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COMPREHENSIVE Al~NUAL F1NANCIAL REPORT
OF THE
CITY OF PALO ALTO
ror tbe
F1scal Year Ended June 30, 1991
prepared by
DEPARTME.'" OF FINANCE
Emily Harrison
Director of Finance
CITY OF PALO ALTO
TABLE OF CONTE:N'l'S
INTRODUCTORY SECTION:
C~ty Officials ••••
Organizatio~al structure
Department of Finance Structure
Letter of Transmittal
FINANCIAL SECTION:
Report of 1ndependent Accountants
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iv
FINANCIAL STATEMENTS (Gene:ral Purpose Financial Statements,:
Combined Balance Sheets -All Fund Types and Account
Groups • • • _ • • • • • . . • • • •
Combined Statements of Revenues, Expenditures and Changes
in FUnd Balances -All Governmental Fund Types •••••
Combined Statements of Revenues j Expenditures and Changes
in FUnd Balances -Budget and Actual -General.
Special Revenue and Capital Project Funds ••••
Combined Statements of Revenues, Expenses and Changes in
Fund Equity -All Proprietary ?und Types -B~dget and
Actual ....
Combined State~ents of Cash Flows -All Fr~prietary Fund
Types •••••
Combined. Statements of Revenues, Expenditures and Changes
in Fund Balances -Exp~nda~le Trust Funds
NOTES TO COMBI~ED FINANCIAL STATEMENTS~
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. 4
• • 5-6
7-8
. 9
10
Notes to Combined Financial Statements ••• 11-56
SUPPLEMENTARY DATA ,co~bining and Individual Fund and
Account Group Statenents a~d Other Financial Schedules):
General Fund:
Balance Sheets • • . • •
statements of Revenues, Expenditures and Changes
in Fund Balances -Budget and Actual •
Schedules of Expenditures, General F\.md Compared
to Budget ....
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59-60
61-62
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CITY OF PALO _~TO
TABLE OF CONTENTS
Special Revenue Funds:
Combi ni~.q Balance Sheets ~ ~ ~ •
Combining Statements of Revenues, Expendit'lres and
Changes in Fund Balances . . . . . . .
Combining Statements of Revenues, Expenditures and
Chanqes in Fund Balances -8~dget and Actual
SUPPLEMENTARY DATA (Combining and rndividual Fund
and Account Group State~ents and Other. Financial
Schedules). Continued:
Debt ~ervice Funds:
Combining Balance Sheets . . . . . • • • • •
Combining Statements of Revenue, Expenditures and
Changes in Fund B~lances . . . .
Capital Projects Fund:
Balance Sheets
Statements of Revenues and Expenditures and Changes
in Fund Balances -Budget and Actual
Znterprise ~unds:
Combining Balance Sheets
Combining Statements of Revenues l Expenses and
Chanqes in Fund Equity •••••
Cc&bining Stat~ments of cash Flows
Combining Balance Sheets -~'aste\yater Fund3 •
Combining Statsments of Revenue, Expanses and
Changes in Fund Equity -Wastewater Funds
Combining State~ents of Cash ~lows -Wastewater
Internal Service Funds:
Funds
Combining 8alance Sheets
Combining Statements of Revenues I Expenditures and
Changes in Fund Equity
Combining Statements of
Trus"t and Agency Funds:
Cash Flows
Combining Balance Sheets . . . .
Expendable Trust Funds:
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances . .• ....
Deferred Compensation program Agency Fund:
Statement of Changes in Assets and Liabilities
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64-65
66-67
68-73
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75-76
77-78
80
81
83-94 ,-
85-86
87-90
91
92
93
95-96
97-98
99-l00
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102-103 -
104-105 -
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CITY OF PALO ALTO
TABLE OF CONTENTS
Gen~ral Fixed Assets Account Group:
Sch~dules of Gener~l Fixed Assets -By Source .
Schedules of General Fixed ~ssets -By Function
and Activity • ~ .••
Schedule of Changes in General Fixeo Assets -
By Functio~ and Activity ~ • . ••.•
General Long-Term Oebt Account Group:
Balance sheets .
Schedule of Bonds Payable
Schedule of Future Debt Service RequireIl'.ent.s
STATISTICAL SECTION (Unaudited):
Statistical Tables and Other Schedules (Unaudited):
General Revenues by Source -
Last Ten Fiscal Years • • • • •
General Governmental EXDenditure~ by Function -
Last T-en Fiscal Years' . . . .. ••
Property Tax Rates~ Levies and Collections -
Last Ten Fiscal Years . . . . .
Assessed and Estimated Actual Value of Taxable
property -Last Ten Fiscal Years ~ . . . . .. ..
Property Tax Rates -All Overlapping Cove~nments
(Per $100 of Assessed Value) -Last Ten Fiscal
Years •..••
Special Assessment Collections -
Last Ten Fiscal Years
Ratio of General Bonded Debt to Assessed Value
ano Net Bonded D~bt per capita -
Last Ten Fiscal Years .. . . . ~
computation cf Legal Debt Margin
Schedule of Direct and overl~pping Bonded Debt
Ratio of AnnQal Debt Service Expenditures for
General Bonded Debt to Total General Expenditures -
Last Ten Fiscal Years . .. .. .. .. .. . •
Revenue Bond Coverage -water, Electric, Gas and
Wastewater Funds -Last Ten Fiscal Ye~rs . ..
Demographic Statistics -Last Ten Fiscal Years
Construction Activity -Last Ten Fiscal Years
Insurance Coverage .. • . ..
Principal Taxpayers ..
Miscellaneous Statistical Information
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109-110
• .. 111
• 113
114-115
• 1I6
118-120
121-122
123-124
125-127
128
1:29
130
131
132
133
134
135-136
• 137
138-139
140
.• 141
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CITY OF n.ll> ALTO
TABLE OF CONTENTS
SINGLE AUDIT REPORTS
R~port on Internal Accounting Controls Based Solely
on a Study and Evaluation Made as a Part of an
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Page
}'umber
Audit of the General Purpose Financial Statements 143-144
Compliance Report Based on a Audit of General
Purpose Financial stateDents Performed in Accordance
with the Standards for Audit issued by the GAO .. 145
Report on Supplementary Information Schedule of
Federal Financial Assistance . 146-1~7
Report on Internal Controls (Accour.'ting and
Adminlstrative) -Based on a study and Evaluation
Made as a Part of an Audit of tne General Purpose
Financial Statements and the Additional Tests
Required by the Single Audit Act . • 148-149
Reports on Compliance with Laws and Regulations
R~lated to Major Federal Financial Assistance
Programs . • • • 150-152
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CITY OF PALO ALTO
Jean MCCo .... 'Il
Chairperson. Committ.:.e on
Finance and Public \Vorks
Mike Cobb
Liz Kni~s
V/iUiam Zaner
City Manager
Ariel Cafonne
Cit)' Attorney
CITY OFFICIALS
June 30, 199!
City CQuncil
Jack Sutorius
Mayor
Gary Fazzino
Vice lvfayor
Cou fi\:jl-Ap-DOi 1}1 cd
Oftiq;'I~
Ron Anders~n
Chairperson. Committee on
Policy and Procedures
Emily Renzel
Gail Wooley
Gloria L Young
Cit)' Clerk
TnlC"lr' Kwok
Acting City Auditor
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Cirr OF PALO ALTO
ORGARIZATIONAL CHART
[ VOTERS Of pAL.C) AUO
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t---~ em AUDITOR em MAHAGER
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Admin.
[ngin_ring
W,ute-wat~
Treatment
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IoOMINtSTRATlON
"!V'SION
Adminislratiop
end General
PURPOSE tGOA L,
ACCOUNTING;
5ERVJCES
DNlS,ON
Payroll
General
ledger
Accounts
Payable
Ac~ou":s
Roi!-ceivab!e
Entc-rprise
Accoun1ing
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CITY OF PALO ALTO
FINAlfC[ OEPAJ!T1EHT
ORGA.~1 ZATiOIfAl CHART
FIo".fANCE
DEi"ARTMENT
TR~UFcY
OIVISION
Financial
Planning
& Invest.
RevenL.'e
ConeClions
BUDGET &
MANAGEMENT
ANALVSlS
Budget
Manag~ment
Analysis
PURCHASING &
PRINrTNG
SERVICES
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Administration
Bnd Genera!
Purchasing
Stores & Delivery
Printing Services
(Intemal SeOlice
Fund)
Mailing Services
(Internal Service
Fund)
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REAl. ESTATE
DMSION
Administration
snd General
School Site
Ad mi nistration
To direct 'he City's financiar operatlo"s including accounting, budgeting, lon~-lerm financial planning, real property and
portfOliO management, and purchasing to assure thal the Citts financial matters are ad'ministered In accordance with an
regulatory requil'ements and consistent with generally accepted principals of budgeling and accounting. Additionally,to
rNIIximlze the relurn on Itle City's financial and real property assets.
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