HomeMy WebLinkAboutAudit - Accountants' Report, Financial Statements and Supple f
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CITY of HUNTINGTON BEACH
State ofCalifbrnia
HUNTING;TON BEACH
0 ACCOUNTAN REPORT
0 FINANCIAL
x: ...
0 SUPPLEMENTAPY 1
ATA
fbr the year ended June 30, 1976
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UMM P 'art 'a• ''
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t CITY OF HUNTI_GTON BEACH
yTAKE OF CO".TENTS
• 1
f ' Exhibit Ps'
' Accountants' Report
� iFinancial Statementst
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Combined Balance Sheet - All Fur''; " A 1
General Fund:
Balance Sheet E
{ i Statement of Charges In Unapproprlate+d Fund Balance C 3
t ! Statement of Fewnue - Estimated and Actual 0 -
Statement of Appropriations, Expenditures and Encumbrances E
Speciai Revenue Funds:
Combined Balance Sheet F l0
Combined Statement of Changes In Fund Balance G it
Statement of Revenue, Expenditures and Encumbrances
1 ` Budget and Actual:
! Special Gas Tax Fund H 12
Civic Improvement Fund 1 13
Seger Fund i !�
Planned local Drainage Fund K if
General Revenue Snaring Fund t 15
Federal Manpower Urant Fund M 17
Other Grants Fund N i$
Park Acquisition and Development Fund 0 19
� Self Insurance Fund P 20 W Traffic Safety Fund Q 21
Parking Meter Fund R 22
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CITY (IF HkINT I NGTOh BEACH
TABLE OF CONTENTS, Continued
y t Exhibit F�
Irabt Service Funds:
r Combined Balance Sheet S 23
Combined Statement cf Revenue, Expenditures and
Fund Balenco (Deftclt) T 24
Capital Project funds:
Comb i neO ba 1 ance Sheets D 2S
Combined ,Statement of Revenue. Expenditures and Furd Balance V 26
Enterprise Funds:
Combined Balance Sheet W 27
Water Utility Fund:
Statement of Rovanus and Expenses X 28
Statement of Changes in Retained Eow—O ngs Y 23
Statement of Changes in Financial PotltIon I 34
Headowlark Golf Course Fund:
[ : Statement of Rbvenue and Expenses AA 31
Statement of Changes in AccumW ated Deficit 3B 32
Statement of Changes In Financial Pozition r1C 33
Trust and Agency Funds:
;- Combined Balance Sheet DO 34
Combined Statement of Changes in Fund Balance EE 35
Notes to Financial Statements
R Ut
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PVAT. M.&HWICK.MITCHELL & CQ
CURTITZMD InMUC A-MUNTANTs
sea Nar pomr CVtTMVt narvx
` 29WW" T SMAC.K.CX:•f"MR]A e4ee0
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The Honorable City Council of
the City of Huntington Beach, California
We have examined the financial statements of Cis various funds and account groups of the City of Huntington
Reach for the year ended June 30, 1976, as listed to the table of contents. Our examination was made in
accordance with generally accepted auditing standards, and except as to the General Fixed Assets Group of
f Accounts and as explained in the third paraoraph below, included su.' tests of the accounting records and
t • such other auditing procedures as we considered necessary in L`% circumstances.
As explained in Note i of notes to financial statements, the City has not maintained a detail record of its
general fixed assets. Because we were unable to satisfy ourselves by appropriate audit rests or by other
means, as a result of such incomplete raccrds, we are unable to express an opinion on the accompanying fi-
nancial statements of the General Fixed Assets Group of Accounts.
As explained in Note 1 of notes to financial statements, the Watt- UtllIty Fund does not maintain adequate
detail records of its fixed assets. The amounts by which the financial statements would change if apprcpri-
� 1 ate records were maintained, cannot be determined.
In our opinion, the aforementioned financial statements, except for the General Fixed Assets Group of Accounts
and the Water Utility Fund, present fairly the financial position of the various funds . .J general long tLrm
i debt group of accounts of the City of Huntington Beach at June 30, 1976 and the results of operations of the
various Bands and changes In financial position of the Meadowlark Golf Course Fund for the ;ear then ended
In conformity with generally accepted accounting principles applied on a basis consistent with that of the
preceding year. Also, In our opinlcn, except for the ef!ects of such adjustments, if any, as might have
been determined to be necessary had adequate C:tall fixed csset records been maintained, the financial state-
ments of the Water Ut"ity Fund present fairly its financial position at ,tune 30, 1976 and the results of lta
operations and changes In its financial posltlan for the year then ended in conformity with generally
accepted accountinq principles applied on a basis consistent with that of tha preceding year.
�• s A
l September 30, 1976
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UTY OF 1NiNTWOli 1EACH J
t
COMtINED MAKE SHEET - ALL FUNDS
Junk IL 197C
Spwctal Debt Capital General
Ganer4l Revenue Sarvlcs project Enterprise Trust and GenatoI Long Fixed
a Fcnz rum nfi s runes ut _ Funds agency Funds Taro Debt assets
Assets nsut
Cash and term daposlts $ 3.314,329 7,735,493 SS,524 4i,864 671,245 558,165 - -
Accounts receivable (net) Di,31d 8,:12 - 2o0,44i 9.062 -
Delinquent pr"rty texas receivable
net of reserve for delinquent taxes 62,E77 - - - - - -
Notes rucelvabla - - - - - 82.789
Investvants at cost which approxtmetes
aurkst mote 3) 51,273 176,027 4'1,373
Other receivables 161 - - - - - - -
Due from ether funds 291,083 - - - - - -
Due fmn other governmentet units (net) 131,209 1,116,1St 385 - 6,2111 walls -
Prepaid expenses 185.645 - - - - - -
Deposits - 8,700 - - 32,249 - - -
Project costs (not) - - - - - 6.040 "- •
Amount to bn provtdod for debt retire-ant - - - - 9,313,704 -
A(nunt to ota 7) be provided under capital leases - - - - - 26,182,2115 -
Lsasdd facilities under capital leases - - - - - 1+►.030,04g 1
Property, plant and equipment het of
allowance for depreciation
Restricted asset% cash and investment 326.; 1 t
1 Total assets S 4,117,546 �`,06S,544 57i 3 91,864 26413,.07 705.13i► 15.4`93`9T�9 _ 12.541.810
Stt xccomper-tIm rotes to flranclal stete*wnts; ""
XHIE NIT A
CITY 0f lNN1TIYGToi1 MAO
• corm t1Eo BAUKE WIT - ALL Ft! N
? 1 JUKE ]Q` 1976
Special Debt Capital Cenerb
• ' Camara Revenua Sarvtcs Project Enterprise Trust and Cenral Long Find
Fund Fund Funds F�urtds Fund s l►9�,cY Fonda Tarty Debt lsaats
Liabtlltles Reserves Fund Balances Uudltrd
find Retained Earnings
i Liabilities:
{ Gash overdraft S - 441,241 47,264 -
�.! Accounts pAyabie and accrued expanse 1.276.826 227,610 1,470 165,781
Prepaid r"enue 168510 - - - -
Customer depeslts 165:116 971 - - hot 136,401 -
Due to other funds 2,004 263.653 27,430 -
Accrued interest payable
C,rrrent Installment of bonds and
rotes payable (notes 4, 5 are! 6)
K%tured Interest payable -
0elerrsd rental Income - 627,933 - -
Spact.,. tssassmant bonds and Interest
paymte 135,88I •
Bond interast payabla in future years - - - - - - ",702,04 -
a0lpation under caF•.cal leases - - - " - .o.NB2,275 -
+ lords, net of current :nstatlmtents -
(note 4) - - - - 2,030,000 5,220,000
Notes payable, net of current
Installments (notes 5 and 6) �_i. - �_ - ��bb.i73 - 201.657
+ Total llabllitlrns I MUM 1,561,308 46.Z34_ S.01.6 4 2g9.713 3a.495.979
i
EncumibranL;s ot:tstandirm 662,483
Raservest
Resarve for revenue bond retirement
Raserve for Investments In fixed assets - - - - - - - 18,563,76,
Reserve for leased facilities under 14,030,149
capital leases - -
Contingent liability - - - - -
Other 16.142 64_r,9et - _
Total reserves 16.142 145.64r� 248,552 �2.545.>!NO
r
! ' Contributions - -
Contributions Ir, aid of construction 1,373,394
: Contribution from general fund 1,351.932
I Total contributions 5,733,330
Fund balances:
Unappropriated fund balance 5.771,936 8.i45 91.864 405,a21 -
- AMroprist►d fund 5alance - 2900,202 - - m _ -
-----------
Total fund balances 1,1126,067 E.062,034 ti.ii� I,ah4 sb s4li
Retained earnings -
Ca"Itments and contlny,enotes
d (notes 8 and --
i Total 11ebillttes, reserves,
fund balances and retained 70a.134 14.hss'am 4 earnings 3 4 11 �06ar 57.379 g1,8i4 20.433.207
S ) l
Exhibit.....'. B
r,I TY OF HUNTI NGTON BEACH
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t SE14ERAL FUI+10
OV.ANCE SKEET
r JUNE )-0. 1976
? E± Assets
' Cush and term deposits S 3,314,329
i Accounts receivable (net) 91.318
Delinquent property taxes receivable nat or reserve for delinquent taxes 62,577
Other receivables 1�1
Due from other fund, 291,083
Due from other governmental units (net) 131 ,209
Li Investments,, at cost which a?proximate market (Note 3) I'2 33
Prepaid expenses 15 68
total assets
Liabllltles. Reserves anu Fund Balance
I.irb;titles:
Accounts payable and accrued expenses $ 1 ,276.826
Prepaid revenue 168,910
Custaner deposits 165,116
t { Due to other funds 21004
ft Total liabilities 1 ,0 2,856
Encumbrances outstanding 662,483
Reserves:
Reserves for outstanding warrants 16,192
Total reserves Ib,192
Unappropriated fund balance 1 ,826,067
Total liabilities, reserves and fire balance
See accompanying notes to financial statements%
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{ C;TY OF HUNT I NGTON REACH Ex_�bit C
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4 GENER& FUND
STATE14ENT OF CHARGES M UNAPPWRIATED FUND SALANCE
YEAR EMDED JUNE 30, 1976
t Un*pproprialad fund balance at July 1, 1975 61,0)v
Add:
Ravar,ues 20,881 ,913
Cancellation of 1975 reservs for encumbrances , 2Z.79C
Total additions 21 ,202.713
Deduct:
Fxpenditurns and encumbrances 19,444.664
Unappropriated fund balance at June 30, 1976 $ 1 .826,067
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' See accompanying notes to financial statements.
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C 1 TY OF HUNT 1 NSTON BEACH Exhibit. .G
GENERAL FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
YEAR ENDED .l4NC 30, 1976
Excess
of Actual Percentage
Bud gat Revenue Over of
r fl na Rev isea Actual (Under) Est,mate
Budget Change Budget -Revenue Est i r..ate Rea, i zed
ti
General property taxes:
Current taxes - secured S 7. 58,000 426,245 8,384,245 8,1101
g6O (27 ,281) 97%
Current taxeR - uji acured �+56,000 62,689 518,663 U3,861 i+�,ri28} 43
inter.st and penalties 28,000 - 28,000 14,340 (13.660) 51
Aircratt 1,600 429 4,029 3.645 r �3P�4) 90
Total general property taxis 8,445,b00 _ _ 4js ,3663,r 8,934,263 8.412180b (322115z) 96
' Other local taxes -
Sales and use tax 31808,0000 3,308,000 41197.518 389,518 110
Franchises - utility 350,000 350,OOC 386,957 36.957 111
Franchises - pipeline 10,OOD 10,000 91855 (145) 99
t 1n lieu - water utility 494.000 494,000 505,319 11 ,319 102
f tip ' Occupancy tax 50,000 50,000 01590 tr,590 137
Cigarette tax 500,000 - 500,000 514,672 14,672 103
Reai property transfer tax 39,192 39,192
Total other local taxes 51212,000 5,212,000 54 22,103 �51�,11 110
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t Licenses and permits
License - busicess 480,000 - 480,003 503,530 23,5::0 105
License - oil well production 1.128,000 - 1 ,128,000 1,240,222 112,222 110
License - bicycle 12,000 - 12,000 20.399 8,395 170
License - oil Inspection 80,000 - 80,000 76,820 (3,180) 96
License - antnai 195,000 (95,000) 100,000 104,564 41564 105
Permits - building 238,000 - 238,000 353,267 115,257 148
l PC.-Mlts - plumbing 77,000 - 77,000 85,794 8 M4 e11
Permit: - electrical 83,000 - 83,000 901851 7,8S1 lu9
Permits - heating 44,000 - 44,OCO 38,148 (5.852) 87
Permits - waste water 1G,500 - .16.500 21 ,060 4„60 128
Permits - street and curb tut 30,000 - 30,000 41 ,811 11 ,871 140
Permits - other 22,000 - 22,000 1') 406 (9,S94) 56
{ Total licenses and permits S 2,405,500 (95,000) 2.310,500 2,5B8,932 278,432 112t
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CITY OF HUNTINGTON BEACH Exhibit 0, Continued
GENERAL FUND
� ! STATEMENT OF RzVENUE - ESTIKATED AND ACTUAL, CONTIMED
YEAR ENDED .TUNE 30, 1976 Excess
r of Actual Percantage
• Budget Revenue Over of
' Original Rv I sati Actual (Under) Estimate
8�idget Change Budet Revenue Estimate Rat llzed
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Fines and forfeitures:
Court fines $ 1501000 •• 150,000 118,810 (:11190) 79%
Library fineis and fees 13,000 - 13,000 16,+106 M06 126
Total fines and forfeitures 1631000 16?,000 135,216 t27,7$4 53
Use of money bnd property:
Interest income 150,000 - 150,000 131.950 (18,050) 88
Lease - Huntington Driftwood 96,000 96,000 96,152 152 100
aentals - land 24,0GO - 24,000 17,454 (6,546) 73
Aentais - park buildings 2,500 - 2,500 i4,521 12,021 581
` Rentals - pl-tr and concessions 25,OGO - 25,000 22,930 ;2,070) 92
j ; Rentals - beach aced concessions 90,000 - 90,000 82,576 (7,024) 92
City oil wells 90,000 - 90,000 80,378 i9,622) 89
Royalties and easements 85,000 - 85,000 84,733 (267) 100
Royalties - park 900 - 900 8-14 (86) 9O
� i parking lots 250,200 _ L�50,200 324,468 74,268 130
F?rewood sales 2,719 2,719
Sunset Vista camper facility - - - 33,665 33,66S
Showmobile rental - - - 908 908
Cam►uni cy gardens - - - 220 220 -
Central Park concessions 12,500 - 12,500 11 ,359 (1 ,141) 91
Other - - - 2,22� 2,223 -
Total use of money and property $ 826,100 - 826,t64 2w.470 81 ,370 1111%
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1 t� CITY OF HUNTINGTON BEACH Exhibit 0, Cont.1cued
RENEPAL FUND
STATEMENT OF REVENUE ESTIMATED AND ACTUAL, CONTINUED
YEAR ENDED JUNE 30, 1976 Excess
i
of Actuai FlarcantaS:-%
Bud t Revenue Over of
OrigInal Revisez, Actual (tinder) Estimate
R_udeat Change 8udaet Revenue Estimate Rea li:ad
i 4
Revenue from other agencies:
Trader coach license fee $ y5,000 - 95,000 75,408 (19,592) 7n%
Alcoholic beverage fee 49,000 - 49,000 49,97C, y?0 102
„ County lifeguard and maintenance 110,000 - 110,003 109,079 (921) 9S
Documentary transfer tax 130,000 - 130,000 197,377 C7.377 152
Federal government - - - 13,896 13.1196 -
t ' Motor vehicle in lieu 1,250.000 - 1 ,250,000 1 ,413,446 163,448 113
Bagley conservation fund - - - 708 708
Joint powers - fire 110,000 - !10,000 96.776 (13.224) 88
Injury leave reimbursements - - - 42,769 42,768 -
', Other 10 - - 000 40,777 30,777 408
Total rtve aue from other agencies 1.734000 - 1,Z54,000 -2 040,207 286,207, 116
Charges for current services:
Zoning and subdlvislon 30,000 - 30,000 3E,482 8,482 lid
Sales - maps and publications 8,000 - 8,003 7,487 (513) 94
Oil well application fees 4,400 - 4,400 31100 (11300) 70
Filing and certification fees 11000 - 1,000 730 (270) 73
Plan creek fFses H 2,500 - 112,500 183.628 71 ,128 l63
Engineering an Inspection -
' � ng g d fees 110,000 110,000 204,021 94,021 385
Woed abstamant 30,000 - 30,000 37►971 7.971 127
Special pafice services 80.000 - 80,000 75,138 (4,862) 94
Recreation fees 125,000 - )25,0.►D 113,056 (11,944) 9r
Recreatlen contracts 90.000 - 90,000 101 ,374 11 ,374 113
Environmental impact and exemption
declaration 901OGO (80,000) i0,000 9►763 (237) 98
Water purity analysis 2,000 - 2,000 1,725 (275) bli
Junior lifeguard program 0,000 - 6,000 9,386 3.396 156
0 brary -ervlces 11,500 - 11,500 5,532 (5;968)
Adventureland fees 2,300 - 2,300 522 (1 .778) 23
Other - - _ 33,997 33.997 -
Total charges for current
services $ 2 00 80 000) 622 00 825 12 20 l� z„ _ 3 212,� 33
i � � 6 f
�,. Exhibit 0�Continued
CITY OF HUNTINGTON BEACH
GENERAL FUND
STATEMENT OF REVENUE - ESTIPITED AND ACTUAL, CONTINUED
YEAR ENDED JUHE 30, 1976
Exce►s
of Actual Percentage
Bud et Revenue Over of
13ed Actual (Under) Esti-ato
Budget Chancse Budaet Ravenue Estimate Rea il2ed
Other revenue:
Sele of property $ 15,000 - 15,000 17,968 12,y68 )U%
i Sol" of recreational merchandise 2,000 - 2.000 91888 7,838 494
' Discounts earned 4,000 - 41000 3,042 (958) 76
,peclal fees - engineering 3.500 - 3,500 Too C3.400i 3
Special fees - instruction 21300 - 21500 4,253 1.793 172
Other 3,000 _ 31000 3.98b 9a6 '133
Total other revenue 30,E 301000 49,277 112,277_ 164
Total gene-al fund revenue S 19 MB-.900 314,36 19,853 2_, 63 20,881.,gZ3 1 ,028,66o N105%
i; See accompanying votes to financial statements.
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} CITY OF HUNTINGTON BEACH
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GENE1>41. FUND
STATEMENT.OF APPROPRIATIONS, EXPEMITURES AND ENCUMBRANCES
YEAR E14DED JUNE 30, 1976
Aaarapriatlons E endltures and Encuwk rances
Personal Maintenance
Orlgina► Revised Services and Capital
8udgat 1:hanf.e lsudget Cist 02!ratlon Outlay
fidminl-trative Services: `r
Ci ti, Counc!1 $ 72,385 7,1638 80,023 41 ,428 34,576
Non-Departmentpi1 4,152,3!5 (1,137,483) 3,014,832 10,022 2,75e,361
Administrat!an 266,270 27,421 293,691 242,092 45,127 765
Civic Promotion 60,490 11,652 72.140 22 61,696
Total administrative services 4,551 ,460 (1,090,7+4) 3,46U.586 223,564 2.899,i60 765
Community Services:
Planning 452,051 65,936 5s7.987 462,060 35,989
Library 1,006,479 76,340 i,082,819 628,942 315,976 ?51508
Recreation and Parks 1,466,464 118,038 1 ,584,502 1 .196,677 341,901 L0.148
Public Works 3,,423, 21 177,371 4,100,892 2,651,712 887,161 87,486 j
Total community services 6,$48.515 437,685 �,286,200_ 4,939,391 1.581,027 133,142 }
Pjbllc Safety Services:
Fire 3.692.643 416.902 4,109,545 3.529,217 328,50 91,274
Police 6,034,344 557,247 6,591 ,591 5,711 ,927 57 _,002 1A.818
Harbors and Beaches 1,139,529 63.293 1,202,822 748,166 343,723 9.585 l
Building and Community Development 659,854 70,,546 , 730,400 671,830 25,274 - 1
Total public safety services 11 ,526.37_Q__, 1,101.988 .r;,634,3y8 10,661 .1 .0 1,276,584 2=5,681
Suprort Services:
Treasurer ?'5,595 19,610 95,205 98,204 (10,241) -
Attornoy 219,948 47,801 267.749 235,E+84 26,107
Clerk )00,860 5,132 105,992 64,796 38,006 254
Personnel 149,591 (7,472) 142,127 113,903 26,426 -
Flnancat 644,840 41 ,227 696,067 544,820 _ �0,S_:2 !8,813
1
Total support services 1 ,190,842 106,298 _ -1 ,057,207 171,290 19.o67
Total General Fund direct $24,117,137 _ 561,197 24,678 384 ib 51 02 5,928,E61 448,655
costs
CITY OF HUNTINGTON BEACH Exhibit E
GENERAL FLND
{ STATEMENT OF APPROPRIATIONS, EXPENDITURES Attu ENCUMBRANCES
? YEAR ENDED JUNE 30. 1976
Excess of
Apwop rl at i ous
{ Tvtai Over (Under)
Outstanding Expenditures and Expenditure_ and Percentage of
r Encumbrances Encumbrances Encumbrances appropriations Used
1 ,027 77.031 2,992 961t
190,577 2,958,960 55,872 98
55 288,949 4,742 98
8,L42 70,160 1 ,980 97
{ 201 ,011 3,355,100 65,586 98
+ 938 1196,987 19,000 96
{ 56,1066 1 ,026,812 56,007 95
43.3, 48 1 .602.674 (18,172) 101
1'.6.801 3.775,160 325.732 92
250.073 6,903,633 82 56 3 7 95_
93,118 4,042,198 67.347 98
78,6n7 6,564,414 27,177 100
28,449 1,129,923 72.899 94
3.51:9 700,6$3 22,747 96
203,783 12,437,188 197,170 98
- 87,963 7,242 92
i 855 262,445 5,303 58
1,703 104 ,759 1,233 °9
1 ,212 141 .541 586 IGO
3,846 658.471 27,596 96
t
7,616 1 ,255,18e 41,960 47
662,483 23,991,i01 687,283 974
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i E
CITY OF HUNTINGTON DEACH
GENERAL FUND
STATEMENT OF APPROPRIATIONS, EXPENDITURES AND ENCUMBRANCES, CONTINUED
YEAR ENDED JUNE 30, 1976
Appropriations Expenditures and Encumbrances
Personal Maintenance
Original Revised Services and Capital
Budget _ Change Budget � ost Operation Outlay
Less applied costs:
Special gas tax fund $ 430,000 200,000 630,000 - 630,000 -
Civic improvement fund 1 ,644,887 56,880 1 ,701,767 - 1 ,490,723 1$1,391
Traffic safety fund 440,000 - 440,000 - 363,537
Parking meter fund 90.000 - 90,000 - 10G,074
Water utility fund 40,500 - 40,500 - 40,500 -
Revenue sharing fund 1,859,332 (99,789) 1 .759,543 1,460.304 - 266.264
Other - - - 4 644
Total applied costs 4,504,719 157.091 4,661-,810 1,460,304 2,637,478 448,655
Total General Fund $19,612,468 4041106 20,016,574 15,490,998 ,291.183 -
rt
fSee accompanying notes to financial statc-.�nts.
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L CITY OF HUNTINSTON BEACH Exhlb:t E.Cont.
GENLRAL RIND
STATEMENT OF APPROPRIATIONS, EXPENDITURES A14D ENCUMBRANCES, CnNTINUE0
YEAR ENDED J.� 100, 1476
= Excess of
i . Appropriations
i ! Total Over ([Ender)
Outstanding Expenditures and Ex-,endittires and Percentage of
Encumbrances Encumbrances Encumbrances Appropriations Used
630,000
- 1,673,114 (28.653) '4
363,537 (76,463) 83
106,074 18,074 120
- 40,500 - 100
- i,726,568 (32.975) 98
4,644 4,644 -
- 4,546,437 (115.371) _ 98
662,483 _ 19,444,664 571 ,9iO 92 r
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C 1 TY OF HUNT1 N'GTON BE;CH
SPECIAL REVENUE FUNDS -�
COMBINED BALANCE SHEET
JUNE JO, 1976
Civic !
Spzcia. improve- t
Total Gas Tr,r. _rants Sewer
Assets
Cash and term de;osits $ 7,735,483 2,414,799 960,679 11693,515
Accounts receivablt(net) 8,212 - 61700 1 ,512 i
Due from other governmeptal units (net) 1 ,316,151 367.232 29,507 55,355 i
Deposits 8,700 - 8.700
Total assets S 9,068,;!6 2,782.031 296,886 1,749,082
Liabilities, Reserves and Fund Balance
Liabilities: I
Cash overdraft 441,241 -
Accrued payroll 119,843 - -
Accounts payable 107,767 ?e 3,662
Deposits 871 - 359
Due to (from) other funds 263,653 - - (508,430)
Deferred rental income 627,933 - ='��933 -
Total liabilities 1 ,561,308 78 631 ,95 (908,430)
}
Encumbrances outstanding 1 ,299,555 997,922 2,618 202,962
Reserves:
Contingent llability 84,584 - 84,584 -
Other 61 ,061
Total reserves 145 6, 4S - "04,584 -
Fund balance (deficit)
l Unappropriated 5,771,836 1 ,784,031 277,730 2,038,015
Appropriated 2902202
Total fund talence (deficit) 6,062,038 1178� 277,730 2,054 1550
•i
}^ Total liabilities, reserves and fund balance $ 9,068,546 2,782,031 996,SS6 1,749,082
See accompanying notRs to financial statements. 1
EXHIBIT F
r
CITY Of KUNT14GTON BEACH
SPECIAL REVENUE FUNDS
COMBINED BALANCE SHEET
JINIE 3..L 1976
Planned Federal Federal Park
Local Revenue Manpower Other AcqulsW on and Self Traffic Parking
f Dralna a Shartn Grant Grants Davelapmant !nsurancc Safei Meter
Note 7
1 ,182,000 278,909 - - 1 ,129,027 86,:54 - -
9,773 284,244 111,260 424,072 34,708 - -
l : 1 ,131 ,773 31 ,773- 563,153 111 ,260 4244072 1 163 5
t
55,492 385,749 - - -
115,054 4,789 - -
54,486 _ 21_420 23_250 2,133 2,73$ - -
512 - - -
[ 451 ,040 281 ,083 - - - - - -
545,436 281,083 191 _6 413,788 2,645 2,738 -
j - 65,463 22,606 3,409 75 500
f .
31,Y26 - - + ________ 000 14,835 31.226 - - - - 15,000 14,615
r
341,394 212,607 (103,312) 6,875 1 ,146,015 68,481 -2733667, - - - - - - -
615,061 212,607 (10 312) 6,875 1 ,146,015 688 481 -
E :
1 1, 91,773 563,153 111;250 424 ?2 l 1. b_ 3,735
10
i
CITY OF HUNT14GTON BEACH
SPECIAL REYENIIE FUNDS
COMBINED STATEMENT OF CHANGES- IN F114D 8A'LAHCE
YEAR ENDED JUNE 30, 1976
Special C1vic
Total Gas Tax Improvement Sewer
Fund balance (deficit) at Juiy 1 , 1975 S 5,034,820 1 ,812.876 431 ,031 1 .834.923
Add:
Excess (deficiency) of revenues over expenditures and
encumbrances 560,742 (A4,169) (254,616) 171,530
Cancellation of July 1, 1975 reserve for encumbrances 285,289 55,324 101 ,315 20,216
Transfer of general contract liability to appropriated
fund balance 290,202 - - 16,535
Ad]ustment for acreage fees 11,346 - 11.346
Total fund briance and additions 6,132,359 1,,784,031 V7,730 2,054,550 t
! Less:
Cloiure of 1970 Park Band Construction Fund 120,361 - -
Total 120,361 - -
Fund balance (deficit) at June 30, 1976 $ 6.062,038 1 ,784,031 277,730 2,054,550
t
Sec -iccempanying notes to financial statements.
� 3 L
EXHIBIT 6
CITY OF HUNT i MiGTow BEACH
SPECIAL REVENUE FUNDS
COMBINED STATEMENT OF CHANGES IN FUND BALANCE
t
� s YEAR ENDED J, N 30, ;976
i
Planned Federal Federal Park
Local Revenue Manpower Other Acquisition any Self
_
+ _Traffic Park]"Oraina a Shari Grant Gran:s Development Insurance Safety detern
(58,541) 904.596 (52,953) (90284) 172,212
( 511,085 (789,736) (60,141) 16 054 g
9 2,314 b881
700 97,807 9,822 105 _
273,b67 -
726,911 2i2,607 (ta 3t2) 6,875 t,154.526 68,481
• i1t,85o
-111 ,850 —
615 061212,607 (103�3t2} 6,875 t ,146,015 48'.
• f
CITY OF HINTINGTON BEACH exhibit It
I SPECIAL REVENUE FUNDS
SPECIAL GAS TAX FUND
1
STATEMENT Of REVENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ACTUAL
• t YEAR ENDED JUNE M0 1976
Eudget Actual
{ ; Original Revised
i Budget Change Budget Expenditures Encumbrances Total
Revenue: 1
i ` Interest income $ 20,000 - 24,000 - - 93.789 J
State tax: Section 2107 655,000 - 655,000 - - 635,5040 11
Section 2107.5 1o,000 - 10,000 - - 10,000
Section 2106 7L0,00a - 720,000 - - 695.962 I
Total revenue . 1,405,000 - 1,405,000 - - 1,435,2a1
r
Expenditures and Encumbrances
` Transfer to General Fund 430,000 200,000 630,000 630,000 - 630,000
Capital outlay:
Traffic signals 139,205 - 139,205 73,208 851 74,059
Street iaprovements 926,131 855.324 1 ,781 ,455 (191 ,869) 997,071 805,2G2
Engineering 9,664 - 9,664 102199 - 101P199
l
Total expenditures and 1iI155*324 2,560,324 521,5 8 957,922 1 ,519,460
encumbrances
Deficiency of expenditures and
encumbrances over revenue $ 100 000 11055,324 1,155,324 841,169_
' r
f
See accompanying notes to financial statements.
f `
i 12
r
� . CITY OF NIIMIN6TON BEACHi—
t
( ! SPECIAL REVENUE FUNDS
i L_ SPECIAL GAS TAX FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBILANCES -
BUDGET AND ACTUAL
i
YEAR ENDED .TUNE Ufl 1976_ +
Budget _ Actual
Original Revised
Budget Change gudget Expenditures Encumbrances Total
Revenue:
Interest income $ 20,000 - 20,000 - - 93,789
Stete tax: Section 2107 655,000 - 655,000 - - 635.540
Section 2107.5 10,000 - 10,000 - - 10,000
Secticn 2106 720,000 - 720,000 - - 695,962
Total revenue . 1,405,000 - 1,405,000
Expenditures and Encumbrances
t Transfer to General Fund 430,000 200,000 630,000 630;000 - 630,000
Capital outlay:
ff Traffic signals 139,205 - 139,205 73,208 851 74,059
l : Street improvements 926, 131 855,324 1 ,081,455 {191,860? 997.071 805,202
Engineering 9,664 - 9,6f.4 10,199 - 10,199
iota) expenditures and 1 ,505,000 1 ,055,324 2,560,3'.4 521 ,538 997,922 1.519,460
encumbrances
D�.: icienc;• of expenditures and
encumbrances over revenue $ 100,000 1 ,055,324 1.155,324 84,169
E r
See accompanying notes to financial statements.
12 ''�►
I
i
(}� C 1 TY OF RUKT 1 NGTON BEACH Exh i---b i-!
i
SPECIAL REVENUE FUNDS
CIVIC IMPROVEMENT FUND
•STATEMENT OF REVENUE, EXPENDITURES AND ENCUM6RANCES -
BUDGET AND ACTUAL
YEAR ENnED JDNF 3a_ 1976
'. Budget Actual
Original Revised
Budget Chance Budget Expenditures -Encumbrances Total
{ , Revenue:
Interest income $ 20,000 - 20,000 - - 28,838
Utility taxes:
Water 144,700 19190C 164,600 - ~ 138,743
j Gas 420,000 - 420,000 - - 4491680
1 ; Telephone 677,000 - 677,000 - ~ 723,447
Electricity 1,300,000 - 1,300,000 - - 1,216,629
Sale of surplus land - - - - 126,743
Discounts earned 100 - I00 - -
Other - - _ - - 12-g:47—
Total revenue 2,5613800 19,900 2,581 ,700 - - _ 2,696,917
` Expenditures and Encumbrances:
Transfer to General Fund 1,641,887 59,880 1,701,767 1 ,673,114 - 1 ,673,114
Civic center lease 854,9o0 - 854.900 854,900 - 854,900
i ' Library lease 399,000 - 399.000 399,000 - 399.000
Capital outlay - 67,493 67,493 21,899 2,618 24,517
Total expenditures and 2,895,787 1?7.373 3,021,160
160 2,948,913 2,618 2.951,531
encumbrances
Deficiency of expenditures and
encumbrances over revenue $ 333,98Z 107,473 441,460 _ 224,,616
See accompanying notes to financial statements.
13
-`--- — C I TY OF HUNT I NGTON BEACH Exhibit J
SPECIAL REVENUE FUNDS
SWER FUND ti
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRA14CES
BUDGET AND ACTUAL
• i YEAR ENDED DUNE -30, 197b
Budget Actual
�t Original Revised
= Dudget Change Budget fxpt dltures Encumbrances Total
Revenue: gg
Interest income $ 70,000 - 70,000 - 1
Sewer permits 100,000 - 100,000 3,204
- -
Local assessments 60,000 - 60,000 - - 150,377
Special assessments - - - - - 10,8%
Total revenues 230,000 - 230,000 345,3C5
� '.• Expenditures and Encumbranct:s:
Bolsa Chica 1,590 - 1 ,590 1,59;. - 1 ,590
Sunzet Beach Sanitation District 203,122 203,122 (34.729) 202,962 168,233
Sewer mains 25,288 10,7*34 35„992 3,952 - 3.952.
Total expenditures and 230,000 10,704 24.,,,;-.# (29,1i,7) 202,%2 )73,775
encumbrances
Excess (deficiency) of revenue over
expenditures and encumbrances 5 - 00,704) (10,704) 171,,530
See accompanying notes to financial statements.
i
� t2
i
CITY OF HUNTINGTON BEACH Exhibit K
SPECIAL REVENUE FUNDS
PLANNED LOCAL DRAINAGE FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ACTUAL
i YEAR WED JUNE 30, 1976
ii
Budget Actual
Original Revised
Budget Change. Budget Expenditures Encumbrances Total 1
Revenue:
Interest income $ 70,000 - 70,000 - - 41,089
Local assessments 440,000 - 440,000 - - 718,088
Special assessments - - - - 44,274
Total revenue 510,000 - 510,000 - - 853,451
r ; Expenditures and Encumbrances:
District Seven - 1,545 1 ,545 56,032 - 56,032
Beach Boulevard stcrm drain 45 o'S - 45,468 25,477 - 25.477
01d Town storm drain - - - 10,880 - :0,850
( ; Newland pump station 41 ,368 - 41,368 7,723 - 7,723
1 .' Stater pumF station 99,849 - 99,849 52,426 - 52,426
Slater storm drain pump station 130,262 - 130,:62 127,558 - t27,558
Trudy Lane storm drain 500 - 500 28,198 - 28,198
Newland storm drain pump 16.975 - 16,575 17,049 - 17,049
• Other '75,578 - 75,5j'8 17,023 - 17,023
Total expenditures and 510,000 11545 511.545 342.366 - 342�55
encumbrances
Excess (deficiency) of revenue ove-
*xpenditures and encumbrances $ (1 .545) 1 .545) 511,085
See accompanying notes to financial statements.
i
� i
1 C1TY OF HUNTiNGTON BEACH
Exhibit L
SPECIAL REVENUE FUNDS
GENERAL REVENUE SHAR114S FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL J
YEAR ENDED dUHF 10• 1976
€lud et Actual
Original Revised
Budget Change Budget Expand tunes Enethibrances Total
Revenue:
Federal grants $1 ,124,332 - 1 ,124,332 - - 1 ,124,332
interest income 60,000 - 60,000 - _ 30,285 j
' Total revenue .1,184,332 - 1,184,332 - - 1 ,154,617
Expenditures and Encumbrances:
�. Transfer to Genera) Fund 1 ,859,332 t99,789? 1,759,543 1,726.568 - 1 ,726,568
_ Warner fire si�ation - 152,222 152,222 82,757 69,463 152,220
Library books and equipment - 10,586 10,586 10,323 - !0,3211
Public works equipment _ 39,060 39,060 66,497 � _ 46,497
Grahan Street blockwall 8,798 8,798 8,800 8,800
Total expenditures and 1,859,332 ))0,877 1,970,209 i,874,a50 69,463 1,944,413
encumbrances
Deficiency of expenditures and
encumbrances over revenue $ 675,000 110,877 78,5,877 783 7 b
E
See accompanying notes to financial statements.
�. - 16 �
i
CITY UF HUNT1 HGTON BEArH Exhibit M
SPECIAL REVENUE FUNDS
FEDERAL MANPOWER GRANT Fi;,:O
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 1976
Budget Actual
Original Revi st•_
f Budget_ Change BudSet Expenditures Encumbrances Total
Revenue: ,
Jitls I program Y _ - - 112,981
Title X program 107,000 107,000 5,3!4
Summer youth program 108,000 - 108,000 - - 128,299
Title 11 program ;30,000 - 136,000 - - 254,132
Summer 'forth 1976 program - 123,688 123,688 - - 16,T65
Recreation support - - - - - 3,913
Decentralized recruitment 95,128 - 95,126 - - 126,865
Work experience - senior citizens 120,000 - 123,000 - - 32,226
Louth develo;iment 40,000 - 40,000 - - 1 ,472
Work experience - adult - - - - - 4,061
Title V1 program 523,000 - 523,000 - - 808,267
_ Work experience-classroar. Instruction 42,000 - 42,000 - - 3,369
Manpower planner 25,000 - 25,000 - 20,832
Discounts earhad - - - - 56
Total revenue _1 089.128 230,688 i,319,816 - - 1 ,513,056
Expenditures and Encumbrances:
Comprehensive Employment Training Act:
Title 1 430,628 140,255 570,883 430,726 8 430,734
Title I1 136,000 78,172 214,172 180,193 - 180,193
Title VI 523,000 832,895 1,355,895 933,65: 22,511 962 X-0
Title X 107,000 107,000 53813 87 5,900
Total expenditures and 1 ,089,628 1 .15E,322 2,247,950 1 ,556,591 72,606 1 ,579.197
encumbrances
D%J:cl ency of expenditures and
encumbrances over revenue S 5G0 �..®.927 63614 928,134 - 60 141
See accompanying notes to financial stattnwaits.
17
I
ti
} CITY OF HUB+ INGTON BEACH Exhibit N
r SPECIAL REVENUE FUNDS
OTHER GRANTS FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUTABRANCES
BUDGET AND ACTUAL
YEAR ENDED JU149 1L 1976
Budget Actual
Original Revised
budget Change Budget Expenditures Encumbrances fetal
Revenue:
Economi.c development administration. $ - 175,000 175,OOC - - -
grant
National Science Foundation circuit
{ rider - 29,875 29,675 - - 37,766
District guidance center - - - - - 43,614 j
{ Police Command and Control - - - - - 143,556
Housing and Urban Development 701 - 11,151 11 ,151 - - 13,947
{ Juvenile diversion and counseling - 71 ,n68 71 ,068 - - 1.0,616 _
i . County revenue sharing - 66.500 60,500 - - 252,857 -"'-
Housing and corununity development - 4601000 460,000 _ - - 82_035
Total revenue 8:3,594 813,50,4 614.431 :.
Expenditures and Encumbrances: _
National Science Foundation circuit
rider 12,000 25.105 37.195 18,81t; - 18,81E
County revenue sharing - - 1_5,000 225,000
Prl Ice Command and Control - - - 143,596 - 143,596
i Housing and community development 449,500 10,500 460,000 61 ,643 55 81 ,698
i District guidance center - - - 44,732 - 4':,7:i -
i 1 :lousing and Urban Development 701 - 2,800 2,800 15,142 2,744 17,886 Juvenile diversion diversion and counseling - 71 ,068 /1 ,068 40,616 144 40,760
Seniors' outreach program _ 66,500 66,500 25,421 466 _ 25,887 = .
Total expenditures and 461 ,500 175,973 637,473 594,968 31409 598.377 4-
encumbrances
C
Excess (deficiency) of revenue over 4`
expenditures and encumbrances $(461_500) 637,621 176.121 16,054
1 See accompanying notes to financial statements. = -
</ ,
' CITY OF HUNT I NGTON BEACH
Exhibit 0 -- '
SPECIAL REVENUE FUNDS
' PARK ACQUISITION AND DEVELOPMENT FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES
BUDGET AND ACTUAL
YEAR ENDED-WE 30. 1976 F ��
_a
- Budget Actual
Original Revised
Budget Change . Budget Expenditures Encumbrances Total
ftevenLe:
�,....
Interest income $ - - _ _ _ 15,114
9 - 7
Subdivision license fee 17 OD 4, 1 4 900 !
Unit lot fee 441 ,6C1 - 441 ,6O1 - - 510,320
Federal grant - - - - - 2i5,C00 F� F
1 _ State of California grant
i 416,5o0
Total revenue 616,501 616,501 - - 1 ,625,195
25,195
t : Expenditures and encumbrances: `.
Park improvements: t -�
Golden West College 15,181 - 15,181 l3,039
I LeBard Park - - - 6; - 69
Central Par,: 500,000 - 540,000 450.376 - 490 6
37
Marina Park _ ^' -
5.467 5,467 238 75 313
Huntington Cornnunity Park 250 - 250 250 - 250 n
Warner easement 3,268 - 3,26R 3,263 - 3,263
Southeast Adams and Rushard Park 2,137 - 2,137 ?,5-7 _ 3,5 7
Taylor Park 11 ,946 - 11 ,946 76,7�+5 - 76,7 5
i\
Robinwood ,Park 1 ,422 - 1 ,427 1 ,422 - 1 ,422
Glen View Park - - _ 3.870 _ 3.870 �'=,` tM1
Lambert Park 86,951 - 86,951 86,951 - 86,951 �'�'
Newland Park 4,356 - 4,356 4,256 - 11,356 4
Lutheran Park 10,000 - 10,000
- .: .
` Bike trails - - - (40,315) 315}
i _
Park appropriations 595,272 595,�72
Total expenditures and
t encumbrances 1,236,250 - _ t 2 Y
l tZ36,250 642,606 75 6 , ,U6
Ex-ass (deficiency) of revenue over
- .pend; to res and encumbrances $ (619,749) (619,749) 982.314
��.
See accompanying notes to financial statements.
' 19 =
C t TY OF HUNT 1 RGTON BEACH
Exhibit P
ti SPECIAL REVENUE FUNDS
SELF INSURANCE FUND
STATEMENT OF RE"EENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ,ACTUAL
YEAR ENDED .UNE-M, 1976
Budget Actual
Original revised
Budget Change Budget Exp=nditures Encumbrances Total
� - Revenue:
Compensation premiums:
General Fund $ - ;15,838 115,838 - - 115,838
Grant Fund - - - - - 4,679
Water Utility - 4,206 4.2n6 - - 4,206
r
Total revenue - 120,044 120,044 - - 124,723
Expenditures and encumbrances:
' Travel costs - 100 100 15 - 15
Contractual services - 14,500 Y4,500 - - -
Contractual services, - medical - - - 17,533 - 17,533
f Insurance - excess -overage - 34,300 34,300 33,800 500 34,300
Disability payment - permanent employees- 2,000 2,000 1 ,832 - 1 ,832
• - temporary employees- 500 500 117 - 117
Transfer to Administration-coordinator - 20,650 20,650 2,445 - 2,445
Total expenditures and - 72.050 12,050 55,742 500 56,242
encumbrances
Excess of revenue over expenditures
and encumbrances $ - 4 ,994 47,994 68,481
See accompanying notes to financial statrment3.
ti
{
r
20
CITY OF HUNTINGTON BEACH Exhibit Q
SPECIAL REVENUE FUNDS
TRAFFIC SAFETY FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30, 1976
• Budget- Actual
Original Revised
3udget Change Budget Expenditures Encumbrances Total
Revenue:
Traffic fines $ 440,om- - 44o.0oo_ 363,537 - 363,537
Total revenue 44o,o00 - 440&0 363,537 - 363,537
Expenditures and Encumbrances:
{- Transfer to General Fund 44o,o00 - 44090DO 363,537 - 363.537
Excess of revenue over e.aenditures
and encumbrances $
i ' See accompanying notes to financial statements.
I
i
I
i
21
i� CITY OF HUNTINGTON BEACH Exhibit R
SPECIAL REVENUE FUNDS
PARKING METER FUND
STATEMENT OF REVENUE, EXPENDITURES AND ENCUMBRANCES -
BUDGET AND ACTUAL
YEAR ENDED JUNE 30. 1976
Budget Actual
AL Original Revised
Qudget Chanoe Budget Expenditures Encumbrances Total
' Revenue: -
_ Parking meters:
Commercial $ 10,000 - 10,000 16,337 - 16,337
a Residen�ial 8,000 - 8,00C 8,256 - 8,256
. Pacific Ccast Highway 72,000 - 72,000 83,461 83,481
Total revenue 90,OD0 - 50,000 108,074 - 108 ,074
Expenditures and Encumbrances
Transfers to General Fund 901000 _ 90,000 108,074 - 108.074
Excess of revenue over expenditures
and encumbrances $ - - - - -
See accompanying notes to financial statements.
E
f'
I
r:
22
i
Exhibit S
CITY OF HUNTINGTON BEACH
? DEBT SERVICE FUNDS
COMBINED BALANCE SHEET
.TUNE 30, 1976
1955 Water Bond 1970 Park bond
Interest and Interest and
Total _ Redemption Fund Redemption Fund
Assets
Cash and term deposits S 55,524 55.524 -
Due from other governmental units, net of
allowance for delinquent property taxes 385 385 -
Restricted assets; cash with fiscal agent 1,470 870 600
` Total assets 57,379 56,779 600
' Liabilities and Fund Balance
Liabilities:
Bank overdraft $ 47,264 - 47,264
Matured interest pajable 1 ,470 870 600
Total liabilities 48,734 870 47,864
fFund balance (deficit) 8,645 55,909 (47,264)
Total liabilities and fund balance
f
(deficit) $ 57.379 56.779 600-
i:
See accompanying notes to financial statements.
23 �ci'
V Exhibit T
CITY OF HUNTINGTON BEACH
COMBINED STATEMENT F DEBT SERVICE FUNDS
0 REVENUE, EXPENDITURES At10 FUND BALANCE (DEFICIT)
YEAR ENDED JUNE 30, 1976
• � 1955 Water Band 1970 ?ark Bond _
it Interest and Interest and
Redemption Redemption
Total Fund Fund
Fund balance (deficit) at July 1 , 1975 $ 24,550 61 ,476 (36,926)
Revenues:
Property taxes 435,366 32,301 453,50-
r Interest earned 1 ,610 1 ,610 -
� ' Total revenues 487,476 33,911 453,565
r
1
Expenditures:
Redemption of matured bonds 180,000 35,000 145,000
Interest on bonds 322,8DO 4,375 318,425
Other ;31 103 478
Total expenditures 503,381 39,478 463,903
Fund balance (deficit) at June 30, 1976 $ 8,645 55,909 (47,264)
l
t
See accompanying rates to financial statements.
r
24
j t CITY OF RUNTINSTON BEACH C-L,;,it U
CAPITAL PROJECTS FUNDS
COMBINED BALANCE SHEET
JUNE 10, 1976
1970 Park
Special Capital 1955 Water Bond Bond
Total _ Outlay Construction Construction t
Assets
Cash $ 91364 14,554 77,310
t _
Total a3sats $ 91 ,$64 14,554 771 -
t Unappropriated fund balance $ 91 ,864 14,554 77,310 -
t See accompanying notes to financial statements.
t '
I
" r
4
r �
" 3r
25 �
CITY OF HUNTiNGTON 3EACH Exhibit V
CAPITAL PROJECTS FUNDS
!: COMBINED STATEMENT OF REVENUE. EXPENDITURES AND FUKD BALANCE
YEAR ENDED JUNE 30, 1976
1970 Park.
Special Capital 1955 dater Bond Bond
i Trital outlay Construct ion Construction
Fund balance (deficit) at
t July 1 , 1975 $ (28.497) 14,554 77,310 (120,361)
Total revenues - -
Closure of 1970 Park Bond
Construction Fund 120,361 - - 120t361
f Total additions and
fund balance 91 ,86+4 14,554 77,310 -
Total expenditures - - -
{ r Fund balance at June 30, 1976 1�1,864 14,554 ?i,310
See acccmpanying notes to financial statements.
.T
`N-r
26
c
t
' CITY OF RUNTtOGTON BEACH
I �
' EisTERPRtSE FUNDS
COMBINED BALANCE CiiEET
JUKE �O. 1976
Water
Utility Meadowlark Gulf
Total Funs d Course Fund
Assets
Cash and term deposits S 672,245 609,833 62,412
Accounts receivable, net:
Trade 200,446 200,446 -
Other 8,218 8,218 •• )
Investments, at cost which approximate market (Note 3) 176,027 176,027 - 1
Deposits 321269 32,269 -
1
Total current assets 1 ,089,205 1 ,026,793 62,412
plant and equipment net 0 allowance for
Prop�rty, p19,017.281 15,839,201 3,178,080
•depreclatian
Assets restricted as to use - cr-sh with fiscal agent 326,721 i,326,721 -
t
1
C
f
I
Total assets $20.433,2207 17,192.71§ 3,240,492 _.._
See accompanying notes to financial statements.
t
'-` Exhibit W
1 l� CITY OF HUNTINGTON BEACH
ENTERPRISE FUNDS
COMBINED BALANCE SHEET (Nr.to 2) �
JUNE0, 1976
Water
Utility Meadowlark Golf
Total Fund Course Fund
Liabilities Reserves Contributions and Retained_Earrings
(Deficit)
f . Current liabilities (payable from current assets):
' Accounts payable $ 89,141 89,141 -
�' Contracts payable 900 900 -
Custom:r deposits 401 401 -
Accrued interest payable 47,210 - 47,210
Accrued expenses 28,530 28,F30
Current installment of long term note payable (Note 5) 12,867 - 12,867
Current installment of bends payable (Note 4) 110,000 1i0,0p9 - i
Current liabilities (payable from restricted assets): i
Matured interest payable 5,822 5.822
Accrued interest payable 16,590 16,59G -
t Total current liabilities 311 .461 251,384 60,077 i
Long term note payable, net of current installment (Note 5) 1 ,946,173 - 1 ,946,173
Bonds payable 1n future years, net of current installment 2,830,000 2,830,000 -
(riote 4)
Total liabilities 5208Z,634 3,081 ,384 2,006,250 !
Reserve for revenue bond retirement 248,552 248,552 -
I Total reserves
i
Contributions
' Contribution In aid of construction 8,373,39d 8,373,398 -
Contributions from Genera; Funti 1,353,932 92,608 1 .267,32«a
Total contributions 9.731,330 8,466,OGf 1 ,261,124
1 Retained earnings (deficit) 5,361,691 5,39G.773 `.35.032) _
'. .al liabilities, reserves, contributions, and
X retrained earnings (deficit) S 20,41 ,207 17,192, 115 3,240,492
�7 �'
Exhibit
CITY OF KU TINGTON BEACH
WATER UTILITY FUND
STATE14ENT OF REVENUE AND €XPEUSES (Note 2)
YEAR ENDED . UH1 1% 1976
Operating revenue:
Metered watar sales S 3,263,277
.`. 6unicipal water sales 69,776
Fire hydrant rentals 61 ,844
Acr;ige fees 70,871
Tract fecs 57.977
New services 111 ,495
Other water sales MEMO=33.366F3
Total operating revenue S 3.668,608
Operating revenue deductions:
Operating expense:
Source of supply $ 679,162
Pumping expense 522,548
Water treatment 12,769
Transmission and distribution 274,892
Administrative and general 586,804
Contributions to General Fund in lieu of taxes 505,319 2,581 ,494
L
Depreciation �455,6
Total operating expense 1,037 187
Operating Income 631 ,11,11
!nonoperating income:
Interest 55,868
Other 65,231
Total nonoperating income 121 ,299
Total operating and nonoperating Income 752,520
j Nonoperating expense
Bond interest i'0,971
Fiscal agent fees 912
Other 9.555
L.
Total nonoperating expense 1211448
Net income S 331 ,072 URI'
See accompanying notes to financial statements. 28
Exhibit Y
CITY OF HUNTINGTON BEACH
WATER UTILITY FUND
STATEMENT 4F CHARGES )It- RETAINED EARNINGS (Note 2)
YEAR ENDED J NE 10, 1976
Retained earnings at July 1, 1975 S 4,596,2D1
Add:
t Net Income 631 ,072
Reduction In reserve for revenue bond retirements 210,000
Total balance and additions 5,437,273
Less transfer to general fund - 1955 water bands 40,500
s
l_ Retained earnings at June 30, 1976 S 5.396,7,3
,
See accompanying notes to financial statements.
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' MY T ' OF 1HICI AGTON BEACH Exhibit Z
WATER UTILITY FUND
STATEKENT OF CHANGES iN FINANCIAL MITION (Note 2)
YEAR MED ANE 30. 1976
• Sources of working capital :
Current operations:
Net earnings $ 631 ,072
Charges against sarnings not involving workin4 capital:
Deprsciatlon 455.693
Working capital prrvlded from operations 1 ,086,765
Decrease In assets restricted as to use - cash with rascal agent 24,553
Decrease in reserve for revt►nue bond retiresent 17,002
� 1Total working capital proviaed 1 ,128,320
Disposition of working capita: ;
Additions to fixed assets 650,E40
Payments tr. debt Service fund for redsiiption of general obligation
Water bonds 110,000
Transfer to G;neral Fund for radamption of 1963 water revenue bonds 40,500
Total working cb; ital used 811,710
Increase in working capital S 316,b10
Changas in components of working capital were as follows: �
Increase (decrease) In current assets:
Cash and term deposits S 196,112 t
Account-- receivable,trade (net) 33,854
Accounts r-ceivable,other (net) (81849)
r Investments 10 O27
[ - � Tots i
` Increase (dccr,_,.,,ease) in currant liabilities: {
Accounts payable 28,862 I
i ` Accrued interest payable (9.367)
Out to other funds P5,9?I
Total 85,460
- I
Increase in working capita! $ 3i6,61k1 i
i
Saa accompanying note: to financial statsments.
- - - -_ - ; � Exhtbr� AA� AA
q;TY Or HUNTINGTON BEACH
MEADOWLARK GOLF COURSE FUND
C' STATEHEUT OF REVENUE AND EXPENSES (NnCa 2)
YEAR �1JQEQ ,fSIi1E_30. 1976
t` Revenue:
Lease reven-le S r$O.00O
Interest SAZ3 I
t
Total revenue 155,073
'Expenditures;
Interest 151 ,784
Depreciation 15,760
k Total expenditures 167,544
' Not loss $ 12.471
z
See accompanyin3 notes to finar►cial statements.
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C i TY OF HUNG NGTON t EACN Exhibit BD
t3=ADOWLARK GOLF COURSE FUND
�- STAT EH"NT OF CHAN sES IN ACCUMULATED DEFICIT (Note 2)
YEAR ENDED JUNE 30, 1976
3
Accuimuiated deficit at July 1 , 1975, as p.•eviously reported 5 76, 145
Less prior period ad,justvwunt (dote 2) 55,534
Accumulated deficit, as adjusted n'611
Add net loss 12,471
Accumulated dtf!c!t at June 30, 1976- � 33,082
a
See accompanying notes to financlei statements.
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�- 32 ��
Exhibit CC
CITY OF HUNTiNCTOH BEACH
MEADOWLARK GOLF COURSE FUND
` STATEMENT OF CHANGES IN FINANCIAL POSIT1Od
YEAR ENDED 111NE 3O, 1376
L Source of working capital :
Net loss S 12,E+71
Charges against net loss not Involving working capital :
Depreciation 15,760
Working capital provided from operations 3,s89
_. Prior porlhd adjust�rent accrued Interest payable 35,534
'total working capital provided 5i_),823
Disposition of ►vorklng ca ital :
P
Payment of principal portion of notes payable 325,827
Total working capital used _ 325,827
Decrease in working capital i 262,004
Changes to the components of vmrking capital were as follows:
{{ Decrease in current assets:
i Cash $ 291 ,927
Accounts receivable 2S.000
Total decrease in current assets 316.927
(increiaso) decrease in current liabilities:
( increase in current portion of notes payable (12,867)
( Decrease in accounts payable 62175O
I
Total decrease In current liabilities 49,923
Decrease In working capital S 267,004
Sea accompanying notes to financial statements.
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33
INGT N BEACH Exhibit DD
C I TY OF HURT 0 E
TRUST AND AGENCY FUNDS
COMBINED BALANCE SHEET
JUNE 30, 1976
i'
Warred
f .
i Trust Employee Etedevetoperaat Special
Total Fund Compensation Agency Funds Assessments
Note 2 Note ?
Assets
Cash and term deposits S 558,765 136,402 253 270 3,960 165,133
Accounts receivable 9,082 4:772
Notes receivable 82,789 - 82,789
Investmen s, at ost which approximate - '
market VI:bte 3� 43073 t►3,373
Due from other entities 5,085 51085 -
Protect costs (net) 6,040 - - 61040
. Total assets $ 7054134 1_36,1402 389.289 _ __ 10,000 log,
Liabilities and Fund Balances = ''
i Liabilities:
Due to other funds 27,430 - - 10,000 17.430
Refundable deposits 136,402 136,40? - - -
Special assnssnent bond principal
and interest payable 135,881 _ - 135,881
Total liabilities 299,713 136,402 - 10,000 153.311
Fund balance 405,421 389,2$4 - 16,132
it
Total liabilities and fund balance 70 1 4 A 136,402 38g,28s 10.000 169,443
See accompanying notes to financial statErents.
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- -------- ---- -
-- - CITY V IOUNTINGPON REACH Exhibit EE
TRUST AND AGENCY FUNDS
COMBINED STATEMENT OF CHANGES IN FUND BALANCE
YEAR ENDE!} JUN! 30, 197E
Employee
Trust Dt,ferred Redeve)opm nt speclai
Total F and Corn nsation Agency Funds A=_sessmants
,Note 2MUM—
Fund
f balance at July 1 , 19750 S 260,748 - 244,616 - 16,132
�. Add-.
Interest earned 24,176 - 24,176 - -
( Contributions received 124,492 - 124,4�2 - -
1 Capitalized project costs 6,Q'�O - - 6,040 -
Special assessment payments received 196.y L •• - - 12�,371
r
! Total additions and fund balance 6111,i'2,_ 323,284 6,040 212,50)
Les=:
Paid to participants in employee
deferred cor(pensation plan 3,995 - 36995 -
Special assessment disbursements i96,371 " - - 196►371
( Expenditures ri.Q4t1 6.040 -
` Total daductions 206,406 ,3,995 _ 6.oO 1}fi,171
Fund baia►►ca at Jun�% 30, 1970' 405,471 389,239 - 16,132
See accompanying notes to financial statements.
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( CiTY OF HUNTiNGIoN 9PACH
NOTES TO FINANCIAL STATEMENTS
JUKE 30, 1976
�1} Summar of Si nific y„�__ 9 ant Accounting Policies
The following is a summary of the significant atcountin�
y policies of the City of Huntington Beach.
Furos
i
The basic a�.i�ounting and reporting antity in government Is a "fund." A fund is defined as an Independent
{ Fiscal and accounting Rntity with a self-balancing -set of accounts recording resources together with all
related liabilities, obligations. reserves, and equities ::hick are segregated for they purpose of carrying
cut si-tcific activities or attaining certain objectiv+ts In accordance • A
or limitations.
with s�se:,al regulations, restrictions t ..ions
I
basis of Accounting
The accrual basis OF accounting is follo;pmd for enterprise and trust and agent funds. The modifletl accrual
basis of accounting rs collowad for ti,a g.n..el fret?:.l ra►ro�;:s ca 1 tat y
The modified accrual basis Of accounting I: defined as the basis�of accounjingeunder which and takpendituresds•
r othar than Lucruad interest or long term debt are re-corded at the time liabilities are Rncurred and revenues
t are recorded when raceived In cash, except for material and/or available revenues, whici; should be accrued
i to properly r►3flect the taxes levirid and the revenues earned,
i"Vestment%
investments are steted at -o5t, adjusted for amortization of premium or discount. Invastments generally
� . consist of Federal Government-backed securities, bankers acceptances tnd municipal securities,
Fixed Assets
The generel fixed cssets of the City, those fixed assets which are not accounted for in the enterprise
funds, are accounted for In a separate self-bc'.ancin ",� t0 g group of accounts described as the "general fixed
a,apts ere-p r-' ,ccounts.
General fixed ar.:ats acquired by tho City prior to July 1, 1973 arc not recorded in the City's accounting
retards. Generai `axed assets, except mun;cipa! Improvements other than buildings acquired
subseJuly 1, 1973 are rlcorced at Lost in thx Cltyts accounting records,, Gs^oral fixed assetsare notguent depreciated.
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CITY OF' HUMT1 N9TON BEACH
• NOTES TO FINANCIAL STATEMENTS. Continued
i
(1) Summa of Si ai .icant Accounting Policies , Ce:etinued
t The accounts of the Water Utility Fund include $19.332.004 of property and equipment, less $3,542,803
accumulated depreclr:;.on. Of those assO*., spvroxinritoly $443Y3.000 represents water s:)rvice assets
which hate been 4onated to the city by lndependent centractors prior to June 30, 1568. Such donated
e!ssnts havc been recorded at values antimated ')y Cite personnel. Contributions from subdividers since
June 30, 1968 have not been recorded In the accounts of tho Water Utility Fund.
Depreciation of the Mixed assets of the Water Utility Fund is charged to operations using the straight-
line mathod on the estimated useful life of an asset within a particu 4r asset qroup as follows :
Asset Group Life
��I
Production and rurT.ing plant 115 - 40 years
Transmission and distribution plant 25 - 75 years
�. General plant 10 - 30 years
Transportation equipment 6 - 10 years
General Long-Term Debt
The general long-term debt, except for enterprisa funds, is not carried with the current liabilities of
a fund, but r,ther is recorded in a separate self-balanzing groin of accounts described as the "general
long-term debt group of accounts."
Budgetary Control
Budgetary control is an essential elemon; ir. governmentrl accounting and reporting. The City +!dopts an
annual budget and utilizes an "encumbr4nce system." Under this procedure, commitment_ stAch as purchase
v! orders and contracts are recorded as restrictions of fund balacece through a reserve account.
Vacation and Sick Leave
° it is the policy of this City to record the cost of vacation and sick leave when paid. At June 30, 1976,
the total unrecorded liability for vacation and sick leave accumulated by City empioyeas was approximately
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CITY OF HUNTINGTON REACH
.� NOTES TO FINANCIAL STATEhENTS, Continued
# (1) Suimtayry- of Significant Accounting Politles, Continued
is Pension Plan
I
City employees participate In the Public Employees' Retirement System ldmintstered by the State cf j
California. This retirement plan covers substantially all City empiwites. The total pension axponse
recognized by the City for the fiscal year ended June 30, 1976 was approximately $1,1:O;000. The
excess, if any, of the actuarially computed value of vested benefits over the total of the aoo�!c� pension
fy..d is not determinable.
Doferred Employee CoMensat ion
I
1 The City has Initiated a deferred compensation plan whereby eligible City employees may elect to defer
a portion of their oarolc195 for Federal income tax purposes. The deferred compensation plan has been
cppro ed by the internal Revenue Service (Service). the Earvic4 stipulated In its approval that legal
f title to the deferred compensation funds, together with any Interest the r,--. i, must rest with the City.
For purposes of financial statement presentation, these deferred compensal-:on funds have been treated
r as a separate trust fund of the City.
Oescriptic-n of Leating Arrangements
The City has entered Into long term sublaase agreements -ilth the Huntington Beech Polic FacilitiesCorporati:,n for the rental of the Civic Center complex .end the 'Central Library. Both sublease agree-
ments provide that the Gw-tership of the facilities. constructed on land owned by the City, will
be transferred to the City, at no additional cost, upon co„aletlon of the term of the subleases. Proper
accounting tinder such circumstances requires that such leases be accounted for under the financing
method. Under the financing mathod, the transaction Is regarded as an installment purchase, whereby &A
asset and an associated tong term liability are established. Annusl refZtal paym:snts Are treated as
redu;;tlons of the ;ong term liability (set note 7).
{2) F,;c^ d Aeclassifi•:ations and Changes in Method of Accounting
Certain funds, namely, the enterprise and trust and acency funds previously reported as belno on the
modified accrual basis of accounting have been changed to the full accrual basis of accounting. The
effect of this change upon the aforem*n°lenod funds ha: aefn determined to be Insignificant.
.� 7
CITY Of HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS, Continued
_ (2) Fund ReC183sif1catlonS and Changes in Hathod of Accounting, Continued
i Additienally, the City has elected to racl4ssify the deferred =Vensa ton fund and special assessment
fund as trust funds for the year on-dad June 30, 1976 1n order to inflect tiie chansina nature of these
funds. No restatement of individual fund b0anc as previoL-_ly r�snorted, is necessary.
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(3) Investments In Marketable Sacurities
A summary of the Cityss Investments in marketable securities at Ju!se 30, 1976 Is as follows.
A{rp roxi -mate
Interest Principal A.-wrtlzed Market
Description Rota Maturity E+mount Cost Value
Ceneral Fund%
{ Huntington Beach 'Public
Facilities Corporation 5.5% 1985-1995 $ 30,000 261y64 26,764
f City 9 of Huntington Brach
i 1970 Park Bonds 5.0 1980 25,000 24 0 ?b
Total1�2�
Water Utility Fund:
City of Huntington Beach
1963 Water Revenue v:n4% 3.4-3.5% 1°,83 100,000 IZ61027 176,027
Deferred Compensation Fund.
Huntington Beach Parking
s Authority 1968 Parking
Revenue Bands 5.0, 1984 4?.3 L3 4 3s27)
Total Invastinants "40 OD0 270,673 270,67?
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{ , CITY OF HUNTNGTON BEACH
jfiTES TO F1NAKIA1. STATEMENTS, Continued
i (4) Outstanding in+lebtedness
c
A summary of bonded Wobtedness outstanding as of June 30, 1976 is as follows.
r
+ Maturities
Date of Original Interest Outstanding Annual Arr R
i . Bond Issue Issue Issue Rath June 30, 1976 c) „_FbquIrements Covared
�I GenQrai �
obligation
( bonds:
i 7955 `,tator
Bonds 1955 $ 860,000 2.00-3.00% $ 175,000 $ 35,000 To August 1 . 1985
1970 Park Various amounts
Bonds 1970 6,000,000 5.50-6.00' 5,235.000 from $155,000 to March 1 , 1977 to
5445,000 Nirch 1 , 1°95
Total general obliga-
tion bonds 6,860.000 51410,000
Revenue Sands:
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1963 Water
Revenue Bonds Various amounts
# (a) (b) 1963 3,750,000 3.25-3-50% 2,940,000 from $110,000 to November 1 , 1976 r
t $220,000 to November I , 1993
Total bonds payable $10,610,000 $ 8,350,000
(a) The water revenue bongs do not represent a general liability of the City of Huntington aeach.
(b) At June 30, 1976 there imre 51,5500000 authorized but unissued 1953 'water revenue bonds.
(c) Special assessment district bonds outstanding et June 30, 1976 totalled $111 ,300. Such bonds
are not an obliga-ton of the City.
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k C 1 TY OF HUNT VGTON BEACH
NGTES TO FINANCIAL STA.(FV;. 1TS, Continued
Meadowlark Golf Cours_e Note payable
In 1975, the City entered Into an agreement to purchase the Meadowlark Golf Course from an Independent
earty for a total purchase price aR $31200,000. Perms of the agreement called for an Initial down
' payment of $928,00%) with the re". 1ning $2,2721000 being in the form o;e long-term 7% note.
At June 30, 1976 the baiance of the note was $1 ,959,040. A schedule ••af yearly principal and interest
payments Is as follows.
_.� Yea.__.ar Awau.it
1977 - 2001 $ 1500000
2002 - 2008 200,000
2009 115,703
In connection with the above purchase, the City has leased the golf course operation to an -.Nutside party
for 34 years at a minimum lease Income of $150,000 annually through 2007 and a percentage of income based
upon gross revenues for the years 2008 and 2GO9.
As part of the initial payment of $928,000, the County of Orange contributed $600.000 upon the City's
guarantee to use general City funds when and if necessary to ensure that Meadowlark Golf Course will be
maintained as open space.
The note payable is collateralized by future revenues and does not represent a general cbilgation of the
` City.
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Wa Equipment Sale- Leaseback agreement
The City has entered into a sale-'easeback agreement with a bank for computer equiiiment. This agreement
Is for a term of four years and represents a financial arrangement at an effective Interest ;,ato of ap-
proximately 7.25%. At June 30, 1976 the City owed the bank approximately $231 ,578 Including Interest.
Annual payments under the agreement are $77,193. This agreement represents a future general obiigat'3n
of the City of Huntington Beach.
� b
f CITY OF HUNTINGT9N BEACH
NOTES TO FINANCIAL STATEMENTS, Continued
� S
(7) Leas
The City has entered Into two noncancellable lease and sublease agreements with the Huntington Reach
Public Facilities Corporation (Corporation) for the Huntington Beach Livic Center complex and the
Central Library. Under both agreements. the City Is to pay all taxes, insurance, administrative and
maintenance costs. Title to the site improvements will pass to the City at the termination of the
lease,. The City has determined that such leases are financing leases. Under the financing method,
the transaction Is regarded as an installment purchase, whereby an asset and related liability are
recorded. Annual rental payments are treated as reductions of the liability. Advance rentals from
the Corporation received by the City for lease of the site upon which the facilities are constructed
( , are recorded as deferred rental Income and are being amortized over the ttrms of the sublease in the
Civic Improvement Fund.
i . A description of each lease agreement follows:
� I
(a) Civic Center:
1 The City has entered Into a noncancellable lease and sublease agreement with the Corporation for
the Huntington Beach Civic Center. The City has leased to the Corporation the civic center site
for $350,000 advance rental. The term of* the lease is from January 15, 1972 to one week after
the termination of the sublease.
{ The Corporation has subleased the civic _enter site and improvements to the City for $854,900 on-
nual base rental. The sublease commenced July 1 , 1974 for a term of 30 years or until after all ,
j debts of the Corporation related to the civic center have been discharged, whichever comes first.
(b) Central Library
The City has entered Into a noncancellable leace and sublease agreement with the Corporation for
the Central Library. The City has leased tha sit^ to the Corporation for $300,000 advance rental.
The term of the lease is from September 1, 1972 to one week after termination of the sublease.
The Corporation has subleased the library site and improvements to the City for $399,000 annual base
j rental. The sublease commenced February 15, 1975 for a term of 30 years or until after all debts
of the Corporation related to the library have been discharged, whichever comes first.
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CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS, Continued
(8) Commitments
The City has entered into the following agreementst
(a) in 1967, the City entered into an agreement for the lease of water storage capacity in the
San Joaquin Reservoir for a term of 50 years at an annual rental of S100,000 for the first
ten years, $95,000 ner year for the next ten years, $90,000 per year for the next seven
years and $10,000 per year through the remaining term of the lease.
(b) In 1969, the City entered into an agreement with the Huntington Beach Parking Authority for
the lease of certain parking facilities. The term of the lease is 24 years or until ail of
the Parking Authority's 6968 revenue bends hava been retired. Annual base rental payments
under the lease aggregate $170,050.
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i (c) In June i974, the City leased a park site from the Ocean View School District for a term of
five years. The City may cancel the agreement at the end of any budgetary year. If the
r City makes all lease payments, title to the property will pass to the City. Annual rentals
under the agreement aggregate $64,875. Due to its immateriality, the City has elected not
to capitalize this financing tease.
Minimum aggregate rental commitm-nts under the abtje agreements are as followst
Year Amount
t
1977 $ 329,875
1978 379.875
1979 265,050
1980 265,050
1981 265,050
1982 - 1986 1,325,250
1987 - 1991 1,300.250
r 1992 - 1996 550000
Rerra i nder 200,000
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' CITY Of HUNTINGTON BEACH
• NOTES TO FI NANCiAL STATEMENTS, Continued
( � Commitments, Continued
The City has entered Into agreements with contractors which generclly provide for possible reimbursement
tt. the contractors, of costs Incurred in constructing water, sewer and drainage facllities. The extent
of such reimbursement shall generally be limited to subsequent fees which are collected from other users
of the facilities which are not used to provide improvement to the facilities. The City follows the
practice: of recognizing fees as revenue as they are collected and charges subsequent payments to expen-
ditures at they are made.
(9) Litigation
At Jude 30, 1976, the City was defendant In several legal actions arising in the normal course of bust-
ne3s. The City is insured for public liability and property damage through various Insurance policies
aggregating up to $10,000,000 coverage for each occurrence. in the opinion of the Clty Attorney, the
actual impact to the City upon resolution of the outstanding claims is insignificant.
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PEAT. MARWICK. MITCHELL & CO.
• CERTIlIED PUBLIC ACCOUNTAA'TS
Goo I`EWPORT CENTER DRT L
\Er:PORT DXACH,CALItoRA'IA 986eO
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The honorable Members of the Parking Authority
City of Huntington Beach
Huntington Beach, California
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We have examined the combined balance sheet of the Parking Authority of the City of Huntington Beach as of i
June 30, 1976 and the related statements of earnings and retained earnings and changes in financial position i
for the year then ended. Our examination was made in accordance with generally accepted auditing standards
? and according],. included such tests of the accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances.
In our opinion, the aforementioned financial statements present fairly the financial position of the Parking
Authority of the City of F,intington Beach at June 30, 1976 and the results of its operations for the year then
ended in conformit- pith generally accepted accounting principles applied on a basis consistent with that of
the preceding year. The current year's supplementary data included in Schedules 1 and 2 have been subjected
t. to the same auditing procedures a:td in our opinion are stated fairly in all material respects when considered
in conjunction with the basic financial statements taken as a whole.
September 3O, 971 6
_ ber
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i PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
BALANCE SHEET
�= JUNE 30, 1976 EXHIBIT A
• Assets:
' Current assets:
Cash and term deposits $ 147,079
I Receivables:
Due from general fu;.d $ 2,004
Due from other entities ' 631
Accrued Interest receivable 17,145
Total receivables 19,780
r Total current assets 166.859
Assets restricted as to use - investments, at cost
which approximates market value (Mote 4) 654,603
Fixed assets, at cost: i
Land 371.065
Improvements S 1 ,671 ,083
Less: allowance for depreciation 459,849 1 .211 ,234
Total fixed assets 1.582,299
{ Total assets S 2,403,761
s Liabilities and Retained Earnings:
Current liabilities:
Accrued interest payable S 33,333
Current installment of bonds payable tNote 4) 65^0
Total current liabilities 98.333
Deferred lease income (Note 3) 170,050
Bonds payable, net of current installment (Note 4) 11905,000
Total liabilities 2.173,383
' Retained earnings 230,378
t :
Total liabilities and retained earnings S 2,405,761
See accompanying notes to financial statements.
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
STATEMENT OF EARNI SAND RETAINED EARNINGS
YEAR ENDED JUNE 30, 1976 EXHIBIT 8
Operating revenue:
Lease income (Note 2) S 170,050
Operating expenses:
Depreciation 71 ,247
Not operating Income 9818U3
Nonoperating revenue:
4 Interest earned 41 ,342
+ Total operating and nonoperating inconx 14o,145
Nonaperating expenses:
Interest expense 100,878
3 Net earnings 39.267
i
Retained earnings, July 1 , 1975 151 ,111
Z- Retained earnings, June 30. 1976 _ 230,378
See accompanying notes to financial statements.
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PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACN
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED JUNE 30. 1976 EXHIBIT C
�- 5ources of working capital:
Current operations:
Net earnings S 39.267
t Charges against earnings not involving working capital - depreciation 71 ,247
Total working capital provided li0,514
Dlspos!tion of working capital:
Retirement of bonds 65,000
Increase In restricted assets 199.621
Total 264,621
I
Decrease in working capital S 154,107
r Changes In components of working capital were as follows:
Increase (decrease) in curresit assets:
Cash and term deposits $ 21 ,870
Receivables (7,140)
t Total 14,73_0
Increase (decrease) In current liabilitles%
Deferred lease income 170,050
Accrued Interest payable (I1213)
Total 168,637
S .
Decrease in working capital S 154,107
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r See accompanying notes to f'Mancial statements.
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PARKING AUTHORITY Of THE CITY
OF HUNTINGTON BEACH
NOTES TO FINANCIt.L STATEMENTS
- .'UNE )O, 1976
(1) Summary of Significant Accounting Policies
Basis of Accounting
The accompanying coibined financial statements of the Parking Authority have been prepared using the
accrual basis of accounting. Prior to July 1, 1975, the Parking Authority prepared Its financial state-
ments on the modified accrual basis of accounting. The modified accrual basis of accounting is defined
i as the basis of accounting ender which expenditures other than accrued interest or general tong-term debt
! are recorded In cash, except for material and/or ava;lable revenues, which should be accrued to reflect
property the taxes levied and revenues earned. This change in a=counting method does not have a material
! effect on the accompanying financial statements.
!
Fixed Ass,rts and Depreciation
Fixed assets are recorded at cost. Land Improvements are depreciated using the straight line method over
the term of the lease with the City of Huntington Beach (26 years).
3 Investments
Investments are stated at cost. Such investments consist of federal government backed securities and
bank time certificates of deposit. The investments of the Authority, other than time certificates of
+ deposit, are not adjusted for amortization of purchase premium or discount, which Is insignificant at
.rune 30, 1976.
} (2) Operations a
1 The Parking Authority of the City of Huntington Bi�.Ach Is an independent public agency established In 1967
under provisions of the Parking Law of 1949. The primary purpose of the Parking Authority is to provide
off-street parking facilities .or the City of Huntington Reach. The Parking Authority teases Its parking
�acllities to the City under a lease a3reement which requires minimum annual rental payments of $170.050
through July 1 , 1993•
4
1 PARKING AUT40RITY OF THE CITY
OF HUNTiNuTON BEACH
NOTES TO FINANCIAL STATEMENTS, CONTINUED
i (2) Operations, Coptinuad
The Parking Authority obtai►%ed the funds to acquire and construct these facilities through the issuance of
$2,300,000 of revenue bor.4; which are secured by the rental payments received from the City. The rental is
payable annually �n July 1. Rental Income is to be used for bond principal and interest requirements.
Excess funds, if any, Including Interest earned thereon, which are not required to meet scheduled principal
and interest payments and which are not required by the bond indenture agreement to be established as a
reserve may be: (1) used to finance additions and improvements to the parking facility, or (2) applied as
a credit against annual rental payments from the City.
Under the terms of the lease agreement dated September 30, 1968 between the Parking Authority and the City
the lease is to terminate after all of the 1968 revenue bonds are to be retired or provision for payment
has been made. All costs of maintenance and operatlon have been assumed by the City. The City must also
Fay, in the form of additional rent, all taxes, assessments, insurance, fees and other expenses of the
Parking Authority. At the termination of the lease, the Parking Authority will retain title to the parking
facility. j
I
(3) Deferred tease Income
t
Prior to June 30, 1976, the City of Hunt=ngtun Beach prepaid the 1977 fiscal year annual rental for the
parking facility. Such rental, normally due on July 1, has been treated as deferred lease Income for
ficiancial statement purposes.
(4) Bonded Debt
A summary of the Parking Authority bonded debt Is as follows:
Bonds
t Amount of Bonds Matured Bond
t Date Years of Rate of Original Outstanding Curing Outstanding
Description of Issue Maturity Interest Issue 6%30/75 Year 6/30/76
1968 Parking September, I968 1970-72 6.00% S 150,00D -
Revenue Bonds 1973.79 4.75 470.000 355,000 65,(;00 23G,O00
1960-85 5.00 570,000 570,000 - 570,000
1986-93 5.25 1, 110,000 1,110,000 - 1 ,110,000
§2,)00,000 2,035,000 65,000 1 ,3 n.000
-2- 4.4�
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PARKING AUTHORITY OF THE CITY
y OF HUNT I NGTON BEACH
` DOTES TO FINANCIAL STATEMENTS, CONTINUED
i
w (4) Bonded Debt Continued
s
Interest in payable semiannually each year on March 1 and September 1. Provislonsof the bond agreement
provide for the establishment of three special funds as follows:
a) Bond Service Fund - All revenues received by the Authority from the lease of the parking
facility are placed In the bond service fund. Money in this fund is used to pay bond
• principal and Interest. Amounts received in excess of the amount required to meet
principal and Interest requirements may be transferred to the reserv-s fund or working
capital fund. Under certain circumstances such excess funds may be used to finance
additions and improvements or reduce the annual rental due from the City.
b) Reserve Funds - An amount equal to one-half the maximum annual debt service must be
sit aside to used to pay principal and interest coming due In the event there
Is Insufficient money in the bond service fund and may be applied to the final
1 payments of principal and Inter
est.
c) Working Capital Fund - After provision has been made for payment of bond principal
and interest and an appropriate reserve fund balance maintained, any no In the
bond service Band required to pay the administrative expenses of the authority and
to maintain a minimum balance of $1 ,500 Is to be placed in the working capital fund and
used to meet such expenses.
The $1 ,680,000 principal emount of bonds maturing on and after September 1. 1980 are subject to call
and redemption at the option of the Authority as a whole or In part, in Inverse order of maturity and
by bond number within a single maturity on September 1, 1979 and on any Interest payment date thereafter.
The bond: are r:deemable at par value plus accrued Interest and a premium equal to 1/4 of 1 percent for
f each year or portion of a year from the redemption date to tha maturity date, up to a maximum of 3 :/2
percent.
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PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
BALANCE SHEET - ALL FUNDS
L • YEAR ENDED JUNE 30, 1976 SCHEDULE I
4 Working
—Acquisition Capital Bond Reserve
Total Fund Fund Service Fund Fund
Assets
Cash ani term depcsits c 147.079 145,579 1 ,500 - -
r Receivables:
Due from General Fund 2.'004 2,004
? Due from (to) other funds - (30.773) - 34,039 (3.266) i
Due from other entities 6.41 631 - -
( Accrued interest receivable 17,145 - - 16,268 877
4 Total receivables 19,780 (28,138) - 50,307 (�389)
i
Assets restricted as to use - inv*atments,
at cost which approximate marker value 654,603 - - 563.681 90,922
i , Fixed assets, at cost
Land ;71 ,065 371 ,065 '
Improvements 1 'f7l ,083 1 ,671,083 - -
V Less: allowance for
depreciation (459,849) (459.849)
Total fixed assets l,$82,299 1 ,582,299 - -
Sota1 assets S 2,f.03,761 I ,6"9.740 1 ,500 6133988 88,533
Liabilities and Retained Earnings
i Liabilities:
Accrued interest payable S 33,333 - - 33.333
Bonds payable 1 ,970,000 1 ,97^.000 - -
i Deferred lease income 170,050 - - 170,050 -
1
Retained earnings (deficit) 230,378 ! (270,260) 1 ,500 410,605 88,533
7,jtal liabilities and retained
earnings S 2,403,761 1 .699,740 1 ,500 613,918 88,533
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PARKING AUTHORITY OF THE CITY Or KUHTINNTON BEACH
EARNINGS AND RETAIL EARNINGS - ALL FUNDS
L YEAR ENDED .TUNE 30, 1976 SCHEDULE 2
Working
Acquisition Capital Bond Reserve
, . Total Fund Fund Service Fund _ Fund
Operating revenue:
Lease income $ 170,050 - - 170,050
Operating expenses:
Depreciation 71 ,247 71 ,247 - - -
Net operating Income (loss) 98,803 (71,i47) - 170,050
{
Nonoperating revenues:
Interest earned 41 ,342 5,925 - 28,437 6,980
Transfer from (to) other funds - 59,075 - 52,0 7 _ (6,978)
Total operating and nonoperating
is income (loss) 140,145 (6,21!7) - 146,390 2
i Nonoperating expenses:
( Interest expense 100,675 - - 100,878
j ! Total nonoperating expenses 100,878 - - 100,878
Het earnings (loss) 39,267 (6,2471 - 45,512 2
Retained earnings (deficit) at
i July 1 , 1975 1 11111 (264,013) 1,500 365,093 88,531
t Retained earnings (deficit) at
June 30, 1976 $ 230,378 270,260) 1z 500 410,605 88,533 i _ .
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PEAT. MARWICK. MITCHELL & CO.
CEwrIrIED PUMIC iccoU T"To
Sao NEWPORT cEYfTjm Inarvi
NEWPORT REACH.CALITORMA 92060
The Honorable Board of Directors
Huntington Beach Public Facilities Corporation
Huntington Beach. California
We have examined the combined balance sheet of the Huntington Beach Public Facilities Corporation cs of June 30,
1976 and the related statements of earnings and accumulated deficit and changes in cash position for the
year then ended. Our examination was made in accorda-ie with generally accepted auditing standards, and accordingly
included such tests of the accounting records and such other auditing Procedures as we considered necessary in
i
t. the circumstances.
In our opinion, the aforementioned financial statements present fairly the financial position of the Huntington
Beach Public Facilities Corporation at June 30, 1976 and the results of its operations for the year then ended
in conformity with generally accepted accounting principles applied on a basis consistent with that of the pre-
ceding year. The current year's supplementary data included in Schedules l and 2 have been subjecte►l to the
same auditing procedures and 'in our opinion are stated fairly in all material respects when considered in con-
junction with the basic financial statements taken as a whole.
e , .r d.
September 30, 1976 /
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HUNTINGTON BEACII PUBLIC FACILITIES CCRPORATION
COMBIRED BALANCE SHEET EXHIBIT A
• , JUNE M, 1976
Civic
Total Center Protect Library Protect
Assets
Assets restricted as to use: 1
Cash held by trustee $ 1 ,650 1 ,650 -
' Time certificates of deposit 692,646 443,321 249,325
Temporary investments In U.S. government 1,262,D99 8c4,2$6 407,813
securities at cost (market $1 ,374.972)
Accrued interest receivable 22,659 11 .259 11 ,400
Due from City of Huntington Beach 3,622 _^3,060 562
Total assets restricted as to use 1 ,982,676 1 ,313,576 669,100
Long term assets:
Long term lease receivables less unearned
Income of $12,654,684 (Note 3) 13,527,591 9,238,841 4,288,750
Total assets $15,510.267 101,552,417 4,957.850
Liabilities and Accumulated Deficit
Current liabilities:
Accrued interest payable $ 366,339 271 ,355 94,984
Matured Interast payable 11900 1,900 -
Accounts payable 16,722 5,750 10,972
Current installment of bonds payable (Note 4}
P Y 0 000 2'0 000 0 00 35 12 , 0
Total current liabilities 734,961 509,005 225,956
Long term liabilities:
9ondspayable, net of current installment (Note 4) 15,235,000 10,460,000 4,775,000
Total liabilities 15,269,961 10,969,005 5,000,956
I j
Accumulated deficit (45%694) (416,588) (43,106)
Total liabilities and accumulated deficit $15,510,267 10.552,417 4.9S7.850
:ee accompanying notes to financial statements. �''
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED STATEMENT OF EARNIRS AND ACCUMULATED DEFICIT
YEAR ENDED JUNE 30, 1976 EXHIBIT B
Civic Library .
Combined Center Project Project
Operating revenue:
Lease income (Note 3) S 1 ,253,900 854,900 399,000
Operating expenses:
i
Amortization of lease receivable 312,053 219.782 92,311
Net operating i ncoL a 941307 635,118 306„6 89
Nonoperating revenue:
Interest earned 148, 174 105,919 42,255
c
Total operating and nonoperating income i _889-981 7410037 zLp�v44
Nonoperating expenses:
{ Interest expense 895,610 6G8,390 287,220
Net earnings 194,371 132,647 61,724
Accumulated deficit at July 1 , 1975 (654 065) (5119,235) (104,830)
f Accumulated deficit at June 30, 1976 S (459s694) 416 588) (43,106)
See accompany=ng notes to financial statements.
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HLWINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED STATEMENT OF CHANGES IN CASH POSITION EXHIBIT C
YEAR ENDED JUKE 30, 1976
CIVIC Library
Combined Center Project Project
Sc- of funds:
Inds provided from operations:
Net earnings $ 194,371 132,647 61,724
Decrease la tong-term lease 48,629 - y8,629
Decrease in temporary Investments In
U.S. Government securities 1,002 - 11002
Decrease in time certificates of deposit 631 ,189 458,213 172.976
Decrease in amount due front C!ty of
Hu:.t i ngton Peach �0_128 - O.128
525,219 S90.86C 334,459
Use of funds:
Y Decrease ;n accounts payable 328,1% 108,022 220,134
Redemption of bonds payable 315,000 210,000 105,000
Decrease in accrued Interest payable 13,2041: 10,320 2,972
Decrease in amount payable to City of
Huntington Beach 96,878 910152 5,726
increase In long term lease receivable, net 169.918 169,918
Increase In accrued Interest receivable 2,977 1 ,770 1,207
926,221 591 ,182 335,039
Net decrease In cash 902 _. 322 580
Cash balance at July 1 , 1975 2,552 1,972 580
Cash balance at June 30, 1976 S 1 ,650 1 ,650
Sege accorgpanying notes to financial statements.
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I}LHTtWGTON BEACH PUBLIC FACILITIES CORPORATIOR
MOTES TO FINANCiAL STATEMENTS, CONTIMED
1. Summary of Significant Accounting Policies, Continued
Account Source Use
• i
Reserve Fund Bond proceeds and rental revenue fund Bond principal and interest
Construction Fund Bond proceeds Cost of project
" �r. Bond s First twenty-six months' interest
Interest During Constru- lon on proceed y
Fund on bonds
Rental Revenue Fund City of Huntington Beach rent payments Required transfers to various funds
and/or other specified purposes
Debt Service Fund Transfers from rovenue fund Bond principal and interest
Administrative Expenses Fund Transfers from, revenue fund Corporation operating expenses
iiond Redemption Fund Transfers from revenue fund Call and redemption of bonds, changes,
alterations or additions to the
project, or reimbursnmen: of any base
rent or additional rent previously
paid by the City of Huntington Beach
i �
Upon completion of construction, separate rental revenue funds were established to account for all lease and other
revenues from the City of Huntington Beach for the Civic Center and Library. The separate construction funds
for the Civic Center and Library projects crave been left open to pay tar additions, changes and modifications
to the projects as approved by the Directors of the Corporation.
Funds in the respective rental revenue funds are disbursed as follows: First, to the debt service funds In
amounts sufficient to pay one succeeding principal and two succeeding interest installments; Second, amounts,
necessary to restore the respective reserve funds to amounts equal to one year's lease revenge; Third,
administrative expense funds equal to the budgeted adM;nistrative r:xpanses of the Corporation; Fourth, all
remaining amounts to the bond redemption funds.
The bond redemption funds will first be used to correct deficiencies as they arise In t'-K debt service funds,
reserve. funds or administrative expense funds in order. Funds remaining may be used to p-irchase or redeem
outs€anding bonds, or for changes, additions or alterations to the project or to reimburse the City of
Huntington Beach for rent paid to the Corporation.
HUNTINGTON BEACH PUBLIC FACILITIES CORPOiA1TION
NOTES TO FiNANCIAL STATEMENTS, CONTINUED
2. Organization
The Huntington Beach Public Facilities Corporation was incorporated under the laws of the State of California
_1 as a non-profit corporation on November 25, 1970. The Corporation was formed for the primary purpose of
financing and constructing a new civic center complex and central library for the City of Huntington Beach.
The cant -ucted civic facilities have been leased to the City of Huntington Beach under long term lease
` agreements.
3. Leases
�• The Corporation has entered into two lease and sublease agreements with the City of Huntington Beach. Descrip-
tions of the terms of the leases are as follows:
a) Civic Center lease - The Corporation has entered into a lease and sublease agreament with the City of
Huntington Beach for the Huntington Beach Civic Center. The site upon which the Civic Center 1s
t constructed Is owned by the City. Such site has been leased to the Corporation for an advance rental
I` of $350,000. Term of the lease Is from January 15, 1972 to one week after the termination of the
sublease described in the next paragraph.
The Corporation has subleased the Civic Center site and civic buildings constructed thereon, to the
CILy for an annual rental of $854,900. This sublease commenced July 1 , 1974 and extends for a term of
the earlier of thirty (30) years or until the bonded indebtedness incurred by the Corporation to
j construct the Civic Center hd,: been paid.
b) Central Library lease - The Corporation has entered into a lease and sublease agreement with the Cl.ty
of Huntington Beach for the Central Library. The site upon which the Central Library is constructed
is owned by the City. Such site has been leased to the Corporation for an advance rental or $300,000.
i Term of the lease is from September 1, 1972 to one week after the termination of the sublease
described in the next paragraph.
The Corporation has subleased the Central Library site and building constructed thereon to the City
for an annual rental of $39S.000. This sublease commenced February 15, 1975 and extends for a term
of thirty (30) years or until the bonded Indebtedness incurred by the Corporation to construct the
Central Library has been paid.
Under both lease agreements, the City Is required to pay all t6xes, insurance, administrative and maintenance9
costs associated with the facilities under lease. At the conclusion of the lease agreements title to the leased
facilities will be transferred to the City at no additional cost. Proper accounting treatment requires that
s such lease be treated as a financing lease. Under the financing method, the excess of aggregate rentals over
the cost of the leased property Is generally designed to compensate the lessor for the use of funds Invested.
Accordingly, at June 30, 1976, leases receivable from the City of Huntingtot. Beach totaling $13,527,591
net of learned interest. for tha Civic Center and Central Library facilities have been reflected in the
financl. i statements.
-- -- # HUNTiWON BEACH P'.BLIC FACILITIES CORPORATION
NOTES TO FINANCIAL STATEMENTS, CONTINUED
f
Outstanding indebtedness
, ff A summary of the Corporation's bonded indebtedness as of June 30, 1976 is as follows:
• :' t: _ Maturities
Date Interest Original Outstanding Annual Period
r Bond issue issue rate issue June 3n, 1976 requirements covered
{ Civic Center:
Leasehold Varying amounts
Mortgage Souds January. 5.G0 - from $200,000 to
First Issue (a) •1°72 7.00% $11 ,100,000 10,690,000 $850,000 1975-1998
Central Librarl:
Leasehold Varying amounts
+ Mortgage Bond%, February. 5.00 - from $105,000 to
}i Second Issue �bS 1972 7.0% $ 51000,000 4,895,000 $385,000 1975-1997
$16,100,000 _ 15,585,000
a) The $11,100,000 principal amount of Leasehold Mortgage Bonds, First Issuc. (Bonds) are dated January 15, 1972
and have been issued as coupon bonds In $5,000 denominations. The Bonds, which are serial in nature, mature
� . annually on January 15 of each year. Interest is payable semiannually on January 15 ana July 15 of each year.
Bonds maturing on or prior to January 15, 1982 are generally not subject to call and redemption prior to their
final maturity date. Bonds maturing on or efter January 15, 1983 (a print=pal amunt of $9,090.G00) are
subject to call and redemption at the option of the Corporation, in total or in part, on January 15. 1982
or on any interest payment date Lsereafter. Call price of the bonds shall be an amount equal to the prin-
cipal aa :unt plus a premium equal to one-fourth of one percent of the principal amount redeemd, plus one-
fourth of one percent for each year or fr_ction of a year from the redemption date to the maturity date of
the Bonds. In no event shall the preimlwz mxceed four and one-half percent.
b) The $5,000,OOD of principal amount of Leasehold Mortgage Bonds, Senond Issue are dated September 1 ,
1972 and have been Issued as coupon bonds In $5,000 denominations. The Sends, which are serial in nature.
mature annually on Stptember 1 of each year. Interest 1s payable semiannually on March 1 and 5eptenber 1
of each year.
Bonds :maturing on or prior to September 1, 1982 are generally not subject to tali and redemption prior to
their fixed maturity date. Bonds maturing on or after September 1, 1933 (a principal amount of $ 3.950.000)
r
HUNTINGTON BEACH PUBLIC FACILITIES CORPORAT1OV
NOTES TO F 1199.11�STATEMENTS, CONT 1 NUED
are subject to call and redemption at the op:ton of the Corporation, in total or in part, on September
1982 or on any interest payment date thereafter. Call price of the Bones shall be Ln amount equal
to the principal amount redeemed plus a premiun equal to one-fourth of one percent of the principal
' amount redeemed, pins ona fourth of one per�-,enr for each year or fraction of a year from the redemption
date to the maturity date of the Bonds. In no event shall the premium exceed four percent.
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►WTIN6TDN BLOM PMUC FACILITIES CORtORATtON tLNE'_kfL= 1
BALANCES 1
Clvtt CENTER FFOJECT I
Jtt11E �O 197e
Debt MMd Administrative
Construction Reserve 5er�.lce kedwotIan Ex"nse Revenue
6 Total _ Fund Fund Fund Fund Fund Fund
As�►ets
sets restricted as to use:
Cash told by trustee $ 1,650 635 614 - 431
Time certificates of teFozit 443,321 65.000 - 137.R74 1811507 2.740 56.200
' Temporary InwstrMnts La J.S.
government securities at cost _
ferrket S986.868) 954.266 - 85%,284
Accrued interest rwcalvable 11,259 258 4.oit 3.402 I.E75 57 1.005
Due from (to) other funds - - (4.862) 021967 _ (57.205)
Due from C'-tt of Huntington leach 3,060 3.u60
Total assets restricted as to use 11313,576 68.953 85_ 4,900_ 203.343 131,5831 2.757
Long tam assets:
Long term lease receivable. less 9.236,841 9,23%841 - -
unearned income of SB,71k,OS9
Totoi •zsecs S 10j552.417 9,307.744 854,900 m- .A� id1583 2,737
lli5ttitles asd Rotaired Earnings (Oeflcit)
tv*r". tliabilities:
Accrued Interest payable ?1:±55 271,355 -
"attired interest payable t,90O i.920 Accounts
Accounts payable 5.750 4.750 -
Current portion of long term debt I30.000 230,000
Total c•::rant llalilitias 509.00S 509,005
Leng term liabilities:
bonds payable 10,460,000 10.460.00o _
Total liabilities to,969.005 10,969.005 - .--
' Retained warnings (deficit) 016.5861 11,661.211�_ 854,900 _ 203,343 163,583 2.797
i
Total liabilities and retained
earnings (deficit) gid.j52.417 9.301.744 854.9aa 203.3�3 183.5Si 2,797
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%UNTINC"N MCA I'MU FACILITIES tOOft1T10N SS1+�QUlE
BALANCE SHEET
011RARy KWIMT
-� ,1lpff 30. 1976
Debt Administrative Band
construction Reserve Servics Expensa Reventm Redemptlon
Total Fund Fund Fund fund Fund Fund
Z.
Assets
Assets restricted rs to use:Time certificates of deposit S 249.37S 177,389 _ 68.060 21569 +,307
Tcwporary lnvestwent In U.S.
government securities, (what
5)B8,104) 407,813 - 407,013
Accr-*d interest receivable 11.400 704 9.759 $26 46 - 65
Plus frog (to) other funds - - (iSam) ti),572 - - -
Due frow city of Huntington Beath _ 562 Hi
Total assets restricted as to us, 669,100 175,655 399,000 87,458 =i615 1.372
Long ttm atsas
Long ttra lease receivable. lass
unearned incowa of S1.940.6:5 4,288,720 4,2"'ZIO
r
Total assets S 4,957,850` 4,467.405 !t900 87,458 _ 2.615 - _ 1,372
Liabilities and Ratelawd Earnings (Geftcit)
urrent a t es:
Accrued interest payable 94,984 94.9% - - - -
Accounts payable 10,572 10,972 - - - -
Currant portion of long terra dnbt 120,000 120.000 -
Total current liabilities 275.pg 225.9g,
Lang tern: Ilabilitlas:
loads payable 4.775.000 4,775.000 -_ r
Total llabllltias S.M.956 S.t100,956
' Retained earning% (deficit) 43,1061 (533,551) ll1.000._ 97,458 2,615
Total liabilities and retained
earnings (deficit) S I�.aS],>ire 4.i5T.40S 004 _87,415 2,615 _ 1,372_
� 1