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1987-1988 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)CITY OF LA QUINTA ANNUAL FINANCIAL REPORT June 30, 1988 TABLE OF CONTENTS Page Number Accountants' Report 1 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 2 - 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 4 - 5 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 6 - 7 Notes to Financial Statements 8 - 22 Combining and Individual Fund Financial Statements: General Fund: Comparative Balance Sheet Statement of Revenues, Expenditures and Changes in 23 Fund Balances - Budget (GAAP Basis) and Actual 24 - 25 Special Revenue Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures and 26 - 27 Changes in Fund Balances 28 - 29 Federal Revenue Sharing Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 30 State Gas Tax Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 31 Local Transportation Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 32 Community Development Block Grant: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 33 Landscape Maintenance District Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual) 34 Capital Projects Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures and 35 - 36 Changes in Fund Balances 37 - 38 DIEHL,EVANS &COMPANY CERTIFIED PUBLIC ACCOUNTANTS A PARTMERSHIP INCLUDING ACCOUNrANCY CORPORATIONS 1910 NORTH BUSH STREET SANTA ANA - CALIFORNIA 97706-2894 PHONE (714) 542-4453 FAX (714) 542-4218 August 5, 1988 ACCOUNTANTS' REPORT City Council City of La Quinta La Quinta, California DONALD E CALLAHAN, CPA L. PETER SCHERER. CPA RODNEY K. MCDANIEL CPA RALPH H. WEINTRAUB, CPA MICHAEL R. LUDIN, CPA ROBERT R. WINE. CPA PHILIP H. HOLTKAMP, CPA THOMAS M. PERLOWSKI, CPA We have examined the general purpose financial statements of the City of La Quinta as of, and for the year ended June 30, 1988, as listed in the table of contents. 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. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the City of La Quinta at June 30, 1988 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general, purpose financial statements of the City of La Quinta. The information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken, as a whole. -1- OT}IPJt C FF1aS AT. 2966 ROOSEVELT ST. ]20 WEST WOODWARD AVE. CARLSBAD, CA 97�t7g-2389 ESCONDOO, CA 920254M (619) 729.2313 (619) 741.1141 CITY OF LA QUINTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1988 Gove ---------------- S1 General Rk ---------------- ASSETS Cash and investments (Note 2e and 4) $4,186,700 $ Accrued property taxes receivable - Accrued interest receivable 46,568 Accounts receivable 165,373 Due from other funds 206,005 1,, Deposits 180,793 Restricted cash (Note 12) General fixed assets (Notes 2f and 3) Amount to be provided for payment of long term debt - Amount available in debt service fund _ ---------------- TOTAL ASSETS $4,785,439 $1,, ==s=aasrxsaea:sass LIABILITIES AND FUND EQUITY LIABILITIES: Cash overdraft (Note 4) $ 89,332 $ Accounts payable and accrued expenses 191,068 Compensated absences payable (Notes 2g,5 and 10) - Contracts payable (Note 5) _ Bonds payable (Note 5) _ Notes payable (Note 5) _ Due to other funds (Note 5) 1,474,581 Due to other governments (Note 5) _ TOTAL LIABILITIES FUND EQUITY: Investments in general fixed assets - Fund balances (Note 10): Reserved 997,769 Unreserved: Designated 2,032,689 1,1 TOTAL FUND EQUITY ___ 3,030,458 1'1 TOTAL LIABILITIES AND FUND EQUITY ---------------- $4,785,439 $l,r ==a=ssaaaaasxaae See accountants' report and notes to financial statements. -2- Account Groups Totals (Memorandum Only) FundTypes_--____ri________________________________________ ------------------------ General General June 30, Debt Capital Fixed Long -Term ___________________ _ _Service Projects Assets Debt 1988 1987 _________________________________________-__-____-__________-__--_-w_ $ 1,454,000 $ 13,670 $ - $ - $ 5,654,370 $ 5,046,812 39,942 - - - 39,942 142,480 26,291 - - - 99,054 84,518 - - 297,603 116,064 1,680,586 _ 180,793 23,650 3,076,360 - - 3,076,360 3,787,908 2,035,866 - 2,035,866 586,582 - 18,019,946 18,019,946 17,768,522 - 4,596,593 4,596,593 4,361,512 $__4,596,593 $ 13,670`$-2,035,866 $22,616,539 $35,681,113 $31,918,048 ___asaaaaasaasasaaaamaasasaas=aasaas=aaaasaaaaaaaaaa=samaaaaaaasa=asaaasa $ $ - $ - $ - $ 89,332 $ - 205,471 244,100 101,737 101,737 57,455 125,980 125,980 186,408 20,000,000 20,000,000 20,000,000 96,005 96,005 850,975 86,005 1,680,586 - ---- - 2,206,812 2,241,837 1,035,196 22,616,539 24,540,948 22,374,134 ---------------------------------- 2,035,866 - 2,035,866 586,582 - - 997,769 1,105,961 4,596,593 13,670 _ _________________________________________ 8,106,530 7,851,371 -_-4,596,593 13,670 2,035,866 - 11,140,165 9,543,914 -------------------------- $------------------------ 4,596,593 $ 13,670 $ 2,035,866 $22,616,539 $35,681,113 $31,918,048 ---__�_a.sa.aes�asssasaa�_masaaosaa=saasa�asaaoaaossa=asaaaaaaa�seca=sass -3- CITY OF LA QUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For the year ended June 30, 1988 With comparative totals for the year ended June 30, 1987 See accountants' report and notes to financial statements. -4- Gener REVENUES: Taxes (Note 8) $1,654, Licenses and permits 1,932, Intergovernmental revenues 384, Revenues from use of money or property 242, Other revenues 47, Contributions 230, TOTAL REVENUES `4,492, EXPENDITURES: Current expenditures: General government 833, Public safety 1,384, Street maintenance Community services 206, Capital outlay 1,449, Debt Service Interest Principal Taxing agency payments Trustee fees TOTAL EXPENDITURES -3,873, EXCESS OF REVENUES OVER (UNDER) EXPENDITURES ry 618, OTHER FINANCING SOURCES (USES): __-- Proceeds from long-term debt (Note 5) Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 618, FUND BALANCES - JULY 1 4,010, Residual equity transfers in Residual equity transfers out (1,599, FUND BALANCES - JUNE 30 $3,030, See accountants' report and notes to financial statements. -4- Totals (Memorandum) Only Special Debt Capital -- June 30, --------------------- Revenue -------------------------------------------------------------- Service Projects1988 _ .. 1987 $_---- $ 90,874 $2,814,947 $ 703,737 $5,264,301 $4,179,512 240,452 ` - - 1,932,219 1,211,849 77,501 264,787 - - 624,747 584,878 524,725 433,428 12,372 - 45 60,157 121,590 ------------------------------------------------------------ --__-_--__--__________________..____------421,1993,079,.734703,7828,696,9216,711,557 -230,619 240,453 _- -r- ------------------------------------------------------------ _-__- `»_ -_-' _ - 83,875 - - 87,555 920,695 812,335 936,992 - - 1,468,581 1,297,511 120,090 - 936,992 608,167 - 326,454 522,362 - - 314,174 1,763,458 50,052 - 1,900,477 - 1,900,478 1,900,478 1,106,612 - 1,106,611 103,000 - 530,000 - 530,000 28,808 - 11,301 - ------------------- 11,301 15,823 y1,140,957-_�3,548,390__�-^401,729-»_8,964,570-_+_5'338_r__- ------------------ ,536 --(719,758)_-_(468,656)_-^-302,053»^-_(267,649)-__1,373,021- ' - 414,616 414,616 103,000 - 703,737 - 703,737 564,599 .____ __________________----(703,737)_-r-(564,599) ------------------------------------------------------------ (703,737) _______________703,737---_(289,121)»---414,616-_�'__103,000- (719,758) 235,081 12,932 146,967 1,476,021 133,127 4,361,512 451,911 8,957,332 7,481,311 2,050,209 - - 2,050,209 234,155 - ------------------------------------------------------------ - (451,173) (2,050,209) (234,155) $1,463,578 $4,596,593 $ 13,670 $9,104,299 $8,957,332 -5- CITY OF LA QUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For the year ended June 30, 1988 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures: General government Public Safety Street maintenance Community Services Capital outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCES - JULY 1, 1987 Residual equity transfers in Residual equity transfers out FUND BALANCES - JUNE 30, 1988 ---------------------------- General (2 1,478,770 1,384,706 Wear 473,666 206,364 -Mo Budget Actual (Unfw $1,510,000 $1,654,743 $ 1A 1,441,500 1,932,219 4W 371,200 384,295 1 225,000 242,590 J 89,000 47,740 %4 200,000 230,619 ----------------------------- 3,836,700 4,492,206 :ii5 810,157 833,140 (2 1,478,770 1,384,706 9 473,666 206,364 .26 1,818,991 ------------------------ 1,449,284 338, 4,581,584 3,873,494 (744,884) . 618,712 _ 1,,IV, 4,010,782 4,010,782 (1,599,036)(1,599,036) --------------------------- $1,666,862 $3,030,458 $1,-, .aa=aaasaamzs=�aassaasse=amssc See accountants' report and notes to financial statements. -6- Special Revenue Totals (Memorandum Only) Variance -- - Variance Budget --------------------------------------------------------------------------- Actual Favorable (Unfavorable) Budget Actual Favorable (Unfavorable) $ 90,000 $ 90,874 $ 874 $1,600,000 $1,745,617 $ 145,617 - 168,370 - 240,452 - 72,082 1,441,500 539,570 1,932,219 624,747 490,719 85,177 - 77,501 77,501 225,000 320,091 95,091 15,000 12,372 (2,628) 304,000 290,731. (13,269) 273,370 -------`T421,199-'---147,829------4,110,070---4,913,405 -_--- 803,335 - 111,547 - 83,875 - 27,672 810,157 1,590,317 833,140 1,468,581 (22,983) 121,736 1,309,023 936,992 372,031 1,309,023 936,992 372,031 54,370 120,090 (65,720) 528,036 326,454 201,582 - - - 1,818,991 1,449,284 369,707 1,474,9401,140,957----- -- --- 333,9836,056,5245,014,4511,042,073 ------ (1,201,570) (719,758) 481,812 --- (1,946,454) --- (101,046) (238,738) 133,127 133,127 - 4,143,909 4,143,909 - 2,050,209 2,050,209 - 2,050,209 2,050,209 - - - - ------------------------------------------------ (1,599,036) (1,599,036) - $ 981,766 $1,463,578 $ 481,812 $2,648,628 $4,494,036 $ (238,738) -7- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS June 30, 1988 1. REPORTING ENTITY: The reporting entity "City of La Quinta" includes the accounts of the and the La Quinta Redevelopment Agency (Agency). Although the City an Agency are legally separate entities, the La Quinta City Council exec oversight responsibility over the Agency. The members of the City Cc also act as the governing body of the Agency, and the City pro, financial and management assistance to the Agency. The City of La Quinta was incorporated on May 1, 1982 and has establis Council/Manager form of government. The La Quinta Redevelopment Agency was established in November, pursuant to the State of California Health and Safety Code, Section 3 The primary purpose of the Agency is to encourage private redevelopme property and to rehabilitate areas suffering from economic disuse. Agency has established one redevelopment project for the purpo developing flood control improvements and facilities. The area o redevelopment project comprises approximately 17.5 square miles. The City's comparative financial statements as of, and for the year e June 30, 1988 have been presented herein, and include both the City an Agency. However, prior year comparisons for each individual fund, than the general fund, are not presented, since their inclusion would the statements unduly complex and difficult to read. 2. SIGNIFICANT ACCOUNTING POLICIES: a. Description of funds and account groups: The accounts of the City are organized on the basis of fund type account groups, each of which is considered a separate accounting F with a self -balancing set of accounts. The following are the types of funds and account groups used: GOVERNMENTAL FUND TYPES 1) General Fund - accounts for all unrestricted resources except required to be accounted for in another fund. 2) Special Revenue Funds - account for the proceeds of specific rE sources that are restricted by law or administrative acti expenditures for specified purposes. 3) Debt Service Funds - accounts for Agency tax increment re restricted for use to pay debts of the Agency. See accountants' report. -8- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): a. Description of funds and account groups (Continued): 4) Capital Projects Funds - account for financial resources used for acquisition or construction of major capital facilities and equipment. ACCOUNT GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and general long-term debt. b. Basis of accounting: Governmental fund types are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become "susceptible to accrual", that is, measurable and available to finance expenditures of the current period. Accrued revenues include property taxes received within 60 days after year end (see Note 8), sales taxes and earnings on investments. Expenditures are recorded when the liability is incurred, except that principal and interest payments on bonds are recorded as expenditures when due. Accrued interest on debt to the Coachella Valley Water District and the County of Riverside is recorded in the long-term debt account group. c. Measurement focus: All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that generally only current assets and current liabilities are included on their balance sheets, with the exception that the noncurrent portion of long-term receivables due to governmental funds are reported on their balance sheets, offset by fund balance reserve accounts. Statements of revenue, expenditures and changes in fund balances for governmental funds generally present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. d. Budgetary accounting: Budgetary process: The annual budget, which includes estimated revenue and appropriations, is adopted by the City Council and presented in the financial statement as follows: 1) Budgets for the General, Special Revenue and Capital Projects Funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP). See accountants' report. -9- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): d. Budgetary accounting (Continued): 2) Budgetary data is presented for the General and Special Re funds. Budgetary information is not presented for the Ca Projects funds, since these funds are budgeted on a long project by project basis. Budgetary information is not Pres for the Debt Service Fund because no budget is adopted. 3) Estimated revenue is the original estimate with modification new programs which are anticipated to be received during the f year. 4) Original appropriations are modified by supplemental appropriat 5) Budgetary control is maintained over all accounts and expendi and expenditures are not allowed to exceed appropriations exce those specific projects and programs approved in advance by tht Council. 6) The City Council approves all significant changes. 7) Article XIIIB of the California Constitution allows the Ci designate a portion of fund balance for general contingencies, used for any purpose. The unreserved general fund balan $2,032,689 at June 30, 1988 has been so designated (See Note 1( e. Investments: Investments are stated at cost, which was equal to market value at 30, 1988. (See Note 4). If market values decline below cost, no is recorded if such declines are considered temporary. The C policy is to hold investments until maturity, or until market v equal or exceed cost. However, if the liquidity needs of the City to require that investments be sold at a loss subsequent to year the decline in value would be recorded as a loss at year end. f. General fixed assets: General fixed assets are recorded as expenditures of the va governmental fund types at the time of purchase. Such assets in leasehold improvements, furniture, fixtures and equipment an, capitalized in the general fixed asset group of accounts at cost, contributed, at fair market value. No depreciation is provid general fixed assets. See accountants' report. -10- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): g. Compensated absences: In governmental funds, compensated absences (unpaid vacation and sick leave) are recorded as expenditures in the year paid, as it is the City's policy to liquidate any unpaid vacation or sick leave existing at June 30 from future resources rather than currently available expendable resources. Accordingly, the entire unpaid liability for the governmental funds is recorded in the General Long -Term Debt Account Group. There is no fixed payment schedule for compensated absences. h. Claims and judgements: When it is probable that a claim liability has been incurred at year end, and the amount of the loss can be reasonably estimated, the City records the estimated loss. If the loss is to be paid from currently available expendable resources, it is recorded in a governmental fund. If the loss is to be paid from future resources, it is recorded in the general long-term debt account group. No amount was accrued at June 30, 1988. Small dollar claims and judgements are recorded as expenditures when paid. i. Total columns on the Combined Financial Statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis and that such data is not comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. 3. GENERAL FIXED ASSETS: A summary of changes in general fixed assets at June 30, 1988 is as follows: See accountants' report. -11- Balance Balance June 30 1987 Additions Deletions June 30 1988 Land Equipment and furniture $ - 238,419 $ 1,375,415 62,748 $ - $ 1,375,415 Vehicles 335,326 10,596 - 301,167 - 345,922 Leasehold improvements 12,837 525 - 13,362 ��. TOTAL GENERAL FIXED ASSETS $ 586,582 $ 12449,284 $ - $ 2.035S866 See accountants' report. -11- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 4. CASH AND INVESTMENTS: The following disclosures are made in accordance with Statement No. 3 of the Governmental Accounting Standards Board (GASB 3): Market Deposits: Cost Value Banks: Demand accounts $ 14,730 $ 14,730 Overdrawn demand accounts (89,332) (89,332) Savings and Loan Association: Certificate of Deposit _ 100,000 100,000 Total Deposits 25,398 25,398 Fiscal agent investments 3,076,360 3,076,360 California Local Agency Investment Fund (LAIF) 5,540,000 5,540,000 Total Cash and Investments $ 8,641.758 S 8.641.758 Cash and investments are recorded in the accompanying combined balance sheet as follows: Cash and Investments - unrestricted $ 5,565,398 Cash and Investments - restricted 3,076,360 $ 8 641,758 Insurance and Collateral for Deposits Cash deposits are insured up to $100,000 by the FDIC or FSLIC. In addition, under the provisions of the California Government Code, California banks and savings and loan associations are required to secure a governmental entity's deposits by pledging government securities as collateral. The market value of the pledged securities must equal at least 110% of a City's deposits. See accountants' report. -12- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 4. CASH AND INVESTMENTS (CONTINUED): Investments Authorized Investments: Under provisions of the City's Investment Policy, and in accordance with Section 53601 of the California Government Code, the City may invest in the following types of investments: U.S. Government Obligations Obligations of U.S. Government Agencies - U.S. Government Instrumentality Obligations - Repurchase Agreements (Repos) whose underlying collateral consists of the foregoing specified securities - Bankers' Acceptances that are "prime" rated - State Investment Pool - Other instruments as may become available and authorized by California Law - Bonds issued by the City of La Quinta or the La Quinta Redevelopment Agency California Local Agency Investment Fund (LAIF) The LAIF is a special fund of the California State Treasury through which local governments may pool investments. The City and the Agency each may invest up to $5,000,000 in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. Classification of Cash and Investments by Credit Risk Deposits: All deposits 100% insured and collateralized $ 25,038 Investments: Category 3: Investments not registered in City's name, uninsured, etc. 3,076,360 California Local Agency Investment Fund: All investments with LAIF secured by the full faith and credit of the State of California 52540,000 $ 8,641,398 Allocation of Interest Income Amon Funds Interest income is allocated to each fund based on the preceding month's ending cash balance. See accountants' report. -13- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 5. GENERAL LONG-TERM DEBT: A summary of changes in long-term debt for the year ended June 30, 19 as follows: Compensated absences Contract payable - computer Contract payable - fire truck Bonds payable Notes payable Due to other funds Due to County of Riverside TOTAL GENERAL LONG-TERM DEBT a. Contracts Payable: Balance at Balanc June 30 1987 Additions Payments June 30. $ 57,455 $ 44,282 $ - $ 1( 57,034 - 38,866 129,374 - 21,562 1( 20,000,000 - - 20,0( 850,975 23,030 778,000 - 414,616 328,611 1,0352196 19171,616 - 212( $ 22,130,034 $ 1 653 544 $ 1,167,039 $ 2216: The City purchased an IBM computer on a lease -purchase contract. semi-annual payments of $21,680 and a final payment of $19,099 inc: interest at 7.5% per annum are due on the contract. Equipment co $109,297 has been capitalized and included in general fixed assets. The City purchased a new fire truck on a lease -purchase contract. annual payments of $21,562 including interest at 7%, are due begi December 1, 1987. In exchange for improved fire protection in an of the City which is under development, a developer has agre reimburse the City for the annual payments as they are paid. The has additional collateral for this agreement in the form of a se lien against all property owned by the developer and located withii limits. The cost of the fire truck of $188,671 has been capitalizc included in general fixed assets. See accountants' report. -14- 5 CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 GENERAL LONG-TERM DEBT (CONTINUED): The scheduled future payments on these contracts are as follows: Year Ended June 30, 1989 1990 1991 1992 1993 Less interest Total b. Bonds Pa able: Computer Fire Truck Contract Contract $ 19,099 $ 29,109 - 27,599 ' 26,090 ' 24,581 -_ 23,072 19,099 130,451 (931) (22639) 18,168 $ 107.1812 La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985 were issued during the fiscal year ending June 30, 1986. The bonds were issued in the amount of $20,000,000 and have an average interest rate of 9.404% per annum. Principal payments are to be paid annually on September 1, beginning in 1989. Interest payments are payable semi- annually on March 1 and September 1, beginning in 1986. Bonds maturing on or before September 1, 1995 are not subject to call and redemption prior to maturity. Bonds maturing on or after September 1, 1995 are subject to redemption on any interest payment date at par plus a premium together with accrued interest to the date of redemption. The scheduled future debt service payments on the bonds is as follows: Year Ended June 30, 1989 1990 1991 1992 1993 All subsequent years Total See accountants' report. Principal _ $ 245,000 265,000 290,000 320,000 350,000 18 530 000 $ 202000 000 -15- Interest $ 11900,000 1,876,725 1,851,550 1,824,000 1,793,600 22,165,400 Total $ 2,145,000 2,141,725 2,141,550 2,144,000 2,143,600 40,695.400 $ 31,411,275 $ 51,411,275 CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 5. GENERAL LONG-TERM DEBT (CONTINUED): c. Notes Payable: The Coachella Valley Fater District advanced $778,000 to the Agc during fiscal year ending June 30, 1986 for engineering costs incur for a flood control project. This amount accrues interest at the r of interest being earned by funds deposited with the State of Califo: Local Agency Investment Fund. The amount payable as of June 30, 198,' $96,005. No payment schedule has been determined. d. Due to Other Funds: The City of La Quinta periodically makes operating advances to Redevelopment Agency. Outstanding advances from the City to the Ag( were $86,005 at June 30, 1988. e. Due to County of Riverside: Based on an agreement with the County of Riverside, the Agency sl repay to the County 50 percent of tax increment received which we have been retained by the County if the Agency did not exist. repayments are subordinate to certain debt service of the Agency exclude amounts allocated to the low-income housing fund. repayments will begin when certain conditions of the bond indent agreement have been met. Unpaid balances accrue interest at 10% annum. The total amount payable to the County under this agreement June 30, 1988 is $2,206,812 including $133,790 of accrued interest. 6. CITY EMPLOYEES RETIREMENT SYSTEM: Plan Description The City of La Quinta contributes to the California Public Employ Retirement System (PERS); an agent multiple -employer public emplc retirement system that acts as a common investment and administrative a� for participating public entities within the State of California. The t covered payroll of employees participating in the System for the year er June 30, 1988 was $777,449. The total payroll for the year was $874,238 All full-time and part-time benefited City employees are eligible participate in the System. Part-time non -benefited hourly employees do participate in the System. Benefits vest after five years of service. employees who retire at or after age fifty with five years of cred- service are entitled to an annual retirement benefit, payable monthly life, in an amount that varies from 1.092 percent at age fifty to a max: of 2.418 percent at age sixty-three of the three highest years' salary each year of credited service. The system also provides death survivor's benefits. These benefit provisions and all other requiremc are established by State statute and City ordinance. See accountants' report. -16- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): Em to ee and Employer Contribution Obli ations The City makes the contributions required and for their account. The rates are set unchanged from year to year. The present Cate ory Local miscellaneous members Of City employees on their behalf by statute and therefore remain rates are: Member Rates as a Percenta Pe of Wages 7% The City is required to contribute the remaining amounts necessary to fund the benefits for its members, using the actuarial loses recommended by the PERS actuaries and actuarial consultants and adopted by the Board of Administration. Funding Status and Progress The amount shown below as the "pension benefit obligation" is a standardized measure of the present value of pension benefits, adjusted for the effects of step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help assess the funding status of the system on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. The pension benefit obligation was computed as of June 30, 1987, but reflects all plan amendments adopted through June 30, 1988. Significant actuarial assumptions used in the valuation include: (a) a rate of return on the investment of present and future assets of 7.0 percent a year compounded annually, (b) projected salary increases of 5.75 percent a year compounded annually, attributable to inflation, and across the board real salary increases, (c) additional projected salary increasers of 1.25 percent a year, attributable to seniority/merit, and (d) no postretirement benefit increases. See accountants' report. -17- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): The total overfunded pension benefit obligation applicable to the employees was $75,710 at June 30, 1987, as follows: Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ , Current Employees: Accumulated employee contributions including allocated investment earnings l Employer -financed vested 26 Employer -financed non -vested X Total pension benefit obligation IN Net assets available for benefits at cost (Market value is $331,035) -264 Overfunded pension benefit obligation 1 Actuarially Determined Contribution Requirements and Contribution Made PERS uses the Entry Age Normal Actuarial Cost Method which is a prx:j benefit cost method. That is, it takes into account those benefits 31 expected to be earned in the future as well as those already accrued - According to this cost method, the normal cost for an employee is the amount which would fund the projected benefit if it were paid annual2v date of employment until retirement. PERS uses a modification of the Age Cost method in which the employer's total normal cost is expressec level percent of payroll. PERS also uses the level percentage of p',. method to amortize any unfunded actuarial liabilities. The amortiz period of the unfunded actuarial liability ends in the year 2000 for service benefits; in the year 2011 for current service benefits. The significant actuarial assumptions used to compute the actvar determined contribution requirement are the same as those used to ax the pension benefit obligation, as previously described. The contribution to the system for 1988 of $100,073 was made in accw with actuarially determined requirements computed through an acme valuation performed as of June 30, 1986. The contribution consisted c $45,792 normal cost (5.89 percent of current covered payroll) and (b0. amortization of the unfunded actuarial accrued liability (.018 perm, current covered payroll) . The City contributed employer contribut-,r.. $45,652 (5.21 percent of current covered payroll) ; and on bekhas employees contributed $54,421 (7.00 percent of current covered payr&I See accountants' report. -18- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten year trend information may be found in the California Public Employees Retirement System Annual Report. Until ten years of data are available, as many years as are available will be presented. Within the City's financial statement, three years of historical trend information are required. 1987-88 is the first year that this actuarial information has been made available by PERS. Until three years of data are available, as many years as are available should be presented. Therefore, the trend information for 1987-88 is summarized as follows: Net assets available for benefits expressed as a 1987-88 percentage of the pension benefit obligation 140.20% Unfunded (assets in excess of) pension benefit obligation, expressed as a percentage of annual covered payroll (9.737.) Employer contributions expressed as a percentage of annual covered payroll. These contributions were made in accordance with actuarially determined requirements: Required employer rate 5.21% Amortized employer rate 5.87% 7. LEASE COMMITMENTS: The City is operating out of leased facilities. The lease is on a month to month basis. Lease payments are approximately $36,000 per year. 8.. PROPERTY TAXES: Under California law, property taxes are assessed and collected by the counties up to 17 of assessed value, plus other increases approved by the voters. The property taxes go into a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes which are received from the County within sixty days after year end. Lien date March 1 Levy date June 30 Due dates November 1 and February 1 Collection dates December 10 and April 10 See accountants' report. -19- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 8. PROPERTY TAXES (CONTINUED): The Agency's primary source of revenue comes from property taxes. Prol taxes allocated to the Agency are computed in the following manner: a. The assessed valuation of all property within the project are determined on the date of adoption of the Redevelopment Plan. b. Property taxes related to the incremental increase in assessed vi after the adoption of the Redevelopment Plan are allocated to Agency; all taxes on the "frozen" assessed valuation of the propert allocated to the City and other districts. The Agency has no power to levy and collect taxes and any legislE property tax de -emphasis might necessarily reduce the amount of tax rev that would otherwise be available to pay the principal of, and intere: bonds payable. Broadened property tax exemptions could have a sir effect. Conversely, any increase in the tax rate or assessed valuation any reduction of elimination of present exemptions would necessa increase the amount of tax revenues that would be available to pay grin and interest on bonds payable. 9. LITIGATION, COMMITMENTS AND CONTINGENT LIABILITIES: Litigation: Certain claims have been filed against the City in the normal courE business. Based upon information received from the City Attorney, estimated liability under such claims would not be significant. 10. RESERVES AND DESIGNATIONS OF FUND EQUITY: Under the provisions of GASB Code Sections 1800.121-123, a city may at "reserves" of fund equity to segregate fund balances which are appropriable for expenditure in future periods, or which are legall- aside for a specific future use. Fund "designations" also ma established to indicate tentative plans for financial resource utilizz in a future period. The City's reserves and designations at June 30, 1988, are tabulated bE followed by explanations as to the nature and purpose of each reservf designation. Reserves General F Encumbrances $-20 b Personnel benefits 101,7. Reserve for capital improvements 8��3 Total Reserves 997 7, See accountants' report. -20- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 10. RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED): Desi nations Debt service Capital improvements Special revenue purpose General contingencies Total Designations a. Reserve for Encumbrances Special Capital General Revenue Debt Projects Fund Funds Service Funds _ $ $ - $ 4,596,593 $ 2L.00 1,463,578 - 13,670 32,689 - $ 2,032,689 $ 1 463 578 $_4j596,593 $ 13,670 Amounts reserved for encumbrances are commitments for materials and services on purchase orders and contracts which are unperformed. b. Reserve for Personnel Benefits This reserve provides for compensated absences which are reported in the long-term debt group of accounts. C. Reserve for Capital Improvements This reserve has been established by Council for contributions from a developer for future projects. d. Designated for Special Revenue Purposes These funds are designated for the specific special revenue purposes as restricted by law or administrative action. e. Designation for Debt Service These funds have been designated for bond retirement (See Note 5). f. Designated for Capital Improvement These funds are designated to provide for new capital additions as determined by the Redevelopment Agency. See accountants' report. -21- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1988 11. OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES: Expenditures did not exceed appropriations in any fund for the year June 30, 1988. 12. RESTRICTED ASSETS: Certain assets held by a fiscal agent are restricted in their use t retirement of principal and interest on bonds and notes payable (see N and 5), and are not available for use by the City or Agency for any purpose. See accountants' report. -22- CA:*M AIHG AND INDIVIDUAL FUND FIHAHC AL STA NTS (SUPPLEMNTAQY INFORMATION) CITY OF LA QUINTA COMPARATIVE BALANCE SHEET - GENERAL FUND June 30, 1988 and 1987 1988 1987 ASSETS Cash and temporary investments $4,186,700 Accrued property taxes receivable $4,051,292 Accrued interest receivable 46,568 Accounts receivable 73,531 Deposits 165,373 96,089 Due from other funds 180,793 23,650 206,005 - TOTAL ASSETS ----------------------- $4,785,439$4,244,562 LIABILITIES AND FUND EQUITY LIABILITIES: Overdraft -cash in bank Accounts payable and accrued expenses Due to $ 89,332 $ 233,780 other funds ,068 1,191191 ,581 - TOTAL LIABILITIES -- ----------------------- -- - ----- 1 754 981 233,780 FUND EQUITY: ----------------------- Fund balances: Reserved Unreserved: 997,769 1,105,961 Designated 2,032,689 2,904,821 TOTAL FUND EQUITY - ----------------------- -- 3,030,4584,010,782 TOTAL LIABILITIES AND FUND EQUITY $4,785,439 ----------------------- -- -- - $4,244,562 aaaaaaaasaaaaas=�=aa,aaa -23- CITY OF LA QUINTA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1988 With comparative totals for the year ended June 30, 1987 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures: General government Public safety Community services Capital outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCES - JULY 1 Residual equity transfers in (out) FUND BALANCES - JUNE 30 -24- 1988 ----------------------------- Vari Favor Budget Actual (Unfavc ----------------------------- $1,510,000 $1,654,743 $ 144 1,441,500 1,932,219 49( 371,200 384,295 1_ 225,000 242,590 1; 89,000 47,740 (41 200,000 ----------------------------- 230,619 3( 3,836,700 ----------------------------- 4,492,206 65` 810,157 833,140 (22 1,478,770 1,384,706 94 473,666 206,364 267 1,818,991 1,449,284 36� ----------------------------- 4,581,584 3,873,494 70E ----------------------------- (744,884) 618,712 1,36`_ 4,010,782 4,010,782 (1,599,036)(1,599,036) ----------------------------- $1,666,862 $3,030,458 $1,36: =ase==aaea=ooe�=aaamaaaea�ac 1987 ----------------------------------- Variance Favorable Budget Actual (Unfavorable) ----------------------------------- $1,360,000 $1,480,542 $ 120,542 1,022,000 1,211,849 189,849 458,071 338,124 (119,947) 100,000 265,340 165,340 34,500 121,585 87,085 ^ 2,974,571 3,417,440 442,869 ----------------------------------- 659,782 709,392 (49,610) 1,461,985 1,297,511 164,474 640,901 513,785 127,116 ----------------------------------- 2,762,668 2,520,688 241,980 211,903 896,752 - 684,849 2,879,875 2,879,875 W 234,155 234,155 - - $3,325,933 $4,010,782 $ 684,849 xss_x=sxsxassxasaxxss-ss=ssxsosesss -25- CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS June 30, 1988 and 1987 Federal Revenue Stat Sharing Gas T ASSETS Cash and temporary investments $ $ Due from other governments - 11 Due from other funds 49,377 1,277 Accrued interest receivable 873 22 TOTAL ASSETS - $ 50,250 $1,312 LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable and accrued expenses $ - $ 1,: Due to other funds _ Due to other governments _ - -_- TOTAL LIABILITIES _ 1= FUND EQUITY Fund balances: Designated 50,250 1,299 ------------------ TOTAL LIABILITIES AND FUND EQUITY $ 50,250 $1,312 -26- Local Community Totals 30 Transpor- Development Landscape --------- June June-----_---_- tation Grant Maintenance 1988 1987 -------------------------------------------------------------- $ $ - 1,354 $ 14,403 $ 3,677 120,000 - 120,000 - 35,025 35,025 155,025 1,354 - ----- 169,428 - 3677 ---- --------------------------------------------------------- 679 113,605 1,463,578 133,127 -------------------------------------------------------------- - - W 155,704 114,959 $1,633 006 $ 136,804 asrasa=azaaazxzasaaaasasexaassasasaaasaasssssssasaas=xsaa=sass -27- $ - $ - $ 123,329 - 120,000 268 132,230 11,024 - 35,049 112,726 1,474,581 - 655 -----------------------___----_-__-�--195 1965 2451 $ - $ 155,704 $ 114,959 -------`- $1,633,006 $ 136,804 -aaazaaaaaaaascsaasaaaaaaasasaaaasaaaaaaazaasaasaazasaaaaazasc $ $ - 1,354 $ 14,403 $ 3,677 120,000 - 120,000 - 35,025 35,025 155,025 1,354 - ----- 169,428 - 3677 ---- --------------------------------------------------------- 679 113,605 1,463,578 133,127 -------------------------------------------------------------- - - W 155,704 114,959 $1,633 006 $ 136,804 asrasa=azaaazxzasaaaasasexaassasasaaasaasssssssasaas=xsaa=sass -27- CITY OF LA QUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL SPECIAL REVENUE FUNDS For the year ended June 30, 1988 With comparative totals for the year ended June 30, 1987 REVENUES: Taxes Intergovernmental revenues Revenues from use of money or property Other Revenue TOTAL REVENUES EXPENDITURES: Current expenditures: Street maintenance Community Development Public Safety TOTAL EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCES - JULY 1 Residual equity transfers in (out) FUND BALANCES - JUNE 30 -28- Federal Revenue State Sharing ------------- Gas Tz - 12'0, 3,550 dd,. -------------- 3,550 -------------- -------------- 936 3,550 (1 46,700 2U4 - 2,25S, -------------- $ 50,250 $1,99 =aea=aez=aam=aaa� -29- Community Landscape Totals Local Development Maintenance June 30 Transpor- Block District ---------------------- tation ------------------------------------------------------------- Grant Fund 1988 1987 $ $ - $ 90,874 $ 90,874 $ 93,359 - 120,000 - 240,452 186,601 - 769 6,869 77,501 14,350 ' - 12,372 12,372 - - _._--_-----------------------------------------_--------___- 120,769 110,115 ----- 421-199 - 294,310 - 936,992 608,167 120,090 120,090 ' ________________________________________________________---- - 83,875 83,875 8- 577 _______________120- ----------------120,090 0908--875----1,140-957-----616-744- -_--__ - 679 26,240 (719,758) (322,434) 203,195 - 87,365 133,127 483,344 (203,195) ________________________________ - - ' 2 050 209 (27,783) $ - $ 679 - $113,605-_ -- $1,463,578 $ 133,127- xoxxxzxzax xx:xaxzxxxmxazzzzxmxaxz---- zaxxzzzxczxzxzxzz=xxx -29- CITY OF LA QUINTA SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1988 FEDERAL REVENUE SHARING ----------------------- REVENUES: Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1987 FUND BALANCE - JUNE 30, 1988 -30- Vari: Favo: Budget Actual (Unfav( ------------------------------ 3,550 3 ----------------------------- 3,550 3 3,550 3 46,700 46,700 ----------------------------- $ 46,700 $ 50,250 $ 3 =amssme�araaaas=sssas coca==zs==_ CITY OF LA QUINTA SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL (CONTINUED) For the year ended June 30, 1988 STATE GAS TAX ------------- REVENUES: Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCE - JULY 1, 1987 Residual Equity Transfers In FUND BALANCE - JUNE 30, 1988 -31- Variance Favorable Budget Actual (Unfavorable) ----------------------------------- $ 114,000 $ 120,452 $ 6,452 - 66,313 66,313 - 114,000 186,765 --72,765 ---------------------------------- 1,309,023 936,992 372,031 ---------------------------------- (1,195,023) (750,227) 444,796 (204,133) (204,133) 2,253,404 2,253,404 ---' $ 854,248 $1,299,044$444,796 CITY OF LA QUINTA SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL (CONTINUED) For the year ended June 30, 1988 LOCAL TRANSPORTATION -------------------- REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1987 Residual equity transfers out FUND BALANCE - JUNE 30, 1988 -32- Vari F avc Budget Actual (Unfa,. ----------------------------- ----------------------------- - 203,195 20: - (203,195) (20: =a=aaaaasa�aa=aaaacaaasaaa=as CITY OF LA QUINTA SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL (CONTINUED) For the year ended June 30, 1988 COMMUNITY DEVELOPMENT BLOCK GRANT --------------------------------- REVENUES: Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1987 FUND BALANCE - JUNE 30, 1988 -33- Variance Favorable Budget Actual (Unfavorable) ----------------------------------- $ 54,370 $ 120,000 $ 65,630 - 769 769 H 54,370 120,769 -` - 66,399 54,370 120,090 (65,720) ---------------------------------- 679 679 ---- ----- $ - $ 679 $ 679 =saaraaaaaaa�aaaaaaasa=saaaaaa=soar CITY OF LA QUINTA SPECIAL REVENUE FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL (CONTINUED) For the year ended June 30, 1988 LANDSCAPE MAINTENANCE DISTRICT ------------------------------ REVENUES: Taxes Revenue from use of money or property Other Revenue TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCE - JULY 1, 1987 FUND BALANCE - JUNE 30, 1988 -34- Variance Favorable Budget Actual (Unfavorable) ----------------------------------- $ 90,000 $ 90,874 $ 874 - 6,869 6,869 15,000 12,372 (2,628) 105,000 110,115 --- - 5,115 111,547 83,875 27,672 ---------------------------------- (6,547) 26,240 32,787 87,365 87,365 - $ - --$-- 80,818 $ 113,605 32,787 aaa:caasara=aaaaa==aaasaraaaaawsar CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL CAPITAL PROJECTS June 30, 1988 and June 30, 1987 Cash and temporary investments Accounts receivable TOTAL ASSETS ASSETS LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable and accrued expenses FUND EQUITY: Fund balances: Designated for capital projects TOTAL LIABILITIES AND FUND EQUITY -35- Capit Pro je, Ea F Totals Redevelop- June 30 went------------------------ Project 1988 1987 ------------------------------------- $ 13,670 $ 13,670 $ 450,018 - - 8,536 $ 13,670 $ 13,670 - $-458,554- asaasaaaasa�asaaasaascaaaaaasaasaaa: $ - $ $ 6,643 13,670 13,670 451,911 $ -- 13,670 $ 13,670 $ 458,554 aaaraaaeaffiasaaa=saraaa�aaa�aa�saaaaa -36- CITY OF LA QUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL CAPITAL PROJECTS FUNDS For the year ended June 30, 1988 With comparative totals for the year ended June 30,1987 REVENUES: Taxes Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures: General government Public Safety Street maintenance Community services Capital outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfers out FUND BALANCES - JUNE 30 -37- Capita Projec 451, (451, Totals Redevelop- June 30 meat------------------------ Project 1988 1987 ------------------------------------ $ 703,737 $ 703,737 $ 521,122 52,557 45 45 5 - ------------------------------------ - 240,453 703,782 ------------------------------------ 703,782 814,137 87,555 87,555 102,943 314,174 314,174 50,052 401,729 - 401,729152,995 --- - 302,053 302,053 --661,142- 414,616 414,616 103,000 (703,737) (703,737) (564,599) (289,121) ------------------------------------ - (289,121) (461,599) 12,932 12,932 199,543 738 451,911 458,740 - (451,173) (206,372) $ -$--- -$1 13,670 13,670 451,911 �aseas=aaaaavw�sa�swrsa=sir:�a�aat�� -38-