HomeMy WebLinkAboutFY 1981/1982 Comprehensive Annual Financial Report FY Ended CITY OF HUNTINGTON .BEACH
STATE OF CALIFORNIA
N A NUAL
FINANCIAL
HUNTINGTON BEACH
REPORT .
FOR THE YEAR ENDED JUNE 30,1982
The undesignated General Fund balance increased from $1 ,028, 111 in FY-1981 to $1 ,546,489 in FY-1982, an increase of $518,378 or
33.5%. The City continues to fund accrued employee vacation and sick leave which increased from $2,050,501 in FY-1981 to $2,282,473
in FY-1982, an increase of $231 ,972 or 10.2%.
Assessed valuation increased by $4, 145,379,439 to $5,219,684, 140 in FY-1982 -- a 385.9% increase. In FY-1983 it is anticipated the
assessed valuation will increase to $5,883,904,006, an increase of $664,219,866 or 12.7%. A comparison of assessed valuation over
the last three years with anticipated FY-1983 assessed valuation is as follows:
Assessed Change from Prior Year
Fiscal Year Valuation Amount Percent
1983 $5,883,904,006 $ 664,219,866 12.7%
* 1982 5,219,684, 140 4, 145,379,439 385.9
1981 1,074,304,701 90,377,031 9.2
1980 983,927,670 152, 144,050 18.3
* The method used to determine Assessed Valuation was changed for FY-1982. Previously, assessed valuation was 25% of
market value. The new method is 100% of market value. Therefore, to compute the change from the previous year, the FY
1981 assessed valuation should be stated at 4,297,218,804 (1,074,304,701 x 4). The change then would be $922,465,336
or 21 .5%.
Outstanding general obligation bonds as of June 30, 1982 totaled $4, 150,000. This is comprised in total of 1963 Park Bonds. There
is, as of June 30, 1982, $1,566,000 outstanding on the 1963 Water Revenue Bond but this does not represent a general obligation of
the City of Huntington Beach. The tax rate necessary to provide funds for voter approved indebtedness totaled $0.04635 per $100 of
assessed valuation. This is in addition to the City's share of the overall $4.00 per $100 of assessed valuation permitted as a
result of the passage and implementation of Proposition 13.
For fiscal year 1983, the tax rate necessary to provide funds for the voter approved debt will be $0.05756 per $100 of assessed
valuation. This, in addition to the City's portion of the overall tax rate of $1.00 per $100 of assessed value, will be the City's
total property tax revenue.
Comparative data for the City's Water Utility operation for the past two years is as follows:
1982 1981
Total operating revenue $5,739,349 $5,814, 133
Net income 81 ,797 1,098,393
The City completed the reconstruction of the accounting records for fixed assets of the enterprise funds and of the General Fixed
Assets Account Group. This resulted in the restatement of the beginning balances, which caused the reduction in net income in the
Water Utility net operations.
A supplemental information section has been included in this report which contains comprehensive statistical data. Such data is
presented so as to relate physical , economic, social , and political characteristics of our City which should give the readers of this
report a more broad and complete understanding of the City and its financial operations.
This financial report has been changed to report in conformance with Statement I of the National Council on Governmental Accounting.
In accordance with Section 616 of the City Charter, the City Council shall employ at the beginning of each fiscal year, an
independent certified public accountant who should examine all the City's accounts and the results reported to the City Council . The
opinion of Arthur Young S Company, Certified Public Accountants, is included in this report.
I wish to express my appreciation to the members of the Administrative Services Department without whose dedicated efforts this
report would not be possible. In addition, I would express my appreciation to you and the City Council for the continuing support
and interest in planning and conducting the fiscal affairs of this city in a responsible and progressive manner.
Respectfully submitted,
J"'a'-4
Frank B. Argue to
Chief of Administrative Services
FBA:dp
CITY OF HUNTINGTON BEACH
ELECTED OFFICIALS
CITY COUNCIL
Ruth S. Bailey Councilperson
Ruth E. Finley Councilperson
Jack Kelly Councilperson
Robert P. Mandic, Jr. Mayor
Donald A. MacAllister Mayor Pro Tem
Ronald R. Pattinson Councilperson
John A. Thomas Councilperson
OTHER
Gail Hutton City Attorney
Warren G. Hall City Treasurer
Alicia M. Wentworth City Clerk
ADMINISTRATIVE OFFICIALS
Charles W. Thompson City Administrator
Frank B. Arguello Chief of Administrative Services
James Palin Development Services Director
Paul E. Cook Director of Public Works
Vincent G. Moorhouse Community Services Director
Raymond C. Picard Fire Chief
Earle W. Robitaille Police Chief
CITY OF HUNTINGTON BEACH
ANNUAL FINANCIAL REPORT
JUNE 30, 1982
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal
Elected City Officials
Departments of the City
Exhibit Page
FINANCIAL SECTION
Report of Certified Public Accountants
Combined Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups I 1
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types and Expendable Trust Funds II 4
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Budgetary Basis Actual - Governmental Fund Types Ili b
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types IV 10
Combined Statement of Changes in Financial Position - All Proprietary Fund Types V 12
Notes to Combined Financial Statements 14
Additional Financial Information:
Combining Financial Statements Statement Page
General Fund:
Statement of Appropriations, Expenditures and Encumbrances I 31
Special Revenue Funds:
Combining Balance Sheet II 32
Combining Statement of Revenues, Expenditures and Changes in Fund Balances III 34
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Budgetary Basis Actual IV 36
Statement Page
FINANCIAL SECTION (continued)
Additional Financial Information (continued):
Combining Financial Statements (continued)
Debt Service Funds:
Combining Balance Sheet V 42
Combining Statement of Revenues, Expenditures and Changes in Fund Balances VI 43
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual VII 44
Enterprise Funds:
Combining Balance Sheet V111 45
Combining Statement of Revenues, Expenses and Changes in Retained Earnings IX 47
Combining Statement of Changes in Financial Position X 49
Internal Service Funds:
Combining Balance Sheet XI 50
Combining Statement of Revenues, Expenses and Changes in Retained Earnings XII 51
Combining Statement of Changes in Financial Position XI11 52
Expendable Trust Funds:
Combining Balance Sheet XIV 53
Combining Statement of Revenues, Expenditures and Changes in Fund Balances XV 54
STATISTICAL EXHIBITS (Unaudited) Schedule Page
Statement of General Fund Revenues - Other than Property Taxes - Last Ten Fiscal Years I >5
Statement of General Fund Expenditures - Last Ten Fiscal Years II 56
Statement of Assessed Value, Debt Limit and Ratio of General Obligation Bonded Debt to Assessed Value and Per
Capita - Last Ten Fiscal Years III 57
Statement of Tax Delinquencies and Impounds - Last Ten Fiscal Years IV 58
Statement of Future General Obligation Bonded Debt Requirements by Year Based on Bonded Debt V 5y
Schedule Page
STATISTICAL EXHIBITS (Unaudited) (continued)
Statement of Future Water Revenue Bond Requirements by Year Based on Outstanding Debt VI 60
Huntington Beach Public Facilities Corporation Statement of Bonded Debt VII bl
Huntington Beach Public Facilities Corporation Statement of Future Debt Requirements
by Year Based on Bonded Debt VIII 62
Parking Authority of the City of Huntington Beach Statement of Bonded Debt IX 63
Parking Authority of the City of Huntington Beach Statement of Future Debt Requirements by
Year Based on Bonded Debt X 63
City of Huntington Beach Miscellaneous Statistics X1 64
City Of Huntington Beach A ual
Fiscal Year
Ended June 30, 1982 F it •
10 n ia
Report
DEPARTMENT OF ADMINISTRATIVE SERVICES
Frank B. Arguello, Chief
HUNTINGTON BEACH
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
ANNUAL FINANCIAL REPORT
JUNE 30, 1982
TABLE OF CONTENTS
FINANCIAL SECTION
Exhibit Page
Report of Certified Public Accountants
Financial Statements:
Combined Balance Sheet I 1
Combined Statement of Earnings and Retained Earnings II 2
Combined Statement of Changes in Financial Position III 3
Notes to Combined Financial Statements 4
L
Combined Financial Statements.
EXHIBIT I
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED AND COMBINING BALANCE SHEET
June 30, 1982
Civic
Total Center Project Library Project
Assets
Restricted assets:
Time certificates of deposit $ 2,044,909 $ 1 ,334,870 $ 710,039
Temporary investments in U.S. government
securities, at cost (market: $1 ,558,656) 1 ,589,302 1 ,190,802 398,500
Accrued interest receivable _ 137,611 67,823 69,788
Total restricted assets $3,771 ,822 $ 2,593,495 $1 ,178,327
Long term leases receivable less unearned
income of $ 8,271 , 144 (Note 3) 11 ,791 ,256 8,050,039 3,741 ,217
Total assets $15,563,078 $10,643,534 $4,919,544
Liabilities and Retained Earnings
Current liabilities payable from restricted assets:
Accrued interest $ 301,471 $ 223,381 $ 78,Oy0
Current installment of bonds payable (Note 4) 490,000 330,000 160,000
Total current liabilities payable from restricted
assets 791 ,471 553,381 238,090
Deferred rental income 68,473 68,473 --
Bonds payable, net of current installment (Note 4) 12,530,000 8,580,000 3,950,000
Total liabilities 13,389,944 9,201 ,854 4,188,090
Retained earnings 2,173,134 1 ,441,680 731 ,454
Total liabilities and retained earnings $15,563,078 $10,643,534 $4,919,544
See accompanying notes to combined financial statements.
1
EXHIBIT II
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED AND COMBINING STATEMENT OF EARNINGS AND RETAINED EARNINGS
YEAR ENDED JUNE 30, 1982
Civic
Total Center Project Library Project
Operating revenue:
Lease income:
Lease payments received $1 ,253,900 $ 854,900
$ 399,000
Less amortization of leases receivable (349,990) (239,500) ( 110,490)
Interest income on capital leases 903,910 615,400 288,510
Operating expenses (1 ,623) (268) (1 ,355)
Net operating income 902,287 615, 132 287, 155
Non-operating revenue:
Interest earned 497,746 339,324 158,422
Total operating and non-operating income 12400,033 954,456 445,577
Non-operating expenses:
Interest expense (725,946) (490,558) (235,388)
Net earnings 674,087 463,898 210,189
Retained earnings at July 1 , 1981 1 ,499,047 977,782 521 ,265
Retained earnings at June 30, 1982 $2,173, 134 $14441 ,680 $ 731,454
See accompanying notes to combined financial statements.
2
ARTHUR YOUNG & COMPANY
The Honorable Board of Directors SUITE9
00 3200 PARK CENTER DRIVE
Huntington Beach Public Facilities Corporation P. 0. BOX 2410
Huntington Beach, California COSTA MESA, CALIFORNIA 92626
We have examined the combined balance sheet of the Huntington Beach Public Facilities Corporation at June 30, 1982 and the related combined
statements of earnings and retained earnings and changes in financial position 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.
In our opinion, the statements mentioned above present fairly the financial position of the Huntington Beach Public Facilities Corporation at
June 30, 1982 and the results of operations and changes in financial position for the year then ended in conformity with generally accepted
accounting principles applied on a basis consistent with that of the preceding year.
September 16, 1982 d
r
Financial Section
OFFICE OF THE
CHIEF OF ADMINISTRATIVE SERVICES
FRANK B. ARGUELLO, CHIEF
Mr. Charles W. Thompson
City Administrator
City of Huntington Beach
Dear Mr. Thompson:
Submitted herewith is the Department of Administrative Services Annual Report containing the City's financial statements for the
fiscal year ended June 30, 1982. The comprehensive report encompasses all funds, reflects the results of all financial transactions,
and represents the culmination of accounting processes performed during the fiscal year.
General Fund
Revenues and transfers from other funds for general fund purposes totaled $45,016,533 in FY-1982, an increase of $2,626,388, or 5.8%
when compared to FY-1981. The revenue from various sources and the changes as compared with FY-1981 are as follows:
Percent Change from FY-1981
Source Amount of Total Amount Percent
General Property Taxes $12,944,408 28.8% $1 ,693,618 13.1%
Other Local Taxes 19,040,227 42.3 2,045,889 10.7
Licenses and Permits 2,736,785 6.0 (247,518) (9.0)
Fines and Forfeitures 1 ,515,914 3.3 (10,158) (.7)
Use of Money and Property 3,223,113 7.2 670,476 20.8
Revenue from Other Agencies 2,671,003 5.9 (1 ,824,325) (68.3)
Charges for Current Services 1 ,153,439 2.6 (228,616) (19.8)
Other Revenue 529,704 1.2 163,579 30.9
Transfers from Other Funds 1 ,201,940 2.7 363,443 30.2
Total $45,016,533 100.0% $2,626,388 5.8%
Gross expenditures and encumbrances for General Fund purposes totaled $44,988,467 in FY-1982 -- an increase of $3,565,628 or 7.9%
over FY-1981.
fi
EXHIBIT I
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
BALANCE SHEETS
JUNE 30, 1982 and 1981
Assets: 1982 1981
Current assets:
Cash and term deposits $ 181 ,366 $ 163,863
Receivables:
Accrued interest receivable 41 ,422 58,307
Due from other entities 1 ,808 --
Total receivables 43,230 58,307
Total current assets 224,596 222, 170
Restricted assets:
. Investments, at cost which approximates market (Note 3) 895,037 764,255
Cash with fiscal agent 12,062 7,594
Total restricted assets 907,099 771,849
Fixed assets, at cost:
Land 371,065 371,065
Improvements 1 ,694,089 1 ,694,089
Less allowance for depreciation (893,153) (821 ,959)
Net fixed assets 1,172,001 1 ,243, 195
Total assets $2,303,696 $2,237,214
Liabilities and Retained Earnings:
Current liabilities payable from restricted assets):
Accrued interest payable 26,092 27,508
Current installment of bonds payable (Note 3) 90,000 85,000
Matured interest payable 12,062 7,594
Total current liabilities 128, 154 120,102
Bonds payable, net of current installment (Note 3) 1,420,000 1,510,000
Total liabilities 1,548, 158 1,630, 102
Retained earnings 755,542 607, 112
Total liabilities and retained earnings $2,303,696 $2,237,214
See accompanying notes to financial statements.
1
EXHIBIT II
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
STATEMENTS OF EARNINGS AND RETAINED EARNINGS
YEARS ENDED JUNE 30, 1982 and 1981
1982 1981
Operating revenue:
Rentals (Note 2) $170,050 $170,050
Operating expenses:
Depreciation 71,194 71,194
Parking meters 3,225 --
Total operating expenses 74,419 71,194
Net operating income 95,631 98,856
Non-operating revenue:
Interest earned 131 ,781 114,847
Total operating and non-operating income 227,412 213,703
Non-operating expenses:
Interest expense (78,982) (83,234)
Net earnings 148,430 130,469
Retained earnings, beginning of year 607,112 476,643
Retained earnings, end of year $755,542 $607,112
See accompanying notes to financial statements.
2
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
ANNUAL FINANCIAL REPORT
JUNE 30, 1982
TABLE OF CONTENTS
FINANCIAL SECTION
Exhibit Page
Report of Certified Public Acountants
Financial Statements:
Balance Sheets I 1
Statements of Earnings and Retained Earnings II 2
Statements of Changes in Financial Position III 3
Notes to Financial Statements 4
Parking Authority Of The
City Of Huntington Beach
Financial Statements
June 30, 1982 and 198.1
( With Accountants' Report Thereon )
Q3'�LI U�MD
ARTHUR YOUNG & COMPANY
SUITE 900
The Honorable Members of the Parking Authority 3200 PARK CENTER DRIVE
City of Huntington Beach P. O. BOX 2410
Huntington Beach, California COSTA MESA, CALIFORNIA 92626
We have examined the balance sheet of the Parking Authority of the City of Huntington Beach at June 30, 1982 and the related statements
of earnings and retained earnings and changes in financial position 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. The financial statements of the Parking Authority of the City of Huntington
Beach for the year ended June 30, 1981 were examined by other auditors whose report dated September 25, 1981 expressed an unqualified
opinion on those statements.
In our opinion, the 1982 statements mentioned above present fairly the financial position of the Parking Authority of the City of
Huntington Beach at June 30, 1982 and the results of operations and changes in financial position for the years then ended, in
conformity with generally accepted accounting principles applied on a basis consistent with that of the preceeding year.
September 16, 1982
EXHIBIT III
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
COMBINED AND COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED JUNE 30, 1982
Civic
Total Center Project Library Project
Source of funds:
Funds provided from operations:
Net earnings $ 674,087 $ 463,898 $210,189
Amortization of leases receivable 349,990 239,500 110,490
$1 ,024,077 $ 703,398 $320,679
Use of funds:
Reclassification and redemption of bonds payable $ 490,000 $ 330,000 $160,000
Decrease in deferred rental income 4,029 4,029 --
Increase in working capital 530,048 369,369 160,679
$1,024,077 $ 703,398 $J201679
Changes in components of working capital:
Increase (decrease) in restricted assets:
Time certificates of deposit $ 946,055 $ 729,960 $216,055
Temporary investments in government securities (427,118) (3469427) (80,691)
Accrued interest receivable 26,415 (7,430) 33,845
545,352 376,103 169,249
Decrease ( increase) in current liabilities:
Accrued interest payable 14,696 13,266 1,430
Current installment of bonds payable 00,000) (20 000) (10 000)
05,304)
Increase in working capital $ 530,048 $ 3692369 $160,679
See accompanying notes to combined financial statements.
3
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
NOTES TO COMBINED FINANCIAL STATEMENTS
JUNE 30, 1982
( 1) Summary of Significant Accounting Policies
The following is a summary of significant accounting policies used by the Huntington Beach Public Facilities Corporation (Corporation) .
Basis of Accounting
The accompanying combined financial statements of the Corporation have been prepared using the accrual basis of accounting.
Temporary Investments
Investments are stated at cost. Such investments consist of Federal Government backed securities and are adjusted for amortization of
purchase premium or discount.
Bond Accounts
Under the provisions of the bond indenture agreements, the Corporation is required to maintain separate accountability for various types
of funds received. A description of these funds, which are combined for financial statement presentation, is as follows:
Account Source Use
Reserve Fund Bond proceeds and rental revenue fund Bond principal and interest
Construction Fund Bond proceeds Cost of project
Interest During Construction Fund Bond proceeds First twenty-six months' interest 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 revenue fund Bond principal and interest
Administrative Expenses Fund Transfers- from revenue fund Corporation operating expenses
Bond Redemption Fund Transfers from revenue fund Call and redemption of bonds, changes,
alterations or additions to the project, or
reimbursement of any base rent or additional
rent previously paid by the City of
Huntington Beach
4
( 1) Summary of Significant Accounting Policies, Continued
Upon completing construction, separate rental revenue funds were established to account for all lease and other revenue from the City of
Huntington Beach for the Civic Center and Library. The separate construction funds for the Civic Center and Library projects continue to
account for improvements and modifications to the project structures as approved by the Directors of the Corporation.
Money in the respective rental revenue funds is disbursed as follows: first, to the debt service funds in amounts sufficient to pay one
succeeding principal and two succeeding interest installments; second, to the respective reserve funds in amounts necessary to restore a
balance equal to one year's lease revenue; third, to the administrative expense funds in amounts equal to the budgeted administrative
expenses of the Corporation; fourth, to the bond redemption funds.
Money in the bond redemption fund is used to correct deficiencies in the debt service funds, reserve funds or administrative expense
funds. Money remaining after meeting the minimum requirements of the bond agreements may be used to purchase or redeem outstanding bonds
in order to make improvements or to reimburse the City of Huntington Beach for rent paid to the Corporation.
(2) Organization
The Huntington Beach Public Facilities Corporation was incorporated under the laws of the State of California as a non-profit corporation
on November 25, 1970. The Corporation was formed for the primary purpose of financing and constructing a civic center complex and
central library for the City of Huntington Beach. The constructed civic facilities have been leased to the City of Huntington Beach
under long term lease agreements (Note 3).
(3) Leases
The Corporation has entered into two lease and sublease agreements with the City of Huntington Beach. The terms of the leases are as
follows:
(a) Civic Center lease - This involves a lease and sublease agreement with the City of Huntington Beach for the Huntington Beach Civic
Center. The site occupied by the Civic Center is owned by the City and was leased to the Corporation for an advance rental of
$350,000. The 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 City for an annual rental of
$854,900. This sublease commenced July 1, 1974 and extends for a term of the earlier of: (a) thirty years or (b) until the bonded
indebtedness incurred by the Corporation to construct the Civic Center has been paid.
(b) Central Library lease - This involves a lease and sublease agreement with the City of Huntington Beach for the Central Library. The
site occupied by the Central Library is owned by the City and was leased to the Corporation for an advance rental of $300,000. The
term of the lease is from September 1, 1972 to one week after the termination of the sublease described in the next paragraph.
5
(3) Leases, Continued
The Corporation has subleased the Central Library site and building constructed thereon to the City for an annual rental of
$399,000. This sublease commenced February 15, 1975 and extends for a term of the earlier of: (a) thirty years or (b) until the
bonded indebtedness incurred by the Corporation to construct the Central Library has been paid.
Under both agreements, the City is required to pay all taxes, insurance, administrative and maintenance costs associated with the leased
facilities. 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 such leases be treated as financing leases. Under the financing method, the excess of
aggregate rentals over the cost of the leased property is considered compensation to the lessor for the use of funds invested. At
June 30, 1982, leases receivable from the City of Huntington Beach for the Civic Center and Central Library facilities total $12,141 ,246,
net of unearned income. The site advances are included in the long term leases receivable and are amortized over the term of the leases.
(4) Long-term Debt
A summary of the Corporation's bonded indebtedness as of June 30, 1982 is as follows:
Maturities
Date of Interest Original Outstanding Annual Period
Bond issue issue rates issue June 30, 1982 requirements covered
Civic Center:
Leasehold Mortgage Bonds, Varying amounts from
First Issue (a) January, 1972 5.00 - 7.00% $11 , 100,000 $8,910,000 $200,000 to $890,000 1975-1998
Central Library:
Leasehold Mortgage Bonds, Varying amounts from
Second Issue (b) September, 1972 5.00 - 7.00% _ 5L000,000 4, 110,000 $105,000 to $385,000 1975-1997
$16,100,000 $13,020,000
(a) The $11 , 100,000 principal amount of Leasehold Mortgage Bonds, First Issue (Bonds) are dated January 15, 1972 and were issued as
coupon bonds in $5,000 denominations. These serial bonds mature annually on January 15. Interest is payable semi-annually on
January 15 and July 15.
Bonds maturing on or after January 15, 1983 (a principal amount of $9,090,000) 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 thereafter. Call price of the bonds shall
be an amount equal to the principal amount plus a premium equal to 1/4 of 1 percent of the principal amount redeemed, plus 1/4 of 1
percent 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 4-1/2 percent.
6
(4) Long-Term Debt, Continued
(b) The $5,000,000 principal amount of Leasehold Mortgage Bonds, Second Issue (Bonds) are dated September 1 , 1972 and were issued as
coupon bonds in $5,000 denominations. These serial bonds mature annually on September 1. Interest is payable semi-annually on
March 1 and September 1.
Bonds maturing on or prior to September 1 , 1982 are generally not subject to call and redemption prior to their fixed maturity
date. Bonds maturing on or after September 1, 1983 (a principal amount of $3,950,000) are subject to call and redemption at the
option of the Corporation, in total or in part, on September 1 , 1982 or on any interest payment date thereafter. Call price of the
Bonds shall be an amount equal to the principal amount redeemed plus a premium equal to 1/4 of 1 percent of the principal amount
redeemed, plus 1/4 of 1 percent 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 4 percent.
The following is a schedule of required principal payments during the next five fiscal years and thereafter:
Civic
Year Ended Center Library
June 30 Project Project Total
1983 $ 330,000 $ 1609000 $ 490,000
1984 360,000 170,000 530,000
1985 380,000 180,000 560,000
1986 400,000 1901000 590,000
1987 430,000 200,000 630,000
1988 7,010,000 3,210,000 10,220,000
$8,910,000 $4,110,000 $13,020,000
7
CITY OF HUNTINGTON BEACH EXHIBIT I
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1982
Governmental Fund Types Proprietary Fund Types Fiduciary Account Groups
Fund Type General General
Special Debt Enterprise Internal Expendable Fixed Long-term Totals
General Revenue Service Note 12 Service Trust Assets Uebt (Memo only)
Assets
Cash and term deposits $6,493,721 $12,222,430 $ 9,668 $ 4,853,645 $5,247,984 $1,626,069 $ $ $ 30,453,517
Accounts receivable, net of allowance 169,765 -- -- 375,688 -- -- -- -- 545,453
Property taxes receivable, net
of allowance for
uncollectible taxes ($2,223,169) 467,468 -- 12,152 -- -- -- -- -- 479,62U
Notes receivable, net of allowance -- 13,547 -- -- -- 378,879 -- -- 952,426
Interest receivable 83,839 153,349 -- 67,105 67,455 -- -- -- 371 ,748
Deposits -- -- -- 32,269 -- -- -- -- 32,265
Investments, at cost which
approximates market (Note 6) 109,811 -- -- -- -- -- -- -- 109,811
Due from Redevelopment Agency 184, 150 -- -- -- -- -- -- -- 184,150
Due from other funds -- -- -- -- 17,534 -- -- -- 14534
Due from other governmental units 672,315 736,174 -- -- -- -- -- -- 1 ,408,483
Prepaid expenses 83,523 -- -- -- -- -- -- -- 83,.523
Amount available in debt service fund -- -- -- -- -- -- -- 21 ,820 21 ,820
Amount to be provided for
debt retirement -- -- -- -- -- -- -- 4,128,180 4,128, 180
Amount to be provided under
financing leases (Note 4) -- -- -- -- -- -- -- 12,129,768 12,129,768
Leased facilities under
financing leases (Note 4) -- -- -- -- -- -- 13,913,304 -- 13,913,JU4
Property, plant and equipment,
net of allowance for
depreciation (Note 3) -- -- -- 31,865,711 -- -- 39, 167,049 -- 71 ,032,760
Restricted assets - cash
and investments -- -- -- 511,600 -- -- -- -- 511,600
Total assets $8,264,592 $13,125,500 $21 ,820 $37,706,018 $5,332.973 $2,604,948 $53,080,353 $16,279,768 $136,415,972
See accompanying notes to combined financial statements.
1 -
CITY OF HUNTINGTON BEACH EXHIBIT I
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1982
Governmental Fund Types Proprietary Fund Types Fiduciary Account Groups
Fund Type General General
Special Debt Enterprise Internal Expendable Fixed Long-term Totals
General Revenue Service Note 12 Service Trust Assets Uebt Memo only)
Liabilities
Accounts payable $ 716,758 $255,686 $ -- $ 328,815 $ 2,932 $ -- $ -- $ -- $ 1 ,3U4, 191
Accrued payroll 1,067,019 5,007 -- 133,416 1 ,170 -- -- -- 1,206,612
Insurance claims payable -- -- -- -- 3,042,359 -- -- -- 3,042,359
Deposits 299,354 1,717 -- 367,559 -- 127,350 -- -- 795,y60
Due to other funds 16,833 65 -- 636 -- -- -- -- 17,534
Accrued interest payable -- -- -- 46,325 -- -- -- -- 46,325
Current installment of
notes payable (Notes 8, 9) -- -- -- 56,810 -- 6,541 -- -- e3071
Deferred rental and other
income 661 ,930 -- -- -- -- -- -- -- 661 ,93U
Current liabilities (payable
from restricted assets) :
Current installment of bonds,
payable (Note 7) -- -- -- 150,000 -- -- -- -- 150,000
Accrued interest payable -- -- -- 12,725 -- -- -- -- 12,725
Obligation under financing leases
(Note 4) -- -- -- -- -- -- -- 12, 129,768 12, 129,76b
Bonds, net of current
installment (Note 7) -- -- -- 1 ,416,000 -- -- -- 49150,000 5,566,OU0
Notes payable, net of current
installment (Notes 8, 9) -- -- -- 2,298,582 -- -- -- -- 2,298,582
Total liabilities 2,7�1 �9T+ 2 2T,475 -- VIM 3,O ,Tim 133—',�91 -- 16,279,768 27,295,357
Commitments and contingencies -
(Note 4, 5, 9, 10)
2
CITY OF HUNTINGTON BEACH EXHIBIT I
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1982
Governmental Fund Types Proprietary Fund Types Fiduciary Account Groups
Fund Type General General
Special Debt Enterprise Internal Expendable Fixed Long-Term Totals
General Revenue Service Note 11 Service Trust Assets Uebt (Memo only)
Fund Equity (Note 2)
Contributed capital :
In aid of construction -- -- -- 28,005,111 -- -- -- -- 28,005,111
From General Fund -- -- -- 1 ,359,932 -- -- - 1,.359,932
Investment in general fixed assets -- -- -- -- -- -- 53,080,353 -- 53,080,353
Retained earnings:
Reserved for revenue bond retirement -- -- -- 348,875 -- -- -- -- 348,875
Reserved for future insurance claims -- -- -- -- 750,000 -- -- -- 750,OOU
Unreserved -- -- -- 3,181,232 1 ,536,512 -- -- -- 4,.717,744
Fund balance:
Reserved for encumbrances 894,867 1 ,644,968 -- -- -- -- -- -- 2,539,835
Reserved for amounts due beyond
one year 753,869 518,757 -- -- -- -- -- -- 1,z72,626
Reserved for reimbursement
agreements (Note 5) -- 635,410 -- -- -- -- -- -- 535,410
Reserved for disaster relief -- 92,249 -- -- -- -- -- -- 92,249
Unreserved:
Designated For:
Vacation and sick leave 2,282,473 -- -- -- -- -- - 2,262,473
Special enforcement 25,000 -- -- -- -- -- -- - 25,000
Future development -- 78,226 -- -- -- -- -- -- 78,226
Undesignated (Note 10) 1 ,546,489 9,893,415 21 ,820 -- -- 2,471 ,057 -- -- 13,932,761
Total fund equity 5,502,698 12,863,025 21,820 32,895,150 2,286,512 2,471,057 53,080,353 -- 109,120,615
Total liabilities and fund equity $8,264,592 $13,125,500 $212820 $37,706,018 $5,332,973 $2,604,948 $53,080,353 $16,279,7b8 $13b,415,972
See accompanying notes to combined financial statements.
3
CITY OF HUNTINGTON BEACH EXHIBIT II
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types
and Expendable Trust Funds Year Ended June 30, 1982
Governmental Fund Types Fiduciary Fund Types
Special Debt Expendable Totals
General Revenue Service Trust (Memo only)
Revenues:
General property taxes $12,944,408 $ -- $419,638 $ -- $13,364,046
Other local taxes 19,040,227 -- -- -- 19,040,227
Licenses and permits 2,736,785 266, 122 -- -- 3,002,907
Fines and forfeitures 1 ,515,914 -- -- -- 1 ,515,914
Use of money and property 3,223, 113 1 ,779,365 -- 373,123 59375,601
Revenue from other agencies 2,671,003 6,438,287 -- -- 9, 109,290
Charges for current services 1 ,153,439 162,839 -- -- 1 ,316,278
Contributions to deferred compensation plan -- -- -- 311 ,455 311 ,455
Other revenues 529,704 -- -- -- 529,704
Total revenues 43,814,593 826469613 419,638 684,578 53,565,422
Expenditures:
Administrative 4,493,484 211 -- -- 4,493,695
Support 3,654,024 45,665 -- -- 3,699,689
Community services 15,516,826 1 ,052,154 -- -- 16,568,980
Public safety 20,429,266 1 ,077,050 -- -- 21 ,506,316
Highways and streets -- 2,656,408 -- -- 2,656,408
Drains and sewers -- 532,055 -- -- 532,055
Park development -- 1 ,684,621 -- -- 1 ,664,621
Paid to participants in
employee deferred compensation plan -- -- -- 65,442 65,442
Loan subsidies and loan losses -- 38,575 -- -- 38,575
Grants -- 1 ,256,813 -- -- 1 ,256,.813
Miscellaneous -- 143 461 -- 604
Redemption of matured bonds -- -- 210,000 -- 210,000
Interest -- -- 260,525 -- 260,525
Total expenditures 44,093,600 8,343,695 470,986 65,442 52,973,723
4
CITY OF HUNTINGTON BEACH EXHIBIT II
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types
and Expendable Trust Funds Year Ended June 30, 1982
Governmental Fund Types Fiduciary Fund Type
Special Debt Expendable Total
General Revenue Service Trust (Memo only)
Excess (deficiency) of revenues -
over expenditures (279,007) 302,918 (51,348) 619, 136 591 ,699
Other financing sources (uses) :
Operating transfers in (out) 1 ,201 ,940 (814,521) -- -- 387,419
Excess (deficiencies) of revenue
and operating transfers in
over expenditures and operating
transfers out 922,933 (511 ,603) (51 ,348) 619, 136 379, 116
Fund balance at June 30, 1981 4,785,927 13,168,466 73,168 1 ,851 ,921 19,879,482
Deficit transfer ( in) out (Note 11) (206,162) 206, 162 -- -- -_
Fund balance at June 30, 1982 $5,502,698 $12,863,025 $ 21 ,820 $2,471 ,057 $20 -858,600
See accompanying notes to combined financial statements.
5
CITY OF HUNTINGTON BEACH EXHIBIT III
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Budgetary Basis Actual
Governmental Fund Types
Year Ended June 30, 1982
General Fund Special Revenue Funds
Budgetary Variance - Budgetary Variance -
Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
General property taxes $13, 139,170 $12,944,408 $ (194,762) $ -- $ -- $ --
Other local taxes 18,887,000 19,040,227 153,227 -- -- --
Licenses and permits 3,293,000 2,736,785 (556,215) 1 ,660,000 266, 122 ( 1 ,393,878)
Fines and forfeitures 1 ,545,000 1 ,515,914 (29,086) -- -- --
Use of money and property 2,710,000 3,223,113 513, 113 1 ,267,500 1 ,779,365 511,865
Revenue from other agencies 3,206,000 2,671 ,003 (534,997) 10,446,683 6,438,287 (4,008,396)
Charges for current services 1 ,796,914 1 , 153,439 (643,475) 70,000 162,839 92,839
Other revenues 44,200 529,704 485,504 10,000 -- (10,000)
Total revenues 44,621 ,284 43,814,593 (806,691) 13,454, 183 8,646,613 (4,807,570)
Expenditures:
Administrative 6,407,115 4,574,928 1 ,832,187 173,350 249 173,101
Support 3,960,258 3,684,863 275,395 83,024 88,684 (5,660)
Community services 16,786,758 16,088,990 697,768 1 ,715,678 1,356,755 358,923
Public safety 20,890,033 20,639,686 250,347 1 ,461 ,695 1,440,729 20,966
Highway and streets -- -- -- 5,796,702 2,693,062 3, 103,640
Drains and sewers -- -- -- 2,469,411 835,363 1 ,634,048
Park development -- -- -- 4,676,778 2,078,960 2,597,818
Loan subsidies and loan losses -- -- -- -- 38,575 (38,575)
Grants -- -- -- 4,808,069 1 ,456, 143 3,351 ,926
Miscellaneous -- -- -- 9,948 143 9,805
Total expenditures 48,044, 164 44,.988,467 3,055,697 21 ,194,655 9,9881663 11 ,205,992
6
M � m m m m m m
CITY OF HUNTINGTON BEACH EXHIBIT III
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Budgetary Basis Actual
Governmental Fund Types
Year Ended June 30, 1982
General Fund Special Revenue Funds
Budgetary Variance - Budgetary Variance -
Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Excess (deficiencies) of revenues
over expenditures (3,422,880) (1 ,173,874) 2,249,006 (7,740,472) (1 ,342,050) 6,398,422
Other financing sources (uses) :
Operating transfers in (out) 1 ,414,000 1,201 ,940 (212,060) ( 611 ,800) (814,521 ) (202,721 )
Excess (deficiencies) of revenue and
operating transfers in over
expenditures and operating
transfers out (2,008,880) 28,066 2,036,946 (8,352,272) (2,156,571 ) 6, 195,701
Fund balance June 30, 1981 4,785,927 4,785,927 -- 13,168,466 13, 168,466 --
Deficit transfers ( in) out -- (206,162) (206,162) -- 206, 162 206,162
Fund balance at June 30, 1982 2,777,047 4,607,831 1 ,830,784 4,816,194 11 ,218,057 6,401 ,863
budgetary basis
Encumbrances outstanding at
June 30, 1982 894,867 894,867 -- 1 ,644,968 1 ,644,968 --
Fund balance at June 30, 1982
GAAP basis $3,671 ,914 $5,502,698 $1 ,830,784 $62461 ,162 $12,863,025 $6,401 ,863
See accompanying notes to combined financial statements.
7
CITY OF HUNTINGTON BEACH EXHIBIT III
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Budgetary Basis Actual
Governmental Fund Types
Year Ended June 30, 1982
Debt Service Fund Total (Memo only)
Budgetary Variance - Budgetary Variance -
Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
General property taxes $475,000 $419,638 $(55,362) $13,614, 170 $13,364,046 $ (250, 124)
Other local taxes -- -- 18,887,000 19,040,227 153,227
Licenses and permits -- -- -- 4,953,000 3,002,907 (1 ,950,093)
Fines and forfeitures -- -- -- 1,545,000 1 ,5159914 (29,086)
Use of money and property -- -- -- 3,977,500 5,002,478 1 ,024,978
Revenue from other agencies -- -- -- 13,652,683 9,109,290 (4,543,393)
Charges for current services -- -- -- 1,866,914 1 ,316,278 (550,636)
Other revenues -- -- -- 54,200 529,704 475,504
Total revenues 475,000 419,638 (55,362) 58,550,467 52,880,844 (5,669,623)
Expenditures:
Administrative -- -- -- 6,580,465 4,575, 177 2,005,288
Support -- -- -- 4,043,282 3,773,547 269,735
Community services -- -- -- 18,502,436 17,445,745 1 ,056,691
Public safety -- -- -- 22,351 ,728 22,080,415 271 ,313
Highways and streets -- -- 5,796,702 2,693,062 3,103,640
Drains and sewers -- -- -- 2,469,411 835,363 1 ,634,048
Park development -- -- -- 4,676,778 2,078,960 2,597,818
Loan subsidies and loan losses -- -- -- -- 38,575 (38,575)
Grants -- -- 4,808,069 1,456,143 3,351 ,926
Miscellaneous 500 461 39 10,448 604 9,844
Redemption and matured bonds 205,000 210,000 (5,000) 205,000 210,000 (5,000)
Interest 265,000 260,525 4,475 265,000 260,525 4,475
Total expenditures 470,500 470,986 (486) 69,709,319 55,448, 116 14,261 ,203
8
CITY OF HUNTINGTON BEACH EXHIBIT III
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Budgetary Basis Actual
Governmental Fund Types
Year Ended June 30, 1982
Debt Service Fund Total (Memo only)
Budgetary Variance - Budgetary Variance -
Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Excess (deficiencies) of revenues over
expenditures 4,500 (51 ,348) (55,848) (11 , 158,852) (2,567,272) 8,591 ,5bu
Other financing sources (uses):
Operating transfers in (out) -- -- -- 802,200 387,419 (414,781)
Excess (deficiencies) of revenues and
operating transfers in over expenditures
and operating transfers out 4,500 (51 ,348) (55,848) (10,356,652) (2,179,853) 8, 17b,799
Fund balance at June 30, 1981 73,168 73, 168 -- 18,027,561 18,027,561 --
Deficit tranfers in (out) -- -- -- -- -- --
Fund balance at June 30, 1982 77,668 21,820 (55,848) 7,670,909 15,847,708 8, 176,799
budgetary basis
Encumbrances outstanding at
June 30, 1982 -- -- -- 2,539,835 2,539,835 --
Fund balance at June 30, 1982
GAAP basis $77,668 $21 ,820 $(55,848) $10,210,744 $18,387,543 $8, 176,799
See accompanying notes to combined financial statements.
9
CITY OF HUNTINGTON BEACH EXHIBIT IV
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All Proprietary Fund Types
Year Ended June 30, 1982
Enterprise Internal Total
Note 12 Service (Memo only)
Operating revenues:
Charges for current services $5,640,482 $1 ,907,258 $7,547,740
Use of money and property 183,683 -- 183,683
Other operating revenue 98,867 -- 98,867
Total operating revenues 5,923,032 1 ,907,258 7,830,290
Operating expenses:
Source of supply 1 ,164,908 -- 1 ,164,908
Pumping expense 1 ,418,205 -- 1,418,205
Water treatment 34, 158 -- 34, 158
Transmission and distribution 422,049 -- 422,049
Administrative and general 1 ,018,794 136,049 1 ,154,843
Contribution to General Fund in
lieu of taxes 844,197 -- 344,197
Depreciation 1 ,152,105 -- 1 ,152,105
Workers' compensation claims -- 1 ,437,758 1 ,437,758
Employee medical claims -- 1 ,109,035 1 ,109,035
Liability claims -- 702,223 702,223
Other -- 4,621 4,621
Total operating expenses 6,054,416 3,389,686 9,444, 102
10
Huntington Beach
Public Facilities Corporation
Financial Statements
dune 30, 1982
( With Accountants' Report Thereon. )
M
EXHIBIT III
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
STATEMENTS OF CHANGES IN FINANCIAL POSITION
YEARS ENDED JUNE 30, 1982 and 1981
1982 1981
Sources of working capital :
Net earnings $1489430 $130,469
Item which does not use working capital :
Depreciation of land improvements 71094 71094
Decrease in working capital 5,626 --
$225,250 $201 ,663
Uses of working capital :
Current installment of bonds payable 90,000 85,000
Increase in restricted assets 135,250 80,138
Increase in working capital -- 36,525
$225,250 $201 ,663
Changes in components of working capital :
Increase (decrease) in current assets:
Cash and term deposits 17,503 14,769
Receivables (14,851) 26,777
Due from other entities (226) --
2,426 41 ,546
Decrease ( increase) in current liabilities:
Accrued interest payable 1,416 1 ,417
Matured interest payable (4,468) (61438)
Current installment of bonds payable (5,000) --
(8,052) (5,021)
Increase (decrease) in working capital $ (5,626) $ 36,525
See accompanying notes to financial statements.
3
PARKING AUTHORITY OF THE CITY
OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1982
(1) Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Parking Authority of the City of Huntington Beach (Parking Authority) have been
prepared using the accrual basis of accounting.
Fixed Assets 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 (City).
Investments
Investments are stated at cost and consist of Federal government backed securities and bank time certificates of deposit (see Note
3).
Lease
The Parking Authority leasing operations consist .totally of the leasing of its parking facilities to the City of Huntington Beach.
The Parking Authority lease with the City of Huntington Beach is classified as an operating lease.
(2) Operations
The Parking Authority 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 for the City of Huntington Beach. The Parking
Authority leases its parking facilities to the City under a lease agreement which requires minimum annual rental payments of
$170,050 through July 1, 1992.
The Parking Authority obtained the funds to acquire and construct these facilities through the issuance of $2,300,000 of revenue
bonds which are secured by the rental payments received from the City. The rental is payable annually on 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.
4
PARKING AUTHORITY OF THE CITY
OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(2) aerations (Continued)
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 retired or provision for retirement has been made. All costs of maintenance and
operation have been assumed by the City. The City must also pay, 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.
(3) Bonded Debt
A summary of the Parking Authority bonded debt is as follows:
Bonds Bonds
Matured Matured
Amount Bonds During Bonds During Bonds
Date Years of Rates of Original Outstanding Fiscal Outstanding Fiscal Outstanding
Description of Issue Maturity Interest Issue 1980 1981 6/30/81 1982 6/30/82
1968 Parking September, 1970-72 6.00% $ 150,000 $ -- $ -- $ -- $ -- $ --
Revenue Bonds 1968 1973-79 4.75 470,000 -- -- -- -- --
1980-85 5.00 5709000 570,000 85,000 485,000 85,000 400,000
1986-93 5.25 1 ,110,000 1 ,110,000 -- 1 ,110,000 -- 1 ,110,000
$2,300,000 $1,680,000 $85,000 $1,595,000 $85,000 $11510,000
The following is a schedule of required principal payments during the next five fiscal years and thereafter:
Year Ended
June 30 Amount
1983 $ 90,000
1984 95,000
1985 105,000
1986 110,000
1987 115,000
Remainder 995,000
$1 ,510,000
5
PARKING AUTHORITY OF THE CITY
OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(3) Bonded_Debt (Continued)
Interest is payable semi-annually on March 1 and September 1. Provisions of the bond agreement provide for the establishment of
three special funds as follows:
(a) Bond Service Fund - All revenues received by the Parking 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 reserve 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 set aside to be used to pay principal
and interest currently payable in the event there is insufficient money in the bond service fund and may be applied to the
final payments of principal and interest.
(c) Working Capital Fund - After provision has been made for payment of bond principal and interest and an appropriate reserve
fund balance has been established, excess money, if any, remaining in the bond service fund may be transferred to the
working capital fund to be used to pay the administrative expenses of the Parking Authority and maintain the working
capital fund's cash at a balance of at least $1,500.
At June 30, 1981, the Parking Authority maintained the following investments pursuant to the terms of the bond agreement (see Note
1 ):
1982 1981
Bond Service Fund $787,814 $666,011
Reserve Fund 107,223 98,244
$8951037 $764,255
Bonds maturing on and after September 1, 1980 may be called before maturity and redeemed at the option of the Parking Authority on
any interest payment date prior to maturity. If less than all the outstanding bonds are redeemed at any one time, these bonds will
be redeemed in inverse order of maturity and bond number.
The bonds are redeemable at par value plus accrued interest and a premium equal to 1/4 of 1 percent for each year or portion of a
year from the redemption date to the maturity date, up to a maximum of 3-1/2 percent.
6
ARTHUR YOUNG & COMPANY
SUITE 900
The Honorable Members of the City Council 3200 PARK CENTER DRIVE
City of Huntington Beach, California P. O. BOX 2410
COSTA MESA, CALIFORNIA 92626
We have examined the combined financial statements of the City of Huntington Beach, California, at June 30, 1982 and for the year
then ended, as listed in the table of contents. 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.
As more fully described in Note 2 to the combined financial statements, the City reconstructed its accounting records for fixed
. assets of the enterprise funds and of the General Fixed Assets Account Group. This resulted in a restatement of the beginning
balance of retained earnings for the enterprise funds and an increase to the investment in general fixed assets for the General Fixed
Assets Account Group.
In our opinion, the statements mentioned above present fairly the financial position of the City of Huntington Beach, California, at
June 30, 1982 and the results of operations and changes in financial position of its proprietary fund types for the year then ended,
in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Our examination was made primarily for the purpose of forming an opinion on the combined financial statements above, taken as a
whole. The combining, individual fund and account group financial statements and other schedules listed as additional financial
information in the table of contents are presented for analyses purposes and are not necessary for a fair presentation of the
financial information referred to in the preceding paragraph. It has been subjected to the tests and auditing procedures applied in
the examination of the combined financial statements and, in our opinion, is fairly stated in all respects material in relation to
the combined financial statements taken as a whole.
The accompanying statistical exhibits are also presented for the purpose of additional analysis and are not a required part of the
combined financial statements of the City of Huntington Beach, California. These statistical exhibits were not audited by us and,
accordingly, we do not express an opinion on them.
September 16, 1982 aa44400L
Combining Financial Statements
CITY OF HUNTINGTON BEACH EXHIBIT IV
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All Proprietary Fund Types
Year Ended June 30, 1982
Enterprise Internal Total
Note 12 Service (Memo only)
Operating loss (131 ,384) (1 ,482,428) (1 ,613,812)
Non-operating revenue (expense):
Interest income 730,498 800,661 1 ,531 ,159
Other revenue 87,968 -- 87,968
Interest expense (207,221 ) -- (207,221)
Total non-operating revenue 611,245 800,661 1 ,411 ,906
Income ( loss) before operating transfer 479,861 (681,767) (201,906)
Operating transfer to General Fund (387,419) -- (387,419)
Net income ( loss) 92,442 (681 ,767) (589,325)
Retained earnings at
June 30, 1981 , as previously stated 11,510,804 2,968,279 14,479,083
Prior period adjustment (Note 2) (8,170,510) -- (8,170,510)
Retained earnings at June 30, 1981, restated (Note 2) 3,340,294 2,968,279 6,308,573
Increase in reserve for retirement of revenue bonds 97,371 -- 97,371
Retained earnings at
June 30, 1982 $ 3,530,107 $2,286,512 $5,816,619
See accompanying notes to combined financial statements.
11
CITY OF HUNTINGTON BEACH EXHIBIT V
Combined Statement of Changes in Financial Position All Proprietary Fund Types
Year Ended June 30, 1982
Enterprise Internal Total
Note 12) Service (Memo only)
Sources of Working Capital :
Operations:
Net income $ 92,442 $(681 ,767) $ (589,325)
Item not requiring working capital :
Depreciation 1 ,152,105 -- 1 ,152,105
Working capital provided for by operations 1 ,244,547 (681,767) 562,780
Contributed capital 1 ,077,886 -- 1 ,077,886
Increase in reserve for revenue bond retirement 97,371 -- 97,371
Total sources of working capital 2,419,804 (681 ,767) 1 ,738,037
Uses of Working Capital :
Addition of fixed assets 2,186,753 -- 2,186,753
Increase in restricted assets -
cash with fiscal agents 106,096 -- 106,096
Reclassification of note payable 37,244 -- 37,244
Reclassification and redemption of
long-term bonds payable 229,310 -- 229,310
Total uses of working capital 2,559,403 -- 2,559,403
Net decrease in working capital $ (139,599) $(6812767) $ (821 ,366)
12
CITY OF HUNTINGTON BEACH EXHIBIT V
Combined Statement of Changes in Financial Position All Proprietary Fund Types
Year Ended June 30, 1982
Enterprise Internal Total
Note 12 Service (Memo only)
Changes in Components of Working Capital :
Increase (decrease) in current assets:
Cash and deposits $ (48,500) $ 347,636 $ 299, 136
Accounts receivable, trade (net) 38,331 -- 38,331 l
Accounts receivable, other (net) (15,050) -- (15,050)
Interest receivable (14,173) (12,950) (27, 123)
Due from other funds -- 3,812 3,812
Total (39,392) 338,498 299,106
Decrease ( increase) in current liabilities:
Accounts payable (42,169) 15,399 (26,770)
Accrued payroll (11 ,220) (181) (11,401)
Customer deposits (37,909) -- (37,909)
Due to other funds (99) -- (99)
Accrued interest payable 1 ,275 -- 1 ,275
Insurance claims .payable -- (1 ,035,483) (1 ,035,483)
Current portion of notes
and bonds payable ( 10,085) -- (10,085)
Total (100,207) (1 ,020,265) (1 , 120,472)
Net decrease in working capital $0 39,599) $ (681 ,7671) $ 821 366)
See accompanying notes to combined financial statements.
13
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 1982
Note ( 1) Summary of Significant Accounting Policies
The following is a summary of the significant accounting policies of The City of Huntington Beach, California (City) .
A. Fund Accounting
The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity, revenue and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for
in individual funds based upon the purposes for which they are spent and the means by which spending activities are controlled. The
various funds are grouped in the financial statements in this report into six generic fund types and three broad fund categories as
follows:
GOVERNMENTAL FUNDS
General Fund
The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to
be accounted for in another fund.
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts) that are restricted
to expenditures for specified purposes.
Debt Service Funds
Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal ,
interest, and related costs.
PROPRIETARY FUNDS
Enterprise Funds
The City's enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises and where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or
services to the general public on a continuing basis be financed or recovered primarily through user charges.
14
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Internal Service Funds
Internal Service Funds are used to account for the financing of services provided by one department to the other departments of the City
on a cost reimbursement basis.
FIDUCIARY FUNDS
Expendable Trust Funds
Expendable Trust Funds are used to account for assets held by the City for individuals, private organizations or other governments.
Expendable Trust Funds are accounted for in essentially the same manner as governmental funds.
B. General Fixed Assets and Long-term Debt Groups
The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its
measurement focus. All governmental funds and Expendable Trust Funds are accounted for on a spending or "financial flow" measurement
focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund
balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present
increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period.
Acquisitions of property, plant and equipment are recorded as expenditures in governmental fund types at the time of purchase. These
assets are capitalized at cost in the General Fixed Assets Account Group. Assets acquired from gifts or contributions are recorded at
fair market value at the time received. Self-constructed assets are recorded at the amount of direct labor, material and interest
costs. Expenditures for infrastructure (roads, curbs and gutters, sidewalks, drainage systems, etc.) normally are not capitalized as
such assets are immovable and generally of value only to the City. No depreciation is provided for assets capitalized in the General
Fixed Assets Account Group.
Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group, not
in the governmental funds.
The two account groups are not "funds." They are concerned only with the measurement of financial position. They are not involved with
measurement of results of operations.
15
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Noncurrent portions of long-term receivables of governmental funds are reported on their balance sheets, in spite of their spending
measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered "available spendable
resources," since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent
receivables is deferred until they become current receivables. Receivables for amounts due beyond one year are offset by fund balance
reserve accounts.
Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts
represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as
governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the General Long-Term Debt Account
Group.
All proprietary funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and
all liabilities (whether current or noncurrent) associated with their activity are included on their balance sheets. Their reported fund
equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating
statements present increases (revenues) and decreases (expenses) in net total assets.
Property, plant and equipment acquired by proprietary funds are capitalized at cost at the time of purchase in the respective fund.
Assets acquired from gifts or contributions are recorded at fair market value at the time received. Depreciation on such assets is
calculated on the straight-line method over the estimated useful lives shown below and charged to the operations of the respective fund.
Fixed Asset Category Useful Life
Production and pumping plant 10-50 years
Transmission and distribution plant 10-50 years
General plant 20-50 years
Transportation equipment 5-30 years
Assets leased under capita.] leases by governmental fund types (Note 4) are included in the General Fixed Assets Account Group. The
related lease obligations are recorded in the general Long-term Debt Account Group.
16
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
C. Basis of Accounting
Basis of accounting refers to the recognition of revenues and expenditures or expenses in the accounts and the reporting of revenues and
expenditures in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
All governmental funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Their revenues are
recognized when they become measurable and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred.
Exceptions to this general rule include: (1) accumulated unpaid vacation, sick leave, and other employee amounts which are not accrued;
and (2) principal and interest on general long-term debt which is recognized when due.
All proprietary funds are accounted for using the accrual basis of accounting. Revenues are recognized when earned, and expenses are
recognized when incurred.
D. Budgetary Process
Annual budgets adopted by the City Council provide for the general operations of the City. Revenues for the Special Revenue Funds are
.budgeted by entitlements and grants; expenditures and transfers are budgeted based upon available fund resources.
The City Council adopts an operating budget at the beginning of the City's fiscal year. The resolution approving the budget authorizes
the Chief of Administrative Services to transfer funds from like objects or purpose within the same department. The City Administrator
is authorized to transfer funds from one department to another within the adopted budget. Subsequent to the approval of the budget
document, the Council authorizes the reappropriation of prior year encumbrances to fund approved projects and certain operational
expenditures.
The Council is authorized to make and has made appropriation adjustments to the budget during the year as deemed necessary. The
adjustments are included in the budget amounts in the accompanying financial statements.
The modified accrual basis of accounting is employed in the preparation of the budgetary information. Encumbrances are thus included
with expenditures for comparison with budget data but not in the combined statement of Revenues, Expenditures and Changes in Fund
Balance. Expenditures in that statement will be less than expenditures reported in the combined Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual by the amount of encumbrances outstanding at June 30, 1982. These encumbrances are
subtracted from the fund balances in the later statement so the ending fund balance in the two statements will be equal .
17
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
E. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order
to reserve that portion of the applicable appropriation, is employed as a budgetary control in the General and Special hevenue Funds.
Encumbrances outstanding at year end are reported as reservations of fund balances since they do not constitute expenditures or
liabilities.
F. Investments
Investments generally consist of federal government-backed securities, bankers acceptances, and municipal securities.
G. Vacation and Sick Leave
It is the policy of the City to record the cost of vacation and sick leave when paid. The fund balance in the General Fund at
June 30, 1982 has been partially designated for $2,282,000 which is the total unrecorded liability for vacation and sick leave that has
been accumulated by City employees.
H. Pension Plan
Substantially all City employees participate in the Public Employees Retirement System (PERS) administered by the State of California.
The total pension expense recognized by the City for the fiscal year ended June 30, 1982 was approximately $4,098,000. It is the City's
policy to fund current retirement costs as accrued. Actuarial valuations and calculations are made for the PERS plan as a whole and not
individually for the City and its employees. Therefore, the City's share of the actuarial present value of PERS benefits and net assets
are not determinable.
J. Deferred Employee Compensation
The City has a deferred compensation plan whereby eligible City employees may elect to defer a portion of their earnings for federal
income tax purposes. The deferred compensation plan has been approved by the Internal Revenue Service (Service).
The Service stipulated in its approval that legal title to the deferred compensation funds, together with any interest thereon, must rest
with the City. For purposes of financial statement presentations, these deferred compensation funds have been treated as a separate
Expendable- Trust Fund of the City.
18
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
K. Total Columns on Combined Financial Statements
Total columns on the Combined Financial Statements are captioned memorandum (memo) to indicate they are presented only to facilitate
financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations
have not been made in the aggregation of this data.
L. Property Taxes
Property taxes receivable as of June 30, 1982 and expected to be collected during fiscal year 1983 are recognized as revenues in 1982.
Impound and delinquent taxes are recognized as revenue when received.
M. Interfund Transactions
In the course of normal operations, transactions occur between various City funds. Internal service funds record charges to other funds
as revenue and the receiving funds record such charges as expenditures or expenses. The General Fund provides administrative services to
the enterprise funds. Amounts charged to a fund, if any, for these services are treated as revenue in the General Fund and as operating
expenses or expenditures in payor funds. Interfund transactions are not eliminated, nor are interfund payables and receivables
outstanding at year-end.
N. Reporting Entity
The accompanying financial statements include data for all departments and agencies comprising the City of Huntington Beach as a legal
entity. There are certain separate legal entities which share the title "City of Huntington Beach", including the Public Facilities
Corporation, the Parking Authority and the Redevelopment Agency. These entities are autonomous organizations with their own governmental
powers and constituencies. They maintain their own financial records and issue financial statements separate and distinct from those of
the City. Accordingly, they are not included in the accompanying financial statements.
0. Operational Reserve Fund
The City has established an Operational Reserve Fund (Special Revenue) under Article XI11B, Section 5, of the State Constitution. The
purpose of the fund is to provide sources of monies for operating expenditures in the event of future declines in revenues from the State
and Federal government.
19
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
P. Self-Insurance
The City is self-insured for various types of risks, principally worker's compensation, public liability and employee health. Operating
revenues of these funds comprise payments from other City funds and are based upon estimated insurance policy premiums expense,
self-insured losses and other operating expenses. It is the City's policy to charge to expense amounts of claims which are reasonably
determinable and where the existence of the City's liability is probable.
Q. Interest
The City incurs interest expense on general obligations bonds, water revenue bonds, notes payable and capital leases. During the year
ended June 30, 1982, no interest was capitalized; the City's interest expense was as follows:
Interest expense
Governmental fund types:
General Fund (capital lease obligations) $ 754,726
Debt Service Fund (general obligation bonds) 260,525
$1 ,015,251
Proprietary fund types:
Water Enterprise Funds (water revenue bonds and note payable) $ 75,268
Meadowlark Golf Course Fund (note payable) 131 ,953
$2072221
Note (2) Prior Period Adjustments
The City's system of accounting for property and equipment in prior years did not include sufficient controls to ensure all property and
equipment acquired by the City was properly recorded in the accounting records. During the year ended June 30, 1982, the City determined that
assets acquired by the Water Utility Fund and Meadowlark Golf Course Fund in prior years had previously been excluded from the books and
records.
Accordingly, contributed capital and retained earnings for the Water Utility Fund have been restated at $11 ,805,532 and $(8,506,220),
respectively, to properly record the property and related accumulated depreciation. Retained earnings for the Meadowlark Golf Course has been
restated at $335,710 to properly record the property.
Additionally, $17,697,033 of property, plant and equipment acquired by the City's General Fixed Assets Account Group in prior years was
recorded as a fund asset in the year ended June 30, 1982, with a corresponding increase to Investment in General Fixed Assets in the
accompanying financial statements.
20
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
P. Self-Insurance
The City is self-insured for various types of risks, principally worker's compensation, public liability and employee health. Operating
revenues of these funds comprise payments from other City funds and are based upon estimated umbrella insurance policy premiums expense,
self-insured losses and other operating expenses.
Q. Interest
The City incurs interest expense on general obligations bonds, water revenue bonds, notes payable and capital leases. During the year
ended June 30, 1982, no interest was capitalized; the City's interest expense was as follows:
Interest expense
Governmental fund types:
General Fund (capital lease obligations) $ 754,726
Debt Service Fund (general obligation bonds) 260,525
$1 ,015,251
Proprietary fund types:
Water Enterprise Funds (water revenue bonds and note payable) $ 75,268
Meadowlark Golf Course Fund (note payable) 131 ,953
$207,221
Note (2) Prior Period Adjustments
The City's system of accounting for property and equipment in prior years did not include sufficient controls to ensure all property and
equipment acquired by the City was properly recorded in the accounting records. During the year ended June 30, 1982, the City determined that
assets acquired by the Water Utility Fund and Meadowlark Golf Course Fund in prior years had previously been excluded from the books and
records.
Accordingly, contributed capital .and retained earnings for the Water Utility Fund have been restated at $11 ,805,532 and $(8,506,220),
respectively, to properly record the property and related accumulated depreciation. Retained earnings for the Meadowlark Golf Course has been
restated at $335,710 to properly record the property.
Additionally, $17,697,033 of property, plant and equipment acquired by the City's General Fixed Assets Account Group in prior years was
recorded as a fund asset in the year ended June 30, 1982, with a corresponding increase to Investment in General Fixed Assets in the
accompanying financial statements.
21
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Note (3) Property, Plant and Equipment
Property, plant and equipment net of allowance for depreciation consists of the following at June 30, 1982:
General Total
Fixed Enterprise (Memo
Assets Funds Only)
Land $16,293, 193 $ 3,462,725 $19,755,918
Buildings 9,386,744 1 ,232,039 10,618,783
Machinery and equipment 8,673,287 1 ,255,901 9,929, 188
Improvements other than buildings 4,813,825 40,313,501 45,127,326
$39,167,049 $46,264, 166 $859431 ,215
Accumulated depreciation -- 14,398,455 14,398,455
$39,167,049 $31 ,865,711 $71 ,032,760
A summary of changes in the General Fixed Assets Account Group for the year ended June 30, 1982 follows:
Balance
June 30, 1981 Prior
(As previously Period Balance
reported ) Adjustment Additions Disposals June 30, 1982
Land $ 669,442 $14,908,751 $ 715,000 $ -- $16,293, 193
Buildings 17,296,217 (8,940,432) 1 ,205,421 174,462 9,386,744
Machinery and equipment 598,102 7,051 ,654 1 ,221 ,323 197,792 8,673,287
Improvements other than buildings -- 4,677,060 136,765 -- 4,813,825
$18,563,761 $17,697,033 $3,278,509 $372,254 $39,167,049
22
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
A summary of changes in the Enterprise Fund Account Group net of allowance for accumulated depreciation for the year ended June 30, 1982
follows:
Balance
June 30, 1981 Prior
(As previously Period Allowance For Balance
reported ) Adjustment Additions Depreciation June 30, 1982
Land $ 3,052,004 $410,721 $ -- $ -- $ 3,462,725
Buildings 47,276 369,028 687,317 (33,905) 1 ,069,716
Machinery and equipment -- 498,911 271 ,837 (64,556) 706, 192
Improvements other than buildings 24,096,761 2,356,362 1 ,227,599 (1 ,053,644) 269627,078
$27096,041 $3,635,022 $2, 186,753 $(1 , 152, 105) $31 ,865,711
Note (4) Leases
The City has entered into two noncancelable lease and sublease agreements with the Huntington Beach Public Facilities Corporation
(Corporation) for the Huntington Beach Civic 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 leases. The
City has determined that such leases are capital leases and require use of the financing method. Under the financing method, a transaction is
regarded as an installment purchase whereby an asset and related liability are recorded. The principal portion of 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 in the General Fund and are amortized over the term of the sublease.
A description of each lease agreement is as follows:
A. Civic Center
This involves a noncancelable lease and sublease agreement with the Corporation for the Huntington Beach Civic Center. The City has
leased the Civic Center site to the Corporation 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 Center site and improvements to the City for $854,900 annual base rental. The sublease commenced
July 1 , 1974 for a term of 30 years or until all debts of the Corporation related to the Civic Center have been discharged, whichever
comes first.
23
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
B. Central Library
This involves a noncancelable lease and sublease agreement with the Corporation for the Central Library. The City has leased the site to
the Corporation for $300,000 advance rental . The term of the lease is from September 1 , 1972 to one week after the termination of the
sublease.
The Corporation has subleased the Library site and improvements to the City for $399,000 annual base rental . The sublease commenced
February 15, 1975 for a term of 30 years or until all debts of the Corporation related to the Library have been discharged, whichever
comes first.
The following is a summary, by years, of future minimum lease payments under all capital leases, together with the present value of the net
minimum lease payments, as of June 30, 1982:
General
Long-Term Debt
Year Ended June 30 Account Group
1983 $ 1 ,360,000
1984 1 ,360,000
1985 1 ,360,000
1986 1 ,307,000
1987 1 ,287,000
1988 and after 13,792,000
Total minimum lease payments 20,466,000
Less amount representing interest (8,336,232)
Present value of minimum lease payments $12, 129,768
Changes in the General Long-term Debt Account Group lease obligations during the year ended June 30, 1982 are summarized below:
Balance Balance
June 30, 1981 Payments June 30, 1982
$12,556,577 $426,809 $12,129,768
24
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
The following is a schedule of property leased under capital leases by major classes at June 30, 1982:
General Fixed
Assets Account
Group
Land $ 669,442
Buildings 13,243,862
Total $13,913,304
Note (5) Commitments
In 1969, the City entered into an operating lease agreement with the Huntington Beach Parking Authority for the lease of certain parking
facilities. The term of the lease is 24 years or until all of the Parking Authority's 1968 revenue bonds have been retired. Annual base
rental payments under the lease agreement are $170,050. Ownership of the parking facility will remain with the Parking Authority.
Minimum aggregate rental commitments under the agreement are as follows:
Year Amount
1983 $ 170,050.
1984 170,050
1985 170,050
1986 170,050
1987 170,050
Remainder 850,250
$1,700,500
The City has entered into agreements with contractors which generally provide for possible reimbursement to contractors of costs incurred in
the construction of water, sewer, and drainage facilities. The extent of such reimbursement will generally be subsequent fees which are
collected from other users of the facilities. The City recognizes fees as revenue as they are collected and charges subsequent payments to
expenditures as they are made. The City has reserved a portion of the fund balance in .the Planned Local Drainage Fund (Special Revenue Fund)
for this purpose.
25
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Note (6) Investments in Marketable Securities
A summary of the City's marketable securities at June 30, 1982 is as follows:
Approx.
Interest Principal Market
Description Rates Maturity Amount Cost Value
General Fund
City of Huntington Beach
1970 Park Bonds 6.0 1990 $ 25,000 $ 24,509 $18,863
Huntington Beach Parking Authority
1968 Parking Revenue Bonds 5-5.25 1984-1993 100,000 85,302 77,470
Total Investments $125,000 $109,811 $96,333
Note (7) Outstanding Indebtedness
A summary of bonded indebtedness outstanding as of June 30, 1982 is as follows:
Bonds Bonds Bonds
Date of Years of Rate of Amount of Outstanding Matured During Outstanding
Issue Bonds Maturity Interest Orig. Issue June 30, 1981 Year June 30, 1982
General Obligation Bonded
1970 Park Bond 1970 1971-1972 5.00 $ 225,000
1973-1974 5.25 255,000 -- -- __
1975-1977 5.50 4409000 -- -- __
1978-1983 5.75 1 ,150,000 430,000 210,000 220,000
1984-1995 6.00 3,930,000 3,930,000 -- 3,930,000
Total general obligation bonded debt $62000,000 $4 360,000 210,000
L $ $ _50,000
26
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Bonds Bonds Bonus
Date of Years of Rate of Amount of Outstanding Matured During Outstanding
Issue Bonds Maturity Interest Orig. Issue June 30, 1981 Year June 30, ljb2
Issue
Revenue Bonds
Water Utility Fund -
1963 Water Revenue Bond 1963 1965-1974 4.75% $ 700,000 $ -- $ -- $
1975-1978 3.25 460,000
1979-1981 3.30 400,000 140,000 140,000 -
1982-1983 3.40 300,000 295,000 -- 295,0U0
1984-1993 3.50 1 ,890,000 1 ,331 ,000 60,000 1 ,271000
Total Revenue
Bonds (a)(b) $3,750,000 $1 ,766,000 $200,000 11560"1000
Less current portion 150,0`OU
Long term portion
$1 ,41b,000
(a) The water revenue bonds do not represent a general liability of the City of Huntington Beach.
(b) At June 30, 1982, there were $1 ,950,000 authorized but unused 1963 water revenue bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The City is in compliance with all limitations and
restrictions.
The following is a schedule of required principal payments during the next five fiscal years and thereafter:
General Water Total
Year ending Obligation Revenue (Memo
June 30 Bonds Bonds Unly)
1983 $ 220,000 $ 150,000 $ 370,000
1984 235,000 145,000 380,000
1985 245,000 160,000 405,000
1986 260,000 160,000 420,000
1987 280,000 170,000 450,000
Remainder 2,910,000 781 ,000 3,691 ,000
$4,150,000 $1,566,000 $5,716,000
` 27
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Note (8) Meadowlark Golf Course Note Payable
In 1975, the City entered into an agreement to purchase the Meadowlark Golf Course from an independent party for a total purchase price of
$3,200,000. Terms of the agreement called for an initial down payment of $928,000, with the remaining $2,272,000 in the form of a long-term -7
percent note.
At June 30, 1982, the balance of the note was $1 ,866,997. A schedule of yearly principal and interest payments is as follows:
Year Amount
1983-2001 $150000
2002-2008 200,000
2009 115,703
In connection with the above purchase, the City has leased the golf course operation to an outside 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 2008-2009.
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 obligation of the City.
Note (9) San Joaquin Reservoir
In 1979 the City and several other local cities and water districts purchased the San Joaquin Reservoir. The City is paying a portion
(13.56%) of the debt service for the 1961 construction of the reservoir which is partially based on its percentage ownership (13.1%). The
construction bonds will be fully redeemed in 1992. Operating and improvement costs are also allocated to the owners in the same proportion.
In the event of default, the expenses and/or debt service payments shall be reallocated among the remaining non-defaulting owners in the
proportion to the percentage interest owned as though the party in default did not exist.
28
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
At June 30, 1982, the City' s total principal payments due under the purchase agreement are $488,395. Annual principal and interest payments
for the next five years and the remainder of the agreement are as follows:
Year Amount
1983 $ 56,361
1984 58,915
1985 57,318
1986 57,714
1987 58,018
1988-1992 296,988
Total Payments $585,314
The City has recorded its portion of the reservoir as a fixed asset in the Water Utility Fund.
Note (10) Litigation
There are certain legal actions pending against the City which have arisen in the normal course of operations. In the opinion of management
and the City Attorney, the ultimate resolution of such action is not expected to have a significant impact on the financial statements or -
operations of the City.
Note (11) Manpower Grant Fund
The accumulated deficit of $206, 162 in the Manpower Grant Fund was recorded as a deficit transfer to the General Fund at June 30, 1982 since
the expenditures incurred were not fully reimbursed under the Comprehensive Employment and Training Act (CETA).
29
CITY OF HUNTINGTON BEACH
NOTES TO COMBINED FINANCIAL STATEMENTS
Note (12) Segments of Enterprise Activity
The City has two Enterprise Funds which are run on the same basis as commercial enterprises -- Water Utility and Meadowlark Golf Course. The
key financial data for the year ended June 30, 1982 for those funds are as follows:
Water Meadowlark
Utility Golf Course Total
Operating revenues $ 5,739,349 $ 183,683 $ 5,923,032
Operating expenses:
Depreciation 1 , 111 ,020 41,085 1 , 152,105
Other 4 902,311 -- 5 289,730
6,013,331 1 ,0 5 ,, F1,835
Operating income ( loss) $ (273,982) $ 142,598 $ (131 ,384)
Operating transfer to other fund $ 387,419 $ -- $ 387,419
Net income $ 81,797 $ 10,645 $ 92,442
Total assets $34, 171,057 $3,534,961 $37,706,018
Bonds and notes payable (long-term) $ 1 ,866,895 $1 ,847,687 $ 3,714,582
Fund equity $31 ,273,511 $1 ,621 ,639 $32,895,150
Acquisition of fixed assets $ 2, 186,753 $ -- $ 2,186,753
Capital contributions received $ 1 ,077,886 $ -- $ 1 ,077,886
Net working capital $ (172,019) $ 32,420 $ (139,599)
30
m
CITY OF HUNTINGTON BEACH STATEMENT I
General Fund
Statement of Appropriations, Expenditures and Encumbrances
Budget and Actual
Year Ended June 30, 1982
Appropriations Expenditures Encumbrances Variance - Percentage of
Original Budget Revised Personal Maint. Capital Total Outstanding Total Expenditures Favorable Appropriation
Budget Changes Budget Services Operations Outlay Expenditures Encumbrances and Encumbrances (Unfavorable) Expended
Expenditures:
Administrative:
City Council $ 97,638 $ (457) $ 97, 181 $ 49, 104 $ 28,277 $ -- $ 77,381 $ -- $ 77,381 $ 19,800 19.62
Non-Departmental 5,970,400 (74,724) 5,895,676 -- 4,013,719 -- 4,013,719 77,889 4,091 ,608 1 ,804,.068 69.40
Administration 415,668 (1 410) 414,258 332,793 69 591 -- 402,384 3,554 405,938 8,320 97.59
3,,706 7 ,591 07,115 3811,9 4, 111,587 -- 4,493 484 81,443 4,574,927 1,832, 188 71.40
Support:
Administrative
Services 1 ,995,784 111 ,343 2, 107, 127 1,521 ,865 499,473 5,891 2,027,229 28,774 2,056,003 51 , 124 97.57
Attorney 509,970 72,334 582,304 487,373 97,442 -- 584,815 1 ,991 586,806 (4,502) 100.77
Clerk 213,437 (1 ,973) 211,464 141 ,775 57,850 -- 199,625 6 199,631 11 ,833 94.4O
Treasurer 1 ,024,651. 34 712 1,059,363 256 647 585 708 -- 842,355 69 842,424 216 939 75.52
3,743,84221-b,f+1� 3,9 0,25 2,407,660 1 ,240,473 5,891 3�T+ 30, 4_0 3,68 ,864 275,i-T+ 93 0
Community Services:
Community Services 4,598,853 78, 136 4,676,989 3,414,045 986, 154 -- 4,400, 199 70,601 4,470,800 2O06, 189 95.60
Development Services 1 ,920,443 (2,966) 1,917,477 1,725,413 37,446 -- 1,762,859 3,044 1 ,765,903 151 ,574 y2.O9
Public Works 9,792,708, 399 584 10, 192,292 5,791 ,447 3,548,058 14 263 9,353,768 498,519 9,852,287 340,06 y6.6o
16,312,004 74r+ 75�+ 1 ,7 ,75 10,930,905 4,571 ,65814�2� 15,516,826 572, 164 160 8, 6- 9 68 95.84
Public Safety:
Police 13, 150,665 83,899 13,234,564 11 ,852,902 1,251 ,959 3, 116 13,107,977 128, 120 13,236,097 (1 ,533) 100.01
Fire 7,522,059 133,410 7,655,469 6,899,283 350,307 71 ,699 7,321,289 82,300 7,403,589 251 ,860 96.70
20,672,724 217,309 20,8901033 18,752,185 1 ,602,266 74,815 20,429,266 210,420 20,639,686 250,347 98.80
Total Expenditures $47,212,276 $831 ,888 $48,044, 164 $32,472,647 $11 ,525,984 $94,969 $44,093,600 $894,867 $44,988,467 $3,055,697 53.63
31
CITY OF HUNTINGTON BEACH STATEMENT II
Special Revenue Funds
Combining Balance Sheet
June 30, 1982
HUD
Park Rehabilitation
Special Planned Federal Federal Acquisition Special Loan and
Gas Library Local Revenue Manpower Other and Operational Capital Interest
Tax Service Sewer Drainage Sharing Grants Grants Development Reserve Outlay Subsidy Total
Assets
Cash & term deposits $2,622,218 $-- $2,334,687 $2,065,458 $6, 143 $ -- $191 ,085 $1 ,638,436 $1 ,599,346 $1 ,522, 121 $242,ti36 $12,222,430
Interest receivable 33,396 -- 29,743 26,317 -- -- -- 24,059 20,369 19,465 -- 153,349
Due from other
governments, net 6,503 -- 491 ,261 -- -- -- 143,082 95,264 -- 64 -- 736, 174
Notes receivable, net
of loan loss reserve -- -- -- -- -- -- -- -- -- -- 13,547 13,54%
Total assets $2,662, 117 $-- $2,855,691 $2,091,775 $6, 143 $ -- $334, 167 $1,757,759 $1 ,619,715 $1 ,541 ,650 $256,483 $13,125,500
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 24,988 $-- $ 14,960 $ 25,567 $-- $ -- $ 3,503 $ 120,881 $ 8,500 $ 57,287 $ -- $ 255,e86
Accrued payroll -- -- -- -- -- -- 2,668 2,339 -- -- -- 5007
Deposits 1 ,035 -- -- -- -- -- -- 682 -- - 1 ,717
Due to other funds -- -- -- -- -- -- -- 65 -- -- __ 05
Total liabilities 261023 -- 14,960 25,567 -- -- 6,171 123,967 8,500 57,287 -- 262,475
32
CITY OF HUNTINGTON BEACH STATEMENT II
Special Revenue Funds
Combining Balance Sheet
June 30, 1982
HUD
Park Rehabilitation
Special Planned Federal Federal Acquisition Special Loan and
Gas Library Local Revenue Manpower Other and Operational Capital Interest
Tax Service Sewer Drainage Sharing Grants Grants Development Reserve Outlay Subsidy Total
Fund balances:
Reserved for:
Encumbrances 36,654 -- 41 ,970 261 ,338 6,143 -- 199,330 394,339 108,250 596,944 -- 1 ,644,968
Amounts due beyond
one year -- -- 437,500 -- -- -- 81,257 -- -- -- 518,757
Reimbursement
agreements -- -- -- 635,410 -- -- -- -- -- -- -- 635,410
Disaster Relief -- -- -- -- -- -- 92,249 -- -- -- -- 92,249
Unreserved:
Designated for:
Future development -- -- -- 31,226 -- -- -- 47,000 -- -- -- 78,226
Undesignated 2,599,440 -- 2,361 ,261 1 ,138,234 -- -- 36,417 1 ,111 ,196 1,502,965 887,419 256,483 y,893,415
Total fund balances 2,636,094 -- 2,840,731 2,066,208 6,143 -- 327,996 1 ,633,792 1,611,215 1,484,363 256,483 12,863,025
Total liabilities
and fund balances $2,662,117 $ -- $2,855,691 $2,091,775 $6, 143 $-- $3341167 $1,757,759 $1,619,715 $1,541,650 $256,483 $13, 125,500
33
CITY OF HUNTINGTON BEACH STATEMENT III
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year Ended June 30, 1982
HUD
Park Rehabilitation
Special Planned Federal Federal Acquisition Special Loan and
Gas Library Local Revenue Manpower Other and Operational Capital Interest
Tax Service Sewer Drainage Sharing Grant Grants Development Reserve Outlay Subsidy Total
Revenues:
Licenses and permits $ -- $ 34,515 $ 34,789 $113,417 $-- $ -- $ -- $ 83,401 $ -- -- $ -- $ 266, 122
Use of money
& property 326,966 -- 347,213 296,098 85,258 -- -- 359,396 .237,855 113,552 12,987 1,779,365
Revenue from other
agencies 3_,338,576 -- -- -- 1,766,463 26,521 1,306,727 -- -- -- -- 6,438,267
Charges for current
services -- -- -- -- -- -- -- 162,839 -- -- -- 162,839
Total revenues 3,665,542 34,515 382,002 409,515 1 ,851 ,721 26,521 1 ,306,727 605,636 237,855 113,592 12,987 8,646,613
Expenditures:
Administrative -- -- -- -- -- -- -- -- -- 211 -- 211
Support -- -- -- -- -- -- -- -- -- 45,665 -- 45,665
Community services -- -- -- -- 592 -- -- -- -- 1,051 ,562 -- 1 ,052, 154
Public safety -- -- -- -- -- -- -- 122,616 954,434 -- 1,077,050
Highways and street 2,656,408 -- -- -- -- -- -- -- -- -- -- 2,656,408
Drains and sewers -- -- 396,978 135,077 -- -- -- -- -- -- -- 532,055
Park development -- -- -- -- -- -- -- 1,684,621 -- -- -- 1,684,621
Loan subsidies and
loan losses -- -- -- -- -- -- -- -- -- -- 38,575 38,575 `
Grants -- -- -- -- -- 42,858 1 ,213,955 -- -- -- -- 1,256,813
Miscellaneous -- -- -- -- -- -- -- -- -- 143 -- 143
Total expenditures 2,656,408 -- 396,978 135,077 592 42,858 1,213,955 1,684,621 122,616 2,052,015 38,575 5,343,05
34
CITY OF HUNTINGTON BEACH STATEMENT III
Special Reveunue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year Ended June 30, 1982
HUD
Park Rehabilitation
Special Planned Federal Federal Acquisition Special Loan and
Gas Library Local Revenue Manpower Other and Operational Capital Interest
Tax Service Sewer Drainage Sharing Grant Grants Development Reserve Outlay Subsidy Total
Excess (deficiencies)
of revenues over
expenditures 1,009, 134 34,515 (14,976) 274,438 1,851, 129 (16,337) 92,772 (1,078,985) 115,239 (1,938,423) (25,588) 302,918
Other financing
sources operating
transfers
in (out) (673,205) (34,515) -- -- (1,854, 193) -- (23,951) -- -- 1,747,392 23,951 (814,521)
Excess (deficiencies)
of revenues and
operating
transfers in over
expenditures and
operating
transfers out 335,929 -- (14,976) 274,438 (3,064) (16,337) 68,821 (1,078,985) 115,239 (191,031) (1 ,637) (511,603)
Fund balance at
June 30, 1981 2,300,165 -- 2,855,707 1,791 ,770 9,207 (189,825) 259, 175 2,712,777 1 ,495,976 1,675,394 258, 120 13,168,46o
Deficit transfers -
out -- -- -- -- -- 2062162 -- -- -- -- -- 206, 162
Fund balance at
June 30, 1982 $2,636,094 $ -- $2,840,731 $2,066,208 $ 61143 $ -- $327 996 $1,633,792 $11611i215 $1,484,363 $256,483 $12,863,u25
35
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund .Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
Park Acquisition and
Federal Revenue Sharing Federal Manpower Grant Other Grants Development
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (unfavorable,
Revenues:
Licenses and permits $ -- $-- $-- $ -- $ -- $ -- $ -- $ -- $ -- $ 960,000 $ 83,401 $(876,5y5)
Use of money and property -- 85,258 85,258 -- -- -- -- -- -- 252,500 359,396 106,856
Revenue from other
agencies 1 ,830,000 1 ,766,463 (63,537) 46,245 26,521 (19,724) 4,067,974 1,306,727 (2,761 ,247) -- -- --
Charges for current
services -- -- -- -- -- -- -- -- -- 70,000 162,839 92,639
Other revenues -- -- -- -- --
Total revenues 1,830,000 1 ,851,721 21,721 46,245 26,521 (19,724) 4,067,974 1 ,306,727 (2,761,247) 1,282,500 605,636 (676,864)
Expenditures:
Administrative -- -- -- -- -- -- --
Support -- -- -- -- -- --
Community services 618 6,735 (6, 117) -- -- -- -- -- -- -- --
Public safety 6, 143 -- 6, 143 -- -- -- -- -- -- -- --
Highways and street -- -- -- -- -- -- -- --
Drains and sewers -- -- -- -- --
Park development -- -- -- -- -- -- -- -- -- 4,676,778 2,078,960 2,597,818
Loan subsidies and
loan losses -- -- -- -- --
Grants -- -- -- 48,205 42,858 5,347 4,759,864 1,413,285 3,346,579 -- -- --
Miscellaneous -- -- -- -- -
Total expenditures 6,761 6,735 26 48,205 42,858 5,347 4,759,864 1,413,285 3,346,579 4,676,778 2,078,960 2,597,818
36
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
Paris Acquisition and
Federal Revenue Sharing Federal Manpower Grant Other Grants Development
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorablf
Excess (deficiencies) of
revenues over
expenditures 1,823,239 1 ,844,986 21 ,747 (1,960) (16,337) (14,377) (691 ,890) (106,558) 585,332 (3,394,278) 0,473,324) 1,920,954
Other financing
sources (uses) (1,550,000) (1 ,854, 193) (304, 193) -- -- -- -- (23,951) (23,951) -- -- --
Excess (deficiencies) of
revenues and other
sources over expenditures
and other uses 273,239 (9,207) (282,446) (1,960) (16,337) (14,377) (691,890) (130,509) 561 ,381 (3,394,278) (1,473,324) 1,920,954
Fund balance at
June 30, 1981 9,207 9,207 -- (189,825) (189,825) -- 259, 175 259, 175 -- 2,712,777 2,712,777 --
Deficit transfers out -- -- -- -- 206, 162 206, 162 -- -- -- -- -- --
Fund balance at
June 30, 1982
budgetary basis 282,446 -- (282,446) (191,785) -- 191 ,785 (432,715) 128,666 561,381 (681,501) 1,239,453 1,920,954
Add encumbrances
outstanding
June 30, 1982 6, 143 6, 143 -- -- -- -- 199,330 199,330 -- 394,339 394,339 --
Fund balance at
June ,30, 1982
GAAP basis $ 288,589 $ 6, 143 $(282,446) $0 91,785) $ -- $1912785 $(233,385) $327,996 $561,381 $ (287, 162) 41 ,633,792 $1 ,920,954
37
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
Special Gas Tax Library Service Sewer Planned Local Drainage
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (unfavorable)
Revenues:
Licenses and permits $ -- $ -- $ -- $100,000 $34,515 $(65,485) $ 125,000 $ 34,789 $(90,211) $ 475,000 $113,417 $(301 ,583)
Use of money & property 200,000 326,966 126,966 -- -- -- 275,000 347,213 72,213 250,000 296,098 46,098
Revenue from other
agencies 4,502,464 3,338,576 (1 , 163,888) -- -- -- -- -- -- -
Charges for current
services -- -- -- -- --
Other revenues - -- -- -- -- -- --
Total revenues 4,702,464 3,665,542 (1,036,922) 100,000 34,515 (65,485) 400,000 382,002 (17,998) 725,000 409,515 (315,485)
Expenditures:
Administrative -- -- -- -- -- -- -- -- -- -- --
Support -- -- -- -- --
-- -- -- -- -- -- --
Community services -- -- -- -- -- -- --
Public safety -- -- -- -- -- -- -- -- -- --
Highways and street 5,796,702 29693,062 3,103,640 -- -- -- -- -- -- -- --
Drains and sewers -- -- -- -- -- -- 1,078, 148 438,948 639,200 1 ,391 ,263 396,415 ti94,846
Park development -- -- -- -- -- -- -- -- -- -- --
Loan subsidies and
loan losses -- -- -- -- -- -- -- -- -
Grants -- -- -- -- --
Miscellaneous -- -- -- -- -- -- -- -- --
Total expenditures 5,796,702 2,693,062 3,103,640 -- -- -- 1,078,148 438,948 639,200 1,391,263 396,415 994,848
33
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revinue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
Special Gas Tax Library Service Sewer Planned Local Drainage
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Excess (deficiencies) of
revenues over
expenditures (1,094,238) 972,480 2,066,718 100,000 34,515 (65,485) (678, 148) (56,946) 621,202 (666,263) 13, 100 679,363
Other financing sources
(uses) (685,000) (673,205) 11 ,795 ( 100,000) (34,515) 65,485 -- -- -- --
Excess (deficiencies) of
revenues and other -
sources over expenditures
and other uses (1,779,239) 299,275 2,078,513 -- -- (678, 148) (56,946) 621,202 (666,263) 13, 100 679,303
Fund balance at
June 30, 1981 2,300, 165 2,300, 165 -- -- -- -- 2,855,707 2,855,707 -- 1,791 ,770 1,791 ,770 --
Deficit transfers out -- -- -- -- -- -- -- --
Fund balance at
June 30, 1982
budgetary basis 520,927 2,599,440 2,078,513 -- -- -- 2, 177,559 2,798,761 621,202 1, 125,507 1,804,870 b79,3b3
Add encumbrances
outstanding
June 30, 1982 36,654 36,654 -- -- -- -- 41,970 41,970 -- 261 ,338 261,338 --
Fund balance at
June 30, 1982
GAAP basis $ 557,581 $2,636,094 $2,078,513 $ -- $ -- $ -- $2,2192529 $2,840,731 $6211202 $1,386,845 $2,066,208 4679,363
39
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
HUD Rehabilitation Loan
Operational Reserve Fund Special Capital Outlay and Interest Subsidy Total
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Licenses and
permits $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ 1,660,000 $ 266, 122 $0 ,393,876)
Use of money
and property 150,000 237,855 87,855 140,000 113,592 (26,408) -- 12,987 12,987 1,267,500 1 ,77y065 511 ,865
Revenue from
other agencies -- -- -- -- -- -- -- -- -- 10,446,683 6,438,287 (4,008,396)
Charges for
current services -- -- -- -- -- -- -- -- -- 70,000 162,839 92,839
Other revenues 10,000 -- (10,000) -- -- -- 10,000 -- (10,000)
Total revenues 150,000 237,855 87,855 150,000 113,592 (36,408) -- 12,987 12,987 13,454,183 8,646,613 (4,807,570)
Expenditures:
Administrative 173, 100 -- 173, 100 250 249 1 -- -- -- 173,350 249 173,101
Support -- -- -- 83,024 88,684 (5,660) -- -- -- 83,024 68,684 (5,660)
Community services 17,940 -- 17,940 1,697, 120 1,350,020 347, 100 -- -- -- 1,715,678 1 ,356,755 356,923
Public safety 40,525 230,866 (190,341) 1,415,027 1,209,863 205064 -- -- -- 1,461 ,695 1 ,440,729 201966
Highways and street -- -- -- -- -- -- -- -- -- 5,796,702 2,693,Ob2 3, 103,640
Drains and sewers -- -- -- -- -- -- -- -- 2,469,411 835,363 1 ,634,048
Park development -- -- -- -- -- -- -- -- -- 4,676,778 2,078,960 2,597,818
Loan subsidies and
loan losses -- -- -- -- -- -- -- 38,575 (38,575) -- 38,575 (38,575)
Grants -- -- -- -- -- -- -- -- -- 4,808,069 1 ,45b, 143 3,351 ,926
Miscellaneous -- -- -- 9,948 143 9,805 -- -- -- 9,948 143 9,8u5
Total expenditures 231,565 230,866 699 3,205,369 2,648,959 556,410 -- 38,575 (38,575) 21,194,655 5,988,663 11,205,952
40
CITY OF HUNTINGTON BEACH STATEMENT IV
Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Budgetary Basis Actual
Year Ended June 30, 1982
HUD Rehabilitation Loan
Operational Reserve Fund Special Capital Outlay and Interest Subsidy Total
Budgetary Variance Budgetary Variance Budgetary Variance Budgetary Variance
Basis Favorable Basis Favorable Basis Favorable Basis Favorable
Budget Actual (unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) budget Actual (Unfavorable)
Excess (deficiencies) of
revenues over
expenditures (81 ,565) 6,989 88,554 (3,055,369) (2,535,367) 520,002 -- (25,588) (25,588) (7,740,472) (1,342,050) b,398,422
Other financing
sources (uses) -- -- -- 1,723,200 1,747,392 24, 192 -- 23,951 23,951 (611 ,800) (b14,521) (202,721)
Excess (deficiencies) of
revenues and other
sources over expenditures
and other uses (81,565) 6,989 88,554 (1,332, 169) (787,975) 544, 194 -- (1,637) (1,637) (8,352,272) (2, 156,571) 6, 195,701
Fund balance at
June 30, 1981 1,495,976 1,495,976 -- 1,675,394 1,675,394 -- 258, 120 258, 120 -- 13068,466 13068,466 --
Deficit transfers out -- -- -- -- -- -- -- -- --
206, 162 206, 162
Fund balance at
June 30, 1982
budgetary basis 1,414,411 1,502,965 88,554 343,225 887,419 544, 194 258, 120 256,483 (19637) 4,816, 194 11,218,057 b,401 ,863
Add encumbrances
outstanding
June 30, 1982 108,250 108,250 -- 596,944 596,944 -- -- -- -- 1 ,644,968 1,644,968 --
Fund balance at
June 30, 1982
GAAP basis $1,522,661 $1,611,215 $88,554 $ 940, 169 $12484,363 $544, 194 $258, 120 $256s 483 $0,637) $ 6,461 , 162 $12,863,025 $6,401,8b3
41
CITY OF HUNTINGTON BEACH STATEMENT V
Debt Service Funds
Combining Balance Sheet
June 30, 1982
1970 Park Bond
Interest and
Bond Redemption
Assets
Cash and term deposits $ 9,668
Property taxes receivable 12, 152
Total assets $211820
Liabilities and Fund Balance
Liabilities $ --
Fund balance 21,820
Total liabilities and fund balance $21,820
See accompanying accountants' report.
42
CITY OF HUNTINGTON BEACH STATEMENT VI
Debt Service Funds
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances
Year Ended June 30, 1982
1970 Park
Bond Interest
and Redemption Fund
Revenues:
General property taxes $419 638
Total revenues 193$
Expenditures:
Redemption of matured bonds 210,000
Interest 260,525
Miscellaneous 461
Total expenditures 470,986
Deficiency of revenues over expenditures (51,348)
Fund balance at June 30, 1981 73,168
Fund balance at June 30, 1982 $ 21,820
43
CITY OF HUNTINGTON BEACH STATEMENT VII
Debt Service Fund
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances - Budget and Actual
Year Ended June 30, 1982
1970 Park Bond Interest
and Redemption Fund
Variance-
Favorable
Budget Actual (Unfavorable)
Revenues:
General property taxes $475,000 $419,638 $(55,362)
Total revenues 475,000 419,638 (55,362)
Expenditures:
Redemption of matured bonds 205,000 210,000 (51000)
Interest 265,000 260,525 4,475
Miscellaneous 500 461 39
Total expenditures 470,500 470,986 (486)
Excess (deficiency) of revenues
over expenditures 4,500 (51,348) (55,848)
Fund balance at June 30, 1981 73,168 73, 168 --
Fund balance at June 30, 1982 $ 77,668 $ 21 ,820 $(55,848)
44
CITY OF HUNTINGTON BEACH STATEMENT VIII
Enterprise Funds
Combining Balance Sheet
June 30, 1982
Water Meadowlark
Utility Golf Course Total
Assets
Current assets:
Cash and term deposits $ 4,714,259 $ 139,386 $ 4,853,645
Accounts receivable-trade,
net of $2,000 allowance 375,688 375,688
Deposits 32,269 -- 32,269
Interest receivable 65,435 1,670 67, 105
Total current assets 5, 187,651 141 ,056 5,328,707
Property, plant, and equipment, net
of allowance for depreciation 28,471 ,806 3,393,905 31 ,865,711
Restricted assets - cash with fiscal agent — 511,600 -- 511,600
Total assets $34, 171 ,057 $3,534,961 $37,706,018
45
CITY OF HUNTINGTON BEACH STATEMENT VIII
Enterprise Funds
Combining Balance Sheet
June 30, 1982
Water Meadowlark
Utility Golf Course Total
Liabilities and Fund Equity
Current liabilities payable from current assets):
Accounts payable $ 328,815 $ -- $ 328,815
Customer deposits 367,559 -- 367,559
Accrued interest payable -- 46,325 46,325
Accrued payroll 133,416 -- 133,416
Due to other funds 636 -- 636
Current installment of long-term notes payable 37,500 19,310 56,810
Current liabilities (payable from restricted assets):
Current installment of bonds payable 150,000 -- 150,000
Accrued interest payable 12,725 -- 12025
Total current liabilities 1,030,651 65,635 1 ,096,286
Long-term liabilities:
Notes payable net of current installment 450,895 1 ,847,687 2,298,582
Bonds payable in future years net
of current installment 1,416,000 -- 1,416,000
Total liabilities 2,897,546 1 ,913,322 4,810,868
Fund equity:
Contributed capital :
In aid of construction 28,005, 111 -- 28,005, 111
From general fund 92,608 1 ,267,324 1 ,3599932
Total contributed capital 28,097,719 1,267,324 29,365,043
Retained earnings:
Reserved for the retirement of revenue bonds 348,875 -- 348,875
Unreserved/undesignated 2,826,917 354,315 3,181,232
Total retained earnings 3, 175,792 354,315 3,530,107
Total fund equity 31 ,273,511 1,621 ,639 32,895, 150
Total liabilities and fund equity $34, 171,057 $3,534,961 $37,706,018
46
CITY OF HUNTINGTON BEACH STATEMENT IX
Enterprise Funds
Combining Statement of Revenue, Expenses and
Changes in Equity
Year Ended June 30, 1982
Water Meadowlark
Utility Fund Golf Course Total
Operating Revenues:
Charges for current service $ 5,640,482 $ -- $ 5,640,482
Use of money and property -- 183,683 183,683
Other operating revenues 98,867 98,8b7
Total operating revenues 5,739,349 183,683 5,923,032
Operating expenses:
Source of supply 1, 164,908 -- 1, 164,908
Pumping expense 1,418,205 -- 1,418,205
Water treatment 34, 158 -- 34, 158
Transmission and distribution 422,049 -- 422,049
Administrative and general 1,018,794 -- 1,018,794
Contributions to general fund in
lieu of taxes 844, 197 -- 844, 197
Depreciation 1, 111,020 41,085 1 , 152, 105
Total operating expenses 6,013,331 41 ,085 6,054,416
Operating income (loss) (273,982) 142,598 (131,384)
Non-operating revenues (expenses):
Interest income 730,498 -- 730,498
Other revenue 87,968 -- 87,968
Interest expense (75,268) (131 ,953) (207,221)
Total non-operating revenues (expenses): 743, 198 (131,953) 611,245
Income before operating transfer 469,216 10,645 479,861
Operating transfer to other fund (387,419) -- (387,419)
Net Income 81 ,797 10,645 92,442
47
CITY OF HUNTINGTON BEACH STATEMENT IX
Enterprise Funds
Combining Statement of Revenue, Expenses and
Changes in Equity
Year Ended June 30, 1982
Water Meadowlark
Utility Fund Golf Course Total
Retained earnings at June 30, 1981,
as previously stated 11 ,502,844 7,960 11 ,510,804
Prior period adjustment, increase (decrease) (8 506 220) 335,710 (8,1701510)
Retained earnings at June 30, 1981 , restated 2,99 , 2 3 3 3,340,294
Increase in reserve for retirement of revenue bonds 97,371 -- 97,371
Retained earnings at June 30, 1982
$3,175,792 $354,315 $ 3,530,107
Contributed capital June 30, 1981 $15,214,301 $1 ,267,324 $16,481,625
Contributions by developers:
Additional contribution unrecorded
in prior years 11 ,805,532 -- 11 ,805,532
Contributions for year ended June 30, 1982 1,077,886 -- 1 ,077,886
Contributed capital , June 30, 1982 $28,097,719 $1 ,267,324 $29,365,043
48
CITY OF HUNTINGTON BEACH STATEMENT X
Enterprise Funds
Combining Statement of Changes in Financial Position
Year Ended June 30, 1982
Water Meadowlark
Utility Golf Course Total
Sources of working capital :
Operations:
Net earnings $ 81 ,797 $10,645 $ 92,442
Item not requiring
working capital :
Depreciation 1, 111 ,020 412085 1 , 152, 105
Working capital provided from
operations 1 , 192,817 51 ,730 1 ,244,547
Capital contributions received
in the current year 1 ,077,886 -- 1 ,077,886
Increase in reserve for revenue
bond retirement 97,371 -- 97,371
Total sources of working capital 2,368,074 51 ,730 2,4192804
Uses of working capital :
Addition of fixed assets 2,186,753 -- 2,186,753
Increase in restricted assets -
cash with fiscal agents 106,096 -- 106,096
Reclassification of note payable 37,244 -- 37,244
Reclassification and redemption
of long-term bonds payable 210,000 19,310 229,310
Total uses of working capital 2,540,093 19,310 2,559,403
Net increase (decrease) in working capital $ (1721019) $32,420 $ (139,599)
49
CITY OF HUNTINGTON BEACH STATEMENT XI
Internal Service Funds
Combining Balance Sheet
June 30, 1982
Public Employee Worker's
Liability Health Compensation
Self-Insurance Self- Insurance Self-Insurance Total
Assets
Cash and term deposits $2,410,733 $565,520 $2,271 ,731 $5,247,984
Interest receivable 31 ,875 6,814 28,766 67,455
Due from other funds -- -- 17,534 17,534
Total assets $2,442,608 $572,334 $2,318,031 $5,332,973
Liabilities and Fund Equity
Liabilities:
Accrued payroll $ $ -- $ 1 ,170 $ 1 ,170
Accounts payable -- 2,932 2,932
Insurance claims payable 1 ,307,362 303,719 1 ,431 ,278 3,042,359
Total liabilities 1,307,362 303,719 1,435,380 3,046,461
Fund Equity:
Retained Earnings:
Reserved for future insurance
claims 750,000 -- -- 750,000
Unreserved 385,246 2682615 882,651 1 ,536,512
Total fund equity 1 ,135,246 268,615 882,651 2,286,512
Total liabilities and fund equity $2,442,608 $572,334 $2,318,031 $5,332,973
50
CITY OF HUNTINGTON BEACH STATEMENT XII
Internal Service Funds
Combining Statement of Revenues, Expenses and
Changes, in Retained Earnings
For Year Ended June 30, 1982
Public Employee Worker's
Liability Health Compensation
Self-Insurance Self- Insurance Self-Insurance Total
Operating revenues:
Charges for current service $ 164,267 $1 ,198,285 $ 544,706 $1,907,258
Total operating revenues 164,267 1 ,1981285 544,706 1 ,907,258
Operating expenses:
Worker's compensation claims -- -- 1 ,437,758 1 ,437,758
Employee medical claims -- 1 ,109,035 -- 1 ,109,035
Administrative and general -- 77,232 58,817 136,049
Liability claims 702,223 -- -- 702,223
Other -- -- 4,621 4,621
Total operating expenses 702,223 1 ,186,267 1,501 ,196 3,389,686
Operating income ( loss) (537,956) _12,018 (956,490) (1 ,482,428)
Non operating revenues:
Interest income 371 ,087 84,417 345, 157 800,661
Net income (loss) (166,869) 96,435 (611 ,333) (681 ,767)
Retained earnings at June 30, 1981 1 ,302,115 172,180 1 ,493,984 2,968,279
Retained earnings at June 30, 1982 $1L135,246 $ 2682615 $ 882,651 $2,286,512
51
CITY OF HUNTINGTON BEACH STATEMENT XIII
Internal Service Funds
Combi::ing Statement of Changes in Financial Position
Year Ended June 30, 1982
Public Employee Worker's
Liability Health Compensation
Self-Insurance Self-Insurance Self-Insurance Total
Sources of working capital :
Operations:
Net income ( loss) $(166,869) $ 96,435 $(611,333) $ (681,767)
Increase (decrease) in working capital $(166,869) $ 96,435 $(611 ,333) $ (681 ,767)
Changes in components of working
capital :
Increase (decrease) in current
assets:
Cash and term deposits $ 169,107 $148,687 $ 29,842 $ 347,636
Interest receivable (5,391) 351 (7,910) (12,950)
Due from other funds -- -- 3,812 3,812
Total increase in
current assets 163,716 149,038 25,744 338,498
Decrease ( increase) in current
liabilities:
Accrued payroll -- -- (181) (181)
Accounts payable 35 -- 15,364 15,399
Insurance claims payable (330,620) (52,603) (652,260) (1 ,035,483)
Total decrease ( increase) in
current liabilities (330,585) (52,603) (637,077) (1 ,020,265)
Increase (decrease) in working capital $(166,869) $ 96,435 $(611 ,333) $ (6811767)
52
CITY OF HUNTINGTON BEACH STATEMENT XIV
Expendable Trust Funds
combining Balance Sheet
June 30, 1982
Employee
Special Deferred Improvement
Deposit Compensation Act Total
ASSETS
Cash and term deposits $127,350 $1 ,492,178 $ 6,541 $1 ,626,O69
Notes receivable, net of unearned
discount -- 978,879 -- 978,879
Total assets $127,350 $2,471 ,057 $ 6,541 $22604,948
LIABILITIES AND FUND BALANCE
Liabilities:
Refundable deposits $127,350 $ -- $ -- $127,350
Bond principal and
interest payable -- -- 6,541 6,541
Total liabilities 127,350 -- 6,541 133,891
Fund balances:
Unreserved-undesignated -- 2,471 ,057 -- 2,471,057
Total liabilities and fund balances $127,350 $2,471 ,057 $ 6,541 $2,604,948
53
This Page Left Blank Intentionally
CITY OF HUNTINGTON BEACH STATEMENT XV
Expendable Trust Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year Ended June 30, 1982
Employee
Special Deferred Improvement
Deposit Compensation Act Total
Revenues:
Contributions $ -- $ 311 ,455 $ -- $ 311 ,455
Interest -- 373, 123 -- 373, 123
Total revenues -- 684,578 -- 684,578
Expenditures:
Paid to participants in employee
deferred compensation plan -- 65,442 -- 65,442
Total expenditures -- 65,442 -- 65,442
Excess of revenues over expenditures -- 619, 136 -- 619, 136
Fund balances at June 30, 1981 -- 1 ,851,921 -- 1 ,851 ,921
Fund balances at June 30, 1982 $ -- $2,471 ,057 -- $21471,057
54
Statistical Section
SCHEDULE I
STATEMENT OF GENERAL FUND REVENUES - OTHER THAN PROPERTY TAXES
Last Ten Fiscal Years
(Unaudited)
Use of From Charges
Fiscal Other Licenses Fines Money Other for Current Other
Year Taxes Permits Forfeitures Property Agencies Services Revenue
1973 $ 3,800,728 $1 ,997, 105 $ 126,651 $ 651 ,746 $1,589,742 $ 701 ,760 $112,172
1974 4,386,433 1 ,834,580 152,769 682,395 1,830,265 615,379 32,325
1975 5,723,995 2,236,292 125,698 767,233 1 ,774,192 639,964 41,427
1976 5,722,103 2,588,932 135,216 907,470 2,040,207 825,912 49,277
1977 6,785,656 2,817,209 214,808 1 ,050,938 2,567,992 942,760 48,714
1978 7,953,048 2,653, 129 216,362 1 ,415,212 3,076,250 938, 182 99,600
1979 12,825,591 2,485,540 224,026 1 ,814,115 5,502,464 953,790 84,458
1980 14,557,330 2,597,954 398,877 1 ,820,700 3,874,763 1 ,158,294 90,149
1981 16,994,338 2,984,303 1,526,072 2,552,637 4,495,328 1 ,382,055 366, 125
1982 19,040,227 2,736,785 1 ,515,914 3,223,1t3 2,671 ,003 1 ,153,439 529,704
55
SCHEDULE 11
STATEMENT OF GENERAL FUND EXPENDITURES
Last Ten Fiscal Years
(Unaudited)
Fiscal Community Public Safety Total
Year Administrative Services Services Support General Fund
1973 $1 ,330,792 $ 5,978,271 $ 8,489,612 $ 720,979 $16,519,654
1974 1 ,494,073 6,601,075 9,541 ,847 906,900 18,543,895
1975 2,802,270 6,977,233 10,858,325 813,411 21 ,451,239
1976 3, 194,089 6,653,560 12,233,405 1 ,247,564 23,328,618
1977 2,664,478 7,747,535 14,074,326 2,493,348 26,979,687
1978 3,635,719 8,673,505 14,953,652 1 ,814,454 29,077,330
1979 5,594,195 7,786,972 16,709,463 2,375,756 32,466,386
1980 6,723,175 11 ,387,668 16,789,782 2,001,019 36,901 ,644
1981 5,001 ,191 11 ,784,064 18,916,394 4,792,744 40,494,393
1982 4,493,484 15,516,826 20,429,266 3,6542024 44,093,600
56
mm no
SCHEDULE III
STATEMENT OF ASSESSED VALUE, DEBT LIMIT AND
RATIO OF GENERAL OBLIGATION BONDED DEBT TO ASSESSED VALUE AND PER CAPITA
Last Ten Fiscal Years
(Unaudited)
% Bonded
Debt to
Fiscal Estimated Total Legal Debt Total General Legal Assessed Bonded Debt
Year Population Assessed Value Limit (15%) Bonded Debt Debt Margin Value Per Capita
1973 143,325 $ 410,283,199 $ 61 ,542,480 $5,930,000 $ 55,612,480 1 .45 $41 .37
1974 143,636 442,271,658 66,340,749 5,765,000 60,575,749 1.30 40. 14
1975 1469400 529,973,310 79,495,997 5,590,000 73,905,997 1 .05 38. 18
1976 151,500 580,623,450 87,093,518 5,410,000 81 ,683,518 .93 35.71
1977 157,800 710,079,235 106,511 ,885 5,220,000 101 ,291 ,885 .74 33.08
1978 1619200 854,321 ,745 128, 148,262 5,020,000 123, 128,262 .59 31. 14
1979 t67,500 831 ,783,620 124,767,543 4,810,000 119,957,543 .58 28.72
1980 172,200 983,927,670 147,589,151 4,590,000 142,999, 151 .46 26.66
1981 172,813 1,074,304,701 161 , 145,705 4,360,000 156,785,705 .41 25.23
*1982 174,847 5,219,684,140 195,738,155 4,150,000 191 ,588,155 .32 23.74
* The method used to determine Assessed Valuation has been changed. Beginning with FY-1982 Assessed Value will be based on 100% of market
value. Previously, assessed valuation was 25% of market value. Accordingly, the legal debt limit for years subsequent to 1981 will equal
3.75% of the total assessed value.
57
SCHEDULE IV
STATEMENT OF TAX DELINQUENCIES AND IMPOUNDS
Last Ten Fiscal Years
(Unaudited)
SECURED TAXES UNSECURED TAXES
Fiscal Tax Total Total Delinquency Total Total Delinquency
Year Rate Levy Collections Amount Percent Levy Collections Amount Percent Impounds
1973 1.62 6,249,372 6,094, 111 51 ,276 .82 397,216 391 ,186 6,030 1.51 130,985
1974 1.62 6,703,620 6,499,009 66,654 .99 461 ,181 456,296 4,885 1 .06 137,957
1975 1.62 8,099,022 7,844,596 . 74,987 •93 486,545 484,124 11 ,169 2.30 179,439
1976 1.62 81852,049 8,587,784 82,622 .93 545,344 516,539 28,798 4.36 186,648
1977 1.62 9,982,983 9,844,450 116,794 1. 17 549,994 538,370 6,791 1 .23 328,451
1978 1.55 12,563,144 12,336,834 186,310 1 .49 742,053 711 ,519 30,534 4. 11 204,883
1979 . 1972 5,635,879 5,525,120 110,759 1.97 561 ,420 537,307 24, 113 4.30 195,202
1980 . 1972 8,842,899 8,602,751 240, 148 2.72 861 ,976 839,468 22,508 2.61 2,962
1981 .1854 10,224,680 9,872,496 352,184 3.44 827, 168 789,078 38,090 4.60 28,585
1982 .04635 10,300,308 9,893,563 406,745 3.98 808,024 737,425 46,596 5.77 46,59b
58
mm
r
SCHEDULE V
STATEMENT OF FUTURE GENERAL OBLIGATION BONDED DEBT REQUIREMENTS
BY YEAR BASED ON BONDED DEBT
JUNE 30, 1982
(Unaudited)
Fiscal Year Principal Interest Total
1983 $ 220,000 $ 248,450 $ 468,450
1984 235,000 235,800 470,800
1985 245,000 221 ,700 466,700
1986 260,000 207,000 467,000
1987 280,000 191,400 471 ,400
1988 295,000 174,600 469,600
1989 310,000 156,900 466,900
1990 3309000 138,300 468,500
1991 350,000 118,500 468,500
1992 37 O N 97,500 467,500
1993 395,000 75,300 470,300
1994 415,000 51 ,600 466,600
1995 445,000 26,700 471 ,700
Total $42150,000 $1 ,943,750 $6,093,750
59
SCHEDULE VI
STATEMENT OF FUTURE WATER REVENUE BOND REQUIREMENTS BY YEAR
BASED ON OUTSTANDING DEBT
JUNE 30, 1982
(Unaudited)
Fiscal Year Principal Interest Total
1983 $ 150,000 $ 73,800 $ 223,800
1984 145,000 68,700 213,700
1985 160,000 63,350 223,350
1986 160,000 57,750 217,750
1987 170,000 51,975 221 ,975
1988 180,000 45,850 225,850
1989 180,000 39,550 219,550
1990 190,000 33,075 223,075
1991 200,000 26,250 226,250
1992 31,000 3,850 34,850
Total $1 ,566,000 $464,150 $2,030,150
60
SCHEDULE VII
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION (a)
STATEMENT OF BONDED DEBT
JUNE 30, 1982
(Unaudited)
Date Years Rate Bonds Bonds Bonds
of of of Original Outstanding Matured Outstanding
Description Bonds Maturity Interest Issue July 1, 1981 During Year June 30, 1982
Civic Center Jan. 1972 1975-1982 7.00% $ 2,010,000 $ 310,000 $310,000 $ --
Leasehold 1983 5.70 3301000 330,000 -- 330,000
Mortgage Bonds, 1984-1996 5.50. 7,040,000 6,985,000 -- 6,985,000
First Issue 1997-1998 5.00 1 ,720,000 1 ,595,000 -- 1 ,595,000
Total 11,100,000 9,220,000 310,000 8,910,000
Central Library Sept. 1972 1975-1983 7.00% 1 ,220,000 480,000 150,000 330,000
Leasehold 1984 5.90 180,000 180,000 -- 180,000
Mortgage Bonds 1985 5.40 190,000 190,000 -- 190,000
Second Issue 1986-1988 5.50 640,000 640,000 -- 6401000
1989-1991 5.60 770,000 770,000 -- 7701000
1992 5.70 290,000 290,000 290,000
1993-1995 5.75 965,000 965,000 -- 965,000
1996-1997 5.00 745,000 745,000 -- 745,000
Total 5,000,000 4,260,000 150,000 4, 110,000
Total bonded debt $16,100,000 $13,480,000 $460,000 $13,020,000
(a) The above schedule has been included for informational purposes only. The Huntington Beach Public Facilities Corporation is an
independent entity. Accordingly, the obligations of the Public Facilities Corporation do not constitute an obligation of the City.
61
SCHEDULE VIII
HUNTINGTON BEACH PUBLIC FACILITIES CORPORATION
STATEMENT OF FUTURE DEBT REQUIREMENTS BY YEAR
BASED ON BONDED DEBT (a)
JUNE 30, 1982
(Unaudited)
Fiscal Civic Center Issue Library Issue Total
Year Principal Interest Total Principal Interest Total Principal Interest Total
1983 $ 330,000 $ 482,735 $ 812,735 $ 160,000 $ 225,967 $ 385,967 $ 490,000 $ 708,702 4 1 , 198,702
1984 360000 463,925 823,925 170,000 214,417 384,417 530,000 678,342 1 ,208,342
1985 380,000 444,125 824,125 180,000 203057 383,157 560,000 647,282 1 ,207,282
1986 400,000 423,225 823,225 190,000 192,717 382,717 590,000 615,942 1 ,205,942
1987 430,000 401,225 831 ,225 200,000 182,087 382,087 630,000 583012 1 ,213,312
1988 450000 377,575 827,575 210,000 170,812 380,812 660,000 548,387 1 ,208087
1989 465,000 352,825 817,825 230,000 158,712 388,712 695,000 511 ,537 1 ,206,537
1990 530,000 327,250 857,250 240,000 145,667 385,667 770,000 472,917 1 ,242,917
1991 555,000 298, 100 853000 260,000 131 ,667 391 ,667 815,000 429,767 1 ,244,767
1992 600,000 267,575 867,575 270,000 116,827 386,827 870,000 384,402 1 ,254,40z
1993 640,000 234,575 874,575 290,000 101,002 391 ,002 930,000 335,577 1 ,265,577
1994 675,000 199075 874,375 305,000 83,968 388,968 980,000 283,343 1 ,263,343
1995 725,000 162,250 887,250 320,000 66,000 3869000 1 ,045,000 228,250 1 ,273,z50
1996 775,000 122,375 897075 340,000 47,025 387,025 1, 115,000 16g,400 1,284,400
1997 830,000 79,750 909,750 360,000 28,250 388,250 1 ,190,000 108,000 1 ,298,000
1998 765,000 38,250 803,250 385,000 9,625 394,625 1, 150,000 47,875 1, 197,875
Total $8 910,000 $4,675, 135 $13,585035 $4, 110,000 $2,077,900 $6,187,900 $13,020,000 $6,753,035 $19,773,035
Principal Due: January September
Interest Due: July and January September and March
(a) The above schedule has been included herein for informational purposes only. The Huntington Beach Public Facilities Corporation is an
independent entity. Accordingly, the obligations of the Public Facilities Corporation do not constitute an obligation of the City.
62
SCHEDULE IX
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
STATEMENT OF BONDED DEBT (a)
JUNE 30, 1982
(Unaudited)
Date Years Rate Bonds Bonds Bonds
of of of Original Outstanding Matured Outstanding
Description Bonds Maturity Interest Issue July 1, 1981 During Year June 30, 1982
1968 Parking Sept. 1968 1970-1972 6.00% $ 150,000 $ -- $ --
Revenue Bonds 1973-1979 4.75 470,000 -- -- --
1980-1985 5.00 570,000 485,000 85,000 400,000
1986-1993 5.25 1, 110,000 12110,000 -- 121102000
Total - $2,300,000 $1 ,595,000 $85,000 $1 ,510,000
SCHEDULE X
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
STATEMENT OF FUTURE DEBT REQUIREMENTS BY YEAR
BASED ON BONDED DEBT (a)
JUNE 30, 1982
Fiscal Year Principal Interest Total
1983 $ 90,000 $ 76,025 $ 1662025
1984 95,000 71,400 166,400
1985 105.000 66,400 171 ,400
1986 110,000 61,025 171,025
1987 115,000 55,256 170,256
1988 120,000 49,088 169,088
1989 125,000 42,656 167,656
1990 135,000 35,831 170,831
1991 140,000 28,613 168,613
1992 150,000 21,000 171,000
1993 160,000 12,863 172,863
1994 165,000 4,331 169,331
Total $1 ,510,000 $524,488 $22034,488
(a) The above schedules have been included herein for informational purposes only. The Parking Authority is an independent entity.
Accordingly, its obligations are not obligations to the City.
63
SCHEDULE XI
CITY OF HUNTINGTON BEACH
MISCELLANEOUS STATISTICS
JUNE 30, 1982
(Unaudited)
Date of incorporation 1909
Form of government Charter City - Council - City Administrator
Area 28 square miles
Population 174,847
Miles of streets 362.4 miles
Number of street lights 12,275
Fire Protection:
Number of stations 7
Number of firemen and officers 141
Police protection:
Number of stations 1
Number of policemen and officers 194
Municipal water department:
Number of customers 45, 114
Average daily consumption 24.9 million gal .
Miles of water mains 423
Sewers:
Sanitary sewers 270 miles
Storm sewers 31 miles
Building permits issued 2,533 per year
Recreation and Culture:
Number of parks 54
Number of people using parks 640,000
Acres of beach 43.3
Number of people using beaches 3.7 million
Number of libraries 4
Number of volumes 382,118
Total library circulation 1 ,004,063
Number of people using libraries 89,383
Employees 1 ,250