HomeMy WebLinkAboutAzusa CAFR 12_201304301356553386CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
PREPARED BY FINANCE DEPARTMENT
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................. i
Organizational Chart ............................................................................................................................... v
Officials of the City of Azusa .................................................................................................................. vi
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT .................................................................................................. 1
MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................ 3
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Assets ................................................................................................................. 15
Statement of Activities .................................................................................................................... 16
Fund Financial Statements:
Balance Sheet - Governmental Funds ........................................................................................... 18
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets ....................................................................................................... 21
Statement of Revenues, Expenditures and Changes in Fund
Balances - Governmental Funds .................................................................................................... 22
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the Statement of Activities ....................... 24
Budgetary Comparison Statement - General Fund ........................................................................ 25
Statement of Net Assets - Proprietary Funds ................................................................................. 26
Statement of Revenues, Expenses and Changes in Fund Net
Assets - Proprietary Funds ............................................................................................................. 27
Statement of Cash Flows - Proprietary Funds ............................................................................... 28
Statement of Fiduciary Net Assets - Fiduciary Funds .................................................................... 30
Statement of Changes in Fiduciary Net Assets – Fiduciary Funds ................................................ 31
Notes to Financial Statements ........................................................................................................... 33
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds ........................................................... 80
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds .......................................................... 86
Budgetary Comparison Schedules - Special Revenue Funds:
State Gasoline Tax ......................................................................................................................... 92
Proposition A .................................................................................................................................. 93
Proposition C .................................................................................................................................. 94
Community Development Block Grant ........................................................................................... 95
Senior Nutrition ............................................................................................................................... 96
Public Benefit Program ................................................................................................................... 97
Air Quality Improvement ................................................................................................................. 98
Grants and Seizure ......................................................................................................................... 99
Supplemental Law Enforcement ................................................................................................... 100
Fire Safety .................................................................................................................................... 101
Monrovia Nursery ......................................................................................................................... 102
Employee Benefits ........................................................................................................................ 103
Utility Mitigation............................................................................................................................. 104
LACMTA ....................................................................................................................................... 105
Measure R .................................................................................................................................... 106
AB939 Fee .................................................................................................................................... 107
Rosedale Traffic Mitigation ....................................................................................................... …108
Budgetary Comparison Schedules - Capital Projects Funds:
Park In-Lieu .................................................................................................................................. 109
Public Works Endowment ............................................................................................................. 110
Budgetary Comparison Schedules - Debt Service Fund:
Public Financing Authority ............................................................................................................ 111
Combining Statement of Net Assets – Nonmajor Proprietary Funds .............................................. 112
Combining Statement of Revenues, Expenses and Changes in
Fund Net Assets – Nonmajor Proprietary Funds ............................................................................. 113
Combining Statement of Cash Flows – Nonmajor Proprietary Funds ............................................. 114
Combining Statement of Net Assets – Internal Service Funds........................................................ 116
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONTINUED)
Combining Statement of Revenues, Expenses and Changes in
Fund Net Assets – Internal Service Funds ................................................................................... 118
Combining Statement of Cash Flows – Internal Service Funds ................................................... 120
Combining Statement of Changes in Assets and Liabilities – Agency Fund ............................... 122
Supplemental Statement of Revenues, Expenses and Changes in
Net Assets – Water – Enterprise Fund ......................................................................................... 123
Supplemental Statement of Revenues, Expenses and Changes in
Net Assets – Light – Enterprise Fund ........................................................................................... 124
STATISTICAL SECTION
Table 1 – Net Assets by Component ............................................................................................ 127
Table 2 – Change in Net Assets ................................................................................................... 128
Table 3 – Fund Balances of Governmental Funds ....................................................................... 130
Table 4 – Changes in Fund Balances of Governmental Funds ................................................... 131
Table 5 – Light Department, Electricity Sold by Type of Customer .............................................. 132
Table 6 – Electricity Rates ............................................................................................................ 133
Table 7 – Largest Electrical Customers ....................................................................................... 134
Table 8 – Water Sold by Type of Customer ................................................................................. 135
Table 9 – Water Rates .................................................................................................................. 136
Table 10 – Largest Water Customers .......................................................................................... 137
Table 11 – Assessed Value and Estimated Actual Value of Taxable Property ............................ 138
Table 12 – Direct and Overlapping Property Rates ...................................................................... 139
Table 13 – Principal Property Tax Payers .................................................................................... 140
Table 14 – Property Tax Levies and Collections .......................................................................... 141
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
TABLE OF CONTENTS
Page
Number
STATISTICAL SECTION (CONTINUED)
Table 15 – Ratios of Outstanding Debt by Type .......................................................................... 142
Table 16 – Ratio of General Bonded Debt Outstanding ............................................................... 143
Table 17 – Direct and Overlapping Debt ...................................................................................... 144
Table 18 – Legal Debt Margin Information ................................................................................... 145
Table 19 – Pledged Revenue Coverage ...................................................................................... 146
Table 20 – Pledged Revenue Coverage,
Tax Allocation Bonds – Redevelopment Agency ....................................................... 148
Table 21 – Demographic and Economic Statistics ....................................................................... 149
Table 22 – Principal Employers .................................................................................................... 150
Table 23 – Full-time and Part-time Employees by Function ........................................................ 151
Table 24 – Operating Indicators by Function ............................................................................... 152
Table 25 – Capital Asset Statistics by Function ........................................................................... 153
Table 26 – Schedule of Credits .................................................................................................... 154
Finance Department ▪ 213 E. Foothill Blvd. ▪ P.O. Box 1395 ▪ Azusa, CA 91702-1395
Tel: (626) 812-5202 ▪ FAX (626) 334-6358
i
March 29, 2013
Honorable Mayor and Council Members
City of Azusa
213 E. Foothill Blvd.
Azusa, CA 91702
Honorable Mayor and Council Members:
Submitted for your information and consideration is the Comprehensive Annual Financial
Report of the City of Azusa for the fiscal year ended June 30, 2012. Responsibility for
both the accuracy of the data and the completeness and fairness of the presentation,
including all disclosures, rests with City management. The data presented is believed to
be accurate in all material aspects and is designed to set forth fairly the financial position
and the results of the City's operations as measured by the financial activity of the
various funds. All necessary disclosures are included to enable the reader to
understand fully the financial activities and operations of the City. The financial
statements are prepared in accordance with Generally Accepted Accounting Principles
(GAAP) as promulgated by the Governmental Accounting Standards Board (GASB) and
include the report of the City's independent Certified Public Accountants, Lance, Soll &
Lunghard.
Management’s discussion and analysis (MD&A) immediately follows the
independent auditor’s report and provides a narrative introduction,
overview, and analysis of the basic financial statements. MD&A
complement this letter of transmittal and should be read in conjunction
with it.
AUDIT REPORT
The City received an unqualified opinion from its independent auditors, Lance, Soll and
Lunghard, for the City’s Comprehensive Annual Financial Report (CAFR) for the year
ended June 30, 2012. The scope of the examination did not include the statistical
section of this report.
REPORTING ENTITY
The Comprehensive Annual Financial Report combines the financial statements of the
Successor Agency of the former Redevelopment Agency of the City of Azusa and the
Azusa Public Financing Authority with the City of Azusa to constitute a single reporting
entity. Although each entity is legally separate from the City, their respective financial
operations are closely related thereto. This combined presentation better represents the
financial activities of the City of Azusa.
Finance Department ▪ 213 E. Foothill Blvd. ▪ P.O. Box 1395 ▪ Azusa, CA 91702-1395
Tel: (626) 812-5202 ▪ FAX (626) 334-6358
ii
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City uses the modified accrual basis of accounting to record general governmental
operations. Under this method, revenues are recognized in the accounting period in
which they become measurable and available to finance expenditures of the fiscal
period. For proprietary funds (enterprise and internal service funds), the full accrual
method of accounting is utilized. Accordingly, revenues are recognized in the
accounting period when they are earned and expenses are recognized when they are
incurred.
In developing and evaluating the City's accounting systems, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to
provide reasonable, but not absolute, assurance regarding the safeguarding of assets
against loss from unauthorized use or disposition. Internal controls are also utilized to
ensure the reliability of financial records, which are the basis for preparing financial
statements and maintaining accountability of assets. The concept of reasonable
assurance recognizes that the cost of control measures does not exceed the benefits
likely to be derived from this control, and that the evaluation of costs and benefits likely
to be derived requires estimates and judgments by management. All internal
evaluations occur within the framework outlined above. Staff believes the internal
accounting controls safeguard adequately the City's assets and provide reasonable
assurance that financial transactions are properly recorded.
Section 2-450 of the Azusa Municipal Code stipulates that budget amendments of
$100,000 or more must be approved by City Council. This is the legal level of budgetary
control. Capital Improvement Projects are maintained by project life. Therefore, the
budget appropriation for these projects may need to be re-budgeted in subsequent
accounting periods.
LOCAL ECONOMY
The City of Azusa enjoys a diverse local economy and City revenues are less dependent
on single source or cyclical revenues than most of the surrounding Cities in the region.
Sales Tax, though important, is not the City’s primary revenue source. Consequently, the
City is relatively better insulated from major economic downturns. Local employment
remains stable with Northrop-Grumman, a major defense contractor, expanding its
operations and Azusa Pacific University in the midst of a major expansion of both
facilities and student population. The planned and funded expansion of the Los Angeles
Metro Gold Line through Azusa in the immediate future is also anticipated to bring
additional economic activity to the City’s revitalizing Downtown with planned transit
oriented development projects currently under negotiation.
Finance Department ▪ 213 E. Foothill Blvd. ▪ P.O. Box 1395 ▪ Azusa, CA 91702-1395
Tel: (626) 812-5202 ▪ FAX (626) 334-6358
iii
MAJOR INITIATIVES
This year we faced many challenges to our continued efforts to revitalize the community:
The lingering effects of the housing recession continue to depress prices on existing
homes and to reduce the construction of new housing stock. This has led to a decline in
property vales for several years and put a strain on the City’s finances. Although there is
a slight growth in property tax and sales tax, revenues are still below the high peak in FY
2008-09.
The dissolution of the Redevelopment Agency (RDA) presented financial challenges to
the City. Several City departments provided services to support the RDA and these
departments were reimbursed by RDA for these services. To continue providing some of
the services, the General Fund absorbed much of these costs. The dissolution
significantly affected ongoing efforts to attract new economic development to the
community.
Efforts to proceed with an expansion of mining activities undertaken by Vulcan Materials
and the receipt of resulting mining revenues continues to be delayed due to the legal
appeal of the project by the City of Duarte over environmental grounds.
In addition, the City’s approval of a proposal from Waste Management, Inc. to build a
materials recovery facility has also been hampered by environmental litigation.
Staff believes many of these issues will be resolved favorably for the City in the near
future. However, until then, continued financial prudence and a resolve on the part of
staff and management to work together to get through this period is of the utmost
importance.
APPROPRIATION LIMIT
As set forth by the Gann Initiative, which became law in the State of California in 1979,
and its subsequent revisions, the City's statutory appropriation limit for 2011-12 was
calculated at $153,054,779. Budgeted revenues from proceeds of taxes totaled
$25,974,310, which is $126,468,319 or about 82.6% below the City's legal appropriation
limit.
CASH MANAGEMENT
As a general law city, Azusa operates its pooled idle cash investments under the
Prudent Man Rule (California Civil Code Section 2261, et. seq.), which in essence states
that "in investing property for the benefit of another, a trustee shall exercise the judgment
and care, under circumstances then prevailing, which men of prudence, discretion and
intelligence exercise in the management of their own affairs...” The City's cash
management system is designed to monitor and forecast expenditures and revenues as
accurately as possible and to invest funds to the fullest extent possible. The City
attempts to obtain the highest available investment yields consistent with the criteria
established and outlined in the City's Investment Policy, which is approved annually by
Finance Department ▪ 213 E. Foothill Blvd. ▪ P.O. Box 1395 ▪ Azusa, CA 91702-1395
Tel: (626) 812-5202 ▪ FAX (626) 334-6358
iv
the City Council. Some of the instruments in which the City may invest are: U.S.
Government Securities, Certificates of Deposit, Bankers' Acceptances, the State of
California Local Agency Investment Fund (LAIF), Treasury Bills, Repurchase
Agreements, and regular savings and demand deposits.
AWARDS AND ACKNOWLEDGMENTS
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Azusa for its (CAFR) for the fiscal year ended June 30, 2011. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently
organized CAFR. This report must satisfy both generally accepted accounting principles
and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our
current CAFR continues to meet the Certificate of Achievement Program’s requirements
and we are submitting it to the GFOA to determine its eligibility for another certificate.
This document could not have been prepared without the dedicated efforts of the entire
Finance Department staff. The City’s independent auditors, Lance, Soll and Lunghard,
provided expertise and advice in preparing this financial report.
Through the team effort of its City Council, management and employees, the City
expects to continue the high level of service, which is currently provided to the Azusa
community. Due to the consistent policies of the City Council and the Finance
Department, the City of Azusa has been able to maintain a sound financial base from
which to operate.
Very truly yours,
Susan Paragas
Director of Finance
City of Azusa
ELECTED OFFICIALS AND DEPARTMENT HEADS
213 E. Foothill Boulevard
Azusa, CA 91702
(626) 812-5200
Fax (626) 334-6358
www.ci.azusa.ca.us
ELECTED OFFICIALS TITLE TERM EXPIRATION
Vera Mendoza City Clerk March, 2013
Marcene Hamilton City Treasurer March, 2013
Joseph Rocha Mayor March, 2013
Angel Carrillo Mayor Pro-Tem March, 2015
Robert Gonzales Councilmember March, 2013
Keith Hanks Councilmember March, 2013
Uriel Macias Councilmember March, 2015
DEPARTMENT HEADS TITLE PHONE NUMBER
James W. Makshanoff City Manager 626-812-5238
Tito Haes Director of Public Works/Assistant City Manager 626-812-5248
Kurt Christiansen Director of Economic & Community Development 626-812-5236
Sam Gonzalez Chief of Police 626-812-3250
Ann Graf Director of Information Technology 626-812-5024
Joe Jacobs Director of Recreation & Family Services 626-812-5220
Nancy Johnson Director of Library 626-812-5277
George Morrow Director of Utilities 626-812-5219
Robert Neiuber Acting Director of Human Resources 626-812-5183
Susan Paragas Acting Director of Finance 626-812-5202
Daryl L. Osby Chief/Fire 626-974-8371
City Attorney Best, Best, & Krieger (Marco Martinez) 949-263-2603
vi
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INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of City Council
City of Azusa, California
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 Azusa, California,
(the City), as of and for the year ended June 30, 2012, which collectively comprise the City's basic
financial statements as listed in the table of contents. These financial statements are the responsibility of
City’s management. Our responsibility is to express opinions on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and the significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
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, 2012, and the respective
changes in financial position, and cash flows, where applicable, thereof and the respective budgetary
comparison for the General Fund for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
We would like to draw the reader’s attention to Note 19 “Successor Agency Trust for Assets of the Former
Redevelopment Agency”. The note provides information on the dissolution of the Redevelopment Agency
and the newly formed Successor Agency.
In accordance with Government Auditing Standards, we have also issued our report dated
March 29, 2013, on our consideration of the City’s internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of
our audit.
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis as listed in the 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.
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2
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
As management of the City of Azusa, California, we offer readers of the City of Azusa’s financial
statements this narrative overview and analysis of the financial activities of the City of Azusa for the fiscal
year ended June 30, 2012. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our letter of transmittal, which can be
found on pages i through iv of this report. All amounts, unless otherwise indicated, are expressed in
whole dollars.
Financial Highlights
• The assets of the City exceeded its liabilities at the close of fiscal year 2012 by $181,437,080 (net
assets).
• Total City assets of $315,747,894 include $159,273,548 or 50% of non-current assets attributed to
capital assets, net of depreciation.
• Total City liabilities of $134,310,814 include $112,869,789 or 84% of long-term liabilities attributed
mainly to tax allocation bonds and certificates of participation.
• As of June 30, 2012, the City’s governmental funds reported combined fund balances of $26,016,801.
• At the end of the current fiscal year, the total fund balance for the General Fund was decreased by
$1,169,803 to $15,134,156.
• Total General Fund revenues received for the year were $32,852,402 and total General Fund
expenditures for the year were $31,277,098, an excess of revenues over expenditures amounting to
$1,575,304. This does not include transfers. Details are located within the General Fund
Budgetary Highlights within the M D & A.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements, which are comprised of three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the basic financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
1) Government-wide financial statements. The government-wide financial statements are designed to
provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector
business.
The statement of net assets presents information on all of the City’s assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the City of Azusa is improving or
deteriorating.
The statement of activities presents information showing how the government’s net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in cash flows in future fiscal
periods (e.g. uncollected taxes and earned but unused vacation leave).
3
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
Both of the government-wide financial statements distinguish functions of the City of Azusa that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and
charges (business-type activities). The governmental activities of the City include General Government,
Public Safety, Community Development, Parks and Recreation, and Public Works. The business-type
activity of the City includes the City’s Water, Light, Sewer/Wastewater, and Refuse Contract Utility
operations.
The government-wide financial statements include not only the City of Azusa itself (known as the primary
government), but also the legally separate City of Azusa Redevelopment Agency and the Azusa Public
Financing Authority for which the City of Azusa is financially accountable. Financial information for these
component units has been included as an integral part of the primary government. Separate financial
statements are prepared for the City of Azusa Redevelopment Agency and may be obtained from the
City’s Administrative Services-Finance Division.
2) Fund financial statements. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City of Azusa, like
other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating a government’s near-term financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental fund balance sheet and governmental fund statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City of Azusa maintains 23 individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the General Fund, the Low/Moderate Income Housing Fund and the
Redevelopment Agency Debt Service Fund, all of which are considered to be major funds. Data from the
other 20 governmental funds are combined into a single, aggregate presentation. Individual fund data for
each of these non-major governmental funds is provided in the form of combining statements elsewhere
in this report.
The City of Azusa adopts an annual appropriated budget for each of its governmental funds. A budgetary
comparison statement has been provided for the General Fund and all Special Revenue Funds, Capital
Project Funds, and Debt Service Funds to demonstrate compliance with this budget.
Proprietary funds. The City of Azusa maintains two different types of proprietary funds, enterprise 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 an enterprise fund to account
for its Water, Light, Sewer/Wastewater and Refuse Contract Utilities. 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 Consumer Services, Self Insurance, Central
Services, Equipment Replacement, Intra-Governmental Loan and IT Services activity. Because these
4
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
services predominantly benefit governmental rather than business type functions, they have been
included within governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements
(business type activities), only in more detail. Information is presented separately in the proprietary fund
statement of net assets and in the proprietary fund statement of revenues, expenditures, and changes in
net assets for the Water and Light funds. The Water and Light funds are considered to be major funds.
The internal service funds are also presented in the proprietary fund financial statements.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside
the government, and the City’s role is purely custodial. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of those funds are not available to support
the City’s own programs. All assets reported in Fiduciary funds are offset by a liability; the accrual basis
of accounting is used to recognize receivables and payables.
3) Notes to the basic financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
Other supplementary information. The combining financial statements and schedules referred to
earlier in connection with non-major governmental funds and internal service funds are presented
immediately following the notes to the basic financial statements.
Government-wide Financial Analysis
The following table presents a summary of the City’s assets, liabilities and net assets for its governmental
and business type activities. As noted earlier, a government’s net asset position may serve over time as
a useful indicator of its financial position.
2012 2011 2012 2011 2012 2011
Current and other assets 72,093,769$ 61,355,492$ 84,380,577$ 82,946,211$ 156,474,346$ 144,301,703$
Capital assets, net 28,862,696 32,156,047 130,410,852 133,467,063 159,273,548 165,623,110
Total assets 100,956,465 93,511,539 214,791,429 216,413,274 315,747,894 309,924,813
Current liabilities 13,048,589 4,886,460 8,392,436 8,707,714 21,441,025 13,594,174
Long-term liabilities 31,342,832 84,997,930 81,526,957 84,305,104 112,869,789 169,303,034
Total liabilities 44,391,421 89,884,390 89,919,393 93,012,818 134,310,814 182,897,208
Net assets:
Invested in capital assets,
net of related debt 28,862,696 19,297,862 60,562,199 35,160,311 89,424,895 54,458,173
Restricted 5,306,039 35,312,033 10,845,193 3,192,561 16,151,232 38,504,594
Unrestricted 22,396,309 (50,982,746) 53,464,644 85,047,584 75,860,953 34,064,838
Total net assets 56,565,044$ 3,627,149$ 124,872,036$ 123,400,456$ 181,437,080$ 127,027,605$
Total
City of Azusa - Summary of Net Assets
Governmental
Activities
Business Type
Activities
5
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
As of June 30, 2012, the City’s assets exceeded liabilities by $181,437,080. This represents an increase
from the prior years and can be attributed to multiple factors within both governmental activities, including
an increase in restrictions for capital projects and unrestricted balance. The decrease in business type
activities unrestricted balance can be attributable to an increase in capital investments. As evidenced in
the Proprietary Funds Statement of Revenues, Expenses and Changes in Fund Net Assets, Operating
Revenues covered Operating Expenses for the Water and Light Funds. The non operating categories
such as interest expense and franchise fees resulted in a net asset increase for the Water Fund $858,549
and a net increase for the Electric Fund $298,875.
In evaluating the net assets for both governmental and business-type activities in the City of Azusa,
$89,424,895 (49%) denotes net assets invested in capital assets (net of related debt) and $16,151,232
(9%) represents resources that are subject to external restrictions. The remaining balance represents
unrestricted net assets of $75,860,953 (42%).
The following chart shows the comparison of the three components of net assets for Fiscal Years
2011-12 and 2010-11 (in millions)
Governmental activities. The following condensed summary of activities of the City’s governmental
activities for the year ended June 30, 2012 shows total net assets equal $56,565,044, an increase of
$52,937,922 (1488%) from the prior year. The primary increases are due to reductions in noncurrent
liabilities that are due in more than one year from the extraordinary gain on the dissolution of the
redevelopment agency ($59,933,832). Revenue and expense graphs are included to aid the reader in
understanding the results of the current year’s activities.
6
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
Business type activities. Business type activities net assets totaled $124,872,036, an increase of
$1,471,580 (1.2%) from the prior year. Key elements of the increase in net assets are due to reduction in
the long-term liabilities.
2012 2011 2012 2011 2012 2011
Program Revenues:
Charges for services 8,312,509$ 7,847,584$ 66,225,588$ 61,647,937$ 74,538,097$ 69,495,521$
Operating contributions
and grants 3,267,287 3,651,491 - - 3,267,287 3,651,491
Capital contributions
and grants 137,102 109,226 - - 137,102 109,226
General Revenues:
Taxes 29,046,350 31,863,145 555,225 571,036 29,601,575 32,434,181
Motor vehicle in lieu - 143,401 - - - 143,401
Investment earnings 420,126 2,540,133 884,535 1,626,291 1,304,661 4,166,424
Gain on sale of assets (50,068) - (1,966,003) 1,350 (2,016,071) 1,350
Miscellaneous 1,284,484 854,945 257,653 358,891 1,542,137 1,213,836
Extraordinary gain/loss on
dissolution of redevelopment
agency 59,933,832 - - - 59,933,832 -
Total Revenues 102,351,622 47,009,925 65,956,998 64,205,505 168,308,620 111,215,430
Expenses:
General Government 11,484,071 12,198,991 - - 11,484,071 12,198,991
Public Safety 20,475,798 20,187,914 - - 20,475,798 20,187,914
Community Development 3,286,420 3,472,237 - - 3,286,420 3,472,237
Parks and Recreation 4,178,098 4,184,626 - - 4,178,098 4,184,626
Public Works 8,850,113 5,539,866 - - 8,850,113 5,539,866
Interest and Fiscal Charges 2,244,315 7,380,598 - - 2,244,315 7,380,598
Water - - 19,366,325 19,680,719 19,366,325 19,680,719
Light - - 39,115,161 40,083,680 39,115,161 40,083,680
Sewer/Wastewater - - 2,083,756 1,982,241 2,083,756 1,982,241
Refuse Contract - - 2,851,882 2,962,395 2,851,882 2,962,395
Total Expenses 50,518,815 52,964,232 63,417,124 64,709,035 113,935,939 117,673,267
Increase (decrease) in net assets
before transfers 51,832,807 (5,954,307) 2,539,874 (503,530) 54,372,681 (6,457,837)
Transfers 1,082,262 1,326,374 (1,082,262) (1,326,374) - -
Change in Net Assets 52,915,069 (4,627,933) 1,457,612 (1,829,904) 54,372,681 (6,457,837)
Net Assets (Deficits) - Beginning 3,627,149 8,059,749 123,400,456 125,075,427 127,027,605 133,135,176
Restatement of Net Assets 22,826 195,333 13,968 154,933 36,794 350,266
Net Assets (Deficits) - Ending 56,565,044$ 3,627,149$ 124,872,036$ 123,400,456$ 181,437,080$ 127,027,605$
Activities Activities Total
City of Azusa - Summary of Changes in Net Assets (Deficits)
Governmental Business Type
The City’s total revenues are $168,308,620 and the costs of all programs and services are $113,935,939.
Fiscal year 2011-12 revenues increased by $57,093,190 (51%). Expenses decreased by $3,737,328
(-4%) from prior year. Key factors include:
♦ The increase in the governmental activities consisted of the extraordinary gain on the dissolution
of the redevelopment agency. The decrease in Taxes in the governmental activities consisted of
a one-time collection for land excavation in the prior year and an increase in sales tax of 9.8%
was primarily due to the addition of a Target store.
7
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
♦ The City experienced a rise in Franchise Fees and Utility User Tax related to increases in Electric
and Water Sales. The increases in these revenues were attributable to a 4.5% and 12.8%
increases in Electric and Water, respectively, sales and service charges primarily due to a
combination of a rise in usage and rates.
♦ Investment earnings were significantly lower due to several redevelopment agency (RDA) loans
that were repaid in FY 2010-11 and the accrual of interest income ceased. However, the City is
awaiting the determination of the California State Department of Finance regarding the validity of
these repayments since RDA properties were used to settle the loans.
Key elements of this year’s summary of activities are as follows:
♦ Property tax revenue decreased by $2,251,801, Sales tax revenue increased by a $556,437 and
Franchise fees increased by $133,291 from the prior year.
♦ Charges for services revenue increased by $464,925; investment earnings decreased by
$2,120,007 primarily due to the market-wide low interest rates.
♦ Operating contributions and grants decreased by $384,204 from the previous year primarily due
to fewer grants for Public Works and a reduction in the Community Development Building Grant
allocation.
8
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
• Total Governmental Activities expenses decreased $2,445,417 (-4.6%) over last year total
Governmental Activities expenses.
• Total General Government expenses decreased $714,920 (-5.7 %) compared to prior year. The
reduction is attributable to a reduction in capital project expenses in reductions in operating costs.
• However, total Public Works expenditures increased $3,310,247 (60.1%) primarily due to
increased activities in capital improvement projects.
Financial Analysis of the City’s Funds
As noted earlier, the City of Azusa uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental funds. The focus of the City’s governmental funds is to provide information on near-term
inflows, outflows and balances of spendable resources. This information is useful in assessing the City’s
financing requirements. In particular, unreserved fund balance may serve as a useful measure of a
government’s net resources available for spending during the fiscal year.
9
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
At the end of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of 26,016,801, an increase of $4,147,730 in comparison with the prior year’s revised fund
balance. Fund balance classifies nonspendable items to indicate that it is not available for new spending.
This includes $20,773,837 in land held for resale. Also, the dissolution and elimination of the RDA
financial component reflected an increase of $10,087,999 in the unassigned fund balance.
The General Fund is the chief operating fund of the City of Azusa. During fiscal year 2011-12, its fund
balance decreased by $1,169,803, primarily as a result of the repayment of RDA loans in FY 2010-11 and
an increase in personnel costs. At the end of the current fiscal year, the General Fund total fund balance
was $15,134,156. A majority of this total is land held for resale as a result of the properties transferred
from the former Redevelopment Agency.
Within the General Fund, a one-time miscellaneous revenue of $1,050,000 resulted from a fund
exchange of Proposition A funds.
Proprietary funds. The City’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
Unrestricted net assets of the City’s Enterprise funds at the end of the year amounted to $52,740,095.
Total unrestricted net assets decreased by $31,707,865 (37.5%) and total net assets increased by
$1,274,538 (1.0%) from the previous fiscal year.
Unrestricted net assets of the City’s Water Utility at the end of the year amounted to $24,576,155 which is
a decrease of $83,276 (0.3%) and total net assets increased by $856,579 (1.5%) from the previous fiscal
year.
Unrestricted net assets of the City’s Light Utility at the end of the year amounted to $25,439,244. Total
unrestricted net assets decreased by $32,123,322 (55.8%) and total net assets increased by $312,843
(0.5%) from the previous fiscal year.
The following chart highlights total revenue and total expenses for each of the business type activities for
fiscal year end June 30, 2012.
10
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
General Fund Budgetary Highlights
Following is a summary of budgetary changes and actual results for General Fund, revenues,
expenditures, and other financing sources:
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 25,102,625$ 25,102,625$ 24,513,944$ (588,681)$
Charges for services 2,840,510 1,372,710 1,881,781 509,071
Assessments 3,029,250 3,029,250 2,201,117 (828,133)
Other revenue 2,861,430 3,917,690 4,255,560 337,870
Total revenue 33,833,815 33,422,275 32,852,402 (569,873)
EXPENDITURES
Operations 29,642,615 29,201,824 29,753,487 (551,663)
Capital Outlay 28,210 157,028 152,676 4,352
Debt Service 1,042,060 1,532,060 1,370,935 161,125
Total expenditures 30,712,885 30,890,912 31,277,098 (386,186)
Excess of revenues
over expenditures 3,120,930 2,531,363 1,575,304 (956,059)
OTHER FINANCING SOURCES (USES)
Transfers in 1,199,845 1,229,845 1,550,075 320,230
Transfers out 4,127,330 4,131,530 4,306,348 (174,818)
Total other financing sources (uses)(2,927,485) (2,901,685) (2,756,273) 145,412
Net change in fund balance 193,445 (370,322) (1,180,969) (810,647)
Fund balance beginning of year 16,315,125 16,315,125 16,315,125 -
Fund balance end of year $16,508,570 $15,944,803 $15,134,156 ($810,647)
Budgeted Amounts
City of Azusa - General Fund Budgetary Summary
Revenues, Expenditures, and Changes in Fund Balance
June 30, 2012
The difference between the original expenditure budget and the final amended expenditure budget was
an increase of $178,027 with highlights as follows:
♦ General Government saw a net decrease in appropriations of $264,225 that included the
reductions in personnel costs due to contract concessions from employee groups, and layoffs.
However, there were increases in legal costs due to an unanticipated court case, a Council
approved graffiti rewards program and a rise in bank fees.
♦ Debt Service appropriation increased due to the rescinding of the sales tax agreement between
the City and the former RDA that repays a developer loan.
♦ Parks and Recreation increased by $80,000 mainly due to increases in utility costs associated
with increases in utility rates and additional park maintenance responsibilities.
11
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
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, 2012 amounted to $159,275,518 (net of accumulated depreciation). This investment
includes land, construction in progress, land improvements, buildings and structures, machinery and
equipment, automotive equipment and infrastructure.
2012 2011 2012 2011 2012 2011
Land 1,319,536$ 1,729,956$ 2,988,973$ 2,988,973$ 4,308,509$ 4,718,929$
Construction in Progress 71,222 1,145,104 18,379 1,804,845 89,601 2,949,949
Land Improvements 1,709,233 2,695,845 537,935 577,595 2,247,168 3,273,440
Buildings and Structures 7,199,303 7,485,628 14,416,101 14,943,016 21,615,404 22,428,644
Machinery and Equipment 1,181,538 1,426,795 3,474,681 3,487,392 4,656,219 4,914,187
Automotive Equipment 849,664 1,089,153 570,868 574,680 1,420,532 1,663,833
Infrastructure 16,532,200 16,583,566 108,403,915 109,090,562 124,936,115 125,674,128
Total 28,862,696$ 32,156,047$ 130,410,852$ 133,467,063$ 159,273,548$ 165,623,110$
Activities Activities Total
City of Azusa - Capital Assets
(Net of Accumulated Depreciation)
Governmental Business Type
Additional information on the City’s capital assets can be found in Note 5 of the notes to the basic
financial statements.
Long-term debt. At the end of the current fiscal year, the City of Azusa had total debt outstanding of
$112,869,789. Of this amount, $31,342,832 is a liability of the Governmental Activities and $81,526,957
is a liability of the Business Type Activities.
2012 2011 2012 2011 2012 2011
Employee Leave Benefits 3,575,113$ 3,711,136$ 1,252,028$ 1,224,271$ 4,827,141$ 4,935,407$
Net OPEB Liability 7,361,411 6,207,671 - - 7,361,411 6,207,671
1994 COPS - - - 1,810,000 - 1,810,000
2003 COPS 3,025,000 3,255,000 3,070,000 23,880,000 6,095,000 27,135,000
2006 Water Revenue Bonds - - 53,965,000 54,275,000 53,965,000 54,275,000
2003 Tax Allocation Bonds - 8,355,000 - - - 8,355,000
2005 Tax Allocation Bonds - 9,518,014 - - - 9,518,014
2007 Tax Allocation Bonds - 19,230,000 - - - 19,230,000
2008 Tax Allocation Bonds - 17,665,000 - - - 17,665,000
2008 Taxable Pension Fnding Bd 5,555,000 6,180,000 - - 5,555,000 6,180,000
2011 Sewer Installment Loan - - 5,630,000 - 5,630,000 -
2012 Electric Refunding Bond - - 5,820,000 - 5,820,000 -
2012 Water Refunding Bonds - - 8,715,000 - 8,715,000 -
Developer Agreements 10,005,461 9,685,015 - - 10,005,461 9,685,015
Claims and Judgments Payable 1,723,591 1,880,766 - - 1,723,591 1,880,766
Unamortized Loss on Defeasance - - (1,318,187) - (1,318,187) -
Unamortized Premium/Discount 97,256 - 4,393,116 - 4,490,372 -
Total 31,342,832$ 85,687,602$ 81,526,957$ 81,189,271$ 112,869,789$ 166,876,873$
City of Azusa - Outstanding Debt
Governmental Business Type
Activities Activites Total
12
City of Azusa
Management’s Discussion and Analysis
June 30, 2012
Additional information on the City’s long-term debt can be found in Note 6 of Notes to the Basic Financial
Statements.
Economic Factors and Next Year’s Budgets and Rates
The revenue projections for the 2012-13 General Fund adopted budget reflected a decrease of 1.6% over
the prior year’s budget. Many major revenues are anticipated to remain at prior year levels or decrease
due to the economic downturn being experienced throughout the country. Overall, the City continues to
rely on past trends, economic forecasts from outside agencies, such as the State Department of Finance,
State Board of Equalization and the Los Angeles County Assessor’s Office, to predict revenues for
entitlement, grants, state subventions, sales tax, and property tax.
General Fund expenditures, including transfers out and capital outlay, decreased by 2.5% for the 2012-13
adopted budget. The City experienced personnel layoffs, offered an early retirement incentive and froze
unfilled positions. Reductions in employee fringe benefits became necessary and were made. The City
Manager also instructed departments to eliminate or reduce discretionary spending, and cut from the prior
year Maintenance & Operations budget.
The City strives to maintain a high quality of services while adopting a balanced budget. For fiscal year
2012-13, the City adopted a balanced budget with a surplus of $11,120 for the General Fund.
The State of California fiscal crisis continues to have negative impacts on the City’s finances. The State
eliminated the redevelopment agencies effective February 1, 2012. This elimination cripples future
redevelopment as the former agency is prohibited from entering into new projects, obligations or
commitments. This financial statement will be the last report to include the former RDA Funds. The funds
were transferred to the Successor Agency Fund that is categorized as a fiduciary fund.
While the City has seen a slight increase in property tax and sales tax revenue due to Target and the
increasing home sales price, the levels are still below our peak in FY 2008-09. City staff will continue to
be prudent with its budget and to monitor any legislative action that could impact the financial condition in
Azusa.
Request for Information
This financial report is designed to provide a general overview of the financial position of the City of
Azusa for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to City of
Azusa Finance Department, 213 E. Foothill Blvd., Azusa, CA 91702.
13
THIS PAGE INTENTIONALLY LEFT BLANK
14
CITY OF AZUSA
STATEMENT OF NET ASSETS
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 14,470,016$ 27,791,189$ 42,261,205$
Receivables:
Accounts 1,103,548 9,965,700 11,069,248
Taxes 1,591,857 - 1,591,857
Notes and loans 945,816 80,155 1,025,971
Accrued interest 15,600 14,424 30,024
Internal balances (5,863,861) 5,863,861 -
Prepaid costs 27,221 8,885 36,106
Due from other governments 8,289,735 106,518 8,396,253
Due from Successor Agency 22,154,005 13,245,252 35,399,257
Inventories 149,347 1,624,772 1,774,119
Deferred charges 357,485 1,165,536 1,523,021
Land held for resale 20,773,837 2,919,646 23,693,483
Restricted assets:
Cash and investments 30,848 13 30,861
Cash with fiscal agent 663,118 12,015,263 12,678,381
Cash held for rate stabilization - 9,579,363 9,579,363
Net pension asset 7,385,197 - 7,385,197
Capital assets not being depreciated 1,390,758 3,007,352 4,398,110
Capital assets, net of depreciation 27,471,938 127,403,500 154,875,438
Total Assets 100,956,465 214,791,429 315,747,894
Liabilities:
Accounts payable 3,248,958 3,412,626 6,661,584
Accrued liabilities 1,154,521 280,990 1,435,511
Accrued interest 230,584 1,411,724 1,642,308
Unearned revenue 195,693 - 195,693
Deposits payable 10,000 3,254,712 3,264,712
Due to other governments 8,208,833 32,384 8,241,217
Noncurrent liabilities:
Due within one year 4,012,492 2,032,221 6,044,713
Due in more than one year 27,330,340 79,494,736 106,825,076
Total Liabilities 44,391,421 89,919,393 134,310,814
Net Assets:
Invested in capital assets,
net of related debt 28,862,696 60,562,199 89,424,895
Restricted for:
Public safety 1,297,275 - 1,297,275
Capital projects 3,526,206 - 3,526,206
Debt service 482,558 1,265,830 1,748,388
Rate stabilization - 9,579,363 9,579,363
Unrestricted 22,396,309 53,464,644 75,860,953
Total Net Assets 56,565,044$ 124,872,036$ 181,437,080$
JUNE 30, 2012
Primary Government
See Notes to Financial Statements 15
CITY OF AZUSA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2012
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 11,484,071$ 3,090,304$ 36,130$ -$
Public safety 20,475,798 721,032 853,082 137,102
Community development 3,286,420 2,615,631 595,786 -
Parks and Recreation 4,178,098 1,046,584 239,281 -
Public works 8,850,113 838,958 1,543,008 -
Interest on long-term debt 2,244,315 - - -
Total Governmental Activities 50,518,815 8,312,509 3,267,287 137,102
Business-Type Activities:
Water 19,366,325 20,062,118 - -
Light 39,115,161 40,962,648 - -
Sewer/Wastewater 2,083,756 2,223,876 - -
Refuse Contract 2,851,882 2,976,946 - -
Total Business-Type Activities 63,417,124 66,225,588 - -
Total Primary Government 113,935,939$ 74,538,097$ 3,267,287$ 137,102$
General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Utility users tax
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other
Loss on disposal of capital asset
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 19)
Transfers
Total General Revenues, Contributions,
Extraordinary Items and Transfers
Change in Net Assets
Net Assets at Beginning of Year
Restatement of Net Assets
Net Assets at End of Year
Program Revenues
See Notes to Financial Statements 16
Primary Government
Governmental Business-Type
Activities Activities Total
(8,357,637)$ -$ (8,357,637)$
(18,764,582) - (18,764,582)
(75,003) - (75,003)
(2,892,233) - (2,892,233)
(6,468,147) - (6,468,147)
(2,244,315) - (2,244,315)
(38,801,917) - (38,801,917)
- 695,793 695,793
- 1,847,487 1,847,487
- 140,120 140,120
- 125,064 125,064
- 2,808,464 2,808,464
(38,801,917) 2,808,464 (35,993,453)
9,856,354 555,225 10,411,579
210,923 - 210,923
6,234,614 - 6,234,614
6,355,828 - 6,355,828
1,865,195 - 1,865,195
3,250,469 - 3,250,469
1,272,967 - 1,272,967
- - -
420,126 884,535 1,304,661
1,284,484 257,653 1,542,137
(50,068) (1,966,003) (2,016,071)
59,933,832 - 59,933,832
1,082,262 (1,082,262) -
91,716,986 (1,350,852) 90,366,134
52,915,069 1,457,612 54,372,681
3,627,149 123,400,456 127,027,605
22,826 13,968 36,794
56,565,044$ 124,872,036$ 181,437,080$
Net (Expenses) Revenues and Changes in Net Assets
See Notes to Financial Statements 17
CITY OF AZUSA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2012
General
Assets:
Pooled cash and investments -$ -$ -$
Receivables:
Accounts 343,896 - -
Taxes 1,341,096 - -
Notes and loans 584,222 - -
Accrued interest 7,763 - -
Prepaid costs 6,562 - -
Due from other governments 8,164,474 - -
Inventories 149,347 - -
Land held for resale 20,773,837 - -
Restricted assets:
Cash and investments - - -
Cash and investments with fiscal agents 180,560 - -
Total Assets 31,551,757$ -$ -$
Liabilities and Fund Balances:
Liabilities:
Accounts payable 2,103,919$ -$ -$
Accrued liabilities 1,028,171 - -
Deferred revenues 450,061 - -
Unearned revenues - - -
Deposits payable 10,000 - -
Due to other governments 8,208,833 - -
Due to other funds 4,360,617 - -
Advances from other funds 256,000 - -
Total Liabilities 16,417,601 - -
Fund Balances:
Nonspendable:
Inventory 149,347 - -
Prepaid costs 6,562 - -
Land held for resale 20,773,837 - -
Notes and loans 21,722 - -
Restricted for:
Community development projects - - -
Public safety - - -
Capital Projects - - -
Debt service - - -
Unassigned (5,817,312) - -
Total Fund Balances 15,134,156 - -
Total Liabilities and Fund Balances 31,551,757$ -$ -$
Special Revenue
Funds
Debt Service
Funds
Low/Mod
Income Housing
Debt Service
RDA
See Notes to Financial Statements 18
CITY OF AZUSA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Inventories
Land held for resale
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Deposits payable
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Inventory
Prepaid costs
Land held for resale
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
Other Total
Governmental Governmental
Funds Funds
11,577,621$ 11,577,621$
759,249 1,103,145
250,761 1,591,857
354,706 938,928
6,980 14,743
3,050 9,612
76,982 8,241,456
- 149,347
- 20,773,837
30,848 30,848
482,558 663,118
13,542,755$ 45,094,512$
763,429$ 2,867,348$
60,325 1,088,496
435,260 885,321
195,693 195,693
- 10,000
- 8,208,833
455,403 4,816,020
750,000 1,006,000
2,660,110 19,077,711
- 149,347
3,050 9,612
- 20,773,837
4,988 26,710
5,756,685 5,756,685
1,297,275 1,297,275
3,525,556 3,525,556
482,558 482,558
(187,467) (6,004,779)
10,882,645 26,016,801
13,542,755$ 45,094,512$
See Notes to Financial Statements 19
THIS PAGE INTENTIONALLY LEFT BLANK
20
CITY OF AZUSA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2012
Fund balances of governmental funds 26,016,801$
Amounts reported for governmental activities in the statement of net assets are
different because:
Capital assets net of depreciation have not been included as financial resources
in governmental fund activity.28,238,827
Bond issuance cost is an expenditure in the governmental funds, but it is
a deferred charge in the statement of net assets.357,485
Long-term debt and compensated absences
that have not been included in the governmental fund activity:
Long-term liabilities (18,682,717)
Compensated Absences (3,343,113)
Governmental funds report all pension and OPEB contributions as expenditures,
however in the statement of net assets any excesses or deficiencies
in contributions in relation to the Annual Required Contribution (ARC) are
recorded as a asset or liability.
Net OPEB Liability (7,361,411)
Net Pension Asset 7,385,197
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds.(230,584)
Revenues reported as deferred revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.885,321
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 assets.23,299,238
Net assets of governmental activities 56,565,044$
See Notes to Financial Statements 21
CITY OF AZUSA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
General
Revenues:
Taxes 24,513,944$ -$ 3,079,569$
Assessments 2,201,117 - -
Licenses and permits 1,270,221 - -
Intergovernmental 128,994 - -
Charges for services 1,881,781 - -
Use of money and property 685,624 395 55,795
Fines and forfeitures 978,829 - -
Contributions 19,688 - -
Miscellaneous 1,172,204 - -
Total Revenues 32,852,402 395 3,135,364
Expenditures:
Current:
General government 7,533,532 16,864 1,462,081
Public safety 16,264,354 - -
Community development 1,682,863 - -
Parks and recreation 3,357,948 - -
Public works 914,790 - -
Capital outlay 152,676 - -
Debt service:
Principal retirement 625,000 - 1,760,717
Interest and fiscal charges 745,935 - 1,645,689
Total Expenditures 31,277,098 16,864 4,868,487
Excess (Deficiency) of Revenues
Over (Under) Expenditures 1,575,304 (16,469) (1,733,123)
Other Financing Sources (Uses):
Transfers in 1,550,075 - -
Transfers out (4,306,348) - (357,588)
Other debts issued - - 1,305,892
Total Other Financing Sources
(Uses)(2,756,273) - 948,304
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 19)- (11,911,246) 30,517,357
Net Change in Fund Balances (1,180,969) (11,927,715) 29,732,538
Fund Balances, Beginning of Year, as
previously reported 16,303,959 11,927,715 (29,732,538)
Restatements 11,166 - -
Fund Balances, Beginning of Year, as restated 16,315,125 11,927,715 (29,732,538)
Fund Balances, End of Year 15,134,156$ -$ -$
Debt Service
RDA
Low/Mod
Income Housing
Special
Revenue Funds
Debt Service
Funds
See Notes to Financial Statements 22
CITY OF AZUSA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Other debts issued
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 19)
Net Change in Fund Balances
Fund Balances, Beginning of Year, as
previously reported
Restatements
Fund Balances, Beginning of Year, as restated
Fund Balances, End of Year
Other Total
Governmental Governmental
Funds Funds
1,760,113$ 29,353,626$
- 2,201,117
- 1,270,221
3,353,505 3,482,499
1,517,495 3,399,276
130,304 872,118
- 978,829
89,567 109,255
319,834 1,492,038
7,170,818 43,158,979
1,058,236 10,070,713
4,115,318 20,379,672
1,540,338 3,223,201
412,517 3,770,465
6,443,854 7,358,644
1,401,475 1,554,151
230,000 2,615,717
146,041 2,537,665
15,347,779 51,510,228
(8,176,961) (8,351,249)
4,350,557 5,900,632
(154,434) (4,818,370)
- 1,305,892
4,196,123 2,388,154
(8,518,112) 10,087,999
(12,498,950) 4,124,904
23,369,935 21,869,071
11,660 22,826
23,381,595 21,891,897
10,882,645$ 26,016,801$
See Notes to Financial Statements 23
CITY OF AZUSA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2012
Net change in fund balances - total governmental funds 4,124,904$
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 costs of those assets is allocated over their estimated useful lives
as depreciation expense. This is the amount by which capital outlays exceeded
depreciation in the current period.
Capital outlay 979,158$
Depreciation (2,167,447)
Disposal of assets (382) (1,188,671)
Repayment of bond principal is an expenditure in the governmental funds, but the
repayment reduces long-term liabilities in the statement of net assets.
Principal repayments 2,615,717
Amortization of bond premiums/discounts 777
Accrued interest on Obligation debt (901,162) 1,715,332
Debt issuance costs are expenditures in governmental funds, but these costs
are capitalized on the statement of net assets.(66,312)
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.(82,852)
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 governmental funds.(1,996,646)
Governmental funds report all contributions in relation to the annual required
contribution (ARC) for OPEB as expenditures, however in the statement
of activities only the ARC is an expense.
Net OPEB Liability 1,153,740
Net Pension Asset (88,940)
Revenues reported as deferred revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.(2,001,373)
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 funds is reported with
governmental activities.1,500,054
Extraordinary gains and losses relating to capital assets and long term liabilities
transferred to the Successor Agency are reported in the statement of activities do not
require the use of current financial resources and, therefore, are not reported in
the governmental funds.
Capital assets (1,923,425)$
Long-term liabilities 51,124,589
Accrued interest on advances 1,342,899
Deferred revenue (698,230) 49,845,833
Change in net assets of governmental activities 52,915,069$
See Notes to Financial Statements 24
CITY OF AZUSA
BUDGETARY COMPARISON STATEMENT BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 as restated 16,315,125$ 16,315,125$ 16,315,125$ -$
Resources (Inflows):
Taxes 25,102,625 25,102,625 24,513,944 (588,681)
Assessments 3,029,250 3,029,250 2,201,117 (828,133)
Licenses and permits 787,300 787,300 1,270,221 482,921
Intergovernmental 255,880 255,880 128,994 (126,886)
Charges for services 2,840,510 1,372,710 1,881,781 509,071
Use of money and property 520,000 520,000 685,624 165,624
Fines and forfeitures 963,000 963,000 978,829 15,829
Contributions 25,500 25,500 19,688 (5,812)
Miscellaneous 309,750 1,366,010 1,172,204 (193,806)
Transfers in 1,199,845 1,229,845 1,550,075 320,230
Amounts Available for Appropriation 51,348,785 50,967,245 50,717,602 (249,643)
Charges to Appropriation (Outflow):
General government
City Council 148,560 148,560 129,447 19,113
City Attorney 236,315 259,015 257,978 1,037
Administration 546,240 449,430 445,000 4,430
Promotion / Membership 182,710 184,710 182,480 2,230
City Clerk 475,220 475,220 552,034 (76,814)
Library Services - General 1,403,445 1,368,670 1,293,920 74,750
Library Services - Youth 27,680 27,680 26,863 817
Finance - Accounting 1,022,770 1,020,770 936,537 84,233
Cash Management 122,785 147,785 145,320 2,465
Purchasing 341,125 336,235 342,304 (6,069)
Printing Services 13,150 12,000 8,786 3,214
Human Resources 303,635 348,105 292,432 55,673
City-wide 2,710,430 2,635,110 2,563,366 71,744
Admin Services / Business License 309,765 334,765 357,065 (22,300)
Public safety
Police 15,069,315 14,687,425 15,236,563 (549,138)
Emergency Services 157,475 157,475 205,007 (47,532)
Police Department Contracts 852,810 753,342 722,857 30,485
Area D - - 97,927 (97,927)
Pension - Safety 5,000 5,000 2,000 3,000
Community development
Planning 579,255 584,435 667,170 (82,735)
Building Regulation 571,340 571,340 566,261 5,079
Code Enforcement 467,315 467,315 449,432 17,883
Parks and recreation
Recreation 1,418,975 1,438,495 1,516,134 (77,639)
Parks Maintenance 1,552,265 1,632,265 1,611,358 20,907
Senior Programs 189,490 192,890 193,824 (934)
Women's Club 28,235 24,835 23,042 1,793
Afterschool Programs - 13,590 13,590 -
Public works
Engineering Service 251,040 189,380 192,618 (3,238)
Graffiti Removal 134,820 139,820 123,570 16,250
Facilities Maintenance 521,450 596,162 598,602 (2,440)
Capital outlay 28,210 157,028 152,676 4,352
Debt service:-
Principal retirement 625,000 625,000 625,000 -
Interest and fiscal charges 417,060 907,060 745,935 161,125
Transfers out 4,127,330 4,131,530 4,306,348 (174,818)
Total Charges to Appropriations 34,840,215 35,022,442 35,583,446 (561,004)
Budgetary Fund Balance, June 30 16,508,570$15,944,803$15,134,156$ (810,647)$
See Notes to Financial Statements 25
CITY OF AZUSA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2012
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Assets:
Current:
Cash and investments 13,996,936$ 9,936,553$ 2,617,850$ 26,551,339$ 4,132,245$
Receivables:
Accounts 4,398,519 4,897,035 666,632 9,962,186 3,917
Notes and loans 869 77,485 276 78,630 8,413
Accrued interest - - 1,005 1,005 14,276
Prepaid costs 50 8,650 - 8,700 17,794
Due from other governments - 106,518 - 106,518 48,279
Due from other funds 4,857,861 - - 4,857,861 -
Inventories - 1,624,772 - 1,624,772 -
Land held for resale 2,919,646 - - 2,919,646 -
Restricted:
Cash and investments - 13 - 13 -
Cash with fiscal agent 5,899,974 2,015,160 4,100,129 12,015,263 -
Cash held for rate stabilization - 9,579,363 - 9,579,363 -
Total Current Assets 32,073,855 28,245,549 7,385,892 67,705,296 4,224,924
Noncurrent:
Deferred debt issuance costs 828,921 268,123 68,492 1,165,536 -
Advances to other funds - 1,006,000 - 1,006,000 -
Advances to Successor Agency 1,221,413 12,023,839 - 13,245,252 22,154,005
Capital assets - net of accumulated depreciation 90,546,046 30,218,868 8,809,361 129,574,275 1,460,446
Total Noncurrent Assets 92,596,380 43,516,830 8,877,853 144,991,063 23,614,451
Total Assets 124,670,235$ 71,762,379$ 16,263,745$ 212,696,359$ 27,839,375$
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable 1,599,572$ 1,095,906$ 512,852$ 3,208,330$ 585,906$
Accrued liabilities 73,924 98,406 24,663 196,993 150,022
Accrued interest 1,328,394 83,330 - 1,411,724 -
Deposits payable 826,102 2,427,187 - 3,253,289 1,423
Due to other governments 32,384 - - 32,384 -
Due to other funds - - - - 41,841
Accrued compensated absences 304,021 391,558 78,471 774,050 333,397
Accrued claims and judgments - - - - 520,070
Bonds, notes, and capital leases 320,000 530,000 225,000 1,075,000 -
Total Current Liabilities 4,484,397 4,626,387 840,986 9,951,770 1,632,659
Noncurrent:
Accrued compensated absences 68,299 151,878 13,573 233,750 142,831
Accrued claims and judgments - - - - 1,203,521
Bonds, notes, and capital leases 65,697,033 8,097,896 5,405,000 79,199,929 -
Total Noncurrent Liabilities 65,765,332 8,249,774 5,418,573 79,433,679 1,346,352
Total Liabilities 70,249,729 12,876,161 6,259,559 89,385,449 2,979,011
Net Assets:
Invested in capital assets, net of related debt 29,844,351 22,601,781 7,279,490 59,725,622 1,460,446
Restricted for debt service - 1,265,830 - 1,265,830 -
Restricted for rate stabilization - 9,579,363 - 9,579,363 -
Unrestricted 24,576,155 25,439,244 2,724,696 52,740,095 23,399,918
Total Net Assets 54,420,506 58,886,218 10,004,186 123,310,910 24,860,364
Total Liabilities and Net Assets 124,670,235$ 71,762,379$ 16,263,745$ 212,696,359$ 27,839,375$
Reconciliation of Net Assets to the Statement of Net Assets
Net Assets per Statement of Net Assets - Proprietary Funds 123,310,910$
Prior years' accumulated adjustment to reflect the consolidation of
internal service funds activities related to the enterprise funds 1,364,084
Current years' adjustments to reflect the consolidation of internal
service activities related to enterprise funds 197,042
Net Assets per Statement of Net Assets 124,872,036$
Business-Type Activities - Enterprise Funds
Water Light
See Notes to Financial Statements 26
CITY OF AZUSA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2012
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Operating Revenues:
Sales and service charges 20,062,118$ 40,962,648$ 5,200,822$ 66,225,588$ 11,151,360$
Interdepartmental charges 100,914 137,478 - 238,392 -
Miscellaneous 13,523 - 5,738 19,261 35,166
Total Operating Revenues 20,176,555 41,100,126 5,206,560 66,483,241 11,186,526
Operating Expenses:
Administration and general 6,370,992 6,526,731 - 12,897,723 8,914,358
Source of supply 967,103 24,316,746 - 25,283,849 391,254
Pumping 48,117 - - 48,117 -
Transmission/collection 1,750,084 3,150,112 - 4,900,196 -
Treatment 470,399 - 1,451,016 1,921,415 -
Refuse collection - - 2,851,882 2,851,882 -
Cost of sales and services 3,229,268 158,232 79,775 3,467,275 -
Claims expense - - - - 872,867
Depreciation expense 3,579,192 1,249,282 358,080 5,186,554 291,161
Total Operating Expenses 16,415,155 35,401,103 4,740,753 56,557,011 10,469,640
Operating Income (Loss)3,761,400 5,699,023 465,807 9,926,230 716,886
Nonoperating Revenues (Expenses):
Taxes - - 555,225 555,225 -
Interest revenue 360,977 486,909 36,649 884,535 1,310,252
Interest expense (2,907,756) (324,756) (149,991) (3,382,503) -
Special franchise fees (353,474) (3,556,258) (44,894) (3,954,626) -
Gain (loss) on disposal of capital assets - - (1,350) (1,350) (50,068)
Gain (loss) on disposal of land held for resale - (1,964,653) - (1,964,653) -
Total Nonoperating
Revenues (Expenses) (2,900,253) (5,358,758) 395,639 (7,863,372) 1,260,184
Income (Loss) Before Transfers 861,147 340,265 861,446 2,062,858 1,977,070
Transfers out (4,568) (41,390) (756,330) (802,288) (279,974)
Changes in Net Assets 856,579 298,875 105,116 1,260,570 1,697,096
Net Assets:
Beginning of Year, as
previously reported 53,563,927 58,573,375 9,899,070 122,036,372 23,163,268
Restatements - 13,968 - 13,968 -
Beginning of Fiscal Year, as restated 53,563,927 58,587,343 9,899,070 122,050,340 23,163,268
End of Fiscal Year 54,420,506$ 58,886,218$ 10,004,186$ 123,310,910$ 24,860,364$
Reconciliation of Changes in Net Assets to the Statement of Activities:
Changes in Net Assets, per the Statement of Revenues,
Expenses and Changes in Fund Net Assets - Proprietary Funds 1,260,570$
Adjustment to reflect the consolidation of current fiscal year
internal service funds activities related to enterprise funds 197,042
Changes in Net Assets of Business-Type Activities per Statement of Activities 1,457,612$
Business-Type Activities - Enterprise Funds
Water Light
See Notes to Financial Statements 27
CITY OF AZUSA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2012
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Cash Flows from Operating Activities:
Cash received from customers and users 18,799,399$ 46,111,513$ 5,121,584$ 70,032,496$10,714,247$
Cash received from/(paid to) interfund service provided 100,914 137,478 - 238,392 -
Cash paid to suppliers for goods and services (6,703,887) (27,824,494) (4,424,635) (38,953,016) (826,821)
Cash paid to employees for services (6,358,333) (6,463,368) (15,108) (12,836,809) (8,925,021)
Net Cash Provided (Used) by Operating Activities 5,838,093 11,961,129 681,841 18,481,063 962,405
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (4,568) (41,390) (756,330) (802,288) (279,974)
Cash due to other funds -- 3,237,387
Cash due from other funds (4,857,861)-- (4,857,861)-
Advance to successor agency (38,892) (326,085)- (364,977) (1,807,604)
Repayments received from other funds ---- 13,249
Net Cash Provided (Used) by
Non-Capital Financing Activities (4,901,321) (367,475) (756,330) (6,025,126) 1,163,058
Cash Flows from Capital
and Related Financing Activities:
Proceeds from capital debt 8,715,000 5,820,000 5,630,000 20,165,000 -
Acquisition and construction of capital assets (1,518,039) (510,837) (30,700) (2,059,576) (232,091)
Principal paid on capital debt (15,002,087) (6,210,713) (1,758,104) (22,970,904)-
Interest paid on capital debt (3,324,726) (530,578) (181,687) (4,036,991)-
Special franchise fees received (353,474) (3,556,258) (44,894) (3,954,626)-
Taxes received -- 555,225 555,225 -
Proceeds from sales of land - (1,964,653)- (1,964,653)-
Net Cash Provided (Used) by
Capital and Related Financing Activities (11,483,326) (6,953,039) 4,169,840 (14,266,525) (232,091)
Cash Flows from Investing Activities:
Repayment received on loans 441 --441 10,176
Issuance of new loans - (3,345) (276) (3,621) (3,310)
Interest received 396,716 513,480 37,469 947,665 1,320,480
Net Cash Provided (Used) by
Investing Activities 397,157 510,135 37,193 944,485 1,327,346
Net Increase (Decrease) in Cash
and Cash Equivalents (10,149,397) 5,150,750 4,132,544 (866,103) 3,220,718
Cash and Cash Equivalents at Beginning of Year 30,046,307 16,380,339 2,585,435 49,012,081 911,527
Cash and Cash Equivalents at End of Year 19,896,910$ 21,531,089$ 6,717,979$ 48,145,978$4,132,245$
Business-Type Activities - Enterprise Funds
Water Light
See Notes to Financial Statements 28
CITY OF AZUSA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2012
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Business-Type Activities - Enterprise Funds
Water Light
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)3,761,400$ 5,699,023$ 465,807$ 9,926,230$ 716,886$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Fund balance restatements -13,968 -13,968 -
Depreciation 3,579,192 1,249,282 358,080 5,186,554 291,161
(Increase) decrease in accounts receivable (1,368,533) (718,133) (84,976) (2,171,642) 43,336
(Increase) decrease in land held for resale - 5,278,307 - 5,278,307 -
(Increase) decrease in inventories - (98,575) (9,200) (107,775)-
(Increase) decrease in prepaid expense 231 (6,900)- (6,669) 61,842
(Increase) decrease in due from other governments - 9,076 -9,076 -
(Increase) decrease in deposits receivable 36,325 79,458 - 115,783 -
Increase (decrease) in accounts payable (231,253) (93,929) (41,962) (367,144) 17,018
Increase (decrease) in accrued liabilities 11,879 17,858 29,737 -
Increase (decrease) in deposits payable 55,966 486,189 - 542,155 5,026
Increase (decrease) in due to other governments (7,894)-- (7,894)-
Increase (decrease) in claims and judgments ---- (157,175)
Increase (decrease) in compensated absences 780 45,505 (5,908) 40,377 (15,689)
Total Adjustments 2,076,693 6,262,106 216,034 8,554,833 245,519
Net Cash Provided (Used) by
Operating Activities 5,838,093$ 11,961,129$ 681,841$ 18,481,063$962,405$
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets -$ -$ (1,350)$ (1,350)$ -$
Amortization of bond discount 107,201 (26,391) (51,896) 28,914 -
Amortization of cost of issuance (70,729) (61,049) (11,283) (143,061)-
Gain/(Loss) on defeasance (909,797) (408,387)- (1,318,184)-
See Notes to Financial Statements 29
CITY OF AZUSA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
JUNE 30, 2012
Agency
Funds
Assets:
Pooled cash and investments 4,927,533$ 6,085,910$
Receivables:
Accounts 609 5,798,194
Taxes 975,188 -
Notes and loans - 1,708,777
Due from other governments - 9,794,211
Land held for resale - 15,903,913
Deferred charges - 1,627,941
Capital assets, net of depreciation - 1,889,114
Total Assets 5,903,330 42,808,060
Liabilities:
Accounts payable 5,866,701 1,542,775
Accrued liabilities 4,878 -
Accrued interest - 1,216,307
Unearned revenues - 1,082,880
Deposits payable 22,706 15,000
Due to other governments 9,045 14,285,848
Advance due to the City - 35,399,257
Long-term liabilities:
Due in one year - 1,235,000
Due in more than one year - 51,672,467
Total Liabilities 5,903,330 106,449,534
Net Assets:
Held in trust for other purposes - (63,641,474)
Total Net Assets -$ (63,641,474)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 30
CITY OF AZUSA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2012
Additions:
Taxes 1,896,023$
Interest and change in fair value of investments 8,786
Contributions from City 4,250
Miscellaneous 30,009
Total Additions 1,939,068
Deductions:
Administrative expenses 303,275
Contractual services 4,253,235
Interest expense 1,101,552
Depreciation expense 34,311
Total Deductions 5,692,373
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 19)(59,888,169)
Changes in Net Assets (63,641,474)
Net Assets - Beginning of the Year -
Net Assets - End of the Year (63,641,474)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 31
THIS PAGE INTENTIONALLY LEFT BLANK
32
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
I. SIGNIFICANT ACCOUNTING POLICIES
Note 1: Organization and Summary of Significant Accounting Policies
The financial statements of the City of Azusa, California (City) have been prepared in
conformity 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 significant accounting policies of the City of Azusa are described below:
a. Description of the Reporting Entity
The City of Azusa, the primary government, was incorporated on September 29, 1898,
under the general laws of the State of California. It is governed under a Council-Manager
form of government.
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 to be financially accountable. The City is considered to be financially
accountable for an organization if the City appoints a voting majority of that organization's
governing body and the City is able to impose its will on that organization or there is a
potential for that organization to provide specific financial benefits to or impose specific
financial burdens on the City. The City is also considered to be financially accountable if
that organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set
rates or charges, or issued bonded debt without approval from the City). In certain cases,
other organizations are included as component units if the nature and significance of their
relationship with the City are such that their exclusion would cause the City's financial
statements to be misleading or incomplete.
All of the City's component units are considered to be blended component units. Blended
component units, although legally separate entities, are, in substance, part of the City's
operations and so data from these units are reported with the interfund data of the City.
The following organizations are considered to be component units of the City.
A description of these component units and the method of incorporating their financial
information in the accompanying basic financial statements are summarized as follows:
Redevelopment Agency of the City of Azusa
The Redevelopment Agency of the City of Azusa was established to upgrade
residential neighborhoods, improve the commercial environment, rehabilitate blighted
areas, generate added employment opportunities, and to strengthen the economic
base of the community. The governing board of the Agency is composed of the same
individuals that serve as council members for the City of Azusa. Upon completion,
separate financial statements of the Agency can be obtained at City Hall. The
Redevelopment Agency was dissolved as of January 31, 2012, through the Supreme
Court decision on Assembly Bill 1X 26. See Note 19 for more information on the
dissolution.
33
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Azusa Public Financing Authority
The Azusa Public Financing Authority was established to provide financing to the City
of Azusa for specified projects. The governing board of the Authority is composed of
the same individuals that serve as council members for the City of Azusa. Upon
completion, separate financial statements of the Authority can be obtained at City
Hall.
Azusa Industrial Development Authority
The Azusa Industrial Development Authority was established to promote industrial
and commercial expansion and development within the City of Azusa. The governing
board of the Authority is composed of the same individuals that serve as council
members for the City of Azusa. Separate financial statements are not prepared for
the Authority because it has no activity to report.
b. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets 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.
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.
Separate financial statements are provided for governmental funds, proprietary funds and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major individual enterprise funds
are reported as separate columns in the fund financial statements.
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation
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
fiduciary fund financial statements, however agency funds have no measurement focus.
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.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized as soon as they are both measurable and available.
34
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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 City 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 and 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 funds:
• The General Fund is the City's primary operating fund. It accounts for all financial
resources of the general government, except those required to be accounted for
in another fund.
• The Low and Moderate Income Housing Fund is used to account for monies
received and expended to assist low and moderate income households. The
Redevelopment Agency was dissolved as of January 31, 2012 through the
Supreme Court decision on Assembly Bill 1X 26. See Note 19 for more
information on the dissolution.
• The Redevelopment Agency Debt Service Fund accounts for payments of
principal and interest on the long-term debt of the Azusa Redevelopment
Agency. The Redevelopment Agency was dissolved as of January 31, 2012
through the Supreme Court decision on Assembly Bill 1X 26. See Note 19 for
more information on the dissolution.
The City reports the following major proprietary funds:
• The Water Fund accounts for the costs of labor and materials used in the
maintenance, construction, and consumption of water services within the City’s
water service area.
• The Light Fund accounts for the costs of labor and materials used in the
maintenance, construction and consumption of electric services throughout the
City.
Additionally, the City reports the following fund types:
• Special Revenue Funds account for revenues which are restricted for specific
purposes.
• Capital Projects Funds accounts for financial resources to be used for the
acquisition or construction of major capital improvement as outlined in the City’s
Capital Improvement Program.
• Debt Service Funds account for the accumulation of resources and payment of
long-term debt.
35
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
• The Agency Fund is used to account for assets held by the City as trustee or
agent for individuals, private organizations and other governmental units.
• The private purpose trust fund accounts for the assets and liabilities of the former
Redevelopment Agency and is allocated revenue to pay estimated installment
payments of enforceable obligations until obligations of the former
redevelopment agency are paid in full and assets have been liquidated.
The Internal Service Funds are used to finance and account for activities involved in
rendering services to departments within the City. Costs of materials and services used
are accumulated in these funds and charged to the user departments as such goods are
delivered or services rendered.
Private-sector standards of accounting and financial reporting issued prior to
December 1989, generally are followed in both the government-wide and proprietary fund
financial statements to the extent that those standards do not conflict with or contradict
guidance of the Governmental Accounting Standards Board. Governments also have the
option of following subsequent private-sector guidance for their business-type activities
and enterprise funds, subject to this same limitation. The government has elected not to
follow subsequent private-sector guidance.
As a general rule, the effect of interfund activity has been eliminated from the
government-wide financial statements. Exceptions to this general rule are charges
between the government's proprietary funds function and various other functions of the
government. Elimination of these charges would distort the direct costs and program
revenues reported for the various functions concerned.
Amounts reported as program revenues include: 1) charges to customers or applicants
for goods, services or privileges provided, 2) operating grants and contributions, and
3) capital grants and contributions, including special assessments. Internally dedicated
resources are reported as general revenues rather than as program revenues. Likewise,
general revenues include all taxes.
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 Enterprise Funds are charges to customers for
sales and services. Operating expenses for Enterprise 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.
When both restricted and unrestricted resources are available for use, it is the City's
policy to use restricted resources first, then unrestricted resources as needed.
The City’s fiduciary funds consist of an Agency fund and Private Purpose Trust funds.
Agency funds are custodial in nature, assets equal liabilities. The Private Purpose Trust
funds accounts for the assets and liabilities of the former Redevelopment Agency, and is
allocated revenue to pay estimated installment payments of enforceable obligations until
obligations of the former redevelopment agency are paid in full and assets have been
liquidated. Both Agency funds and Proprietary Funds are presented on the accrual basis
of accounting.
36
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
d. Assets, Liabilities and Net Assets or Equity
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. For financial statement presentation purposes, cash and
cash equivalents are shown as both restricted and unrestricted cash and investments
in the Proprietary Funds.
Investments for the City, as well as for its component units, are reported at fair value.
The City's policy is generally to hold investments until maturity or until market values
equal or exceed cost. The State Treasurer's Investment Pool operates in accordance
with appropriate state laws and regulations. The reported value of the pool is the
same as the fair value of the pool shares.
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 non-current portion of interfund loans). All other outstanding balances
between funds are reported as "due to/from other funds." Any residual balances
outstanding between the governmental activities and business-type activities are
reported in the government-wide financial statements as "internal balances."
Advances between funds, as reported in the fund financial statements, are offset by a
fund balance reserve account in applicable governmental funds to indicate that they
are not available for appropriation and are not expendable available financial
resources.
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 Los Angeles 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. 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.
37
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Functional Classifications
Expenditures of the Governmental Funds are classified by function. Functional
classifications are defined as follows:
• General Government includes legislative activities which have a primary
objective of providing legal and policy guidelines for the City. Also included in
this classification are those activities which provide management or support
services across more than one functional area, including Library Services.
• Public Safety includes those activities which involve the protection of people
and property.
• Community Development includes those activities which involve the
enhancing of the general quality of life.
• Parks and Recreation includes those activities which involve community park
maintenance and recreational activities within the community.
• Public Works includes those activities which involve the maintenance and
improvement of City streets and roads.
• Debt Service includes those activities that account for the payment of
long-term debt principal, interest and fiscal charges.
Inventories, Prepaid Costs and Land Held for Resale
• All inventories are valued at cost using the first-in/first-out (FIFO) method.
Inventory costs are recorded as an expense when used.
• 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.
• Land purchased for resale is capitalized as inventory at acquisition costs or
net realizable value, if lower.
Restricted Assets
Certain proceeds of debt issues, as well as certain resources set aside for their
repayment, are classified as restricted assets on the balance sheet because their use
is limited by applicable bond covenants. In addition, funds have been restricted for
future capital improvements by City resolution.
Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets
(e.g., roads, bridges, sidewalks and similar items), are reported in the applicable
governmental or business-type activities columns in the government-wide financial
statements. Capital assets are defined by the City 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
estimated fair market value at the date of donation.
38
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
In accordance with GASB Statement No. 34, the City has reported general
infrastructure assets acquired in the current year and retroactively reported prior
year’s acquisitions prior to fiscal years ended after June 30, 1980.
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. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
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:
Assets Years
Land Improvements 20
Buildings and structure 30 - 50
Machinery and equipment 8 - 30
Automotive equipment 5 - 15
Infrastructure 30 - 65
Long-Term Obligations
In the government-wide financial statements, proprietary fund types fund financial
statements, and private purpose trust fund financial statements, long-term debt and
other long-term obligations are reported as liabilities in the governmental activities,
business-type activities, proprietary fund types statement of net assets, or private
purpose fund types statement of net assets. Bond premiums and discounts, as well
as issuance costs, are deferred and amortized over the life of the bonds using the
effective interest method. Bonds payable are reported net of the applicable bond
premium or discount. Bond issuance costs are reported as deferred charges and
amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums
and discounts, as well as bond issuance costs, 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.
Fund Equity
In the fund financial statements, government funds report the following fund balance
classification:
Nonspendable Fund Balance
The non-spendable fund balance classification includes amounts that cannot be
spent because they are either (a) not in a spendable form or (b) legally or
contractually required to be maintained intact. The “not spendable form” criterion
39
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
includes items that are not expected to be converted to cash, for example,
inventories and prepaid amounts. It also includes the long term amount of loans and
notes receivable.
Restricted Fund Balance
The restricted fund balance classification includes amounts that reflect constraints
placed on the use of resources (other than non-spendable items) that are either
(a) externally imposed by creditors (such as through bonded debt reserve funds
required pursuant to debt covenants), grantors, contributors, or laws or regulations of
other governments; or (b) imposed by law through constitutional provisions or
enabling legislation.
Committed Fund Balance
The committed fund balance classification includes amounts that can only be used
for specific purposes pursuant to constraints imposed by formal action of the City
Council, the City’s highest level of decision-making authority. Those committed
amounts cannot be used for any other purpose unless the City Council removes or
changes the specific use by taking the same type of action (for example legislation,
resolution, ordinance) it employed to previously commit those amounts. Committed
fund balance also should incorporate contractual obligations to the extent that
existing resources in the fund have been specifically committed for use in satisfying
those contractual requirements. City Council action to commit fund balance needs to
occur within the fiscal reporting periods; however the amount can be determined
subsequently.
Assigned Fund Balance
The assigned fund balance classification includes amounts that are constrained by
the City’s intent to be used for specific purposes, but that are neither restricted nor
committed. The policy hereby delegates the authority to assign amounts to be used
for specific purposes to the Administrative Services Director/Chief Financial Officer
for the purpose of reporting.
Unassigned Fund Balance
These are residual positive net resources of the general fund in excess of what can
properly be classified in one of the other four categories.
The City’s current fund balance practice provides that restricted fund balance be
spent first when an expenditure is incurred for which both restricted and unrestricted
fund balance is available. Similarly, when an expenditure is incurred for purposes for
which amounts in any of the unrestricted classifications of fund balance can be used;
committed amounts are to be spent first, followed by assigned amounts and then
unassigned amounts.
e. Compensated Absences
In accordance with GASB Statement No. 16, a liability is recorded for unused vacation
and similar compensatory leave balances since the employees' entitlement to these
balances are attributable to services already rendered and it is probable that virtually all
of these balances will be liquidated by either paid time off or payments upon termination
40
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
or retirement. Under GASB Statement No. 16, a liability is recorded for unused sick leave
balances to the extent that it is probable that the unused balances will result in
termination payments. Generally, vacation, sick leave and compensatory absences vest
and are recorded as the obligation is incurred. If material, a proprietary fund liability is
accrued for all earned but unused leave benefits relating to the operations of the
proprietary funds. A current liability is accrued in the governmental funds for material
leave benefits due on demand to governmental fund employees that have terminated
prior to year-end. These non-current amounts will be recorded as fund expenditures in
the year in which they are paid or become due on demand to terminated employees.
f. Claims and Judgments
The City records a liability for litigation, judgments and claims when it is probable that an
asset has been impaired or a liability has been incurred prior to year-end and the
probable amount of loss (net of any insurance coverage) can be reasonably estimated.
Claims incurred but not reported are recorded as a liability when the liability has been
incurred or an asset has been impaired and the amounts can be reasonably determined.
This liability is recorded in the internal service fund that accounts for the City's
self-insurance activities.
g. Cash Equivalents for Statement of Cash Flows
For purposes of the statement of cash flows, cash equivalents are defined as short-term,
highly liquid investments that are both readily convertible to known amounts of cash or so
near their maturity that they present insignificant risk of change in value because of
changes in interest rates. Investments purchased within three months of original maturity
are considered to be cash equivalents. Cash and cash equivalents in the accompanying
statements include the proprietary funds' share of the cash and investment pool of the
City of Azusa. Cash and cash equivalents for proprietary funds are reported in the
accompanying financial statements as:
Enterprise Internal Service
Cash and investments 26,551,339$ 4,132,245$
Restricted:
Cash and investments 13 -
Cash with fiscal agent 12,015,263 -
Cash held for rate stabilization 9,579,363 -
Total 48,145,978$ 4,132,245$
h. Reconciliation of Government-Wide and Fund Financial Statements
Explanation of certain differences between the governmental fund balance sheet and the
government-wide statement of net assets:
The governmental fund balance sheet includes reconciliation between fund balance,
governmental funds and net assets of governmental activities as reported in the
government-wide statement of net assets. One element of that reconciliation explains
that "long-term debt and compensated absences have not been included in the
governmental fund activity." The detail of the ($18,682,717) long-term debt difference
is as follows:
41
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Long-term debt:
Developer loans payable (10,005,461)$
Certificates of participation (3,025,000)
Taxable pension bonds (5,555,000)
Deferred premium on bonds and COP
(to be amortized over life of debt)(97,256)
Net adjustment to reduce fund balance of total
governmental funds to arrive at net assets of
governmental activities (18,682,717)$
Explanation of certain differences between the governmental fund statement of revenues,
expenditures and changes in fund balances and the government-wide statement of
activities:
The governmental fund statement of revenues, expenditures and changes in fund
balances includes the reconciliation between net changes in fund balances of total
governmental funds and changes in net assets of governmental activities as reported in
the government-wide statement of activities.
One element of that reconciliation states that "the issuance of long-term debt
(e.g., bonds, leases) 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 assets. Also,
governmental funds report the effect of issuance costs, premiums, discounts and similar
items when debt is first issued, whereas these amounts are deferred and amortized in the
statement of activities. The detail of this $1,715,332 difference is as follows:
Debt issued or incurred:
Developer loan (901,162)$
Principal repayments and amortizations:
Tax allocation bonds 1,180,000
Certificates of participation 230,000
Pension bonds 625,000
Developer loans 580,717
Bond discount/premium 777
Net adjustment to decrease net changes in fund balance
of total governmental funds to arrive at changes in net
assets of governmental activities.1,715,332$
42
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
II. STEWARDSHIP
Note 2: Stewardship, Compliance and Accountability
a. Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis of accounting
for the general, special revenue, debt service and capital projects funds and on the
accrual basis of accounting for the proprietary funds of the City. According to Section
3.04.040 of the Azusa Municipal Code, the City Council is required to adopt the annual
budget on or before the first Monday in July. The City is not legally required to report on
the budget approved. Where appropriations exceed actual expenditures, the excess
amounts lapse but can be re-appropriated in the subsequent year subject to City Council
approval. The Low/Mod Income Housing Fund, Highway 39 Fund, the Capital Projects
Fund, the Capital Projects Redevelopment Agency Fund, and the Debt Service
Redevelopment Agency Fun did not present a budget comparison schedule.
According to Section 2-450 of the Azusa Municipal Code, budget amendments increasing
the total budget of the City by $100,000 or more must be approved by City Council.
Spending control (legal level of control) is established by the amount of expenditures
budgeted at the department level. During the year, several supplementary appropriations
were necessary. Individual amendments were not material in relation to the original
appropriations.
b. Expenditures Over Appropriations
Excess of expenditures over appropriations in individual funds are as follows:
Expenditures Appropriations Excess
General Fund:
General Government:
City Clerk 552,034$ 475,220$ (76,814)$
Purchasing 342,304 336,235 (6,069)
Admin Services/Business License 357,065 334,765 (22,300)
Public Safety:
Police 15,236,563 14,687,425 (549,138)
Emergency Services 205,007 157,475 (47,532)
Area D 97,927 - (97,927)
Community Development
Planning 667,170 584,435 (82,735)
Parks and Recreation
Recreation 1,516,134 1,438,495 (77,639)
Senior Programs 193,824 192,890 (934)
Public Works
Engineering Service 192,618 189,380 (3,238)
Facilities Maintenance 598,602 596,162 (2,440)
Fund
43
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
c. Deficit Fund Balance
The following funds had a deficit fund balance as of June 30, 2012:
Nonmajor Funds:
Governmental:
Proposition A Fund (172,190)$
Community Development Block Grant (10,273)
Capital Projects (2,000)
Internal Service Funds:
Central Services (6,077)
IT Services (2,504)
Fiduciary Funds:
Private Purpose Trust Fund: Successor
Agency of the Former Redevelopment Agency (63,687,137)
These deficits will be funded through future years’ revenues and transfers.
III. DETAILED NOTES ON ALL FUNDS
Note 3: Cash and Investments
As of June 30, 2012, cash and investments were reported in the accompanying financial
statements as follows:
Governmental Activities:
Cash and investments 14,470,016$
Restricted
Cash and investments 30,848
Cash with fiscal agents 663,118
Business-type activities:
Cash and investments 27,791,189
Restricted
Cash and investments 13
Cash with fiscal agents 12,015,263
Cash held for rate stabilization 9,579,363
Fiduciary Funds:
Agency Funds:
Cash and investments 4,927,533
Private-Purpose Trust:
Cash and investments 6,085,910
Total Cash and Investments 75,563,253$
44
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 3: Cash and Investments (Continued)
The City of Azusa maintains a cash and investment pool that is available for use for all funds.
Each fund type's position in the pool is reported on the combined balance sheet as cash and
investments. The City has adopted an investment policy, which authorizes it to invest in
various investments.
Deposits
At June 30, 2012, the carrying amount of the City’s deposits was, $3,285,091 and the
bank balance was $3,743,188 The $458,097 difference represents outstanding checks
and other reconciling items.
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 a
City’s 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 that 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 are considered to be
held for, and in the name of, the local governmental agency.
A provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides
temporary unlimited deposit insurance coverage for noninterest-bearing transaction
account at all FDIC-insured institutions. This provision was effective from
December 31, 2010 and will remain effective until December 31, 2012. Noninterest-
bearing transaction accounts is defined as an account (1) with respect to which interest is
neither accrued nor paid; (2) on which the depositor or account holder is permitted to
make withdrawals by negotiable or transferable instrument, payment orders of
withdrawal, telephone or other electronic media transfers, or other similar items for the
purpose of making payments or transfers to third parties or others; and (3) on which the
FDIC-insured depository institutions does not reserve the right to require advance notice
of an intended withdrawal. As of June 30, 2012, the City maintains cash deposits that
are temporarily covered by this provision.
Investments
Under provision of the City’s investment policy, and in accordance with the California
Government Code, the following investments are authorized:
• U.S. Treasury Obligations (bills, notes and bonds)
• U.S. Government Agency Securities and Instrumentalities of Government
Sponsored Corporations
• Mutual Funds
• Commercial Paper
45
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 3: Cash and Investments (Continued)
• Repurchase Agreements
• Certificates of Deposit
• Negotiable Certificates of Deposit
• Passbook Savings Accounts
• Medium Term Corporate Notes
• Bank Money Market Accounts
• Local Agency Investment Fund (State Pool)
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.
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 position in the
investment pool is the same as the value of the pool shares.
GASB Statement No. 31
The City adopted GASB Statement No. 31, Accounting and Financial Reporting for
certain investments and for External Investment Pools, as of July 1, 1997. GASB
Statement No. 31 establishes fair value standards for investments in participating interest
earning investment contracts, external investment pools, equity securities, option
contracts, stock warrants and stock rights that have readily determinable fair values.
Accordingly, the City reports its investments at fair value in the balance sheet. All
investment income, including changes in the fair value of investments, is recognized as
revenue in the operating statement.
Credit Risk
The City's investment policy limits investments in medium term notes (MTNs) to those
rated A or higher by Standard and Poor's (S&P) or by Moody's. At June 30, 2012, the
City’s investments in Federal Agency securities consisted of investments with Federal
Home Loan Bank and Federal Farm Credit Bank. At June 30, 2012, all Federal Agency
Securities were rated AA+ by Standard & Poor’s. All securities were investment grade
and were legal under State and City law. As of June 30, 2012, the City's investments in
external investment pools and money market mutual funds are unrated.
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
46
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 3: Cash and Investments (Continued)
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.
As of June 30, 2012, none of the City’s deposits or investments were exposed to
custodial credit risk.
Concentration of Credit Risk
The City’s investment policy imposes restriction on the percentage that the City can invest
in certain types of investments. In addition, GASB 40 requires a separate disclosure if any
single issuer comprises more than 5% of the total investment value.
As of June 30, 2012, the City has investments of $16,240,454 (22.5%) with Federal Home
Loan Bank and $7,300,725 (10.1%) with Federal Home Loan Mortgage Corporation.
Investments guaranteed by the U.S. government, investments in mutual funds and
external investment pools are excluded from this requirement.
Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates. The City's investment
policy states that no investment may have a maturity of more than five years without
receiving prior City Council approval. The only exception to these maturity limits shall be
the investment of the gross proceeds of tax-exempt bonds. Reserve funds associated
with bond issues may have a maturity of more than five years. The City has elected to
use the segmented time distribution method of disclosure for its interest rate risk. As of
June 30, 2012, the City had the following investments and original maturities:
6 months 6 months 1 to 3 3 to 5 Fair
or less to 1 year years years Value
Federal agency securities -$ -$ 5,035,730$ 18,505,449$ 23,541,179$
Local Agency Investment Fund 22,749,615 - - - 22,749,615
Certificates of Deposit - 498,676 3,776,157 875,983 5,150,816
Money market mutual funds 4,024,235 - - - 4,024,235
Cash with Fiscal Agents:
Money market mutual funds 14,150,290 - - - 14,150,290
Certificates of Deposit 162,521 - 2,499,506 - 2,662,027
41,086,661$ 498,676$ 11,311,393$ 19,381,432$ 72,278,162$
Remaining Investment Maturities
Note 4: Advances to Successor Agency
The Successor Agency received advances from the Water and Light Funds for various
project expenditures and SERAF loans. These have currently been denied by the
Department of Finance as an enforceable obligation. Advances due to the City are
dependent on the Successor Agency receiving a notice of completion by the Department
of Finance. Once this is received the Successor Agency can re-submit the obligation for
approval as an enforceable obligation. Repayment will be determined at that time.
47
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 5: Capital Assets
Capital asset activity for the year ended June 30, 2012, was as follows:
Beginning Transfers to Ending
Balance Transfers Increases Decreases Successor Agency* Balance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land 1,729,956$ -$ -$ -$ (410,420)$ 1,319,536$
Construction-in-progress 1,145,104 (1,103,554) 29,672 - - 71,222
Total Capital Assets
Not Being Depreciated 2,875,060 (1,103,554) 29,672 - (410,420) 1,390,758
Capital Assets, Being Depreciated:
Land improvements 5,851,055 - - - (1,427,803) 4,423,252
Buildings and structures 12,224,576 - - - - 12,224,576
Machinery and equipment 7,321,973 - 35,995 - - 7,357,968
Automotive equipment 3,227,929 - - (84,402) - 3,143,527
Infrastructure 45,469,116 1,103,554 913,492 - (718,430) 46,767,732
Total Capital Assets
Being Depreciated 74,094,649 1,103,554 949,487 (84,402) (2,146,233) 73,917,055
Less Accumulated Depreciation:
Land improvements 3,155,210 - 164,212 - (605,403) 2,714,019
Buildings and structures 4,738,948 - 286,325 - - 5,025,273
Machinery and equipment 5,895,178 - 281,252 - - 6,176,430
Automotive equipment 2,138,776 - 201,755 (46,668) - 2,293,863
Infrastructure 28,885,550 - 1,377,807 - (27,825) 30,235,532
Total Accumulated Depreciation 44,813,662 - 2,311,351 (46,668) (633,228) 46,445,117
Total Capital Assets
Being Depreciated, Net 29,280,987 1,103,554 (1,361,864) (37,734) (1,513,005) 27,471,938
Governmental Activities
Capital Assets, Net 32,156,047$ -$ (1,332,192)$ (37,734)$ (1,923,425)$ 28,862,696$
*As a result of the dissolution of the Redevelopment Agency, assets of the former Redevelopment
Agency were transferred to the Successor Agency. See Note 19 for additional information.
48
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 5: Capital Assets (Continued)
Beginning Ending
Balance Transfers Increases Decreases Balance
Business-Type Activities:
Capital Assets, Not Being Depreciated:
Land 2,988,973$ -$ -$ -$ 2,988,973$
Construction-In-Progress 1,804,845 (3,397,159) 1,610,693 - 18,379
Total Capital Assets
Not Being Depreciated 4,793,818 (3,397,159) 1,610,693 - 3,007,352
Capital Assets, Being Depreciated:
Land improvements 1,212,318 - - - 1,212,318
Building and structures 22,635,772 - - - 22,635,772
Machinery and equipment 12,308,811 397,011 71,882 - 12,777,704
Automotive equipment 3,574,840 - 123,896 (13,373) 3,685,363
Infrastructure 144,957,526 3,000,148 472,018 (25,176) 148,404,516
Total Capital Assets
Being Depreciated 184,689,267 3,397,159 667,796 (38,549) 188,715,673
Less Accumulated Depreciation:
Land improvements 634,723 - 39,660 - 674,383
Building and structures 7,692,756 - 526,915 - 8,219,671
Machinery and equipment 8,821,419 - 494,088 (12,484) 9,303,023
Automotive equipment 3,000,160 - 139,511 (25,176) 3,114,495
Infrastructure 35,866,964 - 4,133,637 - 40,000,601
Total Accumulated Depreciation 56,016,022 - 5,333,811 (37,660) 61,312,173
Total Capital Assets
Being Depreciated, Net 128,673,245 3,397,159 (4,666,015) (889) 127,403,500
Business-Type Activities
Capital Assets, Net 133,467,063$ -$ (3,055,322)$ (889)$ 130,410,852$
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General government 140,602$
Public safety 156,584
Community development 22,262
Parks and recreation 387,118
Public works 1,460,881
Internal service funds 143,904
Total 2,311,351$
Business-Type Activities:
Water 3,579,192$
Light 1,249,282
Sewer/Wastewater 358,080
Internal service funds 147,257
Total 5,333,811$
49
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt
a. Long-Term Debt – Governmental Activities
The following is a summary of changes in long-term debt of the City for the year ended
June 30, 2012:
Beginning at Ending Due within
July 1, 2011 Addition Deletion June 30, 2012 one year
CITY
Compensated Absences 3,476,067$ -$ 2,364,776$ (2,497,730)$ 3,343,113$ 2,402,196$
Net OPEB Liability 6,207,671 - 1,153,740 - 7,361,411
2008 Taxable pension funding bonds 6,180,000 - - (625,000) 5,555,000 700,000
Obligation under developer
agreements 9,685,015 901,163 ** (580,717) 10,005,461
Total City 25,548,753 - 4,419,679 (3,703,447) 26,264,985 3,102,196
Public Financing Authority
2003 Certificates of Participation 3,255,000 - - (230,000) 3,025,000 240,000
Redevelopment Agency:
2003 Tax Allocation Refunding 8,355,000 (7,880,000) - (475,000) - -
2005 TaxAllocation, Series A 9,518,014 (9,518,014) - - - -
2007 Tax Allocation, Series A 14,690,000 (14,280,000) - (410,000) - -
2007 Tax Allocation, Series B 4,540,000 (4,450,000) - (90,000) - -
2008 Tax Allocation, Series A 6,565,000 (6,485,000) - (80,000) - -
2008 Tax Allocation, Series B 11,100,000 (10,975,000) - (125,000) - -
Total Redevelopment Agency 54,768,014 (53,588,014) - (1,180,000) - -
Internal Service Funds:
Compensated Absences 235,069 - 149,144 (152,213) 232,000 150,226
Claims and Judgements payable 1,880,766 - 396,600 (553,775) 1,723,591 520,070
Total Internal Service 2,115,835 - 545,744 (705,988) 1,955,591 670,296
Unamortized Premiums/Discounts
Premiums 138,112 - - (23,009) 115,103 N/A
Discounts (827,784) 787,706 - 22,231 (17,847) N/A
Total Premiums Discounts (689,672) 787,706 - (778) 97,256 -
Total Governmental Long-term
Debt 84,997,930$ (52,800,308)$ 4,965,423$ (5,820,213)$ 31,342,832$ 4,012,492$
**Addition of $901,163 related to accreted interest for the fiscal year.
Transfers to
Successor Agency *
*As a result of the dissolution of the Redevelopment Agency, indebtedness of the former Redevelopment Agency was transferred to the Successor Agency. See Note 19
disclosures for indebtedness.
Compensated Absences
The City’s policies relating to compensated absences are described in Note 1 of the
notes to financial statements. For the governmental activities, the liability will be paid in
future years by the General Fund.
Net OPEB Liability
The City’s policies relating to OPEB are described in Note 9 of the notes to financial
statements. For governmental activities, the liability will be paid in future years by the
General Fund.
50
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
2008 Taxable Pension Funding Bonds
In December 2008, the City issued $7,215,000 pension funding bonds to fund the City’s
actuarial accrued liability with respect to its public safety plan. The bonds bear interest at
6.50% and the principal matures in amounts ranging from $480,000 to $1,175,000 on
January 1 each year from 2010 through 2018. The annual principal requirements to
amortize the 2008 Pension Funding Bonds outstanding as of June 30, 2012, are as
follows:
Principal Interest
2012-2013 700,000$ 361,075$
2013-2014 780,000 315,575
2014-2015 870,000 264,875
2015-2016 965,000 208,325
2016-2017 1,065,000 145,600
2018-2022 1,175,000 76,375
Total 5,555,000$ 1,371,825$
Taxable Pension Funding Bonds
Series 2008
2003 Certificates of Participation
On August 7, 2003, the Azusa Public Financing Authority issued the 2003 Lease
Revenue Refunding Certificates of Participation in the amount of $4,825,000 to refund
the outstanding balance of the 1994 Certificates of Participation. The bonds are subject
to optional and mandatory redemption prior to maturity and are payable from certain
revenue consisting of certain base rental payments with respect to the lease agreement
between the City and the Authority.
Debt covenants require that the Authority maintain a reserve account equal to the
maximum annual debt service on all outstanding certificates. At June 30, 2012, the
reserve requirement of $482,500 was fully funded.
The certificates maturing from 2004 to 2020 are serial certificates payable in annual
installments ranging from $200,000 to $845,000. Interest is payable semi-annually on
each August 1 and February 1, commencing August 1, 2004, at rates ranging from 2.00%
to 4.40% per annum. The outstanding principal balance at June 30, 2012, was
$3,025,000.
The annual requirements to repay the outstanding indebtedness at June 30, including
interest, are shown in the schedule below:
Principal Interest
2012-2013 240,000$ 119,650$
2013-2014 245,000 111,040
2014-2015 255,000 101,849
2015-2016 265,000 91,768
2016-2017 275,000 80,968
2018-2022 1,745,000 189,588
Total 3,025,000$ 694,863$
2003 Certificates of
Participation
51
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
Obligation Under Developer Agreements
On October 4, 1988, the Redevelopment Agency of the City of Azusa, a component unit
of the City of Azusa, entered into a sales tax allocation note with the Price Company. In
fiscal year 1988-1989, the Price Company advanced to the Agency $4,558,300 for the
purpose of redeveloping the Price Company site located in the West End Project Area.
Interest on the advance accrues at a rate of 9.5% per annum. Sales tax revenues
received from the site have been pledged as security for the repayment of principal and
interest. Annual repayments to Price Company are due on the last business day of
December, March, June and September beginning December 31, 1989, based upon the
following allocation of sales tax revenues:
First, $493,000 to Agency
Next, $490,000 to Price Company
Next, $178,000 to Agency
Next, $178,000 to Price Company
Then, balance divided 50% to Agency and 50% to Price Company
Payments will continue for a period of 25 years through October 31, 2014, or until all
accrued interest and principal are paid in full, whichever occurs first. In the event that the
entire interest and principal has not been repaid as of October 31, 2014, the unpaid
balance will be forgiven. The outstanding principal and matured unpaid interest balance
at June 30, 2012, was $10,005,461.
On May 15, 1989, the Agency entered into an agreement with the City of Azusa to
transfer all sales tax revenues received by the Agency under the Price Company
developer agreement to the City, except that required for repayment of the note or other
required purposes.
Due to the dissolution of the Redevelopment Agency, the City has elected to continue
this agreement under the City of Azusa.
52
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
b. Long-Term Debt – Business-Type Activities
The following is a summary of changes in long-term debt for the year ended
June 30, 2012:
Balances at Balances at Due Within
July 1, 2011 Additions Deletions Defeased June 30, 2012 One Year
Water Fund:
Compensated absences 371,540$ 304,164$ (303,384)$ -$ 372,320$ 304,021$
2003 Certificates of participation, Series A 14,835,000 - (870,000) (13,965,000) - -
2006 Water Revenue Bonds 54,275,000 - (310,000) - 53,965,000 320,000
- 8,715,000 - - 8,715,000 -
Total Water Fund 69,481,540 9,019,164 (1,483,384) (13,965,000) 63,052,320 624,021
Light Fund:
Compensated absences 497,931 404,276 (358,771) - 543,436 391,558
2003 Certificates of participation,
Series B and C 9,045,000 - (505,000) (5,470,000) 3,070,000 530,000
- 5,820,000 - - 5,820,000 -
Total Light Fund 9,542,931 6,224,276 (863,771) (5,470,000) 9,433,436 921,558
Sewer/Wastewater Fund:
Compensated absences 97,952 77,600 (83,508) - 92,044 78,471
1994 Certificates of participation 1,810,000 - (115,000) (1,695,000) - -
2011 Sewer Installment Loan, Series A - 1,490,000 - - 1,490,000 105,000
2011 Sewer Installment Loan, Series B - 4,140,000 - - 4,140,000 120,000
Total Sewer/Wastewater Fund 1,907,952 5,707,600 (198,508) (1,695,000) 5,722,044 303,471
Internal Service Funds:
Compensated absences 256,848 301,555 (314,175) - 244,228 183,171
Total Internal Service 256,848 301,555 (314,175) - 244,228 183,171
Total Business-Type
Funds 81,189,271$ 21,252,595$ (2,859,838)$ (21,130,000)$ 78,452,028 2,032,221$
Unamortized bond premiums 4,393,116
Unamortized loss on defeasance (1,318,187)
81,526,957$
2012 Electric Refunding Bonds, Series B
2012 Water Refunding Bonds, Series A
Compensated Absences
The City’s policies relating to compensated absences are described in Note 1 of the
notes to financial statements. For the business-type activities, the liability will be paid in
future years by the proprietary funds and the Consumer Services internal service funds.
Water Certificates of Participation, 2003 Series A
On December 18, 2003, the Financing Authority for Resource Efficiency of California
(FARECal) issued $20,370,000 of Certificates of Participation, 2003 Series A, with an
average interest rate of 3.91% to current refund $20,130,000 of outstanding Azusa Public
Financing Authority Revenue Bonds, 1993 Series A, and to pay costs associated with the
execution and delivery of Series A Water Certificates.
The Series A Water Certificates maturing 2004 to 2023, are serial certificates payable in
annual installments of $735,000 to $1,480,000. Interest is payable semi-annually on each
July 1 and January 1 of each year, commencing January 1, 2004, at rates ranging from
2.0% to 5.0% per annum. The bonds were advance refunded during the year in the
amount of $13,965,000, resulting in an economic gain of $1,192,868.
53
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
2006 Water Revenue Bonds
On December 13, 2006, the Azusa Public Financing Authority, a component unit of the
City of Azusa, issued $54,850,000 of 2006 Water Revenue Bonds. The proceeds were
primarily used to finance certain improvements to the municipal water system of the City
of Azusa. The bonds are payable from pledged revenues comprising primarily of
installment payments received by the Authority from the City. Serial bonds mature in
annual installments beginning on July 1, 2009 through July 1, 2017, in amounts ranging
from $200,000 to $1,200,000. Interest ranges from 4.000% to 5.000% and is payable
semi-annually on July 1 and January 1. Term bonds mature in various years ranging
from July 1, 2019 through July 1, 2039, with amounts ranging from $2,595,000 to
$13,230,000 and interest ranges from 3.920% to 4.380%.
The annual requirements to amortize the outstanding bonds as of June 30, 2012,
including interest are as follows:
Principal Interest
2012-2013 320,000$ 2,650,388$
2013-2014 330,000 2,637,388
2014-2015 1,045,000 2,604,663
2015-2016 1,090,000 2,555,738
2016-2017 1,145,000 2,504,313
2018-2022 6,660,000 11,579,438
2023-2027 8,500,000 9,741,281
2028-2032 10,820,000 7,420,500
2033-2037 13,890,000 4,347,500
2038-2042 10,165,000 779,375
Totals 53,965,000$ 46,820,584$
2006 Water Revenue Bonds
2012 Water Refunding Revenue Bonds
On May 23, 2012, the City issued $8,715,000 of 2012 Water System Refunding Revenue
Bonds, Series A. The proceeds were primarily used to advance refund all of the City’s
obligations in connection with the Financing Authority for Resource Efficiency of
California Certificates of Participation, 2003 Series A, which was issued for capital
improvements. The bonds are payable solely from the Water net revenues, and the City
is not obligated to pay them except from the applicable Water net revenues. Serial bonds
mature in annual installments beginning on July 1, 2013 through July 1, 2023, in amounts
ranging from $310,000 to $955,000. Interest ranges from 2.000% to 5.000% and is
payable semi-annually on July 1 and January 1.
54
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding bonds as of June 30, 2012,
including interest are as follows:
Principal Interest
2012-2013 -$ 168,676$
2013-2014 670,000 325,651
2014-2015 690,000 303,600
2015-2016 710,000 282,600
2016-2017 735,000 260,925
2018-2022 4,045,000 901,275
2023-2027 1,865,000 94,375
Totals 8,715,000$ 2,337,102$
2012 Water Refunding Revenue
Bonds, Series A
Electric Certificates of Participation, 2003 Series B
On December 18, 2003, the Financing Authority for Resource Efficiency of California
(FARECal) issued $5,470,000 of Certificates of Participation, 2003 Series B, with an
average interest rate of 3.91% to finance the acquisition, construction and installation of a
new substation (the Kirkwall Substation), including associated equipment and facilities
and certain upgrades to the distribution lines and equipment of the City of Azusa’s
Electric System that are adjacent to the Kirkwall substation. The certificates were also
issued to fund a reserve account for the Series B Electric Certificates and to pay costs
associated with the execution and delivery of the Series B Electric Certificates. There are
no Series A Electric Certificates.
The Series B Electric Certificates maturing 2004 to 2023 are serial certificates payable in
annual installments of $565,000 to $915,000. Interest is payable semi-annually on each
July 1 and January 1 of each year, commencing January 1, 2004, at rates ranging from
2.0% to 5.0% per annum. The bonds were advance refunded during the year in the
amount of $5,470,000, resulting in an economic gain of $322,795.
Electric Certificates of Participation, 2003 Series C
On December 18, 2003, the Financing Authority for Resource Efficiency of California
(FARECal) issued $6,525,000 of Certificates of Participation, 2003 Series C to finance
the acquisition, construction, and installation of certain facilities to interconnect the
electric system of Southern California Edison Company to the Kirkwall Substation, and
together with the Series B Electric Project, to fund a reserve account for the Series C
Electric Certificates and to pay costs associated with the execution and delivery of the
Series C Electric Certificates. There are no Series A Electric Certificates.
Debt covenants require that the City maintain a reserve account equal to the maximum
annual debt service on all outstanding certificates. At June 30, 2012, the reserve
requirement of $652,500 was fully funded.
The Series C Electric Certificates maturing 2004 to 2023 are serial certificates payable in
annual installments of $565,000 to $915,000. Interest is payable semi-annually on each
July 1 and January 1 of each year, commencing January 1, 2004, at rates ranging from
1.46% to 5.57% per annum. The outstanding principal balance at June 30, 2012, was
$3,070,000.
55
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding certificates of participation as of
June 30, 2012, including interest, are as follows:
Principal Interest
2012-2013 530,000$ 152,959$
2013-2014 555,000 124,911
2014-2015 585,000 94,272
2015-2016 620,000 60,713
2016-2017 650,000 25,344
2018-2022 130,000 3,621
Totals 3,070,000$ 461,820$
Electric - Certificates of
Participation, Series C
2012 Electric Refunding Revenue Bonds
On May 23, 2012, the City issued $5,820,000 of 2012 Electric System Refunding
Revenue Bonds, Series B. The proceeds were primarily used to advance refund all of the
City’s obligations in connection with the Financing Authority for Resource Efficiency of
California Certificates of Participation, Series B. The bonds are payable solely from the
Electric net revenues, and the City is not obligated to pay them except from the
applicable Electric net revenues. Serial bonds mature in annual installments beginning
on July 1, 2017 through July 1, 2023, in amounts ranging from $650,000 to $930,000.
Interest ranges from 2.000% to 5.000% and is payable semi-annually on July 1 and
January 1.
Debt covenants require that the City maintain a reserve account equal $582,000. At
June 30, 2012, the reserve requirement was fully funded.
The annual requirements to amortize the outstanding bonds as of June 30, 2012,
including interest are as follows:
Principal Interest
2012-2013 -$ 93,149$
2013-2014 - 175,569
2014-2015 - 175,569
2015-2016 - 175,569
2016-2017 - 175,569
2018-2022 3,985,000 614,694
2023-2027 1,835,000 54,859
Totals 5,820,000$ 1,464,978$
2012 Electric Refunding Revenue
Bonds, Series B
56
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 6: Long-Term Debt (Continued)
1994 Sewer System Certificates of Participation
On March 1, 1994, the Azusa Public Financing Authority, a component unit of the City of
Azusa, issued $3,100,000 of 1994 Sewer System Certificates of Participation. The
proceeds were used to refinance a portion of the 1990 Local Agency Revenue Bonds.
The Certificates of Participation are payable from pledged revenues derived from the
Sewer Enterprise of the City of Azusa sufficient to equal 125% of the maximum annual
debt service of the bonds related to this enterprise. Principal on the Certificates is due in
annual payments beginning on August 1, 1994 through August 1, 2020, in amounts
ranging from $40,000 to $485,000. Interest ranges from 3.500% to 5.625% and is
payable semi-annually on August 1 and February 1.
The outstanding principal balance was fully defeased during the fiscal year ended
June 30, 2012.
2011 Sewer Installment Agreement Series A and B
On November 29, 2011, the City of Azusa entered into an installment Sale Agreement
with Capitol One Public Funding, LLC totaling $5,630,000. The proceeds were used to
defease the 1994 Sewer System Certificates of Participation, which was used for
improvements on the sewer system. The agreement specified the installments consisted
of $1,490,000 of Series A installments and $4,140,000 of Series B installments.
The Series A installments have annual principal payments beginning on August 1, 2012
through August 1, 2020 ranging from $105,000 to $190,000. Interest rates on the Series
A installments are 2.900%.
The Series B installments have annual principal payments beginning on August 1, 2012
through August 1, 2025 ranging from $120,000 to $505,000. Interest rates on the Series
B installments are 3.600%.
The annual requirements to amortize the outstanding installment agreements as of
June 30, 2012, including interest are as follows:
Principal Interest Principal Interest
2012 - 2013 105,000$ 41,688$ 120,000$ 146,880$
2013 - 2014 160,000 37,845 165,000 141,750
2014 - 2015 160,000 33,205 190,000 135,360
2015 - 2016 165,000 28,493 200,000 128,340
2016 - 2017 170,000 23,635 205,000 121,050
2017 - 2022 730,000 43,065 1,335,000 483,750
2022 - 2027 - - 1,925,000 141,570
Totals $1,490,000 $207,931 $4,140,000 $1,298,700
2011 Sewer Installment Series A 2011 Sewer Installment Series B
57
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 7: Mortgage Revenue Bonds
The City of Azusa and the former Azusa Redevelopment Agency have issued various
residential mortgage revenue bonds. The proceeds of these bonds were invested in
mortgage loans that were made to homeowners for the purpose of financing residential
property. These bonds are secured by first trust deeds on those loans and private mortgage
insurance. Although the City and the Successor Agency to the former Azusa Redevelopment
Agency have arranged this financing program, these bonds are not payable from any
revenues or assets of the City or the Successor Agency to the former Azusa Redevelopment
Agency. Generally, the bondholders may look only to the mortgage loans and other assets
held by trustees for security on the indebtedness. Accordingly, since these bonds do not
constitute an obligation of the City or the Successor Agency to the former Azusa
Redevelopment Agency, they are not reflected in long-term debt.
Year Original Balance at
Issued Amount Issued June 30, 2012 Due Date
Taxable Collateralized
Refunding Bonds -
Series 1992 (Agency) 1992 9,903,000$ 303,000$ December 1, 2012
Single Family Mortgage
Revenue Refunding Bonds
(Agency)1992 10,000,000 6,670,000 October 1, 2012
Note 8: Defined Benefit Pension Plan
Plan Description
The City of Azusa contributes to the California Public Employees Retirement System
(PERS), an agent multiple-employer public employee defined benefit pension plan for the
miscellaneous plan and a cost sharing multiple-employer public employee defined benefit
pension plan for the safety plan. PERS provides retirement and disability benefits, annual
cost-of-living adjustments and death benefits to plan members and beneficiaries. PERS
acts as a common investment and administrative agent for participating public entities
within the State of California. Benefit provisions and all other requirements are
established by State statute and City ordinance. Copies of PERS' annual financial report
may be obtained from their executive office: 400 P Street, Sacramento, CA 95814.
Funding Policy
Participants are required to contribute 7% (9% for safety employees) of their annual
covered salary. The City makes the contributions required of City employees on their
behalf and for their account. The City is required to contribute at an actuarially
determined rate; the current rate is 12.655% for non-safety employees and 28.183% for
safety employees, of annual covered payroll. The contribution requirements of plan
members and the City are established and may be amended by PERS.
Annual Pension Cost and Net Pension Obligation (Asset)
The City's annual pension cost and change in net pension obligation (asset) for the fiscal
year ending June 30, 2012, were as follows:
58
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 8: Defined Benefit Pension Plan (Continued)
Annual required contribution 5,553,375$
Interest on net pension obligation (565,460)
Adjustment to annual required contribution 476,520
Annual pension cost 5,464,435
Contribution made 5,553,375
Increase (decrease) in net pension obligation (88,940)
Net pension obligation (asset) beginning of year (7,296,257)
Net pension obligation (asset) end of year (7,385,197)$
The required contribution was determined as part of the June 30, 2009, actuarial
valuation, using the entry age normal actuarial cost method.
A summary of principal assumptions and methods used to determine the annual required
contribution is shown below.
Valuation Date June 30, 2009
Actuarial Cost Method Entry Age Actuarial Cost Method
Amortization Method Level Percent of Payroll
Average Remaining Period 22 Years as of the Valuation Date for Miscellaneous
Employee and 18 Years as of the Valuation Date for
Safety Employees
Asset Valuation Method 15 Year Smoothed Market
Actuarial Assumptions:
Investment Rate of Return 7.75% (net of administrative expenses)
Projected Salary Increases 3.55% to 14.45% depending on age, service and type
of employment
Inflation 3.00%
Payroll Growth 3.25%
Individual Salary Growth A merit scale varying by duration of employment
coupled with an assumed annual inflation growth of
3.00% and an annual production growth of 0.25%.
Initial plan unfunded liabilities are amortized over a closed period equal to the average
amortization period at the plan’s date of entry into the CalPERS Risk Pool. Subsequent
plan amendments are amortized as a level percentage of pay over a closed 20-year
period. Gains and losses that occur in the operation of the risk pool are amortized over a
rolling 30-year period. If the plan’s accrued liability exceeds the actuarial value of plan
assets, then the amortization payment on the total unfunded liability may not be lower
than the payment calculated over a 30-year amortization period.
59
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 8: Defined Benefit Pension Plan (Continued)
Three-Year Trend Information for PERS (Miscellaneous Plan)
(Amounts in Thousands)
Annual Pension Percentage of Net Pension
Fiscal Year Cost (APC)APC Contributed Obligation
6/30/2010 2,655$ 100%-$
6/30/2011 2,725 100%-
6/30/2012 2,821 100%-
Three-Year Trend Information for PERS (Safety Plan)
(Amounts in Thousands)
Annual Pension Percentage of Net Pension
Fiscal Year Cost (APC)APC Contributed Obligation
6/30/2010 2,173$ 105%(7,201)$
6/30/2011 2,119 105%(7,296)
6/30/2012 2,733 103%(7,385)
For fiscal year 2011-2012, the City of Azusa participated in risk pooling for its safety
employees. Risk pooling consists of combining assets and liabilities across employers to
produce large groups where the impact of a catastrophic demographic event is shared
among all employers of the same risk pool. Participation in risk pools is mandatory for all
plans with less than 100 active members. Mandated participation in risk pools was
initially based on the active membership of each rate plan as of June 30, 2003. The
implementation of risk pools was done in a way that minimizes the impact on employer
contribution rates. The first year in risk pools, the employer contributions are almost
identical to what the rates would have been outside the pools. Future rates will be based
on the experience of each pool. Pooling will reduce the volatility of future employer rates.
Mandated participation will occur on an annual basis. If on any valuation date, starting
with the June 30, 2003, valuation, a rate plan has less than 100 active members, it will be
mandated in one of the risk pools effective on that valuation date.
In December 2008, the City issued pension funding bonds to fund the City’s actuarial
accrued liability with respect to its safety plan. Although the City participates in a cost
sharing plan, the required contribution includes a separate amortization for the difference
between the funded status of the pool and the funded status of the City’s plan at the time of
joining the pool. Through the funding of this actuarial accrued liability the City reports a
net pension asset in its financial statements.
60
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 8: Defined Benefit Pension Plan (Continued)
Actuarial
Accrued UAAL as
Actuarial Actuarial Liability Unfunded a % of
Valuation Value of (AAL) Entry AAL Funded Covered Covered
Date Assets Age (UAAL) Ratio Payroll Payroll
6/30/2008 73,953$ 80,194$ 6,241$ 92.2% 14,621$ 42.69%
6/30/2009 78,137 87,949 9,813 88.8% 15,596 62.92%
6/30/2010 82,653 93,158 10,505 88.7% 16,192 64.88%
Schedule of Funding Progress for PERS
PERS Miscellaneous Plan
(Amounts in Thousands)
Most recent information available
Defined Contribution Pension Plan
The City of Azusa contributes to the Public Agency Retirement System (PARS), a defined
contribution pension plan provided and administered by the Public Agency Retirement
System Alternate Retirement System Plan. Employees of the City not otherwise eligible
to participate in PERS or eligible to opt not to participate in PERS, are eligible for
participation in this plan. In a defined contribution plan, benefits depend solely on
amounts contributed to the plan plus investment earnings. Federal legislation requires
contribution of at least 7.5% to a retirement plan. The plan is established by City
ordinance. For the year ended June 30, 2012, the covered payroll for employees in the
plan was $459,239. Total payroll for the City was $30,008,893. Under an adoption
agreement dated January 1, 1992, both the employer and the employee are required to
contribute 3.75% of each participant's compensation. For the year ended June 30, 2012,
the employer and the employees each contributed an amount equal to $17,222. Under
this plan, normal retirement age is 60 years of age. Plan assets are primarily invested in
money market funds.
Retirement Enhancement Plan
The City of Azusa also contributes to the PARS Retirement Enhancement Plan. The plan
provides pension benefits to 116 eligible covered positions in International Brotherhood of
Electrical Workers (IBEW), Service Employees International Union Local 721 (SEIU),
Azusa Middle Management Association (AMMA), and Executive Management. The plan
is administered by Phase II Systems, PARS Trust Administration. Under adopted
agreements approved in July and August 2007, both the employer and the employee are
required to contribute the following contributions for each participant's compensation:
Covered Employer Employee
Positions Contribution Contribution
IBEW 2.26%2.00%
SEIU 0.07%4.00%
AMMA 6.41%2.50%
Executive Management 4.00%7.00%
61
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 9: Post-Employment Benefits
Plan Description
The City provides other postemployment benefits (OPEB) through a single-employer
defined benefit healthcare plan by contributing approximately one-half of all premiums
charged under the health benefit plan for all eligible employees and qualified family
members. These benefits are provided per contract between the City and the employee
associations. A separate financial report is not available for the plan.
Funding Policy
The contribution requirements of plan members and the City are established and may be
amended by the City, City Council, and/or employee associations. Currently,
contributions are not required from plan members. A contribution of $489,624 was made
during the 2011-2012 fiscal year and was not included in the June 30, 2012 actuarial
study. The purpose of the contribution was to pay current year premiums for retirees.
As a result, the City calculated and recorded a Net OPEB Liability, representing the
difference between the Annual Required Contribution (ARC) and actual contributions, as
presented below:
Annual required contribution (ARC)1,846,264$
Interest on Net OPEB Obligation 30,409
Adjustment to ARC (233,309)
Annual OPEB Cost 1,643,364
Contributions made (489,624)
(Decrease) increase in Net OPEB obligation 1,153,740
Net OPEB obligation (asset) June 30, 2011 6,207,671
7,361,411$
The contribution rate of 17.7% is based on the ARC of $1,846,264, an amount actuarially
determined in accordance with the parameters of GASB Statement No. 45. The ARC
represents a level of funding that, if paid on an ongoing basis is projected to cover the
annual normal cost and the amortization of unfunded actuarial liabilities (or funding
excess) over a thirty year period.
Annual OPEB Costs and Net OPEB Obligation (Asset)
For the fiscal year 2011-2012, the City’s annual OPEB cost (expense) of $1,643,364 was
less than the ARC. The last three year trend information on the annual OPEB cost,
percentage of Annual OPEB cost contributed, and Net OPEB Obligation is presented
below:
Fiscal Year
End
Annual
OPEB
Cost
Actual
Contribution (Net
of Adjustments)
Percentage of
Annual OPEB Cost
Contributed
Net OPEB
Obligation
(Asset)
6/30/2010 2,193,000$ 354,782$ 16% 4,181,823$
6/30/2011 2,465,000 439,152 18% 6,207,671
6/30/2012 1,643,364 489,624 30% 7,361,411
62
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 9: Post-Employment Benefits (Continued)
Funded Status and Funding Progress
Actuarial valuations of an ongoing plan involve estimates of the value of reported
amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumptions about future employment, mortality, and the
healthcare cost trend. Amounts determined regarding the funded status of the plan and
the annual required contributions of the City are subject to continual revision as actual
results are compared with past expectations and new estimates are made about the
future. The schedule of funding progress below presents multiyear trend information
about whether the actuarial value of plan assets is increasing or decreasing over time
relative to the actuarial accrued liabilities for benefits. Only two year’s are presented as
these are the first valuations of the plan.
Type of
Valuation
Actuarial
Valuation Date
Actuarial
Value of
Assets
Unfunded
Actuarial Accrued
Liability
Funded
Ratio Covered Payroll
UAAL as percent
of Covered Payroll
Interest
Rate
Actual 6/30/2009 -$ 25,445,000$ 0.0% 19,966,000$ 127% 3.50%
Actual 6/30/2012 - 17,553,231 0.0% 20,576,383 85% 4.00%
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of
benefits provided at the time of each valuation and the historical pattern of sharing of
benefit costs between the employer and plan members to that point. The actuarial
methods and assumptions used include techniques that are designed to reduce the
effects of short-term volatility in the actuarial accrued liabilities and the actuarial value of
assets, consistent with the long-term perspective of the calculations.
In the July 1, 2012, actuarial valuation, the projected unit credit method was used. The
actuarial assumptions include a 4.00% investment rate of return, which is a blended rate
of the expected long-term investment return on plan assets and on the employer’s own
investments calculated based on the funded level of the plan at the valuation date, and
annual healthcare cost trend rate of 11% beginning July 1, 2012, and reduced by
decrements to an ultimate rate of 5% after six years. The actuarial value of assets is set
equal to the reported market value of assets. The UAAL is being amortized as a level
percentage of payroll on an open basis. The remaining amortization period at
June 30, 2012, was twenty-six years. The number of active participants is 327.
Note 10: Insurance
The City is self-insured for workers' compensation and general liability claims arising in the
ordinary course of City operations. The City is a member of the Independent Cities Risk
Management Authority (ICRMA) for general liability insurance coverage in excess of
$500,000 up to a maximum of $5,000,000 per claim and for coverage of workers'
compensation claims in excess of $350,000 up to a maximum of $5,000,000 per claim. In
addition the City also purchased excess liability insurance of $15,000,000 in excess of the
$5,000,000 and excess worker's compensation insurance of $95,000,000 in excess of
$5,000,000.
63
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 10: Insurance (Continued)
For the past three years, no settlements or claims payments have exceeded the amount of
the applicable insurance coverage. For the past two fiscal years, the changes in the City's
liability for claims payable are summarized as follows:
Claims Incurred
Beginning and Changes Less Claim Ending
Balance in Estimates Payments Balance
2010-2011 2,302,734$ 809,945$ (1,231,913)$ 1,880,766$
2011-2012 1,880,766 396,600 (553,775) 1,723,591
Additional losses may result from matters pending before the City. In the opinion of legal
counsel and management, the resolution of these matters is not expected to have a material
adverse effect on the financial condition of the City.
Note 11: Interfund Receivables, Payables and Transfers
The composition of interfund balances as of June 30, 2012, was as follows:
Due To/From Other Funds
Nonmajor
General Governmental Internal
Fund Funds Service Total
Due to Other Funds:
Water 4,360,617$ 455,403$ 41,841$ 4,857,861$
Due From other Funds
The due from other funds amounts listed above consisted of short-term loans.
Advances To/From Other Funds
Light
Funds Fund
Advances From Other Funds:
General 256,000$
Nonmajor Governmental Funds 750,000
Total 1,006,000$
Advances To
Other Funds:
The Light Fund advanced $256,000 to the General Fund and $750,000 to the Capital
Projects Fund for various project expenditures.
64
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 11: Interfund Receivables, Payables and Transfers (Continued)
Interfund Transfers
Nonmajor
General Governmental
Transfer Out:Fund Funds Total
General Fund -$ 4,306,348$ 4,306,348$
Debt Service -
Redevelopment Agency Fund 357,588 - 357,588
Nonmajor Governmental
Funds 151,999 2,435 154,434
Water Fund - 4,568 4,568
Light Fund 4,184 37,206 41,390
Nonmajor Proprietary
Funds 756,330 - 756,330
Internal Service Funds 279,974 - 279,974
Total 1,550,075$ 4,350,557$ 5,900,632$
Transfer In
The total transfers from the General Fund were for various operating, capital, and debt
service transactions made throughout the year.
Transfers from the Redevelopment Agency – Debt Service Fund were to cover various
expenditures within the Redevelopment Agency, such as, debt service payments, pay City
advances and project area deficits.
Transfers from the Non-major Governmental Funds were for various operating transactions
made throughout the year.
Transfers to General Fund from Redevelopment agency, Non-major Governmental Funds,
Non-major Proprietary Funds, and Internal Service Funds were related to interest income,
franchise fees and operating transactions.
65
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 12: Fund Equity and Net Assets Restatements
Beginning fund equity and net assets have been restated as follows:
Major governmental funds:
General Fund
To recognize revenue that related to prior year.11,166$
Capital Projects RDA Fund
To recognize revenue that related to prior year.11,660
Proprietary Funds:
Light Fund
To properly restate revenues related to prior year.13,968
Beginning net assets has been restated as follows:
Governmental Activities:
Governmental fund restatements detailed above 22,826$
Business-Type Activities:
Enterprise funds restatements detailed above 13,968
Total Net Asset Restatements 36,794$
66
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 13: Grant and Seizure Fund
The Grant and Seizure special revenue fund include the following items in its fund balance:
Grants & Seizures (8,940)$
Jack Williams Memorial 600
Grants & Seizures-Police 17
Asset Seizure Federal - Department of Justice 230,143
Asset Seizure County 22,780
Asset Seizure Drug and Gang 7,883
Office of Traffic Safety 2,761
Asset Seizure Federal - Department of Treasury 86
Inmate Welfare Fund 9,099
2009 JAG II (Fed FDS)(2,152)
Renew Grant ( LA Cnty)1
AQMD Tree Planting 3,069
Sr Cntr Cyn City Grant 4,155
Senior Restricted Donations 98
Public Library Grant 293,382
Library Restricted Donations 62,358
Gates Foundation 497
Canyon City Foundation 1,327
Broadband Grant (Lib)3,234
Family Place Grant 1,888
Book Clubs 2,488
TLA50 Fellowship Grant (943)
Grant-Library youth/Outreach Services (889)
Youth Programs 504
Summer Reading 5,234
Special Programs 451
CA Literacy Grant 15,897
General Plan Surcharge 330,019
AB29X Meters 86,607
Oil Block Grant 6,327
Beverage Container Recycling 44,332
Technology Grant 143,057
CIP-Recreation Grants (6,520)
Rehab of Zacatecas Park 516
Total 1,259,366$
67
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 14: Segments of Enterprise Activities
The City issued Sewer System Certificates of Participation to refinance a portion of the
1990 Local Agency Revenue Bonds. The sewer department is accounted for in the Other
Enterprise Funds as the Sewer/Wastewater Fund. Summary information for the
Sewer/Wastewater Fund for the year ended June 30, 2012, is as follows:
Assets:
Current assets 2,722,078$
Restricted assets 4,100,129
Capital assets 8,809,361
Noncurrent assets 68,492
Total assets 15,700,060
Liabilities:
Current liabilities 375,706
Noncurrent liabilities 5,418,573
Total liabilities 5,794,279
Net assets:
Invested in capital assets, net of related debt 7,279,490
Restricted -
Unrestricted 2,626,291
Total net assets 9,905,781$
Condensed Statement of Net Assets
Sewer charges 2,225,335$
Depreciation expense (358,080)
Other operating expenses (1,530,791)
Operating income 336,464
Nonoperating revenues (expenses):
Investment earnings 36,649
Interest expense (149,991)
Gain (Loss) on disposal of asset (1,350)
Special franchise fees (44,894)
Transfers out (154,140)
Change in net assets 22,738
Beginning net assets 9,883,043
Ending net assets 9,905,781$
Condensed Statement of Revenues, Expenses
and Changes in Net Assets
Net cash provided (used) by:
Operating activities 588,455$
Noncapital financing activities (154,140)
Capital and related financing activities 3,614,615
Investing activities 37,193
Net increase (decrease)4,086,123
Beginning cash and cash equivalents 2,478,333
Ending cash and cash equivalents 6,564,456$
Condensed Statement of Cash Flows
68
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 15: Summary Financial Data for Joint Ventures
Southern California Public Power Authority
The City of Azusa is a member of the Southern California Public Power Authority
(SCPPA), a public entity organized under the laws of the State of California. The SCPPA
was formed by a Joint Powers Agreement dated as of November 1, 1980, pursuant to the
Joint Exercise of Powers Act of the State of California. The SCPPA’s participant
membership consists of ten Southern California cities each operating an electric and one
public district of the State of California. The SCPPA was formed 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 of 50 years. Complete financial statements may
be obtained from 200 S. Los Robles Avenue, Suite 155, Pasadena, California
91101-9738.
As of June 30, 2012, the City’s ownership of significant projects of SCPPA includes the
following: 1% of SCPPA’s $719,242,000 investment (at cost) in the Palo Verde Nuclear
Generating Station (with related SCPPA indebtedness of $69,100,000), 1% of SCPPA’s
$57,555,000 investment (at cost) in the Mead – Phoenix Transmission Project (with
related SCPPA indebtedness of $50,550,000), 2.2% of SCPPA’s $173,574,000
investment (at cost) in the Mead - Adelanto Transmission Project (with related SCPPA
indebtedness of $162,645,000), 14.7% of SCPPA’s $245,061,000 investment (at cost) in
the San Juan Generating Station (with related indebtedness of $112,140,000), and 4.2%
of SCPPA’s $21,000 investment (at cost) in the Hoover Uprating Green Power Project
(with related SCPPA indebtedness of $11,355,000).
Note 16: Rate Stabilization Fund
The City of Azusa has provided for a rate stabilization fund in the amount of $9,579,363
(presented in the accompanying balance sheet as cash held for rate stabilization) to cover
the difference between the City's cost to provide electricity to its customers (including power
charges for power purchased from other utilities in which the City has a joint venture interest)
and the local market price for electricity as established by a regional power pool approved by
the Federal Energy Regulatory Commission.
Note 17: Commitments and Contingencies
The City of Azusa has been named as a defendant in numerous lawsuits and claims arising
in the course of operations. In the aggregate, these claims seek monetary damages in
significant amounts. To the extent the outcome of such litigation has been determined to
result in probable financial loss to the City, such loss has been accrued in the accompanying
combined financial statements.
Note 18: California Redevelopment Agency Dissolution
On July 18, 2011, the California Redevelopment Association (“CRA”) and the League of
California Cities (“League”) filed a petition for writ of mandate with the California Supreme
Court, requesting the Court to declare unconstitutional two bills that were passed as part of
the 2011-12 State Budget, AB 1X 26 and 27 (California Redevelopment Association v.
Matosantos). AB 1X 26 dissolves redevelopment agencies effective October 1, 2011.
AB 1X 27 gave redevelopment agencies an option to avoid dissolution if it commits to making
defined payments for the benefit of the State, school districts and certain special districts. In
2011-12, these payments amounted to a state-wide total of $1.7 billion. In 2012-13 and
69
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 18: California Redevelopment Agency Dissolution (Continued)
subsequent years, the payments totaled $400 million, annually. Each city or county’s share
of these payments was determined based on its proportionate share of state-wide tax
increment.
On August 17, 2011 the Supreme Court issued a stay of the implementation of AB 1X 26 and
27 which allowed a redevelopment agency to continue if it adopted an AB 1X 27 ordinance.
However, because of the effect of the stay order, the authority for the Redevelopment Agency
to engage in most activities was suspended.
The Supreme Court heard oral arguments on November 10, 2011 and on
December 29, 2011 announced its decision in California Redevelopment Association v.
Matosantos. The court upheld AB 1X 26 which dissolves redevelopment agencies, but
invalidated in its entirety AB 1X 27 which allowed redevelopment agencies to continue as
long as they made the required payments. AB X1 26 established deadlines for the process of
Redevelopment Agency dissolution and the handling of existing obligations. The full text of
AB 1X 26 may be obtained from the California legislative information website maintained by
the Legislative Counsel of the State of California at: http://www.leginfo.ca.gov/bilinfo.html.
As of January 31, 2012, the Redevelopment Agency has been dissolved and the City of
Azusa has elected to become the Successor Agency. The Successor Agency will be
responsible for winding down the remaining activities of the dissolved Redevelopment
Agency.
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”)
that provides for the dissolution of all redevelopment agencies in the State of California. This
action impacted the reporting entity of the City of Azusa that previously had reported a
redevelopment agency within the reporting entity of the City as a blended component unit.
The Bill provides that upon dissolution of a redevelopment agency, either the city or another
unit of local government will agree to serve as the “successor agency” to hold the assets until
they are distributed to other units of state and local government. On January 17, 2012, the
City Council elected to become the Successor Agency for the former redevelopment agency
in accordance with the Bill as part of City resolution number 12-C7.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the
State of California cannot enter into new projects, obligations or commitments. Subject to the
control of a newly established oversight board, remaining assets can only be used to pay
enforceable obligations in existence at the date of dissolution (including the completion of any
unfinished projects that were subject to legally enforceable contractual commitments).
In future fiscal years, successor agencies will only be allocated revenue in the amount that is
necessary to pay the estimated annual installment payments on enforceable obligations of
the former redevelopment agency until all enforceable obligations of the prior redevelopment
agency have been paid in full and all assets have been liquidated.
The Bill directs the State Controller of the State of California to review the propriety of any
transfers of assets between redevelopment agencies and other public bodies that occurred
after January 1, 2011. If the public body that received such transfers is not contractually
committed to a third party for the expenditure or encumbrance of those assets, the State
Controller is required to order the available assets to be transferred to the public body
designated as the successor agency by the Bill.
70
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Management believes, in consultation with legal counsel, that the obligations of the former
redevelopment agency due to the City are valid enforceable obligations payable by the
successor agency trust under the requirements of the Bill. The City’s position on this issue is
not a position of settled law and there is considerable legal uncertainty regarding this issue. It
is reasonably possible that a legal determination may be made at a later date by an
appropriate judicial authority that would resolve this issue unfavorably to the City.
In accordance with the timeline set forth in the Bill (as modified by the California Supreme
Court on December 29, 2011) all redevelopment agencies in the State of California were
dissolved and ceased to operate as a legal entity as of February 1, 2012.
Prior to that date, the final seven months of the activity of the redevelopment agency
continued to be reported in the governmental funds of the City. After the date of dissolution,
the assets and activities of the dissolved redevelopment agency are reported in a fiduciary
fund (private-purpose trust fund) in the financial statements of the City.
The transfer of the assets and liabilities of the former redevelopment agency as of
February 1, 2012 (effectively the same date as January 31, 2012) from governmental funds
of the City to fiduciary funds was reported in the governmental funds as an extraordinary loss
(or gain) in the governmental fund financial statements. The receipt of these assets and
liabilities as of January 31, 2012 was reported in the private-purpose trust fund as an
extraordinary gain (or loss).
Because of the different measurement focus of the governmental funds (current financial
resources measurement focus) and the measurement focus of the trust funds (economic
resources measurement focus), the extraordinary loss (gain) recognized in the governmental
funds was not the same amount as the extraordinary gain (loss) that was recognized in the
fiduciary fund financial statements.
The difference between the extraordinary loss recognized in the fund financial statements
and the extraordinary gain recognized in the fiduciary fund financial statements is reconciled
as follows:
71
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Total extraordinary gain reported in the governmental funds - decrease
to net assets of the Succesory Agency Trust Fund (10,087,999)$
Capital assets recorded in the government-wide financial statements -
increase to net assets of the Successor Agency Trust Fund 1,923,425
Unamortized bond issuance costs reported in the government-wide
financial statements - increase in net assets of the Successor Agency
Bond Trust Fund 1,675,719
Long-term debt reported in the government-wide financial statements -
decrease to net assets of the Successor Agency Trust Fund (52,800,308)
Removal of deferred revenue related to Notes and Loans Receivable -
Increas in net assets of the Successor Agency Trust Fund.743,893
Accrued interest on Advances from the City - decrease in net assets of
the Succssor Agency Trust Fund (1,342,899)
Net decrease to net assets of the Successor Agency Trust Fund as a
result of initial transfers (equal to amount of extraordinary gain reported
in the government-wide financial statements of the City)(59,888,169)$
72
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
a. Cash and investments
Cash and investments reported in the accompanying financial statements consisted of
the following:
Cash and Investments pooled with the City 6,085,910$
b. Capital Assets
An analysis of capital assets as of June 30, 2012, follows:
Additions Deletions
Nondepreciable Assets:
Land -$ 410,420$ -$ -$ 410,420$
Depreciable Assets:
Land Improvements - 1,427,803 - - 1,427,803
Infrastructure - 718,430 - - 718,430
Total Capital Assets being
depreciated - 2,146,233 - - 2,146,233
Less Accumulated Depreciation
Land Improvements - 605,403 24,333 - 629,736
Infrastructure - 27,825 9,978 - 37,803
Total Accumulated Depreciation - 633,228 34,311 - 667,539
Total Capital Assets being
depreciated, net - 1,513,005 (34,311) - 1,478,694
Capital Assets -$ 1,923,425$ (34,311)$ -$ 1,889,114$
Transferred from
former RDA
Balance
July 1, 2011
Balance
June 30, 2012
c. Long-Term Debt
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, 2012, follows:
73
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Balance
July 1, 2011
Transferred from
the former RDA Additions* Repayments
Balance
June 30, 2012
Due Within
One Year
Fiduciary Funds:
2003 Refunding TABs -$ 7,880,000$ -$ -$ 7,880,000$ 495,000$
2005 TABS, Series A - 9,518,015 92,801 - 9,610,816 -
2007 TABs, Series A - 14,280,000 - - 14,280,000 430,000
2007 TABs, Series B - 4,450,000 - - 4,450,000 95,000
2008 TABs, Series A - 6,485,000 - - 6,485,000 85,000
2008 TABs, Series B - 10,975,000 - - 10,975,000 130,000
Total Fiduciary Funds $ - $ 53,588,015 $ 92,801 $ - 53,680,816 $ 1,235,000
Unamortized Discounts (773,349)
Total Long-term Debt 52,907,467$
*Addition of $92,801 related to accreted interest.
The City pledged, as security for bonds issued, either directly or through the Financing
Authority, a portion of tax increment revenue (including Low and Moderate Income
Housing set-aside and pass through allocations) that it receives. The bonds issued were
to provide financing for various capital projects, accomplish Low and Moderate Income
Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided
that upon dissolution of the Redevelopment Agency, property taxes allocated to
redevelopment agencies no longer are deemed tax increment but rather property tax
revenues and will be allocated first to successor agencies to make payments on the
indebtedness incurred by the dissolved redevelopment agency. Total principal and
interest remaining on the debt is $98,480,410, with annual debt service requirements as
indicated below. For the current year, the total property tax revenue (net of pass through
payments prior to the dissolution of the former RDA) recognized by the City and
Successor Agency for the payment of indebtedness incurred by the dissolved
redevelopment agency was $2,226,896, and the debt service obligation on the bonds
was $4,158,211.
Tax Allocation Bonds Payable
Tax Allocation Bonds
2003 Tax Allocation Refunding Bonds, Series A
The Azusa Redevelopment Agency issued $11,580,000 Merged Project Area Tax
Allocation Refunding Bonds, 2003 Series A, dated December 1, 2003 to refund the
1994 Series A Merged Project Area Tax Allocation Bonds. Principal payments
ranging from $425,000 to $1,235,000 are due annually on August 1 beginning in the
year 2004 through the year 2023, interest rates ranging from 3.00% to 4.60% per
annum are due and payable on February 1 and August 1 and are secured by tax
increment revenues. Debt service payments on the bonds are payable from pledged
tax increment revenues. The outstanding principal balance at June 30, 2012, was
$7,880,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest, are as follows:
74
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Principal Interest
2012-2013 495,000$ 323,516$
2013-2014 515,000 305,519
2014-2015 530,000 286,248
2015-2016 550,000 265,310
2016-2017 575,000 242,810
2018-2022 3,245,000 820,950
2023-2027 1,970,000 101,753
Totals 7,880,000$ 2,346,106$
2003 Tax Allocation Refunding
Bonds, Series A
2005 Tax Allocation Bonds, Series A
The Azusa Redevelopment Agency issued $9,022,800 Merged Project Area Tax
Allocation Bonds, 2005 Series A, dated February 17, 2005, to finance redevelopment
projects. The issue consists of $7,765,000 Current Interest Bonds which are subject
to annual sinking fund installment payments ranging from $715,000 to $1,170,000
beginning August 1, 2027 through August 1, 2034, bearing interest at 4.50% per
annum: and Capital Appreciation Bonds of $1,257,800 due beginning August 1, 2024
through August 1, 2027, bearing interests rates ranging from 5.16% to 5.33% per
annum. Debt service payments on the bonds are secured by tax increment revenues.
Debt service payments on the bonds are payable from pledged tax increment
revenues. The outstanding principal balance at June 30, 2012, was $9,610,816.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest are as follows:
Principal Interest
2012-2013 -$ 349,425$
2013-2014 - 349,425
2014-2015 - 349,425
2015-2016 - 349,425
2016-2017 - 349,425
2018-2022 - 1,747,125
2023-2027 1,692,475 1,747,125
2028-2032 5,023,341 2,621,065
2033-2037 2,895,000 1,275,626
Totals 9,610,816$ 9,138,066$
Refunding Bonds
2005 Tax Allocation
2007 Tax Allocation Bonds, Series A
The Azusa Redevelopment Agency issued $15,780,000 Series A Merged Project
Area Tax Allocation Bonds, dated July 31, 2007 to finance redevelopment projects.
Current Interest Bonds are subject to annual sinking fund installment payments
ranging from $340,000 to $365,000 beginning August 1, 2008 through
August 1, 2009, bearing interest rates ranging from 5.27% to 5.30% per annum.
75
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Term Bonds are due beginning August 1, 2010 through August 1, 2035, with
installment payments ranging from $385,000 to $1,625,000, bearing interest rates
ranging from 5.77% to 6.15% per annum. Debt service payments on the bonds are
payable from pledged tax increment revenues. The outstanding principal balance at
June 30, 2012, was $14,280,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest are as follows:
Principal Interest
2012-2013 430,000$ 847,650$
2013-2014 450,000 822,284
2014-2015 480,000 795,477
2015-2016 505,000 767,084
2016-2017 535,000 737,106
2018-2022 3,190,000 3,160,332
2023-2027 2,290,000 2,266,443
2028-2032 2,925,000 1,594,234
2033-2037 3,475,000 531,514
Totals 14,280,000$ 11,522,124$
Bonds, Series A
2007 Tax Allocation
2007 Tax Allocation Refunding Bonds, Series B
The Azusa Redevelopment Agency issued $4,790,000 Series A Merged Project Area
Tax Allocation Bonds, dated July 31, 2007 to refund the 1997 tax allocation bonds.
Current Interest Bonds are subject to annual sinking fund installment payments
ranging from $80,000 to $140,000 due beginning August 1, 2008 through
August 1, 2021, bearing interest rates ranging from 4.00% to 5.00% per annum.
Term Bonds are due beginning August 1, 2022 through August 1, 2036, with
installment payments ranging from $150,000 to $305,000, bearing interest rates
ranging from 5.25% to 5.30% per annum. Debt service payments on the bonds are
payable from pledged tax increment revenues. The outstanding principal balance at
June 30, 2012, was $4,450,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest are as follows:
76
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Principal Interest
2012-2013 95,000$ 226,305$
2013-2014 100,000 221,968
2014-2015 105,000 217,405
2015-2016 110,000 212,513
2016-2017 110,000 207,439
2018-2022 650,000 949,089
2023-2027 830,000 762,425
2028-2032 1,070,000 512,991
2033-2037 1,380,000 190,270
Totals 4,450,000$ 3,500,405$
Bonds, Series B
2007 Tax Allocation
2008 Tax Allocation Bonds, Series A
The Azusa Redevelopment Agency issued $6,715,000 Series A Merged Project
Area Tax Allocation Bonds, dated December 18, 2008 to finance redevelopment
projects, satisfy reserve requirements, and pay costs incurred with the bond
issuance. The bonds consist of serial bonds due in annual installments ranging
from $70,000 to $140,000 maturing on August 1, 2009 through August 1, 2018,
and term bonds of $1,850,000 due August 1, 2023 and $1,815,000 due
August 1, 2028 and $2,045,000 due August 1, 2034. Serial bonds have interest
rates ranging from 4.5% through 6.75%. The term bonds carry interest rates of
7.5% and 8.2%. Debt service payments on the bonds are payable from pledged
tax increment revenues. The outstanding principal balance at June 30, 2012, was
$6,485,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest are as follows:
Principal Interest
2012-2013 85,000$ 490,544$
2013-2014 95,000 485,250
2014-2015 100,000 479,275
2015-2016 110,000 472,575
2016-2017 120,000 464,950
2018-2022 760,000 2,180,019
2023-2027 2,265,000 1,556,825
2028-2032 1,860,000 734,619
2033-2037 1,090,000 201,600
Totals 6,485,000$ 7,065,657$
Bonds, Series A
2008 Tax Allocation
2008 Housing Tax Allocation Bonds, Series B
The Azusa Redevelopment Agency issued $11,580,000 of Housing Tax
Allocation Bonds, Series B, dated November 25, 2008. Proceeds of the bonds
77
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
were to provide funds to finance low and moderate income housing within or of
benefit to the project area, satisfy the reserve requirement for the bonds, and pay
costs incurred in connection with the issuance. The bonds consist of serial
bonds due in annual installments ranging from $125,000 to $355,000 maturing
on August 1, 2009 through August 1, 2020; and term bonds of $1,075,000 due
August 1, 2024 and $8,420,000 due August 1, 2038. Serial bonds have interest
rates ranging from 3.5% through 6.6%. The term bonds carry interest rates of
6.75% and 7.0%. Debt service payments on the bonds are payable from
pledged tax increment revenues. The outstanding principal balance at
June 30, 2012, was $10,975,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2012, including interest are as follows:
Principal Interest
2012-2013 130,000$ 685,158$
2013-2014 135,000 678,364
2014-2015 145,000 670,833
2015-2016 155,000 662,389
2016-2017 160,000 653,133
2018-2022 980,000 3,092,834
2023-2027 1,930,000 2,664,575
2028-2032 3,435,000 1,689,275
2033-2037 3,835,000 430,675
2035-2040 70,000 -
Totals 10,975,000$ 11,227,236$
Bonds, Series B
2008 Tax Allocation
On June 14, 2012, Moody’s Investors Service (“Moody’s”) downgraded all California tax
allocation bonds rated ‘Baa3’ and above. As such, the Bonds’ insured rating was
downgraded from ‘A3’ to ‘Ba1’ and underlying rating was downgraded from ‘A3’ to ‘Ba1’.
According to Moody’s, all California tax allocation bond ratings remain on review for
possible withdrawal.
d. Insurance.
The Successor Agency is covered under the City of Azusa’s insurance policies.
Therefore, the limitation and self-insured retentions applicable to the City also apply to
the Successor Agency. Additional information as to coverage and self-insured retentions
can be found in Note 10.
e. Advances due to the City
The Successor Agency received advances from the Water and Light Funds for various
project expenditures and SERAF loans. These have currently been denied by the
Department of Finance as an enforceable obligation. Advances due to the City are
dependent on the Successor Agency receiving a notice of completion by the Department
of Finance. Once this is received the Successor Agency can re-submit the Advance
78
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2012
Note 19: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
obligation for approval as an enforceable obligation. Repayment will be determined at
that time.
f. Subsequent Events
Assembly Bill 1484 established a requirement for the successor agency to remit to the
County auditor-controller three payments as determined by the auditor-controller which
consist of a payment to be made in July 2012 for taxing entities’ share of December 2011
property tax distribution to redevelopment agency/successor agency, a payment to be
made in November 2012 related to Low-Moderate Income Housing Fund Due Diligence
Review for unencumbered cash, and a payment to be made in April 2013 related to the
other Redevelopment Funds Due Diligence Review for unencumbered cash. As of the
date of the report the payment in July 2012 was made in the amount of $250,531. In
addition, the Low-Moderate Income Housing Due Diligence Review resulted in an
adjusted amount due of $128,924 after the meet and confer process, and the other
Redevelopment Funds Due Diligence Review resulted in an amount due of $0, which
have been confirmed by the Department of Finance.
79
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments 1,081,119$ -$ 1,430,152$ -$
Receivables:
Accounts - 58,818 - 315,031
Taxes 137,843 - - -
Notes and loans 2,700 361 - 349,718
Accrued interest 425 - 594 -
Prepaid costs - - - 1,366
Due from other governments - - - -
Restricted assets:
Cash and investments - - - -
Cash and investments with fiscal agents - - - -
Total Assets 1,222,087$ 59,179$ 1,430,746$ 666,115$
Liabilities and Fund Balances:
Liabilities:
Accounts payable 26,885$ 19,412$ 11,816$ 66,985$
Accrued liabilities 19,698 19,098 760 687
Deferred revenues 42,397 - - 349,718
Unearned revenues - - - -
Due to other funds - 192,859 - 258,998
Advances from other funds - - - -
Total Liabilities 88,980 231,369 12,576 676,388
Fund Balances:
Nonspendable:
Prepaid costs - - - 1,366
Notes and loans 2,700 361 - -
Restricted for:
Community development projects 1,130,407 - 1,418,170 -
Public safety - - - -
Capital Projects - - - -
Debt service - - - -
Unassigned - (172,551) - (11,639)
Total Fund Balances 1,133,107 (172,190) 1,418,170 (10,273)
Total Liabilities and Fund Balances 1,222,087$ 59,179$ 1,430,746$ 666,115$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
80
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
-$ 720,659$ 187,257$ 1,147,903$
8,129 40,662 14,367 314,261
- - - -
1,277 - - -
- 3,093 754 -
- - - 1,684
- - - 76,982
- - - -
- - - -
9,406$ 764,414$ 202,378$ 1,540,830$
565$ 14,770$ 433$ 42,389$
5,295 4,304 5 237
- - - 43,145
- - - 195,693
3,546 - - -
- - - -
9,406 19,074 438 281,464
- - - 1,684
1,277 - - -
- 745,340 - -
- - - 1,257,682
- - 201,940 -
- - - -
(1,277) - - -
- 745,340 201,940 1,259,366
9,406$ 764,414$ 202,378$ 1,540,830$
Special Revenue Funds
Senior
Nutrition
Public Benefit
Program
Air Quality
Improvement
Grants and
Seizure
81
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
41,890$ 280,155$ 726,056$ -$
- - 713 -
- - 112,918 -
- - - -
- - 358 -
- - - -
- - - -
- - - -
- - - -
41,890$ 280,155$ 840,045$ -$
2,297$ 280,155$ 31,480$ -$
- - 3,811 -
- - - -
- - - -
- - - -
- - - -
2,297 280,155 35,291 -
- - - -
- - - -
- - - -
39,593 - - -
- - 804,754 -
- - - -
- - - -
39,593 - 804,754 -
41,890$ 280,155$ 840,045$ -$
Supplemental
Law
Enforcement Fire Safety
Monrovia
Nursery
Employee
Benefits
Special Revenue Funds
82
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
741,016$ 1,495,796$ 190,092$ 983,538$
- - - -
- - - -
- - - -
- 624 79 415
- - - -
- - - -
- - - -
- - - -
741,016$ 1,496,420$ 190,171$ 983,953$
-$ -$ 131,320$ 57,637$
- - - 5,047
- - - -
- - - -
- - - -
- - - -
- - 131,320 62,684
- - - -
- - - -
- 1,496,420 - -
- - - -
741,016 - 58,851 921,269
- - - -
- - - -
741,016 1,496,420 58,851 921,269
741,016$ 1,496,420$ 190,171$ 983,953$
Utility
Mitigation Highway 39 LACMTA Measure R
Special Revenue Funds
83
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
314,172$ 547,539$ 3,182$ 717,152$
7,268 - - -
- - - -
650 - - -
- 232 1 -
- - - -
- - - -
- - - 30,848
- - - -
322,090$ 547,771$ 3,183$ 748,000$
17,637$ 55,648$ -$ -$
1,383 - - -
- - - -
- - - -
- - - -
- - - 750,000
19,020 55,648 - 750,000
- - - -
650 - - -
- - - -
- - - -
302,420 492,123 3,183 -
- - - -
- - - (2,000)
303,070 492,123 3,183 (2,000)
322,090$ 547,771$ 3,183$ 748,000$
AB939 Fee
Rosedale
Traffic
Mitigation Park in-lieu
Capital
Projects
Special Revenue Funds Capital Projects Funds
84
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Due from other governments
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
Debt Service
Funds
Total
Governmental
Funds
969,943$ -$ -$ 11,577,621$
- - - 759,249
- - - 250,761
- - - 354,706
405 - - 6,980
- - - 3,050
- - - 76,982
- - - 30,848
- - 482,558 482,558
970,348$ -$ 482,558$ 13,542,755$
4,000$ -$ -$ 763,429$
- - - 60,325
- - - 435,260
- - - 195,693
- - - 455,403
- - - 750,000
4,000 - - 2,660,110
- - - 3,050
- - - 4,988
966,348 - - 5,756,685
- - - 1,297,275
- - - 3,525,556
- - 482,558 482,558
- - - (187,467)
966,348 - 482,558 10,882,645
970,348$ -$ 482,558$ 13,542,755$
Public Works
Endowment
Public
Financing
Authority
Capital Projects Funds
Capital
Projects RDA
85
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes -$ 719,060$ 596,616$ -$
Intergovernmental 1,362,736 193,455 - 595,793
Charges for services - 20,914 91,564 -
Use of money and property 10,572 10,059 14,303 -
Contributions - - - -
Miscellaneous 112 - - -
Total Revenues 1,373,420 943,488 702,483 595,793
Expenditures:
Current:
General government - - - -
Public safety - - - -
Community development - - - 386,650
Parks and recreation 58,924 - - -
Public works 1,310,074 2,438,400 532,572 -
Capital outlay 46,582 128,613 29,672 204,818
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,415,580 2,567,013 562,244 591,468
Excess (Deficiency) of Revenues
Over (Under) Expenditures (42,160) (1,623,525) 140,239 4,325
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out (3,661) (202) - -
Total Other Financing Sources
(Uses)(3,661) (202) - -
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 19)- - - -
Net Change in Fund Balances (45,821) (1,623,727) 140,239 4,325
Fund Balances, Beginning of Year 1,178,928 1,451,537 1,277,931 (14,598)
Restatements - - - -
Fund Balances, Beginning of Year, as Restated 1,178,928 1,451,537 1,277,931 (14,598)
Fund Balances, End of Year 1,133,107$ (172,190)$ 1,418,170$ (10,273)$
Special Revenue Funds
State Gasoline
Tax Proposition A Proposition C
Community
Development
Block Grant
86
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
-$ -$ -$ -$
129,087 - 58,204 761,130
- 627,493 17,643 74,806
- 9,737 1,717 9,226
82,662 - - 6,905
- - - 7,040
211,749 637,230 77,564 859,107
- 211,688 - 123,443
- - - 124,326
- 938,694 - -
336,446 - - 17,147
- - 40,547 84,235
- 8,077 - 510,022
- - - -
- - - -
336,446 1,158,459 40,547 859,173
(124,697) (521,229) 37,017 (66)
124,697 - - -
- (204) - -
124,697 (204) - -
- - - -
- (521,433) 37,017 (66)
- 1,266,773 164,923 1,259,432
- - - -
- 1,266,773 164,923 1,259,432
-$ 745,340$ 201,940$ 1,259,366$
Senior
Nutrition
Public Benefit
Program
Air Quality
Improvement
Grants and
Seizure
Special Revenue Funds
87
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
-$ -$ -$ -$
100,000 - 151,000 -
- 129,265 361,384 -
1,542 - 7,558 -
- - - -
- - 106,800 -
101,542 129,265 626,742 -
- - - 24,200
78,900 3,912,092 - -
- - - -
- - - -
- - 224,714 -
86,799 - 140,804 -
- - - -
- - - -
165,699 3,912,092 365,518 24,200
(64,157) (3,782,827) 261,224 (24,200)
- 3,782,827 - 24,200
- - (150,285) -
- 3,782,827 (150,285) 24,200
- - - -
(64,157) - 110,939 -
103,750 - 693,815 -
- - - -
103,750 - 693,815 -
39,593$ -$ 804,754$ -$
Fire Safety
Monrovia
Nursery
Employee
Benefits
Supplemental
Law
Enforcement
Special Revenue Funds
88
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
-$ -$ -$ 444,437$
- - - -
- - - -
- 14,068 4,868 9,317
- - - -
- 185,000 - -
- 199,068 4,868 453,754
- - - -
- - - -
- - - -
- - - -
- - 737,836 293,491
- - 131,320 -
- - - -
- - - -
- - 869,156 293,491
- 199,068 (864,288) 160,263
28,037 - - 31,300
- - - (18)
28,037 - - 31,282
- - - -
28,037 199,068 (864,288) 191,545
712,979 1,297,352 923,139 729,724
- - - -
712,979 1,297,352 923,139 729,724
741,016$ 1,496,420$ 58,851$ 921,269$
LACMTA Measure R
Utility
Mitigation Highway 39
Special Revenue Funds
89
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
-$ -$ -$ -$
- - 2,100 -
194,426 - - -
- 9,302 18 -
- - - -
- - - -
194,426 9,302 2,118 -
- - - -
- - - -
- - - -
- - - -
225,503 556,482 - -
- - 2,180 -
- - - -
- - - -
225,503 556,482 2,180 -
(31,077) (547,180) (62) -
- - - -
(64) - - -
(64) - - -
- - - -
(31,141) (547,180) (62) -
334,211 1,039,303 3,245 (2,000)
- - - -
334,211 1,039,303 3,245 (2,000)
303,070$ 492,123$ 3,183$ (2,000)$
Capital Projects Funds
Park in-lieu
Capital
Projects AB939 Fee
Rosedale
Traffic
Mitigation
Special Revenue Funds
90
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2012
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Contributions
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
Debt Service
Funds
Total
Governmental
Funds
-$ -$ -$ 1,760,113$
- - - 3,353,505
- - - 1,517,495
10,376 17,539 102 130,304
- - - 89,567
- 20,882 - 319,834
10,376 38,421 102 7,170,818
- 696,905 2,000 1,058,236
- - - 4,115,318
- 214,994 - 1,540,338
- - - 412,517
- - - 6,443,854
84,535 28,053 - 1,401,475
- - 230,000 230,000
- 18,453 127,588 146,041
84,535 958,405 359,588 15,347,779
(74,159) (919,984) (359,486) (8,176,961)
- - 359,496 4,350,557
- - - (154,434)
- - 359,496 4,196,123
- (8,518,112) - (8,518,112)
(74,159) (9,438,096) 10 (12,498,950)
1,040,507 9,426,436 482,548 23,369,935
- 11,660 - 11,660
1,040,507 9,438,096 482,548 23,381,595
966,348$ -$ 482,558$ 10,882,645$
Capital Projects Funds
Capital
Projects RDA
Public
Financing
Authority
Public Works
Endowment
91
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
STATE GASOLINE TAX
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,178,928$ 1,178,928$ 1,178,928$ -$
Resources (Inflows):
Intergovernmental 1,354,095 1,396,492 1,362,736 (33,756)
Use of money and property 20,000 20,000 10,572 (9,428)
Miscellaneous - - 112 112
Amounts Available for Appropriation 2,553,023 2,595,420 2,552,348 (43,072)
Charges to Appropriation (Outflow):
Parks and recreation 59,000 59,000 58,924 76
Public works 1,294,145 1,339,945 1,310,074 29,871
Capital outlay - 904,021 46,582 857,439
Transfers out - - 3,661 (3,661)
Total Charges to Appropriations 1,353,145 2,302,966 1,419,241 883,725
Budgetary Fund Balance, June 30 1,199,878$ 292,454$ 1,133,107$ 840,653$
92
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,451,537$ 1,451,537$ 1,451,537$ -$
Resources (Inflows):
Taxes 677,285 707,285 719,060 11,775
Intergovernmental 103,000 103,000 193,455 90,455
Charges for services 22,910 22,910 20,914 (1,996)
Use of money and property 35,000 35,000 10,059 (24,941)
Transfers in 575,360 575,360 - (575,360)
Amounts Available for Appropriation 2,865,092 2,895,092 2,395,025 (500,067)
Charges to Appropriation (Outflow):
Public works 1,267,955 2,797,955 2,438,400 359,555
Capital outlay to 1,582,310 133,034 128,613 4,421
Transfers out - - 202 (202)
Total Charges to Appropriations 2,850,265 2,930,989 2,567,215 363,774
Budgetary Fund Balance, June 30 14,827$ (35,897)$ (172,190)$ (136,293)$
93
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,277,931$ 1,277,931$ 1,277,931$ -$
Resources (Inflows):
Taxes 561,790 1,026,046 596,616 (429,430)
Intergovernmental 406,000 406,000 - (406,000)
Charges for services 113,000 113,000 91,564 (21,436)
Use of money and property 3,000 3,000 14,303 11,303
Amounts Available for Appropriation 2,361,721 2,825,977 1,980,414 (845,563)
Charges to Appropriation (Outflow):
Public works 278,280 568,280 532,572 35,708
Capital outlay - 232,706 29,672 203,034
Transfers out 575,360 575,360 - 575,360
Total Charges to Appropriations 853,640 1,376,346 562,244 814,102
Budgetary Fund Balance, June 30 1,508,081$ 1,449,631$ 1,418,170$ (31,461)$
94
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (14,598)$ (14,598)$ (14,598)$ -$
Resources (Inflows):
Intergovernmental 650,980 554,592 595,793 41,201
Miscellaneous 111,450 111,450 - (111,450)
Amounts Available for Appropriation 747,832 651,444 581,195 (70,249)
Charges to Appropriation (Outflow):
Community development 490,365 395,947 386,650 9,297
Capital outlay - 375,588 204,818 170,770
Total Charges to Appropriations 490,365 771,535 591,468 180,067
Budgetary Fund Balance, June 30 257,467$ (120,091)$ (10,273)$ 109,818$
95
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SENIOR NUTRITION
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Intergovernmental 112,775 112,775 129,087 16,312
Contributions 74,000 74,000 82,662 8,662
Transfers in 137,805 141,895 124,697 (17,198)
Amounts Available for Appropriation 324,580 328,670 336,446 7,776
Charges to Appropriation (Outflow):
Parks and recreation 324,580 328,670 336,446 (7,776)
Total Charges to Appropriations 324,580 328,670 336,446 (7,776)
Budgetary Fund Balance, June 30 -$ -$ -$ -$
96
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC BENEFIT PROGRAM
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,266,773$ 1,266,773$ 1,266,773$ -$
Resources (Inflows):
Charges for services 901,000 901,000 627,493 (273,507)
Use of money and property 50,000 50,000 9,737 (40,263)
Amounts Available for Appropriation 2,217,773 2,217,773 1,904,003 (313,770)
Charges to Appropriation (Outflow):
General government 238,750 232,750 211,688 21,062
Community development 980,000 986,000 938,694 47,306
Capital outlay 15,000 37,000 8,077 28,923
Transfers out - - 204 (204)
Total Charges to Appropriations 1,233,750 1,255,750 1,158,663 97,087
Budgetary Fund Balance, June 30 984,023$ 962,023$ 745,340$ (216,683)$
97
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 164,923$ 164,923$ 164,923$ -$
Resources (Inflows):
Intergovernmental 55,405 55,405 58,204 2,799
Charges for services 25,000 25,000 17,643 (7,357)
Use of money and property 5,000 5,000 1,717 (3,283)
Amounts Available for Appropriation 250,328 250,328 242,487 (7,841)
Charges to Appropriation (Outflow):
Public works 48,705 48,705 40,547 8,158
Capital outlay 82,315 31,591 - 31,591
Total Charges to Appropriations 131,020 80,296 40,547 39,749
Budgetary Fund Balance, June 30 119,308$ 170,032$ 201,940$ 31,908$
98
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
GRANTS AND SEIZURE
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,259,432$ 1,259,432$ 1,259,432$ -$
Resources (Inflows):
Intergovernmental 10,572,060 10,990,948 761,130 (10,229,818)
Charges for services - - 74,806 74,806
Use of money and property 3,100 3,138 9,226 6,088
Contributions 7,150 9,150 6,905 (2,245)
Miscellaneous 6,800 6,800 7,040 240
Transfers in 26,555 26,555 - (26,555)
Amounts Available for Appropriation 11,875,097 12,296,023 2,118,539 (10,177,484)
Charges to Appropriation (Outflow):
General government 165,620 130,529 123,443 7,086
Public safety 243,575 297,015 124,326 172,689
Parks and recreation 71,550 76,757 17,147 59,610
Public works 150,300 152,750 84,235 68,515
Capital outlay 119,525 483,593 510,022 (26,429)
Transfers out 26,555 26,555 - 26,555
Total Charges to Appropriations 777,125 1,167,199 859,173 308,026
Budgetary Fund Balance, June 30 11,097,972$ 11,128,824$ 1,259,366$ (9,869,458)$
99
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SUPPLEMENTAL LAW ENFORCEMENT
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 103,750$ 103,750$ 103,750$ -$
Resources (Inflows):
Intergovernmental 100,000 100,000 100,000 -
Use of money and property - - 1,542 1,542
Amounts Available for Appropriation 203,750 203,750 205,292 1,542
Charges to Appropriation (Outflow):
Public safety 77,700 97,500 78,900 18,600
Capital outlay to 128,440 106,250 86,799 19,451
Total Charges to Appropriations 206,140 203,750 165,699 38,051
Budgetary Fund Balance, June 30 (2,390)$ -$ 39,593$ 39,593$
100
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
FIRE SAFETY
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Charges for services 40,000 129,265 129,265 -
Transfers in 3,619,595 3,619,595 3,782,827 163,232
Amounts Available for Appropriation 3,659,595 3,748,860 3,912,092 163,232
Charges to Appropriation (Outflow):
Public safety 3,659,595 3,803,860 3,912,092 (108,232)
Total Charges to Appropriations 3,659,595 3,803,860 3,912,092 (108,232)
Budgetary Fund Balance, June 30 -$ (55,000)$ -$ 55,000$
101
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MONROVIA NURSERY
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 693,815$ 693,815$ 693,815$ -$
Resources (Inflows):
Intergovernmental - - 151,000 151,000
Charges for services 365,000 365,000 361,384 (3,616)
Use of money and property 30,000 30,000 7,558 (22,442)
Miscellaneous - - 106,800 106,800
Amounts Available for Appropriation 1,088,815 1,088,815 1,320,557 231,742
Charges to Appropriation (Outflow):
Public works 210,015 266,270 224,714 41,556
Capital outlay - 94,831 140,804 (45,973)
Transfers out 150,285 150,285 150,285 -
Total Charges to Appropriations 360,300 511,386 515,803 (4,417)
Budgetary Fund Balance, June 30 728,515$ 577,429$ 804,754$ 227,325$
102
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
EMPLOYEE BENEFITS
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Transfers in 23,630 23,630 24,200 570
Amounts Available for Appropriation 23,630 23,630 24,200 570
Charges to Appropriation (Outflow):
General government 23,630 23,630 24,200 (570)
Total Charges to Appropriations 23,630 23,630 24,200 (570)
Budgetary Fund Balance, June 30 -$ -$ -$ -$
103
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
UTILITY MITIGATION
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 712,979$ 712,979$ 712,979$ -$
Resources (Inflows):
Transfers in 200,000 200,000 28,037 (171,963)
Amounts Available for Appropriation 912,979 912,979 741,016 (171,963)
Budgetary Fund Balance, June 30 912,979$ 912,979$ 741,016$ (171,963)$
104
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
LACMTA
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 923,139$ 923,139$ 923,139$ -$
Resources (Inflows):
Intergovernmental 20,000 20,000 - (20,000)
Use of money and property 6,000 6,000 4,868 (1,132)
Amounts Available for Appropriation 949,139 949,139 928,007 (21,132)
Charges to Appropriation (Outflow):
Public works - 737,837 737,836 1
Capital outlay - 363,478 131,320 232,158
Total Charges to Appropriations - 1,101,315 869,156 232,159
Budgetary Fund Balance, June 30 949,139$ (152,176)$ 58,851$ 211,027$
105
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MEASURE R
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 729,724$ 729,724$ 729,724$ -$
Resources (Inflows):
Taxes 421,350 421,350 444,437 23,087
Use of money and property - - 9,317 9,317
Transfers in - - 31,300 31,300
Amounts Available for Appropriation 1,151,074 1,151,074 1,214,778 63,704
Charges to Appropriation (Outflow):
Public works 12,000 408,608 293,491 115,117
Transfers out - - 18 (18)
Total Charges to Appropriations 12,000 408,608 293,509 115,099
Budgetary Fund Balance, June 30 1,139,074$ 742,466$ 921,269$ 178,803$
106
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AB939 FEE
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 334,211$ 334,211$ 334,211$ -$
Resources (Inflows):
Charges for services 197,200 197,200 194,426 (2,774)
Use of money and property 3,000 3,000 - (3,000)
Amounts Available for Appropriation 534,411 534,411 528,637 (5,774)
Charges to Appropriation (Outflow):
Public works 290,015 290,015 225,503 64,512
Transfers out - - 64 (64)
Total Charges to Appropriations 290,015 290,015 225,567 64,448
Budgetary Fund Balance, June 30 244,396$ 244,396$ 303,070$ 58,674$
107
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
ROSEDALE TRAFFIC MITIGATION
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,039,303$ 1,039,303$ 1,039,303$ -$
Resources (Inflows):
Use of money and property - - 9,302 9,302
Amounts Available for Appropriation 1,039,303 1,039,303 1,048,605 9,302
Charges to Appropriation (Outflow):
Public works - 556,482 556,482 -
Total Charges to Appropriations - 556,482 556,482 -
Budgetary Fund Balance, June 30 1,039,303$ 482,821$ 492,123$ 9,302$
108
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PARK IN-LIEU
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 3,245$ 3,245$ 3,245$ -$
Resources (Inflows):
Intergovernmental 5,000 5,000 2,100 (2,900)
Use of money and property 50 50 18 (32)
Amounts Available for Appropriation 8,295 8,295 5,363 (2,932)
Charges to Appropriation (Outflow):
Capital outlay 2,180 2,180 2,180 -
Total Charges to Appropriations 2,180 2,180 2,180 -
Budgetary Fund Balance, June 30 6,115$ 6,115$ 3,183$ (2,932)$
109
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC WORKS ENDOWMENT
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,040,507$ 1,040,507$ 1,040,507$ -$
Resources (Inflows):
Use of money and property - - 10,376 10,376
Amounts Available for Appropriation 1,040,507 1,040,507 1,050,883 10,376
Charges to Appropriation (Outflow):
Capital outlay 27,530 329,855 84,535 245,320
Total Charges to Appropriations 27,530 329,855 84,535 245,320
Budgetary Fund Balance, June 30 1,012,977$ 710,652$ 966,348$ 255,696$
110
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2012
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 482,548$ 482,548$ 482,548$ -$
Resources (Inflows):
Use of money and property 100 100 102 2
Miscellaneous - - - -
Transfers in 362,090 362,090 359,496 (2,594)
Amounts Available for Appropriation 844,738 844,738 842,146 (2,592)
Charges to Appropriation (Outflow):
General government 4,500 4,500 2,000 2,500
Debt service:
Principal retirement 230,000 230,000 230,000 -
Interest and fiscal charges 127,590 127,590 127,588 2
Total Charges to Appropriations 362,090 362,090 359,588 2,502
Budgetary Fund Balance, June 30 482,648$ 482,648$ 482,558$ (90)$
111
CITY OF AZUSA
COMBINING STATEMENT OF NET ASSETS
NON-MAJOR PROPRIETARY FUNDS
JUNE 30, 2012
Totals
Assets:
Current:
Cash and investments 2,464,327$ 153,523$ 2,617,850$
Receivables:
Accounts 256,470 410,162 666,632
Notes and loans 276 - 276
Accrued interest 1,005 - 1,005
Restricted:
Cash with fiscal agent 4,100,129 - 4,100,129
Total Current Assets 6,822,207 563,685 7,385,892
Noncurrent:
Deferred Charges 68,492 - 68,492
Capital assets - net of accumulated depreciation 8,809,361 - 8,809,361
Total Noncurrent Assets 8,877,853 - 8,877,853
Total Assets 15,700,060$ 563,685$ 16,263,745$
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable 47,572$ 465,280$ 512,852$
Accrued liabilities 24,663 - 24,663
Accrued compensated absences 78,471 - 78,471
Bonds, notes, and capital leases 225,000 - 225,000
Total Current Liabilities 375,706 465,280 840,986
Noncurrent:
Accrued compensated absences 13,573 - 13,573
Bonds, notes, and capital leases 5,405,000 - 5,405,000
Total Noncurrent Liabilities 5,418,573 - 5,418,573
Total Liabilities 5,794,279 465,280 6,259,559
Net Assets:
Invested in capital assets, net of related debt 7,279,490 - 7,279,490
Unrestricted 2,626,291 98,405 2,724,696
Total Net Assets 9,905,781 98,405 10,004,186
Total Liabilities and Net Assets 15,700,060$ 563,685$ 16,263,745$
Business-Type Activities - Enterprise Funds
Sewer/Waste
water
Refuse
Contract
112
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2012
Totals
Operating Revenues:
Sales and service charges 2,223,876$ 2,976,946$ 5,200,822$
Miscellaneous 1,459 4,279 5,738
Total Operating Revenues 2,225,335 2,981,225 5,206,560
Operating Expenses:
Treatment 1,451,016 - 1,451,016
Refuse collection - 2,851,882 2,851,882
Cost of sales and services 79,775 - 79,775
Depreciation expense 358,080 - 358,080
Total Operating Expenses 1,888,871 2,851,882 4,740,753
Operating Income (Loss)336,464 129,343 465,807
Nonoperating Revenues (Expenses):
Taxes - 555,225 555,225
Interest revenue 36,649 - 36,649
Interest expense (149,991) - (149,991)
Special franchise fees (44,894) - (44,894)
Gain (loss) on disposal of capital assets (1,350) - (1,350)
Total Nonoperating
Revenues (Expenses)(159,586) 555,225 395,639
Income (Loss) Before Transfers 176,878 684,568 861,446
Transfers out (154,140) (602,190) (756,330)
Changes in Net Assets 22,738 82,378 105,116
Net Assets:
Beginning of Year 9,883,043 16,027 9,899,070
End of Fiscal Year 9,905,781$ 98,405$ 10,004,186$
Business-Type Activities - Enterprise Funds
Sewer/Waste
water
Refuse
Contract
113
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2012
Totals
Cash Flows from Operating Activities:
Cash received from customers and users 2,159,484$ 2,962,100$ 5,121,584$
Cash paid to suppliers for goods and services (1,555,921) (2,868,714) (4,424,635)
Cash paid to employees for services (15,108) - (15,108)
Net Cash Provided (Used) by Operating Activities 588,455 93,386 681,841
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (154,140) (602,190) (756,330)
Net Cash Provided (Used) by
Non-Capital Financing Activities (154,140) (602,190) (756,330)
Cash Flows from Capital
and Related Financing Activities:
Proceeds from capital debt 5,630,000 - 5,630,000
Acquisition and construction of capital assets (30,700) - (30,700)
Principal paid on capital debt (1,758,104) - (1,758,104)
Interest paid on capital debt (181,687) - (181,687)
Special franchise fees (44,894) - (44,894)
Taxes - 555,225 555,225
Net Cash Provided (Used) by
Capital and Related Financing Activities 3,614,615 555,225 4,169,840
Cash Flows from Investing Activities:
Repayment of loans (276) - (276)
Interest received 37,469 - 37,469
Net Cash Provided (Used) by
Investing Activities 37,193 - 37,193
Net Increase (Decrease) in Cash
and Cash Equivalents 4,086,123 46,421 4,132,544
Cash and Cash Equivalents at Beginning of Year 2,478,333 107,102 2,585,435
Cash and Cash Equivalents at End of Year 6,564,456$ 153,523$ 6,717,979$
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)336,464$ 129,343$ 465,807$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 358,080 - 358,080
(Increase) decrease in accounts receivable (65,851) (19,125) (84,976)
Increase (decrease) in accounts payable (25,130) (16,832) (41,962)
Increase (decrease) in accrued liabilities (9,200) - (9,200)
Increase (decrease) in compensated absences (5,908) - (5,908)
Total Adjustments 251,991 (35,957) 216,034
Net Cash Provided (Used) by
Operating Activities 588,455$ 93,386$ 681,841$
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets (1,350)- (1,350)
Amortization of bond discount (51,896)- (51,896)
Amortization of cost of issuance (11,283)- (11,283)
Business-Type Activities - Enterprise Funds
Sewer/Waste
water
Refuse
Contract
114
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115
CITY OF AZUSA
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
JUNE 30, 2012
Assets:
Current:
Cash and investments 1,239,850$ 2,422,549$ -$ 172,879$
Receivables:
Accounts 3,514 - - -
Notes and loans 1,525 3,310 - -
Accrued interest 13,419 785 - 72
Prepaid costs 185 - - -
Due from other governments - 48,279 - -
Total Current Assets 1,258,493 2,474,923 - 172,951
Noncurrent:
Advances to Successor Agency - - - -
Capital assets - net of accumulated depreciation 836,577 - 41,027 582,842
Total Noncurrent Assets 836,577 - 41,027 582,842
Total Assets 2,095,070$ 2,474,923$ 41,027$ 755,793$
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable 204,296$ 326,137$ 4,553$ -$
Accrued liabilities 83,997 25,546 710 -
Deposits payable 1,423 - - -
Due to other funds - - 41,841 -
Accrued compensated absences 183,171 1,054 - -
Accrued claims and judgments - 520,070 - -
Total Current Liabilities 472,887 872,807 47,104 -
Noncurrent:
Accrued compensated absences 61,057 574 - -
Accrued claims and judgments - 1,203,521 - -
Total Noncurrent Liabilities 61,057 1,204,095 - -
Total Liabilities 533,944 2,076,902 47,104 -
Net Assets:
Invested in capital assets, net of related debt 836,577 - 41,027 582,842
Unrestricted 724,549 398,021 (47,104) 172,951
Total Net Assets 1,561,126 398,021 (6,077) 755,793
Total Liabilities and Net Assets 2,095,070$ 2,474,923$ 41,027$ 755,793$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
116
CITY OF AZUSA
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
JUNE 30, 2012
Totals
Assets:
Current:
Cash and investments -$ 296,967$ 4,132,245$
Receivables:
Accounts - 403 3,917
Notes and loans - 3,578 8,413
Accrued interest - - 14,276
Prepaid costs - 17,609 17,794
Due from other governments - - 48,279
Total Current Assets - 318,557 4,224,924
Noncurrent:
Advances to Successor Agency 22,154,005 - 22,154,005
Capital assets - net of accumulated depreciation - - 1,460,446
Total Noncurrent Assets 22,154,005 - 23,614,451
Total Assets 22,154,005$ 318,557$ 27,839,375$
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable -$ 50,920$ 585,906$
Accrued liabilities - 39,769 150,022
Deposits payable - - 1,423
Due to other funds - - 41,841
Accrued compensated absences - 149,172 333,397
Accrued claims and judgments - - 520,070
Total Current Liabilities - 239,861 1,632,659
Noncurrent:
Accrued compensated absences - 81,200 142,831
Accrued claims and judgments - - 1,203,521
Total Noncurrent Liabilities - 81,200 1,346,352
Total Liabilities - 321,061 2,979,011
Net Assets:
Invested in capital assets, net of related debt - - 1,460,446
Unrestricted 22,154,005 (2,504) 23,399,918
Total Net Assets 22,154,005 (2,504) 24,860,364
Total Liabilities and Net Assets 22,154,005$ 318,557$ 27,839,375$
Intra-
Governmental
Loan Fund IT Services
117
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENSES AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2012
Operating Revenues:
Sales and service charges 6,413,023$ 2,060,468$ 157,928$ -$
Miscellaneous -26,234 -8,713
Total Operating Revenues 6,413,023 2,086,702 157,928 8,713
Operating Expenses:
Administration and general 5,251,054 1,628,891 130,610 115,910
Source of supply 143,611 -28,487 -
Claims expense 394,085 478,782 --
Depreciation expense 147,257 -4,908 138,996
Total Operating Expenses 5,936,007 2,107,673 164,005 254,906
Operating Income (Loss)477,016 (20,971)(6,077) (246,193)
Nonoperating Revenues (Expenses):
Interest revenue -16,396 -1,867
Gain (loss) on disposal of capital assets - - - (50,068)
Total Nonoperating
Revenues (Expenses)-16,396 -(48,201)
Income (Loss) Before Transfers 477,016 (4,575)(6,077) (294,394)
Transfers out (279,974)---
Changes in Net Assets 197,042 (4,575)(6,077) (294,394)
Net Assets:
Beginning of Year 1,364,084 402,596 - 1,050,187
End of Fiscal Year 1,561,126$ 398,021$ (6,077)$ 755,793$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
118
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENSES AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2012
Operating Revenues:
Sales and service charges
Miscellaneous
Total Operating Revenues
Operating Expenses:
Administration and general
Source of supply
Claims expense
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Gain (loss) on disposal of capital assets
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before Transfers
Transfers out
Changes in Net Assets
Net Assets:
Beginning of Year
End of Fiscal Year
Totals
515,615$ 2,004,326$ 11,151,360$
-219 35,166
515,615 2,004,545 11,186,526
- 1,787,893 8,914,358
-219,156 391,254
--872,867
--291,161
- 2,007,049 10,469,640
515,615 (2,504)716,886
1,291,989 -1,310,252
--(50,068)
1,291,989 -1,260,184
1,807,604 (2,504)1,977,070
--(279,974)
1,807,604 (2,504)1,697,096
20,346,401 -23,163,268
22,154,005$ (2,504)$ 24,860,364$
Intra-
Governmental
Loan Fund IT Services
119
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2012
Cash Flows from Operating Activities:
Cash received from customers and users 6,409,509$ 2,133,955$ 157,928$ 8,713$
Cash paid to suppliers for goods and services (502,868) (655,843) (26,143) -
Cash paid to employees for services (5,258,633) (1,636,032) (145,034) (115,910)
Net Cash Provided (Used) by Operating Activities 648,008 (157,920) (13,249) (107,197)
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (279,974) - - -
Cash due to other funds 670,413 2,566,974 - -
Advance to successor agency - - - -
Repayments received from other funds - - 13,249 -
Net Cash Provided (Used) by
Non-Capital Financing Activities 390,439 2,566,974 13,249 -
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (219,374) - - (12,717)
Net Cash Provided (Used) by
Capital and Related Financing Activities (219,374) - - (12,717)
Cash Flows from Investing Activities:
Issuance of new loans 4,072 - - -
Repayment of loans - (3,310) - -
Interest received 9,663 16,805 - 2,023
Net Cash Provided (Used) by
Investing Activities 13,735 13,495 - 2,023
Net Increase (Decrease) in Cash
and Cash Equivalents 832,808 2,422,549 - (117,891)
Cash and Cash Equivalents at Beginning of Year 407,042 - - 290,770
Cash and Cash Equivalents at End of Year 1,239,850$ 2,422,549$ -$ 172,879$
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)477,016$ (20,971)$ (6,077)$ (246,193)$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 147,257 - 4,908 138,996
(Increase) decrease in accounts receivable (3,514) 47,253 - -
(Increase) decrease in due from other governments - - - -
(Increase) decrease in prepaid expense 8,808 1,455 - -
Increase (decrease) in accounts payable 26,020 (21,341) 2,344 -
Increase (decrease) in accrued liabilities 5,041 673 (2,287) -
Increase (decrease) in claims and judgments - (157,175) - -
Increase (decrease) in compensated absences (12,620) (7,814) (12,137) -
Total Adjustments 170,992 (136,949) (7,172) 138,996
Net Cash Provided (Used) by
Operating Activities 648,008$ (157,920)$ (13,249)$ (107,197)$
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets -$ -$ -$ -$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
120
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2012
Cash Flows from Operating Activities:
Cash received from customers and users
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net Cash Provided (Used) by Operating Activities
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out
Cash due to other funds
Advance to successor agency
Repayments received from other funds
Net Cash Provided (Used) by
Non-Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Issuance of new loans
Repayment of loans
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
(Increase) decrease in accounts receivable
(Increase) decrease in due from other governments
(Increase) decrease in prepaid expense
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in claims and judgments
Increase (decrease) in compensated absences
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets
Totals
-$ 2,004,142$ 10,714,247$
515,615 (157,582) (826,821)
- (1,769,412) (8,925,021)
515,615 77,148 962,405
- - (279,974)
- - 3,237,387
(1,807,604) - (1,807,604)
- - 13,249
(1,807,604) - 1,163,058
- - (232,091)
- - (232,091)
- 6,104 10,176
- - (3,310)
1,291,989 - 1,320,480
1,291,989 6,104 1,327,346
- 83,252 3,220,718
- 213,715 911,527
-$ 296,967$ 4,132,245$
515,615$ (2,504)$ 716,886$
- - 291,161
- (403) 43,336
- - -
- 51,579 61,842
- 9,995 17,018
- 1,599 5,026
- - (157,175)
- 16,882 (15,689)
- 79,652 245,519
515,615$ 77,148$ 962,405$
-$ -$ -$
Intra-
Governmental
Loan Fund IT Services
121
CITY OF AZUSA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2012
Balance Balance
7/1/2011 Additions Deductions 6/30/2012
Deposit Trust
Assets:
Pooled cash and investments 1,739,763$ 7,213,806$ 4,026,036$ 4,927,533$
Receivables:
Accounts 1,700 609 1,700 609
Taxes 34,387 975,408 34,607 975,188
Total Assets 1,775,850$ 8,189,823$ 4,062,343$ 5,903,330$
Liabilities:
Accounts payable 1,743,367$ 6,695,651$ 2,572,317$ 5,866,701$
Accrued liabilities 4,823 609 554 4,878
Deposits payable 21,415 13,209 11,918 22,706
Due to other governments 6,245 5,500 2,700 9,045
Total Liabilities 1,775,850$ 6,714,969$ 2,587,489$ 5,903,330$
122
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS
WATER - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
Water
Operating Revenues:
Residential sales 9,883,807$
Commercial sales 3,553,448
Industrial sales 2,555,016
Fees 37,872
Other revenue 4,146,412
Total Operating Revenues 20,176,555
Operating Expenses:
Production 5,533,755
Transmission and distribution 2,432,589
Customer accounting and sales 4,083,837
Uncollectible accounts 39,909
Administrative and general 745,873
Depreciation 3,579,192
Total Operating Expenses 16,415,155
Operating Income (Loss)3,761,400
Nonoperating Revenues (Expenses):
Interest revenue 360,977
Interest expense (2,907,756)
Franchise and in-lieu-tax (353,474)
Total Nonoperating Revenues (Expenses)(2,900,253)
Net Income (Loss) Before Transfers 861,147
Transfers out (4,568)
Net Income 856,579
Net Assets:
Beginning of Fiscal Year 53,563,927
End of Fiscal Year 54,420,506$
123
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS
LIGHT - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2012
Light
Operating Revenues:
Sale/electricity - residential 11,769,253$
Sale/electricity - commercial and industrial 22,392,573
Sale/electricity - other 1,272,683
Sale/electricity - resale 5,264,096
Other revenue 401,521
Total Operating Revenues 41,100,126
Operating Expenses:
Purchase power 24,283,696
Transmission/dispatching 3,150,112
Operation and maintenance 2,906,091
Uncollectible accounts 78,774
Administration general expenditures 3,733,148
Depreciation 1,249,282
Total Operating Expenses 35,401,103
Operating Income 5,699,023
Nonoperating Revenues (Expenses):
Interest income 486,909
Interest expense (324,756)
Franchise and in-lieu-tax (3,556,258)
Gain (loss) on disposal of asset (1,964,653)
Total Nonoperating Revenues (Expenses)(5,358,758)
Net Income Before Transfers 340,265
Transfers Out (41,390)
Net Income 298,875
Net Assets:
Beginning of Fiscal Year 58,573,375
Restatements 13,968
Beginning of Fiscal Year, as restated 58,587,343
End of Fiscal Year 58,886,218$
124
(Unaudited)
Financial Trends Page No.
127-131
Revenue Capacity
132-141
Debt Capacity
142-148
Demographic and Economic Information
149-151
Operating Information
152-154
These schedules contain service and infrastructure data to
help the reader understand how the information in the
City's financial report relates to the services the City
provides and the activities it performs.
CITY OF AZUSA
Statistical Section
This part of the City of Azusa's comprehensive annual financial report presents detailed information as a context to
aid the reader in understanding the information presented in the financial statements, and the required
supplementary information and the City's overall financial health.
These schedules contain trend information to help the
reader understand how the City's financial performance
and well-being have changed over time.
These schedules contain information to help the reader
assess the City's significant local revenue sources.
These schedules contain information to help the reader
assess the affordability of the City's levels of outstanding
debt and the ability to issue additional debt in the future.
These schedules offer demographic and economic
indicators to assist the reader to understand the
environment within which the City's financial activities take
place.
125
THIS PAGE INTENTIONALLY LEFT BLANK
126
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9
6
4
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7
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9
3,
6
6
6
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0
1
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8
4
7
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8
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2
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9
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8
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0
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p
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8
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Pr
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8
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15
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7
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5
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t
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t
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r
e
s
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.
9
%
40
.
9
%
21
.
5
%
10
.
0
%
9.
4
%
11
.
3
%
11
.
2
%
17
.
1
%
19
.
0
%
10
.
3
%
So
u
r
c
e
:
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i
t
y
o
f
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z
u
s
a
A
d
m
i
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s
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r
a
t
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e
r
v
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c
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s
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i
n
a
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c
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e
p
a
r
t
m
e
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t
Bo
n
d
i
s
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u
a
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c
e
c
o
s
t
s
CI
T
Y
O
F
A
Z
U
S
A
Ta
b
l
e
4
-
C
h
a
n
g
e
s
i
n
F
u
n
d
B
a
l
a
n
c
e
s
o
f
G
o
v
e
r
n
m
e
n
t
a
l
F
u
n
d
s
La
s
t
T
e
n
F
i
s
c
a
l
Y
e
a
r
s
(
m
o
d
i
f
i
e
d
a
c
c
r
u
a
l
b
a
s
i
s
)
Fi
s
c
a
l
Y
e
a
r
131
Fiscal Year Residential
Commercial/
Industrial Other Total
2003 6,710,591$ 14,154,158$ 1,029,090$ 21,893,839$
2004 8,468,729 17,079,440 1,227,993 26,776,162
2005 9,803,365 15,352,263 1,127,046 26,282,674
2006 8,658,939 17,607,907 1,147,509 27,414,355
2007 9,664,916 18,376,638 1,250,079 29,291,633
2008 10,070,006 19,258,199 1,202,641 30,530,846
2009 10,180,795 19,429,530 1,136,677 30,747,002
2010 10,055,529 19,362,315 1,141,500 30,559,344
2011 10,580,060 21,024,826 1,224,543 32,829,429
2012 11,678,993 22,368,712 1,267,725 35,315,430
Source: City of Azusa Light & Water Department
Type of Customer
City of Azusa
Table 5 - Light Department
Electricity Sold by Type of Customer
Last Ten Fiscal Years
132
Fiscal Monthly Rate per Rate per
Year Ended Base <250 >250
June 30 Rate kWh kWh
06/02-09/02 2.89$ 0.0878$ 0.1126$
10/02-06/03 3.18 0.0966 0.1239
2004 3.18 0.0966 0.1239
2005 3.18 0.0966 0.1239
07/05-09/05 3.18 0.0966 0.1239
10/05-06/06 3.34 0.1014 0.1301
2007 3.34 0.1014 0.1301
2008 3.49 0.1061 0.1360
2009 3.49 0.1061 0.1360
07/09-11/09 3.49 0.1061 0.1360
12/09-06/10 3.81 0.1200 0.1500
2011 3.81 0.1200 0.1500
2012 3.81 0.1160 0.1487
NOTE:
Source: City of Azusa Light & Water Department
Rates are based on residential meter, which is the standard
household meter size. There is an additional charge for excess-use
rate above normal demand.
City of Azusa
Table 6 - Electricity Rates
Last Ten Fiscal Years
133
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
Pe
r
c
e
n
t
a
g
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o
f
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r
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t
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r
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g
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t
To
t
a
l
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i
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t
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g
h
t
To
t
a
l
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i
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h
t
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g
h
t
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t
a
l
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g
h
t
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g
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t
a
l
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t
a
l
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i
g
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t
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g
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t
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u
s
t
o
m
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r
:
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a
r
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s
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v
e
n
u
e
s
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a
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s
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v
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a
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s
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a
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s
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e
s
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a
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s
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v
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n
u
e
s
AP
U
F
o
u
n
d
a
t
i
o
n
1,
6
4
9
,
7
9
3
$
5.
4
0
4
%
1,
6
8
6
,
2
7
8
$
5.
4
8
4
%
1,
9
0
7
,
7
9
2
$
6.
2
4
3
%
2,
1
0
4
,
0
1
8
$
6.
4
0
9
%
1,
7
4
1
,
0
2
4
$
4.
9
3
0
%
Ar
c
h
c
o
m
T
e
c
h
n
o
l
o
g
y
-
0.
0
0
0
%
-
0.
0
0
0
%
-
0.
0
0
0
%
-
0.
0
0
0
%
22
3
,
3
8
3
0.
6
3
3
%
Ar
t
i
s
a
n
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c
r
e
e
n
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r
o
c
e
s
s
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0.
0
0
0
%
24
4
,
3
5
3
0.
7
9
5
%
28
9
,
8
0
8
0.
9
4
8
%
31
9
,
4
5
5
0.
9
7
3
%
30
1
,
3
7
8
0.
8
5
3
%
Az
u
s
a
U
S
D
83
3
,
1
1
1
2.
7
2
9
%
85
1
,
0
2
0
2.
7
6
8
%
84
8
,
4
9
4
2.
7
7
7
%
95
4
,
0
4
5
2.
9
0
6
%
89
6
,
3
1
8
2.
5
3
8
%
Az
u
s
a
W
e
s
t
e
r
n
23
5
,
9
1
5
0.
7
7
3
%
25
9
,
9
7
9
0.
8
4
6
%
18
7
,
3
1
2
0.
6
1
3
%
24
1
,
5
4
2
0.
7
3
6
%
23
2
,
8
2
3
0.
6
5
9
%
Bu
e
n
a
V
i
s
t
a
F
o
o
d
P
r
o
d
-
0.
0
0
0
%
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0.
0
0
0
%
-
0.
0
0
0
%
31
2
,
8
3
6
0.
9
5
3
%
32
9
,
6
8
7
0.
9
3
4
%
Ca
l
i
f
o
r
n
i
a
A
m
f
o
r
g
e
C
o
r
p
31
9
,
0
9
8
1.
0
4
5
%
30
0
,
1
8
1
0.
9
7
6
%
24
6
,
8
4
2
0.
8
0
8
%
21
3
,
3
6
7
0.
6
5
0
%
29
5
,
4
4
2
0.
8
3
7
%
Ci
t
y
o
f
A
z
u
s
a
1,
1
6
6
,
6
4
2
3.
8
2
1
%
1,
0
5
0
,
8
5
2
3.
4
1
8
%
1,
0
9
9
,
7
3
6
3.
5
9
9
%
1,
1
1
2
,
0
4
7
3.
3
8
7
%
1,
0
4
5
,
3
2
6
2.
9
6
0
%
Ci
t
y
o
f
G
l
e
n
d
o
r
a
47
7
,
5
5
6
1.
5
6
4
%
51
4
,
9
0
9
1.
6
7
5
%
63
0
,
2
0
2
2.
0
6
2
%
57
5
,
0
8
9
1.
7
5
2
%
72
,
0
9
8
0.
2
0
4
%
Co
s
t
c
o
W
h
o
l
e
s
a
l
e
C
o
r
p
.
56
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6
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8
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9
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61
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9
8
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9
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60
5
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3
%
61
2
,
6
3
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6
6
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61
3
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7
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6
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82
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9
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87
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9
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7
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23
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4
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7
6
2
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24
7
,
1
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7
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8
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9
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15
6
,
8
9
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4
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8
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6
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t
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5
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6
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0
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50
7
,
1
6
8
1.
6
4
9
%
48
5
,
7
6
3
1.
5
9
0
%
50
4
,
4
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6
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5
3
7
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46
8
,
7
7
4
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7
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/
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5
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87
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,
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4
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8
4
9
%
91
3
,
2
0
6
2.
9
8
8
%
93
3
,
7
2
2
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8
4
4
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3
,
3
4
2
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5
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7
%
S
&
S
F
o
o
d
s
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L
C
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5
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2
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5
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0
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9
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0
,
3
6
3
4.
2
6
2
%
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3
7
7
,
3
8
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4.
5
0
7
%
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4
4
4
,
2
8
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4.
3
9
9
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6
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9
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5
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a
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r
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0
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14
5
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8
4
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4
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2
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g
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0
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30
1
,
7
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7
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8
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4
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M
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0
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0
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0
0
0
%
40
1
,
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7
5
1.
1
3
6
%
Th
e
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0
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0
0
0
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18
7
,
8
4
5
0.
6
1
5
%
19
5
,
7
9
8
0.
5
9
6
%
15
4
,
7
9
5
0.
4
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8
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Ve
r
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z
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n
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0
0
0
%
52
8
,
6
3
5
1.
7
1
9
%
54
3
,
6
5
5
1.
7
7
9
%
60
1
,
8
8
2
1.
8
3
3
%
89
4
,
4
9
3
2.
5
3
3
%
T
o
t
a
l
9,
4
2
9
,
0
0
4
$
30
.
8
8
4
%
9,
8
0
5
,
4
9
3
$
31
.
8
9
1
%
10
,
4
4
7
,
9
6
7
$
34
.
1
8
9
%
10
,
4
6
3
,
8
7
8
$
31
.
8
7
3
%
9,
9
2
3
,
2
3
0
$
28
.
0
9
9
%
Hi
s
t
o
r
i
c
a
l
i
n
f
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m
a
t
i
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0
y
e
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p
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n
.
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u
r
c
e
:
C
i
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y
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g
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t
&
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a
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Ci
t
y
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f
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s
a
Ta
b
l
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7
-
L
a
r
g
e
s
t
E
l
e
c
t
r
i
c
a
l
C
u
s
t
o
m
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r
s
La
s
t
F
i
v
e
F
i
s
c
a
l
Y
e
a
r
s
134
Last Ten Fiscal Years
Type of Customer
Fiscal Year Residential Commercial Industrial Total
2003 8,303,545$ 2,951,383$ 1,369,646$ 12,624,574$
2004 8,866,553 4,169,825 1,509,844 14,546,222
2005 8,455,712 4,022,604 1,354,218 13,832,534
2006 8,084,959 3,147,304 2,274,028 13,506,291
2007 9,145,318 3,260,316 2,697,339 15,102,973
2008 9,218,162 3,155,962 2,360,731 14,734,855
2009 7,740,102 2,770,336 2,551,733 13,062,171
2010 8,932,609 3,082,179 2,630,635 14,645,423
2011 9,626,253 3,859,594 3,114,253 16,600,100
2012 9,904,505 3,967,999 3,327,366 17,199,870
Source: City of Azusa Light & Water Department
City of Azusa
Table 8 - Water Sold by Type of Customer
135
Fiscal Monthly Rate per Rate per
Year Ended Base 0-17 >17
Activity Rate CCF CCF
2003 10.75$ 0.765$ 1.210$
07/03 10.75 0.765 1.210
08/03-06/04 11.22 0.798 1.260
2005 11.22 0.798 1.260
07/5-10/05 11.22 0.798 1.260
11/05-06/06 11.56 0.822 1.300
2007 11.56 0.822 1.300
2008 12.50 0.870 1.380
2009 12.50 0.870 1.380
0-12 CCF >12 CCF
2010 14.74 0.871 1.690
2011 17.03 1.007 1.953
2012 17.03 1.007 1.953
NOTE:
(2) Tiers changed from 17 to 12 in July 2009
Source: City of Azusa Light & Water Department
City of Azusa
Table 9 - Water Rates
Last Ten Fiscal Years
(1) Rates are based on 3/4"meter, which is the standard
household meter size. There is an additional charge for excess-
use rate above normal demand.
136
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
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4
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7
1
6
%
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9
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2
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9
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%
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2
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8
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8
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0
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%
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6
,
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7
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7
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,
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2
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52
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65
,
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%
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u
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5
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7
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3
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5
,
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0.
8
8
1
%
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9
,
7
7
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8
1
8
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4
,
5
9
6
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13
1
,
8
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0.
7
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6
%
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2
,
8
3
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7
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6
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29
3
,
4
9
6
2.
2
4
7
%
26
3
,
8
5
2
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8
0
2
%
30
4
,
2
6
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8
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3
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28
5
,
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8
3
1.
6
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2
%
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22
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41
9
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32
8
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9
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6
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24
4
,
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3
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25
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5
5
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5
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9
%
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m
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54
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45
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t
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78
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%
86
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94
,
9
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5
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6
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8
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14
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,
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v
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11
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64
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9
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53
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9
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s
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76
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83
,
8
9
6
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11
3
,
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34
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%
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0
0
0
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59
,
8
9
8
0.
3
4
8
%
T
o
t
a
l
2,
4
6
5
,
8
3
5
$
16
.
7
3
5
%
3,
1
1
1
,
1
2
1
$
23
.
8
1
8
%
3,
3
7
7
,
2
7
6
$
23
.
0
6
0
%
3,
0
8
6
,
1
0
2
$
18
.
5
9
1
%
3,
3
4
7
,
3
5
6
$
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Fiscal Year Taxable Taxable Total
Ended Assessed Assessed Direct Tax
June 30 Secured Unsecured Value (1)Secured Unsecured Value (1)Rate
2003 1,271,756,979$ 74,591,008$ 1,346,347,987$ 534,845,413$ 77,598,421$ 612,443,834$ 0.35563%
2004 1,416,059,948 79,782,839 1,495,842,787 591,085,088 78,901,426 669,986,514 0.35908%
2005 1,496,197,287 68,669,721 1,564,867,008 655,568,717 85,621,804 741,190,521 0.36401%
2006 1,718,308,956 64,069,228 1,782,378,184 704,055,664 92,540,432 796,596,096 0.34399%
2007 2,307,392,525 68,162,253 2,375,554,778 753,702,319 98,076,522 851,778,841 0.34395%
2008 2,514,920,977 74,038,048 2,588,959,025 3,370,977,583 175,725,533 3,546,703,116 0.32395%
2009 2,474,468,333 74,013,744 2,548,482,077 3,361,956,144 186,730,856 3,548,687,000 0.33319%
2010 2,226,506,719 66,363,721 2,292,870,440 3,070,481,861 178,200,831 3,248,682,692 0.33534%
2011 2,184,060,386 68,627,065 2,252,687,451 3,011,822,634 186,653,519 3,198,476,153 0.34228%
2012 2,233,298,820 64,623,628 2,297,922,448 3,049,310,815 192,937,613 3,242,248,428 (2)
(1) Exempt assessed values are not included in assessed value.
Exemptions are netted directly against the individual property categories.
(2) Data not available.
NOTE:
Source: County of Los Angeles Auditor-Controller Tax Division
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a maximum rate of 1%based
upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an
"inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is
sold to a new owner.At that point, the new assessed value is reassessed at the purchase price of the property sold. The
assessed valuation date shown above represents the only data currently available with respect to the actual market value of
taxable property and is subject to the limitations described.
CITY OF AZUSA
Table 11 - Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(in thousand of dollars)
Redevelopment/Successor AgencyCity
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L
C
17
2
,
8
1
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6
6
%
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3
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9
$
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7
5
%
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$
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%
-
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6
%
1
0
4
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5
3
,
7
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5
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9
4
%
2
1
5
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0
6
%
3
6
,
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3
2
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%
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5
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7
%
Ci
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On
t
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PP
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8
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8
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9
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4
,
8
1
3
,
6
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6
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2
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%
3
8
,
6
1
4
,
4
6
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%
4
6
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P
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p
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Re
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c
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s
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8
8
,
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3
,
6
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7
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1
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,
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1
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m
M
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r
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&
S
F
o
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d
s
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11
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5
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5
4
%
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9
,
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6
,
7
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5
5
%
1
9
,
3
5
0
,
0
7
9
0.
6
0
%
2
0
,
8
4
2
,
1
1
8
0.
6
5
%
SC
A
z
u
s
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d
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So
o
n
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h
o
e
K
a
e
96
,
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0
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0
0
%
VP
M
S
o
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d
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Wi
l
l
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a
m
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y
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o
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s
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n
c
-
0.
0
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%
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0
,
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6
9
,
6
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9
0.
5
8
%
2
1
,
1
5
7
,
2
3
3
0.
6
0
%
2
5
,
2
2
5
,
5
4
7
0.
7
8
%
2
5
,
2
2
3
,
6
4
0
0.
7
9
%
2,
0
4
6
,
8
0
7
$
19
.
6
3
%
5
6
1
,
2
2
7
,
1
1
6
$
15
.
8
0
%
6
3
1
,
9
4
2
,
8
0
5
$
17
.
8
1
%
4
3
0
,
7
8
9
,
8
5
1
$
13
.
2
9
%
3
8
0
,
5
4
3
,
7
1
8
$
11
.
9
0
%
Th
e
a
m
o
u
n
t
s
s
h
o
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n
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b
o
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n
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t
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n
d
t
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e
d
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v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
.
So
u
r
c
e
:
H
d
L
C
o
r
e
n
&
C
o
n
e
,
L
o
s
A
n
g
e
l
e
s
C
o
u
n
t
y
A
s
s
e
s
s
o
r
In
f
o
r
m
a
t
i
o
n
i
s
n
o
t
a
v
a
i
l
a
b
l
e
f
o
r
a
l
l
y
e
a
r
s
Ci
t
y
o
f
A
z
u
s
a
Ta
b
l
e
1
3
-
P
r
i
n
c
i
p
a
l
P
r
o
p
e
r
t
y
T
a
x
P
a
y
e
r
s
(
T
o
p
T
e
n
)
La
s
t
F
i
v
e
F
i
s
c
a
l
Y
e
a
r
s
140
Amount
Taxes collected Collections Percent
Fiscal Year Levied within the Percent in Total of
Ended for the Fiscal Year of Subsequent Collections Levy
June 30 Fiscal Year of Levy Levy Years to Date to Date
2003 2,013,405$ 1,895,002$ 94.1%13,400$ 1,908,402$ 94.8%
2004 2,133,628 2,112,528 99.0%(17,965) 2,094,563 98.2%
2005 2,335,339 2,246,565 96.2%37,397 2,283,962 97.8%
2006 2,729,217 2,531,014 92.7%91,595 2,622,609 96.1%
2007 3,236,313 2,944,985 91.0%(7,502) 2,937,483 90.8%
2008 3,569,732 3,200,874 89.7%(20,189) 3,180,685 89.1%
2009 3,841,664 3,519,967 91.6%(3,643) 3,516,324 91.5%
2010 3,815,354 3,622,701 95.0%(29,760) 3,592,941 94.2%
2011 3,492,186 3,261,283 93.4%(3,421) 3,257,862 93.3%
2012 3,447,405 3,192,697 92.6%16,662 3,209,360 93.1%
Source: County of Los Angeles Auditor-Controller and
City of Azusa Finance Department
Table 14 - Property Tax Levies and Collections
CITY OF AZUSA
Last Ten Fiscal Years
141
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30
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2.
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31
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66
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7
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0
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1
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5
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5
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,
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73
,
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(5
)
20
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6
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5
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(5
)
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8
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142
Fiscal Year Certificates Tax Percentage Debt per
Ended of Allocation of Assessed City
June 30 Participation Bonds Total Values Capita
2003 4,565,000$ 16,285,000$ 20,850,000$ 1.06%442
2004 4,825,000 17,080,000 21,905,000 1.01%455
2005 4,525,000 25,366,416 29,891,416 1.30%616
2006 4,325,000 24,824,506 29,149,506 1.13%603
2007 4,120,000 24,271,206 28,391,206 0.88%584
2008 3,910,000 39,546,698 43,456,698 0.71%892
2009 3,695,000 57,056,201 60,751,201 1.00%1,242
2010 3,480,000 55,814,889 59,294,889 1.07%1,205
2011 3,255,000 54,768,014 58,023,014 1.06%1,250
2012 3,025,000 - 3,025,000 0.05%65
Source: City of Azusa Finance Department
CITY OF AZUSA
Table 16 - Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
143
Percentage Net
Gross Bonded Applicable Bonded
Debt Balance To City Debt
APFA 2003 Lease Revenue COP 3,255,000$ 100 3,255,000$
Pension Bonds 6,180,000 100 6,180,000
Total Direct Debt 9,435,000
Metropolitan Water District 107,259,876$ 0.105 112,623$
Citrus CCD DS 2004 Series 2004A 15,185,000 15.679 2,380,856
Citrus CCD DS 2004 Series 2007B 36,245,000 15.679 5,682,854
Citrus CCD DS 2004 2009 Series C 29,995,302 15.679 4,702,963
Mount San Antonio Community College District 2001 Series A 1,130,000 0.024 271
Mount San Antonio Community College District Series B 2004 8,080,000 0.024 1,939
Mount San Antonio Community College District 05 Ref BD 55,835,843 0.024 13,401
Mount San Antonio Community College District 01Series C 2006 79,461,712 0.024 19,071
Mount San Antonio Community College DS 2001, 2008 Series D 24,602,430 0.024 5,905
Azusa Unified School District 2002 Bonds 23,853,763 63.985 15,262,830
Azusa Unified School District 2002 Series 2007 42,863,943 63.985 27,426,494
Covina Valley Unified School District 2001 Series A 14,775,000 0.224 33,096
Covina Valley Unified School District 2001 Series B 21,135,713 0.224 47,344
Covina Valley Unified School District 2006 Series 2006 45,010,000 0.224 100,822
Covina Valley Unified School District 2006,2007 Series B 17,359,117 0.224 38,884
Duarte Unified School District 1998 Series B 6,112,981 0.633 38,714
Duarte Unified School District 1998 Series C 5,369,717 0.633 34,006
Duarte Unified School District 1998 Series D 6,044,534 0.633 38,280
Duarte Unified School District 1998 Series E 13,827,314 0.633 87,568
Duarte Unified School District Refunding 1998, 2010 Series A 2,670,000 0.633 16,909
Total Overlapping Debt 56,044,831
Total Direct and Overlapping Debt 65,479,831$
2011/2012 Assessed Valuation: $2,297,922,448 after deducting $944,325,980 Redevelopment Increment
Debt to Assess Valuation Ratios:Direct Debt 0.380%
Overlapping Debt 2.250%
Total Debt 2.630%
Source: HdL Coren & Cone, Los Angeles County Assessor and Auditor Combined 2010/2011 Lien Date Tax Rolls
*June 30, 2012 data not available
City of Azusa
Table 17 - Direct and Overlapping Debt
6/30/2011*
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The percentage of overlapping
debt applicable is estimated by using taxable assessed values. Applicable percentages were estimated by determining the portion of another
governmental unit's taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.
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145
Operating Debt Service Requirements
Fiscal Year and Non-Net Revenue
Ended Gross Operating Available for
June 30 Revenues Expenses (1)Debt Service Principal Interest Total Coverage
2003 15,602,305$ 10,961,843$ 4,640,462$ 515,000$ 1,614,564$ 2,129,564$ 2.18
2004 17,715,988 9,423,801 8,292,187 540,000 1,531,778 2,071,778 4.00
2005 17,588,585 10,122,373 7,466,212 840,000 806,809 1,646,809 4.53
2006 16,775,847 9,570,814 7,205,033 735,000 801,758 1,536,758 4.69
2007 21,229,600 11,935,540 9,294,060 750,000 794,258 1,544,258 6.02
2008 19,684,086 13,445,606 6,238,480 765,000 3,549,732 4,314,732 1.45
2009 16,279,742 12,229,332 4,050,410 790,000 3,444,146 4,234,146 0.96
2010 21,217,829 12,675,670 8,542,159 1,095,000 3,412,433 4,507,433 1.90
2011 18,326,599 12,754,229 5,572,370 1,135,000 3,370,921 4,505,921 1.24
2012 (1)20,176,555 16,413,185 3,763,370 1,180,000 3,325,671 4,505,671 0.84
(1)2003 to 2011 Certificates of Participation bonds refunded in 2012
Operating Debt Service Requirements
Fiscal Year and Non-Net Revenue
Ended Gross Operating Available for
June 30 Revenues Expenses (1)Debt Service Principal Interest Total Coverage
2005 37,948,961$ 33,131,762$ 4,817,199$ 345,000$ 165,954$ 510,954$ 9.43
2006 39,512,551 37,582,546 1,930,005 400,000 101,658 501,658 3.85
2007 37,677,098 33,024,487 4,652,611 410,000 562,810 972,810 4.78
2008 39,265,400 37,135,024 2,130,376 425,000 527,038 952,038 2.24
2009 36,672,695 35,243,846 1,428,849 435,000 504,544 939,544 1.52
2010 37,562,799 38,114,209 (551,410) 455,000 481,021 936,021 (0.59)
2011 40,332,068 38,356,263 1,975,805 480,000 468,614 948,614 2.08
2012 41,100,126 35,401,103 5,699,023 505,000 443,151 948,151 6.01
(1)Excludes interest and depreciation expense
(2)Certificates of Participation Established December 18, 2003; Series B refunded in 2012
Source: City of Azusa Administrative Services-Finance Department
CITY OF AZUSA
Table 19 - Pledged Revenue Coverage
Last Nine Fiscal Years
REVENUE BONDS - WATER FUND(1)
CERTIFICATES OF PARTICIPATION AND REVENUE BONDS- ELECTRIC FUND (2)
146
Operating Debt Service Requirements
Fiscal Year and Non-Net Revenue
Ended Gross Operating Available for
June 30 Revenues Expenses (1)Debt Service Principal Interest Total Coverage
2003 1,272,688$ 455,459$ 817,229$ 75,000$ 160,120$ 235,120$ 3.48
2004 1,374,622 634,547 740,075 80,000 45,279 125,279 5.91
2005 1,375,200 629,347 745,853 85,000 166,954 251,954 2.96
2006 1,523,761 822,814 700,947 80,000 101,658 181,658 3.86
2007 1,586,403 1,141,303 445,100 85,000 139,604 224,604 1.98
2008 1,671,968 1,195,146 476,822 95,000 123,547 218,547 2.18
2009 1,636,336 1,518,931 117,405 100,000 120,611 220,611 0.53
2010 1,642,481 1,545,220 97,261 105,000 123,892 228,892 0.42
2011 1,672,986 1,543,754 129,232 115,000 106,313 221,313 0.58
2012 2,225,335 1,888,871 336,464 0 33,110 33,110 10.16
(1)Excludes interest and depreciation expense
Source: City of Azusa Finance Department
REVENUE BONDS - SEWER FUND
CITY OF AZUSA
Table 19 - Pledged Revenue Coverage (continued)
Last Ten Fiscal Years
147
Debt Service Requirements
Fiscal Year
Ended Tax
June 30 Increment Principal Interest Total Coverage
2003 5,641,059$ 385,000$ 1,005,526$ 1,390,526$ 4.06
2004 (1)6,191,593 175,000 1,020,508 1,195,508 5.18
2005 (2)6,352,305 765,000 691,636 1,456,636 4.36
2006 6,895,119 610,000 1,068,422 1,678,422 4.11
2007 7,544,968 625,000 1,005,250 1,630,250 4.63
2008 (3)7,556,563 435,000 812,271 1,247,271 6.06
2009 7,934,351 865,000 2,184,552 3,049,552 2.60
2010 7,981,654 1,325,000 3,224,999 4,549,999 1.75
2011 7,910,942 1,714,212 3,179,684 4,893,896 1.62
2012 5,454,067 1,180,000 2,978,211 4,158,211 1.31
(1)$11,580,000 2003 Bonds were issued to refund the $10,610,000 1994 Bonds.
(2)
(3)
(4)
Source: City of Azusa Finance Department
Redevelopment agency issued new Tax Allocation Bonds $6,715,000 2008 Series A,
$11,580000 2008 Series B (Housing).
Redevelopment agency issued new Tax Allocation Bonds $15,780,000 2007 Series A,
$4,790,000 Series B. A portion of the new debt repaid the 1997 Tax Allocation Refunding
Bonds ($4,935,000).
Redevelopment Agency issued $9,022,800 of new Tax Allocation Bonds in 2005.
CITY OF AZUSA
Table 20 - Pledged Revenue Coverage
Tax Allocation Bonds - Redevelopment Agency (Successor Agency)
Last Ten Fiscal Years
148
Fiscal Year Per Capita
Ended City County Personal Personal Unemployment
June 30 Population (1)Population (1)Income Income (3)Rate (4)
2003 47,150 9,979,600 1,482,961,800$ 31,452$ 7.3%
2004 48,183 10,107,451 1,598,663,757 33,179 7.0%
2005 48,520 10,226,506 (2)(2)5.5%
2006 48,302 10,245,572 (2)(2)5.9%
2007 48,640 10,331,939 (2)15,609 5.4%
2008 48,743 10,363,850 (2)37,088 8.5%
2009 48,932 10,393,185 (2)(2)13.8%
2010 49,207 10,441,080 (2)(2)14.5%
2011 46,431 9,818,605 (5)822,525,165 (6)17,715 13.7%
2012 46,678 9,857,567 (3)892,436,682 (6)19,119 (7)12.9%
Sources: (1) U.S. Department of Census and State Department of Finance
(2) Information not available
(3) Labor Market Info-County, CA Employment Development Department
(4) State Employment Development Department
(5) 2010 United States Census,available at http://2010.Census.gov/2010census/popmap
(6) Estimated using Population x Per Capita Income
(7) U. S. Department of Commerce Census Bureau
CITY OF AZUSA
Table 21 - Demographic and Economic Statistics
Last Ten Fiscal Years
149
2012 2011 (2)2009 2008
(1)
Number of % of City Number of Number of Number of
Employer Employees Employment Employees Employees Employees
1. Azusa Unified School District
(3)0.00%(3)1,600 1,600
2. Northrop Grumman
(3)0.00%(3)1,100 1,100
3. Azusa Pacific University
(3)0.00%(3)900 900
4. City of Azusa
(3)0.00%(3)522 522
5. Costco (formerly Price/Costco)
(3)0.00%(3)311 311
6. Berger Bros.
(3)0.00%(3)300 300
7. Pacific Precision Metals
(3)0.00%(3)250 250
8. Tru Wood Products
(3)0.00%(3)160 160
9. Wynn Oil Company
(3)0.00%(3)150 150
10. Rain Bird
(3)0.00%(3)132 132
11. California Amforge
(3)0.00%(3)106 106
12. Vulcan
(3)0.00%(3)100 100
13. Naked Juice
(3)0.00%(3)75 75
14. Morris National Candy
(3)0.00%(3)70 70
15. Physician's Formula
(3)0.00%(3)70 70
16. Heppner Hardwood
(3)0.00%(3)63 63
17. Trek Industries
(3)0.00%(3)37 37
18. Cee-Jay Research and Sales
(3)0.00%(3)- -
19. Monrovia Nursery
(3)0.00%(3)- -
20. ABCO Insulation
(3)0.00%(3)- -
21. Andre Landscape Services
(3)0.00%(3)- -
22. Wynn's
(3)0.00%(3)- -
23. Artisan Screen
(3)0.00%(3)- -
24. Gale Banks Engineering
(3)0.00%(3)- -
25. Stanley Steemer Carpet Cleaner
(3)0.00%(3)- -
26. Buena Vista Food Products
(3)0.00%(3)- -
27. Astro Company
(3)0.00%(3)- -
28. Alliance Environmental Group
(3)0.00%(3)- -
29. Magparts
(3)0.00%(3)- -
Total of Top Employers - 0.00% -
Total Employees in City (3)(3)
(1)Azusa Chamber of Commerce website
(2)HdL Coren & Cone, Info Group
(3)data not available
City of Azusa
Table 22 - Principal Employers
Last Five Fiscal Years
150
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So
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C
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b
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2
4
-
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Fi
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r
152
20
0
3
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
Po
l
i
c
e
:
St
a
t
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n
s
1
1
1
1
1
1
1
1
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1
Pu
b
l
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c
W
o
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k
s
:
St
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s
(
l
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e
a
l
m
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e
s
)
17
0
17
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17
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17
4
Tr
a
f
f
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s
52
52
52
52
52
52
52
53
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53
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r
k
s
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d
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e
c
r
e
a
t
i
o
n
:
Pa
r
k
s
10
10
10
10
10
13
13
13
13
15
Pa
r
k
a
c
r
e
a
g
e
52
52
55
58
58
60
61
61
61
64
Co
m
m
u
n
i
t
y
c
e
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t
e
r
s
1
1
2
2
2
3
3
3
3
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a
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t
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n
s
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m
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s
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30
2
30
2
30
2
30
5
30
8
31
1
31
2
31
5
31
5
31
5
Nu
m
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r
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f
f
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0
0
2,
5
2
5
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5
7
5
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5
8
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0
Ma
x
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0
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40
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40
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:
St
r
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t
l
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42
66
65
64
65
65
65
65
65
65
Ma
x
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d
a
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y
c
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m
p
t
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14
3
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1
15
3
16
9
16
9
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9
16
9
16
2
16
9
(k
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:
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n
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t
a
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s
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s
(
m
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l
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)
60
60
61
61
61
61
61
61
61
80
St
o
r
m
s
e
w
e
r
s
(
m
i
l
e
s
)
15
15
15
15
15
15
15
15
15
15
Ma
x
i
m
u
m
d
a
i
l
y
t
r
e
a
t
m
e
n
t
c
a
p
a
c
i
t
y
48
48
48
48
48
48
48
48
48
48
(c
u
b
i
c
f
e
e
t
p
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r
s
e
c
o
n
d
)
So
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c
e
:
C
i
t
y
o
f
A
z
u
s
a
P
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l
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c
e
D
e
p
a
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m
e
n
t
C
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t
y
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f
A
z
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s
a
L
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g
h
t
&
W
a
t
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p
a
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t
m
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n
t
C
i
t
y
o
f
A
z
u
s
a
R
e
c
r
e
a
t
i
o
n
D
e
p
a
r
t
m
e
n
t
C
i
t
y
o
f
A
z
u
s
a
P
u
b
l
i
c
W
o
r
k
s
D
e
p
a
r
t
m
e
n
t
Fi
s
c
a
l
Y
e
a
r
CI
T
Y
O
F
A
Z
U
S
A
Ta
b
l
e
2
5
-
C
a
p
i
t
a
l
A
s
s
e
t
S
t
a
t
i
s
t
i
c
s
b
y
F
u
n
c
t
i
o
n
La
s
t
T
e
n
F
i
s
c
a
l
Y
e
a
r
s
153
Susan Paragas General Overview
Director of Finance Letter of Transmittal
Management's Discussion and Analysis
Charts
Statistical Section
Dave Nguyen General Overview
Senior Accountant Overall Coordination
Proprietary Funds
Non-Major Proprietary Funds
Non-Major Governmental Funds
Internal Service Fund-Consumer Service
Capital Projects Funds
Fixed Assets Accounting
Henry Quintero Governmental Funds
Senior Accountant Non-Major Governmental Funds
Grants Funds (Single Audit)
Successor/Redevelopment Agency
Capital Projects Funds
Fixed Assets Accounting
Esther Grijalva Governmental Funds
Accountant Non-Major Governmental Funds
Internal Service Funds (except
Consumer Service)
Fiduciary Fund
CITY OF AZUSA
Table 26 - Schedule of Credits
June 30, 2012
154