.8%
150,000 150,000 150,000 1991-95 6.9%
250,000 250,000 250,000 1996-99 7%
200,000 200,000 200,000 1,500,000 1,100,000 50,000 1,050,000 1972 Water Revenue 5-1-72 1973-85 7%
1,255,000 805,000 90,000 715,000 1986 6%
140,000 140,000
.140,000 1987 5.25%
150,000 150,000 150,000 1988-90 5.3%
520,000 520,000 520,000 1991-94 5.4%
805,000 805,000 805,000 1995-98 5.5%
965,000 965,000 965,000 1999-01 5.6%
840,000 840,000 840,000 2002 3%
325,000 325,000 325,000 5,000,000 4,550,000 90,000
--T70,000 1973 Water Revenue 8-1-73 1974-82 6.5%
1,030,000 655,000 125,000 530,000 1983 6.4%
175,000 175,000 175,000 1984-85 5.1%
350,000 350,000 350,000 1986 5.2%
195,000 195,000 195,000 1987-88 5.25%
400,000 400,000 400,000 1989-90 5.3%
470,000 470,000 470,000.
1991-92 5.4%
500,000 500,000 500,000 1993-94 5.5%
550,000 550,000 550,000 1995-98 5.6%
1,295,000 1,295,000 1,295,000 1999-00 5.7%
710,000 710,000 710,000 2001-03 5.75%
1,225,000 1,225,000 1,225,000 6,900,000 6,525,000 125,000 6,400,000 The accompanying notes are an integral part of this statement.
26
City of Riverside Schedule B Page 4 of 5 PRINCIPAL REQUIREMENTS TO MATURITY BY ISSUE - REVENUE BONDS For Fiscal Year Ended June 30, 1979 Date of Years of Rates of Original Outstanding Matured Outstanding Name of Issue Bonds Maturity Interest Issue 7-1-78 During Year 6-30-79 Water Revenue Bonds 1974 Water Revenue 12-1-74 1975-8 8%
935,000 735,000 85,000 650,000 1985-88 7%
540,000 540,000 540,000 1989-92 7.25%
695,000 695,000 695,000 1993-04 7.5%
2,830,000 2 830 000 2,830,000 5,000,000 4,800,000 85,000 4,715,000 1976 Water Revenue 2-1-76 1977-86 8.5%
375,000 325,000 30,000 295,000 1987 7.75%
50,000 50,000 50,000 1988 5.7%
50,000 50,000 50,000 1989 5.8%
55,000 55,000 55,000 1990 5.9%
55,000 55,000 55,000 1991-94 6%
270,000 270,000 270,000 1995-97 6.1%
225,000 225,000 225,000 1998-01 6.2%
345,000 345,000 345,000 2002-06 6.25%
575,000 575,000 575,000 2,000,000 1,950,000 30,000 1,920,000 1977 Water Revenue 2-1-77 1978-87 8%
570,000 530,000 50,000 480,000 1988 5%
75,000 75,000 75,000 1989 4.9%
75,000 75,000.
75,000 1990 5%
80,000 80,000 80,000 1991 5.1%
80,000 80,000 80,000 1992 5.2%
90,000 90,000 90,000 1993 5.3%
100,000 100,000 100,000 1994 5.4%
100,000 100,000 100,000 1995-96 5.5%
210,000 210,000 210,000 1997-99 5.6%
350,000 350,000 350,000 2000-01 5.7%
260,000 260,000 260,000 2002-07 5.75%
1,010,000 1,010,000 1,010,000 3,000,000 2,960,000 50,000 2,910,000 1978 Water Revenue 4-1-78 1979-84 7%
740,000 740,000 90,000 650,000 1985 6%
150,000 150,000 150,000 1986-89 5%
650,000 650,000 650,000 1990-91 5.1%
375,000 375,000 375,000 1992 5.2%
200,000 200,000 200,000 1993 5.25%
200,000 200,000 200,000 1994-95 5.3%
425,000 425,000 425,000 1996-97 5.4%
450,000 450,000 450,000 1998-99 5.5%
475,000 475,000 475,000 2000-01 5.6%
525,000 525,000 525,000 2002 5.7%
275,000 275,000 275,000 2003-05 5.75%
950,000 950,000 950,000 2006-08 5.8%
1185,000 1 185 000 1,185,000 6,600,000 6,600,000 90,000 6,510,000 Total Water Revenue Bonds 39,100,000 33,660,000 870,000 32,790,000 The accompanying notes are an integral part of this statement.
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City of Riverside Schedule B Page 5 of 5 PRINCIPAL REQUIREMENTS TO MATURITY BY ISSUE -
REVENUE BONDS For Fiscal Year Ended June 30, 1979 Date of Years of Rates of Original Outstanding Matured Outstanding Name of Issue Bonds Maturity Interest Issue 7-1-78 During Year 6-30-79 Sewer Revenue Bonds 1969 Sewer, Series A 11-1-69 1970-80 7%
320,000 110,000 35,000 75,000 1981-82 6.75%
85,000 85,000 85,000 19 83-84 6.8%
95,000 95,000 95,000 500,000 290,000 35,000 255,000 1969 Sewer, Series B 2-1-71 1972-79 4.5,4.6%
210,000 30,000 30,000 1980 4.
7% 35,000 35,000 -
35,000 1981 4.8%
35,000 35,000 35,000 1982 4.9%
40,000 40,000 40,000 1983 5%
40,000 40,000 40,000 1984 5.1%
45,000 45,000 45,000 1985-86 5.25%
145,000 145,000 145,000 1987-90 5.5%
450,000 450,000 450,000 1,000,000 b20,000 30,000 790,000 1978 Sewer 10-1-78 1980 6.75%
50,000 50,000 1981-85 7%
315,000 315,000 1986 5.2%
75,000 75,000 1987 5%
80,000 80,000 1988-89 5.1%
175,000 175,000 1990 5.2%
95,000 -
95,000 1991 5.25%
105,000 105,000 1992-93 5.3%
225,000 225,000 1994 5.4%
125,000 125,000 1995 5.5%
130,000 -
130,000 1996-97 5.6%
290,000 290,000 1998-99 5.7%
335,000 335,000 2,000,000 2,000,000 Total Sewer Revenue Bonds 3,500,000 1,110,000 65,000 3,045,000 Parking District No. 1 Bonds Parking District No. 1 1-1-61 1962-86 5.5,4%
1,650,000 800,000 75,000 725,000 Total Parking District No. 1 Bonds 1,650,000 800,000 75,000 725,000 Total Revenue Bonds
$ 0,250.000 7
00 2260.000
$47,270.000 TOTAL BONDED INDEBTEDNESS S72.609.000 0
2830000 00 The accompanying notes are an integral partof this statement.
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Schedule C Page 1 of 2 City of Riverside DEBT SERVICE REQUIREMENTS TO MATURITY -
GENERAL OBLIGATION BONDS June 30, 1979 Fiscal Total Year Principal Interest Requirements 1980 575,000 165,143 740,143 1981 630,000 144,143 774,143 1982 615,000 121,217 736,217 1983 415,000 98,810 513,810 1984 265,000 86,080 351,080 1985 280,000 75,842 355,842 1986 180,000 66:493 246.493.
1987 185,000 58,507 243,507 1988 190,000 50,090 40,090 1989 200,000 41.457 241,457 1990 205,000, 32,265 237,265 1991 215,000 22,640 237,640 1992 165,000 12,555 177,555 1993 80,000 5,180 85,180 1994 40,000 2,100 42,100 5 4.240.000 S 982.522 5 5.222.522 The accompanying notes are an integral part of this statement.
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City of Riverside Schedule C Page 2 of 2 DEBT SERVICE REQUIREMENTS TO MATURITY - REVENUE BONDS June 30, 1979 Fiscal Electric Water Sewer Parking District No. 1 Total Year Principal Interest Principal
- iterest Principal Interest Principal Interest Requirements 1980
$ 1,300,000 512,433 935,000
$ 1,875,274 120,000 170,340 80,000 27,400
$ 5,020,447 1981 900,000 453,955 940,000 1,820,671 130,000 162,459 80,000 24,200 4,511,285 1982 450,000 419,880 1,005,000 1,764,911 140,000 154,002 85,000 20,900 4,039,693 1983 450,000 396,270 1,035,000 1,705,574 150,000 144,798 90,000 17,400.
3,989,042 1984 455,000 374,415 1,105,000 1,643,566 155,000 135,201 95,000 13,700 3,976,882 1985 455,000 352,910 1,140,000 1,578,166 165,000 124,950 95,000 9,900 3,920,926 1986 455,000 331,370 1,145,000 1,514,197 175,000 116,486 100,000 6,000 3,843,053 1987 455,000 309,670 945,000 1,452,691 185,000 107,287 100,000 2,090 3,556,648 1988 455,000 287,845 1,000,000 1,398,626 195,000 97,345 3,433,816 1989 460,000 266,020 1,015,000 1,344,715 205,000 86,833 3,377,568 1990 460,000 243,873 1,075,000 1,288,705 215,000 75,742 3,358,320 1991 460,000 221,627 1,130,000 1,229,134 105,000 63,916 3,209,677 1992 460,000 199,365 1,185,000 1,166,168 110,000 58,245 3,178,778 1993 460,000 177,014 1,200,000 1,100,155 115,000 52,283 3,104,452 1994 460,000 154,471 1,250,000 1,032,198 125,000 45,860 3,067,529 1995 460,000 131,929 1,290,000 961,089
.130,000 38,910 3,011,928 1996 460,000 109,386 1,370,000 886,020 140,000 31,415 2,996,821 1997 295,000 86,844 1,355,000 807,285 150,000 23,295 2,717,424 1998 295,000 70,281 1,390,000 727,888 160,000 14,535 2,657,704 1999 295,000 53,719 1,465,000 645,707 175,000 4,988
.2,639,414 2000 295,000 37,156 1,485,000 559,721 2,376,877 2001 225,000 23,000 1,540,000 473,189 2,261,189 2002 125,000 11,250 1,600,000 381,894 2,118,144 2003 125,000 5,625 1,215,000 294,742 1,640,367 2004 1,280,000 218,274 1,498,274 2005 950,000 150,705 1,100,705 2006 710,000 101,654 811,654 2007 625,000 59,918 684,918 2008 410,000 23 780 433,780 2007500
-_J2j, 00 2,0 991 8,918 510.710.000 5 5.230?308 S 32.790,000 S28.206.617
.4.0 Sg 1.708.890 2
0500 (8 The accompanying notes are an integral part of this statement.
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City of Riverside NOTES TO FINANCIAL STATEMENT I
The following notes are an integral part of this statement.
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City of Riverside NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended June 30, 1979 A. Summary of financial report presentation:
Financial report presentation. The City's 1978-79 Financial Report is presented to conform with Statement 1, "Governmental Accounting and Financial Reporting Principles," released-March, 1979, by the National Council on Governmen'tal Accounting.
Compliance with American Institute of Certified Public Accountants Statement of Position 77-2, September 1, 1977.
The City has reflected the utility contributions to the General Fund on the statements of revenue, expense and changes to retained earnings in accordance with the Statement of Position.
The contributions were formerly re flected in a separate comparative analysis of changes in retained earnings statement.
Accounting records of the City of Riverside are organized on the basis of the eight generic fund types and the two account groups generally used-by governmental units.
Descriptions are on divider pages in the statement section of this report.
Memorandum totals. This report uses memorandum totals on combined statements. The total columns on such state ments are not comparable to a consolidation; it does not fairly present financial position in conformity with generally accepted accounting principles, even if interfund elimination were made.
It is not customary to make such eliminations in the combined statements of governmental units. Memorandum totals are used for overview purposes only.
Basis of accounting. The General, Special Revenue and Debt Service Funds are maintained on the modified accrual basis of accounting, wherein:
- 1. Revenues are recorded as received in cash except:
- a. Revenues which are both measurable and available as a-resource to finance operations of the current year are accrued.
- b. Revenues of a material amount not received at the normal time of receipt are accrued or deferred as appropriate.
- c. Examples of revenues accrued:
- 1. Property taxes collected by the County of Riverside but not received by the City at June 30, 1979.
31
- 2. Interest earned on investments.
- 3. Governmental grants.
- 4. Known revenues collected by other governmental agencies but not received by the City at June 30, 1979.
- 5.
Charges for current services which are billable.
(Note:
The City of Riverside accrues all revenues as recommended by the California League of Cities.)
- 2. Expenditures are recorded on an accrual basis except:
- a. Disbursements for inventory type items are considered expenditures at the time of purchase.
- b. Interest on long-term debt is recorded as an expenditure on its due date.
All other funds are maintained on the accrual basis of accounting.
Investments are stated at cost.
Cash accounts of all funds are pooled for investment purposes in order to maxi mize interest earnings. All such interest earnings become revenue to the General Fund unless prohibited by bond covenants, or legal requirements relating to specific funds or grant provisions.
Inventories are priced at cost using the average cost'method.
Fixed Assets are carried at cost in the enterprise funds and internal service fund.
Depreciation of these assets is computed by use of straight-line method over the estimated useful lives of the assets.
General fixed assets are recorded as expenditures in the General, Special Revenue, and Capital Project Funds at time of purchase.
These assets, excluding streets and storm drain related facilities which are not capitalized, are capitalized at cost in the general fixed assets account group.
Gifts are recorded.in general fixed assets at fair market value at the time received.
No depreciation is provided on general fixed assets.
Fixed assets disposed of are removed from the accounts on the basis of.their historical or estimated acquisition costs, as appropriate.
Uncollectible accounts relative to utility accounts receivable (electric, water, sewer and refuse service charges, street light excise taxes and utility users tax), is determined by the percentage of sales method.
Uncollectible account expense, relative to miscellaneous accounts receivable, is determined by the direct write-off method on those accounts considered uncollectible and by reserving those accounts which are doubtful.
The City has loaned the Redevelopment Agency of the City of Riverside, a separate public entity, $500,315.
Current changes in California Property Tax Laws makes the anticipated repayment of the loan doubtful, inasmuch 32
as it was based on tax increments available to the Redevelopment Agency on this project.
The City has reflected this note as being a 100% doubtful account; when payments are received they will be recorded as current revenues.
Encumbrances. The City records obligations in the form of purchase orders, contracts on other commitments.
They cease to be encumbrances when the actual liability is incurred and the related expenditure is recorded..
Budgetary Process.
The annual budget, which includes estimated revenue and appropriations, is adopted by the City Council and presented in the financial statements as follows:
- 1. Estimated revenue is the original estimate with modifications for new programs which are anticipated to be received during the fiscal year.
- 2. Original appropriations are modified by supplemental appropriations and transfers among budget categories.
- 3. Available appropriations from certai-n completed projects and programs are closed out to a budget clearing account and during the fiscal period additional appropriations are made from this clearing account.
- 4. Strict budget control is maintained over all accounts and expenditures are not allowed to exceed appropria tions except in those specific projects and programs approved in advance by the City Council.
- 5.
The City Council approves all significant changes.
Property Taxes.
Property tax rates for general obligations bond debt services are determined by the City with collections and allocations made by the County of Riverside. The City also receives from the County of Riverside a percentage of the basic $4 maximum tax rate allowed on assessments collected and allocated by the County.
Cash with Fiscal Agent. The City transfers to its bond fiscal agent all debt service requirements fifteen days prior to the date due. Unpaid redemptions are shown on the City's records as a payable.
Investments with Fiscal Agent. The City has deposited with its fiscal agent funds which will earn interest to cover all debt service requirements for Parking District No. 1 Revenue Bonds.
Contributed Capital and Grants. The following transactions are recorded as contributions in the enterprise and intragovernmental service funds:
- 1. Receipts of federal and state grants for acquisition of fixed assets.
- 2. Fixed assets contributed f.rom other funds or the general fixed assets account group.
- 3. Contributions from customers for the acquisition of fixed assets.
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B. Composition of Cash.
Treasurers cash and investments at June 30, 1979:
Demand deposits and checking accounts
$ 1,679,057 Time certificate of deposit and other investments Banker's acceptance 13,491,282 Cash on hand, June 30, 1979 33,799 Total treasurers cash and investments
$43,528 8 54 Included in the above amount is restricted cash reserved for bond construction and debt service requirements, in the enterprise funds.
Bond Debt Service Construction Requirements Electric
$ 1,572,045 Water 7,028,221 2,803,973 Sewer 486,851
$ 74028.221
$ 4862.869 C.
Retirement Plan.
Substantially all city employees are members of the Public Employees' Retirement System, administered by the State of California, to which contributions are made by both the City and employee. At July 1, 1978, the plan administrator indicated the City had an unfunded liability of -$20,542,688 for the miscellaneous members and
$18,899,494 for the safety members.
The excess of the actuarially computed value of vested benefits over the amounts available in the pension fund was not determined at June 30, 1979.
Contribution rates have been established to amortize the unfunded liabilities by the year 2000. Most city employees (except Police and Fire) are also covered under OASDI, administrated by the Public Employees' Retirement System of the State of California fully funded equally by the City and the employee. The total pension expense recognized by the City for the fiscal year ended June 30, 1979, was approximately $4,314,000 for PERS and $862,000 for OASDI.
D. Vacation and Sick Pay.
The accompanying financial statements do not include any accrual for vacation and sick pay.benefits due employeesI at June 30, 1979. These amounts are recorded as realized and appropriated accordingly in the annual budget.
Vacation.
City employees receive from ten to twenty days vacation each year depending upon the length of service.
Vacation can be accumulated as of January 1 to a maximum not to exceed accumulation of two years continuous service. Unused vacation pay may be redeemed in cash upon termination of employment. At June 30, 1979 employees vacation leave balance totaled approximately 25,800 days, representing a potential cost of approximately $1,600,000.
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Sick Leave.
City employees receive one working day of sick leave for each month of employment or major portion thereof with unlimited accumulation for unused sick leave. Upon retirement, disability or death, unused sick leave can be redeemed in cash at the rate of 25% after five years employment and 50% after ten years employment.
At June 30, 1979 employee sick leave balance totaled approximately 89,800 days. This represents a cost of approximately $43,414,000; because of the City's sick leave policy there is no way to calculate the liability to the City. The past three years experience is as shown below:
Sick Leave Used Sick Leave Payoff 1976-77
$ 548,000
$ 211,000 1977-78 598,000 199,000 1978-79 682,000 129,000 E.
Changes in General Long Term Debt and Capitalized Leases.
General Debt Lessors Obligation Service Revenues Balance Bonds Funds Principal Balance July 1, 1978 Retired Operations Reduction, June 30, 1979 Amount available in debt,service funds 133,473 380,250 513,723 Amount-to be provided for retirement:
Long term debt 4,676,527 570,000 (380,250) 3,726,277 Long term lease obligation 27,120,000 495,000 26,625,000 Total available and to be provided
$31 M000 0
7 495000
$30.865.000 General obligation debt payable:
General bonds
$ 4,810,000 570,000
$ 4,240,000 Long term lease obligations 27,120,000 495,000 26t625,000 Total general obligation debt payable and long term lease obligations
$31.930000 570,00 495000
$30865.000 General debt service requirements to maturity:
Principal Interest Total 54240000 962,522
$ 58222-522, 35
Capitalized Leases.
The City has entered into lease agreements with the Riverside Civic Center Authority and Parking Authority of the City of Riverside, separate public entities, which have issued-revenue lease bonds to construct facilities for the City.
These bonds are collateralized by leases of the facilities to the City with the facilities becoming the City's property upon the retirement of the bonds.
The lease payments approximately equal the total debt service re quirements of the bonds.
Because of the nature of the leases and related bond transactions,. these transactions are being accounted foras though the City owned and financed the facilities directly. Accordingly-the lease obligations have been recorded in the City's long-term debt account. The total of the related bond debt, and the amount expended to date for construction of the facilities have been reflected in the general fixed assets group of accounts.
The following tabulation reflects pertinent information reflecting the sale of bonds and annual lease payments.
Parking Authority of the City of Riverside Civic Center Authority Riverside Community Center Parking Garage.3 (Amounts in thousands)
City Hall Facility Facility Date of Issue 12-1-72 7-15-74 8-15-74 Amount issued
$15,000
$11,000
$3,450 Interest rate 4.25% to 6.25%
7%
7%
Years of redemption 1975-02 1975-04 1977-03 Redemption range
$220 to $1,065
$155 to $795
$40 to $270 Lease expi res 2002 2003 2003 Annual lease payment
$1,008.6
$ 925
$ 285.7 Current long term obligation
$13,065
$10,417.5
$3,142.5 On August 16, 1977, a Refunding Lease Revenue Bond was issued for $9,000,000 by Riverside Civic Center Authority to refund Community Center Facility Bonds. The bonds bear interest at rates which vary from 5.1% to 6.6% and, mature serially in progressive annual amounts from $360,000 in 1988 to $845,000 in 2003 with final year payment of $405,000 in 2004. The 1977 Refunding Lease Revenue Bonds were sold to redeem callable bonds of the 1974 issue totaling $8,665,000 and pay-a call premium of $225,900 on July 15, 1987.
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F. Revenue Bond Debt Services and Capitalized Lease Outstanding revenue bond debt service at June 30, 1979 is, Principal Interest Total Electric
$10,710,000
$ 5,230,308
$15,940,308 Water 32,790,000 28,206,617 60,996,617 Sewer 3,045,000 1,708,890 4,753,890 Total
$46,545.o00
$35.145.815
$81,690j815 On July 5, 1978 the City authorized the issuance of $43,000,000 in Electric Revenue Bonds for acquisition of ownership in the San Onofre Nuclear Generating Station, Units No. 2 and No. 3, from the Southern California Edison Company.
Subsequent to June 30, 1979, the City sold $900,000 Sewer Revenue Bonds to finance the City's share of the cost of primary/secondary treatment modifications to the existing city owned and operated treatment plant.
The City has entered into a lease agreement with the Riverside Airport Lease Company, a separate public'entity, which has issued revenue lease bonds to construct facilities for the City.
These bonds are collateralized by a lease of the facilities to the City with the facilities becoming the City's property upon the retirement of the bonds.
The lease payments approximately equal the total debt service requirements of the bonds. Because of the nature of the lease and related bond transactions, these transactions are being accounted for as though the City owned and.financed the facilities directly. Accordingly the lease obligation has been recorded in the City's.Airport Fund.statement. The total of the related bond debt; and the amount expended to date for construction of the facilities have been reflected in the City's Airport Fund statements.
The following tabulation reflects pertinent information reflecting the sale of bonds and annual lease payment.
Riverside Airport Lease Company (Amounts in thousands)
Airport Terminal Date of issue 12-1-66 Amount issued
$530 Interest rate 4.5%
Years of redemption 1967-92 Redemption range
$12 to $36 Lease expires 1992 Annual lease payment
$36.5 Current long term obligation
$397 37
G.
Changes in General Fixed Assets.
Balance Balance July 1, 1978 Additions Retirement June 30, 1979 C6st:
General government
$14,072,581
$ 453,994
$ 443,513
$14,083,062 Public safety 5,966,046 340,887 (97,520) 6,404,453 Highways and streets 8,539,359 205,233 53,582 8,691,010 Culture and recreation 22,116,063 416,261 (26,079) 22,558,403 Total cost
$50,694,049
$ 1s416.375 373,.496
$51.736.928 Investments for general fixed assets from:
.Lease agreements
$27,371..245 Gifts 425,854 Operating revenues 17,207,302 General obligation bonds 3,394,494 County contracts and grants 332,605 State grants 1,951,095 Housing and community development 249,216 Revenue sharing 381,109 Other federal grants
-424,008 Total investments in general fixed assets
$51,736928 H. City of Riverside Deferred Compensation Plan.
During the fiscal year 1976-77.the City of Riverside established an employee deferred compensation plan.
Glendale Federal Savings and Loan Association was appointed to accept funds for investment and accounts for such funds on a regular basis.
The City has the same rights and obligations in connection with any such invested funds as any other investor having the same type of savings account with Glendale Federal.
The plan was approved by the Internal Revenue Service on December 9, 1976.
Each participant's account is insured up to $40,000 and the City up to $100,000 by the Federal Savings and Loan Insurance Corporation.. At June 30, 1979 Glendale Federal had on deposit in the name of the City of Riverside, assigned to participants the sum of $539,272. The aforementioned amount is not included in the accompanying financial statements.,
- i. Contingencies.
As of June 30, 1979, the City was involved in a number of damage suits, in which claims range from minor to substantial amounts, are beingasserted against the City.
In the opinion of the City administration, these actions should not have a significant effect on the financial position of the funds of the City.
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J. Special Assessment District Improvement Bonds.
The City has special assessment bonds issued under the 1911 and 1913 Special Improvement Act and the 1943 Vehicle Parking Improvement Act. The City has no liability to the bond holders until assessments represented by that particular bond has been.collected.
K. Transportation Development Act Funds The Transportation Development Act Funds have been accounted for as an enterprise fund as recuired.
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I STATISTICAL TABLES I
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Table 1 City of Riverside GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS Fiscal General Public Streets &
-Culture &
Debt Lease Year Government Safety Highways Recreation Services Payments 1970 1,005,126
$ 5,772,856
$ 3,493,836
$ 3,320,782 770,861 1971 1,063,909 7,221,463 4,506,759 3,617,148 754,112 1972 1,292,372 7,607,995 5,311,278 4,524,064 737,363 1973 1,594,625 8,460,121 5,826,983 4,332,289 721,481 1974 1.741,743 9,700,741 5,092,450 5,305,253 725,575 1975 2,079,678 10,589,169 7,120,944 6,821,506 719,153 1976 2,721,821 11,670,440 6,805,749 7,461,928 702,282 508,600 1977 3,753,366 13,194,307 7,240,617 7,110,085 731,382 1,736,500 1978 4.763,123 15,016,516 7,677,883 8,391,274 727,882 3,475,800 1979 5,369,768 14,220,268 9,601,885 9,272,469 766,868 1,986,500
- 2.
Excludes special assessment expenditures from 1970 through 1978.
Table 2 City of Riverside GENERAL GOVERNMENTAL REVENUES BY SOURCES LAST TEN FISCAL YEARS Licenses Charges Fiscal and Fines and Use of Intergovernmental for Utility Miscellaneous Year Taxes Permits Forfeitures Money Revenue Services Contributions Revenues 1970
$ 6,130,882 516,138 815,520 492,823
$ 4,040,156 541,377
$ 1,474,905 109,770 1971 7,572,787 678,236 767,014 391,906 4,989,054 665,076 1,593,686 403,636 1972 8,939,226 901,053 788,031 355,360 4,806,718 791,522 1,727,061 110,987 1973 9,807,979 942,327 812,524 284,329, 7,791,766 737,891 1,952,776 426,083 1974 10,248,160 1,361,368 680,328 612,731 8,197,932 397,983 2,125,460 187,039 1975
-11,431,225 1,249,918.
684,006 617,928 8,982,066 496,689 2,573,130 194,812 1976 12,722,692 1,618,049 681,166 433,605 12,319,184 762,602 3,246,193 259,922 1977 15,004,753 2,826,828 819,142 456,636 12,928,385 1,091,105 3,829,735 119,156 1978 16,878,027 4,329,223 903,944 914,177 15,160,584 1,267,538 4,245,053 466,837 1979 16,852,547 1,774,601 1,094,658 1,611,151 16,160,470 1,124,864 4,796,178 412,746 Special assessment and expendable trust funds revenue not included from 1970 through 1978.
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Table 3 City of Riverside TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS General Transient Fiscal Total Property Sales and Property Utility Street Light Occupancy Year Taxes Taxes Use Tax Transfer Tax Users Tax Excise Tax Franchises Tax 1970
$ 6,130,882
$ 2,955,320
$ 2,931,255 45,1.46 99,038 100,123 1971 7,572,787 3,105,231 3,129,313 60,297 1,065,185 104,402 108,359 1972 8,939,226 3,381,375 3,556,407 74,769 1,535,147 158,014 124,721 108,793 1973 9,807,979 3.571,253 4,062,867 72,019 1,608,114 254,027 130,197 109,502 1974 10,428,160 3,381,226 4,470,470 63,948 1,807,128 276,459 131,210 117,719 1975 11,431,225 3,601,056 4,832,203 69,637 2,352,089 304,225 142,630 129,385 1976 12,722,692 3,943,790 5,413,319.
80,216 2,657,010 307,663 174,139 146,555 1977 15,004,753 4,575,544 6,715,157 175,127 2,853,864 329,343 185,860 169,858 1978 16,878,027 4,826,129 8,052,714 216,807 3,027,895 328,372 229,278 196,832 1979 16,852,547 3,038,333 9,321,980 287,402 3,349,860 334,076 276,152 244,744 Table 4 City of Riverside PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Total Total Percent Prior Years Collections Fiscal Secured Unsecured Total Tax Secured Unsecured Collections of Levies Levies Total Tax as Percent of Year Roll Roll Levies Roll-Roll Current Levies Collected Collected Collections Current Levies 1970
$ 2,689,050 269,293
$ 2,958,343
$ 2,569,739 267,807
$ 2,837,546 95.9%
117,775
$ 2,955,321 99.9%
1971 2,854,547 258,490 3,113,037 2,739,466 270,814 3,010,280 96.7 94.951 3,105,231 99.8 1972 3,095,280 314,156 3,409,436 2,933,856 317,906 3,251,762 95.4 129,613 3,381,375 99.2 1973 3,254,068 309,128 3,563,196 3,094,140 311,687 3,405,827 95.6 165,426 3,571,253 100.2 1974 3,120,492 282,802 3,403,294 2,959,627 287,576 3,247,203 95.4 123,919 3,371,122 99.1 1975 3,407,228 280,331 3,687,559 3,179,284 273,101 3,452,385 93.6 132,092 3,584,477 97.2 1976 3,668,298, 306,611 3,974,909 3,461,467 282,723 3,744,190 94.2 182,716 3,926,906
.98.8 1977 4,039.,196 324,124 4,363,320 3,916,530 327,449 4,243,979 97-3 188,381 4,432,360 101.6 1978 4,447,467 351,994 4,799,461 4,335,416 394,782 4,730,198 98.6 75,336 4,805,534 100.1 1979 N/A N/A N/A.
2,801,846 162,400 2,964,246 N/A.
45,915 5,010,161 N/A
- 1. Current tax collections shown for each fiscal year from 1969 through 1976 do not include final June 30 settlement received from the County after close of fiscal year.
- 2.
Current tax collections shown for fiscal year 1978 includes final. June 30 settlement received from theCounty after close of fiscal year.
- 3.
Unsecured roll is tax at prior year secured tax rate.
- 4. Because the City, by law, is no longer required to set a tax rate other than the debt service rate, and is receiving. only a-percentage of the taxes collected by the County of Riverside, it no longer can compute the percentage of tax collected to the amount levied after fiscal year 1978.
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Table 5 City of Riverside ASSESSED VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS Exemptions F.
Exemptions Total Homeowners Net Total Iscal Secured Unsecured
- Veteran, Tax Rate and Business Assessed Year Roll Roll Total Church etc.
Purposes Inventory Valuation 1970 270,055,729 25,654,930 295,710,659
-33,910,362 261,800,297 261,800,297 1971 286,904,584 26,918,197 313,822,781
-38,332,717 275,490,064 275,490,064 1972 309,323,928 32,491,595 341,815,523
-19,047,439 322,768,084
-21,048,038 301,720,046 1973 325,845,927 31,889,355 357,735,282
-20,911,510 336,823,772
-21,496,668 315,327,104 197 345,040,631 32,200,537 377,241,168
-21,404,110 355,837,058
-54,660,593 301,176,465 1975 370,416,486 33,993,310 404,409,796
-18,502,658 385,907,138
-59.574,503 326,332,635 1976 402,030,621 36,878,217 438,908,838
-22,417,207 416,491,631
-64,729,738 351,761,893 1977 436,496,161 39,384,671 475,880,832
-22,463,430 453,417,402
-67,282,903 386,134,499 1978 534.595,383 42,331,230 576,926,613
-34,536,404 542,390,209
-70,897,030 471,493,179 1979 607,878,776 49,731,951 657,610,727
-43,151,676 614,459,051
-75,425,958 539,033,093 The State of California requires that all property be assessed at 25% of market value. The County of Riverside assesses all property within the City of Riverside and only.a portion of that property in any one year.
Table 6 City of Riverside PROPERTY TAX RATES AND TAX LEVIES - ALL OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Fiscal School County of Year City Districts Riverside Other Total Tax Rates 1970 1.130 5.640 2.5450
.7400 10.0550 1971 1.130 5.677 2.9590
.6640 10.4300 1972 1.130 5.780 2.9250
.8730 10.7080 1973 1.130 5.930 2.8250
.8600 10.7450 1974 1.130 5.758 2.6730
.8700 10.4310 1975 1.130 5.445 2.6350
.8600 10.0700 1976 1.130 6.387 2.6330
.8560 11.0060 1977 1.130 6.384 2.9230
.8220 11.2590 1978 1.010 6.077 2.5440
.8160 10.4470 1979
'N/A N/A N/A N/A N/A (see note 8)
Tax Levies 1970 2,958,343 14,693,561 6,622,874 1,907,295 26,182,073 1971 3,113,037 15,631,103 8,057,046 1,846,638 28,647,824 1972 3,409,436 17,410,783 8,834,762 2,575,910 32,230,891 1973 3,563,196 18,657,863 8,935,347 2,715,369 33,871,775 1974 3,403,294 17,384,783 8,088,485 2,617,732 31,494,294 1975 3,687,559 17,846,464 8,608,294 2,808,942 32,951,259 1976 3,974.909 22,211,427 9,262,431 3,012,167 38,460,934 1977 4,363,320 24,651,642 11,203,530 3,183,778 43,402,270 1978 4,799,461 28,748,266 12,112,843 3,849,253 49,509,823 1979 N/A N/A N/A N/A N/A (see note 8)
- 1. Represents one of 46 tax districts within the City of Riverside.
- 2. Unsecured property is taxed at prior year secured tax rate.
- 3. Secured property taxes are due in two installments; November 1 and February 1. They become delinquent December 10 and April 10, respectively.
- 4. Unsecured property taxes are due.July 31, and become delinquent August 31.
- 5.
Delinquent penalty is 6%.
- 6. If taxes become delinquent they are deeded to the state and may be sold by the county tax collector for taxes due plus 1% per month redemption fee.
- 7.
All property taxes are collected by the County of Riverside with no collection fee charged to the City.
8, Under current state law, property taxes collected during fiscal year 1978-79, excluding debt service collections, were distributed to the City of Riverside on the same percentage relationship that existed between the City's collection for the prior three years and the total County of Riverside collections for that period.
The current state law permits a
$4 per $100 assessed value tax rate plus a debt service tax rate for all debt voter approved prior to June 6, 1978.
43
Table 7 City of Riverside RATIO-OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS Ratio of Net Less Bonded Debt Net Bonded Fiscal Assessed Gross Debt Service Net to Assessed Debt per Year Population Value Bonded Debt Fund Bonded Debt Value Capita 1970 Federal Census 139,217
$261,800,297
$ 7,895,000 80,161
$ 7,814,839
.030
$56.13 1971 144,300 275,490,064 7,415,000 94,513 79320,487
.027 50.73 1972 145,900 322,768,084 69935,000 97,106 6,837,894
.021 46.87 1973 1509700 336,823,772 6,455,000 101,697 6,353.303.
.019 42.16 1974 154,500 355,837,058 5,955,000 97,104 5,857,896
.016 37.92 1975 151,400 385,907,138 59445,000 93,109 5,351,891
.014 35.35 1976 154,500 416,491,631 5,435,000 97.358 5,337,642
.013 34.55 1977 154,500 453,417,402 4,905,000 114,162 4,790,838
.011 31.01 1978 156,309 542,390,209 4,810,000 133,473 4,676,527
.009 30.77 1979 162,800 614,459,041 4,240,000 512,723 3,727,277
.006 22.90 Population figures supplied by the State of California, Finance Department except 1970.
Table 8 Table 9 City of Riverside City of Riverside COMPUTATION OF DIRECT AND OVERLAPPING DEBT COMPUTATION OF LEGAL DEBT MARGIN As of June 30, 1979 As of June 30, 1979 Percentage Applicable to City of Riverside Assessed Valuation, June 30, 1979 s74.053,848 Direct Debt:
City of Riverside*
Share of Debt Debt Limit:
15% of Assessed Valuation
$111,008,077 City of Riverside 100.0%
$ 4,240,000 Overlapping Debt:
Amount of debt applicable to debt limit:
County of Riverside 21.12 135,168 Total bonded debt
$51,510,000 School Districts:
Less assets in debt service Riverside Unified 92.02 - 93.487 15,713,219 funds 513,723 Riverside Community College 66.22 1,059,520 Other deductions allowed Alvord Unified 92.51 - 95.00 4,649,499 by law:
Highgrove School 52.79 15,837 Electric Revenue Bonds 10,710,000 Moreno Valley Unified 1.62 2,309 Water Revenue Bonds 32,790,000 Parking District No. 1 Other Special Districts:
Revenue Bonds 725,000 Flood Zone No. 1
- 76.93 16,482,252 Sewer Revenue Bonds 345,000 47,783,723 La Sierra Community Services 100.00 240,000 Metropolitan Water District 1.15 6,962,525 Total debt applicable to debt limit 3,726,277 Western Municipal Water District
.014-59.04 1699258 All other districts 1.52 -2.69.
8,276 Total Debt Margin, June 30, 1979 10Z.281.8oo Total Overlapping Debt 45,437,863 Debt lmit set by CityCharter at 15% of assessed valuation for general TOtAL DIRECT AND OVERLAPPING DEBT S46786
- Determined by ratio of assessed valuation of property subject toI taxation in overlapping agency io-valuation of property subject to taxation in City of Riverside.
44I
Table 10 City of Riverside RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS Total Total Ratio of Debt Services Fiscal Debt General to General Expenditures Year Principal Interest Service Expenditures (Per Cent) 1970 480,000 290,861 770,861
$14,363,461 5.4%
1971 480,000 274,112 754,112 17,163,391 4.4 1972 480,000 257,362 737.362 19,473,072 3.8 1973 480,000 241,481 721,481 20,935,499 3.4 1974 500,000 225,575 725,575 22,565,762 3.2 1975 510,000 209,153 719,153 27,330,450 2.6 1976 510,000 192,283 702,283 29,870,820 2.4 1977 530,000 201,382 731,382 33,551,745 2.2 1978 545,000 182,882 727,882 40,090,091 1.8 1979 570,000 196,868 766,868 41,217,758 1.9 I4
Table 11 City of Riverside SCHEDULE OF REVENUE BOND COVERAGE LAST TEN FISCAL YEARS Net Revenue Fiscal Gross Available for Debt Service Requirements Year Revenue Expenses Debt Service Principal Interest Total Electric 1970
$11,127,053
$ 8,084,527
$ 3,042,526 155,000 217,049 372,049 8.2 1971 11,886,288 8,723,722 3,162,566 225,000 306.773 531,773 5.9 1972 13,546,764 10,206,116 3,340,648 325,000 444,621 769,621 4.3 1973 14,971,619 10,815,967 4,155,652 325,000 431,676 756,676 5.5 1974 18,767,151 13,809,172 4,957,979 450,000 583,892 1,033,892 4.8 1975 29,658.725 23,458,719 6,200,006 445,000 569,934 1,014.934 6.1 1976 33,701,055 28,249,146 5,451,909 450,000 570,985 1,020,985 5.3 1977 36,514,878 31,519,915 4,994,963 450,000 536,300 986,300 5.1 1978 43,926,478 35,592,986 8,333,492 850,000 596,940 1,446,940 5.1 1979 47,907,159 40,411,621 7,495,538 1,250,000 568,940 1,818,940 4.1 Water 1970
$ 3,381,417
$ 1,867.449
$ 1,513,968
$ 250,000
$ 338,700
$ 588,700 2.6 1971 3,795,775 1,927,773 1,868,002 305,000 392,700.
697,700 3.7 1972 4,106,38 1,982,852 2,123,466 340,000 370,086 710,086 3.0 1973 4,208,927 1,966,148 2,242,779 400,000 616,079 1,016,079 2.2 1974 6,305,783 2,432,936 3,872,847 365,000 793,837 1,158,837 3.3 1975 6,964,714 2,950,754 4,013,960 458,000 1,099,087 1,557,087 2.6 1976 7302,466 3.325,859 3,976,607 585,000 1,346,050 1,931,050 2.1 1977 7,621,286 3,579.938 4,041,348 615,000 1,408,083 2,023,083
.2.0 1978 9,267,674 4,172,385 5,095,289 715,000 1,591,482 2,306,482 2.2 1979 10,198,723 4,504,733 5,693,990 901,000 1,928,772 2,829,772.
2.0 Sewer 1970
$--I 1971 1,533,735 689,315 844,420 20,000 33.897 53,897 15.7 1972 1,653,035 796,806 856,229 40,000 83,620 123,620 6.9 1973 1,702,605 846,118 856,487 45,000 81,195 126,195
.6.8 1974 1,891,003 901,922 989,081 50,000 78,595 128,595 7.7 1975 1,795,619 1,081,934 713,685 55,000 75,608 130,608 5.5 1976 1,768,768 1,227,713 541,055 60,000 72,446 132,446 4.1 1977 2,473,860 1.310,977 1,162,883 60,000 69,070 129,070 9.0 1978 2,759,272 1,496,235 1,263,037 60,000 65,620 125,620 10.1 1979 2,933,859 1,521,231 1,412,628 65,000 118,926 183,926 7.7 Parking District No. 1 Revenue Bonds Investments held by the Security Pacific National Bank acting as trustee, provide sufficient funds to guarantee payment of the remaining Parking District No. 1 bonds and interest coupons as they mature. Expenses exclude, contributions to general fund, depreciation and bond interest and sales expense.
46
Table 12 City of Riverside
SUMMARY
OF DEBT SERVICE REQUIREMENTS AND LONG TERM LEASE OBLIGATIONS TO MATURITY Annual Principal and Interest Annual Lease Payments General Fiscal' Obligation Revenue Airport Parking Year Bonds Bonds Terminal City Hall Exhibit Hall Garage Total 1980 740,143
$ 4,858,272 36,500
$ 1,008,600 925,000 285,700
$ 7,854,215 1981 774,143 4,347,722 36,500 1,008,600 925,000 285,700 7,377,665 1982 736,217 3,875,155 36,500 1,008,600 925,000 285,700 6,867,172 1983 513,810 3,823,880 36,500 1,008,600 925,000 285,700 6,593,490 1984 351,080 3,816,269 36,500 1,oo8,600 925,000 285,700 6,423,149 1985 355,842 3,760,039 36,500 1,008,600 925,000 285,700 6,371,681 1986 246,493 3,681,567 36,500 1,008,600 925,000 285,700 6,183,860 1987 243,507' 3,394,111 36,500 1,008,600 925,000 285,700 5,893,418 1988 240,090 3,270,446 36,500 1,008,600 925,000 285,700 5,766,336 1989 241,457 3,213,660 36,500 1,008,600 925,000 285,700 5,710,917 1990 237,265 3,194,178 36,500 1,008,600 925,000 285,700 5,687,243 1991 237,640 3,040,761 36,500 1,008,600 925,000 285,700 5.534,201 1992 177,555 3,010,533 36,500 1,008,600 925,000 285,700 5,443,888 1993 85,180 2,937,169 1,008,600 925,000 285,700 5,241,649 1994 42,100 2,896,669 1,008,600 925,000 285,700 5,158,069 1995 2,843,018 1,008,600 925,000 285,700 5,062,318 1996 2,825,406 1,008,600 925,000 285,700 5,044,706 1997 2,544,129 1,008,600 925,000 285,700 4,763,429 1998 2,483,169.
1,008,600 925,000 285,700 4,702,469 1999 2,459,426 1,008,600 925,000 285,700 4,678,726 2000 2,376,877 1,008,600 925,000 285,700 4,596,177 2001 2,261,189 1,008,600 925,000 285,700 4,480,489 2002 2,118,144 1,008,600 925,000 285,700 4,337,444 2003 1,640,367 1,008,600 925,000 285,700 3,859,667 2004 1,498,274 925,000 285,700 2,708,974 2005 1,100,705 1,100,705 2006 811,654 811,654 2007 684,918 684,918 2008 433,780 433.780
$245 2 6=4=o 5
7.142.500 142 08207 Excludes any debt service amounts available.
47
Table 13 City of Riverside SPECIAL ASSESSMENT COLLECTIONS LAST TEN FISCAL YEARS Total Outstanding Fiscal Current Current Assessment Ratio of Collections Current and Delinquent Year Assessments Due Collected to Amount Due Assessments 1970 44,975 44,975 100.0%
1971 28,438 28,438 100.0 1972 44,283 44.283 100.0 1973 22,015 21,387 97.1 628 1974 53,749 53,749 100.0.
1975 45,223 45,223 100.0 1976 41,545 16,117 38.7 25,428 1977 27,703 27,651 99.8 25,480 1978 25,316 25,316 100.0 24,139 1979 50,313 50,313 100.0 18,400 Table 14 City of Riverside SALARIES AND SURETY BONDS OF PRINCIPAL OFFICERS For Fiscal Year Ended June 30, 1979 Amount of Name Title Annual Salary Surety Bond Vacant Library Director 50,000 Vacant Public Service Director 50,000 Murray Bywater Airport Director 20,713 50,000 Alice Hare City Clerk 23,076 50,000 Raul A. Lopez Museum Director 26,495 50,000 James B. Judge Personnel Director 32,053 50,000 Harold E. Brewer Finance Director 32,076
.200,000 Richard J. Bosted Fire Chief 34,884
- 50,000 Robert C. 'Wales.
Public Works Director 35,125 50,000 Eddie Brown Park and Recreation Director 35,988 50,000 Merle G. Gardner Planning Director 35,988 50,000 Victor E. Jones Police Chief 41,400 50,000 Everett C. Ross Public Utilities Director 46,080 50,000 John Woodhead City Attorney 46,357 50,000 William F. Cornett, Jr.
City Manager 49,733 50,000 Based on salary rate of June 7, 1979.
48
Table 15 City of Riverside SCHEDULE OF INSURANCE IN FORCE June 30, 1979 Self-Insured Expiration Type of Insurance Type of Coverage Co-Insurance Amount of Coverage Deductible Date Property:
All property and contents Fire/ECE and VMM
$58,667,632 5,000 7-1-81 Special Coverage:
Airport - Terminal EQDA Airport Lease Company 636,400 5%/Loss 7-12-79
- Terminal-Rental income Airport Lease Company 73,000 7-12-79
- Neon Sign All risk Airport Lease Company 10,000 100 7-1-79 Automotive vehicles Fire/Theft and Comprehensive 1,500,000 25,000 9-30-79 City Hall EQDA Civic Center Authority 8,250,000 5%/Loss 7-28-79 Rental income Civic Center Authority 2,020,000 5%/Loss 7-28-79 Exhibit Hall EQDA Civic Center Authority 6,300,000 5%/Loss 7-1-79 Contents Civic Center Authority 400,000 5%/Loss 7-1-79 Rental income Civic Center Authority 1,850,000 5%/Loss 7-1-79 Helicopters All risk 50,000 - 44,000 ea.
250-5,000 1-7-80 Heritage House EQDA 154,000 5%/Loss 7-12-79 Museum Stock All risk 475,000 100 7-1-79 Valuable Papers All risk 1,000,000 1,000 7-1-79 Parking Terrace No. 2 EQDA Parking Authority 1,522,500 5%/Loss 1-5-80 Rental income Parking Authority 285,700 1,000 7-1-79 Liability:
Airport General liability 25,000,000 500 7-1-81 Helicopters General liability 25,000,000 1-7-80 General City General liability 25,000,000 750,000 18-80 Exhibit Hall Tenants General liability 300,000 2,500 3-3-80 Boiler and Machinery General liability 500,000 Indefinite Employee Benefits:
Air Travel AD and D 100,000 5-9-80 Group Health:
Kaiser Hospital/Medical Full Continuous.
LiAetna Hospital/Medical 50,000MM Continuous All employees Life, AD and D 6,000 Continuous Management employees Life, AD and D 10,000 - 25,000 Continuous Workers Compensation 5,000,000 250,000 4-1-80 Crime and Dishonesty, employees Dishonesty, disappearance and destruction 50,000 3-17-80 Official Bonds Mayor and Members of City Council, each 3,000 Upon election Controller/Treasurer 200,000 5-1-80
- 1. Claim adjustment services for the self-insured portion of the general liability and property damage insurance is provided by contract with Crawford and Company, insurance adjusters.
The estimated reserves required as of June 30, 1979 for claims incurred but not paid amounted to $1,402,436.
The City has a reserve of $1,577,04 at June 30, 1979;
- 2.
Claim adjustment services for the self-insured portion of the workers compensation insurance is provided by contract with R. L. Kautz and Company.
The estimated reserve requirements as of June 30, 1979 for claims incurred but not paid amounted to $545,186. The City has a reserve of $1,153,672 at June 30, 1979.
- 3. Public Official Bond is required by Section 611 of the City Charter, the amount specified by Ordinance No. 4401.
49
Table 16 City of Riverside MISCELLANEOUS STATISTICAL DATA Geographic Location -
Southern California approximately 50 miles east of Building Construction and Taxable Retail Sales:
Los Angeles and 90 miles north* of San Diego, contiguous to desert and Building Construction mountain regions.
Permits Estimated Taxable Year Issued Value Retail Sales Altitude - 851 feet at City Hall, 3900 Main Street.
Residential areas vary 1978 7,098
$ 47,557,944
$834,053,000 from 800 to 1200 feet.
1975 3,425 96,731,398 588,267,000 1970 2,865 28,647,329 307,378,000 Area and Population:
1960 2,314 17,515,358 137,326,000 Area 1950 2,033 10,753,102 N/A Year Square Miles.
Population 1979 71.74 162,800 Miles of Streets -677 1970 71.52 140,089 1960 43.59 83,714 Miles of Sewers -
928 1950 39.20 46,399 1940 39.20 34,696 Miles of Street Lights -677 1930 39.20 30,645 1920 39.20 15,212 Traffic Signals - 141 1910 39.20 15,212 1900 7,973 Municipal Services and Facilities (Budgeted positions shown in full time 1890
.4,683 decimal equivalents):
1883 2,000 estimate.
Police Budgeted positions 346.22 1979 population per square mile = 2,269 Stations 1
Helicopters 3
Average Rainfall - 8.51 inches Fire Budgeted positions 195.25 Climate, Minimum and Maximum:
Stations 9
Spring 40-1000 Active apparatus 19 Summer 46-104O Reserve apparatus 4
Fall 31-1010 Training facilities 1
Winter 28-810 Library Budgeted positions 130.16 Date of Incorporation -
1883 Library branches -
inside city 4
- outside city 21 Form of Government -
Council - Manager Bookmobiles 2
City Charter Adopted - 1952 Museum Budgeted positions 12 Fixed exhibits 100 Number of Budgeted Positions (Shown in full time decimal equivalents)
Special exhibits 4
Reference library volumes 2,100 General government departments 186.55 Police Department 346.22 Parks and Recreation Budgeted positions 212.37 Fire Department 195.25 Total park acreage 1,700 Public Works Department 119,09 Community centers 13 Public Service Department 238.00 Playgrounds 21 Library Department 130.16 Public swimming pools 15 Parks and Recreation Department 212.37 (Includes 6 owned by Alvord and Museum Department 12,00 Unified school districts)
Public Utilities Department 287.50 Softball and baseball diamonds 20 Airport Department 6.00 Municipal golf links ( 1 9 hole, 1*733.14 1 18 hole) 2 50
Auditoriums and Other Schools Exhibit Hall Budgeted positions 16 California Baptist College Municipal auditorium seating capacity 1,814 Enrollment 746 Exhibit Hall:
Loma Linda University, La Sierra Campus Meeting and showrooms (300 to 20,800 7
Enrollment 2,497 square feet each)
Private or Parochial Schools (Kindergarten -
- 12) 17 Assembly capacity 40 -
3,000 Municipal Airport Budget positions 6
Passengers, annually 1,066 Flights, annually 166,000 Length of main runway 5,400 ft.
Municipal Budgeted positions - Electric 170.5 Utilities
- Water 117 Number of accounts - Electric 65,201
- Water 49.965 Miles of overhead distribution system 605.62 Miles of underground system 231.61 Annual consumption estimated 997,520,000 kwh 1,944,919,152 cu.ft.
Number of fire hydrants 4,259 Source of supply:
Electric -
Southern California Edison and Nevada Power Companies Water -City-owned sources, supplemented by Metropolitan Water District, if necessary.
Education
-Riverside is. included in the Riverside Unifi.ed School District and theAlmrd nifedSchool District which also serves the County area south west of the City.
Riverside Unified School District:
Senior High Schools 4
Enrollment 8,140 Middle'Schools (.- 8)5 Enrollment 3,49.1 Enlment Schools (Kindergarten -6) 2s5 Enrollment
.21,476 EetElementary Schools (Kindergarten -6) 8 aeEnrollment Cs5,362 Riverside Community College District:
Riverside City College Enrollment D 6,860 Enrollment (Extended).
7,519 State of California University of California, Riverside Enrollment 4,612 School for the Deaf Enrollment 496 United States Sherman Institute (Government School for Indians)
Enrollment.6 51
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DEADLINE RETU RN DATE 36 RECORDS FACILITY BRANCH 006 1 90302
Officials of the City of Anaheim City Council John F. Seymour, Jr., Mayor E. Llewellyn Overholt, Jr., Mayor Pro tem Ben W. Bay, Councilman Miriam Kaywood, Councilwoman Don R. Roth, Councilman Public Utilities Board Kenneth M. Keesee, Chairman James H. Townsend, Vice Chairman Wynn W. Anderson, Member Richard L. Haynie, Member Carl J. Kiefer, Member S. Dale Stanton, Member Joseph R. White, Member City Staff William 0. Talley, City Manager William T. Hopkins, Assistant City Manager George P. Ferrone, Finance Director William P. Hopkins, City Attorney
Public Utilities Department 1979 and 1978 Fiscal Year Hghhghts WATER ELECTRIC Year Ended June 30, Year Ended June 30, 1979 1978 1979 1978 OPERATIONS Sales 16.1 billion 14.1 billion 1.7 billion 1.6 billion gallons gallons kilowatt hours kilowatt hours System peak requirements 79.9 million 77.3 million 395,600 347,600 gallons gallons kilowatts kilowatts Customers (Average for the year) 48,451 47,857 80,038 77,439 FINANCIAL Revenue from water and electric sales
$ 7,389,000
$ 5,979,000
$70,842,000
$64,038,000 Water production and purchased power costs
$ 3,294,000
$ 2,572,000
$59,198,000
$51,747,000 Net income transferred to retained earnings
$ 1,197,000 446,000
$ 4,799,000
$ 6,656,000 Transferred to City of Anaheim general fund 384,000 530,000
$ 3,624,000
$ 2,568,000 Total assets, less accumulated depreciation
$49,948,000
$46,445,000
$60,142,000
$59,202,000 Table of Contents Highlights.....
1 Report of the General Manager...........
2 The 1978-79 Water Year 4
Water Statistics......................
6 Water Sales Comparison 7
The 1978-79 Electric Year 8
Electric Statistics 10 Electric Sales Comparison..............
11 Water and Electric System Map..........
12 Public Utilities Department Finances......
14 Water Utility Audited Financial Statements 15 Electric Utility Audited Financial Statements 20 1
Report of the General Manager To the The Department is proud of the At the close of the fiscal year, Cali fact that the July 1, 1978 water rate fornia regulatory agencies warned of City Manager, action represented the first water possible late summer electric capacity base rate increase since 1971 and the shortages, particularly in the northern City Council, June 1,1979 electric rate increase portion of California which might was the first in 18 months, result in statewide requests for load Public Utilities Board Revised electric rates were adopted by and eope ofthethe City Council following the first New electric generating resources must and People of the
?
formal rate proceeding conducted by be developed to ineet projected load the Public Utilities Board in accord-growth, maintain adequate reserve City of Anaheim ance with provisions of the federal margins, and reduce dependence on It s m plasue t sumitthePublic Utilities Regulatory Policies Act oil-fueled generating capacity.
It is my pleasure to submit theof17 PRA.Z 1978-79 Annual Report of the City of Over the past few years the following Anaheim Public Utilities Department, In November, Anaheim voters author-electric generating projects under which includes a review of operations ized a $14,000,000 Water Revenue study by California electric utilities, and financial results for the fiscal year Bond issue in order to help finance including Anaheim, were abandoned, ended June 30, 1979.
water system capital improvements mostly because of regulatory problems:
Among the more significant events of planned for the 1980's.
Kaiparowits 3,000,000 kw 1976 the 1978-79 fiscal year were increases Construction was started on the $110 San Joaquin 2,600,000 kw 1978 in water and electric rates, voter million Diemer Intertie, a major new Sundesert 1,900,000 kw 1978 approval of a $14,000,000 Water source of supply for the Water System.
Palo Verde 4&5 1,270,000 kw 1979 Revenue Bond authorization, higher The project, being constructed under a purchased power costs and accelerated joint powers agreement between Anaheim's first major electric efforts to participate in regional Anaheim and nine other Orange generation resource is expected to electric generating projects.
County water agencies, will provide be a 36,520 kilowatt share of In order to counter the effects of Anaheim with its eighth source of San Onofre Nuclear Generating increasing operating and capital costs, Metropolitan Water District water Station. At June 30, 1979 the City it became necessary to take appro-in 1981. Anaheim's share of this was waiting for the Nuclear priate rate action to assure adequate project is estimated to cost $33 Regulatory Commission (NRC) to water and electric revenues. Water
- million, approve the transfer of our owner rates were increased 12.5% and elec-ship interest from Southern California tric rates increased 4.7%. Both rate ctical syt paners rer-Edison to Anaheim before issuing actions were based upon extensive ct electric revenue bonds to finance cost of service studies.
energy use in Anaheim will rise 3.4%
Anaheim's share of project costs.
and electric demand 3.3% annually.
wa te irt n 8 onhs
A decision is expected in 1979-80 Efforts also continued on the legal withstanding the continued growth of regarding execution of a long-term front to help secure the lowest the water and electric systems.
contract to purchase a 10.2% share of cost reliable electric power supply for The accomplishments of the Depart the output of the 3,000,000 kilowatt our customers. The City is involved Intermountain Power Project, a Utah as plaintiffs or intervenors in litigations t ee possi eau of coal-fueled generating station. Other before the Federal Energy Regulatory established b the Cit Manager who projects which are being studied by Commission (FERC), the Nuclear y
y g
Anaheim and others include: White Regulatory Commission (NRC), the pvete leadeh fahm Pine, a coal-fueled project near Ely, United States Circuit Court of Appeals Nevada; California Coal, a proposed in San Francisco and Washington, I am taking this opportunity to express coal-fueled project in California and D.C., and the United States District my appreciation to the City Council the Balsam Meadow Hydroelectric Courts in Los Angeles and Phoenix.
for their encouragement and Project near Fresno, California.
The actions range from a suit against support and to thank the members It should be noted that, with the excep-the Secretary of the Interior to obtain of the Public Utilities Board for tion of San Onofre Nuclear Generating Federal power to a treble damage anti-their contributions to the accomplish Station Units 2 and 3, which are under trust suit against the Edison Co.
ments of the past year.
construction, all of these proposed The FERC ordered the maximum Also, I am particularly proud of the projects are the subject of feasibility allowable suspension of a wholesale outstanding service rendered to studies and no decision has been made rate increase Edison filed to the people of Anaheim by the man to go ahead with any of them.
become effective March 16, 1979, agement team and personnel of We are continuing to purchase thereby saving our electric the Public Utilities Department.
economy energy from Nevada Power customers approximately $600,000.
Company at costs which are less The Department continues aggressive Respectfully submitted, than the costs of equivalent amounts programs to keep operating costs down of energy purchased from Edison.
in order to hold utility rate increases Our savings as a result of these to minimum levels without impairing ikr purchases were $3.4 million through our ability to maintain reliable June 30, 1979. We expect to service. Staffing has been maintained Gen Manager save an additional $1.1 million by at a relatively constant level not June 30, 1980.
Public Utilities Department Management Gordon W. Hoyt, General Manager Edward G. Alario, Assistant General Manager Darrell L. Ament, Management Services Manager Edward E. Dumon, Utilities Operations Manager Richard E. Armand, Utilities Field Superintendent George H. Edwards, Electrical Engineering Manager Ray A. Auerbach, Water Engineering Manager Beatrice A. Staley, Conservation Manager James E. Willis, Customer Service Manager inSa Faniso ndWahigtn
The 1978-79 Water Year A century of serving the water needs gradual increases in the water cor-per minute or enough water in one of Anaheim was achieved by the modity adjustment -
representing the minute to supply the water needs of a Water System during the 1978-79 pass through of certain portions of typical family of three for one fiscal year. The original water system, water production costs which are entire month.
established by a vote of the people in generally beyond the control of water The Lenain Filtration Plant is 1879, consisted of a 20,000 gallon system management.
expected to be at design capacity redwood storage tank and one well In order to pay the increased cost of under peak day demand conditions run by the village pumpman, less than electricity to pump water, the water by the summer of 1980. The present a mile of wooden water main and a commodity adjustment billing factor outlook is that the water system horse drawn water wagon. Several years later, another 20,000 gallon red-1, can ee trie war thrug wood storage tank was constructed and in 1890 the first 16 water meters were installed.
Water Consumption. After two Water Conservation. The Department Anaheim's pioneer colonists would be years of severe drought conditions is continuing to stress long-range amazd b th moe tan 6.1bilion followed by a year of near record rain-water conservation programs designed amazed by the more than 16.1i fall, water use in 1978-79 returned to eliminate waste and increase the gallons of ate use in Anaheim nearly to the 1975-76 pre-drought efficient use of water. To promote water during 1978-79 adt 99 mon level. Use for the fiscal year totaled conservation, printed materials have gallons storage catyotoa' 16.1 billion gallons, an increase of 14.2 been mailed with utility billings to all modern,percent in total water use from the residential, commercial and industrial On November 7, 1978, voters gave 1977-78 year. Average per capita customers reminding them of the their approval to a $14,000,000 Water water use was 204 gallons daily based important need to conserve our water Revenue Bond authorization to help on a population of 216,100.
resources. Utility bill inserts also fund water system capital improve-emphasize that saving water saves ments required over the next six to Water Supply. Ground water pumping energy -
energy required to run seven years. The major area of expen-from Anaheim's wells accounted for water system well and booster pumps ditures is planned for construction of 53% of Anaheim's water supply.
and the huge pumps of the Colorado reservoirs and pumping capacity to Imported water, purchased from the River and State Water Project aque provide adequate presures and meet Metropolitan Water District of Southern ducts which supply Southern Cali emergency storage and fire flow re-California, accounted for the fornia with imported water.
quirements throughout the City. Most remaining 47% of water supplied of these capital improvements are necessitated by increasing demands caused by growth, but some facilities Anaheim executed agreements with began on Hidden Canyon Reservoir are needed to improve the existing the Municipal Water District of and Pumping Station just before system.
Orange the close of the fiscal year.
and seven water districts for Tefclt spr ftehg Rates. In order to assure adequate financing construction of the Diemer elevation pumping and reservoir revenues for operation of the water Intertie. Construction of the 102 inch System first established in 1972 to system and to provide increased funds water supply pipe line began in March serve hill and canyon areas where for needed capital improvements, an contracting for water cannot be delivered by gravity overall 9% rate increase was adopted, 17 anahim is flow from the Lenain Filtration Plant.
effective July 1, 1978, by the City at a cost of $3.3 million to serve Land developers pay for the high Council as recommended by the Public Utilities Board and Departmentustff present and projected population in the elevation facilities as they are Utiites oad ad epatmnt taf.
Santa Ana Canyon service area and required. Developers are reimbursed Even with the July 1 rate increase, to provide a backup supply for the through a surcharge on water bills of Anaheim's water rates remained Lenain Filtration Plant below Walnut customers served by the high elevation among the lowest in Orange County.
Canyon Reservoir. The 30 cfs facilities. Once installed, facilities Increases in water charges from 1971 of capacity in the Diemer Intertie become the property of the to July 1, 1978 have been limited to translates into about 13,500 gallons water system.
4
The Hidden Canyon project Water Quality. Constant surveillance The Future. In the next five years, consists of a two million gallon is provided to protect Anaheim water the water system plans to invest buried concrete reservoir and pumps sources against contamination. More approximately $11 million in new facil designed to lift water 220 feet to than 3,500 physical, biological and ities. Included are capital improvements the one million gallon Eastridge radiological examinations and analyses to the water supply and distribution Reservoir and another 200 feet above of the Anaheim water supply were systems. Preliminary engineering and Eastridge Reservoir into a closed completed during the year. In addition site selection studies were completed system serving homes along to samplings and tests, which are and design work was initiated on a the ridgeline.
conducted by the Department's own two million gallon reservoir at Lenain Coninatin f te ate minWater Quality Section, MWD, the Filtration Plant.
Continuation of the water main Oag onyWtrDsrc n
h replacement/relining program under Orange County Hath Deprtmnt The Department, through its ongoing Housing and Urban Development manti rous salin antest conservation program, will continue to Community Block Grant Funding programs oiorted and roun seek additional ways to eliminate resulted in replacement/relining of wrores.
wasteful uses of water. Future in more than 10,000 feet of main during creases in water demand will be met the year for a total of 5.1 miles since by purchasing additional MWD sup the start of the program in 1977.
plies and constructing new wells.
Th e 19 C9s tetr Dollalr Source of Revenue:
62i Residential water sales wae 29suc Commercial and Industrial water sales 2t Municipal water sales 1
r o
Irrigation water salesa ls 2
t Other water sales 4c Other ti Distribution of Revenue:
43W Water supply 37r Operation and maintenance 5O Transfer to city general fund 2ws Debt service 13th Available for additions and replacements to the system a
ditibto 55
Water Statistics 1978-79 1977-78 1976-77 1975-76 1974-75 1973-74 USE OF WATER Anaheim Population Served...
208,500 204,800 200,100 196,400 191,800 187,400 Population Served Outside City 7,600 7,000 6,000 5,600 5,700 6,800 Total Population Served 216,100 211,800 206,100 202,000 197,500 194,200 Services at Year End...........
49,253 48,493 47,495 45,709 43,403 42,397 Total Water Sales, billion gallons 16.1 14.1 15.8 17.0 14.5 13.8 Average Daily Sales Per Capita, gallons.....................
204 182 210 230 201 195 GROWTH OF SYSTEM Utility Plant (less accumulated provision for depreciation)*.. $45,590,000
$43,145,000
$41,123,000
$39,424,000
$20,293,000
$19,267,000 Active Wells..............
.35 35 35 36 35 35 Reservoirs...................
7 7
6 6
6 6
Untreated Water Storage, million gallons................
920 920 920 920 920 920 Treated Water Storage, million gallons.............
73 73 72 72 72 72 Distribution Lines, miles......
620 607 605 580 559 547 Fire Hydrants...............
5,600 5,354 5,306 5,288 5,147 4,983 WATER SUPPLY Capacity From Metropolitan Water District of Southern California Connections, GPM..................
43,875 43,875 43,875 43,875 43,875 43,875 From Water System Wells, GPM (annual average)...
38,406 34,621 35,839 37,533 38,269 37,720 Filtration Plant Capacity, GPM..................
10,417 10,417 10,417 10,417 10,417 10,417 Total Supply Capacity, GPM..................
92,698 88,913 90,131 91,825 92,561 92,012 Maximum Daily Distribution, million gallons............
79.9 77.3 77.0 77.0 75.2 72.0 Average Daily Distribution, million gallons............
49.1 44.0 47.6 48.9 43.6 37.5
- During the year ended June 30, 1977, the City obtained an historical cost appraisal of its property, plant and equip ment from a professional appraisal firm, Marshall and Stevens, Inc., which included a physical inventory of assets and a determination of their estimated remaining useful lives. Accordingly, Utility Plant (less accumulated provision for depreciation) reflects adjustments at June 30, 1977 and 1976 and in subsequent years resulting from that appraisal.
6
Water Sales Comparison Commercial All and Classes Residential Industrial Irrigation Municipal Other Combined Revenue from sales of water:
Year ending June 30 1979.....................
$ 4,737,000
$2,207,000
$105,000
$168,000
$172,000
$ 7,389,000 1978.....................
3,777,000 1,863,000 71,000 102,000 166,000 5,979,000 Increase..........
960,000
$ 344,000
$ 34,000
$66,000 6,000
$ 1,410,000 Percent increase..........
25.4 18.5 47.9 64.7 3.6 23.6 Units of 100 cubic feet sold:
Year ending June 30 1979.....................
12,931,949 7,310,694 428,816 593,219 288,226 21,552,904 1978......
11,320,290 6,338,224 362,076 543,007 297,436 18,861,033 Increase (decrease) 1,611,659 972,470 66,740 50,212 (9,210) 2,691,871 Percent increase (decrease) 14.2 15.3 18.4 9.2 (3.1) 14.3 Average billing price per 100 cubic feet:
Year ending June 30 1979.....................
.3663
.3019
.2449
.2832
.5968
.3428 1978
.3336
.2939
.1961
.1878
.5581
.3170 Increase..................
.0327
.0080
.0488
.0954
.0387
.0258 Percent increase..........
9.8 2.7 24.9 50.8 6.9 8.1 Average number of customers:
Year ending June 30 1979...................
42,469 4,454 83 407 1,038 48,451 1978.................
41,500 4,277 93 392 1,595 47,857 Increase (decrease)........
969 177 (10) 15 (557) 594 Percent increase (decrease) 2.3 4.1 (10.8) 3.8 (34.9) 1.2 Average annual use per customer in units of 100 cubic feet:
Year ending June 30 1979..........
305 1,641 5,166 1978.....................
273 1,482 3,893 Increase 32 159 1,273 Percent increase 11.7 10.7 32.7 7
T he 1978-79 Electric Year The fiscal year 1978-79 marked the primarily was the result of higher to shift operation of their pooi motors 84th year that the municipally-owned purchased power costs.
to off peak hours. As of June 30, and operated electric system has 1979, more than 1400 customers rep served the light and power needs of Energy Conservation. During the resenting a load of more than 2,500 Anaheim. The system has grown six-years that have elapsed since the kilowatts were participating in the from 498 lights in 1895 to the third OPEC Oil Embargo, industry and voluntary program.
largest publicly-owned electric system large commercial customers -
Power Supply. The system purchased in California which in 1978-79 sold 1.7 those with the largest bills -
generally a total of 1,834,202,304 kilowatt billion kilowatt hours to over 80,000 have made the greatest strides in hours of electricity for delivery to customers. The system has been reducing electric energy consumption.
customers throughout Anaheim in fundamentally a subtransmission and Through printed materials mailed with 1978 a 6.5 percent increase distribution system, although the Department generated allof tso utility billings, the Department con-over the prior fiscal year. About 82 powerfm 1895rto9 and art of tinued to promote consumer aware-percent, or 1,501,098,304 kilowatt its own power from 1927 to 1930.
ness of the need for conservation hours were purchased from Southern its wn pwer rom1927to 130.
measures and effective steps which California Edison Company. The In 1916 the City entered into an In 916th Ciy eteed ntoancan be taken by individual customers remaining 18 percent, 333,104,000 agreement to purchase electricity at ageeet o uchseeecriiy t
to reduce their electric use.
kilowatt hours, was purchased from wholesale rates from the Southern Nevada Power Company under a California Edison Company rather than The department emphasized its com-four r
generate its own power and has mitment to effective conservation On e1 9om ined custmer continued to purchase the bulk of its programs with the establishment of the ele reqireent created asne power from Edison through fiscal year Conservation Services Division.
system peakidemand of 39560 1978-79.sytmpadeado39,0 197879.During the year, the electric system kilowatts, up 48,000 kilowatts from The cost of electricity purchased by the converted 537 City incandescent street the 1977-78 peak, an increase of Department for delivery to Anaheim light units to more efficient energy 13.8 percent.
electric consumers increased 14.4 saving units for an estimated savings Generation. The electric system is percent in 1978-79. The soaring price of 50,000 kilowatt hours annually. A continuing its efforts toward of fuel oil continued as the primary new policy was developed and adopted participation in large jointly owned cause of higher wholesale power bills.
to require more efficient high pressure coal and nuclear fueled electric In order to ease the impact of contin-sodium street lights for all new instal-generating plants with other utilities.
ually rising power costs, the Depart ment continued its efforts to obtain practical.
The first major resource which is electricity from alternate sourcesavailable will be etincuity fomn palternato source Load Management. California' s a 36,500 kilowatt share of San Onofre including joint participation potential statewide capacity Nuclear Generating Station projects. The Department anticipates deficiencies of the past summer (SONGS), Units 2 and 3. SONGS acquiring an ownership in Santicipae focused attention on the need for Units 2 and 3, consists of two Nuclear Generating Station Units n additional generating capacity as well 1,100,000 kilowatt generating units Nuar Geinera980ting StatojUnts 2 as the need to reduce peak electric now under construction on an 84-acre and 3 in 1979-80. Other projects demand.
site approximately three miles south being looked at which should provideofSnCenealoriad cost-savings compared to continued The Department is setting an example within th e
aiorps ase purchase from the Edison Company, through its ongoing peak shaving at Cam Pdt.
Full Commercial include the Intermountain Power program involving removal of water ationm o ntsnd 3uis ched Project, the White Pine Project, and pumps from service during afternoon uped o Oct 1
and January, the California Coal Project.
peaks and electric system voltage 1983 repctively R. Wn Band The Department also for the first time cnrol. M r han 3 k
ats Associates, consulting engineers, in a took part in formal evidentiary hearings during 1978-79 representing power per supy cstile
$22 million following application to the Public supply cost savings of more than loer the1y priod fro Utilities Board for a general retail rate increase. The hearings complied 1981 to 1990 with an ownership with provisions of the federal Public The Department implemented an interest in San Onofre compared to Utility Regulatory Policies Act of 1978 incentive program to encourage cus-purchasing Anaheim's entire power (PURPA). The retail rate increase tomers with swimming pools and spas supply from Edison.
8
The feasibility study was completed The electric system studied other Yorba Substation, the electric sys for the proposed Intermountain Power projects during the year including ter's eastern most 69,000/12,000 volt Project (IPP), a 3,000,000 kilowatt the Palo Verde Nuclear Generation distribution substation serving com Utah coal-fueled electric generating Station, Units 4 and 5; the White mercial, industrial and residential plant. The United States Bureau Pine (Coal) Project, near Ely, loads in the rapidly developing Santa of Land Management was close to Nevada; the California Coal Ana Canyon, was expanded to design issuing the Draft Environmental Impact Project; Cholla Power Plant, Unit 3, capacity with the addition of a Statement (EIS) at the end of the of Arizona Public Service Company; 30,000/40,000 kva transformer and fiscal year. The Final EIS was expected San Juan Power Plant, Unit 4, of equipment for 5 new circuits.
to be issued in November with a Public Service Company of New An Environmental Impact Report was decision by the Secretary of the Mexico; and the Balsam Meadow certified by the City Council and land Interior of the United States expected Hydroelectric Project.
purchased for construction of a new sometime around the end of 1979.
69,000/12,000 volt distribution sub It is contemplated that the Inter-added 25 circuit miles of 12,000 volt sidnti and comercal gr mountain Power Agency (IPA), a distribution lines during the fiscal teill and conmara aboth political subdivision of the State of year of which 24 miles were installed SantaiAnaaRiver.yMeanwhileoaecon Utah created for the express purpose underground. Over 40,000 kilovolt ta wa le or con of constructing and financing the amperes (kva) of distribution apoiately 7.5 circtile of project, will issue tax exempt transformer capacity was added and 69,000 volt transmission line to supply revenue bonds to finance construction 258 new street lights were installed, of the project. The bonds will be secured by long-term contracts with to be placed in service by summer each participant in the project.
of 1982.
Anaheim currently has a 10.2 percent share in the Membership and Study Agreement.
The 19e78-79 Electric Dollar ote Source of Revenue:
y i
n 27t Residential kwh sales 25P Commercial kwh sales 440 Industrial kwh sales 2
10 Street lighting kwh sales 1
1NC Other kwh sales 2, OtherG Distribution of Revenue:
82P Purchased power supply 8o i
Operation and maintenanceCo2a 5S Transfer to city general fund o
2Pl Debt service oN 3Mc Available for additions and replacements to the system aded2 crci mle f 2,0 vl
Electric Statistics 1978-79 1977-78 1976-77 1975-76 1974-75 1973-74 PURCHASED POWER SUPPLY Southern California Edison Company 1,501,098,304 1,472,686,902 1,305,991,471 1,541,609,451 1,513,209,643 1,430,925,598 Nevada Power Company..........
333,104,000 250,049,000 355,347,000 41,651,000 System Total................
1,834,202,304 1,722,735,902 1,661,338,471 1,583,260,451 1,513,209,643 1,430,925,598 System peak demand, Kilowatts.....
395,600 347,600 328,000 330,400 304,500 285,900 ELECTRIC USE Average number of customers Residential......................
70,386 68,380 66,957 63,772 61,707 56,016 Commercial 9,029 8,457 8,002 7,347 7,008 6,351 Industrial 438 407 383 365 370 353 O ther 185 195 197 200 185 143 Total -
all classes..........
80,038 77,439 75,539 71,684 69,270 62,863 Residential KWH sales.............
422,803,010 388,637,804 376,795,404 355,796,136 343,913,281 308,253,228 Commercial KWH sales............
378,858,412 357,013,516 337,510,168 306,531,296 283,046,178 253,495,326 Industrial KWH sales..............
893,693,660 846,012,531 827,016,260 813,658,320 793,242,236 727,136,954 All other KWH sales..............
31,399,789 29,268,877 32,847,677 33,592,052 32,196,694 30,567,700 Total Kilowatt Hour sales...
1,726,754,871 1,620,932,728 1,574,169,509 1,509,577,804 1,452,398,389 1,319,453,208 Average Annual Kilowatt Hours per Residential Customer............
6,007 5,684 5,627 5,579 5,573 5,503 GROWTH OF SYSTEM Utility Plant (less accumulated provision for depreciation)*
37,102,000 32,711,000 33,428,000 29,557,000 34,397,000 28,276,000 Transmission -
69 Kv Circuit Miles 44 44 44 44 40 37 Distribution Overhead Circuit Miles..........
871 870 869 863 861 855 Underground Circuit Miles.......
272 248 210 182 157 131 Transformer Capacity 220 Kv to 69 Kv................
840,000 840,000 840,000 840,000 840,000 69 Kv to 12 Kv................
492,000 457,000 417,000 417,000 417,000 417,000 12 Kv to Customer............
687,000 647,000 607,000 565,000 546,000 514,000
- During the year ended June 30, 1977, the City obtained an historical cost appraisal of its property, plant and equip ment from a professional appraisal firm, Marshall and Stevens, Inc., which included a physical inventory of assets and a determination of their estimated remaining useful lives. Accordingly, Utility Plant (less accumulated provision for depreciation) reflects adjustments at June 30, 1977 and 1976 and in subsequent years resulting from that appraisal.
During the year ended June 30, 1979, the City elected to record its unamortized project costs as an other asset rather than utility plant. Accordingly, Utility Plant reflects this adjustment at June 30, 1978 and in subsequent years.
10
Public Utilities Department Water and Electric System Map Orangethorpe Avenue La Palma Avenue Avenue Orange Avenue Ld-4 1
y.t J
Ball Road t
at-olI ee ooe Avegend Orangewood xsig6900vl rnsiso ie Avenue Proposed 69,000 volt Transmission Lines Chavn 0
Existing Distribution Substation Avenue AE Proposed Substation aSouthern California Edison t220,000 volt Transmission Lines a~ ~v,~
uSO Southern California Edison Facilities
- Active Water Well A
M Connection to MWD Supply System Reservoir Pumping Station nTransmission Mains (above 14 inches) 12 13
Pu blic Utilities Department Finances Electric Sales Comparison As of July 1, 1978, the City elected above the prior fiscal year. Sales of Investments in construction of hidhAll to report its Water and Electric 16.1 billion gallons in 1978-79 were new electric system facilities totaled highwyls Utility funds under California Public 2 billion gallons over 1977-78 sales.
$5,665,000 for fiscal 197879R Utilities Commission (PUC) and Revenues froi sales of FederalNet income of the Water Utility Fund Bonds outstanding at the year end sionF(FEr) indutry Coni increased to $1,197,000 from the totaled $1,285,000 in the Water Utility electricity:.
guidelines, resty accoranc 1977-78 loss of $156,000. This was Fund and $18,100,000 in the Electric Year endingcuordnce 30 with the guidelines, depreciationron due primarily to the increase in Utility Fund. Maturing principal on1979 assets acquired from contributions n operating revenue, resulting from higher payments on bonds of $120,000 and 1978
,9,000 16,471,000 29,178,000 642,000 aidet ofcontuidfo isntrefletedni water rates adopted July 1, 1978 and
$3,800,000 respectively, were paid Increase
.. $ 2,11.8,000 1,639,000 2,913,000 52,000 8,0
,0,0 aida change in the method in accounting from the water and electric funds.construction1is1not0reflected in net income but rather is transferred for depreciation on contributions.
P Klw t hours old:
directly to the related contributions Total assets of the Public Utilities account. For the year ended June 30, During the year, a total of $3,323,000 Department at June 30, 1979 were Year ending June 30 1979, certain other account classi-was invested in water system capital approximately $110 million -
r1979.......
422,803,010 378,858,412 893,693,660 17,088,408 1,1,8
,2,5,7 fications have been changed to reflect construction.
$49,948,000 assigned to the water 1978 388,637,804 357,013,516 846,012,531 16,312,022 recommendations set forth in PUC ElectricUtilityFundoperating fund and $60,142,000to theelectric Increase.
34,165,206 21,844,896 47,681,129 776,386 and FERC guidelines. For comparative th FR geirs year theaatv revenues totaled $71,173,000, $6.3 fund.4.
purposes, the prior year on thePer cent increase 8.8 6.1 5.6 following financial statements has been m
illion bv io fiscal yere The Public Utilities Department pays Average billing price per reclassified to conform to the 1978-79 1.7 illion KWH in 1978-7 wee all costs of operation and debt service kilowatt hour:
presentation.
CloKn9one s
and part of the cost of capital Year ending June30 Conformance with PUC and FERC Net income of the Electric Utility
.improvements from current revenues.
1979
.0459
.0478
.0359
.0406
$.07
$.41 accontin guielins prvide the Fund decreased to $4,799,000 from the The remainder of the cost of water and198........04.46.35.34 accounting elines respte 1977-78 figure of $6,656,000. This electric system capital improvements 1978
.04
.01
.034
.0359 water and electristre was due primarily to increased power is met through the sale of revenue electrcncrease s
m
.1 e.7 p.1
$e.0 with a good basis for industry comparability. Such comparability supply costs.
bonds and from contributions in aid of construction.
Average number of more vividly demonstrates the Purchased power costs increased customers:
advantages of the City owning and
$7,451,000 to $59,198,000 in 1978-79 In addition to meeting all costs of Year ending June 30 operating the water and electric systems for 1.8 billion kilowatt hours. While operation from current revenues, and perhaps will enhance water and the cost of purchased power was up including payment to the City for electric revenue bond ratings.
14.4%, the 111.5 million additional services rendered by the various muni-1978 68,380 8,457 407 101 Operating revenues for the water and kilowatt hours purchised represented cipal departments, the Public Utilities Increase (decrease)...
2,006 572 31 (3)(72,9 electric utility funds totaled $78.7 only a 6.5% increase over 1977-78.
Department paid $4,008,000 into Per cent increase million, an increase of $7.9 million Higher fuel oil costs incurred by the the General Fund of the City in support (decrease) 2.9 6.8 7.6 (3.0)(7434 over the prior fiscal year.
electric system's primary electric of general City government -
Average annual use per supplier and passed on to the electric
$3,624,000 from Electric Utility customer in kilowatt Water Utility Fund operating revenues system was the principal cause of Fund and $384,000 from the Water hours:
totaled $7,493,000, $1.5 million the increased purchased power bills.
Utility Fund.
Year ending June 30 1979
..i.n..
6,007 41,960 2,040,396 1978
.oss 5,684 42,215 2,078,655 Increase (decrease) 323 (255)
(38,259)
Per cent increase (decrease) depecio 5.7 (0.6)
(1.8) 14 1
City of Anaheim Water Utility Fund Balance Sheet June 30, 1979 1978 ASSETS (In thousands)
Utility plant:
Land..
$ 1,423
$ 1,423 Source of water supply 3,950 3,808 Pumping 1,479 1,474 Transmission and distribution 48,167 46,509 General.........
488 488 Construction work in progress 1,667 184 57,174 53,886 Less -
accumulated depreciation.
11,584 10,741 45,590 43,145 Restricted cash and investments (Note 3) 981 770 Current assets:
Cash and investm ents 1,762 1,221 Customer and other accounts receivable, less allowance for doubtful accounts of $21,000 in 1979 and $26,000 in 1978 1,155 792 Materials and supplies, at average cost 236 247 Purchased water in storage 221 195 Prepayments.....
3 75 3,377 2,530 Total assets......
$49,948
$46,445 EQUITY, LIABILITIES AND OTHER CREDITS Equity:
Fund balance transferred
$19,280
$19,280 Retained deficit....
(4,661)
(5,474)
Total equity.
14,619 13,806 Revenue bonds, less current portion (Note 3) 1,155 1,285 Total capitalization 15,774 15,091 Current liabilities (payable from restricted assets):
Current portion of revenue bonds 130 120 Accrued interest on bonds 31 34 161 154 Current liabilities (payable from current assets):
Accounts payable and accrued expenses 1,669 670 Customer deposits..........
577 902 2,246 1,572 Total current liabilities 2,407 1,726 Advances for construction 90 Contributions in aid of construction (Note 2) 31,677 29,628 Total equity, liabilities and other credits
$49,948
$46,445 See accompanying Notes to Financial Statements 15
City of Anaheim Water Utility Fund Statement of Income Year ended June 30, 1979 1978 (In thousands)
Operating revenues:
Sales of water (Note 4)
$ 7,389
$ 5,979 Other operating revenues 104 5
Total operating revenues......
7,493 5,984 Operating expenses:
Cost of water............
3,294 2,572 Other operations (Note 5) 1,683 1,661 M aintenance 1,185 1,049 Depreciation (Note 2)
Assets acquired by own funds 292 317 Assets acquired from contributions.
602 Total operating expenses...
6,454 6,201 Operating income (loss).....
1,039 (217)
Other income (expense):
Interest income 221 129 Interest expense (63)
(68) 158 61 Net income (loss) (Note 2).
1,197 (156)
Add: Depreciation on contributions (included in depreciation above) 602 Net income transferred to retained deficit
$ 1,197 446 Pro forma net income assuming new method of accounting for depreciation on contributions is applied retroactively (Note 2)
$ 1,197 446 Statement of Changes in Retained Deficit Balance at beginning of year..
($ 5,474)
($ 5,390)
Net income transferred to retained deficit 1,197 446 (4,277)
(4,944)
Transfer to the general fund of the City (384)
(530)
Balance at end of year
($ 4,661)
($ 5,474)
See accompanying Notes to Financial Statements 16
City of Anaheim Water Utility Fund Statement of Changes in Financial Position Year ended June 30, 1979 1978 (In thousands)
Financial resources were provided by:
Operations Net income (loss)
$1,197
($ 156)
Charges to income not involving working capital Provision for depreciation on assets acquired from contributions 602 1,197 446 Provision for depreciation on assets acquired by own funds....
292 317 Resources provided by operations 1,489 763 Contributions in aid of construction 2,643 3,099 Advances for construction......................................................
90 Disposal of plant and equipment.
187 Decrease in restricted cash and investments.
5 4,222 4,054 Financial resources were used for:
Expenditures for plant and equipment 3,323 3,129 Revenue bonds becoming current 130 120 Transfer to the general fund of the City..........................................
384 530 Increase in restricted cash and investments.......................................211 Other
.8 3
4,056 3,782 Increase in working capital
$ 166
$ 272 Increase (decrease) in components of working capital:
Cash and investments
.....I..............
$ 541
($ 711)
Customer and other accounts receivable......................
363 364 M aterials and supplies......
.......................(11) 23 Purchased water in storage.........................................
26 Prepaym ents (72) 4 Net change in current assets........
847 (320)
Current portion of revenue bonds.........................(10)
(5)
Accrued interest on bonds 3
3 Accounts payable and accrued expenses, (999) 162 Custom er deposits 325 432 Net change in current liabilities..........................
(681) 592 Increase in working capital.............................
$ 166
$ 272 See accompanying Notes to Financial Statements 17
City of Anaheim Water Utility Fund Notes to Financial Statements NOTE 1 -
Summary of Significant Accounting Policies:
tunctions with the Electric Utility. Generally, the cost of Basis of accounting these functions is allocated on the basis of benefits The Water Utility Fund was established June 30, provided to the Water and Electric Utilities.
1971, at which time the portion of the City of Anaheim's Debt expenses General Fund equity relating to water utility Debt premiums, discount and issue expenses are operations was transferred to Water Utility equity. The deferred and amortized to income over the lives of the financial statements of the Water Utility are presented in related bond issues.
conformity with generally accepted accounting principles Pension plan and accounting principles and methods prescribed by the All full-time City employees are members of the State California Public Utilities Commission (PUC). The of California Public Employee's Retirement System.
Water Utility is not subject to the regulations of such The City's policy is to fund all pension cost accrued; such commission.
costs to be funded are determined annually as of Utility plant and depreciation July I by the System's actuary. Unfunded prior service The cost of additions to utility plant and of cost is being funded over 25 years ending June 30, 2000.
replacements of retirement units of property is capitalized.
Vacation and sick leave Utility plant is recorded at cost, or in the case of The City does not accrue accumulated vacation contibued lant atfai vale a th dat oftheor sick leave, but rather expenses these costs as paid. It contributed plant, at fair value at the date of theisteplcofheCytoayllcrudvain contribution, except that assets acquired prior to July 1, 1977, are recorded at appraised historical cost. Cost pay when an employee retires or is terminated and includes labor; materials; allocated indirect charges such as reires Ate acc uulate unedvon engineering, supervision, construction and transportation andrs Ave id ntecd anomal yers equipment, retirement plan contributions and other acmlaion.
fringe benefits; and certain administrative and general expenses. The cost of relatively minor replacements Transfers to the general fund of the City is included in maintenance expense. When assets are retiredvote of the electorate effective December 27, 1976 to (or deficiency) of sales proceeds over (or neexce provide that transfers to the General Fund of the City in book value at the date of sale is recorded ne fiscal year 1977-78 shall be equal to, or less than 8% of bookuvaluate drcatiofnaeisrcrddi the gross revenue earned in the fiscal year 1976-77, this accumulated depreciation.
percentage was reduced to 6% in fiscal year 1978-79 for Depreciation of utility plant is provided by the gross revenue of 1977-78, and to 4% in fiscal year straight line method based on the estimated service lives 1979-80 and succeeding years. Such transfers are not in of the properties:
lieu of taxes and are recorded as distributions of retained Transmission and distribution earnings.
plant....
. - 20 to 75 years NOTE 2 -
Accounting and Classification Changes:
Other plant and equipment....
3 to 50 years As of July 1,1978, the City elected to report its Water Depreciation on contributed assets is charged directly Utility under PUC industry accounting guidelines. In to contributions in aid of construction, accordance with the guidelines, depreciation on assets tacquired from contributions in aid of construction is not Cash and investments The itypool ide csh fom ll undsforthereflected in net income but rather is charged directly to The City pools idle cash from all funds for the purpose of increasing income through investment activities.
contributions in aid of construction. The effect of Invetmets re crrid a cos, wichapprximtesthis change in the method of accounting for depreciation Investments are carried at cost, which approximates markt vlue Ineret icom on nvetmets s alocted was to increase Water Utility net income for the year ended market value. Interest income on investments is allocated Jn 0
99b 6600 o h ereddJn to the various funds of the City on the basis of average Jn 0 99b 6600 o h ereddJn to te vriou fuds f th Ciy onthebass ofaveage30, 1978, the net loss of the Water Utility was $156,000.
daily cash and investment balances.
Had this method of accounting been followed for Revenue recognition the year ended June 30, 1978, net income of the Water Revenues are recognized as billed to customers.
Utility would have been $446,000. As a result of this Billings are on a cyclical basis and the Water Utility does change there was no cumulative effect on the retained not accrue revenues for water sold but not billed at the deficit of the Water Utility as of July 1, 1978.
end of a fiscal period. Residential and the smaller For the year ended June 30, 1979, certain other commercial accounts are billed on a bimonthly basis; all account classifications have been changed to reflect others are billed monthly.
recommendations set forth in the PUC guidelines. For Shared operating expenses comparative purposes, prior year balances have been The Water Utility shares certain administrative reclassified to confori to the 1978-79 presentation.
18
Water Utility Fund Notes to Financial Statements (Cont.)
NOTE 3-Revenue Bonds June 30, The Water Utility is indebted under one revenue bond issue as follows:
1979 1978 Water Revenue Series 1971 Bonds, 4.9861%, Issued July 1, 1971 in the amount of $2,000,000 maturing serially to 1987 in annual principal installments of $115,000 to $195,000, total debt service of $1,559,542 to m aturity..................
$1,285,000
$1,405,000 Less current portion.................................
130,000 120,000
$1,155,000
$1,285,000 In accordance with the 1971 revenue bond resolution, a reserve for maximum annual debt service has been established and a reserve for renewal and replacement equal to a maximum of 1% of the net book value of the utility plant is to be accumulated and maintained. Restricted cash and investments includes reserved amounts, as well as undisbursed bond proceeds, as follows:
Held by fiscal agent:
Maximum annual debt service reserve..........................$
200,000
$ 200,000 Bond service account 146,000 154,000 Other:
Renewal and replacement reserve...........
562,000 337,000 Restricted bond proceeds....
73,000 79000
$ 981,000
$ 770,000 NOTE 4 -
Sales of Water the Water Utility for alleged damages to persons and The Water Utility's Rates, Rules and Regulations property and for other alleged liabilities arising out of include a water commodity adjustment formula by which matters usually incident to the operations of a utility billings to customers are subject to adjustment, up business such as that of the Water Utility. In the or down, to reflect variations in the cost of wholesale opinion of management, the uninsured liability under water to the Water Utility.
these claims and suits would not materially affect the NOTE5 -
pertingExpesesfinancial position of the Water Utility as of June 30, 1979.
NOTE 5 -
Operating Expenses Operating expenses shared with the Electric Report of Independent Accountants Utility amounted to $3,823,000 and $2,662,000 for the To The Honorable City Council years ended June 30, 1979 and June 30, 1978, City of Anaheim, California respectively, of which $1,270,000 and $1,038,000 was We have examined the balance sheet of the Water allocated to the Water Utility.
Utility Fund of the City of Anaheim as of June 30, 1979 NOTEand 1978, and the related statements of income, changes NOTE PesionPlanin retained deficit and of changes in financial position The Water Utility has a contributory pension plan for the years then ended. Our examinations were made for the full-time employees under the State of California in accordance with generally accepted auditing standards Public Employee's Retirement System. The Water and accordingly included such tests of the accounting Utility's cost of benefits funded for 1979 and 1978 were records and such other auditing procedures as we approximately $154,000 and $98,000, respectively.
considered necessary in the circumstances.
Information as to the actuarially computed value of vested benefits over the related pension fund assets is a
s efuldee in Nte 2to f
not available.
accounting for depreciation on contributions was NOTE 7 -
Self-Insurance Programs:
changed.
Effective September 1, 1974, the Water Utility In our opinion, the financial statements examined became part of a City of Anaheim-adopted self-insured by us present fairly the financial position of the Water workers' compensation program which is administered Utility Fund of the City of Anaheim at June 30, 1979 and by a service agent. Effective July 1, 1977, the City 1978, and the results of its operations and the changes (including the Water Utility) became self-insured for in its financial position for the years then ended, in the first $500,000 on each general liability claim.
conformity with generally accepted accounting principles Costs relating to the litigation of claims are charged to consistently applied during the period except for the expenditures as incurred.
change, with which we concur, referred to in the preceding paragraph.
NOTE 8 -
Commitments and Contingencies:
The Water Utility's budget for the fiscal year 1979-80 provides for capital expenditures of approximately
$6,360,000 and substantial commitments have been November 16, 1979 made in connection therewith.
Newport Beach, California A number of claims and suits are pending against 19
City of Anaheim Electric Utility Fund Balance Sheet June 30, 1979 1978 (In thousands)
ASSETS Utility plant:
Transmission
$11,058
$11,039 D istribution 37,231 32,183 G eneral 1,708 1,670 Construction work in progress 1,890 1,452 51,887 46,344 Less -
accumulated depreciation 14,785 13,633 37,102 32,711 Restricted cash and investments (Note 3) 4,724 4,521 Current assets:
Cash and investments 7,894 4,121 Customer and other accounts receivable, less allowance for doubtful accounts of
$180,000 in 1979 and $160,000 in 1978 4,425 4,728 Accrued interest receivable 186 Materials and supplies, at average cost 870 1,479 Prepayments (Note 6) 2,457 3,885 15,832 14,213 Other assets:
Prepaid electric power (Note 6) 4,838 Unamortized project costs (Note 5) 2,427 2,851 Unamortized debt expenses 57 68 2,484 7,757 Total assets
$60,142
$59,202 EQUITY, LIABILITIES AND OTHER CREDITS Equity:
Fund balance transferred.
$14,629
$14,629 Retained earnings 14,845 13,670 Total equity 29,474 28,299 Revenue bonds, less current portion (Note 3) 14,100 18,100 Total capitalization 43,574 46,399 Current liabilities (payable from restricted assets):
Current portion of revenue bonds 300 579 Accrued interest on bonds 248 273 548 852 Current liabilities (payable from current assets):
Current portion of revenue bonds 3,700 3,221 Accounts payable and accrued expenses 10,330 8,290 Customer deposits 392 386 14,422 11,897 Total current liabilities 14,970 12,749 Contributions in aid of construction 1,598 54 Total equity, liabilities and other credits..
$60,142
$59,202 See accompanying Notes to Financial Statements 20
City of Anaheim Electric Utility Fund Statement of Income Year ended June 30, 1979 1978 (In thousands)
Operating revenues:
Sales of electric energy (Note 7)
$70,842
$64,038 Other operating revenues 331 815 Total operating revenues 71,173 64,853 Operating expenses:
Cost of purchased power
.59,198 51,747 Other operations 3,657 2,981 Maintenance 2,036 1,677 Depreciation..
1,358 1,395 Amortization of project costs (Note 5) 302 118 Total operating expenses.
66,551 57,918 Operating income
- 4.
.... 4,622 6,935 Other income (expense):
Interest income 869 446 Interest expense, including amortization of debt expenses (692)
(725) 177 (279)
Net income
$ 4,799
$ 6,656 Statement of Changes in Retained Earnings Balance at beginning of year
$13,670
$ 9,582 Net income for the year...........
4,799 6,656 18,469 16,238 Transfer to the general fund of the City I
(3,624)
(2,568)
Balance at end of year....
$14,845
$13,670 See accompanying Notes to Financial Statements 21
City of Anaheim Electric Utility Fund Statement of Changes in Financial Position Year ended June 30, 1979 1978 (In thousands)
Financial resources were provided by:
Operations Net income
$ 4,799
$ 6,656 Charges to income not involving working capital Provision for depreciation 1,358 1,395 Amortization of project costs 302 118 Amortization of debt expenses.
I
_1_11 Resources provided by operations 6,470 8,180 Decrease in prepaid electric power.
4,838 4,412 Contributions in aid of construction 1,544 Decrease in unamortized project costs 122 Disposal of plant and equipment 496 Decrease in restricted cash and investments.
41 12,974 13,129 Financial resources were used for:
Expenditures for plant and equipment 5,665 4,143 Revenue bonds becoming current 4,000 3,800 Transfer to the general fund of the City 3,624 2,568 Increase in restricted cash and investments 203 Other..................................
84 13,576 10,511 Increase (decrease) in working capital
($
602)
$ 2,618 Increase (decrease) in components of working capital:
Cash and investments........
$ 3,773
$ (116)
Customer and other accounts receivable (303) 1,538 Accrued interest receivable 186 Materials and supplies (609) 299 Prepayments (1,428) 619 Net change in current assets 1,619 2,340 Current portion of revenue bonds (200)
(200)
Accrued interest on bonds 25 21 Accounts payable and accrued expenses (2,040) 529 Customer deposits (6)
(72)
Net change in current liabilities (2,221) 278 Increase (decrease) in working capital
($
602)
$ 2,618 See accompanying Notes to Financial Statements 22
City of Anaheim Electric Utility Fund Notes to Financial Statements Note 1 -
Summary of Significant Accounting Policies:
Shared operating expenses Basis of accounting The Electric Utility shares certain administrative The Electric Utility Fund was established June 30, functions with the Water Utility. Generally, the cost of 1971, at which time the portion of the City of Anaheim's these functions is allocated on the basis of benefits provided General Fund equity relating to electric utility to the Electric and Water Utilities.
operation was transferred to Electric Utility equity.
Debt expenses The financial statements of the Electric Utility are Debt premiums, discount and issue expenses are presented in conformity with generally accepted accounting principles and accounting principles and defered and izede methods prescribed by the Federal Energy Regulatory Commission (FERC). The Electric Utility is not Pension plan subject to the regulations of such commission.
All full-time City employees are members of the Utility plant and depreciation State of California Public Employee's Retirement System.
The cost of additions to utility plant and of The City's policy is to fund all pension cost accrued; replacements of retirement units of property is capitalized.
such costs to be funded are determined annually as of July Utility plant is recorded at cost, or in the case of I by the System's actuary. Unfunded prior service cost contributed plant, at fair value at the date of the is being funded over 25 years ending June 30, 2000.
contribution, except that assets acquired prior to July 1, Vacation and sick leave 1977, are recorded at appraised historical cost. Cost includes labor; materials; allocated indirect charges such as The Cit doe not accr e c ute acati or engineering, supervision, construction and transportation equipment, retirement plan contributions and other fringe policy of the City to pay all accrued vacation pay benefits, and; certain administrative and general expenses.
when an employee retires or is terminated, and one-fourth The cost of relatively minor replacements is included in of the accrued sick leave when an employee retires. At maintenance expense. When assets are retired the June 30, 1979, accumulated unused vacation and remaining net book value or any excess (or deficiency) of sick leave did not exceed a normal year's accumulation.
sales proceeds over (or under) net book value at the Transfers to the general fund of the City date of sale is recorded in accumulated depreciation.
Depreciation of utility plant is provided by the vote of the electorate effective December 27, 1976 to straight line method based on the estimated service lives provide that transfers to the General Fund of the of the properties:
City in fiscal year 1977-78 shall be equal to, or less than Transmission and distribution 8% of the gross revenue earned in fiscal year plant1976-77.
This percentage was reduced to 6% in fiscal Other plant and equipment....
3 to 50 years year 1978-79 for gross revenue of 1977-78, and to Othe plnt ad euipmnt to 0 yars4%
in fiscal year 1979-80 and succeeding years. Such Depreciation on contributed assets is charged transfers are not in lieu of taxes and are recorded directly to contributions in aid of construction.
as distributions of retained earnings.
Cash and investments NOTE 2 -
Accounting and Classification Changes:
The City pools idle cash from all funds for the As of July 1, 1978, the City elected to report its purpose of increasing income through investment Electric Utility Fund under FERC industry accounting activities. Investments are carried at cost, which C
actiitis. nvetmens ae crrid atcos, w ichguidelines.
In accordance with the guidelines, depreciation approximates market value. Interest income on on assets acquired from contributions in aid of investments is allocated to the various funds of the City construction is not reflected in net income but rather is on the basis of average daily cash and investment charged directly to contributions in aid of construction.
balances.
This change had no cumulative effect on retained earnings Revenue recognition and an insignificant effect on net income for the current Revenues are recognized as billed to customers.
year.
Billings are on a cyclical basis and the Electric Utility does For the year ended June 30, 1979, certain other not accrue revenues for electricity sold but not billed account classifications have been changed to reflect at the end of a fiscal period. Residential and the smaller recommendations set forth in the FERC guidelines. For commercial accounts are billed on a bimonthly basis; comparative purposes, prior year balances have been all others are billed monthly.
reclassified to conform to the 1978-79 presentation.
23
Electric Utility Fund Notes to Financial Statements (Cont.)
NOTE 3 -
Revenue Bonds The Electric Utility Fund is indebted under three revenue bond issues as follows:
June 30, 1979 1978 Electric Revenue Bonds, Issue of 1972, 4.9263%, issued March 28, 1972 in the amount of
$8,000,000, maturing serially to July 1, 1992, in annual principal installments of $300,000 to $675,000, total debt service of $8,914,000 to maturity.............................
$ 6,525,000
$ 6,800,000 Electric Revenue Bonds Issue of 1976, 6.07%, issued April 27, 1976 in the amount of
$6,000,000, maturing serially to May 1, 2006, in annual principal installments of $100,000 to $400,000, total debt service of $11,939,975 to maturity........
5,750,000 5,850,000 Electric Revenue Bonds, Second Issue (Subordinated) of 1976, 4.8259%, issued June 8, 1976 in the amount of $12,500,000, maturing serially to December 1, 1980 *with remaining principal installments of $2,225,000 and $3,600,000 in fiscal years 1980 and 1981, total debt service of $6,119,038 to maturity..............
5,825,000 9,250,000 18,100,000 21,900,000 Less current portion..................
4,000,000 3,800,000
$14,100,000
$18,100,000 In accordance with the 1972 bond resolution, a reserve for maximum annual debt service has been established and a reserve for renewal and replacement is being accumulated to a maximum of 2% of the book value of the utility plant.
The three bond issues require the establishment of a bond payment reserve by accumulating monthly, one-sixth of the interest which will become due and payable on the outstanding bonds within the next ensuing six months and one-twelfth of the principal amount which will mature and be payable on the outstanding bonds within the next twelve months (six months for the $12,500,000 issue).
Restricted cash and investments includes reserved amounts as well as undisbursed bond proceeds as follows:
Held by fiscal agent:
Maximum annual debt service reserve.............
682,000 682,000 Bond service account..............
418,000 449,000 Other:
Maximum annual debt service 404,000 404,000 Bond service account 682,000 402,000 Renewal and replacement reserve 742,000 712,000 Restricted bond proceeds 1,796,000 1,872,000
$ 4,724,000
$ 4,521,000 NOTE 4 -
Operating Expenses NOTE 6 -
Prepaid Electric Power Operating expenses shared with the Water Utility The City entered into an agreement with Nevada amounted to $3,823,000 and $2,662,000 for the Power Company on May 25, 1976 to purchase electric years ended June 30, 1979 and June 30, 1978, respective-power over the next four years. On July 1, 1976 ly, of which $2,553,000 and $1,624,000 was allocated to the City used $12,500,000 of revenue bond proceeds to the Electric Utility.
make a partial prepayment to Nevada Power Company for energy to be supplied. In accordance with the terms NOTE 5 -
Unamortized Project Costs of the agreement, beginning July 1,1977, the prepayment The City plans to participate in various power has been offset against billings from Nevada Power generation projects with other agencies. Unamortized Company for electric power purchases.
project costs includes $1,213,000 which represents advance payments to participating agencies for preliminary engineering and environmental impact studies for the NOTE 7 -Sales of Electric Energy related projects.
Effective June 1, 1979, rates for all classes of service During 1978, two projects to which the City had were increased approximately 4.7 percent. The rate advanced $1,382,000 were terminated without benefits resolution established for the first time an energy cost accruing to the City. The $1,382,000 is being amortized to adjustment formula by which billings to customers expense over the ensuing five years, of which $1,214,000 are subject to adjustment, up or down, to reflect variations remained unamortized at June 30, 1979.
in the cost of wholesale power to the Electric Utility.
24
Electric Utility Fund Notes to Financial Statements (Cont.)
NOTE 8 -
Pension Plan property and for other alleged liabilities arising out of The Electric Utility has a contributory pension plan matters usually incident to the operations of a utility for its full-time employees under the State of California business such as that of the Electric Utility. In the opinion Public Employee's Retirement System. The Electric of management, the uninsured liability under these claims Utility's cost of benefits funded for 1979 and 1978financial were approximately $282,000 and $293,000, respectively.
Information as to the actuarially computed value of vested benefits over the related pension fund assets is not available.
Report of Independent Accountants NOTE 9 -
Self-Insurance Programs To The Honorable City Council City of Anaheim, California Effective September 1, 1974, the Electric Utility became part of a City of Anaheim-adopted self-insured an o
the accomy baane sheet workers' compensation program which is administered by an atd s changes in ret a service agent. Effective July 1, 1977, the City earng a f
g financial position resen (including the Electric Utility) became self-insured for f
the fnai p
ton of the Eer Utiit Fnd the first $500,000 on each general liability claim. Costs the City of Anaheimrat Jne 1
and 17 an relating to the litigation of claims are charged to tsts of ts oertion ndec in itsffinancial expendituresgenerally accepted accounting principles consistently applied. Our examinations of these statements were made NOTE 10 -
Commitments and Contingencies in accordance with generally accepted auditing standards The Electric Utility's budget for the fiscal year and accordingly included such tests of the accounting 1979-80 provides for capital expenditures of approximately records and such other auditing procedures as we
$6,468,000 and substantial commitments have been considered necessary in the circumstances.
made in connection therewith. The Electric Utility plans to sell bonds of approximately $55,000,000 to finance its participation in the San Onofre Nuclear Generating Nv b
1,9 Station.
Newport Beach, California A number of claims and suits are pending against the Electric Utility for alleged damages to persons andoft
CITY OF ANAHEIM Public Utilities Department 518 S. Anaheim Boulevard, Anaheim, California 92805 MA@n wMOT arl r
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