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HomeMy WebLinkAbout4.04 FinRptFY93-94&Audit f,':" ~ \" . e . CITY OF DUBLIN AGENDA .STATEMENT ~!TY COUMCXL MEE'F.ING DATE: January 9, 1995 SUBJE C 'll'-..: Fincill ~i~ncial Report For Fiscal Year 1993/1994 and ,,~AO J Anm.t'cii\u. Aurli t Report ~r (Pr~:aed by:Paul S. Rankin, Assistant City Manager) ~omprehensive Annual Financial Report, dated June 30, 1994. [Separate Bound Report] ~----_..._..-..._...__.._---- EXHIBI'--".q; MMCHEi1~ 1. / 2. /3. Financial Report (Final), June 30, 1994 Independent Auditor's Management Letter, dated October 7, 1994. /4. Staff response to issues addressed in the Management Letter. RECOMI'fENDATlION ~ Receive the Annual Report, including the report of the Independent Auditor's (Maze & Associates), Receive and fi~e the Staff response to the Management Letter. FINANCIAL STATEMENT: See Report DESCRIPTIONo: The City of Dublin has compiled and published its Comprehensive Anmual Financial Report (CAFR), for the fiscal year ending June 30, 1994. This report includes financial statements prepared by Maze & AsSDciates, the independent auditors selected by the City Council. The financial section of the report includes an unqualified opinion issued by Maze Ii< Associates>. The Audit and Management Letter were also reviewed with Maze & Associates by a city council subcommittee consisting of Mayor Houston and Counoilmember Moffatt. ... The Transmittal .Letter, contained on pages ix - xvii of the Comprehensive AnnuaD Financial. Report (Exhibit 1), provides a good overview of the financialJ aativities. This letter focuses on significant trends as well as major.' obanqes associated with the General Fund. The General Fund repre~ 1arg"st portion of the City's revenues and expenditures and thereth:l:ee dbmiI1f.l.ues any changes in the City's Fiscal condition. In th~ ~; the City Has submitted its Annual Financial Report to State and Nat1J.:i::m1;eU oxg~nizaticms, which review it for conformance with desired repor"tii.r~g L'f.t1anmards. FolX the past four years the City has received awards from bOl.~-ti, Ql~izations:" anal the format of this report was intended to continue.- '\jet ~lify tlu.te C.uty for this recognition. The organizations typically: ctOt: no:lrt:announc~ ttb;;a results until later in the year. The monthl:&, in-h01.lse Fin~b.(.:i.a1 iTeport for June 30, 1994 is submitted in its "final" for:ml~ (Sxhibi t 2) ':rohj~x. J1e.pmlZt reflects various adjustments required in closing! tth:ee backs and pftprin<ar t.he CAFR. All budgetary modifications have been pme,,1.i.iously adopted 1"Dl"' 'lI:b.e C!:.L'Ity council. Among the cbant,'Je.s presented in the 1994 CAFR is a different format in presenting the cur.'t.'ent General Fund Fund Balance. The following is a summary of the Genell"al Fund Equity Balances at June 30, 1994: .---------------------------------------------------------------------- ITEM NO. -4-.4 COPIES TO: Cory Biggs, Maze & Assoc. CITY CLERK FILE ~ , . .\' . ~," . " t" .. ,~-..,.' ,,"' e . GENERAL FUND EQUITY @ 6/30/94 RESEIWED FUND J3ALANCES InvestmellJts 1b Be Be1.d T<t\l Naturi ty prepaid Exp~~ $ 13,808,042 11,981 T...TiIIFESERVED mmlND ~CES- ms IGNATED Liabillj:\J~ 'Ill1n:$lWriBlce CLaims Cemet~ }l!~nt E conorrniicWin:om..1tai n ti e$ Au thctr:liz:l&di ~di tures $ 137,210 60,000 1,369,133 2,325,340 As shown ~ " tilie General Fund Fund Balance includes certain amounts ideatifiedi ass "RUslEt'Ved" and " Unreserved - Designated". Reserved Fund BaUmce is used,',1D segregate net financial assets that are not spendable or avaalable fibr a~ORriation. Thee larg+aB; remrved portion of Fund Balance relates to Investments. Pursuant tioc CitlyCouncil direction the City has invested a portion of the Ci ty porttfiblio in investments which mature in more than one year. The malluri ty fur i.1liese investments is structured to allow the City the oppQrtunj..1'.:b tco eliminate the entire Civic Center Certificate of PaIl'ticipatmn OlUigation in February of 1999. The market value of these investmenta fluatuates based upon various economic factors. Therefore, it cannot be assumed that these funds are available for appropriation until they mature. The auditors have classified this amount as a Reserved Fund Balance. A minor reserve> has also been designated for prepaid expenses. these would be aonsidered assets they can not be readily spent. Although The, "designation" of the remaining Fund Balance as "Unreserved DesignatedW, indicates that the City Council desires to segregate or earmark these lESOurces for a specific purpose. A brief description of each designation is shown in the next section. Insurance Claims - The Liability Insurance designation is intended to cover catastrophic liability claims. The City currently has a $50,000 deductiible. It should be noted that this reserve does not refer to property coverage. If the City suffered large scale damage to City facili~ies such as an earthquake, the City does not have a designated reserve to I address unanticipated financial impacts of this type of event.. cemetery Ehdowment The cemetery endowment represents perpetual maintenance funds transferred to the City by the Dublin Cemetery Inc. only? tihe interest from these funds may be used to maintain the cemet1eJ:Jy.. In, Fiscal Year 93/94 this account 'generated $2,299.56 in inte.J:JS.T.l: raveenle and the City expended $5,408.33 for cemetery mainttanarme. T1Itis figure is net of internment fees collected and the diff(Bjsm:a ,,*8fS lIl8de up from the General Fund. Econcoo:hc:: (L..ycsnti.ainty The City Council directed that any excess revemlaa: ffimmn lHscal Year 1993/94 be designated for future economic uncert.m.l.11l.tb~,,, Itr: is; anticipated that the state of California may face a.. rev1.Imua', sltcn-:tfa:nl iJ.n Fiscal Year 1995/96, which could result in reduct~onSl in ~~at~ ~ienmes provided to local government. Although this reseEYU w~Gli n,~ ~~ime on-going financing of City operations, it woUlld. pJrovide a CUsl'D.ii..vn \i.(Q.' al~()w the Ci ty to develop an appropriate financing plan t@ address any deteri,cration in revenues not controlled by the City. Authorized Expenditures - This category has typically been shown in ~rior audit reports. At the conclusion of each Fiscal Year the City Council authorizes any excess revenues to be appropriated for future designated projects. The actual expenditure of these funds still .,~, ';~,,1\ ~'. J '.,I~i!,?,~,<\,::,".'~~.~;<~~b\II'." ~ ....~~~ '.i:' ~.\ .11:~,,:1";:: ,,'" ;-::'1," q'::'~:,~. '." ,. -". .: '_.:,",;",~A';"";,' .;.' " ." ;" : /r ~'..wl;"l ,~""\"'-';' ."" ;,'",~'\:;'!Il'll ~h"N'_or~..,''''~/,"L'''''''''''''''''''''''''.'' ". e e ~equires an action by the City Council to appropriate the money and to identify the expense. In i'iscal Yea"r 1993/94 General Fund Revenues exceeded expenses by $1,410'0,060. It is; appropriate to highlight some of the factors which have col':atributed to tl1lJi..s (ntlJtoDme and allowed the City to establish a Reserve For ECI2larna.c Unce.-rita:i:i.rn'l::i.aeiL Pl. IM:BC.T ClF1lJlITIAL APPROPRIATIONS AND BUDGET REVENUE ESTIMATES: An ar:alys:ds of the difference between budgeted. revenues and e~;mii tures identifies major reasons for surplus funds at the entd <af the Fiscal Year. Excluding the "'Other Revenue Category" (dl:lis(C1lssed below) the City experienced on-going revenue growth al'mwilf the original budget estimate. The primary increases in reIenues were attributable to increased Sales Tax and increased IJcttenest Revenue from investments. In Fiscal Year 1993/94 the Cntty experienced a reversal of prior year trends related to the detierioration of General Fund Revenues. The General Fund Revenues had ~een decreasing in both of the previous two years. T~ largest area of budgetary savings among expenditure accounts was found in the General Government category. The expenditures in General Government Activities were approximately $223,470 less than the Budgeted Appropriations. This was largely the result of; reduced Legal Expenses; reduced operating costs for telephone services; and Civic Center Lease Payment reductions under the refinanced COP. Also, the 1993/94 Budget was adopted assuming that the State of California would reduce the City Property Tax by a $826,007 Due to the way the legislation was written and the City's incorporation date, the City was not as severely affected. Other one-time budgetary savings are highlighted in Section C below. B. IMPACT OF UNANTICIPATED ONE-TIME REVENUES: Approximately $200,000 in ~Other Revenue" was generated from non-repetitive events such as: (1) Dividends from Workers Compensation and Liability policies totaled $73,682; (2) The City was reimbursed $79,902 for legal services related to lawsuits; and (3) The City received the Cemetery endowment funds. C. IMPACT OF BUDGETARY SAVINGS: The City also experienced one time budgetary savings which may not continue in the future. Overall, operating expenditures were $687,389 less than the amount appropriated. Examples of one-time savings include: (1) Police overtime usage was below historical trends; (2) There were Staff vacancies in four different operating departments for portions of the year; and (3) There was a delay in the assumption for the fn~l operation of the Heritage Center. Pi.. ~D:baft" Mmagement Letter (Exhibit 3) along with the Financial Report W~lJe reviewEd by the City Council Audit subcomadttee. The Management Letter cont.'"ii.ns sugestions by the Auditors, for areas where internal control c:;Qtucu. be 15'tircmgthened. The Audi tors explained to Staff and the St1lmomrnitteE! t1iat during their review, they did not find any indication tlifttt the cu%nett~ operations caused any material weakness in the financial spi:1em:. A:5 aBiscUBsed in Exhibit 4 two of the recommendations ,were rEEiLa:ei vely min.'Ott ant'lti wel:e 1implemented prior to the conclusion of the Audi t. sttaJUi intends tt1rD "lI11liart.:~ke tI.he development of a Fixed Asset Capitalization poillli<.Q{ as a :pa11>it ~1)ff ~.rlt.img. 1the Finance Department procedures. 'i Staltf recommends that tllllE:-' Ci t<y CcmJroCi.~ receive and file the reports. 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'L., I '(I ')!\,~,.\~~, ,\~\\ L, CITY OF DUBLIN DUBLIN, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 1994 AND JUNE 30, 1993 Prepared by FINANCE DEPARTMENT INTRODUCTORY SECTION CITY OF DUBLIN Comprehensive Annual Financial Report For the Years Ended June 30, 1994 and 1993 Table of Contents Pa!!e INTRODUCTORY SECTION Table of Contents....................................... ........... .......................................................... ............i Elected Officials and Administration Personnel....................................................... ...... ............. iv Organizational Chart............................................ .......... ............................................................ v GFOA Certificate of Achievement for Excellence in Financial Reporting .................. ....... ... ....................................... ........,.... ........ .... .................. vi CSMFO Certificate of Award for Outstanding Financial Reporting........................................... .............. ........................................................ vii Letter of Transmittal ................................. ......................................... ......... ....... .......................ix FINANCIAL SECTION Independent Auditor's Report........................... ...................... .......... ......................... ........... ....1 General Purpose Financial Statements Combined Balance Sheets - All Fund Types and Account Groups............................ .............. ............... .............. .......... .................... ...................4 Combined Statements of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types.................................................... ..... ................................... ....................... ...... ......7 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual- All Governmental Fund Types .. ..... ...... .............................. ............ ......:........... .......................... 8 Combined Statements of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types ....................................................10 Combined Statements of Cash Flows - All Proprietary Fund Types ...........................................11 Notes to General Purpose Financial Statements......................................................................... 12 CITY OF DUBLIN Comprehensive Annual Financial Report For the Years Ended June 30,1994 and 1993 Table of Contents Pa2e Combining Fund Statements and Schedules General Fund Comparative Balance Sheets............................................................... ...........................,..........34 Statements of Revenues, Expenditures and Changes in Fund Balance - Budget and ActuaL...................... .......... ..................................................... 35 Schedule of Budget Versus Actual Departmental Expenditures............,.....................................36 Special Revenue Funds Combining Balance Sheets. ..... .......... ...... ...... ....... ........ ......... .......................................... .........38 Combiiling Statements of Revenues, Expenditures and Changes in Fund Balances.. ...... ....... ............................. .....,............................................. .40 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual........:.......:................................................42 Capital Projects Funds Combining Balance Sheets..................... ..... ..................... ........................................................52 Combining Statements of Revenues, Expenditures and Changes.in Fund Balances ....... ................................. ......................... ........... ....................53 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual.................................................................54 Agency Funds Combining Statement of Changes in Assets and Liabilities ...................;....................................58 11 CITY OF DUBLIN Comprehensive Annual Financial Report For the Years Ended June 30, 1994 and 1993 Table of Contents Pa2e STATISTICAL SECTION Governmental Expenditures by Function - All Governmental Fund Types - Last Ten Fiscal Years......................................................................61 General Governmental Revenues by Source - All Governmental Fund Types - Last Ten Fiscal Years......................................................................62 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal years............................................... ...................................... 63 Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years .................................. ........ .......................................... ........... .................. 64 Computation of Legal Debt Margin ....................................... .................. ................................~.... 65 Computation of Direct and Overlapping Debt .......................... ...... ............. ................ ............ ...... 66 Demographic Statistics - Last Ten Fiscal Years ............................................................,............... 67 Property Value, Construction, and Bank Deposits - Last Ten Fiscal years...................... .'........... ........... ...................,......................,.. ... ....................68 Miscellaneous Statistical Data........................................................................, ............. .................69 Schedule of 1985 Certificates of Participation Coverage - Fiscal Years 1985-1988.............. ............................................... ......... ..... ..................70 Schedule of 1988 Certificates of Participation Coverage - Fiscal Years 1989-1994.. ................................................. .......................................... 71 Schedule of 1993 Certificates of Participation Coverage - Fiscal Year Ended June 30, 1994............................................................................... 72 California Public Employees Retirement System Funding Analysis - Fiscal Years 1986-1992....................................... .......................................... 73 Property Tax Levies and Collections - Last Ten Fiscal years........................ .............. ............................................. ............ .................. 74 Principal Taxpayers..........................................................,.................................... ......................75 lU Vice Mayor Dave Burton Councilmember Lisbeth Howard CITY OF DUBLIN ELECTED OFFICIALS June 30,1994 Mayor Peter W. Snyder Council member Guy Houston Councilmember Paul C. Moffatt ADMINISTRA TION PERSONNEL City Manager Assistant City Manager City Attorney City Clerk Chief of Police Public Works Director Planning Director Chief Building Official Recreation Director IV Richard C. Ambrose Paul Rankin Elizabeth Silver Kay Keck Jim Rose Lee Thompson Laurence 1. Tong Victor 1. Taugher Diane Lowart " ~ ... " " o ... W .." > W<II '" I- . ,q l.J '" ~ '" ;; ..... '" ..... .. .. .n I- <i: .. l.J :J -= l.J ::: l- e:;) '" 8. -;; ... l.J ... 8 ~ " ~ l+- 0 .. l.J ::E 0 .. l.J .. '" ,.. ... N ;:j ... .. ~i ;:; c:; " u f-l '" c I- u .. .. ..... 0 -'" " -I- " U .c 0 .. ::>3 .; ... ~ II> .; ~ ::> <II .. " U '> I- " <II '; I- .. C .. ~ . " '" u i~ ... " <II " u c .. c ... v Certificate of Achievement for Excellence in Financial Reporting Presented to City of Dublin, California For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 1993 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. ~fi~ President f#7-/~ Executive Director vi V) ~ t:.J ~ L L~ I I OlL1 ") .?O' .~ ~ ~ ~ o ~ V) g ~ .~ .~ ~ ~ LO I .~) '\"""" A t::S U ~ ~ t::S .~ u .~ ~ ~ ""d J....t (,ij ~ "4-1 o Q) 4-J (,ij U . .....t "4-1 . .....t 4-J ~ Q) U ~ I C"\l Ol Ol ~ ~ .~ ~ ~ C) ~ ~.8 ~"'lj ~ 2 .~ ~ U (J) ;:: CJ) ~ ~ ;:: ~ .~ ~ ~ .~ '-ti a ~ ~ ~ a ;:: .~ ~ ~ ~ ~ ~ CJ ~ .~ \..j vii ~ ~'-d ~ ~ ~ tj ~ fro .S:l a. '-:: l'U tj ~ t) ~ ~~ ~ <::) ~ fr< .~ ~ ~~ ~~ .;: .\,) ~i ~i:: .::; ~ .g 5 ~ ..... .t; ~ \,) II} ~ ~ ;: '- l:i ~ ~ 6 ~ {t:: ~ ;: tj 2 ~ ~ II} . ~ C'-l '";::'-:: ~ .... I- ~~ t::1 ._;: ::t ~;:: Ji ~':S ~ ~;: ~.- . ;: '-ti ~ ;: ~ ~ E ~ ~;: ;: ~ .S ~ ..tt ~ ~~ \,) \,) ~ ;: ;: t:i '- .;: ~:+; ~g .~ E .~ tj ...:a ~ ti~ .~ ;: ~.- ~ .if' ...:i \,) tj .~ ::t ~~ :S. ~ ,.-- ..... ;: '>) E tU ~ g ~ '-..> .;:! \,) ;: tj .;: ~ ....., tj .&< \,) 'j2 ~ .S tU \,) ;::t ~ tU ~ \:Y Q ..... '-ti tU .... -tj .w ~ tU 8 .~ r:.~t\ ~i\;, liliH!~~'I~~\'\J\'J'\ 'I,ll _ 4.. h'll ,I" ,'.'.1- -~ ,11'1,'1) I.,i'\,.:~\ \y I'/'{'!,/ , .< " , ~\' ''li;:'1 "'"'" \~~';' 1[,): ;.L\\ " ','</ CITY OF DUBLIN Po. Box 2340, Dublin, California 94568 · City Offices, 100 Civic Plaza, Dublin, California 94568 November 18, 1994 Honorable Mayor and Members of the City Council Presented with this transmittal is the City of Dublin Comprehensive Annual Financial Report, for the year ended June 30, 1994. The responsibility for the accuracy and fairness of this report rests with the City. INTRODUCTION The format of this report exceeds the minimum requirements and information typically included in an annual financial audit. The report is intended to conform to the guidelines of the Government Finance Officers Association. The data is presented in a manner which is designed to fairly set forth the financial position of the City. Financial activity within the various funds are measured to display the results of City operations. The report contains the necessary disclosures to promote an in-depth understanding of the City's financial affairs. REPORT FORMAT The Comprehensive Annual Financial Report contains information which has been divided into the following three main sections: Introductory Section This consists of: the - table of contents; letter of transmittal; directory of elected officials and staff; GFOA and CSMFO awards; and a city organization chart. This section is intended to assist the reader and provide a narrative overview of the entire report. Financial Section This consists of: the independent auditor's opinion; general purpose financial statements and notes; and combining and account group statements by fund type. In its entirety this section comprises the annual financial audit prepared by the City's Certified Public Accountants. Statistical Section: This section includes both financial and non-financial data about the City and its operations. The information provides historical comparisons of key factors. The information in this Comprehensive Annual Financial Report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB) and includes the report prepared by City's independent certified public accountants, Maze & Associates, Walnut Creek, California. AdministratIOn (510) 833-6650. City Council (510) 8:i3-6605 .liiKance (510) 8:13,6640. Building Inspection (510) 833-6620 Code Enforcement (510) 833-6620 . Engineering (510) 833-6630 · Planning (510) 833-6610 Police (510) 8:13-6670 . Public:: Works (510) 833-6630 . Rec::reatJon (510) 833..6645 REPORTING ENTITY AND ITS SERVICES This report reflects reporting as a single entity for all operations directly associated and controlled by the City. In addition to, reporting directly for the City operations , Dublin Information Inc., a separate legal entity has been included in the primary reporting entity. This is a non profit corporation originally formed by the City to reduce the cost of producing and distributing public information throughout the community. The functions were expanded in 1985 to include financing for the construction of a new Civic Center. The project was completed and occupied in 1989. Pursuant to the financing arrangements with Dublin Information, Inc. the Civic Center project is leased from the corporation, with the City making annual payments from its General Fund. These annual payments are used by Dublin Information, Inc. to make principal and interest payments to the holders of the Certificates of Participation. The City of Dublin is a General Law city, incorporated In 1982. The City operates under the Council - Manager form of government. The five member City Council is the political and legislative body. The Mayor is directly elected and serves a two year term. The four City Councilmembers serve staggered four year terms. The City Council is empowered to take actions in accordance with the General Laws of the State of California. The City .Council responsibilities include: formulation of City policies, including a fiscal program; determination of the level of City services to be provided; and appointment of the City Manager, ,City Attorney and Auditor. Citizens of the City of Dublin also assist the City Council in forming government policy. The City Council appoints members of commissions and committees such as: Planning Commission, Parks & Community Services Commission, Senior Center Advisory Committee, and Heritage Center Advisory Committee. The basic structure for City operations is commonly referred to as a "contract city." Many of the typical municipal services are provided through a contract with public or private entities. For example, Police Services are provided by the Alameda County Sheriff. Street and Park and Building Maintenance Services are provided by MCE Corporation and other private contractors. For Fiscal Year 1993-94 the City had a total of 32.5 Full Time positions which provide services as City employees. An additional 50 positions were employees of the City I S Contractors and were assigned to work solely within the City operations. Fire Suppression and Prevention Services are provided by the Dougherty Regional Fire Authority. This is a Joint Powers Authority formed by the cities of Dublin and San Ramon. Each City makes payments .for its pro-rata share of the annual costs associated with the independent Authority. SUMMARY OF THE LOCAL ECONOMY The City of Dublin is located at the intersection of Interstates 580 and 680 approximately 35 miles east of San Francisco. The City has a wide range of housing types available to meet the demands of various employers throughout the region. The City has a large retail base which serves local residents as well as those in surrounding communities. x The largest employers include: public agencies such as; County of Alameda Correctional Facility, Dublin Unified School District and United States Department of Justice Correctional Facility; corporate offices such as Lucky Stores, Inc. headquarters, and Great Western Bank regional office; and retailers such as; Montgomery Wards, Target Stores, and Mervyns. Although the City has been impacted by the economic recession in recent years, in Fiscal Year 1993/94 some of the City's General Fund Revenues performed better than anticipated. For example, General Fund Sales Tax in 1993 -94 increased by 8.84% over the prior year. A significant amount of the City's retail sales are attributable to the auto industry which had improved sales in the past year. The future economic outlook for the City is geared towards enhancing the City's existing economic base, while providing opportunity for further expansion. There is the ability to accommodate significant new development projects in the City's Eastern Dublin Specific Plan Area. MAJOR INITIATIVES The City Manager served as the staff resource to coordinate a Business Task Force, which presented recommendations to the City Council. The Task Force had representatives of the Chamber of Commerce, business owners and residents. The Final Report assessed the City's assets and opportunities to compete more effectively in the regional economy. The Task Force recommended that an Economic Development Manager be added to the City Manager's Staff in Fiscal Year 1994/95 to assist with development of the business community in cooperation with local and regional efforts to support economic growth. In May of 1993, the City completed and adopted a major General Plan Amendment covering approximately 10.8 square miles of largely undeveloped land. Approximately one half of the Planning Area was covered by a Specific Plan, which was processed concurrently. The adopted plans provide for a fully integrated community including residential sites, commercial and employment generating properties, schools, public buildings, parks and open space. The plans were upheld by the voters in a Referendum Election held in November of 1994. The outcome of lawsuits challenging the plans were known in the final quarter of Fiscal Year 1993/94. The legal ruling was favorable to the City and the implementation of the Plan can now proceed. The Parks and Community Services Department completed the acquisition of the parcels comprising the Heritage Center. The project includes the "Old Murray School", "Old St. Raymond's Church", and the Dublin Cemetery. The properties were previously owned by three separate non-profit groups. The Department has now assumed responsibility for the coordination of burials at the Cemetery. The City initiated the design process to refurbish the structures which will increase their usefulness and availability to the public. The Department also completed a Park and Recreation Masterplan, which provides direction for development of recreational opportunities throughout the City General Plan area. In Fiscal Year 1993 1994 extension of Dublin Boulevard. the Public Works Department completed the This project will provide access to a Bay xi Area Rapid Transit (BART) train station, which is under construction and is slated to be operational by 1996. The extension will also provide a transit connection from the current developed portions of Dublin to the East Dublin General Plan area. ACCOUNTING SYSTEM AND BUDGETARY CONTROL Note 1 contained in the General Purpose Financial Statements provides a detailed explanation of the significant accounting policies. In general, for all Ci ty and Agency funds the revenues and expenses are based on a modified accrual basis of accounting. This means that with certain exceptions revenues are recorded when measurable and available rather than when they are received. Expenditures are recorded when the liability is incurred rather than when it is paid., In the case of proprietary funds such as Dublin Information Inc., revenues and expenditures are accounted for using the accrual basis of accounting. In developing and evaluating the City's accounting system, consideration is given to the adequacy of controls. Internal accounting controls are designed to provide reasonable assurance regarding: safeguarding of assets against loss, accuracy and reliability of accounting data, and adherence to prescribed policies. The concept of reasonable assurance recognizes that the cost of a control should not exceed benefits likely to be derived; and that the evaluation of costs and benefits require estimates and judgments- by management. Annually the City Manager develops and presents a budget for approval by the City Council. The Budget includes appropriations for both operating programs and capital improvement proj ects. The Budget is approved on a departmental basis based upon the identified funding sources. The adopted accounting procedures authorize the City Manager to transfer budget amounts between line items within the same Department. Any transfers between separate Departments requires City Council authorization. Monthly reports of detailed revenue and expenditures are distributed to Management Staff for review and assistance in controlling activities and programs. The City Council also receive summary reports on a monthly basis identifying revenues, expenditures, and investment activity. FINANCIAL HIGHLIGHTS OF FISCAL YEAR 1993 - 1994 The financial reports identify that among all of the Governmental Fund Types the General Fund represents approximately 86% of the Revenue and 85.5% of the expenses. Clearly, the activity within the General Fund dominates the City's fiscal condition and will be focused on in the analysis presented in this Transmittal Letter. The following comparison shows changes in major General Fund Revenue Types as compared to the previous Fiscal Year: xii GENERAL FUND REVENUES % of Dollar % Arnt Collected total change from change Revenue Tvoe 1993/94 current vr Drior vear Drior vr Taxes $10,457,184 77.07% $ 581,478 5.89 % License/Permits 340,995 2.51% 59,074 20,95 % Intergovernmental 945,713 6.97% 25,811 2.81 % Charges For Services 580,738 4.28% (439,893) (43.10)% Use of Assets 935,615 6.90% 56,646 6.44 % Fines & Forfeitures 34,316 0.25% 9,902 40.56 % Other 274.339 2.02% 213.962 354.38 % TOTALS $13.568.900 100.00% $ 506.980 3.88 % The increase in General Fund revenues posts a reversal of the trend from ,. the two prior years when the City experienced declines in General Fund Revenue. The following sections describe changes in Fiscal Year 1993/94 within each of the major categories. Sales Tax revenue increases were the largest contributor to the increase in General Fund Tax Revenues. In general the economic trends statewide improved in terms of Auto and Transportation related retail sales. The City of Dublin benefited from these conditions. The data was also impacted by a significant prior quarter tax transfer identified by the City's independent Sales Tax Consultant. This firm reviews State Board of Equalization data to assure that sales tax generated within the City is appropriately recorded. The increase in Licenses and Permits category is primarily related to Building and Safety Permits. The City had a major shopping center process a complete facade improvement in conjunction with bringing in new Retail tenants. The Stores were not completely opened for business until late in the final quarter of the Fiscal Year. The decline in Charges For Services represents the completion of the Planning Department processing of a Major General Plan study. The City had significantly less activity in the Planning Department due to the general economic slowdown, which affected development activities statewide. As noted the Use of Assets category in the General Fund increased by approximately 6.44% over the total in the prior year. This increase was related to improved interest earnings as a result of an increased amount of General Funds available for investment. The rental of City Buildings and Fields, which is also accounted for in this category, actually declined by approximately 20.4% over the prior year. This was attributable to the fact that the City Council waived portions of the Little League Field Rental xiii fees in exchange for improvements to be constructed by the Little League. Also, rental of City facilities were off from the levels of usage seen in the prior year. The Fine and Forfeiture category was positively impacted due to the change in State Law, which provides for cities to process and receive 100% of the Parking Citation Penalties. In previous years the revenue was shared with the County and the process was administered by the Municipal Court. The "Other Revenue" category also showed a dramatic increase over the previous year. Since this category is utilized for miscellaneous one-time events it is typical to observe fluctuations between different Fiscal Years. The one-time nature of these types of revenues also limits the ability to rely on these revenue increases to finance on~going operating expenses. The 1993-94 Fiscal Year Other Revenue category included over $200,000 generated from major one-time events. The following major transactions affected this revenue: (1) Equity/Dividends on Liability and Workers Compensation Insurance policies totalled $73,682. (2) The City secured as part of legal settlements, $79,902 in reimbursements for legal costs incurred defending the City. (3) The City was the recipient of $60,000 in endowment funds from the former operator of the Dublin Cemetery. The following chart compares General Fund Expenditures to those for the previous year. As noted above, General Fund expenditures decreased when compared to the prior year. This was due to a conscious effort by City officials to reduce General Fund expenditures as a result of potential State reductions in xiv local revenues. The operating portions of the General Fund budget were scaled back through the elimination of vacant positions within the current year I s budget. In the case of Highways & Streets the City revised its approach to financing these types of expenditures. The 1993/94 budget relied more heavily on Special Revenue Funds and less on General Fund financing. In addition, a reduced scope of activities were undertaken. The City also experienced favorable results in General Fund expenditures as compared to the adopted Budget Appropriations. The final General Fund operating expenditures were approximately $687,389 less than the authorized budget. In several cases this resulted from one-time savings and the trend over time would not be expected to continue. Examples of one time savings include: (1) Police overtime usage was below historical trends. (2) There were Staff vacancies during the year in four different operating departments. (3) There was a delay in the assumption of the full operation of the Heritage Center properties. As noted in the Financial Report as well as the analysis presented above, the City had General Fund Expenditures which were less than General Fund Revenues. In accordance with City council policy this difference has been designated in a reserve for "Economic Uncertainty". Overall, the General Fund expenses were $1,400,060 less than the General Fund Revenues. It is also important to consider the non-repetitive nature of the factors which contributed to this surplus. In part it was affected by the City Council policies undertaken to reduce appropriations at the start of the Fiscal Year. This was done to prepare for a potential reduction in State Revenues. The final action taken by the State Legislature in Fiscal Year 1993/94 did not significantly impact cities incorporated after 1978. The City of Dublin benefited from this limitation. Other contributing factors included one-time revenues and budgetary savings during the Fiscal Year. It is anticipated that the State of California may face revenue shortfalls in Fiscal Year 1995/96, which would cause further reduction to municipal revenues. Although the City's reserve for Economic Uncertainties would not provide on-going financing for operations, it will provide a cushion to finance operating costs while an appropriate financing plan is developed to address any shortfalls in State controlled revenues. In recent years the timing of State Budget actions have complicated local financial planning. Typically the City adopts its budget in the month of June. The State may adopt legislation after the City action, which effects revenue sources included in the adopted City Budget. The reserves would also be available to address one time expenditures considered to be a priority by the City Council. DEBT ADMINISTRATION The City has no outstanding General Obligation administer funds for debt issued pursuant to the two Capital Improvement Projects. On July 2, 1993 the Assessment District Bonds associated with the Plan Assessment District. debt. The City does 1915 Improvement Act on the City retired all of San Ramon Road Specific The t6tal $2,350,000 amount and is of assessment debt outstanding at June 30, 1994 is related to the Dublin Boulevard Extension Assessment xv District. This amount is repayable from property assessments levied on properties benefiting from the improvements. Revenues collected were sufficient to finance all required debt service expenditures for the year ending June 30, 1994. There were no material delinquent assessment revenues at year end. RISK MANAGEMENT The City of Dublin is a member of ABAG PLAN Corporation. This is a public agency pool providing liability insurance coverage to approximately 29 Bay Area cities. The coverage limit is $ 5 million per occurrence. In Fiscal Year 1993/94 the City of Dublin selected a $ 50,000 deductible. In previous years the City had carried a $25,000 deductible. The change reduced the City's annual premium costs. The pool also provides property insurance coverage with a $5,000 deductible except for vehicle losses, which carry a $10,000 deductible and purchases required employee bonds. CASH MANAGEMENT Cash which is temporarily idle during the year was invested by the City Treasurer in accordance with adopted investment policies. The amount of interest earned on all Governmental Fund Types was $ 949,719. This was a 7.46%% above the amount earned in the prior year. The 1993/94 annual yield- was 5.232%, for Governmental Fund Types, based upon average monthly balances. The City had higher balances invested and achieved a slightly better interest rate in 1993/94, compared to the prior Fiscal Year. The City Council has established a policy to invest excess general funds in accordance with various priorities. The highest priority is the prepayment of the 1993 Civic Center Certificates of Participation (COP's) in February 1999. The amount required at that time will be $13,052,781. The portfolio was invested in increments to meet this target date and still maintain adequate short term cash flow reserves. At June 30, 1994 the portfolio of investments held for Governmental Fund Types included $12,095,000 in Federal Treasury Notes and United States Agency Notes representing an average weighted maturity of 3.64 years. The City has positioned its cash needs to allow it to hold all securities to maturity. Fund Balance in the General Fund has been reserved in an amount equivalent to the Bo'ok Value of investments exceeding one year in maturity. On a monthly basis the City Council is provided with a report on investment activity. The investments strategy emphasizes the safety of the portfolio and liquidity to match anticipated cash flow needs. INDEPENDENT AUDIT Each year the City of Dublin obtains an independent annual audit of the City's financial records. The information presented includes a review of the results of operations and changes in financial position. The report is presented to the City Council at a public meeting. This report includes the Auditor's opinion for the combined financial statements of the City of Dublin. xvi AWARDS The Government Finance Officer's Association (GFOA) and the California Society of Municipal Finance Officer's (CSMFO) have both recognized the City of Dublin for its Comprehensive Annual Financial Report covering the period ending June 30, 1993. Copies of the Certificate of Achievement for Excellence in Financial Reporting are included in this report. This represented the fourth consecutive year that the City report was recognized by the GFOA. In order to be recognized the City was required to produce an easily readable and efficiently organized report. The report must also meet the requirements for generally accepted accounting principles and legal requirements. The Certificate of Achievement is valid for a period of one year. We believe that our current report continues to meet the certificate of Achievement program requirements. It is our intent to submit this report to GFOA and CSMFO to determine its eligibility for another certificate. ACKNOWLEDGMENTS This report represents the culmination of a significant amount of work, during a time when fewer Staff resources were available in the Finance Department. A special thanks is due to the Finance Staff as well as the Staff at Maze & Associates. The City Council must also be recognized for their continued support of excellence in financial reporting to the public. Respectfully submitted, gaJ~~ Richard C. Ambrose City Manager Paul S. Rankin Assistant City Manager / Administrative Services Director xvii FINANCIAL SECTION ^~ZE & · r ,~ ASSOCIA TES ACCOUNTANCY CORPORATION 7670 Riviera Avenue -Suite 100 Walnut Creek, California 94596 (5 70) 930~0902 · FAX 930-0135 INDEPENDENT AUDITOR'S REPORT 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, 1994 and 1993, 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 audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits 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 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 30,1994 and 1993 and the results of its operations and cash flows of its proprietary fund types for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining fund statements and schedules listed in the table of contents are presented for the purpose of additional analysis and arc not a required part of the general purpose financial statements. These combining fund statements and schedules have been subjected to the auditing procedures applied in the audits of the general purpose financial statements, and in our opinion are fairly stated in all material respects ,"..hen considered in relation to the general purpose financial statements taken as a whole. The statistical section listed in the table of contents was not examined by us and we do not express an opinion on this information. COY)~ p~ October 7, 1994 A Professional Corporation CITY OF DUBLIN GENERAL PURPOSE FINANCIAL STATEMENTS These statements provide an overview of the combined financial position and the operating results of aU fund types and account groups. Individual funds and account groups utilized by the City are grouped in these statements as follows: GOVERNMENTAL FUND TYPES These funds include general, special revenue and capital projects funds, through which governmental functions are typicaUy funded, with the emphasis on sources and uses of resources. PROPRIETARY FUND TYPES These funds include enterprise and internal service funds, which are used to account for activities similar to private industry, with emphasis on net income determination and cost recovery. FIDUCIARY FUND TYPE These agency funds are used to account for assets held by the City as an agent. ACCOUNT GROUPS The account groups are used to establish accounting control over the City's general fixed assets and general long- term obligations. These assets and liabilities are not spendable resources and do not require current appropriation. They are accounted for separately from governmental fund types. 3 CITY OF DUBLIN COMBINED BALANCE SHEETS. ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1994 WITH COMPARATIVE AMOUNTS FOR JUNE 30,1993 PROPRIETARY GOVERNMENTAL FUND TYPES f1JND TYPES Special Capital Internal General Revenue Projects Service Enterprise ASSETS Cash and investments (Note 3) $17,142,748 $1,077,298 $128,435 $334,576 $14,688 Restricted cash and investments (Note 3) 1,732,248 Receivables: Accounts 385,783 164,243 113,552 Accrued interest 305,989 644 46,955 Due from other governments 274,232 29,859 Due from other funds (Note 4) 387,489 Prepaid expenses 11,981 2,879 Condemnation deposits Deferred compensation mutual funds (Note 21) Fixed assets (net of accumulated depreciation) (Note 5) 153,664 20,476,568 Amount to be provided for general long-term obligations Total Assets $18.508,222 $1.271.400 $242,631 $491.119 $22.270.459 LIABILITIES Accounts payable $280,743 $292,564 $23,822 $799 $14,428 Accrued wages 63,762 Accumulated unpaid general leave 124,105 Deposits payable 107,210 216,850 Deferred revenues 220,361 110,796 Due to other funds (Note 4) 109,083 278,406 Due to other governments 335 Due to bondholders Deferred compensation payable Interest payable 378,643 BART advance payable (Note 6) Certificates of participation (Note 6) 16,981,238 Total Liabilities 796,516 401,647 629,874 799 17,374,309 FUND EQUITY Investment in general fixed assets Contributed capital 177,339 5,109,890 Retained earnings (deficit) Reserved for debt service 1,779,203 Reserved for equipment replacement 312,981 Unreserved (1,992,943) Fund balances (Note 7): Reserved for: Investments held to maturity 13,808,042 Prepaid expenses 11,981 Condemnation deposits Unreserved: Designated for: Liability insurance claims 137,210 Cemetery endowment 60,000 Econonticuncertainty 1,369,133 Authorized expenditures 2,325,340 914,832 Undesignated (45,079) (387,243) Total Fund Equities (Deficits) 17,711,706 869,753 (387,243) 490,320 4,896,150 Total Liabilities and Fund Equity $18.508.222 $1.271.400 $242,631 $491.119 $22.270.459 See accompanying notes to financial statements 4 FIDUCIARY FUND TYPE ARency ACCOUNT GROUPS General Fixed General Long- Assets Term Obligations TOTALS (Memorandum Only) 1994 1993 $221,891 $18,919,636 $18,747,j3j 121,210 1,8j3,4j8 1,848,112 663,578 607,678 353,588 257,379 304,091 347,jj2 387,489 266,809 14,860 5,959 32,600 216,591 216,591 157,929 $479,805 21,110,037 21,585,013 $2,713.930 2,713,930 2,548,360 $559,692 $479.805 $2.713.930 $46.537,258 $46.404,926 $169 $612,j25 $1,498,616 63,762 114,037 124,105 116,981 3,12j 327,185 236,562 45,684 376,841' 257,917 387,489 266,806 335 107,866 294,123 294,123 741,390 216,j91 216,591 157,929 378,643 77,851 $2,713,930 2,713,930 2,j48,360 16.981,238 17,850,568 j59,692 2,713,930 , 22,476,767 23,974,883 $479,805 479,805 470,015 5,287,229 j,285,999 1,779,203 312,981 289,050 (1,992,943) (340,8j2) 13.808,042 11,981 j,845 32,600 137,210 137,210 60,000 1,369,133 3,240,172 16,554,956 (432.322) (4,780) 479,805 24,060,491 22,430,043 $jj9.692 $479.805 $2,713.930 $46.537.258 $46.404.926 5 CITY OF DUBLIN COMBINED STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1993 TOTALS GOVERNMENTAL FUND TYPES (Memorandum Only) Special Capital General Revenue Projects 1994 1993 REVENUES Taxes $10,457,184 $117,623 $10,574,807 $9,986,544 Licenses and permits 340,995 340,995 281,921 Intergovernmental 945,713 852,324 1,798,037 2,810,875 Charges for services 580,738 742,458 1,323,196 1,171,564 Use of money and property 935,615 51,059 $21,370 1,008,044 951,267 Fines and forfeitures 34,316 33,964 68,280 50,780 Other revenue 274,339 26,263 53,903 354,505 124,493 Special assessments 296,286 296,286 292,224 Total Revenues 13,568,900 2,119,977 75,273 15,764,150 15,669,668 EXPENDITURES Current: General government 2,922,353 2.922,353 3,066,025 Public safety 5,720,727 . 280,439 6,001,166 6,014,989 Highways and streets 487,451 343,485 830,936 998,843 Health and welfare 76 542,622 542,698 76,729 Community development 986,292 121,478 1,107,770 1,409,594 Culture and leisure 1,709,218 1,709,218 1,733,786 Capital outlay 342.723 561.640 214,021 1.118,384 2,697,724 Total Expenditures 12,168,840 1,849,664 214,021 14,232.525 15,997,690 EXCESS (DEFICIENCY) OF REVENUES OVER(UNDER) E..'XPENDITURES 1,400,060 270,313 (138,748) 1,531,625 (328,022) OTHER FINANCING SOURCES (USES) Operating transfers in (Note 4) 77,093 32,728 109,821 105,435 Operating transfers (out) (Note 4) (41,884) (9,451) (70,494) (121,829) (105,754) Contributions in aid of construction 390,230 Total Other Financing Sources (Uses) 35,209 23,277 (70,494) (12,008) 389,911 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) E..'XPENDITURES AND OTHER FINANCING USES 1,435.269 293,590 (209,242) 1,519,617 61,889 Fund balances at beginning of year , as restated (Note 7) 16,276,437 576,163 (165,101) 16,687,499 16,625,610 Residual equity transfers (out) (Note 4) (12.900 ) (12.900) Fund balances at end of year $17.711.706 $869.753 ($387,243) $18.194.216 $16.687,499 See accompanying notes to financial statements 7 CITY OF DUBLIN COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 GENERAL FUND SPECIAL REVENUE FUNDS V mance V mance Favorable Favorable Budget Actual (Unfavorable ) Budget Actual (Unfavorable) REVENUES Taxes $10,063,940 $10,457,184 $393,244 S114,OOO 5117,623 53,623 Ucenses and pennits 375,600 340,995 (34,605) Intergovernmental 964,425 945,713 (18,712) 2,974,726 852,324 (2,122,402) Charges for services 714,533 580,738 (133,795) 716,557 742,458 25,901 Use of money and property 881,100 935,615 54,515 29,200 51,059 21,859 Fines and forfeitures 32,000 34,316 2,316 26,500 33,964 7,464 Other revenue 30,649 274,339 243,690 15,400 26,263 10,863 Special assessment 288,263 296,286 8,023 Total Revenues 13,062,247 13,568.900 506,653 4,164,646 2,119,977 (2,044,669) EXPENDIlURES Current: General government 3,145,823 2,922,353 223,470 2,450 2,450 Public safety 5,982,282 5,720,727 261,555 309,170 280,439 28,731 Highways and streets 494,116 487,451 6,665 371,384 343,485 27,899 Health and welfare 100 76 24 572,236 542,622 29,614 Community development 1,042,521 986,292 56.229 124,740 121,478 3,262 Culture and leisure 1,848,665 1,709,218 139,447 Capital outlay 351,697 342,723 8.974 2,637,010 561,640 2,075,370 Total Expenditures 12.865,204 12,168,840 696,364 4.016,990 1,849,664 2,167,326 EXCESS OF REVENUES OYER (UNDER) EXPENDIlURES 197,043 1,400,060 1,203,017 147.656 270,313 122,657 OTHER FINANCING SOURCES (USES) Operating transfers in (Note 4) 77,093 77,093 32,728 32,728 Operating transfers (out) (Note 4) (41,884) (41,884) (9,451) (9,451) Total Other Financing Sources (Uses) 35.209 35,209 23,277 23,277 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDIlURES AND OTHER FINANCING USES 5197,043 1,435,269 $1.238.226 S147,656 293,590 $145.934 Fund balances beginning of year, as restated (Note 7) 16,276,437 576,163 Residual equity transfers (out) (Note 4) Fund balances end of year $17,711.706 S869,753 See accompanying notes to financial statomlents 8 TOTALS CAPITAL PROJECTS F1JNDS (Memorandum Only) Variance V mance Favorable Favorable Budget Actual (Unfavorable ) Budget Actual (Unfavorable) $10,177,940 $10,574,807 $396,867 375,600 340,995 (34,605) 3,939,151 1,798,037 (2,141,114) 1,431,090 1,323,196 (107,894) $362,785 $21,370 ($341,415) 1,273,085 1,008,044 (265,041) 58,500 68,280 9,780 567,000 53,903 (513,097) 613,049 354,505 (258,544) 288,263 296,286 8,023 929,785 75,273 (854,512) 18,156.678 15,764,150 (2.392,528) 3,148,273 2,922,353 225,920 6,291,452 6,001,166 290,286 865,500 830,936 34,564 572,336 542,698 29,638 1,167,261 1,107,770 59,491 1,848,665 1,709,218 139,447 727,736 214,021 513,715 ' 3,716,443 1,118,384 2,598,059 727,736 214,021 513,715 17,609,930 14,232,525 3.377,405 202,049 (138,748) (340.797) 546,748 1,531.625 984,877 109,821 109,821 (70,494) (70,494) (121.829) (121,829) (70,494 ) (70,494) (12,008) (12,008) $202,049 (209,242) ($4 JJ ,291) $546.748 1,519,617 $972.869 (165,101) 16,687,499 (12,900) (12.900) ($387,243) $18.194.216 9 CITY OF DUBLIN COMBINED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED ruNE 30, 1993 Dublin Equipment Information TOTALS Replacement Inc. (Memorandum Only) Intemal Enterprise Service Fund Fund 1994 1993 REVENUES F aciIities rents (Note 6) $1,458,500 $1,458,500 $1,575,445 Equipment usage $128,214 128,214 131,1l0 Miscellaneous 7,616 7,616 13.442 Total Revenues 135,830 1,458,500 1,594,330 1.719,997 EXPENSES Depreciation 79,614 472,461 552,075 560,636 Services and supplies 47,666 12,874 60,540 76,155 Total E:-;penses 127,280 485.335 612,615 636,791 Operating Income 8,550 973,165 981,715 1,083,206 NONOPERATING INCOME (EXPEKSES) Interest income 15,381 106,215 121,596 269,198 Interest e:-;pense and bond discount amortization (964,276) (964,276) (830,479) Nonoperating Income (Loss) 15,381 (858,061) (842,680) (561,281) Income Before Operating Transfer> 23,931 1I5,104 139,035 521,925 OPERATING TRANSFERS IN (OUT) (NOTE 4) 12,008 12,008 319 Income Before Extraordinary Item 23,931 127,1l2 151,043 522,244 EXTRAORDINARY LOSS ON ADVA.:'<CE REFUNDING OF DEBT (NOTE 6) (2,410,551) Net Income (Loss) 23,931 127,112 151,043 (1,888,307) Retained eaIllings at beginning of year 289,050 (340,852) (51,802) 1,836,505 Retained earnings at end of year $312.981 (:5213.740) $99.241 ($51,802) See accompanying notes to financial statements 10 CITY OF DUBLIN COMBINED ST A TENlENTS OF CASH FLOWS ALLPROPRillTARYFUNDTYPES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 WITH COMPARATIVE MIOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1993 Equipment Replacement Internal Service Fund Dublin Infonnation Inc. Enterprise Fund TOTALS (Memorandum Only) 1994 1993 CASH FLOWS FROM OPERATING ACTIVITIES Op<:rating Incom" Adjustments to reconcile operating income to cash flows from operating activities: Depreciation Net effect of changes in: Prepaid exp"nses Accounts payable S8,S50 S973,165 S981,715 SI,083,206 79,614 472,461 552,075 560,636 (2,765) (2,765) 1,720 (2,871 ) (11,332) (14,203) 23,125 82,528 1,434,294 1,516,822 1,668,687 15,381 106,131 121,512 286,827 Cash Flows from Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Fixed asset purchases Increase in restricted investments Proceeds from 1993 Certificates of participation Payment to refunding escrow agent 1993 Certificates of Participation issuance costs Certificates of Participation principal payment Interest paid (66,057) (66,057) (\36,436) (5,346) (5,346) (5,916) 18,S25,000 (18,015,047) (677,823) (910,000) (910,000) (470,000) (622,816) (622,8 I 6) (1,230,804) (66.057) . 0,538,162) (1,604,219) (2,011.026) Cash Flows from Capital and Related Financing Activities CASH FLOWS FROM NONCAPIT AL FINANCING ACTIVITIES Operating transfern in (out) Cash Flows from Noncapital Financing Activities 12,008 12,008 319 12,008 12,008 319 31,852 14,271 46,123 (55,193) 302,724 417 303,141 358,334 $334,576 $14,688 $349,264 $303,141 See accompanying notes to financial statements Net Cash Flows Cash and investments at begitming of year Cash and investments at end of year 11 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 1 - GENERAL The City of Dublin is a residential community with a significant regional commercial base, located in the Tri- Valley area of Alameda County at the crossroads of Interstate Freeways 580 and 680. The City was incorporated as a municipal corporation February I, 1982; population at January I, 1994 was 24,947, excluding prisoners housed at the Santa Rita Jail. The City operates under the Council-Manager form of government, with five elected Council members served by a full-time City Manager and staff. At June 30, 1994 the City's staff comprised 32 full time employees who were responsible for city-provided service. In addition, the City employs approximately 35 seasonal recreation persOlUlel. The City provides many traditional municipal services through contracts with both public and private entities. Approximately 45 contract employees provide a variety of municipal services from city facilities. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a' summary of significant policies of the City, which conform with generally accepted accounting principles applicable to governments. A. Reporting Entity The general purpose 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. Management has considered all potential component units in evaluating how to define the City for general purpose financial statement purposes. The criteria for including a potential component unit in the City's financial statements are the City Council's ability to exercise oversight responsibility, the scope of the entity's service and the existence of special financing relationships, regardless of whether the City is able to exercise oversight responsibilities. Dublin Information, Inc. (DII) is a separate legal entity which assists in providing financing to the City, to own and rent facilities to the City and is utilized to distribute public information. DII is dependent on the City for its cash flows and therefore 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 ofDII have been included in the Dublin Information, Inc. Enterprise Fund. Since DIl's sole business is facilities rental, it accounts for rents as operating revenues. The general purpose financial statements exclude the activities of the' Livermore-Amador Valley Transit Authority, the Dublin Housing Authority, the Dublin San Ramon Services District and the Dougherty Regional Fire Authority. Each of these agencies is managed and operated independently of the City, which is not able to significantly influence their operations, budgets or financing. 12 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. 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 general purpose financial statements as follows: GOVERNMENTAL FUND TYPES 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 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 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). PROPRIETARY FUND TYPES Enterprise Fund is used to account for operations which 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 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 Fund is used to account for the financing of goods provided by one department or agency to other departments or agencies of the City on a cost-reimbursement basis. FIDUCIARY FUND TYPE 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. 13 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Account Groups The accounting and reporting treatment applied to the fixed assets and long~term obligations associated with a fund are determined by its measurement focus. All governmental fund types are accounted for on a spending or "financial flow" measurement focus, which 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 fund types. Long term obligations expected to be financed from governmental fund types are accounted for in the general long-term obligations account group, not in the governmental fund types. The two account groups are not "funds". They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. Because of their spending measurement focus, expenditure recognition for governmental f4nd 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 expenditures or fund liabilities. D. Fixed Assets 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 donate~. No depreciation has been provided on general fixed assets. The City has elected not to capitalize its infrastructure, which consists of roads, bridges, curbs, gutters, streets, sidewalks, drainage systems, and lighting systems except where required by the state for property acquired with state grants funds. All proprietary funds are accounted for on a c,ost of services or "capital maintenance" measurement focus, which means that all assets and all liabilities, current and non-current, 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 net 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. 14 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Depreciation has been provided over the estimated useful lives of proprietary fund assets using the straight line method. The estimated useful lives are as follows: Building Machinery and equipment 37.5 years 3-7 years E. Contributed Capital in Proprietary Fund Types Contributed capital in proprietary funds represents general fund residual equity transfers used to acquire or construct fixed assets. F. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the general purpose financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All governmental and agency fund types are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Those revenues susceptible to accrual are property taxes, interest revenues and charges for services. Sales taxes collected and held by the State at year end on behalf of the City also are recognized as revenue. Fines, licenses, transient occupancy taxes and pennit revenues are not susceptible to accrual because they generally are not measurable until received in cash. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred, except for principal and interest on general long term obligations which is recognized when due. Because of their current financial resources focus, expenditure recognition for governmental fund types excludes amounts represented by noncurrent liabilities, Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund expenditures or fund liabilities, All proprietary fund types 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. G. Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the general purpose 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. The public is given an opportunity to comment on budget at a noticed City council meeting, 15 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 between line items within any department; however, any revisions which alter total departmental expenditures of the City must be approved by City Council. Expenditures may not exceed budgeted appropriations at the departmental level without City Council approval. 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. All unexpended appropriations lapse at the end of the fiscal year. Budgeted amounts presented in the financial statements are as originally adopted, or as amended by the City CounciL Individual amendments were not material in relation to original appropriations. H. Cash and Investments The City pools idle cash from all funds, except Cash and Investments with Fiscal Agent and the Deferred Compensation Plan, for the purpose of increasing investment income. Investments are carried at cost, except Deferred Compensation Plan assets which are carried at market value. Interest income on investments is allocated on the basis of average month-end cash and investment balances in each fund, Proprietary fund type cash and investments are used in the preparation of the statement of cash flows as investments are not allocated to specific funds. Each of these funds' allocation of pooled cash and investments is considered cash and cash equivalents. Restricted cash and investments held in proprietary funds are composed of investments with maturity terms greater than three months and are therefore not considered cash and cash equivalents. L Deferred Compensation Plan City employees may defer a portion of their compensation under a City sponsored deferred compensation plan created in accordance with Internal Revenue Code Section 457. Under this plan, participants are not ta."'{ed on the deferred portion of their compensation until distributed to them; distributions may be made only at termination, retirement, death or in an emergency as defined by the Plan, All assets of the plan, including participant contributions and earnings therefrom, are the property of the City. These assets may also be claimed by the general creditors of the City; however, the City believes the likelihood of any such claim is remote. Participants rights under the plan are equal to those of general creditors of the City. Investments in the plan are managed by trustees under agreements which allow participants to choose among various investment options including stocks, bonds, money market accounts, and a fund providing a guaranteed rate of return. 16 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2- SUMMARY OF ACCOUNTING POLICIES (Continued) The City has no liability for any losses which may be incurred by the plan and does not participate in any gains, but it does have the duty of due care that would be required of an ordinary prudent investor. City management has assigned fiduciary management functions to a professional asset management company. The market value of monies reported at June 30, 1994 in the Plan were $216,591. J. Property Tax Alameda County assesses properties and bills for and collects property taxes as follows: Secured Unsecured Valuation dates March 1 March 1 Lienllevy dates March 1 March 1 Due dates 50% on November I 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 property other than real estate, land and buildings, These taxes are secured by liens on the property being taxed. Property taxes are recorded when levied, provided they are measurable and collected within 60 days of year end. .K. - Accumulated Unpaid General Leave The City accounts for 100% of the liability for accumulated unpaid general leave in the General Fund since the City's policy is to liquidate any unpaid general leave from currently available expendable resources rather than future resources. The City offers its employees general leave benefits which are composed of time off for illnesses and vacations. Employees receive benefits in the form oftime off or in cash if employment with the City ceases. L. Claims and Judgments The City records a liability for uninsured claims and judgments when it is probable that an asset has been impaired or a liability has been incurred, and the amount of impairment or liability is reasonably estimable. No material claims or judgments were accrued at year end. M. Post Employment Health Care Benefits The City provides certain health care benefits for two retirees as required under a contract signed with PERS. All former full time employees who retire under PERS are eligible for these benefits. The cost of retiree health care benefits is recognized as an expenditure as premiums are paid. For the year ended June 30, 1994 those costs totaled $8,322. 17 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 ~ SUMMARY OF ACCOUNTING POLICIES (Continued) N. 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 cash flows 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. O. Classification Changes The classification of certain amounts has been changed to improve the June 30, 1994 financial presentation. For comparative purposes, prior year amounts have been reclassified to conform with the June 30, 1994 presentation. NOTE 3 - CASH AND INVESTMENTS A. Collateral All cash in banks and non-negotiable certificates of deposit are entirely insured or collateralized with securities held by the pledging financial institutions in the City's name, The California Government Code requires California banks and savings and loan associations to secure the City's cash deposits by pledging securities as collateral. This California Government Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits are considered to be held in the City's name. The City has waived collateral requirements for cash deposits which are fully insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) or Savings Account Insurance Fund (SAIF). At year end, the carrying amount of the City's cash deposits was $410,282 and the bank balance was $636,414. Of the bank balance, $592,172 was covered by federal depository insurance. The balance was covered by collateral as discussed above. B. Credit Risk, Carrying Amount, and Market Value of In vestments Investments represented by specific identifiable investment securities are classified as to the risk that the securities instruments may be lost as follows: Category 1 includes investments that are insured or registered or for which securities are held by the City or its agent in the City's name; Category 2 includes any unregistered investment for which the securities are held by the financial institution's trust department or agent in the City's name; Category 3 includes uninsured investments which are purchase and held by the Trustee, but not in the City's name. These categorizations do not address market valuation risks, Pooled investments are not required to be categorized. 18 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) The City's investments at June 30, 1994 and 1993 comprise:- 1994 Carrying Value Restricted 1993 Available for Cash and Market Carrying Operations Investments Total Value Amount Cash in banks and certificates of deposit 5395,594 514,688 $410,282 $396,344 $231,536 Mutual Funds and money marlcet funds 1,699,996 122,934 1,822,930 1,670,799 1,154,390 Local Agency Investment Fund 4,707,000 4,707,000 4,707,000 14,850,000 Securities of the U.S. Government or its agencies: Category 1 12,117,046 12,117,046 11 ,638,851 2,666,000 Category 2 1,715,836 1,715,836 1,610,697 1,693,721 Total $18,919,636 5 I ,853,458 $20,773,094 $20,023,691 $20,595,647 At June 30, 1994 the City had investments held by fiscal agents which were pledged for the payment of certificates of participation, bonds, or employee compensation. The California Government Code requires these funds to be invested in accordance with the applicable City ordinance, resolution or bond indenture, unless there are specific State statutes governing their investment. All these funds have been invested only as permitted either the above Code or applicable City ordinance. C. Authorized Investments The City's investment policy and Section 53601 of the California Government Code allow the City to invest in the following types of investments, subject to certain limitations as described in the City's investment policy: Securities of the V.S, Government, or its agencies Certificates of Deposit Bankers Acceptances Local Agency Investment Fund (State Pool) Deposits Repurchase Agreements Conunercial Paper Medium Term Corporate Notes Local Agency Long-Term Debt Registered State Warrants Mutual Funds 19 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) D. Investment Maturities The City's investments are either available immediately or are scheduled to mature in accordance with projected cash flow needs. All investments are normally held to maturity and all investments mature in five years or less. At June 30, 1994 the City's cash and investments were scheduled to mature as follows: Available immediately One to three years Three to five years $6,435,274 4,754,281 9,583,539 $20,773,094 NOTE 4 ~ INTERFUND BALANCES A. Interfund Receivables and Payables The General Fund was ow.ed the amounts below at June 30, 1994 by the funds listed: Special Revenue Funds: Sales Tax Measure B Intermodal Surface Transportation Efficiency Act Community Development Block Grant Measure AA Dublin Blvd. Extension #1 Capital Projects Fund Total Amount Owed General Fund $38,701 27,972 23,296 19,114 278,406 $387,489 The amounts owed represent General Fund advances for expenditures chargeable to these funds, and will be repaid in the normal course of business in fiscal 1995. B. Operating Transfers During the year ended June 30, 1994 the following operating transfers were made to reimburse expenses or expenditures: Fund Making Transfer General Fund General Fund General Fund Special Revenue Funds: Community Development Block Grant Park Dedication Capital Projects Funds: Capital Projects Dublin Blvd. Extension #2 Fund Receiving Transfer Transportation Development Act Dublin Infonnation Inc. Enterprise Fund SB 300 Grant Amount $451 12,008 29,425 General Fund Measure M 6,599 2,852 General Fund General Fund 69,731 763 $121,829 20 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 4 - INTERFUND BALANCES (Continued) C. Residual Equity Transfers During the year ended June 30, 1994, the Dublin Boulevard Extension #2 Project was completed and the related Capital Projects Fund was closed by transferring $12,900 of remaining cash to the Dublin Boulevard Extension Assessment District Agency Fund, NOTE 5 - FIXED ASSETS Fixed assets balances and activity were as follows: Balance July 1, 1993 Additions Retirements Balance June 30, 1994 General Fixed Assets Land Equipment Total SI,492 $1,492 S120,000 359,805 $479,805 $120,000 350,015 $470,015 Sl1,282 $11,282 Enterprise Fund Land Building Machinery & equipment Total Less accumulated depreciation Net $6,842,037 15,453,847 422,510 22,718,394 1,769,366 $20,949,028 $472,460 $6,842,037 15,453,847 422,510 22,718,394 2,241,826 $20,476,568 Internal Service Fund Machinery & equipment Less accumulated depreciation Net $521,116 355,146 $165,970 $67,308 $79,614 $137,672 $137,672 $450,752 297,088 $153,664 NOTE 6 - LONG TERM OBLIGATIONS A, BART Agreement/Dublin Boulevard Assessment District In 1990, the City and Bay Area Rapid Transit District (BART) entered into a Settlement Agreement regarding the extensions of Dublin Boulevard to the future extension of Hacienda Drive to service a station to be constructed by BART. In fiscal 1992, BART advanced the City $2,285,000 to purchase land and construct these extensions. These projects are included in this report in the Dublin Boulevard Extension Capital Project # 1. In addition, the Dublin Boulevard Extension Assessment District was formed in 1992 and contributed $1,987,972 to the City to aid in the construction of the Dublin Boulevard extension. 21 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS (Continued) BARTs advances to the City, including interest, comprise $1,457,875 due December 31, 1995 and $1,256,055 which has no specific due date. Under the City's Agreement with BART, interest on these advances accrues at a rate based on BART's average rate of return on its investments. During the year ended June 30, 1994 these advances increased $165,570 representing unpaid interest incurred, The City expects to repay principal and interest on BART's advances out of developer fees, charges and other non-tax revenues generated by future development in the area of the BART station. However, the Agreement provides for the forgiveness by BART of any principal or interest still outstanding on March 27, 2010. In addition, the City has an agreement with Alameda County Surplus Property Authority which requires the Authority to repay the advance due December 31, 1995 in the event the advance is not repaid to the City. The City has recorded BART's advances as general long-term debt at June 30, 1994 because, despite the Agreement's forgiveness clause, the City is confident there will be sufficient City revenues generated in the BART station area to repay this debt. B. Advance Refunding of 1988 Certificates of Participation On June 1, 1993 the City issued $18,525,000 principal amount of 1993 Certificates of Participation with interest rates of 2.8% to 5.8%. Of the proceeds, $16,123,345 plus an additional $1,891,702 of 1988 COP reserve fund monies were used to advance refund the outstanding balance of the 1988 Certificates of Participation. These proceeds were used to purchase U.S. government securities and were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1988 COPs. As a result, the 1988 COPs are considered to be defeased and the liability for those obligations has been removed' from the Dublin Information, Inc. Enterprise Fund, Although the advance refunding resulted in the recognition of an accounting loss of $2,41 0,551 during the year ended June 30, 1993, the City realized an economic gain of $681,359 because it reduced its aggregate debt service payments. The 1993 COPs are repayable from facilities rents and are collateralized by the Dublin Civic Center. The 1993 COPs are due through February, 2010, require annual principal payments on February 1 and semi- annual interest payments on February 1 and August 1. The COPs may be prepaid without penalty conunencing February 1, 1999. The COPs activity and balances comprised the following: June 30, 1994 June 30, 1993 Principal balance at July 1 $18,525,000 Issuance of 1993 COPs $18,525,000 Less: Principal retirements (910,000) Discount on 1993 COPs, net of amortization (633,762) (674,432) Balance at June 30, net of discount $16,981,238 S 17,850,568 22 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS (Continued) C. Maturity Schedule Annual debt service requirements for long term obligations including interest on 1993 COPs are as follows: For the Year Ending June 30 1995 1996 1997 1998 1999 Bart Agreement $1,457,875 1993 COPs $1,553,744 1,591,814 1,589,319 1,594,389 1,716,494 18,863,912 $26,909,672 Total $1,553,744 3,049,689 1,589,319 1,594,389 1,716,494 20,119,967 $29,623,602 Thereafter 1,256,055 $2,713,930 D. Special Assessment District The Dublin Boulevard Extension Special Assessment District, formed within City limits, had issued debt with a balance of $2,350,000 at June 30, 1994. Proceeds of the debt were used to finance improvements within district boundaries. The City has no legal, contingent or moral obligation for the repayment of this debt and acts solely as the collecting and paying agent for each district. E. Defeased Debt At June 30, 1994 the total balance of the 1985 and 1988 COPs which were defeased was $25,605,000, As required by the defeasances, securities had been placed in irrevocable trusts with escrow agents to provide for all future debt service payments on the 1985 and 1988 COPs, which are no longer considered liabilities of the City, NOTE 7 - FUND BALANCES A. Deficits The following funds had deficit balances at June 30, 1994: Special Revenue Fund: Sales Tax Measure B Capital Projects Funds: Capital Projects Dublin Blvd, Extension # 1 Enterprise Fund: Dublin Information Inc. $45,079 11 0,796 276,447 213,740 23 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 7 - FUND BALANCES (Continued) The Dublin Boulevard Extension # 1 Capital Project Fund deficit will be eliminated through the sale of unused parcels acquired during the construction of the project. The Capital Projects Fund deficit will be eliminated with the collection of future development fees. The Dublin Information, Inc. deficit was caused by the refunding as discussed in Note 6 and is temporary. Other deficits will be eliminated through future revenues or through General Fund transfers. During the year ended June 30, 1994 the City determined interest had not been added to deposits payable held in the Capital Projects Fund. Accordingly, as of July 1, 1992, the Capital Projects Fund deposits payable was increased and Capital Projects fund balance was decreased $32,584 to reflect this restatement. B. Reserves and Designations Fund equity consists of reserved and unreserved amounts. Reserved fund equity represents that portion of a fund balance or retained earnings which has been appropriated for expenditure or is legally segregated for a specific future use. The remaining portion is unreserved. A portion of unreserved fund balance may be designated to indicate plans for financial resource use in a future period, such as for general contingencies or capital projects. Such plans are subject to change; they may never be legally authorized or result in expenditure. Fund balances are reserved as follows: Reserve for prepaids and condemnation deposits is the portion of fund balance set aside to indicate that these items do not represent available, spendable resources even though they are a component of assets. Reserved for investments held to maturity is the portion of fund balance set aside for long term investments which the City intends to hold until maturity. These investments are scheduled to mature from one to five years after year end. Fund balances designated by City Council are as follows: Designated for liability insurance claims is the portion of fund balance to be used for future liability insurance claims. Designated for economic uncertainty is the portion of fund balance to be used in the event of economic uncertainty . Designated for cemetery endowment is the portion of fund balance to be retained. Interest on this amount is to be used for maintaining the Dublin Cemetery. Designated for authorized expenditures is the portion of fund balance to be used for expenditures approved by CounciL 24 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 8 - JOINT POWERS AGENCIES The City participates in joint ventures with other municipal entities through Joint Powers Authorities (JP As) established under the Joint Exercise of Powers Act of the State of California, As separate legal entities, these JPAs exercise full powers and authorities within the scope of the related Joint Powers Agreement, including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Obligations and liabilities of the JP As are paid by the JP As and are not those of the City or other members. Each JP A is governed by a board consisting of representatives from each member. Each board controls the operations of its respective JP A, including selection of management and approval of operating budgets, independent of any influence by member agencies beyond their representation on the Board. The City is a member of the following JPAs: A. Livermore-Amador Valley Transit Authority This Authority was formed in May 1985 by a joint exercise of powers agreement between the County of Alameda and the Cities of Livermore, Pleasanton and Dublin for the purpose of providing general public transportation and paratransit services under the business name "Wheels". B, Dougherty Regional Fire Authority The Cities of Dublin and San Ramon established the Dougherty Regional Fire Authority (DRF A) to provide fire suppression and prevention services. DRF A is controlled by a six member board consisting of three members from each City Council. The board appoints management and employees of DRF A and is responsible for DRF A's budget, operations and finances. C. Condensed Financial Information Audited condensed financial information for the above authorities which had financial activity during the year is presented below: Year Ended June 30, 1993 Transit Total assets Total current liabilities Total long-term liabilities Total equity Total revenue Total expenditures Contributed capital reductions Net increase (decrease) in fund equity Authority $12,337,796 482,625 11,855,171 3,976,349 4,846,323 869,974 DRFA $8,855,942 967,780 1,547,386 6,340,776 4,774,353 6,466,777 (1,692,424) 25 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 9 - RISK MANAGEMENT The City participates in ABAG PLAN Corporation (ABAG), a non profit public benefit corporation established to provide liability, employee bonds and property insurance coverage, claims and risk management, and legal defense to its members. ABAG provides $5,000,000 of general liability coverage per occurrence and is responsible for paying claims in excess of the City's $50,000 deductible, Property coverage is provided through a replacement policy with a $5,000 deductible. except for a vehicle loss which carries a $10,000 deductible. For the year ended June 30, 1994, the City paid ABAG $105,439 in premiums. NOTE 10 - PENSION PLAN A. Plan Description The City contributes to the California Public Employees Retirement System (PERS), an agent multiple-employer public employee retirement system which acts as a conunon investment and administrative agent for participating members in California. AU 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 highest three consecutive years of employment. Benefits increase with age and credited service years up to a maximum of 2.148% for each credited se,rvice year. A credited service year is one year of full time employment. PERS requires a contribution of 7% of the employees annual salary which the City pays on the behalf of the employees. In addition the City contributes an employer contribution which is adjusted annually based upon actuarial studies. For the year ended June 30, 1994 the employer rate for the City was 6.203%. 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 by PERS as of June 30, 1992, Significant actuarial ass~mptions used in the valuation include (a) a rate of return on the investment of present and future assets of 8.75% a year compounded annually, (b) projected salary increases of 4.5% a year compounded annually, attributable to inflation, and (c) projected salary increases of 2.5% attributable to seniority/merit. ' 26 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 10 - PENSION PLAN (Continued) Total over-funded pension benefit obligation applicable to the City's employees at June 30, 1992, the most recent information available, is as follows: Pension benefit obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits Current employees: Accumulated employee contributions including allocated investment Employer-financed vested Employer-financed nonvested Total pension benefit obligation Net assets available for benefits, at cost (Market value was $1,227,580 at June 30, 1992) $15,875 508,111 410,343 82,393 1,016,722 Over-funded pension benefit obligation 1,132,606 $115,884 C. Actuarially Determined Contribution Requirements and Contributions 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. 27 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 10 - PENSION PLAN (Continued) Contributions to PERS are made in accordance with actuarially determined requirements computed through an actuarial valuation performed as of year end. PERS contributions, which were entirely paid by the City, consisted of the following for the fiscal years ended June 30, 1994 and 1993: 1994 1993 Percent of Percent of Covered Covered Amount Payroll Amount Payroll Covered payroll $1,487,441 $1,529,925 Total payroll $1,713,824 $1,747,849 Normal cost, including employee contributions $195,278 13.1% $196,574 12,8% Amortized over-funded pension benefit obligation (1,439) (.1%) (21,433) (1.4%) Total $193,839 13.0% $175,141 11.4% City contributions $88,812 6.0% $68,185 4.4% Employee contributions 105,027 7.0% 106,956 7.0% Total $193,839 13.0% $175,141 11.4% D. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. System wide ten-year trend information may be found in the California Public Employees' Retirement System Annual Reports. For the fiscal years ended June 30, 1992, 1991 and 1990, 1989, net assets available for benefits funded 111 %, 121%, 115.7% and 112.1% respectively, of the pension plan's total pension benefit obligation and the overfunded pension benefit obligation represented 7.0%, 10.6%, 7.4% and 5.1% respectively, of covered payroll. In addition, for the four years ended June 30, 1994, 1993, 1992 and 1991, the City's contributions to the System, all made in accordance with actuarially determined requirements, were 13.0%, 11 A%, 10.5%, and 12.8% respectively of annual covered payroll. Other trend information required by Governmental Accounting Standard No.5 is presented in the City's Comprehensive Annual financial Statement statistical section. 28 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 11 - COMMITMENT AND CONTINGENT LIABILITIES The City of Dublin, the City of Pleasanton and the Alameda County Surplus Property Authority reached an agreement under which the City of Pleasanton constructed a further extension of Dublin Boulevard in the City of Dublin. The City of Dublin has agreed to reimburse the City of Pleasanton the amount of $2,313,472 plus accrued interest. The monies can only be repaid from proceeds of an assessment district, developer fees or extractions, or special taxes levied for this purpose on properties benefiting from the improvements. There is no specific due date, The Cities of Dublin, Pleasanton and Livermore and the County of Alameda reached an agreement under which Alameda County is constructing an animal shelter facility on County property, the estimated cost of which is expected to be $4,500,000. Under the agreement the entities will share in the debt service costs of the project based on their use of the animal shelter. Dublin's portion of the project, is presently 16.1% based on its 1992 usage, but may fluctuate based on actual usage. Construction is expected to be completed by June 1995 and Dublin's share of the first debt service payment, due December 1, 1995 estimated at $26,214. 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 amoun~, 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. 29 FINANCIAL SECTION COMBINING FUND STATEMENTS AND SCHEDULES CITY OF DUBLIN GENERAL FUND The General Fund is used to account for all financial resources except those required to be accounted for in another fund. 33 ASSETS Cash and investments Receivables: Accounts Accrued interest Due from other govenunents Due from other funds Prepaid expenses Total Assets LIABILITIES Accounts payable Accrued wages Accumulated unpaid general leave DepositS payable Deferred revenues Due to other governments Total Liabilities FUND BALANCES Reserved for: Investments held to maturity Prepaid expenses Designated for: Liability insurance claims Cemetery endowment Economic uncertainty Authorized expenditures Total Fund Balances Total Liabilities and Fund Balances CITY OF DUBLIN GENERAL FUND COMPARATIVE BALANCE SHEETS JUNE 30, 1994 AND 1993 1994 1993 $17,142,748 $16,894,767 385,783 295,299 305,989 209,757 274,232 ' 333,836 387,489 266,809 11,981 5,845 $18.508,222 $18.006.313 $280,743 $1,108,858 63,762 114,037 124,105 116,981 107,210 135,013 220,361 147,121 335 107,866 796,516 1,729,876 13,808,042 11,981 5,845 137,210 137,210 60,000 1,369,133 2,325,340 16,133,382 17,711,706 16,276,437 $18.508.222 $18.006.313 34 CITY OF DUBLIN GENERAL FUND STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 1994 WITH COMPARATIVE MIOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1993 1994 1993 Variance Favorable Budget Actual (Unfavorable) Actual $10,063,940 $10,457,184 $393,244 $9,875,706 375,600 340,995 (34,605) 281,921 964,425 945,713 (18,712) 919,902 714,533 580,738 (133,795) 1,020,631 881,100 935,615 54,515 878,969 32,000 34,316 2,316 24,414 30,649 274,339 243,690 60,377 13,062.247 13,568,900 506,6.53 13,061.920 REVENUES Taxes Licenses and permits Intergovermnental Charges for services Use of money and property Fines and forfeitures Other revenue Total Revenues EXPENDI11JRES Current: General government Public safety Highways and streets Health and welfare Conununity development Culture and leisure Capital outlay 3,145,823 2,922,3.53 223,470 3,042,107 5,982,282 5,720,727 261,55.5 5,801,802 494,116 487,451 6,665 .59.5,254 100 76 24 7,271 1,042,.521 986,292 56,229 1,297,148 1,848,665 1,709,218 139,447 1,733,786 351,697 342,723 8,974 204.239 12,865,204 12.168,840 696,364 12,681,607 197,043 1,400,060 I ,203,0 17 380,3 13 77,093 77,093 91.042 (41,884) (41,884) (39,985) 390,230 35,209 35,209 441,287 Total Expenditures EXCESS OF REVENUES OVER (UNDER) EXPENDI11JRES OTHER FINANCING SOURCES (USES) Operating transfm in Operating transfers (out) Contribution in aid of construction Total Other Financing Sources (Uses) EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDI11JRES AND OTHER FINANCING USES $197.043 1,435,269 $ 1.238.226 821.600 Fund balances beginning of year 16,276,437 1.5.454,837 Fund balances end of year $17.711.706 $16.276.437 35 CITY OF DUBLIN GENERAL FUND SCHEDULE OF BUDGET VERSUS ACTUAL DEPARTMENTAL EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 1994 Vanance Favorable Budget Actual (Unfavorable) General government: City Council $112,438 $102,612 $9,826 City Manager 258,909 240,220 18,689 City Attorney 306,170 235,555 70,615 Administrative services 414,253 411,351 2,902 Building management 334,867 313,505 21,362 Insurance cost center 169,656 149,792 19,864 Elections cost center 12,910 10,818 2,092 Nondepartmental 3,804 3,804 F acilihes rents 1,532,816 1,458,500 74,316 Total General Government 3,145,823 2,922,353 223,470 Public safety: Police 3,109,012 2,970,616 138,396 Fire Services JP A 2,733,103 2,632,168 100,935 Animal control 103,100 92.215 10,885 Disaster preparedness 37,067 25,728 11,339 Total Public Safety 5,982,282 5,720,727 261,555 Highways and streets: Public works administration 284,016 282,509 1,507 Street maintenance 880 877 3 S !reet tree maintenance 48,960 45,768 3,192 Street landscape maintenance 160,260 158,297 1,963 Total Highways and Streets 494,116 487,451 6,665 Health and welfare: Waste management 100 76 24 Total Health and Welfare 100 76 24 Conununity development: 49;699 PlalUling 560,879 511,180 Building safety 256,241 252,992 3,249 Engineering 215,791 215,791 Economic development 9,610 6,329 3,281 Total Community Development 1.042,521 986,292 56,229 Culture and leisure: Library services 165,000 165,000 Heritage Center 2,781 2,234 547 Cultural activities 8,000 8,000 Park maintenance 591,955 562,328 29,627 Conununity cable television 20,279 20,279 Recreation 1,060,650 951,377 109,273 Total Culture and Leisure 1,848.665 1,709,218 139,447 Capital outlay: Community improvements 50,000 48,603 1,397 Parks 20,000 12,424 7,576 Street construction and improvements 281.697 281,696 1 Total Capital Outlay 351,697 342.723 8.974 Total Expenditures 512.865.204 512.168,840 $696,364 36 CITY OF DUBLIN SPECIAL REVENUE FUNDS Traffic Safety Fund - Established to account for the receipt of traffic fines and traffic safety expenditures. State Gas Tax Fund - Established to account for receipt of state gasoline taxes and expenditures. Transportation Development Act Fund - Established to account for Transportation Development Act grant receipts and construction expenditures for bike paths and access ramps for the handicapped. Special Criminal Activity Fund - Established to account for receipt of funds derived from asset forfeitures, Intermodal Surface Transportation Efficiency Act Fund - Established to account for receipt of Federal Aid Urban Highway g~rants. Community Development Block Grant Fund - Used to account for grants and expenditures related to the community development block grants. Park Dedication Fund - Established to account for park dedication fees received in lieu of property from developers pursuant to the Quimby Act. Sales Tax Measure B Fund - Established to account for an Alameda County voter approved increase in sales tax used for improvements on streets and roads. Measure AA Fund - Established to account for park projects funded with Measure AA grants. Maintenance Assessment Districts - Established to account for revenue and related expenditures of lighting and landscape activities. SB300 Grant Fund - Established to account for grant receipts from the State used for capital improvements on local streets. Vehicle Abatement Fund - Established to account for the use of funds received from vehicle registration of Dublin residents for the towing of abandoned vehicles in city limits. Storm Water Runoff Fund - Established to account for the use of funds received from fees collected to mitigate pollution within the City without specific sources and to comply with Federal requirements for National Pollution Discharge Elimination System (NPDES). Measure D Recycling Fund - Established to account for the use of funds received which are levied by the County pursuant to a charter amendment and are provided for recycling and related activities. Garbage Service Fund - Established to account for the use of funds received which are levied by the county for garbage pick-up and removal. 37 CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING BALANCE SHEETS JUNE 3D, 1994 \\lITH CaNt? ARA TIVE AMOUNTS FOR JUNE 3D, 1993 Intmnodal Community Sales Transportation Special Swface Development Ta.-.; Traffic State Development Criminal Transportation Block Park Measure Safety Gas T a.-.; Act Activity Efficiency Act Grant Dedication B ASSETS Cash and investments $16,961 $360,879 $21,833 538,802 Accounts receivable 523,296 Due from other governments 529,859 Total Assets $16.961 $360.879 521,833 $29,859 523.296 538.802 LIABILITIES Accounts payable $13,237 $245 $1,887 $487 $6,378 Due to other funds 27,972 $23,296 38,701 Total Liabilities 13,237 245 29,859 23,296 487 45,079 FUND BALANCES Unreserved: Designated for authorized expenditures $16.961 347,642 21,588 38,315 Undesignated (45.079) Total Fund Balances 16.961 347.642 21,588 38,315 (45,079) Total Liabilities and Fund Balances 516.961 5360.879 $21.833 529,859 523.296 ' 538.802 38 MAINTENANCE DISTRICTS Dougherty Stann TOTALS Measure Street Slogecoach Landsca pc sa 300 Vehicle Water Measure D Garbage AA Lighting Landscape & Lighting Grant Abatement Runoff Recvcling Service 1994 1993 S175,799 S24,932 S145,210 S121,071 S 1 0,880 S10,004 S117,045 D3,882 SI,077,298 S827,643 S19,903 1,285 343 233 107,379 5,522 6,282 164,243 190,084 29.859 13,716 S19.903 Sl77,084 S25,275 5145.443 S228.450 S10,880 515.526 S117.045 $40.164 $1.271.400 $1,031.443 5292,564 109,083 5336,203 119,077 5789 19.114 S14,984 56,358 S8,957 5228,450 S25 SIO,661 5106 19,903 14,984 6.358 8.957 228,450 25 10,661 106 401,647 455,280 162,100 18,917 136,486 10,855 4,865 116,939 S40,164 914,832 421,574 (45,079) 154.589 162,100 18.917 136.486 10,855 4,865 116,939 40,164 869,753 576.163 S19.903 5177.084 525,275 $145.443 5228,450 510,880 S15,526 S117,045 S40.164 51.271.400 S 1.031.443 39 40 16,596 145,504 $162.100 17.688 $18.917 1,229 136.894 $136.486 (408) 10,855 $10.855 41 (24,478) 29,343 $4.865 90,482 26,457 $116.939 40,164 $40.164 293,590 576.163 $869.753 293,913 282.250 $576.163 42 TRANSPORTATION DEVELOPMENT ACT Variance Favorable Budget Actual (Unfavorable) SPECIAL CRIMINAL ACTIVITY Variance Favorable Budget Actual (Unfavorable) INTERMODAL SURFACE TRANSPORT- ATION EFFICIENCY ACT Variance Favorable Budget Actual (Unfavorable) $75,000 ($75,000) $2,068,000 $29,859 ($2,038,141) $600 $1,078 11,993 $478 5,000 6,993 75,000 (75,000) 5,600 13,071 7,471 2,068,000 29,859 (2.038,141) 2,450 2,450 10,370 7,022 3,348 72,550 651 71,899 1,884,000 . 1,884,000 29,859 (29,859) 75,000 651 74,349 10,370 7,022 3,348 1,884,000 29,859 1.854,141 (651) (651) (4,770) 6,049 10,819 184,000 (184,000) 451 451 451 451 (200) 200 ($200) ($4,770) 6,049 15,539 $21.588 $10.819 $184,000 ($184,000) (Continued) 43 CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL FOR TI-IE FISCAL YEAR ENDED JUNE 30, 1994 COMMUNITY DEVELOPMENT BLOCK GRANT PARK DEDICATION Variance Variance Favorable Favorable Budget Actual (Unfavorable ) Budget Actual (Unfavorable) REVENUES Sales and use taxes Intergovernmental $86,~82 ' $86,681 $99 Charges for services Use of money and property $1,530 $3,471 $1,941 Fines and forfeitures Other revenue Special assessments Total Revenues 86,582 86,681 99 1,530 3,471 1,941 EXPENDITURES General government City Council Public safety Police Traffic signals and streetlights Highways and streets Public works administration Street tree maintenance Street sweeping Street landscaping maintenance Street maintenance Health and Welfare. Waste management Conuuunity development. Engineering Capital outlay Dublin Boulevard Extension # 1 Almual street overlay project Dublin Sports Grounds renovation 21,000 20,546 454 Dublin Swim Center 80,082 80,082 34,582 33,166 1,416 North Avenue bike path Heritage Center 6,621 388 6,233 Dublin Boulevard Ell.1ension #2 Shannon NPDES pilot project BenclulIarks & Monuments Stagecoach Landscape upgrade Dougherty Road/Sierra Signal Total Expenditures 80,082 80.082 62,203 54,100 8,103 EXCESS OF REVENUES OVER(UNDER) EXPENDITURES 6.500 6.599 99 (60,673 ) (50,629) 10,044 OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) (6.599) (6,599) (2,852) (2.852) Total Other Financing Sources (Uses) (6,599) (6,599) (2,852) (2,852) EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES $6.500 ($6.500) ($60,673) (53,481) $7.192 Fund balances at beginning of year 91,796 fund balances at end of year $38,315 44 SALES T A.\': MEASURE B MEASURE AA STREET LIGHTING Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $114,000 $117,623 $3,623 $136,338 $17,051 ($119,287) 170 2,727 2,557 $6,980 $8,159 $1,179 7,500 12,256 4,756 182,615 186,530 3.915 114,170 120,350 6,180 136.338 17,051 (119,287) 197,095 206,945 9,850 197,500 186,095 11,405 1,944 1,943 4,971 2,311 2.660 209,198 184,406 24,792 136,337 19,903 116,434 209,198 184,406 24,792 136,337 19,903 116.434 204.415 190.349 14.066 (95,028) (64.056) 30.972 (2,852) (2,853) (7,320) 16.596 23.916 2,852 2,852 2,852 2,852 ($95.028) (64,056) 530.972 523.916 51 (51) ($7.320) 16,596 145,504 $162,100 18,977 ($45.079) (Continued) 45 46 SB 300 GRANT VEHICLE ABATEMENT Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $96,040 $107,379 $11,339 $17,700 $15,637 ($2,063 ) 10,594 10,594 510 263 (247) 96,040 29,425 107,379 10,594 147,398 (51,358) ($51.358) 117,973 29,425 107,379 10,594 147,398 (29,425) 21,933 21,933 29,425 29,425 29,425 29,425 $51,358 18,210 7,800 7,800 10,410 $100410 IS ,900 5,045 5,045 10,855 10,855 $10,855 47 (2,310) 2,755 2,755 $445 STORM WATER RUNOFF Variance Favorable Budget Actual (Unfavorable) $38,266 164,971 203,237 $38,266 162,200 706 201,172 6,720 69,986 69,986 5,336 111,650 Ill,650 38,679 38,678 227,035 445 (23,798) ($23.798) 225,650 (24,478) (24,478) 29,343 $4.865 ($2,771) 706 (2,065) 1,384 1,385 (680) ($680) (Continued) CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 1994 MEASURE D RECYCLING GARBAGE SERVICE Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) REVENUES Sales and use taxes Intergovemmomtal $87,719 $87,719 Charges for services $551,586 $580,258 $28,672 Use of money and property $260 2,961 2,701 2,330 2,330 Fines and forfeitures Other revenue Special assessments Total Revenues 260 90,680 90,420 551,586 582,588 31,002 EXPENDITURES General government City Council Public safety Police Traffic signals and street lights Highways and streets Public works administration Street tree maintenance Street sweeping Street landscaping maintenance Street maintenance Health and Welfare. Waste management 20,650 198 20,452 551,586 542,424 9,162 Community development. Engineering Capital outlay Dublin Boulevard Extension III Ammal street overlay project Dublin Sports Grounds renovation Dublin Swim Center North Avenue bike path Heritage Center Dublin Boulevard Extension #2 Shnrulon NPDES pilot project Benchmarks & Monuments Stagecoach Landscape upgrade Dougherty Road/Sierra Signal Total E"'Penditures 20,650 198 20,452 551,586 542,424 9,162 EXCESS OF REVENUES OVER(UNDER) EXPENDITURES (20.390) 90,482 11 0,872 40,164 40.164 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 ($20.390) 90,482 $110,872 40,164 $40,164 Fund balances at beginning of year 26,457 Fund balances at end of year $116,939 $40.164 48 TOTALS Variance Favorable Budget Actual (Unfavorable) $114,000 $117,623 $3,623 2,974,726 852,324 (2,122,402) 716,557 742,458 25,901 29,200 51,059 21,859 26,500 33,964 7,464 15,400 26,263 10,863 288,263 296,286 8,023 4,164,646 2.119,977 (2,044,669) 2,450 2,450 18,170 12,067 6,103 291,000 268,372 22,628 2,738 2,736 2 10,773 6,807 3,966 69,986 69,986 110,085 105,135 4,950 177,802 158,821 18,981 572,236 542,622 29,614 124,740 121,478 3,262 29,425 29,425 316,577 291,785 24,792 21,000 20,546 454 114,664 113,248 1,416 72,550 651 71,899 142,958 20,291 122,667 1,894,594 10,594 1,884,000 38,679 38,678 1 2,063 2,063 4,500 4,500 29.859 (29,859) 4,016,990 1,849,664 2,167,326 147,656 270,313 122,657 32,728 32,728 (9,451 ) (9,45l) 23,277 23,277 $147.656 293,590 $145,934 576,163 $869.753 49 CITY OF DUBLIN CAPITAL PROJECTS FUNDS Capital Projects Fund - To account for acquisitions and constructions of capital facilities other than those financed by proprietary funds. The Dublin Boulevard Extension #1 Capital Projects Fund was established to account for infrastructure improvements financed with resources received from other governmental agencies. The Dublin Boulevard Extension #2 Capital Projects Fund was established to account for infrastructure improvements financed by the Dublin Boulevard Assessment District. 51 CITY OF DUBLIN CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEETS ruNE 30,1994 WITH COMPARATIVE AMOUNTS FOR mNE 30,1993 Dublin Dublin TOTALS Capital Boulevard Boulevard Projects Extension # 1 Extension #2 1994 1993 ASSETS Cash and investments $128,435 $128,435 $102,303 Receivables: Accounts 110,796 $2,756 113,552 121,796 Interest 644 644 751 Condenmation deposits 32,600 Total Assets $239,231 $3.400 $242,631 $257.450 LIABILITIES Accounts payable $22,381 51,441 $23,822 $24,145 Deposits payable 216,850 216,850 139,881 Deferred revenue 110,796 110,796 110,796 Due to other funds 278.406 278,406 147,729 Total Liabilities 350,027 279,847 629,874 422.551 FUND BALANCES Reserved for condenmation deposits 32,600 Undesignated (110,796) (276,447) (387,243) (197,701 ) Total Fund Balances (Deficit) (110,796) (276,447) (387,243) (165,101) Total Liabilities and Fund Balances $239.231 $3.400 $242,631 $257.450 52 CITY OF DUBLIN CAPITAL PROJECTS FUNDS COMBINING STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30,1994 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1993 Dublin Dublin TOTALS Capital Boulevard Boulevard Projects Extension # I Extension #2 1994 1993 REVENUES Intergovernmental $10,437 Use of money and property $20,677 $693 $21,370 31.191 Other revenue $51,146 2.757 53,903 55,365 Total Revenues 51,146 23,434 693 75,273 96,993 E.,'<PEND ITURES Capital outlay: Dougherty Road improvements 7,370 7,370 198 Dublin Boulevard\Silvergate Drive improvements 3,702 Dublin Boulevard improvements/San Ramon Road to Village Parkway 23,969 23,969 5,043 Dublin Boulevard E"1ension #1 163,885 163,885 201,653 Dublin Boulevard E"1ension #2 4,340 2,028 6,368 929,021 Traffic fee impact study 12,429 12,429 Dougherty Hills Park 11,000 Total E"'Penditures 48,108 163.885 2,028 214,021 1,150,617 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 3,038 (140,451) (1,335) (138,748) (1,053,624) OTHER FINANCING USES Operating transfers (out) (69,731) (763) (70,494) Total Other Financing Uses (69,731) (763) (70,494) EXCESS OF REVENUES OVER (UNDER) EXPENDITIJRES AND OTHER USES (66,693 ) (140,451) (2,098) (209,242) (1,053,624) Fund balances (deficits), begilUling of year, as restated (44,103) (135,996) 14,998 (165,101) 888,523 Residual equity transfers (out) (12,900) (12,900) Fund deficits, end of year ($110.796) ($276.447) ($387.243) ($165.101) 53 REVENUES Use of money and property Other revenue Total Revenues EXPENDITURES Capital outlay: Dougherty Road improvements Dublin BoulevardlSilvergate Drive improvements Dublin Boulevard improvements/San Ramon Road to Village Parkway Dublin Boulevard Extension #1 Dublin Boulevard E:\1ension #2 T raffie fee impact study Total Expenditures EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING USES Operating transfers (out) Total other Financing Uses EXCESS OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES Fund balances (deficits), end of year Residual equity transfers (out) Fund deficits, end of year CAPITAL PROJECTS DUBLIN BOULEVARD EXTENSION #1 Variance Variance Favorable Favorable Budget, Actual (Unfavorable) Budget Actual (Unfavorable ) $4,340 ($4,340) $358,445 $20,677 ($337,768) 567,000 $51,146 (515,854)' 2,757 2,757 571,340 51,146 (520,1941 358,445 23,434 (335,011) CITY OF DUBLIN CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 1994 46,000 7,370 38,630 471,000 23,969 447,031 4,340 4,340 29.290 12,429 16.861 550,630 48,108 502,522 20,710 3,038 (17,672) (69,731) (69,731 ) (69,731) (69,731 ) 164,065 163,885 164,065 163,885 194,380 (140,451) $20.710 (66,693) ($87,403) $194.380 (140,451) (44,103) (135,996) ($ 11 0.796) ($276.447) 54 180 180 (334,831) ($334.831 ) DUBLIN BOULEVARD E)"'TENSION #2 TOTALS Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $693 $693 $362,785 $21,370 ($341,415) 567.000 53,903 ( 513,097) 693 693 929,785 75,273 (854,512) 46,000 7,370 38,630 471,000 23,969 447,031 164,065 163,885 180 13,041 2,028 11,013 17.381 6,368 11,013 29,290 12,429 16,861 13,041 2,028 11,013 727,736 214.021 513,715 (13,041) (1,335) ll,706 202,049 (138,748) (340,797) (763 ) (763) (70,494) (70.494) (763) (763) (70,494) (70,494) ($ 13.041) (2,098) $10.943 $202.049 (209,242) ($411,291) 14,998 (165,101) (12,900) (12,900) ($387.243) 55 CITY OF DUBLIN AGENCY FUNDS Agency funds are used to account for assets held by the City in a fiduciary capacity for individuals, governmental entities and others. These funds carry out the specifications of trust indentures, ordinance or other regulations. San Ramon Road Specific Improvement Plan Agency Fund - To account for special assessments collected to repay the Special Assessment Bonds which were issued to fund improvements to San Ramon Road and Amador Valley Boulevard. These Bonds were retired July 2, 1993. Remaining cash on hand will be used to maintain the improvements constructed by this District. Employee Deferred Compensation Plan - To account for assets of the City's Employee Deferred Compensation Plan. Dublin Boulevard Extension Assessment District Fund - To account for the special assessment established to fund the improvements to Dublin Boulevard. 57 CITY OF DUBLIN AGENCY FUNDS STATEMENTS OF CHANGES IN ASSETS AND LIABll..ITlES FOR THE FISCAL YEAR ENDED JUNE 30, 1994 Balance Balance June 30.1993 Additions Reductions JundO, 1994 San Ramon Road Specific Improvement Plan Cash and investments $528,973 $115,698 $595,693 $48,978 A.::counts receivable 331 331 Total Assets $529,304 $115.698 $596.024 $48.978 Accounts payable $169 $169 Deposits payable 3,125 3,125 Deferred revenue 45,684 45,684 Due to bondholders $529,304 66,720 $596,024 Total Liabilities $529.304 $115,698 $596.024 $48.978 Employee Deferred Compensation Plan Deferred compensation mutual funds $157.929 $62,161 $3.499 $216.591 Deferred compensation payable $157,929 $62.161 $3.499 $216,591 Dublin Boulevard Extension Assessment District Cash and investments $90,708 $253,022 5170,817 $172,913 Restricted cash and investments 121,210 121,210 Accounts receivable 168 168 Total Assets 5212,086 5253.Q22 $170.985 $294.123 Due to bondholders 5212.086 5253.022 $170.985 $294.123 Total Agencv Funds Cash and investments $619,681 $368,720 $766.510 $221,891 Restricted cash and investments 121,210 121,210 Accounts receivable 499 499 Deferred compensation mutual fimds 157,929 62,161 3.499 216,591 Total Assets 5899.319 5430.881 $770,508 $559.692 Accounts payable $169 $169 Deposits payable 3,125 3,125 Deferred revenue 45,684 45,684 Due to bondholders $741,390 319,742 $767,009 294,123 Deferred compensation payable 157.929 62,161 3,499 216,591 Total Liabilities ' $899,319 $430,881 $770,508 $559.692 58 STATISTICAL SECTION CITY OF DUBLIN GOVERNMENT AL EXPENDITURES BY FUNCTION ALL GOVERNMENTAL FUND TYPES LAST TEN FISCAL YEARS Public General Safety and Governmental Health Highways Culture Fiscal and Facilities and and Community and Capital Year Rents Welfare Streets Development Leisure Outlay Total 1984-1985 $361,392 $1,494,855 $319,247 $602,567 $224,588 $1,982,847 $4,985,496 1985-1986 542,616 1,676,247 635,445 961.541 309,092 3,641,282 7,766,223 1986-1987 2,208,131 1,770,331 730,051 1,062,858 365,193 3,668,733 9,805,297 1987-1988 2,308,376 2,039,119 813,482 1,091.901 524,622 2,914,458 9,691.958 1988-1989 1,286.201 3,986,097 941,276 1,336,870 1,026,538 3,214,398 11,791,380 1989-1990 2.047,506 4,672,847 1.021,641 1,583,504 1,274,861 2,652,683 13,253,042 1990-1991 3,593,481 5,095,032 1,041,627 1,827,354 1,459,419 3,403,128 16,420,041 1991-1992 3,339,061 5,683,582 1,025,265 1,541,207 1,682,262 5,273,041 18,544,418 1992-1993 3,066,025 6.091,718 998,843 1,409,594 1,733,786 2,697,724 15,997,690 1993-1994 2,922,353 6,543.864 830,936 1,107,770 1,709,218 1,118,384 14,232,525 Source: City of Dublin Annual Fi.nancial Report Includes Fire Services and Culture and Leisure Services Responsibilities Assumed July I, 1988. Includes Federal Aid Urban Expenditures Beginning in 1986-1987. 61 CITY OF DUBLIN GENERAL GOVERNMENTAL REVENUES BY SOURCE ALL GOVERNMENTAL FUND TYPES LAST TEN FISCAL YEARS Use of Licenses Charges Money Fines Fiscal and Inter- for And and Other Special Year Taxes Permits Governmental Services Property Forfeits Revenue Assessments Total 1984-1985 $4,738,818 $333,982 $1,456,930 $260,217 $1,004.263 $68,301 $556,690 $137,145 $8,556,346 1985-1986 5,062,103 410.246 1,436,379 682,324 1.111,034 68,995 381,784 435,995 9,588,860 1986-1987 5,837,811 586,320 1,965,454 593,407 883,644 91,755 501,802 157,704 10,617,897 1987-1988 6.179,005 532,696 1,660,205 466,673 1,074,160 94.584 593,069 246,915 10,847,307 1988-1989 9,305,662 292,189 2.567,703 738.314 1,183,847 104,641 68,617 262.197 14,523,170 1989-1990 9,769,276 315,010 1,667,801 1.090,386 1,405,882 91,221 908,784 287,205 15,535,565 1990-1991 10,312,208 248,116 2,564,553 1,196,484 1,388,351 82.367 383,423 281,428 16,456,930 1991-1992 9,805,734 246,459 2,489,765 1.085,251 1,125,154 58,501 1,051,625 275,890 16.138,379 1992-1993 9,986,544 281,921 2,810,875 1,171,564 951,267 50,780 124,493 292.224 15,669,668 1993-1994 10,574,807 340,995 1,798.037 1,323,196 1.008,044 68,280 354,505 296,286 15,764,150 Source: City of Dublin Annual Financial Report 62 CITY OF DUBLIN ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS Total Fiscal Secured Unsecured Assessed Year Property Utility Property Valuation 1984-1985 $515,660,344 $13,182,170 $64,760,035 $593,602,549 1985-1986 598,426,296 14,662,390 74,740,855 687,829,541 1986-1987 721,792,937 16,371,040 82,214,150 820,378,127 1987-1988 802,835,061 18,759,300 85,253,484 906,847,845 1988-1989 962.867,790 1.812,200 84,339,466 1,049,019,456 1989~1990 1,086,479,184 1,812,200 94,717,004 1,183,008,388 1990-1991 1.195,196,327 4,536,700 90,697,434 1,290,430,461 1991-1992 1,285,655,755 4,536,700 92,332.101 1,382,524,556 1992-1993 1,344,318,745 4,536,700 92,379,123 1,441,234,568 1993-1994 1,400,427,455 4,536,700 97,399.163 1,502,363,318 Source: Alameda County Office of the Auditor--Controller 63 CITY OF DUBLIN PROPERTY TAX RATES ALL OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS Basic Flood Bay East Dublin County Zone Area Bay San Ramon Alameda Fiscal Wide Levy School State Rapid Parks Services County Year ($11$100) Districts Bonds Transit Bond District Library Total 1984-1985 $1.0000 $0.2045 $0.0291 $0.0572 $0.0156 $0.0091 $1.3155 1985-1986 1. 0000 0.1136 0.0429 0,0508 0.0055 1.2128 1986-1987 1. 0000 0.0820 0.0185 0.0421 0.0051 1.1477 1987-1988 1. 0000 0.0958 0.0119 0.0390 0.0032 0.0017 1.1516 1988-1989 1.0000 0,0862 0.0183 0.0372 0.0019 0.0019 1.1455 1989-1990 1.0000 0.0701 0.0198 0.0319 $0.0047 0.0020 0.0019 1.1304 1990-1991 1. 0000 0.1003 0.0142 0.0250 0.0032 0.0007 0.0013 1.1447 1991-1992 1.0000 0.0935 0.0133 0.0251 0.0028 0.0010 0.0058 1.1415 1992-1993 1. 0000 0.0878 0.0132 0.0258 0.0074 '" 0.0061 1.1403 1993-1994 1. 0000 0.0717 0.0182 0.0240 0.0069 '" 0.0060 1.1268 Source: Alameda County Office of The Auditor-Controller '" No longer assessed, bonded debt fully repaid 64 CITY OF DUBLIN COMPUTATION OF LEGAL DEBT MARGIN JUNE 30, 1994 Assessed valuation: Assessed value Add back exempt real property $1,502,363,318 43,068,116 Total Assessed Value $1,545,431,434 Legal debt margin: Debt limitation - 15 percent of total assessed value $231,814,715 Percent of debt limit authorized and issued 0.00% Source: City of Dublin Finance Department Excludes Certificates of Participation and 1915 Act Bonds since they are not General Obligation Debt. 65 CITY OF DUBLIN COMPUTATION OF DIRECT AND OVERLAPPING DEBT JUNE 30, 1994 Net Debt Percentage Outstanding Applicable Applicable to City of to City Dublin of Dublin 2,175% $7,137,676 2.175% 163,451 1.088% 129,956 0.850% 1,756,313 12.731% 37,556 99.536% 14,987,177 99.536% 168,980 99.536% 8,803 99.536% 188,183 1.214% 1,440,168 100.000% 17,615,000 100.000% 2,350,000 45,983,263 129,956 $45,853,307 Jurisdiction Alameda County Authorities Alameda County Superintendent of Schools Oakland-Alameda County Coliseum Authority Bay Area Rapid Transit District Alameda County Flood Control District, Zone #7 Dublin Joint Unified School District Dublin Jaint Unified School District Certificates of Participation Amador Valley Joint Union High School District Murray School District East Bay Regional Park District City of Dublin 1993 Certificates of Participation City of Dublin 1915 Act Bonds Total Gross Direct and Overlapping Bonded Debt Less: Oakland-Alameda County Coliseum Authority (100% SELF-SUPPORTING) . Total (1) Excludes tax and revenue anticipation notes; revenue, mortgage revenue and tax allocation bonds; and non-bonded capital lease. Source: California Municipal Statistics, Inc. adjusted for City of Dublin for 1993 COP's issue. 66 CITY OF DUBLIN DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS Alameda City Rank in Size Fiscal County Population of California Year Population Population % of County Cities 1984-1985 15,500 1,166,800 1.33% 232 1985-1986 15,450 1,181,000 1.31% 237 1986-1987 17,650 1,201,400 1.47% 231 1987-1988 20,850 1,214,200 1.72% 218 1988-1989 21,950 1,234,900 1.78% 221 1989-1990 23,550 1,252,600 1.88% 220 1990-1991 23,500 1,293,000 1.82% 230 1991-1992 25.162 1,313,300 1.92% 222 1992-1993 25,853 1,337,126 1.93% 224 1993-1994 24,947 1.334,127 1.87% 225 Source: State of California Department of Finance - Population Research Unit. 67 CITY OF DUBLIN PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS LAST TEN FISCAL YEARS Total Commercial Residential Fiscal Number of Construction Construction Bank Year Permits Issued Value Value Deposits 1984-1985 768 $16,093,749 $18,991,926 $247,622,000 1985-1986 868 17,720,298 90,012,961 294,462,000 1986-1987 1.193 11,784.734 44,889,395 336.751,000 1987-1988 1,068 12,777,965 52,580,666 378,557,000 1988-1989 901 13,654,511 15,911.836 399,923,000 1989-1990 910 6.367,726 30,536,676 439,781,000 1990-1991 752 7,604,547 8,074,458 450,215,000 1991-1992 798 9,759,533 5,005,547 517,540,000 1992-1993 828 5.477,619 7,732,367 533,885,000 1993-1994 721 8,162,579 3.490,667 + Sources: Fi.ndley Reports, Inc. and City of Dublin Building Department Status Reports + Data not available 68 CITY OF DUBLIN MISCELLANEOUS STATISTICAL DATA JUNE 30, 1994 Date of Incorporation February 1982 Education: Form of Government CouncillManager 1. Public: Employees 32,50 Elementary Schools 3 Population 25,853 Middle School 1 Area 9.0 Sq. Miles High School 1 Miles of streets 52.60 Continuation 1 Miles of Curbs 124.70 Signaled Intersections 20 Number of Street Lights 1,710 Average Daily Trips on 1-680 115,000 Average Daily Trips on 1-580 140,000 Fire Protection: Public School Enrollment: Dougherty Regional Fire Authority- September 1982 3,643 (Service area includes City of Dublin September 1983 3,442 and a portion of the City of San Ramon) September 1984 3,354 Number of Stations 2 September 1985 3,326 Number of Fire Personnel 47 - Safety September 1986 3,407 2 - Non-safety September 1987 3,499 September 1988 3,213 Police Protection: September 1989 3,135 Number of Stations I September 1990 3,150 Number of Police Officers 28 September 1991 3,173 Number of Support Personnel 3.5 September 1992 3,379 September 1993 3,511 September 1994 3,550 Parks and Recreation: Parks Acres in Parks 9 147 Number of Registered Voters 11 ,780 II. Private Schools Enrollment for 93/94 School Year: Valley Christian: Elementary Junior High High St. Philip Lutheran Elementary (Pre K-6th) St. Raymonds Catholic School (K-8) Montessori Fountainhead (Pre k-3rd) 542 112 184 175 248 135 1,396 Community Facilities: Dublin Civic Center Dublin Senior Center Shannon Community Center Dublin Swim Center Dublin Sports Grounds Source: City and School District Records 69 CITY OF DUBLIN SCHEDULE OF 1985 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEARS 1985-1988 Net Revenue Debt Service Direct Available Requirements Fiscal Gross Operating For Debt Year Revenue (I) Expenses (2) . Service Principal Interest T ota! Coverage 1985-1986 $667,811 $667,811 $667,811 $667,81 I 100.000% 1986-1987 1,815,555 $443,194 1,372,361 $173,000 1,078,080 1,251,080 109.694% 1987-1988 13,180,797 27,216 13,153,581 11,795,000 (3) 1,066,403 12,861,403 102.272% (I) Gross Revenue includes Rent, Interest Income and 1985 Certificates of Participation proceeds earmarked for Debt Service. The 1987-1988 total includes $11,615,000 principal amount of 1988 Certificates of Participation Proceeds used to defease the 1985 Certificates of Participation. (2) Direct Operating Expenses Excludes Interest and Depreciation (3) Includes $11,615,000 principal amount of 1985 Certificates of Participation Defeased in 1988 and no Longer the City's Debt Source: City of Dublin Annual Financial Report 70 CITY OF DUBLIN SCHEDULE o.F 1988 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEARS 1989-1993 Net Revenue Debt Service Direct Available Requirement Fiscal Gross Operating for Debt Year Revenue (1) Expenses (2) Service Principal Interest (3) Total Coverage 1988-1989 $1,547,681 $33,328 $1,514,353 $1,178,501 $1,178,501 128.50% 1989-1990 1,452,254 30,945 1,421,309 1,282,483 1,282,483 110.82% 1990-1991 1,740,720 42,264 1,698,456 $420,000 1.254,131 1,674,131 101.45% 1991-1992 1,735,357 45,609 1,689,748 445,000 1,240,333 1,685,333 100.26% 1992~1993 17,954,702 15,921.320 2,033,382 470,000 1,230,804 1,700,804 119.55% (1) Gross Revenue Includes Facilities Rent, Interest Income and 1988 Certificates of Participation Proceeds for Debt Service. 1992-1993 total includes $16,123,345 of 1993 Certificates of Participation proceeds, used to defease the 1988 COP's. (2) Direct Operating Expenses Excludes Interest and Depreciation. Includes $15,895,000 principal amount of 1988 Certificates of Participation defeased in 1993 which is no longer the City's debt. (3) Excludes amortization of bond discount. Source: City of Dublin Annual Financial Report 71 CITY OF DUBLIN SCHEDULE OF 1993 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEAR ENDED JUNE 30, 1994 Net Revenue Debt Service Direct Available Requirement F isca1 Gross Operating for Debt Year Revenue (1) Expenses (2) Service Principal Interest (3) T ota! Coverage 1993-1994 $1,564.715 $12,874 $1,551,841 $910,000 $622,816 $1,532,816 101.24% (1) Gross Revenue Includes Facilities Rent and Interest Income. (2) Direct Operating Expenses Excludes Interest and Depreciation. (3) Excludes amortization of bond discount. Source: City of Dublin Annual Financial Report 72 CITY OF DUBLIN CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM FUNDING ANALYSIS FISCAL YEARS 1986-1992 Net Assets Pension Fiscal Available Benefit Year For Benefits Obligation 1986-1987 $224,510 $193,490 Percent Funded 116.03% 1987-1988 103.06% 331,670 321,820 1988-1989 485,870 112.09% 433,477 1989-1990 115.69% 673,728 582,374 1990-1991 121.22% 871.272 718,724 1991-1992 1,016,722 111.40% 1,132,606 The above information was not available for years prior to 1986 or for Fiscal Year 1993. Source: California Public Employees Retirement System. (PERS) 73 Overfunded Pension Benefit Obligation $31,020 9,850 52,393 91,354 152,548 115,884 Annual Covered Payroll $641,910 818,530 1,034,010 1,241,152 1,507,749 1,529,925 Percent of Overfunded Pension Benefit Obligation to Annual Covered Payroll 4.83% 1.20% 5.07% 7.36% 10.12% 7.57% CITY OF DUBLIN PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Percent of Total Total Tax Property Property Collected Fiscal Tax Tax to Tax Year Levied Collected Levied 1984-1985 $399,650 $380,095 95.11% 1985-1986 467,835 444,612 95.04% 1986-1987 553,730 523,149 94.48 % 1987-1988 618.512 590,860 95.53% 1988-1989 (I) 2,915,555 2,797,473 95.95% 1989-1990 3,286,145 3,149,417 95.84% 1990-1991 3,570,018 3,399,795 95.23% 1991-1992 3,860,349 3,611,824 93.56% 1992-1993 (2) 3,597,733 3,465,193 96.32% 1993-1994 3,767,484 3,632,945 96.43% (1) Effective July I, 1988, the City assumed responsibility for park maintenance and fire protection services from Dublin/Sau Ramon Services District, which operated these functions prior to 1988-1989. At this time the City also acquired property taxes previously levied by Dublin/San Ramon Services District. (2) In fiscal year 1992/93, state law was enacted which permanently reduced tlle City share of the property tax levy and shifted it to tlle schools. Source: Alameda County Aud'itor - Controller Office 74 CITY OF DUBLIN PRINCIPAL T AXP AYERS JUNE 30, 1994 Taxpayer Secured Assessed Value Percent of Total Secured Assesse Value Cottonwood Associates 248 Apartment/Condominium Units "Cottonwood" $19,271,604 1.3761% Metric Institutional Company Investment Partners II 204 Apartment/Condominium Units "Amador Oaks" 18,200,796 1.2997% Dublin Meadow Partners 206 Apartment/Condominium Units "Dublin Meadows" 17,183,030 1.2270% Rafanelli & Nahas & VM Rafaenelli Vineyards 224 Apartment/Condominium Units "Parkwood" 17,050,154 1.2175% Sierra Dublin Properties Business Park " Sierra/Trinity" 16,699,393 1.1924% Phoenix Mutual Life Insurance Company 200 Apartment/Condominium Units "Amador Lakes - Lot 5" 15,237,805 1.0881 % Dublin Associates Retail Shopping Center "Target, et al" 15,109,751 1.0789% Rafanelli & Nahas 255 Apartment/Condominium Units "Amador Lakes - Lots 3 and 4" 14,742,883 1.0527% Liberty House Properties Retail Shoppping Center "Home Express, Orchards Supply Hardware, etc." 13,229,896 0.9447% Amador Lakes Associates 100 Apartment/Condominium Units " Amador Lakes" 12,016,602 0,8581 % $158,741.914 11.3352 % Total Source: County of Alameda 75 e e CITY OF DUBLIN'S FINANCIAL STATEMENTS FOR FISCAL YEAR ENDING 6/30/94 (Final After Audit) Prepared by The Finance Department October 12, 1994 " E"~lUDrr J ~ ^Dl~Dd i 0' / / e . BGLI02 CITY OF DUBLIN 10/12/94 BALMICE SHEET FOR THE PERIOD 7/93 THROUGH 6/94 GENERAL SPECIAL SPECIAL CAPITAL REVElIUE REVElIUE ASSESSMEIIT IMPROVEHElIT FUNDS FUNDS FUNDS FUNDS ASSETS CASH 1872293.66- 731358.45 567832.34 128434.99 CASH WITH FISCAL AGENT 121210.04 UNAMORTIZED BOirD DISCOUNT I INVESTMENTS AT COST 19015041.49 RECEIVABLES: TAXES 37974.26 ACCOUl/TS (NET) 385783.18 155123.02 113551.97 IIITEREST 305989.28 643.91 ASSESSM~lITS 7260.87 1860.57 REnTS 1I0TES DUE FROM OTHERS 623746.69 29859.02 INVENTORY AT COST PREPAID ITEMS 11980.68 FIXED ASSETS AMOUNTS TO BE PROVIDED 2232500.00 TOTAL ASSETS 18508221. 92 923601.36 2923402.95 242630.87 LIAB, FND BAL, RETtlD EARNINGS DEPOSITS FOR PRIVATE DEVELPMNT 36873.76- DEPOSITS FOR AB1600 FEES 216850.00- DEPOSITS OTHERS 194441.18- 3125.00- PAYABLES:ACCOOlITS 280742.51- 262266.92- 30467.22- 23821.45- INTEREST PAYROLL 63762.54- DUE TO OTHERS 335.00- 109082.81- 278406.20- DEBT INSTRUMENTS PAYABLE 2350000.00- TOTAL LIABILTIES 576154.99- 371349.73- 2383592.22- 519077.65- fUND BALANCES 17932066.93- 552251.63- 539810.73- 276446.78 TOTAL FUND EQUITY 17932066.93- 552251. 63- 539810.73- 276446.78 TOTAL LIAB,FND BAL, RETD EARNS 18508221.92- 923601.36- 2923402.95- 242630.87- , I BGL102 10/12/94 ASSETS CASH CASH WITH FISCAL AGENT UNAMORTIZED 801ID DISCOUNT INVESTMENTS AT COST RECEIVABLES: TAXES ACCOUNTS (NET) INTEREST ASSESSMENTS RENTS NOTES DUE FROM OTHERS INVENTORY AT COST PREPAID ITEMS FIXED ASSETS AUOUNTS TO BE PROVIDED TOTAL ASSETS LIAB, FND'BAL, RETlfD EARNINGS DEPOSITS FOR PRIVATE DEVELPMNT DEPOSITS OTHERS PAYABLES:ACCOUNTS INTEREST PAYROLL DUE TO OTHERS DEBT INSTRUMEIlTS PAYABLE TOTAL LIABILITIES . FUND BALANCE CONTRIBUTIONS INVESTMENTS IN FIXED ASSETS RETAINED EARNINGS TOTAL FUND EQUITY TOTAL LIAB,FHD BAL, RETD EARNS e CITY OF DUBLIN BALANCE SHEET FOR THE PERIOD 7/93 THROUGH 6/94 e INTERlfAL SERVICE FUND EIlTERPRISE FIXED ASSETS GENERAL LONG FUlIDS GROUP OF TERM DEBT ACCOUNTS ACCOUNT GROUP 334575.61 14687.48 1732248.07 46954.43 2878.60 153663.97 21110330.12 491118.18 22904220.10 798.90- 14427.55- 17993643.25- 798.90- 18008070.80- 312980.72- 213740.70 177338.56- 5109890.00- 490319.28- 4896149.30- 479805.26 2713930.44 479805.26 2713930.44 2713930.44- 2713930.44- 479805.26- 491118.18- 22904220.10. 479805.26- 2713930.44. 479805.26- " BGLl04C .E CITY OF DUBLIN STATEMElIT SHOWING e PAGE 1 10/12/94 REVENUES VERSUS EXPENDITURE 10.32.09 FOR THE PERIOD 7/93 THROUGH 6/94 GENERAL REVEHUE FIDlD CURRENT PERIOD PREVIOUS YEAR EIIDIlIG JUNE 30. 1993 BUDGET ACTUAL PERCENT VARIANCE ACTUAL ACTUAL PERCEnT VARIAnCE FISCAL YR Y-T-D ********REVENUES*~***** PROPERTY TAXES 3839040.00- 3853101.60- 100.4 14061. 60 3659581. 66- ,3659581.66- 100.0 .00 SALES TAX 5560000.00- 5969342.43- 107.4 409342.43 5484502.11- 5484502.11- 100.0 .00 REAL PROPERTY TRANSFERS 73000.00- 65258.80- 89.4 7741.20- 56171. 81- 56171. 81- 100.0 .00 TRANSIENT OCCUPANCY TAX 86000.00- 88318.00- 102.7 2318.00 90051.00- 90051.00- 100.0 .00 FIWICHISE TAXES 505900.00- 481162.79- 95.1 24737.21- 585399.45- 585399.45- 100.0 .00 LICENSES & PERMITS 375600.00- 340994.82- 90.8 34605.18- 281920.55- 281920.55- 100.0 .00 FINES & FORFEITURES 32000.00- 34316.48- 107.2 2316.48 24414.26- 24414.26- 100.0 .00 USES OF MONEY AND PROPERTY 881100.00- 935615,38- 106.2 I 54515.38 878968.50- 878968.50- 100.0 .00 INTERGOVERNMENTAL FROM STATE 964425.00- 945713.40- 98.1 18711.60- 919901. 92- 919901. 92- 100.0 .00 CHARGES FOR SERVICES 714533.00- 580737.55- 81.3 133795.45- 1020631.29- 1020631.29- 100.0 .00 OTHER SOURCES OF REVENUE 30649.09- 275567.69- 899.1 244918.60 103865.30- 103865.30- 100.0 .00 TOTAL REVENUE 13062247.09- 13570128.94- 103.9 507881.85 13105407.85- 13105407.85- 100.0 ,00 *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NOli-DEPARTMENTAL 3804.00 815.04 21.4 2988.96 121.31 121. 31 100.0 .00 CITY COUNCIL 1010 112438.00 102612.23 91.3 9825.77 108301. 35 108301.35 100.0 .00 CITY MANAGER 1020 258909.00 240219.95 92.8 18689.05 463249.36 463249.36 100.0 .00 CITY ATTORNEY 1030 306170.00 235554,62 76.9 70615.38 179355.04 179355.04 100.0 .00 ADMIN SERVICES 1040 414253.00 410536.74 99.1 3716.26 205738.27 205738.27 100.0 .00 BUILDING KANAGEMmlT 1050 334867.00 313411. 43 93.6 21455.57 318444.50 318444.50 100.0 .00 FACILITY RENTAL 1050-719 1532816.00 1458593.27 95.2 74222.73 1575537.72 1575537.72 100.0 .00 INSURANCE COST CENTER 1060 169656.00 149792.07 88.3 19863.93 167020.40 167020.40 100.0 .00 ELECTIONS COST CENTER 1070 12910.00 10817.83 83.8 2092.17 24338.89 24338.89 100.0 .00 ACTIVITY TOTAL 3145823.00 2922353.18 92.9 223469.82 3042106.84 3042106.84 100.0 .00 PUBLIC SAFETY: POLICE 2010 3109012.00 2970615.78 95.5 138396.22 2920867.01 2920867.01 100.0 .00 CROSSING GUARDS COST 2020 .00 .00 .00 29621.76 29621. 76 100.0 .00 AlII MAL CONTROL 2030 103100.00 92215.39 89.4 10884.61 119394.97 119394.97 100.0 .00 TRAFFIC SIGNALS 2040 .00 .00 .00 69058.82 69058.82 100.0 .00 DISASTER PREAPREDNESS 2050 37067.00 25728.27 69.4 . 11338.73 31913.09 31913.09 100.0 .00 FIRE SERVICES JPA 2060 2733103.00 2632168.71 96.3 100934.29 2630946.71 2630946.71 100.0 .00 ACTIVITY TOTAL. 5982282.00 5720728.15 95.6 261553.85 5801802.36 5801802.36 100.0 .00 TRANSPORTATION: PUBLIC WORKS 3010 284016.00 282508.50 99.5 1507.50 269943.44 269943.44 100.0 .00 STREET MAINTENANCE 3020 880.00 877.22 99.7 2.78 170860.07 170860.07 100.0 .00 STREET TREE MAINTENANCE 3040 48960.00 45767.70 93.5 3192.30 4317'6.03 43176.03 100.0 .00 STREET LANDSCAPE MAINT. 3050 160260.00 158297.22 98.8 1962.78 10977 4. 40 109774.40 100.0 .00 PARATRANSIT SERVICES 3060 .00 .00 .00 1500.00 1500.00 100.0 .00 ACTIVITY TOTAL 494116.00 487450.64 98.7 6665.36 595253.94 595253.94 100.0 .00 HEALTH & WELFARE: VECTOR CONTROL 5010 .00 .00 .00 7123.00 7123.00 100.0 .00 WASTE MANAGEMENT 5020 100.00 75.84 75.8 24.16 147.72 147.72 100.0 .00 ACrrVITY TOTAL 100.00 75.84 75.8 24.16 7270.72 7270.72 100.0 .00 CULTURE & LEISURE SERVICES: LIBRARY SERVICES 8010 165000.00 165000.00 100.0 .00 164870.00 164870.00 100.0 .00 CULTURAL ACTIVITIES 8011 8000.00 8000.00 100.0 .00 8000.00 8000.00 100.0 .00 " ~CITY OF DUBLIN STATEMENT SHOWING e PAGE 2 GLl04C 10/12/94 REVENUES VERSUS EXPENDITURE 10.32.09 FOR THE PERIOD 7/93 THROUGH 6/94 GENERAL REVENUE FUND CURREIIT PERIOD PREVIOUS YEAR EIIDHlG JUNE 30. 1993 BUDGET ACTUAL PERCENT VARIANCE ACTUAL ACTU~.L PERCENT VARIMICE FISCAL YR Y-T-D HERITAGE CENTER 8012 2781. 00 2234.23 80.3 546.77 .00 .00 .00 DUBLIN CEMETERY 8013 8069.00 8068.33 100.0 .67 .00 .00 .00 PARK MAINTENANCE 8020 591955.00 562328.40 95.0 29626.60 576091.68 576091. 68 100.0 .00 COMMUNITY CABLE TV 8030 20279.00 20279.00 100.0 .00 49000.00 49000.00 100.0 .00 RECREATION ADMIN. 8040 176453.00 175746.19 99.6 706.81 162687.95 162687.95 100.0 .00 PLAYGROUNDS 8045 80378.00 72270.89 89.9 8107.11 68682.22 68682.22 100.0 .00 SHAmlON CElITER 8050 125344.00 116563.54 93.0 8780.46 111826.43 111826.43 100.0 .00 PRESCHOOL 8055 37290.59 34319.22 92.0 2971. 37 33067.80 33067.80 100.0 .00 TEENS PROGRAM 8060 34350.00 27928.80 81.3 6421.20 27790.34 27790.34 100.0 .00 ADULT SPORTS 8065 105635.00 76349.88 72.3 29285.12 93676.99 93676.99 100.0 .00 YOUTH SPORTS 8066 32880.85 28570.77 86.9 4310.08 22291.86 22291.86 100.0 .00 SPECIAL EVENTS 8070 31070.00 28749.94 92.5 2320.06 28847.46 28847.46 100.0 .00 SENIOR CENTER 8080 137449.00 98858.25 71.9 38590.75 98553.66 98558.66 100.0 .00 RECREATION INSTRUCTION 8090 91764.00 78626.11 85.7 13137.89 86972.02 86972.02 100.0 .00 AQUATICS 8100 199966.00 205324.75 102.7 5358.75- 201422.44 201422.44 100.0 .00 ACTIVITY TOTAL 1848664.44 1709218.30 92.5 139446.14 1733785.85 1733785.85 100.0 .00 COMMUNITY DEVELOPMENT: PLMm IlIG 9010 560879.00 511179.82 91.1 ,49699.18 839824.09 839824.09 100.0 .00 BUILDIllG SAFETY 9020 256241. 00 252992.23 98.7 3248.77 246067.57 246067.57 100.0 .00 ENGUlEERIlIG 9030 215791. 00 215790.71 100.0 .29 205915.31 205915.31 100.0 .00 ECONOMIC DEVELOPMENT 9040 9610.00 6328.57 65.9 3281. 43 5340.98 5340.98 100.0 .00 ACTIVITY TOTAL ~ 986291. 33 94.6 56229.67 1297147.95 1297147.95 100.0 .00 -..... CAPITAL IMPROVEMENT PROJECTS:' COf.lMUlIITY IHPROVEf.lENTS 94NN 50000.00 48603.17 97.2 1396.83 61189.51 61189.51 100.0 .00 PARKS 95NN 20000.00 12423.92 62.1 7576.08 14005.38 14005.38 100.0 .00 STREET CONSTRC/IMPROVHT 96NN 281697.00 281695.66 100.0 1.34 129044.57 129044.57 100.0 .00 ACTIVITY TOTAL 351697.00 342722.75 97.4 8974.25 204239.46 204239.46 100.0 .00 TOT A L EXPENDITURES 12865203.44 12168840.19 94.6 696363.25 12681607.12 12681607.12 100.0 .00 EXCESS <REVENUE>EXPENDITURES 197043.65- 1401288.75- 711.2 1204245.10 423800.73- 423800.73- 100.0 .00 TRANSFERS IN FROM OTHER FUNDS .00 77093.25- 77093.25 481272.02- 481272.02- 100.0 .00 TRAlISFERS OUT TO OTHER FUNDS .00 41883.81 41883.81- 39985.33 39985.33 100.0 .00 EXCESS <REVENUE> EXPENDITURE 197043.65- 1436498.19- 729.0 1239454.54 865087.42- 865087.42- 100.0 .00 " ~CITY OF DUBLIN STATEMKHT SHOWING e PAGE 1 BGL104C 10/12/94 REVENUES VERSUS EXPENDITURE 10.35.31 FOR THE PERIOD 7/93 THROUGH 6/94 SPECIAL REVENUE FIINDS CURRElIT PERIOD PREVIOUS YEAR EIlDHlG JUNE 30, 1993 BUDGET ACTUAL PERCEllT VARIAlICE ACTUAL ACTUAL PERCENT VARIAlICE FISCAL YR Y-T-D ********REVENUES******* SALES TAX 114000.00- 117622.52- 103.2 3622.52 110838.07- 110838.07- 100.0 .00 FIllES & FORFEITURES 26500.00- 33963.62- 128.2 7463.62 26366.25- 26366.25- 100.0 .00 USES OF MONEY AND PROPERTY 16430.00- 35095.85- 213.6 18665.85 26829.68- 26829.68- 100.0 .00 INTERNGOVERNMEN~AL FROM STATE 781878.00- 609800.83- 78.0 172077.17- 1735267.71- 1735267.71- 100.0 .00 INTERGOVERNMENTAL FROM COUllTY 38265.50- 125984.50- 329.2 87719.00 634.50- 634.50- 100.0 .00 INTERGOVERNMENTAL FROM FEDERAL 2154582.00- 116540.21- 5.4 2038041. 79- 144631. 51- 144631. 51- 100.0 .00 CHARGES FOR SERVICES 716557.00- 742458.70- 103.6 25901. 70 150932.61- 150932.61- 100.0 .00 OTHER SOURCES OF REVENUE 5000.00- 11993.19- 239.9 6993.19 6027.43- 6027.43- 100.0 .00 TOTAL REVENUE 3853212.50- 1793459.42- 46.5 2059753.08- 2201527.76- 2201527.76- 100.0 .00 *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: CITY COUNCIL 2450.00 .00 2450.00 2600.00 2600.00 100.0 .00 CITY MANAGER .00 .00 .00 21204.93 21204.93 100.0 .00 CITY ATTORNEY .00 .00 .00 112. 50 112.50 100.0 .00 ACTIVITY TOTAL 2450.00 .00 2450.00 23917 . 43 23917.43 100.0 .00 PUBLIC SAFETY: POLICE 18170.00 12067.48 66.4 6102.52 8296.76 8296.76 100.0 .00 TRAFFIC SIGNALS 93500.00 82277.35 88.0 11222.65 25084.00 25084.00 100.0 .00 ACTIVITY TOTAL 111670.00 94344.83 84.5 17325.17 33380.76 33380.76 100.0 .00 TRANSPORTATIOll: STREET MAINTENANCE 177802.00 158820.98 89.3 18981.02 142153.44 14 2153. 44 100.0 .00 STREET SWEEPING 69986.00 69985.83 100.0 .17 64299.96 64299.96 100.0 .00 STREET LANDSCAPE MAINTENANCE .00 .00 .00 78106.00 78106.00 100.0 .00 ACTIVITY TOTAL 247788.00 228806.81 92.3 18981.19 284559.40 284559.40 100.0 .00 I HEALTH & WELFARE: WASTE MANAGEMENT 572236.00 542622.00 94.8 29614 .00 69458.04 69458.04 100.0 .00 CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: ENGINEERING 117650.00 117649.45 100.0 .55 106098.05 106098.05 100.0 .00 ACTIVITY TOTAL 117650.00 117649.45 100.0 .55 106098.05 106098.05 100.0 .00 CAPITAL IMPROVEMENT PROJECTS: GENERAL CIP PROJECTS .00 .00 .00 252.21 252.21 100.0 .00 COHHUlUTY IMPROVEMENTS 181636.50 58968.45 32.5 122668.05 22978.00 22978.00 100.0 .00 PARKS 135664.00 133793.53 98.6 1870.47 32599.14 32599.14 100.0 .00 STREET CONSTRUCTION jIMPROVMT 2499209.00 364376.28 14.6 2134832.72 1276716.86 1276716.86 100.0 .00 ACrrVITY TOTAL 2816509.50 557138.26 19.8 2259371. 24 1332546'-21 1332546.21 100.0 .00 TOT A L EXPENDITURES 3868303.50 1540561.35 39.8 2327742.15 1849959.89 1849959.89 100.0 .00 EXCESS <REVENUE>EXPENDITURE- 15091.00 252898.07- 1675.8- 267989.07 351567.87- 351567.87~ 100.0 .00 TRANSFERS IN FROK OTHER FUNDS .00 32728.18w 32728.18 13666.01- 13666.01- 100.0 .00 TRAtISFERS OUT TO OTHER fUNDS .00 9451.83 9451. 83- 65768.99 65768.99 100.0 .00 EXCESS <REVENUE> EXPENDITURE 15091.00 276174.42- 1830.1- 291265.42 299464.89- 299464.89- 100.0 .00 I I BGLl04C t CITY OF DUBLIN STATEHOO SHOWING e PAGE 1 10/12/94 REVElfUES VERSOS EXPENDITURE 10.40.39 FOR THE PERIOD 7/93 THROUGH 6/94 SPECIAL ASSESSHEllT FUNDS CURRENT PERIOD PREVIOUS YEAR ElIDIlIG JUNE 30 I 1993 BUDGET ACTUAL PERCENT VARIAlICE ACTUAL ACTp~.L PERCEl/T VARIANCE FISCAL YR Y-T-D ********REVEHUES******* SPECIAL BENEFITS ASSESSMENTS 523913.00- 533098.91- 101. 8 9185.91 429912.28- 429912.28- 100.0 .00 USES OF MONEY AND PROPERTY 28260.00- 22974.46- 81.3 5285.54- 49204.17- 49204.17- 100.0 .00 OTHER SOURCES OF REVENUE 10400.00- 14269.21- 137.2 3869.21 2722.57- 2722.57- 100.0 .00 TOTAL REVENUE 562573.00- 570342.58- 101.4 7769.58 481839.02- 481839.02- 100.0 .00 *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL 650731.00 210730.75 32.4 440000.25 169119.54 169119.54 100.0 .00 ACTIVITY TOTAL 650731.00 210730.75 32.4 440000.25 169119.54 169119.54 100.0 .00 PUBLIC SAFETY: TRFC SIGS/STREET LIGHTING 202300.00 190210.84 94.0 12089.16 179805.95 179805.95 100.0 .00 ACTIVITY TOTAL 202300.00 190210.84 94.0 12089.16 179805.95 179805.95 100.0 .00 TRANSPORTATION: PUBLIC WORKS 2738.00 2736.26 99.9 1.74 616.39 616.39 100.0 .00 STREET TREE MAINTENANCE 10773.00 6807.10 63.2 3965.90 6984.53 6984.53 100.0 .00 STREET LANDSCAPE MAINTENANCE 110085.00 105133.50 95.5 4951.50 111427.08 111427.08 100.0 .00 ACTIVITY TOTAL 123596.00 114676.86 92.8 8919.14 119028.00 119028.00 100.0 .00 HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: ENGINEERING 7090.00 3828.40 54.0 3261.60 6347.50 6347.50 100.0 .00 ACTIVITY TOTAL 7090.00 3828.40 54.0 3261.60 6347.50 6347.50 100.0 .00 CAPITAL IMPROVEMENT PROJECTS: COMMUNITY IMPROVEMENTS 4500.00 4500.00 100.0 .00 2470.99 2470.99 100.0 .00 STREET CONSTROCTION/IMPROVMT .00 .00 .00 15.00 15.00 100.0 .00 ACTIVITY TOTAL 4500.00 4500.00 100.0 .00 2485.99 2485.99 100.0 .00 TOT A L EXPENDITURES 988217.00 523946.85 53.0 464270.15 476786.98 476786.98 100.0 .00 EXCESS<REVENUE>EXPENDITURE 425644'.00 46395.73- 10.9- 472039.73 5052.04- 5052.04- 100.0 .00 TRANSFERS IN FROM OTHER FUNDS .00 123895.44- 123895.44 .00 .00 .00 TRANSFERS OOT TO OTHER FUNDS .00 110995.44 110995.44- 400667.31 400667.31 100.0 .00 EXCESS <REVENUE> EXPENDITURE 425644.00 59295.73- 13.9~ 484939.73 395615.27 395615.27 100.0 .00 I, BGLl04C . CITY OF DUBLIN STA'fEMEHT SHOWING e PAGE 1 10/12/94 REVENUES VERSUS EXP&lDITURE 10.55.37 FOR THE PERIOD 7/93 THROUGH 6/94 CAPITAL IMPROVEMENT FUND CURRENT PERIOD PREVIOUS YEAR ElTDING JUNE 30, 1993 BUDGET ACTUAL PERCEH'I.' VARIA!ICE ACTUAL ACTUAL PERCENT VARIANCE FISCAL YR Y-T-D ********REVENUES******* USES OF MONEY AND PROPERTY 4340.00- 2058. 46- 47.4 2281. 54- 36957.49- 36957.49- 100.0 .00 OTHER SOURCES OF REVENUE 925445.00- 73214 . 23- 7.9 852230.77- 55365.58- 55365.58- 100.0 .00 TOTAL REVENUE 929785.00- 75272.69- 8.1 854512.31- 92323.07- 92323.07- 100.0 .00 *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NON-DEPARTMENTAL .00 .00 .00 1181258.00- 1181258.00- 100.0 .00 ACTIVITY TOTAL .00 .00 .00 1181258.00- 1181258 . 00- 100.0 .00 PUBLIC SAFETY: TRANSPORTATION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: COMMUNITY IMPROVEMENTS .00 .00 .00 11000.00 11000.00 100.0 .00 STREET CONSTRUCTION/IHPROVMT 727736.00 214021. 33 29.4 513714.67 2320873.36 2320873.36 100.0 .00 ACTIVITY TOTAL 727736.00 214021. 33 29.4 513714.67 2331873.36 2331873.36 100.0 .00 TOT A L EXPENDITURES 727736.00 214021.33 29.4 513714.67 1150615.36 1150615.36 100.0 .00 EXCESS<REVENUE>EXPEITDITURE 202049.00:- 138748.64 68.7- 340797.64- 1058292.29 1058292.29 100.0 .00 TRANSFERS IN FROM OTHER FUNDS .00 .00 .00 10437.00- 10437.00- 100.0 .00 TRAlISFERS OUT TO OTHER FUNDS .00 83393.92 83393.92- .00 .00 .00 EXCESS <REVENUE> EXPENDITURE 202049.00- 222142.56 109.9- 424191.56- 1047855.29 1047855.29 100.0 .00 BGL104C tit CITY OF DUBLIII STATEMENT SHOWIHG e PAGE 1 10/12/94 REVEIlUES VERSUS EXPEllDITURE 10.45.38 FOR THE PERIOD 7/93 TIIROIlGH 6/94 IllTERIlAL SERVICE FUND CURRENT PERIOD PREVIOUS YEAR EIlDING JUNE 30, 1993 BUDGET ACTUAL PERCEUT VARIAlICE ACTUAL ACTUP.L PERCEUT VARIANCE FISCAL YR Y-T-D ********REV~IUES******* USES OF MONEY AND PROPERTY 9360.00- 15381. 72- 164.3 6021. 72 13286.21- 13286.21- 100.0 .00 CHARGES FOR SERVICES 137229.00- 128214.28- 93.4 9014.72- 131109.60- 131109.60- 100.0 .00 OTHER SOURCES OF REVENUE 6711. 00- 7615.50- 113.5 904.50 13443.00- 13443.00- 100.0 .00 TOTAL REVEnUE 153300.00- 151211.50- 98.6 2088.50- 157838.81- 157838.81- 100.0 .00 *******EXPENDITURES******* GENERAL GOVERllMENT ACTIVITIES: NON-DEPARTMENTAL 201514.00 127280.78 63.2 74233.22 138639.50 138639.50 100.0 .00 ACTIVITY TOTAL 201514.00 127280.78 63.2 74233.22 138639.50 138639.50 100.0 .00 PUBLIC SAFETY: TRANSPORTATION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: TOT A L EXPENDITURES 201514.00 127280.78 63.2 74233.22 138639.50 138639.50 100.0 .00 EXCESS<REVENUE> EXPIDfDITURE 48214.00 23930.72- 49.6- 72144.72 19199.31- 19199.31- 100.0 .00 TRANSFERS OUT TO OTHER FUNDS .00 .00 .00 26000.00 26000.00 100.0 .00 EXCESS <REVDWE> EXPIDIDITURE 48214.00 23930.72- 49.6- 72144.72 6800.69 6800.69 100.0 .00 BGL104C aE CITY OF DUBLIN STATEMENT SHOWING . PAGE 1 10/12/94 REVENUES VERSUS EXPENDITURE 10.51.46 FOR THE PERIOD 7/93 THROUGH 6/94 EllTERPRISE FUNDS CURRElIT PERIOD PREVIOUS YEAR EliDING JUlIE 30. 1993 BUDGET ACTUAL PERCElfT VARIANCE ACTUAL ACTUAL PERCElIT VARIAIICE FISCAL YR Y-T-D ********REVENUES******* USES OF MONEY MID PROPERTY 1611177 . 00- 1564715.31- 97.1 46461. 69- 1831356.25- 1831356.25- 100.0 .00 TOTAL REVENUE 1611177.00- 1564715.31- 97.1 46461.69- 1831356.25- 1831356.25- 100.0 .00 *******EXPENDITURES******* GENERAL GOVEIDIMEHT ACTIVITIES: NON-DEPARTMENTAL 1532876.00 1436774.32 93.7 96101.68 3712918.17 3712918.17 100.0 .00 CITY MANAGER .00 .00 .00 3547.83 3547.83 100.0 .00 ADMIN SERVICES 8250.00 1635.85 19.8 6614.15 9838.38 9838.38 100.0 .00 ACTIVITY TOTAL 1541126.00 1438410.17 93.3 102715.83 3726304.38 3726304.38 100.0 .00 PUBLIC SAFETY: DISASTER PREAPREDHESS 1140.00 .00 1140.00 1045.94 1045.94 100.0 .00 ACTIVITY TOTAL 1140.00 .00 1140.00 1045.94 1045.94 100.0 .00 TRANSPORTATION: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: RECREATION ADMINISTRATION 11800. 00 10864.05 92.1 935.95 11389.58 11389.58 100.0 .00 SEIHOR CENTER 450.00 338.14 75.1 111.86 396.11 396.11 100.0 .00 ACTIVITY TOTAL 12250.00 11202.19 91.:4 1047.81 11785.69 11785.69 100.0 .00 COMMUNITY DEVELOPMENT: CAPITAL IMPROVEMENT PROJECTS: TOT A L EXPENDITURES 1554516.00 1449612.36 93.3 104903.64 3739181. 01 3739181.01 100.0 .00 EXCESS<REVENUE> EXPENDITURES 56661.00- 115102.95- 203.1 58441.95 1907824.76 1907824.76 100.0 .00 TRANSFERS IN FROM OTHER FUlIDS .00 12008.13- , 12008.13 26319.32- 26319.32- 100.0 .00 EXCESS <REVENUE> EXPENDITURE 56661.00- 127111.08- 224.3 70450.08 1881505.44 1881505.44 100.0 .00 tl e e CITY OF DUBLIN RECOMMENDATIONS FOR IMPROVEMENTS IN INTERNAL CONTROLS FOR THE YEAR ENDED JUNE 30, 1994 EXHIB~l' 3 - AAAZE &. · ./~ ASSOCIA rES e ACCOUNTANCY CORPORA TION 1670 Riviera Avenue ~Su/fe 100 Walnut Creek, California 94596 (510) 930-0902 . FAX 930-0135 Honorable Mayor and Members of the . City Council of the City of Dublin. California We have audited the general purpose financial statements of the City of Dublin for the year ended June 30, 1994. and have issued our report thereon dated October 7. 1994. 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 todetennine the nature, timing. and extent of the auditing procedures necessary for expressing an opinion on the financial statements. 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. 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 pennit 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 taken as a whole. Our study and evaluation disclosed no condition that we believe to be a material weakness. However. our study and evaluation disclosed the following areas in which internal controls could be strengthened. A Professional Corporation e e CITY OF DUBLIN RECOMMENDATIONS FOR IMPROVEMENTS IN INTERNAL CONTROLS Recommendation 1: The City should implement protective features to reduce the risk of forged checks being charged to the City's accounts. On March 4. 1994 we sent a letter to the City outlining some low cost ways to significantly reduce the risk offorgery loss. The City should implement as many features in our letter as possible. Recommendation 2: The City should document its capitalization policy for fixed assets. During our review of internal controls over fixed assets we noted the City has not documented a policy for capitalization of fixed assets. The policy should document the dollar limit at which fixed assets should be capitalized and the types of fixed assets to be capitalized. Recommendation 3: The accounts payable checks should be logged before each check run and the log should be approved. During our audit of accounts payable, we noted accounts payable checks are not monitored sequentially. In order to strengthen internal controls the City should prepare a check log which includes the first and last check number of the check run. The begilUling warrant number on the current check run should be compared to the ending check number of the previous check run. This check log should be reviewed by and approved by a check signer other than the accounts payable finance technician . ************ I We would be pleased to discuss our reconul1endations further with you at your convenience. We also wish to express our appreciation for the courtesy and cooperation extended to us by Paul Rankin and his staff during our audit. b)J)~~~ October 7, 1994 e e CITY OF DUBLIN Po. Box 2340, Dublin, California 94568 . City Offices, 100 Civic Plaza, Dublin, California 94568 January 4, 1995 TO: Mayor and Members of the City Council FROM: ~aul S. Rankin, Assistant City Manager I Administrative Services Director RE: Staff Response To Maze & Associates Recommendation For Improvements (Dated October 7, 1994 For The Year Ended June 30, 1994) In conjunction with the annual Financial Audit Maze & Associates has issued a report on Recommendations For Improvements In Internal Control. The purpose of this memorandum is to address the identified issues. Recommendation 1: Implement procedures to reduce the risk of forged checks. Staff Response: Staff has already implemented several control features as check supplies are reordered. Staffwill continue to monitor available services and supplies and make modifications as warranted. Recommendation 2: Document policy for capitalization of fixed asset s. Staff Response: As identified in the City Council Goals and Objectives, Staff will be preparing updated Finance Department procedures. This has not been done for several years and with the reorganization of Finance as a Division of Administrative Services, there is a need to update the procedures. In conjunction with the procedure update, Staffwill develop and recommend for adoption by the City Council a fixed asset policy. Recommendation 3: Maintain an Accounts Payable Check log. Staff Response: This issue was brought to the attention of City Staff at the time that the Auditors conducted preliminary field testing in the Spring of 1994. Staff implemented a system of a log at that time and no further action is required. Administration (510) 833-6650. City Council (510) 833-6605. Finance (510) 833-6640. Building Inspect'F2~H)Im1l24 Code Enforcement (510) 833-6620 · Engineering (510) 833-6630 · Planning (510) 833-6610 POlice (510) 833-6670 . Public Works (510) 833-6630 . Recreation (510) 833-6645