RPVCCA_CC_SR_2013_03_05_03_FY11-12_CAFRCITY OF RANCHO PALOS VERDES
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR &CITY COUNCIL MEMB~S
DENNIS McLEAN,DIRECTOR OF FINANCE &
INFORMATION TECHNOLOGY
MARCH 5,2013
FY11·12 COMPREHENSIVE ANNUAL FINANCIAL
REPORT /":\n
CAROLYN LEHR,CITY MANAGER c!..y--
Project Manager:Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Receive and file the FY11-12 Comprehensive Annual Financial Report (CAFR)of the City
of Rancho Palos Verdes,and the Independent Auditors'Report on Internal Control.
EXECUTIVE SUMMARY
The City's FY11-12 CAFR is available to view on the City's website and at City Hall.Based
upon their independent audit,White Nelson Diehl Evans,LLP have issued an unqualified
(clean)opinion of the City's FY11-12 financial statements.
The Unassigned General Fund Balance (internally referred to as General Fund Reserves)
at June 30,2012 was $12,464,439;which is $1,089,098 more than expected,primarily due
to expenditure savings.The overall General Fund Reserves variance is summarized as
follows.
48,557
E:~p~n.ditures 18,645,794 17,460,898 1,184,896
Net transfers out 5,020,241 5,152,972 (132,731)
Changes in Non-Spendable Fund Balance (Le.prepaid
.and An""n("\/aavance)
3-1
FY11-12 Comprehensive Annual Financial Report
March 5,2013
Page 2 of5
DISCUSSION
Comprehensive Annual Financial Report (CAFR)
A copy of the FY11-12 CAFR for the City of Rancho Palos Verdes has been attached to
this staff report.Staff has compiled the information contained within the CAFR,including a
Letter of Transmittal or written summary of the City's accomplishments during the past
year,Management's Discussion and Analysis,the financial statements and statistical
information of the City and its component unit (Joint Powers Improvement Authority)as of
June 30,2012.A separate set of financial statements for the Improvement Authority has
been provided with the March 5,2013 Improvement Authority agenda.A copy of the CAFR
is currently available for review by the public in the reception area at City Hall and has been
posted or)the Finance &Information Technology page on the City's website.
Staff believes that the FY11-12 CAFR meets the standards and requirements established
by the Governmental Accounting Standards Board (GAS B)for presentation of financial
data,note disclosure and statistical information.The CAFR includes the audited financial
statements and accompanying notes for the fiscal year ended June 30,2012.The scope
of the audit examination is limited to Management's Discussion &Analysis,the financial
statements and the accompanying notes,beginning on page 7 of the CAFR.Based upon
their independent audit,White Nelson Diehl Evans,LLP have issued an unqualified (clean)
opinion.The opinion letter is presented on page 3 of the CAFR.
Management Letter &Audit Adjustments
The auditors have not issued a Management Letter for FY11-12.A management letter is
intended to call attention to matters involving internal controls of the City's accounting
system,including suggestions for improving the internal controls and efficiency of the of the
City's financial systems.Test procedures include discussions with Staff about the internal
control system and the general operating affairs of the City for the past fiscal year,tests of
the internal control system,and other audit procedures deemed necessary to render an
opinion on the City's financial statements.
In May 2006,the Auditing Standards Board of the American Institute of Certified Public
Accountants (AICPA)issued Statement on Accounting Standards Number 112 (SAS No.
112),Communicating Internal Control Related Matters Identified inan Audit.SAS No.112
clarifies that it is not sufficient that the independent auditor determine that the financial
statements under audit are,in fact,fairly presented in accordance with Generally Accepted
Accounting Principles (GAAP).The financial statements are required to be the product of
a financial reporting system that offers reasonable assurance that management is able to
produce financial statements that comply with GAAP.SAS No.112 also makes it clear
that material auditor-identified audit adjustments typically will require that a significant
deficiency or material weakness be reported.
Independent Auditors'Report on Internal Control
The auditors expressed an opinion that the results of their tests identified no deficiencies in
internal control over financial reporting considered to be material weaknesses.A copy of3-2
FY11-12 Comprehensive Annual Financial Report
March 5,2013
Page 3 of5
this internal control opinion is attached (Attachment B).
Report to Audit Committee
The audit partner,Bob Callanan,conducted an exit interview with the City Council's 2012
Ad-Hoc Audit Subcommittee (Duhovic and Misetich)on February 22,2013.In accordance
with generally accepted auditing standards,White Nelson Diehl Evans,LLP has issued a
written report addressed to the Audit Committee.
Single Audit
A Single Audit of federal financial assistance is required when local governments spend
more tha~$500,000 for projects funded with federal monies.The City received $318,798 of
federal assistance during FY11-12,which was primarily a combination of Community
Development Block Grant money for the Home Improvement grant and loan program and a
Highway Safety Improvements Program grant for the Crestridge/Crenshaw Traffic Signal
project.A Single Audit is not required to be performed for FY11-12.
Actual General Fund Reserves as of June 30,2012
In conjunction with the adoption of the FY12-13 budget on June 19,2012,Staff estimated
that ending General fund reserves would be $10,686,839 as of June 30,2012.Upon the
conclusion of the fiscal year ended June 30,2012,the actual balance of General fund
reserves was $12,464,439.A comparison of estimated vs.actual General fund reserves
follows.
l'i'f'f'~i¥g"'~"i':;j~'>*'~~i%%q;:;;?Jrff:~~~l')j'%f'@~;~~W'i'-il-::~~;rlW"~~,*,~fl:iw~~·l1t"'!>'iX'.·".i'lif.";B!&!i!11;J!'ak~~&~Pr~lii~~~!4M~~~4jj~r~k~~~~;~~~M~~:~~~'~!:l
iOriginal Estimate of Reserves ;10,686,839 i
I,-~.,....,,_.~._._,__,.•,.__.,_.~._.__._..~..."_'._••"•.•.••"._,"-.,-,',_,.....~."_,_.<.•._,.,~_._.._••_.'_•.,.~,,._,._,'.~_,.__.•.".•.''''-,'0,'"'".n','""..,....•_.,....,_,',".,.••..•..',_.,,",_,,_,_'_,'-.,',,.\
!Appropriations Continued from FY11-12 688,502 i
i'TotafVarfance~'~~..1,689;0981
Revenue Discussion
A comparison of actual and budgeted revenue in the General fund for FY11-12 is provided
below.
3-3
FY11-12 Comprehensive Annual Financial Report
March 5,2013
Page 4 of 5
I Property tax in lieu of vehicle license fees
IProperty taxes
.Property transfer tax
I Property tax in lieu of sales tax
Sales and use tax"."---_.....__..._-_.
Transient occuE?ancy tax
Franchise taxes
Utility user taxes
Business license tax
I Golf tax
$6,172,700 $6,075,623 $
209,100 .272,802
3,599,400 .3,605,510
542,000 I 541,717
,1..:-,6_2§,3..QQ.__1.ctj8,508 '
3,226,000 .3,349,015
1,811,700 1,881,163
2,432,700 2,333,440
593,300 700,156
338,600 I 398,226
(97,07?}
63,702
6,110
(283):
J1Z_6,792)
123,015
69,463
{99,260}
106,856
59,626
.'Planning,building &safety,and other permits
i Fines and,forfeitures
i Interest revenue
i Other use of money and property {rents &leases}.
I Charges for services
Intergovernmental {grants &vehicle license fees)
Other revenue
2,043,600 '1,806,147
223,900 159,488
50,800 i 46,421 :
517,100 I 708,052 i
66,800 I 145,924 .
15,000 6,365
{237,453}
{64,412}
(4,379}.
190,952 :
79,124 !
(8,635}.
38,000
Total actual revenues exceeded the budget by $48,557.A brief explanation of the reasons
for significant variances of actual vs.estimated revenue during FY11-12 in the General
fund follows:
>-From FY10-11 to FY11-12 there was a substantial decrease in sales of wholesale
bUilding materials,business to business heavy industry supplies,and used auto
sales.Although these sectors only comprised about 13%of the City's sales tax
revenue,the impact was the main contributor to an overall 5%decrease from FY10-
11 to FY11-12.However,the FY11-12 sales tax revenue budget was based on
outside information that Los Angeles County sales tax was expected to grow by 7%
in FY11-12.
>-The growth of transient occupancy tax exceeded expectations and increased by
27%from FY10-11.
>-The City's Senior Accountant generated additional business license tax revenue by
requesting financial statements from major taxpayers and comparing them to the
business license tax returns.The City's business license taD<is non-regulatory and
self-reported.One of the benefits of adding the Senior Accountant to Staff was the
capacity to perform additional procedures that had not been performed previously.
>-Planning permit revenue decreased by about 5%from FY1 0-11,and plan checks
decreased by about 13%from FY10-11.The FY11-12 budget was based on FY10-
11 activity.However,FY10-11 activity included some unusually large permit
revenue receipts (e.g.St.John Fisher).
>-Other use of money and property revenue exceeded the budget primarily due to the
transfer of aged trust deposits to the General Fund after the original depositors
could not be located and the City published deposit lists in the newspaper.
3-4
FY11-12 Comprehensive Annual Financial Report
March 5,2013
Page 5 of 5
Expenditure Discussion
Consistent with prior years'variances,actual expenditures were $1,184,896 less than
budgeted appropriations.City Staff continued to conservatively manage expenditures,
resulting in favorable variances in most every one of the 30 General fund budget programs.
The most notable expenditure savings follow.
~The City received a General Liability insurance credit in the amount of $89,207
based upon prior actual claims.
~The Public Works budget programs were conservatively budgeted and actual costs
resulted in permanent savings.The most notable savings came from Public Works
Administration,Building Maintenance,and ParkslTrails/Open Space Maintenance.
Co,nsidering the historical favorable trend in these programs,Staff will continue to
analyze the expenditures during the 2013 budget process,and determine whether
program budgets can be reduced to mitigate future variances.
FY12-13 Budget Impact
Staff continues to analyze FY11-12 variances and recent trends,and estimate the impact
on FY12-13 results.As part of the Midyear Financial Report on this same agenda,Staff
has proposed both revenue and expenditure adjustments that will result in a net increase to
estimated General Fund Reserves.
FISCAL IMPACT
Estimated June 30,2013 General fund reserves have been revised to include the overall
favorable FY11-12 variance of $1 ,089,098 (see Attachment A).
Attachments:
A -FY12-13 Statement of Estimated General Fund Reserves
B -Independent Auditors'Report On Internal Control Over Financial Reporting And On
Compliance And Other Matters Based On An Audit Of Financial Statements Performed
In Accordance With Government Auditing Standards
Comprehensive Annual Financial Report Fiscal Year Ended June,30,2012
3-5
FY12-13 Statement of Estimated General Fund Reserves Attachment A
Ad'ustments:
Open S ace Acquisition Costs
Proposition A Exchange
Continuing A propriations
General Plan Housing Element U date
Residential Street Project
FY11-12 Final Results
9/4/2012
9/4/2012
9/18/2012
11/20/2012
11/20/2012
3/5/2013
688,502
1,089,098
Ending
Reserves
::::};:::::JQi::l:a~;~k~.;
(77,697
Net Transfers include both operating transfers from and to the General fund,Originally budgeted Net Transfers are adjusted when staff becomes aware that
an additional 0 erating transfer is needed to satis an unantici ated shortfall within another fund;and that shortfall must be funded with General fund monies,
Ending Reserves are the estimated 6/30/13 General fund reserves at the time of budget adoption,Adjusted Ending Reserves is a calculation based on --
subse uent ad'ustments to Be innin Reserves Revenues,Ex enditures and Net Transfers,
3-6
Attachment B
INDEPENDENT AUDITORS'REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor
And Members of City Council
City of Rancho Palos Verdes
Rancho Palos Verdes,California
We have audited the financial statements of the governmental activities,the business-type activity,
each major fund and the aggregate remaining fund information of the City of Rancho Palos Verdes,
California as of and for the year ended June 30,2012 which collectively comprise the City's basic
financial statements and have issued our report thereon dated February 7,2013.We conducted our
audit in accordance with auditing standards generally accepted in the United States ofAmerica and the
standards applicable to financial audits contained in Government Auditing Standards,issued by the
Comptroller General of the United States.
Internal Control Over Financial Reporting
Management of the City is responsible for establishing and maintaining effective internal control over
financial reporting.In planning and performing our audit,we considered the City's internal control
over financial reporting as a basis for designing our auditing procedures for the purpose of expressing
our opinions on the financial statements,but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control over financial reporting.Accordingly,we do not express an
opinion on the effectiveness of the City's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees,in the normal course of performing their assigne,d functions,to prevent,or
detect and correct misstatements on a timely basis.A material weakIiess is a deficiency,or a
combination of deficiencies,in internal control such that there is a reasonable possibility that a material
misstatement of the entity's financial statements will not be prevented,or detected and corrected on a
timely basis.
- 1-
2875 I\1ichelle Drive,Suite 300,hvine,CA 92606 -Tel:714.978.1300 -Fax:714.978.7893
OiJiceJ located in Orange and Jan Diego COtlfltie.r
3-7
Attachment B
Internal Control Over Financial Reporting (Continued)
Our consideration of internal control over financial reporting was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal control
over financial reporting that might be deficiencies,significant deficiencies or material weaknesses.We
did not identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses,as defined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of Rancho Palos Verdes,California's
financial statements are free of material misstatement,we performed tests of its compliance with
certain provisions of laws,regulations,contracts and grant agreements,noncompliance with which
could have a direct and material effect on the determination of financial statement amounts.However,
providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly,we do not express such an opinion.The results of our tests disclosed no instances of
noncompliance and other matters that are required to be reported under Government Auditing
Standards.
This report is intended solely for the information and use of City Council,management,and others
within the City of Rancho Palos Verdes,California,and federal awarding agencies and pass-through
entities and is not intended to be and should not be used by anyone other than these specified parties.
February 7,2013
Irvine,California
-2-
3-8
CITY OF RANCHO PALOS VERDES,
CALIFORNIA
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2012
Prepared By:
Finance & Information Technology Department
Dennis McLean, Director
Kathryn Downs, Deputy Director
INTRODUCTORY SECTION
Breakfast with Santa
CITY OF RANCHO PALOS VERDES
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
i
INTRODUCTORY SECTION:
Table of Contents i-iii
Letter of Transmittal iv-ix
Directory of City Officials x
Organization Chart xi
GFOA Certificate of Achievement for Excellence in Financial Reporting xii
FINANCIAL SECTION:
Independent Auditor’s Report 3
Management Discussion and Analysis 7
Government-Wide Financial Statements
Statement of Net Assets 21
Statement of Activities 22
Fund Financial Statements
Governmental Funds
Balance Sheet 26
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets 29
Statement of Revenues, Expenditures, and Changes in Fund Balances 30
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Statement of Activities 32
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual 33
Street Maintenance Special Revenue Fund
Statement of Revenues, Expenditures, and Change in Fund Balance
- Budget and Actual 35
Affordable Housing Special Revenue Fund
Statement of Revenues, Expenditures, and Change in Fund Balance
- Budget and Actual 36
Proprietary Funds
Statement of Net Assets 37
Statement of Revenues, Expenses, and Changes in Fund Net Assets 38
Statement of Cash Flows 39
Fiduciary Funds
Statement of Fiduciary Net Assets
Statement of Changes in Fiduciary Net Assets
40
41
CITY OF RANCHO PALOS VERDES
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
ii
Notes to the Financial Statements
Supplementary Information
44
Major Fund Budgetary Comparison Schedules
Schedule of Revenues, Expenditures, and Changes in Fund Balances
- Budget and Actual
Capital Improvements Capital Projects Fund 80
Non-Major Governmental Funds
Combining Balance Sheet 84
Combining Statement of Revenues, Expenditures, and Changes
in Fund Balances 90
Schedule of Revenues, Expenditures, and Changes in Fund Balances
- Budget and Actual – Special Revenue Funds
Air Quality Management Fund 96
Community Development Block Grant Fund 97
El Prado Fund 98
RDA Housing Set-Aside
Proposition A Fund
99
100
Proposition C Fund 101
Measure R 102
Beautification Fund 103
Waste Reduction Fund 104
Public Safety Grants Fund 105
1972 Act Fund 106
1911 Act Fund 107
JPIA – Portuguese Bend Fund 108
Habitat Restoration Fund 109
Measure A Fund 110
Abalone Cove Sewer Assessment District 111
Dr. Allen and Charlotte Ginsburg Cultural Arts Building 112
Donor Restricted Contributions 113
Bikeways Fund 114
Environmental Excise Tax Fund 115
Quimby Fund 116
Schedule of Revenues, Expenditures, and Changes in Fund Balances
- Budget and Actual – Debt Service Funds
RDA Debt Service Fund
117
Schedule of Revenues, Expenditures, and Changes in Fund Balances
- Budget and Actual – Capital Projects Funds
RDA Abalone Cove Fund 118
CITY OF RANCHO PALOS VERDES
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
iii
RDA Portuguese Bend Fund 119
Schedule of Revenues, Expenditures, and Changes in Fund Balance
- Budget and Actual – Permanent Fund
Subregion One Maintenance Fund 120
JPIA – Abalone Cove Fund 121
Internal Service Funds
Combining Statement of Net Assets 124
Combining Statement of Revenues, Expenses, and Changes
in Fund Net Assets 125
Combining Statement of Cash Flows 126
STATISTICAL SECTION (Unaudited)
Financial Trends
Net Assets by Component 130
Changes in Net Assets 131
Governmental Activities Tax Revenue By Source 133
Fund Balances of Governmental Funds – Before GASB 54 134
Fund Balances of Governmental Funds – After GASB 54 135
Changes in Fund Balances of Governmental Funds 136
General Governmental Tax Revenues By Source
137
Revenue Capacity
Assessed Value and Estimated Actual Value of Taxable Property 138
Property Tax Rates - Direct and Overlapping Governments 139
Principal Property Tax Payers 140
Property Tax Levies and Collections 141
Debt Capacity
Ratios of Outstanding Debt by Type 142
Direct and Overlapping Governmental Activities Debt 143
Legal Debt Margin Information 144
Demographic and Economic Information
Demographic and Economic Statistics 145
Principal Sales Tax Payers 146
Principal Employers 147
Operating Information
Full-time Equivalent City Government Employees by Function 148
Operating Indicators by Function 149
Capital Asset Statistics by Function 150
Cub Scout City Hall Tour
CITY OF
iv
RANCHO PALOS VERDES
February 7, 2013
Honorable Mayor and City Council
City of Rancho Palos Verdes
Rancho Palos Verdes, California
The Comprehensive Annual Financial Report (CAFR) of the City of Rancho Palos Verdes for the fiscal year ended
June 30, 2012, is hereby submitted as mandated by both local ordinances and state statutes. These ordinances and
statutes require that the City of Rancho Palos Verdes issue annually a report on its financial position and activity, and
that an independent firm of certified public accountants audit this report. Responsibility for both the accuracy of the
data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best
of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner that
presents fairly the financial position and results of operations of the various funds and component unit of the City of
Rancho Palos Verdes. In addition, to the best of our knowledge, there are no untrue statements of material fact
within the financial statements or omissions of material fact to cause the financial statements to be misleading. All
disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been
included.
The financial section of the CAFR includes management’s discussion and analysis (MD&A) of the financial activity.
This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
The financial reporting entity (the government) includes all the funds of the primary government (i.e., the City of
Rancho Palos Verdes as legally defined), as well as its component unit, the Rancho Palos Verdes Joint Powers
Improvement Authority. A component unit is a legally separate entity for which the primary government is financially
accountable. The City provides a broad range of services, including police protection, solid waste collection,
construction and maintenance of streets and other infrastructure, planning and zoning activities, recreational
activities, cultural events, and general administrative services. The City of Rancho Palos Verdes is a contract city,
meaning that some of these services are provided by contract with other agencies (both public and private) and some
services are delivered by the City's own employees.
Special districts of the County of Los Angeles provide library services, fire protection services, and sewer services.
The City has excluded the County of Los Angeles, as well as the State of California and various school districts, from
the financial reporting entity because they do not meet the established criteria for inclusion.
GOVERNMENTAL STRUCTURE
The City of Rancho Palos Verdes is located on a coastal peninsula overlooking the Pacific Ocean in Los Angeles
County, 20 miles south of the City of Los Angeles. The City was incorporated September 7, 1973. The City currently
has a land area of 13.6 square miles and a population of about 42,000. The City is primarily a "bedroom" community
with relatively little commercial activity.
The City has operated under the council-manager form of government since incorporation. Policy-making and
legislative authority are vested in the governing council, which consists of five council members, including the mayor
and mayor pro-tem. The governing council is responsible, among other things, for passing ordinances, adopting the
budget, appointing committees and hiring the city manager and the city attorney. The city manager is responsible for
carrying out the policies and ordinances of the governing council, for overseeing the day-to-day operations of the
government, and for appointing the heads of the government's departments. The council is elected on a non-
partisan, at-large basis. Council members are elected to four-year staggered terms with two or three council
members elected every two years. The council designates the mayor and mayor pro-tem for a one-year term.
v
MAJOR INITIATIVES
The City's staff, following specific directives of the City Council and the City Manager, has been involved in a variety
of projects throughout the year. These projects reflect the government's commitment to ensuring that its citizens are
able to live and work in an enviable environment.
Community Development
¾ The City together with the Palos Verdes Peninsula Land Conservancy continued management of the City's
Natural Communities Conservation Plan (NCCP) Preserve, including obtaining City Council approval of Final
Preserve Trails Plan for the entire Preserve, continuing several on-going habitat restoration projects, and several
trail maintenance and improvement projects.
¾ Continued to approve the installation of various commercial antenna facilities for cellular telephones and
personal communication systems on private property throughout the City.
¾ Continued to take steps to update the City’s General Plan by obtaining Planning Commission approval of the
draft text for each of the General Plan Elements. Staff is currently presenting Draft General Plan Land Use Map
Changes to the Planning Commission for review and approval. Staff anticipates that the Planning Commission
will complete their review and recommend a draft of the General Plan Update to the City Council in early 2013.
Staff also anticipates that the City Council will adopt the Updated General Plan in summer 2013.
¾ Continued to ensure that the various housing programs within the Housing Element are being implemented.
Additionally, staff has released an RFP with the intent to secure a Housing Consultant to assist Staff in preparing
the next mandatory Housing Element Update, which is due to the State Department of Housing and Community
Development in October 2013.
¾ Implemented the approved Vision Plan, a coordinated master plan consisting of program, design and linkage
concepts for land located within the coastal region of the City, with a) a $500,000 grant from the California
Coastal Conservancy to complete the RPV portion of the California Coastal Trail; and b) with a $332,588
matching grant by the State Recreation and Parks Land and Water Conservation Fund for the Abalone Cove
Shoreline Park Improvement project.
¾ Implemented the City’s Trails Network Plan by improving and maintaining trails within the Palos Verdes Nature
Preserve pursuant to the Council adopted Preserve Trails Plan, and obtained access easements as part of
private development projects for the construction of the Bronco Trail and the Salvation Army Trail as identified in
the City’s Conceptual Trails Plan. Pursuant to a grant from the California Coastal Conservancy, the City has
prepared plans and will begin construction on the City’s segment of the California Coastal Trail. Lastly, the City
will begin an extensive overhaul of the Trails Network Plan for trails outside of the Preserve in fall 2012. Public
outreach will be included.
¾ Prepared a Draft EIR for the Zone 2 Landslide Moratorium Ordinance Revisions. The Landslide Moratorium
Ordinance currently includes an exception category for the 16 Monks plaintiffs’ lots, which grants them the ability
to apply for Landslide Moratorium Exceptions (LMEs) to develop new homes on their lots. The Zone 2 Landslide
Moratorium Ordinance Revisions will expand the exception category to allow the remaining 31 vacant, non-
Monks lots in Zone 2 to also apply for LMEs.
¾ Took initial steps towards the creation of a Western Avenue Vision Plan by selecting a consultant, and identifying
a work product that will serve as a visionary framework plan for a 2-mile stretch of Western Avenue. The Vision
Plan is a multi-faceted project that will develop a corridor strategy that will help revitalize and redefine the identity
of the Western Avenue corridor through aesthetic improvements, transit improvements and business incentives.
Public Works
¾ Awarded $9.4M grant from California Department of Water Resources to construct the San Ramon Canyon
project; which is necessary to reduce erosion in the Canyon, control the undermining of the Palos Verdes Drive
East switchbacks, reduce flooding at Palos Verdes Drive South / 25th Street and protect a 200 home mobile
home community against flooding.
¾ Completed emergency relocation of sanitary sewer collection system adjacent to San Ramon Canyon, which was
necessary to alleviate risk of system failure due to the steady erosion of canyon walls in the direction of a buried
vi
pipeline.
¾ Awarded $130K grant for retrofitting storm drain catch basins to comply with water quality regulations mandating
the elimination of trash deposits into Machado Lake.
¾ Completed construction of Via Canada Storm Drain Improvements Project which was necessary to eliminate
flooding of homes on the Via Canada cul-de-sac due to undersized inlets.
¾ Completed design of Miraleste Plaza Storm Drain Improvements Project which is necessary to replace some of
the oldest storm drains in the City with pipes designed and installed to City standards.
¾ Completed design of 2012 Storm Drain Lining and Rehabilitation Project which will mitigate the risk of failure of
corrugated metal pipes on the city’s east side due to corrosion, soil piping and subsurface erosion. This
trenchless technology will extend the life of existing pipes another 25 to 30 years without expensive and
disruptive street trenching.
¾ Completed construction of the Palos Verdes Drive South Landslide Drainage Grading Project which rehabilitated
an existing storm drain line that transports drainage runoff from a section of Palos Verdes Drive South in the
Portuguese Bend Landslide area to the ocean.
¾ Completed resurfacing of various residential roadways in Zones 4 & 8 of the City. Improvements included cape
seal, slurry seal, asphalt concrete, new and modified access ramps, and roadway signing and striping.
¾ Established a Neighborhood Permit Parking program in the Peninsula Verde Neighborhood.
¾ Initiated the FY 11-12 Annual Sidewalk Repair Program.
¾ Initiated and completed the Crenshaw at Crestridge Traffic Signal Upgrade Project.
¾ Completed design and construction of ADA improvements in the Vista Grande area.
¾ Completed 75% design for Ryan Park Southern Entrance Improvements and Parking Lot Expansion project to
comply with the American with Disabilities Act, which will increase parking on site and improve safety for park
users.
¾ Completed design for Ryan Park Restrooms Improvements & Accessibility Compliance Project.
¾ RPV California Coastal Trail (CCT) project is ready for award for construction. This project is mostly funded by a
Prop 84 grant.
¾ Completed Construction for Eastview Park Playground and Accessibility Improvements project.
¾ Completed Hesse Park and City Hall Community Room drop ceiling retrofit projects for earthquake safety.
¾ Held the City’s first free document shredding events offered to RPV residents. A total of 760 vehicles brought
16.88 tons of material for shredding.
Parks and Recreation
¾ Coordinated numerous annual special events and recreational opportunities for the community. Annual events
included the Whale of a Day Celebration, Egg Hunt Eggstravaganza, July 4th Independence Day Celebration,
Shakespeare by the Sea performance, International Coastal Cleanup Day, and Breakfast with Santa fundraiser.
Recreational opportunities included the Paddle Tennis Tournament, Night at the Museum, and a new co-ed Adult
Softball League.
¾ Partnered with various organizations and agencies to offer services and programs to the community. The City
partnered with:
• Palos Verdes Peninsula Unified School District to offer a week-long Writing by the Sea program for
local students;
vii
• Palos Verdes Library District to offer monthly Little Critter Afternoon Tales story time fun for
youngsters at Hesse Park;
• City of Los Angeles to offer monthly pet adoption events;
• County of Los Angeles and Society of California Veterinary Vaccine Care to offer low-cost pet
vaccination and microchip services; and
• Los Angeles Girl Scouts to create a new Night at the Museum Program centering on satisfying
badge requirements.
¾ Coordinated approximately 70 onsite and offsite recreation activities for REACH, the City’s therapeutic program
serving young adults with developmental disabilities.
¾ Coordinated public and private rentals and activities at various City facilities. These included community and
private classes and parties, youth athletic league activities, film shoots, and non-profit events.
¾ Extended a contract with Trump National Golf Club for private rentals at Founders Park.
¾ Continued to provide oversight, support, and coordination of opportunities and programs with the Los Serenos de
Point Vicente docent organization, including expanded public and private hikes and speaking engagements, and
a new Fourth Grade Tour Program coordinated with the Palos Verdes Peninsula Unified School District.
¾ Completed a new exhibit at the Point Vicente Interpretive Center: Serena the Gray Whale, a 22-foot articulated
skeleton of a juvenile Pacific gray whale.
¾ Provided enforcement and public education in the Palos Verdes Nature Preserve through a contract with the
Mountains Recreation & Conservation Authority for ranger services, and provided interpretive activities including
a Junior Ranger Program, Junior Ranger Summer Camp, ranger-led night hikes, and public appearances and
talks.
¾ Implemented a 24/7 Ranger Hotline for public reporting of misuse of the Palos Verdes Nature Preserve.
¾ Pursued donations through the City’s Gifts for Parks program to assist with Recreation and Parks facilities,
operations, and special events; including the Fourth of July Celebration, REACH program for young adults with
developmental disabilities, and Point Vicente Interpretive Center exhibits and programs.
¾ Implemented a policy for the display of temporary banners promoting City-sponsored and co-sponsored events
and recreational opportunities. The policy improves the uniformity and appearance of the banners displayed at
City park sites.
¾ Following the acquisition of the approximately five-acre Rancho Palos Verdes Beach, coordinated a program of
public education, signage, and enforcement of City ordinances for appropriate use of the beach.
Administration
¾ RPVTV continued to expand programming offered on the City’s cable channel, RPVTV, including rebroadcasts of
the City Council and Planning Commission meetings, productions of a wide variety of local interest programming
and offering a Video Bulletin Board featuring local community events.
¾ Continued to work with a consultant to pursue promising grant opportunities for a variety of City projects,
including public infrastructure and parks and open space. As of June 30, 2012, the City had received a total of
$9,899,558 in competitive grant awards.
¾ Conducted an Emergency Preparedness Drill in October 2011 in conjunction with the statewide “Great California
Shake Out” and was successful in obtaining a $24,000 grant to update the City’s 2004 Joint Hazard Mitigation
Plan.
¾ Supported City Council development of positions and consensus on the annual League of California Cities
Conference resolutions, which were voted on by the City Council’s voting delegate at the 2011 Conference in
San Francisco in September 2011.
¾ Supported City Council development and review of City Council Rules of Procedure and City Council,
Commission and Committee Protocol, which were adopted in May 2012.
viii
¾ Continued to prepare and distribute the City’s quarterly newsletter—mailed to individual households and posted
on the City’s website—to keep residents apprised of important City news, information and events.
¾ Continued to lead a regional response to an FAA proposal to change an airspace classification which would likely
have had a negative impact on safety and the environment. Staff also continued to address issues with Torrance
Airport helicopter routes, worked closely with the FAA to reduce the impact of Peninsula over-flights, and actively
participated in the LAX Community Noise Roundtable to ensure protection of our residents.
¾ Assumed responsibility for the bi-monthly Border Issues Status Report from the Community Development
Department, and continued to monitor a wide range of development proposals in surrounding cities to assess
their potential effects upon Rancho Palos Verdes residents.
¾ Worked to quickly fill an unexpected vacancy in the City’s Human Resources Manager position with an
experienced contract employee in order to maintain a high level of customer service to the City’s employees.
¾ Began negotiations leading to the development of a Memorandum of Understanding (MOU) with the Rancho
Palos Verdes Employees’ Association.
¾ The Finance and Information Technology Department completed a Request for Proposal (RFP) process for the
procurement of a Citywide Enterprise Resource Planning (ERP) system. The City is currently in contract
negotiations and anticipates proposing a contract to the City Council by the end of 2012.
¾ A reorganization of the City’s website was completed during 2012 to improve accessibility and organization for
both residents and businesses.
¾ City Staff developed analysis and design of pension reform enacted by the City Council effective September 23,
2011, which maximized employee contributions to pension costs and added a second tier of reduced benefits for
new employees.
¾ Finance and Information Technology Staff successfully managed dissolution of the Redevelopment Agency,
transition to the Successor Agency, and support of the new Oversight Board for the Successor Agency. The
winding down of the former Redevelopment Agency consumes about 1/3 of a full-time employee and is expected
to have a 2-3 year duration.
¾ Developed and substantially completed a major information technology upgrade that includes a new virtualized
server and file storage network, implementation of a Microsoft enterprise-wise licensing arrangement for servers
and desktops, and replacement of about 60 desktop computers.
FINANCIAL INFORMATION
Internal Control. The Finance and Information Technology department of the City is responsible for establishing and
maintaining an appropriate internal control structure. The internal control system is designed to ensure that the
assets of the City are protected from loss, theft, or misuse and to ensure that adequate accounting data is compiled
to allow for the preparation of financial statements in conformity with Generally Accepted Accounting Principles. The
internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are
met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits
likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgements by management.
Budgeting Controls. The City of Rancho Palos Verdes maintains budgetary controls. The objective of these
budgetary controls is to ensure compliance with legal provisions contained in the annual appropriated budgets
approved by the City Council, Redevelopment Agency Board, and Improvement Authority Commission. Activities of
the General fund, Special Revenue funds, Capital Projects funds, Debt Service fund and Permanent funds are
included in the annual appropriated budgets of the government units. The level of budgetary control (that is, the level
at which expenditures cannot legally exceed the appropriated amount) is established at the department/function level
within each fund. Formal budgetary integration is employed as a management control device. The City also
maintains an encumbrance accounting system as one method of maintaining budgetary control. These encumbrances
lapse at year-end, and any unexpended balance is eligible to be carried over to the following year's budget
appropriations with City Council approval.
ix
Budget to Actual Comparison. The City experienced an overall $1.1 million favorable budget variance in the General
fund for the fiscal year ended June 30, 2012. Favorable expenditure variances across most all 30 programs of the
General Fund were the drivers of the overall favorable variance. Many of the favorable expenditure variances were
permanent savings resulting from conservative budget practices and the continued careful management of resources
during fiscal year 2011-12.
Significant Financial Events. The former Redevelopment Agency was dissolved as of February 1, 2012, and the
assets and liabilities were transferred to the Successor Agency. There were no other changes to financial policies
that resulted in a significant impact on the June 30, 2012 financial statements.
OTHER INFORMATION
Independent Audit. The City requires an annual audit by independent certified public accountants. The accounting
firm of White Nelson Diehl Evans LLP conducted this year's audit. The auditors' report on the government-wide
financial statements and combining and individual fund statements and schedules is included in the financial section
of this report.
Single Audit. As a recipient of federal, state, and county financial assistance, the City is responsible for ensuring that
an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to
those programs. This internal control structure is subject to periodic evaluation by management. In years when over
$500,000 is expended on Federal financial assistance programs, the City is required to undergo an annual single
audit in conformity with the provisions of the Single Audit Act of 1984 and U.S. Office of Management and Budget
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. For the year ended June 30,
2012, $318,798 was expended on Federal financial assistance programs; and therefore a Single Audit is not required.
GFOA Certificate of Achievement Award. The Government Finance Officer's Association of the United States and
Canada (GFOA) oversees a prestigious national award program to recognize conformance with the highest
standards of report preparation. In order to be awarded a Certificate of Achievement, a government unit must publish
an easily readable and efficiently organized CAFR. This report must satisfy both Generally Accepted Accounting
Principles and applicable legal requirements.
The GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Rancho Palos
Verdes for its CAFR for the fiscal year ended June 30, 2011. This was the 19th consecutive year that the City of
Rancho Palos Verdes has achieved this prestigious award. A copy of the GFOA Certificate of Achievement is
included later in the introductory section of this year's CAFR. A Certificate of Achievement is valid for a period of one
year only. We believe our current CAFR continues to meet the Certificate of Achievement Program’s requirements
and we are submitting it to the GFOA to determine its eligibility for another certificate.
Acknowledgments. Completion of this report was the accomplishment by combined efforts of many individuals,
especially Linda Gan-Vanderlinde, Senior Accountant, and Kathryn Downs, Deputy Director of Finance and
Information Technology, who coordinated preparation of the report. I wish to acknowledge the assistance of our
auditors, White Nelson Diehl Evans LLP and the contributions of other Finance and Information Technology
Department staff: Ryan Mills, Matt Waters, Jane Lin, Selena Wright, Gayle Vanoverbeck, and Jayne Mahtani.
I would also like to recognize the City Council for their continued leadership directing the City to achieve a sound
fiscal position over the last several years. We look forward to maintaining this success in the future under the
leadership of the City Council.
Respectfully submitted,
Dennis McLean
Director of Finance & Information Technology
x
CITY OF RANCHO PALOS VERDES
DIRECTORY OF CITY OFFICIALS
JUNE 30, 2012
CITY COUNCIL
Anthony M. Misetich, Mayor
Brian Campbell, Mayor Pro-Tem
Susan Brooks, Councilman
Jerry V. Duhovic, Councilman
James E. Knight, Councilman
ADMINISTRATION AND DEPARTMENT HEADS
City Manager ....................................................................................................................................... Carolyn Lehr
Deputy City Manager ........................................................................................................................ Carolynn Petru
City Clerk .......................................................................................................................................... Carla Morreale
Director of Finance and Information Technology .............................................................................. Dennis McLean
Community Development Director ............................................................................................................ Joel Rojas
Director of Public Works .......................................................................................................................... Tom Odom
Interim Director of Recreation and Parks .......................................................................................... Carolynn Petru
City Attorney ................................................................................................................ Richards, Watson & Gershon
CITY OF RANCHO PALOS VERDES
ORGANIZATIONAL CHART
CITIZENS OF
RANCHO PALOS VERDES
MAYOR AND CITY COUNCIL
COMMISSIONS & COMMITTEES
Planning Commission
Traffic Safety Commission
Finance Advisory Committee
COMMISSIONS & COMMITTEES
Emergency Preparedness Committee
Oversight Committee for the Water Quality & Flood
Protection Program
CITY MANAGER
Administration
Personnel/Community Outreach
Risk Management
CITY ATTORNEY
Richards, Watson & Gershon
CITY CLERK
Records Management
Public Information
Elections
PUBLIC SAFETY
L.A. County Sheriff
L.A. County Fire
Animal Control
Emergency Preparedness
PUBLIC WORKS
Street Maintenance
Refuse/City Engineering
Park/Building Maintenance
Capital Projects
COMMUNITY DEVELOPMENT
Planning/Zoning
Building & Safety/Geology
Code Enforcement
View Restoration
RECREATION & PARKS
Park Facilities Staffing
Point Vicente Interpretive Center
Special Events
REACH Program
FINANCE & INFORMATION
TECHNOLOGY
Financial Reporting & Budget
Accounts Payable/Receivable
Payroll
Purchasing
Information Technology
xi
x
i
i
Early Settlers
FINANCIAL SECTION
1
View of Coastline
2
2875 Michelle Drive, Suite 300, Irvine, CA 92606 • Tel: 714.978.1300 • Fax: 714.978.7893
Offices located in Orange and San Diego Counties
INDEPENDENT AUDITORS’ REPORT
The Honorable Mayor and
Members of the City Council of
the City of Rancho Palos Verdes
Rancho Palos Verdes, California
We have audited the accompanying financial statements of the governmental activities, the
business-type activity, each major fund, and the aggregate remaining fund information of the City of
Rancho Palos Verdes, California, (the City) as of and for the year ended June 30, 2012, which
collectively comprise the City’s basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City of Rancho Palos Verdes’ management. Our
responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the City’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our
opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activity, each major fund,
and the aggregate remaining fund information of the City of Rancho Palos Verdes, California, as of
June 30, 2012, and the respective changes in financial position and cash flows, where applicable,
thereof and the respective budgetary comparisons for the General, Street Maintenance Special Revenue
and Affordable Housing Special Revenue major governmental funds for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 14 to the basic financial statements, the Rancho Palos Verdes Redevelopment
Agency, a blended component unit of the City, was dissolved effective February 1, 2012 as a result of
legislation enacted by the State of California.
3
In accordance with Government Auditing Standards, we have also issued our report dated
February 7, 2013, on our consideration of the City of Rancho Palos Verdes’ internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
contracts and grant agreements and other matters. The purpose of that report is to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the internal control over financial reporting or on compliance. That
report is an integral part of an audit performed in accordance with Government Auditing Standards and
should be considered in assessing the results of our audit.
The management’s discussion and analysis, identified as required supplementary information in the
table of contents, is not a required part of the basic financial statements but is supplementary
information required by the accounting principles generally accepted in the United States of America.
This information is an essential part of financial reporting for placing the basic financial statements in
an appropriate operational, economic or historical context. We have applied certain limited procedures
to the management’s discussion and analysis in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the basic financial statements, and other knowledge we obtained during the
audit of the basic financial statements. We do not express an opinion or provide any assurance on the
management’s discussion and analysis because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Our audit was made for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements as a whole. The combining statements and individual
fund schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements of the City. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the
financial statements. The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare
the basic financial statements or to the financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Our audit was conducted for the purpose of forming opinions on the basic financial statements of the
City of Rancho Palos Verdes, California as a whole. The introductory section and statistical section
are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information has not been subjected to the auditing procedures applied in the audit of
the basic financial statements and, accordingly, we do not express an opinion or provide any assurance
on them.
Irvine, California
February 7, 2013
4
MANAGEMENT’S DISCUSSION & ANALYSIS
5
Junior Ranger Graduation
6
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
The Management of the City of Rancho Palos Verdes offers readers of the City
of Rancho Palos Verdes’ Financial Statements this narrative overview and
analysis of the City’s financial activities for the Fiscal Year ended June 30, 2012.
We encourage readers to consider the information presented here in conjunction
with additional information that we have furnished in our Letter of Transmittal,
which can be found on pages iv-ix of this report.
Financial Highlights
¾ The assets of the City of Rancho Palos Verdes exceed its liabilities at the
close of the Fiscal Year ended June 30, 2012, by $200,238,415 (Net
Assets). Of this amount, $70,643,725 (Unrestricted Net Assets) may be
used to meet the City’s ongoing obligations to its citizens and creditors.
The remaining amount is invested in capital assets or is otherwise
nonexpendable, and is therefore not available to meet the City’s
obligations.
¾ The City’s Total Net Assets increased by $28,159,346. There is no trend
for annual increases or decreases of Total Net Assets. Each year’s
change is generally related to significant one-time events. The same is
true for FY11-12. The State of California enacted law to dissolve
redevelopment agencies effective January 31, 2012. As a result of the
Rancho Palos Verdes Redevelopment Agency (RDA) dissolution, the
former RDA is no longer a component unit of the City. Therefore, the
City’s consolidated loan receivable of $19.3 million from the former RDA is
now reported on the Statement of Net Assets, and the former RDA debt to
the County of $5.5 million is no longer reported on the Statement of Net
Assets for a combined impact of about $24.8 million. Additional
information on the City’s dissolution of Redevelopment Agency can be
found in Note # 14 on pages 70-77 of this report. In addition, transient
occupancy tax of about $3.2 million was added to the Reserve for Future
Capital Projects instead of being spent during FY11-12.
¾ As of June 30, 2012, the City’s Governmental Funds reported combined
ending Fund Balances of $48,485,062, an increase of $22 million. Once
again there is no trend for annual increases and decreases of
governmental fund balances, and changes are generally attributable to
significant one-time events. As of June 30, 2011, the Balance Sheet –
Governmental Funds included funds of the former RDA and the
consolidated loan payable to the City. The funds of the former RDA have
been closed and that debt is no longer reflected on the Balance Sheet –
Governmental Funds. And as mentioned above, the Reserve for Future
Capital Projects increased by about $3.2 million.
7
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
¾ As of June 30, 2012, unassigned fund balance for the General Fund was
$12,464,439 or 71% of General Fund expenditures. About $11.8 million of
this amount constitutes the City Council’s General Fund Reserve (rainy
day fund). Due to the City Council’s reserve policy, the unassigned fund
balance has historically been maintained at or above the policy threshold
level of 50% of budgeted General Fund expenditures.
¾ As noted above, due to redevelopment dissolution, the former RDA is no
longer a component unit of the City; and therefore, the City’s total debt
decreased by nearly $6 million.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s
basic financial statements, which are comprised of three components: 1)
Government-Wide Financial Statements; 2) Fund Financial Statements; and 3)
Notes to the Financial Statements. This report also contains other
supplementary information in addition to the basic financial statements
themselves.
Government-Wide Financial Statements. The Government-Wide Financial
Statements are designed to provide readers with a broad overview of the City’s
finances, in a manner similar to a private-sector business.
The Statement of Net Assets presents information on all of the City’s assets and
liabilities, with the difference between the two reported as Net Assets. Over time,
increases or decreases in net assets may serve as a useful indicator of whether
the financial position of the City of Rancho Palos Verdes is improving or
deteriorating.
The Statement of Activities presents information showing how the government’s
net assets changed during the most recent Fiscal Year. All changes in net
assets are reported as soon as the underlying event giving rise to the change
occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g. uncollected taxes and earned but unused
vacation leave).
Both the Government-Wide Financial Statements distinguish functions of the City
that are principally supported by taxes and intergovernmental revenues
(governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type
activities). The governmental activities of the City include general government,
public safety, public works, planning, building and safety, and recreation. The
City’s business-type activities include only the Water Quality and Flood
8
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
Protection program for renewal and maintenance of the City’s storm drain
facilities.
The Government-Wide Financial Statements include not only the City of Rancho
Palos Verdes itself (known as the Primary Government), but also a legally
separate Improvement Authority for which the City of Rancho Palos Verdes is
financially accountable. Financial information for this Component Unit has been
included as an integral part of the primary government.
The Government-Wide Financial Statements can be found on pages 21-23 of this
report.
Fund Financial Statements. A Fund is a grouping of related accounts that is
used to maintain control over resources that have been segregated for specific
activities or objectives. The City of Rancho Palos Verdes, like other State and
local governments, uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements. All of the Funds of the City can be
divided into three categories: Governmental Funds, Proprietary Funds, and
Fiduciary Funds.
Governmental Funds. Governmental Funds are used to account for essentially
the same functions reported as governmental activities in the Government-Wide
Financial Statements. However, unlike the Government-Wide Financial
Statements, Governmental Fund Financial Statements focus on near-term
inflows and outflows of spendable resources, as well as on balances of
spendable resources available at the end of the Fiscal Year. Such information
may be useful in evaluating a government’s near-term financing requirements.
Because the focus of Governmental Funds is narrower than that of the
Government-Wide Financial Statements, it is useful to compare the information
presented for Governmental Funds with similar information presented for
governmental activities in the Government-Wide Financial Statements. By doing
so, readers may better understand the long-term impact of the government’s
near-term financing decisions. The Governmental Balance Sheet and
Governmental Fund Statement of Revenues, Expenditures, and Changes in
Fund Balances provide a reconciliation to facilitate this comparison between
Governmental Funds and governmental activities.
The City of Rancho Palos Verdes maintained 30 individual Governmental Funds
during the Fiscal Year ended June 30, 2012. Information is presented separately
in the Governmental Fund Balance Sheet and in the Governmental Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances for the
General Fund, the Street Maintenance Fund, the Affordable Housing Fund and
the Capital Improvements Fund, all of which are considered to be major funds.
Data from the other 26 Governmental Funds are combined into a single,
9
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
aggregated presentation. Individual fund data for each of these Other
Governmental Funds is provided in the form of combining statements elsewhere
in this report.
The City of Rancho Palos Verdes adopts an annual appropriated budget for each
of its Governmental Funds. A budgetary comparison statement has been
provided for each Governmental Fund to demonstrate compliance with this
budget.
The basic Governmental Fund Financial Statements can be found on pages 26-
36 of this report.
Proprietary Funds. The City of Rancho Palos Verdes maintains two types of
Proprietary Funds. Enterprise Funds are used to report the same functions
presented as business-type activities in the Government-Wide Financial
Statements. The City uses an Enterprise Fund to account for its Water Quality
and Flood Protection Program. Internal Service Funds are an accounting device
used to accumulate and allocate costs internally among the City’s various
functions. The City uses Internal Service Funds to account for its fleet of
vehicles, computer systems, furniture and equipment, Employee Benefits, and
Civic Center building replacement/improvements. Because these services
predominantly benefit the governmental function, they have been included within
governmental activities in the Government-Wide Financial Statements.
Proprietary Fund Financial Statements provide the same type of information as
the Government-Wide Financial Statements, only in more detail. These
statements can be found on pages 37-39 of this report. The Proprietary Fund
Financial Statements provide separate information for the Enterprise Fund and
the Internal Service Funds. The Enterprise Fund is presented as a single major
fund of the City, while the Internal Service Funds are combined and presented as
a single, aggregated presentation in the Statement. Individual fund data for the
Internal Service Funds is provided in the form of combining statements
elsewhere in this report.
Fiduciary Fund. The City is a fiduciary for the Successor Agency to the Rancho
Palos Verdes Redevelopment Agency (the “Successor Agency”). The City is
responsible for ensuring that the assets reported in the Successor Agency’s
private-purpose trust fund are only: 1) used to extinguish the obligations of the
former RDA; or 2) transferred to another agency pursuant to state redevelopment
dissolution law. All of the fiduciary activities are reported in a separate Statement
of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. We
exclude these activities from the City’s Government-Wide Financial Statement
because the City cannot use these assets to finance its operations.
10
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
Notes to the Financial Statements. The notes provide additional information
that is essential to a full understanding of the data provided in the Government-
Wide and Fund Financial Statements. The notes to the financial statements can
be found on pages 44-78 of this report.
Other information. The combining statements referred to earlier in connection
with Other Governmental Funds and Internal Service Funds are presented
immediately following the Notes to the Financial Statements. Combining and
individual fund statements and schedules can be found on pages 80-126 of this
report.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a
government’s financial position. In the case of the City of Rancho Palos Verdes,
assets exceeded liabilities by $200,238,415 at June 30, 2012. By far, the largest
portion of the City’s Net Assets (64%) reflects its investment in Capital Assets
(e.g. Land, Infrastructure, Buildings, and Equipment). The City uses these
Capital Assets to provide services to its citizens; consequently, these assets are
not available for future spending.
City of Rancho Palos Verdes Net Assets
June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Current and other assets 73,574,121$ 51,956,043$ 3,714,840$ 3,497,659$ 77,288,961$ 55,453,702$
Capital assets 114,488,431 115,145,081 13,356,259 12,752,669 127,844,690 127,897,750
Total assets 188,062,552 167,101,124 17,071,099 16,250,328 205,133,651 183,351,452
Long-term liabilities outstanding 370,799 6,296,201 - - 370,799 6,296,201
Other liabilities 4,341,212 4,844,139 183,225 132,043 4,524,437 4,976,182
Total liabilities 4,712,011 11,140,340 183,225 132,043 4,895,236 11,272,383
Invested in capital assets 114,488,431 115,145,081 13,356,259 12,752,669 127,844,690 127,897,750
Restricted 1,750,000 1,750,000 - - 1,750,000 1,750,000
Unrestricted 67,112,110 39,065,703 3,531,615 3,365,616 70,643,725 42,431,319
Total net assets 183,350,541$ 155,960,784$ 16,887,874$ 16,118,285$ 200,238,415$ 172,079,069$
Governmental Business-type
TotalActivitiesActivities
An additional portion of the City’s Net Assets ($1,750,000 or about 1%)
represents a nonexpendable resource that is subject to external restrictions. The
remaining balance of Unrestricted Net Assets ($70,643,725 or about 35%) may
be used to meet the government’s ongoing obligations to its citizens and
creditors.
Governmental Activities. Governmental Activities increased the City’s Net
Assets by $4,041,815.
11
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
City of Rancho Palos Verdes Changes in Net Assets
June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Program revenues:
Charges for services 3,770,567$ 3,707,267$ 1,330,074$ 1,324,883$ 5,100,641$ 5,032,150$
Operating contributions and grants 3,627,662 3,719,283 - - 3,627,662 3,719,283
Capital contributions and grants 139,339 5,675 - - 139,339 5,675
General revenues:
Property taxes 11,480,461 11,854,171 - - 11,480,461 11,854,171
Other taxes 9,686,419 9,234,107 - - 9,686,419 9,234,107
Other 655,329 588,959 - - 655,329 588,959
Total revenues 29,359,777 29,109,462 1,330,074 1,324,883 30,689,851 30,434,345
Expenses:
Administration 5,906,436 5,996,735 - - 5,906,436 5,996,735
Public safety 4,177,926 4,334,961 - - 4,177,926 4,334,961
Public works 11,202,446 10,389,064 - - 11,202,446 10,389,064
Parks and recreation 1,489,940 1,390,604 - - 1,489,940 1,390,604
Community development 2,432,175 2,622,293 - - 2,432,175 2,622,293
Non-departmental - - - - - -
Interest on long-term debt 109,039 260,045 - - 109,039 260,045
Water Quality Flood Protection - - 560,485 489,524 560,485 489,524
Total expenses 25,317,962 24,993,702 560,485 489,524 25,878,447 25,483,226
Increase in net assets 4,041,815 4,115,760 769,589 835,359 4,811,404 4,951,119
Extraordinary gain 23,347,942 - - - 23,347,942 -
Increase in net assets 27,389,757 4,115,760 769,589 835,359 28,159,345 4,951,119
Net assets - beginning of fiscal year 155,960,784 151,845,024 16,118,285 15,282,926 172,079,069 167,127,950
Net assets - end of fiscal year 183,350,541$ 155,960,784$ 16,887,874$ 16,118,285$ 200,238,414$ 172,079,069$
Total
Governmental
Activities
Business-type
Activities
As noted previously, the primary driver behind the increase was dissolution of the
former RDA. As the former RDA is no longer a component unit of the City, its
debt to the City of $19.3 million and its debt to the County of $5.5 million were
removed from the City’s Government-Wide Financial Statements. In addition,
about $3.2 million of FY11-12 transient occupancy tax revenue was not spent,
but added to a Reserve for Future Capital Projects.
Revenues by Source – Governmental Activities
12
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
Business-Type Activities. Business-type activities increased the City’s net
assets by $769,589 primarily due to collection of storm drain user fees that will
be utilized during FY12-13 for projects continued from FY11-12.
Financial Analysis of Governmental Funds
As of the end of the current Fiscal Year, the City’s Governmental Funds reported
combined ending Fund Balances of $48,485,062, an increase of $22 million in
comparison with the prior year. Approximately 75% of the combined ending
Fund Balances (about $36.2 million) constitutes spendable fund balance. The
combined spendable fund balance includes the CDBG and Measure A special
revenue negative unassigned fund deficit of $108,132. The remainder of the
combined ending Fund Balances is either nonspendable due to outside legal
restrictions ($1.82 million), or nonspendable in form (primarily for long-term
principal advances to other funds of $9.7 million, and prepaid items of $0.7
million).
The General Fund is the chief operating fund of the City of Rancho Palos Verdes.
At the end of the current fiscal year, the unassigned fund balance of the General
Fund was $12,464,439, while total Fund Balance reached $19,957,249. As a
measure of the General Fund’s liquidity, it may be useful to compare both
Unassigned Fund Balance and Total Fund Balance to total fund uses
(expenditures and transfers out). Unassigned Fund Balance represents 55% of
total General Fund uses, while total Fund Balance represents 88% of that same
amount.
During Fiscal Year 11-12, the fund balance of the City’s General Fund increased
by $1,056,987. This was primarily related to the favorable expenditure variances
totaling $1.2 million. The most notable of these favorable variances was
attributable to park and building maintenance savings of $0.2 million. The
remaining expenditure savings included about $60,000 for general liability
insurance in the City Manager’s budget program, about $54,000 for
miscellaneous inspection services in the Public Works Administration program,
and other insignificant amounts (less than $75,000 or 0.4% of the General Fund
expenditure budget) spread among a large number of the General Fund’s 30
budget programs.
The Street Maintenance Fund Balance increased by $141,751, primarily due to
permanent expenditure savings.
The Affordable Housing Fund Balance increased by $1,720,670, primarily due to
the transfer of housing assets from the former RDA as part of redevelopment
dissolution.
13
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
The Capital Improvement Projects (CIP) Fund had an ending fund balance of
$15,406,941. Of this amount, $4.0 million is held for street improvement projects
continued from FY11-12 to FY12-13, $1.2 million is held for park improvement
projects continued from FY11-12 to FY12-13, and the remaining $10.2 million is
held in reserve for emergency projects and future projects as directed by City
Council policy.
Financial Analysis of Proprietary Funds
The City’s Proprietary Funds provide the same type of information found in the
Government-Wide Financial Statements, but in more detail. Unrestricted Net
Assets of the Enterprise Fund at the end of the year amounted to $3,531,615.
Unrestricted Net Assets of the Internal Service Funds at the end of the year
amounted to $3,617,838. The total growth in Proprietary Fund type net assets
was $345,877 or about 5% of unrestricted Net Assets.
General Fund Budgetary Highlights
The General Fund revenue budget was increased about $424,000 with the
Midyear Financial review primarily due to a revised estimate of transient
occupancy tax.
The difference between original budgeted expenditures and the final amended
budget was a decrease of $164,271; and is briefly summarized as follows:
¾ A decrease of $688,502 was attributable to appropriations continued to
FY12-13.
¾ An increase of $623,096 was attributable to appropriations continued from
FY10-11.
¾ Other immaterial adjustments resulted in net decreases of approximately
$99,000.
The City Council authorized additional General Fund transfers of $312,588 to
fund improvements to Abalone Cove Shoreline Park and $396,000 to fund the
Reserve for Future Capital Projects resulting from the revised estimate of
transient occupancy tax revenue.
Capital Asset and Debt Administration
Capital Assets. The City’s investment in Capital Assets for its governmental
activities as of June 30, 2012, amounts to $114,488,431 (net of accumulated
depreciation). This investment in capital assets includes land, buildings, park
improvements, roadways, sewer, storm drains, vehicles, computer equipment,
14
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
furniture, other equipment, and construction in progress. During the current fiscal
year, the City’s investment in governmental capital assets decreased by about
$656,650 or about 0.57%.
Major capital asset events during the current Fiscal Year included the following:
¾ Depreciation of $3.5 million was recorded for the City’s Capital Assets.
¾ An arterial street repaving project was completed with a total cost of about
$2.4 million.
¾ The Ryan Park Ball Field improvements of about $275,000 were
completed.
¾ Sewer line relocation adjacent to the Palos Verdes Drive East switchbacks
was completed for a cost of about $210,000.
The Capital Assets (net of accumulated depreciation) for Business-type activities
as of June 30, 2012 was $13,356,259.
City of Rancho Palos Verdes Capital Assets
(net of depreciation)
June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Capital assets not being depreciated
Land 39,881,986$ 40,048,288$ 1,408,493$ 1,408,493$ 41,290,479$ 41,456,781$
Construction in progress 430,058 628,308 1,516,924 678,980 1,946,982 1,307,288
Total capital assets not being depreciated 40,312,044 40,676,596 2,925,417 2,087,473 43,237,461 42,764,069
Capital assets being depreciated, net
Buildings 6,953,126 7,156,296 - - 6,953,126 7,156,296
Vehicles 58,405 94,656 - - 58,405 94,656
Computer equipment 117,773 35,181 - - 117,773 35,181
Furniture, fixtures and equipment 78,677 123,861 - 1,181 78,677 125,042
Infrastructure
Roadway system 46,448,299 46,304,199 - - 46,448,299 46,304,199
Sewer system 8,198,687 8,447,475 - - 8,198,687 8,447,475
Storm drain system 9,930,462 10,180,941 10,430,842 10,664,015 20,361,304 20,844,956
Park system 2,390,958 2,125,876 - - 2,390,958 2,125,876
Total capital assets being depreciated, net 74,176,387 74,468,485 10,430,842 10,665,196 84,607,229 85,133,681
Capital Assets, net 114,488,431$ 115,145,081$ 13,356,259$ 12,752,669$ 127,844,690$ 127,897,750$
Total
Governmental
Activities
Business-type
Activities
Additional information on the City’s Capital Assets can be found in Note # 4 on
pages 56-57 of this report.
Long-term debt. At the end of the current Fiscal Year, the City of Rancho Palos
Verdes had total debt outstanding of $370,798 for Employee Compensated
Absences.
15
CITY OF RANCHO PALOS VERDES
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2012
See independent auditors’ report.
City of Rancho Palos Verdes Outstanding Debt
June 30, 2012 June 30, 2011
Employee compensated absences 370,798 332,600
Total 370,798$ 332,600$
Governmental
Activities
The City’s total debt increased by $38,198 (11.5%) during the current Fiscal
Year, due to additional accrued time off not taken by employees.
State statutes limit the amount of general obligation debt a governmental entity
may issue to 15 percent of its total assessed valuation. The current debt
limitation for the City of Rancho Palos Verdes is $1,420,256,000. Additional
information on the City’s long-term debt can be found in Note # 6 on pages 58-59
of this report.
Economic Factors and Next Year’s Budgets and Rates
¾ Property tax revenue accounts for about 38 percent of Government-Wide
revenues. Local property values remain strong, and the City’s property
assessments grew by 2.3% for FY12-13.
¾ The Consumer Price Index for Los Angeles County increased by 1.6% for
the 12 months ended June 2012. The City’s FY12-13 expenditure budget
increased by 2.0% when compared to FY11-12. Revenue in excess of
budgeted expenditures (about $4.9 million) has been programmed for
capital improvement projects.
Requests for Information
This Financial Report is designed to provide a general overview of the financial
position of the City of Rancho Palos Verdes for all those with an interest in the
government’s finances. Questions concerning any of the information provided in
this report, or requests for additional financial information, should be addressed
to the Finance and Information Technology Department at 30940 Hawthorne
Boulevard, Rancho Palos Verdes, CA 90275 or finance@rpv.com.
16
BASIC FINANCIAL STATEMENTS
17
Marilyn Ryan Sunset Park Dedication
18
GOVERNMENT-WIDE STATEMENTS
19
Story Time with Santa
20
CITY OF RANCHO PALOS VERDES
STATEMENT OF NET ASSETS
June 30, 2012
Governmental Business-type
Activities Activity Total
ASSETS:
Cash and investments 43,767,067$ 3,640,715$ 47,407,782$
Receivables:
Taxes 1,391,347 - 1,391,347
Interest 30,933 2,663 33,596
Notes 7,308,481 - 7,308,481
Other 745,230 71,462 816,692
Inventory 34,058 - 34,058
Prepaid costs 1,007,946 - 1,007,946
Receivable from Successor Agency 19,289,059 - 19,289,059
Capital assets, not being depreciated:
Land 39,881,992 1,408,493 41,290,485
Construction in progress 430,056 1,516,924 1,946,980
Capital assets, being depreciated, net:
Property and equipment 254,851 - 254,851
Buildings and improvements 6,953,126 - 6,953,126
Infrastructure 66,968,406 10,430,842 77,399,248
TOTAL ASSETS 188,062,552 17,071,099 205,133,651
LIABILITIES:
Accounts payable and accrued liabilities 3,279,855 176,451 3,456,306
Retentions payable 212,362 6,774 219,136
Unearned revenue 100,830 - 100,830
Deposits payable 748,166 - 748,166
Long-term liabilities:
Due within one year 260,434 - 260,434
Due beyond one year 110,365 - 110,365
TOTAL LIABILITIES 4,712,011 183,225 4,895,237
NET ASSETS:
Invested in capital assets 114,488,431 13,356,259 127,844,690
Restricted for:
Community development:
Nonexpendable 1,750,000 - 1,750,000
Unrestricted 67,112,110 3,531,615 70,643,725
TOTAL NET ASSETS 183,350,541$ 16,887,874$ 200,238,415$
See independent auditors' report and notes to financial statements.
21
CITY OF RANCHO PALOS VERDES
STATEMENT OF ACTIVITIES
For the year ended June 30, 2012
Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions
Governmental Activities:
Administration 5,906,436$ 746,672$ 48,135$ -$
Public safety 4,177,926 193,568 100,000 -
Public works 11,202,446 683,643 3,272,927 139,339
Parks and recreation 1,489,940 502,586 32,316 -
Community development 2,432,175 1,644,098 174,284 -
Interest on long-term debt 109,039 - - -
Total governmental activities 25,317,962 3,770,567 3,627,662 139,339
Business-type Activity:
Water Protection Flood Control (758,624) 1,319,109 - -
Total Primary Government 24,559,338$ 5,089,676$ 3,627,662$ 139,339$
General revenues:
Taxes:
Property taxes
Transient occupancy tax
Sales tax
Franchise tax
Utility user tax
Other taxes
Investment income
Unrestricted grants, contributions and other revenues
Total general revenues and transfers
Extraordinary item:
Gain on dissolution of Redevelopment Agency (Note 14)
Change in net assets
Net assets - beginning of year, as restated
Net assets - end of year
See independent auditors' report and notes to financial statements.
Program Revenues
Functions/programs
22
Net (Expense) Revenue and
Changes in Net Assets
Governmental Business-type
Activities Activity Total
(5,111,629)$ -$ (5,111,629)$
(3,884,358) - (3,884,358)
(7,106,537) - (7,106,537)
(955,038) - (955,038)
(613,793) - (613,793)
(109,039) - (109,039)
(17,780,394) - (17,780,394)
- 758,624 758,624
(17,780,394) 758,624 (17,021,770)
11,480,461 - 11,480,461
3,349,015 - 3,349,015
1,448,508 - 1,448,508
1,881,163 - 1,881,163
2,333,440 - 2,333,440
674,293 - 674,293
603,776 10,965 614,741
51,553 - 51,553
21,822,209 10,965 21,833,174
23,347,942 - 23,347,942
27,389,757 769,589 28,159,346
155,960,784 16,118,285 172,079,069
183,350,541$ 16,887,874$ 200,238,415$
23
City Hall
24
FUND FINANCIAL STATEMENTS
25
CITY OF RANCHO PALOS VERDES
BALANCE SHEET - GOVERNMENTAL FUNDS
June 30, 2012
Special
Revenue
Street
General Maintenance
Cash and investments 13,548,910$ 1,487,816$
Receivables:
Taxes 1,214,207 122,665
Interest 12,141 573
Notes - -
Other 429,147 3,590
Due from other funds 270,179 -
Inventory 34,058 -
Prepaid items 715,974 -
Receivable from Successor Agency 19,289,059 -
TOTAL ASSETS 35,513,676$ 1,614,644$
LIABILITIES:
Accounts payable and accrued liabilities 2,066,837$ 551,475$
Due to other funds - -
Retentions payable 13,272 5,622
Deferred revenue 12,728,151 651
Deposits payable 748,166 -
TOTAL LIABILITIES 15,556,426 557,748
FUND BALANCES (DEFICIT):
Non-Spendable
Endowment principal - -
Reimbursement settlement agreemen - -
Prepaid items 715,974 -
Receivable from Successor Agency 6,742,778 -
Long term receivables - -
Habitat restoration - -
Inventory 34,058 -
Restricted - 1,056,896
Assigned - -
Unassigned 12,464,439 -
TOTAL FUND BALANCES (DEFICIT)19,957,249 1,056,896
TOTAL LIABILITIES AND FUND BALANCES 35,513,675$ 1,614,644$
See independent auditors' report and notes to financial statements
ASSETS
LIABILITIES AND FUND BALANCES
26
Special Capital
Revenue Projects Other Total
Affordable Capital Governmental Governmental
Housing Improvements Funds Funds
500,826$ 15,950,665$ 8,750,890$ 40,239,107$
- - 54,475 1,391,347
365 8,726 6,560 28,365
6,829,457 - 479,024 7,308,481
- 29,204 282,208 744,149
- - - 270,179
- - - 34,058
899 - - 716,873
- - - 19,289,059
7,331,547$ 15,988,595$ 9,573,157$ 70,021,618$
901$ 357,957$ 216,355 3,193,525$
- - 151,665 151,665
193,468 - 212,362
3,839,457 30,229 632,350 17,230,838
- - - 748,166
3,840,358 581,654 1,000,370 21,536,556
- - 750,000 750,000
- - 1,000,000 1,000,000
899 - - 716,873
- - - 6,742,778
2,990,000 - - 2,990,000
- - 74,696 74,696
- - - 34,058
500,290 - 6,856,223 8,413,409
- 15,406,941 - 15,406,941
- - (108,132) 12,356,307
3,491,189 15,406,941 8,572,787 48,485,062
7,331,547$ 15,988,595$ 9,573,157$ 70,021,618$
27
Egg Hunt
28
CITY OF RANCHO PALOS VERDES
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET ASSETS
June 30, 2012
Fund balances - total governmental funds 48,485,062$
Amounts reported for governmental activities in the Statement of Net Assets are different because:
Capital assets used in governmental activities are not current financial resources and, therefore,
are not reported in the governmental funds balance sheet.114,233,580
Interest accrued on the receivable from Successor Agency in the General Fund is not available as current
resource and, therefore, is recorded as deferred revenue and added to the balance of the advance. The
Statement of Net Assets reports on the full accrual basis and does not defer currently unavailable
revenues.12,546,284
Intergovernmental revenues earned, but not available, are deferred in the fund financial statements.
The revenue is not deferred on the Statement of Activities.265,244
Long-term notes receivable are not current available resources and, therefore, do not affect the
governmental fund balance.4,318,481
Long-term liabilities are not due and payable in the current period and, therefore, are not reported
in the governmental funds.(370,799)
Internal service funds are used by management to charge the costs of certain activities, including
equipment and building replacement and employee benefits, to individual funds. The assets
and liabilities of the internal service funds are included in the Statement of Net Assets.3,872,689
Net assets of governmental activities 183,350,541$
See independent auditors' report and notes to financial statements.
29
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
For the year ended June 30, 2012
Special
Revenue
Street
General Maintenance
REVENUES:
Taxes 20,606,160$ -$
Licenses and permits 1,806,147 -
Fines and forfeitures 159,488 -
Use of money and property 754,473 15,862
Charges for services 145,924 2,900
Revenue from other agencies 6,365 1,206,626
Other revenues 192,300 -
TOTAL REVENUES 23,670,857 1,225,388
EXPENDITURES:
Current:
Administration 5,624,776 -
Public safety 4,177,926 -
Public works 3,723,884 1,976,064
Parks and recreation 1,454,414 -
Community development 2,479,898 -
Capital outlay - -
Debt service:
Principal - -
Interest and fiscal charges - -
TOTAL EXPENDITURES 17,460,898 1,976,064
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 6,209,959 (750,676)
OTHER FINANCING SOURCES (USES):
Transfers in 540,000 945,088
Transfers out (5,692,972) (52,661)
TOTAL OTHER FINANCING SOURCES (USES)(5,152,972) 892,427
EXTRAORDINARY ITEM:
Gain on dissolution of Redevelopment Agency (Note 14)- -
NET CHANGE IN FUND BALANCES 1,056,987 141,751
FUND BALANCES (DEFICIT) - BEGINNING OF YEAR 18,900,262 915,145
FUND BALANCES (DEFICIT) - END OF YEAR 19,957,249$ 1,056,896$
See independent auditors' report and notes to financial statements
30
Special Capital
Revenue Projects Other Total
Affordable Capital Governmental Governmental
Housing Improvements Funds Funds
-$ -$ 1,260,876$ 21,867,036$
- - - 1,806,147
- - - 159,488
697 36,780 542,083 1,349,895
- - - 148,824
- 139,340 2,069,026 3,421,357
- - 66,341 258,641
697 176,120 3,938,326 29,011,389
- - 100,940 5,725,716
- - - 4,177,926
- - 1,915,836 7,615,784
- - 25,000 1,479,414
3,659 - 288 2,483,845
- 2,939,431 215,539 3,154,970
- - 463,698 463,698
- - 497,934 497,934
3,659 2,939,431 3,219,235 25,599,287
(2,962) (2,763,311) 719,092 3,412,103
- 6,520,472 220,700 8,226,260
- - (2,110,110) (7,855,743)
- 6,520,472 (1,889,410) 370,517
1,723,632 - 16,516,488 18,240,119
1,720,670 3,757,161 15,346,170 22,022,739
1,770,519 11,649,780 (6,773,383) 26,462,323
3,491,189$ 15,406,941$ 8,572,787$ 48,485,062$
31
CITY OF RANCHO PALOS VERDES
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the year ended June 30, 2012
Net change in fund balances - total governmental funds 22,022,739$
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities,
the cost of those assets is allocated over their estimated useful lives as depreciation expense, or
are allocated to the appropriate functional expense when the cost is below the capitalization threshold.
Asset disposals are also not recognized in the governmental funds. This activity reconciled as follows:
Cost of assets capitalized 2,864,926
Depreciation expense (3,356,433)
Unpaid accrued interest income is deferred in the governmental funds since it is not available. This
income is accrued in the Statement of Activities.819,586
Intergovernmental revenues earned, but not available are deferred in the fund financial statements.(91,861)
Interest expenditures are recognized when due, and therefore, interest payable is not recorded in the
governmental funds. This amount represents the net change in interest payable.20,086
Increases in long-term notes receivable use current financial resources and are included in the expenditures
of governmental funds. Repayments of long-term notes receivables provide current financial resources
and are included in the revenues of governmental funds. These changes in notes receivable are not
reflected in the revenues or expenses of the Statement of Activities. This amount represents the net
change in the long-term notes receivable.1,104
Compensated absences expenses reported in the Statement of Activities do not require the use of current
financial resources and therefore are not reported as expenditures in governmental funds.(38,199)
Principal payments on debt are recorded as expenditures in the funds. The expenditure is not recognized
in the Statement of Activities since it reduces the liability reported on the Statement of Net Assets.
Principal payments consisted of the following:
Redevelopment Agency tax increment bond 100,000
Redevelopment Agency deferred interest payable 363,698
Internal service funds are used by management to charge the costs of certain activities, including equipment
and building replacement and employee benefits, to individual funds. The net revenues/(expenses) of the
internal service funds (excluding transfers and interest income) are reported with governmental activities. (423,712)
The Rancho Palos Verdes Redevelopment Agency was dissolved as of February 1, 2012 pursuant to Assembly
Bills 1x 26 and 1484. Capital assets and long-term liabilities of the dissolved Agency were transferred to
the Successor Agency Private-Purpose Trust Fund:
Transfer of land (166,296)
Transfer of note receivable (225,785)
Transfer of tax increment bonds 5,065,000
Transfer of deferred interest payable 434,904
Change in net assets of governmental activities 27,389,757$
See independent auditors' report and notes to financial statements.
32
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 20,058,800$ 20,550,800$ 20,606,160$ 55,360$
Licenses and permits 2,043,600 2,043,600 1,806,147 (237,453)
Fines and forfeitures 154,900 223,900 159,488 (64,412)
Use of money and property 567,900 567,900 754,473 186,573
Charges for services 66,800 66,800 145,924 79,124
Revenue from other agencies 151,900 15,000 6,365 (8,635)
Other revenues 154,300 154,300 192,300 38,000
TOTAL REVENUES 23,198,200 23,622,300 23,670,857 48,557
EXPENDITURES:
Administration
City council 136,500 136,500 133,698 2,802
City manager 1,671,300 1,767,195 1,656,174 111,021
City attorney 1,065,000 1,065,000 1,057,102 7,898
Community outreach 208,800 217,300 212,156 5,144
City clerk 492,550 524,750 503,877 20,873
Personnel 251,350 293,450 294,298 (848)
Finance 1,375,300 1,351,388 1,341,972 9,416
Information technology - Data 599,200 411,500 356,281 55,219
Information technology - Voice 93,800 93,800 69,218 24,582
Total Administration 5,893,800 5,860,883 5,624,776 236,107
Public safety
Sheriff 4,015,000 4,015,000 3,957,051 57,949
Special programs 71,500 89,500 24,513 64,987
Animal control 120,250 130,250 55,862 74,388
Emergency preparedness 148,300 141,948 140,500 1,448
Total Public Safety 4,355,050 4,376,698 4,177,926 198,772
Public Works
Public works administration 2,055,000 2,095,408 1,974,634 120,774
Traffic management 154,000 169,700 139,712 29,988
Storm water quality 180,300 180,300 92,945 87,355
Building maintenance 620,800 608,800 491,226 117,574
Park/Trail/Open Space maintenance 1,130,250 1,167,270 1,012,060 155,210
Sewer maintenance 63,000 63,375 13,307 50,068
Total Public Works 4,203,350 4,284,853 3,723,884 560,969
Budgeted Amounts
33
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (continued)
GENERAL FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Parks and Recreation
Recreation administration 779,300 593,700 555,664 38,036
Recreation facilities 441,190 454,490 448,980 5,510
Special events 52,200 52,539 45,025 7,514
PVIC 383,375 382,275 356,709 25,566
REACH 53,800 53,700 48,036 5,664
Total Parks and Recreation 1,709,865 1,536,704 1,454,414 82,290
Community Development
Planning services 1,296,800 1,303,070 1,302,440 630
Building & safety 653,200 586,806 574,613 12,193
Code enforcement 208,500 207,000 187,237 19,763
View restoration/preservation 339,500 337,400 324,520 12,880
NCCP - 2,380 2,380 -
Geology 150,000 150,000 88,708 61,292
Total Community Development 2,648,000 2,586,656 2,479,898 106,758
TOTAL EXPENDITURES 18,810,065 18,645,794 17,460,898 1,184,897
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 4,388,135 4,976,506 6,209,959 1,233,453
OTHER FINANCING SOURCES (USES):
Transfers in 452,000 552,000 540,000 (12,000)
Transfers out (4,839,253) (5,572,241) (5,692,972) (120,731)
TOTAL OTHER FINANCING
SOURCES (USES)(4,387,253) (5,020,241) (5,152,972) (132,731)
NET CHANGE IN FUND BALANCE 882 (43,735) 1,056,987 1,100,722
FUND BALANCE - BEGINNING OF YEAR 18,900,262 18,900,262 18,900,262 -
FUND BALANCE - END OF YEAR 18,901,144$ 18,856,527$ 19,957,249$ 1,100,722$
See independent auditors' report and notes to financial statements.
Budgeted Amounts
34
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
STREET MAINTENANCE SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 17,010$ 17,010$ 15,862$ (1,148)$
Charges for services 14,000 14,000 2,900 (11,100)
Revenue from other agencies 1,129,800 1,129,800 1,206,626 76,826
TOTAL REVENUES 1,160,810 1,160,810 1,225,388 64,578
EXPENDITURES:
Public Works
Street landscape maintenance 1,602,279 1,675,299 1,376,572 298,727
Traffic signal maintenance 202,000 112,000 73,767 38,233
Portuguese Bend road maintenance 516,400 566,400 525,725 40,675
TOTAL EXPENDITURES 2,320,679 2,353,699 1,976,064 377,635
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (1,159,869) (1,192,889) (750,676) 442,213
OTHER FINANCING SOURCES:
Transfers in 1,074,400 1,074,400 945,088 (129,312)
Transfers out - (52,661) (52,661) -
TOTAL OTHER FINANCING
SOURCES (USES)1,074,400 1,021,739 892,427 (129,312)
NET CHANGE IN FUND BALANCE (85,469) (171,150) 141,751 312,901
FUND BALANCE - BEGINNING OF YEAR 915,145 915,145 915,145 -
FUND BALANCE - END OF YEAR 829,676$ 743,995$ 1,056,896$ 312,901$
See independent auditors' report and notes to financial statements.
Budgeted Amounts
35
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
AFFORDABLE HOUSING SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Other revenues 330,000$ 330,000$ -$ (330,000)$
Use of money and property 10 10 697 687
TOTAL REVENUES 330,010 330,010 697 (329,313)
EXPENDITURES:
Community development 2,000 4,000 3,659 341
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 328,010 326,010 (2,962) (328,972)
EXTRAORDINARY GAIN (LOSS)- - 1,723,632 1,723,632
NET CHANGE IN FUND BALANCE 328,010 326,010 1,720,670 1,394,660
FUND BALANCE - BEGINNING OF YEAR 1,770,519 1,770,519 1,770,519 -
FUND BALANCE - END OF YEAR 2,098,529$ 2,096,529$ 3,491,189$ 1,394,660$
See independent auditors' report and notes to financial statements
Budgeted Amounts
36
CITY OF RANCHO PALOS VERDES
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
June 30, 2012
Business-type Governmental
Activity-Activities-
Water Quality Internal
Flood Protection Service
Enterprise Fund Funds
CURRENT ASSETS:
Cash and investments 3,640,715$ 3,527,960$
Receivables:
Interest 2,663 2,568
Other 71,462 1,081
Prepaid items - 291,073
TOTAL CURRENT ASSETS 3,714,840 3,822,682
NONCURRENT ASSETS:
Capital assets, not being depreciated:
Land 1,408,493 -
Construction in progress 1,516,924 -
Capital assets, being depreciated:
Property and equipment 11,813 1,603,512
Infrastructure 11,338,573 -
Accumulated depreciation (919,544) (1,348,661)
TOTAL NONCURRENT ASSETS 13,356,259 254,851
TOTAL ASSETS 17,071,099 4,077,533
CURRENT LIABILITIES:
Accounts payable and accrued liabilities 176,451 86,330
Retentions payable 6,774 -
Due to other fund - 118,514
TOTAL CURRENT LIABILITIES 183,225 204,844
Invested in capital assets 13,356,259 254,851
Unrestricted 3,531,615 3,617,838
TOTAL NET ASSETS 16,887,874$ 3,872,689$
See independent auditors' report and notes to financial statements.
ASSETS
LIABILITIES
NET ASSETS
37
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - PROPRIETARY FUNDS
For the year ended June 30, 2012
Business-type Governmental
Activity-Activities-
Water Quality Internal
Flood Protection Service
Enterprise Fund Funds
OPERATING REVENUES:
Charges for services 1,319,109 2,301,500$
OPERATING EXPENSES:
Personnel services 141,320 1,869,945
Materials and supplies 98,452 154,354
Maintenance 86,359 236,948
Depreciation 234,354 133,485
TOTAL OPERATING EXPENSES 560,485 2,394,732
OPERATING LOSS 758,624 (93,232)
NONOPERATING REVENUES:
Other revenues - 28,618
Interest income 10,965 11,419
TOTAL NONOPERATING REVENUES 10,965 40,037
INCOME (LOSS) BEFORE TRANSFERS 769,589 (53,195)
TRANSFER OUT - (370,517)
CHANGE IN NET ASSETS 769,589 (423,712)
TOTAL NET ASSETS - BEGINNING OF YEAR 16,118,285 4,296,401
TOTAL NET ASSETS - END OF YEAR 16,887,874$ 3,872,689$
See independent auditors' report and notes to financial statements.
38
CITY OF RANCHO PALOS VERDES
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the year ended June 30, 2012
Business-type Governmental
Activity-Activities-
Water Quality Internal
Flood Protection Service
Enterprise Fund Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided -$ 2,420,014$
Receipts from storm drain user fees 1,309,906 -
Payments to suppliers (184,811) (434,978)
Payments to employees (141,320) (2,039,616)
NET CASH USED BY OPERATING ACTIVITIES 983,775 (54,580)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition and construction of capital assets (786,761) (134,637)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Receipts from other revenues - 27,537
Transfer to other funds - (370,517)
NET CASH PROVIDED FROM NON-CAPITAL
FINANCING ACTIVITIES - (342,980)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments 11,680 13,362
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS 208,694 (518,835)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 3,432,022 4,046,795
CASH AND CASH EQUIVALENTS - END OF YEAR 3,640,715$ 3,527,960$
RECONCILIATION OF OPERATING LOSS TO
NET CASH USED BY OPERATING ACTIVITIES:
Operating income (loss) 758,624$ (93,232)$
Adjustments to reconcile operating loss
to net cash used by operating activities:
Depreciation 234,354 133,485
Changes in operating assets and liabilities:
Increase in other receivable (9,203) -
Increase in prepaid items - (28,989)
Decrease in accrued liabilities - (184,358)
Increase in due to other fund - 118,514
NET CASH USED BY OPERATING ACTIVITIES 983,775$ (54,580)$
See independent auditors' report and notes to financial statements.
39
CITY OF RANCHO PALOS VERDES
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
June 30, 2012
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Private-Purpose Trust Fund
Cash and investments 625,260$
Receivables:
Interest 10
Notes 204,950
Prepaid items 182,195
Land 166,296
TOTAL ASSETS 1,178,711$
LIABILITIES:
Accounts payable and accrued liabilities 57,772$
Long-term liabilities:
Due within one year 120,000
Due beyond one year 24,668,963
TOTAL LIABILITIES 24,846,735
NET DEFICIT HELD IN TRUST (23,668,024)$
See independent auditors' report and notes to financial statements
ASSETS
LIABILITIES AND FUND BALANCES
40
CITY OF RANCHO PALOS VERDES
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
For the Five Months Ended June 30, 2012
Successor Agency to the
Rancho Palos Verdes
Redevelopment Agency
Private-Purpose Trust Fund
ADDITIONS:
Taxes 118,818$
Use of money and property 10
TOTAL ADDITIONS 118,828
DEDUCTIONS:
Administration 50,139
Interest and fiscal charges 388,771
TOTAL DEDUCTIONS 438,910
EXTRAORDINARY LOSS ON DISSOLUTION OF
REDEVELOPMENT AGENCY (23,347,942)
CHANGE IN NET ASSETS (23,668,024)
NET ASSETS - FEBRUARY 1, 2012 -
NET ASSETS - END OF YEAR (23,668,024)$
See independent auditors' report and notes to financial statements
41
42
NOTES TO FINANCIAL STATEMENTS
43
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
NOTE #1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Rancho Palos Verdes (the City) conform to
accounting principles generally accepted in the United States of America as
applicable to governments. The Governmental Accounting Standards Board
(GASB) is the accepted standard setting body for governmental accounting and
financial reporting principles. The following is a summary of the significant policies.
A. Reporting Entity
The reporting entity, “City of Rancho Palos Verdes”, includes the accounts of the
City, the Rancho Palos Verdes Redevelopment Agency (the Agency), and the Joint
Powers Improvement Authority (the Authority).
The City was incorporated on September 7, 1973, as a General Law City and
operates under a Council/Manager form of government.
The Redevelopment Agency was formed in 1984 pursuant to the State of
California Health and Safety Code Section 33000 entitled “Community
Redevelopment Law” with a purpose to finance long-term capital improvements
designed to eliminate physical and economic blight in a project area through
stabilization of hazardous landslides. Effective February 1, 2012, pursuant to state
law, the Redevelopment Agency was dissolved and its assets were transferred to
the Successor Agency for the purpose of winding down the business of the former
Redevelopment Agency (see Note # 13).
The Authority was formed on September 4, 1990, in accordance with the
provisions of the Reimbursement and Settlement Agreement, dated October 27,
1987, entered into by the City, the former Redevelopment Agency, and the County
of Los Angeles (the County) in connection with the Horan Lawsuit. The Agreement
requires funds to be set aside and expended by the Authority to maintain landslide
abatement improvements installed and constructed by the former Redevelopment
Agency.
The criteria used in determining the scope of the reporting entity are based on the
provisions of GASB Statement 14. The City of Rancho Palos Verdes is the primary
government unit. Component units are those entities which are financially
accountable to the primary government, either because the City appoints a voting
majority of the component unit’s Board, or because the component unit will provide
a financial benefit or impose a financial burden on the City. The City has accounted
for the former Redevelopment Agency and the Authority as “blended” component
units. Despite being legally separate entities, the former Redevelopment Agency
and the Authority are so intertwined with the City, they are, in substance, part of
the City’s operations.
44
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Accordingly, the balances and transactions of the former Redevelopment Agency
for the seven month period from July 1, 2011 through January 31, 2012 are
reported as separate Special Revenue, Debt Service and Capital Projects Funds.
The balances and transactions of the Authority are reported as separate
Permanent and Special Revenue Funds. The following specific criteria were used
in determining that the Successor Agency and the Authority are “blended”
component units:
1) The members of the City Council also act as the governing bodies of the
component units.
2) The City, the former Redevelopment Agency, and the Authority are financially
interdependent. The City subsidizes maintenance operations performed by the
Authority. The City made loans to the former Redevelopment Agency for use on
redevelopment projects.
3) Employees of the City manage both the City and the component units.
Separately issued financial statements for the Authority may be obtained at the
City’s administrative offices.
Participation in Public Entity Joint Powers Authority
The City is a member of the Palos Verdes Peninsula Transit Joint Powers Authority
(the Transit Authority). The Transit Authority is comprised of three member cities
and is organized under a Joint Powers Agreement pursuant to the California
Government Code. The purpose of the Authority is to study, implement, and
provide a public transit system within and around the Palos Verdes Peninsula.
These transit services include Palos Verdes Transit, Dial-A-Ride, and a fixed route
shuttle service. Periodic deposits are paid by member Cities and are adjusted
retrospectively to cover costs. Costs are prorated among all participating Cities
based on population.
The City does not have an equity interest in the Transit Authority; therefore, no
amount has been reported in the Statement of Net Assets. However, the City does
have an ongoing financial interest, because the City is able to influence the
operations of the Authority so that the Authority uses its resources on behalf of the
City. Also, an ongoing financial responsibility exists because the Authority is
dependent on continued funding from the City. The condensed financial
information of the Authority has not been reproduced in this report, but is available
upon request from the Authority by emailing pvtransit@palosverdes.com or mailing
a request to P.O. Box 2656, Palos Verdes Peninsula, CA 90274.
45
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
B. Description of Funds
The accounts of the City are organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its
assets, liabilities, fund equity, revenues, and expenditures. The following are types
of funds used:
Governmental Fund Types
• General Fund – Used to account for all financial resources except those that are
required to be accounted for in another fund.
• Special Revenue Funds – Used to account for the proceeds of specific revenue
sources that are restricted by law or administrative action for specified purposes.
• Debt Service Fund – The debt service fund of the former Redevelopment Agency
is used to account for property tax increment revenue and related interest income.
Disbursements from this fund consist mainly of principal and interest on
indebtedness.
• Capital Projects Funds – Used to account for financial resources used for the
construction of specific capital projects.
• Permanent Funds – Used to account for resources legally restricted to the extent
that only earnings, and not principal, may be used for purposes that support the
reporting government’s programs.
Proprietary Fund Types
• Enterprise Fund – Used to finance and account for the acquisition, operation, and
maintenance of the City’s facilities and services; which are supported primarily by
user charges.
• Internal Service Funds – Used to account for employee benefits costs and
purchases and maintenance of equipment on behalf of all City departments, as
well as the accumulation of funds for replacement of certain buildings on behalf of
the City.
Fiduciary Fund Type
• Private-Purpose Trust Fund – Used to account for property tax revenue allocated
to the Successor Agency and payments of the obligations of the former
Redevelopment Agency.
46
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
C. Basis of Accounting/Measurement Focus
Government – Wide Financial Statements
The City’s Government-Wide Financial Statements include a “Statement of Net
Assets” and a “Statement of Activities”. These two statements present summaries
of Governmental Activities for the City.
These statements are presented on an “economic resources” measurement focus
and the accrual basis of accounting. Accordingly, all of the City’s assets and
liabilities, including capital assets, infrastructure, and long-term debt, are included
in the accompanying Statement of Net Assets. The Statement of Activities
presents changes in net assets. Under the accrual basis of accounting, revenues
are recognized in the period in which they are earned, while expenses are
recognized in the period in which the liability is incurred. The Statement of
Activities demonstrates the degree to which the direct expenses of a given function
are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function. Program revenue transactions for the City are
reported in three categories: 1) Charges for Services, 2) Operating Grants and
Contributions, and 3) Capital Grants and Contributions. Charges for Services
include revenues from customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function. Operating
Grants and Contributions include revenues restricted to meeting the requirements
of a particular operating function and may include state shared revenues and
grants. Capital Grants and Contributions include revenues restricted to meeting the
requirements of a particular capital function and may include grants and developer
fees. Taxes and other items not properly included among program revenues are
reported instead as general revenues. As a general rule, the effect of interfund
activity has been eliminated from the Government-Wide Financial Statements.
Governmental Fund Financial Statements
Governmental fund financial statements include a “Balance Sheet – Governmental
Funds” and “Statement of Revenues, Expenditures, and Changes in Fund
Balances – Governmental Funds” for all major and other governmental funds. An
accompanying schedule is presented to reconcile and explain the differences in
fund balances as presented in these statements to the Net Assets presented in the
Government-Wide Financial Statements. The City has presented all major funds
that met qualifications of GASB Statement No. 34. In addition, the City has
presented the Street Maintenance Special Revenue Fund as a major fund because
the City believes the financial position and activities of this fund are significant to
the City as a whole.
47
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
All governmental funds are accounted for on a spending or “current financial
resources” measurement focus and the modified accrual basis of accounting.
Under the “current financial resources” measurement focus, generally only current
assets and current liabilities are reported on the balance sheets. The Statement of
Revenues, Expenditures and Changes in Fund Balances present increases
(revenues and other financing sources) and decreases (expenditures and other
financing uses) in fund balances. Revenues are recognized in the accounting
period in which they become susceptible to accrual, that is, when they become
both measurable and available to finance expenditures of the current period.
“Measurable” means that the amount of the transaction can be determined, and
“available” means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Accrued revenues include property
taxes received within 60 days after year-end, taxpayer-assessed taxes such as
sales taxes, and earnings on investments. Grant funds earned but not received are
recorded as a receivable, and grant funds received before the revenue recognition
criteria have been met are reported as deferred revenues. Expenditures are
recorded when the fund liability is incurred, if measurable, except for immature
interest on general long-term debt, which is recognized when due.
The City reports the following major governmental funds
The General Fund is the City’s primary operating fund. It accounts for all financial
resources of the City, except those that are required to be accounted for in another
fund.
The Street Maintenance Special Revenue Fund is used to account for state-shared
highway users tax used for street maintenance, right-of-way acquisition and street
construction.
The City’s Affordable Housing Fund is used to account for developer fees in lieu of
providing affordable housing with new development, as well as affordable housing
assets that were transferred from the former Redevelopment Agency to the City as
a result of the City’s election to retain the housing assets and function of the former
Redevelopment Agency pursuant to state law related to redevelopment dissolution.
The Capital Improvement Capital Projects Fund is used to account for funds used
for the City’s capital improvement projects.
Proprietary Fund Financial Statements
Proprietary fund types are accounted for using the “economic resources”
measurement focus and accrual basis of accounting. This means that all assets
and liabilities (whether current or non-current) associated with the activity are
included on the balance sheet. Fund equity is presented as total net assets. The
48
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
operating statement of proprietary funds presents increases (revenues) and
decreases (expenses) in total net assets. Revenues are recognized when they are
earned and expenses are recognized when the liability is incurred.
Proprietary funds distinguish operating revenues and expenses from non-operating
items. Operating revenues and expenses generally result from providing services
and producing and delivering goods in connection with a proprietary fund’s
principal ongoing operations. The principal operating revenues of the City’s
enterprise and internal service funds are charges for services. Operating expenses
for the enterprise and internal service funds include the costs of services,
employee benefits, maintenance of capital assets, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses.
The City uses the internal service funds to finance and account for goods and
services provided by one City department to other City departments, including the
purchase and maintenance of equipment, replacement of buildings and payment of
employee benefits. The City’s internal service funds are presented in the
proprietary funds financial statements. Because the principal users of the internal
services are the City’s governmental activities, the financial statements of the
internal service funds are consolidated into the governmental column when
presented in the government-wide financial statements. To the extent possible,
the cost of these services is reported in the appropriate functional activity
(administration, public safety, public works, etc.).
The City reports the following major enterprise fund
The Water Quality Flood Protection Fund is used to account for voter approved
storm drain user fees used to repair and replace the City’s storm drain facilities.
Fiduciary Fund Financial Statements
The fiduciary private-purpose trust fund type is accounted for using the economic
resources measurement focus and accrual basis of accounting similar to the
proprietary funds.
The City reports the following fiduciary fund
The assets and liabilities of the former Redevelopment Agency were transferred to
the Successor Agency as part of the business of redevelopment dissolution. The
Successor Agency private-purpose trust fund will account for the changes in the
former Redevelopment Agency’s assets and liabilities until they are disposed of
through dissolution. This fund also accounts for the administrative costs
associated with dissolution.
49
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
D. Budgetary Accounting
Annual budgets are adopted on a basis consistent with accounting principles
generally accepted in the United States of America for all governmental funds. All
annual appropriations lapse at fiscal year-end. Budget control is maintained over
all accounts, and expenditures are not allowed to exceed appropriations at the
program level. Throughout the year, the City Council made several supplementing
budgetary adjustments to the General fund, Special Revenue funds, Capital
Projects funds, Proprietary funds and Permanent funds. These adjustments
resulted in a net appropriation increase in the amount of $1,062,220. This increase
was primarily a result of appropriations continued from FY11-12 with City Council
approval.
Under Article XIIIB of the California Constitution (the Gann Spending Limitation
Initiative), the City is restricted as to the amount of annual appropriations from the
proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the
excess must either be refunded to the State Controller, returned to the taxpayers
through revised tax rates or revised fee schedules, or an excess in one year may
be offset against a deficit in the following year. For the fiscal year ended June 30,
2012, based on calculations by City Management, proceeds of taxes did not
exceed related appropriations.
E. Capital Assets
Capital assets include land, machinery and equipment (vehicles, computers, etc.),
buildings and improvements, and infrastructure assets (street systems, storm
drains, sewer systems, etc.). Capital assets are defined by the City as all land and
buildings, vehicles, computers and equipment with an initial individual cost of more
than $5,000; and improvements and infrastructure assets with costs of more than
$100,000. Such assets are recorded at historical cost or estimated historical cost if
purchased or constructed. Donated or annexed capital assets are recorded at
estimated market value at the date of donation or annexation.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend assets lives are not capitalized. Depreciation is recorded
in the Government-Wide Financial Statements on a straight-line basis over the
useful life of the assets as follows:
Buildings and Improvements 25 to 50 years
Vehicles, Computers, and Equipment 3 to 10 years
Infrastructure Assets
Roadway Network 10 to 100 years
Sewer Network 25 to 50 years
Storm Drain Network 30 to 100 years
50
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Parks and Recreation Network 25 years
F. Employee Compensated Absences
City employees may receive from 10 to 20 days vacation time each year,
depending upon length of service. An employee may accumulate earned vacation
time up to a maximum of two years’ worth of accrued vacation leave. Upon
termination, employees are paid the full value of their unused vacation time at their
existing salary.
City employees accrue 96 hours of sick leave each year with a maximum accrual
of 720 hours. However, unused sick leave is never paid out to the employee; and
therefore, the City does not accrue a liability.
The General Fund will primarily be used to liquidate the liability for compensated
absences in future years. Any liability for compensated absences is only carried in
the General Fund if there is unused/unpaid leave outstanding following an
employee’s separation.
G. Investments
Investments are stated at fair value (quoted market price of the best available
estimate, thereof).
H. Cash and Cash Equivalents
The Water Quality Flood Protection Enterprise Fund and the Internal Service
Funds participate in the pooling of City-wide cash and investments. Amounts from
the pool are available to these funds on demand. Therefore the cash and
investments reported in these funds are considered to be cash and cash
equivalents for purpose of the statement of cash flows. The City has no non-cash
investing, capital, or financing activities to be reported on the statement of cash
flows.
I. Claims and Judgments
When it is probable that a claim liability has been incurred, and the amount of the
loss can be reasonably estimated, the City records the estimated loss, net of any
insurance coverage under its self-insurance program. Small claims and judgments
are recorded as expenditures when paid.
The City’s self-insurance program is administered through the California Joint
Powers Authority (the CJPIA), which is described at Note #8. The CJPIA is a public
entity risk pool, which is accounted for under the provisions of GASB Statement
51
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
10. Claim losses recorded in the CJPIA include both current claims and “Incurred
but Not Reported” (IBNR) claims. The City records amounts deposited with CJPIA
as insurance expenditures in the General Fund when paid. These deposits are
subject to retrospective adjustment. Favorable claims experience result in a refund
of deposits from the CJPIA and such refunds, if any, are recorded as a reduction of
insurance expenditures. Adverse claims experience result in the payment of
additional deposits and such deposits, if any, are recorded as insurance
expenditures when paid.
J. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items using the consumption method. In
governmental funds, the prepaid assets recorded do not reflect current
appropriable resources and thus, an equivalent portion of fund balance is reported
as nonspendable. The City had a total of $1,007,946 ($716,873 in governmental
funds and $291,073 in internal service funds) of prepaid items as of June 30, 2012.
K. Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
L. Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the
City’s policy to use restricted resources first. When unrestricted resources
(committed, assigned or unassigned) are available for use, it is the City’s policy to
use committed resources first, assigned resources second and finally unassigned
resources.
NOTE #2 – CASH AND INVESTMENTS
Cash and investments as of June 30, 2012, are classified in the accompanying
financial statements as follows:
Government-Wide Fiduciary Fund
Statement of Statement of Fiduciary
Net Assets Net Assets Total
Total cash and investments 47,407,782$ 625,260$ 48,033,042$
52
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Cash and investments as of June 30, 2012 consist of the following:
Petty Cash $ 2,500
Deposits with Financial Institution 4,778,629
Local Agency Investment Fund (LAIF) 43,251,913
Total cash and investments $ 48,033,042
Investments Authorized by the California Government Code and the City of
Rancho Palos Verdes’ Investment Policy
The table below identifies the investment types that are authorized for the City of
Rancho Palos Verdes by the California Government Code (or the City’s investment
policy, where more restrictive). The table also identifies certain provisions of the
California Government Code (or the City’s investment policy, where more
restrictive) that address interest rate risk, credit risk, and concentration of credit
risk
Authorized Investment Type
Maximum
Maturity
Maximum
Amount or
Percent of
Portfolio
Maximum
in One
Issuer
U.S. Treasury Obligations 3 years None None
Negotiable Certificates of Deposit 5 years 30% None
Repurchase Agreements 7 days 15% None
Money Market Mutual Funds N/A 15% 15%
Local Agency Investment Fund (LAIF) N/A None None
Money Market Savings/Demand Deposits N/A $5 million 15%
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely
affect the fair value of an investment. Generally, the longer the maturity of an
investment, there is a greater sensitivity of its fair value to changes in market
interest rates. The City manages its exposure to interest rate risk by investing with
the Local Agency Investment Fund (LAIF) such that the portfolio provides cash
flows and liquidity need for operations. The City’s investment is represented by
shares in the pool, which can be withdrawn in one business day. The average
maturity of the pool is less than one year.
Remaining
Maturity
12 Months
Investment Type or Less
Local Agency Investment Fund (LAIF) 43,251,913$
53
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its
obligation to the holder of the investment. This is measured by the assignment of a
rating by a nationally recognized statistical rating organization. The City’s LAIF
investment is not rated.
Concentration of Credit Risk
The investment policy of the City of Rancho Palos Verdes contains no limitations
on the amount that can be invested in any one issuer beyond that stipulated by the
California Government Code. As of June 30, 2012, the City’s investments in LAIF
were exempt from concentration of credit risk disclosure.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a
depository financial institution, a government will not be able to recover its deposits
or will not be able to recover collateral securities that are in the possession of an
outside party. The custodial credit risk for investments is the risk that, in the event
of the failure of the counterparty (e.g., broker-dealer) to a transaction, a
government will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The California Government
Code and the City of Rancho Palos Verdes’ investment policy do not contain legal
or policy requirements that would limit the exposure to custodial credit risk for
deposits or investments, other than the following provision for deposits: The
California Government Code requires that a financial institution secure deposits
made by state or local governmental units by pledging securities in an undivided
collateral pool held by a depository regulated under state law (unless so waived by
the governmental unit). The market value of the pledged securities in the collateral
pool must equal at least 110 percent of the total amount deposited by the public
agencies. California law also allows financial institutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150 percent of the
secured public deposits.
The City’s deposits with financial institution are non-interest bearing bank accounts
that are fully insured by the Federal Deposit Insurance Corporation (FDIC).
Investment in Local Agency Investment Fund (LAIF)
The City of Rancho Palos Verdes is a voluntary participant in LAIF that is regulated
by California Government Code Section 16429 under the oversight of the
Treasurer of the State of California. The fair value of the City of Rancho Palos
Verdes’ investment in this pool is based upon the City of Rancho Palos Verdes’
54
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
pro-rata share of the fair value provided by LAIF for the entire pool portfolio (in
relation to the amortized cost of that portfolio). The balance available for
withdrawal is based on the accounting records maintained by LAIF, which are
recorded on an amortized cost basis.
LAIF is a governmental investment pool managed and directed by the Treasurer of
the State of California and is not registered with the Securities and Exchange
Commission. An oversight committee comprised of California State officials and
various other participants provides oversight to the management of the fund. The
daily operations and responsibilities of LAIF fall under the auspices of the State
Treasurer’s office. The City is a voluntary participant in the investment pool.
NOTE #3 – INTERFUND TRANSACTIONS
Inter-fund balances consisted of the following at June 30, 2012:
Due To
General
Fund
Other Governmental Funds 151,665$
Internal Service Funds 118,514
Total: 270,179$ Du
e
F
r
o
m
General fund cash was used to cover grant expenditures in the other
Governmental Funds until reimbursement is received from the grant agencies.
General fund cash was also used to cover July 2012 payments for employee
benefits made in June 2012.
Inter-fund Transfers
Inter-fund transfers for the year ended June 30, 2012, consisted of the following:
Street Other Internal
General Maintenance Governmental Service
Fund Fund Funds Funds Totals
General Fund -$ -$ 200,000$ 340,000$ 540,000$
Street Maintenance - - 945,088 - 945,088
Capital Improvement Projects 5,472,272 52,661 965,022 30,517 6,520,472
Other Governmental Funds 220,700 - - - 220,700
Totals: 5,692,972$ 52,661$ 2,110,110$ 370,517$ 8,226,260$
Transfer From
Tr
a
n
s
f
e
r
T
o
Transfers are used to: 1) move revenues from the fund that statute or budget
requires for collection to the fund that statute or budget requires for expenditure; 2)
55
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
use unrestricted revenues collected in the General Fund to finance various
programs accounted for in other funds in accordance with budgetary authorizations
or grant matching requirements; 3) return money that was originally transferred
from the General Fund to another fund, yet not used.
NOTE #4 – CAPITAL ASSETS AND DEPRECIATION
In accordance with GASB Statement No. 34, the City has reported all capital
assets including infrastructure in the Government-Wide Statement of Net Assets.
The City elected to use the basic reporting approach as defined by GASB
Statement No. 34 for all infrastructures, whereby depreciation expense and
accumulated depreciation has been recorded. The following tables present the
capital assets activity for the year ended June 30, 2012.
Beginning Ending
Governmental Activities Balance Increases Decreases Balance
Capital assets not being depreciated:
Land 40,048,288 - (166,296) 39,881,992
Construction in progress 628,308 2,864,926 (3,063,178) 430,056
Total capital assets not being depreciated 40,676,596 2,864,926 (3,229,474) 40,312,048
Capital assets being depreciated:
Building and improvements 9,379,539 - - 9,379,539
Vehicles 295,618 6,301 - 301,919
Computer equipment 599,397 128,336 - 727,733
Furniture, fixtures and equipment 573,860 - - 573,860
Infrastructure - -
Roadway system 88,140,550 2,577,038 - 90,717,588
Sewer system 25,755,463 210,532 - 25,965,995
Storm drain system 13,148,416 - - 13,148,416
Parks system 6,702,324 275,608 - 6,977,932
Total capital assets being depreciated 144,595,167 3,197,815 - 147,792,982
Less accumulated depreciation for:
Buildings and improvements (2,223,243) (203,170) - (2,426,413)
Vehicles (200,962) (42,552) (243,514)
Computer equipment (564,215) (45,749) (609,964)
Furniture, fixtures and equipment (449,999) (45,184) (495,183)
Infrastructure - -
Roadway system (41,836,351) (2,432,938) - (44,269,289)
Sewer system (17,307,988) (459,320) - (17,767,308)
Storm drain system (2,967,475) (250,479) - (3,217,954)
Parks system (4,576,448) (10,526) - (4,586,974)
Total accumulated depreciation (70,126,681) (3,489,918) - (73,616,599)
Total capital assets being depreciated, net 74,468,486 (292,103) - 74,176,383
Governmental activities capital assets, net 115,145,082 2,572,823 (3,229,474) 114,488,431
56
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Land carried at $166,296 was transferred to the Successor Agency upon
dissolution of the Redevelopment Agency on January 31, 2012 (see Note #14).
Depreciation expense was charged to functions/programs of the primary
government as follows:
Administration (depreciation of buildings) $ 203,170
Public Works (depreciation of roadways, sewers, and storm drains) 3,142,737
Recreation Services (depreciation of parks system) 10,526
Capital assets held by the City’s internal service funds are charged
to the various functions based on their usage of the assets 133,485
Total Depreciation Expense – Governmental Activities $3,489,918
Beginning Ending
Business-type Activities Balance Increases Decreases Balance
Capital assets not being depreciated:
Land 1,408,493 - - 1,408,493
Construction in progress 678,980 837,944 - 1,516,924
Total capital assets not being depreciated 2,087,473 837,944 - 2,925,417
Capital assets being depreciated:
Equipment 11,813 11,813
Storm drain system 11,338,573 - - 11,338,573
Total capital assets being depreciated 11,350,386 - - 11,350,386
Less accumulated depreciation for:
Equipment (10,632) (1,181) (11,813)
Storm drain system (674,558) (233,173) - (907,731)
Total accumulated depreciation (685,190) (234,354) - (919,544)
Total capital assets being depreciated, net 10,665,196 (234,354) - 10,430,842
Business-type activities capital assets, net 12,752,669 603,590 - 13,356,259
Depreciation expense of $234,354 is included in the Water Quality Flood
Protection enterprise fund.
NOTE #5 – LONG-TERM NOTES RECEIVABLE
Total Long-Term
Special Revenue Funds:Notes Receivable
Affordable Housing 6,829,457$
Community Development Block Grant 479,024$
7,308,481$
57
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Affordable Housing
In March 2009, the former Redevelopment Agency (RDA) entered into a
Disposition and Development Agreement (DDA) with AMCAL Mirandela Fund LP
(AMCAL). Under the DDA, the former RDA provided financial assistance to
AMCAL in an amount up to $6,790,000 to develop a thirty-four unit senior housing
project. The loan accrues simple interest at a rate of 3% per annum on the
amounts disbursed. The balance of notes receivable from AMCAL including
accrued unpaid interest of $432,593 at June 30, 2012 was $6,703,137.
In March 2011, the former RDA sold an affordable housing condominium to an
individual for $350,000 in connection with the sale the former RDA took back a
secured promissory note from the buyer in the amount of $126,320. The note
bears no interest and principal is payable upon default by the owner (or any
successors’ owner) under a regulatory agreement that requires the condominium
to be occupied by person or families of moderate income. If no such default has
occurred by February 22, 2056, the principal will be forgiven. As a result of the
nature of these terms, the balance of this note has been offset by deferred revenue
in the governmental fund financial statements.
As part of redevelopment dissolution, these two long-term notes receivable were
transferred to the City, which elected to retain the housing assets and function of
the former Redevelopment Agency (see Note #14).
Community Development Block Grant (CDBG)
As part of the City’s CDBG program, the City extends loans to property owners
meeting low and moderate income requirements to make repairs and
improvements to their homes. These notes receivable bear no interest, and
repayment is required when the title to the property is transferred or the property is
re-financed. The maximum loan amount per property is $13,000. Amounts repaid
are returned to the CDBG program. The total of these loans outstanding at June
30, 2012 is $479,024.
NOTE #6 – LONG-TERM DEBT
Balance Balance Amount Due
July 1, 2011 Additions Deletions June 30, 2012 in One Year
RDA Tax Increment Bond 5,165,000$ (5,165,000)$ -$ -$
RDA Deferred Interest Payable 798,601 (798,601) - -
Employee Compensated Absences 332,600 271,804 (233,605) 370,799 260,435
Totals 6,296,201$ 271,804$ (6,197,206)$ 370,799$ 260,435$
58
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Employee Compensated Absences
There is no fixed payment schedule for employee compensated absences. Based
on historical trends, $260,434 estimated to be the amount that will be used and/or
paid out during fiscal year 2012-13.
RDA Tax Increment Bond and Deferred Interest Payable
Upon dissolution of the Redevelopment Agency on January 31, 2012, the debt of
the former RDA was transferred to the Successor Agency (see Note #14). The
transferred debt included a Tax Increment Bond in the amount of $5,065,000 and
Deferred Interest Payable in the amount of $434,904 at January 31, 2012.
NOTE #7 – CLASSIFICATIONS OF NET ASSETS AND FUND BALANCE
Government-Wide Financial Statements
In the Government-Wide financial statements net assets are classified in the
following categories:
Invested in Capital Assets, Net of Related Debt
This category groups all capital assets, including infrastructure, into one
component of net assets. Accumulated depreciation on these assets reduces this
category as does any outstanding balance on debt incurred in acquiring or
constructing the capital assets. As of June 30, 2012, the City had no debt related
to capital assets.
Restricted Net Assets
This category presents external restrictions imposed by creditors, grantors,
contributions or laws or regulations of other governments and restrictions imposed
by law through constitutional provisions or enabling legislation.
Unrestricted Net Assets
This category represents the net assets of the City that are not externally restricted
for any project or other purpose.
Fund Financial Statements
The fund balances reported on the fund statements consist of the following
categories:
59
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Nonspendable – Amounts that are not in a spendable form (such as inventory and
prepaid expenditures) or are legally required to be maintained intact (such as the
corpus of an endowment fund).
Restricted – Amounts constrained to specific purposes by their providers (such as
grantors, bondholders, and higher levels of government), through constitutional
provisions, or by enabling legislation.
Committed – Amounts constrained to specific purposes by the City Council via a
City Council resolution. To be reported as Committed, amounts cannot be used for
any other purpose unless the City Council adopts another resolution to remove or
change the constraint. The City Council has not committed fund balances as of
June 30, 2012.
Assigned – Amounts the City Council intends to use for a specific purpose, which
is expressed by the City Council via minute order. The City Council has assigned
the entire fund balance of the Capital Improvement Projects fund for the future
design and construction of infrastructure improvement projects.
Unassigned – Amounts that are available for any purpose; these amounts are
reported only in the General Fund. However, if there is a deficit fund balance to be
reported in any fund, it is classified as Unassigned.
The City’s governmental fund balances were classified as follows at June 30,
2012:
Street Affordable Capital Other
General Maintenance Housing Improvement Governmental
Fund Fund Fund Fund Funds
Nonspendable:
In Form (e.g. inventory, prepaid amounts) 7,492,810$ -$ 2,990,899$ -$ -$
Legally (e.g. endowments)- - - - 1,824,696
Restricted - 1,056,896 500,290 - 6,856,223
Committed - - - - -
Assigned - - - 15,406,941 -
Unassigned:
Rainy Day Fund 11,775,937 - - - -
Continued Appropriations 688,502 - - - -
Deficit Fund Balance - - - - (108,132)
Governmental Fund Balance Totals 19,957,249$ 1,056,896$ 3,491,189$ 15,406,941$ 8,572,787$
Minimum Fund Balance Policies
The City Council has adopted a policy, via resolution, to maintain the following
minimum fund balances:
60
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
¾ Rainy Day Fund – At least fifty percent of annual operating expenditures in
the General Fund;
¾ Capital Improvement Fund – A minimum of $3 million for infrastructure
improvement projects;
¾ Street Maintenance Fund – A minimum of one year’s appropriations for road
maintenance on Palos Verdes Drive South in the landslide area; and
¾ Habitat Restoration Fund – A minimum of $50,000 for emergency use for
habitat restoration purposes.
Special Revenue Funds
Fund balances are non-spendable or restricted in the special revenue funds for the
following purposes:
Fund Purpose Revenue Source Amount
Street Maintenance
Maintain the City's right of way,
which includes both pavement and
roadside maintenance
Highway Users' Tax and
other transfers of other
restricted funding (e.g.
Landscaping & Lighting
District Assessments)1,056,896$
Affordable Housing
Implement goals, policies and
programs outlined in the Housing
Element of the City's General Plan Developer fees
Non-Spendable
$2,990,899
Restricted $500,290
Air Quality Management
p
vehicles AB2766 fees 101,187$
El Prado
Maintain the common area of the
El Prado neighborhood Property assessments 16,774$
Proposition A Public transportation Special sales tax 170,421$
Proposition C Public transit and related services Special sales tax 1,341,811$
Measure R
Transportation needs, including
maintenance of arterial streets,
traffic control, bikeway and
pedestrian improvements, and
public transit Special sales tax 391,926$
Beautification
Right of way beautification,
neighborhood beautification
grants, and promote recycling
Recycling fees and
grants 1,065,483$
Waste Reduction
State mandated waste reduction
and recycling plans and programs
AB939 fees from waste
haulers 268,961$
Public Safety Grants
Law enforcement and public safety
equipment
Federal and state
grants and shared 20,188$
1972 Act Landscaping
& Lighting District
Maintain right of way landscaping
and lighting Property assessments 78,079$
1911 Act Lighting
District
Maintain right of way lighting and
traffic signals Property assessments 1,670,384$
61
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Continued:
Fund Purpose Revenue Source Amount
Improvement Authority
Portuguese Bend
Maintain landslide abatement
improvements in the Portuguese
Bend project area
General fund transfers
pursuant to the
provisions of a
reimbursement and
settlement agreement
with the County of Los
Angeles 309,724$
Habitat Restoration
Restore habitat on City owned
property Developer fees
Non-Spendable $74,696
Restricted $146,345
Abalone Cove Sewer
District
Maintain and operate the Abalone
Cove sewer system Property assessments 39,271$
Dr. Allen and Charlotte
Ginsburg Cultural Arts
Building
Construction of a building to be
used for dancing or other cultural
activities, or for the purchase of
open space for habitat
conservation and passive
recreational purposes Private donation 158,480$
Donor Restricted
Contributions
Acquire or construct recreational
facilities Private donations 406,809$
Bikeways
Design and construction of bicycle
and pedestrian facilities on
roadways, including disable
access ramps
Transportation
Development Act Article
361$
Environmental Excise
Tax
Purchase land, construct facilities,
or purchase equipment to develop,
improve and expand parks,
services, utilities and public safety
Local tax on new
construction 414,525$
Quimby
Develop or rehabilitate park and
recreational facilities Developer fees 29,421$
Capital Project Funds
Fund balances are restricted or assigned for the following:
Fund Purpose Amount
Capital Improvement
Projects
Assigned for design, construction & inspection of City
infrastructure projects, including roadways, storm
drains, and park facilities 15,406,941$
Permanent Funds
Fund balances are considered non-spendable or restricted for the following:
62
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Fund Purpose Amount
Subregion One
Maintenance
The interest earned on this fund balance is used
to maintain trails and open space dedicated to
the City by the developer of the Oceanfront
Estates tract of homes. The Non-Spendable
portion of this fund balance must be maintained
per the development agreement with the City.
Non-Spendable $750,000
Restricted $23,559
Improvement Authority
Abalone Cove
The interest earned on this fund balance is used
to maintain infrastructure constructed by the
Redevelopment Agency in the Abalone Cove
area of the Redevelopment Agency's Project
Area. The Non-Spendable portion of the fund
balance must be maintained pursuant to a
Reimbrusement & Settlement Agreement.
Non-Spendable $1,000,000
Restricted $202,814
NOTE #8 – PENSION AND RETIREMENT HEALTH SAVINGS PLANS
Pension Plan Description
The City provides a defined benefit pension plan that includes retirement and
disability benefits, annual cost-of-living adjustments, and death benefits to plan
members and beneficiaries. The City contracts with the California Public
Employee’s Retirement System (CalPERS), a cost-sharing, multi-employer public
employee defined benefit pension plan administered by CalPERS. CalPERS
provides retirement and disability benefits, annual cost-of-living adjustments, and
death benefits to plan members and beneficiaries. State statutes, within the Public
Employees’ Retirement Law, establish benefit provisions and other requirements.
The City selects optional benefit provisions from the benefit menu by contract with
CalPERS and adopts those benefits through local ordinance. Copies of the
CalPERS annual financial report may be obtained from the CalPERS Executive
Office at 400 P Street, Sacramento, California 95814 or downloaded from their
website at www.calpers.gov.
Pursuant to City Council action on October 2, 2012 to reduce pension benefits for
future employees and the California Public Employees’ Pension Reform Act of
2012, the City will have 3 tiers of defined pension benefits. For employees hired
prior to October 2, 2012, the City participates in a Miscellaneous 2.5% at 55 Risk
Pool (1st Tier). For employees hired after October 2, 2012 but before January 1,
2013 and employees hired after January 1, 2013 that have participated in a
reciprocating California public employee pension plan within six months of being
hired by the City, the City participates in a Miscellaneous 2% at 60 Risk Pool (2nd
Tier). For all other employees hired after January 1, 2013, the City will participate
in a Miscellaneous 2% at 62 Risk Pool (3rd Tier).
63
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Pension Plan Funding Policy
The contribution requirements of plan members are established by State statute
and the employer contribution rate is established and amended by CalPERS.
During fiscal year 2011-12, the City’s employees participated in only the 1st Tier of
benefits as described above. Active City employees were required to contribute
8% of their annual covered salary beginning in September 2011. The City is
required to contribute the actuarially determined remaining amounts necessary to
fund the benefits for its members. The fiscal year 2011-12 rate for the City’s
contribution was 13.353% of covered payroll.
As a result of having less than 100 active members as of June 30, 2003, the City
was required to participate in a risk pool. The City’s pooled employer contribution
rate is the same as the stand-alone employer contribution rate. At the time of
joining the mandatory pooled plan, CalPERS established an employer side fund to
account for the difference between the funded status of the pooled plan and the
funded status of the City’s plan. The City paid off its side fund liability in fiscal year
2009-10. The funded status of the 1st Tier Risk Pool at June 30, 2011 was 72.3%.
The risk pool’s unfunded actuarial accrued liability at June 30, 2011 was
$293,320,030. The City’s share of the risk pool’s unfunded actuarial accrued
liability, as reported by CalPERS, is $3,714,970. Currently, the City’s share of the
Risk Pool’s liability is not a reportable liability of the City. However, with
implementation of GASB Statement No. 68 expected with the June 30, 2015
financial statements, the City’s share of the Risk Pool’s liability will be a reportable
liability of the City.
The City’s contributions to CalPERS for the most recent three years follow.
City Pay-off Total
Year Ended Contribution Side Fund Liability City Cost
June 30, 2012 658,481$ -$ 658,481$
June 30, 2011 461,416$ -$ 461,416$
June 30, 2010 521,408$ 1,661,376$ 2,182,784$
Retirement Health Savings Plan
On November 17, 2009, the City approved the establishment of a defined
contribution Retirement Health Savings Plan (the “Plan”) for its full-time
employees. The Plan is a Health Reimbursement Arrangement (“HRA”) within
Sections 105 and 106 of the Internal Revenue Code. The Plan assets are
managed in a non-taxable trust as described in Section 501(c)(9) of the Internal
Revenue Code. The City is the Plan Administrator, and utilizes the services of a
contracted financial services provider for day-to-day administration of contributions
64
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
and disbursements. The City has the authority to amend the Plan’s provisions and
contribution requirements.
The City has no obligation to make contributions to the Plan, but as part of the
annual budget process the City may elect to make contributions to the Plan.
Employees are required to contribute 1% of their gross wages to their account,
which is owned by the employee. During fiscal year 2011-12, the City contributed
a total of $72,052 to employee accounts. During the same time, employees
contributed a total of $48,769 to their own accounts.
The Plan assets are not an asset of the City. Therefore, only the City’s expense to
make contributions to the Plan has been recorded in the Employee Benefits
internal service fund in the City’s financial statements.
NOTE #9 – LIABILITY, INSURED PROGRAMS AND WORKERS’
COMPENSATION PROTECTION
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority
(Authority). The Authority is composed of 123 California public entities and is
organized under a joint powers agreement pursuant to California Government
Code §6500 et seq. The purpose of the Authority is to arrange and administer
programs for the pooling of self-insured losses, to purchase excess insurance or
reinsurance, and to arrange for group purchased insurance for property and other
lines of coverage. The California JPIA began covering claims of its members in
1978. Each member government has an elected official as its representative on
the Board of Directors. The Board operates through a nine-member Executive
Committee.
Self-Insurance Programs of the CJPIA
Each member pays an annual contribution (formerly called the primary deposit) to
cover estimated losses for the coverage period. This initial funding is paid at the
beginning of the coverage period. After the close of the coverage period,
outstanding claims are valued. A retrospective deposit computation is then
conducted annually thereafter until all claims incurred during the coverage period
are closed on a pool-wide basis. This subsequent cost re-allocation among
members based on actual claim development can result in adjustments of either
refunds or additional deposits required.
The total funding requirement for self-insurance programs is estimated using
actuarial models and pre-funded through the annual contribution. Costs are
allocated to individual agencies based on exposure (payroll) and experience
65
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
(claims) relative to other members of the risk-sharing pool. Additional information
regarding the cost allocation methodology is provided below.
General Liability
In the liability program claims are pooled separately between police and non-police
exposures. (1) The payroll of each member is evaluated relative to the payroll of
other members. A variable credibility factor is determined for each member, which
establishes the weight applied to payroll and the weight applied to losses within the
formula. (2) The first layer of losses includes incurred costs up to $30,000 for each
occurrence and is evaluated as a percentage of the pool’s total incurred costs
within the first layer. (3) The second layer of losses includes incurred costs from
$30,000 to $750,000 for each occurrence and is evaluated as a percentage of the
pool’s total incurred costs within the second layer. (4) Incurred costs in excess of
$750,000 up to the reinsurance attachment point of $5 million are distributed based
on the outcome of cost allocation within the first and second loss layers. (5) Costs
of covered claims from $5 million to $10 million are paid under a reinsurance
contract subject to a $2.5 million annual aggregate deductible. Costs of covered
claims from $10 million to $15 million are paid under two reinsurance contracts
subject to a combined $3 million annual aggregate deductible. On a cumulative
basis for all 2011-12 reinsurance contracts the annual aggregate deductible is $5.5
million. (6) Costs of covered claims from $15 million up to $50 million are covered
through excess insurance policies.
The overall coverage limit for each member including all layers of coverage is $50
million per occurrence.
Costs of covered claims for subsidence losses are paid by reinsurance and excess
insurance with a pooled sub-limit of $35 million per occurrence. This $35 million
subsidence sub-limit is composed of (a) $5 million retained within the pool’s SIR,
(b) $10 million in reinsurance and (c) $20 million in excess insurance. The excess
insurance layer has a $20 million annual aggregate.
Workers’ Compensation
In the workers’ compensation program claims are pooled separately between
public safety (police and fire) and non-public safety exposures. (1) The payroll of
each member is evaluated relative to the payroll of other members. A variable
credibility factor is determined for each member, which establishes the weight
applied to payroll and the weight applied to losses within the formula. (2) The first
layer of losses includes incurred costs up to $50,000 for each occurrence and is
evaluated as a percentage of the pool’s total incurred costs within the first layer.
(3) The second layer of losses includes incurred costs from $50,000 to $100,000
for each occurrence and is evaluated as a percentage of the pool’s total incurred
66
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
costs within the second layer. (4) Incurred costs in excess of $100,000 up to the
reinsurance attachment point of $2 million are distributed based on the outcome of
cost allocation within the first and second loss layers. (5) Costs of covered claims
from $2 million up to statutory limits are paid under a reinsurance policy.
Protection is provided per statutory liability under California Workers’
Compensation Law.
Employer’s Liability losses are pooled among members to $2 million. Coverage
from $2 million to $5 million is purchased as part of a reinsurance policy, and
Employer’s Liability losses from $5 million to $10 million are pooled among
members.
Purchased Insurance
Pollution Legal Liability Insurance
The City participates in the pollution legal liability insurance program (formerly
called environmental insurance) which is available through the Authority. The
policy covers sudden and gradual pollution of scheduled property, streets, and
storm drains owned by the City. Coverage is on a claims-made basis. There is a
$50,000 deductible. The Authority has a limit of $50 million for the 3-year period
from July 1, 2011 through July 1, 2014. Each member of the Authority has a $10
million sub-limit during the 3-year term of the policy.
Property Insurance
The City participates in the all-risk property protection program of the Authority.
This insurance protection is underwritten by several insurance companies. City
property is currently insured according to a schedule of covered property submitted
by the City to the Authority. City property currently has all-risk property insurance
protection in the amount of $14,505,855. There is a $5,000 deductible per
occurrence except for non-emergency vehicle insurance which has a $1,000
deductible. Premiums for the coverage are paid annually and are not subject to
retrospective adjustments.
Earthquake and Flood Insurance
The City purchases earthquake and flood insurance on a portion of its property.
The earthquake insurance is part of the property protection insurance program of
the Authority. City property currently has earthquake protection in the amount of
$14,406,823. There is a deductible of 5% per unit of value with a minimum
deductible of $100,000. Premiums for the coverage are paid annually and are not
subject to retrospective adjustments.
67
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Crime Insurance
The City purchases crime insurance coverage in the amount of $1,000,000 with a
$2,500 deductible. The fidelity coverage is provided through the Authority.
Premiums are paid annually and are not subject to retrospective adjustments.
Special Event Tenant User Liability Insurance
The City further protects against liability damages by requiring tenant users of
certain property to purchase low-cost tenant user liability insurance for certain
activities on agency property. The insurance premium is paid by the tenant user
and is paid to the City according to a schedule. The City then pays for the
insurance. The insurance is arranged by the Authority.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection
experienced settlements or judgments that exceeded pooled or insured coverage.
There were also no significant reductions in pooled or insured liability coverage in
2011-12.
NOTE #10 – CONTINGENCIES AND COMMITMENTS
Litigation
In the normal course of operations, the City has been named as a defendant in
various claims and legal actions. Generally, unfavorable results of these claims
and legal actions are funded through the City’s participation in California Joint
Powers Insurance Authority (CJPIA, see Note #8) and, as such, the City believes
that the ultimate liability for these legal actions and claims will not have a material
adverse effect on the City’s financial statements. The City is also a defendant in
legal actions for which the potential losses would not be covered through
participation in CJPIA. The likelihood of an unfavorable outcome or the amount of
potential losses cannot be reasonably estimated by the City for these claims at this
time. In the event of an unfavorable outcome the losses would likely be material to
the City’s financial statements.
Storm Drain Failures
During the winter storms of fiscal year 2004-05 citywide emergency repairs were
required, including those to repair sinkholes along Western Avenue. The City
received reimbursement from the Federal Emergency Management Agency
(FEMA) in the amount of approximately $1.2 million.
68
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
An audit by the Department of Homeland Security’s Office of Inspector General
(OIG) indicated that the City may be compelled to return over $900,000 to FEMA.
However, in April 2012, FEMA rejected the OIG audit recommendations on the
grounds that the storm drains had functioned properly until the disastrous rain
events of 2004-05. The OIG has until June 22, 2015 to challenge FEMA’s
rejection of the audit. The City’s FEMA consultant has advised City Staff that the
OIG has never before challenged a FEMA rejection. Therefore, no liability to
return the FEMA funds has been accrued.
Building Moratorium
There is longstanding building moratorium in the landslide area of the City.
Several landowners with parcels in this area filed a lawsuit claiming an
unconstitutional taking of their property due to the building moratorium and the
City’s adoption in 2002 of a safety standard that must be satisfied before
development could occur in this area. The landowners claim that the City has
made it impossible for them to satisfy the exception to the moratorium that would
allow development of the parcels.
Judgment was entered for the City after a three-month trial in the Superior Court.
However, the California Court of Appeal reversed the trial court’s decision. The
landowners were seeking a trial on the issue of damages, which they assert
exceed $32 million. The parties negotiated a settlement, but the plaintiffs refused
to sign it, and subsequently rescinded their approval of the settlement. On October
21, 2011, the Superior Court entered judgment in favor of the City on all causes of
action. The plaintiffs filed an appeal from the judgment on November 4, 2011 and
the City awaits a hearing date from the Court of Appeal; however, as the City has
been processing development applications for the plaintiffs’ lots as ordered by the
trial court, there is no expectation that the plaintiffs’ appeal will be successful.
Therefore, no liability has been accrued.
NOTE #11 – PROPERTY TAXES
Under California law, property taxes are assessed and collected by the counties up
to one percent 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 accrues only those taxes, which are
received from the county within sixty days after year-end.
Lien date January 1
Levy date June 30
Due date November 1 and February 1
Collection dates December 10 and April 10
69
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
NOTE #12 – DEFERRED REVENUES
The deferred revenues in the fund financial statements of the City of Rancho Palos
Verdes as of June 30, 2012 consisted of the following:
General Fund:
Accrued Interest from Long-Term Advance to the former
Redevelopment Agency 12,546,283
Advance on Federal Grant 100,830
Revenue Earned but Not Available (beyond 60 days) 81,038
Other Governmental Funds:
Long-Term Note Receivable from AMCAL 3,633,706
Other Long-Term Note Receivable 126,320
Accrued Interest from AMCAL Loan 79,431
Long-Term Note Receivable Offset (loans expended when made) 479,024
Revenue Earned but Not Available (beyond 60 days) 184,206
Total Deferred Revenues: 17,230,838
NOTE #13 – OTHER REQUIRED FUND DISCLOSURES
The following funds had deficit fund balances as of June 30, 2012:
Other Governmental Funds:
Community Development Block Grant Fund $ 42,447
Measure A Special Revenue Fund $ 65,685
The City plans to finance the fund deficits through future revenues and transfers
from other funds.
NOTE #14 – SUCCESSOR AGENCY
On June 29, 2011, Assembly Bills 1x 26 (the “Dissolution Act”) and 1x 27 were
enacted as part of the FY 2011-12 state budget package. The Dissolution Act
required each California redevelopment agency to suspend nearly all activities
except to implement existing contracts, meet already-incurred obligations, preserve
its assets and prepare for impending dissolution. Assembly Bill 1x 27 provided a
means for redevelopment agencies to continue to exist and operate by means of a
Voluntary Alternative Redevelopment Program.
The League of California Cities and the California Redevelopment Association
(CRA) filed a lawsuit on July 18, 2011 on behalf of cities, counties and
redevelopment agencies petitioning the California Supreme Court to overturn the
Dissolution Act and Assembly Bill 1x 27 on the grounds that these bills violate the
California Constitution.
70
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
On December 29, 2011, the California Supreme Court upheld the Dissolution Act
and struck down Assembly Bill 1x 27.
On June 27, 2012, as part of the FY 2012-13 state budget package, the
Legislature passed and the Governor signed AB 1484, which made technical and
substantive amendments to the Dissolution Act based on experience to-date at the
state and local level in implementing the Dissolution Act.
Under the Dissolution Act, each California redevelopment agency (each a
“Dissolved RDA”) was dissolved as of February 1, 2012, and the sponsoring
community that formed the Dissolved RDA, together with other designated entities,
have initiated the process under the Dissolution Act to unwind the affairs of the
Dissolved RDA. A Successor Agency was created for each Dissolved RDA which
is the sponsoring community of the Dissolved RDA unless it elected not to serve as
the Successor Agency. On September 6, 2011, the City elected to serve as the
Successor Agency of the Rancho Palos Verdes Redevelopment Agency.
The Dissolution Act also created oversight boards which monitor the activities of
the successor agencies. The roles of the successor agencies and oversight boards
is to administer the wind down of each Dissolved RDA which includes making
payments due on enforceable obligations, disposing of the assets (other than
housing assets) and remitting the unencumbered balances of the Dissolved RDAs
to the County Auditor-Controller for distribution to the affected taxing entities.
The Dissolution Act allowed the sponsoring community that formed the Dissolved
RDA to elect to assume the housing functions and take over the certain housing
assets of the Dissolved RDA. If the sponsoring community does not elect to
become the Successor Housing Agency and assume the Dissolved RDA’s housing
functions, such housing functions and all related housing assets will be transferred
to the local housing authority in the jurisdiction. AB 1484 modified and provided
some clarifications on the treatment of housing assets under the Dissolution Act.
The City elected on February 21, 2012 to serve as the Housing Successor Agency.
Prior to February 1, 2012, the final seven months of activity of the Dissolved RDA
are reported in the governmental funds of the City. After the date of dissolution, the
housing assets, obligations, and activities of the Dissolved RDA have been
transferred and are reported in a special revenue fund in the financial statements
of the City. All other assets, obligations, and activities of the Dissolved RDA have
been transferred and are reported in a fiduciary fund (private-purpose trust fund) in
the financial statements of the City.
The transfer of the assets and liabilities of the Dissolved RDA as of February 1,
2012 (except for certain assets of the former Low and Moderate Income Housing
Fund, which were transferred to the Affordable Housing Special Revenue
71
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Fund (effectively the same date as January 31, 2012) from the governmental funds
of the City to the fiduciary fund was reported in the governmental funds as an
extraordinary gain in the governmental fund financial statements. The receipt of
these assets and liabilities as of February 1, 2012 was also reported in the
fiduciary fund as an extraordinary loss.
Because of the different measurement focus of the governmental funds (current
financial resources measurement focus) and the measurement focus of the
fiduciary private-purpose trust fund (economic resources measurement focus), the
extraordinary gain recognized in the governmental funds was not the same amount
as the extraordinary loss that was recognized in the fiduciary fund financial
statements.
The difference between the extraordinary gain recognized in the fund financial
statements and the extraordinary loss recognized in the fiduciary fund financial
statements is reconciled as follows:
Total extraordinary gain reported in governmental funds - increase
to net assets of the Successor Agency Trust Fund (18,240,119)$
Capital assets recorded in the government-wide financial
statements - increase to net assets of the Successor Agency
Trust Fund 166,296
Notes receivable reported in the government-wide financial
statements - increase to net assets of the Successor Agency
Trust Fund 225,785
Long term debt reported in the government-wide financial
statement - decrease to net assets of the Successor Agency
Trust Fund (5,499,904)
Net decrease to net assets of the Successor Agency Trust Fund
as a result of initial transfers (equal to amount of extraordinary
gain reported in the government-wide financial statements of the
City)(23,347,942)$
The Dissolution Act and AB 1484 also establish roles for the County Auditor-
Controller, the California Department of Finance (the “DOF”) and the California
State Controller’s office in the dissolution process and the satisfaction of
enforceable obligations of the Dissolved RDAs.
The County Auditor-Controller is charged with establishing a Redevelopment
Property Tax Trust Fund (the “RPTTF”) for each Successor Agency and depositing
into the RPTTF for each six-month period the amount of property taxes that would
72
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
have been redevelopment property tax increment had the Dissolved RDA not been
dissolved. The deposit in the RPTTF fund is to be used to pay to the Successor
Agency the amounts due on the Successor Agency’s enforceable obligations for
the upcoming six-month period.
The Successor Agency is required to prepare a recognized obligation payment
schedule (the “ROPS”) approved by the oversight board setting forth the amounts
due for each enforceable obligation during each six month period. The ROPS is
submitted to the DOF for approval. The County Auditor-Controller will make
payments to the Successor Agency from the RPTTF fund based on the ROPS
amount approved by the DOF. The ROPS is prepared in advance for the
enforceable obligations due over the next six months. The Successor Agency
received $118,818 from the County Auditor-Controller on June 1, 2012 for the
ROPS for the period July 1, 2012 to December 31, 2012.
The process of making RPTTF deposits to be used to pay enforceable obligations
of the Dissolved RDA will continue until all enforceable obligations have been paid
in full and all non-housing assets of the Dissolved RDA have been liquidated.
The State Controller of the State of California has been directed to review the
propriety of any transfers of assets between Dissolved RDA and other public
bodies that occurred after January 1, 2011. If the public body that received such
transfers is not contractually committed to a third party for the expenditure or
encumbrance of those assets, the State Controller is required to order the
available assets to be transferred to the public body designated as the successor
agency. The Dissolved RDA made only two transfers after January 1, 2011. One
transfer was the return of $500,000 in excess loan proceeds to the City that was
not needed to fund an affordable housing project. The other transfer involved
notes receivable totaling $6,751,633 that was given to the City in its capacity as
the successor housing agency to the Dissolved RDA.
Management believes, in consultation with legal counsel, that the obligations of the
Dissolved RDA due to the City are valid enforceable obligations payable by the
Successor Agency under the requirements of the Dissolution Act and AB 1484.
The City’s position on this issue is not a position of settled law and there is
considerable legal uncertainty regarding this issue. It is reasonably possible that a
legal determination may be made at a later date by an appropriate judicial authority
that would resolve this issue unfavorably to the City.
Non-Liquid Assets
The following non-liquid assets are included in the records of the Successor
Agency:
73
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Note receivable from
Portuguese Bend Club Homeowners Association $204,950
Prepaid item 182,195
Land 166,296
Total Non-Liquid Assets $553,441
In 1999, the former Redevelopment Agency extended a $750,000 construction
loan to the Portuguese Bend Club Homeowners Association. The note is non-
interest bearing, and is to be repaid in 180 equal installments beginning in July
2001. The Association is scheduled to continue making monthly payments of
$4,167 through August 2016, and the balance of the note receivable at June 30,
2012 is $204,950.
Prior to redevelopment dissolution, the County of Los Angeles pursuant to a
Memorandum of Understanding dated November 1, 1997 (discussed below)
impounded property tax increment allocated to the former redevelopment agency
for payment of debt owed to the County. The balance of the impounded tax
increment which had not yet been applied to debt at June 30, 2012 is $182,195.
The former Redevelopment Agency owned a number of parcels in the landslide
area of the City. Parcels totaling approximately 177 acres which are identified as
Abalone Cove Shoreline Park and adjacent open space were transferred from the
County of Los Angeles at no cost. The remaining parcels which provide right-of-
way access into the landslide area were originally purchased at a total cost of
$166,296.
Debt Summary
Balance Transfers Balance Amounts Due
February 1, 2012 from RDA Additions June 30, 2012 in One Year
Due to City:
Consolidated Loan -$ 19,026,913$ 262,146$ 19,289,059$ -$
Due to County:
Tax Increment Bond - 5,065,000 - 5,065,000 120,000
Deferred Interest Payable - 434,904 - 434,904 -
Totals -$ 24,526,817$ 262,146$ 24,788,963$ 120,000$
Consolidated Loan from City
The City entered into an agreement to provide the former Redevelopment Agency
(RDA) operating funds and staff assistance, supplies, technical and other services
and facilities of the City as the RDA requires in carrying out its function under the
community redevelopment law. The RDA was to repay the resulting indebtedness,
plus interest, from incremental property tax revenues arising from the project area,
as such revenue became available. Pursuant to redevelopment dissolution law,
loans from cities to redevelopment agencies made more than two years after
74
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
formation of the redevelopment agency are not recognized obligations. Therefore,
the Consolidated Loan from the City has been disallowed on the Successor
Agency’s Recognized Obligation Payment Schedule. However, an amendment to
the redevelopment dissolution law provides a method to obtain a Finding of
Completion from the California Department of Finance, which will lead to
recognition of the City’s Consolidated Loan as an obligation of the Successor
Agency. The Successor Agency has met the requirements to date, and it is
anticipated that the Successor Agency will meet the remaining requirements to
obtain the Finding of Completion during 2013.
Variable interest accrued at a rate of 3.389 percent during the fiscal year ended
June 30, 2012. Of the $19,289,059 advance, $14,510,123 relates to the
Portuguese Bend portion of the former Redevelopment Agency, while $4,778,936
relates to the Abalone Cove portion. During the year ended June 30, 2012,
accrued interest of $474,634 was added to the balance of the advance to the
Portuguese Bend Fund, while principal of $89,918 and accrued interest of
$156,321 was advanced to the Abalone Cove Fund.
Tax Increment Bond and Deferred Interest Payable
In July 1991, the former Redevelopment Agency received $10,000,000 in loan
proceeds (the Loan) from the County of Los Angeles (the County) upon the
County’s issue of Abalone Cove Improvement Bonds 2651-M pursuant to a
Reimbursement and Settlement Agreement (the Agreement), dated October 27,
1987 in connection with the Horan Lawsuit. The Loan was made for the purpose
of abating the Abalone Cove landslide. The settlement Loan was secured by
property assessment liens in the Abalone Cove project area.
As stipulated by the parties to the Agreement, a portion of the Loan proceeds was
used to repay a tax allocation and revenue anticipation promissory note issued to
the County in the principal amount of $1,450,000, plus accrued interest equal to
$179,244. A second portion of the proceeds was used to repay expenses
advanced by the County in the amount of $135,614. A third portion was used to
repay certain loans from the City to the former Redevelopment Agency in the
amount of $787,340.
Per the terms of the Agreement, $1,000,000 of the proceeds was deposited in the
Abalone Cove Permanent Fund of the Joint Powers Improvement Authority. The
remainder of the proceeds was accounted for in the former Redevelopment
Agency’s Abalone Cove Fund. Concurrent with the execution of the Agreement,
the County deeded its title in the Abalone Cove Beach Park to the former
Redevelopment Agency.
75
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
As part of the Agreement, the former Redevelopment Agency was required to
transfer 17 percent of tax increment revenue to the Consolidated Fire Protection
District of the County and 50.9 percent of tax increment revenue for debt
repayment to the County. In accordance with the Agreement, the former
Redevelopment Agency was to pay the Loan principal plus interest at 7.7654
percent over a 30-year period that began in 1992. However, these debt payments
were to be deferred 10 years until the fiscal year ended June 30, 2002.
As part of the deferral arrangement, the accrued interest from the inception of the
Loan through June 30, 2002, in the amount of $7,314,944, was scheduled for
payment over a 20-year period beginning in the fiscal year ended June 30, 2002
with no additional interest. The remaining balance of $10,274,119 was scheduled
for payment to the County over a 20-year period beginning in the fiscal year ended
June 30, 2002, with interest at 7.7654 percent.
On November 1, 1997, the City, the former Redevelopment Agency and the
County of Los Angeles entered into a Memorandum of Understanding (MOU)
agreeing to restructure the repayment schedule of the debt owed to the County by
the former Redevelopment Agency. In accordance with the terms of the MOU, the
$10,000,000 loan principal owed to the County was cancelled. As consideration for
the loan cancellation, the former Redevelopment Agency made a lump sum
payment to the County in the amount of $4,545,000 and issued a $5,455,000 tax
increment bond to the County (the bond). Of the $4,545,000 lump sum payment,
$2,000,000 was paid from tax increment revenue and interest earnings
accumulated in the Debt Service Fund. The remaining $2,545,000 was funded by a
combination of a loan from the General Fund of the City to the Agency for
$1,545,000 and a net operating transfer from the Agency’s Abalone Cove Capital
Projects Fund to the Debt Service Fund of $1,000,000. The private property liens
resulting from the formation of the bond assessment district in connection with the
Reimbursement and Settlement Agreement in 1987 were discharged in
accordance with the terms of the MOU.
The bond was issued as a conduit through the Improvement Authority to the
County. No issuance costs were incurred. Future allocations of property tax to the
Successor Agency will fund the payment of the bond debt and the deferred interest
from the original Loan until paid in full. Prior to Redevelopment Agency dissolution,
the County withheld payment of the Agency’s net tax increment revenue (net of the
17 percent payment to the County Fire Protection District and the 20 percent
housing set-aside amount) to offset the annual principal and interest charges. The
principal of the bond began maturing in installments each December 2nd,
commencing December 2, 2004. Interest accrues at a rate of 5 percent per annum
and is payable in arrears each June 2nd and December 2nd.
76
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
Additionally, both the accrued interest and deferred interest on the $10,000,000
Loan previously owed the County was retroactively recalculated from the Loan
origination date at a rate of approximately 5 percent compared to 7.7654 percent
per the original Agreement. The recalculated deferred interest was $3,111,400. In
accordance with the MOU, the recalculated deferred interest does not accrue
additional interest. As of June 30, 2012, a total of $2,676,496 in accumulated tax
increment has been applied against this balance, including $363,697 applied
during fiscal year 2011-12. The remaining balance at June 30, 2012, was
$434,904. The accumulated amount of property tax increment withheld by the
County prior to dissolution, in excess of amounts applied to principal and interest
payments is recorded in the Successor Agency Fund as a prepaid item at June 30,
2012.
The debt service schedule below summarizes all fixed principal and interest
payments for the term of the bond. Because the payback period for the deferred
interest amount will fluctuate depending on the availability of excess property tax
revenue, no amounts have been included in the following schedule for repayment
of the deferred interest.
Year Ending
June 30, Principal Interest Total
2013 120,000 250,250 370,250
2014 135,000 243,875 378,875
2015 155,000 236,625 391,625
2016 180,000 228,250 408,250
2017 200,000 218,750 418,750
2018-2022 1,420,000 905,500 2,325,500
2023-2027 2,275,000 448,875 2,723,875
2028 580,000 14,500 594,500
Totals 5,065,000$ 2,546,625$ 7,611,625$
NOTE #15 – RESTATEMENT OF BEGINNING NET ASSETS:
The net assets of the governmental activities at July 1, 2011 were restated as
follows:
Net assets as previously reported – July 1, 2011 $152,271,142
To adjust for:
Revenues related to long-term notes
receivable, accrued unpaid interest and other
amounts earned but not available were
properly reported as deferred in the fund
77
CITY OF RANCHO PALOS VERDES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
See independent auditors’ report.
financial statements (modified accrual basis of
accounting), however, they were not
recognized as earned in the government-wide
financial statements (accrual basis of
accounting). 3,689,642
Net assets as restated – July 1, 2011
$ 155,960,784
78
SUPPLEMENTARY INFORMATION
79
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 1,558,979$ 4,047,567$ 139,340$ (3,908,227)$
Use of money and property 28,600 28,600 36,780 8,180
TOTAL REVENUES 1,587,579 4,076,167 176,120 (3,900,047)
EXPENDITURES:
Capital Outlay
Infrastructure administration 70,000 25,500 25,437 63
Street improvements 4,885,532 2,772,335 2,531,917 240,418
Parks/Trails/Open Space improvements 1,102,000 2,256,268 229,547 2,026,721
Sewer improvements - 114,450 113,982 468
Building improvements 167,500 167,500 38,548 128,952
TOTAL EXPENDITURES 6,225,032 5,336,053 2,939,431 2,396,622
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (4,637,453) (1,259,886) (2,763,311) (1,503,425)
OTHER FINANCING SOURCES:
Transfers in 6,609,480 8,833,841 6,520,472 (2,313,369)
NET CHANGE IN FUND BALANCE 1,972,027 7,573,955 3,757,161 (3,816,794)
FUND BALANCE - BEGINNING OF YEAR 11,649,780 11,649,780 11,649,780 -
FUND BALANCE - END OF YEAR 13,621,807$ 19,223,735$ 15,406,941$ (3,816,794)$
See independent auditors' report.
Budgeted Amounts
80
CITY OF RANCHO PALOS VERDES
JUNE 30, 2012
NONMAJOR GOVERNMENTAL FUNDS
Special Revenues Fund Descriptions
Special Revenue Funds are used to account for taxes and other revenues set
aside in accordance with law or administrative regulation for a specific purpose.
Air Quality Management – to account for AB2766 fees received to fund programs
to reduce air pollution from motor vehicles.
Community Development Block Grant (CDBG) – to account for Federal Grants
received from the Department of Housing and Urban Development (HUD).
El Prado – to account for taxes collected to maintain and service existing and
proposed improvements to the common area of the El Prado neighborhood.
Redevelopment Agency Housing Set-Aside – to account for the portion of
redevelopment tax increment revenue set-aside for the development of
affordable housing.
Proposition A – to account for the City share of an additional one-half percent
sales tax designated to fund certain public transportation orientated projects.
Proposition C – to account for sales taxes received from the County and used to
support public transit and related services.
Measure R – to account for the half-cent sales tax approved by the Los Angeles
County voters in November 2008 to meet transportation needs, including
maintenance and improvement of arterial streets, traffic control, bikeway and
pedestrian improvements, and public transit.
Beautification – to account for monies received for the City’s recycling program
used for community improvement, grants and promotion of recycling.
Waste Reduction – to account for AB939 fees received for state mandated waste
reduction and recycling plans and programs.
Public Safety Grants – to account for federal grant funds for local law
enforcement supplemental services, AB3229 funds used for additional law
enforcement services and public safety technology equipment.
1972 Act Landscaping and Lighting District (1972 Act) – to account for revenues
and costs associated with the City’s landscaping and lighting district.
81
CITY OF RANCHO PALOS VERDES
JUNE 30, 2012
NONMAJOR GOVERNMENTAL FUNDS
1911 Act Lighting District (1911 Act) – to account for revenue and costs
associated with a lighting district transferred to the “city-side” landscape and
lighting district from the County in 1995.
Joint Powers Improvement Authority - Portuguese Bend – to account for
maintenance and repairs of landslide abatement improvements in the
Portuguese Bend Project area.
Habitat Restoration – to account for fees paid by developers for conservation
easements to be used exclusively for habitat restoration efforts on City owned
property.
Measure A – to account for the voter approved 1992 and 1996 Measure A funds
and other state and county grants used for the acquisition of open space and
park improvements.
Abalone Cove Sewer Assessment District – to account for property assessments
used to partially pay for operation and maintenance of the Abalone Cove sewer
system.
Dr. Allen and Charlotte Ginsburg Cultural Arts Building (Ginsburg Cultural Art
Bldg) – to account for a private donation to be used for either construction of a
building at the Upper Point Vicente Civic Center to be used for dancing and other
cultural activities, or for the purchase of open space within the City for habitat
conservation and passive recreational purposes.
Donor Restricted Contributions – to account for donations received to construct
or acquire recreational facilities within the City.
Bikeways – to account for state funds that are used for the construction of
bikeways and pedestrian facilities.
Environmental Excise Tax – to account for taxes received in connection with new
construction within the City.
Quimby – to account for developer paid fees or the dedication of land for park
and recreation purposes.
Debt Service Fund Descriptions
Redevelopment Agency Debt Service – to account for the accumulation of
resources and for the payment of principal and interest on the former
redevelopment agency debt.
82
CITY OF RANCHO PALOS VERDES
JUNE 30, 2012
NONMAJOR GOVERNMENTAL FUNDS
Capital Projects Fund Descriptions
Capital Projects Funds are used to account for financial resources used for the
acquisition or construction of major capital facilities.
Redevelopment Agency - Abalone Cove – to account for monies used for
landslide abatement in the Abalone Cove area of the Redevelopment Agency
Project Area.
Redevelopment Agency - Portuguese Bend – to account for monies used for
landslide abatement in the Portuguese Bend area of the Redevelopment Agency
Project Area.
Permanent Fund Descriptions
Permanent Funds are used to account for resources legally restricted to the
extent that only earnings, and not principal, may be used for purposes that
support the City’s programs.
Subregion One Maintenance – to account for monies used to maintain public
improvements and habitat areas dedicated to the City upon completion of the
Subregion One residential development project also known as Oceanfront
Estates. As part of the development agreement, the City received a $750,000
non-expendable deposit. The interest earnings contribute to the maintenance of
the public open space.
Joint Powers Improvement Authority - Abalone Cove – to account for monies
received as part of a July 1991 Reimbursement and Settlement Agreement with
the County of Los Angeles. As a part of this Agreement, the Authority received a
$1,000,000 non-expendable deposit. The interest earnings are used to pay for
maintenance and repair of Abalone Cove landslide abatement improvements.
83
CITY OF RANCHO PALOS VERDES
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
June 30, 2012
Special Revenue Funds
Redevelopment
Air Agency
Quality Housing
Management CDBG El Prado Set-Aside Proposition A
Cash and investments 88,198$ -$ 16,620$ -$ 170,857$
Receivables:
Taxes - - 142 - -
Interest 57 - 12 - 65
Notes - 479,024 - - -
Other 12,932 129,855 - - -
Prepaid items - - - - -
Advance to other funds - - - - -
TOTAL ASSETS 101,187$ 608,879$ 16,774$ -$ 170,922$
LIABILITIES:
Accounts payable and
accrued liabilities -$ 51,371$ -$ -$ 501$
Due to other funds - 78,521 - - -
Deferred revenue - 521,434 - - -
TOTAL LIABILITIES - 651,326 - - 501
FUND BALANCES:
Non-Spendable
Endowment principal - - - -
Reimbursement settlement -
agreement - - - - -
Prepaid items - - - - -
Long term advances - - - - -
Habitat restoration - - - - -
Restricted 101,187 - 16,774 170,421
Committed - - - -
Assigned - - - -
Unassigned - (42,447) - - -
TOTAL FUND
BALANCES 101,187 (42,447) 16,774 - 170,421
-
TOTAL LIABILITIES -
AND FUND BALANCES 101,187$ 608,879$ 16,774$ -$ 170,922$
See independent auditors' report.
FUND BALANCES
ASSETS
LIABILITIES AND
84
Special Revenue Funds (Continued)
Public
Waste Safety
Proposition C Measure R Beautification Reduction Grants 1972 Act 1911 Act
1,340,334$ 391,221$ 1,061,087$ 279,997$ 20,102$ 66,549$ 1,660,622$
- - - - - 15,550 36,313
1,477 705 835 264 86 180 1,280
- - - - - - -
- - 4,000 11,738 - - -
- - - - - - -
- - - - - - -
1,341,811$ 391,926$ 1,065,922$ 291,999$ 20,188$ 82,279$ 1,698,215$
-$ -$ 439$ 12,122$ -$ 4,200$ 27,831$
- - - - - - -
- - - 10,916$ - - -
- - 439 23,038 - 4,200 27,831
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
1,341,811 391,926 1,065,483 268,961 20,188 78,079 1,670,384
- - - - - - -
- - - - - - -
- - - - - - -
1,341,811 391,926 1,065,483 268,961 20,188 78,079 1,670,384
1,341,811$ 391,926$ 1,065,922$ 291,999$ 20,188$ 82,279$ 1,698,215$
(Continued)
85
CITY OF RANCHO PALOS VERDES
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
(CONTINUED)
June 30, 2012
Special Revenue Funds
Dr. Allen and
Joint Powers Abalone Cove Charlotte
Improvement Sewer Ginsburg
Authority Habitat Assessment Cultural
Portuguese Bend Restoration Measure A District Arts Building
Cash and investments 327,665$ 229,069$ 7,440$ 63,869$ 158,365$
Receivables:
Taxes - - - 2,470 -
Interest - 179 19 73 115
Notes - - - - -
Other - 23,683 100,000 - -
Prepaid items - - - - -
Advance to other funds - - - - -
TOTAL ASSETS 327,665$ 252,931$ 107,459$ 66,412$ 158,480$
LIABILITIES:
Accounts payable and
accrued liabilities 17,941$ 31,890$ -$ 27,141$ -$
Due to other funds - - 73,144 - -
Deferred revenue - - 100,000 - -
TOTAL LIABILITIES 17,941 31,890 173,144 27,141 -
FUND BALANCES:
Non-Spendable
Endowment principal - - - - -
Reimbursement settlement
agreement - - - - -
Prepaid items - - - - -
Long term advances - - - - -
Habitat restoration - 74,696 - - -
Restricted 309,724 146,345 - 39,271 158,480
Committed - - - - -
Assigned - - - - -
Unassigned - - (65,685) - -
TOTAL FUND
BALANCES 309,724 221,041 (65,685) 39,271 158,480
TOTAL LIABILITIES
AND FUND BALANCES 327,665$ 252,931$ 107,459$ 66,412$ 158,480$
See independent auditors' report.
ASSETS
FUND BALANCES
LIABILITIES AND
86
Total Redevelopment
Donor Special Agency
Restricted Environmental Revenue Debt
Contributions Bikeways Excise Tax Quimby Funds Service
406,513$ 61$ 447,706$ 29,400$ 6,765,675$ -$
- - - - 54,475 -
296 - 321 21 5,985 -
- - - - 479,024 -
- - - - 282,208 -
- - - - - -
- - - - - -
406,809$ 61$ 448,027$ 29,421$ 7,587,367$ -$
-$ -$ 33,502$ -$ 206,938$ -$
- - - - 151,665 -
- - - - 632,350 -
- - 33,502 - 990,953 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 74,696 -
406,809 61 414,525 29,421 6,629,850 -
- - - - - -
- - - - - -
- - - - (108,132) -
406,809 61 414,525 29,421 6,596,414 -
406,809$ 61$ 448,027$ 29,421$ 7,587,367$ -$
(Continued)
Special Revenue Funds (Continued)
87
CITY OF RANCHO PALOS VERDES
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
(CONTINUED)
June 30, 2012
Capital Projects Funds
Redevelopment Redevelopment Total
Agency Agency Capital
Abalone Portuguese Projects
Cove Bend Funds
ASSETS
Cash and investments -$ -$ -$
Receivables:
Taxes - - -
Interest - - -
Notes - - -
Other - - -
Prepaid items - - -
Advance to other funds - - -
TOTAL ASSETS -$ -$ -$
LIABILITIES:
Accounts payable and
accrued liabilities -$ -$ -$
Due to other funds - - -
Deferred revenue - - -
TOTAL LIABILITIES - - -
FUND BALANCES:
Non-Spendable
Endowment principal - - -
Reimbursement settlement
agreement - - -
Prepaid items - - -
Long term advances - - -
Habitat restoration - - -
Restricted - - -
Committed - - -
Assigned - - -
Unassigned - - -
TOTAL FUND
BALANCES - - -
TOTAL LIABILITIES
AND FUND BALANCES -$ -$ -$
See independent auditors' report.
FUND BALANCES
LIABILITIES AND
88
Permanent Funds
Joint Powers Total
Subregion Improvement Total Other
One Authority Permanent Governmental
Maintenance Abalone Cove Funds Funds
779,889$ 1,205,326$ 1,985,215$ 8,750,890$
- - - 54,475
573 2 575 6,560
- - - 479,024
- - - 282,208
- - - -
- - - -
780,462$ 1,205,328$ 1,985,790$ 9,573,157$
6,903$ 2,514$ 9,417$ 216,355$
- - - 151,665
- - - 632,350
6,903 2,514 9,417 1,000,370
750,000 - 750,000 750,000
- 1,000,000 1,000,000 1,000,000
- - - -
- - - -
- - - 74,696
23,559 202,814 226,373 6,856,223
- - - -
- - - -
- - - (108,132)
773,559 1,202,814 1,976,373 8,572,787
780,462$ 1,205,328$ 1,985,790$ 9,573,157$
(Continued)
89
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - OTHER GOVERNMENTAL FUNDS
For the year ended June 30, 2012
Redevelopment
Air Agency
Quality Housing
Management CDBG El Prado Set-Aside Proposition A
REVENUES:
Taxes -$ -$ 1,973$ -$ -$
Revenue from other agencies 52,390 173,092 - - 626,793
Use of money and property 190 - 49 2 242
Other revenues - - - - -
TOTAL REVENUES 52,580 173,092 2,022 2 627,035
EXPENDITURES:
Current:
Administration - - - - -
Public safety - - - - -
Public works - - 29 - 582,217
Community development - - - 288 -
Parks and recreation - - - - -
Capital outlay - 215,539 - - -
Debt service - principal - - - - -
Debt service - interest - - - - -
TOTAL EXPENDITURES - 215,539 29 288 582,217
EXCESS (DEFICIENCY)
OF REVENUES OVER
(UNDER) EXPENDITURES 52,580 (42,447) 1,993 (286) 44,818
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - - - - -
TOTAL OTHER FINANCING
SOURCES (USES)- - - - -
EXTRAORDINARY GAIN (LOSS)- - - (1,827,132) -
NET CHANGE IN
FUND BALANCES 52,580 (42,447) 1,993 (1,827,418) 44,818
FUND BALANCES (DEFICIT) -
BEGINNING OF YEAR 48,607 - 14,781 1,827,418 125,603
FUND BALANCES (DEFICIT) -
END OF YEAR 101,187$ (42,447)$ 16,774$ -$ 170,421$
See independent auditors' report.
Special Revenue Funds
90
Public
Waste Safety
Proposition C Measure R Beautification Reduction Grants 1972 Act 1911 Act
-$ -$ -$ -$ -$ 258,814$ 504,991$
521,486 387,409 - 23,533 100,000 - -
6,050 2,597 311,734 208,076 256 570 5,419
- - - - - - -
527,536 390,006 311,734 231,609 100,256 259,384 510,410
- - - - - - -
- - - - - - -
- - 20,223 161,081 - 75,342 419,984
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 20,223 161,081 - 75,342 419,984
527,536 390,006 291,511 70,528 100,256 184,042 90,426
- - - - - - -
(756,400) (628,212) (142,810) (110,000) (100,000) (200,000) (72,688)
(756,400) (628,212) (142,810) (110,000) (100,000) (200,000) (72,688)
- - - - - - -
(228,864) (238,206) 148,701 (39,472) 256 (15,958) 17,738
1,570,675 630,132 916,782 308,433 19,932 94,037 1,652,646
1,341,811$ 391,926$ 1,065,483$ 268,961$ 20,188$ 78,079$ 1,670,384$
(Continued)
Special Revenue Funds (Continued)
91
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - OTHER GOVERNMENTAL FUNDS
For the year ended June 30, 2012
Dr. Allen and
Joint Powers Abalone Cove Charlotte
Improvement Sewer Ginsburg
Authority Habitat Assessment Cultural
Portuguese Bend Restoration Measure A District Arts Building
REVENUES:
Taxes -$ -$ -$ 52,948$ -$
Revenue from other agencies - 23,682 160,641 - -
Use of money and property - 753 70 289 533
Other revenues - - - 1,217 -
TOTAL REVENUES - 24,435 160,711 54,454 533
EXPENDITURES:
Current:
Administration - - - - -
Public safety - - - - -
Public works 52,606 156,452 - 122,561 -
Community development - - - - -
Parks and recreation - - - - 25,000
Capital outlay - - - - -
Debt service - principal - - - - -
Debt service - interest - - - - -
TOTAL EXPENDITURES 52,606 156,452 - 122,561 25,000
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (52,606) (132,017) 160,711 (68,107) (24,467)
OTHER FINANCING SOURCES (USES):
Transfers in 60,000 90,000 - 10,700 -
Transfers out - - (100,000) - -
TOTAL OTHER FINANCING
SOURCES (USES)60,000 90,000 (100,000) 10,700 -
EXTRAORDINARY GAIN (LOSS)- - - - -
NET CHANGE IN
FUND BALANCES 7,394 (42,017) 60,711 (57,407) (24,467)
FUND BALANCE (DEFICIT) -
BEGINNING OF YEAR 302,330 263,058 (126,396) 96,678 182,947
FUND BALANCES (DEFICIT) -
END OF YEAR 309,724$ 221,041$ (65,685)$ 39,271$ 158,480$
See independent auditors' report.
Special Revenue Funds
92
Total Redevelopment
Donor Special Agency
Restricted Environmental Revenue Debt
Contributions Bikeways Excise Tax Quimby Funds Service
-$ -$ -$ -$ 818,726$ 442,150$
- - - - 2,069,026 -
1,290 10 1,417 93 539,640 -
.- 35,955 - 37,172 -
1,290 10 37,372 93 3,464,564 442,150
- - - - - 100,940
- - - - - -
- - 38,245 - 1,628,740 -
- - - - 288 -
- - - - 25,000 -
- - - - 215,539 -
- - - - - 463,698
- - - - - 497,934
- - 38,245 - 1,869,567 1,062,572
1,290 10 (873) 93 1,594,997 (620,422)
- - - - 160,700 -
- - - - (2,110,110) -
- - - - (1,949,410) -
- - - - (1,827,132) 18,571,421
1,290 10 (873) 93 (2,181,545) 17,950,999
405,519 51 415,398 29,328 8,777,959 (17,950,999)
406,809$ 61$ 414,525$ 29,421$ 6,596,414$ -$
(Continued)
Special Revenue Funds (Continued)
93
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - OTHER GOVERNMENTAL FUNDS
(CONTINUED)
For the year ended June 30, 2012
Capital Projects Funds
Redevelopment Redevelopment Total
Agency Agency Capital
Abalone Portuguese Projects
Cove Bend Funds
REVENUES:
Taxes -$ -$ -$
Revenue from other agencies - - -
Use of money and property - - -
Other revenues - 29,169 29,169
TOTAL REVENUES - 29,169 29,169
EXPENDITURES:
Current:
Administration - - -
Public safety - - -
Public works - 132,242 132,242
Community development - - -
Parks and recreation - - -
Capital outlay - - -
Debt service - principal - - -
Debt service - interest - - -
TOTAL EXPENDITURES - 132,242 132,242
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - (103,073) (103,073)
OTHER FINANCING SOURCES (USES):
Transfers in - - -
Transfers out - - -
TOTAL OTHER FINANCING
SOURCES (USES)- - -
EXTRAORDINARY GAIN (LOSS)(6,216) (221,585) (227,801)
NET CHANGE IN
FUND BALANCES (6,216) (324,658) (330,874)
FUND BALANCES (DEFICIT) -
BEGINNING OF YEAR 6,216 324,658 330,874
FUND BALANCES (DEFICIT) -
END OF YEAR -$ -$ -$
See independent auditors' report.
94
Permanent Funds
Joint Powers Total
Subregion Improvement Total Other
One Authority Permanent Governmental
Maintenance Abalone Cove Funds Funds
-$ -$ -$ 1,260,876$
- - - 2,069,026
2,438 5 2,443 542,083
- - - 66,341
2,438 5 2,443 3,938,326
- - - 100,940
- - - -
64,886 89,968 154,854 1,915,836
- - - 288
- - - 25,000
- - - 215,539
- - - 463,698
- - - 497,934
64,886 89,968 154,854 3,219,235
(62,448) (89,963) (152,411) 719,092
60,000 - 60,000 220,700
- - - (2,110,110)
60,000 - 60,000 (1,889,410)
- - - 16,516,488
(2,448) (89,963) (92,411) 15,346,170
776,007 1,292,777 2,068,784 (6,773,383)
773,559$ 1,202,814$ 1,976,373$ 8,572,787$
(Continued)
95
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
AIR QUALITY MANAGEMENT SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 50,000$ 50,000$ 52,390$ 2,390$
Use of money and property 260 260 190 (70)
TOTAL REVENUES 50,260 50,260 52,580 2,320
EXPENDITURES:
Public works - - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 50,260 50,260 52,580 2,320
FUND BALANCE - BEGINNING OF YEAR 48,607 48,607 48,607 -
FUND BALANCE - END OF YEAR 98,867$ 98,867$ 101,187$ 2,320$
See independent auditors' report.
Budgeted Amounts
96
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
COMMUNITY DEVELOPMENT BLOCK GRANT SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 201,673$ 324,364$ 173,092$ (151,272)$
EXPENDITURES:
Capital outlay 201,673 254,364 215,539 38,825
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES - 70,000 (42,447) (112,447)
OTHER FINANCING USES:
Transfers in - - - -
Transfers out - - - -
NET CHANGE IN FUND BALANCE - 70,000 (42,447) (112,447)
FUND BALANCE - BEGINNING OF YEAR - - - -
FUND BALANCE - END OF YEAR -$ 70,000$ (42,447)$ (112,447)$
See independent auditors' report.
Budgeted Amounts
97
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
EL PRADO SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 1,900$ 1,900$ 1,973$ 73$
Use of money and property 70 70 49 (21)
TOTAL REVENUES 1,970 1,970 2,022 52
EXPENDITURES:
Public works 1,000 1,000 29 971
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 970 970 1,993 1,023
FUND BALANCE - BEGINNING OF YEAR 14,781 14,781 14,781 -
FUND BALANCE - END OF YEAR 15,751$ 15,751$ 16,774$ 1,023$
See independent auditors' report.
Budgeted Amounts
98
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REDEVELOPMENT AGENCY HOUSING SET-ASIDE SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 234,500$ 234,500$ -$ (234,500)$
Use of money and property 100 100 2 (98)
TOTAL REVENUES 234,600 234,600 2 (234,598)
EXPENDITURES:
Community Development
Redevelopment 12,500 12,500 288 12,212
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 222,100 222,100 (286) (222,386)
EXTRAORDINARY LOSS ON DISSOLUTION OF
REDEVELOPMENT AGENCY - - (1,827,132) (1,827,132)
NET CHANGE IN FUND BALANCE 222,100 222,100 (1,827,418) (2,049,518)
FUND BALANCE - BEGINNING OF YEAR 1,827,418 1,827,418 1,827,418 -
FUND BALANCE - END OF YEAR 2,049,518$ 2,049,518$ -$ (2,049,518)$
See independent auditors' report and notes to financial statements.
Budgeted Amounts
99
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROPOSITION A SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 586,200$ 586,200$ 626,793$ 40,593$
Use of money and property 180 180 242 62
TOTAL REVENUES 586,380 586,380 627,035 40,655
EXPENDITURES:
Public works 595,100 597,592 582,217 15,375
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (8,720) (11,212) 44,818 56,030
OTHER FINANCING USES:
Transfers in - - - -
NET CHANGE IN FUND BALANCE (8,720) (11,212) 44,818 56,030
FUND BALANCE - BEGINNING OF YEAR 125,603 125,603 125,603 -
FUND BALANCE - END OF YEAR 116,883$ 114,391$ 170,421$ 56,030$
See independent auditors' report.
Budgeted Amounts
100
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROPOSITION C SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 488,400$ 488,400$ 521,486$ 33,086$
Use of money and property 6,830 6,830 6,050 (780)
TOTAL REVENUES 495,230 495,230 527,536 32,306
OTHER FINANCING USES:
Transfers out (1,823,327) (2,063,327) (756,400) 1,306,927
NET CHANGE IN FUND BALANCE (1,328,097) (1,568,097) (228,864) 1,339,233
FUND BALANCE - BEGINNING OF YEAR 1,570,675 1,570,675 1,570,675 -
FUND BALANCE - END OF YEAR 242,578$ 2,578$ 1,341,811$ 1,339,233$
See independent auditors' report.
Budgeted Amounts
101
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MEASURE R SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 364,600$ 364,600$ 387,409$ 22,809$
Use of money and property - - 2,597 2,597
TOTAL REVENUES 364,600 364,600 390,006 25,406
OTHER FINANCING USES:
Transfers out (364,000) (992,212) (628,212) 364,000
NET CHANGE IN FUND BALANCE 600 (627,612) (238,206) 389,406
FUND BALANCE - BEGINNING OF YEAR 630,132 630,132 630,132 -
FUND BALANCE - END OF YEAR 630,732$ 2,520$ 391,926$ 389,406$
See independent auditors' report.
Budgeted Amounts
102
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BEAUTIFICATION SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Other revenues -$ -$ -$ -$
Use of money and property 281,600 281,600 311,734 30,134
TOTAL REVENUES 281,600 281,600 311,734 30,134
EXPENDITURES:
Public works 95,400 170,300 20,223 150,077
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 186,200 111,300 291,511 180,211
OTHER FINANCING USES:
Transfers out (116,000) (616,500) (142,810) 473,690
NET CHANGE IN FUND BALANCE 70,200 (505,200) 148,701 653,901
FUND BALANCE - BEGINNING OF YEAR 916,782 916,782 916,782 -
FUND BALANCE - END OF YEAR 986,982$ 411,582$ 1,065,483$ 653,901$
See independent auditors' report.
Budgeted Amounts
103
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
WASTE REDUCTION SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 47,500$ 47,500$ 23,533$ (23,967)$
Use of money and property 156,675 156,675 208,076 51,401
TOTAL REVENUES 204,175 204,175 231,609 27,434
EXPENDITURES:
Public works 182,650 182,150 161,081 21,069
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 21,525 22,025 70,528 48,503
OTHER FINANCING USES:
Transfers out (52,000) (122,000) (110,000) 12,000
NET CHANGE IN FUND BALANCE (30,475) (99,975) (39,472) 60,503
FUND BALANCE - BEGINNING OF YEAR 308,433 308,433 308,433 -
FUND BALANCE - END OF YEAR 277,958$ 208,458$ 268,961$ 60,503$
See independent auditors' report.
Budgeted Amounts
104
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PUBLIC SAFETY GRANTS SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies -$ 100,000$ 100,000$ -$
Use of money and property 170 170 256 86
TOTAL REVENUES 170 100,170 100,256 86
EXPENDITURES:
Public safety 19,600 - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (19,430) 100,170 100,256 86
OTHER FINANCING USES:
Transfers out - (100,000) (100,000) -
NET CHANGE IN FUND BALANCE (19,430) 170 256 86
FUND BALANCE - BEGINNING OF YEAR 19,932 19,932 19,932 -
FUND BALANCE - END OF YEAR 502$ 20,102$ 20,188$ 86$
See independent auditors' report.
Budgeted Amounts
105
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
1972 ACT SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 258,000$ 258,000$ 258,814$ 814$
Use of money and property 180 180 570 390
TOTAL REVENUES 258,180 258,180 259,385 1,204
EXPENDITURES:
Public works 71,800 73,800 75,342 (1,542)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 186,380 184,380 184,042 (338)
OTHER FINANCING USES:
Transfers out (200,000) (200,000) (200,000) -
NET CHANGE IN FUND BALANCE (13,620) (15,620) (15,958) (338)
FUND BALANCE - BEGINNING OF YEAR 94,037 94,037 94,037 -
FUND BALANCE - END OF YEAR 80,417$ 78,417$ 78,079$ (338)$
See independent auditors' report.
Budgeted Amounts
106
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
1911 ACT SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 440,000$ 440,000$ 504,991$ 64,991$
Use of money and property 7,600 7,600 5,419 (2,181)
TOTAL REVENUES 447,600 447,600 510,410 62,810
EXPENDITURES:
Public works 444,400 444,400 419,984 24,416
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 3,200 3,200 90,426 87,226
OTHER FINANCING USES:
Transfers out (202,000) (202,000) (72,688) 129,312
NET CHANGE IN FUND BALANCE (198,800) (198,800) 17,738 216,538
FUND BALANCE - BEGINNING OF YEAR 1,652,646 1,652,646 1,652,646 -
FUND BALANCE - END OF YEAR 1,453,846$ 1,453,846$ 1,670,384$ 216,538$
See independent auditors' report.
Budgeted Amounts
107
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
JOINT POWERS IMPROVEMENT AUTHORITY PORTUGUSE BEND SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 1,220$ 1,220$ -$ (1,220)$
EXPENDITURES:
Public works 143,350 143,350 52,606 90,744
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (142,130) (142,130) (52,606) 89,524
OTHER FINANCING SOURCES:
Transfers in 60,000 60,000 60,000 -
NET CHANGE IN FUND BALANCE (82,130) (82,130) 7,394 89,524
FUND BALANCE - BEGINNING OF YEAR 302,330 302,330 302,330 -
FUND BALANCE - END OF YEAR 220,200$ 220,200$ 309,724$ 89,524$
See independent auditors' report.
Budgeted Amounts
108
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
HABITAT RESTORATION SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies -$ -$ 23,682$ 23,682$
Use of money and property 1,300 1,300 753 (547)
TOTAL REVENUES 1,300 1,300 24,435 23,135
EXPENDITURES:
Public works 129,000 133,000 156,452 (23,452)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (127,700) (131,700) (132,017) (317)
OTHER FINANCING SOURCES:
Transfers in 90,000 90,000 90,000 -
NET CHANGE IN FUND BALANCE (37,700) (41,700) (42,017) (317)
FUND BALANCE - BEGINNING OF YEAR 263,058 263,058 263,058 -
FUND BALANCE - END OF YEAR 225,358$ 221,358$ 221,041$ (317)$
See independent auditors' report.
Budgeted Amounts
109
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MEASURE A SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 250,000$ 250,000$ 160,641$ (89,359)$
Use of money and property 170 170 70 (100)
TOTAL REVENUES 250,170 250,170 160,711 (89,459)
OTHER FINANCING USES:
Transfers out (250,000) (250,000) (100,000) 150,000
NET CHANGE IN FUND BALANCE 170 170 60,711 60,541
FUND BALANCE - BEGINNING OF YEAR (126,396) (126,396) (126,396) -
FUND BALANCE (DEFICIT) - END OF YEAR (126,226)$ (126,226)$ (65,685)$ 60,541$
See independent auditors' report.
Budgeted Amounts
110
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ABALONE COVE SEWER ASSESSMENT DISTRICT SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 46,600$ 46,600$ 52,948$ 6,348$
Other revenues - - 1,217 1,217
Use of money and property 260 260 289 29
TOTAL REVENUES 46,860 46,860 54,454 7,594
EXPENDITURES:
Public works 63,900 133,800 122,561 11,239
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (17,040) (86,940) (68,107) 18,833
OTHER FINANCING SOURCES:
Transfers in 10,700 10,700 10,700 -
NET CHANGE IN FUND BALANCE (6,340) (76,240) (57,407) 18,833
FUND BALANCE - BEGINNING OF YEAR 96,678 96,678 96,678 -
FUND BALANCE - END OF YEAR 90,338$ 20,438$ 39,271$ 18,833$
See independent auditors' report.
Budgeted Amounts
111
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DR. ALLEN AND CHARLOTTE GINSBURG CULTURAL ARTS BUILDING SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 920$ 920$ 533$ (387)$
TOTAL REVENUES 920 920 533 (387)
EXPENDITURES:
Park and recreation - 25,000 25,000 -
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 920 (24,080) (24,467) (387)
FUND BALANCE - BEGINNING OF YEAR 182,947 182,947 182,947 -
FUND BALANCE - END OF YEAR 183,867$ 158,867$ 158,480$ (387)$
See independent auditors' report.
Budgeted Amounts
112
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DONOR RESTRICTED CONTRIBUTIONS SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 2,020$ 2,020$ 1,290$ (730)$
FUND BALANCE - BEGINNING OF YEAR 405,519 405,519 405,519 -
FUND BALANCE - END OF YEAR 407,539$ 407,539$ 406,809$ (730)$
See independent auditors' report.
Budgeted Amounts
113
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BIKEWAYS SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Revenue from other agencies 25,000$ 25,000$ -$ (25,000)$
Use of money and property - - 10 10
TOTAL REVENUES 25,000 25,000 10 (24,990)
OTHER FINANCING USES:
Transfers out (25,000) (25,000) - 25,000
NET CHANGE IN FUND BALANCE - - 10 10
FUND BALANCE - BEGINNING OF YEAR 51 51 51 -
FUND BALANCE - END OF YEAR 51$ 51$ 61$ 10$
See independent auditors' report.
Budgeted Amounts
114
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ENVIRONMENTAL EXCISE TAX SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Other revenues -$ -$ 35,955$ 35,955$
Use of money and property 410 410 1,417 1,007
TOTAL REVENUES 410 410 37,372 36,962
EXPENDITURES:
Public works 51,000 38,245 38,245 -
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (50,590) (37,835) (873) 36,962
OTHER FINANCING USES:
Transfers out - - - -
NET CHANGE IN FUND BALANCE (50,590) (37,835) (873) 36,962
FUND BALANCE - BEGINNING OF YEAR 415,398 415,398 415,398 -
FUND BALANCE - END OF YEAR 364,808$ 377,563$ 414,525$ 36,962$
See independent auditors' report.
Budgeted Amounts
115
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
QUIMBY SPECIAL REVENUE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Other revenues -$ -$ -$ -$
Use of money and property 150 150 93 (57)
TOTAL REVENUES 150 150 93 (57)
EXPENDITURES:
Park and recreation 29,000 - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (28,850) 150 93 (57)
FUND BALANCE - BEGINNING OF YEAR 29,328 29,328 29,328 -
FUND BALANCE - END OF YEAR 478$ 29,478$ 29,421$ (57)$
See independent auditors' report.
Budgeted Amounts
116
CITY OF RANCHO PALOS VERDES
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REDEVELOPMENT AGENCY DEBT SERVICE FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Taxes 938,000$ 938,000$ 442,150$ (495,850)$
EXPENDITURES:
Current:
Administration 21,000 21,000 17,373 3,627
Pass through to other agencies 199,300 199,300 83,567 115,733
Debt service:
Principal 428,700 428,700 463,698 (34,998)
Interest and fiscal charges 905,250 905,250 497,934 407,316
TOTAL EXPENDITURES 1,554,250 1,554,250 1,062,572 491,678
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (616,250) (616,250) (620,422) (4,172)
EXTRAORDINARY LOSS ON DISSOLUTION OF
REDEVELOPMENT AGENCY - - 18,571,421 18,571,421
NET CHANGE IN FUND BALANCE (616,250) (616,250) 17,950,999 18,567,249
FUND DEFICIT - BEGINNING OF YEAR (17,950,999) (17,950,999) (17,950,999) -
FUND DEFICIT - END OF YEAR (18,567,249)$ (18,567,249)$ -$ 18,567,249$
See independent auditors' report.
Budgeted Amounts
117
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REDEVELOPMENT AGENCY ABALONE COVE CAPITAL PROJECTS FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property -$ -$ -$ -$
EXTRAORDINARY LOSS ON DISSOLUTION OF
REDEVELOPMENT AGENCY - - (6,216) (6,216)
NET CHANGE IN FUND BALANCE - - (6,216) (6,216)
FUND BALANCE - BEGINNING OF YEAR 6,216 6,216 6,216 -
FUND BALANCE - END OF YEAR 6,216$ 6,216$ -$ (6,216)$
See independent auditors' report.
Budgeted Amounts
118
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REDEVELOPMENT AGENCY PORTUGUESE BEND CAPITAL PROJECTS FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Other revenues - - 29,169 29,169
Use of money and property 1,370$ 1,370$ -$ (1,370)$
TOTAL REVENUES 1,370 1,370 29,169 27,799
EXPENDITURES:
Public works 36,800 156,781 132,242 24,540
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (35,430) (155,411) (103,073) 52,339
EXTRAORDINARY LOSS ON DISSOLUTION OF
REDEVELOPMENT AGENCY - - (221,585) (221,585)
NET CHANGE IN FUND BALANCE (35,430) (155,411) (324,658) (169,247)
FUND BALANCE - BEGINNING OF YEAR 324,658 324,658 324,658 -
FUND BALANCE - END OF YEAR 289,228$ 169,247$ -$ (169,247)$
See independent auditors' report.
Budgeted Amounts
119
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SUBREGION ONE MAINTENANCE PERMANENT FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 3,800$ 3,800$ 2,438$ (1,362)$
EXPENDITURES:
Public works 70,000 80,000 64,886 15,114
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (66,200) (76,200) (62,448) 13,752
OTHER FINANCING SOURCES:
Transfers in 60,000 60,000 60,000 -
NET CHANGE IN FUND BALANCE (6,200) (16,200) (2,448) 13,752
FUND BALANCE - BEGINNING OF YEAR 776,007 776,007 776,007 -
FUND BALANCE - END OF YEAR 769,807$ 759,807$ 773,559$ 13,752$
See independent auditors' report.
Budgeted Amounts
120
CITY OF RANCHO PALOS VERDES
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
JOINT POWERS IMPROVEMENT AUTHORITY ABALONE COVE PERMANENT FUND
For the year ended June 30, 2012
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES:
Use of money and property 6,200$ 6,200$ 5$ (6,195)$
EXPENDITURES:
Public works 49,750 49,750 89,968 (40,218)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (43,550) (43,550) (89,963) (46,413)
FUND BALANCE - BEGINNING OF YEAR 1,292,777 1,292,777 1,292,777 -
FUND BALANCE - END OF YEAR 1,249,227$ 1,249,227$ 1,202,814$ (46,413)$
See independent auditors' report.
Budgeted Amounts
121
Whale of a Day
122
CITY OF RANCHO PALOS VERDES
JUNE 30, 2012
INTERNAL SERVICE FUNDS DESCRIPTIONS
The Internal Service Funds are used to finance and account for goods and
services provided by one City department to other City departments on a cost-
reimbursement basis, including depreciation.
Equipment Replacement – to account for purchases, replacement and
maintenance of certain equipment items on behalf of all City departments.
Building Replacement – to account for the accumulation of funds transferred from
the General Fund for replacement of certain buildings on behalf of the City.
Employee Benefits – to account for employee benefit costs for all employees
charged to various City departments.
123
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
June 30, 2012
Equipment Building Employee
Replacement Replacement Benefits Totals
CURRENT ASSETS:
Cash and investments 2,585,556$ 942,404$ -$ 3,527,960$
Receivables:
Interest 1,922 603 43 2,568
Other - - 1,081 1,081
Prepaid items 31,342 - 259,731 291,073
TOTAL CURRENT ASSETS 2,618,820 943,007 260,855 3,822,682
NONCURRENT ASSETS:
Capital assets:
Property and equipment 1,603,512 - - 1,603,512
Accumulated depreciation (1,348,661) - - (1,348,661)
TOTAL NONCURRENT ASSETS 254,851 - - 254,851
TOTAL ASSETS 2,873,671 943,007 260,855 4,077,533
CURRENT LIABILITIES:
Accounts payable and accrued liabilities 34,732 - 51,598 86,330
Due to other fund - - 118,514 118,514
TOTAL NONCURRENT ASSETS 34,732 - 170,112 204,844
Invested in capital assets 254,851 - - 254,851
Unrestricted 2,584,088 943,007 90,743 3,617,838
TOTAL NET ASSETS 2,838,939$ 943,007$ 90,743$ 3,872,689$
See independent auditors' report.
ASSETS
LIABILITIES
NET ASSETS
124
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - INTERNAL SERVICE FUNDS
For the year ended June 30, 2012
Equipment Building Employee
Replacement Replacement Benefits Totals
OPERATING REVENUES:
Charges for services 480,000$ -$ 1,821,500$ 2,301,500$
OPERATING EXPENSES:
Personnel services - - 1,869,945 1,869,945
Materials and supplies 133,599 20,755 - 154,354
Maintenance 236,948 - - 236,948
Depreciation 133,485 - - 133,485
TOTAL OPERATING EXPENSES 504,032 20,755 1,869,945 2,394,732
OPERATING INCOME / (LOSS)(24,032) (20,755) (48,445) (93,232)
NONOPERATING REVENUES:
Other revenues - - 28,618 28,618
Investment income 8,244 2,956 219 11,419
TOTAL NONOPERATING REVENUES 8,244 2,956 28,837 40,037
INCOME LOSS BEFORE TRANSFERS (15,788) (17,799) (19,608) (53,195)
TRANSFER OUT - (30,517) (340,000) (370,517)
CHANGE IN NET ASSETS (15,788) (48,316) (359,608) (423,712)
TOTAL NET ASSETS - BEGINNING OF YEAR 2,854,727 991,323 450,351 4,296,401
TOTAL NET ASSETS - END OF YEAR 2,838,939$ 943,007$ 90,743$ 3,872,689$
See independent auditors' report.
125
CITY OF RANCHO PALOS VERDES
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the year ended June 30, 2012
Equipment Building Employee
Replacement Replacement Benefits Totals
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided 480,000$ -$ 1,940,014$ 2,420,014$
Payments to suppliers (408,905) (26,073) - (434,978)
Payments to employees - - (2,039,616) (2,039,616)
NET CASH PROVIDED / (USED)
BY OPERATING ACTIVITIES 71,095 (26,073) (99,602) (54,580)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition and construction of capital assets (134,637) - - (134,637)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Receipts from other revenues - - 27,537 27,537
Transfer to other funds - (30,517) (340,000) (370,517)
NET CASH USED BY NONCAPITAL
FINANCING ACTIVITIES - (30,517) (312,463) (342,980)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received on investments 9,018 3,368 976 13,362
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (54,524) (53,222) (411,089) (518,835)
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR 2,640,080 995,626 411,089 4,046,795
CASH AND CASH EQUIVALENTS -
END OF YEAR 2,585,556$ 942,404$ -$ 3,527,960$
RECONCILIATION OF OPERATING LOSS
TO NET CASH USED
BY OPERATING ACTIVITIES:
Operating income / (loss)(24,032)$ (20,755)$ (48,445)$ (93,232)$
Adjustments to reconcile operating loss to
net cash used by operating activities:
Depreciation 133,485 - - 133,485
Changes in operating assets and liabilities:-
Increase (decrease) in prepaid items (31,342) - 2,353 (28,989)
Increase (decrease) in accrued liabilities (7,016) (5,318) (172,024) (184,358)
Increase in due to other fund - 118,514 118,514
NET CASH USED
BY OPERATING ACTIVITIES 71,095$ (26,073)$ (99,602)$ (54,580)$
See independent auditors' report.
126
STATISTICAL SECTION
127
The Whale Sighting Count
128
STATISTICAL SECTION
This part of the City of Rancho Palos Verdes’ comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the city’s overall financial health.
Contents Page
Financial Trends 130
These schedules contain trend information to help the reader understand how the City’s
financial performance and well-being have changed over time.
Revenue Capacity 138
These schedules contain information to help the reader assess the City’s most significant
local revenue source, property tax.
Debt Capacity 142
These schedules present information to help the reader assess the affordability of the
City’s current levels of outstanding debt and the city’s ability to issue additional debt in
the future. The City does not have general bond indebtedness or debt issued with pledged
revenue.
Demographic and Economic Information 145
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the City’s financial activities take place.
Operating Information 148
These schedules contain services and infrastructure data to help the reader understand
how the information in the City’s financial report relates to the services the City provides
and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual
financial reports for the relevant year.
129
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Utility
Fiscal Property Franchise Sales Users Other
Year Tax Tax Tax Tax Taxes Total
2003 5,335$ 1,087$ 1,003$ 1,832$ 3,495$ 12,752$
2004 5,706 1,275 1,205 1,851 2,867 12,904
2005 5,840 1,307 1,276 1,901 4,545 14,869
2006 9,621 1 1,454 1,214 2,191 727 1 15,207
2007 10,235 1,512 1,381 2,271 363 15,762
2008 10,935 1,599 1,056 2,329 820 16,739
2009 11,462 1,709 1,053 2,267 690 17,181
2010 11,431 1,711 1,246 2,395 2,667 19,450
2011 11,854 1,825 1,548 2,407 3,454 21,088
2012 11,480 1,881 1,449 2,333 4,023 21,167
1: Most of the Motor Vehicle In Lieu Tax is received as Property Tax beginning in 2006.
(accrual basis of accounting)
(amounts expressed in thousands)
City of Rancho Palos Verdes
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Years
133
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F
u
n
d
s
13
6
Utility
Fiscal Property Franchise Sales Users Other
Year Tax Tax Tax Tax Taxes Total
2003 5,335 1,087 1,003 1,832 1,789 11,046
2004 5,706 1,275 1,205 1,851 2,044 12,081
2005 8,494 1 1,307 1,009 1,901 862 13,573
2006 9,576 1,299 995 2,191 1,177 15,238
2007 10,385 1,511 1,020 2,272 1,265 16,453
2008 10,898 1,599 1,077 2,329 1,159 17,062
2009 11,462 1,709 1,060 2,267 1,075 17,573
2010 11,431 1,711 1,158 2,395 3,149 19,844
2011 11,854 1,825 1,518 2,407 3,815 21,419
2012 11,480 1,881 1,452 2,333 4,720 21,867
Source: City General Ledger
1: Most of the Motor Vehicle In Lieu Fees are received as property tax beginning in 2006.
(Modified Accrual Basis of Accounting)
(Amounts expressed in thousands)
City of Rancho Palos Verdes
General Governmental Tax Revenues By Source
Last Ten Fiscal Years
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13
9
Percentage of Percentage of
Taxable Total City Taxable Taxable Total City Taxable
Taxpayer Value ($) Rank Value (%)Value ($) Rank Value (%)
Long Point Development LLC 331,377,907 1 3.50%
PPC Villas RPV LLC 64,189,287 2 0.68%
VH Property Corp 54,605,177 3 0.58%
P V Victoria Apts LLC 47,055,126 4 0.50%
Terraces Rancho Palos Verdes 35,413,270 5 0.37%
Western Riviera Investors 28,966,800 6 0.31%
Golden Cove LLC 26,607,901 7 0.28%
Terranea Resort 24,459,679 8 0.26%
BVF II Madison LLC 23,069,957 9 0.24%
Cox Communications Inc.22,735,148 10 0.24%
Belmont Village RPV LP 22,399,961 11 0.24%
Johnson Eric C 15,951,715 12 0.17%
Tridiamond LLC 13,411,749 13 0.14%
California Water Service Co 10,246,488 14 0.11%
Kariger Brian P 8,392,935 15 0.09%
Victoria Apartments 7,821,788 16 0.08%
Palos Verdes Terrace LTD 7,662,361 17 0.08%
Saitta Christopher L 6,599,181 18 0.07%
Amdan Investment LLC Lessee 6,550,000 19 0.07%
Gerts Igor Anna 6,463,000 20 0.07%
Labarba James G 6,133,098 21 0.06%
Imbach Scott A & Diane Y 6,022,988 22 0.06%
Clow Leland E Ilene F 5,880,699 23 0.06%
HSU Tong H 5,866,730 24 0.06%
Kip Holding Inc.5,602,022 25 0.06%
Ocean Trails L P 58,479,923 1 0.99%
P V Victoria Apts LLC 40,814,540 2 0.69%
RPV Associates LLC 36,749,705 3 0.62%
Connecticut General Life 28,085,261 4 0.48%
Western Riviera Investors 24,853,212 5 0.42%
York Long Point Assoc 22,010,505 6 0.37%
Gardner Theodore R 13,528,404 7 0.23%
Salvation Army 13,456,653 8 0.23%
Top Terraces Inc.12,444,000 9 0.21%
Victoria Apartments 6,785,826 10 0.11%
Braun William 6,720,000 11 0.11%
Donahue Schriber Reality Group 5,942,764 12 0.10%
MVI Corp 5,505,795 13 0.09%
Labarba James G 5,318,862 14 0.09%
Chung David W 4,991,000 15 0.08%
Foster Robert D & Gina D 4,820,760 16 0.08%
Briles Richard & Keanna 4,681,800 17 0.08%
Bradford Edward T & Paullee G 4,536,524 18 0.08%
Hoffman John C & Paula J 4,467,440 19 0.08%
Moshfeghi Mehran 4,251,500 20 0.07%
Yeong Yae Kim 4,192,000 21 0.07%
Levine Irving 4,155,004 22 0.07%
Marino Joseph C & Kimberly 3,937,200 23 0.07%
Hill John W Elizabeth d TRS 3,834,208 24 0.06%
Pemba Properties Inc.3,826,430 25 0.06%
Total Top 25 Taxpayers 793,484,967$ 8.38%328,389,316$ 5.56%
Total Taxable Value 9,468,372,445$ 100.00% 5,908,898,049$ 100.00%
Source: Los Angeles County Assessor data, MuniServices, LLC
2011-12 2002-03
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Total Debt City’s Share of
DIRECT DEBT:6/30/2012 % Applicable (1)Debt 6/30/12
City of Rancho Palos Verdes 0 100.000%0
Total Debt City’s Share of
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:6/30/2012 % Applicable (1)Debt 6/30/12
Los Angeles County Flood Control District $37,195,000 1.038% $386,084
Metropolitan Water District 196,545,000 0.523% 1,027,930
Los Angeles Community College District 3,504,910,000 1.798% 63,018,282
Los Angeles Unified School District 11,279,905,000 0.216% 24,364,595
Palos Verdes Unified School District 79,376,639 47.515% 37,715,810
Palos Verdes Library District 5,575,000 50.082% 2,792,072
Los Angeles County Regional Park and Open Space Assessment District 170,725,000 1.016% 1,734,566
SUBTOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 131,039,339
OVERLAPPING GENERAL FUND DEBT:
Los Angeles County General Fund Obligations $1,474,122,758 1.016% $14,977,087
Los Angeles County Superintendent of Schools Certificates of Participation 11,269,678 1.016% 114,500
Los Angeles County Sanitation District No. 5 Authority 49,899,761 11.177% 5,577,296
Los Angeles County South Bay Cities Sanitation District Authority 8,501,885 4.514% 383,775
Los Angeles Unified School District Certificates of Participation 419,851,037 0.216% 906,878
SUBTOTAL GROSS OVERLAPPING GENERAL FUND DEBT $21,959,536
Less: Los Angeles County General Fund Obligations supported by landfill revenues 169,653
Los Angeles Unified School District QZABs supported by investment fund 9,523
SUBTOTAL NET OVERLAPPING GENERAL FUND DEBT 21,780,360
TOTAL DIRECT DEBT $0
GROSS COMBINED SUBTOTAL OVERLAPPING DEBT $152,998,875 (2)
NET COMBINED SUBTOTAL OVERLAPPING DEBT $152,819,699
GROSS COMBINED TOTAL DEBT $152,998,875
NET COMBINED TOTAL DEBT $152,819,699
(1) The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated
by determining the portion of the overlapping government's taxable assessed value that is within the City's boundaries and dividing it by the
overlapping government's total taxable assesed value.
(2) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non-bonded capital lease obligations.
2011-12 Assessed Valuation: 9,545,121,701
Redevelopment Incremental Valuation: 114,494,354
Adjusted Assessed Valuation:$9,430,627,347
Ratios to 2011-12 Assessed Valuation:
Direct Debt 0.00%
Total Direct and Overlapping Tax and Assessment Debt 1.37%
Ratios to Adjusted Assessed Valuation:
Gross Combined Total Debt 1.62%
Net Combined Total Debt 1.62%
STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/12:$0
Source: 2011-12 California Municipal Statistical Co.
City of Rancho Palos Verdes
Direct and Overlapping Governmental Activities Debt
Current Year
143
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5
Taxpayer Business Type Taxpayer Business Type
7-Eleven Food Stores Food Markets Admiral Risty Restaurant Restaurants
Admiral Risty Restaurant Restaurants Albertson's Food Centers Food Markets
America's Tire Auto Parts/Repair America's Tire Auto Parts/Repair
Carl's Jr. Restaurant Restaurants Bay Cities Vacuum Sew & Carpet Furniture/Appliance
Centinela Feed & Pet Supplies Inc Miscellaneous Retail California Do It Center Bldg.Matls-Retail
Chevron Service Stations Service Stations Carl's Jr. Restaurant Restaurants
Coco's Restaurants Inc. Restaurants Chevron Service Stations Service Stations
Denny's Restaurant Restaurants Coco's Restaurants Inc Restaurants
El Pollo Loco Inc. Restaurants Discount Tire Auto Parts/Repair
Good Night Mattress Furniture/Appliance El Pollo Loco Inc Restaurants
Green Hills Memorial Park Inc. Miscellaneous Other Fedex Office Miscellaneous Retail
Green Hills Mortuary Miscellaneous Other Green Hills Memorial Park Inc. Miscellaneous Other
Hughes Markets Food Markets Green Hills Mortuary Miscellaneous Other
IHOP Restaurants Restaurants Hughes Markets Food Markets
Jack In The Box Restaurants Restaurants Jack In The Box Restaurants Restaurants
Los Verdes Country Club Restaurants Los Verdes Country Club Restaurants
Marie Callender Restaurant Restaurants Marie Callender Restaurant Restaurants
Marshalls Apparel Stores Mobil Service Stations Service Stations
Mobil Service Stations Service Stations New York Food & Catering Restaurants
O'Reilly Auto Parts Auto Parts/Repair Ocean Trails Golf Club Restaurants
Smart & Final Food Markets O'Reilly Auto Parts Auto Parts/Repair
Swank Audio Visuals Electronic Equipment Pacific Crown Service Station Service Stations
Terranea Resort Restaurants Salvation Army Furniture/Appliance
Trader Joe's Food Markets Trader Joe's Food Markets
VH Property Corp. Miscellaneous Retail VH Property Corp. Miscellaneous Retail
Source: SBOE data, MuniServices, LLC
Top Sales Tax Producers listed in alphabetical order.
2011-12 2002-03
City of Rancho Palos Verdes
Principal Sales Tax Producers
Last Fiscal Year and Nine Years Ago
146
2012 2009
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Palos Verdes Peninsula Unified School District 1,970 1 9.43%
Terranea Resort Hotel 730 2 3.49%
Trump National (1)260 3 1.24%
Marymount College 220 4 1.05%
Keller Williams Realty 163 5 0.78%
Canterbury 115 6 0.55%
Belmontcorp LTD 111 7 0.53%
Trader Joe's 88 8 0.42%
Ralphs 83 9 0.40%
Green Hills Memorial Park 80 10 0.38%
Palos Verdes Peninsula Unified School District 1970 1 9.56%
Terranea Resort Hotel 730 2 3.54%
Trump National 300 3 1.46%
Marymount College 195 4 0.95%
Ralphs 115 5 0.56%
Keller Williams Realty 112 6 0.54%
Belmontcorp Ltd 94 7 0.46%
Green Hills Memorial Park 85 8 0.41%
American Golf Corp 70 9 0.34%
St. John Fishers 50 10 0.24%
Subtotal of Principal Employers 3,820 18.28% 3,721 18.06%
Total City Employment (2)20,900 20,600
Source: MuniServices, LLC
(1) Includes full time and part time employees.
(2) Total City Employment provided by EDD Labor Force Data.
City of Rancho Palos Verdes
Principal Employers
Current Year and Three Years Ago
Results based on direct correspondence with city's local businesses.
147
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