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Home My WebLink AboutItem 4.08 Financial Statement Mgmt Letter (2) CITY OF DUBLIN AGENDA STATEMENT CITY COUNCIL MEETING DATE: January 14, 1985 SUBJECT City Audit - Fiscal Year 1983-84 EXHIBITS ATTACHED 1983-84 Financial Statement ; Management Letter RECOMMENDATION I Accept 6/30/84 Financial Statement '\\ ' 2 ) Authorize remaining reserves in completed or `J inactive capital projects accounts tb be transferred to the Street Improvement Reserve in the fund from which the revenue originated FINANCIAL STATEMENT: See Below DESCRIPTION The City Auditor has completed his review of the City' s financial records for Fiscal Year 1983-84. As indicated in the Auditor' s Financial Statements , the City ' s total revenues for Fiscal Year 1983-84 were $6, 332 , 592 • This is approximately $1 ,432 ,975 or 20 . 7o more than was estimated in the 1983-84 Budget . This difference is primarily attributable to : 1 ) the City receiving $490,000 in Park In-Lieu fees during the last week of June 1984, as opposed to Fiscal Year 1984-85 as was originally anticipated ; 2 ) the City receiving approximately $822 ,000 more in sales tax than anticipated ; 3 ) large developers pulling building permits totalling approximately :x155 , 000 in the last week of June 1984; 4) the reauthorization of Revenue Sharing, approximately $155 , 000 ; and 5 ) the City earning on its investments approximately $155 , 000 more than budgeted . This was offset by approximately $463 , 000 which the City did not receive in grant and developer reimbursement for capital projects which did not proceed as fast as anticipated . Total actual expenditures for Fiscal Year 1983-84 were $3 ,014,986 and are broken down as follows : General Government $ 273 ,906 Public Safety 1 , 327 ,700 Highways and Streets 199 , 291 Health & Welfare 14,113 Community Development 434,921 Culture and Leisure 50 ,489 Capital Expenditures 714 , 566 Total $3 ,014,986 This is approximately $2 , 202 , 383 or 42 . 2% less than was appropriated for Fiscal Year 1983-84 . This difference is primarily due to slower than anticipated progress on capital improvemnent construction; savings in building inspection services due to application for building permits late in the fiscal year; lower level of public works maintenance services provided by the County than desired ; and salary savings due to delay in personnel recruitcients . These differences :vere addressed during the 1984-55 Budget Hearing and identified in the revised Revenue and Expenditure estimates in that document . Prior to the end of the 1983-84 Fiscal Year , the City Council authorized the appropriation of the City' s year end fund balance to the Street Improvement; Reserve . The City ' s total reserves as of June 30, 1984 are as follows : ---------------------------------------------------------------------------- g, COPTES T0 . I I'LI,l r10 . r• AGENDA S`I'A1 -11 MEN`I' : City Audit - Fiscal Year 1983-54 Page 2 FUND PARK REEVENUE TRAFFIC CAPITAL RESERVE GE101AL GAS TAX DEDICATION SHARING SAFETY PROJECTS TOTAL Street Improvements $4,231,225 $ 233,659 $ - $ - $ - $ - $4,464,917 Reserve for Facility Acquisition & Construction 400,000 400,000 Reserve for Authorized Projects 495,713 163,555 573 675,141 1,335,282 $4,631,228 $ 233,659 495,713 $163,855 $ 573 7 141 $6,203,199 This is $3 ,412 ,606 more than the year end reserve for Fiscal Year 1952-53 . Some of the reserves shown above in the Capital Projects Fund are in projects which are either completed, are inactive , or have been combined with other projects . It is Staff ' s recommendation that the City Council authorize Staff to transfer these funds back to the Street Improvement Reserve in the fund of origin. These projects are : 1 ) Dublin/Amador Plaza Signal 2 ) San Ramon Road Improvements Phase I 3 ) San Ramon Road/Amador Valley Boulevard Traffic Signals 4) Street Name Signs 5 ) Amador Valley Boulevard Median Landscape MANAGEMENT LETTER The City Auditor has made several recommendations regarding the finance functions . Staff concurs with the Auditor' s recommendations and will implement Items 3 & 4 ; and prepare a more detailed report to the City Council on Items 1 & 2 during the upcoming year. CITY OF DUBLIN FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 1984 With Report of Certified Public Accountants CITY OF DUBLIN FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 1984 CONTENTS Page Report of Certified Public Accountants 1 FINANCIAL SECTION Combined 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 Notes to Financial Statements 5-10 Financial Statements of Individual Funds: General Fund: Balance Sheet 12 Statement of Revenues, Expenditures and Changes in Fund Balance 13-14 Special Revenue Funds: Combining Balance Sheet 16-17 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 18-19 Capital Projects Funds: Combining Balance Sheet 21 -25 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 26-30 General Fixed Assets Account Group: Schedule of General Fixed Assets by Sources 32 PERRY H. CARTER, C.P.A. CERTIFIED PUBLIC ACCOUNTANT 24326 MISSION BOULEVARD SUITE 4 HAYWARD,CALIFORNIA 94541 (415) 537-1835 0 REPORT OF CERTIFIED PUBLIC ACCOUNTANTS Honorable Mayor, Members of the City Council and City Manager City of Dublin Dublin, California I have examined the combined financial statements of the City of Dublin, California and its combining and individual fund finan- cial statements as of and for the year ended June 30, 1984, as listed in the table of contents. My examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as I considered necessary in the circumstances. In my opinion, the combined financial statements referred to above present fairly the financial position of the City of Dublin, California at June 30, 1984, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceeding year. Also, in my opinion, the combining and individual fund financial statements referred to above pre- sent fairly the financial position of the individual funds of the City of Dublin, California at June 30, 1984 and their results of operations for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. PERRY H. CARTER October 26 , 1984 CITY OF DUBLIN Page 2 COMBINED BALANCE SHEET - 'ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1984 Account Governmental Fund Types Group General Special Capital Fixed Total ASSETS General Revenue Pro ects Assets (Memorandum Only) Cash and investments $4,219,779 $ 750,139 $1,041,248 $ $6,011,166 Receivables: Taxes 10,207 10,207 Accounts 6,648 6,648 Accrued interest 114,896 114,896 Due from other governments 459,273 82,674 1,149 543 096 Due from other funds 408,125 290,000 4,074 702 199 Prepaid expenses 12,225 12,225 Machinery and equipment 97,378 97,378 Improvements 1 ,092 1 ,092 Total Assets $5.231,153 $1 .122.813 $1,946,471 $98.470 $7.498.907 LIABILITIES AND FUND EQUITY Liabilities: Accounts payable $ 188,285 $ 22,458 $ 28,751 $ $ 239,494 Accrued wages 10,619 10,619 Accrued vacations 6,619 6,619 Withholding taxes payable 3,093 3,093 Deposits 227,454 7,760 Due to other funds 370,380 331,819 702,199 Total Liabilities 436,070 392,838 368,330 1,197,238 Fund Equity: Investments in general fixed assets 9 Fund balance: 8,470 98,470 Reserved for street improvement 4,231,228 233,689 4,464,917 Reserved for authorized expenditures/ projects 163,855 496,286 678,141 1 ,338,282 Reserved for facility design and acquisition 400,000 400,000 Total Fund Equity 4,795,083 729,975 678,141 98,470 6,301 ,669 Total Liabilities and Fund Equity $5.231.153 $1 .122.813 $1.046.971 $98.470 $7.498.907 The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 3 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES YEAR ENDED JUNE 30, 1984 Special Capital Total Revenues: General Revenue Projects (Memorandum Only) Taxes $ 3,845,968 $ $ $ 3,845,968 Licenses and permits 345,346 345,346 Intergovernmental 748,683 365,426 1,114,109 Charges for services 123,124 123,124 Use of money and property 378,051 31,147 409,198 Fines and forfeits 11,004 50,730 61 ,734 Other revenue - 1,837 490,904 40,372 533,113 Total Revenues 5,454,013 938,207 40,372 6,432,592 Expenditures: General government 273,906 273,906 Public safety 1 ,276,733 50,967 1,327,700 Highways and streets 45,134 154,157 199,291 Health and welfare 14,113 14,113 Community development .434,921 434,921 Culture and leisure 50,489 50,489 Capital outlay 48,198 39,831 626,537 714,566 Total Expenditures 2,129,381 259,068 626,537 3,014,986 Revenues in Excess of (Less Than) Expenditures 3,324,632 679,139 (_ 586,165) 3,417,606 Other Financing Sources (Uses): Operating transfers in 5,821 1 ,226,212 1 ,232,033 Operating transfers out (1 ,006,119) (225,914) (1 ,232,033) Total Other Financing Sources (Uses) (1 ,006,119) (220,093) •1,226,212 Revenues and Other Financing Sources in Excess of (Less Than) Expenditures and Other Uses 2,318,513 459,046 640,047 3,417,606 Fund Balances, Beginning of Year (Note 11 ) 2,476,570 270,929 38,094 2,785,593 Fund Balances, End of Year $ $ 729,975 $ 678,141 $ b,203,199 The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 4 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL GENERAL, SPECIAL REVENUE AND CAPITAL PROJECTS FUND TYPES YEAR ENDED JUNE 30, 1984 General Fund Special Revenue Fund Types _ Capital Proiect Fund Types Revenues: Budget Actual Variance Budget Actual Variance Budget Actual Variance Taxes $ 2,967,400 $ 3,845,968 $ 878,568 $ $ $ $ $ $ Licenses and permits 186,850 345,346 158,496 Intergovernmental 564,674 748,683 184,009 671,993 365,426 (306,567) Charges for services 97,200 123,124 25,924 Fines and forfeits 3,000 11 ,004 8,004 50,000 50,730 730 Use of money and property 230,000 378,051 148,051 20,000 31,147 11,147 Other revenue 500 1,837 1 ,337 208,000 490,904 282,904 40,372 40,372 Total Revenues 4,049,624 5,454,013 1 ,404,389 949,993 938,207 ( 11,786) 40,372 40,372 Expenditures: General government 330,870 273,906 56,964 Public safety 1 ,315,637 1 ,276,733 38,904 50,967 50,967 Highways and streets 45,175 45,134 41 189,300 154,157 35,143 Health and welfare 14,113 14,113 Community development 519,076 434,921 84,155 34,600 34,600 Culture and recreation 61 ,205 50,489 10,716 Capital outlay 76,066 48,198 27,868 77,200 39,831 37,369 2,480,356 626,537 1,853,819 Total Expenditures 2,348,029 2,129,381 218,648 366,180 259,068 107,112 2,480,356 626,537 1 ,853,819 Revenues Greater (Less Than) Expenditures 1 ,701,595 3,324,632 1 ,623,037 583,813 679,139 95,326 (2,480,356) ( 586,165) 1 ,894,191 Other Financing Sources (Uses): Operating transfers in 5,821 5,821 2,480,356 1 ,226,212 (1 ,254,144) Operating transfers out (1 ,006,119) (1 ,006,119) (225,914) (225,914) Total Other Financing Sources (Uses) (1,006,119) (1 ,006,119) (220,093) (220,093) 2,480,356 1 ,226,212 (1,254,144) Revenues and Other Financing Sources in . Excess of (Less Than) Expenditures and Other Uses 695,476 2,318,513 1 ,623,037 363,720 459,046 95,326 6400047 640,047 Fund Balances, Beginning of Year (Note 11 ) 2,476,570 20476,570 270,929 /270,929 38,094 38,094 Fund Balances, End of Year $ 3&172 046 $ 4,:795,00_1 $ L,,623,037 $ fjj4,649 $ 77,9,.M $ a95,:3ZI� $ ,3 ,094 $ _ A16.16M $ The accompanying notes are an integral part of the financial. statements. Page 5 CITY OF DUBLIN NOTES TO FINANCIAL STATEMENTS JUNE 30, 1984 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) 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. 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 funds required by the City of Dublin are grouped, in the financial statements of this report, into three generic fund types and one account group 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 resouces 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 special assessments, expendable trusts, or major capital projects) that are legally restricted to expenditures for specified 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 projects (other than those financed by Proprietary Funds, Special Assessment Funds and Special Revenue Funds) . Page 6 Account Group General fixed assets are recorded as expenditures in the General Fund, Special Revenue Funds, and the Capital Projects Funds at the time of purchase. Such assets are accounted for in the General Fixed Assets account group. Depreciation is not provided for in the General Fixed Assets account group.. All fixed assets are valued at historical cost. Donated assets are valued at their estimated fair market value at the date donated. The City has elected not to capitalize "improvements other than buildings" which would consist of nonenterprise expenditures relating to roads, bridges, curbs, gutters, streets, sidewalks, drainage systems, and lighting systems. The account group is not a fund. Consequently, it is concerned with the measurement of financial position only and not the results of operations. b) 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. Taxpayer assessed income, gross receipts, and 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 reductions of revenue when they are measurable and their validity seems certain. Expenditures are generally recognized under the modified accrual basis of accounting which is when the related fund liability is incurred. The City does not currently require the use of other than the General Fund, Special Revenue Fund, and Capital Projects Fund types. However, at such time as may be required, proprietary or other funds will be used. Page 7 c) 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 an ordinance. 4. The City Manager is authorized to transfer budgeted amounts up to $2,500 within an activity, within any fund; however, any other budget transfer must be approved by the City' Council. 5. Formal budgetary integration is employed as a management control device during the year for the General Fund, Special Revenue Funds and Capital Projects Funds. 6. Budgets for the General, Special Revenue, and Capital Projects Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP) . d) Investments Investments are stated at cost or amortized cost, which approximates market. e) Total Columns on Combined Statements Total columns on the Combined Statements 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. Page 8 2. Due From Other Governments Amounts due from other governments at June 30, 1984 consist of the following: Capital Special Projects General Revenue Fund Fund Fund Total Documentary taxpayer tax $ $ 5,228 $ $ 51228 Fines and forfeitures 41275 7,294 11 ,569 Grant funds 75,380 75,380 Project reimbursement $1 ,149 11149 Motor vehicle in-lieu tax 36,772 36,772 Sales and use tax 358,680 358,680 Revenue Sharing 51 ,849 510,849 Animal licenses 2,469 2,469 3. Long-Term Debt The City had no long-term debt at June 30, 1984. 4. Changes In General Fixed Assets A summary of changes in general fixed assets follows: Balance Balance July 1 , June 30, 1983 Additions Deletions 1984 Land $ $ $ $ Buildings Equipment 51 ,582 45,796 97,378 Construction- in-progress 21 ,678 21 ,678 Improvements 1 ,092 1 ,092 5. Other Required Individual Fund Disclosures Generally accepted accounting principles require disclosure, as part of the Combined Statements, of certain information concerning individual funds including: a) Summary disclosures of debt service requirements to maturity for all types of outstanding debt. This requirement is met by Note 3. Page 9 b) Summary disclosures of changes in general fixed assets by major asset class. This requirement is met by Note 4. c) Individual fund interfund receivable and payable balances. Interfund balances at June 30, 1984 consist of the following: Interfund Interfund Receivable Payable General Fund $408,125 $ CDBG Fund 75,380 Federal Aid Urban Fund 290,000 290,000 Capital Projects Fund 4,074 331 ,819 Traffic Safety Fund 5,000 $7099 $7 6. Miscellaneous Revenues The schedule below sets out the detail of miscellaneous revenues for the year ended. June 30, 1984: Revenues General Fund $ 1 ,837 Special Revenue Fund: Park Dedication Fees 490,904 $492.741 7. Retirement Commitments Substantially all of the City's employees are covered by the Public Employee's Retirement System (PERS) . PERS is a defined benefit, contributory retirement plan administered by the State of California. Total pension expense and the amount funded for the year ended June 30, 1984 was $24,353. 8. Commitments The City was not obligated under any long-term lease agreements for facilities or equipment at June 30, 1984. 9. Litigation The City was involved in several lawsuits at June 30, 1984. City Management estimates that the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the financial statements of the City. Page 10 10. Contingent Liabilities The City participates in the General Revenue Sharing and other grant programs. These programs are subject to program compliance audits and/or financial audits by the grantor or their representatives. Performance of such audits in the future may give rise to findings which will result in a liability on the part of the City. The City is of the opin- ion that any liability arising from a grantor's audit will be immaterial. 11 . Prior Period Adjustment In fiscal year 1982/83 a $5,000 deposit from a local agency was recognized as a revenue in error. During fiscal year 1983/84 the deposit was repaid and charged to fund balance to correct the prior period error. Fund Balance at June 30, 1983 as previously reported $ 21.4811,570 Correction for deposit ( 5,000) Fund Balance at June 30, 1983 as restated $ 2,476.570 COMBINING AND INDIVIDUAL FUND STATEMENTS AND GENERAL FIXED ASSETS ;i Page 11 GENERAL FUND The purpose of the General Fund is to account for resources traditionally associated with City Government, which are not required to be accounted for in another fund. Revenues and expenditures of the Federal Revenue Sharing Program are accounted for in this fund. Page 12 CITY OF DUBLIN GENERAL FUND BALANCE SHEET JUNE 30 ,1984 ASSETS Cash and investments $4,219,779 Receivables: Property taxes 10,207 Accounts 6,648 Accrued interest 114,896 Due from other governments 459,273 Due from other funds 408,125 Prepaid expenses 12,225 Total Assets $56231 .153 LIABILITIES AND FUND EQUITY Liabilities: Accounts payable $ 188,285 Accrued wages 10,619 Withholding taxes 31093 Deposits 227,454 Accrued vacation 6,619 Total Liabilities 436,070 Fund Equity: Fund balance: Reserved for facility acquisition 400,000 Reserved for street improvement 4,231 ,228 Reserved for authorized projects 163,855 Total Fund Equity 4,795,083 Total Liabilities and Fund Equity $5.231 ,153 The accompanying notes are an integral part of the financial statements. Page 13 CITY OF DUBLIN GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED JUNE 30, 1984 Revenue: Taxes: Property tax $ 346,256 Sales and use tax 3,321 ,668 Real property transfer tax 47,212 Cable TV franchise tax 26,047 Electric franchise tax 73,738 Gas franchise tax 31 ,047 $3,845,968 Licenses and permits: Building permits 334,952 Encroachment fees 1 ,612 Animal permits 7,190 Other permits 1 ,592 345,346 Intergovernmental: Trailer coach in-lieu tax 21408 Motor vehicle in-lieu tax 390,342 Cigarette tax 83,072 Off highway motor vehicle in-lieu tax 328 Homeowner's property tax relief 17,214 Business inventory tax relief 240,108 Revenue sharing 231 ,211 748,683 Charges for services: Zoning fees 34,251 Plan checking fees 62,664 Special police fees 5,005 Animal shelter fees 40,120 Sales of maps and documents 2,222 Engineering inspection fees 14,862 123,124 Fines and forfeits 11 ,004 Use of money and property: Interest 374,063 Rents and concessions 3,988 378,051 Miscellaneous 1 ,837 Total Revenue 5,454,013 (continued) The accompanying notes are an integral part of the financial statements. Page 14 CITY OF DUBLIN GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED JUNE 30, 1984 (concluded) Expenditures: General government: Personal services $ 1110,018 Services and supplies 154,726 Contract services 8,162 $ 273,906 Public safety: Services and supplies 11 ,992 Contract services 1 ,264,741 11276,733 Highways and streets: Contract services 45,134 Community development: Personal services 98,511 Services and supplies 259,236 Contract services 77,174 434,921 Culture and leisure: Personal services 10,913 Services and supplies 8,895 Contract services 30,681 50,489 Capital outlay 48,198 Total Expenditures 2,129,381 Excess of Revenues over Expenditures 3,324,632 Other Financing Uses: Operating transfers out 1 ,006,119 Excess of Revenues over Expenditures and Other Financing Uses 2,318,513 Fund Balance, Beginning of Year 2,476,570 Fund Balance, End of Year $4.795.083 The accompanying notes are an integral part of the financial statements. Page 15 SPECIAL REVENUE FUNDS Traffic Safety Fund - Resources of this fund are required to be used exclusively for official traffic control devices, maintenance thereof, equipment and supplies for traffic law enforcement and maintenance, improvement, or construction of public streets, bridges and culverts within the City. State Gasoline Tax Fund - Resources of this fund are required to be used primarily for the research, planning, construction, improvement, maintenance and operation of public streets and highways, and for certain other transportation related activities. County Gasoline Tax Fund - Resources of this fund are required to be used primarily for the research, planning, construction, improvement, maintenance and operation of public streets and highways, and for certain other transportation related activities. Federal Aid Urban Fund - Resources of this fund are required to be used for improvements or restoration of roads, streets, fringe parking, and public transportation facilities within the boundaries of the Local Agency, Transportation Fund - Resources of this fund are required to be used for providing paratransit services to Dublin residents. CDBG Fund - Community Development Block Grants are accounted for in this fund. The resources of this fund are required to be used to meet program objectives which includes rehabilitation of existing housing, construction of public improvements, and the development of new affordable housing. Park Dedication Fund - Resources of this fund are required by State law to be used for the purpose of developing new or rehabilitating existing park or recreational facilities to serve the subdivision for which in-lieu fees were received. Page 16 CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Traffic State County Safety Gasoline Gasoline Transportation Fund Tax Tax Fund ASSETS Cash and investments $ 4,727 $247,626 $ $2,073 Due from other governments 7,294 Due from other funds Total Assets $12,021 $241,62fi $ $ 073 LIABILITIES AND FUND EQUITY Accounts payable $ 6,448 $ 13,937 $ $2,073 Due to other funds 5,000 Total Liabilities 11,448 13,937 2,073 Fund Equity: Fund balance 573 Reserved for street improvements 233,689 Total Liabilities and Fund Equity $12,021 $247.626 (continued) The accompanying notes are an Integral part of the financial statements. Page 17 CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Federal Aid Park Urban Highway CDBG Dedication Fund Fund Fund Total ASSETS Cash and investments $ $ $495,713 $ 750,139 Due from other governments 75,380 82,674 Due from other funds 290,000 290,000 Total Assets $220,000 $75.380 $495,713 $1 ,122.813 LIABILITIES AND FUND EQUITY Accounts payable $ $ ; $ 22,458 Due to other funds 290,000 75,380 370,380 Total Liabilities 290,000 75,380 392,838 Fund Equity: Fund balance 495,713 496,286 Reserved for street improvements 233,689 Total Liabilities and Fund Equity $290,000 $ 5.380 $995.713 $l 1 81 (concluded) The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 18 SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Traffic State County Safety Gasoline Gasoline Transportation Fund Tax Tax Fund Revenues: Intergovernmental Gasoline tax $ $ 281 ,754 $ $ TDA Act funds 8,292 CDBG Grant funds Fines and forfeits Vehicle code fines . 50,730 Use of money and property Interest 810 25,528 All other Park dedication fees Total Revenues 51 ,540 307,282 8,292 Expenditures: Public safety Service and supplies 26,980 Contract services .23,987 Highways and streets Contract services 154,157 Capital outlay 39,831 Health and welfare Contract services 14,113 Total Expenditures 50,967 193,988 14,113 Revenues in Excess of (Less Than) Expenditures 573 113,294 ( 5,821 ) Other Financing Sources (Uses): Operating Transfers In 5,821 Operating Transfers Out (108,367) (42,167) Revenues in Excess of (Less Than) Expenditures and Other Financing Uses 573 4,927 (42,167) Fund Balances, Beginning of Year (Note 11 ) 228,762 42,167 Fund Balances, End of Year $ 573 $ 233.689 $ $ 3 (continued) The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 19 SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Federal Park Aid Urban CDBG Dedication Fund Fund Fund Total Revenues: Intergovernmental Gasoline tax $ $ $ $ 281,754 TDA Act funds 8,292 CDBG Grant funds 75,380 75,380 Fines and forfeits Vehicle code fines 50,730 Use of money and property Interest 4,809 31 ,147 All other Park dedication fees 490,904 490,904 Total Revenues 75,380 495,713 938,207 Expenditures: Public safety Service and supplies 26,980 Contract services 23,987 Highways and streets Contract services 154,157 Capital outlay 39,831 Health and welfare Contract services 14,113 Total Expenditures 259,068 Revenues in Excess of (Less Than) Expenditures 75,380 495,713 679,139 Other Financing Sources (Uses): Operating Transfers In 5,821 Operating Transfers Out (75,380) (225,914) Revenues in Excess of (Less Than) Expenditures and Other Financing Uses 495,713 459,046 Fund Balances, Beginning of Year (Note 11 ) 270,929 Fund Balances, End of Year $ $ $ 495.713 $ 729.975 (concluded) The accompanying notes are an integral part of the financial statements. Page 20 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 or projects. CITY OF DUBLIN Page 21 CAPIAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Dublin Dublin Boulevard City Village Boulevard/ San Ramon Traffic Base Parkway Sllvergate Road Study Map Median ASSETS Cash and investments $ $ $ 1 ,749 $ $ 329 Due from other funds Due from other governments .Total Assets $ $ $ 1 .749 $ $ LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ $ $ 1,749 $ $ Deposits Due to other funds 329 Total Liabilities 1,749 329 Fund Balances: Reserved for authorized projects Total Liabilities and Fund Balances $ $ $ 1 .7gg $ $ 329 (continued) The accompanying notes are an integral part of the financial statements. Page 22 CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Traffic Dublin/ San Ramon Study Amador Plaza San Ramon Amador General Dougherty Traffic Road Traffic Plan Road Signals Improvements Signals ASSETS Cash and investments $ $4,845 $18,333 $69,769 $70,883 Due from other funds 4,074 Due from other governments Total Assets $ $8.919 $18,333 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ $4,845 $ 7,495 $ 730 $ Deposits 7,760 Due to other funds 4,074 Total Liabilities 8,919 15,255 730 Fund Balances: Reserved for authorized projects 3,078 69,039 70,883 Total Liabilities and Fund Balances $® $8.919 $18.333 $69.7§9 $ZQ,883 (continued) The accompanying notes are an integral part of the financial statements. Page 23 CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Rehabilitation Dublin/ Amador Dougherty Dublin Dougherty Street Valley Road Boulevard, Intersection Name Median Improvement Others Modifications Signs Landscape ASSETS Cash and investments $70,357 $325,033 $27,378 $4,875 $100,454 Due from other funds Due from other governments Total Assets $70"357 $325.033 $22,378 $4.875 $100.454 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 2,004 $ 1,015 $ 1 ,133 $ $ 200 Deposits Due to other funds 33,670 292,900 423 Total Liabilities 35,674 293,915 1,133 623 Fund Balances: Reserved for authorized projects '34,683 31 ,118 26,245 4,875 99,831 Total Liabilities and Fund Balances $70.357 $ 25 0 3 $27,378 $4.875 $100,454 (continued) The accompanying notes are an integral part of the financial statements. Page 24 CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Dublin Street Village Boulevard Traffic Improvement Parkway Median Signal Amador Bus Median Landscapes Stagecoach Valley Shelters Landscape ASSETS Cash and investments $ 423 $5,412 $12,084 $27,088 $ Due from other funds Due from other governments Total Assets $ $5.412 $ 2 08 $27.088 $ LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ $ $ $ $ Deposits Due to other funds 923 Total Liabilities 423 Fund Balances: Reserved for authorized projects 5,412 12,084 27,088 $ 23 $5.412 $ 2 0 4 $ 088 $ (continued) The accompanying notes are an integral part of the financial statements. Page 25 CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET JUNE 30, 1984 Village Village Parkway Sidewalk Parkway Landscape and Repair Wall Sidewalk Total ASSETS Cash and investments $ 9,658 $186,447 $106,131 $1 ,041 ,248 Due from other funds 4,074 Due from other governments 1,149 1 ,149 Total Assets $10,807 $186,447 $106.131 $1 ,046.471 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 8,964 $ 616 $ $ 28,751 Deposits 7,760 Due to other funds 331 ,819 Total Liabilities 8,964 616 368,330 Fund Balances: Reserved for authorized projects 1,843 185,831 106,131 678,141 Total Liabilities and Fund Balances $10.807 $186.447 $106.131 $1 .046,471 (concluded) The accompanying notes are an integral part of the financial statements. Page 26 CITY OF DUBLIN CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Dublin Dublin Boulevard City Village Boulevard/ San Ramon Traffic Base Parkway Silvergate Road Study Map Median Revenues: Other revenue (reimbursement) $ 15,000 $ $ $ 25,372 $ Total Revenue 15,000 25,372 Expenditures: General government Contractual services 130 750 10,835 38,896 192 Capital projects Construction in progress 34,114 25,887 Equipment Total Expenditures 34,244 750 10,835 38,896 26,079 Revenues In Excess of (Less Than) Expenditures (19,244) (750) (10,835) (13,524) (26,079) Other Financing Sources Operating Transfers In 19,234 6 10,809 21 10,937 Revenues and Other Financing Sources in Excess (Less Than) of Expenditures ( 10) (744) ( 26) (13,503) (15,142) Fund Balances, Beginning of Year 10 744 26 13,503 15,142 Fund Balances, End of Year $ $ $ $ $ (continued) The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 27 CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Traffic Traffic Study Signals San Ramon Traffic General Dougherty Dublin Boulevard Road Signals Plan Road Amador Plaza Rd. Improvements Amador Valley Revenues: Other revenue (reimbursement) $ $ $ $ $ Total Revenue Expenditures: General government Contractual services 68,572 20,433 89,162 5,961 4,117 Capital projects Construction in progress Equipment Total Expenditures 68,572 20,433 89,162 5,961 4,117 Revenues In Excess of (Less Than) Expenditures (68,572) (20,433) (89,162) ( 5,961 ) ( 4,117) Other Financing Sources Operating Transfers In 59,903 20,433 92,240 75,000 75,000, Revenues and Other Financing Sources in Excess (Less Than) of Expenditures ( 8,669) 3,078 69,039 70,883 Fund Balances, Beginning of Year 8,669 Fund Balances, End of Year $ $ $ 3.078 $ 69.039 $ 7Q,883 (continued) The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 28 CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND• CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Dougherty Rehabilitation Road Dublin Boulevard Intersection Street Median Improvements Others Modifications Names Landscape Revenues: Other revenue (reimbursement) $ $ $ $ $ Total Revenue Expenditures: General government Contractual services 85,597 33,882 5,755 22,625 12,169 Capital projects Construction in progress Equipment Total Expenditures 85,597 33,882 5,755 22,625 12,169 Revenues In Excess of (Less Than) Expenditures ( 85,597) (33,882) ( 5,755) (22,625) ( 12,169) Other Financing Sources Operating Transfers In 120,280 65,000 32,000 27,500 112,000 Revenues and Other Financing Sources in Excess (Less Than) of Expenditures 34,683 31,118 26,245 4,875 99,831 Fund Balances, Beginning of Year Fund Balances, End of Year $ x,683 $ 31 .118 $ 26,245 $ 4.875 $ 9 83 (continued) The accompanying notes are an integral part of the financial statements. CITY OF DUBLIN Page 29 CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Traffic Street Village Signal Improvement Parkway Median Amador Amador Bus Median Landscape Valley Valley Shelters Landscape Revenues: Other revenue (reimbursement) $ $ $ $ $ Total Revenue Expenditures: General government Contractual services 10,956 2,588 12,916 912 8,193 Capital projects Construction in progress Equipment Total Expenditures 10,956 2,588 12,916 912 8,193 Revenues In Excess of (Less Than) Expenditures (10,956) (2,588) (12,916) ( 912) (8,193) Other Financing Sources Operating Transfers In 10,956 8,000 25,000 28,000 8,193 Revenues and Other Financing Sources in Excess (Less Than) of Expenditures 5,412 12,084 27,088 Fund Balances, Beginning of Year Fund Balances, End of Year $ $ 5.412 $ 12.084 $ 27.088 $ (continued) The accompanying notes are an integral part of the financial statements. Page 30 CITY OF DUBLIN CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1984 Village Village Parkway Sidewalk Parkway Landscape Repair Mall Sidewalk Total Revenues: Other revenue (reimbursement) $ $ $ $ 40,372 Total Revenue 40,372 Expenditures: General government Contractual services 103,857 14,169 13,869 566,536 Capital projects Construction in progress 60,001 Equipment Total Expenditures 103,857 14,169 13,869 626,537 Revenues In Excess of (Less Than) Expenditures (103,857) ( 14,169) ( 13,869) ( 586,165) Other Financing Sources Operating Transfers In 105,700 200,000 120,000 1 ,226,212 Revenues and Other Financing Sources in Excess (Less Than) of Expenditures 1 ,843 185,831 106,131 640,047 Fund Balances, Beginning of Year 38,094 Fund Balances, End of Year $ 1 .843 $ 185,831 $ 106.131 $ 678,141 (concluded) The accompanying notes are an integral part of the financial statements. Page 31 GENERAL FIXED ASSETS The purpose of the General Fixed Assets group of accounts is to account for fixed assets not used in proprietary fund operations or accounted for in Trust Funds. Page 32 CITY OF DUBLIN SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES JUNE 30, 1983 General Fixed Assets: Equipment $97,378 Improvements 1 ,092 Total General Fixed Assets $98,470® Investment in General Fixed Assets from: General fund purchases $98,,270 Gifts 200 Total Investment in General Fixed Assets $98 47♦ h t[45 'f4 r t r{ aN kpY v r.r .A ;��..• `t -go .t. _ 'f4 i1 i' k') a t.. ? 73, "V? ttrFttr 'T^t, f_w.} it '}`�,7.� �;t'�r�uar '4•b '�'J .i TS '.R�, tSl'� r ,i r My ` k �hr C, 1, ?t s ! t� f �3 ,�F� t5,ty}�t�' t•:S'. ,^13 A.i ,q7,,.1 , 1a- )4.-.g �,yt+,trs M�t t � r ,�lyjT' ,�) �",'1E.�:1 �a 't,i�p�,`y�S'"y�'•�9 r rr tat' �! y ,p T�.?''v r `3 'F 1• + 4. +'•yrj`.$ ° *. +/TRw .�:k �• \ P� } w-:: 'V4'?3 /s+`i `•S't �'t •+Yh} 1.,r`r`.�a vti 1, rti t;L�.'�! 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CARTLA C .P.A. .5326 MISSION 1BOULEVARD 2 CERTIFIED PUBLIC ACCOUNTANT SUITE 1 HAYWARD,CALIFORNIA 045-11 (415) 537-1835 December 7 , 1984 Honorable Mayor, Members of the City Council, and City Manager City of Dublin, California We have examined the financial 19statements of the City oof Deport for the year ended June 30 , thereon dated October 26 , 1984. As part of our examination, we made a study and evaluation of the City' s system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. Under these standards, the purposes of such an evaluation are to establish a basis for reliance on the system of internal accounting control in determining the nature, timing, and extent of other auditing procedures that are necessary for expressing an opinion on the financial statements and to assist the auditor in planning and performing his examination of the financial statements. The objective of internal accounting control is to provide reasonable, but not absolute, assurance as to the safeguarding of assets against loss from unauthorized use or disposition, and the reliability of financial records for preparing financial state- ments and maintaining accountability for assets . The concept of reasonable assurance recognizes that the cost of a system of internal accounting control should not exceed the benefits derived and also recognizes that the evaluation of these factors necessarily requires estimates and judgments by management. There are inherent limitations that should be recognized in considering the potential effectiveness of any system of internal accounting control. In the performance of most control procedures, errors can result from misunderstanding of instructions , mistakes of judgment, carelessness, or other personal factors . Control procedures whose effectiveness depend upon segregation of duties can be circumvented by collusion. Similarly, control procedures can be circumvented intentionally by management either with respect to the execution and recording of transactions or with respect to the judgments required in the preparation of financial statements . City of Dublin Perry H. Carter Page 2 December 7, 1984 Further, projection of any evaluation of internal accounting control to future periods is subject to the risk that the procedures may become. inadequate because of changes in conditions and that the degree of compliance with the procedures may deteriorate. /Our examination of the financial statements was made in accordance with generally accepted auditing standards, including the study and evaluation of the system of internal accounting control for the year ended June 30 , 1984. The examination, which was made for the purposes set forth above, would not necessarily disclose all weaknesses in the system because it was based on selective tests of accounting records and related data. However, such evaluation disclosed the following conditions that we believe to be -weaknesses , excluding those which were corrected before they came to our attention. In addition, we have included our recommendations for improving the accounting system. These conditions were considered in determining the nature, timing, and extent of audit tests to be applied in our examination of the financial statements, and this report of such conditions does not modify our report dated October 26 , 1984 , on c such financial statements. Our recommendations with respect to the City' s system of internal control is discussed below, and includes the status of the prior year' s recommendations , along with the current year' s recommendations. Current Year Recommendations 1. Additional Staff for Finance As the volume of City business increases the finance function is directly impacted in terms of the number and complexity of transactions to be processed. This situation requires that available staff perform all finance functions, from clerical to review and analysis. At some point this results in an inefficient use of staff. We recommend that the City review the present staffing of the Finance function with the idea in mind of adding an account clerk position, either full or part time. Such a position would aid in maintaining segregation of accounting duties , and provide for efficient use of staff. City of Dublin Perry H. Carter Page 3 December 7, 198'4 2 . Computer Study The City currently uses a one-write, manually-posted general ledger system. We believe that if the City activity continues to grow, this system will become increasingly cum- bersome to maintain. We recommend that the City, by the close of fiscal year 1985- 86, prepare a study to determine if the City' s financial operations should be computerized, and if so, to what extent. 3. Cash Receipts System Cash receipts procedures for receipts other than those received at the main city office have not been formalized. We recommend that written procedures employing the use of pre-numbered receipts be developed for other than "main office receipts", in particular the parks and recreation department. 4 . Cash Disbursements Currently, cash disbursement information regarding coding, and approvals are being noted on the vendor invoice or statement. We recommend that a disbursement form be developed to be attached to the "paid bill" package which will collect this information in one place, and facilitate review. Prior Year Recommendations The following is a summary of the status of the prior year' s recommendations: 1 . That additional support be attached to journal entries. Status - Substantial implementation. This is an area that requires continual attention. 2 . That bank reconciliations which are reviewed by the City Manager be initialed and dated. Status - Implemented. 3 . That the City develop written Accounting Procedures. Status - Substantial implementation, a draft has been prepared. City of Dublin Perry H. Cart-er Page 4 December 7, 1984 We wish to thank the City Manager and his staff for their cooperation during the course of the audit. Should you wish to discuss any of the comments we have made, we will be happy to meet with you at your convenience. Sincerely, Perry H. Carter