GOVERNMENTAL FUND FINANCIAL STATEMENTS

Transcription

1 GOVERNMENTAL FUND FINANCIAL STATEMENTS 27

2 GOVERNMENTAL FUND FINANCIAL STATEMENTS The Governmental Funds of the City are outlined below: General Fund - The General Fund accounts for all revenues and expenditures used to finance the traditional services associated with a municipal government which are not accounted for in the other funds. In Hermosa Beach, these services include general government, safety, community development, culture and recreation and public works. Nonmajor Governmental Funds - Nonmajor Governmental Funds is the aggregate of all the nonmajor governmental funds. 29

3 Balance Sheet Governmental Funds June 30, 2013 Major Fund Nonmajor Governmental General Funds Total ASSETS Cash and investments $ 8,934,842 $ 5,359,484 $ 14,294,326 Accounts receivable 1,417,522 68,177 1,485,699 Property taxes receivable, net 228,932 8, ,831 Reimbursable grants receivable - 270, ,116 Interest receivable on investments 22,484 9,117 31,601 Other receivable 6,075-6,075 Other assets 172, ,739 Due from other funds 113, ,148 Total assets $ 10,895,742 $ 5,715,793 $ 16,611,535 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued liabilities $ 1,369,657 $ 829,372 $ 2,199,029 Accrued wages and benefits payable 1,941,575 44,447 1,986,022 Refundable deposits 369, ,076 Deferred revenues 241,791 79, ,502 Due to other funds - 113, ,148 Total liabilities 3,922,099 1,066,678 4,988,777 Fund Balances: Nonspendable 21,589-21,589 Restricted 391,504 3,659,218 4,050,722 Committed 10, , ,223 Assigned 6,549, ,266 7,397,224 Total fund balances 6,973,643 4,649,115 11,622,758 Total liabilities and fund balances $ 10,895,742 $ 5,715,793 $ 16,611,535 30

4 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position June 30, 2013 Total Fund Balances - Total Governmental Funds $ 11,622,758 Amounts reported for governmental activities in the Statement of Net Position were reported differently because: Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. Government- Wide Statement of Net Position Internal Service Funds Nondepreciable $ 23,303,382 $ (163,841) 23,139,541 Depreciable, net 40,832,359 (1,641,669) 39,190,690 Total capital assets $ 64,135,741 $ (1,805,510) 62,330,231 Net other postemployment benefit assets are not available to pay for current period expenditures and therefore, are not reported in the governmental funds. 119,872 Internal Service Funds were used by management to charge the costs of certain activities, such as insurance and equipment replacement to individual funds. The assets and liabilities of the Internal Service Funds were included in the governmental activities in the Government-Wide Statement of Net Position. Insurance Fund 5,846,916 Equipment Replacement Fund 6,438,808 Total Internal Service Funds 12,285,724 Compensated absences were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet. (877,717) Net Position of Governmental Activities $ 85,480,868 31

5 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the year ended June 30, 2013 Major Funds Nonmajor Governmental General Funds Total REVENUES: Property taxes $ 12,151,229 $ 467,350 $ 12,618,579 Other taxes 9,226, ,701 10,076,591 Licenses and permits 783, ,121 Fines and forfeitures 2,369,887 46,144 2,416,031 Use of money and property 789, ,900 1,102,797 Intergovernmental 115, , ,216 Charges for services 6,215,835 96,896 6,312,731 Miscellaneous 259, , ,725 Interest earned on investments 80,583 51, ,749 Total revenues 31,992,454 2,815,086 34,807,540 EXPENDITURES: Current: Legislative and legal 893, ,460 General government 2,330, ,306 2,550,162 Public safety 16,809, ,936 16,926,014 Community development 1,265,160 14,839 1,279,999 Culture and recreation 1,080,685 29,771 1,110,456 Public works 3,738,890 1,207,533 4,946,423 Capital outlay 101,009 1,712,981 1,813,990 Total expenditures 26,219,138 3,301,366 29,520,504 REVENUES OVER (UNDER) EXPENDITURES 5,773,316 (486,280) 5,287,036 OTHER FINANCING SOURCES (USES): Transfers in 375,570 1,000,807 1,376,377 Transfers out (5,231,806) (550,570) (5,782,376) Total other financing sources (uses) (4,856,236) 450,237 (4,405,999) NET CHANGE IN FUND BALANCES 917,080 (36,043) 881,037 FUND BALANCES: Beginning of year 6,056,563 4,685,158 10,741,721 End of year $ 6,973,643 $ 4,649,115 $ 11,622,758 32

6 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities For the year ended June 30, 2013 Net Change in Fund Balances - Total Governmental Funds $ 881,037 Governmental activities in the Statement of Activities were reported differently because: Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. The amount of capital assets recorded in the current period is listed below. Total capital outlay expenditures reported in governmental funds 1,813,990 Less: repair and maintenance expenditures (146,516) Total 1,667,474 The net effect of various miscellaneous adjustments involving capital assets. (150,957) Depreciation expense of capital assets is reported in the Government-Wide Statement of Activities, but they do not require the use of current financial resources. Therefore, depreciation expense is not reported as expenditures in the governmental funds except for the Internal Service Fund amounts listed below. Total depreciation reported in Government-Wide Statement of Activities (3,183,587) Less: depreciation reported in Internal Service Funds 374,847 Total (2,808,740) Changes in net other postemployment benefit assets reported in the Statement of Activities do not use current financial resources and, therefore, are not reproted as an expendtiures in governmental funds. 119,872 Compensated absences were reported in the Government-Wide Statement of Activities, but they did not require the use of current financial resources. Therefore, compensated absences were not reported as expenditures in the governmental funds. (27,240) Internal Service Funds are used by management to charge the costs of certain activities, such as insurance and equipment replacement, to individual funds. The net revenue of the Internal Service Funds is reported in governmental activities. 5,830,987 Change in Net Position of Governmental Activities $ 5,512,433 33