HomeMy WebLinkAboutItem 4.03 1988-89 Audit Report (2) CITY OF DUBLIN
AGENDA STATEMENT
MEETING DATE: January 22 , 1990
SUBJECT :1988-89 Audit Report
EXHIBITS ATTACHED :The June 30, 1989 audit report plus Internal
Control Recommendations.
RECOMMENDATIIX.Review, accept and file the audit report,
the auditors recommendations on internal
control and managements responses to same.
FINANCE STATEMENT :Attached items.
DESCRIPTION :The City received its annual audit report for
the period ending June 30, 1989 and once again the independent
auditors were able to provide the City with a "clean audit
opinion" , which is tantamount to the best rating that can be
provided.
The City Council's audit committee met with the City's auditors
and subsequently met with the City Manager and Finance Director
to discuss that audit and the auditor's "Recommendations for
Improvements in Internal Control" .
One of the primary requirements in any audit is the determination
of the reliability of the City's, operating plans, policies and
organizational structure which are set in place by management.
When properly executed, those plans, policies and the structure
safeguard the City's assets, ensure the reliability of its
accounting data, promote efficiency and ensure compliance. The
results of the determination of reliability is presented by the
auditors in their "Recommendations for Improvements in Internal
Control" (RIIC) .
The Council's audit Committee and Staff reviewed the auditors
RIIC and responded to each in the following manner:
1. The auditors recommended that another staff person
outside of the Finance Department review the
results of each investment transaction to assure
that the bank's wire transfers are accurately
concluded.
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CITY OF DUBLIN
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1989
TABLE OF CONTENTS
Page
Auditor's Opinion . . . . . . . . . . . . . . . . . . . . . . 1
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and
Account Groups . . . . . . . . . . . . . . . . . . . . . 2
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 3
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP Basis)
and Actual - General, Special Revenue and Capital
Projects Fund Types. . . . . . . . . . . . . . . . . . . 4
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All Proprietary
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 5
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types . . . . . . . . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . 7
Supplemental Information
Special Revenue Funds
Combining Balance Sheet . . . . . . . . . . . . . . . . 25
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance. . . . . . . . . . . . . . . 26
Capital Projects Funds
Combining Balance Sheet . . . . . . . . . . . . . . . . . 27
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances . . . . . . . . . . . . . . . . 28
Agency Fund
Statement of Changes in Assets and Liabilities . . . . . 29
AZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
Creekside Oaks
1470 Maria Lane - Suite 200
Walnut Creek, California 94596
AUDITOR'S OPINION (415) 930-0902 • (916) 972-7333
To the City Council
City of Dublin, California
We have audited the general purpose financial statements of the City of
Dublin as of and for the years ended June 30, 1989 and 1988 as listed in
the table of contents. These financial statements are the responsibility
of the City's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance as to whether the financial statements are
free of material misstatement. An audit includes examining on a test
basis evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such general purpose financial statements present fairly
in all material respects the financial position of the City of Dublin at
June 30, 1989 and 1988 and the results of its operations and changes in
financial position of its proprietary fund types for the years then ended,
in conformity with generally accepted accounting principles.
As discussed in Note 2 to the financial statements, the City changed its
method of accounting for special assessment Agency funds and for
Proprietary fund contributed capital.
Our audits were made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The accompanying
supplementary information which is also listed in the table of contents is
presented for the purpose of additional analysis and is not a required
part of the general purpose financial statements. Such supplementary
information has been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation to the
general purpose financial statements taken as a whole.
September 29, 1989
1
CITY OF DUBLIN
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 1989
WITH COMPARATIVE AMOUNTS AS OF JUNE 30,1988
GOVERNMENTAL FUND TYPES PROPRIETARY FUND TYPES
Special Capital Internal
General Revenue Projects Service Enterprise
ASSETS
Cash and investments(Note 4) $12,373,135 51,589,444 $102,552 $250,294 S4,521,183
Receivables:
Accounts 242,285 2,214
Accrued interest 182,039 64,986
Due from other governments 213,652 48,000
Due from other funds (Note 8) 127,073
Prepaid expenses 16,554 8,616
Machinery and equipment(net of
accumulated depreciation)(Note 7) 114,520
Construction in progress(Note 7) 20,225,655
Total Assets $13,154,738 $1,639,658 S102,552 5373,430 $24,311,824
LIABILITIES AND FUND EQUITIES
Liabilities:
Accounts payable $1,164,631 S283,913 $3,087 $479,459
Accrued wages 48,687
Accrued vacation 66,662
Deposits 479,264 577,346
Due to other funds(Note 8) 60,209 66,864
Due to others 19,010
Deferred revenues 26,000
Interest payable 541,583
Certificates of participation(Note 5) 16,870,157
Total Liabilities 1,778,254 370,122 144,210 3,087 17,891,199
Fund Equities:
Investments in general fixed assets
Contributed capital(Notes 2 and 3) 94,278 5,103,123
Retained earnings: -
Unreserved(Note 2) 276,065 1,817,502
Fund balances:
Designated for authorized expenditures 11,376,484 1,319,498 25,206
Undesignated (49,962) (66,864)
Total Fund Equities 11,376,484 1,269,536 (41,658) 370,343 6,920,625
Total Liabilities and Fund Equities 513,154,738 $1,639,658 5102,552 5373,430 S24,811,824
See accompanying notes to financial statements
*Reclassified for comparison purposes.
2
_ FIDUCIARY ACCOUNT TOTALS
FUND TYPE GROUPS (Memorandum Only)
Agency General Fixed
Fund Assets 1989 1988
$554,390 S19,390,998 $21,331,793
244,499 52,381
247,025 220,705
261,652 183,625
127,073 2,236,350
25,170 20,326
S198,125 312,645 333,335
20,225,655 12,824,412
S554,390 S198,125 S40,834,717 537,202,927
$1,931,090 $1,088,597
48,687 33,997
66,662 52,260
556,610 527,302
127,073 2,236,350
$554,390 573,400 543,500
26,000 26,000
541,583 433,273
16,870,157 16,852,820
554,390 20,741,262• 21,794,099
S198,125 198,125 179,451
5,197,401 4,040,304
-- 2,093,567 2,249,290
12,721,188 8,939,783
(116,826)
198,125 20,093,455 15,408,828
$554,390 $198,125 S40,834,717 $37,202,927
CITY OF DUBLIN
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 1989
WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30, 1988
TOTALS
GOVERNMENTAL FUND TYPES (Memorandum Only)
Special Capital
General Revenue Projects 1989 1988*
REVENUES
Taxes $9,217,246 $88,416 $9,305,662 $6,179,005
Licenses and permits 292,189 292,189 532,696
Intergovernmental 870,002 1,697,701 2,567,703 1,660,205
Charges for services 738,314 738,314 466,673
Use of money and property 1,017,307 157,558 $8,982 1,183,847 1,074,160
Fines and forfeits 16,198 88,443 104,641 94,584
Other revenue 45,945 4,238 18,434 68,617 593,069
Special assessment 262,197 262,197 246,915
Total Revenue 12,197,201 2,298,553 27,416 14,523,170 10,847,307
EXPENDITURES
General government 1,283,723 2,478 1,286,201 2,308,376
Public safety 3,760,886 225,211 3,986,097 2,039,119
Highways and streets 476,683 464,593 941,276 813,482
Health and welfare 19,801 19,801 8,520
Community development 1,321,404 15,466 1,336,870 1,091,901
Culture and leisure 994,013 12,724 1,006,737 516,102
Capital outlay 1,536,099 1,661,971 16,328 3,214,398 2,914,458
Total Expenditures 9,392,609 2,382,443 16,328 11,791,380 9,691,958
EXCESS OF REVENUE OVER
(UNDER)EXPENDITURES 2,804,592 (83,890) 11,088 2,731,790 1,155,349
OTHER FINANCING SOURCES
Operating transfers in(Notes 2 and 9) 79,490 50,000 129,490 3,383,215
Operating transfers out(Notes 2 and 9) (123,650) (123,650) (5,195,285)
Total Other Financing Sources(Uses) 79,490 (123,650) 50,000 5,840 (1,812,070)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER(UNDER)
EXPENDITURES AND OTHER
FINANCING USES 2,884,082 (207,540) 61,088 2,737,630 (656,721)
Fund balance, beginning of year, as reported 6,049,405 1,477,076 1,413,302 8,939,783 8,690,469
Residual equity transfers in(Notes 2 and 3) 4,650,769 4,650,769 906,035
Residual equity transfers(out) (Note 3) (2,207,772) (1,516,048) (3,723,820)
Fund balance(deficit)beginning of year,as restated 8,492,402 1,477,076 (102,746) 9,866,732 9,596,504
Fund balance, end of year $11,376,484 $1,269,536 ($41,658) $12,604,362 $8,939,783
See accompanying notes to financial statements
*Reclassified for comparison purposes.
3
CITY OF Dl IN
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS FUND TYPES
FOR THE YEAR ENDED JUNE 30, 1989
General Fund Special Revenue Funds
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES
Taxes $8,399,690 $9,217,246 $817,556 $83,000 $88,416 $5,416
Licenses and permits 355,250 292,189 (63,061)
Intergovernmental 790,600 870,002 79,402 1,555,700 1,697,701 142,001
Charges for services 810,300 738,314 (71,986)
Use of money and property 747,500 1,017,307 269,807 50,200 157,558 107,358
Fines and forfeits 20,000 16,198 (3,802) 85,000 88,443 3,443
Other revenue 4,000 45,945 41,945 293,000 4,238 (288,762)
Special assessment 245,900 262,197 16,297
Total Revenue 11,127,340 12,197,201 1,069,861 2,312,800 2,298,553 (14,247)
EXPENDITURES
General government 2,935,725 1,283,723 1,652,002 2,478 (2,478)
Public safety 3,817,114 3,760,886 56,228 257,100 225,211 31,839
Highways and streets 518,360 476,683 41,677 626,084 464,593 161,491
Health and welfare 20,500 19,801 699
Community development 1,378,895 1,321,404 57,491 29,066 15,466 13,600
Culture and leisure 1,053,205 994,013 59,192 13,600 12,724 876
Capital outlay 2,485,694 1,536,099 949,595 1,800,347 1,661,971 138,376
Total Expenditures 12,209,493 7392,609 2,816,884 2,726,197 2,382,443 343,754
EXCESS OF REVENUES OVER
(UNDER)EXPENDITURES (1,082,153) 2,804,592 3,886,745 (413,397) (83,890) 329,507
OTHER FINANCING SOURCES
Operating transfers in(Note 9) 79,490 $79,490
Operating transfers out(Note 9) (123,650) (123,650)
Total Other Financing Sources(Uses) 79,490 79,490 (123,650) (123,650)
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER(UNDER)EXPENDITURES
AND OTHER FINANCING USES (1,082,153) 2,884,082 3,966,235 (413,397) (207,540) 205,857
Fund balance(deficit), beginning of year as reported 6,049,405 6,049,405 1,477,076 1,477,076
Residual equity transfers in(Notes 2 and 3) 4,650,769 4,650,769
Residual equity transfers(out) (Note 3) (2,207,772) (2,207,772)
Fund balance(deficit)beginning of year, as restated 6,049,405 8,492,402 2,442,997 1,477,076 1,477,076
Fund balance, end of year $4,967,252 $11,376,484 $6,409,232 $1,063,679 $1,269,536 $205,857
See accompanying notes to financial statements
4
CITY OF DUBLIN
COMBINED STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED JUNE 30, 1989
WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30, 1988
Internal Enterprise TOTALS
Service Fund Fund (Memorandum Only)
Dublin
Equipment Information
Replacement Inc. 1989 1988*
Revenues
Interest income $19,640 $336,539 $356,179 $305,866
Rent income 133,059 133,059 1,252,242
Equipment usage 122,846 122,846 119,131
Miscellaneous 41,724 41,724 13,450
Total Revenues 142,486 511,322 653,808 1,690,689
Expenses
Interest payments 654,246 654,246 413,603
Depreciation 70,334 70,334 60,774
Miscellaneous 45,783 33,328 79,111 73,959
Total Expenses 116,117 687,574 803,691 548,336
Operating income 26,369 (176,252) (149.883) 1,142,353
Other financial sources(uses):
Operating transfer in 67,971
Operating transfer out(Note 9) (5,840) (5,840)
Effect of advance refunding of debt (1,024,596)
Total Other Financial Sources(Uses) (5,840) (5,840) (956,625)
Net Income 26,369 (182,092) (155,723) 185,723
Retained earnings, beginning of year 313,005 5,976,589 6,289,594 2,063,562
Restatement(Note 2) (63,309) (3,976,995) (4,040,304)
Retained earnings,beginning of year as restated 249,696 1,999,594 2,249,290 2,063,562
Retained earnings, end of year $276,065 $1,817,502 $2,093,567 $2,249,290
See accompanying notes to financial statements.
*Reclassified for comparison purposes.
5
' CITY OF DUBLIN
COMBINED STATEMENT OF CHANGES
IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED JUNE 30, 1989
WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30, 1988
Internal Enterprise TOTALS
Service Fund Fund (Memorandum Only)
Dublin
Equipment Information
Replacement Inc. 1989 1988
Sources of working capital
Operations:
Net income(loss) $26,369 ($182,092) ($155,723) $117,757
Add back depreciation and amortization
not requiring outlay of working capital 70,334 17,337 87,671 60,774
Total Working Capital Provided
by(Used For)Operations 96,703 (164,755) '(68,052) 178,531
Proceeds from issue of Refunding
Certificates of Participation 16,852,820
Contributed capital(Note 2) 30,970 1,126,128 1,157,098 906.035
Total Sources of Working Capital 127,673 961,373 1,089,046 17,937,386
Uses of working capital
Increase in construction in—progress 7,401,243 7,401,243 4,691,974
Acquisition of fixed assets 30,970 30,970 67,971
Advance refunding of certificates of
participation 11,615,000
Principal payment 180,000
Total uses of Working Capital 30,970 7,401,243 7,432,213 16,554,945
Net Increase(Decrease)in Working Capital $96,703 ($6,439,870) ($6,343,167) $1,382,441
Changes in components of
working capital
Cash $97,108 ($6,398,572) ($6,301,464) $2,246,907
Account receivable (3,228) (3,228) 3,228
Interest receivable 14,487 14,487 50,499
Accounts payable (405) 55,753 55,348 (484,920)
Interest payable (108,310) (108,310) (433,273)
Net Increase(Decrease)in Working Capital $96,703 ($6,439,870) ($6,343,167) $1,382,441
See accompanying notes to financial statements
* Reclassified for comparison purposes.
6
' CITY OF DUBLIN
Notes to Financial Statements
June 30, 1.989
Note 1 - Summary of Significant Accounting Policies
The City of Dublin was incorporated February 1, 1982 under the -
Municipal Organization Act of 1977. The City operates under a
Council-Manager form of government and provides services to residents
primarily by contracting with other governmental agencies and private
contractors.
The accounting policies of the City of Dublin conform to generally
accepted accounting principles as applicable to governments. The
following is a summary of the more significant policies:
A. Principles of Combination
The financial statements of the City of Dublin include the financial
activities of the City as well as separate legal entities which are
controlled by or dependent on the City. Determination of "controlled
by or dependent on" is based on the National Council on Governmental
Accounting Statement 3 "Defining the Governmental Reporting Entity" .
This statement deals with existence as an organized entity,
governmental character, and autonomy. The financial statements
include the financial activities of the following separate legal
entity:
The Dublin Information, Inc. (DII) is a separate legal entity
established to assist in providing financing to the City. See Note
5. The DII meets the criterion of ability to significantly influence
operations and accountability for fiscal matters for inclusion in the
City's reporting entity. The financial activities of the DII have
been included in the Dublin Information, Inc. Enterprise Fund.
The financial statements exclude the activities of the Dublin Housing
Authority, the Dublin San Ramon Services District and the Dougherty
Regional Fire Authority. Each of the above agencies are managed and
operated independently of the City, and they do not meet the criterion
of ability to significantly influence operations and accountability
for fiscal matters. Therefore these agencies have not been included
in the City of Dublin financial statements.
B. Fund Accounting
The accounts of the City are organized on the basis of funds and
account groups, 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, or expenses, as appropriate.
7
CITY OF DUBLIN
votes to Financial Statements
Note 1 - Summary of Significant Accounting Policies (Continued)
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into seven
generic fund types and three broad fund categories as follows:
GOVERNMENTAL FUNDS
General Fund-- The General Fund is the general operating fund of the
City. It is used to account for all financial resources except those
required to be accounted for in another fund.
Special Revenue Funds-- Special Revenue Funds are used to account for
the proceeds of specific revenue sources (other than major capital
projects) that are legally restricted to expenditures for specific
purposes.
Capital Projects Funds-- Capital Projects Funds are used to account
for financial resources to be used for the acquisition or construction
of major capital facilities (other than those financed by Proprietary
Funds) .
Debt Service Funds-- Debt Service Funds are established to account for
the accumulation of resources for, and the payment of, interest and
principal on long-term debt.
PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to account for operations
(a) that are financed and operated in a manner similar to private
business enterprises where the intent of the governing body is that
the costs and expenses, including depreciation, of providing goods or
services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) where the governing
body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability, or
other purposes.
Internal Service Funds -- Internal Service Funds are used to account
for the financing of goods or services provided by one department or
agency to other departments or agencies of the City, or to other
governments, on a cost-reimbursement basis.
FIDUCIARY FUNDS
Agency Funds-- Agency Funds are used to account for assets held by the
City as an agent for individuals, private organizations, other
governments and/or other funds, in accordance with the conditions of
the agreements. Agency funds are purely custodial and thus do not
involve measurement of results of operations.
8
CITY OF DUBLIN
Notes to Financial Statements
Note 1 - Summary of Significant Accounting Policies (Continued)
C. Fixed Assets and Long-Term Liabilities
The accounting and reporting treatment applied to the fixed asset-8 and
long-term liabilities associated with a fund are determined by its
measurement focus. All governmental funds and Expendable Trust Funds
are accounted for on a spending or "financial flow" measurement
focus. This means that only current assets and current liabilities
are generally included on their balance sheets. Their reported fund
balance (net current assets) is considered a measure of "available
spendable resources" . Governmental fund operating statements present
increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of
"available spendable resources" during a period.
Fixed assets used in governmental fund type operations (general fixed
assets) are accounted for in the General Fixed Assets Account Group,
rather than in governmental funds. No depreciation has been provided
on general fixed assets.
The City has elected not to capitalize its infrastructure which would
consist of nonenterprise expenditures relating to roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems, and lighting
systems.
All fixed assets are valued at historical cost or estimated.historical
cost if actual historical cost is not available. Donated fixed assets
are valued at their estimated fair value on the date donated.
The account group is not a "fund" . It is concerned only with the
measurement of financial position. It is not involved with
measurement of results of operations. Because of their spending
measurement focus, expenditure recognition for governmental fund types
is limited to exclude amounts represented by noncurrent liabilities.
Since they do not affect net current assets, such long-term amounts
are not recognized as governmental fund type expenditures or fund
liabilities.
All proprietary funds are accounted for on a cost of services or
"capital maintenance" measurement focus, which means that all assets
and all liabilities associated with their activity are included on
their balance sheets. Their reported fund equity is segregated into
contributed capital and retained earnings components. Proprietary
fund type operating statements present increases (revenues) and
decreases (expenses) in total assets.
Depreciation of all exhaustible fixed assets used by proprietary funds
is charged as an expense against their operations. Accumulated
depreciation is reported on proprietary fund balance sheets.
9
CITY OF DUBLIN
votes to Financial Statements
Note 1 - Summary of Significant Accounting Policies (Continued)
Depreciation has been provided over the estimated useful lives of the
assets using the straight line method. The estimated useful lives are
three to five years.
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or
expenses are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
All governmental funds and Expendable Trust Funds are accounted for
using the modified accrual basis of accounting. Their revenues are
recognized when they become measurable and available as net current
assets. Sales taxes are considered "measurable" when in the hands of
intermediary collecting governments and are recognized as revenue at
that time. Anticipated refunds of such taxes are recorded as
liabilities and reduction of revenue when they are measurable and
their validity seems certain.
Expenditures are generally recognized under the modified accrual basis
of accounting when the related fund liability is incurred. An
exception to this general rule is principal and interest on general
long-term debt which is recognized when due.
All Proprietary Funds are accounted for using the accrual basis of
accounting. Their revenues are recognized when they are earned, and
their expenses are recognized when they are incurred.
E. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data
reflected in the financial statements;
1. Prior to June 30, the City Manager submits to the City Council a
proposed operating budget for the fiscal year commencing the
following July 1. The operating budget includes proposed
expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to July 1, the budget is legally enacted through passage of
a resolution.
4. The City Manager is authorized to transfer budgeted amounts
within an activity, within any fund; however, any revisions that
alter the total expenditures of any activity must be approved by
the City Council.
10
CITY OF DUBLIN
Notes to Financial Statement,
Note 1 - Summary of Significant Accounting Policies (Continued)
5. Formal budgetary integration is employed as a management control device
during the year for the General Fund, Special Revenue and Capital
Projects Funds. Formal budgetary integration is not employed for Debt
Service Funds because effective budgetary control is alternatively
achieved through general obligation bond indenture provisions.
6. Budgets for the General, Special Revenue and Capital Projects Funds are
adopted on a basis consistent with generally accepted accounting
principles (GAAP) .
Budgeted amounts are as originally adopted, or as amended by the City
Council. Individual amendments were not material in relation to the original
appropriations which were amended.
F. Appropriation Lapses
In all funds unexpended appropriations lapse at year end.
G. Cash and Investments
' The City pools idle cash from all funds except for the Cash and Investments
with Fiscal Agent for the purpose of increasing income through investment
activities. Investments are carried at cost which approximates market
7. value. Interest income on investments is allocated on the basis of average
month-end cash and investment balances in each fund.
H. Property Tax
Alameda County assesses properties and bills for and collects property
taxes as follows:
Secured Unsecured
Valuation dates March 1 March 1
Lien/levy dates March 1 March 1
Due dates 50% on November 1 July 1
50% on February 1
Delinquent as of December 10 (for November) August 31
April 10 (for February)
The term "unsecured" refers to taxes on personal property other than real
estate, land and buildings. These taxes are secured by liens on the
property being taxed.
Property taxes levied are recorded as revenue and receivables, net of
estimated uncollectibles, in the fiscal year of levy.
11
CITY OF DUBLIN
Notes to Financial Statements
Note 1 - Summary of Significant Accounting Policies (Continued)
I. Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit
Accounts.
` The City accounts for compensated absences (unpaid vacation and sick leave)
in accordance with NCGA Statement No. 4. In governmental funds,
compensated absences are recorded as expenditures in the year paid, as it
is the City's policy to liquidate any unpaid vacation or sick leave at June
30 from currently available expendable resources rather than future
resources. Accordingly, the entire unpaid liability for the governmental
funds is recorded in the General Fund. In prior years this liability was
recorded as a reservation to fund balance.
J. New Funds
During the year the City established the following funds:
The Community Parklands Act Special Revenue Fund was established to
account for grants and expenditures related to the Community Parklands
Act.
The Dublin Capital Projects Fund was established to account for the
City's long term capital projects.
K. Total Columns on Combined Statements - Overview
Total columns on the Combined Statements - Overview are captioned
Memorandum Only to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither is such
data comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
Note 2 - Restatements
Contributed Capital Restatements
Effective July 1, 1987 the City changed its method of accounting for assets
purchased by the General Fund and contributed to the Internal Service Fund.
These contributions are now accounted for as residual equity transfers from
the General Fund and as contributed capital instead of increase in the
retained earnings of the Internal Service Fund; $63,309 in such
contributions has accordingly been reclassified from Internal Service Fund
retained earnings to contributed capital as of June 30, 1988.
Effective July 1, 1987 the City also changed its method of accounting for
General Fund cash contributions to its Enterprise Fund. These
contributions are now accounted for as residual equity transfers from the
General Fund and contributed capital instead of increases in the Enterprise
Fund retained earnings; $3,976,995 in such contributions has accordingly
been reclassified from Enterprise Fund retained earnings to contributed
capital as of June 30, 1988.
12
CITY OF DUBLIN
Notes to Financial Statements
Note 2 - Restatements (Continued)
Of the above amounts, $906,035 accounted for as Operating Transfers in the
June 30, 1988 financial statements has been reclassified as Residual Equity
Transfers.
San Ramon Specific Improvement Plan Agency Fund Restatement
Effective July 1, 1987 the San Ramon Specific Improvement Plan Agency Fund
special assessment receivable and related deferred revenue have been
removed from the balance sheet to reflect the fact that the City acts only
as collections agent for this Fund. The effect of this change was to
eliminate both the special assessment receivable and the related deferred
revenue balance of $715,000- previously reported as of June 30, 1988.
Capital Projects
As discussed in Note 3 below, Capital Projects Funds with balances of
$1,516,048 were discontinued as of July 1, 1988. For financial statement
presentation purposes, these Capital Projects Fund balances have been
restated as of June 30, 1988 as follows:
Capital Projects Fund Balances as reported $1,413,302
Deduct balances of funds discontinued 1.515,048
Capital Projects Fund Balances as restated 102,746)
Note 3 - Residual Equity Transfers
Residual Equity Transfers comprise:
Transfers
In Out
General Fund $4,650,769 $2,207,772
Capital Projects Funds 1,516,048
Internal Service Fund 30,969
Enterprise Fund 1,126,128
Effective July 1, 1988 the City discontinued the Capital Project Funds
listed below. Fund balances of $1,516,048 associated with these
discontinued Funds have been transferred to the General Fund and accounted
for as a Residual Equity Transfer, as follows:
Fund
Balance
Discontinued Funds Transferred
General Improvements
Data Processing System $ (1,227)
Cable TV Equipment and Facility -0-
Word Processing Equipment (15,819)
13
CITY OF DUBLIN
Notes to Financial Statement:.
Note 3 - Residual Equity Transfers (Continued)
Fund
Balance -
Discontinued Funds Transferred
City Base Maps 183
Dublin San Ramon Services
District Study 2,507
General Copier Equipment 129
Dublin Storage Yard 38
Community Improvements
Major Arterial Soundwalls -0-
Bus Shelters 30,315
City Entrance Signs 22,928
Sidewalk Safety and Bus Stop Pad (29 ,444)
Arroyo Vista Soundwall (2,013)
Downtown Improvement Plan (6,965)
Dougherty Road East Side Fencing -0-
Community TV Grant 45,950
Civic Center 557,428
Village Sidewalk Landscape 2,960
Village Parkway Wall 2,490
Silvergate Drive Median Landscape 1,237
Village Parkway (Amador Valley
Boulevard to Kimball Road)
Landscape 51,166
Arroyo Vista Sidewalks (19,964)
Park Improvements
Shannon Center Renovation (1,140)
Dolan Park (77,052)
Stagecoach Park 31,832
Senior Citizen Center (2,963)
Dougherty Hills Park (12,083)
Park Development Plan
Street Improvements
Annual Street Overlay (96,751)
San Ramon Road Phase II (693,570)
_ San Ramon Road Phase III (46,119)
Traffic Signal Interconnect 34,966
Traffic Signal Emergency Preemption (6,978)
Amador Valley Boulevard
Rehabilitation/Landscape 587,461
San Ramon Road Phase IV (29)
Dublin Boulevard Northwest Clark Avenue 7,619
Traffic Signals Addition (2,497)
Fuel Efficiency/Traffic Signal Study -0-
Amador Plaza To Regional Street
Connection Road Study (81)
14
CITY OF DUBLIN
Notes to Financial Statements
Note 3 - Residual Equity Transfers (Continued)
Fund
Balance
Discontinued Funds Transferred -
Dougherty Road Bike Path -0-
Dublin Boulevard/Village Parkway
-- Turn Lane (310)
Dublin Boulevard/Regional Street
Third Lane (2,938)
Amador Valley Boulevard Signal Extension 73,874
Dublin Road/Dougherty Road
Intersection Modification 20,143
Street Name Approach 1,701
Stagecoach Road/Amador Valley
Boulevard Traffic Signal 12,690
Amador Valley Boulevard Street
Rehabilitation 96,367
Sewage Facility Expansion 758,722
Dublin Boulevard Underground Utility 130,790
Downtown Street Lighting Additions 171,789
Alcosta Road/San Ramon Road
Traffic Signal 17,071
Dublin Boulevard/Sierra Road
Traffic Signal (138,599)
Dublin Boulevard Extension
Specific Plan 2,784
Dublin Boulevard West of San Ramon
Road Improvement 10,739
Dougherty Road Widening (14,569)
Amador Valley Boulevard/Amador
Plaza Road Traffic Signal 9,821
Village Parkway/Lewis Street
Traffic Signal 2,428
Street Name Identification and
Signal Replacement 647
Major Arterial Fence Replacement -0-
Dublin Boulevard Plan Line (1,616)
Total fund balances transferred $1,516,048
During the year ended June 30, 1989 the City's General Fund contributed
$1,157,097 of assets to the Internal Service and Enterprise funds; these
contributions have been reported as Residual Equity Transfers from the
General Fund to the Internal Service and Enterprise funds. Residual Equity
Transfers into Internal Service and Enterprise funds are reported as
contributed capital by these funds.
15
CITY OF DUBLIN
Notes to Financial Statement_
Note 3 - Residual Equity Transfers (Continued)
Dougherty Regional Fire Authority
Effective July 1, 1988, the Dublin San Ramon Services District (DSRSD)
transferred all fire suppression and prevention and park and recreation
services to the Cities of Dublin and San Ramon. This transfer included all
related assets, liabilities and fund balances. During the year ended June
30, 1989 the General Fund received $3,134,721 in DSRSD fund balances
relating to these services and accounted for them as a Residual Equity
Transfer In.
Effective with the transfer, the Cities of Dublin and San Ramon established
the Dougherty Regional Fire Authority (DRFA) , a joint powers agreement, and
transferred all fire suppression and prevention services and the related
fund balances to DRFA. Of the fund balances received from DSRSD,
$1,050,675 related to fire suppression and prevention. This amount was
transferred to DRFA and accounted for as a Residual Equity Transfer Out by
the General Fund.
Because of the transfer of services the City is entitled to receive
associated property tax allocations. The City has retained responsibility
for park and recreation services and pays for those services out of the
general fund revenue base.
Note 4 - Cash and Investments
Cash and investments comprise:
June 30,
1989 1988
Cash in banks $ 71,371 $ 888,541
Non-negotiable certificates of deposit 10,941,878 9,257,435
Local Agency Investment Fund 6,222,000 8,122,000
Cash & investment with fiscal agent 2.155.749 3,063 .817
Total cash & investments $19,390,998 $21,331,793
All pooled cash and non-negotiable certificates of deposit are entirely insured
or collateralized. The California Government Code requires California banks and
savings and loan associations to secure a City's deposits by pledging government
securities as collateral. The market value of pledged securities must equal at
least 110% of a City's deposits. California law also allows financial
institutions to secure City deposits by pledging first trust deed mortgage notes
having a value of 150% of a City's total deposits.
16
CITY OF DUBLIN
Notes to Financial Statemc
Note 4 - Cash and Investments (Continued)
The City may waive collateral requirements for deposits which are fully insured
up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) or Federal
Savings and Loann Insurance Corporation (FSLIC) .
Under provision of the City's Investment Policy, and in accordance with Section
53601 of the California Government Code, the City may invest in the following
types of investments:
Securities of the U.S. Government, or its agencies
Negotiable Certificates of Deposits
Bankers Acceptances
Local Agency Investment Fund (State Pool) Deposits
Passbook Savings Account Demand Deposits
Repurchase Agreements
The City has monies held by trustees or fiscal agents pledged to the payment or
security of certain bonds, and certificates of participation. The California
Government Code provides these monies, in the absence of specific statutory
provisions governing the issuance of bonds, or certificates, may be invested in
accordance with the ordinance, resolutions or indentures which are generally
more restrictive than the City's general investment policy. In no instance have
additional types of investments, not permitted by the City's general investment
policy, been authorized.
Note 5 - Certificates of Participation
1988 Refunding
Certificates
of Participation
Interest Rate 5.75% - 7.875%
Maturity Date 2-1-10
Original Issue $17,230,000
Balance as of July 1, 1987
Issuance of Refunding
Certificates of Participation $17,230,000
Deduct:
Bond discount, net of
amortization (377,180)
Balance as of June 30, 1988 $16,852,820
Add: Amortization of bond discount 17.337
Balance as of June 30, 1989 $16,870,157
17
CITY OF DUBLIN
!s to Financial Statements
Note 5 - Certificates of Participation (Continued)
In order to finance the construction of the Dublin Civic Center
building, the City on March 1, 1988 signed a non-cancellable
twenty-two year lease with Dublin Information Inc. (DII) , a non-profit
_,. corporation which used the lease as collateral for the issuance of- the
1988 Certificates of Participation. The lease provides for
semi-annual payments which are sufficient to pay principal and
interest due on the 1988 Refunding Certificates of Participation.
Ownership of the Civic Center Building reverts to the City at the end
of the lease.
Since the lease is in essence a financing arrangement with ownership
of the financed assets reverting to the City, the assets and the
related debt evidenced by the 1988 Refunding Certificates of
Participation have been included in the City's financial statements.
The refunding Certificates of Participation will be repaid from
general fund revenues.
Shown below are the annual debt service requirements for the 1988
Refunding Certificates of Participation, including interest:
For the Year
ending June 30 Total
1990 $ 1,299,820
1991 1,719,820
1992 1,720,670
1993 1,718,970
1994 1,719,973
thereafter 27.485,647
$35,664,900
On March 8, 1988, the City issued $17,230,000 of Refunding
Certificates of Participation with interest rates of 5.75% - 7.875%.
Of the proceeds, $10,100,610 was used to advance refund $11,615,000 of
outstanding 1985 Certificates of Participation with interest rates of
7.25% - 9.25%. These proceeds, plus an additional $2,538,986 of 1985
Certificates of Participation reserve fund monies were used to
purchase U.S. government securities. Those securities were deposited
in an irrevocable trust with an escrow agent to provide for all future
debt service payments on the 1985 Certificates of Participation. As a
result, the 1985 Certificates of Participation are considered to be
defeased and the liability for those obligations has been removed from
the Dublin Information, Inc. Enterprise Fund. As of June 30, 1989
$11,420,000 of the 1985 Certificates of Participation remained unpaid.
18
CITY OF DUBLIN
Is, s to the Financial Statements
Note 6 - Pension Plan
A. Plan Description
The City contributes to the California Public Employees Retirement
System (PERS) , an agent multiple-employer public employee retirement
system that acts as a common investment and administrative agent for
participating members in California.
All qualified permanent and probationary employees are eligible to
participate in PERS. Benefits vest after five years of service and are
payable monthly for life upon retirement. Employees who retire at age
60 with 5 years of credited service receive a benefit equal to 10% of
their average monthly salary for their last three years of employment
up to a maximum of 2% of their annual salary. A credited service year
is one year of full time employment.
PERS requires City employees to contribute 7% of their annual salary
and the City pays the remainder. These benefit provisions and all
other requirements are established by state statute and city
ordinance. Contributions necessary to fund PERS on an actuarial basis
are determined by PERS and its Board of Administration.
B. Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and
step-rate benefits estimated to be payable in the future as a result of
employee service 'to date. The measure is intended to help users assess
the funding status of PERS on a going-concern basis, assess progress
made in accumulating sufficient assets to pay benefits when due and
make comparisons among employers. The measure is the actuarial present
value of credited projected benefits and is independent of the funding
method used to determine contributions to the PERS.
The pension benefit obligation was computed as part of an actuarial
valuation performed as of June- 30, 1987. Significant actuarial
assumptions used in the valuation include (a) a rate of return on the
investment of present and future assets of 8.5% a year compounded
annually, (b) projected salary increases of 5.75% a year compounded
annually, attributable to inflation, plus additional projected salary
increases attributable to seniority/merit, and (d) postretirement
benefit increases adjusted 2% annually after the fist two years of
retirement.
19
CITY OF DUBLIN
r s to the Financial Statements
Note 6 - Pension Plan (Continued)
Total over-funded pension benefit obligation applicable to the City's
employees at June 30, 1988, was as follows:
1988
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits $ 1,855
Current employees:
Accumulated employee contributions including
allocated investment earnings 150,055
Employer-financed vested 137,566
Employer-financed nonvested 32.353
Total pension benefit obligation 321.829
Net assets available for benefits, at cost
. . (market value is $375,126) 331.676
Overfunded pension benefit
obligation $ 9,847
C. Actuarially Determined Contribution Requirements and Contribution
Made
PERS uses the Entry Age Normal Actuarial Cost Method which is a projected
benefit cost method. That is, it takes into account those benefits that are
expected to be earned in the future as well as those already accrued.
According to this cost method, the normal cost for an employee is the level
amount which would fund the projected benefit if it were paid annually from
date of employment until retirement. PERS uses a modification of the Entry
Age Cost Method in which the employer's total normal cost is expressed as a
level percentage of payroll. PERS also uses the level percentage of
payroll method to amortize any unfunded actuarial liabilities. The
amortization period of the unfunded actuarial liability ends on June 30,
2011.
The significant actuarial assumptions used to compute the actuarially
determined contribution requirement are the same as those used to compute
the pension benefit obligation, as previously described.
20
CITY OF DUBLIN
Notes to Financial Statements
Note 6 - Pension Plan (Continued)
Contributions to PERS are made in accordance with actuarially determined
requirements computed through an actuarial valuation performed as of year
end. The PERS contributions which were entirely paid by the City consisted of
'- the following for fiscal year ended June 30, 1989 and 1988:
1989 1988
_ Percent Percent
of Covered of Covered
Amount Payroll Amount Pavroll
Covered payroll JnZ,304 JL5 3 811
Total payroll 832 304 653 811
Normal cost, including
employee contributions $103,206 12.4% $ 84,342 12.9%
Amortized unfunded
actuarial accrued
liability 832 .1% 1.308 .2%
Total jjgL038 12.5% 85 650 13 .1%
City contributions 45,777 5.5% $ 39,883 6.1%
Employee contributions 58.261 7.0% 45.767 7 .0%
Total IIQL038 12.5% LIL,650 13.1%
D. Trend Information
Trend information gives an indication of the progress made in accumulating
sufficient assets to pay benefits when due. Systemwide ten-year trend
information may be found in the California Public Employees' Retirement
System Annual Reports.
For the fiscal year, 1987-88 and 1986-87, net assets available for benefits
funded 116% and 103% respectively, of the pension plan's total pension
benefit obligation and the overfunded pension benefit obligation
represented 4.7% and 1.2% respectively, of covered payroll. For the fiscal
year 1987-88, the City's PERS contributions, made in accordance with
actuarially determined requirements, were 36% of covered payroll. Other
trend information required by Governmental Accounting Standard No.5 was not
available from PERS.
21
CITY OF DUBLIN
Notes to Financial Statements
Note 7 - Fixed Assets
Fixed assets at June 30, 1989 consist of the following:
Internal General
" Enterprise Service Fixed
Funds Fund Assets
Machinery & equipment $323,718 $198,125
Construction in progress $20,225,655
Total 323.718 198.125
Less: accumulated
depreciation 209.198
Net $20,225,655 $114,520 IL28,125
Additions to general fixed assets in the year ended June 30, 1989 comprised
$18,674 of machinery and equipment.
Construction in progress consists of costs incurred on the Dublin
Information, Inc. Civic Center Project. Details of changes in construction
in progress are shown below:
Balance as of Balance as of
June 30, 1988 Additions June 30, 1989
Land $ 6,700,576 $ 6,700,576
Construction 2,829,029 $6,429,140 9,258,169
Engineering and
architecture 583,445 357,106 940,551
Legal 67,500 67,500
Other 95.084 61,280 156.364
Subtotal 10,275.634 6.847.526 17,123.160
Financing costs:
Interest expense 2,297,258 673,417 2,970,675
Underwriters discount 394,944 394,944
Interest income (143,424) (119,700) (263,124)
Subtotal 2,548.778 553.717 3.102,495
$12,824,412 $7,401,243 $20,225,655
Financing costs have been capitalized as part of Construction in Progress as
required under Financial Accounting Standards Board Statements #34 and #62,
which requires that all financing costs incurred to acquire or prepare assets
for their intended use be added to the cost of the related assets.
22
CITY OF DUBLIN
Notes to Financial Statemen'k,
Note 8 - Interfund Receivables and Payables
Interfund receivables and payables consisted of the following at June
30, 1989:
Due from Due to _
General Fund $127,073
Special Revenue Funds $ 60,209
Capital Projects Funds 66.864
Totals 1112,0 73 11n,073
Note 9 - Interfund Operating Transfers
Interfund operating transfers for the 1988-89 fiscal year were as
follows:
Operating transfers Operating transfers
Fund type in out
General Fund $ 79,490
Special Revenue Funds $123,650
Enterprise Funds 5,840
Capital Projects 50.000
Total $129,490 $129 ,490
Note 10 - Contingent Liabilities
The City participates in several federal and State grant programs.
These programs have been audited by the City's independent accountants
in accordance with the provisions of the federal Single Audit Act of
1984 and applicable State requirements. No cost disallowances were
proposed as a result of these audits; however, these programs are
still subject to further examination by the grantors and the amount,
if any, of expenditures which may be disallowed by the granting
agencies cannot be determined at this time. The City expects such
amounts, if any, to be immaterial.
The City has included the San Ramon Specific Plan Improvement District
as an Agency Fund. Although the City administers the accounting and
bookkeeping functions of the District, the City has no legal or moral
commitment. to repay this District's $660,000 in outstanding debt.
Note 11 - Joint Powers Agencies
The Cities of Dublin and San Ramon established the Dougherty Regional
Fire Authority (DRFA) to provide fire suppression and prevention_
services. The DRFA is controlled by a combined six member board
consisting of three members from each City Council. The combined
board designates management and employees of the DRFA.
23
CITY OF DUBLIN
ces to Financial Statements
Note 11 - Joint Powers Agencies (Continued)
The DRFA annually estimates its annual operating and capital budgets.
Each City pays its share of the annual operating and capital budgets
based on the percentage of assessed valuation in each City as it _
relates to the total assessed valuation of property served by the
DRFA. The DRFA is a legally separate entity which is responsible for
its own fiscal affairs, the City is not responsible for obligations of
the DRFA. City management believes DRFA operations are separate and
should not be included in these financial statements.
No audited financial information for DRFA was available as of the
issuance of these financial statements.
Note 12 - Deficit Fund Balances
The following funds had deficit fund balances as of June 30, 1989:
Kolb Park Capital Projects Fund $66,864
Community Development Block Grant
Special Revenue Fund 34,660
Transportation Development Act
Special Revenue Fund 13,847
Dublin Boulevard Extension Special
Revenue Fund 1,455
These deficits will be eliminated through general fund transfers or
future revenues.
24
CITY OF DUBLIN
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
JUNE 30, 1989
WITH COMPARATIVE AMOUNTS AS OF JUNE 30, 1988
Transportation Special Federal Community
Traffic State Development Criminal Aid Development Park
Safety Gas Tax Act Activity Urban Block Grant Dedication
ASSETS
Cash and investments $31,341 $164,083 S26,634 $24,465 S1,121,824
Accounts receivable
Due to others
Total Assets $31,341 5164,083 $26,634 524,465 51,121,824
LIABILITIES AND FUND EQIITIES
Liabilities:
Accounts payable 511,147 S14,461 515,917 S216,033
Due to other funds $13,847 S8,660
Deferred revenue 26,000
Deposit
Total Liabilities 11,147 14,461 13,847 15,917 34,660 216,033
Fund Equities:
Designated for authorized expenditures 20,194 149,622 S26,634 8,548 905,791
Unreserved fund balance (13,847) (34,660)
Total Fund Balance 20,194 149,622 (13,847) 26,634 8,548 (34,660) 905,791
Total Liabilities and Fund Balance 531,341 5164,083 526,634 S24,465 S1,121,824
25
Dougherty
Stagecoach Landscape
Street Landscape And Lighting Dublin Community TOTALS
State Park Sales Tax Lighting Assessment Assessment Boulevard Parkland
Bond Act Measure B Assessment District District Extension Bond 1989 1988
$4,587 $95,854 $15,840 $104,771 $45 $1,589,444 $1,670,123
1,197 824 193 2,214 3,191
$48,000 48,000
$4,587 $97,051 $16,664 $104,964 $45 $48,000 $1,639,658 $1,673,314
$14,795 $5,379 $6,181 $283,913 $46,656
$3,225 $1,500 $32,977 60,209 121,382
26,000 26,000
2,200.
3,225 14,795 5,379 6,181 1,500 32,977 370,122 196,238
1,362 82,256 11,285 98,783 15,023 1,319,498 1,477,076
(1,455) (49,962)
1,362 82,256 11,285 98,783 (1,455) 15,023 1,269,536 1,477,076
$4,587 $97,051 $16,664 $104,964 $45 $48,000 $1,639,658 $1,673,314
CITY OF DUBLIN
SPECIAL REVENUE FUNDS
COMBINING STATEMENT 01 -VENUES, EXPENDITURES AND CHA_ -S IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 1989
WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30, 1988
Transportation Special Federal Community
Traffic State Development Criminal Aid Urban Development Park
Safety Gas Tax Act Activity Highway Fund Block Grant Dedication
REVENUES _
Taxes
Sales and use taxes
Intergovernmental
FAU grant $950,166 $104,060
Gasoline tax $311,225
TDA Act funds $160,600
State park bond
State senior citizen bond
State parkland grant
Fines and forfeits
Vehicle code fines $88,443
Use of money and property
Interest 4,616 19,051 $2,557 $110,057
All other
Park dedication fees and flood grant
Nondepartmental special assessments
Miscellaneous 4,238
Total Revenues 93,059 330,276 160,600 6,795 950,166 104,060 110,057
EXPENDITURES
General governcnant
Service and supplies 2,478
Public safety
Service and supplies 33,141 6,065
Contract services 49,01
Highways and streets
Service and supplies 41,071
Contract services 376,325
Community developement
Service and supplies 825
Contract services 2,747 3,000
Culture and leisure
Service and supplies
Contract services
Capital outlay
Service and supplies 60,289 809,367 104,060 330,319
Contract services 458 132,251 13,154
Total Expenditures 127,185 379,325 63,225 6,065 941,618 104,060 343,473
EXCESS OF REVENUES OVER
(UNDER)EXPENDITURES (34,126) (49,049) 97,375 730 8,548 (233,416)
OTHER FINANCING SOURCES(USES)
Operating transfers in
Operating transfers(out)
Total Other Financing Sources(Uses)
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES (34,126) (49,049) 97,375 730 8,548 (233,416)
Fund balance beginning of the year 54,320 198,671 (111,222) 25,904 (34,660) 1,139,207
Fund balance end of the year $20,194 $149,622 ($13,847) $26,634 $8,548 ($34,660) $905,791
26
Dougherty
Street Stagecoach Landscape
Lighting Landscape &Lighting Dublin Community TOTALS
State Park Sales Tax Assessment Asssessment Assessment Senior Boulevard Parkland
Bond Act Measure B District District District Citizen Extension Act 1989 1988
$88,416 $88,416 $83,401
1,054,226 615,131
311,225 301,048
160,600 12,436
$50,000 50,000 15,202
$73,650 73,650
$48,000 48,000
88,443 75,770
4,587 $7,638 $1,201 $7,847 $4 157,558 100,360
282,063
153,973 61,282 46,942 262,197 246,915
4,238 41,441
50,000 93,003 161,611 62,483 54,789 73,650 4 48,000 2,298,553 1,773,767
2,478
132,833 172,039 152,455
3,771 53,172 37,863
6,897 1,246 49,214
29,289 9.765 415,379 364,588
825
6,551 992 1,351 14,641 15,133
920 920
11,804 11,804 17,065
160,516 31,772 1,496,323
18,580 1,205 165,648
179,096 143,155 49,902 12,362 32,977 2,382,443 587,104
50,000 (86,093) 18,456 12,581 42,427 73,650 4 15,023 (83,890) 1,186,663
955
(50,000) (73,650) (123,650) (1,538,949)
(50,000) (73,650) (123,650) (1,537,994)
(86,093) 18,456 12,581 42,427 4 15,023 (207,540) (351,331)
87,455 63,800 (1,296) 56,356 (1,459) 1,477,076 1,828,407
$1,362 $82,256 $11,285 $98,783 ($1,455) $15,023 $1,269,536 $1,477,076
CITY OF DUBLIN
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
JUNE 30, 1989
WITH COMPARATIVE AMOUNTS AS OF JUNE 30, 1988
TCSTALS
Capital
Improvements Kolb Park Alamo Creek 1989 1988
ASSETS
Cash $85,261 $17,291 $102,552 $1,577,797
Accounts receivable 12,264
Due from other funds 2,093,695
Total Assets $85,261 $17,291 $102,552 $3,683,756
LIABILITIES AND FUND BALANCE
LIABILITIES:
Account payable $155,486
Due to other funds $66,864 $66,864 2,114,968
Deposit $77,346 77,346
Total Liabilities 77,346 66,864 144,210 2,270,454
FUND BALANCES
Designated for authorized projects 7,915 $17,291 25,206 1,413,302
Undesignated (66,864) (66,864)
Total Fund Balance 7,915 (66,864) 17,291 (41,658) 1,413,302
Total Liabilities and Fund Balances $85,261 $17,291 $102,552 $3,683,756
27
CITY OF DUBLIN
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 1989
WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30, 1988
TOTAL
Capital
Improvements Kolb Park Alamo Creek 1989 1988
REVENUES
Use of money and property $7,915 $1,067 $8,982
Other revenue 4,000 14,434 18,434 $227,372
Total Revenues 11,915 15,501 27,416 227,372
EXPENDITURES
Capital projects
Land, equipment and other facilities $4,000 4,000 2,152,013
Contractual services 12,328 12,328 708,880
Total Expenditures 4,000 12,328 16,328 2,860,893
EXCESS OF REVENUE OVER
(UNDER)EXPENDITURES 7,915 3,173 11,088 (2,633,521)
OTHER FINANCING SOURCES(USES)
Operating transfer in $50,000 50,000 7,288,295
Operating transfer out (62,715)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER(UNDER)
EXPENDITURES AND OTHER
FINANCING USES 7,915 50,000 3,173 61,088 1,592,059
Fund balance,beginning of year 1,413,302 (178,757)
Residual equity transfers (1,516,048)
Fund balance beginning of year,as restated (116,864) 14,118 (102,746) (178,757)
Fund balance end of year $7,915 ($66,864) $17,291 ($41,658) $1,413,302
28
4
TOTALS
Capital Projects Funds (Memorandum Only)
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$8,482,690 $9,305,662 $822,972
355,250 292,189 (63,061)
2,346,300 2,567,703 221,403
810,300 738,314 (71,986)
$8,982 $8,982 797,700 1,183,847 386,147
105,000 104,641 (359)
$15,665 18,434 2,769 312,665 68,617 (244,048)
245,900 262,197 16,297
15,665 27,416 11,751 13,455,805 14,523,170 1,067,365
2,935,725 1,286,201 1,649,524
4,074,214 3,986,097 88,117
1,144,444 941,276 203,168
20,500 19,801 699
1,407,961 1,336,870 71,091
1,066,805 1,006,737 60,068
15,665 16,328 (663) 4,301,706 3,214,398 1,087,308
15,665 16,328 (663) 14,951,355 11,791,380 3,159,975
11,088 11,088 (1,495,550) 2,731,790 4,227,340
50,000 $50,000 129,490 129,490
(123,650) (123,650)
50,000 50,000 5,840 5,840
61,088 61,088 (1,495,550) 2,737,630 4,233,180
1,413,302 1,413,302 8,939,783 8,939,783
4,650,769 4,650,769
(1,516,048) (1,516,048) (3,723,820) (3,723,820)
1,413,302 (102,746) (1,516,048) 8,939,783 9,866,732 926,949
$1,413,302 ($41,658) ($1,454,960) 7,444,233 12,604,362 5,160,129
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I'
CITY OF DUBLIN
SAN RAMON ROAD SPECIFIC
IMPROVEMENT PLAN AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 1989
r-: Balance Balance
July 1, 1988 Additions Reductions June 30, 1989
ASSETS
Restricted cash and investments $543,500 $10,890 $554,390
Total Assets $543,500 $10,890 $554,390
LIABILITIES
Due to others $543,500 $10,890 $554,390
Total Liabilities $543,500 $10,890 $554,390
29
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MAZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
Creekside Oaks
1470 Maria Lane - Suite 200
Walnut Creek, California 94596
The Honorable Mayor and (415) 930-0902 • (916) 972-7333
City Council
City of Dublin
Dublin, California
We have audited the general purpose financial statements of the City of Dublin
for the year ended June 30, 1989, and have issued our report thereon dated
September 29, 1989. As part of our audit, we made a study and evaluation of
the system of internal accounting control to the extent we considered necessary
to evaluate the system as required by generally accepted auditing standards .
The purpose of our study and evaluation was to determine the nature, timing,
and extent of the auditing procedures necessary for expressing an opinion on
the financial statements. In addition to our study and evaluation made as a
part of the audit, City management has requested that we address whether the
City staff assignments do or do not compromise an employee with regards to
segregation of duties, which we have done as part of RECOMMENDATION 1 - A
PERSON OUTSIDE THE FINANCE DEPARTMENT SHOULD AUTHORIZE WIRE TRANSFERS . Our
study and evaluation was more limited than would be necessary to express an
opinion on the system of internal accounting control taken as a whole.
As part of our normal audit, we selected and tested several cash receipts
transactions from the Recreation and Community Development Departments. For
the transactions tested, cash receipts controls were operating effectively and
the transactions were recorded properly. Nothing came to our attention to
indicate controls were not operating effectively.
Management is responsible for establishing and maintaining a system of internal
accounting control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
control procedures. The objectives of a system are to provide management with
reasonable, but not absolute assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the
preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal accounting control,
errors or irregularities may nevertheless occur and not be detected. Also,
= projections of any evaluation of the system to future periods is subject to the
risk that procedures may become inadequate because of changes in conditions or
that the degree of compliance with the procedures may deteriorate.
Our study and evaluation made for the limited purpose described in the first
paragraph would not necessarily disclose all material weaknesses in the
system. Accordingly, we do not express an opinion on the system of internal
accounting control of the City of Dublin taken at whole. Our study and
evaluation disclosed no condition that we believe to be a material weakness.
However, our audit disclosed the following areas in which internal controls
could be strengthened:
CITY OF DUBLIN
MANAGEMENT RECOMMENDATIONS
RECOMMENDATION 1 - A PERSON OUTSIDE THE FINANCE DEPARTMENT SHOULD AUTHORIZE
WIRE TRANSFERS
City Management requested a review of staffing assignments which might
compromise an employee with regard to the segregation of duties. Our
review of staffing assignments constituted an expansion of our normal
review of internal accounting controls and procedures and included
interviews of employees in the Finance, Community Development, City
Manager's and City Clerk's Departments. Employees were interviewed to
determine the functions they performed and these interviews were summarized
into systems descriptions for the cash receipts, cash disbursments,
payroll, investments, financial reporting and budgeting systems. The
employees' understanding of their tasks was reviewed for consistency and
accuracy. The tasks and procedures described by the employees were
evaluated by selecting a sample of transactions, auditing supporting
documents and tracing each transaction selected to the general ledger. For
the items tested, the internal accounting controls and procedures were
found to be operating as described and the transactions were recorded
properly. However, our work indicated the concentration of duties
described below.
a The Finance Director has been assigned duties which could be segregated and
thereby strengthen internal control. The Finance Director assignments are
divided into the following three categories:
• Accounting controls
* EDP management and controls
• Cash management (Treasurer)
Although the assignments of all of these functions to one employee is not
unusual for a city this size, we were asked to point out areas where
internal controls could be strengthened. If the City wishes to strengthen
its internal controls, it should assign someone outside the finance
department the responsibility of authorizing banks to make wire transfers .
The current procedures provide for the Finance Director to authorize most
wire transfers between banks. Although the City Manager approves these
transfers prior to initiation, it is usually the Finance Director who deals
solely with the bank. The City should consider the cost of implementation
of this recommendation compared with the benefits received in order to
determine the feasibility.
RECOMMENDATION 2 - CASH TRANSFERRED FROM GOVERNMENTAL FUNDS TO THE ENTERPRISE
FUND SHOULD BE EVALUATED AND RECORDED AS CONTRIBUTED CAPITAL
IN THE ENTERPRISE FUND WHEN APPROPRIATE
During the year ended June 30, 1989 the General Fund transferred over $1
million to the Enterprise fund. These funds were to be used to finance the
construction of the Civic Center. Such transfers do not represent payments
for use of the Civic Center and should be recorded as Contributed Capital.
Contributed Capital represents funds contributed to a proprietary fund
which are to be used for non-operating purposes such as the construction or
acquisition of fixed assets.
CITY OF DUBLIN
KMAGEMENT RECOMMENDATIONS
RECOMMENDATION 3- THE INTERNAL SERVICE FUND SHOULD OPERATE ON A BREAK-EVEN
BASIS
As of June 30, 1989 the Vehicle Replacement Internal Service Fund had
retained earnings of over $270,000. Generally accepted accounting
principles define an Internal Service Fund as a fund used" . . . to account
for . . . services provided by one department . . . to other departments on
a cost-reimbursement basis" . As such, profits accumulated ought to be
reduced in subsequent years by reducing charges to other departments.
If the City is attempting to charge vehicle users for replacement value of
vehicles, generally accepted accounting principles require that amounts
which are charged in excess of cost be recorded as contributed capital.
�Sf
RECOMMENDATION 4 - AMOUNTS RELATING TO PRIOR PERIODS SHOULD GENERALLY NOT BE
i
RECORDED AGAINST FUND BALANCE
During the year the City recorded several entries against beginning fund
balance for amounts relating to prior years. Some of these entries were
-for less than $5,000. Under the clean surplus theory of generally accepted
accounting principles, adjustments to beginning fund balance are expressly
limited to only specific types of entries, which must be material in
amount. Such entries are extremely rare.
RECOMMENDATION 5 - ALL CASH WITH FISCAL AGENT ACTIVITY SHOULD ACCOUNTED FOR ON
A CURRENT BASIS
As of September 1989, the Fiscal Agent trustee statements for June 1989
were missing. We understand the City was in the process of changing Agents
and that significant errors had been made by the prior Agent.
The City should request regular, timely statements from its new Agent.
These statements should be reviewed for accuracy and completeness and all
activity should be recorded by the Finance Department as the statements are
r received, instead of after year end.
We wish to express our appreciation for the courtesy and cooperation extended
to us by Phil Molina and his staff during our audit.
September 29, 1989
There are three staff persons that are already
involved in each investment transaction: City
Treasurer, City Manager, and an Account
Technician. Each staff person reviews the work of
the other. There is little additional safe guard
that could be achieved for the amount of
additional staff time needed to re-verify each
transaction. Staff, therefore, advises that no
changes be made to the current system of checks
and balances.
The auditors have already indicated that no real
changes need to be done if the cost/benefit of any
change does not result in an overall advantage to
the City.
2 . The second recommendation from the auditors is to
reclassify particular cash transfers that go from
one fund to another as "Contributed Capital"
rather than "Transfers In/Out" . The staff and the
Council's audit committee prefer to continue using
the "Transfers In/Out" account during the year
because this account appears on the budgeted
portion of the financial statements and is,
consequently, subject to Council review. At year
end, however, the books will be adjusted to
reclassify these transactions as "Contributed
Capital" , which does not appear on the income
statements.
3 . The auditors feel that the City's Internal Service
Fund should operate on a break-even basis.
According to GAAFR (Governmental Accounting
Auditing, and Financial Reporting standards) , "
Internal Service Funds are not designed to produce
any significant profit in the long run. " This
means that the . retained earnings of the ISF fund
should not be continually growing.
Until this current year, the City has not used
accumulated cash from the ISF fund to acquired
assets. This fact changed this year, when the City
acquired new Police vehicles. With the acquisition
of these new vehicles, the retained earnings
account will decrease by the amount of the cost of
the new replacement vehicles.
page * 2
Also according to GAAFR, charges for equipment
usage " . . .are treated as operating revenues [to
the ISF] . . .and as current operating expenditures
[to the General Fund] . . . . "
Staff proposed that no change be initiated this
year and that a long term view be taken of the
method used to determine annual equipment charges.
4 . Every business has financial transactions
occurring during one year that are properly
accounted for in a prior year. According to
Financial Accounting Standards Board Opinion # 16
a correction of an error in a prior-period
statement should be reflected as a "prior period
adjustment" . The City of Dublin is similar to
other entities in that it has some prior period
adjustments.
The City's Auditors feel that when such a
transaction is immaterial the amounts should be
posted to the current years income statement
instead of posting it as a prior period
adjustment.
The audit committee feels that for purposes of
municipal accountability, it is more appropriate
to account for these `unique and infrequent' prior
periods adjustment as FASB #16 requires regardless
of their materiality. By posting these transaction
in this manner the current operating budget (both
revenues and expenditures) properly reflects the
current year's activities and are not diluted with
`prior period adjustments' . At year end, however,
the auditors may reclassify these transactions.
5. The City's Fiscal agent at the start of the prior
fiscal year was The Bank of California. At the end
of the year the fiscal agent was Bankers Trust.
During the first part of the year the fiscal agent
did not properly account for the usage of the
City's reserves. The Bank did not decrease the
City's reserves by the amount that was used to
make one debt service payment. This error was to
the advantage of the City. Upon noting the
problem, the Finance Director met a number of
times with representatives from the two fiscal
agents and corrected the problem. The error was
page * 3 *
i •
1
corrected in time to be verified by the auditors,
but not before the books for the auditing period
were closed (The books reflected the correct
amount which could not be verified by the auditors
until the fiscal agent corrected their
accounts. ) .
The staff and audit committee accepted the
recommendation of the auditors.
RECOMMENDATION: Staff recommends that the City Council accept,
approve and file the June 30, 1989 audit and management letter
along with staff's response to the management letter.
page * 4