City of Alhambra California. Comprehensive Annual Financial Report

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1 City of Alhambra California Comprehensive Annual Financial Report For the year ended June 30, 2013

2 On the Cover: Almansor Park Playground The City opened the newly renovated playground in Almansor Park on June 21, The playground features awnings for the slides, additional swing sets, and accessible walkways for visitors with disabilities.

3 , CALIFORNIA Comprehensive Annual Financial Report Year ended June 30, 2013 (With Independent Auditors Report Thereon) Prepared by: Paul Espinoza, Director of Finance and Staff

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5 Comprehensive Annual Financial Report Table of Contents Page Introductory Section: Letter of Transmittal Officials of the City of Alhambra Organizational Chart GFOA Certificate of Achievement for Excellence in Financial Reporting iv ix x xi Financial Section: Independent Auditors Report 1 Management s Discussion and Analysis 4 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 17 Statement of Activities 18 Fund Financial Statements: Balance Sheet Governmental Funds 19 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds 21 Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual: General Fund 23 Home and Rental Rehabilitation Grant Special Revenue Fund 26 Housing Assets Special Revenue Fund 27 Statement of Net Position Proprietary Funds 28 Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds 29 Statement of Cash Flows Proprietary Funds 30 Statement of Fiduciary Net Position 32 Statement of Changes in Fiduciary Net Position 33 Notes to the Basic Financial Statements 34 Required Supplementary Information (Unaudited): Schedule of Funding Progress of the City s Defined Benefit Pension Plan 82 Schedule of Funding Progress of the City s Health Subsidy Pension Plan 83 Schedule of Funding Progress of the City s Other Post-Employment Benefit Plans 83 i

6 Table of Contents, Continued Page Combining and Individual Fund Statements and Schedules: Other Governmental Funds: Combining Balance Sheet Other Governmental Funds 84 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Other Governmental Funds 85 Combining Balance Sheet Other Special Revenue Funds 86 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) Other Special Revenue Funds 88 Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual Other Special Revenue Funds: Law Enforcement Fund 90 TDA Bikeway Fund 91 State Gas Tax Fund 92 Proposition A Transportation Fund 93 Proposition C Transportation Fund 94 Measure R Fund 95 Air Quality Fund 96 Lighting and Landscape Maintenance Fund 97 Police Facility Assessment Fund 98 Asset Forfeiture Fund 99 Community Development Block Grant Fund 100 Transportation Capital Improvements Fund 101 Combining Balance Sheet Other Debt Service Funds 102 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Other Debt Service Funds 103 Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual Other Debt Service Funds: Community Improvement Fund 104 Lighting and Sidewalk Construction Fund 105 Police Facility Fund 106 ii

7 Table of Contents, Continued Page Combining Balance Sheet Other Capital Projects Funds 107 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Other Capital Projects Funds 108 Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual Other Capital Projects Funds: Capital Outlay Fund 109 Internal Service Funds: Combining Statement of Net Position (Deficits) Internal Service Funds 110 Combining Statement of Revenues, Expenses, and Changes in Net Position (Deficits) Internal Service Funds 111 Combining Statement of Cash Flows Internal Service Funds 112 Statistical Section (Not Covered by Independent Auditors Report) Net Position by Component - Last Ten Fiscal Years 114 Changes in Net Position - Last Ten Fiscal Years 115 Fund Balances of Governmental Funds - Last Ten Fiscal Years 117 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 118 Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 119 Direct and Overlapping Property Tax Rates - Current Year and Nine Years Ago 120 Principal Property Tax Payers - Current Year and Nine Years Ago 121 Property Tax Levies and Collections - Last Ten Fiscal Years 122 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 123 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 124 Direct and Overlapping Debt 125 Legal Debt Margin Information - Last Ten Fiscal Years 127 Pledged Revenue Coverage - Last Ten Fiscal Years 128 Demographic and Economic Statistics 129 Principal Employers - Current Year and Nine Years Ago 130 Full-time Equivalent City Government Employees by Function/Program - Last Ten Fiscal Years 131 Operating Indicators by Function - Last Ten Fiscal Years 132 Capital Asset Statistics by Function - Last Ten Fiscal Years 133 iii

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9 Introductory Section

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16 Officials of the City of Alhambra Mayor Stephen K. Sham First District City Council Members Luis Ayala Fifth District Gary S. Yamauchi Third District Steven T. Placido Fourth District Barbara A. Messina Second District City Administration and Department Heads City Manager... Mary K. Swink City Attorney... Joseph Montes Director of Administrative Services... Martin Ray Director of Public Works... Mary Chavez Director of Community Services... Cynthia Jarvis Director of Finance... Paul Espinoza Assistant City Manager/Director of Development Services... Tara Schultz Director of Library Services...Carmen Hernandez Police Chief... Mark Yokoyama Fire Chief... Bill Walker Assistant City Manager/Director of Personnel... Richard Bacio ix

17 ORGANIZATIONAL CHART City Council Stephen K. Sham First District Barbara A. Messina Second District Gary S. Yamauchi Third District Steven T. Placido Fourth District Luis Ayala Fifth District Civil Service/ Board of Appeals Parks & Recreation Commission Planning Commission Design Review Commission Board of Library Trustees Transportation Commission Youth Commission HCDA Citizens Advisory Committee Arts & Cultural Events Committee Environmental Committee City Manager City Attorney Management Services Community Services Finance Administrative Services Development Services Fire Library Personnel Police Public Works x

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19 Financial Section

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21 The Honorable Mayor and Members of the City Council City of Alhambra Alhambra, California Report on the Financial Statements INDEPENDENT AUDITORS REPORT We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Alhambra (the City), as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the City s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the basic financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the City s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements Michelle Drive, Suite 300, Irvine, CA Tel: Fax: Offices located in Orange and San Diego Counties

22 Auditors Responsibility (Continued) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the basic financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2013, and the respective changes in financial position and cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund, the Home and Rental Rehabilitation Grant Special Revenue Fund and the Housing Assets Special Revenue Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matters As discussed in Note I.N to the basic financial statements, the City incorporated deferred outflows of resources and deferred inflows of resources into the definitions of the required components of the residual measure of net position due to the adoption of Governmental Accounting Standards Board s Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The adoption of this standard also provides a new statement of net position format to report all assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position. Our opinion is not modified with respect to this matter. As discussed in Note I.N to the basic financial statements, the City has changed its method for accounting and reporting certain items previously reported as assets or liabilities during fiscal year due to the early adoption of Governmental Accounting Standards Board s Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters: Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and the schedules of funding progress, listed in the table of contents as required supplementary information, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the management s discussion and analysis and the schedules of funding progress in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during the audit of the basic financial statements. We do not express an opinion or provide any assurance on the management s discussion and analysis and the schedules of funding progress because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance on them

23 Other Matters (Continued): Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City s basic financial statements. The introductory section, combining and individual fund statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory section and statistical section have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 19, 2013, on our consideration of the City s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City s internal control over financial reporting and compliance. Irvine, California December 19,

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25 Management s Discussion and Analysis June 30, 2013 This section of the City s Comprehensive Annual Financial Report provides a narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, We encourage readers to consider the information presented here in conjunction with additional information we have furnished in our letter of transmittal, which can be found beginning on page iv and the City s financial statements beginning on page 17. Financial Highlights The following are some key financial highlights for the fiscal year June 30, 2013: The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $207,357,611 (net position), which was comprised of capital assets, net investment in capital assets of $156,185,114, restricted for debt service of $1,841,943, restricted for projects and programs of $24,198,426, and unrestricted net position of $25,132,128. The City s total net position increased by $5,380,949 during the current fiscal year, comprised of an increase in governmental activities of $2,398,500, and an increase in business-type activities of $2,982,449. As of June 30, 2013, the City s governmental funds reported combined fund balances of $36,692,245, an increase of $8,065,804 in comparison with the prior year. Of this amount, $13,906,668 or approximately 38% of total fund balances, are available for spending at the City s discretion (committed, assigned, and unassigned fund balance). At the end of the current fiscal year, committed, assigned, and unassigned fund balance for the General Fund was $14,375,609, or 27% of total general fund expenditures. However, the City has committed or assigned $13,816,012 for various projects and programs leaving $559,597 as unassigned. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the City s basic financial statements. The City s basic financial statements comprise of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains supplementary information in addition to the basic financial statements. Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City s finances in a manner similar to a private-sector business. The statement of net position presents information on all of the City s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activities presents information showing how the City s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities). The governmental activities of the City include general government, public safety, public works, housing, health and community development, culture See independent auditors' report 4 (Continued)

26 Management s Discussion and Analysis June 30, 2013 and recreation, and interest on long-term debt. The business-type activities of the City include its water, sewer and storm drain, sanitation, and golf course/clubhouse operations. The government-wide financial statements include not only the City itself (known as the primary government), but also five legally separate entities, the Alhambra Capital Improvements Corporation, Alhambra Golfcourse/Clubhouse Corporation, Alhambra Public Financing Authority, Alhambra Parking Authority, and the Economic Development Corporation. The City is financially accountable for these entities and financial information for these blended component units is reported within the financial information presented for the primary government itself. The government-wide financial statements can be found on page 17 and page 18 of this report. Fund Financial Statements. A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmental-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of this fiscal year. Such information may be useful in evaluating the City s near-term financial requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City s near-term financial decision. Both the governmental fund balance sheet and the governmental fund statement of revenue, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains 20 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, the Home and Rental Rehabilitation Grant Fund and the Housing Asset Fund, each of which is considered to be major funds. Data from the other 17 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these other governmental funds is provided in the form of combining statements in the other governmental funds section of this report. The City adopts an annual appropriated budget for all of its funds. A budgetary comparison statement is provided for all funds with an annually adopted budget. The budgetary comparison statement for the General Fund, Home Rental and Rehabilitation Fund, and the Housing Asset Fund are located in the basic financial statements. The basic governmental fund financial statements can be found on page 19 and page 21 of this report. Proprietary Funds. The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its water, sewer and storm drain, sanitation, and golf course/clubhouse operations. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City s various functions. The City uses internal service funds to account for self-insurance activities, See independent auditors' report 5 (Continued)

27 Management s Discussion and Analysis June 30, 2013 including: general claims liability, workers compensation insurance, vehicle operation and maintenance, and compensated absences. Because these services benefit both governmental and business-type functions, the services have been allocated to governmental and business type activities in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the water, sewer and storm drain, sanitation, and golfcourse/clubhouse operations, all of which are considered major funds of the City. Conversely, the internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements in the Supplementary Information section of this report. The basic proprietary fund financial statements can be found on page 28 through page 31 of this report. Fiduciary Funds. The City maintains one fiduciary fund, a Private Purpose Trust for the Alhambra Redevelopment Agency Successor Agency. Fiduciary Funds are used to account for financial resources held for the benefit of parties outside the City government. Fiduciary Funds are not reflected in the government-wide statements because the resources are not available to support governmental activities of the City. The basic fiduciary fund financial statements can be found on page 32 through page 33 of this report. Notes to the Basic Financial Statements. The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 34 through 81 of this report. Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City s progress in funding its obligation to provide pension benefits and other post-employment benefits to its employees. Required supplementary information can be found on pages 82 through 83 of this report. The combining statements referred to earlier in connection with other governmental funds and internal service funds, together with information on capital assets used in the operation of governmental funds (those not included in internal service funds), are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 84 through 113 of this report. See independent auditors' report 6 (Continued)

28 Management s Discussion and Analysis June 30, 2013 Government-wide Financial Analysis Summary of Net Position June 30, 2013 and 2012 Governmental Business-type activities activities Total Assets: Current and other assets $ 61,779,791 53,312,499 32,686,060 32,088,720 94,465,851 85,401,219 Capital assets 138,007, ,859,855 46,536,273 45,972, ,543, ,832,632 Total assets 199,786, ,172,354 79,222,333 78,061, ,009, ,233,851 Liabilities: Current and other liabilities 5,886,206 5,738,972 2,125,657 3,072,061 8,011,863 8,811,033 Long-term liabilities 49,811,542 50,066,054 13,828,268 14,422,718 63,639,810 64,488,772 Total liabilities 55,697,748 55,805,026 15,953,925 17,494,779 71,651,673 73,299,805 Net position: Net investment in capital assets 119,554, ,254,685 36,630,591 35,702, ,185, ,957,254 Restricted 24,880,029 12,815,183 1,160,340 1,160,870 26,040,369 13,976,053 Unrestricted (345,349) 4,297,460 25,477,477 23,703,279 25,132,128 28,000,739 Total net position $ 144,089, ,367,328 63,268,408 60,566, ,357, ,934,046 As noted earlier, net position may serve over time as a useful indicator of the City s financial position. In the case of the City, assets exceeded liabilities by $207,357,611 at June 30, The largest portion of the City s net position of $156,185,114 reflects its investment in capital assets (e.g., land, buildings, infrastructure, machinery and equipment, etc.), less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City s investment in its capital assets is reported net investment in capital assets, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The second largest portion of the City s net position of $26,040,369 represent resources that are subject to external restrictions on how they may be used. The remaining portion of the City s net position is unrestricted and may be used to meet the City s ongoing obligations to citizens and creditors. At June 30, 2013, unrestricted net position were $25,132,128. See independent auditors' report 7 (Continued)

29 Management s Discussion and Analysis June 30, 2013 Summary of Activities Year ended June 30, 2013 and 2012 Governmental Business-type activities activities Total Revenues: Program revenues: Charges for services $ 10,964,302 10,800,440 33,553,398 35,047,417 44,517,700 45,847,857 Operating grants and contributions 9,371,187 11,362,119 22,626 45,824 9,393,813 11,407,943 Capital grants and contributions 1,992,813 1,724,680 1,992,813 1,724,680 General revenues 53,417,517 52,194, , ,118 53,796,161 52,549,675 Total revenues 75,745,819 76,081,796 33,954,668 35,448, ,700, ,530,155 Expenses: General government 1,206,489 1,441,044 1,206,489 1,441,044 Public safety 43,666,780 43,467,450 43,666,780 43,467,450 Public works 9,946,710 8,106,881 9,946,710 8,106,881 Housing, health, and community development 8,683,130 8,161,367 8,683,130 8,161,367 Culture and recreation 8,913,765 9,482,993 8,913,765 9,482,993 Interest on long-term debt 1,355,529 2,427,493 1,355,529 2,427,493 Water 18,530,841 17,571,245 18,530,841 17,571,245 Sewer and storm drain 1,788,731 2,053,522 1,788,731 2,053,522 Sanitation 8,606,409 8,581,865 8,606,409 8,581,865 Golf course/clubhouse 1,621,155 1,541,488 1,621,155 1,541,488 Total expenses 73,772,403 73,087,228 30,547,136 29,748, ,319, ,835,348 Increase in net position before other gains and transfers 1,973,416 2,994,568 3,407,533 5,700,239 5,380,949 8,694,807 Extraordinary gain 17,127,661 17,127,661 Transfers in (out) 425, ,462 (425,084) (536,462) Increase in net position 2,398,500 20,658,691 2,982,449 5,163,777 5,380,949 25,822,468 Net position, July 1, as restated 141,690, ,708,637 60,285,959 55,402, ,976, ,111,578 Net position, June 30 $ 144,089, ,367,328 63,268,408 60,566, ,357, ,934,046 Governmental Activities. Governmental activities increased the City s net position by $2,398,500. Governmental Revenues. Governmental revenues decreased by $335,977 or 0.4%. There are several reasons which account for this decrease, however the main factors are a decrease in operating grants and contributions of $1,990,932 primarily due to HOME Community Housing Development Organization grant revenues received in prior year of $1,512,965 not received in current year. This decrease was partially offset by an increase in general revenues of $1,137,688. The increase in general revenues was due to many reasons including: an increase in sales taxes of $1,558,403 primarily for increased automobile sales; an increase in interfund transfers of $1,426,265; property tax administration reimbursement of $841,639; and a decrease in property taxes of $3,234,997 from the elimination of the Alhambra Redevelopment Agency. Governmental Expenses. Governmental expenses increased by $685,175 or 0.9%. There are several reasons which account for this increase, however main factors are an increase in housing, health, and community development expenses of $522,113 and a decrease in interest on long-term debt of $1,071,967 primarily due to See independent auditors' report 8 (Continued)

30 Management s Discussion and Analysis June 30, 2013 the elimination of the Alhambra Redevelopment Agency. These increases were partially offset by a decrease of $1,844,381 in public works from loss on infrastructure replacement. $50,000,000 $45,000,000 Expenses and Program Revenues Governmental Activities For the year ending June 30, 2013 $40,000,000 $35,000,000 Expenses Program revenues $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 General government Public safety Public works Housing, health, and community development Culture and recreation Interest on longterm debt Revenues by Source Governmental Activities Other 18% Charges for services 14% Motor vehicle in lieu 10% Investment earnings Other 0% taxes 1% Operating grants and contributions 12% Capital grants and contributions 3% Sales taxes 19% Property taxes 23% See independent auditors' report 9 (Continued)

31 Management s Discussion and Analysis June 30, 2013 Business-type Activities. Business-type activities increased the City s net position by $2,982,449 indicating that business-type activities had revenues sufficient to cover operations. A key element of this increase is as follows: Water Fund net position decreased $681,405 primarily due to anticipated water lease right revenues not to be received. Sewer and Storm Drain Fund net position increased $3,346,463 due to revenues exceeding expenses providing for the accumulation of resources for future capital projects and expenses. Expenses and Program Revenues Business-type Activities for the year ended June 30, 2013 $20,000,000 $15,000,000 Expenses Program revenues $10,000,000 $5,000,000 $0 Water Sewer and storm drain Sanitation Golf course/clubhouse Revenues by Source Business-type Activities $40,000,000 $35,000,000 33,553,398 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 Charges for services 22, , ,926 Operating grants and contributions Capital grants and contributions Investment earnings Other See independent auditors' report 10 (Continued)

32 Management s Discussion and Analysis June 30, 2013 Financial Analysis of the City s Major Funds Governmental Funds. The focus of the City s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information may be useful in assessing the City s financing requirements. Below is an analysis of the City s major governmental funds for the year ended June 30, Amount Percentage June 30, June 30, Increase Increase (Decrease) (Decrease) Total Fund Balance: Fund: General Fund $ 14,772,079 9,245,955 5,526,124 60% Home and Rental Rehabilitation Grants 1,321,164 1,176, ,655 12% Housing Asset Fund 5,394,914 5,019, ,635 7% Total Fund Balance $ 21,488,157 15,441,743 6,046,414 80% The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the fund balance was $14,772,079 which increased by $5,526,124 during the current fiscal year. There are multiple reasons for the increase, however revenues increased significantly for the following: sales tax revenues increased $1,298,223 primarily due to increases auto sales; property tax revenues increased $2,035,647 primarily due to additional amounts received from dissolution of Redevelopment Agency; and interfund allocation from Water Fund increased $1,426,265. The Home and Rental Rehabilitation Grant (HOME) Fund utilizes federal grant monies received from the U.S. Department of Housing and Urban Development along with miscellaneous program income to fund affordable housing projects. At the end of the current fiscal year, the fund balance was $1,321,164 which increased by $144,655 during the current fiscal year. The net increase in fund balance is primarily due to additional unexpended program income and timing differences in the recording of grant revenues and expenditures. The Housing Asset Fund is used to account for funds used for low and moderate income housing activities in accordance with applicable housing-related regulations. At the end of the current fiscal year, the fund balance was $5,394,914, which increased $375,635 during the current fiscal year. The net increase in fund balance is primarily due to revenues received from the sale of properties. See independent auditors' report 11 (Continued)

33 Management s Discussion and Analysis June 30, 2013 Proprietary Funds. The City s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Amount Percentage June 30, June 30, Increase Increase , as restated (Decrease) (Decrease) Net Position: Water Fund $ 39,832,710 40,514,115 (681,405) -1.7% Sewer Fund 20,206,798 16,860,335 3,346, % Sanitation Fund 341,272 (50,242) 391, % Golf course/clubhouse Fund 5,084,502 4,733, , % Total Net Position $ 65,465,282 62,057,843 3,407, % Unrestricted Net Position: Water Fund $ 14,583,352 16,639,719 (2,056,367) -12.4% Sewer Fund 14,178,765 10,796,040 3,382, % Sanitation Fund 202,338 (229,522) 431, % Golf course/clubhouse Fund (1,290,104) (1,731,074) 440, % Total Unrestricted Net Position $ 27,674,351 25,475,163 2,199, % Enterprise Funds. Unrestricted net position of the enterprise funds totaled $27,674,351 and total growth in net position for these funds was $3,407,439. Other factors concerning the finances of these funds have already been addressed in the discussion of the City s business-type activities. The Water Fund s unrestricted net position was $14,583,352, while total net position was $39,832,710 at the end of the current year. The net position of the Water Fund decreased $681,405 during the current fiscal year. This decrease was attributable primarily due to water rate increases offset by a decrease in anticipated water lease right revenues. The Sewer and Storm Drain Fund s unrestricted net position was $14,178,765, while total net position was $20,206,798 at the end of the fiscal year. The net position of the Sewer and Storm Drain Fund increased by $3,346,463 during the current fiscal year primarily due to sewer rate increases to accumulate funds for future capital projects. The Sanitation Fund s unrestricted net position was $202,338 at the end of the current fiscal year, while total net position was $341,272. The net position of the Sanitation Fund increased by $391,514 during the current fiscal year. This increase was due primarily to a transfer from the General Fund of $220,000 to eliminate projected deficit. The Golf course/clubhouse fund s unrestricted net deficit was $1,290,104, while total net position was $5,084,502 at the end of the current fiscal year. The net position of the Golf course/clubhouse fund increased $350,867 during the current fiscal year. This increase was due primarily to a transfer from the General Fund of $300,000 for a clubhouse roof replacement in the next fiscal year. See independent auditors' report 12 (Continued)

34 Management s Discussion and Analysis June 30, 2013 General Fund Budgetary Highlights In the General Fund, differences between the original budget and the final amended budget resulted in a net increase in appropriation of $804,892 (net of prior year carryover of available and encumbered balances) and can be briefly summarized as follows: $1,082,353 in increases allocated to various general government departments $22,929 in increases allocated to the library department $30,059 in increases allocated to the community services department $29,885 in increases allocated to the development services department $641,029 in increases allocated to public safety The increase in various general government departments included $90,000 for rose parade float, $50,000 for 9/11 memorial, $18,500 for pool repairs, $160,653 for playground renovation, and $782,000 for golf course and clubhouse renovations budgeted from available fund balance and a decrease of $18,800 for transfers to other departments. The increase in library department of $22,929 was funded from donations made to the library. The increase in community services included $30,059 for various improvements and equipment funded by available fund balance of $11,511, donations of $9,748, and $8,800 transfer from general government departments. The increase of $29,885 in development services for completion of housing report was budgeted from available fund balance. The increase of $641,029 in public safety included $470,577 for training, equipment, and other items funded from homeland security and urban area grants and other public safety grants, $160,452 for various purchases budgeted from available fund balance, and $10,000 transfer from general government departments. Also in the General Fund, differences between the final amended budget and the actual amounts for revenues, expenditures, and other financing sources and uses resulted in a net positive variance of $5,412,757. General fund revenues accounted for a positive variance of $2,311,323 resulting primarily from property and sales taxes which have a positive variance of $2,253,290 and various fire and community services department revenues exceeding budget. These positive variances were offset from lease revenues from properties transferred back to the Successor Agency which accounted for the negative variance of over $1 million in investment income. The General Fund expenditures were under budget by $2,746,992 primarily due to expenditures for non-capital public safety under budget by $617,103 due to savings resulting from unfilled positions offset partially by overtime costs, library department under budget by $286,809 from unfilled portions and utility savings, public safety capital expenditures under budget by $984,354 from unexpended grant awards, and many other departmental expenditures under budget due to cost savings. See independent auditors' report 13 (Continued)

35 Management s Discussion and Analysis June 30, 2013 Capital Asset and Debt Administration Capital Assets. The City s investment in capital assets for its governmental and business-type activities amounts to $184,543,433 (net of accumulated depreciation of $96,544,657) as of June 30, This investment in capital assets includes land, buildings, improvements other than building, infrastructure (roads, sidewalks, land held under easement, streetlights, etc.), and machinery and equipment. Capital Assets (Net of Accumulated Depreciation) June 30, 2013 and 2012 Governmental Business-type activities activities Total Land $ 22,035,738 22,326,669 5,769,073 5,769,073 27,804,811 28,095,742 Buildings, structures, and improvements 59,618,412 61,271,423 12,497,913 12,824,890 72,116,325 74,096,313 Machinery and equipment 3,720,721 3,835,941 1,215,491 1,462,075 4,936,212 5,298,016 Utility systems 27,053,796 25,667,084 27,053,796 25,667,084 Infrastructure 52,471,636 54,657,251 52,471,636 54,657,251 Construction in progress 160,653 2,768, , ,653 3,018,226 Total $ 138,007, ,859,855 46,536,273 45,972, ,543, ,832,632 Additional information on the City s capital assets can be found in notes to the basic financial statements on pages 52 through 56 of this report. Major capital asset events during the current fiscal year included the following: Governmental activities Machinery and equipment additions include a fire truck, fire vehicle, five police vehicles, three copiers, and other miscellaneous equipment. Deletions included a fire truck, two police vehicles, three copiers, and other miscellaneous equipment. Construction in progress decreased due to completion of an affordable townhome project. Additions include playground renovation project to be completed next fiscal year. Infrastructure additions and deletions included improvement and replacement of streets and sidewalks. Business-type activities Utility systems additions included improvements in water and sewer lines, water reservoirs, and water wells. Construction in progress decreased due to completion of various water and sewer projects. See independent auditors' report 14 (Continued)

36 Management s Discussion and Analysis June 30, 2013 Debt Administration. At the end of the current fiscal year, the City had total bonded debt outstanding of $32,080,000. Of this amount, $28,925,000 represents certificates of participation issued for various capital improvements including police facility, golf course/clubhouse, and water treatment facility and $3,155,000 represents special assessment bonds to finance public works maintenance and improvement projects. Additions to the City s long-term debt included capital lease obligations of $652,417, and net increase in outstanding claims of $1,006,050, pension liability of $652,417, OPEB liability of $1,302,443, and benefits payable of $128,653. Deductions include the repayment of outstanding principal totaling $4,290,268. Outstanding Debt June 30, 2013 and 2012 Governmental Business-type activities activities Total Bonded indebtedness: Certificates of participation $ 17,852,940 19,586,660 11,072,060 11,718,340 28,925,000 31,305,000 Assessment district bonds 3,155,000 3,580,000 3,155,000 3,580,000 Other long-term debt: Capital lease obligations 599,697 18, ,697 18,510 Benefits payable 3,218,299 3,097, , ,704 3,618,149 3,489,496 Pension liability 3,265,479 2,678, , ,406 3,806,187 3,153,771 OPEB liability 4,453,784 3,325, , ,295 5,088,708 3,786,265 Self insurance claims payable 12,163,578 11,157,528 12,163,578 11,157,528 Notes and loans payable 2,828,396 4,046,653 1,174,688 1,370,469 4,003,084 5,417,122 $ 47,537,173 47,491,478 13,822,230 14,416,214 61,359,403 61,907,692 Additional information on the City s debt can be found in notes to the basic financial statements on pages 58 through 63 of this report. The City received bond ratings of Aaa and AAA on its 2005 certificates issue due to the issuance of a municipal bond insurance policy. Standard & Poors credit market services has assigned a rating of A to the City. State statutes limit the amount of general obligations debt a governmental entity may issue to 15% of its total assessed valuation. The current debt limitation for the City is $273,035,649. The City currently has no general obligation debt. See independent auditors' report 15 (Continued)

37 Management s Discussion and Analysis June 30, 2013 Next Year s Budget The fiscal year budget is basically a hold the line budget due to a nationwide slow economic recovery. However, as in past budgets, the City s emphasis is on future economic development efforts to continue to strengthen the City s revenue base despite the loss of redevelopment. The major thrust of the City of Alhambra Annual Budget is infrastructure improvements including water and sewer system improvements and enhancements, various street and traffic projects, public safety and golf course improvements. While the local economy is sluggish in its recovery, the City is cautiously optimistic and is the budget projections for the fiscal year remain conservatively optimistic. Lastly the budget includes an increase to General Fund Reserves, no tax increases, no layoffs, no mandatory furloughs and no restrictions to on-going vital services. Request for Information This financial report is designed to provide a general overview of the City s finances for readers of the financial statements. Questions concerning any of the information in this report or request for additional financial information should be addressed to the Director of Finance, 111 South First Street, Alhambra, CA See independent auditors' report 16

38

39 Basic Financial Statements

40

41 Statement of Net Position June 30, 2013 Governmental Business-type Assets Activities Activities Total Cash and investments $ 34,507,677 29,524,182 64,031,859 Restricted cash and investments 2,094,706 1,160,340 3,255,046 Accounts receivable 5,434,239 5,159,090 10,593,329 Notes receivable 4,160,114 4,160,114 Loans receivable 4,921,495 4,921,495 Due from Successor Agency 6,567,811 6,567,811 Internal balances 3,610,741 (3,610,741) Inventories 38, , ,871 Prepaid items 27,524 20,994 48, , ,808 Property held for resale Capital assets not being depreciated 22,196,391 5,769,073 27,965,464 Capital assets, net of accumulated depreciation 115,810,769 40,767, ,577,969 Total assets 199,786,951 79,222, ,009,284 Liabilities Liabilities: Accounts payable 2,185,246 1,533,967 3,719,213 Accrued liabilities 1,570,828 1,570,828 Bond interest payable 462, , ,951 Due to Successor Agency 851, ,349 Deposits 708, ,857 1,123,620 Retentions payable 37,050 19,852 56,902 Long-term liabilities: Due within one year 4,686, ,976 5,593,926 Due in more than one year 45,194,592 12,921,292 58,115,884 Total liabilities 55,697,748 15,953,925 71,651,673 Net Position Net position: Net investment in capital assets 119,554,523 36,630, ,185,114 Restricted for: Debt service 681,603 1,160,340 1,841,943 Projects and programs 24,198,426 24,198,426 Unrestricted (345,349) 25,477,477 25,132,128 Total net position $ 144,089,203 63,268, ,357,611 See accompanying auditors' report and notes to financial statements 17

42 Statement of Activities Year ended June 30, 2013 Net (expenses) revenues and Program revenues changes in net assets Operating Capital Charges for grants and grants and Governmental Business-type Expenses services contributions contributions activities activities Total Functions/programs primary government: Governmental activities: General government $ 1,206,489 1,249,282 42,793 42,793 Public safety 43,666,780 4,974, ,684 (37,941,604) (37,941,604) Public works 9,946, ,502 2,135,588 1,992,813 (4,916,807) (4,916,807) Housing, health, and community development 8,683,130 3,139,965 5,749, , ,793 Culture and recreation 8,913, , ,957 (7,479,747) (7,479,747) Interest on long-term debt 1,355,529 (1,355,529) (1,355,529) Total governmental activities 73,772,403 10,964,302 9,371,187 1,992,813 (51,444,101) (51,444,101) Business-type activities: Water 18,530,841 17,770,857 (759,984) (759,984) Sewer and storm drain 1,788,731 5,358,378 3,569,647 3,569,647 Sanitation 8,606,409 8,639,045 22,626 55,262 55,262 Golf course/clubhouse 1,621,155 1,785, , ,963 Total business-type activities 30,547,136 33,553,398 22,626 3,028,888 3,028,888 Total $ 104,319,539 44,517,700 9,393,813 1,992,813 (51,444,101) 3,028,888 (48,415,213) General revenues: Property taxes and assessments 17,209,958 17,209,958 Sales tax 14,681,954 14,681,954 Utility users tax 4,306,280 4,306,280 Franchise tax 1,383,051 1,383,051 Business license tax 1,467,043 1,467,043 Other taxes 511, ,096 Unrestricted intergovernmental 7,373,428 7,373,428 Unrestricted investment earnings 97, , ,170 Miscellaneous 6,387, ,937 6,657,182 Transfers 425,084 (425,084) Total general revenues and transfers 53,842,601 (46,439) 53,796,162 Change in net position 2,398,500 2,982,449 5,380,949 Net position beginning of year, as restated 141,690,703 60,285, ,976,662 Net position end of year $ 144,089,203 63,268, ,357,611 See accompanying auditors' report and notes to financial statements 18

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