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Fiscal Year 1991-92 Financial Statement
gi QW REF 352.12 NEWPORT 1992 gi QW } Y8 ~ 1992 f s ti •. ....................... .......... ., • � ;e4q �?�;x sir li us u 1 LT f iL i f �5 1912. 1992: The Balboa Inn. 1912: The Alveston Apartments.' ...... ............................... ...........i .. FRONT COYER: Aerial veiws ofNewponBeach, taken in 1992 and 1912: • Each:divider page in this year's Report contains a pair of photographs depicting the same, or nearly the same, Newport Beach location at* two different times --,-80 years a -part (1912 and 1992). More information about Newport Beach in '1912.is included near the end of the Transmittal letter in the 'Introductory Section of the • Report.' This report is Printed on recycled paper. •: • ' : J 856 Sf�ie C� ? , , L. NEWPGRT r Ei }+ �I,. CH 92660 (.714)644 -3191 • pq `NOON u' INTRODUCTORY SRCTION own �j.... .,..,so* ......... memo .....:• :...,..:.:...9.0......,.....,'. ti.. • rf4���' #E nF§ GP�1 a.J�E k f '"u Y i" i'i SagAa "`W� do 3� �,. Y9Y t.�,� >� y+ • • � �,' S�i �y. aa+�{Yz�1 tyb s Fg,r,� Sd .zz,C �.-'C " - 's'�` e. � �x s ��33x ° �., i� ��iz o- - c �zx""it."�.'•.ib �.,a' b �^+ i . • ' R "z:ffai �f`e`l 4a ffz • i _ �p p . ■" r a • a „e n t I •� a 4, iJ [ v i v f ` .. ... . .. rt va °�i .. '• ew 4 X 1992: The Balboa Pavilion aiit,looks today: 1912: The Balboa Pavilion in the early years. • . CITY OF NEWPORT. BEACH Comprehensive Annual Financial. Report ; 30, Year ended June 1992 TABLE OF CONTENTS INTRODUCTORY SECTION Table of Contents .:.::,.. : ..::.. :..:....::.. ....;_:...::..::. i • Letter. of Transmittal, :.. v GFOA.Ceitificate, of Achievement for Excellence in- Financial. Reporting ....:. xviii. .. CSMFO' Certificate of Award for Outstanding Finn_ cial Reporting of City Officials xix :,.. List .... .:................. ..... .... xx. , Organization Chart ;. _xxi • FINANCIAL SECTION • Independent:Audito" Report : .............. ...... :. ...... `...'.1 '. General Purpose Financial Statements Combined Statements: • Combined Balance�Sheet- -All Fund Types and Account Groups . ; .... 4 Coinbined,.Statement of Revenues, Expenditures,and Changes . •: . , in Fund. Balance - -All Governmental Fund Types 6 Combined Statement ofatevenues; Expenditures,and.Changes in Fund Balances -- Budget and Actual All Govertmment'Fund Types ,. Co Revenues, Expenses, and Changes in Retained Earn ngs - - -A►1 Proprietary Fund Types ......: : .....:......:: . ; 12 Combined Statement of Cash Flows - -All Proprietary .Fund Types 14 Notes to Financial Statements ...:...... ...... ........... .... i° .': 17'' • Supplementary Information Governmental Funds General Fund: Comparative Balance Sheets . . . . : .....::.....:. ....: ......... ,, . ; ... 41 Statement of Revenues, Expenditures and Changes in Balance Budget Actual 42 Fund -- and .......... ..:................:... . • • . i TABLE OF CONTENTS, (Continued) • Special Revenue Funds: Combining Balance. Sheet ................ . ..:................. 44. - Combining. Statement of Revenues, Expenditures and Changes in • Fund Balances.:... , _ ... :: ...... ... : :::....:...............:..:. 48 Statement of Revenues,M. Expenditures and Changes iwFund.Balance-- Budget and Actdd... Park and; Recreation ,Fund '.' :' .. 52 — _Ltbritty Fund,.. ;, ... .. ..... ... ...... 53 ., • — °State Gas Tax , .................... 54 Arterial Mgirway. Financing Fund. 55 Federal Adopted Forfeiture Fund , . . ........ . ........... 56 — Traffic Safety'Fund :' :.......,,......:... , ...... 51 ; ... ' ' • .. = Fund .......... ......... :...... :..... Tidre and Submerged Land 59 .. 59 —; Contributxons`Fund ................. ° = Excise Tax Fuud 60 61' • -Building: .:'...:. — ommuni6, Dvelo p went -Blo ck`Grant Fund .. .. . .. ... 62 . Capital - Protects Funds: = Combinmg Balance Sheet ...... :. 64, ' Combinmg Statement of`Revenues, Expenditures, and Changes in Fund Balances . : 66 Statement of Revenue Expenditures and'Changes in Fund Balance - = Budget and Actual., r ,. :, ' °Capital- mpraveinenCFund; ..:::.: .:.............:..... ........::'... 6$.,., . qw TABLE OF CONTENTS, (Continued). • Account Groups General Fixed Asset Account Group: Comparative. Schedule of General, Fixed Assets by Source ....... .... , 83 General Long Term Debt Account-,Group: Comparative Schedule of General Long -Term Debt ,..:.: .... ; 85' . STATISTICAL SECTION (Not Covered ;by Independent Auditors' Report ) Miscellq,fieods Statistics .. 87 General E xp enditu es b y Function, Las t Ten Fiscal Yeats ....... General 'Revenues by Source, Last Ten Fiscal Years ........:.:......... 88 • ' Assessed and Actual Values of Prop", Last Ten Fiscal Years...:.:...... 90. Secured Property Tax Levies and Collections; Last Ten Fiscal Years. 90 ..: . Construction-Activity; Last Ten Fiscal Years .: :::..... 92 Bank Deposit Activity; Last Ten Fiscal Years . 92 Property Tax Rates; ;Direct and Overlapping. Govemments Last;Ten Fiscal Years..':. 94 Computation of Legal Debt Margin ......... ... 94 Principal .Froperty'Taxpayers as of 30 June 1992 Schedule of Dtrecf and Overlapping Bonded Debt Last Ten Fiscal Years ' 96 • . iii IV - _. i 1 1 c N � .. Y r w 1 •. S F 3 Y I • Tlus•gage left blank intentionally . r � y- r Y f � •� � ` / it p r� aW 5 •�� c. t v 1 IV - _. CITY OF NEWPORT BEACH, ' i r) . z RO. BOX 1768, NEWPORT BEACH, CA 92659.1768 • c'.. P ?GIFp RN November 30, 1992 • Honorable Mayorand:Membersof the • City Council City of Newport Beach Newport Beach, California The Annual Financial Report of the,City.:of Newport Beach for the,year ended June 30,'19.92 . 'is submitted herewith: Responsibility for the, accuracy, completeness and fairness of the data presented; including alldisclosures, rests with the City. We believethe information presented is accurate in all material aspects; that it is presented in a manner, designedao fairly set forth the finannal'acUviry:of its Various funds and account groups• and that all:disclosuresnecessary - to enable the.reader'to gain the maximum understanding:of the City's financial actrvity have • been included • 'This report is presented iii three sections: the introductory Section; which oontalns the table. of contents, the transmittal .letter; a listing of administrative' personnel, and the organization • chart; the Financial Section, which consists: of the independent auditors'.report, the generai purpose financial statements, :notes to, the financial statements and the combining and -.. individual fund and account groupstatements; and the St atisticalSection ;which contains other . • pertinent information about the City.. Thiss report includes afl,funds and account groups of the City. • The City of,Newport Beach is required to undergo an annual single audit in conformity with ,. the provisions of the Single Audif Act of _1984 and U.S. Office of Management and Budget. Circular A-1 Audi .of S tateand Local Governments. information related to this single audit, including the schedule, of federal financial assistance, findings and recommendations; and .. independentaudifors'. reportsontheinternalcontrolstructureandcompliancewithapplicable laws and regulations, are provided under.separate cover. The City provides ,a full range.of services including police and fire protection, marine services, highways and streets, capital facility improvements, planning and zoning,:utilities, sanitation and solid waste disposal, recreati onal activities, cultural events and general. administrative. • services. In addition to general government activities, the City Council exercises; or has the ability to exercise, oversight of the Cannery Village Public :Financing Authority and the • v. . Newport Beach Public FacilitiesCorporation, which was recently formed to facilitate financing •, of..the new City. Library Construction project. The activities. of these component units are'. therefore included as part of the basic reporting entity. The following entities are riot covered' because ;they do not meet the established criteria for inclusion in this City's report:. State of California, CountyofOrange, PublicEmployeesRetirement SystemandNewport-Mesa Unified- • School District: ECONOMIC CONDITtON AND OUTLOOK • The City of Newport Beach was incorporated in1906 and operates'under a freeholder's charter •. providing fora Council,Mariager,form of government.. The seven City Council members are nominated by district and elected at large foafour year terms at elections held in even numbered years The City is located in Orange County, on the shores of the Pacific Ocean, approximately •. 15 milessouth of the City of Long Beach and 75 miles north of San Diego., It shares borders with the Cities of Costa Mesa, Huntington Beach, Irvine and Laguna Beach as well asunincorporated • County territory,- The City's long -term tax base is broad, diverse, and expanding:. The primary'revenue sources, • include property. 6mesand sales taxes. In addition, there are a "number of major hotels located ; within the City which produce-a trapsient.occupancy tax,. Current cash reserves also.afford. `. . investment opportunities, at produce substantial interest earnings for the Cin/s various funds. In addition, the City owns various properties which generate substantial revenues. .. • Commercial and residential development within the. City continue to :generate modestly growing new -revenues. It alsoyesults in additional costs to the City" continues to provide the highest:quality servicesto its residents and commercial;establishinents:. Property values in' " Neav'port Beach continue to increase, albeit modestly, thus maintaining the City's` substantial ^ • property -tax base.: B&ause'of the City's outstanding.beaches and' harbor, Newport Beach. attracts as many as 100,000 tourists•a "day, This tourisupopulationhelps to maintain the City's • strong economic base, but it also requires additional'expenditures for routine public services. Despite this.favorable long-term outlook, the current weak economic climate and recent State • budget actions by theState of California have had an adverse impact on the .City S finances: Revenues are falling short of projections, and cbrresponding adjustments to appropriations have been necessary.' In addition, significant non- reoccurring expenditures have taken place or are projected. Monetary settlements arising from litigation, an unfavorable combination of decisions conce.mingaerospace industry sales tax rebates and implementation ofthe Ameri- cans with Disabilities Act have or. represent tcash'drains to the City of some significance. Although the City's, overall financial condition is quite strong, a prompt, aggressive response. • to these developments has been necessary, to insure continuation of that.healthy condition. Accordingly, policy changes which will affect both expenditures and revenue sources are • being.initiated. V1 • MAJOR INITIATIVES •` For the year. At the time the City's 1991 -92 fiscal year budget was prepared (severat months before the year began), an overall revenue increase of 6.6% was projected (excluding onetime • proceeds from the sale of Certificates of Participation for the Library Construction project). This projection represented a growth rate significantly below historic City averages. However, as the year progressed, the magnitude of the economic slowdown became more apparent, and • revenue projections were revised downward even further. `in artier to maintain service levels in the short run, it w.as necessary to draw tdown reserves by approximately $5 million. In , addition, management actions were initiated to begin an immediate reduction of expenditures; and to plan a longer term program designed to deal with the imbalance between revenues and expenditures._ • Although these actions, resulted in sonteaspects of the City's programs being less aggressive than originally planned, there was no delay in effecting repairs, improvements, or: other activities that. were of ,a priority nature. As a practical matter, larger capital improvement . projects generally encompass more than one fiscal year from design to construction, so these, actions did not hampe<<theircompletion. Street, highway, and other transportation ,related projects continued to be the functional area receiving the greatestentphasis:.In addition; there • were projects for pier and seawall repair and rehabilitation; stone drain repairs and improve- menu, sewer and.water main replacements and upgrades; reservoir and water well improve- " ments and construction, streetlight conversions, beach restroom.replacements, and:vandus • . park and recreation facility improvements. A number of projects begun in prior years were still underway in fiscal year 1991 -92, such as the Geobase Mapping ;and Information. System development and ;ihe design `and rebuilding of the Balboa Island Fire Station: Actual • construction of thenew library got underway, and overhead utilitypoles were ehminated by undergrou.nding" projects financed by use of special assessment distncts.in "several areas of • the City. • Although the City maintained a healthy program of initiatives during fiscal year 1991 -92, the quick- action response .to dealing with suddenly reduced revenues resulted. in a level of expenditures on infrastructurethatwasbelowtrend. itis the City's intention toquicklydevelop a long - range program for dealing with the new budget reality. This program will almost certainly involve a combination of reducing expenditures by increasing efficiency, introducing . • alternative means of accomplishing: needed services, reductions of some services, and the tapping of new revenue sources. Regardless.of the other aspects of the final program that is • developed; proper maintenance and improvement of infrastructure is- clearly one of the City's top priorities. .. FortheFutum. As mentioned above, the economic slowdown and resulting revenue shortfalls for the City. have resulted in postponement of some of the improvements and programs , • originally scheduled to begin this period. However, the City s planned capital improvement program extends for several years into the future. In addition, many projects require .budget action over several. fiscal years, since they cannot be finished in one year. vii Continued emphasis will be placed on correcting or improving water, sewer, storm drain, and street lighting systems within the City. Special objectives for the near -term include continued • work on' replacement of the Lido Park :bulkhead, repair. of .the Balboa Island bulkhead; ` ` extensive sidewalk, curb, and gutter repair /replacement, Newport Island street. and alley del Mar, reconstruction,. Coast Highway median landscaping Corona replacement of streetlights, park and athletic field impioverrients; and warious other sweet and highway repair projects. Maprwaterwelkandpipelinac' onstnictionwork inadditiorttoreplacementofmains • and other water and wastewater improgements, will also be movin9j, ard. The City is : establishing a groundwater delivery system as an alternative to sole reliance on external' (Metropolitan Water Districts water' resources. Work will also continue on the final portioh of initial iniplementation of the Geographical •'. Information System, with emphasis on completing the computerized City base map and upon further development of the Buitding Department "Permits" tracking system. Development of the relational' database and its design configuration will be a central focus for the next fiscal year. The-.City's primary, micro - computer network is'also, programmed for much needed,• renovation.: • Th&Ci ty will also continue to maintain its high level of safety and social programs`thr'ough the , Police, Fire,.:Manne; _Ubracy,..and P,B & 1t (Parks, Beaches and;Recreation) Departrrients. lncludedinthese services will be funding for the constriction of,the new. Balboa island Fire Station, and ., . the continued funding of the construction of:a new.central library for the City. Actual construction of he library began in June, 1992. During ]992 =93, the City will complete,full integrat3on.of its automated financial rnanagemeni 0 system :for the .first time. The fulh range of financial, management functions, to include purchasing ,:..payroll; ~cashiering; accour)ts.payable, accounts receivable; budgeting, and a " -. • variety of related functions are consolidated in the system. FINANCIAL CONTROL&AND PROCEDURES ..: • Internal Control Structum The City ofNewport Beach has initiated a comprehensive program to reducev416efability toftaud; waste, or abuse through an improved internal c9n,tr.bI structure. The internal control - structure is, `designedao; provide reasonable, but not absolute, assurance that the City's asset: are protected formrtheft, loss, or misuse; and to insure that adequate accounting data aie, available for preparation of financial statements in conformity with .' generally accepted accounting; prmciples To that end, Purchasing, Accounts Payable, and :; • Property Control Procedures have been rewritten and are`beitig reviewed for changes prior to implementation. A new Internal Review Technician position has been authorized.. The Travel. Policy,and related procedures have been rewritten and adopted, as has the City s Investment .. Policy.. Warehousing, Stock Issuance, and Property Disposal Procedures are being rewritten, and standard' Operating Procedures for the Accounting and Purchasing Divisions are being • substantially revised and updated. viii (.• Through thiseffort, the City's complete."AcquisitionCycle, "from identification ofneedthrough purchase action, issuance, and eventual disposal, is being examined, modified, and restruc- tured. Although the work is being done by City staff, it is being reviewed by an external CPA firm. Implementation of changes will continue through the 1992 -93 and 1993 -94 fiscal years. . • Single Audit. As a.recipient of federal; state and county financial assistance, the City is required to undergo an annual audit in.conforrriity with the provisions: of the Single Audit Act of 1984 and the U.S. Office of Management and Budget Circala : A- 128,:Audits of State and local Governments. As part -6f the City's single audit, tests are made to determine the adequacy of the internal control structure „including that portion related to federal financial assistance ,. programs, as well as to determine. that the City has' complied. with applicable laws and regulations: Ttie results ofthe City's single. audit for the fiscal' year ended June ,30, 1991, • provided "ito instances of material weaknesses in the internal control stricture c r'slgnificant violadons of applicable laws and regulations: The information related . to the single;audit; ' including the schedule of federal :financial assistance, findings 'and recommendations; and independentauditors',repoi is onthe internal control structure and compliancewkh applicable - laws and.'regulations are:included in ;separate report. •Budgeting ContrblsandChanges TheCiry ofNewportBeachmaintainsbudget &mtrols The objective of these controls is to ensure compliance with legal provisions. embodied m the annual appropnaiedbudget approved by the City Council.. Budget control ismaintained at the-'- ` departmental level or ro'ect level`n.the governmental fund:,types The City maintains an” pro encumbrance accounting system as one method of accomplishing budgetary control, . Where encumbrances indicate an overdraft of the departmental or project budget, purchase orders are not re)ea.sed.untilan appropnation adjustment, approved by the CityCouncil,,is made to ensure..; [hat adequate funding is available. • The City established a Wastewater Enterprise Fund and an Internal Se. e'Puncidunrigtheyear ended June 30, 1992.. The wastewater (sewer) function was established as its own enterprise . . fund to better. and more appropriately segregate:revenues.and expenditures associatedxbith • that function from the: Cites general fund activities. The water distribution function has been, segrep d•as an enterprise. fund for several years. ?: • The Intemal_Service =Fund will help the City to more efficiently administer, plan, and execute budgeting for furictionswhich ire in support of otherCityoperations across depactr.nental lines. Examples are, purchase, maintenance, and repair of major rolling stock ; liability;nsurance; compensated absencesa: and workers' compensation insurance: These:: functions are. in the • processof being incorporated into the.Iiiternal.Service Fund..O er functions may follow. r FINANCIAL INFORMATION Revenues, The following schedule (expressed in thousands) presents a summary of General . • Fund, Special Revenue Fund and Capital Projects Fund revenues for the fiscal year ended June 30, 1992, and the amount and percentage of increases and decreases in relation to prior year • revenues. ix Revenue by Source 1991-92, 55.29% ■ Taxes •. .3.72%; . ■Licenses if f'crmits. - Intergovernmental •,; ® Cargcs for Se ices 1314 %" ■ Fines. & Forfeitures, . - ■ Use of Money & itMi rty _ .. • ■ Mlsccllaneous � _ 4.17% 6.3Q�;o 2.60/, � 14.79% Fiscal Year 1991 -92 Revenues Increase'. Percentage Amount Percent. (Decrease) Increase,, • Revenues (000) nf'rotal. from 1991 (Decrease) . ...4., Taxes. $10;465 55.29oh $. (13) : ((1;03A • ;.. "Licenses &Permitc 1;903 2.60 (905) (32.23) Intergovemrneiital 107£320 1't 79 '' ' . (209) 09.00) Charges for seivices :'1;6.10 (x.30 1;14 i 33.01 Fines & F66eitslz 3,053 4.17 (62)%:., (1.98) Use. of Money & Prop... 9;612 13-114 {3< §8). (3.88 .) .. • . Miscellaneous 2.722 LT 8341 (23.45)' Total• $73,185 100.00% $(1,267) (00)0,'o 110 • 5: a.. •. 0.00 %• ..., .: • Percent 'an e a8 e.Ch 10.00% a ii Revenue 1990 91 to 1991 =92 -15.00% 20.0(i°10 • -25.000/( O} _U y w • V r w The fact that the Cityexperienced a net decrease in total revenuesince last year is representative of the overall poor economic condition which the country, and this region in particular; are currentlyexperiencing. It should be noted that the apparent decline in revenue from Idcense.s and Permits, and the apparent increase in revenue from Charges for Services are actually both largely a result of an accounting reclassification which had the effect of moving revenues from one category, to the other. • Revenue from Intergoyernmental sources is of particular concern because last year's decrease , • was even greater t 44*s years Although last year s drop was partially explainable in terms,- ofknown one year aberrations=,; the projection for at leas t the next two years is',for significantly lower revenues: ifomahis source. The primary.reason: for this is actions by the.Califomia Legislature to deal with budget problems at the State level, in pan by reducing revenues to cities • and other local governments. 7 he advent and magnitude of this particular negative cl%nge in . revenue wasp not anticipated by the,itywhen'original revenue'piojections for,the year were • made More. information concemtng revenues over the past ten years iseontained in ,the stat sti section to ,this pbblicauon. , • • • • • xi 9.11 Xll - 2.3% The. decrease in capital outlay was due to completion/winding down of some major projects, combined with the intentional reduction in this area as an interim, short term response to • revenue decreases. As discussed above;. it is not the City's intention to sustain capital outlay expenditures at this reduced level. • Genera! Fund Balance. The fund'b the fiscal year ended June 30,1992 Reserve as required by City policy:' :e General Fund decreased by 28:51 percent in i transfer of ;this =balance to the Appropriation . two primaryr el' asons ,..for this decrease: 1. The creation of the Wastewa'terXiiterprise Fund diverted fund balance which.had previously been.. . carried as part of the General FFund. '2e,, The revenue shortfalls resulting primarily. from State actions and .the overall economic climate; as discussed above, resulted irt'a drawdown of reserves �R' should; "be, noted --that this Reserve balance has of both. `designated" and "undesrgnated" portions Enterprise Coeraiions The City hiid four .enterprise operations at June 30, 1904_- Water, Wastewater•; Mannapark and Cannery Village Parking.. An analysis of the City Enterprise Ruud OK, rations indicate;the' following restilts for fiscal year.1991 -92: The Water enterpnse} operation :reported net income of $1,515,995 which induded non one rating income° (primarily • Interest earnin s) of $1 046 709 ''transfers bf- $(54 020) and • 71 tting income of $773,306: The',majori y of this income' 'is beu g placed id,r. serve for future c'sources JUastewaterenterpnse operation became a yseparate °accounting en .tity_for the first time , g thtsceporiing period, Initially budgeted to carry itself, the fund,ended up showing ape , >f $ 220, 245, or a -bout 12%below the desired trend. Various adjustments have been made ` to�correct this, and: it is anticipated that this function will have no difficulty in being fully self-' • supporting'over the. long run; Estailished with initial, retained _earnings of $2;Sf0,625, it 11, finished the year with.retamed earnings of $2;2 ,380. •The Marinapark enterprise operation reported a net loss of $ 128,077 after transferring $639,572 • to the,City's General Fund at jane 30, 1992. Total, operating income for the City's Mar napark operations,--for the 1991 -92 fiscafyearwas actually $470,415. The apparent loss ;was actually the result of excess retained earnings from the prior year being transferred alctngwith this year's • earnings. The Cannery Village Parking enterprise operation reported net income- of °$72 ;103 for the fiscal year ending June 30,' 7992 Tfiisrrncome will be used to pay fbf iparking facility certificates of participation in the future, lnteresi6f� 5.525,waspaid onthecer tificates during this fiscal year. • . Defined Benefit Pension Plan. The City contracts with the California Public Employee's - Retirement System (PERS) to provide certain retirement, disability, death,and survivor benefits • for full -time City employees. The annual actuarial valuation by.PERS` reflects. a net increase in the City's funding of the system. The City's actuarially determined contribution rate for Safety •, members decreased .33 percent from 12.742 percent in fiscal year 1991 to 12.699 percentin: xiii 0.08. 0.06 0.04 .': titiKlti�Ii :i�14M1IFF1i1i1Flri4il:iiiy '•:.•:•:• .. iii *:::: {:::•ini:i:i .....iii:iiiiiiiiiiiii ; iiiiii:!:is June, i989 June; 1990 '}- Consumer Price lnde r Prime Rate xiv q 9. .. K, • • fiscal Year 1992. However, the contribution.rate for Mi3Cel1a6eOUS members increased 22.8 percenffrom 6.042 percent in fiscal year 1991 to 7.422 percent in fiscal year 1992. • Deferred. CompensationP ZarzforPart- Time Enzployees, In addition to the PF .RS.reiirementplan for full tune .City employees,, the City contracts with the Public Agency Retirement System.. • ( PARS) for retirement.benefi s: forpart -,time employees. Each part -time employee contributes 3:75 percent of salary, with the C ty cq itributing a mat ping 3 7> percent to this retirement system. .. Gast Manggemeiit , Itis the City s policy tos meet all it s financial obligations in a timely manner: • It is also the _ tatty s policy to`invest all temporarily idle sh()rt term fonds and longei term reserves nn . in a manner that Will maximize return without sacrificing security or jeopardizing liquidity me requirents. Idle funds are invested tr' accordance with the Government Code' and "A formal • investment policy approved by the City Council. The policy allows investments in a variety of specific instivments, as well as ceitAni s ate, county, and!private sector investment pools and ass anagemen't services .Certificates of deposit, demand "deposits, bankers acceptances, • U S; Government and°Agency 5ecuriYies, repurchase agreements,: coniniercial paper, and the 16tal Agency Investrnept Fund (State Pool) are examples. " .. fine fiscal year ended June 30 ,1994 saw the completion 6f a transition from a portfolio that had ': • ; ,been almost entirely conlpnsed of certificates of deposit to a program designed to place most • , of the funds with three government pools and four private sector asset /investment manage ment fums.- Each of these intermediaries is constrained to an investment program At least as Comb aratsve`P61ormance of luvestment: Portfolio 0.08. 0.06 0.04 .': titiKlti�Ii :i�14M1IFF1i1i1Flri4il:iiiy '•:.•:•:• .. iii *:::: {:::•ini:i:i .....iii:iiiiiiiiiiiii ; iiiiii:!:is June, i989 June; 1990 '}- Consumer Price lnde r Prime Rate xiv q 9. .. K, • restrictive as the policy governing the City's direct investments. Additionally, with regard to the private sector firms; all cash or securities managed by them on the Cit}�s tiehalf.are.hetd bywell •. established and highly.reputable third party custodians. The City's return on investment has been significantly enhanced by this' new investment strategy. Despite an approximate 56% decline in interest rate levels over.the past two years, combined with a 9.7% decrease ;in the average amount of funds available for investment, the City's revised investment program resulted in a decreaseiti revenue of only 12:440 over this same period. It is conservatively estimated that the City's revenue from its investmerimwould have been $2.8 to,$3.1,million (349% to 38.6%) less over the past two years if the previous " investment policy had been continued. ` • Risk Management. The City maintains a risk management program which.is a combination of self- insured - retention and written policies:. As, part of this program, resources are being accumulated in an Internal Service Fund'to meet potential losses:-. "The City is currently self.: insured forall;types ofdossol including workers' compensation and liability claims. ' •OTHER INFORMATION •, Independent Atidit. _The City Charter requires'an annual audit of the financial statements of all accounts of the City by an independerit certified public.accountant. Accordingly, t. S year s • audit was completed by Moreland & Associates. In addition to meeting the requirements set forth in the City Charter, the'audit also was designed to meet the requirements ofthe federal Single Audit Act of 1984 andrelated OMB Circular. A 128. The mdependent.auditors' report on the general purpose financial statements'and combining and individual fund ;statements and schedules is included in the financial section of this report: The independent auditors' reports • related specifically to the single audit are provided under separate cover Awards.. Fiscal year 1991 -92 was the first time in the Cuy's bfstory that it prepared a Comprehensive Annual Financial Report. ltwas therefore . paNcularlygratifying thatthq Report received both state and national awards for excellence in.financial reporting: The Government ,Finance; Officers - Association of the United States and Canada (GFOA) . awarded a Certificate of Achievement for: Excellence in'- Financial Reporting to the City of •' Newport Beachfor, its:comprehensive annual" financial report for the fiscalyear ended June 30,1991 The Certificate of,Achievement•is a prestigious national award recognizing conform- • ance with the highest standards for preparation of state andlocal government financial reports. In order to be awarded a Certificate of Achievement, a govemment unit. must.publish an easily', • readable and efficiently organized comprehensive annual financial. report,' whose contents . satisfy both generally accepted accounting principles and applicable legal requirements., A Certificate of Achievement is valid for one year only. As indicated above, last year the • first time the City received a Certificate of Achievement. we believe our current report, xv continues to conform to the Certificate.of Achievement program. requirements, and we are •: submitting it to GFOA The California Society of Municipal Finance Officers (CSMFO) is a state organization which sponsors extensive training and emphasizes high standards in all aspects of municipal finance operations, including financial reporting. As a result of last years Report, the City of Newport .' Beach is fortunate o.have joined the ranks of,CaUfomiii;cities which have'met the rigorous standards of financial. reporung`required of reciplents of the CSMFO Outstanding Financial Reporting Award. We -will be submitting the report to CSMFO for consideration again this year as well. REPORT "T$EME" The "theme" of the cover and divider page illustrations and graphics contained in this report is "Newport Beach, 191.2 1992 " Each,divider two photographswhich depict, " and page contains in Lost cases; the same Newport Beach" location in 1912' and 1992.: Following are a -few pieces; . of historical °and statistical information about Newport Beach.in 1912, Me'populatiort.of Neu port Beach in 1912 was apprazimately 535 (not counting tourists, of course %: An old schoolhouse rugs first — rented, then purchased to 1912'by the Ctty for • useasaCit .fall: he initial rent rate was :3200permonth:Tbepurcbaseprfce was $5,000 =7be President of the Board of Trustees (City Councrl) was Albert Hermes. He was,ekcied on the 281b'ballot. —A $25, 000, i1!ater Bond ballot measure passed by a «vote of 149 to 49. =In 1912, the- U.S. Congress appropriated 32,500 "for the establishment of , harbor linea:and estimating,tbe cost of appmpriate.improvements in Netoorl • Bay.' Actual survey work bee an'the same year.' " -Glenn Martin, a pioneer aviator, conducted a flying school in East Newport and performed a variety of seaplane feats in 1912. • —Soto Nisbikawa opened a eh suey restaurant on the corner of Bay Avenue and:Main Stmt. He bad already operated a Ping Pong. stand in the Pavilion for five years (the Pavilion was built in 1905): = 1n.1912 j.P. 'Greeley, who had been the first Superintendent of Scbools for • ' Orange County, moved to Newport Beacb. He became President and resident manager of the Newport Bay Investment Company at that time. •" xvi -7be Board.of Trustees allowed the Methodist Church to bold Sunday Services • in the council chamber beginning in December 1912: -One of the measures on the City ballot in 1912 was probibition. 11 failed. 7be yJgE : =e r NEWPORT BEACH CITY OFFICIALS . City Council EvC`Hart Clarence J. Turner Ruthelyn Council Member M#yor Pro Tern Council John W Hedges': Council Member • KCnneth 1 Dehno . Deputy City Manager • Raimar Schuller.. ,.................................................. Director Dennis C Danner ;; ...... ... ..Building t Finance Director t Tim Riley .:..... "' �.. Fire Chief David E. Nrederhaus General Services Director x * LaDoima. Kienitz "�. u , Library Director ..... David Harshbarger ....... , ;, ........ ...........Marine Department Direr Ronald A, Whitley ........... .....:..... .. ........ ......... .........Parrs, Beaches, and Recreation Director Duane K. Munson .:Personnel Director. lames D Hewicker _... ... ..Planning Director, . ...... ..... . • Arb: Campbell...:. ...........................I... .... Police Chief Benjamin B Nolan 1 Public Works Director Jeff.Staneart............................ .............................. ..... Utilities Director �: ... . ................... .........................:Acting xx • ` Fd17G'TiORA1� cotnvcu, • BULDINGCODE i- [ BOARDOFAPPEALS PBMLOOABIMON �. JJJ ��I • - I I�— LMRARYBOABD__. MYATrORNEY ARISCOMIUIIS40N .. - �• I L CIVIIEB MCEBOARD .. . - 'pIAMVINGO0N111SLSSION� I - I '.° <' PEEiuvEi PLAT II�II[dG • . Ur1r rrr . . , . PelaaanelA�tlNeGa4on HecefitM ®egemeot Water .. W e s t e w � i GlmentPlem &P.,Wde „I .AdvenccFq L..I g •. I I LaDOrReI Tefecdmmwicetmna CadeEuFm ®nt .: y.. '. Pr. OB &Gas LHMAtZY. GENE6AL9MUCES .'` PAR�RRRF^A�C/ • I.L._ A�9bnGau B�g" �P �9 �M�& 11 CREAnON .. _. ' I., WbrmYServi°ee � ':. PerlieBeo¢a .. AetnedBayeliag y.. 9enpMmHrema , I BUILDING P'UBUCWO M FYNANCE • L _ Pry e B A .tog m.Pe ana MAME;; PC)IICE FM - - Basin- M®iN'°® — A��1 '•,- 1 . aoLJegumdn - BamsflY - Parlmg7de PreOpve Eme�yMedicel9erviees Hurin�aMefe�iela Pedu�A�elCnNm1 • E[F= COUNCIIAPPDRgrM oolcip Ii LPAMIMSM BOAMS&COhIML°aSIONS APPOR?M . xxi Y •" 9 k`k Tlusiage'left blank intentionally., c A I n s it Y q R & ; S i iv nt... µ i nz0e I •.. .. .. XXlI • • FINANCIAL SECTIUN ,.. . w. w w... ...... .... ... ... rwti.. `• 5 s �,S ' d.: rt r x 5i :, �'t'� *^!.�".e atw �'.`+� y F e ' ; y 't .f Y - -•lam �,J.�.Y��yT�V.�L. r a � y i \ � 'ilt. rE:. v i•:f � 5 i,' � "'e.t `rt ax fp�,✓a �i d a°5 +� s � ,R L ' ;# g�yr F . �`' 3Yii ��k s 5 a• L� i tuFL1, E m F � ' z° a :: yv ut .v« X Z �q 7 Y3 @Ap 4t j a -"f, vd r � 5 s tk #¢4 �a 5 � "�'S. d 3 .f i �i•li Y 3�'�p ry�tpq ��'•Z�i i�}�. =•�Z �iy � i� rNn'�SMY [�+.�a t2Zi�^! . r ,.. . w. w w... ...... .... ... ... rwti.. `• 5 s �,S ' d.: rt r x 5i :, �'t'� *^!.�".e atw �'.`+� y F e ' ; y 't .f Y - -•lam �,J.�.Y��yT�V.�L. - .--- -� . 1: Y 2 }v y *, r: r'. v 4 M i l { i N � Yy� J 1 0. of � • . m y. ;T R is , .' .. I A X 1992. 'The residence at the same location today. 1912: The residence of W.S. Collins on.Balboa island. - 610 NEWPORT CENTER DRIVE. SUITE 840. ^ • - -f - NEWPORT BEACH, CALIFORNIA 92660 ,4ba . oreland &ocic,d� - (714) 760 -9788 . - - : 1 CERTIFIED PUBLIC ACCOUNTANTS -' -2111 PALOMAR AIRPORT ROAD. SUITE 1b0 CARLSBAD. CALIFORNIA 92009 - - - • (619) 431 -8470 - November 5,1992 • Honorable City Council of . the City of Newport Beach . Independent Auditors' Report •` We have audited the general. purpose financial statements of the City of Newport ^ Beach,. California as of and.foi.the y6ar,ended June 30, 1992, as listed in the table of.: contents. These.financial statements are the responsibility of the. City of Newport Beach management: Our. responsibility is to express an opinion on' these financial statements based on our audit: •We. conducted our • audit to accordance with generally accepted auditing standards. '. Those. standards require that "we -plan and perform the, audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, An au -examining, on.a.test basis, evidence ' supporting the amounts and . disclosures in the financial statements, An audit also includes assessing the accounting principles used and'significant estimates made by management, as well as evaluating the overall financial statement presentation.' We believe that our audit provides a • reasonable•basis for our opinion In our opinion the general purpose financial' statements referred to above present fairly ,.. in all material respects; the," financial position of the City of Newport Beach ,at June'30, 1992 and the results of its operations and the cash flows of 'its proprietary • fund types for the year then ended, in conformity with generally .accepted. .accounting, principles. Our audit was made for the purpose' of forming an opinion on the general purpose financial statements taken as a whole. The accompanying- 'combining and; individual fund, and. individual account group. financial statements and schedules 'listed in the table of contents as : supplementary information are presented for, 'purposes of additional analysis and are not a required 'part of the general purpose .financial • statements of the City of Newport Beach.. The information has been subjected to the auditing procedures applied in the. audit of.the:general:purpose financial. statements and, in our opinion, is fairly presented in`all material respects in relation to the general purpose financial statements taken as a *hole. The statistical information listed in the table of contents was not audited by us and, accordingly, we do not express an opinion thereon. 1 :;', 0 COMBINED STATEMENTS: 1 • to i t f i I F COMBINED STATEMENTS: 1 i t 4'- x n t k C 5 ` • S � IA i ..z p a 1 :1992-. A. home'.on Collins Island..:.' 19]2 The reMdence,of Lee Collins CITY OF NEWPORT BEACH Combined Balance Sheet - All Fund Types and Account Groups June 30, 1992, Governmental • Fund Types Special Debt Capital. Assets.and Other Debits General Revenue Service Projects tss Cash and investments (Note 2) $ 15,168,904 $ 13,592,664 $ 1,288,148 $ 9,397,199 .. Accounts receivable and accaued,revenues 2,975,556 1,267,645 Due from othergovernmentts,. ` °, 1,321,835 237,480 Due from other funds (Note 10) ` ':' .,1-,756,861 582,162 • Inventories of materials and supplies, at cost 320,636 Other assets 19,526 17,432 Fixed assets (Note 3) Amount available - in debt service fund Amount toebe provided: forpayment of general long termdebt • TotaLAssetsandOth If. Debits $`21,563,318 $ 15,697,383 $ 1,288,148 $ 9,397,199 Liabilities, Fund Equity and_ Other Credits: Accounts and'coatracts payable $, 885,510 $ 576,717 $ 20,546 $ 118,316 Accrued payroll : Due,to ot4erjunds (Note`10) 2,057,747 215,490 320,342 •. •, 1,198,032 Deferred irevenue {Note 9):!. ` 1,321,835 Due Wbondhotders Due to &6(s - Deposits 1,683,736 285,915' Deferred compensation (Note 8) .. Long term debt 5}.. • (Note _ Total Liabilities 5,948,828 1,398,464:: 20,546 1,316,348 .. Fund Equity,and Other Credits;: Contributed capital (Note 4): • Investment in generatfixed assets Retainedeamingsf. <, Unreserved • Fund balances (Note 12), " Reserved 1,632,306 321,212 ... 1,267,602 Unreserved, designated "' 13,982,184 13,711,226 8,146,317 • Unreserved, undesignated 266,481 (65,466) Total Fund Equity and Other Credits 15,614,490 14,298,919 1,267,602 8,o8Q851' „ • Total Liabilities, Fund Equity and Other Credits $ 21,563,318 $ 15,697,383 $ 1,288,148 $ 9,397.,199 • See Accompanying Notes to Financial Statements.. • 11 .'4 Proprietary Fiduciary Fund Types Fund Type Account Groups General General Total Internal Service Fixed Asets Long -Term Debt (Memorandum. Only) 1992 Enterprise Agency . $'13,061,356. $ 4,390,616 $ 14539925. ... $ 71,438,812 2,098,270 .6,341,471 1,559,315 • 10.804 21349,827 72,353 392,989 1,837 38795.. . • 30,868,750. :.: $ 78,201,397 109;070,147 $ 1,267,602 1,267,602 10,447,882 10;447,883 $ 46,113c370 $. 4,390,616 $ 14,539,925 . $ :78,201,397 $ 11;71:5,484 $ 202,906,840 • . $ 787,146 4 1,956,'900 $ 4,338,235 06,496 2,369,733 .. 831,453 2,349,827 1.321,842, $ 209,845 301,098. :: ' 209,845 301,098 133,983. 75;960: 2,179,594 •, 2451000 - 14,565;903 13,953,022,. $ 11,715,484 13,953,022 26,486;387 • 2,094,085 16,455,903. 14,539,925 11,71504 '' 53,489,583 .; 13,506,034 13,506,034 $ 28,201;397 78,201,397 .. 30,513,251 (12,065,287) 18,447,964 3,221,120 • 35,839,727 201,015 • 44,019,285 (12,065,287) 78,201,397 149,417,257 Combined Statement of Revenues, Expenditures and Changes in Fund Balances All Governmental Fund Types • For the Year Ended June 30, 1992 • Governmental Type Funds „ Special Debt • General Revenue Service Revenues: 'Taxes $ 34,544,456 $ - : 5,921,776 • Licenses; fees and permits 839,695. 1,063.349 Intergovemmental revenue 5;524,420 5,295,141 .. Changes for services 3 1429,626 1,180,186 .. Fines; forfeitures,and penalties .. 3;053,246 Revenue,f . m ;use of money. and'property 3,673,100 5;898;803. . Contributions- 152 • Other;, 433,851 78,876 • Total Reverues: . ' 48,445,300 22,491;377 .. Expenditures • .. Current Generai government 7• ,." 2,937,016 Pubticsafety 30,686789 300,623 ' Publ�c.works' 12,372,598 `Community development 3,010,713 400,910 Ubranes 3,392,502: • Parks beaches and.recreabon 5,477,137 Capital expenditures' ` 9;319,894 - 6,197,878 •. Total Expenditures $8;327,010 15;769,050 Excess of Revenues Over.: ,: • `' ,(Under) Expenditures (9,881,710) 6,722,327 ` Other Financing Sources (Was)... • Operatirtg transfers in '7;923,183 1;927,002. Operabngitransfersout, (4;599,608)' (7,383,854) Proceeds from: long-term debt 328,296. ' $ 1,267,602 • Proceeds fromsate of ftzed>assets . Total Other Financing Sources' (Uses) .'., 3,651,871 .., (5,456,852): 1,267,602 • Excess of Revenue's and- • Other Sources Over (Under)'- - , Expenditures and Other Uses (8;229,839) 1,265,475 1,267,602` , Fund Balances, • July 1, as restated (Note 16) 21,844,329 13,033,444 . Fund Balances,_ June 30 . $ 15,614,490 $ 14,298,919 - $ 1,267,602 • ' See Accompanying Notes to Financial Statements: 8 • 7 .., Total Capital : (Memorandum. Only) Projects 1992 • ` $: 40,466.232 1,903;044 . 10,819,561 4',609,812 3,053;246 • $ 39,621: 9,611,524 2,209,158 2,209,310 512,727 . 2,248,779 - 73,185,456 2,937,018 t 30,987,412 12,372598 • . 3 4,11, 623 3392502 5.477,137" .. . . • 516,312 16 034,084 516,312; ' 34,612,372 ".1,732;467 (1,426.916) 9,850,185 • (53,563) - (12;037,025) 6,232,399, 7,828,291 1,100,000 -1,100.000 7,278,836 6,741,457 • 9;011,303 5,314,541 • (930,452), .. 33,947,321 • $ 81080,851 $ 39,261,862 • 7 CITY OF, NEWPORT BEACH Combined Statement of Revenues, Expenditures and Changes in Fund Balances Budget and Actual All Governmental Fund Types .. For the Year Ended June 30, 1992 Fines,.forfeitures and penalties' Revenue from use of money and property 3,542,806 3,673,100 130,294 Contributions; -' 152 -- 152 • Other_ { 949,500 433,851. (515,649) Operating transfers in Tot 0 Revenues 49,809,568 48,445,300 (1;364,268) . • Operatin ®:transfers out ' Expenditures (1,927,002) Proceeds from long -tetra debt current 328,296 Proceeds from_sale of fixed-assets General government,,.,.-, ,. 4,898,293 2 ;937;016 - 1,961,277 ' •` (2,672,606) . Public Safety 30,137,207 30,686,789 (549 582) Excess. of Revenues�and Pubin works 12,294,171 _ 12,372,598 (78,427) ,. • Other sources Over nder);. N Eommunit develo merit Y ". D.. , 8,013,320 3,010,713 2,60.7• Expenditures and Other Uses Lrbranes (6,229,839)- 9,950,294 Fund Balances, July 1, as n. Wated.(Note 16). Parks, beaches and recreation 21,844,329 .: Fund. Balances, June 30 '. $ Capital expenditures 12,974,104 9,319,894 3,654,210 I ! . , , , 05T. , ," •. See Accompanying Notes to.Financlat Statements. Excess of "Revenues Over Nnder).,ExpenGitures -. (13507,527): (9;881,710) 3,625,817. OtherAnancing Sources (Uses): Operating transfers in 7,923,183 7,923,1M' ,' •; .. Operatin ®:transfers out ' (4,599,608) (1,927,002) Proceeds from long -tetra debt .328;296 328,296 Proceeds from_sale of fixed-assets Total Other. Financing Sources (Uses) (2,672,606) . 3,651,871" 6,324,477 • Excess. of Revenues�and Other sources Over nder);. N .. Expenditures and Other Uses (16 ;180133); (6,229,839)- 9,950,294 Fund Balances, July 1, as n. Wated.(Note 16). 21,844,329. 21,844,329 Fund. Balances, June 30 '. $ 5,664,196 $ 15,614,490 $ 9,950,294" • See Accompanying Notes to.Financlat Statements. 8 �. II 9, Special Revenue Funds Debt Service Fund • • Variance Variance Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 6,183,840 $ 5;921,776 $ "(282,064) 996,725 1,063,349 66,624 . 5,639,397 5,295,141 (344,256) • 1,105,282 1;180,186 74,904 2,470,000 :1,053,246 583,246 5,629,474.: ; ' ` 5,898,803 , <. 269,329 . • 264,370 76,876 (18$;494) • 22,289,088 22,491377 ', 202,289 • 300823 (300,623) . 714,31,5 400910 313,405 .. 3,422,927 5,199,641 3 392 502 5;477137 30,425' . (277,496) 9,598,829 8,1.97,878' . 3;398,951 •.. 18,933112 15,769050, ..: 3,164,662 • 3355,376 6,722,327 - 3;366,951 • 1,927,002 .. 1,927;002 ( 153 ;806) (7,383 .8-54), '. (7;230,048) . . • " s 1,267,602 $ 1;287,602 • (153,806) (5,458,852) .. - (5,303,Ob6) . 1,267,601: 1;267;602 :. • 3,201,570 1,265475 (1;936,095) 1,267,602 1,287,602 • 13,033,444 13,033,444 $ 16,235,014 $ 14;298,919 $ (1,936,095) $ - $ 1,287,602 $ 1,267;602 . (Continued) • 9, CITY OF NEWPORT BEACH Combined Statement.of Revenues, Expenditures and Changes in Fund Balances Budget and Actual All Governmental Fund Types (Continued) For the Year Ended June 30, 1992 • Capital Projects Funds Variance • Budget.,_ Actual; (Unfavorable) Revenues; Taxes ; • Licenses, fees and permits Intergovernmental ravemie. Charges for services • Fines, forfeitures and penalties , Revenue from use G money arui;pmperty $ 39,621', ' $' 39,621 Contributions:' $ 1,900,000 2,209,158 309;158 • Other...... <..... Total Revenues -. 1,900,000 2,248,779 348,779',.. Expendituures Current :. General govemmeM` " Piblic Safety Public words ... <- • Community development Libraries Parks. beaches and recreation al .expenditures,' ` 7,545,800 516,312 7,029,488 :Total ExpenditurasA'' 7;545,800. 516;312 7;029;488 Excess of. Revenues Over (Under):E)pendtures (5,645,800) 1,73 2,467. 7,378;267 Other Financing Sources (Uses) Operating ;transfers .in Operating transfers out,-,, .(53,563) (53,563)1: Proceeds from long -term debt 6,200,000 `' ' 6,232,3991 32,399 • . Pioceeds from sa!e.of Toted assets. 1;100,000. 1 „1 ol);D00 -- Total OtherFinanoing Sources.(Uses) 6;200,000 7: 1,078,836 1,078,836 Excess of Revenues and Other Sources Over (Udder};; r • ExpendRures and Other Uses: 554,200 `. 9,011,303 8,457,103 Fund Balances. July 1, as restated (Note 16) (930,452) (930,452) • Totals (Memorandum Only) ... • Variance Budget. Actual (Unfavorable)... •$ 43,581,490. $ 40;466232 "`?$ (3,115;258) 1,921,3$5 1,903,944:', (18,311) . 8,727,897 10;819,581 2,091;664 5,011,784 4,809;812 (401,952) 2,470,000 3,053,246 583;248 9,172,280 9,6111524 439,244. • 1,900,000 2,209,310 309;310 1,213,870 512,727. (701;143) `. • 73,998,656 73,185456 (813,200) " 4;898,293 2;937016 1: 961,277. .. 30,137,207 12294,171 30.987412 12!t7-2,598 `,(850,205). (78,427) . 3,727,635- "': 3,411;623 316,012 3;422,927 5.,199,64.1: 3.392-,502. 5;477137 ; 30,425 (277,496) 36116;733 16,034;084: 14,0.82,649 • 89,196,607 74'.612j372. .' ,15,184;235 • (15,797,951) -(1,426,916)t . -:. 14,371-;035 • 9;850,185 9,850,185 (2,826,412) (12,037,025); (9;210,613) • 6,200,000 7;828,297 1.,628,297. 1;100,000 1;100;000 3;373,588 6,741,457 3,367,869 • (12,424,363) 5;314,541 17,738;904 • 33,947,321 .33,947,321 $ . 21,522,958 $ 39,261,862 $ 17,738,904 11 CITY OF NEWPORT BEACH Combined Statement of Revenues, Expenses and Changes in Retained Earnings .. All Proprietary Fund Types For the Year Ended June 30, 1992 Internal Enterprise Service • Operating Revenues: Charges for services $" 11,924,474 • $ . 538,927 ., Other 51,228. ".. Total Operating.Revenues 11,975,702 :538,927 • Operating Expanses: Purchase of water . 4,443,398• Salarietwo Wages 2,8513;700 Depredation 1,403,128 Professional services 840,803 • . Maintenance and supplies 435,298 Systems maintenance = 353,158 Claims and judgements 6,401,279,: .. Compen58tedabsenees F ` 1;395,192 Other ". 538,231 , Total Operating Expenses ' 10,870,716 7,796,471 Operating lncarne (Loss) '. 1,104,986 (7,257;544) •.. Nonoperatrng Revenues (Expenses) Intergovernmental revenue 71,873. ^ • lnterest.income .`° 1,023,403, 691788 Other income-,., ` 26,484 ` Interest expense (25,525): • Other:expense. (250,000). fatal Nonoperating Revenues (Expenses) " 846,235: 69,788 Income _(Loss) Before Operating Transfers 1,951,221 (7187,756), Operating transfers,, In " 2;898,285 Operating transfers out (711,445) Net Income (Loss). 1,239,7 76 (4,289,471) • Retained Earnings (Deficit), July 1, as'restaied tTbte 113) 29,273,475 (7,775,816) Retained Eamings (Deficit), June 30 . $ 30,513,251 $ (12;065,287) See Accompanying Notes to Financial Statements. 12 CITY OF NEWPORT BEACH �. Combined Statement of Cash Flows All Proprietary Fund Types For the Year Ended June 30, 1992 Enterprise Internal Funds Service • Cash flows from operating activities: Operating income (loss) $ 1,104,986 $ (7,257,544) • :, Adjustments to reconcile operating income to net :cash provided by operating activities' Depreciation 1,403,128` Changes in operating assets and liabilities-. (Increase)_decrea!Win accounts receivable (280 -,229) • - (Increase) decrease in due -from other funds (10,805) (Increase) decrease in inventories of materials and supplies, at cost (19,740) .' " •, (increase) decrease in other assets Increase ( decrease) in accounts payable .' '' Increase _(decrease) in accrued payroll 1281090 (98,521) (1,217,413) • Increase (decrease)`,in'due to other funds ,. 130,039 Increase (decrease)n deposits.' (14,869) Increase (decrease) in dAims and judgements and compensated absences payable 6;637,310 Total. adjustments`.. 1,237,271 8,419,897 • Net cash provided, by pipe. rating activities 2,342,257 (1,837,647) • Cash' flows from noncapitalfinancing activities: ,tntergovemmental revenues 71,873 Othernon operating revenues " 26,484 • Other notf.operating expenses (250,000) Operating transfers from other funds 29898,285 Operating transfers to other funds (711,445) . -Net cash (used for) "noncapital financing activities" (863,088) 21898,285.' Cash flows from capital and related financing activities:. Acquisition of-,capital assets (2,109,572) . Principal paid,an note payable ; (7,289) ' .Principal paid'on certificates of participation Interest on oertificate of (150,000) (25,525) paid participation. Net cash used for.caphal and related financing activities: (2;292,386) •: Cash flows from investing activities: Interest on.investments :' 1,023,403 69,788 Net increase in cash and cash equivalents. .. 210,186 1,130,426 Cash and:cash equivalents, July 1 ` 12,851,170 3,260,190 Cash and cash equivalents; June 30: $ 13,061,356 '$ 4,390,616 See Accompanying Notes to Financial Statements. 14 Total • (Memorandum. Only). 1992 • S (6,152,558). :• 1;403,128 • (280,229) (10.805) • (19,740) (1,822) (1,089,323) (96,521) 130;039 ... 6,637,310 • 6,6571188 504,610 71,873 • 26,484 (250,000) 2 898,285 (711,445) • 2,035,197 • (2,109,572) (7,289) . (150,000) (25,525) . (2.292,386) 1,093,191 • 1,340,612 16,111;360:. . •. S. 17;451,972 15 ii w .. ..�. a L.•..0 ••.•a'.....•..........,.•... .... _..'. •..•L'•..•ti., .. ME • 5 i .1` Y • • • • • • • • • • . u .••• a •••.••........................................... • j v r:, d.T .• . l.. 1992:,.: The Portofino Hotel. . 1912 A Bath House once stood on the sight of the Portofino Hotel: �. � �..ii r yr ivl;wr�xi nr,at.ti Notes to Combined Financial Statements ... June 30, 1992 • 1...: Summary of Significant Accounting_ Policies The financial statements of the City of Newport Beach have been prepared in ' conformity with generally accepted accounting principles (GAAP) as applied to government units. The Goverrimeiital Accounting Standards Board (GASB) is the accepted standard setting body °'for estAblishing- governmental accounting and financial reporting principles. The more significant of the" City's accounting policies are described below ; Descri�tion of Renortin .Entity The"fttnancial statements of the City of Newport Beach inelude'the financial activttes . of the City and the Newport Beach; Public Facilities Corporation. Althoughahis ;.entity is 'legally separate 'froth the City, its financial operations are closely related and the City Council'has'a eontipuing oversight responsibility over the'cotporation Oversight responsibility- was'.eonsidered on the basis of budget asioption, taxing •. • authority, funding and appointments of the governing board. The Newport Beach Pubhc Facilities Corporation was forined'on March 9,1992; for the., purpose of. assisting the City of Newport Beach in--the financing of public ;. improvements, ttcluding_a public library. The Corporation is governed by a Board of Directors comprised:of sevedindividuals appointed by the City Council of the City of Newport Beach.' The - Corporation's financial data, and transactions are included in thedebt service fund type, capital projects fund type and general long •. term debt account ou - t • The; City of'Newport Beach was incorporated September 1, 1906 under the General Laws of the State of`California; -.The City.operates under. a Council= Manager form 7' • of government and provides the following services: public safety (police and fire' , highway and streets, culturdl and 'ecreafion, public improvements, plannin g- 'ancl'. zoning; and general administrative services. Description of Funds -and Accounting System Governmentalaccounting systems are organized and operated on a fund basis. A fund is defined°as.anindeperidenrfiscal and = accounting entitywrth''a'self- balancing set of accounts iecording cash and other financial resources, together with all related liabilities and. residual;sequt tie s -oill.balances, and:'changes therein, which are segregated for the purpose "s' of carrying ' out specific activities or attaining certain • objectives in accordance with special regulations, restrictions or limitations: The , accompanying financial statements reflect the following fund types used by the City • of Newport.Beach: 17 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 Governmental Fund:Types :. .: .General Fund -.Used to account for all financial resources, except those required to be accounted' for in another fund. i' Special Revenue Funds... -, Used' to account for the proceeds of specific revenue .. sources or toAhai rice= specified., activities as required by law•° or administrative regulation Debt;Service Fund Used to account for the, accumulation of resources'reguired for the payment of general long term debt _principal and interest. Capital_ Projects Funds - iFsed to "account for financial resources used for., the, acgwsitton of maior capital facthties other than those financed by proprietary funds.: • " Pro rietary Fund Tvoes` ;. Enterprise Funds Used to account for operations that •provide services to the general publtcnthat are .financed'primarily by user 'charges or where the periodic • . mea "surement of net mcome:is°deemed.'appropriate. r " :.: g Provided by Internal Servtce_Fund Used to account for the fin, + ancin of services, •' one. epartmentof the City to other departments on a cost - reimbursed basis. '� y�a ;`,+ � pax, - a' Fiduciary Fund T , • , Agency Funds'; Used t©'accounrfor assets;held by the City as -in agent for private ,.: •' organizations ;:6other`governmental units and /or other funds.': Account Groins General Fixed Assets Account.: Group - Used to maintain control and cost • information of capital assets+ owned by the 'City, other than fixed assets used in proprietaryafunds General Longr.Tirm Debt Account Group,- Used to record lartg,term debt of the City, except for debt issued -to further the operations of the.City's proprietary fund .. types. 18 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) • June 30, 1992 Basis of Accounting The accounting and financial reporting treatment applied to .a. fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measure kriffocus With this measurement focus; onlycurrent • assets and current liabtfities gdnerti y are included on the'balance sheet. Operating statements of these' -funds present increases (i.e., . revenues and 'other financial sources) and decreases (i e , expenditures and other financing uses) in net current • assets. All proprietary funds= are accounted for on a> flow' of economic resources • measurement focus . With this,�•measurement focus, all assets and all liabilities associated with the operation -.of these funds are included 'on the balance sheet Fund equity (i.e„ netSotal assets) >s segregated into contributed capital and retained • earmngscompon! % Propneta "ryfund -type opera4ingstatementsgresentincreases4 (e.g., revenues) and decre�sa es (e.g., expenses) in net total assets. .. ` The modified accrual tiasis, of`accoun6ng is followed for the govem' mental d :,. fiduciary fund types (General, Special Revenue, Debt Serviced Capital Projects and Agengy Funds): Under they iitodi fled accrual basis of accounting, revenues f are recognized when they become. susceptible to accrual; ;ie, when they become rrieasurable and available to finance expenditures'af the current period,or:soon enough thereafter to be used to.pay liabilities of the current period: The City considers property taxes as available if they are remitted within 60 days after the • year end Sales,taicesAare considered available'if they are remitted within 30tays after the yearend Other revenues considered susceptible to accruatinclude interest • income and charges for'servtces :;'Licenses and permit,- fine's and forfeitures and other taxes are•notsusceptible : to accrual ;becauid''they are "not measurable until,:. received in cash.', Grant revenues.have been recorded according to the provisions,'• of,.GASB Cod. Sec.G60Al2 „.wher'eby grant funds earned but not received:;sre . recorded as a receivable; and grants received before the related revenue recognition • criteria have; been met -are reported as deferred revenues. ",'Expenditures are recorded when the 'related fund ;-liability- is, incurred, except that .prmclpal and interest ory eral long-term debt is recognized when due. The full acertial method of accounting is followed by the ,City's proprietary fund types (Enterpri' a and Iiitornal Service Funds). Proprietaryfund types are accounted for on an "income dnternttttatsgn” or "cost .of service" measurement focus. Accordingly, all assets and liabilities are included in their respective balance sheets,' • and the reported fund equity (total reported assets, less total reported liabilities) ' provides an indication of the economic net worth of the fund. Operating statements for proprietary fund types.(on an income determination measurement focus) report , • increases (revenues) and decreases (expenses) in determining total economic net - worth. Under this determination, unbilled service receivables are recorded at year - •. end. ' 19 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 •, Budgetary Control and Accounting . •: The City adheres to the following general procedures in establishing the budgetary data reflected in the financial ,statement& : - During Apnl, the Scty Manager submits to' the City ,Council a proposed • operating----., for the fiscal year commencing the following July 1. The . operatikbuget includesprdposed expenditures:and the mead;# of financing them = Public - hearings are`..conducted at City Council meetings. tip obtain taxpayer comments Prior,.to July 1, the budget is legally adopted' passage of an approprraUon,resolution. he Manager ,a' tot budget between Q ,ty # uthorized ansfer amounts accqunts y t _wi t htn a fund other than for capital outlay, Transfers of appropriations," •` between funds or transfeis+other.than those authorized above may be made only by the authority df the': City` Council. Total fund expenditures may not exceed total fund liudgeeted amounts without approval from the City Council n The budget is formally integrated into the accounting system and employed • as a mono ement control device during the year. g g -; Y• Budgetednamonnts_used m•tihe combined financial statements Fare the final ` u adjusted amounts •Revisions made 'to the original expenditures budget for 'each hk,type were as follows: Original Adjusted Budget Revisions .Budizet w General Fund $59;153,729 $4,163,366 $63,317 095i. ' Specjal Revenue Funds 21;886,836 (2,953,124) 18,933,71111 • Capital Project Funds 7,545,800-, 7,545,800, ,800 Budgets for all- governmental funds are adopted on a basis consistent with generally, accepted accounting.. principles. The modified accrual''' basis .of accounting is employed in the preparation of the budget. No budgefwas adopted "for the debt" =service;: fund this year because the fund was not; until March, 1992: i At fiscal year -end, budget appopriatioins lapse. Capital projects are budgeted on an annual basis. Incomplete capital improvement budget appropriations are rebudgeted -in the following fiscal year. Projects that are not started during the budget year are reevaluated in the following year: • 20 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) • June 30, 1992 • Encumbrances . Encumbrance accounting. for the expenditure of funds is recorded in order to indicate outstanding commitments and is employed in the governmental fund types. Encumbrances outstanding atyea % end are reported as reservations of fund balances since they do not constitute t xpenditures or liabilities These;jtems are carried over to the subsequent year in' order to complete these transactions • Cash and Cash Equtvalettts F: • For purposes of the s #element of cash flows, the, Cit y consider .'all highly liquid investments with a matnnty`of`.ttiree months or less.when purchased to be -cash w 21 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June.30, 1992 Enteipnse F.unds'Fixed Assets Fixed assets of the City's enterprise funds are recorded at historical cost or estimated fair market value at date,of contribution." �. Depreciation has been prova d over estimated!usefullives. using the straight- line method..The,estmated useful lives are. as follows: • e Struetil& 254P 75 years • Equipment 4 to 10. years. &Insurance Pro gram(Clains gnd Judgments • As of April 1,'1986, the City became self - insured for general liability clauns against, • , the City Prioi ;to'Apr l -1, 19$6,` he City had insurance coverage of $500000 to $20,000,000 for general liability .claims As of July 1, 1973 the City became.; self . % insured for workers' compensation claims. At June 30,1992; the City, was defendant ' m a`.number of'lawsuits ansing in, the ordinary course of'operations �Fvhich allege -liability on the part of the Ciy .;_ Liabilities associated with the self- insurance : aFe_ accrued'when:ineurred in the Internal Service Fund (using the • accrual basrs,of accounting) Also, included in the' liability is an estimate for claims which have bdentincurre8 but not reported. . e',.k •. 4 Vacationaand Siek-�Leave (Comp sated Absences' y i, It is the City 's policy to permit employees to accumulate earned but mmised vacation and limited'ainounts ofearned'bi t;unused sick leavebenefits which:will.be'paid to • a • . i ^ ;employees upon . separation from City seivice. Compensated absences are accrued . when incurred` in the Internal °Ser -vice Fund using the accrual basis of accounting. Capitalized lease Obligations The pity+ accounts `for ,capitalized leases in the governmen4al fund ty pes in • accordance with the provisions, of GASB Cod. Sec. L20, When a capital lease represents the.acquisition or tconstruction of a general fixed asset, the acquisition or construed6h z. if the general fixed t asset will be recorded both as a capital expenditure and aCAn-other financing source. Subsequent lease payments are • accounted for in a maniler,consisteht with the accounting treatment for payments <. of general obligation debt. 22 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30,1992 Authorized Deposits/Investments • Under provisions of the City's investment policy, and in accordance with Section in 53601 of the.California Government Code; the City may deposit and invest the following • Securities.of the U. S. Government, or its agencies Certificates of Deposit (or Time Deposits) • Bankers Acceptance's ;Loyal Agency Investment Demand Deposit (State Pool) - ,Repurchase Agreements and Reverse Repurchase Agreements • Passbook Savings: Account Demand Deposits Small Business ministration I cans Commercial paper Negotiable Certificates of Deposit County Investment Pools •` 'Medium Term CorporaEe.Notes Asset/100stment Management Agreements • At no';time during the fiscal'"year "did the City borrow funds through the use of . reverse- repurchase agreements Pooled Decutts/Credtt Risk . The Cahforn_ta Government 'Code requires California banks and savings and loan • associa ti ons to secure a" city's' deposits. by pledging government securities as "value. at least 110% .. collateral. The market` of pledged securities must equal of a ' city's deposits, California law also allows financial institutions to secure .city deposits ? by pledging first trust deed mortgage notes having a value of 150% of a city's total -• deposits. The City may waive collateral requirements for deposits which are fully insured up •. to $1Q0,000 by federal. depositoy insurance. In accordance with GASB Statement 3, deposits are classified as to credit risk by three categories _as follows •. Category -1: Insured or. collateralized with securities held by the entity or by its agent in the City's name.. Category 2:.: • Collateralized with. securities held by the pledging financial institution's trust department,oragent in the City's.;name. . 24 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) :. June 30, 1992 • Category 3: Uncollateralized. CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 The table below summarizes the credit risks, carrying amounts, and market values •'. of cash and: investments at. June .30, 1992. Category Carrying Market • 1 , 2. 3 Amount Value Deposits:. Demand Deposits $ ;F 120,114 ' $n 949,244 $ 1,069,358 $ 1,069,358 Pooled Investments." Repurchase Agreement $ 500,000, 500,000 500,000 '' • , Govetnm Securities- 11,296,661 6;527,862 ,.. 17;824,523,, .18,182;406 . Corporate Obligations 4,903,795 1;829,980. ; 6,733,775 6,791,178 • n Moray Market 71,144 .. 71;144 71,144 =I4l�itnal.Funds 570,686 * 570,686 . State of Califomia •. Lo PAgency Investment Fupd 10,253,773 * 10,253,773 Orange County • . pooled Fund 17,187,612 * 17,187,612 y Los Angeles County . Pooled Fund. 2,095,647 * .. 2,095,647 y. ... Total Fooled " . ' • Investments 16,271,600',. 8,857,842 55,237,160 55,652 446 :' Cash and Investments: .;with Fiscal ;Agents >= Mutual Funds 1,536,980 * 1,536 980 " ' Deferred Compensation Fund; ' • _Guaranteed Contracts 551,419 * 551,419 Mutual Fund's 13;477,563 * 13,477,563 _Total- Deferred'_, " Compensation 14 028,982 14,028,982 Cash and Investments a4 16;341,714. 949,244 8,857,842 71,872,480 72,287,766* Outstanding Checks (762;217) Cash on Hand 3,625 Deposits in Transit 324,924 .. Book Balance $ 16;391,714. $ 949,244 $ 8,857,842 $71,438,812. $72,287,766 *.Not subject to categorization. 26 27 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 Contributed Capital. has been. restated from the amount previously reported • as of June 30,1991 to repo it contributed capital for sewer infrastructure which . Was. not previously recorded by the City.. The wastewater activities were reclassified from the General Fund to:: the Wastewater Enterprise fund. •', Accordingly, this contributed capiYalis reflected in the Wastewater fund. (See. Note 16) rj 5 Long -Term Debt Genei' Long -Term Debt Account Group:" •' A summary of the changes in,the generalaong -term debt account group is as follows: 13alance, • Jul - _1,,1991 lRestated) Additions. Deletions . June 30, 1992 Capifahzed leases $ 958;45b $ 328,296' $336,154 $ 950,598 Note.payable 3,333477" ` 68,591 3;264,886 Loan.payable 37228 37,228 • sy 1Certificates of , Participatidn: 7.500,000 7.500,000 t _ = °N' 14.329J 7828 296' 441 973. 11 715 484 ,x Capitalized Leases ,i a ' Y t ±following • The City has entered into the, capitalized lease obligations as-of June, 30,,1991,`, ` • Fire eommunications-system lease,- In December 1988, the City .entered into a lease- purchaser and. ,operational service . agreement with;County`of Orange for the lease of 800 M14Z fare ,Communication system., " The total amount of..the lease • agreement is $363,882; $85,876 for the backbone system and $278,006 for, the field equipment. , The terms of the lease. are five years, five- paymenfs commencing June 1989: The interest rates on this obligation range from 5.4 to. .6.5 percent. $ 81,556 Computer leases 1 The - Cats <has entered; into several lease- • purchase agreements in fiscal years 1986 =87 thioligh 1991 -92 for Tease - purchases: of a.geo base information and mapping system • . and upgrades to their financial management system software and equipment to upgrade the City's data processing system. The terms of the leases.are three to five years which are payable monthly: "The interest rates on these obligations range from .? to 9 percent. 869,042 . CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 • Total Capitalized Leases $95&456 29 II Notes to Combined Financial Statements (Continued) June 30, 1992 Este rise Funds: A summary of the changes in long -term debt of the enterprise funds is as follows. • Balance Balance ' _, 1992 °dulal_ 9191 Additions Deletions June 30 Note payable $ 7,289 $ 7,289. Certificates of . - Participation 395.000 150.000 $245,000 . :,. 15728 245 000 • 5�. Certificates of Participation e� ' M • Certificates of participation were sold in 1988 to fund, in part; the acgmsition and corlstruction,of the Cannery Village "Parking - facility. The owners of the certificatels'werer,. <. • gd+en an interest as lessees in'a base lease of the Cannery Village Parking facility which ur #urn was leased back to the City . TheTease payments made by the City are held by a trustee who makessemi annual payments on the certificates of participation Upon 4edemption of all certificates: the leases are canceled. The remaining certificates in the amount of $245,00~0 mature on February 15, 1993 at an interest rate of 6.50% ' Infemal.Service A,suminary of changes in erm debt of the internal service funds is as follows: T%a lance ... . . July L49.94 Balance (Restated' ° w Additions `' Deletions June 30, 1992 Claimsand 'ud ents payable _�' -$3,511,363 $6;127,673. $ 9,639,036 Compensated absences r 4.264:453; 602,414 4 :866.867 Total 7 77 , 816 ' 6 730 087 ` . ` 4 05 .903 �. Claims and Judgments Payable and Compensated Absences " The balances of claims and judgments payable and compensated absences at June 30, 1991, as previously reported in the General Long -Term Debt Account Group, in the. .., amount. of $3,511,363 and $4;264,453 respectively, have been reclassified as debt of the Insurance Reserve internal service fund established to account for general liability and workers' compensation claims and compensated absences. (See Note 16.) • 30 .. 31 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 Cary- •. Village Water Waste- Parking LI tv water Marinapark ' Total Operating income 81,510 ` •'.?73;306 '(220;245) 470,415. 1,104,986 Operating transfers n (54,020) (17,853) ' , (639,572) (711,445) • Net inoodne (lass) 72,103 - ];515,995 (220,245) (128;077) 1,239,776 Current capital .:. contn'butioru ` 262,800 259,435 522 235. Propeftw plarit r Arid equipment • Additions _ 1,647,645 984,161 ?,631,806* P (Deletions) (123;137) (36,849) (159)986) Net wo;kuag capital (932,226). 14;001;411 199,149 (117;899) 13,15035 •'. Total assets 1,130634 333935 11,270180 173,021 46113370 Long -term debt 2450001- 2451000 T0 -egmty ''. tal 198,40& 32,577,707 .11,228,170 15,000 144,019M *Includes fixed assets contributed by developers valued at $262,800 and $259,435 in • tho;Water I7Ulty Fund and Wastewater. Fund, respectively. $ . Deferred Comrrensation`Flan A • The City offers its employees a deferred' compensation plan created in; accordance • • with Internal Rpdw. hue- Code Section• 457.. The plan, available to all City employees, permits,, themh to defer a .portion of their salary until future years. The. deferred. J. compensation `is not available to employees until termination, retirement, death, or •" - unforeseeabl, dmergency: All' amounts of compensation deferred.. under the plan, all property and rights �.. purchased with. those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other • beneliciary) solely the - property and.rghts of the City (without being restricted to the provisionsof benefits under the plan), subject only to the claims of the City's general ]?artieipants' creditors rights under the plan are equal to those of general creditors , of the City in an amount equal to the fair market value of the deferred account for each participant:" The City has no liability for losses uner d the plan but does have'the duty of due care that would be required of an ordinary prudent investor. The City-believes that it is • unlikely that it 'will use the. asse ts to satisfy the claims of general creditors in the future.. Assets of the fund totaled $13,953,022 at June 30, 1992. 32 . 9. • 0 LX Y Ur NEWYUK'Y BEACH Notes. to Combined Financial Statements (Continued) June 30, 1992 Retirement Plans . Plan Description - Defined Benefit Plan The City contributes to the California Public Employees' Retirement System (PERS), an agent multipl e- employer "public employee retirement system that acts as. a. common investment and administrative agent for participating public entities within the State of California. The City-'.s payroll for employees covered by the. System for the year ended June 30, 1992 was $32;482,224. The total payroll for, the year was. $3$522,658 All• full-time and part -time benefitted City employees are eligible to participate' in the System. Part- time non- benefitted hourly, employees do not participate in the 'System. Benefits ve.st.-aftei five years of service. City public safety employees who retire at or after age "fifty, and miscellaneous (non - safety) employees who retire at or. after age sixty, with "five years, of . credited service are entitled to an annual retirement benefit, payable monthly for. life, in an amount that varies from 2-p erc C at age. fifty to a :maximum of X23 percent at age sixty for safety employees or'im an " • amount that varies from 1.092 percent at age fifty to a maximum of 2.418 percent at. age. sixty of the highest year's salary, for non -safety employees, for each year of credited service. The system also. provides death and survivor's benefits. These • benefit "provisions and all other, requirements are established by State statute and City. ordinance;: • Employee and Employer Contribution Obligations: • The Citymakes all of the'contributions required of City employees on their behalf" and for their account The rates are set by statute and therefofe. remain unchanged from year to year... The present rates are: Member Rates as a . Category" Percentage of • Local miscellaneous members 7% Local safety members 90/0 .. The City is required to contribute the remaining amounts necessary to fund.the • benefits for its members, using the actuarial losses recommended by the PERS actuaries and actuarial consultants and adopted by the Board of Administration. •_ : Funding Status and Progress • The amount shown below as the "pension benefit obligation" is a standardized measure of the present.value of pension benefits, adjusted for the effects of step -, rate benefits, estimated to be payable in the future as a result of employee service 33 CITY OF NEWPORT BEACH Notes.to Combined Financial Statements (Continued) `. June 30, 1992 to date; The:meas ire is:intended to help assess the funding status of the System on •. aoing- concern basis, assess progress made in accumulating sufficient assets to pay be nefiis when due,,arid 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 System. • ` The. pension Benefiv obligation was computed as part of, an actuarial valuation performed as of' June 30, 1992. ' Significant actuarial assumptions used in the valuation:include (a) a rate return on the investment of present and future assets of 8.75:percent a year compounded. annually, (b) projected salary increases, of 4.50 - percent a year compounded annually, attributable to inflation, (c) additional projected salary increases of 25 ;percent a year for-miscellaneous employees and 2:75 percent a year for safety employees, attributable to seniority /merit, and (d) no retiMmentbenefitincteases: . post- . The otalunfunded m ,pensionbefit obligation applicable to the City employees was "303 30, • $1,01`5," at June 30; 1992, (based on June 1991 data) as follows: , Pension Benefit Obligation ` •. Retirees and benefieianes.currentI re ceiving.benefits and terminated employees not yet receiving, benefits $37,400,419 Current Employees Accumulated employee contributions • including,allocated urvestment earnings 29,322,1:78 Employer= financed vested ' . 37,004,701 Employer = financed non vested 1.304:110 • Total Pension:Benefit Obligation 105;027,408 Net- Assets Available for.Benefits at Cost (iJlerket Value is $115,349,424) . 104 012105 • Unfunded Pension Benefit Obligation ] O15 303 Of,the total change in the pension benefit obligation from last year; ($2;805,486) resulted from changes in -actuarial assumptions. :- Actuarially Determined Contribution 1teiuirements and Contribution Made PERS uses the Entry Age Normal Actuarial Cost Method which is a projected benefit cost.rh&hod., That is, it takes into account those benefits that are expected to be earned inthe:fttture as well as those already accrued. 34 . — _ - - 1.11.1 VP.1 \G♦VI Vial DL' II - - Notes to Combined Financial Statements (Continued) . • June 30, 1992 According to this cost method, the normal cost for, an employee is the level amount hich 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 percent 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 in .the year 2000 for. prior service benefits. and in the year 2000 :for current service benefits. The significant actuarial assumptions used to compute the actuarially'determmed .. contribution requirement are the "same as those .used to compute the pension . benefit _obligation; as.prev"iously;described. " • The contributions to the System for. fiscal year ended June, 30, 1992 of $5,724 ;414 " .:.,:were,-. made in accordance with actuarially determined requirements computed:.,. through an actuarial valuation performed as of Itine 30, 1990. The contribution " consisted of (a) $3,607;347'normal cost (9.3 percent of current covered payroll) and (b) $135,709amortization of the unfunded actuarial accrued disability (A percent'.. • of current covered payroll) ,..The City ' contributed employer contribution of $3,1.43,056 (97;per6ent`of current covered payroll); and on behalf of employees $2,581,358 (7 9. percent of current covered payroll). Of these amounts:$2,044;324 • was, funded. 6.the PERS surplus. accounts. The City has recorded ,deferred;:revenue in the General Fund in the amount of $1,32t,835 for PERS Surplus as of June 30, • Trend Information •.. Trend information gives an -indication of the p ;ogress made in accumulating,-,, . sufficient assets to_pay, benefits when due. Wiiliiii, the City's financial statement; ten 'years of historical trend,information;are required. 1987 -88 is, :the first year, that this actuarial information_ has been ?nude available by PERS. "Until ten years of data are. available, as many'years as, are as follows: available are - presented • -1991-92 199491 1989 -90 1988-89 1987 Net Assets Available for Benefits $ 104, 012,100 $95,118,400: $85,574;00 . $76,116,800 $66;906,400 CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 • .1991-92 199091 1989 -90 1988-89 1967-88 • Net Assets Availab)e for Benefits Egiessed as a Percentage of the Pension • Benefit Obligation 990% 98.7% - 103.8% 101;0% 98.0% Assets iaEmxm of Penson Benefit ' • t}bligahan $(1,015,3(10) $(1;270,200) $ 3,152,800 $ 784,400 ' $(1,57,600) - Annual.,Co�ered .. :.: ,: . . • Payroll $32,482,200 $34091700 $27,3111900 $25;191,800 " $23,G00400. . �sse�'iiFacaes ;ofv ", (Unfunded) , , ' Pension Benefit' 114te sed as a 'Percentage-of.; .. Annu$1(bvet ed. " > Payroll 0/4 ) 11.7.% 3.1% (5.8 %) ..... Etnployer '. . Confnbx&hs $3;143;x00, 32;684400' .$2570600 $2,114700 $2,389,700 Employer Contributions' . ev Percentage of Annual Coaeied • Paymll The'oontri bufibns were made in aocoidance;wtth achianally deteF' minedrequiremerns 97% Mc 9.4 %a &4% 101 % �. 37 1 Notes to Combined Financial Statements (Continued) June 30, 1992 11. ' Individual: Fund Disclosures At June 30, 1992, the Arterial Highway Financing, Tide and Submerged,Land and Community Development Block Grant. Special Revenue funds had deficit fund balances of $53,821, $14;710 and $148; respective Y. Also, the Assessment District Capital Projects Fund had a aAdilund balance of $65,466: These deficits will be . eliminated by future revenues or transfers from other funds. In.addition, the accumulated deficit of $12,065;287 in the Insurance Reserve Internal Service fund is expected to'be eliminated by future interdepartmental charges. . Expenditures exceeded budgeted appropriations in the following funds: , Special Revenue Funds Park•and Recreat ion -' $180,049 • "Fund Library Fund 39,345 . Feral Adopted Forfeiture Fund 454;537 de " capital Prolects Funds: Assessment District Fund 3%809 12 Reserved and Desiganated Fund Balances • Reservations d4und balances consist ,of the following: i y 4r Special Debt ..... eneral Revenue Service Fund " - Funds Fund total:.. Encumbrances",. $1,311,670 1321,212.. $1,632,882 '—Inventories. 320,636' 320,636 Debt'Seivice _ $1,267.602 " 1.267 602 • 1632 306 ; 321 212. 1267 602 $3221,120 Designations established as of June 30, 1992 are as follows: • Special Capital ' General - Revenue Projects fund- Funds Funds Total • Contingencies $11,100;542 $11,100,542 Appropriations 2,881,642 2;881,642 �. Special Projects $13:711.226 $8,146,317 21.857,543 Total Designated :111282 184 $13,711,226 $35,83%7 27 1 Notes to Combined Financial Statements (Continued) June 30, 1992 • 13. Post - Retirement Health Care Benefits Employees who retire from the City with seven years of service and retire under .'` PERS are eligible. to receive health care benefits covering themselves and any, qualified family. members. Jbe individuai is I able to: select on an annual basis, an. The.PubLc Facilities Corporation. Debt Service fund was established to account for the proceeds of long =term debt from.the issuance of the Library Certificates of Participation and the accumulation of resources required for the future payment of interest and principal on the certificates.' ° The Central Liibrary Constructioh fund, a Capital Projects; fund, was established to account for the financial resources for the construction of the Central Library.: ; The Special Deposit fund; an Agency fund was established* to account for special deposits: held by the City in its fiduciary capacity. The City also established the - Wastewater fund and Insurance Reserve fund which are Enterprise and Internal Service funds respectively. These funds are described in Note 16. CITY OF NEWPORT BEACH Notes to Combined Financial Statements (Continued) June 30, 1992 16: Resiatement of Fund Bala oes/Retained Earnings The June 30,1991, fund balances /retained earnings balances have been.restated to reflect the. following..�.: As of July 1, 199.1 the City'estabhshed the Insurance Reserve internal service fund • to account for; "the.,general liability and workers' compensation claims and compensated absences. .Assets and liabilities totaling $3,260,190 were reclassified Parks and special.revenue, • from vanous.funds, (General, $2,947;740; Recreation $100,OUQ; "library special revenue, $6;370; and Water Utility. enterprise ; $206,080) and liabilities of $7,775,816, previously,recorded in the general long -term debt actbjimt group, were reclassified as li abilities of the -Insurance Reserve internal , r service #and: , Similarly, as of July. 1, 1991 the City established a Wastewater fund to account for • the operation and maintenance of the City's sewer' system. Amounts totaling addition, City $423;217 were reclassified from the General fund. In the recorded fined assets consisting ,of sewer mains and related infrastructure (previously unrecorded)'totahng $10, 765, 763' (net of accumulated depreciation of $19,406,845)" • tn,tlie Vt!astewater Fund:as of lone 30; _1991: The net value of these fixed assets was comprised of $2087,408.purchased.and $8,678,355 contributed by developers. In the Water Utility enterprise fund has been addition, beginning retained earnings of • restated by $620000, representing an overstatement of fixed assets in prior periods . Beginning fund bala nces /retained earnings at July 1,1991; were restated as follows:,, ; Internal • General EnteEprise Service Fund Balance /Retained • Earnings July 1, 1991; as Previously reported $22;267,546 $27,382,850'.. • Restatement X423,217) 1.890c625 7 7 : .816) Fund.Balance/Retained Earnings'July'l; -1991, as restated 21 844 329 ..: 29 2 3 475 7 775 816 .40' i • GEN�.FuNn. f �- w• •. • • ••w'w •... ..iSM. • - i Mr . •• ••w �w -..aL 4 L>s"' xu§s a w c� • �.., �r iris -. s�,u,F "�-.. -z -�ssua ` s �ys�y�,.} ---��. � -; �f $ g. 5 �: � . • 5 .X,S k • f - w--w-••.•. .......w ............. w . w.. w. w...• w�...�a• . r z. R�ipf( `f: Ii9d _ �.. :. 'IRF i 3 R� i M L�NC+rRiu'.irg�m! 6fit 2 y1S - '��xE {y "A NO IS- SG.Ip ((SS F��$�� Lt l..:�..5'�..F.'+:\9•Y �%r"q,,.. r(�in .K�..''.6:.$�i���'...n m�i'S &�Y£Ysf ,s56.v ..,:: ...., ..: GEN�.FuNn. f �- w• •. • • ••w'w •... ..iSM. • - i Mr . •• ••w �w -..aL 4 L>s"' xu§s a w c� • �.., �r iris -. s�,u,F "�-.. -z -�ssua ` s �ys�y�,.} ---��. � -; �f $ g. 5 �: � . • 5 .X,S k • f - w--w-••.•. .......w ............. w . w.. w. w...• w�...�a• . THE GENERAL FUND The General Fund is used to account for Jiseal resources which are: a) dedicated to the general govartaq att opersuons of the'City, and . b) trot required to be accouttWt ui an�fwid a A r x � Y F. ° Y. i, •. . w t 5 y �c 1 zi r� l :c r v ,r � w • tea„ ' 1992: A duplex now stands where the Bayvilfa Apartments were located. • 1912: The Bayvilla Apartments. CITY OF NEWPORT BEACH Comparative Balance Sheets - General Fund June 30, 1992 Assets 1992 1991. Cash and investments $ ' 15,168;904 $. 22,215,784 - Accounts receivable and accrued revenues 2,975,556 2,965,729 Due from other governments 1,321,835 Due from other funds 1,756;861 1,520,96e Inventories of material and supplies, at Cost 320;636 302,504 Other assets 19,526 Total Assets $ 21,583,318 �.. ,.$. 27,004,9$3 • ... LiabiHtles and Fund Balance Liabilities:,, AccoU06'and contracts payable $ 885.5% ' $. 115451475 Accrued payroll' .: ... 2,057,7.47 1,178;751 .. Deferred revenue Deposits .1,321,835 1,689 736 2,436,428 • `Total Liabilities 5,948,828 5180,854 Fund Balance:: Reserved. Reserved, for encumbrances 1,311,670 3,570,833 R eserved forinventones .. 320;636. 302,504 ` Unreserved:. :' Designated -for contingencies 11,100;542 12 036;581 14 ig appropriations Des' nated.for . '2,881642 -7777777-7- 5934,631 Total 7 21,844,329 Fund Balance. 115,014,490-.1 ,. ,. Total Liabilities and Fund Balance $ 21,503 318 -$. 27,004;983 s 41 CITY OF NEWPORT BEACH •: s Statement of Revenues, Expenditures (Under) :Expenditures and Changes in Fund Balance - Budget and Actual and Other Uses (16,180;433) (6,229,839)_ 9,950,294 7,095. General Fund • Fund Balance, June 30 $ ` 5,664196 $ 15,614,490. $ 9,950,294 21,844,329 For the Year Ended June 30, 1992 42 1992 19,91 Variable • Favorable B'udg2t:, Actual. (Unfavorable)_ Actual Revenues: Taxes $ ` 37,397,650 $ : 34,544,456 $ (2,853,;194) 34,640,298 Cleanses, fees and parrnks` 924;630 839,695 (84;935) 1,939,360 Intergovernmental revenue 3,088;500 5,524,420 : 2,435,920 3,522,530 Charges for services," 3,906,482. 3,429,626 ` (476,856) _ 2,312,103` Revenue from use of - :money and property . 3 542,808 3,673,100 130,294 3,903,412: i Contributions 152 Other :. 949 500 433,851 (515 649) 1;670,700 • Tmal Revenues 49 ;809,568 48,445,300 (1,364;420) 47,988,403 Expenditures: • . Current General govemmenf 4898;293 2,937,016 1 981,2.7 4,403,376 Public safety 30137;207 30,686,789 _ (549;582) 26,911,830 ` •. Public works ". 12 294;171 .. 12,372,598 (78,427) 13.247,313' :Community development.: 3013;320 3,010,713 2,607 Capital expenditures 12 974,104 9,319,894 3,654,210 ;8,228,181 • Total Expenditures : , •'. 83 317 095 58,327,010 4j990,045 56,790,500 = ;Excess of f�evenuasOver. . (Under) Expenditures (13507;527) (9,881;71:0)' 3625,665 (8,802,097) • :Other, Financing Sources (Uses),.. Operating transfers in 7,923,183 7,923,183 8,477;848 . operating transfers ,out (2 672;608) (4,599,608) .' (1,927;002) (80,813) Proceeds : from long-term debt = 328,296 328.296 M2, '157 . • Total Oth'er.'Financing Sou�es:(USes) (2672 ;606)' ` ". 3,651,871 6,324;4.77 ! 8,809,192 - •: Excess of Revenues:and Other Sources Over (Under) :Expenditures • and Other Uses (16,180;433) (6,229,839)_ 9,950,294 7,095. Fund Balance, July 1, as restated 21,644;329 21,844,329 21,837,234 • Fund Balance, June 30 $ ` 5,664196 $ 15,614,490. $ 9,950,294 21,844,329 42 SPECIAL. REVENUE, JNDS zi s�yl •• M tt MI zmn . m Y' m5 Er- . • .YWi •'. �. 1912 I • •" ai �iC ��r� � .�va'iY3 ��T[Y - Gal''�yxi�i'j$d� at 1'Y`n •• 4 S 2' ifr .c +y alt - z Wfr F rLroiiwek JT19n{554,R'�a.534' e.��7..�. . •• ...• ' r•.\•\•.••\•\\•••••.••••• ••••••• \ \..\•�•••••••••�••••••. •.••••••••� . m m5 . • _'z -'�„ t' 'fit ' f •'. �. 1912 I • •" ai �iC ��r� � .�va'iY3 ��T[Y - Gal''�yxi�i'j$d� at 1'Y`n •• "SPECIAL REVENUE FUNDS Special: Revenue Funds are used to account for the proceeds of specific revenue sources which are legally restricted to expenditures for speciPted purposes Newport • Beach Special Revenue Funds areas follows:_ Ike Pari:aird Rtcreatlorr Prritd:is used toaccouat fur the City's'parks; and recreation facrhues::. In addition.to the City Manager,. 'Staff Y iepaiiments, tbi City Council is assisted in the administration of this fund by the FarksItaches`end Recreation Commission. Thu Lfi►req,PrW is rued to aoeount fa the.operedoas,af the City's library system Tfie l diary. Board assists the ,City Ccnurcil in pnwiding guidance' and direction b the City -Stab in the administration of ilia fund TAt Shaft Gas, Tar Fwrd accounts for aa'State t.,as Tax related revenues and expenditures nhcluding • street repair, construction and mtintenance.. State law iequircs that these funds be used'exclhhsively:fai ;apatnterhanc�e ofthe street and h w 's stem'" �. aY r Y fiiit A- YW H►gbivdy Ftnatuliig: Fun6 is used to account . for funds received from the 'Change 'County Transpor�tion Commission far the consnttction and maintenance of arterial Highways ,. z The FeQern! AdoptedfiForjtiftvt Fiend was,estabiishad maccount fa all ievenhtes resulting flora' the sehzttre of.assets m coniwuaah with cnmtrial: cases (primarily drug trafficking): It is the City s policy. that all such funds slhall he used for erihartcemient of law enforcement programs. Tkt TrgGk Sq%sry Frrrrd is used to account• for the receipt of all revenues from traffic related violations including,•bgth moving park dgcttattoriC Incorne..froro this .1h is transferred to. thhe Citya General • Fhhnd to help otrikthecbm of trains law enftircemerti ; Tfu Parii ag Mtferift a is &W ro account fa alt revenues received from. parl.ng :meters •and.;City •. 1 owned pasting bts;. :Income fr m thus f is either reserved far purchases of additional parking .facilities or transferred o thhe GeneraMFltrhd,to bf[setthe cost of parking law enforcetuent and revenue co on. • 47Fe Tldt end Sitbnrtrged Lid Parid hs hued to accoiigtfor all revenues and expenditures related,a the operation of tlhe City's thdelands l!quding:tiesches and msnnss. T1Ft Coupibtrdoes l?ttnd is used. to account fur revenues received from other Bove nmMt agencies =or .. . pnvau developers and expended for specificstreet or highway construction projects Thu 8mfd Excfse Tax Feud htsed to account foi:tcweniies received from builders ar developers on is bwlding,a 'remgdeting projects within the.City. Eiipendittires from dhis -fiord are need exclusively for public sdery hbranestlmrlrs beai Aes ,ar recreahaial activities: - TAt Eoaueirtnity Dk kpirttaf iYMtfr Grant Fund is used to itccount- fac revenues and expenditures . . relating to: the City's Community Davelopmen Black Grant program. These funds are received from: the Federal Npartment of Housing ant fhbatf.i�avebpni_ent mhd must be expended exclusively on programs for low of moderate income individuals/families. 1992: Mutt Lyneh's, now -at the same location. 1912: The State Bank..of Newpont. z . CITY OF NEWPORT BEACH Combining Balance Sheet All Special ;Revenue Funds June 30, 1,992 Park and State Assets Recreation Library, Gas Tax ' Cash and.investments $ 1,934,094' $ 183,324 $ 2,098,024 Atxountsreceivable and accrued revenues 19,866 39,568. 8,699 Due from other.govemmenis - > . Due from other funds;' " Other assess - 871 11,667, Total Assets 1 $:' 1;954,831 $ 234,559% $,�,:: `06;723 • UabNities and,Funtl Balances$ Liabllitros: " Accounts and contracts payable, $ 91,237 $ 94,870 $ :84,444 Aocnumd. payroll .` 122;381 90,611 Due: to other funds . Defeired revenue • Doposits 146,876 Total Uabilkies 360,494 185,481 , 44,444 •' Fund Balances " Reserved for encumbrances . 82;533 49,078 : 98,700 , Unreserved: oesignated, for special projects 1;526,804 1,6D3,129 Undesignated' 320,450 "Total Fund' Balances 1,594,337, 49,078• 2,022,279 r� Total Liabilities and Fund Balances $ 1,954;831 $ 234,559' $ 21106;723 r • 44 - Arterial Federal., Tide and Highway Adapted Tratric Parking. " Submerged • Financing Forfedure Safety. Meter Land .. $ 695,431 " a... 1,097.395 $. +133,976 64,868 $ :315,933 • 582:162 4,894'= 695,431 - $" 133,976 $1,744,42255 $ `:320,827 . • S 20,400, $ :-39,92Q $ 22,141 1,892 •. $ " 53,821 .' ., 94,056. 172,485. 139,039 • 53,821 20;400 133,978 335,537 . 675;031 $ 1,744,425 (14,710) (53'.821) 675,031 1,744,425 (14,710) $ .$.'695,431. $ 133,976 $ 1,744;425" $. • (Continued) 45. CITY OF NEWPORT BEACH Combining Balance Sheet All Special Revenue Funds (Continued) June 30, 1892 • Building Community, Excise Development . Contributions Tax . Block Grant Assets Casft and investments $ `7,114,881' $ 442,748 $ 26,767 • Accounts receivable and accrued revenues :684,735 Due from other goYemmeMs- ' -237.480 Due from other fund_ s� • Otherassets g Total Assets $ 8,037,096 $ 442,748 • $,26,767 • . Lia"Ities and Fund Balances laalx{dies ` "• Accounts and coMradspayable ` $ 169,690 $ 27,100_ $ 28,915 Acehled payroll. r s 606. Phe o other.funds ,Deferred revenue . Deposits Total Liabilities , 170;296 27;100 26,915 Fund Balances: Reserved,for encumbnce '58 1 7, , Unreserved: , Designated for special projects 7,810,876 365,871 ' Undesignated 148} ' io Total Fund.Balances - 7,866;800 415,648 (148) Totat liabilities andi Fund Balances $ 8,037.096 $ 442,748 $ 26,767 • • 46. Totals' 1992 1991. • $ 13,592,864 . $ 12,021,722 1,267,645 848;316 237,480 1,389,357 582,162 • 17,432 . °582,162 E 15,897,383 ' `$ 14,841,557° • • $ 576,712 $ 611,220.. 215,490 165,934 •' 320,342 587,084 10,540 285,915 433,335 ' • 1,398,464 1;808,113 •, 3211212 2,199,255 13,711,226 266,481 11,065,925 (231,736)' 14,298,919. 18,033,444.. , $, 15;897;383 E 14,841,557 • • 47 Expenditures CITY OF NEWPORT BEACH w Combining Statement of Revenues, Expenditures and Changes in Fund Balances • G_erieral government = All Special Revenue Funds Ope'4i g transfers in . ." Public safety" Community development 326,972 For the Year Ended June 30, 1992 Operating'transfers out. - (62,267) L brames 3,392;502 Park and 4,870;388 State Capital expenditures Recreation Library Gas Tax • Revenues: 6 498,209 3,518,785 1,079,317 excess of Revenues Over ` Taxes $ ' 3084,455 $' 2,724,385 (Under) Expenditures . Licenses, fees and permits;, , 48,261 , Intergovernmental revenue: 94,582 286,427 $,, 1,150,428 Charges for services, 1;110,989: 42,651 Pines,! 152,575: 38;464 .1,799,053 Revenue from use of money Fund Balances, June 30 $ 1,594,337 $ 49,078 $ 2,022,279 •. and property ' 622,561 152,115 Other 20,027 58;716 Totai Revenues 4,980;875 3,264,754 002,543 , • Expenditures Current ' , Other Ffnancirig Sources (Uses): • G_erieral government = Ope'4i g transfers in . ." Public safety" Community development 326,972 Operating'transfers out. (89;88,3) (62,267) L brames 3,392;502 arks, beaches and'recreation 4,870;388 Total *er Financing 71 Capital expenditures 1,627;627 126,283 1,079,317 • Tote[ Expenditures ,• 6 498,209 3,518,785 1,079,317 excess of Revenues Over ` Excess of Revenues and (Under) Expenditures 0 517 334) (254 0311 ' 223 226 •. Other Ffnancirig Sources (Uses): Ope'4i g transfers in . ." 11600,090 326,972 Operating'transfers out. (89;88,3) (62,267) Total *er Financing 71 • Souloes;(Uses) `' ..,' 1,510;207 . 264,645 Excess of Revenues and her SourcesJVer (Under?` Expendftures aritl Other uses (7,127j 10,614 223,226 Fund Balances, Juiy 1 1,601,464. 38;464 .1,799,053 Fund Balances, June 30 $ 1,594,337 $ 49,078 $ 2,022,279 •. • 48 • Arterial Federal Tide and Highway Adopted Traffic Parking Submerged Financing Forfeiture Safety Meter Land , • . < : $ :1;015,088 ; S 464,636 99;466 25.546 , $ .542,366- $ 2,358,305' 42,759 102,965 $ 1,075,292 3;840198 133. • 464;636 ` 585,125, 2;464;270, 1,075,292 4,7811431 3p AM • 606,749 • 287,721 '.153,914 286.388 287,721 454 537. , 893,117 • 176;915 130,588 2,461,270 1,075,292 31888,314 • (2461,270) (805,253) (3,965,181) • (2;461,270) (805,253), (3;965161') 176;915. 430,588 270,039 (76.867) (230;736) ',:' 544,443 1,474,386' 62,157 • $ 675,031 $ $ 1,744,425 (Continued) 49 CITY OF NEWPORT BEACH Fund. Balances, July 1 7;292;917 457;298 Combining Statement of Revenues, Expenditures and Changes in Fund Balances • All Special Revenue Funds (Continued) Fund Balances, June 30 $ 7,866,800 $ 415,648 For the Year Ended June 30, 1992 • .. . Building Community • Excise Development Contributions Tax Block Grant .. Revenues:. Taxes. $ 112,936 Licenses, fees and permits, Intergovernmental revenue:; $ 2,797;840. $ 401,762 Charges for services ,-,: • :Fines, forfeftures`.and penalties Revenue from use of money and property ". 227,014 35,899 • Other Total Revenues 3;024,854 148,835 `401,762 • Expenditures:, Current •' General government 'Public safety 'community development 400,910 . Ubraries ° ., , Parks, beaches and recreation Capital expenditures- 2,450;971 185,483' • Total Fxpepdftures , , 2,450,971 - 185,483 400,910 Excess of Revenu6iover (Under] Expenditures 573;883 (36,648) 852 • Other Financing Sources (Uses).•, Operating transfers in .'. Operating transfers out . Total Other Financing • Sourcx"(uses) Excess of Revenues and . •. Other Sources Over (Under]' Expenditures and Other Uses 573;883 (36;648) 852 Fund. Balances, July 1 7;292;917 457;298 (1,000). • Fund Balances, June 30 $ 7,866,800 $ 415,648 $. (748) • .. • Totals .. 1992 1991. .. S 5,921,778 3 5,838,937 1,063,349 868,619 5;295,141 7,506;474:. ' • .: 1;180,188. 1,153;920 3,053,246 ,'. 3,114,983 ., 5,8,98,803 6.096.004 P 78,878. - 11418,184 22,491,377 '25,997,321 " • 871;196 '300,623 • 400,910 183;327 3;392,502 ` 3081;009 . 5,477,137 4222,291 6 ;197,878 8,978,638. 15,789,050 17,318,461 • 8,722,327 8,680,880 1,927,002 54,536 (7,383,834) ., (7,995,026) (5,456,852) (7,940,488) 1,265,475 740372. • " 13,033,444 12;293,072 • .. $. 14,298,919 13,033,444 • Statement of Revenues, Expenditures and Changes in Fund Balance Budget and.Actual Park and Recreation Special Revenue Fund For the Year Ended June 30, 1992 52 1992 1991 Variance Favorable Budget_ Actual (Unfavorable) Actual Revenues: Taxes $ 3,084,455 $ 3,084,455 .' S .3,160,200 Licenses, fees and pemtits' 48,261 $ 48;261 43,084 Intergovernmental revenue 6,000 94,582. 88;582 113,742 • Charges. for services 965,782 1,110,989 145;207 .,.. 1,029,202 Revenue from use of money, and property 648;000 622,561 (25,439) 609,227 Other 211,500 20,027 (191,473) 882,781 • . Total Revenues 4,915,737 4,980,875 65,138 ` 5;638,236 .. Expanditures: Current • Parks, beaches and recreation . " 4,475,277 4,870,388 (395;111) 4,222,291 Capital expenditures `, 1,642,863- 1,627,821 215,062 666,739: • Total, Expenditures 6;318 160: '6,498,209 (180,049) 4,889,030 Excess, of.Revanues Over • (UndeoExpendrtures'-, (1,402423) (1,517,334) (114;911) 949,206 Other:Financing Sources!(Uses) • Operating transfers,m , 1,600,090 1 600.,090 Operating transfers out (89,883) (89,883) (481,229) • Total Other Financing Sources (Uses) (69,883) 1,510;207. 1,600;090 (481,229) • Excess of Revenues and,_: Other Sources Over (Under) Expenditures and Other Uses (1;492,306) (7,127) 1,485,179 467,977 • Fund Balance, July , 1,601 „464 1,601,464 1,133,487 Fund Balance, June 30 $ 109,158 - _ $ 1,594,337 $ 1,485;179 $ . 1,601,464 52 • • CITY OF NEWPORT BEACH Statement. of Revenues, Expenditures and Changes in Fund Balance Budget and.Actual "•: Library Special Revenue Fund For the Year Ended June 30, 1992' •... variance:.. Favorable >. B. udget Actual (Unfavorable) Actual •Revenues: ' Taxes $ 2,724 385 $ 2,724,385 E , 2,474,365 Intergovernmental reventr>3 255,497 288,427. $' 30,930,; 364,995 • .. Charges for services 44,500 42,651 124,718 Fines, forfeitures aril penattles 450,000 152,575 2,575 Other 52,770:. 58,716 5,946 64,179. • ` Total Revenues 3;227,152 3,264,754 37,602 A028,257 Expenditures: Current Libraries 3,422 ;927 3 392,502 30,425 3;064,009 " . Capital expenditures 58,513. 126;283 (89,779) 53,233 . Total Expenditures '' 3;479,440. 3;518,785 (39 3451. 3,114 242 Excess of::RevenuesOver. . • (Under): Expenditures (252 288).. (254,031) • , (1,743) (85 985) Other.Financing;Sources;(t1 es): Operating transfers in 328;912 326,912; 54,538 • Operating transfers out .:: (62267) (82;26 Total other Financing .. Sources (Uses) (62,287) 264;845 328,912. $4,538: Excess of Revenues and Other Sources Over (Ufider) Expenditures and Other Uses_ (314,555) : 10;814 - . ' 325,169 (34,447) , • Fund Balance, July, t 38,464 38,464 69,911 Fund Balance; June 30 $ (276,091) $ 49,078' $ 325* 169 j $ 138464 • • CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in. Fund Balance . Budget and Actual • State Gas Tax Special Revenue Fund For the Year Ended June 30_11992 1992 1991 Variance ... Favorable: • :' Budget... Actual '' . (Unfavorable) Actual' • Revenues: Intergovernmental revenLe S 1,404,300 $ 1.150,428 $ (253,872) ,. $ '.1,076,830 Revenue from use of , money and property 95,000 152,115 57,115. ', 160,524 • r° Total Revenues 1,499 3Q0 9;302,543 (196;757) ,1,237;354 • Expenditures Capital expenditures , 2 ;855,912 1,079,317 1,778;595 1,865,019 Ezcess of Revenues -Over. (Under),Expenditures :(1,356812) .'. 223,226 1,579,838.. (627,665). • Fuigpelanoe, July 1 1 799 053 . 1 799 0.53 2,426,718 � • y, r Fund'Balence','June30 ' $' 442,441. $ 2,022,279 $ ' 1,579,838 $', ..1;799,053,'. 9A- __ Ak- • 55 Statement of Revenues; Expenditures and Changes in Fund Balance . Budget and Actual Arterial Highway Financing Special Revenue Fund For the Year Ended June 30, 1992 1992 1991'` • Variance Favorable Budget. Actual <, ..(Unfavorable) Actual •Revenues: ,> Intergovernmental revenue' $ 210,600 $ 464,636 $ 254,036. $ 124,682. . Expenditures: Capital expenditures 492,706 287,721 204,985 421,503 • Excess of Revenues (Over) (Urtderj Expenditures (282,106) _ 176,915 459,021 (296,8211) •, Fund Balance, July 4 ._ (230;736) - . (230,738) 66 085 Fund Salance June 30- $$ (5 $ 53,821 $ 459,021 $ 2( 30 738j • • • • 55 CITY OF NEWPORT BEACH �. Statement of Revenues, Expenditures and Chagnes in Fund Balance Budget and Actual • Federal Adopted Forfeiture Special Revenue Fund. For the Year Ended June 30, 1992 1992 1991 Variance Favorable :Budget Actual (Unfavorable) Actual ' Revenues: .. Fines, forfeitures and penalties $ 542,366 $ 542,366 $ 506,388 Revenue from use of money and property 42,759 42,759 :;, . 28,408 • Total Revenues 565,125 585,'125 $34,796 • Expenditures.: . Current Public safety 300,623 (300,623) 107,214 • Capital expenditures" : 153,914 (153,914) 127,172 - Total Expenditures ` • ,. 454,537 4( 54,537) —234,386 .. ; Excess of Revenues 0 - Expenddures 130,588 130,588 , 300,410 • OlherFirianGng Uses Operating transfers out • .(81,000) Excess of,Revenues,Over Expenditures and Otl!r' W' es 130,588 130,588 219;410 • . Fund Balance July.1 $ 844 443 - 544,443 325,033 •; Fund balance,: June 30 $ : 544,443 $ . 875;031 $ 130,588 $- 544;443 • • 66 . ; CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance • Budget and Actual Traffic Safety Special Revenue Fund For the Year Ended June 30, 1992 1992. .. 1991 ... • Variance Favorable . Budget Actual (Unfavorable) Actual Revenues: Fines; forfeitures and penalties - . ' $ 2,320,000 $ 2,358,305 $ • : ,48,305 $' `2,808,595 Revenue from use of- money and. property, , ` 110,000 102,965 (7,035) - 90,104 Total Revenues 2,430,000 2,461,270 31,270 2,698,699 Other Financing Uses: • Operahng.fransfers GO (2,461,270) - (2 461,270) (208,699) Excess of Revenues • Over Other'Uses . .2,430,000 (2,430,000)` Fund Balance, July 1 • Fund Balance; June 30 $ 2,430,000 .. $ $. (2,430,000) • _ — .... CITY OF NEWPORT BEACH qw Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual • Parking Meter Special Revenue Fund For the Year Ended June 30, 1992 1992 1991 Variance Favorable Budget : ActuaL .: (Unfavorable) Actual Revenues: Revenue from use of money andproperly $ ' 1,070,000 $ 1,075,292 $ S 292. $ 1,047,526 • Other Financing Uses: Operating iran`sfers out (805,253) (805,253) Excess of Revenues Over Other Uses 1,070,000 270,039 "(799,961) 281,707 Fund Balance July 1, 1,474,388. 1,474,386 1,192,879 Fund Balance, June 30 $, „2,544 388 $ 1,744,425 ': $ (799,981) $ : #;474,386: el qw ' Current. .Parks beaches & recreation , CITY OF NEWPORT BEACH .606,749 117,615 7831982 Statement of Revenues, Expenditures and Changes in Fund Balance 286,368 428;785 • . Budget and Actual 1;439,517 893,117' 546,400 1,059,23&. • Tide and Submerged Land Special Revenue Fund 3,431,282, 3,888;314 457;032 ` For the Year Ended June 30, 1992 • :.i:-.:3,859,684. • Other,Financing,;Uses: • ' .1992 Operating transfers out 1991' (3;985;181) . (3,886,628) Variance • Favorable Budget Actual: (Unfavorable) Act ual (76,867) .. • Revenues: `. 82,157 Licenses; fees and permits $ 996,725` $ 1,015,088- "'18,363: $ _ 825;735 Intergovemmental revenue " 110,000 99,468 (10,534) 191,918. $ (14,710) . . Charges for services ' 28,546 28,546 Revenue from use of money and•property 3,763,974 - 3,640,198 , (123,776) 3,901,289 • Other 100. 133 33 Total'Revenues - 4'870,799 4 78.1;431 (89,368) 4918,922 Expenditures: :• Current. .Parks beaches & recreation , 724,364 .606,749 117,615 7831982 Capital expenditures 715,153 286,368 428;785 295258 . Total ExperWRures. 1;439,517 893,117' 546,400 1,059,23&. • Excess of Revenues: Over Expenditures 3,431,282, 3,888;314 457;032 ` :.i:-.:3,859,684. • Other,Financing,;Uses: • ' Operating transfers out (1;656) .; (3;985;181) (3,983;525) (3,886,628) Excess of Revenues Over. • (Under) Expenditures .:.,..'and Other Uses 3,429,626; _. (76,867) .. .`(3,506,493) (28;944) `. 82,157 Fund Balanoe, July 1 82,157 89,101 Fund.Balance; June 30 $.. 3,491,783 $ (14,710) . $ (3,506,493) CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual • Contributions Special Revenue Fund For the Year Ended June 30, 1992 • 1992 1991' Variance Favorable . .. ;Budget Actual (Unfavorable) Actual . Revenues: • lntergovemmental revenue . $ 3,200,000 $ ,2,797,840 $,:;(402,160)' $ 5,451,980 Revenue from, use of, money and property, 227,014 227;014 225,016 • 471,224 Total Revenues 3;200,000 5,024,854 (175,146) 6,148,220 • Expenditures Cap" expenditure's 3;416,508. 2;450,971 985,537 5;322,512 .. .Excess of RevenuesOver (Under)..Expenditu es (216,508). 573,883 790,391 825,708 • Other Financing Uses' , Operating transfers out (81,651) • Excess of..Revenue5 Over •. • ExpendituressriA.Otiier.Uses {216;508) : 573,883 790,391 744,057 a • Fund Balance, July 1 . 7,292,947` , . 7,292,917 6,548,860' Fund'Belance,'June30 ,. $ - 7;076,409: �. $ 7,868,800 $ 790;391 $:7,292;917 • .. • • 60 CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance • ..Budget and Actual . Building.Excise.Tax Special Revenue,Fund For the Year Ended June 30, 1992 1992 1991 • Variance Favorable . ' Budget . Actual - :' (Unfavorable) Actual • Revenues: Taxes = 375;000 $ 112,936. $ (26? +064) ,: 5 204372 Revenue from use of .. ' money and property 37;500 35,899 1;601 33930 Total Revenues 412,500 148,835 (263,665) • Expenditures: ., •' Capital expenditures 20,154 185,483 31,671 _227_204 Excess of Revenues Over .'; `• (Under)Expenditures 195.346 (38848) (231,994) 1t,098 ' Fund Balance. July 1 ; '•; 452;296 452.298 `: - 441,198 • Fund "Balance, June 30 $ " 647,642 .. $ 415,648..: S 231;994 i s 452,296 • • • • - - __. -_.. CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes In Fund Balance Budget and Actual Community Development Block Grant Special Revenue Fund For the Year Ended June 30, 1992 1992 1991 Variance Favorable. Bu et :.: :' Actual , Unfavorable) Actual • . Revenues:. Infergovemmental revenue ' $ ` 453,000` $ 401,762 $ (511,2 38) $ 182,327 4 • Expendkluras a t' Current Community "development— 714,315 400,910 313,405 183,327 • Excess of Revenues Over (Llnderj Expenditures (261,315) 852 . 262,167 >(1,000) Fu401an6e, July 1 (1;000) (1,000) Fund Balance; June 30, .. 5. (262315) $ . (148) , :$ 262,T67 $ • • k a Y x �Il1'i I11 �1 Y, I�• ' ;. rK >-E„ '�� �- �' ,ft> a7•fr ?s?`ir: rrn'" s° � v^� r „ .� Sy? CTSFUND OR • r a F w a's{ < E r �P x s a Ph �'r rx"' >r iz 4 l: is "• .. _ a 2 . • � ,`]'.[�' �f z— .. 5� '� { ��.. ?7h � �kC{115Y �i�...s. `1c' h�,'kh��� '� . �.�+ >�.rj,. 2 - ��� z a r a s2 . '�• $rays a��� €�.ta lra r •' ' . ' -�' �+ ti•r �� � s r �3`E��,�E^s.# �e j��>ta�i� :X•2 tEr rn F .. ' •. E .� „!;: ..,ems .f•. a• S :• , • _ i � ,sue � .. New '? z« s �� �'t -�ri • 'CAPITAL PROJECTS, FUNDS Capital Projects Funds are used to account for resources used for. the acquisition and construction oPcapital facilities hy, the• City, except those financed by Enterprise "City Funds of NewporUt- Capital Projects funds'are•as follows: Tke'Cayttrat /�prdveynswt Fad Is us8d tQ account for the receipt and expend�urce: of "City.. fwds spec�fscally;tdettttfied for capital i itprovetnent projects- y,. r Tke AeseoieeutWstr4 Fwd iS "used to account foi the mceipt and expwditure of funds reodVed•from S petal Assesstneu[ IAstrtets for. capual wproVemgtt:projacts ite Crstr0 Ukury : Cosrsfrrretton Fatrdrs :used iD account for the receipt and expenditure � fuiMs f� conalrue}tan of the Ctty s stewnVal Ltbrary i F + p ai f •' (N t n. Ail y s. �J 1 1992: The business center of.Balboa Island. J912. The business center of $alboa Island. 0 - 66 CITY OF NEWPORT BEACH Combining Statement of Revenues, Expenditures and Changes in Fund Balances • All Capital Projects Funds For the Year Ended June 30, 1997 Central Capital Assessment, Library Improvement District Construction •, Revenues: Revenue from vse of money and property $: 39,621 Contributions from property owners $ '1.209J58 • OtherContritwtions 1,000,000. . Total Revenues 1,208158 . i 1;039,621 •' Expenditures 3 Capital expenditures 290,$09 225,703 • " Excess of Revenues Over , ;(lJnder),Expenditures 918,549 813;918 • Other Financing Sources (Uses) " Operating transfers rm ' • , Operating transfers out ":;', $ (53,563) Proceeds from long term °debt 8,232,399 Proceeds from sate of fixed assets' 1,100,000 •; Total Other'Financing Sources (Uses) 1,046,437 6,232,399 Excess of Revenues and; Othec:Sources.Over (Under) Expenditures andrOther Uses 1,046,437 918,549 7,046,317 • Fund Balances. July 1 ", ' , 53,563 (984,015) Fund Balances, June 30 : ' S° 1,100,000 $ .. (65,468) $, 7,046,317 66 Totals :. 1992 1991 39,621 - 1,209,158 E 466 815 ' 1,000,000 2,248,779 . 488,815 • 516 312, 1,561,968 ' :• 1,732467 (1;095,153) 28,075 .''153,563) • "6,232,399 , 1,100,000 7,278,838 26,075 •, 9;011,303' (1;Ot3907,8) ' (530,452) ,;138,8 $ 080,851 $ (930,452) • • • 67 CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual .. Capital Improvement Capital Projects Fund For the Year Ended June 30, 1992 1992 1991 Variance . Favorable . ,,Budget]. Actual (Unfavorable) Actual Ottier Financing. Sources (Uses} Operating trsn "sfers out (53,563) (53 ;563) Proceeds from the` sale of'fixed assets 1,100,000 ill. 00,000- • Total Othef Financing Sources (Uses): - - 1,046,437 1,046,437,' ; Fund Balance July 1° 53,563 53;563. 53,563 Fund Balance June 30 ., - $ 53;583 $ 1,100;000: u „ $ 1,046,437 $;. 53,563 �,. • 69 CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance .. Budget and Actual. Assessment District Capital Projects Fund For the Year Ended June 30, 1992 • 1992 . 1991 Variance Favorable Budget .. Actual . (Unfavorable) Actual Revenues: . Contributions from property owners $ 900,000 1,209;158 3' 309,158 466,815 • Expenditures: Capital expenditures, 251),800 290,609 (39,809} 1,561,968 • Excess afR ®venues Over F_zpendRures 649,200 918,549 269,349 (1,095:153). Other Financing Souroas: . . Operating transfers,in 28,075 • Excess of Revenues and Other Sources Over Expenditures '649,200 918,549 269,349 (1,069,078) •" Fund"Balance „ July 1 (984,01.5) (984,015 ) -,. 85,063 •' Fund Balance, June 30 • $ (334,815 S (65,468) S 2�1i9 349 $ x(984 015) • • 69 CITY OF NEWPORT BEACH Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual •'. Central Library Constriction Capital Projects Fund For the Year Ended June 30, 1992 1992 1991'' Variance • Favorable Budget Actual (Unfavorable) . Actual Revenues: Revenue from use of money Anid property $ 39,621 $.; 39,621 Contributions' $ 1,000;000 :' 1,000,000 • Total Revenues 1,000,000 1,039,621 39,621 Expenditures,k • Capital expenditures 7,295,000 225,703 7,069,297 ;Excess of Revenues. • Over: Expenditures (6295,000) 813,918 71:08,918 Other Financing, Sources:, - • Proceeds for long4ei n,debt 6,200,000 6,232,399 32,399 Excess of Revenues and Other Sources °Over Expenditures (95,000) 7,046;317 7,141,317 ' 'l • Fund;Balance, July Fund Balance; June 30 $ (9000);' $ 7,046,317 $ 7,141;317 ; $ • • • • • 'ENTF.1tPRLSE`Fc1Nn8 • • 1912. • . •... s. %;' c. it .s t..�; : s c t - b L T3' LR3a ��'a a;f,�; v' ' s'� e Fz : z' , ♦CT, '��e.y R i ita` J II `Y. F'1 ?L 3 ,t SkG$gy .E = _ . l�iy:ro - • %\ � °. '`R X11 \�k J ';�. � • �( n ° sYt C�'J€ j' i;x5�,s�- a i:; " Y• .m�.y� s�ty�Y n tlt , ENTERPRISE FUNDS' Enterprise Funds are used to account for City operations that are ;financed and operated. in . a '.manner similar, to . private business 'enterprises. The objective of . segregating activities of this type iS ;to identity the casts, of providing, the services, and to finance them jharottgh user'chargea. 'City of Newport'Beach Enterprise funds during fiscal year. 199;X 92 are thos4.ltsted below: • The., Caaxery V�Weg Parka, 6iw, is'ukd to account for the revenues and expenses "of operating the • Gana Village parking fac76y '' • TJre Waker Faad is used to account far the ktivrtteis associated with the transmission and distnbuuon of potable water by the City to its users Tire Wastewarier Faced is uaiid to'acebunt for the acti vities associated with providing sewer services by the r uy to: its users The;Mankayark Ruaif is used to accoiint'for the activity. of the,; City owned Marinapark mobile home . 'facility Ll 5 } 1 r y f. 4 F S 4 .,, ... .. • 1992: East Newport as it looks today. .1912:1 The business center of East Newport., CITY OF NEWPORT BEACH Combining Balance Sheet All Enterprise Funds • ol June 30, 1992 Cannery • Village Assets Parking Water Wastewater Current Assets: • Cash and investments $ 13,061,356: Accounts receivable and accrued revenues 1,817,102,. $ 241,061 Due from otheufunds V, 10,804 •'. Inventory of materials and „suppi(es; at cost= 72;353 Other assets .. 1,624* 198 Total C.un'entti4ssets: 14;963,239 241,259' ` Fixed Assets _ •. Land 11,039,163 2;016,450 Structure§ EquiMent 107,471 27,107,141 9,090,841 30;304,080 , 815,840 • Accumulateddepreciatiom, V, (16,000) (11,638136 (20;090,999) Net Fuced Assets = ` 1;130,634 18,576,296 11026,921 • z Total Assets $ 1,130,634 $..33,539,535 <' $ 11;270180 LSaliilitres and;Fund:Equfty . • Cui6nt Uabilities ' • .Accountsand'contractsfpayabla, $ 21,148 $ 757,017 $ 7,929 Accrued payroll 70,821; 23.277 ; Due: o other funds _ 666,080 10,804 • Defgrred revenue T, DepoSrts 133,983' Current portion'oi long -term liabilities 245,000 • Total Current Liablhties .'932,226 961,828 42,010 • Fund Equity, s. Contributed capital 4,553,244. Sj037,790 • Retained Earrings unreserved', 198,408 28,024,463 .. 2;290,380 Total Fund Equity '. = Xi L 198,408 32,577 707 11,228,170 Total Liabilities and Fund' $ 1;130,634 $ 33,539,535 $ 11,270,180 72 • Total Marinapark 1992 • $ 13061,358 3 40,107 2,098,270 1q,a0a =77353. . .• 15 1,837:' ' 40,122,-,; ' 15,244.620 • .; 1000 3 056.613 , 347,065 .: 24,331.: 57,865,747" 1,931,012 - (239,487) (31,984,622). • 132,899. 30 868,750.. $ . 173,021.. • $ ,; 1,054' • 2,398: 154.569 ' ` 96,496' 831453 • 133,983, 245,000. • L,156,021 2,09085. 15,000 13 508;034 30,513,2251 .'... 2.44,019,285.. _ 15,000 s ' $ 46JI 070: 73 . CITY OF NEWPORT BEACH Combining Statement of Revenues, Expenses and Changes. in Retained Earnings .. All Enterprise Funds For the Year Ended June 30 1992 Cannery Village Parking; .. Water Wastewater Operating Revenues: Charges for services $ '` 87,848 $ 9,769,667' $. 1,501,668 • . Other 21,764 29,464 Total OperaUrt9 Revenue 87,848 9,791,431 1,531,,132 • Operating Expenses ' Purchase of water 4,443,398 • Salaries and =Weges 2,141,812 714,856. Depreciation 4,299 667,650 721001 '. Professional services 725,796 115,007: •. Maintenance and supplies 283,699. 99,752 Systems maintenance 325,772 27,386 Other 2,039 429,998 73,373' Total Operatin g Expenses 6,338 9,018,125 1,751,377.. OpeWing'InoomeAloss) ;, 81,510- 773,306. (220,245)' -: Nonoperating Revenues(Expenses) • ;tnt, rgovemmeiita1 revenue 54,020 17,853: Interest income 16118 987,569 Other income, 5,120 • 'werestexpense Other expense < (250,0.00> Total Nonoperating.: ` Revenues (Expenses) 9,40 796,709 17,853 Income (Loss) Before' 4 Opi; Ing Transfers 72103- 1,570,015 (202,392) ` Operating transers'out 517;85 • Net Income (Loos} ,-,, 72,103.. ; 1,515,995 (220,245) Re, tained Ea min g s, Jul y, 1a< s restated- ; .126,305 ; 6;508,468 2,510,625 .. Retained Eamings, June 30 $w 198 408 $ 28,024,463 $: 2,290,380 • • Total, '.• Marinaparic 1992 .. $, 565,291 .. $ 11,924,474 51;228 . '565,291 ". 11 975;702 • 1 4,443,398 `.... 32 2;856,700 10,176 1;403,128 840,803 51,847 435;298 353,1.58 • 32,821 538,231 94,876 10,870,716 . 470,415 1;104;986 • 71,873 , . 19,716 1, 023,403' • 21',364 ;26,484 '. (250,000) 41;080 846;235 511,495 1,9,$1,221 (639,572) (711,445) • ' : - (128.077) 1,239,776 • 128,077: 29,273,475 $�- $ 30,513,251 • 75 II 1 CITY OF NEWPORT BEACH Combining Statement of Cash Flows - All Enterprise Funds For the Year Ended June 30, 1992 .. Cannery Village •'. Parking Water Cash flows from operating activities Operating income (loss) $ 81,510 $ 773,306 • - Adjustments to reconcile .operating income'(loss) to net cash provided by operating activities. • Depredation 4,299.11'. 667,650 Changes in operattng= assets ?and liabilities: (Increase) decreasen accounts receivable (176,073) O' crease] decrease in due'. from other funds (10,805) (Increase),deicrease`in inventories of materials and ppiies at cost` (19;725) • (Increase)' decrease in other.assets (1;824) Increase (decrease) in accounts payable '; (13,695) 132,802 intxease (decrease) in accN6:payroll 83,918 '(1187,656] .. •. I'ncre4se-(46crease)'In due to &Ile rfunds - Increase (decrease) in deposits. (14;869) • Total Adjustments 74,522 389,700 Net cash provided;by operating activities, 156,032 1,163,006 Cash flows from noncapitali financing activities- Intergovernmental revenues 54,020 • Other non.-Operating revenues .5120 Other non - operating expenses (250000) Operating transfers to other funds, (54,026) Net cash provided 'by (used for),.,,,,. =noncapital financing activities (244,880) • Cash flows from capital and related financing activities: ' •. ACgm' Ion of capital assets.,. : (1 384,1145) Principal paid on note payable (7.289) Principal.paid on ceriifrates of participation , (150,000) • . Interest paid on „Certifcite of pad Iicipatiori (25,525) Net cash used'for.:capttal and • related finaning activities (175,525) (1,392,134) ` Cash flows from Investing activities.. ; Interest: on investments ” 16,118 987,569 Net increase (decrease) in cash and cash equivalents. (3,375) . 513,561 and •' Cash cash equivalents,, July 1 3,375 12,547,795. Cash and cash equivalents, June 30 $ $ 13,061,356 II 1 77 •. Total Wastewater Marinapark 1992 • $ (220,2451 $ 470,415 $ . 1,104,986. •72i.003, 10,176' ,. 1,403,128 • . (101,783) . (2,373) (280;229). (I P,805) • (1.5) (19,740) 1198) (1.622) 7,929 7216 1,054 1 :. `128,090 . (96.521) 10,805 ;119,234 130039,. • (14,889) 844 972 128,077 1,237;271 . • 424,727 598;,492: 2,342;257 17,853 71',873 21,364 26.484 . (17,853) (639;572) (250,000) (711,445) • "(818,208) : (883:088) (724 ;727) (2109572) • (7,289) (150,000) (25,525) ,. • (724;727) (2,292;386) 19,716 1,023,403 (300,000) 210,186 • 300,000 12,851;170 • $ $ $ 13,061,358 77 FIDUCIARY FUND TYPES �. FIDUCIARY FUNVTYPES Fiduciary Funds are oompnaed of Trust and Agency :Funds They are used to account for assets held by, the City: in: a trustee capacity, or as an agent; for other goverritt entities, privatf au eaatwtts,.oa individuals. NewoorC.Beacb Trust.. and Agency Funds are,tbstsl "mow:' s; The De fereedCeiapensaaiwr Fwrud is used tooack the assets of the City's defemd canpensation plan f� •, ItS employees n ' i.. t:: Yf 4..n.i .. '.. .. f k.... .. Th Sj,4eW, Assesseesf IArrsd is used to act `cwnt fpr funds received from aff�ted property owttas and • . p$Y?bk to holders of 1911 and 19154 lt bonds 2Yie Special Depiasff Fried t& tared; to accatnt for special deposits held by dte City in • '. ,:',its fiduciary capaty A , Y I} J r v 11 .. a + s x yr .. .. ,.'', 1992:. Hershey, s Marketstands at the same location today. • 1912: John Meurs' Market and the Netherlands Apartments in Balboa. CITY OF NEWPORT BEACH Combining Balance Sheet All Agency Funds June 30, 1992 u • • • Special Deferred Special Compensation Deposit, Fund Fund, Assets: 'Fund Cash and investments.; ' . $ 14,028,982 $ Total Assets -;$ 14,028,982 , '$: Liabilities Deferred empbyee compensation .. $ '13;953,022 Deposits payable. ' 75,960 Due lo'bondholdws Due -to propert y owners -. $ 187,125 ' Duelo,others 323,818 $ Total babiities' •' $ 140028,982 u • • • Special Special Assessment Deposit, Fund, 'Fund $ 323,818 $ 187,125 $: 323,818 , '$: 187,125, $ 209,845. 113,973. $ 187,125 ' $ 323,818 $ 187,125 u • • • .... Totals 1992 :1991 . • ` $ 14,539,925 $ 11,93225. $ 14:539,925 $: _11;936,225 • $ . 13,953 022 $ .11,913,208 ..: 75,980 . - 2045 9,81 . 113,973 23 01-7: `. ... 187,125 • $ 14,539,925. $ ' 11.93%225 • • • • Total Liabilities $ . 11,936,225 1 3,611,459 $ (1,1207;759) 82 $ 14,539,925 CITY OF NEWPORT BEACH ' Combining Statement of Changes in Assets and Liabilities All Agency Funds .. For the Year Ended June 30, 1992 • Balance Balance July 1,1991 Additions Deductions. June 30, 1992 Deferred Compensation: Assets .. Cash and investments : $: 11913 208 $ 2,914,288 $: _(798,514) $ .14,028,982 •.. Liabilities Deferred employee . compensation. $ : 11,913,208 $ 2,833,138 $' (70,324)` , 13,953,022 Deposris payable 81,150 (5,190) 75,960 • Total Liabilities $ ,• 11913,20.8 $ 2,914,288' $ • (798,514) $ 14,028,982 Special Assessments. • Assets • Cash and investments" $. " 23017 $ 597,208 $. (296,407) $ 323,818 baibilities • Due to bondholders . ' $;. 23,U17 :: $ 483,235 $ (296,407) $' :: 2091845 '. Due to property owners 113,973 '- Total Liabilities $ 23,017 $ 597,2081 $ 323,818 Special Deposits: • Assets Cash and investments $ $: 299,963 $ (112,838) $ 187,125. •, Liabilities Due10 others $ $ 299,963 $ (112,838) $ 187,125 • Totals4ll Agency Funds: Assets Cash and investments $ 11,936,225 $ , 3,811,459 $ • (1,207,759) . $ 14,539,925 • Total :Assets $. 11,936,225 $.3,811,459 $. (1,207,759) ..$ - 14,539,925 • Liabilities Deferred employee .. compensation $ 11,913,208 $, 2,833,138, $ (793,324) $ 13,953,022 •. Deposits payable '. 81,150 (5,190) 75,960 Due to bondholders 23,017 483,235. (296,407) 209,845 Due to property owners 113,973 113,973 • Due to. others 299,963 (112,838) 187,125 Total Liabilities $ . 11,936,225 1 3,611,459 $ (1,1207;759) 82 $ 14,539,925 AccovNr GROUPS ACCOUNT GROUPS The General F,Gred Asnem Ammar Group was established to account for the cast of fixed ass Ys' o• the ' Cuy,thia are used in the pnrforraance general govammeat,functions which are not accounted for in the •; ,. Enterprise Funds of the City The Genera! Long -Tenn ebf,A6count Group was established to account faathe unmatured long -term indebtedness of tha 001 Oo be paid from future general revenues. . x t 'k a 1 • . d , I.y f 9 .yi�Y 6� I y ! f i y 1 a 6 !t I. 1992: ;A residence cirri Balboa Islarid. 1912: "The residence of Gardner H. Narbonne on,Balboa Island. " • . CITY OF NEWPORT BEACH Comparative Schedule.of General Fixed Assets • By Source June 30, 1992 . • 1992 1991 General Fixed Assets • Land S :22;205,873 $ 15,225,373 • Structures . 34;737,875 :. 31,839,077 Equipment 8,695,824 7,876,128 Automotive 12,561,825 12,134,682 • Total General Fixed Assets. $ 78,201,397 $ 67,075,260 • Investment in General Fixed Assets • Total Investment in Fixed Assets 78,201,397 • .. Sources are,nctreadily available. The City plans to develop this information for presentation in its Comprehensive Annual ,Financial Report for the year ending June 30;1993. • .. I I CITY OF NEWPORT BEACH General Long -Tenn Debt Account Group .. Comparative Schedule of General Long -Tenn Debt June.30, 1992 Amount Available and to be,Provided for the Payment of General Long-Term Debt. , Amount available in debt service fund $ 7 1;267,602 • Amountio be provided for the payment of general long -term debt . 10,447,882.:" $ 4;329,161 • $$ 11,7,16,484- $$ 4 . . • General Lang -Tenn Debt Payable Certificates of participation payable $ 7,500,000 •. Capitalized leases ` Note payable 950,598 3,264,886 . $ 958,456 . 3,333,477 Loan payable 37,228 • $ 11,715;484 $ 4,329,161 • • • • STATISTICAL SECTION' ; 1992 ............................................................ cr � it rc�4 f r e k t 2 'f 3 � }T •,_ vH �"S "° x 't:. t ('i !��'.( -± a� � ! '5`� 9HATY h a � .�. '�•' + �[, v rte:• Pi �::' .. 3 ; 1992 ............................................................ ilJ4. llaV iL/LJLVI 1Ly�M LV'114y" 012: Swimmers, boaters and bathers enjoying the East Newport Canal. • Miscellaneous Statistics • June 30, 1992 . . • . General Information: Date of Incorportation. ........ . .: ...... ....................... .......: 1906 • Form of Government ............. .......................... ...... Council- Manager Population: Permanent ......................... ..................... .........62,443 Summer ...:......:: .... .........: ..- ...............:: ,:.,.....100,000. :. Tourist ..... .. ,000 to 100,000 per day - Housing units .................... .:`...................20: : 35,093. Occupancy; Factor per dwelling unit ._ ......:............... ...... 1.95 • Area: Square Miles Acres • Land. 14.01 9,024.0 Bay ` 2.04 1,305:6 Ocean 20.00 12,800:/1 . • Total: 36:05 23,129 6 - • Population Density 4;885.3 7.6: • Recreational Area . ......... : ..'... . Acres Ocean Water .....' ..:....... ........................ :...... , .:.:.: 12,800- Harbor Waters ...:............. ".... 1,306 ''Parks .....:................... ...`..... , .......: ...... 135 Beaches ............ 224 • Total .....: ....:... ..... ......... 14,465'. Water Frontage ... ......... Miles . Ocean..:........ : . ..........:. . ....... ............. .: . . . 2 "; Harbor. . 35.94 Total Water Frontage ..... .:: ............ . . .............: ... . . 43.15 . ... Newport harbor. Boats .:......... : ............ ..:.. ....... ...... .. :,....... 9,000_ Residential ......... ..... .:.`........;, ... ............ . ..... 1,230 • ' Commercial Slips and Side Ties .... .... ............ .. •..` ..... ..... 2,119 Bay Moorings .. , ..........;. ....... 1,221 . Public Safety Police Fire Number of Stations 1 6 • Number of Personnel 271 .110 General Governmental Revenues by Source (1) (Last Ten Fiscal Years) Fines, Licences, Inter- Charges Forfeitures Revenue from •. Fiscal Fees and. governmental for and Use of Money Year 'Taxes , . Permits Revenue Services Penalties and Property Other Total • 1982 -1983 $18,605,175 S 1,652,795. S 5,454,380 . S. 2,042,455 S 1,974,112 S 6,422,154 S 1,147,477 3 37,298,548 1983 -1984. 22,114,665 2,181,509 2,665,866: 21332,042 2,409,329 6,452,149 1,904,167- 40,059,727 • . 1984 -1985. 25,585,877 2,031',715 4;303,410 2,733,503 2,541,878 6,392,834' 2,349,901 45,929,118 1985 -1986 .28,685,016 2185,936 10,915,059 3,700,630' 3,039,221 6,661,032 2,631,416. 57,818,310 • 1986-1987 31,663,304 2,387,411 9;1327740 3,963,061 2,372,335 " 6,907,803 5,298;061 59,724,715 1987 -1988. 34076,119 2,294,447 8,157,975 4,266,091 2,881,443 7,528,267 5,053836.. .64;2581178 • 1988 -1989 37,245,279 2,517,205 6,858,019 4,821,564 2,964,864 8,391,781 3,649,089.' :. 66,447;801 1989 -1990 : 38,389;789 - 2,653,730 16,537,544 4,899,970 3,376,570 .. 9,766,006 2,441,088 .78,064,697 1990 -1991 .40;479 235 -. 2,908,179 11,029,004. 3,466,023 3,114,983. 9,999,416 3,555,699 ` .: 74,452,539 1991 -1992 .4t1,466232 1,903;044 10,819,561 4,609,812 3,053,246 9,611,524 2,722,037 73185,456 •. (1) Inpludes General, SpectalRevenue, Debt Service and Capital Projects Funds • Getterat Governmental Eapenditurei by Function (1) • (Last Ten Fiscal Years) Parks, = • Fiscal . .:. General Public Public Community Beaches, & Capital Year Government Safety Works Development Libraries : Recreation' Expenditures Total 1982 -1983, S 3;445,385 $ 16,994,256 S 6,037,934 $ 1,395,858 $ 2,235,131 $ 8,410,064 $38,518,628 1983 -1984 3,737,387. 18,809,480 6,883,212 1,502,294. 2,448,264 8,003,393' 41,384,030 • 19841985 4,179,894 21,185,295 - 7,171,611 1,691,931 2,812,467 10,249,933 47,291,131 1985 -1986 4,736,475` 21,337,158 7,468,089 $ 2,127,784 (2) 1,772,640 ' 2,622,088 11,971,392 .. 52,035,626 • 1986 -1987 5,188,407 20;371,613 13,668,069 447,248 1,976,881 3,049,442 12,522,935 57,224,595 .. 1987 -1988 4,878,412 21,845,493 13,043,460. 450,234 2,156,249 3,0781055 16,657,535 62,109,438 �. 1988 4989 5,248,695 22,014,671 . - 13,870,397: 1,603,571 2,591,300 3,399,035 ` 11,175,926 59,909,595 1989 -1990 5,365,259 26,729,452 15,804,705 185,924 2,819,616 3,790,101 23,611,143 78,306,200 1990 -1991 5,274,572 26,911,630 17,247,313 183,327 3,061,009 4,222,291 18,768,787 75;668,929 1991 -1992 21937,016 30,987,412 12,372,598 3,411,623 3,392,502 5,477,137 16,034,084 74,612,372 (1) . Includes General, Special Revenue, Debt Service and Capital Projects Funds (2) No Community Development. Block Grant funds by the City to fiscal 1985 -86: were received prior year Source: City Finance Department 89 • so '.:. 76 , � 60 so � 40 • �' 30 20 • 10 • 0 • • 4W • 6% • • • • • • • 12% • Governmental Expenditures / Revenues (Iasi Ten Fiscal Years) 1982 -83 1983 -84 1984 -s5 1985 -86 198C. -87 1987 -88 1988-89 1989 -90 1990 -91 1991 -92 General Government Revenues by Source (Fiscal Year 1cX)) -92) 4% B Taxes ® Licenses & Permits ■ Intergovertunental 0 Carges for Services 550/0 M Pins & Forfeitures © Use of Money & Property ■ Miscellaneous 3% General Government Expenditures by Function (Fiscal Year 1W)l - -92) 4% 17% 5% 89 ■ General Government ■ Public Safety 41% ■ Community Development Public Works M Culture & Recreation so Capital Outlay Asssessed and Estimated Actual Value of Taxable Property (last Ten Fiscal Years) Total • Fiscal Secured Public Unsecured Assessed A Estimated Year Valuation Utility Valuation Valuation' 1982 1983 $ 4 704 345 159 t 58 414 910 S 540 597 900 $ 5 303 357 969 • owmw a �opcgy Ai -LLY aca Ulm 1 vfijucgzwala (Last Ten. Fiscal Years) `Total- ;Total Percent Delinquent %of TotalTez • Fiscal <,:_ Qirrent Current of Levy :. Tax iota! Collechons Year - - . Lew Collections' Collected Collections. .. Collections Total hew 1982 - 1983£., -$:. 9,466,008: $ `9,181,218 96.99% 1983 -1984 "9,744,840 1983 -1984. 5,165,387,560 67,215,880 540,974,823 5,773,578,263 • 1984 -1985 6,695;601,115 68,160,450 .: ;.; 594,036,653 6,757,798,218' 14,395,151'.'' 1985 -1986 6,600;799830 ;72,892,420 691;688,711 7,365,380;961 • 1986 -1987 7,090;960,057 78;565,t00" 649,193,026 7,818,718,183 18,962,055. 1987 -1988 .7,710,141;525 80;391,430 839,685;023 8,630,217,978 •. 1988 -1989. 8,357,952,682 - 575,220 (1) 688,645,933 9,0471173,835 1989 -1990 8,992,749,635. 575,220 (1) 771,046,663 9,764 371,518 • 1990 - 1991, 10,013,611,946 575,220 .(1) 894,916,739 10,909,103,905 owmw a �opcgy Ai -LLY aca Ulm 1 vfijucgzwala (Last Ten. Fiscal Years) `Total- ;Total Percent Delinquent %of TotalTez • Fiscal <,:_ Qirrent Current of Levy :. Tax iota! Collechons Year - - . Lew Collections' Collected Collections. .. Collections Total hew 1982 - 1983£., -$:. 9,466,008: $ `9,181,218 96.99% 1983 -1984 "9,744,840 - 91586,308. 98.37% 1984 -1985 1-- 1,544,979 >10,815,544 93.68 ° /a 1985 -1986 12,978,040 ,. 12,189,094;- 93.92% 1986 -1987 14,395,151'.'' -13;783,508 95.75% 1987 -1988 15,942,564 15;311',519 96.04% 1988 -1989 17,308,591 .. 16,678 689 96.36% 1989 -1990 18,962,055. .18,119,326 95.56 ° /a 1990 -1991 21,031,117 19,863,098 94.45% ..1991 -1992 21,516,647 :21,255,177 98.78% Source: County of Orange Auditor- Controller's. Office 90 S 265,800 $ 9,447;018 409;694 9,996,002 392,904 ;. 11,208,448 364,658 12,553',752 465,780 14,149,188 493,507 15,805,026 432,523 17,111,212 392,912 18,512,238 433,571 20,296;669 504,000 21;759,177 99180% 102.58%' 97.09% 96.73% 98.99% 99:14% 98.86% 97.63% 96.51% 101.13% • • • • 12,000 •.. .. , 10.0(0 h • 8,000 b 6,m) D " 4,000 • 2,000 • 0 • • • 25,000 • 20,000 115,000 • • 10,000 • F 5,000 0 • Total Assessed Valuation / Property Tax. Collections (Last Ten RSC4 Years) • 25,000 .: •. " j;`€ �cii�� .:F2ki�i8@6f1��9��iiEil3i`si �jii" '�!i'`i2i "j��i� >�5'i�j!(�(f�` ^� .. r,. :........: 20.000 € ii3FMF1�MiM1 •: { €Etii3':ii € € <ty.; ,. .: : i:"; ai.:.;. t.._.,•e.•.�•.�!�!41ii:r:::.ao-: ?�:i :.: :o-?.:3::;id�:�.:.n ;: t:.� .;.o-• •::.;•; :::.:.t.. :.:...� ::;. ?P €ii43 iii! ..::..:...:.: t. ' 9 3:;: � :E:ia: >ie`t:E > {:�: !;:!rte ::� •:.:::.:e• (y 15 IX3p cRi €ii•S, iii i:iS € €€i >EiFili iij i[ij ie €i3fii P:gi ?iii'E ]O,IXIU tl ZZ p 5,000 ,yw, 0 1982 -83 1983 -84 1984.85 198556 198657 198748 1988-19 1989.90 1990 -91 1991 -92 91 A 92 Construction Activity (last Ten Fiscal Years) Fiscal., Building Permits Percentage Estimated Percentage Yeat Issued' Change Valuation Change •. 1982 -1483 5,224 - 40.93% $ 70,182;421 - 55.62% '' •1983 -1984 . 6,711 28.4640 93;270,502 32.90% 1984 71985 7,050 S: 5:05%. W,359,481 99.81% 1985 -1986 _ 8,263 _ - 17.21% 178,846;581` 4.03% .1986 -1987 9;859 19.32% 180,434,990 0.89% J9,337 • 1987 -1988 ^ -5.29% 120,5121114 33.21% 1988 -1989 9,228, --I.r% 194,655,287 61.52%q' • 1989 -1990 81800, 4.64 %0 118,087;775 39.33%-. 19904901"' = 7,600 13.64 %' _ 1.10,500,000 6 43 %a. • 1991 1942: 7,268. ` 3 . 4.39 %. 77,413;996 - 29.94% • Source,' City Building and Pl-"" 'g:Department a $ : • Bank Deposits s -.' (Last Ten Fiscal Years) br (000! • r islander Year..'. Bank Deposits ` 1981 $1,372,657 1482 1,477,469 . 1983 1;770228 1984 2,045,230 m.. 1985 3;480,426 • 1986 4,702,801 1987 6,011;254 • 1988 - 6,529,897 1989 6,631 ]990 G,971,424 199.1 4,331,692 • 1992 data for bank deposits will not be available until 12 -31 -92 Source; The Findlay Reports on California Financial Insitutions 92 Estimated Value of Construction / Number of Building Permits • 200 Y lc aP acyil wA x A'. 10,0011' • . lgo di 3 k f k ] a d£ i 4 d .. A4' '" d T 5 3 4 8 i' d a A A1Yi•A 9,000 '" Y3 3 VV V iH F' dKiS riT: 16D ,. S 5 F iA" p F (1(1Ik 8W 5 5 if. , V . . 14U A 'A Nil. i`A 9 9 b R S i i3 7,(" IfI1Ik . 9 'i Z' Kk 3 i Sv d g39�d9X i R " �{ 120 & "- ?4 P�•" +d£ "d9y9 df il] RS SA5 4 ] a4 id l i' a 6,000 "� 9 " • S 24 100 G R t a^AF 9 3 ; 6:ME S ki9 Y - rfl.' S, •.. 3 i tt t S' PSY t' d 3J 'Y %e d 9�.t Y is 5,000 M, itlr • L d9 80 qi... 4ry.: i ag ; xR� ;" aei i ;B1 X1241,0 d '' a5 ma.. 4,000 S 60 A 3,000 z • r� 40 a 2,000 £ w Inn a9 ' 20 1,000 • YI 0 0 • 198283 1983 -84 1984-85 1985 -80. . 1986.87 1987-88 1988 -89 1989 -90 199091 1991 -92 ' .. � F.lOn ted.Valualio III-6—.Budding Permlo lbsue . • Bank Deposits • (MiUions of Dollars) 7,000 • 600Q .:.: • + K33'�� '�iY �I� of F Y iQ Wn 5000 4000 • � i y �'1 Wqf r..:. F$ 1 24^� vF�tl; 9 ,` A f^�'JC'i. 3000 _ R. 2000'. 1000 .ay ts5 ';r • 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 93 Property Tax Rates- Direct and Overlapping Governments (Per $100 of Assessed Value) (Last Ten Fiscal Years) Fiscal School County County Flood County, City Metro Water Year Districts Improvement Control &school levy District Total 1981 -1983 $ 0.66740 $ 0.00043 -,S,0.00237 S 1.00000 $ 0.01660 $ 1.08680 1983 -1984 0.02133 _ 0.00039 0.00210 1.00000 0.02370 1.04752' 1984 -1985. 0.01938 0.00032 0.00177 1.00000 6.01560 , 1.03707 ` 1985- 1986 0.01434 0.00030 0.00163 1.00000 0.01640 " 1.03267 1986 -1987 - 0.1186 0'00027 0.00142 1.00000. 0.01480 1.02835 1987 -1988 ,' 0.009.16 0.00022 0.00117 1.00000' 0.01120 1.02175 1988 -1989 0.00852 0.00022 ' 0.00111 1.00000 0.01100 1,02085 ` 1989- 1990 -0.00826 0:00017 0.00093 1.00000 0.01210 1.02146 1990'1991 0.00252 _ 0.00016 0.00082 1.00000 0.00970 1.01320 ` 1991 1992 O 00231 .' 0:00012 0.00063 1.00000 0.00744 1.01050 ". Source` County -`of O*jc Auditor- Controllees Office . .Computation of Legal Debi Margin June 30, 1992 . (1) The fiscal year 1992 debt limit is base on assessed value being equivalent to 1000/o market value. Source, City Finance Department . II. 94 • • • • • • • • • • • • CITY OF NEWPORT BEACH Bramalea,'Bayview LTD Principal Taxpayers • June 30; 1992 Downey Savings and Loan Association Property Tax (usrea atl may) i i • Bramalea,'Bayview LTD • Downey Savings and Loan Association Hoag MemoTial Hospital Presbyterian Hughes Aircraft Company. Irvine Company and Ford Motoc Compairy • Koll :Center • WSW Paine Weber Income. Properties • . Rockwell Ih*attorW Corporation • i 'NEWPORT BEACH PUBLIC LIBRARY' • 11� Schedule of Direct and Overlapping Bonded Debt June 30, 1992 3 3254 00638 4378 - 1991 -92 Assessed Valuation: x 11,375,799,795 • (after deducting $218, 371,115 redevelopment incremental valuation) DIRECT AND OVERLAPPING BONDED DEBT: °k Applicable Debt 6130/92` Orange County. 7.618% $89,301 Orange County Building Authonpes 7.618 21,929,428 _ • Orange County Flood Control Distract 7.626 329,464 Orange County Sanitation Districts #5,6 & 7 Certificates of Participation 7326-97.509 509 .27,984;286 Orange County, Water °District , Certificates ofl?atiacipation .- 1.662.: 2,090;994 Metropolitan Water District 1.556 10,367,707. • . Municipal Water District of Orange County Water Facilities Corporation ..:, 0:072 A5,310 • Coast Community.College Distinct Certificates of Participation, ` 26.199. 4,969,683 Saddleback Community'Colleget Dutna Certificates of P"C1paugn, 0.998 262 608 •: Newport Mesa Unified School <Dastrict 60.744 808,049.. Newport Mesa Unified School = District Community . - • Fa4iliitics Di$W and CC..ificates.of Participation .. 1,665,825 Santa Ana.Unified School District and : Certificates of Parnc. Patiod . 9.991 2;493,264 • Other. School Districts and Authorities.. Various 100,373. Irvme Ranch Water Distinct Ceruficates of Participauon and Improvement Districts 0,042- 15.483 4,503,388 • Cityof Newport Beach Certificates of Participation . 106. 7,5M QW TOTAL GROSS DIRECT AND OVERLAPPING BONDED DEBT 85,138,880 Less: Orange County Sanitation District #7 (10(1% self- supporting) Municipal Water. Distinct of Orange County Water Facilities • Corporation(100%self- supporting) 45,310 TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT 585,093,570 (1) • (1)', Excludes tax and revenue anticipation notes, revenue, mortgage revenue tax bonds bonded lease obligations. allocation and non - capital. Ratios to Assessed Valuation: Direct Debt ,0:0761, ,. Total Gross. Debt 0:75% Total Net Debt 0.75 °h • STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/92:: $9,020 . • • 1992: A residence on Bay Island today, • 1912: The residence of R.S. Marple on Bay Island. 9992 j u.•�•�.•vu•.. 1•'su ... ••.•...•. • •••..•. 0 ........... Kim • •r r� � 1 A♦��1 •••Y•. ••Y•••••••••... a................................... a15• "i YY •'y 6y � '�, � t 5 1 K � f j,,, sl .. • _� �..2�Y '.'y5�3 f r UNIX,- • ,.T - 5 5�.tt e • S� r e. Kim • •r r� � 1 A♦��1 •••Y•. ••Y•••••••••... a...................................