HomeMy WebLinkAboutFinancial Statements and Report - 6/30/70 CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
WITH REPORT ON EXAMINATION BY CERTIFIED PUBLIC I.CCOUNTANTS
JUNE 300 1970
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CITY OF RUNTY-'GTON BEACH
.Tune 30, 1970
CONTENTS
Page
• Number
Accountants' Report 1 - 2
Balance Sheets - All Funds 3 - 4
Statement of Changes in Fund Balances - All Funds 5
General Fund:
Statement of Revenue - Estimated and Actual 6 - 8
Statement of Expenditures and Encumbrances -
Compared with Authorizations 9
Special Revenue Funds:
Balance Sheets 10
Statement of Changes in Fund Balances 11
Statement of Revenue 12
Statement of Expenditures and Encumbrances -
Compared with Authorizations 13
Capital Outlay Fund:
statement of Revenue - Estimated and Actual 14
Statement of Expenditures and Encumbrances -
Compared with Authorizations 15
Library Fund:
Statement of Revenue - Estimated and Actual 14
Statement of Expenditures and Encumbrances -
Compared with Authorizations 16
1955 Water Bond Interest and Redemption Fund:
Statement of Revenue - Estimated and Actual 14
1970 Park Bond Construction Fund:
Statement of Revenue - Estimated and Actual 14
Statement of Expenditures end Encumbrances -
Compared with Authorizations 16
Water Utility Funds:
• Balance Sheets 17
Statement of Changes in Fund Balances 18
Statement of Income 19 - 21
3
Notes to Financial Statements 22 - 23
Supplementary Information 24 - 26
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DIEHL, EVANS AND COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
L LllS C.OICNL,C•P,A.IIpZS•IDS 8) I910 N017tH BUSH STRClT OTHER OF/IC CS AT:
BRTN A.CVANS,C.P.A. 705 CAST MAIN STREET
wIN O.PLTERS,C.P.A. SANTA ANA,CALIFORNIA 92708 SANTA MARIA.CALIF CANIA
DONALD H.-CTCRSON,C.PA. Klwormy 2-4453
WALMYTS-267P
DONALD K.CALLAHAN,C.P.A.
L.PCTCR SCHCRER,C.P,A. 575 NORTH H OTRCCt
WARD 14.6ALLACHCR,C.P.A,
JOHN A.RAASCRD,C.P.A, August 27, 1970 LOMPOC,C
RAYMOND V. IRAZILR.C.-.A REVtMT G-SRSG
NIA
-S>!5
ACCOUNTANTS' REPORT
City Council
City of Huntington Beach
Huntington Beach, California
We have examined the balance sheets of the various funds of the City
of Huntington Beach at June 30, 1970 and the related statements of changes in
fund balances, revenue, and expenditures and encumbrances for the year then
ended, Our examination was made in accordance with generally accepted auditing
standards, and Accordingly included such tests of the accounting records and
such other auditing procedures as we considered necessary in the circumstances,
except that, as described in Note 1 to `.he financial statements, a substantial
portion of the cost of Water Plant in service is based on estimates made by
City personnel, and it was not within the scope of our examination to verify
that portion of the cost.
The general fixed assets of the City are not included in the accom-
panying financial statements.
Since a substantial portion of the cost of the water plant in service
is based on estimates made by City personnel, we are unable to express an
opinion 7 the financial position of the Water Utility Funds at June 30, 1970
and the xesults of their transactions for the year then ended. As a result
of our examination, however, it is our opinion that the statements present
fairly the assets and liabilities (except the coat of contributed water plant
in service as described in Note 1 to the financial statements) of the Water
Utility Funds at June 30, 1970, and their revenues and expenditures (except
depreciation expensn.) for the year then ended, all in conformity with generally
accepted accounting principles applied on a basis consistent with that of the
preceding year, except for the change, which we appre-we, in the method of
recording the liability for reimbursement agreements as explained in Note 3 to
the financial statements.
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In our opinion, the accompanying statements present fairly the financial
position of all other funds of the City at June 30, 1970, and the results of
fund transactions for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with that of the preceding
year except for the change, which we approve, in the method of recording the
liability for reimbursement agreements of the planned Loeal Drainage Facilities
Fund as explained in Note 3 to the financial statements.
Because of the omission of general fixed assets as noted above, it
is our opinion that the accompanying financial statements do not present the
over-all financial position of V' e City at June 30, 1970.
Our examination also included an examination of the supplementary
Information presented on Pages 24 to 26 inclusive. In our opinion, this
supplementary information, when considered in relation to the basic financial
statements, presents fairly is all material respects the information shown
therein.
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8paatak Ca ttih water
ASSETS GsunsraL Fund _ lnaes'!oasts Ouslav"lua3 Libra ` Pa�rd ' 1�titiLg. l�biaids-
Treasurer's cash and short tern investments $ 2,837,1S9.0J $ 3,131i618.61�-. ` 4 495,796.92% $ 145,830.56 " $ 1,004,794.22
Cash and investments with -fiscal agent - -": 310;931.SG
Petty cash 3,OQ0.00 - - '50.00
Accounts receivable 38,059.25- 30945.M 10.69 132,338.6.1
Accrued interest receivable 38,990.35. 43,212.55. 8,432. 1,769.60 16,743.90
Impounded property tuxes receivable 277,667.39 - - - -
Interfund loan receivable - 215,430.00 - - -
Due from dater Fund for 1955 Bond Interest and Redemption 455,971.43 - - - -
Due from other funds 66,397.61 - - - 74,839.09
Deposits - - - 32,269.00
Due frow other agencies 120,270.50 - - - 71.50
Utility plant in service, net (Note 1) - - - 14,102,434.60
Amount to be provided for Bond Redemption -
TOTAL ASSETS 5 3.837.544.62 S 3,394 206.74i S 147.660.85 ,15.674.62�2�
LIABIILITIES, RESERVES AND FUND BALANCE
a
Accounts payable $ 209,169.08 $ 135,301:40 $ 12,652,51 $ 3,108.32 $ 142,224.06
Accrued payroll 288,682.72 32,903.22- - 9,634.35 7,593.61
Reimbursement contracts payable - 275,346.10 - - 31,713.69
Matured interest payable b 21,847.75
2.5.3t�Accrued bond interest, 1963 water bonds - - - - ,
Refundable acreage fees - 11.346.00 - - -
Miscellaneous deposits 8,258.14 2,997.67 - 473.55 235.05
Due to other funds 71,975.60 2,865.49 - - 522,369.04
Due to other munitipalities -jj Interfund loans payable - 198,000.00
Prepaid licenses and oil permits 61,438.50 - - -
Advance from municipality - general obligation bonds - - - - 385,000.00
General bonded debt (Note 2) - - - - -
Revenue bonds payable - - - 3,540,000.00
Reserve for encumbrances 462,592.09 80,426.99 94,720.93 22,464.78 22.095.32
Reserve for impounded property taxes receivable 277;66716'39 - - - -
Reserve for amounts due from other funds 522,369.04 - - -
Reserve for Solea Drainage - 139484.40 - - -
Reserve for refuse collections receivable 36,652.80 - - - -
Contributions in aid of construction (Note 1) - - - 8,373,398.45
• City contributions to Water Fund - - 92,607.51
Reserve for refuse contingency 247,Er79.go - - -
Fund balance 1. 1.._:3fr 2,641;535: 7 ' 396. 56,4 �1117985 2s531.042.94
TOTAL LIABILITIES, RESERVES AND FUND BALANCE 9t _3:837:544.62 S '3,39k_2��74 $ SOiw229.76� S']ir7_65Q,85 $ 15_574� *_?�
See accompanying accountants' report and notes to financial statesants.
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135 Bond 1955 Water $and ` 1970 Lek sici ed llPicia3 = 8ps�c!al
Construction Interest and Ca+striialcm , :V.06 .41B4 1,1agmstaeatal Astsssarat Asses scent General
ASSETS Amd Reaiasrptioa Fund ?test'Fund funds ftod Bonded Debt -
Treasurer's cash and short term investments $ 77,310.38 $ 68,943.42 $ 5,617z422:19 86,020.99 $ 89,066.00 $ 28,7:5.12 $ 23,821.35 $ -
Cash and investments with fiscal agent - 675.00 - - - - -
Petty cash - - - .50.00:
Accounts receivable - - - - - - -
Accrued interest receivable - 963.89 95,270.16 812JIG -
Inter_und loan receivable - - - - - - - -
Due from water Fund for 1955 Bond Interest and
Redemption - - - - - - - -
Due from other funds - -
Due from County of Orange - -
Due fz.)m other municipalities - - - - - - -
Due fray State of California - - - - - - - -
Plant in service, net (Note 1) -
Amount to be provided for Bond Redemption - - - - 6,385,000.00
TOTAL ASSETS S 77-JU-36 S 74.6 2.31 .712_49�2,32 5�94�5� S 88_468.00 S 29_725. 2 21.35 S 6.385_40I?.04
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LIABILITIES, RESERVES AND FM BALANCE �
Accounts payable $ r $ - $ 2,492.50 $ -43,999.68
Accrued payroll - - -
Matured interest payable - 675.00
Accrued bond interest, 1963 water bonds - -
Refundable acreage fees - - _ -
Miscellaneous deporits - - _ 60.00 88,068,00
Due to other funds - - _ - -
Due to other muuicipalities - - _ 5,249.13
Due to assessment district bondholders - - - - - - 23,821.35 t
Inter€und loans payable - - - - - 17 430.00 - -
Prepaid licenses and oil permits - - _ _ _ - _
Advance from municipality - general obligation:
bond -
General bonded debt (Note 2) - .. - - _ _ 6,395,000.00
Revenue bonds payable - - _
Reserve for encumbrances - -
• Reserve for impounded property taxes
receivable - -
Reserve for amounts due from other fonda - -
Reserve for Bolaa Drainage - -
Reserve for refuse collection charges - _
Contributions in aid of construction (Note 1)
City contributions to Water Fund - -
Fund balance 77,310.38 69,927.31, 5,710a1".S ij, 39�8 - 11,293.12
TOTAL LIABILITIES, RESERVES AND
FUND BALANCE S 77-110-38 S_7�Q. 2.31 S B.7j2:b9F_33 $id:943:59_ "5 8�:Di68.flA': .' 8 2s_?2S_t2 S 3_R't1:35 S b_385_d00:fi0
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See acc =��-
. oaapsnyizp; accountants' report and notes to fin�atesial�•atst.asaei
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1955 Water
Bond
Bond Interest and
uction Redemption 1970 Park Bond
d Fund Construction Fund
BALANCE, JULY 1, 1969 310.38 $ 66,970.40 $ -
ADD:
Revenues - 483755.00 6,1300131.7.1
Net income from Water Utility - - -
Adjustment of prior year encur - - -
Adjustment of prior year revel - - -
Reserve for impounded propert;
receivable, July 1, 1963 - - -
Reserve for interfund loans ri
July 1, 1969 - - -
Transfers from other funds - - -
Reserve for encumbrances, Jul;
1969 cancelled - - -
Reserve for contingencies, Ju: - - -
Adjustment of reserve for futt
engineering, July 1, 1969 - - -
Reserve for pavilion, July 1,�40 ► Reserve for amounts due from i
July 1, 1969 - - -
Reserve for refuse collections
July 1, 1969 - -
Reduction in reserve for refui
TOTAL BALANCE AND ADD:310.38 115,725.40 6,130,1131.71
DEDUCTIONS:
Expenditures - 45,798.09 419,931.86
Reserve for encumbrances, Juni - - -
Adjust for expenditures of pr: - - -
Reserve for impounded propert;
receivable, June 30, 1970 - -
Reimbursement contracts payab: - - -
Reserve for refuse collections
June 30, 1970 - - -
Reserve for amounts due from i
June 30, 1970 - - -
_ Transfers to other funds - - -
Adjustment of prior years revo - - -
Reimbursement for off-site col
TOTAL DEDUCTIONS - 45,798.09 419,931.86
BALANCE, JUNE 30, 1970 10 6 ,227.31 $ 5.710.199.85
See accompanying accountants' r,
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Special Capital : Y".4w , Cooltsucti on' lidragtiosi 1970 Park Be"
General Fund Revenue Funds Outlay ltiiad. libEgM7P nd Uftflit -fkada r d' Food- Construction mad
BALANCE, JULY 1, 1969 S 1,982,952.20 $ _2,940,317.67 $ 281-791.95 54,793.12 2-087,106.71 $ 77,310:38 $ 66,970.40 $ -
ADD:
Revenues 7,796,075.12 4,374,918.16 331,617.17 -3912944.58 - - 48,755.00 6,130,131.71
Net income from Dater Utility - - - 592,610.86 - -
Adjustment of prior year encumbrances - - - 41.64 - - - -
Adjustment of prior year revenues 41,215.16 4,105.92 - - - - - -
Reserve for impounded property taxes
receivable, July 1, 1969 164,773.53 - - - - - - -
Reserve for interfund loans receivable,
July 1, 1969 26,085.93 - - - - - - -
Transfers from other funds 1,366,699.78 - - - - - - -
Reserve for encumbrances, July 1,
1969 cancelled - 71,268.37 5,435.77 11,867.96 21,027.65 - - --
Reserve for contingencies, July 1, 1969 145,3e8.21 - - -
Adjustment of reserve for future
ehginecring, July 1, 1969 73,522.77 - - - - - - -
Reserve for pavilion, July 1, 1969 53,051.66 - - - - - - -
Reserve for amounts due from other funds ,
July 1, 1969 569,493.50 - - - - - -
Reserve for refus collections receivable
July 1, 1969 122,928.35 - - - - - - -
Reduction in reserve for refuse contingency 184,320.10 -
TOTAL BALANCE AM ADDITIONS 12,526,506.31 7,390 610.14 619,034.89 458,647.30 2,700,745•.22 77,310.38 115,725.4t1 6,130,131.71
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DEDUCT IONS:
Expenditures 9,550,078.72 3,072,276.80 127,457.64 324,202.67 - - 45,798.09 419,931.86
Reserve for encumbrances, June 30- 1970 462,592.09 80,426.89 94,720.83 •22,464.78 22,095,32 - - -
Adjust for expenditures of prior period 25,084.91 - - - - - - -
Reserve for impounded property taxes
receivable, June 30, 1970 277,667.39 - - - - - -
ReImbursement contracts payable (Note 3) - 275,346.10 - - 31,713.69 - - -
Reserve for refuse collections receivable,
June 30, 1970 36,652.80 - - - - - - -
Reserve for amounts due from other funds
June 30, 1970 522,369.04 - - - - - -
Transfers to other. funds - 1,321,024.78 _ - - - -
P4justment o€ prior years revenue - - - - 1,076.93 - - -
Reimbursement for off-site construction 114JIG.34
TOTAL DEDUCTIONS 10,874A444.95 4,749,074.57 2222,178.47 3".66667.45 169J02.28 45,796.09 419,931.8b
BAIMCE, JUNE 30, 1974 S 1.652. 1 36 3 2.641_S3 :57 S 8:I11.9?9.85 'd .'J31:Qfa2:+14 . S 77=910:38 8 b4_427.31 _710.19L
Sec accompanying accountant-a' report and notes to financial statawnts. k `
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CITY OF HUNTINGTON BEACH
~ GENERAL FUND
STATEMENT OF REVENUE
(ESTIMATED AND ACTUAL)
For the year ended June 30, 1970
Actual Over
or (Under)
Estimated Actual Estimate
PROPERTY TAXES — -
Current years • secured $ 3,017,181.00 $ 2,835,332.47 $(181,848.53)
Current years - unsecured 168,672.00 171,152.11 2,480.11
Prior years 57,576.00 71,945.28 14,369.28
Solvent Credits 1,000.00 .25 (999.75)
Interest and penalties on
delinquent taxes 19,771.00 12,146.06 (7,624.94)
Aircraft 4,350.00 1,?^9.25 (2,960.75)
TOTAL PROPERTY TAXES 3,263,550.00 3,011,965 42 _(176,564.58)
OTHER LOCAL TAXES:
Sales and use taxes 1,700,000.00 1,647,917.22 (52,082.78)
Franchises-utilities 200,000.00 173,920.43 (26,079.57)
Franchises-dry gas 1,500.00 1,298.74 (201.26)
Franchises-pipeline 16,000.00 13,008.27 (2,991.73)
In lieu - water utility 46,500.00 49,967.33 3,467.33
Occupancy tax 28,000.00 30,415.31 2,415.31
` Cigaret.e tax 314,000.00 340,454 56 26 454.56
TOTAL OTHER LOCAL TAXES 2,305,000,00 2,256,981.86 49 018.14)
LICENSES AND PERMITS:
Licenses-business 1560000.00 179,674.78 23,674.78
Licenses-bicycle 1,200.00 1*530.00 330.00
Licenses-oil derrick 48,000.00 44,582.50 (30417.50)
Permits-building 2500000.00 214,242.50 (35,757.50)
Permits_jlumbing 73,000.00 91,474.35 18,474.35
Permits-electrical 55,000.00 940883.38 39,883.38
Permits-heating 27,000.00 41,675.25 14,675.25
Permits-waste water 20,000.00 17,151.00 (2,849.00)
Permits-street and curb 15,000.00 24,764.38 9,764.38
Other licenses 100.00 (100.00)
Other permits 5,000.00 3,724.00 (1,276.00)
Miscellaneous-other _ 1,072.00 1,072.00
TOTAL LICENSES AND
PERMITS 650,300.00 714,774.14 64,474.14
FINES, FORFEITS AND PENALTIES.-
Court fines 65,000,00 79,169.39 14,169.39
See i,ccompanying accountants' report and notes to financial statements.
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CITY OF HUNTINGTON BEACH
' GENERAL FUND
STATEMENT OF REVENUE
(ESTIMATED AND ACTUAL)
(Continued)
For the year ended ,Tune 30, 1970
Actual Over
or(Under)
Estimated— Actual Estimate _
REVENUE FROM USE OF MONEY AND PROPERTY:
Interest income $ 80,000.00 $ 189,605.80 $ 109,605.80
Lease-Huntington Driftwood 39,600.00 39,600.00 -
Rentals - land 3,000.00 2,921.00 (79.00)
Rentals - buildtngs 21,000.00 - (21,000.00)
Rentals-pier and concessions 8,000.00 60512.48 (1,487.52)
Rentals-beach and concessions 90,000.00 63,411.08 (26,588.92)
Royalties and easements 42,000.00 43,569.21 1,589.21
Parking lots 208,000.00 145,248.25 (62,751.75)
Other 1,000.00 1,458.87 458.87
TOTAL REVENUE 1-ROM USE
OF MONEY AND PROPERTY ,_492,600!GO 492,346.69 (253.31)
REVENUE FROM OTHER AGENCIES:
Trailer coach licenses 45,000.00 46,904.57 1,904.57
State alcoholic beverage
license fees 40,000.00 31,343.44 (8,656,56)
County grants-lifeguard and
beach maintenance 75,090.00 75,698.00 608.00
Lifeguard services 30,698.00 26,117.00 (4,581.00)
Beach maintenance 11,967.00 13,436.00 1,469.00
State oil and gas lease 65,000.00 45,639.79 (190360.21)
Real property tranafer tax 65,000.00 61,784.32 (3,215.68)
State personnel and assistance
program - 2,046.78 2,046.78
Other 3,000.00 3,253.00 553.00
TOTAL REVENUE FROM
OTHER AGENCIES 335,755.00 _ 306,522.90 (291232.10)
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CHARGES FOR CURRENT SERVICES:
Zoning and subdivision 28,000.00 18,736.35 (9,263.65)
Sate of maps and publications 4,000.00 3,001.40 (998.60)
Oil well application fees 7,000.00 3,600.00 (3,400.00)
Miscellaneous filing and
certification fees 500.00 335.00 (165.00)
Plan check fees 130,000.00 95,259.94 (34,740.06)
Engineering and inspection fees 125,000.00 62,741.70 (62,258.30)
Weed abatement 40,000.00 38,515.40 (1,484.60)
Special police services 9,000.00 17,984.25 8,984.25
Refuse collection fees 470,000.00 454,801.30 (15,198.70)
Other 1,000.00 j1,000.00)
TOTAL CHARGE FOR CURRENT
SERVICES 814,500.00 694,975.34 (119,524.66)
See accompanying accountants' report and notes to financial statements.
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CITY OF HUNTINGTON BEACH
GENERAL FUND
STATEMENT OF REVENUE
(ESTIMATED AND ACTUAL)
(Continued)
For the year ended June 30, 1970
Actual over
or (Under)
Estimated Actual Estimate
OTHER REVENUE:
Sale of property $ - $ 151,181.80 $ 151,181.80
Surfing championship - - •
Discounts earned 4,000.00 2,541.72 (1,458,28)
Other 10,000.00 5,522.11 (4,477.89)
Off hour inspection fees - 93.75 93.75
TOTAL OTHER REVENUE 44,000.00 159,339.11 1 39.38
i
TOTAL JENERAL FUND
REVENUE 5 ^
See accompanying se wuntants' report and notes to financial statementR.
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CITY OF HUNTINGTON BEACH
GENERAL FUND
STATEMENT OF EXPENDITI- tES AND ENCUMBRANCES
(COMPARED WITH AUTHORIZATiONS)
For the year ended June 30, 1970
Expenditures
Chargeable
Appropriations against Encumbrances Actual
(After Current and Projects (Over) Under
Revisions) Appropriations Authorised Estimated
City Council $ 31,066.10 $ 31,060.61 $ - $ 5.39
City Administrator 106,537.00 106,507.46 - 29.54
City Treasurer 15,516.00 15,089.30 409.96 16.74
City Attorney 114,109.00 113,186.46 880.58 41.96
City Clerk 78,514.00 77,549.59 932.98 31.43
Purchasing department 31,066.00 30,839.60 207.42 18.98
Personnel 320066.00 32,045.09 20.91
Finance department 159,877.00 158,397.60 1,447.62 31.78 f
Traffic study 25.00 .07 10.11 14.82
Elections 16,990.00 16,986.92 - 3.08
Planning department 142,363.GO 141,892.62 430.41 39.97
Urban planning 35,347.00 35,329.59 - 17.41
Municipal buildings 42,270.00 42,001.03 257.24 11.73
r 1 City general-non-
departmental 2,261,985.00 2,108,478.32 153,420.22 86.46
Fire department 1,606,370.00 1,477,938.07 128,349.90 82.03
Weed abatement 55,230.00 52,895.59 2,315.00 19.41
Police department 2,217,604.00 2,157,961.47 59,557.27 85.26
Administration-harbor
and beaches 49,075.00 40,946.53 121.43 9.04
Lifeguard 334,053.00 331,841.61 2,140.62 69.77
Harbor maintenance 67,995.20 67,240.36 719.85 34.99
Beach maintenance 153,466.80 150,748.86 2,681.10 36.84
Parking facility 79,570.00 76,197.74 3,333.34 38.92
Municipal pier 62,077.00 60,506.82 1,551.64 18.54
Parking meters 12,675.00 12,547.14 105.88 21.98
Civil defense 17,605.00 17,538.87 36.99 29.14
Building 312,765.00 312,467.57 258.27 39.16
Oil field control 31,895.00 31,852.40 24.57 18.03
Engineering 355,977.00 354,715.59 1,219.32 42.09
Maintenance administration 3,780.00 3,769.66 - 10.34
Municipal yard 117,797.00 116,092.18 1,668.61 36.21
Building maintenance 93,466.00 93,386.90 49.53 29.57
Sewer ayatem maintenance 184,014.00 126,615.95 57,356.62 41.4-1
Storm drains 51,315.00 51,312.48 - 2.52
Street maintenance 379,745.00 375,280.59 4,422.21 42.13
Street bridges 30.000 26.92 - 3.08
Street trees 221,281.00 192,022.98 29,220.85 37.17
Street cleaning 88,957.00 86,899.76 2,042.93 14.31
Marking and painting 119,112.00 112,678.30 6,403.43 30.27
Street lighting 301,719.00 300,667.17 1,016.12 , 35.71
Traffic signals 28,570.00 28L563.95 6.05
TOTAL EXPENDITURES
AND ENCUMBRANCES S 10.013.875.00 S 9.550.078.72 5 46� 2.2& SS 1.204.19
See accompanying accountants' report andgnotes to financial statements.
JK
Juaa 30, 1970 ;
Part mod Plannod Laval
Recreation Drainage 1+6zsic AnilcL
Fa -ilitg .Facilities and Prowtim' Special Gas License.Fee i
ASSETS ' Total band Fund. Sever Fund Fund Tax lured, Fund
{
Treasurer's cash $ 5,131,618,61 $ 826,993.86 $ 1,082,912.42 $ 1,139,911.97 4(21,160.97) $ 95,965.11 $ 7,996.22
Accounts receivable 3,945.58 3,074.37 853.33 - - - 17.88
Accrued interest receivable 43,212.55 13.620.90 18,"1.37 ' 10,690.28 - - -
Interfund loan receivable 215,430.00 - 215,43� 4.00::
TQTAL ASSETS 3.a94.206.74 ',.68 S lal�]2.66?.12 S 1.365_032 25 Si21.Z6Q.4?) S 95_+965.1I SaOI
`I
` LIABILITIES, RESERVES AND FUND BALANCE
Accounts payable $ 135,3GI.40 $ 93,171.91 $ 275.30 - $ 1,009.60 $ 32,830.49 $ 8,014.10
Accrued payroll 32,903.22 32,102.22 - - 801.00 - -
Reimbursement contracts payable 275,346.I0 - 273,600.10 1,746.00 -
Refundable acreage fees 11,346.00 - - 11,346.00 - - -
Miscellaneous deposits 2,997.67 2,"7.67 - - - - -
Due to other funds 2,865.49 -
Interfend loans payable 198,000.00
Reserve for Bolsa Drainage 13,484.40 - 13,484.40 - - - -
Reserve for encumbrances, June 30, 1970 80,426.89 77,642.43 - •2,784.46 -
Fund balances {deficit} 2,641,535.57 634,909.42 _ 617.307 32 1a351,940.25 (25,756.03} 63,134.62.
TOTAL LIABILITIES, RESERVES AND
FUND BALANCE S 3a394.2Q6.74 ^� 843.689.13 S 1 i02.66?.12 ��s a��� �'� Sf21.Ib0:971 S 95.965.I1 S $_t�l .10
. : N
See accompanying accountants' report arid. notes to financial atatr "ta. iy
. ;k� _ .a •-�,,{ .��' � trF�__ •i _-t +•*,�"*".� 'r`+� �-r�T%`.-. '.�4. 'j`r�.- 't...�t-- �',R '�,`",• `Y-.
NAM
j.r i"'�:}•3•r •:; As• .t"�.a ~ o. \�aa• ary.;. L•� �f _ �" _ J�I'. 1 �`'
•'i' ,• . ♦ ry SQL ��.. -:• a .7.}. k S. ".�`• � 'f is
-
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vr
crii O8*'3111�PL'14!'O!? _ _ .'� _ '•; _ �ti `�
STATEHEIft OF CHMES IN Fb1w S ahNczs - 9-nC rAL-UmmB arms
i
For the year ended Jane 30, 1970 j
I
Park and Planned Laval
Music and Recreation Drainage J1
Promotion Facility Facilities Traffic Parking Auto in Lieu Special License Too -
Total Fund Fund Fund _Sewer Fund Safety Fund Meter Fund Tax Fund Gay: Tax Fund Fund
BALfi�iCE, JULY 1, 1469 $ 2,940,317.67 $ - $ 842,883.74 $ 612,557.81 $ 1,119,924.52 $ - $ - $ - $ 354,951.60 $ -
ADD:
Revenue 4,374,918.18 59,743.12 1,236,003.02 547,881.57 382,523.50 232,169.51 61,911.45 795,228.86 964,459.50 94,998.65
Reserve for encumbrances,
July 1, 1969 cancelled 71,268.37 - 1,470.69 17,204.88 - - - - 52,592.80 -
Adjustment of prior years
expenditures 4,105.92 4,105.92 - - - - -
TOTAL BALANCE
AIM ADDITIONS 7,390,61O.14 59,743.12 2,080,357.45 1,191,750.18 1,502,448.02 232,16P.51 61,911.45 795,228.86 12372,003.90 94,998;65
i
DEDUCT:
Expenditures 3,072,276.80 82,714.69 1,367,805.61 300:842.76 148,761.77 - - - 1,083,869.28 88,282.69
Transfers to other _
funds 1,321,024.78 - - - - 232,168.51 61,911.45 795,228.86 225,000.00 6,715.96
Reimbursement contracts
payable (yoke 3) 275,346.10 - - 273,600.10 1,746.00 - - - - -
Reserve for encumbrances
June 30, 1970 _ 80,426.89 2,184.46 77,642.43 - - - - -
TOTAL DEDUCTIONS 4,749,074.57 852499.15 1,445,448.04 574,442.86 150,507.77 232,168.51 613911.45 795,228.86 143O8,869.28 94,"S.65
BALANCE (DEFICIT), JUKE 30,
1970 $ 2.641.535.57 L(25.756.) $ ^ 634.904.41 $ 617.30L., 2 S 1,351,940.25 . S S - = S 63.134.62
' I
See accompanying accountants' report an%; netea to financial statements,CA
j
7Z __ = -� — _..•�,. - .ems .mot�' _ •.mot;.R ti._ ,.e„
I` � - .. ,-' ,• a. �._r-1d�._•t_—. A�Te r
f CITY OF NOTI1IMM BEACH _4''` 1
SMCM RRVEMM YlF S _
STATE"= OF iln�. i
For the year ended June 30, 1970
Park and Planned Local
• Mus': and Recreation Drainage Ani al
A.�aotion Facility Pacilitie , Traffic Parking' Auto in Lieu Special License Foe
Totai rscd Fund fund Sewer Fund Safety Fund Meter Fund Tau Fund Gas Tax PUnd rued
Property taxes $ 639,920.91 $ 55,742.24 $ 584,178.67
Recreation department
fees and charges 79,875.24 - 79,875.24 - - - - - -Rental 5,764.50 5,764.50 - 5,764.50 - - - - - - -
Sewer permits 123.595.72 - - - 123,595.72 - - - - - +
Interest 210,523.39 - 43,171.93 73,920.59 0,732.28 - - - 24,698.59 -
Local assessments 664,156.48 - - 473,960.98 190,195.50 - - - - -
Vehicle code Lines 232,168.51 - - - - 232,168.51 - - - -
Parking meter collections 61,911.45 - - - - - 61,911.45 - - -
Motor vehicle license
fees 1-95,228.86 - - - - - - 795,228.86 - -
State gasoline taxes 939,760.91 - - - - - - - 939;760.41 -
Animal licenses 94,998.65 - - - - - - - 94,"a.65
Subdivision licenses 75,483.00 - 75,483.00 - - - - - - -
Unit lot fees 444,991.55 - 444,991.55 - - - - -Other revenue revenue 6,539.01 4,000.88 2,538.13
TOTAL 4.374,918.1B S 59.743.12 S 1.23L 003.02 547.881.57 S 382_523.50 y S 61,911.45 S 745.228.86 S 6h:4550 S�Q4�B1�
T
t
r
See accompanying accountants' report and notes to financial statements
' - t _ ";" �` `• se `•� �.`;^'! i:}�-+'. is .p- _,sY-.;...-�'"G y...y,_
a.
•. ` r T r a L S �{ _•r�;7S•l �:• . �::;:^ " .,.per 'Y.:
� :yam—a..- +•
.. - .• '. _ `' � � � _s 4--i ♦.y'�1rT ''� yr ��•. � •�a .. 4"
CITY OF HUNTINGTON BEACH
SPECIAL REVENUE FUNDS
STATEMENT OF EXPENDITURES AND ENCUMBRANCES
(COMPARED WITH AUTHORIZATIONS)
For the year ended June 30, 1970
I
Encumbrances Actual
and Projects (Over) Under
Appropriated Expended Authorized Estimated
Music and Promotion
Fund : 5.545 QQ S 82,Z14.§9 Ste' 1, 6
Park and Recreation
Facility Fund ,A .,445. AJA.(0 s Z.36j.805.¢k. Lj7 4. s 195.96
Planned Local
Drainage Fund 375.O00.00 $300.8G�.7�6
Sewer Fund g 205.000.Q,Q 2 14§.7§1,77, S _ a 5G.238.23
Special Gas Tax
Fund - J@Q82,869,28 $ - S(1.0B3.8fi9.28)
Animal License
Fee Fund ^+ - $ 88.212.69 S - S (88.282,69)
See accompanying accountants' report and notes to financial statements.
-13-
•
CITY OF HUNTINGTON BEACH
STATEMENT OF REVENUE
(ESTIMATED AND ACTUAL)
t
For the year ended .tune 30, 1970
i
1
S CAPITAL OUTLAY FUND
s
Actual Over
or (Under)
s Entimnted� Actual .� Estimate
s '
Property taxes - secured $ 300,325.00 $ 282,22.4.50 $(18,1fi0.50)
Property taxes - unsecured 16,833.00 17,000.55 247.55
Property taxes-prior years 5,746.00 7,179.95 1,433.95
Interest and penalties 1,973.00 1,212.14 (760.86)
f Interest income 10,000.00 24,117.90 14,117.90
{ Earned discounts 2.13 2.13
TOTAL 334.877. 0 L, _X1 81?.17_ S (3.059.83)
i LIBRARY FUND
Iroperty taxes - secured $ 367,354.00 $ 345,213.75 $(22,140.25)
groperty taxes unsecured 20,590.00 20,892.74 302.74
Property taxes-prior years 7,028.00 8,782.45 1,754.45
Interest and penalties 2,413.00 1,482.68 (930.32)
Pines and fees 11,500.00 10,629.26 (870.74)
Discounts earned 75.00 16.54 (58.46)
s
Interest income _44L927.16 4,9�27.16
TOTAL S 408.960.00 fi 391.944.58 S _042)
1955 WATER BOND INTEREST
AND REDEMPTION FUND
'. Propert;, taxes - secured $ 43,090.00 $ 40,494.40 $ (2,595.60)
Property taxes - unsecured 2,854.00 2,896.27 42.27
Property taxes-prior years 974.00 1,217.47 243.47
Interest and penalties 335.00 205.54 (129.46)
Interest income 10,000.00 3,3941.32 (6,058.68)
TOTAL 253, .00 48.755.00 S (8.498 00)
1970 PARK BOND
CONSTRUCTION FUND
f Proceeds from sale of bonds $ 6,000,000.00
Interest income 130� 131.71
TOTAL 6.130.1��71
See accompan,ing accountants' report and notes to financial statements.
-14-
CITY OF HUNTINGTON BEACH
STATEMENT OF EXPENDITURES AND ENCUMBRANCES
(CUMPARED WITH AUTHORIZATIONS)
For the year ended June 30, 1970
CAPITAL OU11WL' FUND
Expenditures
Chargeable Encumbrances Actual
Appropriations Against Current and Projects (Over Under
As Revired) Appropriations Authorized Estimated
Equipment office -
Attorney $ 1,465.00 $ 1,460.76 $ - $ (4.24)
Equipment furniture -
Attorney 275.00 - - (275.00)
Equipment books - Attorney 9;100.00 1,143.20 366.08 (7,590.72)
Equipment general - Attorney 200.00 - - (200.00)
Equipment office - finance 5,000.00 - - (5,000.00)
Vehicle-pickup - finance 4,465.00 4,464.90 • (.10)
Vehicles, planning 3,535.00 3,531.01. - (3.99)
Equipment office - planning 475.00 - - (475.00)
Vehicle, fire 2,800.00 - - (2,800.00)
Vehicle, pickup - fire 2,610.00 2,606.07 - (3.93)
Equipment general - fire 4,255.00 - 4,252.50 (2.50)
Equipment office - fire 660.00 659.82 - (.18)
; Equipment office - police 920.00 917.06 - (2.94)
Equipment general - police 6,250.00 - - (6,250.00)
Building - police 19,150.00 18,149.62 - (.38)
•`�1 Vehicle, jeep - lifeguard 3,390.00 3,386.04 (3.96)
Equipment radio - lifeguard 680.00 - 663.48 (16.52)
Equipment general - lifeguard 2,010.00 1,793.90 - (216.10)
Equipment boat - harbor 21,170.00 - 21,163,30 (6.70)
Vehicle, pickups - beach 9,655.00 6,928.75 2,723.96 (2.29)
Improvements, other - beach 3,000.00 - - (3,000.00)
Vehicle, pickup - parking 2,200.00 - • 12,200.00.
Equipment office - building 11,131.00 1,595.00 - (9,536.00)
Equipmant radio - oil field 665.00 663.4E - (1.52)
Vehicle, auto - engineering 2,000.00 - - (2.,000.00)
Vehicle, pickup - engineering 9,150.00 4,958.50 4,186.98 (4.52)
Equipment radio - engineering 1,390.00 1,389.36 - (.64)
Mun-c ipal yard - building 115.00 110.25 - (4.75)
Vehicle, building maintenance 3,390.00 3,385.13 - (4.87)
Vehicle, pump station 3,265.00 3,263.85 - (1.15)
Improvement storm drain 23,325.00 5,553.01 - (17,771.99)
Vehicles - streets 31,450.00 19,236.98 120209.68 (3.34)
Vehicles, off road streets 34,380.00 11,308.50 23,068.50 (3.00)
Equipment radio - streets 1,995.00 1,990o45 - (4.55)
Improvement Pacific Coast
Highway 835.00 832.97 - (2.03)
Vehicles, street trees 2,300.00 - • (2,300.00)
{ Vehicle truck, street trees 26,200.00 - 26,086.35 (113.65)
Equipment, radio - street
trees 1,330.00 1,326.98 - (3.02)
Improvement Newport West 810.00 807.85 - (2.15)
Vehicle, street cleaning 7,000.00 - - (7,000.00)
Vehicle sweepers, street -
cleaning 15,000.00 12,647.10 (2,352.90)
Improvement street lights 14,575.00 12,347.10 (2,227.90)
TOTAL CAPITAL
` OUTLAY 293.571.U0 6 127.457.64 4 20 83 $(71.392.53)
See accompanying accountants report an.5notes to financial statements.
CITY OF HUNTINGTON BEACH
STATEMENT OF EXPENDITURES AND ENCUMBRANCES
(CC%1PARED WITH AUTHORIZATIONS)
For the year ended June 30, 1970
LIBRARY FUND
Expenditures
Chargeable
Against Encumbrances Actual
Appropriations .Current and Projects (Over) Under
SAs Revised) bgpropriations Authorized Estimated
Salaries, permanent $ 171,895.00 171,892.44 $ $ 2.56
Salaries, temporai:y 42,495.00 42,490.53 4.47
Salaries, overtime 2,415.00 2,4ll.88 - 3,12
Utilities 3,575.00 3,571.65 - 3.35
Commission - telephone_ 2,420.00 20417.64 - 2.36
Postage 1,524.00 1,519.80 - 4.20
Supplies, office 1,715.00 1,533.49 178.52 2.99
Supplies, special 5,265.00 4,514.01 746.11 4.88
Supplies, book repair 3,390.00 1,521.14 1,866.94 1.92
Vehicle operation 2,430.00 2,427.72 - 2.28
Conferences and meetings -
department heads 705.00 702.50 - 2.50
Conferences and meetings -
staff 45.00 42.94 - 2.06
� . tAw Dues and memberships 456.00 453.47 - 2.53
Books 60,070.00 44,452.54 15,615.90 1.56
Books and periodicals 25,120.00 21,910.26 3,209.53 .21
Books, junior 5,200.00 3,501.59 333.10 1,365.31
Books, audio visual 5,160.00 5,033.96 124.27 1.77
Books, government pamphlets - - - -
Maintenance building and
grounds 4,015.00 3,629.23 383.57 2.20
Maintenance office equipment 90.00 86.10 - 3.90
Supplies, audio visual 75.00 74,59 - .41
Contracted - book services 3,755.00 3,751.68 - 3.32
Maintenance department
equipment 315.00 305.18 6.84 1.98
Miscellaneous 580.00 576.28 - 3.72
Equipment - office 1,835.00 1,833.17 - 1.83
Equipment library 3,565.00 3,547.88 17.12
TOTAL LIBRARY 5 34=8.110.�00 �Z•67 S_2.2.41i_4.78 ,$ 1-4G2.55
1370 PARK BOND CONSTRUCTION FUND
Administration fees to
fiscal agent $ 42,373.36 $ 42,373.36 $ - $
Construction costs 377,558.50 377,558.50
TOTAL S 419,931,U S 412,231.ak
See accompanying accountants' report and notes to financial st:,tements
0
-16-
j CITY OF HUNTINGTCN BEACH
BALANCE SHEETS - WATER UTILITY FUNDS
June 30, 1970
1963 Water
Revenue Bond
Interest and 1963 Water
Water Utility Redemption Revenue Bond
ASSETS Fund Fund Reserve Fund Total
Treasurer's cash $ 1,004,794.22 $ - $ - $ 1,004,794,22
Cash and investments
with fiscal agent - 86,143.05 224,788.75 310,931.80
Accounts receivable 132,338.61 - - 132,338.61
Accrued interest
receivable 16,743.90 - - 16,743.90
' Due from other funds 749839,09 - - 14,839.09
Deposits 32,269.00 - - 32,269.00
Due from state of
California 71.50 - - 71.50
Utility plant in service
(less accumulated
depreciatiun of
$1,224,429.78 Notel) 14,102,434.60 - 14,102,434.60
low TOTAL ASSETS .$..1, 6 90 92 S._86.143,05 224 674.92272
LIABILITIES, RESERVES
AND FUND BALANCE
Accounts payable $ 142,224.06 $ - $ - $ 1420224.06
Accrued payroll 7,°93.61 - - 7,593.61
Reimbursement contracts
payable 31,713.69 - - 31,713.69
Accrued bond interest,
1963 water bonds - 21,295.30 - 21,295.30
Matured interest payable - 40847.75 - 4,847.75
Miscellaneous deposits 235.05 - - 235.05
Due to other funds 522,369.04 - 512,369.04
Reserve for encumbrances 22,095.32 - - 22,095.32
Advance from municipality
general obligation
bonds 385,000.00 - - 365,000.00
Revenue bonds payable 3,480,000.00 60,000.00 : 3,540,000.00
Contributions in aid
of construction -
(Note 1) 8,373,398.45 - 8,373,398.45
City contributions to
1 water fund 92,607*11 - - 92,601,11
Fund balance 2,306,254.19 224,788.75 22531,042.94
TOTAL
LIABILITIES,
RESERVES AND
FUND BALANCE � 15J63.490.92 $ 86.143.0 5,j 88,,,n 1 t .4,2.72
1
See accompanying accountants' report and notes to financial statements.
-17-
J CITY OF HUNTINGTQN REACH
STATEMENT OF CHANGES IN FUND BALANCES - WATER UTILITY FUNDS
For the year ended June 30, 1970
1963 Water
Water Utility Revenue Bond
Fund Reserve Fund Total
BALANCE, JULY 1, 1969 $ 1,871,561.71 $ 215,545.00 $ 2,087,106.71
ADD:
Net income 583,367.11 99243.75 592,610.86
Reserve for encumbrances
July 1, 1969 21,027.65 - 21,027_.65
TOTAL BALANCE AND
ADDITIONS 2,475,956.47 224,788.75 2,700,745.22
DEDUCT:
Reserve for encumbrances
June 30, 1970 22,095.32 - 22,095.32
Adjustments to prior
year's revenue 1,076.93 - 19076.93
Reimbursement contracts -
payable 31,713.69 31,713.69
Reimbursement for off-site
construction 114,816.34 114�816.34
TOTAL DEDUCTIONS 169,702.28 169,702.28
BALANCE, JUNE 30, 1970 $ 2.306,254.19 S 224.788.75 2.5 1.042 94
See accompanying accountants` report and notes to financial statements.
-18-
CITY OF I UNTINrTON BEACH
WATER UTILITY FUND
STATEMENT OF INCOME
For the year ended June 30, 1970
OPE ATING REVENUE:
Sales-metered $ 1,621,982.52
Sales-unmetered 2,078.97
Sales-irrigation 14,310.67
Sales-municipal 21,736.14
Sales-construction 5,469.29
TOTAL OPERATING REVENUE 1,665,577.59
OPERATING EXPENSES:
Source of Supply:
Labor $ 3,651.48
Expense 286.26
Water 295,551.32 I
Maintenance - labor -
Maintenance - expense 248.93
Total Operation 299,737.99
Pumping expense:
Labor 4,570.09
Expense 1,457.62 Ili
Purchased power 48,187.55 y
Pump tax 182,764.80
Maintenance - labor 1,357.08 �I
Maintenance - expense 5,391.75
Total Pumping 2430728.89 ,
Water Treatment Plant:
Labor 3,966.94
Expenses 6,515.04
Maintenance - labor 113.76
Expense - equipment 537.45
Total Water Treatment 11,133.19
Transmission and Distribution:
Labor, general 35,027.09
Labor, fire hydrants 1,239.63
Labor, services 1,433.14
Labor, meter repairs 22,701.69
Labor, valve operations 6,721.46
Labor, inspection 463.82
Expenses, general 5,213.12
Expenses, fire hydrants (722.57)
Expenses, services 182.11
Expenses, meter repairs 3,303.62
Expenses, valves 5.17
Expenses, other 1,199.09
Total Transmission and Distribution 76,767.37
See arcimpanying accountants' report and notes to financial statements.
o`• -19-
e
I
I CITY OF HUNTINGTON BEACH
WATER UTILITY FUND
STATEMENT OF INCOME
(Continued)
For the year ended June 30, 1970
OPERATING EXPENSES: (Continued)
Customer Accounting:
Labor, general $ 16.616.38
Labor » meter reading 65:s.22
Labor - ccllection 880.28
Customer accounting 68,156.91
Expenses - collection 446.58
Total Customer Accounting $ 86,753.37
Administrative and General:
Salaries, Supervisor 17,813.68
Office. supplies 414.91
Utilities, general 12,066.25
` Retirement, employees 8,440.93
Uniform allowance 249.04
Conferences and meetings 1,247.75
Books and periodicals 68.71
Dues and memberships 139.00
Total Administrative and General 40,440.27
Other Expenses:
Depreciation (.dote 1) 315,360.00
Vehicle operation 9,007.05
Power equipment operation 41.57
Contract engineering 1,039.66
Radio maintenance 840.00
Property tax lease 2,611.69
Refund - SCW contract 4,353.38
San Joaquin lease 100,000.00
Reservoir lease 10.00
Cross connection lease 300.00
Small tool repairs 7.26
Other expense 212.64
Tots. Other Expenses 433,788.25
TOTAL OPERATING EXPENSES 1,192,349.33
OPERATING INCOME 473,228.26
See accompanying accountants' report and notes to financial statements.
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CITY OF HUNTINGTON BEACH
WATER UTILITY FUND
STATEMENT OF INCOME
(Continued)
For the year ended June 30, 1970
NON-OPERATING REVENUE:
Interest income 69,413.72
Fire hydrant rental 32,400.00
Reimbursable services 225.56
Acreage fees 104,897.04
Tract fees 63,696.05
New services 25,240.78
Earned discouncs 200.26
Other 5,214.07
TOTAL NON-OPERATING REVENUE 301,287.48
LESS NON-OPERATING EXPENSE:
Fiscal agent fees 1,463.90
Interest transferred to General Fund
on G. 0. Bonds 10,675.00
Interest on 1963 Revenue Bonds 129,042.40
Payments to City in lieu of taxes 49,967.33
TOTAL NUN-OPERATING EXPENSE: 191,148.63
NET NON-OPERATING REVENUE $ 110,138.85
NET INCOME 583.367.11
See accompanying accountants' report and notes to financial statements.
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CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
June 30, 1970
1. The Water Utility Plant in Service is composed of the following assets:
Accumulated Net
f Cost Depreciation Book Value
Assets acquired by City
at cost $ 7,099,356.36 $ 850,011.80 $ 6,249,344.56
Assets contributed to City
by subdividers, at value
as estimated by City
personnel 8,227,50r.02 374,417.98 7,853,090.04
TOTA1. S 1 �� b 861�321� j j j? .78 }4.102�434,60
3 2. The outstanding bonded debt of the City consists of the following:
1955 General Obligation Water Bonds with
interest rates, 2% to 3%. Maturing
annually on August 1 in instalments
of $35,000 to 1980 ,$ 365.0 OQ
1963 Water Revenue Bonds authorized
but unissued 1.950.00 00
1963 Water Revenue Bonds, Series A,
3.25% to 4.75%. Maturing annually
on November 1 in installments as
follows:
1970-71 $ 1609000 1984-85 $ 320,000
1972-73 200,000 1986 170,000
1974-76 330,000 1987-bd 360,000
1977-78 240,000 1989 190,000
1979-80 260,000 1990 200,000
1981 140,000 1991 210,000
1982-83 300,000 1992-93 W,4402000
TOTAL $ l .0a
1970 Park Bonds, with interest
rates 5% to 6%. Maturing annually
on March I in varying amounts
beginning in 1971 with final
maturity in 1995. $ 6,000QJ00.00
See accompanying accountants' report.
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CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continues:)
June 30, 1970
3. All water and sever reimbursement agreements provide for reimbursement
of developers' costs incurred in constructing water and sewer fccilities.
Reimbursement is required to be made from fees collected from users of
the facilities up to the amounts stipulated in the agreements but for a
period not to exceed five years from completion of the facil:tties. After
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five years no further reimbursements are required to be made. Drainage
reimbursement agreements provide for similar reimbursements except that
they do not contain the five year limitation. These agreements provide
for full reimbursement of the amount stipulated out of fees collected
from future users. Prior to the current fiscal year, the City followed
the practice of recording as revenue fees collected from the users of
facilities. Reimbursement payments to developers were charged to
expenditures. The City now follows the practice of recording the
fees as a liability as they are collected and charges payments to
developers under the agreements to a liability account.
See accompanying accountants' report.
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SUPPLEMEWAKY INFORMATION
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CITY OF HUNTINGTON BEACH
SUPPLEMENTARY INFORMATION
TREASURER'S CAS11 AND SNORT TERM INVESM.7NT:
Treasurer's cash and investment balances at June 30, 1970 consist of
the following:
Demand Deposits:
Bank of America
General Account $ 512,903.44
Security First National Bank:
Treasurer's Trust Fund 118.00
Water Account 52,747.96
United California Bank:
Special Assessment Fund 23,821.35
Treasurer's Trust Fund _ 87d.0,00
Total Demand Deposits $ 677,540.75
Time Deposits:
Security Pacific National Bank 950,000.00
Bank of America 11,980,000.00 j
Total Time Deposits 122930,000.00 j
TOTAL TREASURER'S CASH S 14¢07a540.75
REVENUE:
Revenue of the General Fund totalled $7,796,075.12 for the year
ended June 30, 1970, an increase of $837,130.44 over the previous year. A
comparative summary statement of revenue follows:
Increase
1968-69 :1969-70 !Decrease)
Property taxes $ 2,864,690.64 $ 3,091,965.42 $ 227,274.78
Water utility in lieu taxes 48,064.39 49,967.33 1,902.94
Franchise 193,970.80 188,227.44 (5,743.36)
Sales and use: taxes 1,350,060.80 1,647,917.22 297,856.42
Occupancy tax 27,220.42 30,415.31 3,194.89
Cigarette tax 319,525.15 340,454.56 20,929.41
Business licenses 156,534.03 179,674.78 23,140.75
Other licenses and permits 519,495.84 535,099.36 15,603.52
Pier and rentals and parking
lot collections - 257,692.81 257,692.81
Real property transfer tax 58,789.75 61,784.32 2,994.57
Engineering, inspection and
plan check fees 238,541.50 158,001.64 (80,539.86)
All other eources �.1_,182,051.36 1,254,874.93 72,823.57
TOTAL REVENUE f, 58.944.68 $ 7,796,075.12 $ 83J,1$0.44
See accompanying accountants' report.
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:iL'alii JVl�:ilrli�.i:�ilir�._-_�3L" M.--.— •,..d Gaidu1pddd[J`-'���'w=^_S.:s.rcrLL'�.:...:.:S7i.::iCY'1llEfYY✓li' :6 �ru' - «b:ii:®s-.r�a.�«r.
`l 1963 wta;;:R REVENUE BONDS:
Water revenue bonds in the amount of $5,700,000.00 were approved by
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the voters: at an election held April 30, 1963, and on November 1, 1963, the
City sold a portion of the bonds amounting to $3,750,000.00.
Under the provisions; of Resolution #1844, certain cash accounts
were established to assure the proper disposition of bond proceeds and provide
for the repayment of such bonds in a systematic spanner. Paymento may be made
from these accounts only as provided by law and the resolution mentioned above.
Security pacific National Bank, Main Office, Los Angeles In fiscal agent for
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these bonds.
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1963 WATER REVENUE BOND INTEREST AND REDEMPTION FUND:
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Payments from this fund are restricted for payment of bond interest
and principal of the water revenue bonds.
The bond resolution requires that the fiscal agent set aside out of
the bond revenue fund at leant one-sixth of the semi-annual interest maturity
each month and at least one-twelfth of the bond principal that will mature and
be payable within the ensuing year:
1963 BOND RESERVE FUND:
From the proceeds of the bond isss:e an amount of $175,000.00 (a
sum equal to the maximum annual debt: service) vas required to be set aside in
a Bond Reserve Fund. This fund is restricted solely to the payment of
principal and interest on the bonds in the event that sufficient monies are
not available from the Bond Interest and Redemption Fund. Any monies used out
of the Bor.d Reserve Fund for purposes within its restrictions, are to be
replaced immediately from the Bond Surplus or the Bond Revenue Fund.
See accompanying accountants' report,
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' 1970 PARK BONDS:
At an election held June 3, 1969, the voters authorized the issuance
of $6,000,000.00 in bonds ;or the purpose of providing park and recreational
facilities to the City of Iluntingten Beach.
Fonds were issued as of March 1, 1970 with interest coupons
attached.
Interest for the first year at 5% is payable March 1, 1971 and
thereafter in semi-annual payments on September 1 and March 1 at rates varying
from 5% to 6,7.
Principal payments are scheduled to be made annually on March 1 of
each year beginning in 1971 with final maturity in 1995.
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See accompanying accountants' report.
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