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1986-1987 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)
CITY CF LA QUINTA FINANCIAL STATEMENTS WITH REPORT ON ®CAMNATIUN BY CERTIFIED PUBLIC ACCOUNTAM FOR ffi YEAR ENDED JUNE 30, 1987 CITY OF LA QUINTA FINANCIAL STATEMENTS June 30, 1987 TABLE OF CONTENTS Traffic Safety Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 29 Local Transportation Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 30 Landscape Maintenance District Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual) 31 Capital Projects Funds: Combining Balance Sheet 32 - 33 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 34 - 35 Page Number Accountants' Report 1 Combined 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 - 19 Combining Financial Statements of Individual Funds: General Fund: Comparative Balance Sheet 20 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 21 - 22 -Special Revenue Funds: Combining Balance Sheet 23 - 24 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 25 - 26 Federal Revenue Sharing Special Revenue Fund: Statement'of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 27 State Gas Tax Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 28 Traffic Safety Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 29 Local Transportation Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 30 Landscape Maintenance District Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual) 31 Capital Projects Funds: Combining Balance Sheet 32 - 33 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 34 - 35 DiEH4EVANs &COMPANY CERTIFIED PUBUC ACCOUNTANTS A PARTNERSHIP R1CUJD0dG ACCOUNTANCY CORPORATIONS 1910 NORTH BUSH'STREET SANTA ANA - CALIFORNIA 92706-2894 PHONE (714) 542-4453 August 20, 1987 ACCOUNTANTS' REPORT City Council City of La Quinta La Quints, California WIN G PETERS. CPA DONALD H PETERSON. CPA DONALD E CALLAHAN, CPA L PETER SQUXER- CPA RODNEY K. MVDANTEL CPA RALPH H WEINTRAUR, CPA MICHAEL R LUDIN, CPA PHILIP H HOLTKAMP. CPA THOMAS M PQLOW51L CPA We have examined the combined financial statements of the City of La Quinta as of, and for the year ended June 30, 1987, 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 combined financial statements referred to above present fairly the financial position of the City of La Quints. at June 30, 1987 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 combined 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 combined financial statements of the City of La Quinta. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. -1- OnQA OFPIffS AT: ONE CMC PLAZA - SURE 265 NO ROOSEVELT ST. 120 WEST WOODWARD AVE. NEWPORT BEACH, CA 92660.5915 CARISBAD, CA 92006-ZM ESCONDrDO, CA 92025-9990 (714) 644-6046 (619) M2319 (679) 741-3747 CITY OF LA QUINTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1987 Governmental ----------------------- Special General Revenue ----------------------- ASSETS Cash and investments (Note 2e and 4) $4,051,292 $ 123,329 Accrued property taxes receivable _ Accured interest receivable Accounts receivable Deposits 169,620 13,475 Restricted assets (Note 12): 23,650 Cash Accrued interest receivable 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 $4,244,562 - ` $136,804 sss ss=s er a sssassuttctex=erste LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable and accrued expenses Compensated absences payable (Note $ 233,780 $ 3,677 2g and 5) Contracts payable (Note 5) Bonds payable (Note 5) _ Notes payable (Note 5) - Due to other governments (Note 5) TOTAL LIABILITIES --233,780---- 3,677 FUND EQUITY: -------------------_-__ Investments in fixed assets Fund balances (Note 10): - Reserved Unreserved: 1,105,961 - Designated Undesignated 2,904,821 133,127 TOTAL FUND EQUITY -- $4,010,782 $ 133,127 TOTAL LIABILITIES AND FUND EQUITY $4,244,562 -$ 136,804- a=casssssasasaasaasaa=s See accountants' report and notes to financial statements. -2- Fund Types ___,. Account Groups Totals (Memorandum only) __________„._.,__.._.._ ------------------------ ------ General General-�-June- �_y 30,�__ __ Debt Capital Fixed Service Long -Term ------------------------ `-_e vice_ -`__ _Projects Assets Debt 1987 1986 ____________ -------------------------------viii-- $ 422,173 $ 450,018 $ _ $ 142,480 _ - $ 5,046,812 $ 4,253,524 8,951 _ - 142,480 34,353 - 8,536 _ 8,951 104,837 _ - 191,631 208,518 23,650 13,541 3,787,908 _ - _ - 3,787,908 3,107,652 586,582 _104,508 586,582 458,252 - 17,768,522 17,768,522 17,738,304 - 4,361,512 4,361,512 3,659,352 $ 4,361,512 $ 458,554 $ 586,582--$22,130,034-$31,918,048- $29,682,841 aa==aaaaa==aaaaaaasaaaa====a===aaaa=asas=a=sa=as=a=========a===a=aaaa=a aae $ _ $ 6,643 $ - $ - $ 244,100 $ 345,622 - 57,455 57,455 82,328 - 186,408 186,408 243,572 _ - 20,000,000 20,000,000 20,000,000 _ _ - 850,975 850,975 778,000 __________________ ----------------1,035,196 1,035,196 293,756 _-___.__,._____.___6_ _--_-_-643 22,130,034 22,374,134 21,743 278 ------------------------------------------- 586,582 586,582 458,252 _ - 1,105,961 26,147 4,361,512 451,911 _ - - - 7,851,371 6,971,820 ------------------------------------------------ - 483,344 4,361,512 451,911 586,582 ----------------_ ------------ ____________________ 9,543,914 7,939,563 $ 4,361,512 $ 458,554 $ 586,582 `$22,130,034 $31,918,048 $29,682,841 -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, 1987 With comparative totals for the year ended June 30, 1986 General REVENUES: ------------ Taxes Licenses and permits $ 1,480,542 Intergovernmental revenues 1,211,849 Revenues from use of money or property 338,124 Other revenues 265,340 Contributions 121,585 TOTAL REVENUES ------------ 3,417,440 EXPENDITURES: ----`-_----- Current expenditures: General government Public Safety 709,392 Street maintenance 1,297,511 Community Services - Capital projects 513,785 Debt Service - Interest Principal - Bond issue costs ' Taxing Agency Payments " Trustee Fees - TOTAL EXPENDITURES ------------ L--------"2,520,688 2,520,688 EXCESS OF REVENUES OVER EXPENDITURES ------„----- 896,752 OTHER FINANCING SOURCES (USES): r --- Proceeds from long-term debt Operating transfers in - Operating transfers out ' TOTAL OTHER FINANCING SOURCES (USES) ----- ------------ EXCESS EXCESS OF REVENUES AND OTHER SOURCES OVER - _ -- - (UNDER) EXPENDITURES AND OTHER USES 896,752 FUND BALANCES - JULY 1 Residual equity tranfers in 2,879,875 Residual equity tranfers out 234,155 FUND BALANCES - JUNE 30 ----"""--"-- $ 4,010,782 See accountants' report and notes to financial statements. -4- -5- Totals (Memorandum only) ------------------------- Special DebtJune capital 30, ______________________ Revenue -'--_--,-,--`yService Projects 1987 _-_ ----------------- 1986 $ 93,359 $2,084,489 $ 521,122 $4,179,512 ___-_- - $ 2,529,568 186,601 _ - 1,211,849 1,557,655 14,350 _ 101,181 52 557 524,725 433,428 575,914 - 5 198,995 _ _ 240,453 121,590 240,453 273,476 237,734 294,310 __----------------------- 2,185,670-------- 137-------------------------- ------------- 6,711,557_-_ 5,373,342- _ _ -102,943 812,335 479,505 608,167 _ 1,297,511 1,557,160 8,577 - 608,167 140,798 _ 522,362 - 50,052 50,052 17,458,000 ' 1,900,478 103,000 _ 1,900,478 847,529 _ _ _ 103,000 _ ' 28,808 _ 549,186 - 15,823 _ 28,808 _ ------------------------- - 15,823 _ ----616,744-M-2_048_109-----152,995^ - - 5,338,536 21,032,178- (322,434) -----------------37,56______661,142 137561 ___---------- ------------------------------- -------- --- - 1,373,021 (15,658,836) - 564,599 103,000 103,000 20,778,000 _ _____ _ (564,599) 564,599 (564,599) 4,397,074 (4,397,074) -`-_-`-___�____-564,599___ (461,599)T-103,000 -20,778,000- (322,434) 702,160 199,543 1,476,021 5,119,164 4 483,344 3,659,352 458,740 7,481,311 2,362,147 (27,783) ------------------------ - (206 ,372) 234,155 (234,155) _ $ 133,127 $4,361,512 $_�451,911-------------------------- `______________________ $8,957,332 $ 7,481,311 -5- CITY OF LA QUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET(GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For the year ended June 30, 1987 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property Other revenues TOTAL REVENUES EXPENDITURES: Current expenditures General government Public Safety Street maintenance Community Services TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1, 1986 Residual equity tranfers in Residual equity tranfers out FUND BALANCES - JUNE 30, 1987 ---------------------------------- General Variance Budget -----Actual -` ---- Actual(Unfavorable) _- Favorable $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-----127,11- -2,762,668--2_520_688-----241,980- 211, -`-- 903896,752---- --- 684,849 - 211,903 896,752 684,849 2,879,875 2,879,875 - 234,155 234,155 $3,325,933-$4,010,782-$---684,849- aaa===aesaaaaaaaaaaaaa=aaasaaasaaa See accountants' report and notes to financial statements. -6- Special Revenue Funds -_-venue-Fund- --------------- Totals (Memorandum Only) Variance -------------------------- Favorable (Unfavorable)Budget Variance -Favorable r_--Budget----Actual -----_____ ----------------- _8 --------------------------- Act Actual (Unfavorable) $ _ $ 93,359 " $ 93,359 $1,360,000 $ 1,573,901 $ 213,901 305,467 8,467 186,601 (118,866) 763,538 - 14,350 6,350 108,000 524,725 279,690 (238,813) ----313,467------- -- ----- " ------------------------------------87_085 34,500 121,585 171,690 -'-"'------------ 294 310 ' (19,157) 3 ,288 038 + 3,711,750 '-'- 423,712 1,067,993 608,167 - 459 826 659,782 1,461,985 709,392 1,297,511 (49,610) 164,474 ------------------ 8,577 (8,577) 1,067,993 640,901 608,167 459,826 1,067,993 ----- 616,744 --------;___ 522,362 --"93,229- 118,539 ________________________ 451,249 ,830 661 3,137 432 693 229 (754,526) ----------------------------------------------------_-------------------- (322 434) 470,406 -"""---------- (542 623) -----------1,116,-.--- ' ------------------------------------------------ 574,318 1 116 941 -------------------------------------------------------------------------- (754,526) (322,434) 432,092 ------------------------- (542,623) 483,344 483,344 574,318 1,116,941 _ _ _ 3,363,219 3,363,219 (27,783) (27,783)_- 234,155 234,155 _ ______________________ (27,783) (27,783) $ (298,965) $ 133,127 $ 432,092` '$2,820,596----_------_.__-__-______ ====================_ =aaaaaaa=======a=aa===a===aaaa=a=a=aaa======aa=aa $ 4,143,909 $ 1,116,941 -7- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS June 30, 1987 I. REPORTING ENTITY. The reporting entity "City of La and the La Quints Redevelopment Agency (Agency). includes the accounts of the City h the Cin Agency are legally separate entities, ythe gLacQuintalCity gCounciltexerrc the oversight responsibility over the Agency. The members of the City Council also act as the governing body of the A enc financial and management assistance to the Agency. sand the City provides The City of La Quints was incorporated on May 1, 1982 and has e Council/Manager form of government, stablished a The La Quints Redevelopment Agency was established in November, 1983, Pursuant to the State of California Health and Safety Code, Section 33000. The primary purpose of the Agency is to encourage private redevelopment of property and to rehabilitate areas suffering from economic disuse. The Agency has established one redevelopment project for of developing flood control improvements and facilities. the purpose The he redevelopment project comprises approximately 17.5 square miles. area of the The City's comparative financial statements as of, and for the year ended, June 30, 1986 have been presented herein, and include both the Cit and Agency. However, prior Y the than the Year comparisons for each individual fund, other general fund, are not presented, since their inclusion would m the statements unduly complex and difficult to read. ake 2. SIGNIFICANT ACCOUNTING POLICIES: a. Description of funds and account groups: The accounts of the City are organized on the basis of fund types and account groups, each of which is considered a separate accounting entity with a self -balancing set of accounts. The following are the types of funds and account groups used: GOVERNMENTAL I?uN TYPES 1• General Fund - accounts for all unrestricted resources except those required to be accounted for in another fund. 2. Special Revenue Funds - account for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditures for specified purposes. See accountants, report. -8- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): a. Description of funds and account groups (Continued): 3. Debt Service Funds - accounts for Agency tax increment revenue restricted for use to pay debts of the Agency. 4. Capital Projects Funds - account for financial resources u sed for acquisition or construction of major capital facilities and equipment. ACCOUNT CROUPS 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 revenue sharing entitlements 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 increases governmental funds generally present (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: See accountants' report. mm CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): d• Budgetary accounting (Continued): 1. Budgets for the General, Special Revenue and Capital Projects Funds are adopted on a basis sirbstantially consistent with generally accepted accounting principles (GAAP). 2. Budgetary data is presented for the General and Special Revenue funds. Budgetary information is not presented for the Capital Projects funds since these funds are budgeted on a long -terra project by project basis. Budgetary information is not Debt Service Fund because no budget exists. presented for the 3. Estimated revenue is the original estimate with modifications for new programs which are anticipated to be received during the fiscal year. 4. 5. Original appropriations are modified by supplemental appropriations. Budgetary control is maintained over all accounts and expenditures and expenditures are not allowed to exceed appropriations those specific projects and programs a dinavaneexcept in Council. approved in advance by the City 6, The City Council approves all significant changes. 7. Article XIIIB of the California Constitution allows the City to designate a portion of fund balance for general contingencies, to be used for any purpose. The unreserved general fund balance of $2,9049821 at June 30, 1987 has been so designated (See Note 10). e. Investments: Investments are stated at cost, which was greater than market value at June 30, 1987. (See Note 4). If market values decline below cost, no loss is recorded if such declines are considered temporary. The City's Policy is to hold investments until maturity, equal or exceed cost. However, if the liquidity©needs of thekCityalues we re to require that investments be sold at a lose subsequent to year end, 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 various governmental fund types at the time of purchase. Such assets include leasehold improvements, furniture, fixtures and equipment and are capitalized in the general fixed asset group of accounts at cost, or if contributed, at fair market value. No depreciation general fixed assets. is provided on See accountants' report. -10- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): g. Compensated absences: In governmental funds, eompensatied absences leave) are recorded as expenditures in theyear vacation and sick City's policy to liquidate an Y paid, as it is the June 30 from future resources yratherdthanacurrently�availableleave eexpendable 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, in the general long-term debt account group. No amount is accrued at June 30, 1987. 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 consolidation. Interfund eliminations have not been made in the aggregation of this data. comparable to 3. GENERAL FIXED ASSETS: A summary of changes in general fixed assets at June 30, 1987 is as follows: See accountants' report. -11- Balance Equipment Vehicles Leasehold TOTAL and furniture improvements GENERAL June 30 1986 $ 162,383 286,891 g 978 Additions Deletions �~ �^ $ 76,036 $ _ 48,435 ��859 - - ��- JunBalance e 30 1987 $ 238,419 12 837 335,326 FIXED ASSETS $ 458 252 128,33D - $ 58g 6 582 See accountants' report. -11- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 4. CASH AND INVESTMENTS: The following disclosures are made in accordance with Statement No. 3 of the Governmental Accounting Standards Board (GASB 3): Deposits: Banks: Demand accounts Savings and Loan Association: Certificate of Deposit Total Deposits Investments: U.S. Treasury Notes California Local Agency Investment Fund (LAIF) Total Cash and Investments Market Cost Value $ 143,046 $ 143,046 1001731 100,731 243.777 277 3 775 943 3,7481986 4 815 000 4815 p00 $ 8 834 720 $ 8 807 763 Cash and investments are recorded in the a as follows: ccompanying combined balance sheet Cash and Investments - unrestricted Cash and Investments - restricted $ 5,046,812 3 787 908 $ 8 834 720 Insurance and Collateral for De osits ` Bank deposits are insured up to $100,000 by the FDIC. 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 accompanying accountants' report. -12- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 4• CASH AND INVESTMENTS (CONTINUED): investments Authorized Investments: Under provisions of the City's Section 53601 of the California lGove nment Code, theaCity mnvestment Policy, in ay invest invest is the with following types of investments: - U.S. Government Obligations Obligations of U.S. Government Agencies U.S. Government Instrumentality Obligations - Repurchase Agreennents (Repos) whose underlying c ollateral - consists of the foregoing specified securities `Baakers" Acceptances that are "prime" rated State Investment pool Other instruments as may become available and authorized by California Law Bonds issued by the City La of Redevelopment Agency Quints or the La Quints California Local A encu Investment Fund (LAIF The LAIF is a special fund of the California State Treasury local governments may pool investments. invest u The Cit and through which as deposits can Obe Oconve ted in the fund. Investments in the Agency each may interest. to cash within 24 hours without IF are lylossu� f Classification of Cash and Investments b Credit Ris Deposits: k All deposits 100% insured and collateralized Investments: Category 3: Investments not registered in City's name, uninsured, etc. California Local Agency Investment Fund: All investments with LAIF secured by the full faith and credit of the State of California Allocation of Interest Income Amon Funds Interest income is allocated to each fund based on ending cash balance. See accountants' report. -13- $ 243,776 3,775,943 4.815 000 $$88,834 7i9 the preceding month's CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 5. GENERAL LONG-TERM DEBT: A summary of changes in long-term debt for the year ended June 30, 1987 is as follows: The City purchased a new fire truck on a lease -purchase contract. Eight annual payments of $21,562 including interest at 7%, are due beginning December 1, 1987. In exchange for improved fire protection in an area of the City which is under development, a developer has agreed to reimburse the City for the annual payments as they are paid. The City has additional collateral for this agreement in the form of a secured lien against all property owned by the developer and located within city limits. The cost of the fire truck of $188,671 has been capitalized and included in general fixed assets. See accountants' report. -14- Balance at Balance at June 30, 1986 Additions Deletions June 30, 1987 Compensated absences $ 82,328 $ - $(24,V4_)_$ 57,454 Contract payable - computer 92,635 - (35,600) 57,035 Contract payable - fire truck 150,937 - (21,563) 129,374 Bonds payable 20,000,000 - - 20,000,000 Notes payable 778,000 72,975 - 850,975 Due to County of Riverside 293 756 741,440 1,0352196 TOTAL GENERAL LONG-TERM DEBT $_21,397,656 814 415 $(8037) $_22,130034 a. Contracts Payable: The City purchased an IBM computer on a lease -purchase contract. Five semi-annual payments of $21,680 and a final payment of $19,099 including interest at 7.5% per annum are due on the contract. Equipment cost of $109,297 has been capitalized and included in general fixed assets. The City purchased a new fire truck on a lease -purchase contract. Eight annual payments of $21,562 including interest at 7%, are due beginning December 1, 1987. In exchange for improved fire protection in an area of the City which is under development, a developer has agreed to reimburse the City for the annual payments as they are paid. The City has additional collateral for this agreement in the form of a secured lien against all property owned by the developer and located within city limits. The cost of the fire truck of $188,671 has been capitalized and included in general fixed assets. See accountants' report. -14- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 5. GENERAL LONG-TERM DEBT (CONTINUED): The scheduled future payments on these contracts are as follows: ~ Year Ended Computer Fire Truck June 30 Contract Contract 1988 $ 43,360 $ 30,618- 1989 19,099 29,109 1990 - 27,599 1991 - 26,090 1992 - 24,581 All subsequent years - 23,072 62,459 161,069 Less interest (5,424) (31,695) Total $ 57,035 $ 129,374 b. Bonds Payable: La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985 were issued during the fiscal year ending June 30, 1987. 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 1987. Bonds maturing on or before September 1, 1995 are riot subject to call and redemption prior to maturity. Bonds maturing on or after September 1, 1996 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, 1988 1989 1990 1991 1992 All subsequent years Total See accountants' report. Principal 245,000 265,000 290,000 320,000 18,8801000 $2010001000 -15- Interest $ 1,900,000 1,900,000 1,876,725 1,851,550 1,824,000 271759,000 ,S 37,111,275 Total $ 1,900,000 2,145,000 2,141,725 2,141,550 2,144,000 46,639,000 $ 57,1111275 CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 5. GENERAL LONG-TERM DEBT (CONTINUED): c. Notes Pa able: The Coachella Valley Water District advanced $778,000 to the Agency during fiscal year ending .lune 30, 1986 for engineering costs incurred for a flood control project. This amount accrues interest at the rate of interest being earned by funds deposited with the State of California Local Agency Investment Fund. The amount payable as of June 30, 1987 is $8501,975 including accrued interest of $72,975. The Agency must begin repaying principal and accrued interest by August 15, 1990. No payment schedule has been determined. d. Due to Countv of Riverside: Based on an agreement with the County of Riverside, the Agency shall repay to the County 50 percent of tax increment received which would have been retained by the County if the Agency did not exist. The repayments are subordinate to certain debt service of the Agency and exclude amounts allocated to the low-income housing fund. The repayments will begin when certain conditions of the bond indenture agreement have been met. Unpaid balances accrue interest at 10% per annum. The total amount payable to the County under this agreement at June 30, 1987 is $1,035,196 including $49,556 of accrued interest. 6. RETIREMENT PLAN: The City is a participant in the Public Employees Retirement System (PERS) of the State of California covering all the City's permanent employees. Contributions to the system are based on rates set by PERS based on certain actuarial assumptions, such as length of employment, estimated salary rates, mortality rates, projected retirement benefits and other factors. Pension costs are recorded as expenditures when paid by monthly contributions to PERS. The total pension expense for the year ended June 30, 1987 was $89,273, none of which was for prior service costs. Actuarial information related to the plan was not available from PERS at June 30, 1987. However, at June 30, 1986 the plan net assets available for benefits totaled $165,203. The present value of the City's unfunded obligation for prior service costs totaled $-0-. Should the City have an unfunded obligation this amount will be funded through the year 2000 from established contribution rates. The actuarial present value of vested and non -vested accumulated plan benefits is not determined under the PERS system of accounting. 7. LEASE COMMITMENTS: The City is operating out of leased facilities. The lease commenced on August 1, 1982 and terminates on November 30, 1987, with a two-year renewal option. Lease payments are approximately $25,000 per year. See accountants' report. -16- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 8. PROPERTY TAXES: Under California law, property taxes are assessed and collected by the counties up to 1% 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 Quints 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 The Agency's primary source of revenue comes from property taxes. Property taxes allocated to the Agency are computed in the following manner: a. The assessed valuation of all property within the project area is determined on the date of adoption of the Redevelopment Plan. b. Property taxes related to the incremental increase in assessed values after the adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the "frozen" assessed valuation of the property are allocated to the City and other districts. The Agency has no power to levy and collect taxes and any legislative property tax de -emphasis might necessarily reduce the amount of tax ,revenues that would otherwise be available to pay the principal of, and interest on bonds payable. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction of elimination of present exemptions would necessarily increase the amount of tax revenues that would be available to pay principal and interest on bonds payable. 9. LITIGATION, COMMITMENTS AND CONTINGENT LIABILITIES: Litigation: Certain claims have been filed against the City in the normal course of business. Based upon information received from the City Attorney, the 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 set up "reserves" of fund equity to segregate fund balances which are not appropriable for expenditure in future periods, or which are legally set aside for a specific future use. Fund "designations" also may be established to indicate tentative plans for financial resource utilization in a future period. See accountants' report. -17- CITY OF IA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 10. RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED): The City's reserves and designations at June 30, 1987, are tabulated below, followed by explanations as to the nature and purpose of each reserve and designation. Reserves Encumbrances Personnel benefits Fund deficits Other reserves Total Reserves Desi nations Debt service Capital improvements Special revenue purpose Total Designations a. Reserve for Encumbrances General Fund $ 169,013 57,455 204,133 675 360 A 1 i n4 GAI Special Capital Revenue Debt Projects v.,..ae o---_ -- .. $ - $ 4,361,512 $ - - 451,911 133 127 - $ 133,127 $ 4,361,512 $ 451,911 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 reported in the long-term debt group of accounts. c. Reserve for Fund Deficits The City Council has provided for the deficit in the Gas Tax Fund. d. Other Reserves Other reserves have been established for contributions from developers which are reserved by council for future projects. e. Designation for Debt Service These funds have been designated for bond retirement (See Note 5). See accountants' report. -18- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1987 10. RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED): f. Designated for Capital Improvement These funds are designated to provide for new capital additions as determined by the Redevelopment Agency. g. Designated for Special Revenue Purposes These funds are designated for the specific special revenue purposes as restricted by law or administrative action. 11. OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES: a. Expenditures did not exceed appropriations in any fund for the year ended June 30, 1987. b. There is a deficit fund balance in the Gas Tax Fund at June 30, 1987. City Council has reserved the general fund balance in an amount equal to the deficit. 12. RESTRICTED ASSETS: Certain assets held by a fiscal agent are restricted in their use to the retirement of principal and interest on bonds and notes payable (see Note S), and are not available for use by the City or Agency for any other purpose. See accountants' report. -19- CO"IPIM AND INDIVIDUAL FINANCIAL STATBMBNTS (SUPPLEMBNTABY INFORMATION) CITY OF LA QUINTA COMPARATIVE BALANCE SHEET - GENERAL FUND June 30, 1987 and 1986 Cash and temporary investments Accrued property taxes receivable Accured interest receivable Accounts receivable Deposits TOTAL ASSETS ASSETS LIABILITIES AND FUND EQUITY LIABILITES: Accounts payable and accrued expenses TOTAL LIABILITIES FUND EQUITY: Fund balances: Reserved Unreserved: Designated Undesignated TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY —20- 1987 1986 ----------------------- $4,051,292 $2,977,745 26,527 - 74,792 169,620 132,892 23,650 13,541 ----------------------- $4,244,562 $3,225,497 �aa�==aaazaaaa=�aaaaaas $ 233,780 $ 345,622 ----------------------- 233,780 345,622 ----------------------- 1,105,961 26,147 2,904,821 2,853,728 ----------------------- 4,010,782 2,879,875 $4,244,562 $3,225,497 aaeaoaca¢ma.aa.=aics=sa= CITY OF IA QUINTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL FUND For the year ended June 30, 1987 With comparative totals for the year ended June 30, 1986 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property Other revenues TOTAL REVENUES EXPENDITURES: Current expenditures General government Public Safety Street maintenance Community Services Capital projects TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfers in FUND BALANCES - JUNE 30 -21- 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 ---------------------------------- 211,903 896,752 684,849 2,879,875 2,879,875 234,155 234,155 - ---------------------------------- $3,325,933 $4,010,782 $ 684,849 1986 ------------------------------------ Variance Favorable Budget Actual (Unfavorable) ------------------------------------ $ 1,096,750 $ 1,275,522 $ 178,772 833,000 1,557,655 724,655 186,650 268,864 82,214 150,000 176,421 26,421 23,000 34,912 11,912 ------------------------------------ 2,289,400 3,313,374 1,023,974 516,896 401,972 114,924 2,669,454 1,557,160 1,112,294 288,000 140,798 147,202 560,000 - 560,000 ------------------------------------ 4,034,350 2,099,930 1,934,420 - (1,744,950) 1,213,444 - Y 2,958,394------------------------------------ 51,864 51,864 (94,401) (94,401) ------------------------------------ (42,537) (42,537) ------------------------------------ (1,787,487) 1,170,907 2,958,394 1,708,968 1,708,968 -- $ (78,519) $2,879,875$ 2,958,394 zaaszzzzazaszaszczzsszsaz=zz�zzzazza -22- CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS Cash and temporary investments Due from other governments TOTAL ASSETS June 30, 1987 and 1986 ASSETS LIABILITIES AND FUND BALANCES LIABILITES Accounts payable and accrued expenses FUND BALANCES: Fund balances: Designated TOTAL LIABILITIES AND FUND BALANCES -23- Federal Revenue State Sharing Gas Tax ----------------------- $ 45,855 $ (208,268) 845 5,912 ----------------------- $ 46,700 $ (202,356) aasaaaaaaaaaffia=aaraasas $ - $ 1,777 ----------------------- 46,700 (204,133) ----------------------- $ 46,700 $ (202,356) =aaaaaaesaaaa=saaacasaa Totals Local ------------------------ Transpor- TrafficLandJune 30 scape--_---_-______--_-_____F tation Safety Maintenance ---- 1987 1986 ------------------------ $ 199,392 $ 3,803 - $ 82,915 350 $ 123,329 $ 407,718 13,475 75,626 $ 203,195---$--____----$ - ,265__S _______________________ 89 x=xxxzzxaxzaz=zzx=zza===z=xx=89265x=====136=804_=$==483,344= --------------- 1,900 __--�$---1,900-T$_____3,677 $ - ----203,195 87, ------------------ 87,365-------- --__- 133,127483,344 ---3365 - 203,195 $ - $ 89,265 $ 136,804 $ 483,344 ===xxxxzaxx==zx====xxxz=x=xxxx -24- CITY OF LA QUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL SPECIAL REVENUE FUNDS For the year ended June 30, 1987 With comparative totals for the year ended June 30, 1986 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property TOTAL REVENUES EXPENDITURES: Current expenditures Street maintenance Community services TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfers out FUND BALANCES - JUNE 30 -25- Federal Revenue State Sharing Gas Tax ----------------------- 11,588 135,447 2,182 2,769 ----------------------- 13,770 138,216 ----------------------- 608,167 ----------------------- 608,167 ----------------------- 13,770 (469,951) ----------------------- 13,770 (469,951) 32,930 265,818 ----------------------- $ 46,700 $ (204,133) Sao=caa=a.ac=aaaaaom=ter 94,401 ----------------------------------- (51,864) ----------------------------------- ,537 __________-__-_._______________42 _ A (469,951) 46,382 - 87,365 (322,434) 372,161 265,818 156,813 27,783 - 483,344 111,183 (27,783) - (27,783) $ (204,133) $ 203,195 $---_----``$__ _87-------------------- ' ,365 $ 133,127 $ 483,344 ==caaaaa ��=asac=aaaaas=�a:Gss��aa n�xa��aasa==aa�aaa==as==�aa=s==aaa==.aea= -26- Totals Landscape ---�------______ - _-- State Local Transpor- Traffic Maintenance "District June ----�--`""`_____________ 30 Gas Tax __________________________________-_-_----_-___-__--_-________-_- tation Safety Fund 1987 1986 $ $ _ $ - $ 93,359 $ 93,359 $ .. 135,447 2,769 39,566 - 6,816 - 186,601 307,050 ------------------------------------------14,350 - 2 583 22,574 138,216 ___________ ----------------------------------------- 46,382 - 95,942 95 942 __'---------------- 294 310 ------ 329,624 - _ -608,167 - 8,577 8,577 -__-608,167------------------------------8,577-_____616`744�-----__---4- (469,951) "____ 46,382 - 87 365 "`-`_--_________ (322,434) 329,624 94,401 ----------------------------------- (51,864) ----------------------------------- ,537 __________-__-_._______________42 _ A (469,951) 46,382 - 87,365 (322,434) 372,161 265,818 156,813 27,783 - 483,344 111,183 (27,783) - (27,783) $ (204,133) $ 203,195 $---_----``$__ _87-------------------- ' ,365 $ 133,127 $ 483,344 ==caaaaa ��=asac=aaaaas=�a:Gss��aa n�xa��aasa==aa�aaa==as==�aa=s==aaa==.aea= -26- CITY OF LA QUINTA FEDERAL REVENUE SHARING SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1987 REVENUES: Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1986 FUND BALANCE - JUNE 30, 1987 -27- Variance Favorable Budget Actual (Unfavorable) ---------------------------------- $ 5,412 $ 11,588 $ 6,176 - 2,182 2,182 ---------------------------------- 5,412 13,770 8,358 ---------------------------------- 5,412 13,770 8,358 32,930 32,930 - ---------------------------------- $ 38,342 $ 46,700 $ 8,358 ===szz=saazs==saasazzzzszassaccacc CITY OF LA QUINTA STATE GAS TAX SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1987 REVENUES: Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1986 FUND BALANCE - JUNE 30, 1987 -28- Variance Favorable Budget Actual Unfavorable) ---------------------------------- $ 158,183 $ 135,447 $ (22,736) 8,000 2,769 (5,231) ---------------------------------- 166,183 138,216 (27,967) ---------------------------------- 977,993 608,167 369,826 ---------------------------------- (811,810) (469,951) 341,859 265,818 265,818 - ---------------------------------- $ (545,992)$ (204,133) $ 341,859 CCC�CC��CCCCC CCCCC�C�C�CC�SC CSg CCC CITY OF LA QUINTA TRAFFIC SAFETY SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1987 REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1986 Residual equity transfers out FUND BALANCE - JUNE 30, 1987 -29- Variance Favorable Budget Actual (Unfavorable) ---------------------------------- ---------------------------------- 27,783 27,783 - (27,783) (27,783) - ---------------------------------- CITY OF LA QUINTA LOCAL TRANSPORTATION SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1987 REVENUES; Intergovernmental revenues Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1986 FUND BALANCE - JUNE 30, 1987 -30- Variance Favorable Budget Actual (Unfavorable) ---------`_--------- $ 47,872 $ 39,566 $ (8,306) ----------------6,816 6,816 -- 47,872-----46,382------(1,490) 47,872 46,382 (1,490) 156,813 156,813---------------------------------- _ $ 204,685 $ 203,195 $ (1,490) s�csa=sss=assssaaassssaassssss=asss CITY OF LA QUINTA LANDSCAPE MAINTENANCE DISTRICT SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1987 REVENUES: Taxes Revenue from use of money or property TOTAL REVENUES EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES FUND BALANCE - JULY 1, 1986 FUND BALANCE - JUNE 30, 1987 -31- Variance Favorable Budget Actual (Unfavorable) ---------------------------------- $ 94,000 $ 93,359 $ (641) - 2,583 2,583 94,000 95,942 1,942- 100,000 8,577 91,423 ---------------------------------- (6,000) 87,365 93,365 $ (6,000)$ 87,365 $ 93,365 sm=ssaasassasasscsssasss=sssasssaz CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL CAPITAL PROJECTS June 01987 With comparative totals fortheyear ended June 30, 1986 Cash and temporary investments Accounts receivable TOTAL ASSETS ASSETS LIABILITIES AND FUND BALANCES LIABILITES: Accounts payable and accrued expenses FUND BALANCES: Designated for capital projects TOTAL LIABILITIES AND FUND BALANCES -32- Redevelop- ment Project ------------ $ 7,381 $ 7,381 sss=sa=ssss� $ 6,643 738 ------------ $ 7,381 Totals Traffic Police ----------------------- Signal-and - - --------------- Signal-June 30 PGA Weization Facilities 1987 _ West end Fire __________________ -PGA W -_-`_-- -----------------------------------------------1986------- -_-_--« ____________________ -_-____1986--- $ 442,637 $ - $ 8,536 - $ 450,018 $ 458,740 ----------------------------------- '536 ---------8-_-_-_-__---- $ 451,173- _=====aam====_________ $ 4589554 $ 458,740 a==a===a==a=========s=aaaa 6,643 $ _ 451,173 - 451,911 458,740 ---------------------------------- -------------------------- $ 451,173 $ 458,554 ' $ 458,740 =aaa=aa=========aaaa=aaaaa==aa -33- CITY OF LA QUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL CAPITAL PROJECTS FUNDS For the year ended June 30, 1987 With comparative totals for the year ended June 30,1986 REVENUES: Taxes Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures General government Capital projects TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt Bond proceeds Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfers out FUND BALANCES - JUNE 30 My.v Redevelop- ment Project ------------ $ 521,122 43,477 5 ------------ 564,604 ------------ 102,943 ------------ 102,943 ------------ 461,661 ------------ 103,000 (564,599) ------------ (461,599) ------------ 62 Totals H-- Traffic Police - - T June 30 --_ --- Signal- and Fire ------------------------- PGA West ization Facilities 1987 1986 ------------------------------------------------------------- $ - $ $ - $ 521,122 $ 250,809 9,080 - - 52,557 25,402 5 - 240,453 - - 240,453 237,734 R -_-- -^- 249,533 - - 814,137 513,945------------------------------------------------------------- - - - 102,943 77,533 50,052 - - 50,052 17,458,000 ------------------------------------------------------------- 50,052 - - 152,99517,535,533 199,481 - - -T - 661,142 (17,021,588) ------------------------------------------------------------- 103,000 778,000 - 16,507,400 - 4,250,809 (564,599) (4,250,809) ------------------------------------------------------------- T - (461,599) 17,285,400 ------------------------------------------------------------- 199,481 - - 199,543 263,812 251,692 27,976 178,396 458,740 194,928 - (27,976) (178,396) (206,372) - ----------------------------------------------------- $ 451,173 $ - $ - $ 451,911 458,740 SZ...LS-SSZZSL ZZS CSZ.Z.ZZ.L.ZS�SLLZLZS_ LLSZSLZLLZL SZ�Z�LCZSZZ -35-