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Home My WebLink About4.07 Attach 1 & 2u.t '. 0 I, a U G v r V n y LL- u.t '. A G � D � too A c O M C •� D U '� Gary T. Cichella, CPA Donald A. Driftmier, CPA Gregory P. Cook, CPA Dennis A. Pringle, CPA Ron S. White, CPA Roy J. Blair, CPA Jeffrey A. Carter, CPA Karen White, CPA September 24, 1997 To the Honorable Mayor and City Council Members City of Dublin Dublin, California Dear City Council Members: Vavrinek, Trine, Day & Co. Certified Public Accountants Members: American Institute of Certified Public Accountants • SEC Practice Section • California Society of Certified public Accountants • Western Association of Accounting Firms We performed the audit of the City utilizing the following audit objectives and methods. Audit Purpose I Audit Method CA Determine whether the City's financial statements are presented fairly in accordance with generally accepted accounting principles. Perform a study and evaluation of internal controls to form the basis for expressing an opinion on items 1 and 2 previously listed. This study and evaluation allows for the opportunity to provide findings and recommendations for improvement of the City's systems, procedures and records. Linda S. Todd, CPA C. Tom Nelson, CPA Kevin T. Pulliam, CPA Heidi E. Ross, CPA Tom Brewer, CPA Dave L. Dayton, CPA James A. Balsano, Principal Jeri A. Wenger, Principal CJ The audit objectives were met using the following audit procedures: • We documented the controls over the various financial functions such as payroll, receipts, disbursements, etc., through internal control surveys and observations. • We tested the controls as documented by selecting transactions and verifying that the controls are actually working as they should be. • We performed additional testing as needed based upon the evaluation of controls and verified the accuracy of financial information provided to us by the City. Audit Results 03 Financial Statements The City's financial statements are fairly presented (page 1). 10 City Management As presented in the audit report, the City has been fiscally prudent during 1996 -1997. It was able to fall within the City council approved budget, and also provided for additional reserves during the 1996 -97 fiscal year. Single Audit Report The single audit requirements were changed during the 1996 -97 fiscal year. The new requirements specify that a single audit is required only if the entity has in excess of $300,000 of federal expenditures. Thus, the City of Dublin was not required to complete a Single Audit Report for the 1996 -97 fiscal year. 0 During our audit of the City for the 1996 -97 fiscal year we determined, based upon our sampling, that the internal controls were functioning as intended and therefore a management letter was not required. G) Graphs of certain City financial information are presented on the following two pages of this report. If you have any questions or concerns, please feel tree to call. Yours very truly, Kevin T. Pulliam of VAVRINEK, TRINE, DAY & CO. KTP /cfin r C 4�A N — � � C � 64 N ❑ ❑ ■ ® ■ ■ ❑ O �• a� � o co � � CD CD 6�9 N O O b9 O W W E. 127 1 0 d W I�� ITI tTl 00 N W J b�9 O N F. 69 W 69 N N � W rr_� J � i. ❑ ❑ ■ 0 ■ ® ■ ❑ ■ (D o (IQ n qQ CD CD O n I- 69 w 00 o1� IS O Ar. Z 14 INC l 1 e--r 0 d OEM& N �s C R C C On it Im re h! Vl- ctl1 ,r 1 Orl n c X N LI I I L 11 F� CITY OF DUBLIN DUBLIN, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 309 1997 CITY OF DUBLIN Comprehensive Annual Financial Report For the Year Ended June 30,1997 Table of Contents INTRODUCTORY SECTION Page Tableof Contents .......................................................................................................... ............................... i Elected Officials and Administration Personnel ........................................................... ............................... iv OrganizationalChart ..................................................................................................... ............................... v GFOA Certificate of Achievement for Excellence inFinancial Reporting ............................................................................................. ............................... vi CSMFO Certificate of Award for Outstanding FinancialReporting ................................................................................................. ............................... vii Letterof Transmittal ..................................................................................................... ............................... viii FINANCIAL SECTION Independent Auditor's Report ....................................................................................... ............................... 1 General Purpose Financial Statements Combined Balance Sheets - All Fund Types and AccountGroups ....................................................................................................... ............................... 4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental FundTypes .............................................................................................................. ............................... 7 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types ................................................................................ ............................... 8 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types ................................. ............................... 11 Combined Statement of Cash Flows - All Proprietary Fund Types ............................. ............................... 13 Notes to General Purpose Financial Statements ........................................................... ............................... 14 i CITY OF DUBLIN Comprehensive Annual Financial Report For the Year Ended June 30, 1997 Table of Contents Agency Funds Combining Statement of Changes in Assets and Liabilities ..................................... .............................75 STATISTICAL SECTION Governmental Expenditures by Function - All Governmental Fund Types - Last Ten Fiscal Years .................................................. .............................78 General Governmental Revenues by Source - All Governmental Fund Types - Last Ten Fiscal Years .................................................. .............................79 H Page Combining Fund Statements and Schedules General Fund ComparativeBalance Sheets ..................................................................................... .............................41 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual .................................................................. .............................42 Schedule of Budget Versus Actual Departmental Expenditures ............................... .............................43 Special Revenue Funds CombiningBalance Sheet ......................................................................................... .............................46 Combining Statement of Revenues, Expenditures and Changes in Fund Balance ... .............................50 Combining Statement of Capital Outlay ................................................................... .............................54 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ............................................ .............................56 Capital Projects Funds BalanceSheet .......................................................................................................... ............................... 67 Combining Statement of Revenues, Expenditures and Changes in Fund Balance ... .............................69 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ............................................ .............................70 Agency Funds Combining Statement of Changes in Assets and Liabilities ..................................... .............................75 STATISTICAL SECTION Governmental Expenditures by Function - All Governmental Fund Types - Last Ten Fiscal Years .................................................. .............................78 General Governmental Revenues by Source - All Governmental Fund Types - Last Ten Fiscal Years .................................................. .............................79 H CITY OF DUBLIN Comprehensive Annual Financial Report For the Year Ended June 30,1997 Table of Contents Page Assessed Value of Taxable Property - Last Ten Fiscal Years ................................................................. .............................80 Property Tax Rates - All Direct and Overlapping Governments - LastTen Fiscal Years .............................................................................................. ............................... 81 Computationof Legal Debt Margin ................................................................................ .............................82 Computation of Direct and Overlapping Debt ................................................................ .............................83 Demographic Statistics - Last Ten Fiscal Years ............................................................. .............................84 Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ................... .............................85 Schedule of 1985 Certificates of Participation Coverage- Fiscal Years 1985- 1988 .......................................................................... .............................86 Schedule of 1988 Certificates of Participation Coverage- Fiscal Years 1989 -1993 .......................................................................... .............................87 Schedule of 1993 Certificates of Participation Coverage- Fiscal Years 1994 - 1997 .......................................................................... .............................88 California Public Employees Retirement System Funding Analysis - Fiscal Years 1986 - 1995 ............................................................. .............................89 Property Tax Levies and Collections -Last Ten Fiscal Years ........................................ .............................90 PrincipalProperty Taxpayers .......................................................................................... .............................91 Top25 Sales Tax Producers ............................................................................................ .............................92 MiscellaneousStatistical Data ........................................................................................ .............................93 iii CITE' OF DUBLIN ELECTED OFFICIALS June 30, 1997 Mayor Guy S. Houston Vice Mayor Dave Burton Councilmember Lisbeth Howard ADMINISTRATION PERSONNEL City Manager Assistant City Manager / Administrative Services Director City Attorney City Clerk Chief of Police Public Works Director Community Development Director Chief Building Official Parks & Community Services Director iv Councilmember Valerie A. Barnes Councilmember Janet Lockhart Richard C. Ambrose Paul S. Rankin Elizabeth Silver Kay Keck Gary Thuman Lee Thompson Eddie Peabody Ken Petersen Diane Lowart = r = r M III = = = = = = M M III = = III M c Parks & Community Services Commission Senior Center Advisory Committee Heritage Center Advisory Committee CITY OF DUBLIN ORGANIZATIONAL CHART Residents of Dublin City Council City Manager City Clerk Elections Economic Development Police Services Community Parks & Administrative Development Community Services Services Finance Building & Safety Recreation Insurance Planning Library Services Animal Control Cultural Activities Disaster Preparedness Heritage Center Waste Management Dublin Cemetery Cable TV Crossing Guards 11/26197 Planning Commission Public Works Building Management Traffic Signals Street Lighting Street Maintenance Street Sweeping Street Tree Maintenance Street Landscape Maint. Park Maintenance Engineering City Attorney Fire Services 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, 1996 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. PLACE OfF10 a r QaroFTNE �,� U NITEUSTATB y t AN- H di �MN a President y� sue, �o`ti �NICR6� ■G — �` y Ex /ecutive Director Vi I I I I I I I I I I I I u M M r M= r == M M it = == M Cafiforni'a Society of Municipaf Finance Officers Certificate of Award Outstanding Financial Reporting 1995 -96 I Presented to the City of Dublin This certificate Is Issued lit recognition of tneeting professional standards and criteria in reporting which reflect a high level of quality lit the annual financial statements and hi the underlying accounting system from which the reports were prepared. February 24, 199 7 1%j • v & Technical Standards Committee CSMFO N Dedicated to Excellence in Municipal Financial Management 39 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 address the distribution of public information. 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. Administration (510) 833 -6650 • City Council (510) 833 -6605 • Finance (510) 833 -6640 • Building Inspection (510) 833 -6620 Code Enforcement (510) 833 -6620 • Engineering (510)833 -6630 • Parks & Community Services (510) 833 -6645 Economic Development (510) 833 -6650 • Po�qji (510) 833 -6670 • Public Works (510) 833 -6630 Community Development (510) 833 -6610 • Fire Prevention Bureau (510) 833 -6606 �� CITY OF DUBLIN �Y -City 94568 P.O. Box 2340, Dublin, California 94568 Offices, 100 Civic Plaza, Dublin, California November 26, 1997 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, 1997. 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 is 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; directory of elected officials and staff; city organization chart; GFOA and CSMFO awards; and a letter of transmittal. 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 report; general purpose financial statements and notes; and combining 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, Vavrinek, Trine, Day & Co., of Pleasanton, ' California. 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 address the distribution of public information. 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. Administration (510) 833 -6650 • City Council (510) 833 -6605 • Finance (510) 833 -6640 • Building Inspection (510) 833 -6620 Code Enforcement (510) 833 -6620 • Engineering (510)833 -6630 • Parks & Community Services (510) 833 -6645 Economic Development (510) 833 -6650 • Po�qji (510) 833 -6670 • Public Works (510) 833 -6630 Community Development (510) 833 -6610 • Fire Prevention Bureau (510) 833 -6606 1 r rl 0 L� i I I 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. Many of the typical municipal services are provided through contracts with public or private entities. For example, Police Services are provided by the Alameda County Sheriff. Streets, Parks, and Building Maintenance Services are provided by MCE Corporation and other private contractors. For Fiscal Year 1996 -97 the City had a total of 40 Full Time positions which provide services as City employees. An additional 50 positions were employees of the City's Contractors and were assigned to work solely within the City of Dublin operations. Since Fiscal Year 1988 -89 Fire Suppression and Prevention Services have been provided by the Dougherty Regional Fire Authority. This is a Joint Powers Authority, which is a legally distinct entity, 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. As of July 1, 1997, this entity was dissolved and a new agreement was entered into with Alameda County to provide fire suppression and prevention services within the City of Dublin. 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. 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 Great Western Bank regional office; and retailers such as; Montgomery Wards, Toys R Us, Target Stores and Mervyns. Economic conditions throughout the State improved during Fiscal Year 1996/97. Retail Sales are an obvious indicator of the general economic climate. The General Fund Sales Tax in 1996 -97 increased by 5.2% over the adjusted amount attributable to the prior year ($7,108,598 in FY 96/97 vs. $6,760,413 in FY 95/96). A significant amount of the City's retail sales are attributable to the sales of new and used automobiles which continued for the third year in a row with improved sales. The future economic outlook for the City is geared towards enhancing the City's existing economic base, while looking towards opportunities for expansion and adding diversity to the current retail base. There is the ability to accommodate significant new development projects in the City's Eastern Dublin Specific Plan Area, especially with the opening of the new BART station in the City in May 1997. The Alameda County Surplus Property Authority controls approximately 600 acres of land designated for various mixed use developments. In Fiscal Year 1996/97 the City continued to enter into Development Agreements with the Authority to provide for future development. The Authority is negotiating with private development firms as partners in the actual construction and development of the projects. Although opportunities exist for additional retail based revenues, it has also been noted that competitive pressures from projects developed in surrounding jurisdictions will impact the ability for continued growth in traditional consumer related retail sales. In response to this situation, the City Council has authorized creation of a Task Force to evaluate opportunities within the existing Downtown Dublin core retail area. Ix MAJOR INITIATIVES ' The City of Dublin is an active and vibrant community which requires that the municipal government be prepared to respond to changes which are occurring. Each year the City Council adopts Goals and Objectives to be pursued in the upcoming year and evaluates the progress achieved towards the goals previously established. The clear provision of , identified goals becomes an outline for the major initiatives undertaken. In September of 1995, the City began providing municipal services to an area consisting of approximately 1,530 acres. This annexed property is in the Eastern Dublin Specific Plan Area and it is currently largely undeveloped. The City worked with one of the major landowners to establish an agreement whereby the City is reimbursed for the cost of services, in the event that they exceed revenues derived from the area. The first allocation of property taxes from this area occurred in Fiscal Year 1996 -97. The first residential development project to be processed and constructed under the Eastern Dublin Specific Plan was a 35 acre project proposed by Kaufman & Broad and the Alameda County Surplus Property Authority (Authority). The ' firm was selected as the developer of the project by the Authority, which owns the property. The project includes approximately 154 Single Family units and 123 Multi - Family units. As of June 30, 1997 41 Single Family units were completed in this project. ' Construction also continued on residential projects in the western hills of the City. Two residential projects continued with construction and sale of the homes. The Hansen Ranch (Warmington Homes) project will have 180 single family , units and the California Highlands (Kaufman and Broad) project 246 multi - family units. The projects are phased and are expected to continue with sales throughout the 1997 -98 Fiscal Year. The Parks and Community Services Department completed the majority of the work on the renovation of Mape ' Memorial Park. The City contributed funds towards a volunteer project to develop new soccer fields at Camp Parks, an active Army Reserve facility located in the City of Dublin. ' In Fiscal Year 1996 - 1997 the Public Works Department completed the final portion of the construction associated with the Dublin Boulevard Widening project. This was a $4 million project which improved the traffic flow in the central ' commercial business area. The Department also continued coordinating efforts to acquire the Street Lighting system from Pacific Gas & Electric. This project will reduce the cost of street lighting which is collected as an assessment from property owners. ' The Community Development Department also completed several projects in Fiscal Year 1996 -97, including the passage of a new zoning ordinance, an inclusionary housing ordinance, and the processing necessary for the Schaeffer Ranch housing subdivision. There was also a large increase in the number of building permits issued as a result of the new ' construction in the Eastern Dublin area. The Department will be reviewing plans in the near future for the construction of several new developments within the City, including a 200,000 square foot building for Opus Industrial, a 21 screen IMAX Theater / Retail complex, an AutoNation facility and a Villas apartment complex with 324 multi family units. ' ACCOUNTING SYSTEM AND BUDGETARY CONTROL Note 2 in the General Purpose Financial Statements provides a detailed explanation of the significant accounting policies. ' In general, for all City Governmental funds the revenues and expenses are based on a modified accrual basis of accounting. This means that 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 the Dublin Information Inc. Enterprise Fund, 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 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 projects. 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 and expenditures. In accordance with State laws quarterly reports are presented to the City Council regarding investment activity. FINANCIAL HIGHLIGHTS OF FISCAL YEAR 1996 -1997 The financial reports identify that among all of the Governmental Fund Types, the General Fund represents approximately 85% of both the Revenue and Expenditures. Although the financial activities within all funds are detailed in the Financial Section of the report, it is clear that the activity within the General Fund is of primary importance when evaluating the City's fiscal condition. Therefore, this discussion will focus on the General Fund. The following comparison shows changes in major General Fund Revenue Types as compared to the previous Fiscal Year: GENERAL FUND REVENUES AMOUNT COLLECTED % OF TOTAL DOLLAR CHANGE % CHANGE FROM REVENUE TYPE 1996/1997 CURRENT YEAR FROM PRIOR YEAR PRIOR YEAR PROPERTY TAXES $ 3,920,897 23% $ 53,283 1% TAXES OTHER THAN PROPERTY $ 8,237,052 47% $ 611,027 8% LICENSES / PERMITS $ 1,092,183 6% $ 625,984 134% INTERGOVERNMENTAL $ 1,151,275 7% $ 48,780 4% CHARGES FOR SERVICES $ 1,386,419 8% $ 13,459 1% INTEREST $ 1,310,461 8% $ 113,642 9% USE OF PROPERTY $ 78,488 <1% $ 6,422 9% FINES & FORFEITURES $ 38,492 <1% ($ 301) (1) % OTHER $ 223,207 1% $ 112,402 101% TOTAL $ 17,438,474 100% $ 1,584,698 10% xi The following sections describe changes in Fiscal Year 1996/97 within each of the major revenue categories: Property Tax related revenues showed a small increase as most of the new residential units constructed were sold late in the Fiscal Year and they were not included on the 1996 -97 tax roll at the new value. In addition, the City was impacted by a one -time correction for a prior year adjustment. The County auditor had understated the required State Property Tax shift to education. The amount of the correction resulted in a reduction of $54,263 in the amount of the Property Tax which would otherwise have been collected. The increase in Taxes Other Than Property category is primarily related to sales taxes. In general the economic trends statewide improved in terms of Auto and Transportation related retail sales. This category also improved from the collection of increased franchise fees in accordance with the Integrated Waste Management Agreement, higher Transient Occupancy Taxes due to increased activity at the hotel located within the City, and higher Property Transfer Taxes due an increase in the number of sales of existing properties within the City. The increase in Licenses and Permits category is primarily related to building permits. As previously noted the development sector began to show an increase in activity in terms of projects actually under construction. Although permits may have been obtained in Fiscal Year 1996 -97, the City will continue to incur inspection related costs in Fiscal Year 1997 -98 for those buildings not completed as of June 30, 1997. The increase in Charges For Services primarily represents the undertaking of large Planning related studies as well as processing related to the proposed projects. The Engineering Department also had increased activity with plan checking related to development projects. The Interest category increase was related to the availability of an increased Fund Balance when compared to the prior year. A separate section is included in the Transmittal Letter, labeled Cash Management, which discusses this area in more detail. The Use of Property category relates to the rental of City buildings and fields. As noted this category of revenue showed a modest decline from the previous year. The Fine and Forfeiture category showed a small decrease primarily attributable to a decline in delinquent Parking Penalties collected as a result of fewer parking citations being issued compared to the previous year. This category represents a very small fraction of the Total General Fund Revenues. The Other Revenue category showed an 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 large increase over the prior year was due to the recognition of approximately $105,998 in one time revenues resulting from the use of surplus plan assets from PERS to fund pension contributions. xii i� fl C U 11 L L' The following chart displays the historical trends for General Fund Revenues over the past 5 years: Historical General Fund Revenues 1 =Actual tConstant 1992 $ $18,000,000 $17,500,000 $17,000,000 $16,500,000 $16,000,000 $15,500,000 $15,000,000 $14.500,000 ' $14.000,000 $13.500,000 ' $13,000.000 $12,500,000 $12.000,000 1991/92 1992/93 1893/94 1994/95 1995/96 1996197 The trend line displays the revenue trend as adjusted for inflation in 1992 dollars. In the past three years the City has experienced real growth in General Fund Revenues over Fiscal Year 1991 -92, when accounting for inflation. Given that a large portion of the General Fund Revenue is Sales Tax, this trend reflects the statewide improvement in the economy. The following Chart compares changes in General Fund Expenditures compared to the previous Fiscal Year: GENERAL FUND EXPENDITURES TOTAL EXPENDED % OF TOTAL $ CHANGE FROM % CHANGE FROM TYPE 1996/97 CURRENT YEAR PRIOR YEAR PRIOR YEAR GENERAL GOVERNMENT $ 1,691,687 11% $ 194,709 13% CIVIC CENTER DEBT SERVICE $ 1,496,816 100/0 ($ 2,706) <(1 0/.) PUBLIC SAFETY $ 6,723,853 44% $ 9,045 11% HIGHWAYS & STREETS $ 629,263 4% ($ 62,073) (90 /u) 15,596 Immaterial Compared HEALTH & WELFARE $ 15,596 <1% $ To Total Expenses ' CULTURE & LEISURE $ 2,000,561 13% $ 153,451 8% COMMUNITY DEVELOPMENT $ 1,838,558 12% $ 59,568 3% CAPITAL OUTLAY $ 1,033,057 6% $ 710,814 221% TOTAL $15,429,391 100% $1,079,150 8% Y.iii The following sections describe changes in Fiscal Year 1996/97 within each of the major expenditure categories: General Government expenditures increased over the prior year due to increased legal expenditures relating primarily to the development occurring in Eastern Dublin, costs incurred for the bi- annual citywide election, an increase in the annual insurance premium assessed by ABAG, and higher expenditures in the Administrative Services Department resulting primarily from the addition of a new Finance Manager position and consultant services used for the establishment of impact fees for new development in the City. Civic Center Debt Service expenditures remained relatively flat in comparison to the prior year as there is normally little variance from year to year in the annual debt service payments for the Civic Center Certificates of Participation. C 7 u n Public Safety costs remained relatively flat in comparison to the prior year. Increased Police expenditures due to changes in the contract Police Services overhead charges and a cost of living salary adjustment, as well as the addition of ' personnel to service the annexation area, were offset by an elimination of expenditures for Fire Equipment replacement in Fiscal Year 1996 -97. Highways and Streets costs decreased from the prior year as Special Revenue Funds funded a higher percentage of the total cost of street maintenance projects (in relation to the General Fund) in comparison to the prior year. Health and Welfare expenditures increased over the prior year due to expenditures incurred for Waste Management relating to the new notice requirements as a result of the passage of State Proposition 218, as well as the partial funding of services by a non profit organization for providing information to the community on child care. Culture and Leisure Services expenditures increased over the prior year due to additional contract expenditures for the funding of library and cable television services, higher water expenditures for park maintenance, and the addition of a half time recreation supervisor and a recreation coordinator. Community Development expenditures increased over the prior year due to increased Engineering costs resulting from additional traffic studies performed and additional staff and consultant time spent on various General Engineering projects. Capital Outlay expenditures increased due to one time expenditures incurred for slope repair at Dougherty Hills Park, as well as for the completion of the Dublin Boulevard Street Widening Project. The 1996 -97 Fiscal Year represents the first year that there was any significant "real growth" in expenditures over what would have occurred based upon inflationary increases. As noted above, a significant portion of the increase of 8% over prior year expenditures was related to one time capital projects. The following chart provides a historical perspective for General Fund spending over the past five years and includes a trend line showing spending adjusted to constant 1992 dollars. This trend line adjusts spending patterns for increases in the regional Consumer Price Index over the period. xlv FI n n n l� I n n H u 0 n n L $16,000,000 $15,500,000 $15,000,000 $14,500,000 $14,000,000 $13,500,000 $13,000,000 $12,500,000 $12,000,000 $11,500,000 $11,000,000 $10,500,000 $10,000,000 Historical General Fund Expenditures =Actual --*— Constant 1992 $ 1991/92 1992/93 1993/94 1994/95 1995196 1996197 DEBT ADMINISTRATION The City has no outstanding General Obligation debt. The City does administer funds for debt issued pursuant to the 1915 Improvement Act on one capital improvement project. The total amount of assessment debt outstanding at June 30, 1997 is $2,136,000. This debt is related to the Dublin Boulevard Extension Assessment 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, 1997. 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. The City of Dublin has selected a $50,000 deductible. The pool also provides property insurance coverage with a $5,000 deductible except for vehicle losses, which carry a $10,000 deductible. The pool purchases required employee bonds from a commercial surety company. In accordance with GASB 10, the City established a liability of $137,210 for claim deductibles. This includes a provision for losses which may be "incurred but not reported" (IBNR). The actual liability claims cost paid by the City for Fiscal Year 1995 -96 was $7,385. 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 $1,348,192. The 1996 /97 annual yield was 5.67 %, for Governmental Fund Types, based upon average monthly balances. The City had higher balances invested, which was somewhat offset by a slightly lower interest rate in 1996/97, compared to the prior Fiscal Year. The inclusion of fixed rate investments for more than one year in the portfolio helped to increase the City's overall investment yield. The City Council has established a policy to invest idle funds in accordance with various priorities. The highest priority is the prepayment of the 1993 Civic Center Certificates of Participation (COPS) 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 xv adequate short term cash flow reserves. At June 30, 1997 the portfolio of investments held for Governmental Fund Types included $15,396,326 (face value at maturity) in Federal Treasury Notes and United States Agency Notes, representing an average weighted maturity of 1.55 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 book value of investments exceeding one year in maturity. Excluded from this reserve are any deposits which mature in less than one year and investments which are fully insured by the Federal Deposit Insurance Corporation (FDIC). On a quarterly basis the City Council is provided with a report on investment activity. The investment strategy emphasizes the safety of the portfolio and liquidity to match anticipated cash flow needs. The portion of the portfolio containing U.S. Notes and Agency Obligations does not include any repurchase agreements. 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 on the City's combined financial statements. 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, 1996. Copies of the awards from these entities are included in this report. This represented the seventh 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 CSMMO to determine its eligibility for their certificates. ACKNOWLEDGMENTS Among the responsibilities assigned to the Administrative Services Department are the functions associated with Finance. The staffing for these activities are very small given the scope of the City financial operations as presented. It is especially appropriate to recognize the efforts of. Fred Marsh, Finance Manager; Lynn Harrington, Finance Technician II; Katie Mooney, Finance Technician II; and Teresa Ninman, Office Assistant II, in preparing the 1996 -97 report. The City is fortunate to have these dedicated members willing to meet the extensive requirements of preparing a comprehensive report. The City has had its financial reports recognized by GFOA and CSFMO for several years, which is a significant accomplishment many times only undertaken by larger organizations. The team effort displayed by the City Staff at all levels helps to allow our agency to successfully meet the rigorous criteria of their excellence in reporting award programs. Staff also appreciates the time and effort expended by the independent auditors of Vavrinek, Trine, Day & Co. in the preparation of the financial statements. The City Council must also be recognized for their continued support of excellence in financial reporting to the public. Staff intends for the report to be a sense of pride and accomplishment, which is a high priority in the provision of all services identified by the City Council. Respectfully submitted, (5ad 1. 00 Paul S. Rankin Assistant City Manager / Administrative Services Director xvl C 1� I C 0 0 0 n 0 n n I C 7- L J i I Vavrinek, Trine, Day & Co., LLP Certified Public Accountants Members: • American Institute of Certified Public Accountants • SEC Practice Section California Society of Certified Public Accountants • Western Association of Accounting Firms 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 year ended June 30, 1997, 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 audit in accordance with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the 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, 1997, 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 are 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 when 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. In accordance with Government Auditing Standards, we have also issued a report dated September 24, 1997, on our consideration of the City's internal control and a report dated September 24, 1997, on its compliance with laws and regulations. vavt44�, Pleasanton, California September 24, 1997 5000 Flopyard Rd- Suite 335 Pleasanton, CA 04588 -3351 (510) 734 -Ci600 • F:SX (510) 734 -661 1 L(.? With Offices Located: Rancho Cucamonga Fresno Laguna Hills CITY OF DUBLIN GENERAL PURPOSE FINANCIAL STATEMENTS These statements provide an overview of the combined financial position and the operating results of all 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 typically 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, 1997 WITH COMPARATIVE AMOUNTS FOR JUNE 30, 1996 See accompanying notes to financial statements. -4- PROPRIETARY FIDUCIARY GOVERNMENTAL FUND TYPES FUND TYPES FUND TYPE Special Capital Internal ASSETS General Revenue Projects Enterprise Service Agency Cash and investments (Note 3) $24,415,402 $2,145,424 $1,776,619 $406,190 $173,893 Restricted cash and investments (Note 3) $1,723,268 136,387 Receivable: Accounts 824,524 85,214 289,272 Accrued interest 313,130 46,896 Due from other governments 54,564 94,673 Due from other funds (Note 4) 79,259 Advances to other funds (Note 4) 289,272 Prepaids 4,060 Condemnation deposits Deferred compensation mutual funds (Note 2) Fixed assets (Note 5) 19,104,454 350,035 Amount to be provided for retirement of general long -term obligations (Note 6) Total Assets $25,980,211 $2,325,31 I $2,065,891 $20,874,618 $756,225 $310,280 LIABILITIES Accounts payable 1,703,023 401,452 739,098 1,763 Accrued wages 78,898 Accumulated unpaid general leave (Note 2) 170,253 Deposits payable 485,126 1,052,956 Liability insurance claims payable (Note 9) 137,210 Deferred revenues 169,904 3,548 289,272 Due to other funds (Note 4) 79,259 Advances from other funds (Note 4) 289,272 Due to other govemments Due to bondholders 310,280 Deferred compensation payable Interest payable 345,579 Advance payable (Note 6) Certificates of participation (Note 6) 15,023.245 Total Liabilities 2,744,414 484,259 2,370,598 15,368.824 1,763 310,280 FUND EQUITY AND OTHER CREDITS Investment in general fixed assets Contributed capital 5,109,890 389,169 Retained earnings (deficit) Reserved for debt service 1,770,164 Reserved for equipment replacement 365,293 Unreserved (1,374,260) Fund balances reserved for: (Note 7) Investments held to maturity 16,490,995 Prepaids 4,060 Advance to other funds 289,272 Condemnation deposits Non residential recycling programs 24,550 Fund balances unreserved, designated for: (Note 7) Cemetery endowment 60,000 Economic uncertainty 1,369,133 Authorized expenditures 5,022,337 1,816,502 Undesignated (Note 7) (304,707) Total Fund Equity and Other Credits 23,235,797 1,841,052 (304,707) 5,505,794 754,462 Total Liabilities, Fund Equity & Other Credits $25,980,211 $2,325.311 $2.065,891 $20,874,618 $756,225 $310.280 See accompanying notes to financial statements. -4- See accompanying notes to financial statements. - -5- TOTALS ACCOUNT GROUPS (Memorandum Only) General General Long - Fixed Assets Tenn Debt 1997 1996 $28,917,528 $24,192,623 1,859,655 1,849,520 1,199,010 1,025,698 360,026 445,913 149,237 550,130 79,259 427,602 289,272 4,060 5,610 140,790 509,378 $4,066,689 23,521,178 20,493,040 $5,679,221 5,679,221 5,327,970 $4,066,689 $5,679,221 $62,058,446 $54,968,274 2,845,336 1,945,847 78,898 59,578 170,253 156,765 1,538,082 347,015 137,210 137,210 462,724 342,679 79,259 427,602 289,272 7,162 310,280 294,751 509,378 345,579 358,050 5,679,221 5,679,221 5,327,970 15,023,245 15,712,576 5,679,221 26,959,359 25,626,583 4,066,689 4,066,689 510,205 5,499,059 5,459,962 1,770,164 1,767,162 365,293 376,217 (1,374,260) (1,648,870) 16,490,995 13,580,822 4,060 5,610 289,272 140,790 24,550 60,000 60,000 1,369,133 1,369,133 6,838,839 7,896,727 (304,707) (176,067) 4,066,689 35,099,087 29,341,691 $4,066,689 $5,679,221 $62,058,446 $54,968,274 See accompanying notes to financial statements. - -5- CITY OF DUBLIN COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1996 Total Other Financing Sources (Uses) 867 (3,395) (1,683) (4,211) (18,674) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING SOURCES (USES) 2,009,950 20,918 (135,741) 1,895,127 1,998,399 Fund Balance, Beginning of Year 21,225,847 1,820,134 (168,966) 22,877,015 20,641,939 Prior Period Adjustment 236,677 Fund Balance, End of Year $23.235,797 $1,841,052 $(304,707) $24,772,142 $22' 877,015 See accompanying notes to financial statements. -7- TOTALS GOVERNMENTAL FUND TYPES (Memorandum Only) General Special Capital REVENUES Fund Revenue Projects 1997 1996 Property taxes $3,920,897 $3,920,897 $3,867,614 Taxes other than property 8,237,052 $152,124 8,389,176 7,767,142 Licenses and permits 1,092,183 1,092,183 466,199 Intergovernmental 1,151,275 939,935 2,091,210 31674,119 Charges for services 1,386,419 788,268 2,174,687 2,193,838 Interest 1,310,461 116,839 1,427,300 1,304,581 Use of property 78,488 78,488 72,066 Fines and forfeitures 38,492 22,507 60,999 63,123 Developer fees 286,050 $328,499 614,549 1,402,162 Other revenue 223,207 25,155 248,362 117,007 Special assessments 243,987 243,987 318,117 Total Revenues 17,438,474 2,574,865 328,499 20,341,838 21,245,968 EXPENDITURES Current: General government 3,188,503 3,188,540 2,996,745 Public safety 6,723,853 245,059 6,968,912 6,986,737 Highways and streets 629,263 430,012 1,059,275 1,043,009 Health and welfare 15,596 718,827 734,423 1,183,933 Community development 1,838,558 92,165 1,930,723 1,832,754 Culture and leisure 2,000,561 7,191 2,007,715 1,847,110 Capital outlay 1,033,057 1,057,298 462,557 2,552,912 3,338,607 Total expenditures 15,429,391 2,550.552 462,557 18,442,500 19,228,895 REVENUES OVER (UNDER) EXPENDITURES 2,009,083 24,313 (134,058) 1,899,338 2,017,073 OTHER FINANCING SOURCES (USES) Operating transfers in 5,078 5,078 58,369 Operating transfers out (4,211) (3,395) (1,683) (9,289) (77,043) Total Other Financing Sources (Uses) 867 (3,395) (1,683) (4,211) (18,674) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING SOURCES (USES) 2,009,950 20,918 (135,741) 1,895,127 1,998,399 Fund Balance, Beginning of Year 21,225,847 1,820,134 (168,966) 22,877,015 20,641,939 Prior Period Adjustment 236,677 Fund Balance, End of Year $23.235,797 $1,841,052 $(304,707) $24,772,142 $22' 877,015 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, 1997 EXPENDITURES Current: General government 3,419,356 GENERAL FUND SPECIAL REVENUE FUNDS Variance 7,468,007 6,723,853 Variance 306,744 245,059 61,685 Favorable 637,957 629,263 Favorable 445,475 _ Budget Actual (Unfavorable) Bum Actual (Unfavorable_ REVENUES 718,827 24,308 Community development 1,919,822 1,838,558 81,264 Property taxes $3,968,400 $3,920,897 $(47,503) 2,024,911 2,000,561 24,350 Taxes other than property 7,439,400 8,237,052 797,652 $136,000 $152,124 16,124 Licenses and permits 873,400 1,092,183 218,783 16,651,536 _ 15,429,391 1,222,145 Intergovernmental 1,085,650 1,151,275 65,625 1,054,563 939,935 (114,628) Charges for services 1,393,510 1,386,419 (7,091) 764,600 788,268 23,668 Interest 1,195,000 1,310,461 115,461 101,610 116,839 15,229 Use of property 64,600 78,488 132888 4,000 (4,000) Fines and forfeitures 36,000 38,492 2,492 24,500 22,507 (1,993) Developer fees 111,350 286,050 1742700 Other revenue 116,693 223,207 106,514 14,500 25,155 10,655 Special assessments 234,660 243,987 9,327 Total Revenues 16,172,653 17 4438 474 - 1,265,821 2,445,783 _ 2,574,865 129,082 EXPENDITURES Current: General government 3,419,356 3,188,503 230,853 Public safety 7,468,007 6,723,853 744,154 306,744 245,059 61,685 Highways and streets 637,957 629,263 8,694 445,475 430,012 15,463 Health and welfare 15,596 15,596 743,135 718,827 24,308 Community development 1,919,822 1,838,558 81,264 102,937 92,165 10,772 Culture and leisure 2,024,911 2,000,561 24,350 7,191 7,191 Capital outlay 1,165,887 1,033,057 132,830 1,584,462 1,057,298 527,164 Total expenditures 16,651,536 _ 15,429,391 1,222,145 3,189,944 2,550,552 639.392 REVENUES OVER (UNDER) EXPENDITURES (478,883) 2,009083 2487,966 (744,161) 24,313 768,474 OTHER FINANCING SOURCES (USES) Operating transfers in 5,078 5,078 Operating transfers out (4.211) _ 4,211 53,39 (3,395) Total Other Financing Sources (Uses) 867 867 - 3,395) (3,395) REVENUES AND OTHER FINANCING SOURCES (UNDER) OVER EXPENDITURES OTHER FINANCING SOURCES (USES) $ 478,883 2,009,950 $2,488,833 $(744,161) 20,918 $765,079 Fund Balance, Beginning of Year 21225,847 1,820,134 Fund Balances, End of Year $21235,797 $1.841,052 See accompanying notes to financial statements. -8- CAPITAL PROJECT FUNDS Variance Favorable Budget Actual (Unfavorable) ' $870,421 $328,499 $(541,922) 870,421 328,499 (541,922) 1,007J59 462,557 545,202 1,007,759 462,557 _ 545,202 (137,338) (134,058) 3 280 ' (1,683) (1,683) (1,683) (1,683) $(137,338) (135,741) $1,597 (168,96 $(304,707) See accompanying notes to financial statements. CITY OF DUBLIN COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 See accompanying notes to financial statements. - -11- PROPRIETARY FUND TYPES Dublin Equipment Information Replacement TOTALS Inc. Internal (Memorandum Only) Enterprise Fund Service Fund 1997 1996 REVENUES Facility rents $1,484,045 $1,484,045 $1,486,750 Equipment usage $211,050 211,050 184,256 Miscellaneous 21,902 21,902 29,894 Total Revenues 1,484,045 232,952 1,716,997 1,700,900 EXPENSES Depreciation 427,192 198,763 625,955 599,893 Services and supplies 4,210 63.251 67,461 75.749 Total Expenses 431,402 262,014 693,416 675,642 Operating Income (Loss) 1,052,643 (29,062) 1,023,581 1,025,258 NONOPERATING INCOME (EXPENSES) Interest income 108,276 18,138 126,414 123,194 Interest expense and bond discount amortization (887,518) (887,518) (916,027) Nonoperating Income (Loss) (779,242) 18,138 (761,104) (792,833) Income (Loss) Before Operating Transfers 273,401 (10,924) 262,477 232,425 OPERATING TRANSFERS IN 4,211 4.211 18,674 Net Income (Loss) 277,612 (10,924) 266,688 251,099 Retained Earnings, Beginning of Year 118,292 376,217 494,509 269,799 Prior period adjustment (26,389) Retained Earnings, End of Year $395.904 $365.293 $761.197 $494,509 See accompanying notes to financial statements. - -11- CITY OF DUBLIN COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income to cash flows from operating activities: Depreciation Net effect of changes in Accrued Interest Prepaid expenses Accounts payable Cash Flows from Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease in restricted investments Interest received Premium on matured bond Cash Flows from Investing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Contributed capital Fixed asset purchases Certificates of Participation principal payment Interest paid Cash Flows from Capital and Related Financing Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating Transfers In Cash Flows from Noncapital Financing Activities Net Cash Flows Cash and investments at beginning of year Cash and investments at end of year See accompanying notes to financial statements. Dublin Information Equipment TOTALS Inc. Replacement (Memorandum Only) Enterprise Internal Fund Service Fund 1997 1996 $ 1,052,643 $ (29,062) $ 1,023,581 $ 1,025,258 427,192 198,763 625,955 599,893 664 (705,000) 664 (1,205) (1,589,320) (58,513) (1,647,833) (1,786,723) 5,728 432 432 (14,534) 1,480,499 170,133 1,650,632 1,615,140 (3,666) (3,666) 25,346 108,276 18,138 126,414 123,194 (26,389) 104,610 18,138 122,748 122,151 39,097 39,097 112,349 (97,610) (97,610) (307,258) (730,000) (730,000) (705,000) (859,320) (859,320) (886,814) (1,589,320) (58,513) (1,647,833) (1,786,723) 4,211 4,211 18,674 4,211 4,211 18,674 129,758 129,758 (30,758) 276,432 276,432 307,190 $ $ 406,190 $ 406,190 $ 276,432 -13- CITY OF DUBLIN Notes to General Purpose Financial Statements , NOTE 1- GENERAL I 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 1, 1982; population at January 1, 1997, was 26,725, including prisoners housed at the Alameda County Sheriff s Department Santa Rita Jail and the Federal Correctional Institute. 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, 1997, the City's staff comprised 40 full -time employees who were responsible for City- provided services. In addition, the City employs approximately 30 -75 seasonal recreation personnel. The City provides many traditional municipal services through contracts with both public and private entities. Approximately 51 contract employees provide a variety of municipal services from City facilities. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES I The following is a summary of significant accounting policies of the City, which conform with generally accepted accounting principles applicable to governments. 0 A. Reporting Entity The general purpose financial statements of the City of Dublin include the financial activities of the City as well as Dublin Information, Inc. (DII). DII is a separate legal entity which assists in providing financing to the City, owns and rents facilities to the City and is utilized to distribute public information. DII is governed by the same governing board as the City plus the City Manager and Assistant City Manager and is dependent on the City for its cash flows. The financial activities of DII have been aggregated and merged (termed 'blended') with those of the City in the Dublin Information, Inc. Enterprise Fund. Since DII's sole business is facilities rental, it accounts for rents as operating revenues. 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: -14- 1 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 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. 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. 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. 1 C. Measurement Focus All governmental funds 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 is their net current assets, which is considered only to be a measure of available spendable resources. Governmental fund operating statements present a summary of sources and uses of available spendable resources during a period by presenting increases and decreases in net current assets. Because of their spending measurement focus, governmental funds exclude fixed assets and noncurrent liabilities. Instead, these assets and liabilities are reported in the General Fixed Assets Account Group and the General Long -Term Obligations Account Group. These account groups measure only financial position; they are not funds and they do not measure results of operations. They maintain accounting control over the City's governmental fund fixed assets and City debt which will be repaid by governmental funds. I J 1 -15- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In those cases when a governmental fund records a long -term receivable or other non - current asset, an offsetting credit is made to deferred revenue, or undesignated fund balance is reduced to reflect the fact that this amount is not yet available. Proprietary funds are accounted for on a cost of services or capital maintenance measurement focus, which means that all assets and all liabilities associated with their activity are included on their balance sheets. Their reported fund equity is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total assets. In accordance with GASB Statement No. 20, for proprietary fund accounting, the City applies all applicable GASB pronouncements and all applicable FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. The City also applies all FASB Statements and Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB pronouncements. D. Fixed Assets, Depreciation, and Long -Term Liabilities I The General Fixed Assets Account Group provides accounting control over the cost of fixed assets used by the City's governmental funds. The General Fixed Assets Account Group is not a fund and its balances are not financial resources available for expenditure. Rather, they provide an historical accounting record of resources expended on general fixed assets. Public domain (infrastructure) general fixed assets, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, park land, and lighting systems, have not been capitalized because these assets are immovable and of value only to the public. No depreciation has been provided on general fixed assets. Proprietary fund fixed assets are recorded at cost and depreciated over their estimated useful lives. The purpose of depreciation is to spread the cost of proprietary fund fixed assets equitably among all customers over the life of these assets, so that each customer's bill includes a pro rata share of the cost of these assets. The amount charged to depreciation expense each year represents that year's pro rata share of the cost of proprietary fund 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 market value on the date donated. Depreciation of all proprietary fund fixed assets is charged as an expense against operations each year and the total amount of depreciation taken over the years, called accumulated depreciation, is reported on the proprietary funds' balance sheet as a reduction in the book value of the fixed assets. Depreciation of fixed assets in service is provided using the straight line method which means the cost of the asset is divided by its expected useful life in years and the result is charged to expense each year until the asset is fully depreciated. CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The City has assigned the useful lives listed below to proprietary fund fixed assets. Buildings 37.5 years Machinery & equipment 3 -7 years The General Long Term Debt Account Group provides accounting control over the unmatured principal of the City's general long term debt. This debt will be repaid out of governmental funds but is not accounted for in these funds because this part of the debt does not require an appropriation or expenditure in this accounting period. 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. E. Contributed Capital in Proprietary Fund Types jContributed capital in proprietary funds represents general fund construct fixed assets. Contributed capital in the Equipment Replacement Internal Service Fund increased by $39,097 during the year ended June 30, 1997. 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, sales taxes, transient occupancy taxes, interest revenues, and charges for services. Fines, licenses, and permit 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. CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. 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. 7. All unexpended appropriations lapse at the end of the fiscal year. 8. 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. K Cash Flows 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. I I Fj CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 taxed on the deferred portion of their compensation until it is distributed to them; distributions may be made only at termination of employment, retirement, death or in an emergency as defined by the Plan. In accordance with GASB 32 for the year ended June 30, 1997, the City has adopted plan revisions which no longer make the funds available to the City's general creditors and accordingly, the City will no longer report the assets in the financial statements. J. Property Tax Alameda County assesses properties and bills, collects, and distributes property taxes to the City. The County remits the entire amount paid and handles all delinquencies. The City receives proportionate shares of prior year collections including retaining interest and penalties. Secured and unsecured property taxes are levied on March 1 of the preceding fiscal year. Secured property tax is due in two installments, on November 1 and March 1, and becomes a lien on those dates. It becomes delinquent on December 10 and April 10, respectively. Unsecured property tax is due on July 1, and becomes delinquent on August 31. The term 'unsecured' refers to taxes on personal property other than real estate, land and buildings. These taxes are secured by liens on the property being taxed. Property tax revenues are recognized by the City in the fiscal year they are assessed, provided they become available 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 of time off or in cash if employment with the City ceases. L. Post Employment Health Care Benefits The City provides certain health care benefits for three retirees as required under a contract signed with PERS. All former employees who retire with the City 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, 1 997 those costs totaled $12,120. -19- CITY OF DUBLIN I Notes to General Purpose Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. Total Columns on Combined Financial Statements Although each of the City's funds is a separate accounting entity, the Combined Financial Statements also include total columns, which are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in cash flow in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation, since no interfund eliminations have been made in the aggregation of this data. N. Classification Changes The classification of certain amounts has been changed to improve the June 30, 1996 financial presentation. For comparative purposes, prior year amounts have been reclassified to conform with the June 30, 1997 presentation. NOTE 3 - CASH AND INVESTMENTS The City pools cash from all sources and all funds except that held by fiscal agents under debt indentures so that it can be safely invested at maximum yields, consistent with safety and liquidity, while individual funds can make expenditures at any time. Cash and Investment Summary The following is a summary of the cash and investments as of June 30, 1997: A. Cash $ 425,401 B. Investments 30,351,782 Total -20- $ 30,777,183 1 r [1 1 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) A. Cash Deposits and Collateral BANK BALANCE Uncategorized: Petty cash 650 Total Cash $ 425,401 * The negative cash amount is due to timing differences resulting from checks issued on the City General Ledger prior to June 30, 1997, but not yet cleared by the bank. California law requires banks and savings and loan institutions to pledge government securities with a market value of 110% of the deposit or first trust deed mortgage notes with a value of 150% of the deposit as collateral for all municipal deposits. This collateral is considered to be held in the City's name and places the City ahead of general creditors of the institution. The City has waived collateral requirements for the portion of deposits covered by federal deposit insurance. These categories are as follows: Category 1: Cash on hand or insured by the Federal Deposit Insurance Corporation or collateralized with securities held by the City or by its agent in the City's name. Category 2: Collateralized with securities held by the pledging financial institution's trust department or agent in the City's name. Category 3: Uncollateralized - (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the City's name). -21- CATEGORY CARRYING 1 2 3 TOTAL AMOUNT Categorized Cash on hand and in banks $ 100,385 $ 93,835 $ 194,220 $ (268,445) Certificates of Deposit 689,000 689,000 689,000 Cash with fiscal agent 4,196 4,196 4,196 Total Deposits $ 793,581 $ - $ 93,835 $ 887,416 424,751 Uncategorized: Petty cash 650 Total Cash $ 425,401 * The negative cash amount is due to timing differences resulting from checks issued on the City General Ledger prior to June 30, 1997, but not yet cleared by the bank. California law requires banks and savings and loan institutions to pledge government securities with a market value of 110% of the deposit or first trust deed mortgage notes with a value of 150% of the deposit as collateral for all municipal deposits. This collateral is considered to be held in the City's name and places the City ahead of general creditors of the institution. The City has waived collateral requirements for the portion of deposits covered by federal deposit insurance. These categories are as follows: Category 1: Cash on hand or insured by the Federal Deposit Insurance Corporation or collateralized with securities held by the City or by its agent in the City's name. Category 2: Collateralized with securities held by the pledging financial institution's trust department or agent in the City's name. Category 3: Uncollateralized - (This includes any bank balance that is collateralized with securities held by the pledging financial institution, or by its trust department or agent but not in the City's name). -21- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) B. Categorization of Credit Risk of Securities Instruments Investments: Categorized Government securities Govt. Securities - Debt service reserves Total Categorized Investments CATEGORY 1 2 3 $ 15,396,326 CARRYING MARKET AMOUNT VALUE $ 15,396,326 $ 15,309,419 $ 1,719,073 1,719,073 1,716,012 $ 15,396,326 $ 1,719,073 $ - 17,115,399 Uncategorized: Local Agency Investment Fund (LAIF) (1) (2) Dean Witter U.S. Government Securities Mutual Fund (2) Money Market Mutual Funds (2) Total Uncategorized Investments Grand Total Investments 11,400,000 1,699,996 136,387 13,236,383 17,025,431 11,400,000 1,599,878 136,387 13,136,265 n G f $ 30,351,782 $ 30,161,696 1 As of June 30, 1997, all investments held by the City are carried at amortized cost because the City has the ability and generally has the intent to hold them until their respective maturity dates or until market values equal or exceed cost. Thus, no losses have been recorded as declines in market value are considered temporary. (1) The management of the State of California Pooled Money Investment Account (generally referred to as LAIF) has indicated to the City that as of June 30, 1997, the carrying amount of the pool was $28,515,398,747 and the estimated market value for the pool (including accrued interest) was $28,637,448,331. The City's proportionate share of that value is $11,400,000. Included in LAIF's investment portfolio are certain derivative securities or similar products in the form of structured notes, totaling $740,750,000 and asset - backed securities, totaling $406,649,000. LAIF's (and the City's) exposure to risk (credit, market or legal) is not currently available. The City invests in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. In order to maximize security, the City employs the Trust Department of a bank as the custodian of its investments with the U.S. Government or its agencies, regardless of their form. The City categorizes its individual securities instruments in ascending order to reflect the relative risk of loss of these instruments. This risk is called Credit Risk, the lower the number, the lower the risk. The three levels of risk prescribed by generally accepted accounting principles are described below: -22- C� e 1 ��i fl 1 11 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) Category 1- Insured or registered for which securities are held by the City or its agent in the City's name. Category 2 - Uninsured and unregistered for which securities are held by the counterparty's trust department or agent in the City's name. Category 3 - Uninsured and unregistered for which securities are held by the counterparty's trust or its trust department or agent but not in the City's name. (2) Pooled Investments - Pooled investments are not categorized because of their pooled, rather than individual, nature. C. Authorized Investments The City's investment policy and 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 U.S. Government, or its agencies Certificates of Deposit Bankers Acceptances Local Agency Investment Fund (State Pool) Deposits Repurchase Agreements Commercial Paper Mutual Funds D. Market Risk and Investment Maturities The City limits market risk by limiting the types and maturities of its investments and by not borrowing against its investments. Investment yield is ranked after safety and liquidity in making investment decisions. All investments are held to maturity and maturities are matched to the City's projected cash flow needs. Investments matured as follows at June 30: Available immediately Maturities of less than one year Maturities of one to three years Total -23- 1997 $ 13,236,383 1,054,586 16,060,813 � $ 30,351,782 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 3 - CASH AND INVESTMENTS (Continued) E. Return on Investments The City's return on investments comprises only interest income; there were no gains or losses on sales of securities since all were held to maturity. Interest income of $1,474,606 earned during fiscal 1997 represented a return of 5.67% on the City's month -end average investment balances. This income is allocated among funds on the basis of their average month -end cash and investment balances. NOTE 4 - INTERFUND TRANSACTIONS A. Interfund Balances During the normal course of business, individual funds may receive or pay amounts for other funds, giving rise to interfund receivables or payables which are liquidated shortly after year end. These interfund balances comprised the following at June 30, 1997: Special Revenue Funds: Traffic Safety Community Development Block Grant FEMA $ 3,790 70,574 4,895 Ll t LJ FJ it i Total $ 79,259 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 year 1998. B. Operating Transfers With Council approval, resources may be transferred from one City fund to another. The purpose of the majority of transfers, called operating transfers, is to reimburse a fund which has made an expenditure on behalf of another fund. Less often, a residual equity transfer may be made to open or close a fund. Operating , transfers between individual funds during the fiscal year ended June 30, 1997 are presented below. Most of these transfers were reimbursements of administrative costs incurred on behalf of the fund making the transfer. CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 4 - INTERFUND TRANSACTIONS (continued) Fund Making Transfer Fund Receiving Transfer Amount General Fund Dublin Information Enterprise Fund $ 4,211 Community Development Block Grant General Fund 2,097 FEMA General Fund 1,298 Housing & Noise Mitigation General Fund 1,683 Total C. Advances to Other Funds $ 9,289 The General fund has advanced $298,272 to the Traffic Impact Fee fund. Since the funds are not likely to be available to finance current operations within the time prescribed by generally accepted accounting principles, they have been fully reserved in the fund balance equity section of the financial statements. NOTE 5 - FIXED ASSETS The City makes capital outlays for general fixed assets and for infrastructure. General fixed assets include land, buildings and equipment used in City operations. Depreciation is not provided on general fixed assets since the cost of these assets is accounted for as an expenditure, reducing fund balance in the year they are acquired. Infrastructure includes roads, bridges, curbs, sidewalks, drainage systems, street and traffic lights and other improvements used by all citizens. Expenditures for infrastructure are not capitalized. -25- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 5 - FIXED ASSETS (continued) Fixed assets balances and activity were as follows: Balance July 1, 1996 Balance As Restated* Additions Retirements June 30, 1997 General Fixed Assets Land $ 245,000 $ 245,000 Equipment 390,205 $ 35,150 $ 230,495 194,860 Buildings & Improvements 3,626,829 3,626,829 Total $ 4,262,034 $ 35,150 $ 230,495 $ 4,066,689 Enterprise Fund Civic Center Land 6,842,037 6,842,037 Civic Center Building 15,453,847 15,453,847 Machinery & equipment 422,510 422,510 Total 22,718,394 22,718,394 Less accumulated depreciation (3,186,748) (427,192) (3,613,940) Net $ 19,531,646 $ (427,192) $ - $ 19,104,454 Internal Service Fund Machinery & equipment 866,187 97,610 207,327 756,470 Less accumulated depreciation (414,998) (175,921) (184,484) (406,435) Net $ 451,189 $ (78,311) $ 22,843 $ 350,035 * The beginning balance of the General Fixed Asset Account Group has been restated by the City of Dublin to include $3,626,829 for buildings and improvements. The City has completed an analysis of their buildings and improvements and has determined these assets should be added to the General Fixed Asset Account Group. The values are based upon historical cost and/or estimated fair market values as of the date they were donated to the City. -26- � I � I � I � I I I CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS The City generally incurs long -term debt to finance projects or purchase assets which will have useful lives equal to or greater than the related debt. The City's debt issues and transactions are summarized below and discussed in detail subsequently. I. General Long -Term Debt Account Group A. Bart Long Term Advance B. City of Pleasanton C. Alameda County Surplus Property Authority Total A. BART Agreement Balance July 1, 1996 Additions $ 1,385,764 $ 73,580 2,372,244 155,110 1,569,962 122,561 $ 5,327,970 $ 351,251 $ Balance Retirements June 30, 1997 $ 1,459,344 2,527,354 1,692,523 $ 5,679,221 In 1990, the City and Bay Area Rapid Transit District (BART) entered into a Settlement Agreement regarding the City's extension of Dublin Boulevard to the extension of Hacienda Drive. BART advanced the City $2,285,000 to purchase land and construct the road extensions. The advance was structured with two ' components; a Short Term and a Long Term Advance. These projects are now complete. Short Term Advance: The amount provided as a "Short-Term Advance" came due on December 31, 1995. In accordance with a separate agreement the amount was repaid by the Alameda County Surplus Property Authority. See Note C, below. Long Term Advance: BART's long term advance to the City, including accrued interest as of June 30, 1997 is $1,459,344 which has no specific due date. Under the City's Agreement with BART, interest on the advance accrues at a rate based on BART's average rate of return on its investments. During the year ended June 30, 1997 unpaid interest incurred was added to the balance owed in the amount of $73,580. The City expects to repay principal and interest on BART's advance out of developer fees, charges and other non -tax revenues generated by future development in the area of the BART station. The agreement states that in no event is the advance to be repaid from the City's General fund or from general revenues. The Agreement provides for the forgiveness by BART of any principal or interest still outstanding on March 27, 2010. CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS (Continued) B. City of Pleasanton The City has entered into an agreement with the City of Pleasanton for the reimbursement of the cost of construction of a two lane access road and the extension of Hacienda Drive. The advance as of June 30, 1997 is $2,527,354 which includes $155,110 interest for the current year. Interest accrues on the reimbursement at 7.48% per year. The reimbursement is to be repaid from proceeds of assessments, special taxes or fees imposed on the property east of Dougherty Road with no specific due date. C. Alameda County Surplus Property Authority The City entered into an agreement with Alameda County Surplus Property Authority for the repayment of the City's Short Term BART Advance by the Authority. Under the terms of the agreement with the Authority, interest on the advance shall accrue at a rate based on the Alameda County Treasurers return on investments. As of June 30, 1997 the advance including accrued interest is $1,692,523. The advance is to repaid from developer fees, charges, and other non -tax revenues from the benefiting area and has no specific due date. The City General Fund shall not be obligated to repay this obligation. The City has recorded the BART, Alameda County Surplus Authority and the City of Pleasanton advances as general long -term debt at June 30, 1997 because, despite the Agreement's forgiveness clause, the City is confident there will be sufficient City revenues generated from traffic impact fees levied on new development in the Eastern Dublin Specific Plan Area to repay these advances. H. Enterprise Long -Term Debt A. 1993 Certificates of Participation 1993 Certificate of Participation (COP) Cost of Issuance 1993 COP Balance Balance July 1, 1996 Additions Retirements June 30, 1997 $16,265,000 $ (730,000) $ 15,535,000 (552,424) $ 40,669 (511,755) Total $15,712,576 $ 40,669 $ (730,000) $ 15,023,245 The City leases the Dublin Civic Center building under a non - cancelable lease. The lease payment schedule continues through February 2020. The lease is automatically canceled once all outstanding payments have been made. Under this lease, the City makes semi - annual payments which are sufficient to pay the principal and interest on the 1993 Certificates of Participation. Ownership of the building reverts to the City at the end of the lease. The cost of the building and the balance of the debt evidenced by the 1993 Certificates of Participation have been included in the City's financial statements as this lease is in essence a financing arrangement, with ownership of the financed assets reverting to the City at its conclusion, and is payable from general government resources. -28- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS (Continued) The 1993 COPS bear interest at rates of 2.8% to 5.8 %, 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 commencing February 1, 1999. Principal payments of $730,000 and $705,000 were made during the fiscal years ended June 30, 1997 and 1996, respectively. Amortization of original issue discount equated to $40,669 in both fiscal years. Debt service on the COPS are repayable from Dublin Information, Inc. Enterprise Fund revenues. Enterprise fund revenues are comprised primarily of lease payments from general government resources and interest earnings on the debt service reserve funds held by the trustee. M. Combining Maturity Schedule - (General Long -Term Debt Account Group and Enterprise Debt): Annual debt service requirements for long term debt, including interest on 1993 COPS, are as follows: For the Year City of BART Surplus 1993 Ending June 30, Pleasanton Agreement Property COPS ■ 1998 1,713,944 1999 1,712,144 2000 1,715,588 2001 13,722,236 2002 Thereafter $ 2,527,354 $ 1,459,344 $ 1,692,523 Total $ 1,594,389 $ 1,594,389 1,716,494 1,716,494 1,713,944 1,713,944 1,712,144 1,712,144 1,715,588 1,715,588 13,722,236 19,401,457 $ 2,527,354 $ 1,459,344 $ 1,692,523 $ 22,174,795 $ 27,854,016 The COP debt service shown above is the gross Debt Service due for the years shown. This does not account for annual interest earnings from Reserve Fund investments held by the Trustee. In accordance with the financing documents the annual interest may be used to reduce the annual debt service payments made by the City. IV.Special Assessment District Debt: The Dublin Boulevard Extension Special Assessment District, formed within City limits, had outstanding debt with a balance of $2,136,000 at June 30, 1997. 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 the District and activities of the District are reported in the Dublin Boulevard Extension Assessment District Agency Fund. CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 6 - LONG TERM OBLIGATIONS (Continued) V. Defeased Debt: At June 30, 1997 the total balance of the defeased 1988 COPS was $13,695,000. As required by the defeasance, securities had been placed in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 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, 1997: Capital Projects Funds Traffic Impact Fee Fund $ 332,672 The deficit for this fund will be eliminated through future revenues. I 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. 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 both long term investments which the City intends to hold until maturity certificates of deposit, which mature in more than one year, and the Dean Witter U.S. Government Securities Mutual Fund, which the City intends to hold until October 1999. Reserved for advance to other funds is for the amount included in advance from other funds that are not available for payment at June 30, 1997. 1 Reserve for Non Residential Recycling Programs is the portion of the fund balances set aside for revenue received from the Alameda County Waste Management Authority to be used solely for non residential i recycling. -30- LCITY OF DUBLIN INotes to General Purpose Financial Statements INOTE 7 - FUND BALANCES (Continued) Fund balances designated by City Council are as follows: Designated for cemetery endowment is the portion of fund balance to be retained. This represents funds transferred by the Dublin Cemetery Association, when the City acquired the cemetery. Interest on this ' amount is to be used for maintaining the Dublin Cemetery. In the fiscal year ended June 30, 1997 interest earnings on the endowment funds totaled $3,392. Related cemetery maintenance expenditures net of fees collected were $9,302. Designated for economic uncertainty is the portion of fund balance to be used in the event of economic uncertainty. Designated for authorized expenditures is the portion of fund balance to be used for expenditures approved by Council. INOTE 8 - JOINT POWERS AGENCIES 1 The City participates in joint ventures with other municipal entities through Joint Powers Authorities (JPAs) 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 JPAs are paid by the JPAs and are not those of the City or other members. Each JPA is governed by a board consisting of representatives from each member. Each board controls the operations of its respective JPA, 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 Joint Powers Authorities: A. Joint Ventures The Cities of Dublin, Pleasanton, and Livermore and the County of Alameda have entered a joint powers agreement, dated September 15, 1992, under which Alameda County constructed an animal shelter facility on county property. Certificates of Participation were issued to construct the facility. Under the agreement the entities will share in the debt service costs of the project based upon their use of the animal shelter. The total principal portion of the scheduled debt is $4,523,897. Dublin's share for the 1996 -97 fiscal year, based upon the statistics of live animals handled in the shelter in calendar year 1995, was $22,995 representing 15.16% of the debt service requirements. In addition, $61,670 was paid for the City's share of operating expenses. The City has not recorded an equity interest for the animal shelter agreement. As noted above the ongoing financial interest is limited to the statistics of live animals handled in the appropriate fiscal year. -31- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 8 - JOINT POWERS AGENCIES (Continued) B. Dougherty Regional Fire Authority The Cities of Dublin and San Ramon established the Dougherty Regional Fire Authority (DRFA) to provide fire suppression and prevention services. DRFA is controlled by a six member board consisting of three members from each City Council. The board appoints management and employees of DRFA and is responsible for DRFA's budget, operations and finances. During the year ended June 30, 1997, $2,524,872 was paid to the Authority for fire suppression and prevention services. This was recorded as a current expense in the general fund. The City does not record any financial interest in the Authority. As of July 1, 1997, the fire operations of the Authority were discontinued. See note 12. Audited financial information for the Authority can be obtained from the City of San Ramon, 2222 Camino Ramon, San Ramon, CA 94583. NOTE 9 - RISK MANAGEMENT A. Risk Pool The City participates in the ABAG Plan Corporation which covers general liability claims in an amount up to $5,000,000 and property to $100,000,000. The City has a deductible or uninsured liability for general liability of up to $50,000 per claim. The deductible for property claims is $5,000 per occurrence, excluding auto claims which have a $10,000 deductible. Once the City's deductible is met ABAG PLAN becomes responsible for payment of all claims up to the limit. During the fiscal year ended June 30, 1997 the City contributed $80,140 for current year coverage and received a refund of $49,775 of prior years excess contributions. ABAG PLAN is governed by a board consisting of representatives from member municipalities. The board controls the operations of ABAG PLAN including selection of management and approval of operating budgets, independent of any influence by member municipalities beyond their representation on the Board. The City's contributions to ABAG PLAN for liability coverage is based on a formula which considers the ratio of the City's payroll to the total payrolls of all entities participating in the same layer of each program, in each program years loss history and population. Actual surpluses or losses are shared according to a formula developed from over a loss costs and spread to member entities on a percentage basis after a retrospective rating. Audited financial information for ABAG PLAN can be obtained from ABAG Plan, P.O. Box 2050, Oakland, CA 94604 -2050. B. Liability for Uninsured Claims Adoption of GASB 10 The Governmental Accounting Standards Board (GASB) is requiring municipalities to record their liability for uninsured claims and to reflect the current portion of this liability as an expenditure in their financial statements. As discussed, above, the City has coverage for such claims, but it has retained the risk for the deductible, or uninsured portion of these claims in the ABAG PLAN. GASB Statement 10, "Financial Reporting for Risk Financing and Related Insurance Issues" now requires that this amount be separately identified and recorded as a liability. -32- Ll d r� !J L� 0 CM OF DUBLIN Notes to General Purpose Financial Statements NOTE 9 - RISK MANAGEMENT (Continued The City's liability for uninsured claims, limited to general liability claims as discussed above, includes a provision for IBNR losses. This amount was estimated based on claims experience. Since incorporation in 1982, the City has never had a loss which exceeded the amount of insurance coverage. The claim liability for the current and prior year are as follows: Liability Actual Claims Expense June 30, 1996 $ 137,210 $ 6,387 June 30, 1997 $ 137,210 $ 7,385 The City has obtained a workers' compensation insurance policy from the State Compensation Insurance Fund which has no deductible. 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 common investment and administrative agent for participating public entities within the State of California. All qualified permanent and probationary employees are eligible to participate in PERS. Benefits vest after five years of service and are payable monthly for life upon retirement. Employees who retire at age 60 with 5 years of credited service receive a benefit equal to 10% of their average monthly salary for their highest three consecutive years of employment. Benefits increase with age and credited service years up to a maximum of 2.418% for each credited service 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 is required to contribute the remaining amount necessary to fund the benefits for its members using the actuarial basis adopted by PERS Board of Administration. For the year ended June 30, 1997, the employer rate for the City was 5.19 %. 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. -33- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 10 - PENSION PLAN (continued) The pension benefit obligation was computed as part of an actuarial valuation performed by PERS as of June 30, 1995, which is the most recent data available. Significant actuarial assumptions used in the valuation include (a) a rate of return on the investment of present and future assets of 8.50% a year compounded annually, (b) projected salary increases of 4.5% a year compounded annually, attributable to inflation, and (c) projected salary increases of 0.0% attributable to seniority /merit. Total over - funded pension benefit obligation applicable to the City's employees at June 30, 1995, the most recent information available, is as follows: Pension benefit obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 138,746 Current employees Accumulated employee contributions including allocated investment 941,271 Employer - financed vested 647,259 Employer- financed nonvested 44,655 Total pension benefit obligation 1,771,931 Net assets available for benefits, at cost (Market value was $2,480,978 at June 30, 1995) 2,333,940 Overfunded pension benefit obligation $ 562,009 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. 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, 1997 and 1996: -34- n 11 CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 10 - PENSION PLAN (Continued) Covered payroll Total payroll Normal cost, including employee contributions City contribution Employee contribution Less city surplus Total ID. Trend Information 1997 Percent of Covered Amount Payroll $ 2,097,916 $ 2,360,333 1996 Percent of Covered Amount Payroll $ 1,853,180 $ 2,135,982 255,332 12.2% 246,622 13.3% 108,479 5.2% 116,899 6.3% 146,853 7.0% 129,723 7.0% (105,997) -5.0% $ 149,335 7.2% $ 246,622 13.3% 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, 1995, 1994 and 1993, net assets available for benefits funded 132 %, 137% and 113% respectively, of the pension plan's total pension benefit obligation and the overfunded pension benefit obligation represented 30.5 %, 32.5% and 10.0% respectively, of covered payroll. In addition, for the three years ended June 30, 1995, 1994 and 1993, the City's contributions to the System, all made in accordance with actuarially determined requirements, were 13.3 %, 13.3% and 13.3% 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. E. Social Security The Omnibus Budget Reconciliation Act of 1990 (OBRA) mandates that public sector employees who are not members of their employer's existing retirement system as of January 1, 1992 be covered by either Social Security or an alternative plan. 1 -35- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 10 - PENSION PLAN (Continued) The City's part-time, seasonal and temporary employees are covered under Social Security, which requires these employees and the City to each contribute 6.2% of the employees pay. Total contributions for these employees to Social Security, excluding Medicare, during the year ended June 30, 1997 amounted to $28,904, of which the City paid one -half. NOTE 11- CONaMM[ENT AND CONTINGENT LIABILITIES Grant Programs The City participates in several federal and State grant programs. These programs have been audited by the City's independent accountants in accordance with the provisions of the federal Single Audit Act of 1984 and applicable State requirements. No cost disallowances were proposed as a result of these audits; however, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial. Litigation The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney there is no pending litigation which is likely to have a material adverse effect on the financial position of the city. Developer Agreements Freeway Improvement Agreement In 1991, the City of Dublin, the City of Pleasanton and the Alameda County Surplus Property Authority entered into an agreement for the installation of certain off -ramp improvements adjacent to Interstate 580. The improvements to be installed have been completed. The City of Dublin agreed to provide future credits towards development impact fees to the Authority for certain costs related to the installation of the improvements. These costs include the value of right of way needed to install the improvements, the construction cost of the improvements as agreed to in the agreement, and accrued interest on the two aforementioned items. The potential credits are payable from future development impact fees to be collected by the City and amount to $4,369,711, including interest, as of June 30, 1997. The Authority did not construct any projects which were eligible to utilize the credits during the year ended June 30, 1997. The amount due is not recorded as indebtedness since the payment is contingent upon the collection development impact fees from development growth which has not yet occurred. Roadway Agreement In 1994, the City of Dublin and the Alameda County Surplus Property Authority entered into an agreement to arrange for the dedication of the City of Dublin of the right -of -way to construct an access road in East Dublin. In the agreement, the City of Dublin agreed to credit the Surplus Property Authority for the value of the right - of -way, plus accrued interest at 7.48 %. The interest began to accrue as of August 22, 1994 when the City of �� CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 11- COMMITMENT AND CONTINGENT LIABILITIES (Continued) Dublin accepted a quit claim deed for the property. The original value of the credit was $456,060. The total value of the credits including accrued interest as of June 30, 1997 is $553,555. The Authority did not construct any projects which were eligible to utilize the credits in the fiscal year 1996/97. The credit is to be applied against Traffic Impact Fees benefiting property owned by the Surplus Property Authority. The ' amount due is not recorded as indebtedness since the payment is contingent upon the collection of development fees from development growth which has not yet occurred. ' Alameda County Surplus Property Authority Development Agreement In January 1995, the City of Dublin entered into an agreement separate from the agreement discussed in Note 6 of long -term obligations with the Alameda County Surplus Property Authority. The agreement requires the Authority to install certain oversized improvements adjacent to the commercial center project. In exchange for the improvements, the City agreed to provide future credits towards development impact fees to be collected from the Authority. The estimated value of the improvements to be installed by the Authority total $3,646,411. As of June 30, 1997, the Authority was nearing completion of the construction. The amounts due to the County Surplus Property Authority are only payable from the collection of future development impact fees. The amounts due are not recorded as indebtedness since the payments are contingent upon the collection of development impact fees from development growth which has not yet occurred. Santa Rita Business Center Agreement The Alameda County Surplus Property Authority entered into an agreement with Opus Southwest to develop a 400,000 square foot office /industrial project on approximately 25 acres in the City of Dublin. As required by the Eastern Dublin Specific Plan a development agreement was entered into with the City of Dublin. The City agreed to grant to the Surplus Property Authority Traffic Impact Fee credits in the event that certain road improvements, which the developer would not otherwise have to build, were constructed. The agreement provides that the value of the credits shall not increase for inflation nor shall interest accrue on the amount of ' the credit. Further limitations were placed on the County as to the amount of credits which can be applied towards this specific project. The credits may only be applied towards Category 1 portion of the Traffic Improvement Fee. Any unused credits may be used by the Authority on future projects located elsewhere on ' their property. The value of the credits as of June 30, 1997 is $3,990,354. The amounts due are not recorded as indebtedness since the payments are contingent upon the collection of the development fees from development growth which has not yet occurred. n 1 -37- CITY OF DUBLIN Notes to General Purpose Financial Statements NOTE 12 - SUBSEQUENT EVENTS A. Dissolution of DRFA As discussed in Note 8, the fire operations of DRFA were discontinued as of July 1, 1997. The City of Dublin now provides fire protection services through an agreement with the Alameda County Fire Department. The fixed assets of DFRA have been divided between the appropriate entities for which value has not yet been determined. B. Cost Sharing Agreement with the Dublin Unified School District In September 1997, the City agreed to participate with the Dublin Unified School District in the funding of a community use gymnasium. The City agreed to fund approximately $1,000,000 to the project to be paid in four equal annual installments beginning January 1999 through January 2002. NOTE 13 - REVENUE LINIITATIONS IMPOSED BY CALIFORNIA PROPOSITION 218 Proposition 218, which was approved by the voters in November 1996, will regulate the City's ability to impose, increase and extend taxes, assessments, and fees. Any new, increased or extended taxes, assessments, and fees subject to the provisions of Proposition 218, require voter approval before they can be implemented. Additionally, Proposition 218 provides that these taxes, assessments, and fees are subject to the voter initiative process and may be rescinded in the future by the voters. The City staff feels that the impact of Proposition 218 will be minimal. -38- CITY OF DUBLIN U!_ M _ _Ol1111 ' The General Fund is used to account for all financial resources except those required to be accounted for in another fund. 1 I 7- L 'J Ll n 1 �l F- L -39- CITY OF DUBLIN GENERAL FUND COMPARATIVE BALANCE SHEETS JUNE 30, 1997 AND 1996 Cash and investments Receivable: Accounts Accrued interest Due from other governments Due from other funds Advances to other funds Prepaids Total Assets Accounts payable Accrued wages Accumulated unpaid general leave Deposits payable Liability insurance claims payable Deferred revenues Due to other governments Total Liabilities ASSETS 1997 1996 $24,415,402 $21,718,666 824,524 762,495 313,130 398,353 54,564 4,505 79,259 427,602 289,272 137,210 4.060 5,610 LIABILITIES FUND EQUITY Fund balances reserved for: Investments held to maturity Prepaids Advances to other funds Fund balances unreserved, designated for: Cemetery endowment Economic uncertainty Authorized expenditures Total Fund Equity Total Liabilities and Fund Equity -41- $25,980,211 $23,317,231 1,703,023 1,420,174 78,898 59,578 170,253 156,765 485,126 136,782 137,210 137,210 169,904 173,713 7.162 2,744,414 2,091,384 16,490,995 13,580,822 4,060 5,610 289,272 60,000 60,000 1,369,133 1,369,133 5.022.337 6,210,282 23,235,797 21,225,847 $25,980,211 $23,317,231 CITY OF DUBLIN GENERAL FUND COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 1997 1996 -42- Variance Favorable Budget Actual (Unfavorable) Actual REVENUES Property taxes $3,968,400 $3,920,897 $(47,503) $3,867,614 Taxes other than property 7,439,400 8,237,052 797,652 7,626,025 Licenses and permits 873,400 1,092,183 21$,783 466,199 Intergovernmental 1,085,650 1,151,275 65,625 1,102,495 Charges for services 1,393,510 1,386,419 (7,091) 1,372,960 Interest 1,195,000 1,310,461 115,461 1,196,819 Use of property 64,600 78,488 13,888 72,066 Fines and forfeitures 36,000 38,492 2,492 38,793 Other revenue 116,693 223,207 106,514 110,805 Total Revenues 16,172,653 17,438,474 1,265,821 15,853,776 EXPENDITURES Current: General government 3,419,356 3,188,503 230,853 2,996,500 Public safety 7,468,007 6,723,853 744,154 6,714,808 Highways and streets 637,957 629,263 8,694 691,336 Health and welfare 15,596 15,596 Community development 1,919,822 1,838,558 81,264 1,778,244 Culture and leisure 2,024,911 2,000,561 24,350 1,847,110 Capital outlay 1,165,887 1,033,057 132,830 322,243 Total Expenditures 16,651,536 15,429,391 1,222,145 14,350,241 REVENUES OVER (UNDER) EXPENDITURES (478,883) 2,009,083 1,530,200 1,503,535 OTHER FINANCING SOURCES (USES) Operating transfers in 5,078 5,078 38,508 Operating transfers out (4,211) (4,211) ( 18,674) Total Other Financing Sources (Uses) 867 867 19,834 REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $(478,883) 2,009,950 $2.488,833 (1,523,369) Fund Balance, Beginning of Year 21,225,847 19,465,801 Prior Period Adjustment 236,677 Fund Balance, End of Year $23,235,797 $21,225,847 -42- r� 7 L 1 �J r, I I 0 CITY OF DUBLIN GENERAL FUND SCHEDULE OF BUDGET VERSUS ACTUAL DEPARTMENTAL EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30,1997 -43- 1997 Variance Favorable General Government Budget Actual (Unfavorable) City Council $128,264 $127,473 $791 City Manager 297,973 291,094 6,879 City Attorney 201,719 20I,719 Administrative services 607,862 569,247 38,615 Building management 331,518 331,517 1 Insurance cost center 133,550 122,778 10,772 Elections cost center 21,215 20,512 703 Nondepartmental 95,270 27,347 67,923 Civic Center Debt Service 1,601,985 1,496,816 105,169 Total General Governmental 3,419,356 3,188,503 230,853 Public Safety Police 4,016,642 3,794,625 222,017 Crossing guards 43,000 40,926 2,074 Animal control 180,286 110,514 69,772 Disaster preparedness 32,785 25,992 6,793 Fire Services JPA 3,195,294 2,751,796 443,498 Total Public Safety 7,468,007 6,723,853 744,154 Highways and streets Public works administration 320,887 319,005 1,882 Street maintenance 38,200 31,593 6,607 Street tree maintenance 48,580 48,376 204 Street landscape maintenance 230,290 230,289 1 Total Highways and Streets 637,957 629,263 8,694 Health and welfare Waste management 3,596 3,596 Child care 12,000 12,000 Total Health and Welfare 15,596 15,596 Community development PlanningBuilding safety 1,118,913 1,045,490 73,423 Engineering 684,913 684,913 Economic development 115,996 108,155 7,841 Total Community Development 1,919,822 1,838,558 81,264 Culture and leisure Library services 205,874 205,874 Cultural activities 12,500 12,500 Heritage Center 54,291 54,291 Cemetery operations 17,160 15,749 1,411 Park maintenance 594,120 594,119 1 Community cable television 34,257 34,257 Parks and community services 1,106,709 1,083,771 22,938 Total Culture and Leisure 2,024,911 2,000,561 24,350 Capital Outlay Community improvements 61,300 51,771 9,529 General improvements 135,666 80,138 55,528 Parks 534,210 497,423 36,787 Street construction and improvements 434,711 403,725 30,986 Total Capital Outlay 1,165,887 1,033,057 132.830 Total Expenditures $16,651,536 $15,429,391 $1222.145 -43- fl C 1 0 I d u n C CITY OF DUBLIN SPECIAL REVENUE FUNDS Special Criminal Activity Fund - Established to account for receipt of funds derived from asset forfeitures. 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. Supplemental Law Enforcement - Established to account for police expenditures funded by a State grant. Federal Police Grant - Established to account for police expenditures funded by a Federal grant. 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. Community Development Block Grant Fund - Used to account for grants and expenditures related to the community development block grants. Intermodal Surface Transportation Efficiency Act Fund - Established to account for receipt of Federal Aid Urban Highway grants. FEMA Fund - Established to account for expenditures funded with FEMA grants. Park Dedication Fund - Established to account for park dedication fees received in lieu of property from developers pursuant to the Quimby Act. Measure AA Fund - Established to account for park projects funded with Measure AA grants. 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. SB300 Grant Fund - Established to account for grant receipts from the State used for capital improvements on local streets. 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 and recycling services. 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). Maintenance Assessment Districts - Established to account for revenue and related expenditures of lighting and landscape activities. -45- CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR JUNE 30,1996 ASSETS Cash and investments Receivable: Accounts Due from other governments Condemnation deposits Total Assets LIABILITIES Accounts payable Deferred revenue Due to other funds Total liabilities FUND EQUITY Fund balances Reserved for condemnation deposits Reserved for non residential programs Unreserved Designated for authorized expenditures Undesignated Total Fund Equity Total Liabilities and Fund Equity Special Supplemental Federal Community Criminal Vehicle Law Police Traffic State Development Activity Abatement Enforcement Grant Safety Gas Tax Block Grant $769 $38,569 $28,431 $14,294 $1,943 $981,004 $76,550 1,847 $769 $38,569 $28,431 $14,294 $3,790 $981,004 $76,550 939 21,743 939 21,743 769 37,630 6,688 14,294 145,704 5,976 3,790 70,574 3,790 145,704 76,550 835,300 769 37,630 6,688 14,294 835,300 $769 $38,569 $28,431 $14,294 $3,790 $981.004 $76,550 _46_ Intermodal Sales Tax Storm Surface Park Measure Measure SB 300 Measure D Garbage Water ' Transportation Act FEMA Dedication AA B Grant Recycling Service Runoff $13,378 $387,269 $ $51,705 $4,450 $156,536 $41,149 $84,371 6,214 1,253 $84,383 8,443 $97,761 $8,443 $387,269 $ $51,705 $4,450 $156,536 $47,363 $85,624 97,761 35,138 14,800 4,450 1,113 5,934 3,548 4,895 97,761 8,443 35,138 14,800 4,450 1,113 5,934 t24,550 352,131 36,905 130,873 47,363 79,690 352,131 36,905 155.423 47,363 79,690 1 $97,761 $8,443 $387.269 $ $51,705 $4,450 $156,536 $47.363 $85.624 i 1 -47- LIABILITIES Accounts payable Deferred revenue Due to other funds Total liabilities FUND EQUITY Fund balances Reserved for condemnation deposits Reserved for non residential programs Unreserved Designated for authorized expenditures Undesignated Total Fund Equity Total Liabilities and Fund Equity 754 25,612 23,474 18,054 401,452 292,724 3,548 79,259 427,602 754 25,612 23,474 18,054 484,259 720,326 CITY OF DUBLIN 24,550 6,553 125,017 25,622 117,667 1,816,502 1,686,445 SPECIAL REVENUE FUNDS 6,553 125,017 25,622 117,667 1,841,052 1,820,134 $7,307 $150,629 $49,096 $135,721 $2,325,311 $2,540,460 COMBINING BALANCE SHEET L JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR JUNE 30,1996 MAINTENANCE DISTRICTS San Ramon Dougherty Road Specific Street Stagecoach Landscape TOTALS Plan Lighting Landscape & Lighting 1997 1996 ASSETS Cash and investments $7,307 $149,588 $49,096 $135,565 $2,145,424 $1,760,625 Receivable: Accounts 1,041 156 85,214 94,237 Due from other governments 94,673 545,625 Condemnation deposits 139,973 Total Assets $7,307 $150,629 $49,096 $135,721 $2,325,311 $2,540,460 LIABILITIES Accounts payable Deferred revenue Due to other funds Total liabilities FUND EQUITY Fund balances Reserved for condemnation deposits Reserved for non residential programs Unreserved Designated for authorized expenditures Undesignated Total Fund Equity Total Liabilities and Fund Equity 754 25,612 23,474 18,054 401,452 292,724 3,548 79,259 427,602 754 25,612 23,474 18,054 484,259 720,326 M0 139,973 24,550 6,553 125,017 25,622 117,667 1,816,502 1,686,445 (6,284) 6,553 125,017 25,622 117,667 1,841,052 1,820,134 $7,307 $150,629 $49,096 $135,721 $2,325,311 $2,540,460 M0 CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED JUNE 30,1996 Special Supplemental Federal Community Criminal Vehicle Law Police Traffic State Development REVENUES Activity Abatement Enforcement Grant Safety Gas Tax Block Grant Taxes other than property Intergovernmental $5,478 $61,219 $13,999 $494,819 $83,772 Charges for services Interest $4 2,212 2,104 295 52,349 Fines and forfeitures $22,507 Developer fees Other revenues Special assessments Total Revenues 4 7,690 63.323 14,294 22,507 547.168 83.772 EXPENDITURES Current: General government Building management Public safety Police 6,512 56,635 Traffic signals and street lights 22,507 56,111 Highways and streets Public works administration Street tree maintenance Street sweeping Street landscaping maintenance Street maintenance 203,023 Health and welfare - Waste management Culture and leisure - Park maintenance Community development - Engineering 6,000 Capital outlay Community improvements 118,544 21,910 General improvements Parks 59,765 Street projects 110.131 Total Expenditures 6,512 56.635 22,507 493,809 81,675 REVENUES OVER (UNDER) EXPENDITURES 4 1,178 6,688 14,294 53,359 2,097 _ OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out (2,097) Total Other Financing Sources (Uses) (2,097) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES 4 1,178 6,688 14,294 53,359 Fund Balance, Beginning of Year 765 36.452 781,941 Fund Balance, End of Year $769 $37,630 $6,688 $14,294 $ $8_ 35.300 51111 Inter-modal 16,124 Sales Tax 3,099 21,303 401,411 Storm Surface Park Measure Measure SB 300 Measure D Garbage Water Transportation Act FEMA Dedication AA B Grant Recycling Service Runoff $152,124 $62,787 $30,225 $44,500 $143,136 $616,063 $172,205 $21,676 6,931 7,819 4,654 286,050 12,655 12,500 62,787 30,225 307,726 152,124 44,500 162,722 636,382 176,859 5,595 7,191 16,141 357,006 62,787 62,787 28,927 357,006 1,298 (49,280) (1,298) (1,298) 85,544 633,283 172 67,675 4,730 82,979 11,025 136,000 44,500 136,000 44,500 96,569 633,283 155,556 16,124 66,153 3,099 21,303 (49,280) 16,124 66,153 3,099 21,303 401,411 20,781 89,270 44,264 58,387 $ $ $352,131 $ $36,905 $ $155,423 $47,363 $79,690 -51- CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 MAINTENANCE DISTRICTS EXPENDITURES Current: General government Building Management 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 Culture and leisure - Park maintenance Community development - Engineering Capital outlay Community improvements General improvements Parks Street projects Total Expenditures REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES Fund Balance, Beginning of Year Fund Balance, End of Year San Ramon REVENUES (9,621) Taxes other than property 5,899 Intergovernmental Road Specific Charges for services Stagecoach Interest ' Fines and forfeitures Plan Developer fees Landscape Other revenues 1997 Special assessments 5,697 Total Revenues EXPENDITURES Current: General government Building Management 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 Culture and leisure - Park maintenance Community development - Engineering Capital outlay Community improvements General improvements Parks Street projects Total Expenditures REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES Fund Balance, Beginning of Year Fund Balance, End of Year San Ramon (73,362) (9,621) Dougherty 5,899 4,099 99,195 Road Specific Street Stagecoach Landscape TOTALS 56 Plan Lighting Landscape & Lighting 1997 1996 5,697 8,867 $152,124 $141,117 69,953 57,158 8I,714 939,935 2,571,624 213,348 788,268 820,878 $442 $8,186 $2,430 $7,737 116,839 107,762 7,191 1,909 22,507 24,330 92,165 54,510 7,222 9,267 286,050 562,551 107,618 25,155 6,202 133,933 55,910 54,144 243,987 318,117 442 142,119 58,340 61,881 2,574,865 4,552,581 245 (3,657) (73,362) (9,621) (25.364) 24.313 389.207 19,861 (3,395) (28,839) (3.395) (8,978) (3,657) (73,362) (9,621) 63,147 5,899 4,099 99,195 10,210 198,379 181,912 266,030 4,155 56 37 4,420 3,950 $117,667 850 4,847 5,697 8,867 67,675 69,953 57,158 8I,714 138,872 105,578 213,348 163,325 718,827 1,183,934 7,191 1,909 630 647 92,165 54,510 7,222 9,267 156,943 107,618 7,089 443,937 211,221 103,000 456,418 1,975.155 4,099 215,481 67,961 87,245 2,550,552 4,163.374 (3,657) (73,362) (9,621) (25.364) 24.313 389.207 19,861 (3,395) (28,839) (3.395) (8,978) (3,657) (73,362) (9,621) (25,364) 20,918 380,229 10,210 198,379 35,243 143,031 1,820,134 1,439,905 $6,553 $125,017 $25,622 $117,667 $1,8i 41,052 $1,820,134 -53- CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING STATEMENT OF CAPITAL OUTLAY FOR THE FISCAL YEAR ENDED JUNE 30,1997 CAPITAL OUTLAY Community Improvements Silvergate median landscape San Ramon Road landscape repair I -580 Beautification Arroyo Vista Handicap access Underground utilities Stagecoach Road Total Community Improvements Parks Mape Memorial Park renovation Dougherty Hills Park slope repair Heritage Center master plan Heritage Center parking lot Total Parks Street Projects San Ramon Rd drainage/ Shannon Park San Ramon Rd drainage /Caroline Ct. Serra Ct. drainage Dougherty Rd Impv SPRR to AVB Dublin Blvd. Improve - Donlon Way Traffic signal coordination Annual street overlay program Dublin Blvd Impv San Ramon Rd Street light acquisition Total Street Projects Total Capital Outlay Community Intermodal State Development Surface Park Gas Tax Block Grant Transportation Act FEMA Dedication $64,110 51,492 2,942 $21,910 118,544 21,910 30,037 40,557 15,046 24,491 59,765 $350,374 $16,141 4,000 2.632 59,765 16,141 357.006 $6,802 6,283 49,702 110,131 62,787 $228.675 $81,675 $62,787 $16.141 $357,006 -54- CITY OF DUBLIN SPECIAL REVENUE FUNDS COMBINING STATEMENT CAPTIAL OUTLAY FOR THE FISCAL YEAR ENDED JUNE 30,1997 MAINTENANCE DISTRICTS Sales Tax Measure SB 300 Measure D Street Stagecoach B Grant Recycling Lighting Landscape Total $64,110 51,492 2,942 21,910 $7,222 7,222 $9,267 9,267 7_,222 9,267 156.943 $11,025 421,164 16,141 4,000 2,632 11,025 443,937 30,037' 40,557 15,046 31,293 6,283 49,702 $9,199 9,199 $136,000 35,301 171,301 103,000 103,000 136,000 44,500 103,000 456,418 $136,000 $44,500 $11,025 $110,222 $9,267 $1.057.298 -55- CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 Special Criminal Activity Vehicle Abatement Variance Variance Favorable Favorable REVENUES Budget Actual (Unfavorable) Budget Actual (Unfavorable) Taxes other than property Intergovernmental $7,000 $5,478 (1,522) Charges for services Interest $4 $4 2,212 2,212 Fines and forfeitures Developer fees Other revenues Special assessments Total Revenues EXPENDITURES Current: General government Building Management 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 Culture and leisure - Park maintenance Community development - Engineering Capital outlay Community improvements General improvements Parks Street projects Total Expenditures REVENUES OVER (UNDER) EXPENDITURES $2,000 (2,000) 2,000 4 (1,996) 7,000 7,690 690 6,512 6,512 6,512 6,512 2,000 4 (1,996) 488 1,178 690 OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES $2,000 Fund Balance, Beginning of Year Fund Balance, End of Year 4 $(1.996) $488 765 $769 -56- 1,178 $690 36,452 $37,630 Supplemental Law Enforcement Federal Police Grant Traffic Safety Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $61,219 $61,219 $ $13,999 $13,999 2,104 2,104 295 295 63,323 63,323 60,336 56,635 3,701 60,336 56,635 3,701 (60,336) 6,688 67,024 $24,500 $22,507 $(1,993) 14,294 14,294 24,500 22,507 (1,993) 24,450 22,507 1,943 24,450 22,507 1,943 14,294 14,294 50 (50) $(60,336) 6,688 $67,024 $ 14,294 $14,294 $50 $6,688 $14,294 -57- $(50) CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 State Gas Tax Cornmuniri Development Block Grant Variance Variance Favorable Favorable REVENUES Budget Actual nfavorable Budget Actual (Unfavorable) Taxes other than property Intergovernmental $485,000 $494,819 $9,819 $92,481 $83,772 $(8,709) Charges for services Interest 46,100 52,349 6,249 Fines and forfeitures Developer fees Other revenues Special assessments Total Revenues 531,100 547,168 16,068 92,481 83,772 (8,709) EXPENDITURES Current: General government Building Management Public safety Police Traffic signals and street lights 84,877 Highways and streets Public works administration Street tree maintenance Street sweeping Street landscaping maintenance Street maintenance 203,319 Health and welfare - Waste management Culture and leisure - Park maintenance Community development - Engineering 6,000 Capital outlay Community improvements General improvements Parks 56,111 28,766 203,023 296 6,000 90,384 81,675 8,709 Street projects 348,116 228,675 119,441_ Total Expenditures 642,312 493,809 148,503 90,384 81,675 8,709 REVENUES OVER (UNDER) EXPENDITURES (111,212) 53,359 164,571 2,097_ 2,097 OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES $(111,212) Fund Balance, Beginning of Year Fund Balance, End of Year 2,097 {2,097) 2,097 (2,0971 53,359 $164,571_ $2,097 $(2.097) 781,941 $835,300 $ 5f-a Intermodal Surface Transportation Act FEMA Park Dedication Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $294,000 $62,787 $(231,213) 28,927 $30,225 $1,298 $23,500 $21,676 $(1,824) 111,350 286,050 174,700 294,000 62,787 (231,213) 28,927 30,225 1,298 134,850 307,726 172,876 5,595 5,595 7,191 7,191 16,141 16,141 472,743 357,006 115,737 343,701 62,787 280,914 343,701 62,787 280,914 28,927 28,927 472,743 357,006 115,737 (49,701) (49,701) 1,298 1,298 (337,893) (49,280) 288,613 (1,298) (1,298) 1,298 (1,298) S(49,701) $49,701 $ $ $(337,893) (49,280) $288,613 401,411 $ $ $352,131 -59- CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 Measure AA Sales Tax Measure B Variance Variance Favorable Favorable REVENUES Budget Actual (Unfavorable) Budget Actual (Unfavorable) Taxes other than property $136,000 $152,124 $16,124 Intergovernmental Charges for services Interest Fines and forfeitures Developer fees Other revenues Special assessments Total Revenues EXPENDITURES Current: General government Building Management 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 Culture and leisure - Park maintenance Community development - Engineering Capital outlay Community improvements General improvements Parks Street projects Total Expenditures REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ Fund Balance, Beginning of Year Fund Balance, End of Year -60- 530 (530) 136,530 152,124 15,594 136,000 136A00 136,000 136,000 530 16,124 15,594 $ $530 16,124 15,594 20,781 $36'905 SB 300 Chant Measure D Recycling Garbage Service Variable Variable Variable Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $44,500 $44,500 $102,655 $143,136 $40,481 $603,600 $616,063 $12,463 5,500 6,931 1,431 1,200 7,819 6,619 12,655 12,655 12,500 12,500 44,500 44,500 108,155 162,722 54,567 617,300 636,382 19,082 44,500 44.500 44,500 44,500 109,335 85,544 23,791 633,690 633,283 407 12,655 11,025 1,630 121,990 96,569 25,421 633,690 633,283 407 13.835 66,153 79,988 (16.390) 3,099 19,489 $ $ $(13,835) 66,153 $79,988 S(16,390) 3,099 $19,489 89,270 44,264 $ $155,423 $47,363 -61- CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 Storm Water Runoff San Ramon Road Specific Plan Variance Variance Favorable Favorable REVENUES Budget Actual (Unfavorable) Budget Actual (Unfavorable) Taxes other than property Intergovernmental Charges for services $161,000 $172,205 $11,205 Interest 4,500 4,654 154 $660 Fines and forfeitures Developer fees Other revenues Special assessments Total Revenues 165,500 176,859 11,359 660 EXPENDITURES Current: General government Building Management Public safety Police Traffic signals and street lights 4,877 Highways and streets Public works administration 321 172 149 Street tree maintenance Street sweeping 75,600 67,675 7,925 Street landscaping maintenance Street maintenance 5,610 4,730 880 Health and welfare - Waste management Culture and leisure - Park maintenance Community development - Engineering 92,102 82,979 9,123 Capital outlay Community improvements General improvements Parks Street projects $442 $(218) 442 (218) 4,099 778 To Expenditures 173,633 155,556 18,077 4,877 4,099 778 REVENUES OVER (UNDER) EXPENDITURES (8,133) 21,303 29,436 (4,217) (3,657) 560 OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES (UNDER) OVER EXPENDITURES AND OTHER FINANCING USES $(8,133) Fund Balance, Beginning of Year Fund Balance, End of Year 21,303 $29,436 $(4,217) (3,657) $560 58.387 10.210 $79,690 $6.553 Me Street Lighting Stagecoach Landscape Dougherty Landscape & Lighting Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $14,400 $8,186 $(6,214) $2,120 $2,430 $310 $7,100 $7,737 $637 127,355 133,933 6,578 53,600 55,910 2,310 53,705 54,144 439 141,755 142,119 364 55,720 58,340 2,620 60,805 61,881 1,076 125,692 99,195 26,497 37 642 6,063 4,155 1,908 946 56 2,220 850 57,158 57,158 2,100 1,909 191 630 630 890 679 37 642 1,370 6,250 4,847 1,403 81,714 81,714 830 647 183 110,222 110,222 10,000 9,267 733 244,077 215,481 28,596 70,954 67,961 2,993 89,473 87.245 2,228 (102,322) (73,362) 28,960 (15,234) 9.621 5,613 (28,668) (25,364) 3,304 $(102,322) (73,362) $28,960 $(15,234) (9,621) $5.613 $(28,668) (25,364) $3,304 198.379 35,243 143,031 $125,017 $25,622 $117,667 -63- CITY OF DUBLIN BUDGETED SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 Total EXPENDITURES Variance Current: Favorable REVENUES Budget Actual (Unfavorable) Taxes other than property $136,000 $152,124 $16,124 Intergovernmental 1,054,563 939,935 (114,628) Charges for services 764,600 788,268 23,668 Interest 105,610 116,839 11,229 Fines and forfeitures 24,500 22,507 (1,993) Developer fees 111,350 286,050 174,700 Other revenues 14,500 25,155 10,655 Special assessments 234,660 243,987 9,327 Total Revenues 2,445,783 2,574,865 129,082 EXPENDITURES Current: General government Building Management Public safety Police 66,848 63,147 3,701 Traffic signals and street lights 239,896 181,912 57,984 Highways and streets Public works administration 8,009 4,420 3,589 Street tree maintenance 8,470 5,697 2,773 Street sweeping 75,600 67,675 7,925 Street landscaping maintenance 138,872 138,872 Street maintenance 214,524 213,348 1,176 Health and welfare - Waste management 743,135 718,827 24,308 Culture and leisure - Park maintenance 7,191 7,191 Community development - Engineering 102,937 92,165 10,772 Capital outlay Community improvements 211,557 156,943 54,614 General improvements Parks 570,013 443,937 126,076 Street projects 802.892 456,418 346.474 Total Expenditures 3,189,944 2,550,552 639,392 REVENUES OVER (UNDER) EXPENDITURES (744,161) 24.313 768,474 OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES $(744,161) Fund Balance, Beginning of Year Fund Balance, End of Year (3.395) (3.395) (3.395) (3.395) 20,918 $765,079 1,820,134 $1,841,052 -64- CITY OF DUBLIN CAPITAL PROJECTS FUNDS Traffic Impact Fee - To account for impact fees received from developers of properties, which can only be sued for the design, development, and construction of street projects within the City. Public Facilities Fee - To account for impact fees received from developers of properties, which can only be sued for the design, development, and construction of new public facilities within the City. Housing and Noise Mitigation - To account for impact fees received from developers of properties, which only can be used for the design, development, and construction of citywide affordable housing projects and noise mitigation projects in Eastern Dublin. -65- CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR JUNE 30, 1996 LIABILITIES Accounts payable Traffic Public Housing and 231,617 Deposits payable Impact Facilities Noise Totals ASSETS Fees Fees Mitigation 1997 1996 Cash and investments $608,860 $757,639 $410,120 $1,776,619 $272,067 Receivable: 1,230,804 729,674 410,120 2,370,598 610,816 Accounts 289,272 289,272 168,966 Condemnation deposits 817 Total Assets $898,132 $757,639 $410,120 $2,065,891 $441,850 LIABILITIES Accounts payable 9,424 729,674 739,098 231,617 Deposits payable 642,836 410,120 1,052,956 210,233 Deferred revenues 289,272 289,272 168,966 Advances from other funds 289,272 289,272 Total Liabilities 1,230,804 729,674 410,120 2,370,598 610,816 FUND EQUITY Reserved for condemnation deposits 817 Undesignated (332,672) 27,965 (304,707) (169,783) Total Fund Equity (332,672) 27,965 (304,707) (168,966) Total Liabilities and Fund Equity $898,132 $757,639 $410,120 $2,065,891 $441,850 M CITY OF DUBLIN CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 -69- Traffic Public Housing and Totals Impact Facilities Noise REVENUES Fees Fees Mitigation 1997 1996 Developer fees $29&851 $27,965 $1,683 $328,499_ $839,611 T EXPENDITURES Capital Outlay: Dublin Blvd improvements/Donlon Road to Village Parkway 429,582 429,582 642,826 Public facility fee study 12,824 12,824 8,022 Downtown traffic impact fee impact study 4,427 Eastern Dublin arterial plan lines 15,436 15,436 53,262 Dougherty RD SP to AVB 26 Parallel Road South of Dublin Blvd 67 67 6,718 Dublin Blvd Silvergate improvements 4.648 4,648 Total expenditures 462,557 462,557 715,281 REVENUES OVER (UNDER) EXPENDITURES (163,706)_ _ _ 27,965 1,683 124.330 OTHER FINANCING USES Operating transfers out (1,683) (1,683) _ (29,531) Total Other Financing Uses (1.683) (1,683) 29.531 _ _ REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES (163,706) 27,965 (135,741) 94,799 Fund Balance, Beginning of Year (168,966) (168,966) _ (263,765) Fund Balance, End of Year $(332,672) $27.965 $ $(304,707) �. $(168,966)_ -69- CITY OF DUBLIN BUDGETED CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30,1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30,1996 QIL011 Traffic Impact Fees Public Facilities Fees Variance Variance Favorable Favorable REVENUES Budget Actual (Unfavorable) Bud eg t Actual (Unfavorable Developer fees _ $870,421 $298_ 851 $(571,570) $27,965 _ $27,965 EXPENDITURES Capital outlay: Dublin Blvd improvements/Donlon Road to Village Parkway 429,661 429,582 79 Public facility fee study 12,823 12,824 (1) Downtown traffic impact fee impact study Eastern Dublin arterial plan lines 535,560 15,436 520,124 Dougherty RD SP to AVB Parallel Road South of Dublin Blvd 67 67 Civic Center Modification design 25,000 25,000 Dublin Blvd Silvergate improvements 4,648 4,648 n Total expenditures 1,007,759 462,557 545,202 REVENUES OVER (UNDER) EXPENDITURES (137,338) 163_ ,706) (26,368) 27,965 27,965 OTHER FINANCING USES Operating transfers out Total Other Financing Uses REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES $(137,338) (163,706) $(26,368 $ 27,965 $27,965 Fund Balance, Beginning of Year (168.966) Fund Balance, End of Year $(332,672) $27,965 QIL011 Housing and Noise Mitigation Totals Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $1,683 $1,683 $870,421 $328,499 $(541,922) -71- 429,661 429,582 79 12,823 12,824 (1) 535,560 15,436 67 67 25,000 4,648 4,648 1,007,759 462,557 545,202 1,683 1,683 (137,338) (134,058) 3,280 (1,683) (1,683) (1,683) (1,683) (1,683) 1,683 1.683 1,683 $ $ $(137.338 (135,741) $1.597 168.966 $ $(304,707) -71- 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. Employee Deferred Compensation Plan - To account for assets of the City's Employee Deferred Compensation Plan. This fund was closed as of June 30, 1997. Dublin Boulevard Extension Assessment District Fund - To account for the special assessment established to fund the improvements to Dublin Boulevard. -73- CITY OF DUBLIN AGENCY FUNDS STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE FISCAL YEAR ENDED JUNE 30,1997 Balance Balance June 30 June 30 1996 Additions Reductions 1997 Employee Deferred Compensation Plan Deferred compensation mutual funds Deferred compensation payable Dublin Boulevard Extension Assessment District Cash and investments Restricted cash and investments Total Assets Due to bondholders Total ARencv Funds Cash and Investments Restricted cash and investments Deferred compensation mutual funds Total Assets Due to bondholders Deferred compensation payable Total Liabilities $509,378 $(509,378) $ $509,378 $(509,378) $ $164,833 $9,060 $173,893 129,918 238,939 $232,470 136,387 $294,751 $247,999 $232,470 $310,280 $294,751 $247,999 $232,470 $310,280 $164,833 $9,060 $173,893 129,918 238,939 $232,470 136,387 509,378 (509,378) $804,129 $247,999 $(276,908) $280 294,751 247,999 232,470 310,280 509,378 (509,378) $804,129 $247,999 $(276,908) $310,280 * = Effective for Fiscal Year June 30, 1997, the City has adopted plan revisions which no longer makes the funds available to the City's general creditors and accordingly, the City does not report the assets in the financial statements. -75- STATISTICAL, SECTION -77- CITY OF DUBLIN GOVERNMENTAL EXPENDITURES BY FUNCTION ALL GOVERNMENTAL FUND TYPES LAST TEN FISCAL YEARS Source: City of Dublin Annual Financial Report (Note 1) Includes Fire Services and Culture and Leisure Services Responsibilities Assumed July 1, 1988 z0000000 18000000 16000000 14000000 1° 12000000 e [i 10000000 F 8000000 6000000 4000000 2000000 0 a ri a 0 Total Governmental Expenditures Fiscal Years _78_ General Governmental and Facilities Public Safety Health and Highways Community Culture and Fiscal Year Rents (Note 1) Welfare and Streets Development Leisure (Note 1) Capital Outlay Total 1987 -1988 $ 2,308,376 $ 2,039,119 $ 8,520 $ 813,482 $ 1,091,901 $ 524,622 $ 2,914,458 $ 9,700,478 1988 -1989 1,286,201 3,986,097 19,801 941,276 1,336,870 1,026,538 3,214,398 11,811,181 1989 -1990 2,047,506 4,672,847 24,580 1,021,641 1,583,504 1,274,861 2,652,683 13,277,622 1990 -1991 3,593,481 5,068,755 26,277 1,041,627 1,827,354 1,459,419 3,403,128 16,420,041 1991 -1992 3,339,061 5,654,056 29,526 1,025,265 1,541,207 1,682,262 5,273,041 18,544,418 1992 -1993 3,066,025 6,014,989 76,729 998,843 1,409,594 1,733,786 2,697,724 15,997,690 19931994 2,922,353 6,001,166 542,698 830,936 1,107,770 1,709,218 1,118,384 14,232,525 19941995 3,042,588 6,325,219 696,817 944,564 1,354,796 1,765,990 1,370,902 15,500,876 1995 -1996 2,996,745 6,986,737 1,183,933 1,043,009 1,832,754 1,847,110 3,338,607 19,228,895 1996.1997 3,188,540 6,968,912 734,423 1,059,275 1,930,723 2,007,715 2,552,912 18,442,500 Source: City of Dublin Annual Financial Report (Note 1) Includes Fire Services and Culture and Leisure Services Responsibilities Assumed July 1, 1988 z0000000 18000000 16000000 14000000 1° 12000000 e [i 10000000 F 8000000 6000000 4000000 2000000 0 a ri a 0 Total Governmental Expenditures Fiscal Years _78_ CITY OF DUBLIN GENERAL GOVERNMENTAL REVENUES BY SOURCE ALL GOVERNMENTAL FUND TYPES LAST TEN FISCAL YEARS a S Total Governmental Revenues 20000000 Charges for 15000000 10000000 Taxes Licenses and Inter- Services Use of Money Fines and Other Special Fiscal Year (Note 1) Permits Governmental (Note 1) and Property Forfeitures Revenue Assessments Total 0 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 1994 -1995 11,187,201 337,551 2,375,377 1,798,343 1,210,885 60,225 588,272 363,469 17,921,323 1995 -1996 11,634,756 466,199 3,674,119 3,596,000 1,376,647 63,123 117,007 318,117 21,245,968 1996 -1997 12,310,073 1,092,183 2,091,210 2,789,236 1,505,788 60,999 248,362 243,987 20,341,838 Source: City of Dublin Annual Financial Report (Note 1) The City assumed responsibility for Fire Services and Culture and Leisure Services from Dublin San Ramon Services District (DSRSD) effective July 1,1988. As part of the assumption of these responsibilities the City received a corresponding share of Taxes and Charges for Services from DSRSD. a S Total Governmental Revenues 20000000 15000000 10000000 5000000 0 8 M C a) w co N Fiscal Years -79- CITY OF DUBLIN ASSESSED VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS Source: Alameda County Office of the Auditor - Controller (All figures shown are net of exemptions.) Total Assessed Value of Taxable Property 1800000000 1600000000 1400000000 B 1200000000 c 1000000000 0 800000000 0 F' 600000000 400000000 200000000 0 0) Utility State Unsecured rn Fiscal Year Secured Property Board Roll Property Total 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 92,379,123 1,382,571,578 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 1994 -1995 1,426,206,284 4,497,120 97,359,845 1,528,063,249 1995 -1996 1,434,712,474 4,024,540 94,522,217 1,533,259,231 1996 -1997 1,519,119,484 4,028,118 115,801,947 1,638,949,549 Source: Alameda County Office of the Auditor - Controller (All figures shown are net of exemptions.) Total Assessed Value of Taxable Property 1800000000 1600000000 1400000000 B 1200000000 c 1000000000 0 800000000 0 F' 600000000 400000000 200000000 0 Fiscal Years _80_ 0) M rn rn rn rn rn 7 N A � 0) W co co Fiscal Years _80_ 0) M rn rn r O Of N A � 0) Fiscal Years _80_ CITY OF DUBLIN PROPERTY TAX RATES ALL DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS -81- Dublin San Basic County Ramon Alameda Total Rate Per Wide Levy School Flood Zone Bay Area East Bay Services County $1000 Fiscal Year ($1/$100) Districts State Bonds Rapid Transit Parks Bond District Library Valuation 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 1994 -1995 1.0000 0.0799 0.0166 0.0235 0.0066 " 0.0057 1.1323 1995 -1996 1.0000 0.0648 0.0191 0.0230 0.0094 * 0.0057 1.1220 1996 -1997 1.0000 0.0858 0.0187 0.0225 0.0080 " 0.0056 1.1406 Source: Alameda County Office of The Auditor- Controller Rates Shown for Tax Code Area 26-001 which includes approximately 88.5% of total parcels. *No longer assessed, bonded debt fully repaid. -81- CITY OF DUBLIN COMPUTATION OF LEGAL DEBT MARGIN June 30,1997 Assessed valuation: Assessed value $1,638,949,549 Add back exempt real property $ 22,402,304 Total Assessed Value $1,661,351,853 Legal debt margin: Debt limitation -15 percent of total assessed value $ 249,202,778 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 of the City of Dublin. -82- CITY OF DUBLIN COMPUTATION OF DIRECT AND OVERLAPPING DEBT June 30, 1997 Jurisdiction OVERLAPPING TAX AND ASSESSMENT DEBT: San Francisco Bay Area Rapid Transit District Alameda County Flood Control District, Zone #7 Dublin Joint Unified School District Murray School District East Bay Regional Park District City of Dublin 1915 Act Bonds TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT: Alameda County General Fund Obligations Alameda County Pension Obligations Alameda County Superintendent of Schools Certificates of Participation Chabot -Las Positas Com'ty College District Certificates of Participation Dublin Joint Unified School District Certificates of Participation Livermore Valley Joint Unified School District Certificates of Participation City of Dublin Certificates of Participation TOTAL DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT COMBINED TOTAL DEBT Ratios to Assessed Valuation: Combined Direct Debt ($15,535,000) 0.95% Total Overlapping Tax and Assessment Debt 1.77% Combined Total Debt 4.23% STATE SCHOOL BUILDING AID REPAYABLE AS OF 6130197• $0 Percentage Net Debt Applicable to Outstanding City of Applicable to Dublin City of Dublin 0.853% $ 723,344 12.305% $ 14,766 99.215% $ 24,084,225 99.215% $ 50,972 1.227% $ 1,900,071 100.000% $ 2,136,000 100.000% $ 28,909,378 2.131% $ 10,360,954 2.131% $ 12,553,469 2.131% $ 143,416 4.911% $ 392,880 99.215% $ 1,044,564 0.469% $ 15,946 100.000% $ 15,535,000 $ 40,046,229 $ 68,955,607 (1) (1) Excludes tax and revenue anticipation notes; revenue, and tax allocation bonds, and non - bonded capital lease obligations. Souce: California Municipal Statistics, Inc. -83- CITY OF DUBLIN DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS Source: State of California Department of Finance - Population Research Unit 30000 25000 • 20000 N co r- 0 15000 CL C 0 0 °' 10000 5000 0 Alameda City Rank in Size 0 rn rn City County Population % of California Fiscal Year Population Population of County Cities 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 26,270 1,347,930 1.95% 225 19941995 26,581 1,362,893 1.95% 228 1995 -1996 26,267 1,356,102 1.94% 226 1996 -1997 26,725 1,375,850 1.94% 225 Source: State of California Department of Finance - Population Research Unit 30000 25000 • 20000 N co r- 0 15000 CL C 0 0 °' 10000 5000 0 0 co rn 0 o 0 rn rn c co co O) P co 0) T r City Population Fiscal Years -84- F, rn ai rn ooi rn CV f7 co C�1 W 0) CD Of Of Fiscal Years -84- CITY OF DUBLIN PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS LAST TEN FISCAL YEARS 70000000 60000000 50000000 140000000 3 O E 4 S 20000000 10000000 i - Commercial Construction Value ---�— Residential Construction Value co 0 og N 0 W W m CD m W Fiscal Years -85- Total Number of Commercial Residential Fiscal Permits Construction Construction Year Issued Value Value Bank Deposits 1987 -1988 1068 $ 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 3,490,667 555,554,000 19941995 739 6,718,045 2,368,943 549,989,000 1995 -1996 814 4,927,911 15,638,274 545,407,000 1996 -1997 790 6,855,980 64,610,527 Not Available Source: Findley Reports. Inc. and City of Dublin Building Department Status Reports 70000000 60000000 50000000 140000000 3 O E 4 S 20000000 10000000 i - Commercial Construction Value ---�— Residential Construction Value co 0 og N 0 W W m CD m W Fiscal Years -85- CITY OF DUBLIN SCHEDULE OF 1985 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEARS 1985 -1988 Debt Service Requirement (1) Gross Revenue includes Facilities 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. Note: The proceeds from this escrow account were used to fully retire this defeased debt during the year ended June 30, 1997 Source: City of Dublin Annual Financial Report -86- Direct Net Revenue Gross Revenue Operating Available for Fiscal Year (1) Expenses (2) Debt Service Principal Interest (3) Total Coverage 1985 -1986 $ 667,811 $ - $ 667,811 $ - $ 667,811 $ 667,811 100.000% 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% (1) Gross Revenue includes Facilities 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. Note: The proceeds from this escrow account were used to fully retire this defeased debt during the year ended June 30, 1997 Source: City of Dublin Annual Financial Report -86- CITY OF DUBLIN SCHEDULE OF 1988 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEARS 1989 -1993 Debt Service Requirement Principal Interest (3) Total Net Revenue - Gross Revenue Direct Operating Available for Fiscal Year (1) Expenses (2) Debt Service 1988 -1989 $ 1,547,681 $ 33,328 $ 1,514,353 $ 1989 -1990 1,452,254 30,945 1,421,309 1990 -1991 1,740,720 42,264 1,698,456 1991 -1992 1,735,357 45,609 1,689,748 1992 -1993 17,954,702 15,921,320 2,033,382 Principal Interest (3) Total Coverage - $ 1,178,501 $ 1,178,501 128.50% - 1,282,483 1,282,483 110.82% 420,000 1,254,131 1,674,131 101.45% 445,000 1,240, 333 1,685,333 100.26% 470,000 1,230,804 1,700,804 119.55% (1) Gross Revenue includes Facilities Rent, Interest Income and 1988 Certificates of Participation Proceeds earmarked for Debt Service. The 1992 -1993 Total includes $16,123,345 Principal Amount of 1993 Certificates of Participation Proceeds used to defease the 1988 Certificates of Participation. (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 -87- CITY OF DUBLIN SCHEDULE OF 1993 CERTIFICATES OF PARTICIPATION COVERAGE FISCAL YEARS ENDED 1994 -1997 Debt Service Requirement Net Revenue Direct Gross Revenue Operating Fiscal Year (1) Expenses (2) Debt Service 1993 -1994 $ 1,564,715 $ 12,874 19941995 1,565,843 18,821 1995 -1996 1,594,060 18,518 1996 -1997 1,592,322 4,211 Debt Service Requirement Net Revenue Available for Debt Service Principal Interest (3) Total Coverage $ 1,551,841 $ 910,000 $ 622,816 $ 1,532,816 101.24% 1,547,022 645,000 908,744 1,553,744 99.57% 1,575,542 705,000 875,358 1,580,358 99.70% 1,588,111 730,000 887,518 1,617,518 98.18% (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 -88- CITY OF DUBLIN CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM FUNDING ANALYSIS FISCAL YEARS 1986 -1995 The above information was not available for years prior to 1986. Source: California Public Employees Retirement System. (PERS) III Percent of Overfunded Pension Benefit Overfunded Obligation to Net Assets Pension Pension Annual Annual Fiscal Available for Benefit Percent Benefit Covered Covered Year Benefits Obligation Funded Obligation Payroll Payroll 1986 -1987 $ 224,510 $ 193,490 116.03% $ 31,020 $ 641,910 4.83% 1987 -1988 331,670 321,820 1 9,850 818,530 1.20% 1988 -1989 485,870 433,477 1 32,393 1,034,010 5.07% 1989 -1990 673,728 582,374 1 91,354 1,241,152 7.36% 1990 -1991 871,272 718,724 1 152,548 1,507,749 10.12% 1991 -1992 1,132,606 1,016,722 1 115,884 1,529,925 7.57% 1992 -1993 1,413,587 1,253,650 1 159,937 1,487,441 10.75% 1993 -1994 1,942,820 1,423,400 1 519,420 1,590,481 32.50% 19941995 2,333,930 1,771,930 1 562,010 1,853,180 30.50% The above information was not available for years prior to 1986. Source: California Public Employees Retirement System. (PERS) III CITY OF DUBLIN PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (1) Effective July 1, 1998, the City assumed responsibility for park maintenance and fire protection services from Dublin San 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 the City's share of the property tax levy and shifted it to the schools. Amount levied for all subsequent years is net of property tax shift to schools. Source: Alameda County Office of the Auditor - Controller .1 Percent of Total Property Tax Total Property Tax Collected to Fiscal Year Levied Tax Collected Tax Levied 1987 -1988 $ 618,512 $ 590,860 95.53% 1988 - 1989(1) 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 3,432,895 95.42% 1993 -1994 3,735,472 3,632,944 97.26% 19941995 3,836,151 3,614,558 94.22% 1995 -1996 3,833,915 3,614,671 94.28% 1996 -1997 3,921,703 3,713,665 94.70% (1) Effective July 1, 1998, the City assumed responsibility for park maintenance and fire protection services from Dublin San 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 the City's share of the property tax levy and shifted it to the schools. Amount levied for all subsequent years is net of property tax shift to schools. Source: Alameda County Office of the Auditor - Controller .1 CITY OF DUBLIN PRINCIPAL PROPERTY TAXPAYERS (Based on Secured 1997198 Tax Roll) June 30,1997 Taxpayer Bay Apartment Communities Inc. 204 Apartment/Condominium Units "Amador Oaks" Northwestern Mutual Life Insurance Company 248 Apartment/Condominium Units "Cottonwood" Phoenix Mutual Life Insurance Company 200 Apartment/Condonimium Units "Amador Lakes - Lot 5" Rafanelli & Nahas 255 Apartment/Condominum Units "Amador Lakes - Lots 3 and 4" Rafanelli & Nahas V M Rafanelli Vineyards 184 Apartment/Condominium Units "Parkwood" (Total Project 244 Units) RReef Performance Parthership Business Park "SierrafTrinity" Amador Lake Associates 100 Apartment/Condominium Units "Amador Lakes" Dublin Spring Inc. 176 Apartment Units "Springs" Montgomery Ward Development Retail Center "Montgomery Wards" Dublin Properties Inc Retail Shopping Center "Target, et al" Source: County of Alameda Total -91- Percent of Total Secured Assessed Secured Value Assessed Value $ 22,581,972 1.4138% $ 19,874,760 1.2443% $ 15,732,982 0.9850% $ 15,331,606 0.9599% $ 13,513,377 0.8460% $ 13,651,929 0.8547% $ 12,539,650 0.7851% $ 12,473,731 0.7809% $ 9,839,952 0.6161% $ 8,782,200 0.5498% $ 144,322,159 9.0356% CITY OF DUBLIN TOP 25 SALES TAX PRODUCERS 1996-1997 BUSINESS NAME BUSINESS CATEGORY Alameda County Auction Used Automotive Dealers Am Pm Mini Mart Service Stations Circuit City Radio /Appliance Stores Crown Chevrolet New Motor Vehicle Dealers Dublin Honda New Motor Vehicle Dealers Dublin Toyota Pontiac New Motor Vehicle Dealers El Monte Rents Repair Shops Good Guys California Inc. Radio /Appliance Stores Home Express Home Furnishings Mervyn's Department Stores Micro Porcelain Dental Lab Inc. Health Services / Manufacturing Montgomery Ward Department Stores Office Club Office Furniture / Equipment / Supplies Orchard Supply Hardware Hardware Stores Pacific Bell Network Integration Electronic Equipment/ Computers Pak N Save Grocery Stores Ross Stores Family Apparel Shamrock Ford New Motor Vehicle Dealers Sprinkler Irrigation Specialists Building Materials Target Discount Dept. Stores Thrifty Payless 4245 Drug Stores TJ Maxx Family Apparel Toys R Us Specialty Stores Valley Nissan Dodge Vw Audi New Motor Vehicle Dealers Wackenhut Corporation Institutional Food Service Percent of Total City Sales Tax Paid By Top 25 Accounts = 46% Firms Listed Alphabetically Period. July 96 th►n June 97 Source: Hinderliter, de Llamas & Associates, State Board of Equalization -92- 1--ji 1 CITY OF DUBLIN ' MISCELLANEOUS STATISTICAL DATA JUNE 30, 1997 Date of Incorporation February 1982 FIRE PROTECTION: Form of Government Council/Manager Dougherty Regional Fire Authority ' Employees 40 (Service area includes City of Dublin and a Population 26,725 portion of the City of San Ramon) Area 11.42 Sq. Miles Number of Stations 3 Miles of Streets 59.71 Number of Fire Personnel 50 - Safety ' Miles of Curbs 164.1 4 - Non - Safety Signalized Intersections 23 Number of Street Lights 1,797 POLICE PROTECTION: Average Daily Trips on I -680 115,000 Number of Stations 1 Average Daily Trips on I -580 178,000 Number of Swom Police Officers 34 Number of Civilian Support Personnel 6 COMMUNITY FACILITIES: AND RECREATION: Dublin Civic Center 'PARKS Parks 9 Dublin Senior Center Acres in Parks 147 Shannon Community Center Dublin Swim Center Number of Registered Voters 13,535 Dublin Sports Grounds ' (As of November 1996) ' EDUCATION: I. Public II. Private Schools Enrollment For 95196 School Year: Elementary Schools 4 Valley Christian: Middle School 1 Elementary 707 High School I Junior High 140 ' Continuation 1 High School 230 St. Philip Luthem Elementary (K - 7th) 117 III. Public School Enrollment: September 1987 3,499 St. Raymonds Catholic School (K - 8th) Montessori Fountainhead (K - 3rd) 302 122 September 1988 3,213 Total Private School Enrollment 1618 September 1989 3,135 ' September 1990 3,150 September 1991 3,173 September 1992 3,379 September 1993 3,511 ' September 1994 3,550 September 1995 3,580 September 1996 3,715 ' September 1997 3,794 Source: City of Dublin and Dublin Unified School District Records -93-