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CityofColton2019CAFR2.pdf
Colton City of
COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2019
City of Colton, California
650 N. La Cadena Drive, Colton, California 92324
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CITY OF COLTON, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
WITH REPORT ON AUDIT BY INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
FOR THE YEAR ENDED JUNE 30, 2019
Prepared By:
Finance Department Finance Administration Division
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CITY OF COLTON, CALIFORNIA Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Table of Contents
Page Number INTRODUCTORY SECTION: Letter of Transmittal i Municipal Officials v Organization Chart vi Government Finance Officers Association Certificate vii FINANCIAL SECTION:
Independent Auditors’ Report 1 Managements’ Discussion and Analysis (Required Supplementary Information) 5 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 17 Statement of Activities 18 Fund Financial Statements: Governmental Funds: Balance Sheet 20 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 21 Statement of Revenues, Expenditures and Changes in Fund Balances 22 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 23 Budgetary Comparison Statement by Department - General Fund 25 Proprietary Funds: Statement of Net Position 26 Statement of Revenues, Expenses and Changes in Net Position 30 Statement of Cash Flows 32 Fiduciary Funds: Statement of Net Position 36 Statement of Changes in Net Position 37 Notes to Financial Statements 39
CITY OF COLTON, CALIFORNIA Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Table of Contents
Page Number Required Supplementary Information: 87 CalPERS Pension Plans: Safety Plans: Schedule of Proportionate Share of the Net Pension Liability 88 Schedule of Contributions 89 Miscellaneous Plan: Schedule of Changes in the Net Pension Liability and Related Ratios 90 Schedule of Contributions 91 Other Post-Employment Benefits Plan: Schedule of Changes in the Total OPEB Liability and Related Ratios 92 Supplementary Information:
Combining and Individual Fund Statements and Schedules: Other Governmental Funds: 93 Combining Balance Sheet 96 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 102 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: Gas Tax Special Revenue Fund 108 Community Child Care Special Revenue Fund 109 Library Grant Special Revenue Fund 110 Community Development Block Grant Special Revenue Fund 111 State Traffic Relief Special Revenue Fund 112 Asset Seizure Special Revenue Fund 113 Air Quality Special Revenue Fund 114 Drug/Gang Intervention Special Revenue Fund 115 Host City Fees Special Revenue Fund 116 Storm Water Special Revenue Fund 117 Local Transportation Special Revenue Fund 118 New Facilities Special Revenue Fund 119 Civic Center Development Fee Special Revenue Fund 120 Fire Facility Development Fee Special Revenue Fund 121 Police Facility Development Fee Special Revenue Fund 122 ViTep Special Revenue Fund 123 Miscellaneous Grants Special Revenue Fund 124 Housing Authority Special Revenue Fund 125
CITY OF COLTON, CALIFORNIA Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Table of Contents
Page Number Supplementary Information (Continued):
Other Governmental Funds (Continued): Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Continued): Public Financing Authority Debt Service Fund 126 Taxable Pension Funding Bonds Debt Service Fund 127 Capital Improvements Capital Projects Fund 128 Development Fees Capital Projects Fund 129 Colton Crossing Capital Projects Fund 130 Internal Service Funds: 131 Combining Statement of Net Position 132 Combining Statement of Revenues, Expenses and Changes in Net Position 133 Combining Statement of Cash Flows 134
Agency Funds: 135 Combining Statement of Assets and Liabilities 136 Combining Statement of Changes in Assets and Liabilities 137 Private-Purpose Trust Funds: 139 Combining Statement of Net Position 140 Combining Statement of Changes in Net Position 141
STATISTICAL SECTION: Description of Statistical Section Contents 143 Financial Trends: Net Position by Component - Last Ten Fiscal Years 145 Changes in Net Position - Last Ten Fiscal Years 146 Fund Balances of Governmental Funds - Last Ten Fiscal Years 148 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 150
CITY OF COLTON, CALIFORNIA Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Table of Contents
Page Number STATISTICAL SECTION (CONTINUED): Revenue Capacity: Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 152 Property Tax Rates - All Overlapping Governments - Last Ten Fiscal Years 153 Principal Property Tax Payers - Current and Nine Years Ago 154 Property Tax Levies and Collections - Last Ten Fiscal Years 155 Taxable Sales by Category - Last Ten Calendar Years 156 Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 157 Top 25 Principal Sales Tax Remitters - Identified by Category 158 Debt Capacity: Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 159 Direct and Overlapping Governmental Activities Debt - As of June 30, 2017 160 Legal Debt Margin Information - Last Ten Fiscal Years 161 Pledged-Revenue Coverage - Last Ten Fiscal Years 162 Demographic and Economic Information: Demographic and Economic Statistics - Last Ten Calendar Years 163 Top 20 Principal Employers - Current Year and Nine Years Ago 164 Operating Information: Full-Time City Government Employees by Function/Program - Last Ten Fiscal Years 165 Operating Indicators by Function/Program - Last Ten Fiscal Years 166 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 167
INTRODUCTORY SECTION
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Colton City of
City Council
Dr. Luis S. González
Frank J. Navarro Mayor
District 2
Kenneth Koperski Council Member
District 3
District 4 District 5
Isaac T. Suchil
Council Member District 6
David J. Toro
Council Member District 1
Ernest R. Cisneros Mayor Pro Tem
Council Member
Jack R. Woods Council Member
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FINANCIAL SECTION
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2875 Michelle Drive, Suite 300 | Irvine, California 92606 | WNDECPA.com | 714.978.1300
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INDEPENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the City Council of the City of Colton Colton, California Report on the Financial Statements 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 Colton, California (the City), as of and for the year ended June 30, 2019, 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 basic 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
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Opinions In our opinion, the 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, 2019, and the respective changes in financial position and, where applicable, cash flows thereof and the budgetary comparison information for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the CalPERS pension plans - schedule of proportionate share of the net pension liability and the schedule of contributions - safety plans, the schedule of changes in the net pension liability and related ratios and the schedule of contributions - miscellaneous plan and the other post-employment benefit plan - schedule of changes in the OPEB liability and related ratios, identified as Required Supplementary Information (RSI) in the accompanying table of contents, 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 RSI 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 RSI because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 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, the combining and individual fund statements and schedules (supplementary information) and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary information, as listed in the table of contents, is the responsibility of management and was derived from and relates 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 supplementary information is fairly stated in all material respects in relation to the basic financial statements as a whole.
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Other Information (Continued) 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, 2019, 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, 2019
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Management’s Discussion and Analysis
As management of the City of Colton, California (“City”) we offer readers of the City’s financial statements this narrative
overview and analysis of the financial activities of the City of Colton for the fiscal year ended June 30, 2019. To obtain a
complete picture of the City’s financial condition, this document should be read in conjunction with the accompanying letter
of transmittal and financial statements.
Financial Highlights
All changes in financial conditions in the following discussion are expressed relative to fiscal year 2017-18. Please note that
each of these changes will be discussed in detail in the appropriate sections of this analysis.
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources
at the close of the fiscal year by $120,880,240 (net position). The two components of this total are: ($6,867,489) in
governmental activities and $127,747,729 in business-type activities.
Overall, the City’s total net position increased by $21,604,303, or 21.7%.
As of the close of the current fiscal year, unassigned fund balance for the general fund was $6,290,763 and balances
committed for the City’s pension and OPEB liabilities total $10,150,871 and $4,558,102 respectively.
Long-term liabilities related to Governmental Activities decreased by $1,109,975 or 2.65%, while long-term
liabilities related to Business-type activities decreased $4,974,049, or 7.51%, over the prior year.
As of the close of the fiscal year, the City’s governmental activities reported combined ending net position of
($6,867,489), an increase of $11,955,819 over the prior year.
As of June 30, 2019, total long-term liabilities of the governmental activities and business-type activities include net
pension liabilities of $78,046,285 and $18,883,836 respectively, which represents increases of $1,382,613, or 1.8%,
and $458,846, or 2.5%, respectively. As of June 30, 2019, total long-term liabilities of the governmental activities
and business-type activities include net OPEB liabilities of $25,039,289 and $5,891,597 respectively, which
represents increases of $400,770, or 1.6%, and $93,403, or 1.6%, respectively.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic
financial statements contain three components: government-wide financial statements; fund financial statements; and notes
to the 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. These statements include all assets,
deferred outflows of resources, liabilities, and deferred inflows of resources of the City using the accrual basis of accounting,
which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses
are taken into account regardless of when cash is received or paid.
The statement of net position presents information on all City assets deferred outflows of resources, liabilities, and deferred
inflows of resources, with the difference 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.
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The statement of activities presents information showing how the government’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, some of the revenues and expenses reported in this statement will have no effect on
cash until some future fiscal period.
Both government-wide financial statements distinguish functions of the City that are principally supported by taxes and
intergovernmental revenues (governmental activities) from functions that are intended to recover some or all of their costs
through user fees and charges (business-type activities).
Governmental activities. Most of the City’s basic services are reported in this category, including general administration
(city manager, city clerk, finance, etc.), police and fire protection, public works and community development. Property taxes,
sales tax, transient occupancy tax, user fees, interest income, franchise fees, state and federal grants, contributions from other
agencies, and other revenues finance these activities.
Business-type activities. The City charges a fee to customers to cover all or most of the cost of certain services it provides.
The City’s Electric, Water and Wastewater utilities are reported in this category.
The government-wide financial statements are available on pages 17-19 of this report.
Fund Financial Statements. The fund financial statements provide detailed information about the individual funds, not the
City as a whole. A fund is a fiscal and accounting entity with a self-balancing set of accounts that is used to keep track of
specific sources of funding and spending for a particular purpose. Certain funds are required by state law and bond covenants.
However, additional funds have been established to assist with controlling and managing money for particular purposes or to
show that legal responsibilities for using certain taxes, grants, and other resources are being met. All of the funds of the City
can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds. Most of the City’s basic services are reported in governmental funds, which focus on how money
flows in and out of those funds and year-end balances that are available for spending. These funds are reported using an
accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily
be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government
operations and the basic services it provides. Governmental fund information helps determine whether there are more or
fewer financial resources that can be spent in the near future to finance the City’s programs. The differences between the
results in the governmental fund financial statements to those in the government-wide financial statements are explained in a
reconciliation following each governmental fund financial statement.
In addition to the major funds reported separately on the governmental fund balance sheet and in the governmental fund
statement of revenues, expenditures, and changes in fund balances, the City also maintains 18 special revenue funds, 3 capital project funds, and 2 debt service funds. Data from these funds are combined into a single, aggregated presentation referred to as other governmental funds. Individual fund data for each of these non-major governmental funds is provided in the form
of combining statements after the notes section of the report.
The City adopts an annual appropriated budget for all of its governmental and proprietary funds. Budgetary comparison
statements have been provided for the General Fund to demonstrate compliance with this budget. This comparison is available
on page 25 of this report.
The basic governmental fund financial statements are available on pages 20-23 of this report.
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Proprietary funds. When the City charges customers for the services it provides, these services are generally reported in
proprietary funds. The City maintains two different types of proprietary funds: enterprise funds and internal service 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 Electric, Water and Wastewater activities. Internal service funds
are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses
an internal service fund to account for its insurance programs, information services department and facilities/equipment
maintenance activities. Because these services predominantly benefit governmental rather than business-type functions, these
funds have been included within governmental activities in the government-wide financial statement.
Proprietary funds provide the same type of information as the government-wide financial statements with more detail. The
proprietary fund financial statements provide separate information for the Electric, Water and Wastewater operations, all of
which are considered major funds of the City. The City’s internal service funds combined are shown separately under the
heading Governmental Activities – Internal Service Funds.
The basic proprietary fund financial statements are available on pages 26-35 of this report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of these funds are not
available to support the City’s programs. The accounting used for fiduciary funds is much like that used for proprietary funds.
The City’s fiduciary activities are reported in a separate Statement of Fiduciary Net Position. Individual fund data for each
of these fiduciary funds is provided in the form of combining statements after the notes section of the report. The City currently
has two agency funds and two private-purpose trust funds. The Successor Agency of the former Redevelopment Agency
(RDA) is accounted for as a private-purpose trust fund.
The basic fiduciary fund financial statements are available on pages 36-37 of this report.
Notes to the 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 financial statements are available on
pages 39-87 of this report.
Required Supplementary Information. Required actuarial valuation schedules and underlying assumptions for Safety and
Miscellaneous CalPERS Pension Plans and the schedule of progress for the Other Post-Employment Benefits (OPEB) Plan
are contained in this section. Required Supplementary Information is available on pages 89-94 of this report.
Other information. In addition, the combining statements referred to earlier in connection with non-major governmental
funds, internal service funds and fiduciary funds are presented immediately following the notes to the financial statements.
Combining and individual fund statements and schedules are available on pages 95-143 of this report.
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GOVERNMENT-WIDE FINANCIAL ANALYSIS
As referenced earlier, net position may serve over time as a useful indicator of a government’s financial position. At the end
of the current year, total City assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources
by $120,880,240, an increase of $21,604,303 over the prior year. Of this net increase, governmental activities net position
increased by $11,955,891 and business-type activities increased by $9,648,484. The underlying reasons for major changes in
each of these components will be discussed in the following sections.
Governmental Activities In the case of the City, governmental activities increased the City of Colton’s net position by $11,955,819 a 63.5% increase
over the prior year. By far, the largest portion of the City’s net position is its investment in capital assets. Total assets and
deferred outflows of resources for governmental activities increased $11,842,551, or 8.9%.
Total assets government-wide increased by $21,943,009 as a result of increases in revenues that were complemented by a
decrease in expenses. Total revenues increased by $2,331,673, which is attributed to increases in the property taxes, sales
taxes, franchises, transient occupancy taxes, investment income, and capital gains and contributions. Declines were realized
in the operating grants and contributions category for general government and transfers. Overall, the increase in revenues is
a positive indicator showing stabilizing growth in the City. The City’s governmental expenses were $2,268,760 lower in
comparison to the prior year. Year-over-year reductions in General Government, Public Works, and Interest on long-term
debt expenditure categories offset increases in expenditures related to Public Safety and Community Services.
2019 2018 2019 2018 2019 2018
Current and Other Assets 58,008,713$ 44,190,218$ 102,264,369$ 98,515,685$ 160,273,082$ 142,705,903$ Capital Assets 70,112,845 67,464,024 114,234,032 112,507,023 184,346,877$ 179,971,047$
Total Assets 128,121,558 111,654,242 216,498,401 211,022,708 344,619,959 322,676,950
Deferred Outflow of Resources 16,161,667 20,786,432 3,298,499 4,854,850 19,460,166$ 25,641,282$
Long-term Debt Outstanding 143,734,317 143,060,909 86,017,175 90,438,975 229,751,492 233,499,884 Other Liabilities 3,147,370 3,427,634 5,516,550 7,025,357 8,663,920 10,452,991
Total Liabilities 146,881,687 146,488,543 91,533,725 97,464,332 238,415,412 243,952,875
Deferred Inflow of Resources 4,269,027 4,775,439 515,446 313,981 4,784,473 5,089,420
Net Position: Net Investment in Capital
Assets 60,205,081 57,614,290 67,651,026 67,086,623 127,856,107 124,700,913 Restricted 25,567,031 18,434,877 3,982,965 3,932,103 29,549,996 22,366,980 Unrestricted (92,639,601) (94,872,475) 56,113,738 47,080,519 (36,525,863) (47,791,956)
Total Net Position (6,867,489)$ (18,823,308)$ 127,747,729$ 118,099,245$ 120,880,240$ 99,275,937$
Governmental Activities Business-Type Activities Government-Wide Totals
City of Colton's Net Position As of June 30
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The City’s Change in Net Position for Governmental as well as Business-Type activities is illustrated in the following table:
2019 2018 2019 2018 2019 2018
Revenues Program Revenues:
Charges for Services 9,909,845$ 8,344,863$ 88,345,608$ 87,834,924$ 98,255,453$ 96,179,787$ Operating Contributions and Grants 3,121,417 3,308,845 3,121,417 3,308,845 Capital Contributions and Grants 7,642,045 3,974,921 7,642,045 3,974,921
General Revenues: Property Taxes 10,693,887 9,718,702 10,693,887 9,718,702 Sales Taxes 11,263,771 9,360,121 11,263,771 9,360,121 Other Taxes 2,969,762 2,867,325 2,969,762 2,867,325 Use of Money and Property 3,121,914 1,930,035 2,261,794 740,256 5,383,708 2,670,291 Other 341,440 491,218 2,500 76,418 343,940 567,636
Total Revenues 49,064,081 39,996,030 90,609,902 88,651,598 139,673,983 128,647,628
Expenses General Government 2,575,487 3,323,729 2,575,487 3,323,729 Public Safety 31,119,615 28,429,019 31,119,615 28,429,019 Community Services 7,188,321 6,327,804 7,188,321 6,327,804 Public Works 6,011,976 6,171,521 6,011,976 6,171,521 Interest on long-term debt 1,773,988 2,148,554 1,773,988 2,148,554 Electric 51,029,071 48,785,845 51,029,071 48,785,845 Water 9,005,710 8,728,560 9,005,710 8,728,560 Wastewater 9,365,512 9,410,998 9,365,512 9,410,998
Total Expenses 48,669,387 46,400,627 69,400,293 66,925,403 118,069,680 113,326,030
Increase/(Decrease) in Net Position Before Transfers 394,694 (6,404,597) 21,209,609 21,726,195 21,604,303 15,321,598
Transfers 11,561,125 13,252,825 (11,561,125) (13,252,825) - -
Increase/(Decrease) in Net Position 11,955,819$ 6,848,228$ 9,648,484$ 8,473,370$ 21,604,303$ 15,321,598$
Net Position - Beginning of Year, (18,823,308)$ (25,671,536)$ 118,099,245$ 109,625,875$ 99,275,937$ 83,954,339$ as restated
Net Position - End of Year (6,867,489)$ (18,823,308)$ 127,747,729$ 118,099,245$ 120,880,240$ 99,275,937$
Governmental Activities Business-Type Activities Government-Wide Totals
City of Colton's Changes in Net Position Fiscal Year Ended June 30
The following presents the cost of each of the City’s five largest programs—general government, community services, public
works, public safety and interest on long-term debt – as well as each program’s net cost (total cost less revenues generated
by the activities). The net cost shows the financial burden that was placed on the City’s taxpayers by each of these functions.
Function/Program Total Cost of Service Net Cost of Service General Government 2,575,487$ (1,380,347)$ Public Safety 31,119,615 (28,077,399) Community Services 7,188,321 (3,046,670) Public Works 6,011,976 6,282,324 Interest on Long-Term Debt 1,773,988 (1,773,988)
Total Governmental Activities 48,669,387$ (27,996,080)$
Cost of Governmental Programs
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Business-Type Activities
The following presents the cost of each of the City’s three utilities – Electric, Water and Wastewater – as well as each utility’s
net cost (total cost less revenues generated by the activities). The net cost shows the amount not funded through user charges
for these services.
Business-type activities increased the City’s net position by $9,648,484, which represents an 8.2% increase. The major
components are as follows:
Electric Utility
The Electric Utility operations net cost of service decreased $2,171,688 over the prior year. Operating revenues were
relatively flat, with a marginal increase of $71,538 over the prior year; a 0.1% change. Operating expenses increased by
$1,953,093, which represents a 4.1% increase. Water Utility
In previous years, the Water Fund has struggled due to ongoing costs related to the regional battle to remove perchlorate from
underground water sources. Additionally, water conservation measures enacted in response to state legislation caused a
decline in operating revenues. Effective July 1, 2016, water rate increases approved in Ordinance O-08-16 took effect to
address the effects water conservation efforts and the maintenance and operations needs of the utility. Water Utility sales and
charges for current services increased $550,661, representing a 4.3% increase. During the fiscal year, Water Utility operating
expenses also increased $296,753, or 3.7%.
Wastewater Utility
Operating revenues decreased by $111,515 or 1.1% over the prior period. Operating expenses decreased by $155,310, or
1.7%.
Type of Business Total Cost of Service Net Cost of Service Electric Utility 51,029,071$ 14,209,421$ Water Utility 9,005,710 4,267,937 Wastewater Utility 9,365,512 467,957
Total Business-Type Activity 69,400,293$ 18,945,315$
Business-Type Activities
11
FINANCIAL ANALYSIS OF THE GOVERNMENT’S 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 is useful in assessing the City’s financing requirements. In particular,
unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of
the fiscal year.
As of the end of the current fiscal year, the City’s governmental funds reported combined ending fund balances of
$45,275,840, an increase of $11,637,180 over the prior year, as restated. Of this balance, $168,716, or 0.4% is classified as
non-spendable for inventory and prepaid costs; $24,787,814 or 54.7% is considered legally restricted fund balance to fund
such areas as capital projects, public safety, debt service, and other services; an additional $14,708,973, or 32.5%, represents
balances committed by the City Council for pension and OPEB liabilities; and the remaining 12.4%, or $5,610,337, is
considered unassigned fund balance.
The City’s General Fund is the only major fund on the balance sheet for governmental funds. All remaining governmental
funds are combined into Other Governmental Funds.
The General Fund is the major operating fund of the City. At the end of the current fiscal year, the General Fund’s unassigned
fund balance was $6,290,763, or 29.7% of its total fund balance of $21,168,452. Unassigned fund balance serves as a useful
measure of a government's net resources available for spending at the end of the fiscal year. Subsequent to June 30, 2017,
City Council adopted Resolution R-91-17, a General Fund Balance Policy which seeks to fund unfunded liabilities and other
deferred maintenance needs of the City. As of June 30, 2019, committed balances for pension and OPEB liabilities are
$10,150,871 and $4,558,102 respectively. The total General Fund ending fund balance was $5,820,862 more than the
previous year’s fund balance. The General Fund’s top three revenue categories for the year, namely property tax, sales tax,
and other taxes, saw a combined increase of $2,600,177, or 11.6%, over the prior year. This is attributed to an increases in
property and sales tax revenues, which is indicative of growth and a rebounding economy.
Revenue Category Amount Percent of Total Property Tax 10,693,887$ 31.7% Sales Tax 11,263,771 33.4% Other Taxes 2,969,762 8.8% Licenses and Permits 2,456,053 7.3% Intergovernmental 1,088,904 3.2% Charges for Services 2,565,329 7.6% Use of Money and Property 2,090,979 6.2% Fines and Forfeitures 359,956 1.1% Contributions 75,000 0.2% Miscellaneous 120,540 0.4%
Total General Fund Revenue 33,684,181$ 100%
Revenue by Source - General Fund
12
(5,000,000)
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
Electric Water Waste Water
Proprietary Funds Unrestricted Net Position
As of June 30
2019
2017
2016
2015
2014
2013
Proprietary Funds. The City’s proprietary funds provide the same type of information found in the government-wide
financial statements but in greater detail by fund.
GENERAL FUND BUDGETARY HIGHLGIHTS
During the year, with the recommendation from the City’s staff, the City Council revised the City budget numerous times in
order to adjust for changes in cost and revenue estimates. All amendments that result in a net change in estimated revenue or
appropriations in any given fund are approved by City Council. The General Fund grouping schedule, for financial statement
presentation purposes, include Refuse Fund accounts.
Budget to Actual
The General Fund original budget projected revenues and appropriations at $40,642,135 and $39,239,808, respectively.
With respect to revenue, projections increased by $671,706 throughout the course of the year, mainly during the mid-year
budget review process. Actual revenues received for the fiscal year exceeded projections by $4,092,170 for a total of
$45,406,011 in General Fund revenues. The positive budget variances pertain mostly to an increase in sales tax, property tax,
other taxes, charges for current services, use of money and property, and licenses and permits, which were supplemented with
positive variances most other revenue categories and offset by a negative variance in the miscellaneous revenue and transfers
in.
On the expenditure side, the amended appropriations increased the budget by $1,739,799. Although there were a number of
changes to the original budget, the largest increases were due to the roll of open purchase orders and approved carryover
requests from the prior year as well as other operational adjustments made at mid-year. Actual total expenditures came at
$39,585,149, or $1,394,458 under-budget, primarily due to positive variances in General Government and Public Works.
CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets
The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2019, was
$184,706,877 (net of accumulated depreciation), which represents an increase of $4,375,830, or 2.4%, over the prior year.
This investment in capital assets includes land, building and system improvements, machinery and equipment, park facilities,
roads, highways, streets and bridges.
13
Governmental Activity
During the year, the Public Works department added the following land and projects to capital assets:
Asphalt overlay, curb/gutter, traffic signal loops, and striping at the following locations: Mohave Drive – Washington to Cahuilla Street
Congress Street – 8th to Pine Street
Valley Boulevard – La Cadena to BNSF
Reche Canyon Road – Washington to north of City Limit
San Bernardino Avenue – Iron Horse to Eucalyptus
C Street – Meridian to west of Hermosa Street
Mill Street – Rancho Avenue to Michigan Avenue
Olive Street – 6th Street to La Cadena Drive
San Bernardino Avenue – Eucalyptus to Indigo Avenue
Glenwood Avenue – Matich Drive to Wild Canyon
Mt. Vernon Avenue – Valley Boulevard to F Street
Fairway Drive – Auto Plaza to Crossroad
Topanga Way – Reche Canyon to Canyon Drive
Meridian Avenue – Valley Boulevard to 300 feet north.
M Street – Fogg St. to La Cadena Dr.
La Cadena Drive – Bordwell Ave. to south of Rancho Ave.
Other street and sidewalk improvement projects:
Bryan Mawr Ct. Sidewalk Improvement Project
Iowa Ave. Sidewalk Improvement Project
La Cadena Dr./8th Street Intersection Improvement
CDBG Project No. CDBG - Colt-17-3-03k/2989 – East H and East G Sidewalk Improvement
CDBG Project No. CDBG - Colt-17-4-03k/2990 – East E Sidewalk Improvement
CDBG Project No. CDBG - Colt-17-5-03k/2990 – Laurel Ave. Sidewalk Improvement
CDBG) Project No. COLT-17-03K-2987 – L Street Alley Paving Project
CDBG Project No. COLT-16-2-03K-7529 – Ivy Ave., C St., Vista Way, Illinois Ave. and Holly Ave.
Engineering Completed the design and specifications of the following projects
CDBG Colt-18-1-03K/0142 - Alley Paving from Olive. St. to Laurel Street between Holly Ave. and
Fairview Ave.
CDBG Colt-18-1-03K/0141 - 5th Street Curb/Gutter and Alley Paving from 4th to 5th Street between L St.
and M St.
CDBG Colt-18-1-03K/0143 - Alley Paving from 7th to La Cadena Dr. between Olive and Hanna St. and
Installation of Concrete Curb/Gutter at Fairview Ave. north of Hillcrest..
FY 18/19 Citywide Asphalt Paving Project (Measure I and SB-1 funded)
1) San Bernardino Ave. – Indigo Ave. to Sycamore (North side only)
2) La Cadena Drive – Barton Road. to Iowa
3) Mt. Vernon Ave – F St. to Colton Ave.
4) Santo Antonio Drive – Mt. Vernon Ave. to East End
5) Washington Street – Hunts Lane to Waterman Ave
6) Rancho Ave – Johnston Street to Mill Street
7) Valley Blvd – City Limit to Wildrose Avenue
8) Reche Canyon Road – 0.20 miles South of Washington St. to City limit.
Mt. Vernon Ave. – Washington Street Traffic Signal Interconnect Project.
14
Development – Completed plan check for grading, hydrology, off/on site improvement for the following projects: Starbucks and Habit at the southeast corner of Pepper and Valley Blvd.
Restaurant Pads at the northwest corner of Pepper and Valley Blvd.(ARCO Station)
California University School of Medicine at the southeast corner of Meridian Ave. and San Bernardino
Ave.
CVS Pharmacy Project at the northeast corner of Pepper Ave. and San Bernardino Ave.
Tract 20138 and Tract 20139 along Wildrose Ave. and Woodpine Ave.
Business-Type Activity
Electric Department
Replaced approximately 21,296 feet of 15 kV underground cable as part of the ongoing cable replacement program. The Utility has continued replacing the AMR read-only meters with two-way communication bridge meters (AMI). Replaced approximately 25 utility poles and 4,519 feet of overhead conductor on the electric system as part of the
ongoing capital maintenance project.
Replaced 900 low pressure sodium streetlights with high efficiency LED street lights. Issued a Request For Proposals to replace the data acquisition system software are the Agua Mansa Power Plant. Continued the design phase for two new 12 kV and one 66 kV transmission lines. Completed the upgrade to the substation SCADA System. Completed installation of the Transmission Protection System at the Century Substation. Completed installation of West Station Fiber Optic Upgrade. Began installation of 11 Ice Bear thermal energy storage units for the replacement of 11 HVAC units at 5 City
facilities with proceeds from the California Cap & Trade Program
Energy Efficiency Public Benefits Program saved an estimated 2,001,090 kWh
Water Department
SCADA System Update Installed K-rails at Wild Canyon Reservoir Upgraded the electrical panel at Prado Station Rebuilt Dome Reservoir booster 1 Repaired 1 main line break. Replaced 8 hit fire hydrants. Rebuilt CLA-VAL at Valley pressure reducing station Rebuilt CLA-VAL at Laurel pressure reducing station Rebuilt CLA-VAL at Well 19 Purchased 4 new Ford F150 Trucks for the Water Division.
Wastewater Department
Completed Centrifuge Project for bio-solid processing Repaired Plant 2 Rebuilt 2 influent wet well pumps. Rebuilt Waukeshaw Engine #3 Rehabilitated and repurposed lagoon for bio-solids contaminant Cleaned 90 miles sewer mainline (Colton – 50, Grand Terrace – 40) Closed Circuit TV 31 miles (Colton – 28, Grand Terrace – 3) Repaired 4 sewer main lines, 28 sewer lateral, and raised to grade 13 man hole covers.
Additional information on the City’s capital assets is available in Note 5 on pages 57-58 of this report.
15
2019 2018 2019 2018 2019 2018
Land $12,706,911 $12,706,911 $6,269,991 $9,008,062 $18,976,902 $21,714,973 Const ruct ion in progress 13,447,123 11,301,077 1,949,471 3,981,948 15,396,594 15,283,025 St ruct ure and Improvement s 12,691,674 12,989,000 18,869,628 20,897,959 31,561,302 33,886,959 Furnit ure and Equipment 2,362,354 1,911,044 15,270,919 15,157,493 17,633,273 17,068,537 Capacit y Right s - - 3,583,642 3,716,369 3,583,642 3,716,369 Infrast ruct ure 28,904,783 28,555,992 68,290,381 59,745,192 97,195,164 88,301,184
Total 70,112,845$ 67,464,024$ 114,234,032$ 112,507,023$ 184,346,877$ 179,971,047$
C i ty of C ol ton 's C api tal Asse ts at Ju n e 30 (n e t of de pre ci ati on )
Bu si n e ss-Type Acti vi ti e s Total
Gove rn m e n tal Acti vi ti e s
Long-Term Debt
Governmental Activities
During the year, the City entered into a capital lease agreement for a Type I KME Fire Engine. The City’s future commitment
for this capital lease at June 30, 2019, is $637,877. Overall, long-term debt for governmental activities was $40,648,743, a
decrease of $1,109,975 as compared to the prior year. The primary components of the debt are the Taxable Pension Funding
Bonds, Series 2007 with a balance of $22,571,063 and the Public Finance Authority Lease Revenue Bonds, 2007 Series B,
which has a balance of $9,255,000.
Proprietary Funds
The major components of long-term debt for business-type activities are bonds to finance infrastructure needs of the City’s
utilities. Overall, long-term debt for proprietary funds decreased by $4,974,049, or 7.5%, over the prior year. Detailed
information related to long-term liabilities may be found in Note 7 to the financial statements.
The City maintains an “A” issuer credit rating (ICR) with a stable outlook with Standard & Poor’s. The underlying rating on
the City’s pension funding bonds is an “A” and the underlying rating on the City’s lease revenue bonds issued by the Public
Financing Authority is an “A-.” The Colton Public Financing Authority for the Electric Utility issuances maintains an “A3”
rating with Moody’s.
Additional information on the City’s long-term debt is available in Note 7 on pages 60-68 of this report.
16
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
According to Kiplinger’s Economic Outlook, low jobless rates and rising incomes across the United States are indicative factors for the best growth since before the Great Recession. However, due to the trade war with China, a slowdown in job growth has been most pronounced in Southern California, especially the Inland Empire, which is home to a lot of warehousing and logistics.1 But in Colton, construction continues to be robust, with mixed use retail, industrial and residential developments. Within Colton’s industrial areas, current construction is impressive, with over 3,978,000 square feet of completed, under construction, or proposed industrial development, such as Walmart’s new Consolidation Center and Hillwood’s new building for Avalon Apparel, all of which has or will create approximately 1,300 to 1,500 net new job opportunities. A new medical non-profit school known as California University of Science and Medicine is under construction with their first 100,000 square foot classroom facility. Woodsprings Suites hotel, the Habit Burger Grill, Firehouse Subs, Popeye’s Chicken, a 5th Starbucks Coffee Shop, Waba Grill, The Buffalo Spot, Black Bear Diner and Jack in the Box are all nearing completion of development along with over 175 new residential units within the Hub City Centre area. Already completed are Pepper Express Chevron, Mor Furniture, CVS Pharmacy, Richardson’s first 104,000 square foot indoor RV Center, Mattress Firm, and United Packaging Group expansion. Colton’s Hub City Centre “Vision” concept is being planned for new townhomes, condos, luxury apartments, assisted living mixed in with outdoor dining, walking trails, new independent retailers, restaurants, medical offices, fitness gyms and much more. Colton’s growth has not slowed, and its economic forecast shows signs of continued growth in all areas of residential, retail and industrial development creating numerous jobs.
The City’s original adopted General Fund Budget revenues and appropriations for fiscal year 2019-20 were $41,037,639 and $40,612,1849, respectively. The fiscal year 2019-20 adopted General Fund budget is representative of a small budget surplus while meeting its minimum reserve requirement as estimated for June 30, 2019. The passage of Measure V in November 2018 provided the City the much-needed stabilization to continue to provide services at the current level and for future General Fund services amidst the acutely rising pension costs and OPEB costs.
The City is committed to strong fiscal and strategic management and economic growth and development to ensure a stable financial future. We are dedicated to lead our community by demonstrating the fiscal health and sustainability of our beloved City. A copy of the City’s 2019-20 budget is accessible in electronic format on the Finance Department’s page of the City’s website (www.coltonca.gov) or by contacting the Finance Department (see below).
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City of Colton’s finances and to show the City’s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City’s Finance Department at the City of Colton, 650 North La Cadena Drive, Colton, CA 92324.
1 Kiplinger’s Economic Outlook for All 50 States, 2020 dated October 16, 2019
2019 2018 2019 2018 2019 2018
Revenue bonds 9,255,000$ 9,730,000$ $56,428,379 $60,490,483 65,683,379$ 70,220,483$ Capit al lease obligat ions 637,877 110,825 637,877 110,825 T axable P ension Bonds 22,571,063 23,819,225 22,571,063 23,819,225 Not es P ayable - - 4,176,058 4,986,455 4,176,058 4,986,455 Compensat ed absences 1,932,898 2,017,464 637,305 738,853 2,570,203 2,756,317 Ot her long-t erm liabilit ies 6,251,905 6,081,204 6,251,905 6,081,204
Total 40,648,743$ 41,758,718$ $61,241,742 $66,215,791 101,890,485$ 107,974,509$
C i ty of C ol ton O u tstan di n g De bt at Ju n e 30
Bu si n e ss-Type Acti vi ti e s Total
Gove rn me n tal Acti vi ti e s
Governmental Business-Type
Activities Activities Total
ASSETS:
Cash and investments 50,802,821$ 68,190,004$ 118,992,825$
Receivables:
Accounts 1,283,227 10,286,871 11,570,098
Taxes 2,481,748 - 2,481,748
Notes and loans - 853,338 853,338
Accrued interest 165,136 389,780 554,916
Internal balances (525,110) 525,110 -
Prepaid items 1,726 562,395 564,121
Prepaid bond insurance - 26,000 26,000
Deposits - 2,291,117 2,291,117
Due from other governments 919,548 37,763 957,311
Due from successor agency 110,823 - 110,823
Inventories 167,140 1,313,397 1,480,537
Land held for resale 84,131 - 84,131
Restricted assets:
Cash and investments 115,029 - 115,029
Cash with fiscal agent 2,400,739 17,428,594 19,829,333
Capital assets not being depreciated 26,154,034 8,579,462 34,733,496
Capital assets, net of accumulated depreciation 43,958,811 106,014,570 149,973,381
TOTAL ASSETS 128,119,803 216,498,401 344,618,204
DEFERRED OUTFLOWS OF RESOURCES:
Deferred amount on refunding 70,547 215,801 286,348
Deferred amount from OPEB 1,285,924 302,571 1,588,495
Deferred amount from pensions 14,805,196 2,780,127 17,585,323
TOTAL DEFERRED OUTFLOWS OF RESOURCES 16,161,667 3,298,499 19,460,166
LIABILITIES:
Accounts payable 2,151,127 3,544,544 5,695,671
Accrued interest 597,386 694,248 1,291,634
Unearned revenues 398,857 - 398,857
Deposits payable - 1,277,758 1,277,758
Noncurrent liabilities:
Due within one year 5,463,209 5,343,206 10,806,415
Due in more than one year 35,185,534 55,898,536 91,084,070
OPEB liability - due in more than one year 25,039,289 5,891,597 30,930,886
Pension liability - due in more than one year 78,046,285 18,883,836 96,930,121
TOTAL LIABILITIES 146,881,687 91,533,725 238,415,412
DEFERRED INFLOWS OF RESOURCES:
Deferred amounts from OPEB 1,300,968 306,110 1,607,078
Deferred amounts from pensions 2,968,059 209,336 3,177,395
TOTAL DEFERRED INFLOWS OF RESOURCES 4,269,027 515,446 4,784,473
NET POSITION (DEFICIT):
Net investment in capital assets 60,205,081 67,651,026 127,856,107
Restricted
Public safety 592,707 - 592,707
Capital projects 20,890,069 - 20,890,069
Debt service 2,548,244 3,982,965 6,531,209
Education 50,083 - 50,083
Community services - - -
Affordable housing 959,789 - 959,789
Air quality projects 526,139 - 526,139
Unrestricted (92,641,356) 56,113,738 (36,527,618)
TOTAL NET POSITION (DEFICIT) (6,869,244)$ 127,747,729$ 120,878,485$
CITY OF COLTON
STATEMENT OF NET POSITION
June 30, 2019
See accompanying notes to financial statements. 17
Charges Operating Capital for Grants and Grants and
Expenses Services Contributions Contributions Governmental activities:
General government 2,575,487$ 1,165,679$ 29,461$ -$ Public safety 31,119,615 1,930,282 1,111,934 - Community services 7,188,321 3,054,377 636,165 449,354 Public works 6,011,976 3,759,507 1,342,102 7,192,691 Interest on long-term debt 1,773,988 - - -
Total Governmental Activities 48,669,387 9,909,845 3,119,662 7,642,045
Business-Type Activities: Electric utility 51,029,071 65,238,492 - - Water utility 9,005,710 13,273,647 - - Waste water utility 9,365,512 9,833,469 - -
Total Business-Type Activities 69,400,293 88,345,608 - -
Total Primary Government 118,069,680$ 98,255,453$ 3,119,662$ 7,642,045$
General Revenues: Taxes:
Property taxes, levied for general purposes Transient occupancy taxes Franchise taxes Other taxes
Intergovernmental - State shared sales taxes Motor vehicle in lieu - unrestricted Investment income Other
Transfers
Total General Revenues and Transfers
Change in net position
Net Position - Beginning of Year
Net Position - End of Year
Program Revenues
CITY OF COLTON
STATEMENT OF ACTIVITIES
For the year ended June 30, 2019
Functions/programs
See accompanying notes to financial statements. 18
Governmental Business-Type Activities Activities Total
(1,380,347)$ -$ (1,380,347)$ (28,077,399) - (28,077,399)
(3,048,425) - (3,048,425) 6,282,324 - 6,282,324
(1,773,988) - (1,773,988)
(27,997,835) - (27,997,835)
- 14,209,421 14,209,421 - 4,267,937 4,267,937 - 467,957 467,957
- 18,945,315 18,945,315
(27,997,835) 18,945,315 (9,052,520)
10,693,887 - 10,693,887 1,062,307 - 1,062,307 1,741,402 - 1,741,402
166,053 - 166,053 11,263,771 - 11,263,771
25,788 - 25,788 3,121,914 2,261,794 5,383,708
315,652 2,500 318,152 11,561,125 (11,561,125) -
39,951,899 (9,296,831) 30,655,068
11,954,064 9,648,484 21,602,548
(18,823,308) 118,099,245 99,275,937
(6,869,244)$ 127,747,729$ 120,878,485$
Primary Government Net (Expenses) Revenue and Changes in Net Position
19
Other Total
Governmental Governmental
General Funds Funds
ASSETS:
Cash and investments 18,664,657$ 21,954,276$ 40,618,933$ Receivables:
Accounts 651,744 630,682 1,282,426 Taxes 2,380,119 101,629 2,481,748 Accrued interest 64,819 70,226 135,045
Prepaid items 1,576 - 1,576 Due from other governments 101,932 817,616 919,548 Due from successor agency - 110,823 110,823 Due from other funds 193,201 22,830 216,031 Inventories 167,140 - 167,140 Land held for resale - 84,131 84,131 Restricted assets:
Cash and investments - 62,312 62,312 Cash and investments with fiscal agents - 2,400,739 2,400,739
TOTAL ASSETS 22,225,188$ 26,255,264$ 48,480,452$
LIABILITIES:
Accounts payable 1,056,736$ 752,875$ 1,809,611$ Unearned revenues - 398,857 398,857 Due to other funds - 216,031 216,031
TOTAL LIABILITIES 1,056,736 1,367,763 2,424,499
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues - 781,868 781,868 TOTAL DEFERRED
INFLOWS OF RESOURCES - 781,868 781,868
FUND BALANCES: Nonspendable:
Prepaid items 1,576 - 1,576 Inventories 167,140 - 167,140
Restricted: Public safety - 592,707 592,707 Capital projects - 20,110,852 20,110,852 Debt service - 2,548,244 2,548,244 Education - 50,083 50,083 Affordable housing - 959,789 959,789 Air quality projects - 526,139 526,139
Committed to: Pension obligation 10,150,871 - 10,150,871 OPEB obligation 4,558,102 - 4,558,102
Unassigned 6,290,763 (682,181) 5,608,582
TOTAL FUND BALANCES 21,168,452 24,105,633 45,274,085
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES 22,225,188$ 26,255,264$ 48,480,452$
June 30, 2019
CITY OF COLTON
BALANCE SHEET - GOVERNMENTAL FUNDS
See accompanying notes to financial statements. 20
Fund balances - total governmental funds 45,274,085$
Amounts reported for governmental activities in the Statement of Net Position
are different because:
Capital assets, net of depreciation have not been included as financial
resources in governmental fund activity. 69,728,422
Long-term debt and related items, and compensated absences that have
not been included in the governmental fund activity:
County memorandum of understanding (1,829,298)$
Capital lease obligations (637,877)
Taxable pension funding bonds, Series 2007 (22,571,063)
Lease revenue bonds, 2007 Series B (9,255,000)
Deferred loss on refunding to be amortized 70,547
Bond discount to be amortized 149,511
Bond premium to be amortized (85,434)
Compensated absences (1,873,431)
(36,032,045)
Pension related debt applicable to the City governmental activates are not due and
payable in the current period and accordingly are not reported as fund liabilities.
Deferred outflows of resources and deferred inflows of resources related to pensions
are only reported in the Statement of Net Position as the changes in these amounts
affect only the government-wide statements for governmental activities.
Deferred outflows of resources 14,805,196
Deferred inflows of resources (2,968,059)
Pension liability (78,046,285)
(66,209,148)
OPEB-related debt applicable to the City's governmental activities is not due and
payable in the current period and accordingly is not reported as fund liabilities.
Deferred outflows of resources and deferred inflows of resources related to OPEB
are only reported in the statement of net position, as the changes in these amounts
affect only the government-wide statements for governmental activities.
Deferred outflows of resources 1,285,924
Deferred inflows of resources (1,300,968)
Net OPEB liability (25,039,289)
(25,054,333)
Accrued interest payable for the current portion of interest due
on bonds are not reported in the governmental funds. (597,386)
Revenues reported as unavailable revenue in the governmental funds and
recognized in the Statement of Activities. These are included in the
intergovernmental revenues in the governmental fund activity. 781,868
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual
funds. The assets and liabilities of the internal service funds must be added
to the Statement of Net Position. 5,239,293
Net deficit of governmental activities (6,869,244)$
CITY OF COLTON
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET POSITION
June 30, 2019
See accompanying notes to financial statements. 21
Other Total Governmental Governmental
General Funds Funds REVENUES:
Taxes 10,693,887$ 606,757$ 11,300,644$ Sales taxes 11,263,771 - 11,263,771 Other taxes 2,969,762 - 2,969,762 Licenses and permits 2,456,053 - 2,456,053 Intergovernmental 1,088,904 6,735,799 7,824,703 Charges for services 2,565,329 2,718,677 5,284,006 Use of money and property 2,090,979 629,064 2,720,043 Fines and forfeitures 359,956 308,790 668,746 Contributions 75,000 - 75,000 Miscellaneous 120,540 3,467,403 3,587,943
TOTAL REVENUES 33,684,181 14,466,490 48,150,671
EXPENDITURES: Current:
General government (438,554) 221,056 (217,498) Public safety 27,245,005 808,667 28,053,672 Community services 6,030,869 1,034,282 7,065,151 Public works 2,054,320 4,441,717 6,496,037
Capital outlay 797,849 1,614,387 2,412,236 Debt service:
Principal retirement 110,825 2,040,000 2,150,825 Interest and fiscal charges 3,304 1,491,729 1,495,033
TOTAL EXPENDITURES 35,803,618 11,651,838 47,455,456
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (2,119,437) 2,814,652 695,215
OTHER FINANCING SOURCES (USES): Proceeds from capital lease 637,877 - 637,877 Transfers in 11,083,953 4,071,140 15,155,093 Transfers out (3,781,531) (1,071,229) (4,852,760)
TOTAL OTHER FINANCING SOURCES (USES) 7,940,299 2,999,911 10,940,210
NET CHANGE IN FUND BALANCES 5,820,862 5,814,563 11,635,425
FUND BALANCES - BEGINNING OF YEAR 15,347,590 18,291,070 33,638,660
FUND BALANCES - END OF YEAR 21,168,452$ 24,105,633$ 45,274,085$
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
For the year ended June 30, 2019
CITY OF COLTON
STATEMENT OF REVENUES, EXPENDITURES AND
See accompanying notes to financial statements. 22
Net change in fund balances - total governmental funds 11,635,425$
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over the the estimated useful lives as depreciation expense. This is the amount by which capital outlay exceeded depreciation and disposals in the current period.
Capital outlays 5,290,489$ Depreciation (2,577,810) 2,712,679
Pension expense reported in the governmental funds includes the annual required contributions. In the Statement of Activities, pension expense includes the change in the net pension liability, and related change in pension amounts for deferred outflows of resources and deferred inflows of resources. (5,557,868)
The issuance of long term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance cost, discounts and similar items when the debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities. These amounts are the net effect of these differences in the treatments of long-term debt and related items.
Debt issued or incurred: Accreted interest (316,838) Capital lease obligations (637,877)
Principal repayments: Capital lease obligations 110,825 Taxable pension funding bonds, Series 2007 1,565,000 Lease revenue bonds, 2007 Series B 475,000 Bond defeasance amortization (12,550) Bond premium and discount amortization (1,735) 1,181,825
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. 46,520
Compensated absences expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. 81,047
OPEB expense reported in the governmental funds includes the actual payments contributions. In the statement of activities, OPEB expense includes the change in the net OPEB liability and related change in OPEB amounts for deferred outflows deferred inflows of resources. (331,318)
Revenues reported as unavailable revenue in the governmental funds and recognized in the Statement of Activities. These are included in the intergovernmental revenues in the governmental fund activity. 639,448
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service fund is reported with governmental activities. 1,546,306
Change in net position of governmental activities 11,954,064$
CITY OF COLTON
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF
REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For the year ended June 30, 2019
TO THE STATEMENT OF ACTIVITIES
See accompanying notes to financial statements. 23
24
THIS PAGE INTENTIONALLY LEFT BLANK
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Budgetary Fund Balance, July 1 15,347,590$ 15,347,590$ 15,347,590$ -$
Resources (Inflows):
Taxes 9,740,000 9,740,000 10,693,887 953,887
Sales taxes 9,540,000 9,540,000 11,263,771 1,723,771
Other taxes 2,400,000 2,400,000 2,969,762 569,762
Licenses and permits 1,904,500 2,056,425 2,456,053 399,628
Intergovernmental 1,047,232 1,067,337 1,088,904 21,567
Charges for services 2,140,357 2,219,533 2,565,329 345,796
Use of money and property 1,613,280 1,628,280 2,090,979 462,699
Fines and forfeitures 197,000 271,000 359,956 88,956
Contributions 50,000 50,000 75,000 25,000
Miscellaneous 557,997 570,497 120,540 (449,957)
Transfers in 10,813,892 11,132,892 11,083,953 (48,939)
Proceeds from capital lease 637,877 637,877 637,877 -
Amounts Available for Appropriations 55,989,725 56,661,431 60,753,601 4,092,170
Charges to Appropriations (Outflows):
Current:
General government:
City Council 235,077 237,077 213,268 23,809
City Clerk 354,190 354,190 337,623 16,567
City Manager 1,173,333 1,173,118 1,003,711 169,407
Human Resources 2,001,584 2,113,791 1,789,944 323,847
Financial Services 3,066,722 3,162,942 3,083,083 79,859
City Attorney 883,555 1,031,555 559,755 471,800
City Treasurer 57,368 57,368 57,422 (54)
Nondepartmental - 113,150 30,905 82,245
Cost allocation (7,514,265) (7,514,265) (7,514,265) -
Public safety:
Police 15,526,171 15,698,873 15,758,255 (59,382)
Fire 11,429,248 11,557,074 11,486,750 70,324
Community services:
Parks, recreation and family services 3,879,060 4,113,483 3,872,377 241,106
Community development 2,252,864 2,406,309 2,158,492 247,817
Public works:
Public services 2,383,479 2,451,777 2,054,320 397,457
Capital outlay 819,725 982,029 797,849 184,180
Debt service:
Principal retirement 150,953 150,952 110,825 40,127
Interest and fiscal charges 19,053 19,053 3,304 15,749
Transfers out 2,521,691 2,871,131 3,781,531 (910,400)
Total Charges to Appropriations 39,239,808 40,979,607 39,585,149 1,394,458
Budgetary Fund Balance, June 30 16,749,917$ 15,681,824$ 21,168,452$ 5,486,628$
CITY OF COLTON
BUDGETARY COMPARISON STATEMENT BY DEPARTMENT
GENERAL FUND
For year ended June 30, 2019
Budgeted Amounts
See accompanying notes to financial statements. 25
Electric Water Waste Water Utility Utility Utility
ASSETS: CURRENT ASSETS:
Cash and investments 41,649,868$ 16,940,558$ 9,599,578$ Receivables:
Accounts 7,317,779 1,654,626 1,314,466 Accrued interest 238,531 54,484 96,765
Prepaid items 4,391 - 558,004 Prepaid bond insurance - 26,000 - Deposits 2,291,117 - - Due from other governments - 37,763 - Inventories 1,188,981 124,416 - Loans receivable, current portion 227,184 - 87,666 Restricted assets
Cash and investments - - - Cash with fiscal agent 3,982,965 8,408,631 5,036,998
TOTAL CURRENT ASSETS 56,900,816 27,246,478 16,693,477
NONCURRENT ASSETS: Loans receivable, net of current portion 165,427 - 373,061 Capital assets, not being depreciated 3,260,739 4,915,683 403,040 Capital assets, net of
accumulated depreciation 46,325,670 23,244,489 36,444,411
TOTAL NONCURRENT ASSETS 49,751,836 28,160,172 37,220,512
TOTAL ASSETS 106,652,652 55,406,650 53,913,989
DEFERRED OUTFLOWS OF RESOURCES: Deferred amount on refunding 215,801 - - Deferred amount from OPEB 159,248 59,718 83,605 Deferred amount from pensions 1,625,982 656,851 497,294
TOTAL DEFERRED OUTFLOWS OF RESOURCES 2,001,031 716,569 580,899
CITY OF COLTON
STATEMENT OF NET POSITION PROPRIETARY FUNDS
June 30, 2019
Business-Type Activities - Enterprise Funds
See accompanying notes to financial statements. 26
Business-Type Activities -
Enterprise Funds Governmental (Continued) Activities
Internal Total Service Funds
68,190,004$ 10,183,888$
10,286,871 801 389,780 30,091 562,395 150
26,000 - 2,291,117 -
37,763 - 1,313,397 -
314,850 -
- 52,717 17,428,594 -
100,840,771 10,267,647
538,488 - 8,579,462 -
106,014,570 384,423
115,132,520 384,423
215,973,291 10,652,070
215,801 - 302,571 -
2,780,127 -
3,298,499 -
27
Electric Water Waste Water Utility Utility Utility
LIABILITIES: CURRENT LIABILITIES:
Accounts payable 2,020,694$ 1,053,297$ 470,553$ Accrued interest 342,621 219,175 132,452 Deposits payable 1,210,480 67,278 - Accrued compensated absences 366,140 144,808 87,001 Accrued claims and judgments - - - Bonds and notes payable 3,030,000 675,132 1,040,125
TOTAL CURRENT LIABILITIES 6,969,935 2,159,690 1,730,131
NONCURRENT LIABILITIES: Accrued compensated absences 39,357 - - Accrued claims and judgments - - - Net OPEB liability 3,100,841 1,162,815 1,627,941 Net pension liability 11,044,387 4,461,612 3,377,837 Bonds and notes payable 27,096,640 19,401,732 9,360,807
TOTAL NONCURRENT LIABILITIES 41,281,225 25,026,159 14,366,585
TOTAL LIABILITIES 48,251,160 27,185,849 16,096,716
DEFERRED INFLOWS OF RESOURCES: Deferred amounts from pensions 122,432 49,459 37,445 Deferred amount from OPEB 161,111 60,416 84,583
TOTAL DEFERRED INFLOWS OF RESOURCES 283,543 109,875 122,028
NET POSITION: Net investment in capital assets 19,675,570 16,491,939 31,483,517 Restricted for debt service 3,982,965 - - Unrestricted 36,460,445 12,335,556 6,792,627
TOTAL NET POSITION 60,118,980$ 28,827,495$ 38,276,144$
Prior years' accumulated adjustment to reflect the consolidation of internal service funds activities related to the enterprise funds
Current year's adjustment to reflect the consolidation of internal service funds activities related to the enterprise funds
Net position of business-type activities
CITY OF COLTON
STATEMENT OF NET POSITION PROPRIETARY FUNDS
(CONTINUED)
June 30, 2019
Business-Type Activities - Enterprise Funds
See accompanying notes to financial statements. 28
Business-Type Activities -
Enterprise Funds Governmental (Continued) Activities
Internal Total Service Funds
3,544,544$ 341,516$ 694,248 -
1,277,758 - 597,949 38,986
- 1,997,480 4,745,257 -
10,859,756 2,377,982
39,357 20,481 - 2,489,204
5,891,597 - 18,883,836 - 55,859,179 -
80,673,969 2,509,685
91,533,725 4,887,667
209,336 - 306,110 -
515,446 -
67,651,026 384,423 3,982,965 -
55,588,628 5,379,980
127,222,619 5,764,403$
490,984
34,126
127,747,729$
29
Electric Water Waste Water Utility Utility Utility
OPERATING REVENUES: Sales and service charges 58,461,746$ 12,310,343$ 9,411,293$ Miscellaneous 6,776,746 963,304 422,176
TOTAL OPERATING REVENUES 65,238,492 13,273,647 9,833,469
OPERATING EXPENSES: Salaries and benefits 7,342,422 2,617,575 2,524,462 Maintenance and operations 3,219,906 3,717,583 3,378,283 Generation 1,866,791 - - Purchased power 29,877,990 - - Contractual services - - - Claims and benefits - - - Charges from other funds 3,357,817 1,146,833 1,744,498 Amortization - - 140,727 Depreciation expense 4,056,771 834,089 1,287,297
TOTAL OPERATING EXPENSES 49,721,697 8,316,080 9,075,267
OPERATING INCOME 15,516,795 4,957,567 758,202
NONOPERATING REVENUES (EXPENSES): Intergovernmental 2,500 - - Interest revenue 1,148,662 690,950 422,182 Interest expense (1,239,753) (700,026) (298,751) Loss on disposal of capital assets (82,845) - -
TOTAL NONOPERATING REVENUES (EXPENSES) (171,436) (9,076) 123,431
INCOME (LOSS) BEFORE TRANSFERS 15,345,359 4,948,491 881,633
TRANSFERS IN - - - TRANSFERS OUT (11,353,838) (97,196) (110,091)
CHANGE IN NET POSITION 3,991,521 4,851,295 771,542
NET POSITION - BEGINNING OF YEAR 56,127,459 23,976,200 37,504,602
NET POSITION - END OF YEAR 60,118,980$ 28,827,495$ 38,276,144$
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
Change in net position - Enterprise Funds
Change in net position of business-type activities
CITY OF COLTON
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUNDS
For the year ended June 30, 2019
Business-Type Activities - Enterprise Funds
See accompanying notes to financial statements. 30
Business-Type Activities -
Enterprise Funds Governmental (Continued) Activities
Internal Total Service Funds
80,183,382$ 5,617,427$ 8,162,226 18,610
88,345,608 5,636,037
12,484,459 1,040,269 10,315,772 1,711,538
1,866,791 - 29,877,990 -
- 153,845 - 2,619,274
6,249,148 - 140,727 -
6,178,157 63,857
67,113,044 5,588,783
21,232,564 47,254
2,500 - 2,261,794 274,386
(2,238,530) - (82,845) -
(57,081) 274,386
21,175,483 321,640
- 1,316,546 (11,561,125) (57,754)
9,614,358 1,580,432
117,608,261 4,183,971
127,222,619$ 5,764,403$
34,126$ 9,614,358
9,648,484$
31
Electric Water Waste Water
Utility Utility Utility
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers and users 65,495,466$ 13,240,710$ 9,754,623$
Cash paid to suppliers for goods and services (38,438,674) (5,179,537) (4,815,303)
Cash paid to employees for services (7,391,234) (2,655,179) (2,539,594)
NET CASH PROVIDED BY
OPERATING ACTIVITIES 19,665,558 5,405,994 2,399,726
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash paid to other funds (11,353,838) (97,196) (110,091)
Loan repayments received 375,327 - -
Repayments received from other funds 10,369 - -
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES (10,968,142) (97,196) (110,091)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Intergovernmental 2,500 - -
Acquisition and construction of capital assets (1,627,263) (5,649,755) (3,577,720)
Proceeds from installment sales agreement - - -
Proceeds from bond issuance - - -
Issuance costs paid - - -
Proceeds from land held for resale 2,734,000 - -
Principal paid on capital debt (2,905,000) (657,202) (1,012,476)
Interest paid on capital debt (1,498,582) (727,570) (316,085)
NET CASH USED BY CAPITAL
AND RELATED FINANCING ACTIVITIES (3,294,345) (7,034,527) (4,906,281)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 1,041,727 666,907 347,924
NET CASH PROVIDED BY
INVESTING ACTIVITIES 1,041,727 666,907 347,924
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 6,444,798 (1,058,822) (2,268,722)
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR 39,188,035 26,408,011 16,905,298
CASH AND CASH EQUIVALENTS - END OF YEAR 45,632,833$ 25,349,189$ 14,636,576$
CASH AND CASH EQUIVALENTS:
Current cash and investments 41,649,868$ 16,940,558$ 9,599,578$
Restricted cash and investments - - -
Restricted cash with fiscal agent 3,982,965 8,408,631 5,036,998
TOTAL CASH AND CASH EQUIVALENTS 45,632,833$ 25,349,189$ 14,636,576$
PROPRIETARY FUNDS
For the year ended June 30, 2019
Business-Type Activities - Enterprise Funds
CITY OF COLTON
STATEMENT OF CASH FLOWS
See accompanying notes to financial statements. 32
Business-Type
Activities -
Enterprise Funds Governmental
(Continued) Activities
Internal
Total Service Funds
88,490,799$ 5,635,988$
(48,433,514) (4,240,536)
(12,586,007) (1,043,788)
27,471,278 351,664
(11,561,125) (57,754)
375,327 -
10,369 1,316,546
(11,175,429) 1,258,792
2,500 -
(10,854,738) -
- -
- -
- -
2,734,000 -
(4,574,678) -
(2,542,237) -
(15,235,153) -
2,056,558 260,541
2,056,558 260,541
3,117,254 1,870,997
82,501,344 8,365,608
85,618,598$ 10,236,605$
68,190,004$ 10,183,888$
- 52,717
17,428,594 -
85,618,598$ 10,236,605$
(Continued)
33
Electric Water Waste Water
Utility Utility Utility
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED BY
OPERATING ACTIVITIES:
Operating income 15,516,795$ 4,957,567$ 758,202$
Adjustments to reconcile operating
income to net cash provided
by operating activities:
Amortization - - 140,727
Depreciation expense 4,056,771 834,089 1,287,297
Changes in assets, deferred outflows of resources,
liabilities and deferred inflows of resources:
(Increase) decrease in:
Accounts receivable 179,623 (19,728) (78,846)
Prepaid items (4,391) - -
Deposits receivable (950,445) - -
Inventories 103,195 (15,172) -
Deferred amounts from OPEB (4,403) (1,670) (2,400)
Deferred amounts from pension 887,787 358,639 271,523
Increase (decrease) in:
Accounts payable (582,541) (831,625) (106,024)
Accrued liabilities - - -
Unearned revenue - - -
Deposits payable 77,351 (13,209) -
Claims and judgments - - -
Compensated absences (48,812) (37,604) (15,132)
Net OPEB liability 48,039 18,394 26,970
Net pension liability 268,360 108,410 82,076
Deferred amounts from OPEB (4,203) (1,556) (2,112)
Deferred amounts from pension 122,432 49,459 37,445
NET CASH PROVIDED BY
OPERATING ACTIVITIES 19,665,558$ 5,405,994$ 2,399,726$
NONCASH INVESTING, CAPITAL
AND FINANCING ACTIVITIES:
Loss on disposal of capital assets (82,845)$ -$ -$
CITY OF COLTON
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
(CONTINUED)
Business-Type Activities - Enterprise Funds
For the year ended June 30, 2019
See accompanying notes to financial statements. 34
Business-Type
Activities -
Enterprise Funds Governmental
(Continued) Activities
Internal
Total Service Funds
21,232,564$ 47,254$
140,727 -
6,178,157 63,857
81,049 (49)
(4,391) (150)
(950,445) -
88,023 -
(8,473)
1,517,949 -
(1,520,190) 75,305
- -
- -
64,142 -
- 168,966
(101,548) (3,519)
93,403 -
458,846 -
(7,871) -
209,336 -
27,471,278$ 351,664$
(82,845)$ -$
35
Private-Purpose Trust Agency Funds Funds
ASSETS: Cash and investments 2,694,847$ 3,869,623$ Receivables:
Taxes - 9,367 Notes and loans - 3,630 Accrued interest 8,735 3,280
Prepaid items - 15,783 Land held for resale 4,900,000 - Restricted assets:
Cash and investments 335,984 39,279 Cash and investments with fiscal agents - 264,958
TOTAL ASSETS 7,939,566 4,205,920$
LIABILITIES: Accounts payable 1,382 145,266$ Accrued liabilities - 2,182,794 Accrued interest 251,516 - Deposits payable 230,799 657,597 Due to other governments - 37,763 Due to City 110,823 - Due to bondholders - 1,182,500 Long-term liabilities:
Due in one year 1,040,000 - Due in more than one year 13,121,990 -
TOTAL LIABILITIES 14,756,510 4,205,920$
NET POSITION: Held in trust for endowment 942,697 Held in trust for other purposes (7,759,641)
TOTAL NET POSITION (6,816,944)$
CITY OF COLTON
STATEMENT OF NET POSITION FIDUCIARY FUNDS
June 30, 2019
See accompanying notes to financial statements. 36
Private-Purpose Trust Funds
ADDITIONS: Contributions 16,730$ Taxes 1,834,087 Interest and change in fair value of investments 77,580
TOTAL ADDITIONS 1,928,397
DEDUCTIONS: Administrative expenses 85,503 Interest expense 523,849
TOTAL DEDUCTIONS 609,352
CHANGE IN NET POSITION 1,319,045
NET POSITION - BEGINNING OF YEAR (8,135,989)
NET POSITION - END OF YEAR (6,816,944)$
CITY OF COLTON
STATEMENT OF CHANGES IN NET POSITION FIDUCIARY FUNDS
For the year ended June 30, 2019
See accompanying notes to financial statements. 37
38
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CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
39
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basic financial statements of the City of Colton, California (City), have been prepared in accordance with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.
a. Description of the Reporting Entity
The City of Colton, California (the City), is located in the County of San Bernardino and was incorporated on July 20, 1887, under the general laws of the State of California. The City operates under an elected Council/City Manager form of government. The City’s major operations include police and fire protection, electric, water, sanitation, public works, parks, recreation and certain social services and general administration services. As required by accounting principles generally accepted in the United States of America, these financial statements present the City and its component units, entities for which the City is considered financially accountable. A component unit is included in the primary government’s financial statements if the City appoints a voting majority of the component unit’s governing body and (1) it is able to impose its will on the component unit or (2) there is a potential for the component unit to provide specific financial benefits to, or impose specific financial burdens on, the City. The component units discussed below are controlled by common governing boards, which are substantively the same as the City’s. In addition, the component units provide services or other benefits almost entirely to the City, and there is a potential for the component units to impose financial burdens on the City. Therefore, these component units are presented as blended component units for financial reporting purposes. The component units have the same fiscal year end as the City. The blended component units discussed below, although legally separate entities, are in substance part of the government operation and have been combined herein. A brief description of each component unit follows: The Colton Public Financing Authority (the Authority) was created by a joint powers agreement, formed for the purpose of issuing bonds in order to finance capital improvement projects. The Authority’s Board of Directors is composed of the seven elected City Council members. The activity of the Authority is recorded in the Public Financing Authority Debt Service Fund. Separate financial statements are not prepared for the Authority. The Colton Utility Authority (the Utility Authority) was created on July 18, 2001, pursuant to Joint Powers Law Articles 1 through 4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the California Government Code and the Marks-Roos Local Bond Pooling Act of 1985. The Utility Authority was formed to provide for the lease, ownership, operation, maintenance, construction and financing of the Water and Wastewater Utility systems. The City Council acts as the governing board of the Utility Authority. The activity of the Utility Authority is recorded in the Water Utility and Wastewater Utility Proprietary Funds. Separate financial statements are not prepared for the Utility Authority.
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
40
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) a. Description of the Reporting Entity (Continued)
On September 1, 2000, the Utility Authority entered into an agreement with the City to lease the Water and Wastewater Utilities. As part of lease agreement, the assets and infrastructure of the Water and Wastewater systems were valued at $44,907,889 and $36,682,260, respectively, and a 5.048% discount rate was established. The lease payments are to be paid by the Utility Authority to the City from the Water and Wastewater Utility Funds in the amount of $870,000 and $570,000 each year, respectively, from surplus utility revenues. In the event that surplus utility revenues exceed these amounts, the Utility Authority is required to prepay a portion of the total lease payments. See Note 7 for disclosure of bond. The Colton Housing Authority (Housing Authority) was established on March 15, 2011. The Housing Authority was activated pursuant to State Law Section 34240 of the California Health and Safety Code, which allows for every City to establish a housing authority. The Housing Authority is designed to protect local housing funds and programs, provide new revenue opportunities for affordable housing programs, serve the public interest, promote public safety and welfare and ensure decent, safe sanitary and affordable housing accommodations to persons of low income. The City Council of the City serves as the Housing Authority’s Commissioners and has operational responsibility for the component unit. The activity of the Housing Authority is recorded in the Housing Authority Special Revenue Fund. Separate financial statements are not prepared for the Housing Authority.
b. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.
Likewise, the primary government (including its blended component units) is reported separately from discretely presented component units for which the primary government is financially accountable. The City has no discretely presented component units. Certain eliminations have been made as prescribed by GASB Statement No. 34 in regard to interfund activities, payables and receivables. All internal balances in the statement of net position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the statement of activities, inter-fund services have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services or privileges provided by a given function or segment, and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
41
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
b. Government-Wide and Fund Financial Statements (Continued) The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Separate financial statements for the City’s governmental, proprietary and fiduciary funds are presented after the government-wide financial statements. These statements display information about major funds individually and other governmental funds in the aggregate for governmental funds. Fiduciary fund statements, even though excluded from the government-wide financial statements, include financial information for private-purpose trust funds and agency funds.
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and private-purpose trust funds financial statements. Under the economic resources measurement focus, all assets, deferred outflows of resources, liabilities and deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their statements of net position. Operating statements present increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The City’s fiduciary fund financial statements report agency funds and private-purpose trust funds. Agency funds are used to account for situations where the government’s role is purely custodial. All assets reported in an agency fund are offset by a liability to the party on whose behalf they are held. Agency funds have no measurement focus. Private-purpose trust funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the current financial resources measurement focus, only current assets, current liabilities and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be 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 fund balance. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period. Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Under the modified accrual basis of accounting, revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, claims and judgments, are recorded only when payment is due. Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government. The City reports the following major governmental fund:
General Fund is used to account for sources and uses of financial resources applicable to the general government operation of the City. All general operating revenues and expenditures which are not restricted and accounted for in another fund are recorded in the General Fund.
The City reports the following major Proprietary Funds:
The Electric Utility Fund is used to account for the production, distribution and transmission of electric energy to residents and businesses located within the City.
The Water Utility Fund is used to account for the production and distribution of potable water to
residents and businesses located within the City.
The Wastewater Utility Fund is used to account for the operation and maintenance of the water reclamation plant and sewage system.
Additionally, the City reports the following fund types: Governmental Fund Types
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or major capital projects), that are restricted to expenditures for special purposes.
Debt Service Funds are used to account for the accumulation of resources for, and the payment
of, long-term debt principal, interest and related costs other than those being financed by proprietary funds.
Capital Projects Funds are used to account for financial resources to be used for the acquisition
or construction of major facilities other than those financed by Proprietary, Special Assessment and/or Trust Funds.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Propriety Fund Types
Internal Service Funds used by management to charge the cost of building and equipment maintenance, information services, self-insurance and automotive shop provided by one department to other departments of the City.
Fiduciary Fund Types
The Private-Purpose Trust Funds account for the activities of the Cemetery Endowment and the Successor Agency to the Redevelopment Agency for the City of Colton (Successor Agency). The Cemetery Endowment private-purpose trust fund holds donations made to the City for the Cemetery and the Successor Agency private-purpose trust fund accounts for the assets and liabilities of the former redevelopment agency and its allocated revenue to pay estimated installment payments of enforceable obligations until the obligations of the former redevelopment agency are paid in full and assets have been liquidated.
The Agency funds account for money and property held by the City as trustee or custodian. They act as a temporary repository for federal and state wages, as well as various other forms of payroll contributions collected from employees until remitted to the relevant authorities. They also account for various assessment districts for which the City acts as an agent for debt service activity.
d. New Accounting Pronouncements
GASB Current-Year Standards GASB 83 - Certain Asset Retirement Obligations, effective for periods beginning after June 15, 2018, and did not impact the City. GASB 88 - Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements, effective for periods beginning after June 15, 2018, and did not significantly impact the City. Pending Accounting Standards GASB has issued the following statements, which may impact the City’s financial reporting requirements in the future:
GASB 84 - Fiduciary Activities, effective for periods beginning after December 15, 2018.
GASB 87 - Leases, effective for periods beginning after December 15, 2019.
GASB 89 - Accounting for Interest Cost Incurred before the End of a Construction Period, effective for periods beginning after December 15, 2019.
GASB 90 - Majority Equity Interests - an amendment of GASB Statements No. 14 and No. 61, effective for periods beginning after December 15, 2018.
GASB 91 - Conduit Debt Obligations, effective for periods beginning after December 15, 2020.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
e. Cash and Investments The City’s cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. The City maintains a cash and investment pool that is available for use for all funds. Each fund type’s position in the pool is reported in the financial statements as cash and investments. Investments are recorded at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments that are not traded on a market, such as investments in external pools, are valued based on the stated fair value represented by the external pool.
f. Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to / from other funds” (i.e., the current portion of interfund loans) or “advances to / from other funds” (i.e., the noncurrent portion of interfund loans). All trade and property tax receivables are shown net of an allowance for uncollectibles.
Property tax revenue is recognized in the fiscal year for which the taxes have been levied providing they become available. Available means then due, or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (not to exceed 60 days) to be used to pay liabilities of the current period. The County of San Bernardino collects property taxes for the City. Tax liens attach annually as of 12:01 A.M. on the first day in January preceding the fiscal year for which the taxes are levied. Taxes are levied on both real and personal property as it exists on that date. The tax levy covers the fiscal period July 1 to June 30. All secured personal property taxes and one-half of the taxes on real property are due November 1; the second installment is due February 1. All taxes are delinquent, if unpaid, on December 10 and April 10, respectively. Unsecured personal property taxes become due on the first of March each year and are delinquent on August 31.
g. Inventories and Prepaid Items Inventories of materials and supplies are carried at cost on a moving average basis. The City uses the consumption method of accounting for inventories. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
h. Restricted Assets Certain proceeds of debt issues, as well as certain resources set aside for their repayment, are classified as restricted assets in the financial statements because their use is limited by applicable bond covenants.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
i. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the government-wide financial statements. The government defines capital assets as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant and equipment of the primary government, as well as the component units, are depreciated using the straight-line method over the following estimated useful lives:
Building and structures 40 years Furniture and equipment 7 years Public domain infrastructure 50 years
j. Deferred Outflows/Inflows of Resources
In addition to assets, the Statement of Net Position and the Governmental Funds Balance Sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to future periods and will not be recognized as an outflow of resources (expense/expenditure) until that time. The City has the following items that qualify for reporting in this category:
Deferred loss on refunding, net of accumulated amortization reported in the government-wide
statement of net position and the proprietary funds financial statements. A deferred loss on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
Deferred outflows related to pensions and OPEB equal to employer contributions made after the
measurement date of the net pension liability and OPEB liability. Deferred outflows related to pensions for differences between expected and actual experience.
These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.
Deferred outflows related to pensions for the changes in employer’s proportion and differences
between the employer’s contributions and the employer’s proportionate share of contributions. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
j. Deferred Outflows/Inflows of Resources (Continued)
Deferred outflows related to pensions resulting from the net difference between projected and actual earnings on investments of the pension plan fiduciary net position. These amounts are amortized over five years.
Deferred inflows from pensions resulting from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided with pensions through the plans.
In addition to liabilities, the Statement of Net Position and the Governmental Funds Balance Sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and will not be recognized as an inflow of resources (revenue) until that time. The City has the following items that qualify for reporting in this category:
Deferred inflows from unavailable revenues, which arises only under a modified accrual basis of
accounting, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from two sources, which are taxes and grants. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.
Deferred inflows related to pensions for differences between expected and actual experience.
These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.
Deferred inflows from pensions and OPEB resulting from changes in assumptions. These
amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided with pensions and OPEB through the plans.
Deferred inflows related to pensions for the changes in employer’s proportion and differences
between the employer’s contributions and the employer’s proportionate share of contributions. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.
k. Land Held for Resale
The former Colton Redevelopment Agency acquired parcels of land as part of its primary purpose to develop or redevelop blighted properties and creating affordable housing. The Successor Agency records these parcels as land held for resale in its financial records in the private-purpose trust fund. The Colton Housing Authority acquired property via the Neighborhood Stabilization Program to reduce blight and provide affordable housing to our citizens. These parcels are shown in the Colton Housing Authority Special Revenue Fund. All property is recorded at lower of cost or fair value.
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
l. Compensated Absences It is the government’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. Vacation pay is payable to employees at the time a vacation is taken or upon termination of employment. Normally, an employee cannot accrue more than twice his regular annual entitlement.
Sick leave is payable when an employee is unable to work because of illness. Accrued sick leave may be accumulated without limit. Employees resigning in good standing from City service shall receive up to a maximum of 75% of unused sick leave, depending on years of service. All vacation and sick leave pay is accrued when incurred in the government-wide financial statements and proprietary funds. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. The liability is generally liquidated by the General Fund or the proprietary fund in which the liability is recorded.
m. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. Amortization of bond premiums or discounts is included in interest expense. Bonds payable are reported net of the applicable bond premium or discount.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
n. Fund Balance Classification
In the fund financial statements, governmental funds report the following fund balance classification: Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest authority, City Council, and that remain binding unless removed in the same manner. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a City Council resolution.
A pension obligation reserve has been established through a resolution approved by the City Council. This reserve is calculated as 50% of the annual excess revenue over expenditures in the General Fund operating expenditures. This reserve has a balance of $10,150,871 as of June 30, 2019.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
n. Fund Balance Classification (Continued)
An OPEB obligation reserve has been established through a resolution approved by the City Council. This reserve is calculated as 25% of the annual excess revenue over expenditures in the General Fund operating expenditures. This reserve has a balance of $4,558,102 as of June 30, 2019.
Assigned includes amounts that are constrained by the government’s intent to be used for specific purposes, but are neither restricted nor committed. The City Manager and/or Finance Director is authorized to assign amounts to a specific purpose, which was established by the governing body in Resolution 10-11. Unassigned includes the residual balance for the government’s general fund and includes all spendable amounts not contained in other classifications. In other funds, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balance are available, the City considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the governing board has provided otherwise in its commitment or assignment actions.
o. Net Position Classification
In the government-wide financial statements and proprietary fund financial statements, net position is reported in three categories: Net investment in capital assets - This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt that is attributed to the acquisition, construction, or improvement of the assets.
Restricted net position - This amount is restricted by external creditors, grantors, contributors, or laws or regulations of other governments.
Unrestricted - This amount is all net position that does not meet the definition of “net investment in capital
assets” or “restricted net position.”
p. Net Position Flow Assumptions Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted - net position and unrestricted - net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s practice to consider restricted - net position to have been depleted before unrestricted - net position is applied.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
q. Proprietary Funds Operating and Nonoperating Revenues and Expenses Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the electric utility, water utility, wastewater utility and internal service funds are charges to customers for sales and services. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
r. Pensions For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
s. Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.
2. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
General Budget Policies
The City Council approves each year’s budget submitted by the City Manager prior to the beginning of the new fiscal year. Public hearings are conducted prior to its adoption by the Council. Supplemental appropriations, where required during the period, are also approved by the Council. Intradepartmental budget changes are approved by the City Manager. Expenditures may not exceed appropriations at the fund level. At fiscal year end, all unencumbered operating budget appropriations lapse. During the year, several supplementary appropriations were necessary. Encumbrances Encumbrances are estimations of costs related to unperformed contracts for goods and services. These commitments are recorded for budgetary control purposes in the General, Special Revenue and similar governmental funds. They represent the estimated amount of the expenditure ultimately to result if unperformed contracts in process at year-end are completed. They do not constitute expenditures or estimated liabilities. Encumbrances at year-end are reported as restricted, committed or assigned depending on the resources that have been identified to fund the applicable encumbrance.
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2. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (CONTINUED)
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP).
Deficit Fund Balances
The following funds contained deficit fund balances as of June 30, 2019:
Deficit Amount
Other Governmental Special Revenue Funds: Gas Tax 133,053$ Community Child Care 27,409 Community Development Block Grant 577 Miscellaneous Grants 519,387
Internal Service Fund Insurance 1,180,304
These fund balance deficits will be eliminated as grant reimbursements become available or transfers are made.
Expenditures in Excess of Appropriations
The following funds reported expenditures in excess of appropriations at June 30, 2019:
Fund Variance with Budget Actual Final Budget
Other Governmental Funds: Housing Authority Special Revenue Fund 61,482$ 133,247$ (71,765)$
3. CASH AND INVESTMENTS
Cash and Investments
Cash and investments held by the City at June 30, 2019, are reported in the accompanying financial statements as follows:
Statement of Net Position: Cash and investments 118,994,580$ Restricted:
Cash and investments 115,029 Cash with fiscal agent 19,829,333
Statement of Net Position - Fiduciary Funds: Cash and investments 6,564,470 Restricted:
Cash and investments 375,263 Cash and investments with fiscal agents 264,958
Total cash and investments 146,143,633$
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3. CASH AND INVESTMENTS (CONTINUED)
Cash and Investments (Continued)
Petty cash 4,716$ Deposits with financial institutions 1,634,505 Restricted deposits with financial institutions 375,263 Investments 144,129,149
Total cash and investments 146,143,633$
Investments Authorized by the California Government Code and the City’s Investment Policy
The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
Maximum Maximum Maximum Percentage Investment Maturity of Portfolio in One Issuer
Banker's Acceptances 180 days 30% 30% Negotiable Certificates of Deposit 5 years 20% None Commercial Paper 180 days 25% 10% State of California Local Agency
Investment Fund (LAIF) N/A None 65,000,000$ Medium Term Notes 5 years 30% None Money Market Mutual Funds N/A 20% 10% United States Treasury Obligations 5 years None None United States Government Sponsored
Agency Securities: Federal Farm Credit Banks (FFCB) 5 years 40% None Federal Home Loan Banks (FHLB) 5 years 40% None Federal Home Loan Mortgage
Corporation (FHLMC) 5 years 40% None Federal National Mortgage
Association (FNMA) 5 years 40% None Repurchase Agreements 7 days None None
N/A - Not Applicable
Authorized Investment Type
Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee. Investments of debt proceeds held by a bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by a bond trustee.
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3. CASH AND INVESTMENTS (CONTINUED)
Investments Authorized by Debt Agreements (Continued)
The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk and concentration of credit risk.
Maximum Maximum Maximum Percentage Investment Maturity of Portfolio in One Issuer
Local Obligation Bonds None None None Banker's Acceptances None None None Certificates of Deposit 1 year None None Commercial Paper 270 days None None Money Market Mutual Funds None None None United States Treasury Obligations None None None United States Government Sponsored
Agency Securities None None None Guaranteed Investment Contracts None None None
Authorized Investment Type
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flows and liquidity needed for operations. The City has elected to use the segmented time distribution method of disclosure for its interest rate risk. As of June 30, 2019, the City had the following investments and original maturities:
1 Year 1 Year 3 Years or Less to 3 Years to 5 Years Total
LAIF 88,615,948$ -$ -$ 88,615,948$ United States Government Sponsored
Agency Securities: FHLB 599,759 14,751,770 - 15,351,529 FHLMC - 4,605,885 - 4,605,885 FNMA - 11,007,000 - 11,007,000 Freddie Mac 199,631 298,258 1,001,465 1,499,354 Fannie Mae 249,451 1,145,315 - 1,394,766
Money Market Mutual Funds 1,560,374 - - 1,560,374 Held by Fiscal Agent:
Money Market Mutual Funds 17,287,609 - - 17,287,609 United States Government Sponsored
Agency Securities: FHLB - 2,806,684 - 2,806,684
108,063,690$ 34,614,912$ 1,001,465$ 144,129,149$
Investment Type
Remaining Maturity (in Years)
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3. CASH AND INVESTMENTS (CONTINUED)
Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, by Standard & Poor’s, as of fiscal year end for each investment type.
Total as Minimum of June 30, Legal Not
2019 Rating AAA AA+ Rated LAIF 88,615,948$ N/A -$ -$ 88,615,948$ United States Government Sponsored
Agency Securities: FHLB 15,351,529 N/A - 15,351,529 - FHLMC 4,605,885 N/A - 4,605,885 - FNMA 11,007,000 N/A - 11,007,000 - Freddie Mac 1,499,354 N/A - 1,499,354 - Fannie Mae 1,394,766 N/A - 1,394,766 -
Money Market Mutual Funds 1,560,374 A 1,560,374 - - Held by Fiscal Agent:
Money Market Mutual Funds 17,287,609 A 17,287,609 - - United States Government -
Sponsored Agency Securities: FHLB 2,806,684 N/A - 2,806,684 -
Total 144,129,149$ 18,847,983$ 36,665,218$ 88,615,948$
N/A - Not Applicable
Investment Type
Ratings as of Fiscal Year End
Concentration of Credit Risk The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments in any one issuer that represent 5% or more of the total City’s investments are as follows:
Amount Issuer Invested
Federal Home Loan Bank 15,351,529$ Federal National Mortgage Association 11,007,000
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3. CASH AND INVESTMENTS (CONTINUED) Custodial Credit Risk The custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of an outside party. The California Government Code requires California banks and savings and loan associations to secure a City’s deposits by pledging government securities with a value of 110% of a City’s deposits. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of a City’s total deposits. The City Treasurer may waive the collateral requirement for deposits, which are fully insured up to $250,000 by the FDIC. The collateral for deposits in federal and state chartered banks is held in safekeeping by an authorized Agent of Depository recognized by the State of California Department of Banking. The collateral for deposits with savings and loan associations is generally held in safekeeping by the Federal Home Loan Bank in San Francisco, California, as an Agent of Depository. These securities are physically held in an undivided pool for all California public agency depositors. Under Government Code Section 53655, the placement of securities by a bank or savings and loan association with an “Agent of Depository” has the effect of perfecting the security interest in the name of the local governmental agency. Accordingly, all collateral held by California Agents of Depository is considered to be held for, and in the name of, the local governmental agency. As of June 30, 2019, all of the City’s deposits with financial institutions were covered by federal depository insurance limits or were held in collateralized accounts. As of June 30, 2019, the City’s investments in the following investment types were held by an agent of the City’s counterparty, not in the name of the City:
Investment Type Amount Money Market 190,512$ U.S. Agency Securities 27,964,733
28,155,245$
Investments in State Investment Pool The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.
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3. CASH AND INVESTMENTS (CONTINUED) Fair Value Measurements The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the relative inputs used to measure the fair value of the investments. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are valued using a matrix pricing technique in where investments are valued based on the investments’ relationship to benchmark quoted prices, and Level 3 inputs are significant unobservable inputs. The City has the following recurring fair value measurements as of June 30, 2019:
Quoted Observable Unobservable Prices Inputs Inputs
Level 1 Level 2 Level 3 Total United States Government Sponsored
Agency Securities: FFCB -$ -$ -$ -$ FHLB - 15,351,529 - 15,351,529 FHLMC - 4,605,885 - 4,605,885 FNMA - 11,007,000 - 11,007,000 Freddie Mac - 1,499,354 - 1,499,354 Fannie Mae - 1,394,766 - 1,394,766
Held by Fiscal Agent: United States Government Sponsored
Agency Securities: FHLB - 2,806,684 - 2,806,684
Total Leveled Investments -$ 36,665,218$ -$ 36,665,218 LAIF* 88,615,948 Money Market Mutual Funds* 18,847,983
Total Investment Portfolio 144,129,149$
*Not subject to fair value measurements. 4. LONG-TERM RECEIVABLES
Loans and notes receivables consist primarily of loans and advances for development purposes. Included in the Housing Authority are mortgage assistance program loans of $38,305 and other notes receivable of $28,436. The City does not know the timing of the repayment of these loans, therefore, the City has recorded an allowance for the principal balance of $66,741.
Pursuant to a Disposition and Development Agreement dated July 27, 2012 between the Housing Authority and Eagle Colton 55, LP, the Housing Authority has loaned a maximum amount of $4,924,000 in a promissory note dated March 1, 2013. The funds are to be used for acquisition and redevelopment of a 120-unit multifamily affordable senior citizen rental housing development. Interest is charged at a rate of 2% per annum. Annual payments are equal to 25% of residual receipts for each calendar year until the 16th anniversary of the occupancy date when all outstanding principal and interest shall be paid in annual payments equal to 10% of residual receipts until maturity.
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4. LONG-TERM RECEIVABLES (CONTINUED)
All unpaid principal and interest shall be due upon maturity, which is 55 years from the date of the loan (in-service date). Residual receipts are defined as annual project revenue less the sum of (1) operating expenses, (2) debt service, (3) repayment of loans and (4) reserve deposits. As of June 30, 2019, the Housing Authority has disbursed $3,630,445 of the maximum loan amount of $4,924,000. The City does not know the timing of the repayment of the loan, as there is not enough information on the receipt of residual receipts, therefore the City has recorded an allowance for uncollectible for the principal balance of $3,747,952 at June 30, 2019.
The City entered into an Electrical Added Facilities Agreement on March 5, 2013 with Pacific Rail Dismantling Services, Inc. to reallocate the 12kV electricity transmission capacity that it was delivering to the Pacific Rail Site in order to serve new retail customers in the eastern part of the City. The new electrical system configuration involves the installation of a new electrical substation and related improvements. In order to expedite the construction of the substation, the City has loaned funds to Pacific Rail Dismantling Services, Inc. for the purchase and delivery of the transformer and additional work. The loan amount of $1,284,853 was equal to the final cost of the project. The loan shall have a term of 60 months from the date the final payment is made by the City to Pacific Rail Dismantling Services, Inc. The loan shall begin to accrue interest on the day the first payment of principal is made by the City. Thereafter, the loan shall accrue simple interest upon subsequent principal payments made by the City. Interest on the loan is charged at a rate equal to the prevailing prime lending rate for Bank of America, or any successor financial institution, as of the date the first principal payment is made. The interest rate in effect as of June 30, 2019, is 5.5%. As of June 30, 2019, the balance of loans receivable was $144,535.
The City entered into an Electrical Added Facilities Agreement on December 15, 2015 with United Packaging (UPG) to install new electrical lines and related improvements to directly deliver 12kV to UPG facilities. In order to expedite the construction of the substation, the City has loaned funds to UPG for cost of installation of the improvements. The loan amount of $428,495 was equal to the final cost of the project. The loan shall have a term of 60 months. As of June 30, 2019, the balance of loans receivable was $248,076.
The City entered into an Electrical Added Facilities Agreement on February 14, 2017, with Custom Built Motors (CBM) for upgrades to the electric system to accommodate the customer’s request for increased service capability. The loan amount of $37,100 was equal to the cost of the design and construction of upgrades to the electric system. The loan shall have a term of 48 months from the date the final payment is made to the contractor. The loan began to accrue simple interest in March of 2017. The interest rate in effect as of February 3, 2017, is 3.75%. As of June 30, 2019, the balance of loans receivable was $17,330.
The City entered into an agreement with United Package Group on April 24th 2019 for the payment of deferred fees for wastewater capacity in the amount of $481,305 which includes $400,305 in unpaid Wastewater Capacity Charges and $81,000 in fines. The agreement is for sixty monthly payments of $9,193 which includes interest at 5.5 percent. At June 30, 2019, the balance of the loans receivable was $460,727.
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5. CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2019, was as follows:
Governmental Activities
Balance at Balance at July 1, 2018 Additions Deletions Transfers June 30, 2019
Capital assets, not being depreciated: Land 12,706,911$ -$ -$ -$ 12,706,911$ Construction in progress 11,301,077 4,271,362 - (2,125,316) 13,447,123
Total capital assets, not being depreciated 24,007,988 4,271,362 - (2,125,316) 26,154,034
Capital assets, being depreciated: Structures and improvements 23,768,894 9,100 - 180,050 23,958,044 Furniture and equipment 15,104,597 1,010,027 (584,446) - 15,530,178 Infrastructure 111,266,263 - - 1,945,266 113,211,529
Total capital assets, being depreciated 150,139,754 1,019,127 (584,446) 2,125,316 152,699,751
Less accumulated depreciation for: Structures and improvements (10,779,894) (486,476) - - (11,266,370) Furniture and equipment (13,193,553) (558,717) 584,446 - (13,167,824) Infrastructure (82,710,271) (1,596,475) - - (84,306,746)
Total accumulated depreciation (106,683,718) (2,641,668) 584,446 - (108,740,940)
Total capital assets, being depreciated, net 43,456,036 (1,622,541) - 2,125,316 43,958,811
Total governmental activities capital assets, net 67,464,024$ 2,648,821$ -$ -$ 70,112,845$
Depreciation expense was charged in the following functions in the Statement of Activities for the year ended June 30, 2019, as follows:
General government 148,754$ Public safety 321,423 Community services 142,479 Public works 1,965,155 Internal service funds 63,857
2,641,668$
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5. CAPITAL ASSETS (CONTINUED) Capital asset activity for the year ended June 30, 2019, was as follows: Business-Type Activities
Balance at Balance at July 1, 2018 Additions Deletions Transfers June 30, 2019
Capital assets, not being depreciated: Land 9,008,062$ -$ (2,738,071)$ -$ 6,269,991$ Intangible assets 368,000 - (8,000) - 360,000 Construction in progress 3,981,948 7,263,805 - (9,296,282) 1,949,471
Total capital assets, not being depreciated 13,358,010 7,263,805 (2,746,071) (9,296,282) 8,579,462
Capital assets, being depreciated: Structures and improvements 44,718,759 41,295 - 17,552 44,777,606 Furniture and equipment 41,818,046 1,426,016 (336,956) 121,577 43,028,683 Capacity rights 7,300,000 - - - 7,300,000 Infrastructure 110,512,042 2,123,622 (8,723) 9,157,153 121,784,094
Total capital assets, being depreciated 204,348,847 3,590,933 (345,679) 9,296,282 216,890,383
Less accumulated depreciation for: Structures and improvements (23,820,800) (2,087,178) - - (25,907,978) Furniture and equipment (26,660,553) (1,355,946) 258,735 - (27,757,764) Capacity rights (3,583,631) (132,727) - - (3,716,358) Infrastructure (50,766,850) (2,735,033) 8,170 - (53,493,713)
Total accumulated depreciation (104,831,834) (6,310,884) 266,905 - (110,875,813)
Total capital assets, being depreciated, net 99,517,013 (2,719,951) (78,774) 9,296,282 106,014,570
Total business-type activities capital assets, net 112,875,023$ 4,543,854$ (2,824,845)$ -$ 114,594,032$
Depreciation/amortization expense was charged in the following functions in the statement of activities for the year ended June 30, 2019, as follows: Electric utility 4,056,771$ Water utility 834,089 Waste water utility 1,420,024
6,310,884$
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6. INTERFUND RECEIVABLE, PAYABLE AND TRANSFERS
Interfund receivable and payable balances at June 30, 2019, are as follows:
Due To/From Other Funds
Receivable Payable Amount General Fund Other Governmental Funds 193,201$ Other Governmental Funds Other Governmental Funds 22,830
216,031$
The interfund balances were made to cover negative cash balances and other temporary loans at June 30, 2019.
Transfers
Transfers In Transfers Out Amount General Fund Other Governmental Funds 24,953$
Electric Utility Enterprise Fund 11,059,000
Other Governmental Funds General Fund 2,464,985 Other Governmental Funds 1,046,276 Electric Utility Enterprise Fund 294,838 Water Utility Enterprise Fund 97,196 Waste Water Utility Enterprise Fund 110,091 Internal Service Funds 57,754
Internal Service Funds General Fund 1,316,546 16,471,639$
Transfers to the General Fund from the Electric Utility Enterprise Fund were for general services in accordance with Measure D.
Other Governmental Funds transfers to the General Fund were for operating costs incurred during the year.
Transfers to the Other Governmental Public Financing Authority Debt Service Fund and Internal Services Funds were for current year debt service payments and for building and maintenance reserves.
Transfers to the Other Governmental Taxable Pension Funding Debt Service Fund were for current year debt service payments.
The City uses the Capital Improvement Projects Fund to account for all of its capital projects. The funding sources for those projects were reported as transfers from various funds to the Capital Improvement Projects fund.
Transfers to Other Governmental Community Development Block Grant Special Revenue Fund were to fund the adult literacy program.
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7. LONG-TERM LIABILITIES
Governmental Activities
Changes in long-term liabilities for the governmental activities for the year ended June 30, 2019, are as follows:
Due Due in Balance Balance Within More Than
July 1, 2018 Additions Deletions June 30, 2019 One Year One Year City: Other debt:
Taxable Pension Funding Bonds, Series 2007 23,819,225$ 316,838$ (1,565,000)$ 22,571,063$ 945,000$ 21,626,063$
Capital lease obligations 110,825 637,877 (110,825) 637,877 118,312 519,565 Other-long term liabilities:
Compensated absences 2,017,464 2,115,737 (2,200,303) 1,932,898 1,912,417 20,481 Claims and judgments
(Note 12) 4,317,718 2,466,095 (2,297,129) 4,486,684 1,997,480 2,489,204 County Memorandum
of Understanding 1,829,298 - - 1,829,298 - 1,829,298 Public Financing Authority: Other debt:
Lease Revenue Bonds, 2007 Series B 9,730,000 - (475,000) 9,255,000 490,000 8,765,000
Net unamortized premiums and discounts (65,812) - 1,735 (64,077) - (64,077)
Total long-term liabilities Governmental activities 41,758,718$ 5,536,547$ (6,646,522)$ 40,648,743$ 5,463,209$ 35,185,534$
Taxable Pension Funding Bonds, Series 2007
Taxable Pension Funding Bonds, Series 2007 in the amount of $31,149,400 were issued in August 2007. The bonds are payable from legally available funds of the City and were issued to pay the normal contributions to the California Public Employee Retirement System (CalPERS) for fiscal year 2007-08 and to pay the unamortized, unfunded accrued actuarial liability with respect to certain pension benefits of certain City employees under the Retirement Law. The bonds include $28,485,000 term current interest bonds with interest payable semiannually on February 1 and August 1 of each year commencing February 1, 2008, and $2,664,400 capital appreciation bonds payable at maturity. At June 30, 2019, the balance includes $17,115,000 principal and $5,456,063 accreted interest.
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7. LONG-TERM LIABILITIES (CONTINUED)
Governmental Activities (Continued)
Taxable Pension Funding Bonds, Series 2007 (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2019, including interest are as follows:
Principal Interest Total 945,000$ 985,236$ 1,930,236$
1,070,000 925,592 1,995,592 1,205,000 858,252 2,063,252 1,345,000 782,772 2,127,772 1,500,000 698,560 2,198,560 4,660,000 2,287,192 6,947,192
545,000 1,815,220 2,360,220 5,845,000 834,868 6,679,868
17,115,000 9,187,692$ 26,302,692$
5,456,063
Funding Bonds, Series 2007 22,571,063$
June 30, Year Ending
2020 2021 2022 2023 2024
2025-2029 2030-2034 2035-2038
Plus: Accreted Interest Total Taxable Pension
Total
The liability is generally paid from the Taxable Pension Funding Bonds Debt Service Fund.
Compensated Absences
The City’s policies relating to compensated absences are described in Note 11. This liability, amounting to $1,932,898 at June 30, 2019, will be paid in future years from the general fund.
Claims and Judgments
The City’s liability for claims and judgments is described in Note 12. The liability of $4,486,684 will be paid in future years from the insurance internal service fund.
County Memorandum of Understanding
In November 1995, the County of San Bernardino (County) loaned $1,500,000 to the City under a memorandum of understanding between the County and the City approved by the City on May 2, 1995. The loan is to be repaid without interest from development impact fees imposed and collected by the City on new development. In December 1996 and May 1997, the County loaned an additional $329,298 under a memorandum of understanding for administrative and engineering costs incurred by the County on the City’s behalf. At June 30, 2019, the total amount due is $1,829,298. There is no repayment schedule as fixed maturities and debt service payments have not been established for this loan.
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7. LONG-TERM LIABILITIES (CONTINUED)
Governmental Activities (Continued)
Capital Lease Obligations
The City has entered into capital lease agreements with various parties with expiration dates through fiscal year 2023-24. For accounting purposes, the lease agreements qualify as capital leases and therefore have been recorded at the present value of the future minimum lease payments as of the inception date. The assets acquired through capital leases are included in capital assets at a cost of $1,160,847, with corresponding accumulated depreciation of $392,228. The City’s future commitment under these capital leases at June 30, 2019, is $637,877.
The following is a schedule of future minimum lease payments under the capital lease, together with present value of the net minimum lease payments, as of June 30, 2019:
Year Ending June 30, Total
2020 142,360$ 2021 142,360 2022 142,360 2023 142,360 2024 142,360
Minimum lease payments 711,800 Less: Amount representing interest (73,923)
Present value of minimum lease payments 637,877$
Colton Public Financing Authority Lease Revenue Bonds, 2007 Series B
The Lease Revenue Bonds, 2007 Series B in the original issue amount of $13,385,000 were issued for the purpose of financing certain capital improvements for the City of Colton and refinancing the Refunding Certificates of Participation, Series 1998 and the Lease Revenue Bonds 2002, Series A. The bonds are limited obligations of the Authority payable from and secured by certain revenues consisting of certain base rental payments with respect to lease property by the City pursuant to a lease agreement dated August 1, 2007, between the City and the Authority. The bonds maturing on or after August 1, 2018, are subject to redemption prior to their respective maturity dates as a whole or in part from prepayments of base rental payment made by the City after August 1, 2017. Interest on the bonds are payable on August 1 and February 1 of each year commencing February 1, 2008, at a rate ranging from 4.0% to 5.0%.
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7. LONG-TERM LIABILITIES (CONTINUED)
Governmental Activities (Continued)
Colton Public Financing Authority Lease Revenue Bonds, 2007 Series B (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2019, including interest are as follows:
Year Ending June 30, Principal Interest Total
2020 490,000$ 410,229$ 900,229$ 2021 515,000 388,995 903,995 2022 535,000 366,683 901,683 2023 555,000 343,173 898,173 2024 580,000 318,345 898,345
2025-2029 3,325,000 1,166,320 4,491,320 2030-2033 3,255,000 317,894 3,572,894
Total 9,255,000$ 3,311,639$ 12,566,639$
Business-Type Activities
Changes in long-term liabilities for the business-type activities for the year ended June 30, 2019, are as follows:
Due Due in Balance Balance Within More Than
June 30, 2018 Additions Deletions June 30, 2019 One Year One Year Revenue Bonds: Other debt:
Colton Utility Authority Water Revenue Bonds, Series 2017 17,670,000$ -$ (340,000)$ 17,330,000$ 350,000$ 16,980,000$ Unamortized bond premium 694,149 - (24,144) 670,005 - 670,005
Colton Utility Authority Installment Sale Agreement 8,821,015 - (519,281) 8,301,734 534,601 7,767,133
Colton Public Financing Authority Revenue Refunding Bonds, Series 2007A 9,315,000 - (1,190,000) 8,125,000 1,245,000 6,880,000
Colton Public Financing Authority Electric Revenue Refunding Bonds, Series 2012A 21,390,000 - (1,715,000) 19,675,000 1,785,000 17,890,000 Unamortized bond premium 2,600,319 - (273,679) 2,326,640 - 2,326,640
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7. LONG-TERM LIABILITIES (CONTINUED)
Business-Type Activities (Continued)
Due Due in Balance Balance Within More Than
June 30, 2018 Additions Deletions June 30, 2019 One Year One Year Notes Payable: Direct borrowings and placements:
State of California Water Resource Control Board 2,592,393$ -$ (493,195)$ 2,099,198$ 505,524$ 1,593,674$
Note payable 2,394,062 - (317,202) 2,076,860 325,132 1,751,728 Other long-term liabilities:
Compensated absences 738,853 842,063 (943,611) 637,305 597,949 39,356 Total long-term liabilities
Business-type activities 66,215,791$ 842,063$ (5,816,112)$ 61,241,742$ 5,343,206$ 55,898,536$
Colton Utility Authority Water Revenue Bonds, Series 2017
The Colton Utility Authority Water Revenue Bonds, Series 2017 serial and term bonds in the original issue amount of $18,155,000 were issued to (i) refund the remaining outstanding Colton Financing Authority 1998 Water Revenue Bonds, (ii) acquire certain capital improvements for the Water Utility Enterprise Fund; and (iii) to pay certain costs of issuance. The bonds are secured solely by and payable from net Water Revenues and certain funds and accounts held under the indenture. The bonds mature through March 2037 and bear interest, payable on March 1 and September 1, at rates from 2.0% to 3.3%. The bonds are subject to optional redemption beginning March 1, 2028, at the option of the Utility Authority. Bonds maturing on March 1, 2042 and March 1, 2047 are subject to mandatory redemption. The term bonds are subject to mandatory sinking account redemption beginning with bonds maturing on March 1, 2038. The 1998 Water Revenue Bonds were redeemed on March 1, 2018.
The annual requirements to amortize the indebtedness as of June 30, 2019, including interest are as follows:
Year Ending June 30, Principal Interest Total
2020 350,000$ 657,519$ 1,007,519$ 2021 360,000 643,519 1,003,519 2022 375,000 629,119 1,004,119 2023 515,000 614,119 1,129,119 2024 410,000 596,169 1,006,169
2025-2029 2,285,000 2,734,445 5,019,445 2030-2034 2,865,000 2,149,201 5,014,201 2035-2039 3,385,000 1,630,693 5,015,693 2040-2044 4,000,000 1,019,119 5,019,119 2045-2047 2,785,000 225,800 3,010,800
Total 17,330,000$ 10,899,703$ 28,229,703$
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7. LONG-TERM LIABILITIES (CONTINUED)
Business-Type Activities (Continued)
Colton Utility Authority Installment Sale Agreement
In March 2017, the Colton Utility Authority entered into an installment sale agreement that provided funds for (i) the redemption of the Authority’s Revenue Bonds, 2000 Series, (ii) certain capital improvements to the Wastewater Utility Enterprise Fund and (iii) the payment of costs of issuance. The agreement matures through March 2032 and bears interest, payable on March 1 and September 1, at a rate of 2.89%. The agreement is secured solely by and payable from net Wastewater Revenues and certain funds and accounts held under the agreement. The outstanding balance of the Revenue Bonds 2000 Series was redeemed on April 29, 2017.
The annual requirements to amortize the indebtedness as of June 30, 2019, including interest are as follows:
Year Ending June 30, Principal Interest Total
2020 534,601$ 236,055$ 770,656$ 2021 550,060 220,496 770,556 2022 566,073 204,483 770,556 2023 582,551 188,005 770,556 2024 599,510 171,047 770,557
2025-2029 3,269,712 583,070 3,852,782 2030-2032 2,199,227 112,442 2,311,669
Total 8,301,734$ 1,715,598$ 10,017,332$
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7. LONG-TERM LIABILITIES (CONTINUED)
Business-Type Activities (Continued)
Colton Public Financing Authority Revenue Refunding Bonds, 2007 Series A
The Colton Public Financing Authority Revenue Refunding Bonds, 2007 Series A in the original issue amount of $15,620,000 were issued to provide funds for (i) the acquisition, construction and installation of certain improvements to the City’s Electric System (the “2007 Project”), (ii) the prepayment of a portion of the Certificates of Participation, Financing Authority for Resource Efficiency of California (FARECal), Series 1997, (iii) to purchase a Reserve Account Policy for the Reserve Account and (iv) the payment of the cost of issuance related to the 2007 Bonds. The 2007 Bonds are secured by a pledge, charge and lien upon Facility Revenues and a pledge of all the monies in the Purchase Payments Account and the Reserve Account. Purchase Payments consist of the purchase payments made by the City in connection with its purchase of the 2007 Project. The 2007 Purchase Payments will be subordinate to the 1997 Installment Payments. Interest on the bonds are payable semiannually on April 1 and October 1 of each year commencing October 1, 2007.
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2019, including interest are as follows:
Year Ending June 30, Principal Interest Total
2020 1,245,000$ 386,733$ 1,631,733$ 2021 1,310,000 324,483 1,634,483 2022 245,000 258,983 503,983 2023 255,000 248,264 503,264 2024 265,000 237,108 502,108
2025-2029 1,520,000 994,110 2,514,110 2030-2034 1,910,000 606,420 2,516,420 2035-2037 1,375,000 132,763 1,507,763
Total 8,125,000$ 3,188,864$ 11,313,864$
Colton Public Financing Authority Electric Revenue Refunding Bonds, Series 2012A
The Colton Public Financing Authority Electric Revenue Refunding Bonds, Series 2012A in the original issue amount of $30,765,000 were issued to provide funds for (i) the redemption of the Authority’s Revenue Bonds, 2002 Series, (ii) a deposit into the Reserve Account and (iii) the payment of costs of issuance related to the 2012 Bonds. The bonds are secured primarily by a pledge, charge and lien upon Facilities Revenues and a pledge of all the moneys in the Purchase Payment Account and Reserve Account. The bonds mature beginning April 1, 2013 through April 1, 2028 and bear interest payable April 1 and October 1, at rates from 2.00% to 5.00%.
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7. LONG-TERM LIABILITIES (CONTINUED)
Business-Type Activities (Continued)
Colton Public Financing Authority Electric Revenue Refunding Bonds, Series 2012A (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2019, including interest are as follows:
Year Ending June 30, Principal Interest Total
2020 1,785,000$ 983,750$ 2,768,750$ 2021 1,875,000 894,500 2,769,500 2022 1,970,000 800,750 2,770,750 2023 2,065,000 702,250 2,767,250 2024 2,165,000 599,000 2,764,000
2025-2028 9,815,000 1,256,500 11,071,500
Total 19,675,000$ 5,236,750$ 24,911,750$
State of California Water Resources Control Board
In March 1998, the State of California, acting by and through the State of California Water Resources Control Board, entered into a loan agreement with the City that provided for the expansion and renovation of the sewer facility. The agreement provided for a loan amount not to exceed $8,114,108 with repayments to begin upon completion of the project and bears interest at a rate of 2.5%.
At June 30, 2019, the annual requirement to repay the remaining outstanding indebtedness is as follows:
Year Ending June 30, Principal Interest Total
2020 505,524$ 31,488$ 537,012$ 2021 518,163 23,905 542,068 2022 531,117 16,133 547,250 2023 544,394 8,166 552,560
Total 2,099,198$ 79,692$ 2,178,890$
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7. LONG-TERM LIABILITIES (CONTINUED)
Business-Type Activities (Continued)
Note Payable
The City entered into a note payable agreement to acquire water meters. The final payment is in fiscal year 2024-25.
At June 30, 2019, the annual requirement to repay the remaining outstanding indebtedness is as follows:
Year Ending June 30, Principal Interest Total
2020 325,132$ 51,922$ 377,054$ 2021 333,261 43,493 376,754 2022 341,592 35,462 377,054 2023 350,132 26,922 377,054 2024 358,885 18,169 377,054 2025 367,858 9,196 377,054
Total 2,076,860$ 185,164$ 2,262,024$
Compensated Absences
The City’s policies relating to compensated absences are described in Note 11. This liability, amounting to $637,305 at June 30, 2019, will be paid in future years from the respective enterprise funds.
Noncommitment Debt
Assessment District Bonds
The following bonds are not secured by the general taxing power of the City, State of California or any other political subdivision thereof and neither the City, State nor any political subdivision thereof has pledged its full faith and credit for bond payments.
Community Facilities District No. 90-1 Special Tax Bonds (Mount Vernon Corridor), Series 1998
Original issue in the amount of $2,800,000 was issued for the purpose of providing funds to purchase and, thereby, refund and discharge in full the issue of Community Facilities District No. 90-1 Bonds, Series 1990. The Bonds are payable solely from Special Tax Revenues levied upon District 90-1. The Bonds mature in term fashion on September 1, 2020, and bear interest at 7.5%, payable on March 1 and September 1 of each year. The Bonds are subject to optional redemption beginning March 1, 2010, and mandatory sinking fund redemption beginning September 1, 1999. The balance outstanding at June 30, 2019, is $465,000.
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8. PENSION PLANS
a. General Information about the Pension Plans Plan Descriptions All qualified permanent and probationary employees are eligible to participate in the City’s Safety (police and fire) Plan, a cost sharing defined benefit plan, and the Miscellaneous (all other) Plan, an agent multiple-employer defined benefit pension plan administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website. Benefits Provided CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 to 62 with statutorily reduced benefits. For employees hired into a plan with the 1.5% at 65 formula, eligibility for service retirement is age 55 with at least five years of services. PEPRA miscellaneous members become eligible for service retirement upon attainment of age 52 with at least five years of service. All members are eligible for nonduty disability benefits after five years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit or the Optional Settlement 2W Death Benefit. Safety members can receive a special death benefit if the member dies while actively employed and the death is job-related. Fire members may receive the alternate death benefit in lieu of the Basic Death Benefit or the 1957 Survivor Benefit if the member dies while actively employed and has at least 20 years of total CalPERS service. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plans’ provisions and benefits in effect at June 30, 2018, measurement date, are summarized as follows:
Prior to On or After Hire date January 1, 2013 January 1, 2013 Benefit formula 2.0%@55 2%@62 Benefit vesting schedule 5 Years of service 5 Years of service Benefit payments Monthly for life Monthly for life Retirement age 50 - 67 52 - 67 Monthly benefits, as a % of eligible compensation 1.426% to 2.418% 1.0% to 2.5% Required employee contribution rates 8% 6.25% Required employer contribution rates
Normal cost rate 9.290% 6.250% Payment of unfunded liability 1,669,693 -$
Miscellaneous
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8. PENSION PLANS (CONTINUED)
a. General Information about the Pension Plans (Continued) Benefits Provided (Continued)
Tier I Tier II Tier III - PEPRA Prior to On or After On or After
Hire date October 15, 2011 October 15, 2011 January 1, 2013 Benefit formula 3%@50 3%@55 2.7%@57 Benefit vesting schedule 5 Years of service 5 Years of service 5 Years of service Benefit payments Monthly for life Monthly for life Monthly for life Retirement age 50 50 - 55 50 - 57 Monthly benefits, as a % of eligible compensation 3.0% 2.4% to 3.0% 2% to 2.7% Required employee contribution rates 9.000% 9.000% 12.250% Required employer contribution rates:
Normal cost rate 21.418% 19.520% 12.729% Payment of unfunded liability 1,191,335$ 18$ 741$
Tier I Tier II Tier III - PEPRA Prior to On or After On or After
Hire date October 15, 2011 October 15, 2011 January 1, 2013 Benefit formula 3%@50 2%@50 2.7%@57 Benefit vesting schedule 5 Years of service 5 Years of service 5 Years of service Benefit payments Monthly for life Monthly for life Monthly for life Retirement age 50 50 - 55 50 - 57 Monthly benefits, as a % of eligible compensation 3.0% 2.0% to 2.7% 2% to 2.7% Required employee contribution rates 9.000% 9.000% 12.250% Required employer contribution rates:
Normal cost rate 21.230% 19.520% 12.729% Payment of unfunded liability 1,096,194$ -$ 633$
Safety - Police
Safety - Fire
Employees Covered At the June 30, 2018 measurement date, the following employees were covered by the benefit terms for the Miscellaneous Plan:
Miscellaneous Inactive employees or beneficiaries
currently receiving benefits 345 Inactive employees entitled to but
not yet receiving benefits 285 Active employees 207
Total 837
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8. PENSION PLANS (CONTINUED)
a. General Information about the Pension Plans (Continued) Contributions Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’s annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. City contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contributions requirements are classified as plan member contributions.
b. Net Pension Liability The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2018, using an annual actuarial valuation as of June 30, 2017 rolled forward to June 30, 2018 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below. Actuarial Assumptions The total pension liabilities in the June 30, 2017 actuarial valuations were determined using the following actuarial assumptions:
Miscellaneous Safety Valuation Date June 30, 2017 June 30, 2017 Measurement Date June 30, 2018 June 30, 2018 Actuarial Cost Method Entry-Age Normal Entry-Age Normal
Cost Method Cost Method Actuarial Assumptions:
Discount Rate 7.15% 7.15% Inflation 2.50% 2.50% Projected Salary Increase (1) (1) Mortality Rate Table (2) (2) Post-Retirement Benefit Income (3) (3)
(1) Varies by entry age and service.
(2)
(3) Contract COLA up to 2.00% until Purchasing Power Protection Allowance Floor on Purchasing Power applies, 2.50% thereafter.
The mortality table used was developed based on CalPERS-specific data. The table includes 15 years of mortality improvements using the Society of Actuaries Scale 90% of scale MP 2016. For more details on this table, please refer to the December 2017 experience study report (based on CalPERS demographic data from 1997 to 2015) that can be found on the CalPERS website.
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8. PENSION PLANS (CONTINUED) b. Net Pension Liability (Continued)
Long-Term Expected Rate of Return The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.
The expected real rates of return by asset class are as follows:
New Real Return Real Return Strategic Years Years
Allocation 1 - 10 (b) 11+ (c) Global Equity 50.00% 4.80% 5.98% Fixed Income 28.00% 1.00% 2.62% Inflation Assets 0.00% 0.77% 1.81% Private Equity 8.00% 6.30% 7.23% Real Assets 13.00% 3.75% 4.93% Liquidity 1.00% 0.00% -0.92%
Total 100.00%
(a)
(b) An expected inflation of 2.0% used for this period. (c) An expected inflation of 2.9% used for this period.
Asset Class (a)
In the CalPERS CAFR, Fixed Income is included in Global Debt Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Global Equity Securities and Global Debt Securities.
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8. PENSION PLANS (CONTINUED)
b. Net Pension Liability (Continued) Discount Rate The discount rate used to measure the total pension liability was 7.15%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Subsequent Events
There were no subsequent events that would materially affect the results in this disclosure.
c. Changes in the Net Pension Liability
The changes in the net pension liability for the Miscellaneous Plan, using the measurement date of June 30, 2018, are as follows:
Total Plan Net Pension Pension Fiduciary Liability Liability Net Position (Asset)
Balance at June 30, 2017 (Measurement Date) 143,397,678$ 102,252,098$ 41,145,580$
Changes in the Year: Service cost 2,509,394 - 2,509,394 Interest on the total pension liability 10,127,309 - 10,127,309 Differences between expected -
and actual experience 1,242,908 - 1,242,908 Changes in assumptions (759,649) - (759,649) Net Plan to Plan Resource Movement - (249) 249 Contribution - employer - 2,954,354 (2,954,354) Contribution - employee - 1,076,405 (1,076,405) Net investment income - 8,526,707 (8,526,707) Administrative expenses - (159,337) 159,337 Miscellaneous expenses - (302,584) 302,584 Benefit payments, including refunds
of employee contributions (6,989,911) (6,989,911) -
Net Changes 6,130,051 5,105,385 1,024,666
Balance at June 30, 2018 (Measurement Date) 149,527,729$ 107,357,483$ 42,170,246$
Increase (Decrease)
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8. PENSION PLANS (CONTINUED)
c. Changes in the Net Pension Liability (Continued) Proportionate Share of Net Pension Liability As of June 30, 2019, the City reported net pension liabilities for its proportionate share of the net pension liability for the Safety Plan as follows:
Proportionate Share of
Net Pension Liability
Safety 54,759,875$
The City’s net pension liability for the Safety Plan is measured as the proportionate share of the net pension liability. The net pension liability of each of the Plans is measured as of June 30, 2018, and the total pension liability for each Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2017 rolled forward to June 30, 2018 using standard update procedures. The City’s proportionate share of the net pension liability was based on a projection of the City’s long- term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Safety Plan as of measurement dates ended June 30, 2017 and 2018 were as follows:
Safety Proportion - June 30, 2017 0.90278% Proportion - June 30, 2018 0.93327%
Change - Increase (Decrease) 0.03049%
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8. PENSION PLANS (CONTINUED)
c. Changes in the Net Pension Liability (Continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
Miscellaneous Safety 1% Decrease 6.15% 6.15% Net Pension Liability 62,567,069$ 81,023,329$
Current Discount Rate 7.15% 7.15% Net Pension Liability 42,170,246$ 54,759,875$
1% Increase 8.15% 8.15% Net Pension Liability 25,400,639$ 33,241,678$
Pension Plan Fiduciary Net Position Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
d. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2019, the City recognized pension expense of $8,347,368 and $7,299,963 for Miscellaneous and Safety, respectively. At June 30, 2019, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows
of Resources of Resources of Resources of Resources Pension contributions subsequent to measurement date 3,452,712$ -$ 4,437,898$ -$ Differences between expected and actual experience 768,729 - 1,176,605 (4,463) Change in assumptions 1,632,796 (467,476) 5,372,899 (724,900) Change in employer's proportion and differences
between the employer's contributions and the employer's proportionate share of contributions - - 18,762 (1,980,556)
Net differences between projected and actual earnings on plan investments 354,173 - 370,749 -
Total 6,208,410$ (467,476)$ 11,376,913$ (2,709,919)$
Miscellaneous Safety
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8. PENSION PLANS (CONTINUED)
d. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
$3,452,712 and $4,437,898 reported as deferred outflows of resources related to contributions subsequent to the measurement date for Miscellaneous and Safety Plans, respectively, will be recognized as a reduction of the net pension liability in the year ending June 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ending June 30, Miscellaneous Safety
2020 3,165,507$ 4,053,059$ 2021 427,788 2,155,326 2022 (1,032,896) (1,599,993) 2023 (272,177) (379,296) 2024 - -
Thereafter - - e. Payable to the Pension Plans
At June 30, 2019, the City had no outstanding amount of contributions to the pension plans required for the year ended June 30, 2019.
9. OTHER POST-EMPLOYMENT BENEFITS PLAN Plan Description The City provides other post-employment benefits (OPEB) through a single-employer defined benefit healthcare plan. The plan, which is administered by the City, provides certain healthcare benefits. Specifically, the City provides health insurance for its retired employees according to the Personnel Rules and Regulations. The authority to do so is included annually in the Memorandum of Understanding between the City and each of its employee groups and ultimately passed by Council action. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement 75. The plan does not issue a separate report. Employees Covered As of the June 30, 2018 measurement date, the following current and former employees were covered by the benefit terms under the plan:
Inactive employees or beneficiaries currently receiving benefits 125 Active employees 274
Total 399
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9. OTHER POST-EMPLOYMENT BENEFITS PLAN (CONTINUED)
Total OPEB Liability
The City’s OPEB liability of $30,930,886 was measured as of June 30, 2018, and was determined by an actuarial valuation as of June 30, 2018.
Actuarial Assumptions and Other Inputs
The total OPEB liability as of June 30, 2018 was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Valuation Date June 30, 2017 Measurement Date June 30, 2018 Actuarial Cost Method Entry-Age Normal Cost Method Actuarial Assumptions:
Discount Rate 3.50% Inflation 2.75% Projected Salary Increase 3.00% per annum, in aggregate Healthcare Cost Trend Rates 6.0% HMO/6.5% PPO, decreasing to 5% Pre-retirement Turnover Derived from CalPERS pension plan
Mortality Derived from CalPERS pension plan updated to reflect most recent experience study
The discount rate is the average, rounded to 5 basis points, of the range of 3-20 year municipal bond rate indices: S&P Municipal Bond 20 Year High Grade Rate Index, Bond Buyer GO index, Fidelity GO AA 20 Year Bond Index.
Changes in total OPEB Liability
The change in total OPEB liability is as follows:
Total OPEB
Liability Balance at June 30, 2017
(Measurement Date) 30,436,713$
Changes in the Year: Service cost 1,197,722 Interest on the total OPEB liability 1,051,619 Changes in assumptions (346,225) Benefit payments (1,408,943)
Net Changes 494,173
Balance at June 30, 2018 (Measurement Date) 30,930,886$
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9. OTHER POST-EMPLOYMENT BENEFITS PLAN (CONTINUED) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the City, calculated using the discount rate for the Plan, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
1% Decrease Discount Rate 1% Increase
(2.5%) (3.5%) (4.5%) Total OPEB Liability 34,682,305$ 30,930,886$ 27,772,020$
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (5.00% HMO/5.50% PPO decreasing to 4.00% HMO/4.00% PPO) or one percentage point higher (7.00% HMO/7.50% PPO decreasing to 6.00% HMO/6.00% PPO) than the current healthcare cost trend rates:
Current Healthcare
1% Decrease Cost Trend Rates 1% Increase (5.00% HMO/ (6.00% HMO/ (7.00% HMO/
5.50% PPO 6.50% PPO 7.50% PPO decreasing to decreasing to decreasing to 4.00% HMO/ 5.00% HMO/ 6.00% HMO/ 4.00% PPO) 5.00% PPO) 6.00% PPO)
Total OPEB Liability 27,549,821$ 30,930,886$ 35,068,634$
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB
For the year ended June 30, 2019, the City recognized OPEB expense of $1,861,997. At June 30, 2019, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred Outflows Inflows
of Resources of Resources OPEB contributions subsequent to measurement date 1,588,495$ -$ Change in assumptions - (1,607,078)
Total 1,588,495$ (1,607,078)$
$1,588,495 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ending June 30, 2020. The change in assumption is amortized over the expected average remaining service life.
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9. OTHER POST-EMPLOYMENT BENEFITS PLAN (CONTINUED)
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB (Continued) Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:
Year
Ending June 30, Amount
2020 (387,344)$ 2021 (387,344) 2022 (387,344) 2023 (387,342) 2024 (57,704)
Thereafter -
10. JOINTLY GOVERNED ORGANIZATIONS
Retail Energy Supply The City receives electricity through firm contracts, local generation and market purchases. The majority of electricity is delivered through firm contracts, which include “take or pay” and term purchases. Local generation and market purchases supplement firm contracts to meet Colton’s retail load requirements. Take or Pay Contracts The City of Colton has entered into “take or pay” contracts to provide for future electric generating capacity for Colton electric utility customers. These contracts are not considered joint ventures since the City has no interest in the assets, liabilities or equity associated with any of the projects to which these take or pay contracts refer. The City is, however, obligated to pay its share of the amortized cost of indebtedness and operating and maintenance costs, regardless of the ability of the contracting agency to provide electricity or the City’s need for the electricity. However, in the opinion of management, the City does not have a financial responsibility for purposes of GASB Statement No. 14, Financial Reporting Entity, because the Southern California Public Power Authority (SCPPA) does not depend on revenue from the City to continue in existence. Obligation for this indebtedness is through participation in one joint powers agency, SCPPA. These contracts constitute an obligation of the Electric Utility Fund to make debt service payments from its operating revenues. The Electric Utility Fund’s share of debt service is not recorded as an obligation on the accompanying basic financial statements; however, it is included as a component of its power supply expenses. During the fiscal year ended June 30, 2019, the Electric Fund made payments totaling $6,916,034 for “take or pay” contracts.
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10. JOINTLY GOVERNED ORGANIZATIONS (CONTINUED)
Southern California Public Power Authority SCPPA membership consists of eleven municipal electric utilities and one public district of the State of California, which serves the electric power needs of their Southern California electricity customers. SCPPA, a public entity organized under the laws of the State of California, was formed by a joint powers agreement dated November 1, 1980, pursuant to the joint exercise of powers act of the State of California. SCPPA was created for the purpose of planning, financing, developing, acquiring, constructing, operating and maintaining projects for the generation and transmission of electric energy for sale to its participants. The joint powers agreement has a term expiring in 2030 or such later date as all bonds and notes of SCPPA and the interest thereon have been paid in full or adequate provisions for payments have been made. A copy of SCPPA’s audited financial statements can be reviewed on their web site at www.scppa.org or can be obtained by written request at 225 South Lake Avenue, Suite 1250, Pasadena, CA 91101. The City’s obligation is determined by the extent of its participation in projects developed by SCPPA. A summary of the City’s contracts and related projects and its contingent liability at June 30, 2019, was as follows:
City's City's Total Total City's Share Share
Principal Interest Percentage Principal Interest Outstanding Outstanding Share Outstanding Outstanding
Generation Projects: Magnolia Power Project 277,545$ 61,900$ 4.31% 11,962$ 2,668$
Transmission Projects: Mead-Phoenix 10,645 430 1.00% 106 4 Mead-Adelanto Project 35,475 1,527 2.58% 915 39
Natural Gas Projects: Natural Gas Pinedale Project 2,152 788 100.00% 2,152 788 Natural Gas Barnett Project 4,448 1,629 100.00% 4,448 1,629
Prepaid Natural Gas Project No. 1 291,275 150,250 10.76% 31,331 16,162
Total bonds payable 50,914$ 21,290$
Project
Dollar Amounts Expressed in Thousands
The City’s interests in various SCPPA projects are described as follows: Generation Projects Palo Verde Project - On August 14, 1981, SCPPA purchased a 5.91% interest in the Palo Verde Nuclear Generating Station (PVNGS), a 3,810-MW nuclear-fueled generating station near Phoenix, Arizona, a 5.44% ownership interest in the Arizona Nuclear Power Project High Voltage Switchyard (ANPP HVS) and a 6.55% share of the right to use certain portions of the Arizona Nuclear Power Project Valley Transmission System (collectively, the Palo Verde Project). Units 1, 2 and 3 of the Palo Verde Project began commercial operations in January 1986, September 1986 and January 1988, respectively.
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10. JOINTLY GOVERNED ORGANIZATIONS (CONTINUED)
Southern California Public Power Authority (Continued)
Generation Projects (Continued)
Since inception of the ANPP HVS capital additions, new terminations and other events have successively changed the respective ownership interest in the ANPP HVS. In the fiscal year ended 2011, the PVNGS fourth transformer became the 14th termination in the ANPP HVS and caused SCPPA’s proportional ownership percentage to change from 5.56% to 5.44%. This change became effective on April 1, 2011. Units 1, 2 and 3 each operated under a 40-year Full-Power Operating License from the Nuclear Regulatory Commission (NRC), expiring in 2025, 2026 and 2027, respectively. In April 2011, after a detailed, two-year process, the NRC approved the application to extend the operating licenses for all three units for an additional 20 years, allowing Unit 1 to operate through 2045, Unit 2 through 2046 and Unit 3 through 2047. San Juan Project - Effective July 1, 1993, SCPPA purchased a 41.80% interest in Unit 3 and related common facilities of the San Juan Generating Station (SJGS) from Century Power Corporation. Unit 3, a 497-MW unit, is one unit of a four-unit coal-fired power generating station in New Mexico. In an effort by the California Participants in San Juan Unit 3, SCPPA and the other owners agreed to decommission Unit 3 no later than December 31, 2017. To accommodate this goal, the participants accelerated the debt payment so that all debt was satisfied by January 1, 2017. Additionally, the coal supply contracts were renegotiated to remove the minimum coal purchase quantities beginning in FY 2015/16. Unit 3 ceased commercial operations on December 18, 2017. The City continues to have some small administrative costs associated with decommissioning activities. Magnolia Power Project - The Magnolia Power Project (MAG) consists of a combined cycle natural gas-fired generating plant with a nominally rated net base capacity of 242-MW and was built on a site in Burbank, California. The plant is the first that is wholly owned by SCPPA and entitlements to 100% of the capacity and energy of MAG have been sold to six of its members. Green Power Hoover Uprating Project - As of March 1, 1986, SCPPA and six participants entered into an agreement pursuant to which each participant assigned its entitlement to Hoover Uprating capacity and associated firm energy to SCPPA in return for SCPPA’s agreement to provide for the advancement of funds for the uprating to the United States Bureau of Reclamation (USBR) on behalf of such participants. The agreement expires on September 30, 2017.
On December 20, 2011, the Hoover Power Allocation Act, which extends the availability of Hoover Power to the existing contractors for an additional fifty years and creates a pool for new entrants, was signed into law. The participants entered into new agreements with the federal government for the capacity and energy, effective from October 1, 2017 through September 30, 2067. SCPPA and the six participants have agreed, effective October 1, 2017 through September 30, 2067, for the capacity and energy, as approved by each participant’s governing body.
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10. JOINTLY GOVERNED ORGANIZATIONS (CONTINUED) Southern California Public Power Authority (Continued) Transmission Projects Mead-Phoenix and Mead-Adelanto Projects - As of August 4, 1992, SCPPA entered into an agreement to acquire an interest in the Mead-Phoenix Project (Mead-Phoenix), a transmission line extending between the Westwing substation in Arizona and the Marketplace substation in Nevada. The agreement provides SCPPA with an 18.31% interest in the Westwing-Mead project component, a 17.76% interest in the Mead Substation project component and a 22.41% interest in the Mead-Marketplace project component. As of August 4, 1992, SCPPA also entered into an agreement to acquire a 67.92% interest in the Mead-Adelanto Project (Mead-Adelanto), a transmission line extending between the Adelanto substation in Southern California and the Marketplace substation in Nevada. Funding for these projects was provided by a transfer of funds from the Multiple Project Fund and commercial operations commenced in April 1996. The Los Angeles Department of Water & Power (LADWP) serves as project manager and operating agent of Mead-Adelanto.
Natural Gas Projects Natural Gas Pinedale Project - On July 1, 2005, SCPPA together with LADWP and Turlock Irrigation District (TID) acquired 42.5% of an undivided working interest in three natural gas leases located in the Pinedale Anticline region of the State of Wyoming. SCPPA’s individual share in these interests equals 14.9%. The purchase includes 38 operating oil and gas wells and associated lateral pipelines, equipment, permits, rights of way and easements used in production. The natural gas field production is expected to increase for several more years as additional capital is invested on drilling new wells and then decline over a life expectancy greater than 30 years. Natural Gas Barnett Project - Natural gas resources in the Barnett shale geological formation in Texas were acquired from Collins and Young Holding, L.L.P. (C&Y) for a total of $84 million. The acquisition settled on October 26, 2006 and was completed on December 7, 2006 when the participants, together with TID, exercised their option to purchase additional resources from C&Y. Prepaid Natural Gas Project No. 1 - On October 11, 2007, SCPPA made a one-time prepayment of $481 million to acquire the right to receive approximately 135 billion cubic feet of natural gas from J. Aron & Company (J. Aron) to be delivered over a 30-year term, beginning July 1, 2008. On October 3, 2007, prior to the acquisition of the prepaid gas supply, SCPPA entered into five separate Prepaid Natural Gas Sales Agreements (the Gas Sales Agreements) with J. Aron and simultaneously, five Prepaid Natural Gas Supply Agreements (the Gas Supply Contracts) in which SCPPA sold its interest in the natural gas, on a “take-and-pay” basis, to the cities of Anaheim, Burbank, Colton, Glendale and Pasadena (the Project No. 1 Participants). Through the Gas Supply Contracts, SCPPA has provided for the sale to the Project Participants, on a pay-as-you-go basis, of all of the natural gas to be delivered to SCPPA pursuant to the Gas Sales Agreements. On October 22, 2009, the Prepaid Natural Gas Sales Agreements and certain other agreements were restructured to reduce risk, provide an acceleration of a portion of the long-term savings, reduce the remaining volumes of gas to be delivered from 135 billion to 90 billion cubic feet and shorten the term of the agreements from 30 years to 27 years. As a result of the restructuring, the Natural Gas contracts will now expire in 2035 and $165.5 million principal of the 2007 Natural Gas Project Bonds were terminated.
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10. JOINTLY GOVERNED ORGANIZATIONS (CONTINUED) San Bernardino Valley International Airport Authority In May 1992, the San Bernardino Valley International Airport Authority (SBVIAA) was created pursuant to a joint exercise of powers agreement, entered into between the City of Colton, the County of San Bernardino and the Cities of Loma Linda, San Bernardino and Highland. The SBVIAA was established for the purpose of acquiring, operating, repairing, maintaining and administrating the aviation portions of the former Norton Air Force Base, now known as the San Bernardino International Airport. The City has no equity interest in the SBVIAA and does not receive a share of operating results. A copy of SBVIAA’s audited financial statements can be obtained by written request at 294 S. Leland Norton Way, Suite #1, San Bernardino, CA 92408. Colton/San Bernardino Regional Tertiary Treatment and Water Reclamation Authority The City is a member of the Colton/San Bernardino Regional Tertiary Treatment and Water Reclamation Authority (the Authority). The Governing Board of the Authority is composed of two appointed representatives, one each from Colton and San Bernardino. In September 1994, the Authority was formed for the purpose of creating a public agency to exercise the common powers of Colton and San Bernardino to construct, operate, use and maintain tertiary wastewater treatment, disposal and water reclamation systems. The City has no equity interest in the Authority and does not receive a share of operating results. In April 1994, the Authority entered into a second agreement that provided for a loan in the amount of $30,563,058 for the construction of the Regional Tertiary Treatment System (RIX full-scale facility). See Note 7 for complete disclosure. The City has no equity interest in the Authority and does not receive a share of operating results. A copy of the Authority’s audited financial statements can be obtained by written request at 300 North “D” Street, 5th Floor, San Bernardino, CA 92418.
11. CONCESSIONAIRE AGREEMENT
In March 2015, the City entered into a wastewater enterprise lease agreement with City of Grand Terrace. Per the agreement, the City of Grand Terrace agreed to lease to City of Colton the City of Grand Terrace’s wastewater enterprise. The agreement was formed for the sole purpose for arranging for the City of Colton to carry out all aspects of operation and maintenance of the City of Grand Terrace’s wastewater enterprise pursuant to and in accordance with the provisions of the sewer services agreement. The agreement is for a term of 50 years ending in 2064.
The City of Grand Terrace continues to own the Wastewater enterprise. The City has been afforded long-term nonexclusive access and use of the facilities to perform the services required under the agreement. The City is to bill and collect all user fees related to the Wastewater enterprise that include (a) sewer services fees, charges and assessments, (b) sewer capacity charges, sewer connection charges and (c) other revenue or income derived from use and operation of the wastewater enterprise. As compensation for the exclusive use of the wastewater enterprise, the City of Colton made a one-time advance payment of $400,000 and will pay approximately $300,000 in annual payments thereafter. The initial payment of $400,000 was recorded as intangible assets, amortized over the term of the agreement, which is 30 years. During the fiscal year 2018-2019, the City made the annual payment of $300,000, which is included in the maintenance and operations expense in the Wastewater Utility Enterprise Fund.
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
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12. COMMITMENTS AND CONTINGENCIES Self-Insurance Payable The City is exposed to various risk of loss related to torts; theft, damage and destruction of assets; errors and omissions; and injuries to employees. The City of Colton adopted a self-insurance program for workers’ compensation and general liability and uses an internal service fund to account for and finance its uninsured risk of loss. Under this program, the self-insurance funds provide coverage for up to a maximum of $1 million for each workers’ compensation claim and $20 million for each general liability claim and fully insures other risks through purchase of commercial insurance. All funds of the City participate in the program and make payments to the internal service fund. Liability: The City insures automobile and general liability risk up to $1 million per occurrence. There is excess liability coverage of $20 million for amounts above the $1 million self-insured retention. Workers’ Compensation: The City is self-insured for workers’ compensation risk up to $1 million per occurrence. Excess coverage is in place for amounts above the $1 million self-insured retention up to State of California statutory limits.
Property: The City purchases all risk property insurance, subject to exclusions, covering City buildings, contents, higher cost vehicles and machines subject to deductibles of $25 thousand to $100 million (per property limits) per occurrence depending upon the type of loss.
Crime: The City purchases crime (bond type) insurance up to $1 million per occurrence for loss of money and securities caused by employees and or others.
The fund establishes claims liabilities based on estimates of the ultimate cost of claims (including future claim adjustment expenses) that have been reported but not settled and of claims that have been incurred but not reported. The City has accrued for its anticipated liability with respect to claims filed and claims incurred but not reported to the City as of year-end. The accruals are in the amounts of $2,240,590 and $2,246,094 for the workers’ compensation claims and general liability claims, respectively, for a total of $4,486,684. A reconciliation of changes in aggregate liabilities for claims for the last two fiscal years is as follows:
2019 2018 Beginning-year liability 4,317,718$ 4,375,999$ Current-year claims and changes in estimates 2,466,095 1,160,224 Claim payments (2,297,129) (1,218,505)
Balance at fiscal year end 4,486,684$ 4,317,718$
There have been no significant changes in insurance coverage from the prior year. During the past three fiscal years, the amount of settlements has not exceeded the amount of insurance coverage. Litigation There are several lawsuits pending against the City. The outcome and eventual liability of the City, if any, in these cases is not known at this time. Management estimates that the potential claims against the City, not covered by insurance or self-insurance reserves, resulting from such litigation would not materially affect the financial statements of the City.
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
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13. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY
Cash and Investments
Cash and investments reported in the accompanying Successor Agency of the Former RDA financial statements consisted of the following:
Cash and investments 1,860,065$
Due to City of Colton The Housing Authority made a loan of $1,903,927 to the Successor Agency for the payment of the Education Revenue Augmentation Fund. Repayment agreement was approved by the Department of Finance in two installments; $1,793,104 approved for fiscal year ending June 30, 2019 and the remaining $110,823 was approved for fiscal year ending June 30, 2020. Long-Term Liabilities The following debt was transferred from the Redevelopment Agency to the Successor Agency as of February 1, 2012, as a result of the dissolution. A description of long-term debt outstanding (excluding defeased debt) of the Successor Agency as of June 30, 2019, follows:
Due Due in Balance Balance Within More Than
June 30, 2018 Additions Deletions June 30, 2019 One Year One Year Tax Allocation Bonds:
Refunding Bonds, Series 2015 14,795,000$ -$ (2,155,000)$ 12,640,000$ 1,040,000$ 11,600,000$ Unamortized discounts 1,608,961 - (86,971) 1,521,990 - 1,521,990
Total 16,403,961$ -$ (2,241,971)$ 14,161,990$ 1,040,000$ 13,121,990$
CITY OF COLTON, CALIFORNIA Notes to Basic Financial Statements June 30, 2019
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13. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (CONTINUED) Long-Term Liabilities (Continued) Tax Allocation Refunding Bonds 2015 Series
On July 8, 2015, the City issued $18,925,000 of Series 2015 Tax Allocation Refunding Bonds. These refunding bonds were issued to advance refund the outstanding balance on the Series 1998 A and B bonds, 1999 Series bonds, 2004 Series A bonds and note payable - CIEDB. The bonds consists of serial bonds with annual maturity dates from August 1, 2016 through August 1, 2031, with interest rates ranging from 2.00% to 3.625% and term bonds of $1,365,000 with an interest rate of 4.00% maturing on August 1, 2036.
At June 30, 2019, the annual requirement to repay the remaining outstanding indebtedness is as follows:
Year Ending June 30, Principal Interest Total
2020 1,040,000$ 577,638$ 1,617,638$ 2021 1,230,000 520,888 1,750,888 2022 1,295,000 457,762 1,752,762 2023 1,215,000 395,013 1,610,013 2024 1,060,000 338,158 1,398,158
2025-2029 4,715,000 871,281 5,586,281 2030-2034 1,235,000 274,638 1,509,638 2035-2039 850,000 68,800 918,800
Total 12,640,000$ 3,504,178$ 16,144,178$
14. SUBSEQUENT EVENTS
Events occurring after June 30, 2019, have been evaluated for possible adjustments to the financial statements or disclosure as of December 19, 2019, which is the date these financial statements were available to be issued.
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REQUIRED SUPPLEMENTARY INFORMATION
Fiscal year ended June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
Measurement period June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014
Plan's proportion of the net pension liability 0.568270% 0.543930% 0.546800% 0.887770% 0.493710%
Plan's proportionate share of the net pension liability 54,759,875$ 53,943,082$ 47,315,229$ 36,579,955$ 30,721,081$
Plan's covered payroll 9,299,618$ 8,523,558$ 7,954,010$ 8,572,102$ 7,813,817$
Plan's proportionate share of the net pension liability
as a percentage of covered payroll 588.84% 632.87% 594.86% 426.73% 393.16%
Plan's proportionate share of the fiduciary net position
as a percentage of the Plan's total pension liability 75.26% 73.31% 74.06% 78.40% 80.99%
Plan's proportionate share of aggregate
employer contributions 5,726,963$ 4,596,046$ 4,379,222$ 4,428,878$ 3,704,405$
Notes to Schedule:
Benefit Changes:
Changes in Assumptions:
From fiscal year June 30, 2015 to June 30, 2016:
From fiscal year June 30, 2016 to June 30, 2017:
There were no changes in assumptions.
From fiscal year June 30, 2017 to June 30, 2018:
The discount rate was reduced from 7.65% to 7.15%.
From fiscal year June 30, 2018 to June 30, 2019:
There were no significant changes in assumptions.
* Fiscal year 2015 was the first year of implementation and therefore only five years are shown.
CITY OF COLTON
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Last Ten Fiscal Years*
There were no changes in benefits.
SAFETY PLANS - POLICE AND FIRE
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of pension plan administrative expense.
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Fiscal year 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015
Contractually required contribution
(actuarially determined) 4,437,898$ 3,908,198$ 3,319,478$ 3,081,204$ 2,451,024$
Contributions in relation to the
actuarially determined contributions (4,437,898) (3,908,198) (3,319,478) (3,081,204) (2,451,024)
Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll 9,579,273$ 9,299,618$ 8,523,558$ 7,954,010$ 8,572,102$
Contributions as a percentage of covered payroll 46.33% 42.03% 38.94% 38.74% 28.59%
Notes to Schedule:
Valuation Date 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial cost method Entry age Entry age Entry age Entry age Entry age
Amortization method (1) (1) (1) (1) (1)
Asset valuation method Market Value Market Value Market Value Market Value 15 Year
Smoothed
Market Method
Inflation 2.75% 2.75% 2.75% 2.75% 2.75%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.375% (3) 7.50% (3) 7.50% (3) 7.50% (3) 7.50% (3)
Retirement age (4) (4) (4) (4) (4) Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation
(4) 3% at 50 retirement age 50, 2% at 50 retirement age 50 - 57, and 2.7% at 57 retirement age 50-57**
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study
adopted by the CalPERS Board.
* Fiscal year 2015 was the first year of implementation and therefore only five years are shown.
CITY OF COLTON
SCHEDULE OF CONTRIBUTIONS
Last Ten Fiscal Years*
SAFETY PLANS - POLICE AND FIRE
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Fiscal year ended June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
Measurement period June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014
Total Pension Liability: Service cost 2,509,394$ 2,441,303$ 2,173,034$ 2,030,905$ 1,819,120$ Interest on total pension liability 10,127,309 9,698,932 9,339,587 8,828,015 8,469,591 Differences between expected and actual experience 1,242,908 19,319 1,753,280 (144,763) - Changes in assumptions (759,649) 8,163,980 - (2,174,145) - Changes in benefits - - - - - Benefit payments, including refunds
of employee contributions (6,989,911) (6,342,617) (6,190,901) (5,801,181) (5,408,188)
Net Change in Total Pension Liability 6,130,051 13,980,917 7,075,000 2,738,831 4,880,523 Total Pension Liability - Beginning of Year 143,397,678 129,416,761 122,341,761 119,602,930 114,722,407
Total Pension Liability - End of Year (a) 149,527,729$ 143,397,678$ 129,416,761$ 122,341,761$ 119,602,930$
Plan Fiduciary Net Position: Net plan to plan resource movement (249)$ -$ -$ -$ -$ Miscellaneous expenses (302,584) - - - - Contributions - employer 2,954,354 2,806,234 2,601,938 2,266,067 1,634,990 Contributions - employee 1,076,405 1,079,751 1,054,638 1,098,948 926,763 Net investment income 8,526,707 10,436,125 507,989 2,151,777 14,562,640 Benefit payments (6,989,911) (6,342,617) (6,190,901) (5,801,181) (5,408,188) Administrative expense (159,337) (139,393) (58,810) (131,597) -
Net Change in Plan Fiduciary Net Position 5,105,385 7,840,100 (2,085,146) (415,986) 11,716,205 Plan Fiduciary Net Position - Beginning of Year 102,252,098 94,411,998 96,497,144 96,913,130 85,196,925
Plan Fiduciary Net Position - End of Year (b) 107,357,483$ 102,252,098$ 94,411,998$ 96,497,144$ 96,913,130$
Net Pension Liability - Ending (a)-(b) 42,170,246$ 41,145,580$ 35,004,763$ 25,844,617$ 22,689,800$
Plan fiduciary net position as a percentage of the total pension liability 71.80% 71.31% 72.95% 78.88% 81.03%
Covered payroll 13,726,400$ 14,021,318$ 12,803,630$ 13,135,088$ 11,068,462$
Net pension liability as percentage of covered payroll 307.22% 293.45% 273.40% 196.76% 205.00%
Notes to Schedule:
Benefit Changes:
Changes in Assumptions: From fiscal year June 30, 2015 to June 30, 2016:
From fiscal year June 30, 2016 to June 30, 2017: There were no changes in assumptions.
From fiscal year June 30, 2017 to June 30, 2018: The discount rate was reduced from 7.65% to 7.15%.
From fiscal year June 30, 2018 to June 30, 2019: There were no significant changes in assumptions.
* Fiscal year 2015 was the first year of implementation and therefore only five years are shown.
CITY OF COLTON
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
Last Ten Fiscal Years*
There were no changes in benefits.
MISCELLANEOUS PLAN
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense but without
90
Fiscal year ended June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
Actuarially determined contribution 3,452,712$ 2,941,634$ 2,734,651$ 2,504,134$ 2,258,495$
Contributions in relation to the
actuarially determined contributions (3,452,712) (2,941,634) (2,734,651) (2,504,134) (2,258,495)
Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll 13,638,600$ 13,726,400$ 14,021,318$ 12,803,630$ 13,135,088$
Contributions as a percentage of covered payroll 25.32% 21.43% 19.50% 19.56% 17.19%
Notes to Schedule:
Valuation Date 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial cost method Entry age Entry age Entry age Entry age Entry age
Amortization method (1) (1) (1) (1) (1)
Asset valuation method Market Value Market Value Market Value Market Value 15 Year Smoothed
Market Method
Inflation 2.75% 2.75% 2.75% 2.75% 2.75%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.375% (3) 7.50% (3) 7.50% (3) 7.50% (3) 7.50% (3)
Retirement age (4) (4) (4) (4) (4) Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation
(4) 2.0% at 55 retirement age from 50-67, 2% at 62 retirement age 52-67**
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study
adopted by the CalPERS Board.
* Fiscal year 2015 was the first year of implementation and therefore only five years are shown.
CITY OF COLTON
SCHEDULE OF CONTRIBUTIONS
Last Ten Fiscal Years*
MISCELLANEOUS PLAN
91
Fiscal year end 6/30/2019 6/30/2018
Measurement date 6/30/2018 6/30/2017
Total OPEB Liability: Service cost 1,197,722$ 1,308,041$ Interest on total OPEB liability 1,051,619 916,545 Changes in assumptions (346,225) (1,977,837) Benefit payments, including refunds of member contributions (1,408,943) (1,322,951)
Net Change in Total OPEB Liability 494,173 (1,076,202) Total OPEB Liability - Beginning of Year 30,436,713 31,512,915
Total OPEB Liability - Ending (a)-(b) 30,930,886$ 30,436,713$
Covered - employee payroll 23,026,018$ 22,544,876$
Total OPEB liability as percentage of covered - employee payroll 134.33% 135.01%
Notes to Schedule:
Benefit Changes:
Changes in Assumptions:
* Fiscal year 2018 was the first year of implementation and therefore only two years are shown.
CITY OF COLTON
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
Last Ten Fiscal Years*
There were no changes in benefits.
The discount rate was reduced from 3.50% to 3.40%
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SUPPLEMENTARY INFORMATION COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
THIS PAGE INTENTIONALLY LEFT BLANK
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OTHER GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or major capital projects), that are restricted to expenditures for special purposes. The following funds have been classified as other governmental funds: Gas Tax Fund - to account for monies received and expended from State Gas Tax allocations. Community Child Care Fund - to account for monies received and expended from State Department of Education. Library Grant Fund - to account for monies received and expended from various grant sources. Community Development Block Grant Fund - to account for monies received and expended by the City as a participant in the Federal Community Development Block Grant Program. State Traffic Relief Fund - to account for monies received from AB2928 for street pavement maintenance, rehabilitation and reconstruction of traffic control devices. Asset Seizure Fund - to account for monies received and property seized as a result of judicial forfeitures. Air Quality Fund - to account for monies received from AQMD for Alternate Fuel Program and Trip Reduction. Drug/Gang Intervention Fund - to account for monies received from Asset Seizure for anti-gang education. Host City Fees Fund - to account for monies received and expended from County of San Bernardino for hosting the County landfill. Storm Water Fund - to account for monies received and expended for the maintenance of storm drains. Local Transportation Fund - to account for monies received from a portion of sales tax revenue restricted to fund transportation related activities. New Facilities Fund - to account for monies received from new development dedicated to building of new Public Safety and Library facilities. Civic Center Development Fee Fund - to account for monies received from new development dedicated to building of a new civic center facility. Fire Facility Development Fee Fund - to account for monies received from new development dedicated to building of new fire facility.
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OTHER GOVERNMENTAL FUNDS (CONTINUED)
SPECIAL REVENUE FUNDS (CONTINUED)
Police Facility Development Fee Fund - to account for to account for monies received from new development dedicated to building of new police facility. ViTep Fund - this fund was setup using a grant from the Office of Traffic Safety to tow cars belonging to unlicensed drivers within the City. For continuation of the program revenue is now derived from citation of traffic violators within the City. Miscellaneous Grants Fund - to account for monies received and expended from various grant sources. Housing Authority Fund - to account for activities related to protecting local housing funds and programs, providing new revenue opportunities for affordable housing programs, promoting public safety and welfare, and ensuring decent, safe, sanitary and affordable housing accommodations to persons of low income within the City.
DEBT SERVICE FUNDS Debt Service Funds are used to account for the accumulation of resources for, and the payment of, long-term debt principal, interest and related costs other than those being financed by proprietary funds. Public Financing Authority (PFA) Fund - this fund is used to accumulate resources for the payment of principal and interest on long-term debt for the City. Taxable Pension Funding Bonds Fund - this fund is used to accumulate resources for the payment of principal and interest on the amount borrowed for purposes of funding the City’s enterprise funds’ previously unfunded pension liability.
95
OTHER GOVERNMENTAL FUNDS
(CONTINUED)
CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major facilities other than those financed by Proprietary, Special Assessment and/or Trust Funds. The following funds have been classified as other governmental funds. Capital Improvements Fund - to account for the General City capital projects. The funding for these projects is primarily from Measure I, Gas Tax and the General Fund. Development Fees Fund - to account for funds collected from developers for capital infrastructure projects within the development. Colton Crossing Fund - to account for funds relating to the Laurel/Hunts Lane Separation Project which are funded by Local Stimulus Funds, Proposition 42, Traffic Relief Funds and Traffic Impact Fees.
Community Child Library
Gas Tax Care Grant ASSETS:
Cash and investments -$ 107,223$ 62,392$ Receivables:
Accounts - 2,243 - Taxes - - - Notes and loans - - - Accrued interest - 735 229
Due from other governments 87,940 - - Due from successor agency - - - Due from other funds - - 22,830 Land held for resale - - - Restricted assets:
Cash and investments - - - Cash and investments with fiscal agents - - -
TOTAL ASSETS 87,940$ 110,201$ 85,451$
LIABILITIES: Accounts payable 103,824$ 31,386$ 31,070$ Unearned revenues - 107,979 4,298 Due to other funds 117,169 - -
TOTAL LIABILITIES 220,993 139,365 35,368
DEFERRED INFLOWS OF RESOURCES: Unavailable revenues - - -
TOTAL DEFERRED INFLOWS OF RESOURCES - - -
FUND BALANCES (DEFICITS): Restricted:
Public safety - - - Capital projects - - - Debt service - - - Education - - 50,083 Community services - - - Affordable housing - - - Air quality projects - - -
Unassigned (133,053) (29,164) -
TOTAL FUND BALANCES (DEFICITS) (133,053) (29,164) 50,083
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES 87,940$ 110,201$ 85,451$
CITY OF COLTON
COMBINING BALANCE SHEET OTHER GOVERNMENTAL FUNDS
June 30, 2019
Special Revenue Funds
96
Community Development State Host
Block Traffic Asset Air Drug/Gang City Grant Relief Seizure Quality Intervention Fees
-$ 1,010,375$ 315,609$ 611,235$ 13,318$ 1,669,020$
43,068 - - - - - - 92,363 - - - - - - - - - - - 3,103 1,242 1,986 44 5,231 - - - 18,065 - 98,288 - - - - - - - - - - - - - - - - - -
- - 62,312 - - - - - - - - -
43,068$ 1,105,841$ 379,163$ 631,286$ 13,362$ 1,772,539$
-$ -$ -$ 105,147$ -$ 15,624$ - - - - - -
43,645 - - - - -
43,645 - - 105,147 - 15,624
- - - - - -
- - - - - -
- - 379,163 - 13,362 - - 1,105,841 - - - 1,756,915 - - - - - - - - - - - - - - - - - - - - - - - - - - - 526,139 - -
(577) - - - - -
(577) 1,105,841 379,163 526,139 13,362 1,756,915
43,068$ 1,105,841$ 379,163$ 631,286$ 13,362$ 1,772,539$
(Continued)
Special Revenue Funds (Continued)
97
Storm Local New Water Transportation Facilities
ASSETS: Cash and investments 912,806$ 2,242,764$ 261,206$ Receivables:
Accounts - 41,091 - Taxes 9,266 - - Notes and loans - - - Accrued interest 3,052 7,476 843
Due from other governments - 252,727 - Due from successor agency - - - Due from other funds - - - Land held for resale - - - Restricted assets:
Cash and investments - - - Cash and investments with fiscal agents - - -
TOTAL ASSETS 925,124$ 2,544,058$ 262,049$
LIABILITIES: Accounts payable 21,007$ 39,459$ -$ Unearned revenues - - - Due to other funds - - -
TOTAL LIABILITIES 21,007 39,459 -
DEFERRED INFLOWS OF RESOURCES: Unavailable revenues - - -
TOTAL DEFERRED INFLOWS OF RESOURCES - - -
FUND BALANCES (DEFICITS): Restricted:
Public safety - - - Capital projects 904,117 2,504,599 262,049 Debt service - - - Education - - - Community services - - - Affordable housing - - - Air quality projects - - -
Unassigned - - -
TOTAL FUND BALANCES (DEFICITS) 904,117 2,504,599 262,049
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES 925,124$ 2,544,058$ 262,049$
COMBINING BALANCE SHEET OTHER GOVERNMENTAL FUNDS
(CONTINUED)
June 30, 2019
Special Revenue Funds (Continued)
CITY OF COLTON
98
Civic Center Fire Facility Police Facility Development Development Development Miscellaneous Housing
Fee Fee Fee ViTep Grants Authority
112,472$ 164,512$ 199,248$ 199,546$ 185$ 730,135$
- - - - 512,008 32,272 - - - - - - - - - - - -
354 518 627 636 351 2,428 - - - - 357,946 - - - - - - 110,823 - - - - - - - - - - - 84,131
- - - - - - - - - - - -
112,826$ 165,030$ 199,875$ 200,182$ 870,490$ 959,789$
-$ -$ -$ -$ 268,862$ -$ - - - - 286,580 - - - - - 55,217 -
- - - - 610,659 -
- - - - 779,218 -
- - - - 779,218 -
- - - 200,182 - - 112,826 165,030 199,875 - - -
- - - - - - - - - - - - - - - - - - - - - - 959,789 - - - - - - - - - - (519,387) -
112,826 165,030 199,875 200,182 (519,387) 959,789
112,826$ 165,030$ 199,875$ 200,182$ 870,490$ 959,789$
(Continued)
Special Revenue Funds (Continued)
99
Taxable Public Pension
Financing Funding Authority Bonds
ASSETS: Cash and investments 108,592$ 38,913$ Receivables:
Accounts - - Taxes - - Notes and loans - - Accrued interest - -
Due from other governments - - Due from successor agency - - Due from other funds - - Land held for resale - - Restricted assets:
Cash and investments - - Cash and investments with fiscal agents 922,037 1,478,702
TOTAL ASSETS 1,030,629$ 1,517,615$
LIABILITIES: Accounts payable -$ -$ Unearned revenues - - Due to other funds - -
TOTAL LIABILITIES - -
DEFERRED INFLOWS OF RESOURCES: Unavailable revenues - -
TOTAL DEFERRED INFLOWS OF RESOURCES - -
FUND BALANCES (DEFICITS): Restricted:
Public safety - - Capital projects - - Debt service 1,030,629 1,517,615 Education - - Community services - - Affordable housing - - Air quality projects - -
Unassigned - -
TOTAL FUND BALANCES (DEFICITS) 1,030,629 1,517,615
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES 1,030,629$ 1,517,615$
CITY OF COLTON
OTHER GOVERNMENTAL FUNDS (CONTINUED)
June 30, 2019
Debt Service Funds
COMBINING BALANCE SHEET
100
Total Other
Capital Development Colton Governmental Improvements Fees Crossing Funds
2,448,661$ 10,067,022$ 679,042$ 21,954,276$
- - - 630,682 - - - 101,629 - - - -
7,457 31,685 2,229 70,226 2,650 - - 817,616
- - - 110,823 - - - 22,830 - - - 84,131
- - - 62,312 - - - 2,400,739
2,458,768$ 10,098,707$ 681,271$ 26,255,264$
18,350$ 114,744$ 3,402$ 752,875$ - - - 398,857 - - - 216,031
18,350 114,744 3,402 1,367,763
2,650 - - 781,868
2,650 - - 781,868
- - - - 592,707
2,437,768 9,983,963 677,869 20,110,852 - - - 2,548,244 - - - 50,083 - - - - - - - 959,789 - - - 526,139 - - - (682,181)
2,437,768 9,983,963 677,869 24,105,633
2,458,768$ 10,098,707$ 681,271$ 26,255,264$
Capital Projects Funds
101
Community Child Library
Gas Tax Care Grant REVENUES:
Taxes -$ -$ -$ Intergovernmental 1,042,161 790,735 101,062 Charges for services - 81,570 - Use of money and property 5,592 3,699 1,283 Fines and forfeitures - - - Miscellaneous - - -
TOTAL REVENUES 1,047,753 876,004 102,345
EXPENDITURES: Current:
General government - - - Public safety - - - Community services - 919,333 114,949 Public works 1,464,263 - -
Capital outlay - - - Debt service:
Principal retirement - - - Interest and fiscal charges - - -
TOTAL EXPENDITURES 1,464,263 919,333 114,949
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (416,510) (43,329) (12,604)
OTHER FINANCING SOURCES (USES): Transfers in - - 32,500 Transfers out (339,893) (18,421) -
TOTAL OTHER FINANCING SOURCES (USES) (339,893) (18,421) 32,500
NET CHANGE IN FUND BALANCES (756,403) (61,750) 19,896
FUND BALANCES (DEFICITS) - BEGINNING OF YEAR 623,350 32,586 30,187
FUND BALANCES (DEFICITS) - END OF YEAR (133,053)$ (29,164)$ 50,083$
CITY OF COLTON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OTHER GOVERNMENTAL FUNDS
For the year ended June 30, 2019
Special Revenue Funds
102
Community Development State Host
Block Traffic Asset Air Drug/Gang City Grant Relief Seizure Quality Intervention Fees
-$ -$ -$ -$ -$ -$ 481,279 1,029,663 - 69,683 - 555,657
- - - - - - - 17,456 7,959 18,217 418 45,573 - - 308,790 - - - - - - - - -
481,279 1,047,119 316,749 87,900 418 601,230
- - - - - 85,554 - - 176,839 - - - - - - - - - - - - 105,146 - -
393,358 244,981 - - - -
- - - - - - - - - - - -
393,358 244,981 176,839 105,146 - 85,554
87,921 802,138 139,910 (17,246) 418 515,676
- 303,703 - - - - (55,014) - - - - -
(55,014) 303,703 - - - -
32,907 1,105,841 139,910 (17,246) 418 515,676
(33,484) - 239,253 543,385 12,944 1,241,239
(577)$ 1,105,841$ 379,163$ 526,139$ 13,362$ 1,756,915$
(Continued)
Special Revenue Funds (Continued)
103
Storm Local New Water Transportation Facilities
REVENUES: Taxes 606,757$ -$ -$ Intergovernmental - 1,080,949 - Charges for services - - 30,199 Use of money and property 26,208 72,140 7,661 Fines and forfeitures - - - Miscellaneous - - -
TOTAL REVENUES 632,965 1,153,089 37,860
EXPENDITURES: Current:
General government - - - Public safety - - - Community services - - - Public works 477,799 1,118,227 -
Capital outlay - - - Debt service:
Principal retirement - - - Interest and fiscal charges - - -
TOTAL EXPENDITURES 477,799 1,118,227 -
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 155,166 34,862 37,860
OTHER FINANCING SOURCES (USES): Transfers in - - - Transfers out (8,885) (65,524) -
TOTAL OTHER FINANCING SOURCES (USES) (8,885) (65,524) -
NET CHANGE IN FUND BALANCES 146,281 (30,662) 37,860
FUND BALANCES (DEFICITS) - BEGINNING OF YEAR 757,836 2,535,261 224,189
FUND BALANCES (DEFICITS) - END OF YEAR 904,117$ 2,504,599$ 262,049$
CITY OF COLTON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OTHER GOVERNMENTAL FUNDS
(CONTINUED)
For the year ended June 30, 2019
Special Revenue Funds (Continued)
104
Civic Center Fire Facility Police Facility Development Development Development Miscellaneous Housing
Fee Fee Fee ViTep Grants Authority
-$ -$ -$ -$ -$ -$ - - - - 1,584,610 -
29,361 38,927 54,579 66,464 - - 3,060 4,537 5,385 5,560 6,870 24,052
- - - - - - - - - - - -
32,421 43,464 59,964 72,024 1,591,480 24,052
- - - - - 127,710 - - - 55,536 576,292 - - - - - - - - - - - 1,069,477 - - - - - - -
- - - - - - - - - - - 2,178
- - - 55,536 1,645,769 129,888
32,421 43,464 59,964 16,488 (54,289) (105,836)
- - - - - - - - - - (524,050) (3,359)
- - - - (524,050) (3,359)
32,421 43,464 59,964 16,488 (578,339) (109,195)
80,405 121,566 139,911 183,694 58,952 1,068,984
112,826$ 165,030$ 199,875$ 200,182$ (519,387)$ 959,789$
(Continued)
Special Revenue Funds (Continued)
105
Taxable Public Pension
Financing Funding Authority Bonds
REVENUES: Taxes -$ -$ Intergovernmental - - Charges for services - - Use of money and property 15,917 28,787 Fines and forfeitures - - Miscellaneous - 15,301
TOTAL REVENUES 15,917 44,088
EXPENDITURES: Current:
General government 4,821 2,971 Public safety - - Community services - - Public works - -
Capital outlay - - Debt service:
Principal retirement 475,000 1,565,000 Interest and fiscal charges 430,019 1,059,532
TOTAL EXPENDITURES 909,840 2,627,503
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (893,923) (2,583,415)
OTHER FINANCING SOURCES (USES): Transfers in 905,019 1,942,907 Transfers out - -
TOTAL OTHER FINANCING SOURCES (USES) 905,019 1,942,907
NET CHANGE IN FUND BALANCES 11,096 (640,508)
FUND BALANCES (DEFICITS) - BEGINNING OF YEAR 1,019,533 2,158,123
FUND BALANCES (DEFICITS) - END OF YEAR 1,030,629$ 1,517,615$
Debt Service Funds
CITY OF COLTON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OTHER GOVERNMENTAL FUNDS
(CONTINUED)
For the year ended June 30, 2019
106
Total Other
Capital Development Colton Governmental Improvements Fees Crossing Funds
-$ -$ -$ 606,757$ - - - 6,735,799 - 2,417,577 - 2,718,677
38,052 269,590 21,048 629,064 - - - 308,790
2,400,000 1,052,102 - 3,467,403
2,438,052 3,739,269 21,048 14,466,490
- - - 221,056 - - - 808,667 - - - 1,034,282 - 206,805 - 4,441,717
887,011 87,436 1,601 1,614,387
- - - 2,040,000 - - - 1,491,729
887,011 294,241 1,601 11,651,838
1,551,041 3,445,028 19,447 2,814,652
887,011 - - 4,071,140 - (56,083) - (1,071,229)
887,011 (56,083) - 2,999,911
2,438,052 3,388,945 19,447 5,814,563
(284) 6,595,018 658,422 18,291,070
2,437,768$ 9,983,963$ 677,869$ 24,105,633$
Capital Projects Funds
107
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 623,350$ 623,350$ 623,350$ -$
Resources (Inflows): Intergovernmental 2,198,569 1,303,852 1,042,161 (261,691) Use of money and property 1,900 1,900 5,592 3,692
Amounts Available for Appropriations 2,823,819 1,929,102 1,671,103 (257,999)
Charges to Appropriations (Outflows): Current:
Public works 1,417,279 1,568,972 1,464,263 104,709 Transfers out 36,191 36,191 339,893 (303,702)
Total Charges to Appropriations 1,453,470 1,605,163 1,804,156 (198,993)
Budgetary Fund Balance, June 30 1,370,349$ 323,939$ (133,053)$ (456,992)$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GAS TAX SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
108
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 32,586$ 32,586$ 32,586$ -$
Resources (Inflows): Intergovernmental 837,743 905,045 790,735 (114,310) Charges for services 105,891 87,997 81,570 (6,427) Use of money and property - 1,120 3,699 2,579
Amounts Available for Appropriations 976,220 1,026,748 908,590 (118,158)
Charges to Appropriations (Outflows): Current:
Community services 935,240 936,896 919,333 17,563 Transfers out 18,421 18,421 18,421 -
Total Charges to Appropriations 953,661 955,317 937,754 17,563
Budgetary Fund Balance (Deficit), June 30 22,559$ 71,431$ (29,164)$ (100,595)$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
COMMUNITY CHILD CARE SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
109
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 30,187$ 30,187$ 30,187$ -$
Resources (Inflows): Intergovernmental 24,304 102,304 101,062 (1,242) Use of money and property - 10 1,283 1,273 Transfers in 32,500 32,500 32,500 -
Amounts Available for Appropriations 86,991 165,001 165,032 31
Charges to Appropriations (Outflows): Current:
Community services 59,304 135,004 114,949 20,055
Total Charges to Appropriations 59,304 135,004 114,949 20,055
Budgetary Fund Balance, June 30 27,687$ 29,997$ 50,083$ 20,086$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
LIBRARY GRANT SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
110
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance (Deficit), July 1 (33,484)$ (33,484)$ (33,484)$ -$
Resources (Inflows): Intergovernmental 387,946 825,617 481,279 (344,338)
Amounts Available for Appropriations 354,462 792,133 447,795 (344,338)
Charges to Appropriations (Outflows): Current: Capital outlay - 405,761 393,358 12,403 Transfers out 58,192 58,192 55,014 3,178
Total Charges to Appropriations 58,192 463,953 448,372 15,581
Budgetary Fund Balance (Deficit), June 30 296,270$ 328,180$ (577)$ (328,757)$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
COMMUNITY DEVELOPMENT BLOCK GRANT SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
111
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows): Intergovernmental - - 1,029,663 1,029,663 Use of money and property - - 17,456 17,456 Transfers in - - 303,703 303,703
Amounts Available for Appropriations - - 1,350,822 1,350,822
Charges to Appropriations (Outflows): Current: Capital outlay - 1,190,346 244,981 945,365
Total Charges to Appropriations - 1,190,346 244,981 945,365
Budgetary Fund Balance, June 30 -$ (1,190,346)$ 1,105,841$ 2,296,187$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
STATE TRAFFIC RELIEF SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
112
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 239,253$ 239,253$ 239,253$ -$
Resources (Inflows): Use of money and property - 1,000 7,959 6,959 Fines and forfeitures - - 308,790 308,790
Amounts Available for Appropriations 239,253 240,253 556,002 315,749
Charges to Appropriations (Outflows): Current:
Public safety - 185,442 176,839 8,603
Total Charges to Appropriations - 185,442 176,839 8,603
Budgetary Fund Balance, June 30 239,253$ 54,811$ 379,163$ 324,352$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ASSET SEIZURE SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
113
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 543,385$ 543,385$ 543,385$ -$
Resources (Inflows): Intergovernmental 63,000 63,000 69,683 6,683 Use of money and property 1,500 1,500 18,217 16,717
Amounts Available for Appropriations 607,885 607,885 631,285 23,400
Charges to Appropriations (Outflows): Current:
Public works - 186,773 105,146 81,627 Capital outlay - 91,819 - 91,819
Total Charges to Appropriations - 278,592 105,146 173,446
Budgetary Fund Balance, June 30 607,885$ 329,293$ 526,139$ 196,846$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
AIR QUALITY SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
114
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 12,944$ 12,944$ 12,944$ -$
Resources (Inflows): Use of money and property - 60 418 358
Budgetary Fund Balance, June 30 12,944$ 13,004$ 13,362$ 358$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DRUG/GANG INTERVENTION SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
115
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 1,241,239$ 1,241,239$ 1,241,239$ -$
Resources (Inflows): Intergovernmental 476,284 440,284 555,657 115,373 Use of money and property 6,845 10,845 45,573 34,728
Amounts Available for Appropriations 1,724,368 1,692,368 1,842,469 150,101
Charges to Appropriations (Outflows): Current:
General government - 93,284 85,554 7,730
Total Charges to Appropriations - 93,284 85,554 7,730
Budgetary Fund Balance, June 30 1,724,368$ 1,599,084$ 1,756,915$ 157,831$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
HOST CITY FEES SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
116
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 757,836$ 757,836$ 757,836$ -$
Resources (Inflows): Taxes 591,647 591,647 606,757 15,110 Use of money and property 1,000 4,100 26,208 22,108
Amounts Available for Appropriations 1,350,483 1,353,583 1,390,801 37,218
Charges to Appropriations (Outflows): Current:
Public works 635,603 649,552 477,799 171,753 Transfers out 8,885 8,885 8,885 -
Total Charges to Appropriations 644,488 658,437 486,684 171,753
Budgetary Fund Balance, June 30 705,995$ 695,146$ 904,117$ 208,971$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
STORM WATER SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
117
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 2,535,261$ 2,535,261$ 2,535,261$ -$
Resources (Inflows): Intergovernmental 897,626 897,626 1,080,949 183,323 Use of money and property 3,000 10,000 72,140 62,140
Amounts Available for Appropriations 3,435,887 3,442,887 3,688,350 245,463
Charges to Appropriations (Outflows): Current:
Public works 892,859 1,855,467 1,118,227 737,240 Transfers out - 515,961 65,524 450,437
Total Charges to Appropriations 892,859 2,371,428 1,183,751 1,187,677
Budgetary Fund Balance (Deficit), June 30 2,543,028$ 1,071,459$ 2,504,599$ 1,433,140$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
LOCAL TRANSPORTATION SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
118
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 224,189$ 224,189$ 224,189$ -$
Resources (Inflows): Charges for services 16,000 23,000 30,199 7,199 Use of money and property 600 600 7,661 7,061
Budgetary Fund Balance, June 30 240,789$ 247,789$ 262,049$ 14,260$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
NEW FACILITIES SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
119
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 80,405$ 80,405$ 80,405$ -$
Resources (Inflows): Charges for services - 10,000 29,361 19,361 Use of money and property - 225 3,060 2,835
Amounts Available for Appropriations 80,405 90,630 112,826 22,196
Budgetary Fund Balance, June 30 80,405$ 90,630$ 112,826$ 22,196$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CIVIC CENTER DEVELOPMENT FEE SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
120
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 121,566$ 121,566$ 121,566$ -$
Resources (Inflows): Charges for services - 18,000 38,927 20,927 Use of money and property - 400 4,537 4,137
Budgetary Fund Balance, June 30 121,566$ 139,966$ 165,030$ 25,064$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FIRE FACILITY DEVELOPMENT FEE SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
121
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 139,911$ 139,911$ 139,911$ -$
Resources (Inflows): Charges for services - 22,500 54,579 32,079 Use of money and property - 420 5,385 4,965
Budgetary Fund Balance, June 30 139,911$ 162,831$ 199,875$ 37,044$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE FACILITY DEVELOPMENT FEE SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
122
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 183,694$ 183,694$ 183,694$ -$
Resources (Inflows): Charges for services - 35,000 66,464 31,464 Use of money and property - 600 5,560 4,960
Amounts Available for Appropriations 183,694 219,294 255,718 36,424
Charges to Appropriations (Outflows): Current:
Public safety - 55,536 55,536 -
Total Charges to Appropriations - 55,536 55,536 -
Budgetary Fund Balance, June 30 183,694$ 163,758$ 200,182$ 36,424$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
VITEP SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
123
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance (Deficit), July 1 58,952$ 58,952$ 58,952$ -$
Resources (Inflows): Intergovernmental 128,200 7,707,305 1,584,610 (6,122,695) Use of money and property - 1,800 6,870 5,070
Amounts Available for Appropriations 187,152 7,768,057 1,650,432 (6,117,625)
Charges to Appropriations (Outflows): Current:
Public safety 126,457 821,827 576,292 245,535 Public works - 5,191,780 1,069,477 4,122,303
Transfers out - 1,658,639 524,050 1,134,589
Total Charges to Appropriations 126,457 7,672,246 2,169,819 5,502,427
Budgetary Fund Balance (Deficit), June 30 60,695$ 95,811$ (519,387)$ (615,198)$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MISCELLANEOUS GRANTS SPECIAL REVENUE FUND
For the year ended June 30, 2019
Budgeted Amounts
124
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 1,068,984$ 1,068,984$ 1,068,984$ -$
Resources (Inflows): Use of money and property - - 24,052 24,052
Amounts Available for Appropriations 1,068,984 1,068,984 1,093,036 24,052
Charges to Appropriations (Outflows): Current:
General government 58,123 58,123 127,710 (69,587) Debt service:
Interest and fiscal charges - - 2,178 (2,178) Transfers out 3,359 3,359 3,359 -
Total Charges to Appropriations 61,482 61,482 133,247 (71,765)
Budgetary Fund Balance, June 30 1,007,502$ 1,007,502$ 959,789$ (47,713)$
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND
HOUSING AUTHORITY SPECIAL REVENUE FUND
For year ended June 30, 2019
Budgeted Amounts
125
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 1,019,533$ 1,019,533$ 1,019,533$ -$
Resources (Inflows): Use of money and property 31,300 31,300 15,917 (15,383) Transfers in 905,519 905,519 905,019 (500)
Amounts Available for Appropriations 1,956,352 1,956,352 1,940,469 (15,883)
Charges to Appropriations (Outflows): Current:
General government 4,950 4,950 4,821 129 Debt service:
Principal retirement 475,000 475,000 475,000 - Interest and fiscal charges 430,519 430,519 430,019 500
Total Charges to Appropriations 910,469 910,469 909,840 629
Budgetary Fund Balance, June 30 1,045,883$ 1,045,883$ 1,030,629$ (15,254)$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PUBLIC FINANCING AUTHORITY DEBT SERVICE FUND
For the year ended June 30, 2019
Budgeted Amounts
126
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 2,158,123$ 2,158,123$ 2,158,123$ -$
Resources (Inflows): Use of money and property - 11,000 28,787 17,787 Miscellaneous 13,648 13,648 15,301 1,653 Transfers in 1,944,560 1,944,560 1,942,907 (1,653)
Amounts Available for Appropriations 4,116,331 4,127,331 4,145,118 17,787
Charges to Appropriations (Outflows): Current:
General government 4,700 4,700 2,971 1,729 Debt service:
Principal retirement 1,565,000 1,565,000 1,565,000 - Interest and fiscal charges 1,059,532 1,059,532 1,059,532 -
Total Charges to Appropriations 2,629,232 2,629,232 2,627,503 1,729
Budgetary Fund Balance, June 30 1,487,099$ 1,498,099$ 1,517,615$ 19,516$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
TAXABLE PENSION FUNDING BONDS DEBT SERVICE FUND
For the year ended June 30, 2019
Budgeted Amounts
127
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 (284)$ (284)$ (284)$ -$
Resources (Inflows): Intergovernmental - 204,309 - (204,309) Use of money and property - - 38,052 38,052 Miscellaneous - 2,400,000 2,400,000 - Transfers in - 2,646,526 887,011 (1,759,515)
Amounts Available for Appropriations (284) 5,250,551 3,324,779 (1,925,772)
Charges to Appropriations (Outflows): Current: Capital outlay - 2,850,923 887,011 1,963,912
Total Charges to Appropriations - 2,850,923 887,011 1,963,912
Budgetary Fund Balance, June 30 (284)$ 2,399,628$ 2,437,768$ 38,140$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
For the year ended June 30, 2019
Budgeted Amounts
128
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 6,595,018$ 6,595,018$ 6,595,018$ -$
Resources (Inflows): Charges for services 1,300,000 1,604,000 3,469,679 1,865,679 Use of money and property 9,000 25,000 269,590 244,590
Amounts Available for Appropriations 7,904,018 8,224,018 10,334,287 2,110,269
Charges to Appropriations (Outflows): Current:
Public works 100,000 491,043 206,805 284,238 Capital outlay - 1,943,218 87,436 1,855,782 Transfers out - 125,686 56,083 69,603
Total Charges to Appropriations 100,000 2,559,947 350,324 2,209,623
Budgetary Fund Balance, June 30 7,804,018$ 5,664,071$ 9,983,963$ 4,319,892$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEVELOPMENT FEES CAPITAL PROJECTS FUND
For the year ended June 30, 2019
Budgeted Amounts
129
Variance with Final Budget
Positive Original Final Actual (Negative)
Budgetary Fund Balance, July 1 658,422$ 658,422$ 658,422$ -$
Resources (Inflows): Use of money and property - - 21,048 21,048
Amounts Available for Appropriations 658,422 658,422 679,470 21,048
Charges to Appropriations (Outflows): Capital outlay - 606,843 1,601 605,242
Total Charges to Appropriations - 606,843 1,601 605,242
Budgetary Fund Balance (Deficit), June 30 658,422$ 51,579$ 677,869$ 626,290$
CITY OF COLTON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
COLTON CROSSING CAPITAL PROJECTS FUND
For the year ended June 30, 2019
Budgeted Amounts
130
131
INTERNAL SERVICE FUNDS Internal Service Funds finance and account for goods and services provided by one City department to other City departments, or to other governments, on a cost-reimbursement basis, including depreciation. The City used the following Internal Service Funds: Facility and Equipment Maintenance Fund - to account for the City’s buildings maintenance and utilities costs. Information Services Fund - to account for the City’s information services. Insurance Fund - to account for the City’s liabilities for claims and judgments. Automotive Shop Fund - to account for the City’s fleet maintenance and replacement.
Facility and
Equipment Information Automotive
Maintenance Services Insurance Shop Total
ASSETS:
CURRENT ASSETS:
Cash and investments 2,800,404$ 1,818,366$ 3,487,515$ 2,077,603$ 10,183,888$
Receivables:
Accounts - - 801 - 801
Accrued interest 6,455 5,899 12,424 5,313 30,091
Prepaid items - - 150 - 150
Restricted Cash and investments - - 52,717 - 52,717
TOTAL CURRENT ASSETS 2,806,859 1,824,265 3,553,607 2,082,916 10,267,647
CAPITAL ASSETS:
Capital assets, net of
accumulated depreciation 368,946 15,477 - - 384,423
NET CAPITAL ASSETS 368,946 15,477 - - 384,423
TOTAL ASSETS 3,175,805 1,839,742 3,553,607 2,082,916 10,652,070
LIABILITIES:
CURRENT LIABILITIES:
Accounts payable 33,468 48,377 247,227 12,444 341,516
Accrued compensated absences 9,003 15,308 - 14,675 38,986
Accrued claims and judgments - - 1,997,480 - 1,997,480
TOTAL CURRENT LIABILITIES 42,471 63,685 2,244,707 27,119 2,377,982
NONCURRENT LIABILITIES:
Accrued compensated absences 1,013 15,528 - 3,940 20,481
Accrued claims and judgments - - 2,489,204 - 2,489,204
TOTAL NONCURRENT
LIABILITIES 1,013 15,528 2,489,204 3,940 2,509,685
TOTAL LIABILITIES 43,484 79,213 4,733,911 31,059 4,887,667
NET POSITION:
Net investment in capital assets 368,946 15,477 - - 384,423
Unrestricted 2,763,375 1,745,052 (1,180,304) 2,051,857 5,379,980
TOTAL NET POSITION 3,132,321$ 1,760,529$ (1,180,304)$ 2,051,857$ 5,764,403$
CITY OF COLTON
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
June 30, 2019
Governmental Activities - Internal Service Funds
132
Facility and
Equipment Information Automotive
Maintenance Services Insurance Shop Total
OPERATING REVENUES:
Sales and service charges 785,143$ 736,325$ 3,421,307$ 674,652$ 5,617,427$ Miscellaneous 149 18,461 - - 18,610
TOTAL OPERATING REVENUES 785,292 754,786 3,421,307 674,652 5,636,037
OPERATING EXPENSES:
Salaries and benefits 248,677 395,115 173,410 223,067 1,040,269
Maintenance and operations 339,586 285,745 885,126 201,081 1,711,538
Contractual services 27,721 19,138 106,986 - 153,845
Claims and benefits - - 2,619,274 - 2,619,274
Depreciation expense 25,469 38,388 - - 63,857
TOTAL OPERATING EXPENSES 641,453 738,386 3,784,796 424,148 5,588,783
OPERATING INCOME (LOSS) 143,839 16,400 (363,489) 250,504 47,254
NONOPERATING REVENUES:
Interest revenue 58,308 55,427 112,816 47,835 274,386
TOTAL NONOPERATING REVENUES 58,308 55,427 112,816 47,835 274,386
INCOME (LOSS)
BEFORE TRANSFERS 202,147 71,827 (250,673) 298,339 321,640
TRANSFERS IN 877,697 - - 438,849 1,316,546
TRANSFERS OUT (14,303) (18,962) (10,511) (13,978) (57,754)
CHANGE IN NET POSITION 1,065,541 52,865 (261,184) 723,210 1,580,432
NET POSITION - BEGINNING OF YEAR 2,066,780 1,707,664 (919,120) 1,328,647 4,183,971
NET POSITION - END OF YEAR 3,132,321$ 1,760,529$ (1,180,304)$ 2,051,857$ 5,764,403$
CITY OF COLTON
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the year ended June 30, 2019
Governmental Activities - Internal Service Funds
133
Facility and
Equipment Information Automotive
Maintenance Services Insurance Shop Total
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers and users 785,327$ 755,503$ 3,420,506$ 674,652$ 5,635,988$ Cash paid to suppliers for goods and services (412,718) (289,984) (3,333,347) (204,487) (4,240,536) Cash paid to employees for services (249,479) (393,343) (173,410) (227,556) (1,043,788)
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES 123,130 72,176 (86,251) 242,609 351,664
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES: Cash received from other funds 877,697 - - 438,849 1,316,546 Cash paid to other funds (14,303) (18,962) (10,511) (13,978) (57,754) NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 863,394 (18,962) (10,511) 424,871 1,258,792
CASH FLOWS FROM INVESTING ACTIVITIES: Interest received 54,396 53,366 107,945 44,834 260,541
NET CASH PROVIDED BY
INVESTING ACTIVITIES 54,396 53,366 107,945 44,834 260,541
NET INCREASE IN CASH AND
CASH EQUIVALENTS 1,040,920 106,580 11,183 712,314 1,870,997
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR 1,759,484 1,711,786 3,529,049 1,365,289 8,365,608
CASH AND CASH EQUIVALENTS -
END OF YEAR 2,800,404$ 1,818,366$ 3,540,232$ 2,077,603$ 10,236,605$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES: Operating income (loss) 143,839$ 16,400$ (363,489)$ 250,504$ 47,254 Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities: Depreciation expense 25,469 38,388 - - 63,857
Changes in assets and liabilities: (Increase) decrease in accounts receivable 35 717 (801) - (49) (Increase) decrease in prepaid assets - - (150) - (150) Increase (decrease) in accounts payable (45,411) 14,899 109,223 (3,406) 75,305 Increase (decrease) in compensated absences (802) 1,772 - (4,489) (3,519) Increase (decrease) in claims and judgments - - 168,966 - 168,966
NET CASH PROVIDED BY
BY OPERATING ACTIVITIES 123,130$ 72,176$ (86,251)$ 242,609$ 351,664$
CITY OF COLTON
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the year ended June 30, 2019
Governmental Activities - Internal Service Funds
134
135
AGENCY FUNDS Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments and/or other funds. Agency Funds operate as a clearing mechanism. Cash resources are collected, held for a brief period and then distributed to the proper recipients. The City has a fiduciary responsibility for the assets, which it does not own. The following are classified as agency funds in the financial statements. General Deposit Fund - to account for deposits placed with the City for future services, and trust funds awaiting remittance to relevant service provider. Assessment Districts Fund - to account for funds collected from Assessment Districts.
General Assessment Deposit Districts Total
ASSETS: Cash and investments 2,914,728$ 954,895$ 3,869,623$ Receivables:
Taxes - 9,367 9,367 Notes and loans 3,630 - 3,630 Accrued interest - 3,280 3,280
Prepaid items - 15,783 15,783 Restricted:
Cash and investments 39,279 - 39,279 Cash and investments with fiscal agents - 264,958 264,958
TOTAL ASSETS 2,957,637$ 1,248,283$ 4,205,920$
LIABILITIES: Accounts payable 117,246$ 28,020$ 145,266$ Accrued liabilities 2,182,794 - 2,182,794 Deposits payable 657,597 - 657,597 Due to other governments - 37,763 37,763 Due to bondholders - 1,182,500 1,182,500
TOTAL LIABILITIES 2,957,637$ 1,248,283$ 4,205,920$
CITY OF COLTON
COMBINING STATEMENT OF ASSETS AND LIABILITIES ALL AGENCY FUNDS
June 30, 2019
136
Balance Balance July 1, 2018 Additions Deletions June 30, 2019
ASSETS: Cash and investments 2,887,250$ 37,575,677$ (37,548,199)$ 2,914,728$ Receivables:
Notes and loans 100 7,133 (3,603) 3,630 Restricted:
Cash and investments 39,279 - - 39,279
TOTAL ASSETS 2,926,629$ 37,582,810$ (37,551,802)$ 2,957,637$
LIABILITIES: Accounts payable 110,338$ 14,176,797$ (14,169,889)$ 117,246$ Accrued liabilities 2,111,030 37,340,052 (37,268,288) 2,182,794 Deposits payable 705,261 304,435 (352,099) 657,597
TOTAL LIABILITIES 2,926,629$ 51,821,284$ (51,790,276)$ 2,957,637$
ASSETS: Cash and investments 899,954$ 837,994$ (783,053)$ 954,895$ Receivables:
Taxes 3,203 9,367 (3,203) 9,367 Accrued interest 2,227 3,280 (2,227) 3,280
Prepaid items 15,783 15,783 (15,783) 15,783 Restricted:
Cash and investments with fiscal agents 262,540 255,168 (252,750) 264,958
TOTAL ASSETS 1,183,707$ 1,121,592$ (1,057,016)$ 1,248,283$
LIABILITIES: Accounts payable 2,170$ 298,470$ (272,620)$ 28,020$ Due to other governments 37,763 - - 37,763 Due to bondholders 1,143,774 799,938 (761,212) 1,182,500
TOTAL LIABILITIES 1,183,707$ 1,098,408$ (1,033,832)$ 1,248,283$
(Continued)
ASSESSMENT DISTRICTS
CITY OF COLTON
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS
For the year ended June 30, 2019
GENERAL DEPOSIT
137
Balance Balance July 1, 2018 Additions Deletions June 30, 2019
ASSETS: Cash and investments 3,787,204$ 38,413,671$ (38,331,252)$ 3,869,623$ Receivable:
Taxes 3,203 9,367 (3,203) 9,367 Notes and loans 100 7,133 (3,603) 3,630 Accrued interest 2,227 3,280 (2,227) 3,280
Prepaid items 15,783 15,783 (15,783) 15,783 Restricted:
Cash and investments 39,279 - - 39,279 Cash and investments with
fiscal agents 262,540 255,168 (252,750) 264,958
TOTAL ASSETS 4,110,336$ 38,704,402$ (38,608,818)$ 4,205,920$
LIABILITIES: Accounts payable 112,508$ 14,475,267$ (14,442,509)$ 145,266$ Accrued liabilities 2,111,030 37,340,052 (37,268,288) 2,182,794 Deposits payable 705,261 304,435 (352,099) 657,597 Due to other governments 37,763 - - 37,763 Due to bondholders 1,143,774 799,938 (761,212) 1,182,500
TOTAL LIABILITIES 4,110,336$ 52,919,692$ (52,824,108)$ 4,205,920$
(CONTINUED)
CITY OF COLTON
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS
TOTAL - ALL AGENCY FUNDS
For the year ended June 30, 2019
138
139
PRIVATE-PURPOSE TRUST FUNDS Private-Purpose Trust Funds are used to account for assets and related liabilities for the Cemetery Endowment Fund and former Redevelopment Agency. Cemetery Endowment Fund - to account for donations made to the City for the Cemetery. Successor Agency of the Former RDA - to account for the assets and liabilities of the former redevelopment agency and its allocated revenue to pay estimated installment payments of enforceable obligations until the obligations of the former redevelopment agency are paid in full and assets have been liquidated.
Cemetery Successor Endowment Agency of the
Fund Former RDA Total ASSETS:
Cash and investments 834,782$ 1,860,065$ 2,694,847$ Receivables:
Accrued interest 2,730 6,005 8,735 Land held for resale - 4,900,000 4,900,000 Restricted assets:
Cash and investments 335,984 - 335,984
TOTAL ASSETS 1,173,496 6,766,070 7,939,566
LIABILITIES: Accounts payable - 1,382 1,382 Accrued interest - 251,516 251,516 Deposits payable 230,799 - 230,799 Due to City - 110,823 110,823 Long-term liabilities:
Due in one year - 1,040,000 1,040,000 Due in more than one year - 13,121,990 13,121,990
TOTAL LIABILITIES 230,799 14,525,711 14,756,510
NET POSITION: Held in trust for endowment 942,697 - 942,697 Held in trust for other purposes - (7,759,641) (7,759,641)
TOTAL NET POSITION 942,697$ (7,759,641)$ (6,816,944)$
CITY OF COLTON
COMBINING STATEMENT OF NET POSITION ALL PRIVATE-PURPOSE TRUST FUNDS
June 30, 2019
140
Cemetery Successor Endowment Agency of the
Fund Former RDA Total ADDITIONS:
Contributions 16,730$ -$ 16,730$ Taxes - 1,834,087 1,834,087 Interest and change in fair value of investments 25,763 51,817 77,580
TOTAL ADDITIONS 42,493 1,885,904 1,928,397
DEDUCTIONS: Administrative expenses - 85,503 85,503 Interest expense - 523,849 523,849
TOTAL DEDUCTIONS - 609,352 609,352
CHANGE IN NET POSITION 42,493 1,276,552 1,319,045
NET POSITION - BEGINNING OF YEAR 900,204 (9,036,193) (8,135,989)
NET POSITION - END OF YEAR 942,697$ (7,759,641)$ (6,816,944)$
CITY OF COLTON
COMBINING STATEMENT OF CHANGES IN NET POSITION ALL PRIVATE-PURPOSE TRUST FUNDS
For the year ended June 30, 2019
141
142
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STATISTICAL SECTION (UNAUDITED)
THIS PAGE INTENTIONALLY LEFT BLANK
143
DESCRIPTION OF STATISTICAL SECTION CONTENTS
June 30, 2019 This part of the City of Colton’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the government’s overall financial health. Contents: Pages
Financial Trends 145 - 151 These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time Revenue Capacity 152 - 158 These schedules contain information to help the reader assess the factors affecting the City’s ability to generate its property and sales taxes. Debt Capacity 159 - 162 These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. Demographic and Economic Information 163 - 164 These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place and to help make comparisons over time and with other governments. Operating Information 165 - 167 These schedules contain information about the City’s operations and resources to help the reader understand how the City’s financial information relates to the services the City provides and the activities it performs.
Sources:
Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented Statement 34 in 2004; schedules presenting government-wide information include information beginning in that year.
144
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: P
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6 3
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h a
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t P
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2 0
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. A
ll d
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F is
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1 4 5
C it
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f C
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2 C
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(m od
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f a cc
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in g)
2 0 0 9
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
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E x p
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G o ve
rn m
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l a ct
iv iti
e s:
G e n e ra
l g o ve
rn m
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6 ,3
3 5 ,0
1 8
$
8 ,1
8 4 ,8
1 4
$
9 ,4
1 5 ,9
5 8
$
5 ,2
3 6 ,3
8 6
$
8 ,2
6 2 ,0
8 6
$
6 ,2
3 9 ,1
4 7
$
6 9 4 ,4
5 7
$
1 ,4
3 5 ,9
6 8
$
2 ,8
2 7 ,3
8 0
$
3 ,3
2 3 ,7
2 9
$
2 ,5
7 5 ,4
8 7
$
C o m
m u n ity
S e rv
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7 ,5
3 0 ,0
5 8
4 ,8
9 0 ,3
8 5
3 ,1
3 2 ,3
1 6
3 ,0
8 3 ,6
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3 ,4
6 2 ,3
7 0
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2 6 ,2
3 5
5 ,9
1 4 ,1
6 4
6 ,5
2 3 ,8
3 6
6 ,4
0 6 ,7
7 7
6 ,3
2 7 ,8
0 4
7 ,1
8 8 ,3
2 1
P u b lic
W o rk
s 7 ,8
6 1 ,0
2 4
6 ,2
2 9 ,8
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5 ,1
2 6 ,9
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4 ,8
2 7 ,2
3 9
6 ,1
8 4 ,7
4 1
6 ,1
1 3 ,8
9 6
7 ,5
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6 ,9
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6 ,1
7 1 ,5
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6 ,0
1 1 ,9
7 6
P u b lic
S a fe
ty 2 7 ,0
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2 4 ,5
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4 0
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1 7 ,8
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1 8 ,2
3 6 ,3
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1 9 ,5
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2 3 ,6
9 9 ,7
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2 5 ,5
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0 3 ,2
5 3
2 8 ,4
2 9 ,0
1 9
3 1 ,1
1 9 ,6
1 5
In te
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6 ,1
9 0 ,5
5 5
5 ,9
7 6 ,9
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5 ,8
1 9 ,2
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3 ,9
2 0 ,1
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2 ,4
1 5 ,1
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2 ,3
3 0 ,7
5 7
2 ,2
3 2 ,8
3 4
2 ,1
5 1 ,4
1 0
2 ,0
6 7 ,9
1 5
2 ,1
4 8 ,5
5 4
1 ,7
7 3 ,9
8 8
T o ta
l g o ve
rn m
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l a ct
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e xp
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s 5 4 ,9
9 0 ,7
0 0
4 9 ,8
2 2 ,3
3 5
4 3 ,9
3 0 ,4
3 5
3 4 ,6
5 3 ,7
4 0
3 7 ,2
0 3 ,1
8 7
3 8 ,3
7 4 ,3
0 6
3 8 ,6
5 5 ,0
7 3
4 3 ,2
8 3 ,4
2 8
4 6 ,0
5 1 ,3
4 5
4 6 ,4
0 0 ,6
2 7
4 8 ,6
6 9 ,3
8 7
B u si
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-t yp
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ct iv
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E le
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4 7 ,5
7 7 ,3
0 9
4 8 ,6
5 0 ,6
8 5
4 6 ,0
5 2 ,4
9 4
4 6 ,2
7 7 ,8
0 4
4 7 ,9
0 4 ,9
0 7
4 9 ,7
7 9 ,4
6 8
4 9 ,4
0 3 ,6
9 7
5 0 ,3
5 1 ,4
2 8
5 1 ,1
2 0 ,0
3 0
4 8 ,7
8 5 ,8
4 5
5 1 ,0
2 9 ,0
7 1
W a te
r 8 ,2
3 2 ,1
8 1
8 ,3
1 9 ,2
6 9
7 ,6
9 2 ,7
4 2
8 ,5
0 6 ,7
1 4
7 ,9
2 1 ,7
0 8
1 1 ,0
4 3 ,5
1 1
8 ,3
8 6 ,3
3 0
7 ,5
3 6 ,1
3 3
8 ,3
4 7 ,9
2 0
8 ,7
2 8 ,5
6 0
9 ,0
0 5 ,7
1 0
W a st
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r 6 ,7
7 9 ,4
5 5
6 ,8
6 8 ,3
0 7
6 ,3
6 9 ,9
9 3
6 ,7
4 4 ,6
1 9
1 1 ,6
8 8 ,5
0 7
7 ,9
9 3 ,3
3 7
8 ,0
2 4 ,6
8 0
8 ,8
7 7 ,8
6 3
9 ,3
9 2 ,9
7 1
9 ,4
1 0 ,9
9 8
9 ,3
6 5 ,5
1 2
T o ta
l b u si
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-t yp
e a
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e xp
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s 6 2 ,5
8 8 ,9
4 5
6 3 ,8
3 8 ,2
6 1
6 0 ,1
1 5 ,2
2 9
6 1 ,5
2 9 ,1
3 7
6 7 ,5
1 5 ,1
2 2
6 8 ,8
1 6 ,3
1 6
6 5 ,8
1 4 ,7
0 7
6 6 ,7
6 5 ,4
2 4
6 8 ,8
6 0 ,9
2 1
6 6 ,9
2 5 ,4
0 3
6 9 ,4
0 0 ,2
9 3
T o ta
l p ri m
a ry
g o ve
rn m
e n t e xp
e n se
s 1 1 7 ,5
7 9 ,6
4 5
$
1 1 3 ,6
6 0 ,5
9 6
$
1 0 4 ,0
4 5 ,6
6 4
$
9 6 ,1
8 2 ,8
7 7
$
1 0 4 ,7
1 8 ,3
0 9
$
1 0 7 ,1
9 0 ,6
2 2
$
1 0 4 ,4
6 9 ,7
8 0
$
1 1 0 ,0
4 8 ,8
5 2
$
1 1 4 ,9
1 2 ,2
6 6
$
1 1 3 ,3
2 6 ,0
3 0
$
1 1 8 ,0
6 9 ,6
8 0
$
P ro
g ra
m R
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G o ve
rn m
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l a ct
iv iti
e s:
C h a rg
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fo r
se rv
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5 ,7
7 9 ,5
8 8
$
5 ,1
9 8 ,3
6 5
$
5 ,3
3 4 ,5
1 1
$
3 ,9
0 1 ,3
1 1
$
4 ,6
6 6 ,3
9 0
$
7 ,5
3 7 ,3
1 2
$
6 ,4
7 7 ,8
9 1
$
5 ,8
9 6 ,5
3 2
$
9 ,0
0 0 ,4
3 6
$
8 ,3
4 4 ,8
6 3
$
9 ,9
0 9 ,8
4 5
$
O p e ra
tin g c
o n tr
ib u tio
n s
a n d g
ra n ts
2 ,7
1 3 ,1
0 2
2 ,0
3 4 ,4
7 6
8 2 4 ,5
0 1
1 ,2
6 2 ,4
7 5
1 ,0
0 0 ,9
5 7
9 1 3 ,8
3 8
1 ,2
6 4 ,7
4 4
1 ,3
4 0 ,3
2 5
2 ,8
8 5 ,8
0 2
3 ,3
0 8 ,8
4 5
3 ,1
2 1 ,4
1 7
C a p ita
l c o n tr
ib u tio
n s
a n d g
ra n ts
1 ,3
0 2 ,8
1 8
2 ,7
6 6 ,4
0 1
3 ,8
3 1 ,9
5 0
3 ,5
4 9 ,4
7 5
2 ,9
3 1 ,8
5 8
3 ,6
5 4 ,5
7 0
5 ,2
2 2 ,0
0 9
1 1 ,3
6 6 ,7
1 0
2 ,8
6 0 ,4
4 6
3 ,9
7 4 ,9
2 1
7 ,6
4 2 ,0
4 5
T o ta
l g o ve
rn m
e n ta
l a ct
iv iti
e s
p ro
g ra
m r
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n u e s
9 ,7
9 5 ,5
0 8
9 ,9
9 9 ,2
4 2
9 ,9
9 0 ,9
6 2
8 ,7
1 3 ,2
6 1
8 ,5
9 9 ,2
0 5
1 2 ,1
0 5 ,7
2 0
1 2 ,9
6 4 ,6
4 4
1 8 ,6
0 3 ,5
6 7
1 4 ,7
4 6 ,6
8 4
1 5 ,6
2 8 ,6
2 9
2 0 ,6
7 3 ,3
0 7
B u si
n e ss
-t yp
e a
ct iv
iti e s:
C h a rg
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fo r
se rv
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E
le ct
ri c
5 7 ,8
3 0 ,3
5 9
5 7 ,9
6 4 ,7
1 6
5 8 ,1
6 8 ,7
2 7
5 8 ,7
1 8 ,1
7 0
6 3 ,1
6 2 ,7
1 4
6 1 ,4
0 5 ,3
5 9
6 1 ,9
7 7 ,8
5 9
6 2 ,8
0 6 ,7
2 9
6 4 ,7
6 8 ,2
7 4
6 5 ,1
6 6 ,9
5 4
6 5 ,2
3 8 ,4
9 2
W
a te
r 6 ,0
9 3 ,1
5 3
7 ,9
2 5 ,0
0 2
8 ,5
6 3 ,3
4 5
9 ,7
9 8 ,2
3 8
1 0 ,2
3 5 ,0
5 7
1 5 ,3
3 1 ,2
2 3
9 ,8
4 9 ,7
7 2
9 ,2
3 6 ,4
7 8
1 1 ,3
7 0 ,3
9 6
1 2 ,7
2 2 ,9
8 6
1 3 ,2
7 3 ,6
4 7
W
a st
e w
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r 8 ,2
6 4 ,2
4 2
8 ,3
0 2 ,0
5 9
8 ,9
9 8 ,3
7 1
8 ,6
1 5 ,5
0 9
8 ,2
3 2 ,9
9 6
9 ,1
7 6 ,2
4 7
1 0 ,1
2 4 ,1
4 6
9 ,3
9 5 ,9
1 8
1 0 ,1
8 3 ,8
8 2
9 ,9
4 4 ,9
8 4
9 ,8
3 3 ,4
6 9
O p e ra
tin g g
ra n ts
a n d c
o n tr
ib u tio
n s
-
-
6 9 ,6
7 6
2 8 6 ,9
0 7
1 2 1 ,2
6 6
-
-
-
-
-
-
T o ta
l b u si
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-t yp
e a
ct iv
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p ro
g ra
m r
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n u e s
7 2 ,1
8 7 ,7
5 4
7 4 ,1
9 1 ,7
7 7
7 5 ,8
0 0 ,1
1 9
7 7 ,4
1 8 ,8
2 4
8 1 ,7
5 2 ,0
3 3
8 5 ,9
1 2 ,8
2 9
8 1 ,9
5 1 ,7
7 7
8 1 ,4
3 9 ,1
2 5
8 6 ,3
2 2 ,5
5 2
8 7 ,8
3 4 ,9
2 4
8 8 ,3
4 5 ,6
0 8
T o ta
l p ri m
a ry
g o ve
rn m
e n t p ro
g ra
m r
e ve
n u e s
8 1 ,9
8 3 ,2
6 2
$
8 4 ,1
9 1 ,0
1 9
$
8 5 ,7
9 1 ,0
8 1
$
8 6 ,1
3 2 ,0
8 5
$
9 0 ,3
5 1 ,2
3 8
$
9 8 ,0
1 8 ,5
4 9
$
9 4 ,9
1 6 ,4
2 1
$
1 0 0 ,0
4 2 ,6
9 2
$
1 0 1 ,0
6 9 ,2
3 6
$
1 0 3 ,4
6 3 ,5
5 3
$
1 0 9 ,0
1 8 ,9
1 5
$
F is
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1 4 6
C it
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f C
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( C
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g)
2 0
1 0
2 0
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1 9
N e
t (E
x p
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)/ R
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G o
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m e
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l a ct
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(3 9
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3 ,0
9 3
) $
(3
3 ,9
3 9
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3 )
$
(2 5
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7 9
) $
(2
8 ,6
0 3
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2 )
$
(2 6
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8 ,5
8 6
) $
(2
5 ,6
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9 )
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(2 4
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) $
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9 8
) $
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B u
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s 1
0 ,3
5 3
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6
1
5 ,6
8 4
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1
5 ,8
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1
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1
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1
8 ,9
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T o
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g o
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(2 9
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9 ,5
7 7
) $
(1
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(1 0
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(1
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6 7
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3 )
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(9
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) $
(1 0
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G e
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R e
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r C
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rn m
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s 1
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7 $
1
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8 $
8
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2 1
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7 6
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1 1
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1
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9 3
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7 $
S
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s ta
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5 ,3
7 3
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5
5 ,7
3 5
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8
6 ,4
7 5
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9
6 ,1
9 2
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5
8 ,0
5 7
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3
7 ,8
5 8
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9
8 ,4
9 9
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9
9 ,1
1 1
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6
9 ,3
6 0
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1
1 1
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3 ,7
7 1
O th
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ta xe
s 6
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9 ,0
1 3
6
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7 ,6
6 9
1
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5 ,6
1 2
1
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3 ,4
1 3
1
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9 ,6
6 6
1
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2 ,2
3 1
2
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9 ,0
8 9
2
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8 ,6
2 2
2
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7 ,3
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2
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M
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u 1
1 3
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1
2 6
3 ,8
8 4
-
4 9
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-
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2 3
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U
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y 3
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3 ,5
7 3
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0 7
1
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4 ,3
1 3
1
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3 ,7
5 6
2
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5 7
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6 9
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7 ,9
2 6
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3 ,3
1 5
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4 3
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8
4 6
2 ,8
5 7
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1 5
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2
T ra
n sf
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5 ,6
6 1
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6
6 ,1
1 2
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6 ,2
5 9
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7 ,7
1 0
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1 2
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2 5
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E xt
ra o
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g a
in (
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) -
-
1
4 ,0
2 9
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-
4
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5 7
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3 0
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T o
ta l g
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rn m
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ta l a
ct iv
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s 4
0 ,0
0 5
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9
4
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4 7
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7
4
5 ,6
5 3
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8
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3
2
8 ,5
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3
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6 8
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2
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1 9
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7 ,6
2 0
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9
B u
si n
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-t yp
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s:
O th
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s -
-
-
-
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-
-
-
-
U
se o
f m
o n
e y
a n
d p
ro p
e rt
y 2
2 1
,7 2
2
2 7
4 ,1
8 6
2
7 3
,2 2
3
1 6
2 ,8
0 7
1
9 8
,8 9
1
2 4
8 ,9
4 8
3
3 5
,7 2
7
4 2
5 ,5
9 4
7
4 0
,2 5
6
2 ,2
6 1
,7 9
4
O th
e r
-
1
,1 7
4 ,8
5 0
1
,5 4
4 ,9
8 1
1
,9 7
7 ,0
6 5
-
4 ,0
0 0
-
1 2
3 ,2
3 3
7
6 ,4
1 8
2 ,5
0 0
T
ra n
sf e
rs (5
,6 6
1 ,9
2 6
)
(6 ,1
1 2
,3 3
2 )
(6
,2 5
9 ,5
4 2
)
(7 ,7
1 0
,2 8
0 )
(8
,3 2
1 ,0
6 2
)
(7 ,8
8 8
,6 8
0 )
(8
,0 7
2 ,6
8 1
)
(1 2
,9 1
0 ,1
8 8
)
(1
3 ,2
5 2
,8 2
5 )
(1 1
,5 6
1 ,1
2 5
)
S p
e ci
a l I
te m
-
-
-
-
-
(4
,9 9
1 ,9
3 8
)
-
-
-
-
T o
ta l b
u si
n e
ss -t
yp e
a ct
iv iti
e s
(5 ,4
4 0
,2 0
4 )
(4
,6 6
3 ,2
9 6
)
(4 ,4
4 1
,3 3
8 )
(5
,5 7
0 ,4
0 8
)
(8 ,1
2 2
,1 7
1 )
(1
2 ,6
2 7
,6 7
0 )
(7 ,7
3 6
,9 5
4 )
(1
2 ,3
6 1
,3 6
1 )
(1 2
,4 3
6 ,1
5 1
)
(9
,2 9
6 ,8
3 1
)
T o
ta l p
ri m
a ry
g o
ve rn
m e
n t
3 4
,5 6
5 ,7
9 5
$
3 5
,4 8
4 ,3
0 1
$
4 1
,2 1
2 ,3
6 0
$
2 7
,5 7
7 ,8
4 5
$
2 0
,3 7
8 ,8
0 0
$
2 1
,0 4
1 ,2
2 5
$
2 2
,5 5
8 ,0
6 8
$
2 4
,5 5
7 ,7
4 9
$
2 5
,1 8
4 ,0
7 5
$
3 0
,6 5
5 ,0
6 8
$
C h
a n
g e
i n
N e
t P
o s
it io
n G
o ve
rn m
e n
ta l a
ct iv
iti e
s 1
8 2
,9 0
6 $
6 ,2
0 8
,1 2
4 $
1 9
,7 1
3 ,2
1 9
$
4 ,5
4 4
,2 7
1 $
2 ,2
3 2
,3 8
5 $
7 ,9
7 8
,4 6
6 $
5 ,6
1 5
,1 6
1 $
5 ,6
1 4
,4 4
9 $
6 ,8
4 8
,2 2
8 $
1 1
,9 5
5 ,8
1 9
$
B u
si n
e ss
-t yp
e a
ct iv
iti e
s 4
,9 1
3 ,3
1 2
1
1 ,0
2 1
,5 9
4
1
1 ,4
4 8
,3 4
9
8
,6 6
6 ,5
0 3
8
,9 7
4 ,3
4 2
3
,5 0
9 ,4
0 0
6
,9 3
6 ,7
4 7
5
,1 0
0 ,2
7 0
8
,4 7
3 ,3
7 0
9
,6 4
8 ,4
8 4
T o
ta l p
ri m
a ry
g o
ve rn
m e
n t
5 ,0
9 6
,2 1
8 $
1 7
,2 2
9 ,7
1 8
$
3 1
,1 6
1 ,5
6 8
$
1 3
,2 1
0 ,7
7 4
$
1 1
,2 0
6 ,7
2 7
$
1 1
,4 8
7 ,8
6 6
$
1 2
,5 5
1 ,9
0 8
$
1 0
,7 1
4 ,7
1 9
$
1 5
,3 2
1 ,5
9 8
$
2 1
,6 0
4 ,3
0 3
$
N o
te s
: P
e r
G A
S B
6 3
, N
e t
A ss
e ts
h a
ve b
e e
n r
e p
la ce
d w
ith N
e t
P o
si tio
n f
o r
fis ca
l y e
a r
2 0
1 3
. A
ll d
e sc
ri p
tio n
s h
a ve
b e
e n
c h
a n
g e
d t
o c
o n
fo rm
w ith
t h
is r
e q
u ir e
m e
n t.
F is
c a
l Y
e a
r
1 4 7
C it
y o
f C
o lt
o n
S c h
e d
u le
3 F
u n
d B
a la
n c e s ,
G o
v e rn
m e n
ta l
F u
n d
s L
a s t
T e n
F is
c a l
Y e a rs
(m od
ifi ed
a cc
ru al
b as
is o
f a cc
ou nt
in g)
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
2 0 1 8
2 0 1 9
G e n e ra
l F u n d
R e s e rv
e d
2 ,0
4 6 ,1
9 3
$
- $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
U
n re
s e rv
e d
(6 6 3 ,3
8 6 )
-
-
-
-
-
-
-
-
-
N o n s p e n d a b le
-
2 3 1 ,0
9 5
1 8 3 ,1
1 9
1 6 9 ,5
2 6
1 8 0 ,2
7 5
1 7 6 ,2
7 5
1 7 4 ,8
3 0
1 8 8 ,2
0 3
1 7 7 ,4
5 7
1 6 8 ,7
1 6
R e s tr
ic te
d -
1 9 7 ,2
0 1
1 9 7 ,2
0 1
-
-
-
-
-
-
-
C o m
m itt
e d
-
-
-
3 0 0 ,0
0 0
3 0 0 ,0
0 0
6 5 0 ,0
0 0
2 5 0 ,0
0 0
1 0 ,0
0 0
9 ,6
2 6 ,2
4 4
1 4 ,7
0 8 ,9
7 3
U n a s s ig
n e d
-
2 ,8
5 8 ,9
3 4
2 ,7
0 9 ,1
3 6
4 ,8
3 6 ,5
0 7
1 ,8
6 9 ,6
8 6
6 ,1
6 4 ,2
7 7
4 ,2
7 1 ,4
4 6
9 ,9
2 7 ,3
2 3
5 ,5
4 3 ,8
8 9
6 ,2
9 0 ,7
6 3
T o ta
l g e n e ra
l f u n d
1 ,3
8 2 ,8
0 7
$
3 ,2
8 7 ,2
3 0
$
3 ,0
8 9 ,4
5 6
$
5 ,3
0 6 ,0
3 3
$
2 ,3
4 9 ,9
6 1
$
6 ,9
9 0 ,5
5 2
$
4 ,6
9 6 ,2
7 6
$
1 0 ,1
2 5 ,5
2 6
$
1 5 ,3
4 7 ,5
9 0
$
2 1 ,1
6 8 ,4
5 2
$
A ll
O th
e r
G o v e rn
m e n ta
l F u n d s
R e s e rv
e d
1 1 ,5
5 5 ,3
4 6
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
U
n re
s e rv
e d :
R e p o rt
e d in
: S
p e c ia
l r e v e n u e f
u n d s
3 5 8 ,4
5 6
-
-
-
-
-
-
-
-
-
C a p ita
l p ro
je c ts
f u n d s
1 1 8 ,1
0 6
-
-
-
-
-
-
-
-
-
D e s ig
n a te
d f
o r
c a p ita
l i m
p ro
v e m
e n t
p ro
je c ts
3 ,0
1 9 ,9
1 7
-
-
-
-
-
-
-
-
-
D e b t
s e rv
ic e f
u n d s
D e s ig
n a te
d f
o r
d e b t
s e rv
ic e
1 9 ,3
1 0 ,4
0 5
-
-
-
-
-
-
-
-
-
U
n d e s ig
n a te
d (7
,9 3 7 ,6
3 4 )
-
-
-
-
-
-
-
-
-
N o n s p e n d a b le
-
1 1 ,6
5 8 ,4
7 8
6 3 2 ,9
9 3
6 3 0 ,4
8 6
6 ,0
6 0
4 ,4
4 1
-
-
-
-
R e s tr
ic te
d :
R e p o rt
e d in
:
S p e c ia
l r e v e n u e f
u n d s
-
7 ,8
0 3 ,5
6 7
1 2 ,2
3 8 ,2
1 1
1 ,1
8 0 ,3
9 6
4 ,0
0 5 ,6
0 3
6 ,7
5 3 ,7
5 5
2 ,5
4 3 ,7
6 2
2 ,1
5 8 ,3
1 6
2 ,1
1 1 ,0
3 3
2 ,1
2 8 ,7
1 8
C a p ita
l p ro
je c ts
f u n d s
-
8 ,6
4 8 ,6
0 7
-
7 ,9
5 2 ,3
1 4
1 0 ,1
0 8 ,3
4 2
4 ,8
3 8 ,5
3 4
7 ,1
8 2 ,1
9 5
1 0 ,6
9 8 ,6
6 7
1 3 ,0
3 6 ,1
4 9
2 0 ,1
1 0 ,8
5 2
D e b t
s e rv
ic e f
u n d s
-
2 1 ,7
8 6 ,7
6 0
-
3 ,4
0 3 ,1
1 2
5 ,4
0 8 ,9
9 0
4 ,8
7 6 ,4
3 4
4 ,4
4 4 ,2
9 5
4 ,2
1 2 ,0
4 5
3 ,1
7 7 ,6
5 6
2 ,5
4 8 ,2
4 4
U n a s s ig
n e d
-
(1 9 ,5
1 9 ,2
7 9 )
(4 ,7
1 5 ,5
7 8 )
(4
,0 5 6 ,9
4 5 )
(2
2 5 ,1
2 7 )
(1
8 ,7
4 1 )
(8 8 7 ,6
2 0 )
(1
5 8 ,6
2 5 )
(3
3 ,7
6 8 )
(6 8 0 ,4
2 6 )
T o ta
l a ll
o th
e r
g o v e rn
m e n ta
l f u n d s
2 6 ,4
2 4 ,5
9 6
$
3 0 ,3
7 8 ,1
3 3
$
8 ,1
5 5 ,6
2 6
$
9 ,1
0 9 ,3
6 3
$
1 9 ,3
0 3 ,8
6 8
$
1 6 ,4
5 4 ,4
2 3
$
1 3 ,2
8 2 ,6
3 2
$
1 6 ,9
1 0 ,4
0 3
$
1 8 ,2
9 1 ,0
7 0
$
2 4 ,1
0 7 ,3
8 8
$
N o te
: T
h e C
ity o
f C
o lto
n im
p le
m e n te
d c
h a n g
e s t
o t
h e p
re s e n ta
tio n o
f fu
n d b
a la
n c e p
e r
G A
S B
S ta
te m
e n t
N o .
5 4 in
f is
c a l y
e a r
2 0 1 1 .
F is
c a l
Y e a r
1 4 8
149
THIS PAGE INTENTIONALLY LEFT BLANK
C it
y o
f C
o lt
o n
S c h
e d
u le
4
C h
a n
g e s i
n F
u n
d B
a la
n c e s ,
G o
v e rn
m e n
ta l
F u
n d
s
L a s t
T e n
F is
c a l
Y e a rs
(m od
ifi ed
a cc
ru al
b as
is o
f a cc
ou nt
in g)
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
2 0 1 8
2 0 1 9
R e v e n
u e s
T a xe
s (
s e e S
c h e d u le
6 )
3 0 ,6
2 4 ,2
4 8
$
2 9 ,7
7 2 ,7
8 2
$
2 1 ,5
6 8 ,7
9 1
$
1 8 ,2
8 1 ,8
3 7
$
1 7 ,5
0 8 ,3
5 4
$
1 8 ,6
4 4 ,8
1 9
$
1 9 ,9
9 2 ,2
0 0
$
2 1 ,3
7 4 ,8
1 6
$
2 2 ,9
2 0 ,7
8 6
$
2 5 ,5
3 4 ,1
7 7
$
L ic
e n s e s a
n d p
e rm
its 1 ,4
6 0 ,9
5 6
1 ,2
4 1 ,1
5 3
1 ,0
7 8 ,8
2 8
1 ,1
3 3 ,1
0 2
1 ,4
5 5 ,3
4 3
1 ,5
6 8 ,4
5 8
1 ,5
3 2 ,8
3 9
2 ,1
5 8 ,0
2 0
2 ,1
2 2 ,9
1 5
2 ,4
5 6 ,0
5 3
In te
rg o v e rn
m e n ta
l 5 ,6
0 6 ,8
0 6
6 ,4
7 4 ,1
4 4
6 ,2
1 3 ,6
3 9
5 ,2
5 1 ,2
7 7
7 ,1
0 9 ,9
5 1
9 ,0
2 7 ,4
0 5
6 ,6
9 5 ,1
1 0
6 ,7
5 0 ,4
9 0
8 ,1
3 0 ,2
2 2
7 ,8
2 6 ,4
5 8
C h a rg
e s f
o r
s e rv
ic e s
1 ,9
5 3 ,3
2 3
2 ,1
8 4 ,3
3 4
1 ,3
3 4 ,5
0 3
1 ,9
2 7 ,9
7 2
3 ,5
8 6 ,6
4 7
2 ,2
8 6 ,6
5 9
2 ,8
6 3 ,6
9 5
5 ,3
3 8 ,0
2 1
4 ,4
1 5 ,2
8 3
5 ,2
8 4 ,0
0 6
U s e o
f m
o n e y
a n d p
ro p e rt
y 3 ,2
5 4 ,0
3 5
3 ,5
2 1 ,9
0 7
2 ,7
7 9 ,8
7 3
7 ,2
8 7 ,7
3 6
1 ,8
6 6 ,6
2 5
1 ,8
3 8 ,4
0 0
2 ,0
8 1 ,5
1 0
1 ,8
4 1 ,9
7 0
1 ,8
0 8 ,4
1 8
2 ,7
2 0 ,0
4 3
F in
e s a
n d f
o rt
fe itu
re s
5 6 3 ,7
4 9
4 6 8 ,9
1 1
4 8 4 ,6
3 4
3 8 1 ,5
6 2
3 2 7 ,9
6 8
3 2 6 ,2
6 6
2 5 7 ,1
6 7
3 2 4 ,0
5 2
2 9 3 ,3
3 8
6 6 8 ,7
4 6
C o n tr
ib u tio
n s
7 5 ,0
0 0
2 5 ,0
0 0
7 5 ,0
0 0
5 0 ,0
0 0
-
1 0 0 ,0
0 0
5 0 ,0
0 0
5 0 ,0
0 0
2 5 ,0
0 0
7 5 ,0
0 0
M is
c e lla
n e o u s
2 4 4 ,2
9 3
4 2 2 ,1
4 0
9 5 7 ,9
3 5
3 ,2
1 9 ,1
8 7
7 3 6 ,2
9 2
4 2 6 ,2
0 1
3 4 4 ,4
4 7
1 ,4
0 0 ,4
8 5
5 8 4 ,2
2 2
3 ,5
8 7 ,9
4 3
T o ta
l r e v e n u e s
4 3 ,7
8 2 ,4
1 0
4 4 ,1
1 0 ,3
7 1
3 4 ,4
9 3 ,2
0 3
3 7 ,5
3 2 ,6
7 3
3 2 ,5
9 1 ,1
8 0
3 4 ,2
1 8 ,2
0 8
3 3 ,8
1 6 ,9
6 8
3 9 ,2
3 7 ,8
5 4
4 0 ,3
0 0 ,1
8 4
4 8 ,1
5 2 ,4
2 6
E x p
e n
d it
u re
s
G e n e ra
l g o v e rn
m e n t
5 ,4
8 1 ,1
5 5
6 ,8
1 1 ,7
9 7
4 ,4
8 6 ,6
8 5
7 ,4
3 0 ,3
7 5
5 ,3
4 1 ,9
8 5
1 ,6
5 7 ,5
0 4
1 ,6
2 0 ,2
7 0
1 ,7
3 4 ,5
2 9
3 2 1 ,9
0 0
(2
1 7 ,4
9 8 )
C o m
m u n ity
s e rv
ic e s
4 ,7
3 4 ,4
9 8
2 ,9
6 4 ,2
6 4
2 ,9
2 9 ,8
7 5
3 ,2
8 4 ,3
9 3
3 ,7
1 8 ,9
2 5
5 ,7
5 8 ,4
2 8
6 ,4
2 3 ,6
9 5
6 ,2
4 2 ,6
3 7
6 ,3
9 2 ,9
2 8
7 ,0
6 5 ,1
5 1
P u b lic
w o rk
s 3 ,4
0 0 ,4
8 2
2 ,0
1 9 ,2
7 7
1 ,8
6 0 ,6
9 1
2 ,2
3 6 ,7
4 7
2 ,3
3 6 ,3
7 6
3 ,8
5 4 ,3
5 9
6 ,1
2 3 ,6
9 2
4 ,9
6 5 ,7
8 9
5 ,0
0 3 ,4
1 9
6 ,4
9 6 ,0
3 7
P u b lic
s a fe
ty 2 4 ,3
1 8 ,2
4 8
1 9 ,8
6 5 ,2
7 5
1 7 ,3
0 5 ,7
6 0
1 7 ,6
0 1 ,9
0 3
1 8 ,7
4 1 ,0
0 9
2 3 ,9
9 4 ,4
8 2
2 4 ,8
1 2 ,9
4 1
2 4 ,8
8 7 ,1
5 3
2 6 ,9
0 3 ,9
1 9
2 8 ,0
5 3 ,6
7 2
C a p ita
l o u tla
y 4 ,0
7 5 ,5
0 0
1 ,6
8 5 ,8
0 0
1 ,2
9 4 ,5
8 7
4 ,0
4 2 ,8
3 5
2 ,4
6 3 ,0
8 8
6 ,2
0 3 ,4
3 5
4 ,4
5 5 ,2
2 7
2 ,3
0 4 ,3
9 5
1 ,8
7 5 ,9
1 7
2 ,4
1 2 ,2
3 6
D e b t
s e rv
ic e
D e b t
is s u a n c e c
o s t
-
-
-
-
-
-
-
-
-
-
P ri n c ip
a l r
e tir
e m
e n t
3 ,4
9 8 ,0
1 7
3 ,7
2 4 ,7
1 5
3 ,8
1 6 ,1
9 7
1 ,9
0 9 ,1
5 3
2 ,0
9 7 ,1
9 6
2 ,3
8 2 ,5
7 5
2 ,4
3 8 ,0
1 5
2 ,2
8 3 ,3
8 4
2 ,8
0 7 ,6
1 8
2 ,1
5 0 ,8
2 5
In
te re
s t
a n d f
is c a l c
h a rg
e s
5 ,7
9 2 ,4
4 2
5 ,6
2 6 ,0
7 6
4 ,4
5 8 ,5
9 8
2 ,2
1 4 ,7
2 2
2 ,1
0 9 ,0
6 6
2 ,0
1 4 ,7
2 4
1 ,9
1 9 ,5
8 5
1 ,8
1 5 ,8
0 2
1 ,9
7 9 ,4
7 6
1 ,4
9 5 ,0
3 3
A d v a n c e r
e fu
n d in
g e
s c ro
w
-
-
-
-
-
-
-
-
-
-
P a s s -t
h ro
u g
h a
g re
e m
e n t
1 ,8
8 4 ,2
1 5
1 ,8
6 5 ,8
8 6
1 9 3 ,5
1 0
-
-
-
-
-
-
-
T o ta
l e xp
e n d itu
re s
5 3 ,1
8 4 ,5
5 7
4 4 ,5
6 3 ,0
9 0
3 6 ,3
4 5 ,9
0 3
3 8 ,7
2 0 ,1
2 8
3 6 ,8
0 7 ,6
4 5
4 5 ,8
6 5 ,5
0 7
4 7 ,7
9 3 ,4
2 5
4 4 ,2
3 3 ,6
8 9
4 5 ,2
8 5 ,1
7 7
4 7 ,4
5 5 ,4
5 6
E xc
e s s (
D e fic
ie n c y)
o f
re v e n u e s
o v e r
(u n d e r)
e xp
e n d itu
re s
(9 ,4
0 2 ,1
4 7 )
(4
5 2 ,7
1 9 )
(1 ,8
5 2 ,7
0 0 )
(1 ,1
8 7 ,4
5 5 )
(4 ,2
1 6 ,4
6 5 )
(1 1 ,6
4 7 ,2
9 9 )
(1
3 ,9
7 6 ,4
5 7 )
(4
,9 9 5 ,8
3 5 )
(4 ,9
8 4 ,9
9 3 )
6 9 6 ,9
7 0
F is
c a l
Y e a r
1 5 0
(C O
N T
IN U
E D
)
C it
y o
f C
o lt
o n
S c h
e d
u le
4
C h
a n
g e s i
n F
u n
d B
a la
n c e s ,
G o
v e rn
m e n
ta l
F u
n d
s
L a s t
T e n
F is
c a l
Y e a rs
(m od
ifi ed
a cc
ru al
b as
is o
f a cc
ou nt
in g)
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
2 0 1 8
2 0 1 9
F is
c a l
Y e a r
O th
e r
F in
a n
c in
g S
o u
rc e s (
U s e s )
L o n g
-t e rm
d e b t
is s u e d
1 4 0 ,9
9 5
$
1 4 5 ,3
9 1
$
-
$
- $
- $
- $
- $
- $
- $
- $
R e fu
n d in
g b
o n d s is
s u e d
-
-
-
-
-
-
-
-
-
-
C a p ita
l L e a s e s
-
-
-
-
-
-
-
-
-
6 3 7 ,8
7 7
B o n d p
re m
iu m
-
-
-
-
-
-
-
-
-
-
B o n d d
is c o u n t
-
-
-
-
-
-
-
-
-
-
T ra
n s fe
rs in
1 5 ,5
4 0 ,6
8 1
1 4 ,4
8 8 ,4
1 8
1 6 ,9
8 8 ,8
5 9
1 9 ,1
3 9 ,8
5 1
1 4 ,2
5 5 ,8
6 2
-
1 3 ,3
5 4 ,4
1 1
1 7 ,3
5 6 ,1
3 4
1 7 ,0
6 1 ,4
6 4
1 5 ,1
5 5 ,0
9 3
T ra
n s fe
rs o
u t
( 9 ,7
9 5 ,9
7 0 )
(8 ,3
2 3 ,1
3 0 )
(1
0 ,6
8 4 ,1
2 0 )
(1
1 ,3
7 8 ,2
2 0 )
(5
,8 8 5 ,0
3 8 )
-
(5
,2 3 2 ,5
9 4 )
(4 ,3
9 6 ,2
8 1 )
(5 ,4
7 3 ,7
4 0 )
(4
,8 5 2 ,7
6 0 )
P ro
c e e d s f
ro m
s a le
o f
c a p ita
l a s s e ts
-
-
-
-
-
-
2 2 0 ,0
4 3
9 5 3 ,0
0 1
-
-
P a ym
e n t
to r
e fu
n d e d b
o n d e
s c ro
w a
g e n t
-
-
-
-
-
-
-
-
-
-
T o ta
l o th
e r
fin a n c in
g
s o u rc
e s (
u s e s )
5 ,8
8 5 ,7
0 6
6 ,3
1 0 ,6
7 9
6 ,3
0 4 ,7
3 9
7 ,7
6 1 ,6
3 1
8 ,3
7 0 ,8
2 4
-
8
,3 4 1 ,8
6 0
1
3 ,9
1 2 ,8
5 4
1 1 ,5
8 7 ,7
2 4
1 0 ,9
4 0 ,2
1 0
E xt
ra o rd
in a ry
lo s s o
n d
is s o lu
tio n o
f
re d e v e lo
p m
e n t
a g
e n c y
-
-
(2
8 ,7
7 6 ,2
4 7 )
(3 ,4
0 3 ,8
6 2 )
-
-
-
-
-
-
N e t
c h a n g
e in
fu n d b
a la
n c e s
$
(3 ,5
1 6 ,4
4 1 )
$
5 ,8
5 7 ,9
6 0
$
( 2 4 ,3
2 4 ,2
0 8 )
$
3 ,1
7 0 ,3
1 4
$
4 ,1
5 4 ,3
5 9
$
(1 1 ,6
4 7 ,2
9 9 )
$
(
5 ,6
3 4 ,5
9 7 )
$
8 ,9
1 7 ,0
1 9
$
6 ,6
0 2 ,7
3 1
$
1
1 ,6
3 7 ,1
8 0
D e b t
s e rv
ic e a
s a
p e rc
e n ta
g e
o f
n o n c a p ita
l e xp
e n d itu
re s
2 2 .8
% 2 6 .2
% 2 4 .2
% 1 1 .9
% 1 2 .2
% 1 1 .1
% 1 0 .1
% 9 .8
% 1 1 .0
% 8 .1
%
N o
te :
T h e C
ity o
f C
o lto
n im
p le
m e n te
d c
h a n g
e s t
o t
h e s
ta tis
tic a l s
e c tio
n p
e r
G A
S B
S ta
te m
e n t
N o .
4 4 in
f is
c a l y
e a r
2 0 0 6 .
1 5 1
C it
y o
f C
o lt
o n
S c
h e
d u
le 5
A s
s e
s s
e d
V a
lu e
a n
d E
s ti
m a
te d
A c
tu a
l V
a lu
e o
f T
a x
a b
le P
ro p
e rt
y L
a s
t T
e n
F is
c a
l Y
e a
rs (in
th ou
sa nd
s of
d ol
la rs
)
E s
ti m
a te
d T
o ta
l T
a x
a b
le T
o ta
l A
c tu
a l
F is
c a
l R
e s
id e
n ti
a l
C o
m m
e rc
ia l
In d
u s
tr ia
l O
th e
r A
s s
e s
s e
d T
a x
T a
x a
b le
Y e
a r
P ro
p e
rt y
P ro
p e
rt y
P ro
p e
rt y
P ro
p e
rt y
V a
lu e
R a
te V
a lu
e
2 0
1 0
1 ,5
9 9
,4 1
5
3 7
8 ,6
5 6
3
0 6
,0 5
3
5
5 4
,4 6
1
2 ,8
3 8
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5
1 .4
3 2
1
2 ,7
6 3
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1
2
0 1
1 1
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0 ,9
3 0
3
7 6
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0
3 0
1 ,2
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5 ,2
5 3
2
,6 6
4 ,0
5 6
1
.5 0
9 3
2
,5 8
6 ,9
2 9
2 0
1 2
1 ,4
8 1
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9
3 7
4 ,5
6 5
3
0 6
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4
4
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1
2 ,6
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9
1 .5
2 6
0
2 ,5
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2
0 1
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0 ,2
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3
8 6
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3 ,7
2 5
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1 ,7
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2
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2 ,4
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1
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1 ,4
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1 ,5
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8 ,6
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2
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4
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2
2 ,6
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1 .5
2 8
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2 ,6
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3
2
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1 ,4
2 2
3
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9 ,0
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3 ,3
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2
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4 ,4
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1
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2 7
2
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3 ,1
1 3
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1 ,8
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4
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4 ,9
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3
3 1
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8
4
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6
3 ,0
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3
1 .5
5 7
3
2 ,8
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4
2
0 1
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8 ,9
2 3
4
1 4
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0
3 6
3 ,7
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1 ,3
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3
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1
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1 6
3
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6 ,2
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2 ,0
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2
4 4
6 ,5
0 0
4
2 1
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8
5
0 6
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0
3 ,4
1 7
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1
1 .4
8 0
4
3 ,2
8 9
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2
2
0 1
9 2
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5 ,7
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4
6 7
,1 6
5
4 7
1 ,4
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7 ,0
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3
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1 ,4
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1
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4 5
3
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0 ,8
0 1
*S o
u rc
e :
H d
L ,
C o
re n
& C
o n
e
1 5 2
C it
y o
f C
o lt
o n
S c
h e
d u
le 6
P ro
p e
rt y
T a
x R
a te
s A
ll O
v e
rl a
p p
in g
G o
v e
rn m
e n
ts L
a s
t T
e n
F is
c a
l Y
e a
rs (r
at e
pe r
$1 ,0
00 o
f a ss
es se
d va
lu e)
S a
n B
e rn
a rd
in o
S a
n B
e rn
a rd
in o
C it
y 's
S h
a re
F is
c a
l B
a s
ic C
o lt
o n
U n
if ie
d R
ia lt
o U
n if
ie d
C o
m m
u n
it y
U n
if ie
d S
c h
o o
l S
a n
B e
rn a
rd in
o T
o ta
l D
& O
o f
1 %
L e
v y
p e
r R
e d
e v
e lo
p m
e n
t T
o ta
l D
ir e
c t
Y e
a r
L e
v y
S c
h o
o l
D is
tr ic
t S
c h
o o
l D
is tr
ic t
C o
ll e
g e
B o
a rd
B o
n d
V a
ll e
y W
a te
r T
a x
R a
te (
2 )
P ro
p 1
3
(3 )
R a
te
(
4 )
R a
te
(5 )
2 0
1 0
1 .0
0 0
0 0
.0 9
8 5
0 .0
6 5
9 0
.0 2
8 0
0 .0
7 4
7 0
.1 6
5 0
1 .4
3 2
1 0
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8 0
1 1
.1 6
5 0
.5 0
9 2
0 2
0 1
1 1
.0 0
0 0
0 .1
3 0
4 0
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0 .0
4 6
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0 .1
6 5
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1 .1
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0 .5
0 8
6 8
2 0
1 2
1 .0
0 0
0 0
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0 3
0 .0
8 5
6 0
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7 3
0 .0
9 7
8 0
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1 .5
2 6
0 0
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8 0
1 1
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6 9
4 2
0 1
3 1
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0 0
0 .1
4 8
8 0
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3 6
0 .0
4 5
9 0
.0 9
9 8
0 .1
6 2
5 1
.5 3
0 6
0 .1
6 8
0 1
0 .5
0 3
0 1
2 0
1 4
1 .0
0 0
0 0
.1 1
8 7
0 .0
7 0
4 0
.0 4
1 9
0 .1
3 5
0 0
.1 6
2 5
1 .5
2 8
5 0
.1 6
8 0
1 0
.1 6
6 4
7 2
0 1
5 1
.0 0
0 0
0 .0
9 7
3 0
.0 6
5 5
0 .0
3 9
3 0
.1 0
8 1
0 .1
6 2
5 1
.4 7
2 7
0 .1
6 8
0 1
0 .1
6 6
4 6
2 0
1 6
1 .0
0 0
0 0
.1 1
6 9
0 .1
1 9
4 0
.0 4
0 3
0 .1
1 8
2 0
.1 6
2 5
1 .5
5 7
3 0
.1 6
8 0
1 0
.1 6
6 4
2 2
0 1
7 1
.0 0
0 0
0 .1
4 5
4 0
.0 9
9 2
0 .0
3 5
0 0
.0 7
9 5
0 .1
6 2
5 1
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1 6
0 .1
6 8
0 1
0 .1
6 6
4 4
2 0
1 8
1 .0
0 0
0 0
.0 9
3 9
0 .0
9 5
7 0
.0 3
7 6
0 .1
0 0
7 0
.1 5
2 5
1 .4
8 0
4 0
.1 6
8 0
1 0
.1 6
6 3
7 2
0 1
9 1
.0 0
0 0
0 .1
1 1
6 0
.0 7
7 1
0 .0
4 0
7 0
.1 1
2 6
0 .1
5 2
5 1
.4 9
4 5
0 .1
6 8
0 1
0 .1
6 6
2 2
S o
u rc
e :
H d
L ,
C o
re n
& C
o n
e (
S a
n B
e rn
a rd
in o
C o
u n
ty A
ss e
ss o
r' s
O ff
ic e
)
N o
te s
:
(1 )
(2 )
(3 )
(4 )
(5 )
T o
ta l D
ir e
ct R
a te
is t
h e
w e
ig h
te d
a ve
ra g
e o
f a
ll in
d iv
id u
a l d
ir e
ct r
a te
s a
p p
lie d
b y
th e
C ity
/A g
e n
cy
p re
p a
ri n
g t
h e
s ta
tis tic
a l s
e ct
io n
in fo
rm a
tio n
a n
d e
xc lu
d e
s re
ve n
u e
s d
e ri ve
d f
ro m
a ir cr
a ft
.
B e
g in
n in
g in
2 0
1 3
/1 4
t h
e T
o ta
l D ir e
ct R
a te
n o
lo n
g e
r in
cl u
d e
s re
ve n
u e
g e
n e
ra te
d f
ro m
t h
e
fo rm
e r
re d
e ve
lo p
m e
n t
ta x
ra te
a re
a s.
C h
a lle
n g
e s
to r
e co
g n
iz e
d e
n fo
rc e
a b
le o
b lig
a tio
n s
a re
a
ss u
m e
d t
o h
a ve
b e
e n
r e
so lv
e d
d u
ri n
g 2
0 1
2 /1
3 .
F o
r th
e p
u rp
o se
s o
f th
is r
e p
o rt
, re
si d
u a
l re
ve n
u e
is a
ss u
m e
d t
o b
e d
is tr
ib u
te d
t o
t h
e C
ity /A
g e
n cy
in t
h e
s a
m e
p ro
p o
rt io
n s
a s
g e
n e
ra l f
u n
d
re ve
n u
e .
C ity
's S
h a
re o
f 1
% L
e vy
is b
a se
d o
n t
h e
C ity
's s
h a
re o
f th
e g
e n
e ra
l f u
n d
t a
x ra
te a
re a
w ith
t h
e
la rg
e st
n e
t ta
xa b
le v
a lu
e w
ith in
t h
e C
ity .
E R
A F
g e
n e
ra l f
u n
d t
a x
sh ift
s m
a y
n o
t b
e in
cl u
d e
d in
t a
x ra
tio f
ig u
re s.
In 1
9 7
8 ,
C a
lif o
rn ia
v o
te rs
p a
ss e
d P
ro p
o si
tio n
1 3
w h
ic h
s e
t th
e p
ro p
e rt
y ta
x ra
te a
t a
1 .0
0 %
f ix
e d
a
m o
u n
t. T
h is
1 .0
0 %
is s
h a
re d
b y
a ll
ta xi
n g
a g
e n
ci e
s fo
r w
h ic
h t
h e
s u
b je
ct p
ro p
e rt
y re
si d
e s
w ith
in .
In a
d d
iti o
n t
o t
h e
1 .0
0 %
f ix
e d
a m
o u
n t,
p ro
p e
rt y
o w
n e
rs a
re c
h a
rg e
d t
a xe
s a
s a
p
e rc
e n
ta g
e o
f a
ss e
ss e
d p
ro p
e rt
y va
lu e
s fo
r th
e p
a ym
e n
t o
f a
n y
vo te
r- a
p p
ro ve
d b
o n
d s.
O ve
rl a
p p
in g
r a
te s
a re
t h
o se
o f
lo ca
l a n
d c
o u
n ty
g o
ve rn
m e
n ts
t h
a t
a p
p ly
t o
p ro
p e
rt y
o w
n e
rs
w ith
in t
h e
C ity
. N
o t
a ll
o ve
rl a
p p
in g
r a
te s
a p
p ly
t o
a ll
ci ty
p ro
p e
rt y
o w
n e
rs .
R e
d e
ve lo
p m
e n
t R
a te
is b
a se
d o
n t
h e
la rg
e st
R D
A t
a x
ra te
a re
a a
n d
o n
ly in
cl u
d e
s ra
te (s
) fr
o m
in
d e
b te
d n
e ss
a d
o p
te d
p ri o
r to
1 9
8 9
p e
r C
a lif
o rn
ia S
ta te
s ta
tu te
. R
D A
d ir e
ct a
n d
o ve
rl a
p p
in g
ra
te s
a re
a p
p lie
d o
n ly
t o
t h
e in
cr e
m e
n ta
l p ro
p e
rt y
va lu
e s.
T h
e a
p p
ro va
l o f
A B
X 1
2 6
e lim
in a
te d
R
e d
e ve
lo p
m e
n t
fr o
m t
h e
S ta
te o
f C
a lif
o rn
ia f
o r
th e
f is
ca l y
e a
r 2
0 1
2 /1
3 a
n d
y e
a rs
t h
e re
a ft
e r.
1 5 3
C it
y o
f C
o lt
o n
S c
h e
d u
le 7
P ri
n c
ip a
l P
ro p
e rt
y T
a x
P a
y e
rs C
u rr
e n
t Y
e a
r a
n d
N in
e Y
e a
rs A
g o
P e
rc e
n ta
g e
o f
T o
ta l
C it
y A
s s
e s
s e
d A
s s
e s
s e
d T
a x
p a
y e
r V
a lu
e R
a n
k V
a lu
e
A sh
le y
F u
rn itu
re I
n d
u st
ri e
s In
c. 3
4 ,7
6 4
,9 4
9
6
0 .9
8 %
6 0
,4 9
7 ,9
0 6
1
2 .1
9 %
B e
st B
ra n
d s
C o
rp o
ra tio
n 1
9 ,4
2 0
,8 3
6
1 0
0 .7
0 %
B R
E P
a ra
g o
n M
F A
lv is
ta T
e rr
a ce
C A
L L
C 5
1 ,0
3 0
,9 8
7
3
1 .4
4 %
B R
E P
ro p
e rt
ie s
2 1
,2 2
1 ,4
9 1
9
0 .7
7 %
C o
lto n
P o
w e
r L
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1 5 6
City of Colton Schedule 10 Direct and Overlapping Sales Tax Rates Last Ten Fiscal Years
Fiscal Year City & Local San Bernardino County
2010 1.00% 0.50% 2011 1.00% 0.50% 2012 1.00% 0.50% 2013 1.00% 0.50% 2014 1.00% 0.50% 2015 1.00% 0.50% 2016 1.00% 0.50% 2017 1.00% 0.50% 2018 1.00% 0.25% 2019 1.00% 0.25%
Sources: California department of Tax & Fee Administration website
The City of Colton does not have a city sales tax.
Notes: The city sales tax rate may be changed only with the approval of the state legislature.
157
City of Colton
Schedule 11
Principal Sales Tax Remitters - Identified by Category, Top 25
For Current Year and Nine Years Ago
2019 2010
Service Stations Service Stations
Service Stations Service Stations
Home Furnishings Home Furnishings
New Motor Vehicle Dealers New Motor Vehicle Dealers
Service Stations Quick-Service Restaurants
Warehouse/Farm/Constr. Equip Electrical Equipment
Grocery Stores Trailers/RVs
Trailers/RVs Used Automotive Dealers
Heavy Industrial Service Stations
Service Stations Warehouse/Farm/Constr. Equip
Warehouse/Farm/Constr. Equip Trailers/RVs
Service Stations Paint/Glass/Wallpaper
Trailers/Auto Parts Grocery Stores
Trailers/RVs Trailers/RVs
Service Stations Quick-Service Restaurants
Contractors Trailers/RVs
Food Service Equip./Supplies Trailers/RVs
Trailers/RVs Service Stations
Family Apparel Family Apparel
Service Stations Service Stations
Building Materials Building Materials
Grocery Stores Grocery Stores
Service Stations Service Stations
Discount Dept Stores Discount Dept Stores
New Motor Vehicle Dealers New Motor Vehicle Dealers
Sources: State Board of Equalization, California Dept. of Taxes and Fees Admin., State Controller's office, The HdL Companies
158
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1 5 9
City of Colton Schedule 13 Direct and Overlapping Governmental Activities Debt As of June 30, 2019 2018-19 Assessed Valuation: $3,473,652,884
Total Debt Percent City's Share of Debt Overlapping Tax and Assessment Debt June 30, 2019 Applicable (1) June 30, 2019 San Bernardino Valley Joint Community College District $430,013,947 4.922 % $21,165,286 Colton Joint Unified School District 187,883,831 29.316 55,080,024 Rialto Unified School District 83,953,902 5.288 4,439,482 San Bernardino Unified School District 241,159,446 0.009 21,704 City of Colton Community Facilities District No. 90-1 465,000 100.000 465,000
Total Gross Overlapping Tax and Assessment Debt $943,476,126 $81,171,496
Direct and Overlapping General Fund Obligation Debt: San Bernardino County General Fund Obligations $335,155,000 1.562 % $5,235,121 San Bernardino County Pension Obligation Bonds 288,826,268 1.562 4,511,466 Colton Joint Unified School District Certificates of Participation 1,188,372 29.316 348,383 Rialto Unified School District General Fund Obligations 12,574,391 5.288 664,934 San Bernardino City Unified School District Certificates of Participation 104,995,000 0.009 9,450 City of Colton General Fund Obligations 9,255,000 100.000 9,255,000 City of Colton Pension Obligations 19,779,400 100.000 19,779,400 San Bernardino County Flood Control District Certificates of Participation 62,820,000 1.562 981,248
Total Direct and Overlapping General Fund Obligation Debt $834,593,431 $40,785,002
Overlapping Tax Increment Debt ( Successor Agencies): City of Colton Tax Allocation Bonds $12,640,000 100.000 % $12,640,000 San Bernardino County Inland Valley Tax Allocation Bonds 235,260,000 1.973 4,641,680
Total Overlapping Tax Increment Debt $17,281,680
Total Direct Debt $29,034,400 Total Overlapping Debt $110,203,778 Combined Total Debt (2) $139,238,178 (2)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and non-bonded capital lease obligations.
Ratios to 2018-19 Assessed Valuation Total Overlapping Tax and Assessment Debt 2.34%
Total Direct Debt ($29,034,400) 0.84% Combined Total Debt 4.01%
Ratios to Redevelopment Successor Agencies Incremental Valuation ($1,227,705,936): Total Overlapping Tax Increment Debt 1.41%
Source: Avenu Insights
Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Colton. This process recognizes that, when considering the city's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident—and therefore responsible for repaying the debt—of each overlapping government.
160
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y o
f C
o lt
o n
S c
h e
d u
le 1
4 L
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fo rm
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in cl
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R a
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a g
a in
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1 6 2
C it
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O
th e
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s 7
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ct ri c
4 4
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S o
u rc
e :
F in
a n
ce D
e p
a rt
m e
n t
N o
te s
: A
f u
ll- tim
e e
m p
lo ye
e is
s ch
e d
u le
d t
o w
o rk
2 ,0
8 8
h o
u rs
p e
r ye
a r
(i n
cl u
d in
g v
a ca
tio n
a n
d s
ic k
le a
ve ).
A
cc o
rd in
g ly
, fu
ll- tim
e e
q u
iv a
le n
t e
m p
lo ym
e n
t is
c a
lc u
la te
d b
y d
iv id
in g
t o
ta l l
a b
o r
h o
u rs
b y
2 ,0
8 8
.
A c
tu a
l F
u ll
-t im
e E
m p
lo y
e e
s a
s o
f J
u n
e 3
0
1 6 5
C it
y o
f C
o lt
o n
S c h
e d
u le
1 9
O p
e ra
ti n
g I
n d
ic a to
rs b
y F
u n
c ti
o n
/P ro
g ra
m L
a s t
T e n
F is
c a l
Y e a rs
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
2 0 1 8
F u
n c ti
o n
/P ro
g ra
m
G e n
e ra
l g
o v e rn
m e n
t B
u ild
in g p
e rm
it s i s s u e d
5 8 2
6 0 2
5 6 2
4 5 4
7 0 7
7 7 4
1 ,1
7 0
9 1 8
1 ,0
7 2
B u ild
in g i n s p e c ti o n s c
o n d u c te
d 2 ,3
7 9
2 ,1
0 2
1 ,6
9 4
2 ,5
6 0
2 ,3
6 9
5 ,1
3 7
4 ,6
7 7
3 ,8
2 4
3 ,8
6 1
P o
li c e
P h ys
ic a l a rr
e s ts
1 ,9
0 2
2 ,1
2 3
1 ,6
4 0
1 ,7
1 7
1 ,7
2 2
2 ,0
9 4
2 ,8
0 1
2 ,4
0 4
2 ,5
9 7
P a rk
in g v
io la
ti o n s
1 ,5
0 1
7 5 9
7 8 5
1 ,7
5 9
1 ,2
8 4
1 ,8
8 2
3 ,0
3 1
2 ,2
1 9
2 ,7
6 0
T ra
ff ic
v io
la ti o n s
6 ,6
3 8
4 ,7
9 9
2 ,3
0 0
2 ,6
7 0
1 ,5
8 2
2 ,8
7 5
3 ,3
7 9
1 ,7
8 6
2 ,5
7 6
F ir
e E m
e rg
e n c y
re s p o n s e s
4 ,9
3 0
5 ,3
3 1
5 ,4
0 0
5 ,4
8 0
6 ,0
9 2
6 ,8
1 7
7 ,0
4 8
7 ,6
9 2
7 ,2
8 1
F ir e s e
xt in
g u is
h e d
2 4 2
2 6 8
2 6 5
2 7 9
2 7 0
2 6 2
3 2 7
3 6 1
4 7 6
In s p e c ti o n s
7 1 7
7 4 6
7 5 4
8 3 2
5 3 4
6 2 3
7 4 3
7 5 7
O th
e r
p u
b li
c w
o rk
s S
tr e e t
re s u rf
a c in
g (
la n e m
ile s )
-
2
0
1 .0
1
1
1
1 8
7
P o th
o le
s r
e p a ir e d
1 ,7
0 0
1 ,5
0 0
1 ,4
0 0
1 ,5
0 0
1 ,8
0 0
1 ,7
0 0
1 ,6
0 0
1 ,5
0 0
1 ,6
0 0
P a rk
s a
n d
r e c re
a ti
o n
F a c ili
ty u
s a g e p
e rm
it s i s s u e d
4 1 4
4 4 8
4 1 5
4 2 0
5 2 4
5 8 0
5 0 3
3 8 7
2 7 5
In d iv
id u a l F
a c ili
ty R
e s e rv
a ti o n s
7 8 0
3 ,5
8 2
C o m
m u n it y
c e n te
r a tt
e n d a n c e
2 0 5 ,5
0 0
2 0 8 ,4
5 0
2 1 5 ,4
0 0
2 1 9 ,4
3 2
2 4 5 ,3
1 5
2 3 0 ,4
8 6
2 2 0 ,1
3 6
2 2 8 ,4
9 3
2 2 5 ,4
6 5
L ib
ra ry
V o lu
m e s i n c
o lle
c ti o n
7 8 ,9
3 0
8 5 ,2
9 4
7 9 ,8
2 5
8 2 ,1
5 5
8 4 ,9
6 5
8 4 ,8
4 5
8 4 ,9
4 9
8 5 ,7
2 5
8 6 ,3
2 1
T
o ta
l vo
lu m
e s b
o rr
o w
e d
9 1 ,9
3 0
7 1 ,8
2 5
1 8 0 ,1
3 4
5 2 ,6
3 1
5 3 ,3
6 3
4 2 ,1
7 6
3 6 ,5
2 3
5 9 ,0
8 7
5 2 ,1
5 6
W
a te
r N
e w
C o n n e c ti o n s
6
3
3
W
a te
r M
a in
B re
a k s
-
2
-
A
ve ra
g e d
a ily
c o n s u m
p ti o n
(t
h o u s a n d s o
f g a llo
n s )
9 ,5
0 0
8 ,8
1 0
9 ,5
0 0
9 ,6
0 0
9 ,4
0 0
8 ,6
0 0
7 ,8
4 2
8 ,3
0 0
8 ,7
0 0
P e a k d
a ily
c o n s u m
p ti o n
(t
h o u s a n d s o
f g a llo
n s )
1 3 ,9
0 0
1 3 ,3
0 0
1 3 ,1
0 0
1 4 ,3
6 5
1 4 ,3
0 0
1 1 ,6
0 0
1 5 ,3
0 2
1 3 ,3
0 0
1 1 ,8
0 0
W
a s te
w a te
r A
ve ra
g e d
a ily
s e w
a g e t
re a tm
e n t
(t
h o u s a n d s o
f g a llo
n s )
5 ,8
0 0
5 ,8
0 0
5 ,8
0 0
5 ,8
0 0
5 ,8
0 0
5 ,0
5 5
5 ,1
5 5
4 ,8
1 0
5 ,0
2 2
E le
c tr
ic A
ve ra
g e d
a ily
c o n s u m
p ti o n (
k w
) 9 3 0 ,2
4 9
9 3 1 ,5
5 0
9 4 5 ,4
3 6
9 5 1 ,1
7 0
9 5 2 ,9
0 1
9 0 1 ,1
7 9
1 ,0
2 9 ,5
0 0
1 ,0
0 2 ,5
9 7
1 ,0
1 6 ,7
3 2
A
n n u a l p e a k d
e m
a n d (
k w
) 8 0
8 6
8 3
8 5
8 3
8 4
8 1
8 1
8 7
F is
c a l
Y e a r
1 6 6
C it
y o
f C
o lt
o n
S c
h e
d u
le 2
0 C
a p
it a
l A
s s
e t
S ta
ti s
ti c
s b
y F
u n
c ti
o n
/P ro
g ra
m L
a s
t T
e n
F is
c a
l Y
e a
rs
2 0
1 0
2 0
1 1
2 0
1 2
2 0
1 3
2 0
1 4
2 0
1 5
2 0
1 6
2 0
1 7
2 0
1 8
2 0
1 9
F u
n c
ti o
n /P
ro g
ra m
P o
li c
e P
ro te
c ti
o n
S ta
tio n
s 1
1 1
1
1
1
1
1
1
1
S u
b st
a tio
n s
1
1
1
1
1
1
1
1
1
1
P
a tr
o l u
n its
3 7
2
6 2
3
2 1
2
8
1 9
1 5
2 1
2 1
2 2
S p
e ci
a liz
e d
p u
rp o
se u
n its
4 7
4
8 4
9
4 1
4
3
4 4
4 2
4 2
4 2
4 4
F ir
e P
ro te
c ti
o n
S ta
tio n
s 4
4 4
4
4
4
4
4
4
4
S q
u a
d u
n its
1
1
1
2
2
2
2
2
2
1
E
n g
in e
u n
its 6
6 6
7
8
7
7
7
7
8
O th
e r
p u
b li
c w
o rk
s S
tr e
e ts
a n
d a
lle ys
- p
a ve
d (
la n
e m
ile s)
3 0
3
3
0 5
3 0
5
3
0 5
3 0
6
3
0 7
3
0 7
3
0 8
3
0 8
3
0 8
T
ra ff
ic s
ig n
a ls
5 2
5
3
5 4
5
6
5 6
5
6
5
6
6
0
6
3
6
3
P
a rk
s a
n d
r e
c re
a ti
o n
A cr
e a
g e
5 0
5
0
5 0
5
0
5 0
5
0
5
0
5
0
5
0
5
0
P
la yg
ro u
n d
s 5
5
5
5
5
5
5
5
5
5
B a
se b
a ll/
so ft
b a
ll d
ia m
o n
d s
1 1
1
1
1 1
1
1
1 1
1
1
1
1
1
1
1
1
1
1
S
o cc
e r/
fo o
tb a
ll fie
ld s
1
1
1
1
1
1
1
1
1
1
C
o m
m u
n ity
c e
n te
rs 4
4
4
4
4
4
4
4
4
4
S w
im m
in g
p o
o l
1
1
1
1
1
1
1
1
1
1
T
e n
n is
c o
u rt
s 2
2
2
2
2
2
2
2
2
2
L ib
ra ri
e s
C e
n tr
a l B
u ild
in g
1
1
1
1
1
1
1
1
1
1
S
a te
lit e
lo ca
tio n
s 2
2
2
1
2
2
2
2
2
1
B o
o ks
6 9
,1 1
5
7 2
,5 2
6
7 0
,7 5
5
7 2
,9 4
4
8 4
,9 6
5
8
4 ,8
4 5
8 4
,9 4
9
8
5 ,7
2 5
8 6
,3 2
1
7
3 ,8
2 7
A u
d io
vi su
a l r
e co
rd in
g s
9 ,2
0 4
9 ,6
1 1
9 ,0
7 0
9 ,2
1 1
9 ,4
1 8
9
,5 2
3
9 ,6
0 7
9
,7 2
7
9 ,7
6 8
1
0 ,3
1 3
M u
n ic
ip a
l W
a te
r D
e p
a rt
m e
n t
R e
si d
e n
tia l m
e te
rs 8
,8 6
8
8
,9 1
0
8
,9 0
5
8
,8 7
3
8
,8 6
8
9 ,2
8 6
9
,4 8
5
8 ,9
3 2
9
,0 4
2
8 ,9
4 5
C
o m
m e
rc ia
l/i n
d u
st ri a
l m e
te rs
1 ,1
4 2
1 ,1
2 6
1 ,1
5 0
1 ,1
3 3
1 ,1
8 4
1
,1 7
6
1 ,1
9 6
1
,1 6
1
1 ,2
1 4
1
,1 6
4
F ir e
p ro
te ct
io n
m e
te rs
1 8
0
1
8 0
1 7
7
1
8 0
1 8
1
1
7 9
1
8 1
1
9 3
2
0 6
1
8 2
W
a te
r m
a in
s (m
ile s)
1 3
0
1
3 0
1 3
0
1
3 0
1 3
0
1
3 0
1
3 0
1
3 0
1
3 0
1
3 0
F
ir e
h yd
ra n
ts 1
,5 0
0
1
,5 0
0
1
,5 1
6
1
,5 1
6
1
,5 1
7
1 ,5
1 8
1
,5 1
8
1 ,5
1 8
1
,5 1
8
1 ,5
2 5
S
to ra
g e
c a
p a
ci ty
( th
o u
sa n
d s
o f
g a
llo n
s) 1
9 ,3
0 0
1
9 ,3
0 0
1
9 ,3
0 0
1
9 ,3
0 0
1
9 ,3
0 0
1 9
,3 0
0
1
9 ,3
0 0
1 7
,3 0
0
1
7 ,3
0 0
1 7
,3 0
0
W
a s
te w
a te
r S
a n
ita ry
s e
w e
rs (
m ile
s) 1
7 8
1 7
8
1
7 8
1 7
8
1
7 8
1 7
8
1 7
8
1 7
8
1 7
8
1 7
8
S to
rm s
e w
e rs
( m
ile s)
T re
a tm
e n
t ca
p a
ci ty
( th
o u
sa n
d s
o f
g a
llo n
s) 1
0 ,4
0 0
1
0 ,4
0 0
1
0 ,4
0 0
1
0 ,4
0 0
1
0 ,4
0 0
1 0
,4 0
0
1
0 ,4
0 0
1 0
,4 0
0
1
0 ,4
0 0
1 0
,4 0
0
M
u n
ic ip
a l
E le
c tr
ic D
e p
a rt
m e
n t
R e
si d
e n
tia l m
e te
rs 1
5 ,9
9 4
1
6 ,0
5 5
1
6 ,0
5 5
1
6 ,0
8 5
1
6 ,1
9 0
1 6
,2 6
2
1
6 ,5
3 3
1 6
,5 9
9
1
6 ,7
8 4
1 5
,7 9
5
C
o m
m e
rc ia
l 2
,4 0
9
2
,4 3
6
2
,4 6
4
2
,4 7
4
2
,4 9
1
2 ,4
9 8
2
,5 1
7
2 ,5
2 8
2
,5 4
7
2 ,5
6 9
In
d u
st ri a
l 7
4
7 3
7
3
7 5
7
7
8 0
8 5
8 6
8 5
8 7
M u
n ic
ip a
l 2
3 9
2 4
1
2
4 2
2 4
5
2
4 6
2 4
7
2 5
7
2 6
1
2 6
7
2 6
8
D is
tr ib
u tio
n li
n e
s (m
ile s)
1 5
9
1
6 3
1 6
6
1
6 6
1 6
9
1
6 9
1
7 0
1
7 0
1
7 2
1
7 5
S
tr e
e tli
g h
ts 5
,2 4
3
5
,2 7
1
5
,2 7
1
5
,2 8
4
5
,2 6
5
5 ,3
0 2
5
,3 2
0
5 ,3
0 7
5
,3 0
7
5 ,3
2 3
S o
u rc
e s
: V
a ri o
u s
ci ty
d e
p a
rt m
e n
ts .
1 6 7
- 7.
