City of San Mateo San Mateo, California
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1 City of San Mateo San Mateo, California Comprehensive Annual Financial Report For the Year Ended June 30, 2005
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10 The City provides a full range of municipal services. These include police and fire protection, public works, parks & recreation, library, planning and zoning, building, sewer service, street maintenance, economic development, and general administrative services. The City offers thirty parks, six recreation centers, three libraries, and an 18-hole golf course. California Water Service, a private company, provides water to the residents of the City of San Mateo. The San Mateo Performing Arts Center hosts productions by numerous local, regional, and international artistic enterprises, including the Peninsula Ballet Theatre, the Peninsula Civic Light Opera, and the Peninsula Symphony. San Mateo has abundant shopping areas, including two major regional shopping centers, Hillsdale Shopping Mall and Bridgepointe. The City operates on a two-year budget cycle (Business Plan). The two-year budget process requires that each department submit two one-year expenditure plans and revenue estimates to the City Council for approval. In each alternate year the Department Heads present mid-cycle performance reports to the City Manager and City Council to summarize budget status to date and to obtain approval for year-2 funding. The Department Heads are responsible for containing expenditures within their budgeted appropriations as approved by the City Council. The level of budgetary control is the department within each fund. The City also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts in the operating budget lapse one year after the end of the fiscal year. The City utilizes a five-year plan for capital improvements. The plan serves as a guide for the allocation of future resources. However, specific funding in the budget covers one year only. The City's management has adopted a set of "organizational principles" which reflect the management philosophy. These principles are: service to the community is our purpose; we all work for one organization; look at the long term; seek constant improvement; and lead by example. These principles are intended to guide management actions throughout the City organization. The goals of City management are to see that necessary and desired services are provided in an efficient and effective manner, and that planning and improvement take place to provide for the community's future. Local Economy San Mateo is the premier city on the mid-peninsula, located between San Francisco and San Jose and home to nearly 95,000 people. It features a diverse mix of economic components, with leading edge information technology companies such as Serena Software, an increasing biotechnology presence (including the Genentech Foundation Biotechnology Learning Center, scheduled to open in 2006), financial institutions such as Franklin Templeton and a strong base of independent, regional and national retailers. Overall, economic growth in San Mateo reflects the broader effects of the slow recovery from the economic contraction that followed the dot-com decline and September 11, For example, local sales tax generation has been essentially flat over the past two years, although the most recent benchmark year data also indicate that general retail and transportation are at two-year highs. This is especially significant since general retail currently accounts for nearly half of San Mateo s sales tax generation. Employment in San Mateo, with a total of approximately 50,000 jobs, is concentrated in three sectors: professional and financial services; health, educational and recreational services; and retail. According to Association of Bay Area Governments (ABAG) projections, future job growth will occur primarily in the first two of these sectors, led by a 15% increase in professional and financial services jobs between 2000 and Unemployment in San Mateo is approximately 4.5%, below both the California state and national unemployment levels. vi
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21 Management's Discussion and Analysis As management of the City of San Mateo, we offer readers of the City s financial statements this 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 that we have furnished in our letter of transmittal, which can be found on page v of this report. I. Financial Highlights The assets of the City of San Mateo exceeded its liabilities at the close of the fiscal year by $408M (net assets). Of this amount $241M was invested in capital assets, net of related debt. The balance was restricted for capital projects of $111M, debt service and other of $25M, and unrestricted of $31M. This includes all City funds and Redevelopment Agency. The City's total net assets increased by $7M; representing $5M increase in governmental and $2M increase in business type activities. As of the close of the fiscal year, the City s governmental funds, including the general, special revenue, debt service, and capital projects, reported combined ending fund balances of $122M, an increase of $5M in comparison with the prior year. Approximately $40M is available for spending at the government's discretion on operating and capital activities (of which $9.6M is in the general fund) and $10M is available for and committed to the capital projects (unreserved fund balance), both of which are subject to restrictions relating to the various funding sources. At the end of the current fiscal year, unreserved fund balance for the general fund was $9.6M, or 15 percent of total general fund expenditures. This amount includes $4.0M emergency reserve, $2.4M service stability reserve, and $3.2M designated for subsequent year s expenditure. The total net long-term debt increased by $18M during the fiscal year. The increase was mainly due to issuance of $25M additional Redevelopment tax allocation bonds and with the closure of the landfill, a reduction in the related liability by $4M. II. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City of San Mateo s basic financial statements. The City of San Mateo s basic financial statements are comprised of three components: 1) Government-wide Financial Statements, 2) Fund Financial Statements, and 3) Notes to the Financial Statements. This report also contains other Required Supplementary Information in addition to the basic financial statements themselves. Government-wide Financial Statements. The Government-wide Financial Statements consist of a statement of net assets and a statement of activities and 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 Assets presents information on all of the City s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of changes in the City s financial position. The Statement of Activities presents information showing how the government's net assets changed during the most recent fiscal year. All changes in net assets 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). 3
22 Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, public works, community and economic development, and parks and recreation and library. The business-type activities of the City include a Sewer and Golf operations. The Government-wide Financial Statements include not only the City itself but also the Redevelopment Agency. Financial information for this component unit is blended with the financial statements of the primary government itself. The Redevelopment Agency, although legally separate, functions for all practical purposes as a department of the City, and therefore has been included as an integral part of the primary government. The Government-wide Financial Statements can be found on pages of this report. Fund Financial Statements. A fund is a grouping of related accounts that is 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 Governmentwide 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 the fiscal year. Such information may be useful in evaluating a government's near-term financing 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 government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The governmental funds comprise 16 individual 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, redevelopment, city housing, and capital projects funds, which are considered to be major funds. Data from the other 12 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. A budgetary comparison statement has been provided for the funds that have an adopted budget to demonstrate compliance with this budget. The Governmental Fund Financial Statements can be found on pages 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 Sewer and Golf 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 its general liability, fleet and building maintenance, vehicle and equipment replacement, workers compensation, dental, and other employee benefits programs. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. 4
23 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 Sewer and Golf operations. Conversely 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 elsewhere in this report. The Proprietary Fund Financial Statements can be found on pages of this report. Notes to the Basic Financial Statements. The notes 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 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 budgetary information on major governmental funds and progress in funding its obligation to provide pension benefits to its employees. Required supplementary information can be found on page of this report. III. Government-wide Financial Analysis Net Assets. As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case of the City, total assets exceeded liabilities by $408M at the close of the fiscal year. By far the largest portion of the City of San Mateo s net assets (60%) reflect its investment in capital assets (e.g., infrastructure, land, buildings, machinery, and equipment), less any outstanding related debt used to acquire those assets. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City of San Mateo s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources i.e. future income, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City of San Mateo s net assets (34%) represents resources that are subject to external restrictions on how they may be used. The remaining balance, (6%), that is unrestricted net assets, may be used to meet the government's ongoing obligations to citizens and creditors, subject to the applicable restrictions of various funding sources. CITY OF SAN MATEO S NET ASSETS (Amounts expressed in millions) Governmental activities Business-Type activities Total Current and other assets $ 149 $ 160 $ 41 $ 40 $ 190 $ 200 Capital Assets, net of depreciation Total assets Long-term liabilities outstanding Other liabilities Total liabilities Net assets: Invested in capital assets, net of related debt Restricted Unrestricted (13) Total net assets $ 325 $ 330 $ 77 $ 79 $ 402 $ 409 5
24 At the end of the fiscal year , the City is able to report positive balances in all three categories of net assets, both for the government as a whole, as well as for its separate governmental and business-type activities. The net assets increased by $7M during the fiscal year. This increase is the net result of all the revenues and expenses and cannot be attributed to any specific items. Governmental activities. Governmental activities increased the City s net assets by $5M, while the business type activities showed an increase in net assets of $2M. The charts that follow show the program revenues, general revenues, and expenses by function for all City activities, including the Redevelopment Agency. Expenses by Function - Governmental Activities Interest on longterm debt (unallocated), 6% Public works, 15% Parks and recreation, 14% Library, 5% General government, 11% Public safety, 40% Community development, 9% Revenues by Source - Governmental Activities Sales taxes 16% Motor vehicle in lieu fees 5% Charges for services 16% Other 0% Property taxes 31% Franchise fees 2% Capital grants and contributions 9% Operating grants and contributions 7% Other taxes 14% 6
25 CITY OF SAN MATEO Statement of Changes in Net Assets For the Year Ended June 30, 2005 (Amounts expressed in Millions) Governmental activities Business-Type activities Total Revenues: Program revenues: Charges for services $ 15.2 $ 15.6 $ 18.0 $ 19.4 $ 33.2 $ 35.0 Operating grants and contributions Capital grants and contributions General revenues: - - Property taxes Sales taxes Property transfer taxes Other taxes Franchise fees Motor vehicle in lieu fees Other Total revenues Expenses: General government Community development Public safety Public works Parks and recreation Library Interest on long-term debt (unallocated) Depreciation expense (unallocated) Sewer Golf Total expenses Increase in net assets Net assets - Beginning of fiscal year Net assets - Ending of fiscal year $ $ $ 76.9 $ 78.6 $ $ Charges for services are primarily fees for recreation, building, fire, planning, engineering, sewer, and golf services Operating and capital grants and contributions include Federal and State grants and other governments and private contributions including impact fees. Property taxes include the general, voter-approved debt service, and the redevelopment property taxes. Other taxes include mainly hotel, business, property transfer, and gas taxes. General government expenses include City Council, City Clerk, City Manager, City Attorney, Human Resources, Finance, and Information Technology departments, and the general liability insurance. Community Development expenses include planning, building, housing, neighborhood improvements, code enforcement, economic development, and the Redevelopment Agency (including capital expenditure). 7
26 Public Safety expenses cover Police and Fire services. Public Works expenses are for engineering, streets, streetlights, and traffic signals operations and maintenance. Parks and Recreation expenses cover the operations and maintenance of the City parks, community centers, and the senior center as well as the recreation services. Library expenses are for the operation and maintenance of one main and two branch libraries. The main library has been relocated to a temporary leased space while the new main library is being constructed on the existing site. Business-type activities. Business-type activities net assets increased by $2M. The sewer and golf enterprise activities are fully supported by fees. Their expenses include indirect costs and in lieu fees of $1.6M charged by the general fund for support and general City services. Revenues by Source - Business-type Activities Expenses by Function - Businesstype Activities Charges for services 99% Other 1% Sew er, 82% Golf, 18% As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. IV. Financial Analysis of the Funds Governmental Funds. The focus of the City of San Mateo governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. It should, however, be noted that most of the unreserved amounts have been designated by the City Council for specific uses. As of the end of the current fiscal year, the City of San Mateo s governmental funds reported combined ending fund balances of $122M, an increase of $5M in comparison with the prior year. Approximately $46M is available for spending at the government's discretion on operating and capital activities (of which $9.6M is in the general fund) and $18M is available for and committed to the capital projects (unreserved fund balance), both of which are subject to restrictions relating to the various funding sources. The remainder of fund balance is reserved to indicate that it is not available for new spending because it has already been committed 1) to pay for existing contracts and purchase orders 2) to pay debt service, and 3) property held for resale. The general fund is the chief operating fund of the City. At the end of the current fiscal year unreserved fund balance of the general fund was $9.5M, while total fund balance was $10.4M. As a measure of the general fund' s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents 15 percent of total general fund expenditures, while total fund balance represents 17 percent of that same amount. 8
27 The general fund balance increased by $1M during the current fiscal year. The Redevelopment fund has a total fund balance of $57.6M, most of which is reserved for capital projects and debt service. The net increase in fund balance during the current year was $14.9M, primarily due to the issuance of additional $25M bonds and expenditure of $9M on capital projects. Proprietary Funds. The City of San Mateo proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net assets of the Sewer fund at the end of the year amounted to $24M. The golf fund did not have any unrestricted net assets. The net assets of the Sewer Fund increased by $2M. The Golf Fund s net assets decreased by $0.4M. Other factors concerning the finances of these two funds have already been addressed in the discussion of the City of San Mateo business-type activities. V. General Fund Budgetary Highlights The general fund expenditures came under the budget by $1.9 million. The operating expenditure and operating reserve savings were the result of a citywide effort to control expenses in order to cope with low growth in ongoing revenues. The general fund total revenues were above the adopted budget estimates by $1.8M, primarily due to increased property and property transfer tax revenues. The amendments to the general fund budget during the year included carry over encumbrances of the prior year of $0.8M, the transfer to the workers compensation fund of $0.95M to increase the reserve to the policy level, and an increase of $0.35M in the Service Stability Reserve. The general fund budgetary ending fund balance of $3.2M was in line with projected amount when the budget was adopted. During the current fiscal year, unreserved fund balance in the general fund increased from $8.3M to $9.0M, representing $4M Emergency Reserve, $2.35M Service Stability Reserve, and $3.2M designated for future year s expenditure. VI. Capital Asset and Debt Administration Capital assets. The City of San Mateo s investment in capital assets for its Governmental and Business Type activities as of June 30, 2005, amounts to $409.5M (net of accumulated depreciation). This investment in capital assets includes land, buildings, improvements, machinery and equipment, park facilities, roads, highways, bridges, sewer and storm systems, and the golf course. The total increase in the City s investment in capital assets net of depreciation for the current fiscal year was $14M or 4% (a 4% increase for governmental activities and a 2.6% increase for business-type activities). Major Capital asset activity during the current fiscal year included the following: New Main Library $17.3M, East Third Avenue Landfill Closure $5.7M, Shoreline Park Improvements $4.0M, Street Reconstruction & Rehab $2.8M, Casanova Pump Station Renovation $1.8M, and Waste Water Treatment Plant Expansion Phase II $1.3M. 9
28 CITY OF SAN MATEO Capital Assets (Amount expressed in Millions) Governmental Business-Type activities activities activities Total Non-depreciable assets: Land $ 42.4 $ 42.4 $ 4.2 $ 4.2 $ 46.6 $ 46.6 Construction in progress Total non-depreciable assets Depreciable assets (net of depreciation): Building and improvements Treatment plant & transmission lines Machinery and equipment Infrastructure Total depreciable assets (net) Total capital assets $ $ $ 91.3 $ 93.6 $ $ Additional information on the City of San Mateo s capital assets can be found in Note 7 on pages of this report. Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $195M. Of this amount, $37M comprises debt backed by the full faith and credit of the government. The remainder of the City of San Mateo debt represents bonds secured solely by specified revenue sources; i.e., the Redevelopment Agency tax increments, and sewer and golf revenues. CITY OF SAN MATEO OUTSTANDING DEBT General Obligation and Revenue Bonds (Including Redevelopment) (Amount expressed in Millions) Governmental Activities Business-type Activities Total General obligation $37.46 $ $37.46 $37.28 bonds Revenue Bonds Total $ $ $54.36 $53.08 $ $ The City of San Mateo s total bonded debt increased by $21M (12%) during the current fiscal year. The increase was due to the issuance of $25M redevelopment bonds for public safety facilities, parks, and public work projects. The City maintained its AA rating from Standard & Poor s Corporation and Aa2 rating from Moody's for general obligation debt. The Moody s rating for the Redevelopment Agency is Baa (uninsured). State statutes limit the amount of general obligation debt a governmental entity may issue up to 15 percent of its total assessed valuation. The current debt limitation for the City is $1.7 billion and at June 30, 2005 the City was only at 2.6% of its legal debt limit. Additional information on the City of San Mateo long-term debt can be found in note 8 on page 60 of this report. 10
29 VII. Economic Factors and Next Year's Budget The economy at both the National and State level continue to grow. The local economy, however, continues to suffer from impacts of slump in the high tech industry and Silicon Valley that started in We are also challenged by the high retirement cost, which is partly caused by the lower performance of the investments of the Public Employees Retirement System (PERS). The City has a diverse economic base that includes residential, retail, and commercial assets. Due to the slow local business climate, the revenue from sales tax is not expected to increase significantly. However, the boom in the residential real estate market is expected to contribute to the continued growth in property tax revenues and maintain the healthy level of revenue from property transfer tax. We have adopted a balanced budget for the fiscal year, taking all the known factors into account. VIII. Requests for Information This financial report is designed to provide a general overview of the City of San Mateo s finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Director, 330 West 20 th Avenue, San Mateo, California,
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