HomeMy WebLinkAboutAzusa CAFR Final 1213_201404021144251149CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
PREPARED BY FINANCE DEPARTMENT
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CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................. i
Organizational Chart ............................................................................................................................... v
Officials of the City of Azusa ................................................................................................................. vii
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT .................................................................................................. 1
MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................ 5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Position ............................................................................................................... 17
Statement of Activities .................................................................................................................... 18
Fund Financial Statements:
Balance Sheet - Governmental Funds ........................................................................................... 20
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position ..................................................................................................... 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 ....................... 23
Budgetary Comparison Statement by Department - General Fund ............................................... 24
Statement of Net Position - Proprietary Funds ............................................................................... 25
Statement of Revenues, Expenses and Changes in Fund Net
Assets - Proprietary Funds ............................................................................................................. 26
Statement of Cash Flows - Proprietary Funds ............................................................................... 27
Statement of Fiduciary Net Position - Fiduciary Funds .................................................................. 28
Statement of Changes in Fiduciary Net Position – Fiduciary Funds .............................................. 29
Notes to Financial Statements ........................................................................................................... 31
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
TABLE OF CONTENTS
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds ............................................................ 76
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds .......................................................... 82
Budgetary Comparison Schedules - Special Revenue Funds:
State Gasoline Tax ......................................................................................................................... 88
Proposition A .................................................................................................................................. 89
Proposition C .................................................................................................................................. 90
Community Development Block Grant ........................................................................................... 91
Senior Nutrition ............................................................................................................................... 92
Public Benefit Program ................................................................................................................... 93
Air Quality Improvement ................................................................................................................. 94
Grants and Seizure ......................................................................................................................... 95
Supplemental Law Enforcement ..................................................................................................... 96
Fire Safety ...................................................................................................................................... 97
Monrovia Nursery ........................................................................................................................... 98
Employee Benefits .......................................................................................................................... 99
Utility Mitigation ............................................................................................................................. 100
LACMTA ....................................................................................................................................... 101
Measure R .................................................................................................................................... 102
AB939 Fee .................................................................................................................................... 103
Budgetary Comparison Schedules - Capital Projects Funds:
Public Works Endowment ............................................................................................................. 104
Budgetary Comparison Schedules - Debt Service Fund:
Public Financing Authority ............................................................................................................ 105
Combining Statement of Net Position – Nonmajor Proprietary Funds ............................................ 106
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Nonmajor Proprietary Funds ........................................................................... 107
Combining Statement of Cash Flows – Nonmajor Proprietary Funds ............................................. 108
Combining Statement of Net Position – Internal Service Funds ..................................................... 110
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
TABLE OF CONTENTS
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONTINUED)
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Internal Service Funds ................................................................................. 112
Combining Statement of Cash Flows – Internal Service Funds ................................................... 114
Combining Statement of Changes in Assets and Liabilities – Agency Fund ............................... 116
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Water – Enterprise Fund ....................................................................................... 117
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Light – Enterprise Fund ......................................................................................... 118
STATISTICAL SECTION
Table 1 – Net Position by Component .......................................................................................... 121
Table 2 – Change in Net Position ................................................................................................. 122
Table 3 – Fund Balances of Governmental Funds ....................................................................... 124
Table 4 – Changes in Fund Balances of Governmental Funds ................................................... 125
Table 5 – Light Department, Electricity Sold by Type of Customer .............................................. 126
Table 6 – Electricity Rates ............................................................................................................ 127
Table 7 – Largest Electrical Customers ....................................................................................... 128
Table 8 – Water Sold by Type of Customer ................................................................................. 129
Table 9 – Water Rates .................................................................................................................. 130
Table 10 – Largest Water Customers .......................................................................................... 131
Table 11 – Assessed Value and Estimated Actual Value of Taxable Property ............................ 132
Table 12 – Direct and Overlapping Property Rates ...................................................................... 133
Table 13 – Principal Property Tax Payers .................................................................................... 134
Table 14 – Property Tax Levies and Collections .......................................................................... 135
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
TABLE OF CONTENTS
Page
Number
STATISTICAL SECTION (CONTINUED)
Table 15 – Ratios of Outstanding Debt by Type .......................................................................... 136
Table 16 – Ratio of General Bonded Debt Outstanding ............................................................... 137
Table 17 – Direct and Overlapping Debt ...................................................................................... 138
Table 18 – Legal Debt Margin Information ................................................................................... 139
Table 19 – Pledged Revenue Coverage ...................................................................................... 140
Table 20 – Pledged Revenue Coverage,
Tax Allocation Bonds – Redevelopment Agency ....................................................... 142
Table 21 – Demographic and Economic Statistics ....................................................................... 143
Table 22 – Principal Employers .................................................................................................... 144
Table 23 – Full-time and Part-time Employees by Function ........................................................ 145
Table 24 – Operating Indicators by Function ............................................................................... 146
Table 25 – Capital Asset Statistics by Function ........................................................................... 147
Table 26 – Schedule of Credits .................................................................................................... 148
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vi
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
Jeffrey Cornejo City Clerk March, 2017
Art Vasquez City Treasurer March, 2017
Joseph Rocha Mayor March, 2015
Edward Alvarez Councilmember March, 2017
Angel Carrillo Councilmember March, 2015
Robert Gonzales Councilmember March, 2017
Uriel Macias Mayor Pro-Tem 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 and Library 626-812-5024/5277
Joe Jacobs Director of Recreation & Family Services 626-812-5220
George Morrow Director of Utilities 626-812-5219
Robert Neiuber Director of Human Resources 626-812-5183
Susan Paragas Director of Finance 626-812-5202
Daryl L. Osby Fire Chief 626-974-8371
City Attorney Best, Best, & Krieger (Marco Martinez) 949-263-2603
vii
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viii
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Report on Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of City of Azusa, California, (the
City) as of and for the year ended June 30, 2013, and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors’ Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City of Azusa, California, as of June 30, 2013, and,
the respective changes in financial position and, where applicable, cash flows thereof and the respective
budgetary comparison for the General Fund for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Change in Accounting Principle
As discussed in Note 1 to the financial statements, in 2013 the City adopted new accounting guidance,
GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified
with respect to this matter.
Emphasis of Matters
We would like to draw the reader’s attention to Note 4 and Note 17 – relating to the extraordinary items
relating to the Successor Agency. The note provides information on the dissolution of the
Redevelopment Agency and the newly formed Successor Agency.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The introductory section, combining and individual
nonmajor fund financial statements, budgetary comparison schedules, and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and budgetary comparison schedules
are the responsibility of management and were derived from and relate directly to the underlying
accounting and other records used to prepare the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the combining and individual nonmajor fund
financial statements and schedules are fairly stated, in all material respects, in relation to the basic
financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
2
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4
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
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, 2013. 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 and deferred outflow of resources of the City exceeded its liabilities at the close of fiscal
year 2013 by $136,813,052 (net position).
• Total City assets of $272,106,037 include $151,759,702 or 48.4% of non-current assets attributed to
capital assets, net of depreciation.
• Total City liabilities of $136,551,254 include $123,200,884 or 90.22% of long-term liabilities attributed
mainly to tax allocation bonds and certificates of participation.
• As of June 30, 2013, the City’s governmental funds reported combined fund balances of
$26,351,075.
• At the end of the current fiscal year, the total fund balance for the General Fund was increased by
$1,104,638, excluding the extraordinary loss of $6,812,432 to $17,699,146.
• Total General Fund revenues received for the year were $33,666,025 and total General Fund
expenditures for the year were $29,608,398, an excess of revenues over expenditures amounting to
$4,057,627. 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 position presents information on all of the City’s assets, deferred outflow of
resources and liabilities, with the difference reported as net position. 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 position changed
during the most recent fiscal year. All changes in net position are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues
and expenses are reported in this statement for some items that will only result in cash flows in future
fiscal periods (e.g. uncollected taxes and earned but unused vacation leave).
5
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
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 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.
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 20 individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balance for the General Fund is considered to be a major fund. Data from the other 19
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
services predominantly benefit governmental rather than business type functions, they have been
included within governmental activities in the government-wide financial statements.
6
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
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 agency 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, deferred outflows of resources, liabilities and
net position for its governmental and business type activities. As noted earlier, a government’s net
position may serve over time as a useful indicator of its financial position.
2013 2012 2013 2012 2013 2012
Current and other assets 43,699,826$ 71,991,001$ 72,248,399$ 84,380,577$ 115,948,225$ 156,371,578$
Capital assets, net 29,086,566 28,862,696 127,071,246 130,412,822 156,157,812 159,275,518
Total assets 72,786,392 100,853,697 199,319,645 214,793,399 272,106,037 315,647,096
Deferred charge on refunding - - 1,258,269 - 1,258,269 -
Total deferred outflow of resouces - - 1,258,269 - 1,258,269 -
Current liabilities 3,543,881 13,048,589 9,806,489 8,392,436 13,350,370 21,441,025
Long-term liabilities 41,413,513 30,189,092 81,787,371 81,526,957 123,200,884 111,716,049
Total liabilities 44,957,394 43,237,681 91,593,860 89,919,393 136,551,254 133,157,074
Net position:
Net investment in capital assets 29,086,566 28,862,696 55,086,846 60,564,169 84,173,412 89,426,865
Restricted 8,800,537 5,306,039 11,554,302 10,845,193 20,354,839 16,151,232
Unrestricted (10,058,105) 23,447,281 42,342,906 53,464,644 32,284,801 76,911,925
Total net position 27,828,998$ 57,616,016$ 108,984,054$ 124,874,006$ 136,813,052$ 182,490,022$
City of Azusa - Summary of Net Position
Governmental Business Type
Activities Activities Total
As of June 30, 2013, the City’s assets and deferred outflow of resources exceeded liabilities by
$136,813,052. This represents a decrease from the prior year and can be attributed to the increase in
restricted funds for capital projects in governmental activities and a decrease in business type activities in
the net investment in capital assets as evidenced in the Proprietary Funds Statement of Net Position.
The non operating categories such as interest expense and franchise fees resulted in a net position
increase for the Water Fund $1,220,812, which includes the extraordinary loss of $1,221,413 from the
Successor Agency loans and a net decrease for the Electric Fund $1,597,238.
7
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
In evaluating the net position for both governmental and business-type activities in the City of Azusa,
$84,173,412 (61.52%) denotes net position invested in capital assets and $20,354,839 (14.88%)
represents resources that are subject to external restrictions. The remaining balance represents
unrestricted net position of $32,284,801 (23.60%).
The following chart shows the comparison of the three components of net assets for Fiscal Years
2012-13 and 2011-12 (in millions)
Net investment
in Capital
Assets
Restricted Unrestricted
Total Net
Position
FY 11/12 $89.4 $16.1 $75.9 $181.4
FY 12/13 $84.2 $20.3 $32.3 $136.8
0.0
40.0
80.0
120.0
160.0
200.0
Governmental activities. The following condensed summary of activities of the City’s governmental
activities for the year ended June 30, 2013 shows total net position equal $27,828,998, an decrease of
$27,502,184 (-48,62%), excluding restatements, from the prior year. The primary decrease is the
extraordinary loss of $28,165,584, which is further explained in note 4 of the financial statements, as well
as the increase in restricted funds for community development projects. Revenue and expense graphs
are included to aid the reader in understanding the results of the current year’s activities.
Business type activities. Business type activities net position totaled $108,984,054, a decrease of
$14,722,466 (-11.79%), excluding restatements, from the prior year. Key elements of the decrease also
attributes to the extraordinary loss of $13,351,770, which is further explained in note 4 of the financial
statements, as well as the increases in restricted funds for debt service and a decrease in net investment
in capital assets.
8
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
2013 2012 2013 2012 2013 2012
Program Revenues:
Charges for services 7,408,567$ 8,312,509$ 69,416,979$ 66,225,588$ 76,825,546$ 74,538,097$
Operating contributions
and grants 2,121,638 3,267,287 - - 2,121,638 3,267,287
Capital contributions
and grants 2,988,760 137,102 - - 2,988,760 137,102
General Revenues:
Taxes 29,220,689 29,046,350 556,161 555,225 29,776,850 29,601,575
Motor vehicle in lieu 25,224 - - - 25,224 -
Investment earnings 166,674 420,126 359,573 884,535 526,247 1,304,661
Gain on sale of assets - (50,068) (3,690) (1,966,003) (3,690) (2,016,071)
Miscellaneous 279,447 1,284,484 115,380 257,653 394,827 1,542,137
Total Revenues 42,210,999 42,417,790 70,444,403 65,956,998 112,655,402 108,374,788
Expenses:
General Government 9,208,777 11,484,071 - - 9,208,777 11,484,071
Public Safety 20,157,469 20,475,798 - - 20,157,469 20,475,798
Community Development 3,094,737 3,286,420 - - 3,094,737 3,286,420
Parks and Recreation 3,823,597 4,178,098 - - 3,823,597 4,178,098
Public Works 5,210,465 8,850,113 - - 5,210,465 8,850,113
Interest and Fiscal Charges 1,362,362 2,244,315 - - 1,362,362 2,244,315
Water - - 18,975,068 19,366,325 18,975,068 19,366,325
Light - - 44,121,911 39,115,161 44,121,911 39,115,161
Sewer/Wastewater - - 4,573,251 2,083,756 4,573,251 2,083,756
Refuse Contract - - 2,835,041 2,851,882 2,835,041 2,851,882
Total Expenses 42,857,407 50,518,815 70,505,271 63,417,124 113,362,678 113,935,939
Increase (decrease) in net assets
before transfers &
extraordinary items (646,408) (8,101,025) (60,868) 2,539,874 (707,276) (5,561,151)
Transfers 1,309,808 1,082,262 (1,309,808) (1,082,262) - -
Extraordinary gain/loss on dissolution
of redevelopment agency (28,165,584) 59,933,832 (13,351,770) - (41,517,354) 59,933,832
Change in Net Assets (27,502,184) 52,915,069 (14,722,446) 1,457,612 (42,224,630) 54,372,681
Net Assets (Deficits) - Beginning 56,565,044 3,627,149 124,872,036 123,400,456 181,437,080 127,027,605
Restatement of Net Assets (1,233,862) 22,826 (1,165,536) 13,968 (2,399,398) 36,794
Net Assets (Deficits) - Ending 27,828,998$ 56,565,044$ 108,984,054$ 124,872,036$ 136,813,052$ 181,437,080$
City of Azusa - Summary of Changes in Net Assets (Deficits)
Governmental Business Type
Activities Activities Total
The City’s total revenues are $112,655,402 and the costs of all programs and services are $113,362,678.
Fiscal year 2012-13 revenues increased by $4,280,614 (3.9%). Expenses decreased by $573,261
(0.5%) from prior year. Key factors include:
♦ The increase in the governmental activities revenue consisted of the capital grants.
♦ 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 3.5% and 7.1%
increases in sales and service charges for Electric and Water, respectively.
♦ Building revenues increased by $243,577 (16.4%) compared to FY 2011-12. The increase is
attributable to increased development in the City such as the construction of a materials recovery
facility, a retail store outlet and the pickup of sales in a new housing development.
9
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
Charges for services
17.6%
Contributions &
grants
12.1%
Property taxes
19.7%Sales taxes
16.4%
Franchise taxes
15.5%
Business licenses
taxes
4.7%
Utility users taxes
3.2%
Other taxes
5.9%
Investment
earnings/other
0.4%
Revenues by Source-Governmental Activities
Year Ended June 30, 2013
Key elements of this year’s summary of activities are as follows:
♦ Property tax revenue decreased by $1,544,003, Sales tax revenue increased by a $669,786 and
Franchise fees increased by $170,668 from the prior year.
♦ Charges for services revenue increased by $903,942; investment earnings decreased by
$253,452 primarily due to continued low interest rates.
♦ Operating contributions and grants decreased by $1,145,649 from the previous year primarily
due to fewer grants for Public Works and a reduction in the Community Development Building
Grant allocation.
10
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
General government
21.3%
Public safety
47.0%
Community
development
7.2%
Parks and recreation
8.9%
Public works
12.2%
Interest & fiscal
charges
3.2%
Expense by Activities-Governmental Activities
Year Ended June 30, 2013
• Total Governmental Activities expenses decreased $7,661,408 (-15.2%) over prior year.
• Total General Government expenses decreased $2,275,294 (-19.8%) compared to prior year.
The reduction is mainly due to layoffs, pension cost contributions by employees and attrition.
• Public Works expenditures decreased $3,639,648 (41.1%) primarily due to reductions in capital
improvement project activities.
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.
At the end of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $26,351,075, a decrease of $7,847,314 in comparison with the prior year’s revised fund
balance. This decrease is attributable to the extraordinary loss of $6,812,432, which is discussed further
in Note 4 of the financial statements. $21,017,402 is in non-spendable form, such as inventory, prepaids,
land held for resale, etc..
11
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
The General Fund is the chief operating fund of the City of Azusa. During fiscal year 2012-13, its fund
balance increased by $1,104,638, excluding the extraordinary loss of $6,812,432, primarily as a result of
the increased revenues, specifically attributable to sales taxes as a result of the rescinding of the sales
tax agreement between the City and the former redevelopment agency of the City and increased
consumer spending in the City. In addition, the property tax revenue also increased due to the sales of
properties at the Rosedale housing development and the slowly increasing real property values. At the
end of the current fiscal year, the General Fund total fund balance was $17,699,146.
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 position of the City’s proprietary funds at the end of the year amounted to $41,494,915.
Total unrestricted net position decreased by $11,245,180 (-21.3%) and total net position decreased by
$14,722,445, excluding restatements, (-2.1%) from the previous fiscal year.
Unrestricted net position of the City’s Water Utility at the end of the year amounted to $29,504,413 which
is an increase of $4,928,258 (20.1%), and total net position increased by $1,220,812 (2.2%) from the
previous fiscal year. An increase in operating revenues and decrease in expenditures were attributable
to the favorable numbers.
Unrestricted net position of the City’s Light Utility at the end of the year amounted to $11,688,515. Total
unrestricted net position decreased by $13,750,729 (-54.1%) and total net position decreased by
$13,727,595 (-23.3%), excluding restatements, from the previous fiscal year. This negative change was
primarily attributable to the increases source of supply costs and an extraordinary loss of $12,130,357,
which is discussed further in Note 4 of the financial statements.
The following chart highlights total revenue and total expenses for each of the business type activities for
fiscal year end June 30, 2013.
Water Light Sewer/
Wastewater Refuse Contract
Revenue $21.8 $42.7 $2.5 $3.5
Expenses $19.2 $44.3 $4.6 $2.8
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
12
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
General Fund Budgetary Highlights
Following is a summary of budgetary changes and actual results for General Fund, revenues,
expenditures, and other financing sources:
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 25,952,490$ 25,883,490$ 27,316,620$ 1,433,130$
Charges for services 1,360,355 1,607,885 1,691,537 83,652
Assessments 3,419,070 3,268,040 1,605,028 (1,663,012)
Other revenue 2,483,980 1,922,980 3,052,840 1,129,860
Total revenue 33,215,895 32,682,395 33,666,025 983,630
EXPENDITURES
Operations 27,973,730 28,026,390 27,933,658 92,732
Capital Outlay 4,345 84,345 83,188 1,157
Debt Service 1,661,435 1,661,435 1,591,552 69,883
Total expenditures 29,639,510 29,772,170 29,608,398 163,772
Excess of revenues
over expenditures 3,576,385 2,910,225 4,057,627 819,858
OTHER FINANCING SOURCES (USES)
Transfers in 1,432,970 1,485,190 1,463,591 (21,599)
Transfers out (4,435,805) (4,440,555) (4,416,580) 23,975
Extraordinary loss - - (6,812,432) (6,812,432)
Total other financing sources (uses)(3,002,835) (2,955,365) (9,765,421) (6,810,056)
Net change in fund balance 573,550 (45,140) (5,707,794) (5,662,654)
Fund balance beginning of year 23,406,940 23,406,940 23,406,940 -
Fund balance end of year $23,980,490 $23,361,800 $17,699,146 ($5,662,654)
City of Azusa - General Fund Budgetary Summary
Revenues, Expenditures, and Changes in Fund Balance
June 30, 2013
Budgeted Amounts
The difference between the original expenditure budget and the final amended expenditure budget was
an increase of $132,660 with highlights as follows:
♦ General Government saw a net decrease in appropriations of $468,180 that included the
reductions in personnel costs due to additional staffing reductions and reductions in the
unemployment costs. However, there were increases in retiree accrual payouts due to
unanticipated retirements.
♦ Parks and Recreation increased by $119,415 mainly due to increases in utility costs associated
with increases in utility rates and additional park maintenance responsibilities.
13
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
Capital Asset and Debt Administration
Capital assets. The City’s investment in capital assets for its governmental and business type activities
as of June 30, 2013 amounted to $156,157,812 (net of accumulated depreciation). This investment
includes land, construction in progress, land improvements, buildings and structures, machinery and
equipment, automotive equipment and infrastructure.
2013 2012 2013 2012 2013 2012
Land 1,319,536$ 1,319,536$ 2,988,973$ 2,988,973$ 4,308,509$ 4,308,509$
Construction in Progress 71,222 71,222 18,379 18,379 89,601 89,601
Land Improvements 1,579,399 1,709,233 498,355 537,935 2,077,754 2,247,168
Buildings and Structures 7,398,119 7,199,303 13,905,951 14,416,101 21,304,070 21,615,404
Machinery and Equipment 1,021,749 1,181,538 3,054,779 3,461,308 4,076,528 4,642,846
Automotive Equipment 660,885 849,664 509,263 559,065 1,170,148 1,408,729
Infrastructure 17,035,656 16,532,200 106,095,546 108,429,091 123,131,202 124,961,291
Total 29,086,566$ 28,862,696$ 127,071,246$ 130,410,852$ 156,157,812$ 159,273,548$
City of Azusa - Capital Assets
(Net of Accumulated Depreciation)
Governmental Business Type
Activities Activities Total
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
$120,078,440. Of this amount, $33,204,680 is a liability of the Governmental Activities and $86,873,760
is a liability of the Business Type Activities.
2013 2012 2013 2012 2013 2012
Employee Leave Benefits 4,586,789$ 3,575,113$ 1,500,254$ 1,252,028$ 6,087,043$ 4,827,141$
Net OPEB Liability 8,372,606 7,361,411 - - 8,372,606 7,361,411
Advance from the Successor Agency 8,208,833 - - - 8,208,833 -
2003 COPS 2,785,000 3,025,000 2,540,000 3,070,000 5,325,000 6,095,000
2006 Water Revenue Bonds - - 53,645,000 53,965,000 53,645,000 53,965,000
2008 Taxable Pension Fnding Bd 4,855,000 5,555,000 - - 4,855,000 5,555,000
2011 Sewer Installment Loan - - 5,405,000 5,630,000 5,405,000 5,630,000
2012 Electric Refunding Bond - - 5,820,000 5,820,000 5,820,000 5,820,000
2012 Water Refunding Bonds - - 8,715,000 8,715,000 8,715,000 8,715,000
Developer Agreements 10,403,644 10,005,461 - - 10,403,644 10,005,461
Claims and Judgments Payable 2,125,263 1,723,591 - - 2,125,263 1,723,591
Unamortized Loss on Defeasance - - - (1,318,187) - (1,318,187)
Unamortized Premium/Discount 76,378 97,256 4,162,117 4,393,116 4,238,495 4,490,372
Total 41,413,513$ 31,342,832$ 81,787,371$ 81,526,957$ 123,200,884$ 112,869,789$
City of Azusa - Outstanding Debt
Governmental Business Type
Activities Activites Total
Additional information on the City’s long-term debt can be found in Note 6 of Notes to the Basic Financial
Statements.
14
City of Azusa
Management’s Discussion and Analysis
June 30, 2013
Economic Factors and Next Year’s Budgets and Rates
The revenue projections for the 2013-14 General Fund adopted budget reflected an increase of 2.3%
over the prior year’s final budget. Major revenues are anticipated to slightly increase due to the slow
growth in the economy. As previously mentioned, the rescinding of the sales tax agreement between the
City and the former RDA is attributable to the revenue increase. 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, increased by 0.77% for the
2013-14 adopted budget. In FY 2012-13, 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
2013-14, the City adopted a balanced budget with a surplus of $93,965 for the General Fund.
The State of California fiscal crisis continues to have negative impacts on the City’s finances. The State
eliminated the redevelopment agencies effective February 1, 2012. This elimination cripples future
redevelopment as the former agency is prohibited from entering into new projects, obligations or
commitments. This financial statement no longer includes the former RDA Funds. The funds were
transferred to the Successor Agency Fund that is categorized as a fiduciary fund.
While the City has seen a slight increase in sales tax and property tax revenue due to Target and the
increasing home sales price, the levels are still below our peak in FY 2008-09. City staff will continue to
be prudent with its budget and to monitor any legislative action that could impact the financial condition in
Azusa.
Request for Information
This financial report is designed to provide a general overview of the financial position of the City of
Azusa for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to City of
Azusa Finance Department, 213 E. Foothill Blvd., Azusa, CA 91702.
15
THIS PAGE INTENTIONALLY LEFT BLANK
16
CITY OF AZUSA
STATEMENT OF NET POSITION
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 12,820,677$ 28,294,425$ 41,115,102$
Receivables:
Accounts 1,369,316 10,411,045 11,780,361
Taxes 2,240,799 - 2,240,799
Notes and loans 3,441,956 78,775 3,520,731
Accrued interest 1,807 21,959 23,766
Internal balances (5,957,405) 5,957,405 -
Prepaid costs 59,218 16,124 75,342
Deposits 465 - 465
Inventories 136,942 1,666,719 1,803,661
Land held for resale 20,773,838 2,919,646 23,693,484
Restricted assets:
Cash and investments 30,834 13 30,847
Cash with fiscal agent 640,438 13,202,045 13,842,483
Cash held for rate stabilization - 9,680,243 9,680,243
Net pension asset 8,140,941 - 8,140,941
Capital assets not being depreciated 1,390,758 3,007,352 4,398,110
Capital assets, net of depreciation 27,695,808 124,063,894 151,759,702
Total Assets 72,786,392 199,319,645 272,106,037
Deferred Outflows of Resources:
Deferred charge on refunding - 1,258,269 1,258,269
Total Deferred Outflows
of Resources - 1,258,269 1,258,269
Liabilities:
Accounts payable 1,723,257 3,946,307 5,669,564
Accrued liabilities 1,073,929 243,789 1,317,718
Accrued interest 204,439 1,643,082 1,847,521
Unearned revenue 542,256 - 542,256
Deposits payable - 3,939,504 3,939,504
Due to other governments - 33,807 33,807
Noncurrent liabilities:
Due within one year 5,195,862 2,821,262 8,017,124
Due in more than one year 36,217,651 78,966,109 115,183,760
Total Liabilities 44,957,394 91,593,860 136,551,254
Net Position:
Net investment in capital assets 29,086,566 55,086,846 84,173,412
Restricted for:
Community development projects 3,670,816 - 3,670,816
Public safety 1,291,419 - 1,291,419
Capital projects 3,355,674 - 3,355,674
Debt service 482,628 1,874,059 2,356,687
Rate stabilization - 9,680,243 9,680,243
Unrestricted (10,058,105) 42,342,906 32,284,801
Total Net Position 27,828,998$ 108,984,054$ 136,813,052$
JUNE 30, 2013
Primary Government
See Notes to Financial Statements 17
CITY OF AZUSA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2013
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 9,208,777$ 2,304,290$ 43,130$ -$
Public safety 20,157,469 705,140 963,504 203,760
Community development 3,094,737 2,831,860 129,680 -
Parks and Recreation 3,823,597 1,090,771 218,888 -
Public works 5,210,465 476,506 766,436 2,785,000
Interest on long-term debt 1,362,362 - - -
Total Governmental Activities 42,857,407 7,408,567 2,121,638 2,988,760
Business-Type Activities:
Water 18,975,068 21,604,435 - -
SewerLight 44,121,911 42,377,694 - -
Solid WasteSewer/ Wastewater 4,573,251 2,480,008 - -
Golf courseRefuse Contract 2,835,041 2,954,842 - -
Total Business-Type Activities 70,505,271 69,416,979 - -
Total Primary Government 113,362,678$ 76,825,546$ 2,121,638$ 2,988,760$
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
Gain on sale of capital asset
Extraordinary gain/(loss)
Transfers
Total General Revenues, extraordinary items
and Transfers
Change in Net Position
Net Position at Beginning of Year
Restatement of Net Position
Net Position at End of Year
Program Revenues
See Notes to Financial Statements 18
Primary Government Component Unit
Governmental Business-Type Marketing
Activities Activities Total
(6,861,357)$ -$ (6,861,357)$
(18,285,065) - (18,285,065)
(133,197) - (133,197)
(2,513,938) - (2,513,938)
(1,182,523) - (1,182,523)
(1,362,362) - (1,362,362)
(30,338,442) - (30,338,442)
- 2,629,367 2,629,367
- (1,744,217) (1,744,217)
- (2,093,243) (2,093,243)
- 119,801 119,801
- (1,088,292) (1,088,292)
(30,338,442) (1,088,292) (31,426,734)
8,312,351 556,161 8,868,512
224,359 - 224,359
6,904,400 - 6,904,400
6,526,496 - 6,526,496
1,983,634 - 1,983,634
3,305,545 - 3,305,545
1,963,904 - 1,963,904
25,224 - 25,224
166,674 359,573 526,247
279,447 115,380 394,827
- (3,690) (3,690)
(28,165,584) (13,351,770) (41,517,354)
1,309,808 (1,309,808) -
2,836,258 (13,634,154) (10,797,896)
(27,502,184) (14,722,446) (42,224,630)
56,565,044 124,872,036 181,437,080
(1,233,862) (1,165,536) (2,399,398)
27,828,998$ 108,984,054$ 136,813,052$
Net (Expenses) Revenues and Changes in Net Position
See Notes to Financial Statements 19
CITY OF AZUSA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2013
Other Total
Governmental Governmental
General Funds Funds
Assets:
Pooled cash and investments 20,154$ 10,237,215$ 10,257,369$
Receivables:
Accounts 765,400 601,021 1,366,421
Taxes 2,137,026 103,773 2,240,799
Notes and loans 571,210 2,869,762 3,440,972
Accrued interest - 1,455 1,455
Prepaid costs 2,051 22,950 25,001
Deposits - 465 465
Inventories 136,942 - 136,942
Land held for resale 20,773,838 - 20,773,838
Restricted assets:
Cash and investments - 30,834 30,834
Cash and investments with fiscal agents 157,818 482,620 640,438
Total Assets 24,564,439$ 14,350,095$ 38,914,534$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 582,283$ 721,759$ 1,304,042$
Accrued liabilities 981,414 63,379 1,044,793
Unearned revenues - 542,256 542,256
Due to other funds 4,580,228 358,801 4,939,029
Advances from other funds 231,000 750,000 981,000
Total Liabilities 6,374,925 2,436,195 8,811,120
Deferred Inflows of Resources:
Unavailable revenues 490,368 3,261,971 3,752,339
Total Deferred Inflows of Resources 490,368 3,261,971 3,752,339
Fund Balances:
Nonspendable:
Inventory 136,942 - 136,942
Prepaid costs 2,051 22,239 24,290
Land held for resale 20,773,838 - 20,773,838
Notes and loans 80,842 1,025 81,867
Deposits - 465 465
Restricted for:
Community development projects - 3,875,349 3,875,349
Public safety - 1,291,419 1,291,419
Capital Projects - 3,355,674 3,355,674
Debt service - 482,628 482,628
Unassigned (3,294,527) (376,870) (3,671,397)
Total Fund Balances 17,699,146 8,651,929 26,351,075
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 24,564,439$ 14,350,095$ 38,914,534$
See Notes to Financial Statements 20
CITY OF AZUSA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2013
Fund balances of governmental funds 26,351,075$
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets net of depreciation have not been included as financial resources
in governmental fund activity.28,605,103
Long-term debt and compensated absences
that have not been included in the governmental fund activity:
Long-term liabilities (26,328,855)$
Compensated Absences (4,306,322) (30,635,177)
Governmental funds report all pension OPEB contributions as expenditures,
however in the statement of net position any excesses or deficiencies
in contributions in relation to the Annual Required Contribution (ARC) are
recorded as a asset or liability.
Net OPEB Liability (8,372,606)
Net Pension Asset 8,140,941 (231,665)
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds.(204,439)
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.3,752,339
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The assets and liabilities of the internal service funds must be added to the
statement of net position.191,762
Net Position of governmental activities 27,828,998$
See Notes to Financial Statements 21
CITY OF AZUSA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
Other Total
Governmental Governmental
General Funds Funds
Revenues:
Taxes 27,316,620$ 1,863,762$ 29,180,382$
Assessments 1,605,028 - 1,605,028
Licenses and permits 1,369,901 - 1,369,901
Intergovernmental 269,417 2,586,793 2,856,210
Charges for services 1,691,537 1,596,572 3,288,109
Use of money and property 105,017 52,005 157,022
Fines and forfeitures 989,616 - 989,616
Contributions 15,122 49,339 64,461
Miscellaneous 303,767 80,615 384,382
Total Revenues 33,666,025 6,229,086 39,895,111
Expenditures:
Current:
General government 6,868,994 299,713 7,168,707
Public safety 15,835,931 4,241,937 20,077,868
Community development 1,642,014 1,411,936 3,053,950
Parks and recreation 3,056,004 397,465 3,453,469
Public works 530,715 3,642,787 4,173,502
Capital outlay 83,188 2,265,436 2,348,624
Debt service:
Principal retirement 1,239,367 240,000 1,479,367
Interest and fiscal charges 352,185 119,650 471,835
Total Expenditures 29,608,398 12,618,924 42,227,322
Excess (Deficiency) of Revenues
Over (Under) Expenditures 4,057,627 (6,389,838) (2,332,211)
Other Financing Sources (Uses):
Transfers in 1,463,591 4,539,565 6,003,156
Transfers out (4,416,580) (289,247) (4,705,827)
Total Other Financing Sources
(Uses)(2,952,989) 4,250,318 1,297,329
Extraordinary gain/(loss)(6,812,432) - (6,812,432)
Net Change in Fund Balances (5,707,794) (2,139,520) (7,847,314)
Fund Balances, Beginning of Year, as
previously reported 15,134,156 10,882,645 26,016,801
Restatements 8,272,784 (91,196) 8,181,588
Fund Balances, Beginning of Year, as restated 23,406,940 10,791,449 34,198,389
Fund Balances, End of Year 17,699,146$ 8,651,929$ 26,351,075$
See Notes to Financial Statements 22
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, 2013
Net change in fund balances - total governmental funds (7,847,314)$
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 1,787,842$
Depreciation (1,421,566) 366,276
Repayment of bond principal is an expenditure in the governmental funds, but the
repayment reduces long-term liabilities in the statement of net position.
Principal repayments 1,479,367
Amortization of bond premiums/discounts 20,878
Accrued interest on Obligation debt (937,550) 562,695
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.26,145
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.(963,209)
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 500,293
Net Pension Asset (755,744) (255,451)
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.2,867,018
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.(22,258,344)
Change in net position of governmental activities (27,502,184)$
See Notes to Financial Statements 23
CITY OF AZUSA
BUDGETARY COMPARISON STATEMENT BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 23,406,940$ 23,406,940$ 23,406,940$ -$
Resources (Inflows):
Taxes 25,952,490 25,883,490 27,316,620 1,433,130
Assessments 3,419,070 3,268,040 1,605,028 (1,663,012)
Licenses and permits 853,250 932,250 1,369,901 437,651
Intergovernmental 111,280 111,280 269,417 158,137
Charges for services 1,360,355 1,607,885 1,691,537 83,652
Use of money and property 420,000 420,000 105,017 (314,983)
Fines and forfeitures 881,400 421,400 989,616 568,216
Contributions 20,500 20,500 15,122 (5,378)
Miscellaneous 197,550 17,550 303,767 286,217
Transfers in 1,432,970 1,485,190 1,463,591 (21,599)
Amounts Available for Appropriation 58,055,805 57,574,525 58,536,556 962,031
Charges to Appropriation (Outflow):
General government
City council 138,315 137,215 124,573 12,642
City Attorney 234,000 241,230 241,224 6
Administration 368,160 359,430 335,414 24,016
Promotion / Membership 172,870 167,410 146,417 20,993
City Clerk 541,675 434,245 415,244 19,001
Library Services - General 1,177,460 995,765 995,758 7
Library Services - Youth 21,280 21,740 21,732 8
Finance - Accounting 749,060 701,770 696,293 5,477
Cash Management 124,435 144,935 156,658 (11,723)
Purchasing 218,930 227,115 226,931 184
Printing Services 11,400 11,400 9,036 2,364
Human Resources 297,900 376,855 346,673 30,182
City-wide 2,874,775 2,641,765 2,863,852 (222,087)
Admin Services / Business Lic 290,115 291,320 289,189 2,131
Public safety
Police 14,725,195 14,863,555 15,082,710 (219,155)
Emergency Services 50,525 9,700 4,658 5,042
Police Department Contracts 794,080 716,080 628,083 87,997
Area D 100,000 114,800 114,780 20
Pension Safety 5,000 5,000 5,700 (700)
Community development
Planning 383,560 436,550 436,081 469
Building Regulation 680,825 947,000 778,527 168,473
Code Enforcement 470,270 474,075 427,406 46,669
Parks and recreation
Recreation 1,270,560 1,380,695 1,380,483 212
Parks Maintenance 1,499,135 1,540,180 1,493,043 47,137
Senior Programs 194,380 163,000 162,886 114
Women's Club 28,345 27,960 19,592 8,368
Public works
Engineering Services 59,000 59,000 55,011 3,989
Graffiti Removal 17,200 17,200 11,970 5,230
Facilities Maintenance 475,280 519,400 463,734 55,666
Capital outlay 4,345 84,345 83,188 1,157
Debt service:
Principal retirement 700,000 1,190,000 1,239,367 (49,367)
Interest and fiscal charges 961,435 471,435 352,185 119,250
Transfers out 4,435,805 4,440,555 4,416,580 23,975
Extraordinary loss - - 6,812,432 (6,812,432)
Total Charges to Appropriations 34,075,315 34,212,725 40,837,410 (6,624,685)
Budgetary Fund Balance, June 30 23,980,490$ 23,361,800$ 17,699,146$ (5,662,654)$
See Notes to Financial Statement 24
CITY OF AZUSA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2013
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 16,423,051$ 9,593,724$ 842,292 $ 26,859,067$ 3,998,666 $
Receivables:
Accounts 4,976,631 4,656,672 767,693 10,400,996 12,944
Notes and loans 293 74,864 87 75,244 4,515
Accrued interest - 14,535 357 14,892 7,419
Prepaid costs 50 13,956 - 14,006 36,335
Due from other governments - - - - -
Due from other funds 4,976,405 - - 4,976,405 -
Inventories - 1,666,719 - 1,666,719 -
Land held for resale 2,919,646 - - 2,919,646 -
Restricted:
Cash and investments - 13 - 13 -
Cash with fiscal agent 6,723,780 2,110,787 4,367,478 13,202,045 -
Cash held for rate stabilization - 9,680,243 - 9,680,243 -
Total Current Assets 36,019,856 27,811,513 5,977,907 69,809,276 4,059,879
Noncurrent:
Advances to other funds - 981,000 - 981,000 -
Capital assets - net of accumulated depreciation 88,388,443 29,514,102 8,455,567 126,358,112 1,194,597
Total Noncurrent Assets 88,388,443 30,495,102 8,455,567 127,339,112 1,194,597
Total Assets 124,408,299 58,306,615 14,433,474 197,148,388 5,254,476
Deferred Outflows of Resources:
Deferred charge on refunding 868,444 389,825 - 1,258,269 -
Total Deferred Outflows of Resources 868,444 389,825 - 1,258,269 -
Total Assets and Deferred Outflows
of Resources:125,276,743$ 58,696,440$ 14,433,474$ 198,406,657$ 5,254,476$
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable 1,143,647$ 1,482,340$ 1,050,177$ 3,676,164$ 689,358$
Accrued liabilities 78,516 75,744 25,707 179,967 92,958
Accrued interest 1,485,669 157,413 - 1,643,082 -
Deposits payable 875,594 2,942,943 120,967 3,939,504 -
Due to other governments 33,807 - - 33,807 -
Due to other funds - - - - 37,376
Accrued compensated absences 305,624 349,239 74,797 729,660 285,948
Accrued claims and judgments - - - - 1,195,450
Bonds, notes, and capital leases 1,000,000 555,000 325,000 1,880,000 -
Total Current Liabilities 4,922,857 5,562,679 1,596,648 12,082,184 2,301,090
Noncurrent:
Accrued compensated absences 152,357 305,276 36,794 494,427 270,686
Accrued claims and judgments - - - - 929,813
Bonds, notes, and capital leases 65,389,132 7,937,985 5,080,000 78,407,117 -
Total Noncurrent Liabilities 65,541,489 8,243,261 5,116,794 78,901,544 1,200,499
Total Liabilities 70,464,346 13,805,940 6,713,442 90,983,728 3,501,589
Net Position:
Net investment in capital assets 25,307,984 21,647,683 7,418,045 54,373,712 1,194,597
Restricted for debt service - 1,874,059 - 1,874,059 -
Restricted for rate stabilization - 9,680,243 - 9,680,243 -
Unrestricted 29,504,413 11,688,515 301,987 41,494,915 558,290
Total Net Position 54,812,397 44,890,500 7,720,032 107,422,929 1,752,887
Total Liabilities and Net Position 125,276,743$ 58,696,440$ 14,433,474$ 198,406,657$ 5,254,476$
Reconciliation of Net Position to the Statement of Net Position
Net Position per Statement of Net Position - Proprietary Funds 107,422,929$
Prior years' accumulated adjustment to reflect the consolidation of
internal service funds activities related to the enterprise funds 1,561,126
Current years' adjustments to reflect the consolidation of internal
service activities related to enterprise funds (1)
Net Position per Statement of Net Position 108,984,054$
Business-Type Activities - Enterprise Funds
Water Light
See Notes to Financial Statements 25
CITY OF AZUSA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2013
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Operating Revenues:
Sales and service charges 21,604,435$ 42,377,694$ 5,434,850$ 69,416,979$ 10,376,010$
Interdepartmental charges 36,910 43,459 - 80,369 -
Miscellaneous - 21,802 13,209 35,011 11,250
Total Operating Revenues 21,641,345 42,442,955 5,448,059 69,532,359 10,387,260
Operating Expenses:
Administration and general 6,364,527 6,625,811 1,136,987 14,127,325 8,775,126
Source of supply 982,597 29,099,762 - 30,082,359 365,843
Pumping 52,312 - - 52,312 -
Transmission/collection 1,681,967 3,157,698 - 4,839,665 -
Treatment 457,764 - 2,772,972 3,230,736 -
Refuse collection - - 2,835,041 2,835,041 -
Cost of sales and services 2,666,906 162,978 - 2,829,884 -
Claims expense - - 67,150 67,150 1,549,004
Depreciation expense 3,646,666 1,246,025 358,477 5,251,168 265,849
Total Operating Expenses 15,852,739 40,292,274 7,170,627 63,315,640 10,955,822
Operating Income (Loss)5,788,606 2,150,681 (1,722,568) 6,216,719 (568,562)
Nonoperating Revenues (Expenses):
Taxes - - 556,161 556,161 -
Interest revenue 120,491 224,535 14,547 359,573 9,652
Interest expense (2,981,340) (324,912) (188,567) (3,494,819) -
Other non-operating 1 - - (49,098) (49,098) -
Special franchise fees (374,184) (3,630,291) - (4,004,475) -
Loss on investment sale - (5,240) - (5,240) -
Gain (loss) on disposal of capital assets - 1,550 - 1,550 -
Total Nonoperating
Revenues (Expenses)(3,235,033) (3,734,358) 333,043 (6,636,348) 9,652
Income (Loss) Before Transfers and 2,553,573 (1,583,677) (1,389,525) (419,629) (558,910)
extraordinary items
Transfers in - - - - 152,619
Transfers out (111,348) (13,561) (826,137) (951,046) (498,902)
Extraordinary gain/(loss)(1,221,413) (12,130,357) - (13,351,770) (21,353,152)
Changes in Net Position 1,220,812 (13,727,595) (2,215,662) (14,722,445) (22,258,345)
Net Position:
Beginning of Year, as
previously reported 54,420,506 58,886,218 10,004,186 123,310,910 24,860,364
Restatements (828,921) (268,123) (68,492) (1,165,536) (849,132)
Beginning of Fiscal Year, as restated 53,591,585 58,618,095 9,935,694 122,145,374 24,011,232
End of Fiscal Year 54,812,397$ 44,890,500$ 7,720,032$ 107,422,929$ 1,752,887$
Reconciliation of Changes in Net Position to the Statement of Activities:
Changes in Net Position, per the Statement of Revenues,
Expenses and Changes in Fund Net Position - Proprietary Funds (14,722,445)$
Adjustment to reflect the consolidation of current fiscal year
internal service funds activities related to enterprise funds (1)
Changes in Net Position of Business-Type Activities per Statement of Activities (14,722,446)$
Water Light
See Notes to Financial Statements 26
CITY OF AZUSA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2013
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Cash Flows from Operating Activities:
Cash received from customers and users 21,026,323$ 42,639,859$ 5,346,998$ 69,013,180$ 10,359,788$
Cash received from/(paid to) interfund service provided 36,910 43,459 - 80,369 -
Cash paid to suppliers for goods and services (6,246,556) (31,565,501) (5,015,827) (42,827,884) (1,468,306)
Cash paid to employees for services (6,274,274) (6,537,394) (1,117,440) (13,929,108) (8,694,720)
Net Cash Provided by (Used in) Operating Activities 8,542,403 4,580,423 (786,269) 12,336,557 196,762
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (111,348) (13,561) (826,137) (951,046) (498,902)
Cash transfers in - - - - 152,619
Repayment made to other funds - - - - (4,465)
Cash due from other funds (118,544) - - (118,544) -
Net Cash Used in
Non-Capital Financing Activities (229,892) (13,561) (826,137) (1,069,590) (350,748)
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (1,489,063) (541,259) (4,683) (2,035,005) -
Principal paid on capital debt 372,099 (134,911) (225,000) 12,188 -
Interest paid on capital debt (3,692,509) (640,654) (188,567) (4,521,730) -
Special franchise fees paid (374,184) (3,630,291) (49,098) (4,053,573) -
Advance to other funds - 25,000 - 25,000 -
Gain from sales of capital assets - 1,550 556,161 557,711 -
Net Cash Provided by (Used in)
Capital and Related Financing Activities (5,183,657) (4,920,565) 88,813 (10,015,409) -
Cash Flows from Investing Activities:
Repayment received on loans 576 2,621 189 3,386 5,904
Issuance of new loans - (5,240) - (5,240) (2,006)
Interest received 120,491 210,000 15,195 345,686 16,509
Net Cash Provided by
Investing Activities 121,067 207,381 15,384 343,832 20,407
Net Increase (Decrease) in Cash
and Cash Equivalents 3,249,921 (146,322) (1,508,209) 1,595,390 (133,579)
Cash and Cash Equivalents at Beginning of Year 19,896,910 21,531,089 6,717,979 48,145,978 4,132,245
Cash and Cash Equivalents at End of Year 23,146,831$ 21,384,767$ 5,209,770$ 49,741,368$ 3,998,666$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)5,788,606$ 2,150,681$ (1,722,568)$ 6,216,719$ (568,562)$
Adjustments to reconcile operating income (loss)
net cash provided by (used in) operating activities:
Depreciation 3,646,666 1,246,025 358,477 5,251,168 265,849
(Increase) decrease in accounts receivable (578,112) 240,363 (101,061) (438,810) (9,027)
(Increase) decrease in inventories - (41,947) - (41,947) -
(Increase) decrease in prepaid expense - (5,306) - (5,306) (18,541)
Increase (decrease) in accounts payable (455,925) 386,434 537,325 467,834 103,452
Increase (decrease) in accrued liabilities 4,592 (22,662) 1,044 (17,026) (57,064)
Increase (decrease) in deposits payable 49,492 515,756 120,967 686,215 (1,423)
Increase (decrease) in due to other governments 1,423 - - 1,423 -
Increase (decrease) in claims and judgments - - - - 401,672
Increase (decrease) in compensated absences 85,661 111,079 19,547 216,287 80,406
Total Adjustments 2,753,797 2,429,742 936,299 6,119,838 765,324
Net Cash Provided by (Used in)
Operating Activities 8,542,403$ 4,580,423$ (786,269)$ 12,336,557$ 196,762$
Water Light
See Notes to Financial Statements 27
CITY OF AZUSA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2013
Agency
Funds
Assets:
Pooled cash and investments 7,273,064$ 2,454,329$
Receivables:
Accounts 762 31,112
Taxes 132,878 -
Notes and loans - 1,440,269
Accrued interest - 11
Advances to City - 8,208,833
Land held for resale - 15,903,913
Restricted assets:
Cash and investments with fiscal agents - 4,136,587
Capital assets:
Capital assets, not being depreciated - 410,420
Capital assets, net of accumulated depreciation - 1,313,999
Total Assets 7,406,704$ 33,899,473
Liabilities:
Accounts payable 7,363,959$ 1,585,912
Accrued liabilities 4,947 -
Accrued interest - 1,215,248
Unavailable revenues - 1,082,880
Deposits payable 25,358 -
Due to other governments 12,440 -
Advances from City - -
Long-term liabilities:
Due in one year - 1,295,000
Due in more than one year - 50,509,637
Total Liabilities 7,406,704$ 55,688,677
Net Position:
Held in trust for other purposes (21,789,204)
Total Net Position (21,789,204)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 28
CITY OF AZUSA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2013
Additions:
Taxes 4,660,564$
Interest and change in fair value of investments 91,214
Contributions from City 8,501
Miscellaneous 696
Total Additions 4,760,975
Deductions:
Administrative expenses 158,812
Contractual services 238,263
Interest expense 3,090,775
Depreciation expense 164,695
Total Deductions 3,652,545
Extraordinary gain/(loss)41,517,354
Changes in Net Position 42,625,784
Net Position - Beginning of the Year (63,641,474)
Restatement (773,514)
Net Position - End of the Year (21,789,204)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 29
THIS PAGE INTENTIONALLY LEFT BLANK
30
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2013
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:
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.
31
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
b. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the nonfiduciary activities of the
primary government and its component units. For the most part, the effect of interfund
activity has been removed from these statements. Governmental activities, which
normally are supported by taxes and intergovernmental revenues, are reported
separately from business-type activities, which rely to a significant extent on fees and
charges for support.
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.
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.
32
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
The City reports the following major governmental fund:
• 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 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.
• 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.
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.
33
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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 Successor Agency 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.
d. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources
and Net Position 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.
34
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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.
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.
35
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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.
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
Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial statement
element, deferred outflows of resources, represents a consumption of net position
that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/ expenditure) until then. The City has this type of item which is
the deferred charge on refunding of long-term debt. This has been presented in the
Statements of Net Position.
36
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial statement
element, deferred inflows of resources, represents an acquisition of net position that
applies to a future period(s) and so will not be recognized as an inflow of resources
(revenue) until that time. The City has this type of item, which arises only under a
modified accrual basis of accounting that qualifies for reporting in this category.
Accordingly, the item, unavailable revenue, is reported only in the governmental
funds’ balance sheet. The governmental funds report unavailable revenues from two
sources: various taxes and grants. These amounts are deferred and recognized as
an inflow of resources in the period that the amounts become available.
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 position, or private
purpose fund types statement of net position. Bond premiums and discounts 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 no longer reported as deferred charges and amortized over the
term of the related debt. Debt issuance costs should be recognized in the period
incurred. This was a change in accounting principle due to implementing GASB 65.
In the fund financial statements, governmental fund types recognize bond premiums
and discounts during the current period. The face amount of debt issued is reported
as other financing sources. Bond issuance costs are expensed in the year incurred.
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
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.
37
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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.
Net position flow assumption
Sometimes the government will fund outlays for a particular purpose from both
restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In
order to calculate the amounts to report as restricted – net position and
unrestricted – net position in the government-wide and proprietary fund financial
statements, a flow assumption must be made about the order in which the resources
are considered to be applied. It is the government’s policy to consider restricted – net
position to have been depleted before unrestricted – net position is applied.
38
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Fund balance flow assumptions
Sometimes the government will fund outlays for a particular purpose from both
restricted and unrestricted resources (the total of committed, assigned, and
unassigned fund balance). In order to calculate the amounts to report as restricted,
committed, assigned, and unassigned fund balance in the governmental fund
financial statements a flow assumption must be made about the order in which the
resources are considered to be applied. It is the government’s policy to consider
restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted first,
followed by assigned fund balance. Unassigned fund balance is applied last.
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
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.
39
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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 26,859,067$ 3,998,666$
Restricted:
Cash and investments 13 -
Cash with fiscal agent 13,202,045 -
Cash held for rate stabilization 9,680,243 -
Total 49,741,368$ 3,998,666$
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 position:
The governmental fund balance sheet includes reconciliation between fund balance,
governmental funds and net position of governmental activities as reported in the
government-wide statement of net position. 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 ($18,120,022) long-term debt
difference is as follows:
Long-term debt:
Developer loans payable (10,403,644)$
Certificates of participation (2,785,000)
Taxable pension bonds (4,855,000)
Deferred premium on bonds and COP
(to be amortized over life of debt)(76,378)
Net adjustment to reduce fund balance of total
governmental funds to arrive at net position of
governmental activities (18,120,022)$
Explanation of certain differences between the governmental fund statement of revenues,
expenditures and changes in fund balances and the government-wide statement of
activities.
40
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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 position 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 position.
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 $562,695 difference is as
follows:
Debt issued or incurred:
Developer loan (937,550)$
Principal repayments and amortizations:
Certificates of participation 240,000
Pension bonds 700,000
Developer loans 539,367
Bond discount/premium 20,878
Net adjustment to decrease net changes in fund balance
of total governmental funds to arrive at changes in net
position of governmental activities. 562,695$
i. New Accounting Pronouncement
The City implemented GASB Statement 65, Items Previously Reported as Assets and
Liabilities. GASB 65, among other things, amends prior guidance with respect to the
treatment of debt issuance costs. Debt issuance costs should be recognized in the period
incurred rather than reported on the statement of net position as deferred charges and
recognized systematically over the life of the debt. The accounting changes of this
statement should be applied retroactive and therefore the City has reported a
restatement of beginning net position for any unamortized debt issuance costs (deferred
charges) previously reported on the statement of net position to conform.
41
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
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 Highway 39, Rosedale Traffic Mitigation, Park-in Lieu, and the Capital
Projects Fund 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 $100,000 or more must be approved by City Council.
Spending control (legal level of control) is established by the amount of expenditures
budgeted at the department level. During the year, several supplementary appropriations
were necessary. Individual amendments were not material in relation to the original
appropriations.
b. Expenditures Over Appropriations
Excess of expenditures over appropriations in individual funds are as follows:
Expenditures Appropriations Excess
General Fund:
General Government:
Cash Management 156,658$ 144,935$ (11,723)$
City-Wide 2,863,852 2,641,765 (222,887)
Public Safety:
Police 15,082,710 14,863,555 (219,155)
Pension Safety 5,700 5,000 (700)
Fund
c. Deficit Fund Balance
The following funds had a deficit fund balance as of June 30, 2013:
Nonmajor Funds:
Governmental:
LACMTA 172,092$
Community Development Block Grant 204,533
Fiduciary Funds:
Private Purpose Trust Fund: Successor
Agency of the Former Redevelopment Agency 138,582
These deficits will be funded through future years’ revenues and transfers.
Internal Service Funds:
Self Insurance 378,174$
42
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
III. DETAILED NOTES ON ALL FUNDS
Note 3: Cash and Investments
As of June 30, 2013, cash and investments were reported in the accompanying financial
statements as follows:
Governmental Activities:
Cash and investments 12,820,677$
Restricted
Cash and investments 30,834
Cash with fiscal agents 640,438
Business-type activities:
Cash and investments 28,294,425
Restricted
Cash and investments 13
Cash with fiscal agents 13,202,045
Cash held for rate stabilization 9,680,243
Fiduciary Funds:
Agency Funds:
Cash and investments 7,273,064
Private-Purpose Trust:
Cash and investments 2,454,329
Restricted
Cash with fiscal agents 4,136,587
Total Cash and Investments 78,532,655$
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, 2013, the carrying amount of the City’s deposits was, $7,361,806 and the
bank balance was $7,724,770. The $362,964 difference represents outstanding checks,
deposits in transit 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
43
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 3: Cash and Investments (Continued)
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.
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
• 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.
44
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 3: Cash and Investments (Continued)
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, 2013, the
City’s investments in Federal Agency securities consisted of investments with Federal
Home Loan Bank and Federal Farm Credit Bank. At June 30, 2013, 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, 2013, 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
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, 2013, 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, 2013, the City has investments of $9,979,360 (14%) with Federal Home
Loan Bank and $12,788,210 (18%) with Federal Farm Credit Bank. Investments
guaranteed by the U.S. government, investments in mutual funds and external investment
pools are excluded from this requirement.
45
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 3: Cash and Investments (Continued)
Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates. The City's investment
policy states that no investment may have a maturity of more than five years without
receiving prior City Council approval. The only exception to these maturity limits shall be
the investment of the gross proceeds of tax-exempt bonds. Reserve funds associated
with bond issues may have a maturity of more than five years. The City has elected to
use the segmented time distribution method of disclosure for its interest rate risk. As of
June 30, 2013, the City had the following investments and original maturities:
6 months 6 months 1 to 3 3 to 5 Fair
or less to 1 year years years Value
Federal agency securities -$ -$ 2,010,870$ 14,197,261$ 16,208,131$
Local Agency Investment Fund 17,292,589 - - 17,292,589
Certificates of Deposit 4,836,046 - - - 4,836,046
Money market mutual funds 5,410,365 - - - 5,410,365
Cash with Fiscal Agents:
Money market mutual funds 18,166,519 - - - 18,166,519
Federal agency securities - - - 7,533,535 7,533,535
Certificates of Deposit 245,034 400,332 1,078,298 - 1,723,664
45,950,553$ 400,332$ 3,089,168$ 21,730,796$ 71,170,849$
Remaining Investment Maturities
Note 4: Extraordinary item
In accordance with AB 1X26 and AB 1484 the Successor Agency submitted various loans
between the former Redevelopment Agency and the City in the amount of $41,517,354.
These have currently been denied by the State of California’s Department of Finance as an
enforceable obligation in accordance with HSC section 34171 (d)(2). This determination was
contested in the Department of Finance’s “Meet and Confer” session. Based on additional
review done by the Department of Finance the loans were still denied as defined in
34167.10(b). However, according to HSC section 34191.4 the loan agreements between the
City and the Successor Agency may become enforceable obligations by the Department of
Finance if the Successor Agency receives a finding of completion. Therefore the loans are
reported as an extraordinary loss as follows:
Governmental Funds:
General Fund 6,812,432$
Water Fund 1,221,413
Light fund 12,130,357
Internal Service Funds 21,353,152
41,517,354$
Government wide:
Governmental Activites 28,165,584$
Business-type activities 13,351,770
41,517,354$
46
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 5: Capital Assets
Capital asset activity for the year ended June 30, 2013, was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land 1,319,536$ -$ -$ 1,319,536$
Construction-in-progress 71,222 - - 71,222
Total Capital Assets
Not Being Depreciated 1,390,758 - - 1,390,758
Capital Assets, Being Depreciated:
Land improvements 4,423,252 - - 4,423,252
Buildings and structures 12,224,576 491,835 - 12,716,411
Machinery and equipment 7,357,968 94,109 - 7,452,077
Automotive equipment 3,143,527 46,932 (102,184) 3,088,275
Infrastructure 46,767,732 1,188,436 - 47,956,168
Total Capital Assets
Being Depreciated 73,917,055 1,821,312 (102,184) 75,636,183
Less Accumulated Depreciation:
Land improvements 2,714,019 129,834 - 2,843,853
Buildings and structures 5,025,273 293,019 - 5,318,292
Machinery and equipment 6,176,430 256,388 (2,490) 6,430,328
Automotive equipment 2,293,863 199,751 (66,224) 2,427,390
Infrastructure 30,235,532 684,980 - 30,920,512
Total Accumulated Depreciation 46,445,117 1,563,972 (68,714) 47,940,375
Total Capital Assets
Being Depreciated, Net 27,471,938 257,340 (33,470) 27,695,808
Governmental Activities
Capital Assets, Net 28,862,696$ 257,340$ (33,470)$ 29,086,566$
47
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 5: Capital Assets (Continued)
Beginning Ending
Balance Increases Decreases Balance
Business-Type Activities:
Capital Assets, Not Being Depreciated:
Land 2,988,973$ -$ -$ 2,988,973$
Construction-In-Progress 18,379 - - 18,379
Total Capital Assets
Not Being Depreciated 3,007,352 - - 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 12,764,331 22,100 - 12,786,431
Automotive equipment 3,673,560 90,976 (11,872) 3,752,664
Infrastructure 148,429,692 1,921,929 - 150,351,621
Total Capital Assets
Being Depreciated 188,715,673 2,035,005 (11,872) 190,738,806
Less Accumulated Depreciation:
Land improvements 674,383 39,580 - 713,963
Building and structures 8,219,671 510,150 - 8,729,821
Machinery and equipment 9,303,023 428,629 - 9,731,652
Automotive equipment 3,114,495 140,778 (11,872) 3,243,401
Infrastructure 40,000,601 4,255,474 - 44,256,075
Total Accumulated Depreciation 61,312,173 5,374,611 (11,872) 66,674,912
Total Capital Assets
Being Depreciated, Net 127,403,500 (3,339,606) - 124,063,894
Business-Type Activities
Capital Assets, Net 130,410,852$ (3,339,606)$ -$ 127,071,246$
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Activities:
General government 92,217$
Public safety 102,699
Community development 14,601
Parks and recreation 253,900
Public works 958,149
Internal service funds 142,406
Total 1,563,972$
Business-Type Activities:
Water 3,646,666$
Light 1,246,025
Sewer/Wastewater 358,477
Internal service funds 123,443
Total 5,374,611$
48
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
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, 2013:
Beginning at Ending Due within
July 1, 2012 Addition Deletion June 30, 2013 one year
CITY
Compensated Absences 3,343,113$ 3,215,384$ (2,252,175)$ 4,306,322$ 2,901,066$
Net OPEB Liability 7,361,411 1,011,195 - 8,372,606 -
Advance from the Successor Agency 8,208,833 - - 8,208,833 -
2008 Taxable pension funding bonds 5,555,000 - (700,000) 4,855,000 780,000
Obligation under developer
agreements 10,005,461 937,550 **(539,367) 10,403,644 -
Total City 26,264,985 5,164,129 (3,491,542) 36,146,405 3,681,066
Public Financing Authority
2003 Certificates of Participation 3,025,000 - (240,000) 2,785,000 245,000
Internal Service Funds:
Compensated Absences 232,000 108,846 (60,379) 280,467 74,346
Claims and Judgements payable 1,723,591 1,358,704 (957,032) 2,125,263 1,195,450
Total Internal Service 1,955,591 1,467,550 (1,017,411) 2,405,730 1,269,796
Unamortized Premiums/Discounts
Premiums 115,103 - (23,008) 92,095 N/A
Discounts (17,847) 2,130 - (15,717) N/A
Total Premiums/ Discounts 97,256 2,130 (23,008) 76,378 -
Total Governmental Long-term
Debt 31,342,832$ 6,633,809$ (4,771,961)$ 41,413,513$ 5,195,862$
**Addition of $937,550 related to accreted interest for the fiscal year. 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 8 of the notes to financial
statements. For governmental activities, the liability will be paid in future years by the
General Fund.
Advance from the Successor Agency
In 2011, the City called repayment of the advances made to the former Redevelopment
Agency. The former Redevelopment Agency approved in March 2011 to transfer
property to the City as repayment of the loans. The property was transferred at cost,
which exceeded the loan agreement balance; therefore an advance to the Successor
Agency was created in the amount of $8,032,773. In FY 2012 the advance increased by
the Price Club triple flip sales tax allocation owed to the Successor Agency in the amount
of $176,060. Outstanding balance at June 30, 2013 is $8,208,833.
49
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
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 $1,175,000 on
January 1 each year from 2010 through 2018. The annual principal requirements to
amortize the 2008 Pension Funding Bonds outstanding as of June 30, 2013, are as
follows:
Principal Interest
2013-2014 780,000$ 315,575$
2014-2015 870,000 264,875
2015-2016 965,000 208,325
2016-2017 1,065,000 145,600
2017-2018 1,175,000 76,375
Total 4,855,000$ 1,010,750$
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. As of June 30, 2013, 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 as of June 30, 2013, was
$2,785,000.
The annual requirements to repay the outstanding indebtedness at June 30, including
interest, are shown in the schedule below:
Principal Interest
2013-2014 245,000$ 111,040$
2014-2015 255,000 101,849
2015-2016 265,000 91,768
2016-2017 275,000 80,968
2017-2018 285,000 69,590
2018-2023 1,460,000 119,998
Total 2,785,000$ 575,213$
2003 Certificates of
Participation
50
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 6: Long-Term Debt (Continued)
Obligation Under Developer Agreements
On October 4, 1988, the former 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 former
Redevelopment 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 the former Redevelopment Agency
Next, $490,000 to Price Company
Next, $178,000 to the former Redevelopment Agency
Next, $178,000 to Price Company
Then, balance divided 50% to the former Redevelopment 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, 2013, was $10,403,644.
On May 15, 1989, the former Redevelopment Agency entered into an agreement with the
City of Azusa to transfer all sales tax revenues received by the former Redevelopment
Agency under the Price Company developer agreement to the City, except that required
for repayment of the note or other required purposes.
Due to the dissolution of the former Redevelopment Agency, the City has elected to
continue this agreement under the City of Azusa.
51
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 6: Long-Term Debt (Continued)
b. Long-Term Debt – Business-Type Activities
The following is a summary of changes in long-term debt for the year ended
June 30, 2013:
Beginning at Ending Due within
July 1, 2012 Addition Deletion June 30, 2013 one year
Water Fund:
Compensated Absences 372,320$ 334,121$ (248,460)$ 457,981$ 305,624$
2006 Water Revenue Bonds 53,965,000 - (320,000) 53,645,000 330,000
2012 Water Refunding Bonds, Series A 8,715,000 - - 8,715,000 670,000
Total Water Fund 63,052,320 334,121 (568,460) 62,817,981 1,305,624
Light Fund:
Compensated Absences 543,436 401,048 (289,969) 654,515 349,239
2003 Certificates of participation, -
Series B and C 3,070,000 - (530,000) 2,540,000 555,000
2012 Electric Refunding Bonds, Series B 5,820,000 - - 5,820,000 -
Total Light Fund 9,433,436 401,048 (819,969) 9,014,515 904,239
Sewer/Wastewater Fund:
Compensated Absences 92,044 81,242 (61,695) 111,591 74,797
2011 Sewer Installment Loan, Series A 1,490,000 - (105,000) 1,385,000 160,000
2011 Sewer Installment Loan, Series B 4,140,000 - (120,000) 4,020,000 165,000
Total Light Fund 5,722,044 81,242 (286,695) 5,516,591 399,797
Internal Service Fund:
Compensated Absences 244,228 219,070 (187,131) 276,167 211,602
Total Internal Service Fund 244,228 219,070 (187,131) 276,167 211,602
Total Business-Type Funds 78,452,028$ 1,035,481$ (1,862,255)$ 77,625,254 2,821,262$
Unamortized bond premiums 4,162,117
81,787,371$
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.
52
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
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
$13,230,000 and interest ranges from 3.920% to 4.380%.
The annual requirements to amortize the outstanding bonds as of June 30, 2013,
including interest are as follows:
Principal Interest
2013-2014 330,000$ 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
2017-2018 1,200,000 2,445,688
2018-2023 7,005,000 11,237,813
2023-2028 8,905,000 9,332,219
2028-2033 11,375,000 6,865,625
2033-2038 14,605,000 3,635,125
2038-2043 6,945,000 351,625
Totals 53,645,000$ 44,170,197$
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 $955,000. Interest ranges from 2.000% to 5.000% and is
payable semi-annually on July 1 and January 1.
53
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 6: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding bonds as of June 30, 2013,
including interest are as follows:
Principal Interest
2013-2014 670,000$ 325,651$
2014-2015 690,000 303,600
2015-2016 710,000 282,600
2016-2017 735,000 260,925
2017-2018 755,000 238,575
2018-2023 4,200,000 733,200
2023-2028 955,000 23,875
Totals 8,715,000$ 2,168,426$
2012 Water Refunding Revenue
Bonds, Series A
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. As of June 30, 2013, 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, 2013, was
$2,540,000.
The annual requirements to amortize the outstanding certificates of participation as of
June 30, 2013, including interest, are as follows:
Principal Interest
2013-2014 555,000$ 124,911$
2014-2015 585,000 94,272
2015-2016 620,000 60,713
2016-2017 650,000 25,344
2017-2018 130,000 3,621
Totals 2,540,000$ 308,861$
Electric - Certificates of
Participation, Series C
54
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 6: Long-Term Debt (Continued)
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 $582,000. As of
June 30, 2013, the reserve requirement was fully funded.
The annual requirements to amortize the outstanding bonds as of June 30, 2013,
including interest are as follows:
Principal Interest
2013-2014 -$ 175,569$
2014-2015 - 175,569
2015-2016 - 175,569
2016-2017 - 175,569
2017-2018 650,000 169,069
2018-2023 4,240,000 486,534
2023-2028 930,000 13,950
Totals 5,820,000$ 1,371,829$
2012 Electric Refunding Revenue
Bonds, Series B
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 $505,000. Interest rates on the Series
B installments are 3.600%.
55
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 6: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding installment agreements as of
June 30, 2013, including interest are as follows:
Principal Interest Principal Interest
2013 - 2014 160,000$ 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 - 2018 175,000 18,633 210,000 113,580
2018 - 2023 555,000 24,433 1,580,000 431,280
2023 - 2028 - - 1,470,000 80,460
Totals $1,385,000 $166,244 $4,020,000 $1,151,820
2011 Sewer Installment Series A 2011 Sewer Installment Series B
Note 7: Defined Benefit Pension Plan
Plan Description
The City of Azusa contributes to the California Public Employees Retirement System
(PERS), an agent multiple-employer public employee defined benefit pension plan for the
miscellaneous plan and a cost sharing multiple-employer public employee defined benefit
pension plan for the safety plan. PERS provides retirement and disability benefits, annual
cost-of-living adjustments and death benefits to plan members and beneficiaries. PERS
acts as a common investment and administrative agent for participating public entities
within the State of California. Benefit provisions and all other requirements are
established by State statute and City ordinance. Copies of PERS' annual financial report
may be obtained from their executive office: 400 P Street, Sacramento, CA 95814.
Funding Policy
Participants are required to contribute 7% (9% for safety employees) of their annual
covered salary. The City makes the contributions required of City employees on their
behalf and for their account. The City is required to contribute at an actuarially
determined rate; the current rate is 13.072% for non-safety employees and 28.785% for
safety employees, of annual covered payroll. The contribution requirements of plan
members and the City are established and may be amended by PERS.
56
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 7: Defined Benefit Pension Plan (Continued)
Annual Pension Cost and Net Pension Obligation (Asset)
The City's annual pension cost and change in net pension obligation (asset) for the fiscal
year ending June 30, 2013, were as follows:
Annual required contribution 4,269,337$
Interest on net pension obligation (572,353)
Adjustment to annual required contribution 491,075
Annual pension cost 4,188,059
Contribution made 4,943,803
Increase (decrease) in net pension obligation (755,744)
Net pension obligation (asset) beginning of year (7,385,197)
Net pension obligation (asset) end of year (8,140,941)$
The required contribution was determined as part of the June 30, 2010, 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, 2010
Actuarial Cost Method Entry Age Actuarial Cost Method
Amortization Method Level Percent of Payroll
Average Remaining Period 21 Years as of the Valuation Date for Miscellaneous
Employee and 19 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.
57
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 7: 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
6/30/2011 2,725$ 100%-$
6/30/2012 2,821 100%-
6/30/2013 2,273 100%-
Three-Year Trend Information for PERS (Safety Plan)
(Amounts in Thousands)
Annual Pension Percentage of Net Pension
Fiscal Year Cost (APC)APC Contributed Obligation
6/30/2011 2,119$ 105%(7,296)$
6/30/2012 2,733 103%(7,385)
6/30/2013 2,671 103%(8,141)
For fiscal year 2012-2013, 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.
58
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 7: 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
6/30/2010 82,653$ 93,158$ 10,505$ 88.7% 16,192$ 64.88%
6/30/2011 88,006 100,812 12,806 87.3% 16,489 77.66%
6/30/2012 92,963 101,785 8,823 91.3% 15,199 58.05%
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, 2013, the covered payroll for employees in the
plan was $467,695. Total payroll for the City was $27,772,786. 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, 2013,
the employer and the employees each contributed an amount equal to $17,539. 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 3.59%2.00%
SEIU 1.91%4.00%
AMMA 7.41%2.50%
Executive Management 5.79%0.00%
59
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 8: 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 $584,099 was made
during the 2012-2013 fiscal year and was not included in the June 30, 2013 actuarial
study. The purpose of the contribution was to pay current year premiums for retirees.
As a result, the City calculated and recorded a Net OPEB Liability, representing the
difference between the Annual Required Contribution (ARC) and actual contributions, as
presented below:
Annual required contribution (ARC)1,846,264$
Interest on Net OPEB Obligation 36,178
Adjustment to ARC (287,148)
Annual OPEB Cost 1,595,294
Contributions made (584,099)
(Decrease) increase in Net OPEB obligation 1,011,195
Net OPEB obligation (asset) June 30, 2012 7,361,411
Net OPEB obligation (asset) June 30, 2013 8,372,606$
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 2012-2013, the City’s annual OPEB cost (expense) of $1,595,294 was
less than the ARC. The last three year trend information on the annual OPEB cost,
percentage of Annual OPEB cost contributed, and Net OPEB Obligation is presented
below:
Fiscal Year
End
Annual
OPEB
Cost
Actual
Contribution (Net
of Adjustments)
Percentage of
Annual OPEB Cost
Contributed
Net OPEB
Obligation
(Asset)
6/30/2011 2,465,000$ 439,152$ 18% 6,207,671$
6/30/2012 1,643,364 489,624 30% 7,361,411
6/30/2013 1,595,294 584,099 37% 8,372,606
60
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 8: 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
Actuarial 6/30/2009 -$ 25,445,000$ 0.0% 19,966,000$ 127% 3.50%
Actuarial 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, 2013, was twenty-five years. The number of active participants is 327.
Note 9: 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
$5,000,000.
61
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 9: Insurance (Continued)
For the past three years, no settlements or claims payments have exceeded the amount of
the applicable insurance coverage. For the past two fiscal years, the changes in the City's
liability for claims payable are summarized as follows:
Claims Incurred
Beginning and Changes Less Claim Ending
Balance in Estimates Payments Balance
2011-2012 1,880,766$ 396,600$ (553,775)$ 1,723,591$
2012-2013 1,723,591 1,358,704 (957,032) 2,125,263
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 10: Interfund Receivables, Payables and Transfers
The composition of interfund balances as of June 30, 2013, was as follows:
Due To/From Other Funds
Nonmajor
General Governmental Internal
Fund Funds Service Total
Due to Other Funds:
Water 4,580,228$ 358,801$ 37,376$ 4,976,405$
Due From other Funds
The due from other funds amounts listed above consisted of short-term loans to cover
negative cash.
Advances To/From Other Funds
Light
Funds Fund
Advances From Other Funds:
General 231,000$
Nonmajor Governmental Funds 750,000
Total 981,000$
Advances To
Other Funds:
The Light Fund advanced $231,000 to the General Fund and $750,000 to the Capital
Projects Fund for various project expenditures.
62
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 10: Interfund Receivables, Payables and Transfers (Continued)
Interfund Transfers
Nonmajor
General Governmental Internal
Transfer Out:Fund Funds Service Funds Total
General Fund -$ 4,404,101$ 12,479$ 4,416,580$
Nonmajor Governmental
Funds 286,645 2,602 - 289,247
Water Fund - 111,348 - 111,348
Light Fund - 13,561 - 13,561
Nonmajor Proprietary
Funds 685,997 - 140,140 826,137
Internal Service Funds 490,949 7,953 - 498,902
Total 1,463,591$ 4,539,565$ 152,619$ 6,155,775$
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 Non-major Governmental Funds were for various operating transactions
made throughout the year.
63
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 11: Fund Equity and Net Position Restatements
Beginning fund equity and net position have been restated as follows:
Major governmental funds:
General Fund
To recognize revenue that related to prior year.63,951$
Non-major governmental funds:
Community Development Block Grant 15,602
Monrovia Nursery (106,798)
To recognize revenue and expenditures that related to prior year.
Major proprietary Funds:
Water Fund (828,921)
Light Fund (268,123)
To appropriately implement GASB 65.
Non-major proprietary funds:
Sewer/Wastewater Fund (68,492)
To appropriately implement GASB 65.
Internal service funds:
Intra-governmental Loan Fund (849,132)
To eliminate disallowed amounts Due from Successor Agency.
Fiduciary funds:
Successor Agency Fund
(1,605,538)
To restate loans between City and former redevelopment agency 832,024
Beginning net position has been restated as follows:
Governmental Activities:
(1,233,862)$
Business-Type Activities:
Enterprise funds restatements detailed above (1,165,536)
Total Net Asset Restatements (2,399,398)$
Governmental and internal service fund restatements detailed above; $357,485
restatement to implement GASB 65 in the government-wide financial statements
To appropriately implement GASB 65 and additionally recognize revenue
related to prior year.
64
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 12: Grant and Seizure Fund
The Grant and Seizure special revenue fund include the following items in its fund balance:
Grants & Seizures (8,940)$
Jack Williams Memorial 600
Grants & Seizures-Police 17
Asset Seizure Federal - Department of Justice 234,406
Asset Seizure County 23,376
Asset Seizure Drug and Gang 7,186
Office of Traffic Safety 2,761
Asset Seizure Federal - Department of Treasury 87
Inmate Welfare Fund 8,361
Sobriety Checkpoint FY 12/13 (17,132)
2012 JAG Grant (17,268)
AQMD Tree Planting 3,093
Sr Cntr Cyn City Grant 4,189
Senior Restricted Donations 98
Public Library Grant 289,561
Library Restricted Donations 62,847
Gates Foundation 497
Broadband Grant (Lib)7,464
Family Place Grant 1,903
Book Clubs 2,325
TLA50 Fellowship Grant (9)
Youth Programs 689
Summer Reading 3,481
Special Programs 451
CA Literacy Grant 24
Canyon City Foundation - Healthy Lit Learn 11,249
General Plan Surcharge 414,118
AB29X Meters 86,607
Oil Block Grant 6,439
Beverage Container Recycling 44,332
Technology Grant 143,057
Safe Routes to School (52,721)
CIP-Recreation Grants (6,520)
Rehab of Zacatecas Park 516
Total 1,257,144$
65
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 13: 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, 2013, is as follows:
Assets:
Current assets 1,042,167$
Restricted assets 4,367,478
Capital assets 8,455,567
Total assets 13,865,212
Liabilities:
Current liabilities 1,134,991
Noncurrent liabilities 5,116,794
Total liabilities 6,251,785
Net position:
Net Invested in capital assets 7,418,045
Unrestricted 195,382
Total net position 7,613,427$
Condensed Statement of Net Position
Sewer charges 2,485,569$
Depreciation expense (358,477)
Other operating expenses (3,977,109)
Operating income (1,850,017)
Nonoperating revenues (expenses):
Investment earnings 14,547
Interest expense (188,567)
Special franchise fees (49,098)
Transfers out (150,727)
Change in net assets (2,223,862)
Beginning net position, as originally reported 9,905,781
Restatement (68,492)
Ending net position 7,613,427$
Condensed Statement of Revenues, Expenses
and Changes in Net Position
Net cash provided by (used in):
Operating activities (880,272)$
Noncapital financing activities (150,727)
Capital and related financing activities (467,348)
Investing activities 15,384
Net decrease in cash (1,482,963)
Beginning cash and cash equivalents 6,564,456
Ending cash and cash equivalents 5,081,493$
Condensed Statement of Cash Flows
66
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 14: 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 1160 Nicole Court, Glendora, California 91740.
As of June 30, 2013, the City’s ownership of significant projects of SCPPA includes the
following: 1% of SCPPA’s $726,982,000 investment (at cost) in the Palo Verde Nuclear
Generating Station (with related SCPPA indebtedness of $58,440,000), 1% of SCPPA’s
$57,555,000 investment (at cost) in the Mead – Phoenix Transmission Project (with
related SCPPA indebtedness of $44,895,000), 2.2% of SCPPA’s $173,574,000
investment (at cost) in the Mead - Adelanto Transmission Project (with related SCPPA
indebtedness of $143,991,000), 14.7% of SCPPA’s $257,963,000 investment (at cost) in
the San Juan Generating Station (with related indebtedness of $99,130,000), and 4.2%
of SCPPA’s $21,000 investment (at cost) in the Hoover Uprating Green Power Project
(with related SCPPA indebtedness of $9,685,000).
Note 15: Rate Stabilization Fund
The City of Azusa has provided for a rate stabilization fund in the amount of $9,680,243
(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 16: 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.
67
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency
On December 29, 2011, the California Supreme Court upheld Assembly Bill X1 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 not to become the Successor Agency for the former redevelopment
agency’s housing functions 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 directed 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 was not contractually
committed to a third party for the expenditure or encumbrance of those assets, the State
Controller was required to order the available assets to be transferred to the public body
designated as the successor agency by the Bill.
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. 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.
a. Cash and investments
Cash and investments reported in the accompanying financial statements consisted of
the following:
Cash and Investments pooled with the City 2,454,329$
Restricted cash and Investments pooled with the City 4,136,587
Total Cash and Investments 6,590,916$
68
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
b. Capital Assets
An analysis of capital assets as of June 30, 2013, 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 629,736 116,800 - 746,536
Infrastructure 37,803 47,895 - 85,698
Total Accumulated Depreciation 667,539 164,695 - 832,234
Total Capital Assets being
depreciated, net 1,478,694 (164,695) - 1,313,999
Capital Assets 1,889,114$ (164,695)$ -$ 1,724,419$
Balance
July 1, 2012
Balance
June 30, 2013
a. 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:
Balance
July 1, 2012 Additions* Repayments
Balance
June 30, 2013
Due Within
One Year
Fiduciary Funds:
2003 Refunding TABs 7,880,000$ -$ (495,000)$ 7,385,000$ 515,000$
2005 TABS, Series A 9,610,816 97,711 - 9,708,527 -
2007 TABs, Series A 14,280,000 - (430,000) 13,850,000 450,000
2007 TABs, Series B 4,450,000 - (95,000) 4,355,000 100,000
2008 TABs, Series A 6,485,000 - (85,000) 6,400,000 95,000
2008 TABs, Series B 10,975,000 - (130,000) 10,845,000 135,000
Total Fiduciary Funds $ 53,680,816 $ 97,711 $ (1,235,000) 52,543,527 $ 1,295,000
Unamortized Discounts (738,890)
Total Long-term Debt 51,804,637$
*Addition of $97,711 related to accreted interest.
69
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
b. Long-Term Debt
The following debt was transferred from the Redevelopment Agency to the Successor
Agency as of February 1, 2012, as a result of the dissolution.
A description of long-term debt outstanding (excluding defeased debt) of the Successor
Agency as of June 30, 2012, follows:
Balance
July 1, 2012 Additions* Repayments
Balance
June 30, 2013
Due Within
One Year
Fiduciary Funds:
2003 Refunding TABs 7,880,000$ -$ (495,000)$ 7,385,000$ 515,000$
2005 TABS, Series A 9,610,816 97,711 - 9,708,527 -
2007 TABs, Series A 14,280,000 - (430,000) 13,850,000 450,000
2007 TABs, Series B 4,450,000 - (95,000) 4,355,000 100,000
2008 TABs, Series A 6,485,000 - (85,000) 6,400,000 95,000
2008 TABs, Series B 10,975,000 - (130,000) 10,845,000 135,000
Total Fiduciary Funds $ 53,680,816 $ 97,711 $ (1,235,000) 52,543,527 $ 1,295,000
Unamortized Discounts (738,891)
Total Long-term Debt 51,804,636$
*Addition of $97,711 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 $95,153,034, 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 $4,660,564, and the debt service obligation on the bonds
was $4,157,598.
70
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
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, 2013, was
$7,385,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest, are as follows:
Principal Interest
2013-2014 515,000$ 305,519$
2014-2015 530,000 286,248
2015-2016 550,000 265,310
2016-2017 575,000 242,810
2017-2018 600,000 218,935
2018-2023 3,380,000 675,363
2023-2028 1,235,000 28,405
Totals 7,385,000$ 2,022,590$
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, 2013, was $9,708,527.
71
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest are as follows:
Principal Interest
2013-2014 -$ 349,425$
2014-2015 - 349,425
2015-2016 - 349,425
2016-2017 - 349,425
2017-2018 - 349,425
2019-2023 - 1,747,125
2023-2028 3,778,527 1,714,950
2028-2033 4,960,000 870,075
2033-2037 970,000 43,650
Totals 9,708,527$ 6,122,925$
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.
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, 2013, was $13,850,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest are as follows:
Principal Interest
2013-2014 450,000$ 822,284$
2014-2015 480,000 795,477
2015-2016 505,000 767,084
2016-2017 535,000 737,106
2017-2018 565,000 705,399
2018-2023 3,380,000 2,965,398
2023-2028 1,940,000 2,137,125
2028-2033 3,030,000 1,411,118
2033-2038 2,965,000 333,484
Totals 13,850,000$ 10,674,475$
Bonds, Series A
2007 Tax Allocation
72
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
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, 2013, was $4,355,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest are as follows:
Principal Interest
2013-2014 100,000$ 221,968$
2014-2015 105,000 217,405
2015-2016 110,000 212,513
2016-2017 110,000 207,439
2017-2018 120,000 202,075
2018-2023 680,000 916,404
2023-2028 875,000 717,669
2028-2033 1,125,000 454,873
2033-2038 1,130,000 123,755
Totals 4,355,000$ 3,274,101$
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, 2013, was
$6,400,000.
73
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest are as follows:
Principal Interest
2013-2014 95,000$ 485,250$
2014-2015 100,000 479,275
2015-2016 110,000 472,575
2016-2017 120,000 464,950
2017-2018 125,000 456,681
2018-2023 830,000 2,121,913
2023-2028 2,555,000 1,373,194
2028-2033 1,440,000 604,275
2033-2038 1,025,000 117,000
Totals 6,400,000$ 6,575,113$
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
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, 2013, was $10,845,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2013, including interest are as follows:
Principal Interest
2013-2014 135,000$ 740,664$
2014-2015 145,000 733,133
2015-2016 155,000 724,689
2016-2017 160,000 715,433
2017-2018 170,000 705,320
2018-2023 1,045,000 3,337,858
2023-2028 2,290,000 2,830,206
2028-2033 3,540,000 1,756,650
2033-2038 3,170,000 468,300
2038-2043 35,000 1,225
Totals 10,845,000$ 12,013,478$
Bonds, Series B
2008 Tax Allocation
74
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2013
Note 17: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
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.
c. 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.
d. Extraordinary item
In accordance with AB 1X26 and AB 1484 the Successor Agency submitted various
loans between the former Redevelopment Agency and the City in the amount of
$41,517,354. These have currently been denied by the State of California’s Department
of Finance as an enforceable obligation in accordance with HSC section 34171 (d)(2).
This determination was contested in the Department of Finance’s “Meet and Confer”
session. Based on additional review done by the Department of Finance the loans were
still denied as defined in 34167.10(b). However, according to HSC section 34191.4 the
loan agreements between the City and the Successor Agency may become enforceable
obligations by the Department of Finance if the Successor Agency receives a finding of
completion. The finding of completion was received on May 31, 2013. The loans are
reported as an extraordinary gain in the amount of $41,517,354. The Successor Agency
is now able to place loan agreements on the ROPS upon oversight board approval for
legitimate redevelopment purposes per HSC section 34191.4(b)(1). Loan repayments
are governed by HSC section 34191.4(a)(2).
Note 18: Subsequent Events
On November 26, 2013, Moody’s Investors Service (“Moody’s”) downgraded the 2006 the
Azusa Public Financing Authority’s Parity Revenue Bonds (Water System Capital
Improvement Program) to A2 from Aa3. In addition on November 25, 2013, Moody’s
downgraded to 2003 Lease Revenue Refunding COP to Ba2 from Ba1.
75
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments 126,799$ 76,941$ 1,674,599$ -$
Receivables:
Accounts 100,427 29,702 2,483 213,680
Taxes 96,431 - - -
Notes and loans 742 37 - 83,737
Accrued interest 44 3 366 -
Prepaid costs - 13,010 1,131 -
Deposits - - 465 -
Restricted assets:
Cash and investments - - - -
Cash and investments with fiscal agents - - - -
Total Assets 324,443$ 119,693$ 1,679,044$ 297,417$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 113,114$ 46,632$ 33,326$ 40,259$
Accrued liabilities 23,677 12,429 6,143 2,480
Unearned revenues 100,427 - - -
Due to other funds - - - 161,794
Advances from other funds - - - -
Total Liabilities 237,218 59,061 39,469 204,533
Deferred Inflows of Resources:
Unavailable revenues 42,397 - - 297,417
Total Deferred Inflows of Resources 42,397 - - 297,417
Fund Balances:
Nonspendable:
Prepaid costs - 13,010 1,131 -
Notes and loans 742 37 - -
Deposits - - 465 -
Restricted for:
Community development projects 44,086 47,585 1,637,979 -
Public safety - - - -
Capital Projects - - - -
Debt service - - - -
Unassigned - - - (204,533)
Fund Balance Total 44,828 60,632 1,639,575 (204,533)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 324,443$ 119,693$ 1,679,044$ 297,417$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
76
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Deposits
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
701$ 9,477$ 225,275$ 1,771,790$
28,671 39,277 15,366 122,215
- - - -
246 - - -
- - 48 -
- 2,501 - 5,597
- - - -
- - - -
- - - -
29,618$ 51,255$ 240,689$ 1,899,602$
1,585$ 19,952$ 1,446$ 65,049$
3,792 3,737 - 1,001
- - - 439,251
24,240 - - -
- - - -
29,617 23,689 1,446 505,301
- - - 137,157
- - - 137,157
- 2,501 - 5,597
246 - - -
- - - -
- 25,065 - -
- - - 1,251,547
- - 239,243 -
- - - -
(245) - - -
1 27,566 239,243 1,257,144
29,618$ 51,255$ 240,689$ 1,899,602$
Special Revenue Funds
Senior
Nutrition
Public Benefit
Program
Air Quality
Improvement
Grants and
Seizure
77
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Deposits
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
42,450$ -$ 654,924$ -$
- - 2,085 -
- - 7,342 -
- - - -
- - 176 -
- - - 711
- - - -
- - - -
- - - -
42,450$ -$ 664,527$ 711$
-$ -$ 3,283$ -$
- - 4,520 -
2,578 - - -
- - - 711
- - - -
2,578 - 7,803 711
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
39,872 - - -
- - 656,724 -
- - - -
- - - -
39,872 - 656,724 -
42,450$ -$ 664,527$ 711$
Special Revenue Funds
Supplemental
Law
Enforcement Fire Safety
Monrovia
Nursery
Employee
Benefits
78
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Deposits
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
852,364$ 1,494,772$ -$ 1,111,178$
- 39,148 - -
- - - -
- - - -
- 331 - 233
- - - -
- - - -
- - - -
- - - -
852,364$ 1,534,251$ -$ 1,111,411$
376,068$ -$ 36$ 11,771$
- - - 5,213
- - - -
- - 172,056 -
- - - -
376,068 - 172,092 16,984
- - - -
- - - -
- - - -
- - - -
- - - -
- 1,534,251 - -
- - - -
476,296 - - 1,094,427
- - - -
- - (172,092) -
476,296 1,534,251 (172,092) 1,094,427
852,364$ 1,534,251$ -$ 1,111,411$
Special Revenue Funds
Utility
Mitigation Highway 39 LACMTA Measure R
79
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Deposits
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
384,350$ 495,288$ 4,555$ 719,166$
7,967 - - -
- - - -
- - - -
- 109 1 -
- - - -
- - - -
- - - 30,834
- - - -
392,317$ 495,397$ 4,556$ 750,000$
2,899$ -$ -$ -$
387 - - -
- - - -
- - - -
- - - 750,000
3,286 - - 750,000
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
389,031 495,397 4,556 -
- - - -
- - - -
389,031 495,397 4,556 -
392,317$ 495,397$ 4,556$ 750,000$
Special Revenue Funds Capital Projects Funds
AB939 Fee
Rosedale
Traffic
Mitigation Park in-lieu
Capital
Projects
80
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2013
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Deposits
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Capital Projects
Funds
Total
Governmental
Funds
592,586$ -$ 10,237,215$
- - 601,021
- - 103,773
- 2,785,000 2,869,762
136 8 1,455
- - 22,950
- - 465
- - 30,834
- 482,620 482,620
592,722$ 3,267,628$ 14,350,095$
6,339$ -$ 721,759$
- - 63,379
- - 542,256
- - 358,801
- - 750,000
6,339 - 2,436,195
- 2,785,000 3,261,971
- 2,785,000 3,261,971
- - 22,239
- - 1,025
- - 465
586,383 - 3,875,349
- - 1,291,419
- - 3,355,674
- 482,628 482,628
- - (376,870)
586,383 482,628 8,651,929
592,722$ 3,267,628$ 14,350,095$
Debt Service
Funds
Public Works
Endowment
Public
Financing
Authority
81
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
Revenues:
Taxes -$ 760,369$ 630,931$ -$
Intergovernmental 1,106,994 143,654 - 181,981
Charges for services - 17,180 89,196 -
Use of money and property 3,366 (684) 9,737 -
Contributions - - - -
Miscellaneous 28 - 49 2,622
Total Revenues 1,110,388 920,519 729,913 184,603
Expenditures:
Current:
General government - - - -
Public safety - - - -
Community development - - - 394,465
Parks and recreation 48,295 - - -
Public works 1,374,368 687,697 444,905 -
Capital outlay 776,004 - 63,603 -
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 2,198,667 687,697 508,508 394,465
Excess (Deficiency) of Revenues
Over (Under) Expenditures (1,088,279) 232,822 221,405 (209,862)
Other Financing Sources (Uses):
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses)- - - -
Net Change in Fund Balances (1,088,279) 232,822 221,405 (209,862)
Fund Balances, Beginning of Year 1,133,107 (172,190) 1,418,170 (10,273)
Restatements - - - 15,602
Fund Balances, Beginning of Year, as Restated 1,133,107 (172,190) 1,418,170 5,329
Fund Balances, End of Year 44,828$ 60,632$ 1,639,575$ (204,533)$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
82
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
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)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
(CONTINUED)
-$ -$ -$ -$
116,828 - 56,236 882,328
- 651,992 14,859 84,100
- 2,062 1,289 7,589
44,672 - - 4,667
30,221 - - 8,547
191,721 654,054 72,384 987,231
- 156,484 - 96,379
- - - 173,992
- 1,017,471 - -
325,325 - - 23,845
- - 35,081 84,876
- 197,873 - 610,383
- - - -
- - - -
325,325 1,371,828 35,081 989,475
(133,604) (717,774) 37,303 (2,244)
133,605 - - 2,489
- - - (2,467)
133,605 - - 22
1 (717,774) 37,303 (2,222)
- 745,340 201,940 1,259,366
- - - -
- 745,340 201,940 1,259,366
1$ 27,566$ 239,243$ 1,257,144$
Public Benefit
Program
Air Quality
Improvement
Grants and
Seizure
Special Revenue Funds
Senior
Nutrition
83
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
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)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
-$ -$ -$ -$
97,422 - - -
- 76,281 466,651 -
279 - 4,793 -
- - - -
- - - -
97,701 76,281 471,444 -
- - - 29,694
97,422 3,970,523 - -
- - - -
- - - -
- - 223,747 -
- - 2,285 -
- - - -
- - - -
97,422 3,970,523 226,032 29,694
279 (3,894,242) 245,412 (29,694)
- 3,894,242 - 29,694
- - (286,644) -
- 3,894,242 (286,644) 29,694
279 - (41,232) -
39,593 - 804,754 -
- - (106,798) -
39,593 - 697,956 -
39,872$ -$ 656,724$ -$
Monrovia
Nursery
Employee
Benefits
Supplemental
Law
Enforcement Fire Safety
Special Revenue Funds
84
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
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)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
(CONTINUED)
-$ -$ -$ 472,462$
- - - -
- - - -
- 9,364 (472) 6,389
- - - -
- 39,148 - -
- 48,512 (472) 478,851
- 10,681 - -
- - - -
- - - -
- - - -
376,068 - - 305,693
- - 230,471 -
- - - -
- - - -
376,068 10,681 230,471 305,693
(376,068) 37,831 (230,943) 173,158
111,348 - - -
- - - -
111,348 - - -
(264,720) 37,831 (230,943) 173,158
741,016 1,496,420 58,851 921,269
- - - -
741,016 1,496,420 58,851 921,269
476,296$ 1,534,251$ (172,092)$ 1,094,427$
Measure R
Utility
Mitigation Highway 39 LACMTA
Special Revenue Funds
85
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
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)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
(CONTINUED)
-$ -$ -$ -$
- - 1,350 -
196,313 - - -
- 3,274 23 -
- - - -
- - - -
196,313 3,274 1,373 -
- - - -
- - - -
- - - -
- - - -
110,352 - - -
- - - -
- - - -
- - - -
110,352 - - -
85,961 3,274 1,373 -
- - - 2,000
- - - -
- - - 2,000
85,961 3,274 1,373 2,000
303,070 492,123 3,183 (2,000)
- - - -
303,070 492,123 3,183 (2,000)
389,031$ 495,397$ 4,556$ -$
Capital
Projects Park in-lieu AB939 Fee
Rosedale
Traffic
Mitigation
Special Revenue Funds Capital Projects Funds
86
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2013
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)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
Capital Projects
Funds
Total Nonmajor
Governmental
Funds
-$ -$ 1,863,762$
- - 2,586,793
- - 1,596,572
4,852 144 52,005
- - 49,339
- - 80,615
4,852 144 6,229,086
- 6,475 299,713
- - 4,241,937
- - 1,411,936
- - 397,465
- - 3,642,787
384,817 - 2,265,436
- 240,000 240,000
- 119,650 119,650
384,817 366,125 12,618,924
(379,965) (365,981) (6,389,838)
- 366,187 4,539,565
- (136) (289,247)
- 366,051 4,250,318
(379,965) 70 (2,139,520)
966,348 482,558 10,882,645
- - (91,196)
966,348 482,558 10,791,449
586,383$ 482,628$ 8,651,929$
Public
Financing
Authority
Public Works
Endowment
Debt Service
Funds
87
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
STATE GASOLINE TAX
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,133,107$ 1,133,107$ 1,133,107$ -$
Resources (Inflows):
Intergovernmental 1,239,050 1,339,477 1,106,994 (232,483)
Use of money and property 20,000 20,000 3,366 (16,634)
Miscellaneous - - 28 28
Transfers in 89,000 89,000 - (89,000)
Amounts Available for Appropriation 2,481,157 2,581,584 2,243,495 (338,089)
Charges to Appropriation (Outflow):
Parks and recreation 59,000 59,000 48,295 10,705
Public works 1,336,165 1,336,745 1,374,368 (37,623)
Capital outlay - 891,647 776,004 115,643
Total Charges to Appropriations 1,395,165 2,287,392 2,198,667 88,725
Budgetary Fund Balance, June 30 1,085,992$ 294,192$ 44,828$ (249,364)$
88
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (172,190)$ (172,190)$ (172,190)$ -$
Resources (Inflows):
Taxes 703,395 703,395 760,369 56,974
Intergovernmental 60,000 60,000 143,654 83,654
Charges for services 20,245 20,245 17,180 (3,065)
Use of money and property 7,035 7,035 (684) (7,719)
Amounts Available for Appropriation 618,485 618,485 748,329 129,844
Charges to Appropriation (Outflow):
Public works 907,090 907,090 687,697 219,393
Total Charges to Appropriations 907,090 907,090 687,697 219,393
Budgetary Fund Balance, June 30 (288,605)$ (288,605)$ 60,632$ 349,237$
89
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,418,170$ 1,418,170$ 1,418,170$ -$
Resources (Inflows):
Taxes 583,450 583,450 630,931 47,481
Charges for services 83,370 83,370 89,196 5,826
Use of money and property 12,185 12,185 9,737 (2,448)
Miscellaneous - - 49 49
Amounts Available for Appropriation 2,097,175 2,097,175 2,148,083 50,908
Charges to Appropriation (Outflow):
Public works 607,380 607,380 444,905 162,475
Capital outlay - 128,778 63,603 65,175
Total Charges to Appropriations 607,380 736,158 508,508 227,650
Budgetary Fund Balance, June 30 1,489,795$ 1,361,017$ 1,639,575$ 278,558$
90
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 5,329$ 5,329$ 5,329$ -$
Resources (Inflows):
Intergovernmental 469,140 492,235 181,981 (310,254)
Miscellaneous - - 2,622 2,622
Amounts Available for Appropriation 474,469 497,564 189,932 (307,632)
Charges to Appropriation (Outflow):
Community development 469,185 492,235 394,465 97,770
Capital outlay - 224,300 - 224,300
Total Charges to Appropriations 469,185 716,535 394,465 322,070
Budgetary Fund Balance, June 30 5,284$ (218,971)$ (204,533)$ 14,438$
91
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SENIOR NUTRITION
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Intergovernmental 112,600 112,600 116,828 4,228
Contributions 74,000 74,000 44,672 (29,328)
Miscellaneous - - 30,221 30,221
Transfers in 136,560 141,310 133,605 (7,705)
Amounts Available for Appropriation 323,160 327,910 325,326 (2,584)
Charges to Appropriation (Outflow):
Parks and recreation 323,160 327,910 325,325 2,585
Total Charges to Appropriations 323,160 327,910 325,325 2,585
Budgetary Fund Balance, June 30 -$ -$ 1$ 1$
92
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC BENEFIT PROGRAM
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 745,340$ 745,340$ 745,340$ -$
Resources (Inflows):
Charges for services 625,640 625,640 651,992 26,352
Use of money and property 27,000 27,000 2,062 (24,938)
Amounts Available for Appropriation 1,397,980 1,397,980 1,399,394 1,414
Charges to Appropriation (Outflow):
General government 330,950 260,570 156,484 104,086
Community development 1,088,000 1,009,595 1,017,471 (7,876)
Capital outlay 6,620 202,405 197,873 4,532
Total Charges to Appropriations 1,425,570 1,472,570 1,371,828 100,742
Budgetary Fund Balance, June 30 (27,590)$ (74,590)$ 27,566$ 102,156$
93
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 201,940$ 201,940$ 201,940$ -$
Resources (Inflows):
Intergovernmental 53,820 53,820 56,236 2,416
Charges for services 25,000 25,000 14,859 (10,141)
Use of money and property 5,000 5,000 1,289 (3,711)
Amounts Available for Appropriation 285,760 285,760 274,324 (11,436)
Charges to Appropriation (Outflow):
Public works 48,705 48,705 35,081 13,624
Total Charges to Appropriations 48,705 48,705 35,081 13,624
Budgetary Fund Balance, June 30 237,055$ 237,055$ 239,243$ 2,188$
94
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
GRANTS AND SEIZURE
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,259,366$ 1,259,366$ 1,259,366$ -$
Resources (Inflows):
Intergovernmental 1,927,180 3,376,198 882,328 (2,493,870)
Charges for services - - 84,100 84,100
Use of money and property 6,170 6,170 7,589 1,419
Contributions 33,935 34,225 4,667 (29,558)
Miscellaneous 4,400 4,400 8,547 4,147
Transfers in 38,220 38,220 2,489 (35,731)
Amounts Available for Appropriation 3,269,271 4,718,579 2,249,086 (2,469,493)
Charges to Appropriation (Outflow):
General government 521,200 636,200 96,379 539,821
Public safety 228,890 230,740 173,992 56,748
Parks and recreation 36,500 39,315 23,845 15,470
Public works 60,400 132,583 84,876 47,707
Capital outlay 67,700 1,598,805 610,383 988,422
Transfers out 38,220 38,220 2,467 35,753
Total Charges to Appropriations 952,910 2,675,863 991,942 1,683,921
Budgetary Fund Balance, June 30 2,316,361$ 2,042,716$ 1,257,144$ (785,572)$
95
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SUPPLEMENTAL LAW ENFORCEMENT
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 39,593$ 39,593$ 39,593$ -$
Resources (Inflows):
Intergovernmental 100,000 100,000 97,422 (2,578)
Use of money and property - - 279 279
Amounts Available for Appropriation 139,593 139,593 137,294 (2,299)
Charges to Appropriation (Outflow):
Public safety 103,635 103,635 97,422 6,213
Capital outlay 45,100 45,100 - 45,100
Total Charges to Appropriations 148,735 148,735 97,422 51,313
Budgetary Fund Balance, June 30 (9,142)$ (9,142)$ 39,872$ 49,014$
96
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
FIRE SAFETY
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Charges for services 90,000 90,000 76,281 (13,719)
Transfers in 3,926,950 3,926,950 3,894,242 (32,708)
Amounts Available for Appropriation 4,016,950 4,016,950 3,970,523 (46,427)
Charges to Appropriation (Outflow):
Public safety 4,016,950 4,016,950 3,970,523 46,427
Total Charges to Appropriations 4,016,950 4,016,950 3,970,523 46,427
Budgetary Fund Balance, June 30 -$ -$ -$ -$
97
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MONROVIA NURSERY
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 697,956$ 697,956$ 697,956$ -$
Resources (Inflows):
Charges for services 365,000 365,000 466,651 101,651
Use of money and property 30,000 30,000 4,793 (25,207)
Amounts Available for Appropriation 1,092,956 1,092,956 1,169,400 76,444
Charges to Appropriation (Outflow):
Public works 246,845 314,935 223,747 91,188
Capital outlay - - 2,285 (2,285)
Transfers out 286,410 286,410 286,644 (234)
Total Charges to Appropriations 533,255 601,345 512,676 88,669
Budgetary Fund Balance, June 30 559,701$ 491,611$ 656,724$ 165,113$
98
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
EMPLOYEE BENEFITS
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Transfers in (24,195) (24,195) 29,694 53,889
Amounts Available for Appropriation (24,195) (24,195) 29,694 53,889
Charges to Appropriation (Outflow):
General government 24,195 29,695 29,694 1
Total Charges to Appropriations 24,195 29,695 29,694 1
Budgetary Fund Balance, June 30 (48,390)$ (53,890)$ -$ 53,890$
99
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
UTILITY MITIGATION
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 741,016$ 741,016$ 741,016$ -$
Resources (Inflows):
Transfers in (200,000) (200,000) 111,348 311,348
Amounts Available for Appropriation 541,016 541,016 852,364 311,348
Charges to Appropriation (Outflow):
Public works - 430,000 376,068 53,932
Total Charges to Appropriations - 430,000 376,068 53,932
Budgetary Fund Balance, June 30 541,016$ 111,016$ 476,296$ 365,280$
100
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
LACMTA
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 58,851$ 58,851$ 58,851$ -$
Resources (Inflows):
Use of money and property 6,000 6,000 (472) (6,472)
Amounts Available for Appropriation 64,851 64,851 58,379 (6,472)
Charges to Appropriation (Outflow):
Capital outlay - 232,158 230,471 1,687
Total Charges to Appropriations - 232,158 230,471 1,687
Budgetary Fund Balance, June 30 64,851$ (167,307)$ (172,092)$ (4,785)$
101
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MEASURE R
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 921,269$ 921,269$ 921,269$ -$
Resources (Inflows):
Taxes 437,600 487,600 472,462 (15,138)
Use of money and property - - 6,389 6,389
Amounts Available for Appropriation 1,358,869 1,408,869 1,400,120 (8,749)
Charges to Appropriation (Outflow):
Public works 225,870 524,870 305,693 219,177
Capital outlay - 155,000 - 155,000
Total Charges to Appropriations 225,870 679,870 305,693 374,177
Budgetary Fund Balance, June 30 1,132,999$ 728,999$ 1,094,427$ 365,428$
102
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AB939 FEE
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 303,070$ 303,070$ 303,070$ -$
Resources (Inflows):
Charges for services 200,000 200,000 196,313 (3,687)
Use of money and property 3,000 3,000 - (3,000)
Amounts Available for Appropriation 506,070 506,070 499,383 (6,687)
Charges to Appropriation (Outflow):
Public works 150,975 150,975 110,352 40,623
Transfers out 14,775 14,775 - 14,775
Total Charges to Appropriations 165,750 165,750 110,352 55,398
Budgetary Fund Balance, June 30 340,320$ 340,320$ 389,031$ 48,711$
103
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC WORKS ENDOWMENT
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 966,348$ 966,348$ 966,348$ -$
Resources (Inflows):
Use of money and property - - 4,852 4,852
Amounts Available for Appropriation 966,348 966,348 971,200 4,852
Charges to Appropriation (Outflow):
Capital outlay - 401,503 384,817 16,686
Total Charges to Appropriations - 401,503 384,817 16,686
Budgetary Fund Balance, June 30 966,348$ 564,845$ 586,383$ 21,538$
104
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2013
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 482,558$ 482,558$ 482,558$ -$
Resources (Inflows):
Use of money and property 100 100 144 44
Transfers in 364,275 364,275 366,187 1,912
Amounts Available for Appropriation 846,933 846,933 848,889 1,956
Charges to Appropriation (Outflow):
General government 4,625 4,625 6,475 (1,850)
Debt service:
Principal retirement 240,000 240,000 240,000 -
Interest and fiscal charges 119,650 119,650 119,650 -
Transfers out - - 136 (136)
Total Charges to Appropriations 364,275 364,275 366,261 (1,986)
Budgetary Fund Balance, June 30 482,658$ 482,658$ 482,628$ (30)$
105
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
NON-MAJOR PROPRIETARY FUNDS
JUNE 30, 2013
Totals
Assets:
Current:
Cash and investments 714,015$ 128,277$ 842,292$
Receivables:
Accounts 327,708 439,985 767,693
Notes and loans 87 - 87
Accrued interest 357 - 357
Restricted:
Cash with fiscal agent 4,367,478 - 4,367,478
Total Current Assets 5,409,645 568,262 5,977,907
Noncurrent:
Capital assets - net of accumulated depreciation 8,455,567 - 8,455,567
Total Noncurrent Assets 8,455,567 - 8,455,567
Total Assets 13,865,212$ 568,262$ 14,433,474$
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable 588,520$ 461,657$ 1,050,177$
Accrued liabilities 25,707 - 25,707
Deposits payable 120,967 - 120,967
Accrued compensated absences 74,797 - 74,797
Bonds, notes, and capital leases 325,000 - 325,000
Total Current Liabilities 1,134,991 461,657 1,596,648
Noncurrent:
Accrued compensated absences 36,794 - 36,794
Bonds, notes, and capital leases 5,080,000 - 5,080,000
Total Noncurrent Liabilities 5,116,794 - 5,116,794
Total Liabilities 6,251,785 461,657 6,713,442
Net Position:
Net investment in capital assets 7,418,045 - 7,418,045
Unrestricted 195,382 106,605 301,987
Total Net Position 7,613,427 106,605 7,720,032
Total Liabilities and Net Position 13,865,212$ 568,262$ 14,433,474$
Business-Type Activities - Enterprise Funds
Sewer/
Wastewater
Refuse
Contract
106
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2013
Totals
Operating Revenues:
Sales and service charges 2,480,008$ 2,954,842$ 5,434,850$
Miscellaneous 5,561 7,648 13,209
Total Operating Revenues 2,485,569 2,962,490 5,448,059
Operating Expenses:
Administration and general 1,136,987 - 1,136,987
Treatment 2,772,972 - 2,772,972
Refuse collection - 2,835,041 2,835,041
Claims expense 67,150 - 67,150
Depreciation expense 358,477 - 358,477
Total Operating Expenses 4,335,586 2,835,041 7,170,627
Operating Income (Loss)(1,850,017) 127,449 (1,722,568)
Nonoperating Revenues (Expenses):
Taxes - 556,161 556,161
Interest revenue 14,547 - 14,547
Interest expense (188,567) - (188,567)
Special franchise fees (49,098) - (49,098)
Total Nonoperating
Revenues (Expenses)(223,118) 556,161 333,043
Income (Loss) Before Transfers (2,073,135) 683,610 (1,389,525)
Transfers out (150,727) (675,410) (826,137)
Changes in Net Position (2,223,862) 8,200 (2,215,662)
Net Position:
Beginning of Year, as originally reported 9,905,781 98,405 10,004,186
Restatements (68,492) - (68,492)
Beginning of Fiscal Year, as restated 9,837,289 98,405 9,935,694
End of Fiscal Year 7,613,427$ 106,605$ 7,720,032$
Business-Type Activities - Enterprise Funds
Sewer/
Wastewater
Refuse
Contract
107
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2013
Totals
Cash Flows from Operating Activities:
Cash received from customers and users 2,414,331$ 2,932,667$ 5,346,998$
Cash paid to suppliers for goods and services (2,177,163) (2,838,664) (5,015,827)
Cash paid to employees for services (1,117,440) - (1,117,440)
Net Cash Provided by (Used in) Operating Activities (880,272) 94,003 (786,269)
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (150,727) (675,410) (826,137)
Net Cash Used in Non-Capital
Financing Activities (150,727) (675,410) (826,137)
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (4,683) - (4,683)
Principal paid on capital debt (225,000) - (225,000)
Interest paid on capital debt (188,567) - (188,567)
Special franchise fees (49,098) - (49,098)
Taxes - 556,161 556,161
Net Cash Provided by (Used in)
Capital and Related Financing Activities (467,348) 556,161 88,813
Cash Flows from Investing Activities:
Issuance of new loans 189 - 189
Interest received 15,195 - 15,195
Net Cash Provided by
Investing Activities 15,384 - 15,384
Net Decrease in Cash
and Cash Equivalents (1,482,963) (25,246) (1,508,209)
Cash and Cash Equivalents at Beginning of Year 6,564,456 153,523 6,717,979
Cash and Cash Equivalents at End of Year 5,081,493$ 128,277$ 5,209,770$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)(1,850,017)$ 127,449$ (1,722,568)$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 358,477 - 358,477
(Increase) decrease in accounts receivable (71,238) (29,823) (101,061)
Increase (decrease) in accounts payable 540,948 (3,623) 537,325
Increase (decrease) in accrued liabilities 1,044 - 1,044
Increase (decrease) in deposits payable 120,967 - 120,967
Increase (decrease) in compensated absences 19,547 - 19,547
Total Adjustments 969,745 (33,446) 936,299
Net Cash Provided by (Used in)
Operating Activities (880,272)$ 94,003$ (786,269)$
Business-Type Activities - Enterprise Funds
Sewer/
Wastewater
Refuse
Contract
108
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109
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2013
Assets:
Current:
Cash and investments 1,435,358$ 2,048,730$ 561$ 173,994$
Receivables:
Accounts 10,049 2,639 96 -
Notes and loans 3,531 984 - -
Accrued interest 7,067 314 - 38
Prepaid costs 2,118 1,938 - -
Total Current Assets 1,458,123 2,054,605 657 174,032
Noncurrent:
Capital assets - net of accumulated depreciation 713,134 - 37,281 444,182
Total Noncurrent Assets 713,134 - 37,281 444,182
Total Assets 2,171,257$ 2,054,605$ 37,938$ 618,214$
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable 270,143$ 348,716$ 561$ -$
Accrued liabilities 63,822 1,876 - -
Due to other funds - - 37,376 -
Accrued compensated absences 211,602 1,354 - -
Accrued claims and judgments - 1,195,450 - -
Total Current Liabilities 545,567 1,547,396 37,937 -
Noncurrent:
Accrued compensated absences 64,565 3,849 - -
Accrued claims and judgments - 929,813 - -
Total Noncurrent Liabilities 64,565 933,662 - -
Total Liabilities 610,132 2,481,058 37,937 -
Net Position:
Net investment in capital assets 713,134 - 37,281 444,182
Unrestricted 847,991 (426,453) (37,280) 174,032
Total Net Position 1,561,125 (426,453) 1 618,214
Total Liabilities and Net Position 2,171,257$ 2,054,605$ 37,938$ 618,214$
Equipment
Replacement
Governmental Activities - Internal Service Funds
Consumer
Services Self Insurance
Central
Services
110
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2013
Assets:
Current:
Cash and investments
Receivables:
Accounts
Notes and loans
Accrued interest
Prepaid costs
Total Current Assets
Noncurrent:
Capital assets - net of accumulated depreciation
Total Noncurrent Assets
Total Assets
Liabilities and Net Position:
Liabilities:
Current:
Accounts payable
Accrued liabilities
Due to other funds
Accrued compensated absences
Accrued claims and judgments
Total Current Liabilities
Noncurrent:
Accrued compensated absences
Accrued claims and judgments
Total Noncurrent Liabilities
Total Liabilities
Net Position:
Net investment in capital assets
Unrestricted
Total Net Position
Total Liabilities and Net Position
Totals
-$ 340,023$ 3,998,666$
- 160 12,944
- - 4,515
- - 7,419
- 32,279 36,335
- 372,462 4,059,879
- - 1,194,597
- - 1,194,597
-$ 372,462$ 5,254,476$
-$ 69,938$ 689,358$
- 27,260 92,958
- - 37,376
- 72,992 285,948
- - 1,195,450
- 170,190 2,301,090
- 202,272 270,686
- - 929,813
- 202,272 1,200,499
- 372,462 3,501,589
- - 1,194,597
- - 558,290
- - 1,752,887
-$ 372,462$ 5,254,476$
Intra-
Governmental
Loan Fund
Governmental Activities - Internal Service Funds
IT Services
111
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2013
Operating Revenues:
Sales and service charges 6,355,694$ 2,254,467$ -$ -$
Miscellaneous - 276 - -
Total Operating Revenues 6,355,694 2,254,743 - -
Operating Expenses:
Administration and general 5,194,960 2,019,774 2,655 -
Source of supply 149,261 - - -
Claims expense 529,269 1,019,735 - -
Depreciation expense 123,443 - 3,746 138,660
Total Operating Expenses 5,996,933 3,039,509 6,401 138,660
Operating Income (Loss)358,761 (784,766) (6,401) (138,660)
Nonoperating Revenues (Expenses):
Interest revenue - 8,571 - 1,081
Total Nonoperating
Revenues (Expenses)- 8,571 - 1,081
Income (Loss) Before Transfers and 358,761 (776,195) (6,401) (137,579)
extraordinary items
Transfers in 140,140 - 12,479 -
Transfers out (498,902) - - -
Extraordinary gain/(loss)- (48,279) - -
Changes in Net Position (1) (776,195) 6,078 (137,579)
Net Position:
Beginning of Year, as originally reported 1,561,126 398,021 (6,077) 755,793
Restatements - - - -
Beginning of Fiscal Year, as restated 1,561,126 398,021 (6,077) 755,793
End of Fiscal Year 1,561,125$ (426,453)$ 1$ 618,214$
Equipment
Replacement
Governmental Activities - Internal Service Funds
Consumer
Services Self Insurance
Central
Services
112
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2013
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
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before Transfers and
extraordinary items
Transfers in
Transfers out
Extraordinary gain/(loss)
Changes in Net Position
Net Position:
Beginning of Year, as originally reported
Restatements
Beginning of Fiscal Year, as restated
End of Fiscal Year
Totals
-$ 1,765,849$ 10,376,010$
- 10,974 11,250
- 1,776,823 10,387,260
- 1,557,737 8,775,126
- 216,582 365,843
- - 1,549,004
- - 265,849
- 1,774,319 10,955,822
- 2,504 (568,562)
- - 9,652
- - 9,652
- 2,504 (558,910)
- - 152,619
- - (498,902)
(21,304,873) - (21,353,152)
- 2,504 (905,193)
22,154,005 (2,504) 24,860,364
(849,132) - (849,132)
21,304,873 (2,504) 24,011,232
-$ -$ 1,752,887$
Intra-
Governmental
Loan Fund
Governmental Activities - Internal Service Funds
IT Services
113
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2013
Cash Flows from Operating Activities:
Cash received from customers and users 6,347,226$ 2,250,166$ -$ -$
Cash paid to suppliers for goods and services (634,281) (619,154) (4,798) -
Cash paid to employees for services (5,163,021) (2,016,199) (2,655) -
Net Cash Provided by (Used in) Operating Activities 549,924 (385,187) (7,453) -
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (498,902) - - -
Cash transfers in 140,140 - 12,479 -
Repayment made to other funds - - (4,465) -
Net Cash Provided by (Used in)
Non-Capital Financing Activities (358,762) - 8,014 -
Cash Flows from Investing Activities:
Repayment of loans (2,006) - - -
Issuance of new loans 2,326 - -
Interest received 6,352 9,042 - 1,115
Net Cash Provided by (Used in)
Investing Activities 4,346 11,368 - 1,115
Net Increase (Decrease) in Cash
and Cash Equivalents 195,508 (373,819) 561 1,115
Cash and Cash Equivalents at Beginning of Year 1,239,850 2,422,549 - 172,879
Cash and Cash Equivalents at End of Year 1,435,358$ 2,048,730$ 561$ 173,994$
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)358,761$ (784,766)$ (6,401)$ (138,660)$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 123,443 - 3,746 138,660
(Increase) decrease in accounts receivable (6,535) (2,639) (96) -
(Increase) decrease in prepaid expense (1,933) (1,938) - -
Increase (decrease) in accounts payable 65,847 22,579 (3,992) -
Increase (decrease) in accrued liabilities (20,175) (23,670) (710) -
Increase (decrease) in deposits payable (1,423) - - -
Increase (decrease) in claims and judgments - 401,672 - -
Increase (decrease) in compensated absences 31,939 3,575 - -
Total Adjustments 191,163 399,579 (1,052) 138,660
Net Cash Provided by (Used in)
Operating Activities 549,924$ (385,187)$ (7,453)$ -$
Governmental Activities - Internal Service Funds
Consumer
Services
Self
Insurance Central Services
Equipment
Replacement
114
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2013
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 by (Used in) Operating Activities
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out
Cash transfers in
Repayment made to other funds
Net Cash Provided by (Used in)
Non-Capital Financing Activities
Cash Flows from Investing Activities:
Repayment of loans
Issuance of new loans
Interest received
Net Cash Provided by (Used in)
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 prepaid expense
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in deposits payable
Increase (decrease) in claims and judgments
Increase (decrease) in compensated absences
Total Adjustments
Net Cash Provided by (Used in)
Operating Activities
Totals
-$ 1,762,396$ 10,359,788$
- (210,073) (1,468,306)
- (1,512,845) (8,694,720)
- 39,478 196,762
- - (498,902)
- - 152,619
- - (4,465)
- - (350,748)
- - (2,006)
- 3,578 5,904
- - 16,509
- 3,578 20,407
- 43,056 (133,579)
- 296,967 4,132,245
-$ 340,023$ 3,998,666$
-$ 2,504$ (568,562)$
- - 265,849
- 243 (9,027)
- (14,670) (18,541)
- 19,018 103,452
- (12,509) (57,064)
- - (1,423)
- - 401,672
- 44,892 80,406
- 36,974 765,324
-$ 39,478$ 196,762$
IT Services
Governmental Activities -
Internal Service Funds
Intra-
Governmental
Loan Fund
115
CITY OF AZUSA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2013
Balance Balance
7/1/2012 Additions Deductions 6/30/2013
Deposit Trust
Assets:
Pooled cash and investments 4,927,533$ 10,981,848$ 8,636,317$ 7,273,064$
Receivables:
Accounts 609 762 609 762
Taxes 975,188 132,878 975,188 132,878
Total Assets 5,903,330$ 11,115,488$ 9,612,114$ 7,406,704$
Liabilities:
Accounts payable 5,866,701$ 10,200,384$ 8,703,126$ 7,363,959$
Accrued liabilities 4,878 5,666 5,597 4,947
Deposits payable 22,706 33,048 30,396 25,358
Due to other governments 9,045 17,190 13,795 12,440
Total Liabilities 5,903,330 $ 10,256,288 $ 8,752,914 $ 7,406,704 $
116
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS
WATER - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
Water
Operating Revenues:
Residential sales 10,434,389$
Commercial sales 3,815,664
Industrial sales 2,621,551
Fees 175,850
Other revenue 4,593,891
Total Operating Revenues 21,641,345
Operating Expenses:
Production 6,574,250
Transmission and distribution 1,028,050
Customer accounting and sales 4,071,769
Uncollectible accounts 62,877
Administrative and general 469,127
Depreciation 3,646,666
Total Operating Expenses 15,852,739
Operating Income (Loss)5,788,606
Nonoperating Revenues (Expenses):
Interest revenue 120,491
Interest expense (2,981,340)
Franchise and in-lieu-tax (374,184)
Total Nonoperating Revenues (Expenses)(3,235,033)
Net Income (Loss) Before Transfers 2,553,573
Transfers out (111,348)
Net Income (Loss) Before
Extraordinary Loss 2,442,225
Extraordinary Loss (1,221,413)
Net Income 1,220,812
Net Assets:
Beginning of Fiscal Year 54,420,506
Restatements (828,921)
Beginning of Fiscal Year, as restated 53,591,585
End of Fiscal Year 54,812,397$
117
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS
LIGHT - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2013
Light
Operating Revenues:
Sale/electricity - residential 12,191,958$
Sale/electricity - commercial and industrial 22,259,074
Sale/electricity - other 1,422,284
Sale/electricity - resale 6,472,990
Other revenue 46,783
Total Operating Revenues 42,393,089
Operating Expenses:
Purchase power 29,119,312
Transmission/dispatching 3,157,698
Operation and maintenance 2,806,273
Uncollectible accounts 116,802
Administration general expenditures 3,800,805
Depreciation 1,246,025
Total Operating Expenses 40,246,915
Operating Income 2,146,174
Nonoperating Revenues (Expenses):
Interest income 224,535
Interest expense (324,095)
Franchise and in-lieu-tax (3,630,291)
Gain (loss) on disposal of asset -
Total Nonoperating Revenues (Expenses)(3,729,851)
Net Income Before Transfers (1,583,677)
Transfers Out (13,561)
Net Income (Loss) Before
Extraordinary Loss (1,597,238)
Extraordinary Loss (12,130,357)
Net Income (13,727,595)
Net Assets:
Beginning of Fiscal Year 58,886,218
Restatements (268,123)
Beginning of Fiscal Year, as restated 58,618,095
End of Fiscal Year 44,890,500$
118
Financial Trends
121-125
Revenue Capacity
126-135
Debt Capacity
136-142
Demographic and Economic Information
143-145
Operating Information
146-148
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.
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.
119
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120
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125
Fiscal Year Residential
Commercial/
Industrial Other Total
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
2013 12,191,958 22,259,074 1,422,284 35,873,316
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
126
Fiscal Monthly Rate per Rate per
Year Ended Base <250 >250
June 30 Rate kWh kWh
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
2013 3.81 0.1160 0.1487
NOTE:
Source: City of Azusa Light & Water Department
City of Azusa
Table 6 - Electricity Rates
Last Ten Fiscal Years
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.
127
20
0
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20
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46
8
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54
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9
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60
1
,
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8
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3
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89
4
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o
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4
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31
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8
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1
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10
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4
4
7
,
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7
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34
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1
8
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0
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28
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e
r
s
La
s
t
S
i
x
F
i
s
c
a
l
Y
e
a
r
s
128
Last Ten Fiscal Years
Type of Customer
Fiscal Year Residential Commercial Industrial Total
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
2013 10,434,389 3,815,664 2,621,551 16,871,604
Source: City of Azusa Light & Water Department
City of Azusa
Table 8 - Water Sold by Type of Customer
129
Fiscal Monthly Rate per Rate per
Year Ended Base 0-17 >17
Activity Rate CCF CCF
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
2013 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.
130
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s
131
Total Estimated Taxable Assessed
Fiscal Year Total Taxable Direct Actual Value as a
Ended Residential Commercial Other Assessed Tax Taxable Percentage of
June 30 Property Property Property Value (1)Rate Value Actual Taxable Value
2004 1,313,356,908$ 203,738,328$ 648,734,065$ 2,165,829,301$ 0.35245 2,165,829,301$ 100.0%
2005 1,413,718,828 209,980,713 682,357,988 2,306,057,529 0.35734 2,306,057,529 100.0%
2006 1,665,689,906 222,919,189 690,365,185 2,578,974,280 0.34461 2,578,974,280 100.0%
2007 1,853,668,928 232,834,227 948,903,799 3,035,406,954 0.33843 3,035,406,954 100.0%
2008 2,039,800,874 252,133,001 935,399,744 3,227,333,619 0.31890 3,227,333,619 100.0%
2009 2,261,284,832 265,286,427 1,020,131,857 3,546,703,116 0.32698 3,546,703,116 100.0%
2010 2,149,538,213 282,164,446 1,008,117,565 3,439,820,224 0.33638 3,439,820,224 100.0%
2011 1,989,337,299 285,686,418 967,335,236 3,242,358,953 0.34228 3,242,358,953 100.0%
2012 2,006,514,504 284,699,041 907,262,608 3,198,476,153 0.34311 3,198,476,153 100.0%
2013 2,065,151,644 276,567,248 900,529,536 3,242,248,428 0.33678 3,242,248,428 100.0%
NOTES:
Exempt assessed values are not included in assessed value.
Source: HdL Coren & Cone
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)
132
20
0
4
20
0
5
20
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6
20
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20
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133
Table 13 - Principal Property Tax Payers (Top Ten)
Current Year and Nine Years Ago
2013 2004
Percentage of Percentage of
City City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Value Value
Northrop Grumman Systems Corporation 113,673,776$ 3.51%130,472,577$ 6.02%
Rainbird Corp/CA Div.43,141,253 1.33%35,561,681 1.64%
Azusa Pacific University 32,272,432 1.00%16,401,871 0.76%
PPF Industrial 823 8th Street 31,583,787 0.97%17,527,905 0.81%
Rosedale Land Partners II LLC 26,025,708 0.80%- 0.00%
Citrus Crossing Properties Fee 22,109,237 0.68%- 0.00%
S & S Foods LLC 20,670,564 0.64%- 0.00%
Costco Wholesale Corporation 19,142,113 0.59%17,374,843 0.80%
Sam Menlo Trust 18,480,561 0.57%- 0.00%
VPM Soldano Senior Village LP 16,017,740 0.49%- 0.00%
Coastal Pacific Glen LLC - 0.00%29,141,059 1.35%
Criterion Catalyst Company LP - 0.00%16,867,216 0.78%
Reichhold Inc - 0.00%15,925,105 0.74%
JAR Azusa Association LTD - 0.00%14,121,000 0.65%
MCS Edgewood Center LLC - 0.00%13,888,932 0.64%
343,117,171$ 10.58%307,282,189$ 14.19%
The amounts shown above include assessed value data for both the City and the Redevelopment Agency/Successor Agency.
Source: HdL Coren & Cone
City of Azusa
134
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
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%
2013 3,506,941 3,404,604 97.1%84,623 3,489,227 99.5%
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
135
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136
Fiscal Year Certificates Tax Percentage Debt per
Ended of Allocation of Assessed City
June 30 Participation Bonds Total Values Capita
2004 4,825,000$ 17,080,000$ 21,905,000$ 1.01%456
2005 4,525,000 25,366,416 29,891,416 1.30%620
2006 4,325,000 24,824,506 29,149,506 1.13%606
2007 4,120,000 24,271,206 28,391,206 0.94%589
2008 3,910,000 39,546,698 43,456,698 1.35%898
2009 3,695,000 57,056,201 60,751,201 1.71%1,246
2010 3,480,000 55,814,889 59,294,889 1.72%1,205
2011 3,255,000 54,768,014 58,023,014 1.79%1,245
2012 3,025,000 (1)3,025,000 0.09%64
2013 2,785,000 (1)2,785,000 0.09%(2)
(1)The Redevelopment Agency dissolution by the State of California caused the tax
allocation bonds to be transferred to the Successor Agency and is a fiduciary fund.
(2)Data not available.
Source: City of Azusa Finance Department
CITY OF AZUSA
Table 16 - Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
137
Percentage Net
Gross Bonded Applicable Bonded
Debt Balance To City Debt
APFA 2003 Lease Revenue COP 2,785,000$ 100 2,785,000$
Pension Bonds 4,855,000 100 4,855,000
Total Direct Debt 7,640,000
Metropolitan Water District 79,696,126$ 0.097 77,203.00$
Citrus CCD DS 2013 Refunding 13,130,000 15.114 1,984,412.00
Citrus CCD DS 2004 Series 2007B 34,195,000 15.114 5,168,085
Citrus CCD DS 2004 2009 Series C 29,870,302 15.114 4,514,469
Mount San Antonio Comm. College District 2001 Series A 2004B 4,225,000 0.027 1,130
Mount San Antonio Comm. College District 2005 Refunding 41,010,843 0.027 11,007
Mount San Antonio Comm. College District 2001, 2006 Ser C 78,755,000 0.027 21,072
Mount San Antonio Comm. College District 2001, 2008 Ser D 23,086,083 0.027 6,177
Azusa Unified School District 2010 Bonds 41,055,665 63.563 26,096,211
Azusa Unified School District 2002 Series 2007 2,078,763 63.563 1,317,795
Azusa Unified School District 2002 Series 2011 19,890,000 63.563 12,608,914
Covina Valley Unified School District 2001 Series B 17,956,055 0.255 45,858
Covina Valley Unified School District 2006 Series 2006 1,855,000 0.255 4,738
Covina Valley Unified School District 2007 and 2013 45,990,145 0.255 117,455
Covina Valley Unified School District 2001 Ref 2011 and 2013 53,695,000 0.255 137,133
Duarte Unified School District 1998 Series B 4,868,807 0.378 18,380
Duarte Unified School District 1998 Series C 5,103,051 0.378 19,265
Duarte Unified School District 1998 Series D 3,809,534 0.378 14,381
Duarte Unified School District 1998 Series E 13,342,314 0.378 50,369
Duarte Unified School District Refunding 1998, 2010 Series A 4,530,000 0.378 17,101
Duarte Unified School District 2010 Series A 15,995,204 0.378 60,384
Duarte Unified School District 2010 Series B 4,595,000 0.378 17,347
Total Overlapping Debt 52,308,886
Total Direct and Overlapping Debt 59,948,886$
2012/13 Assessed Valuation: $2,500,596,132 after deducting $741,652,296 Incremental Value.
Debt to Assess Valuation Ratios:Direct Debt 0.310%
Overlapping Debt 2.090%
Total Debt 2.400%
Source: HdL Coren & Cone
City of Azusa
Table 17 - Direct and Overlapping Debt
June 30, 2013
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The
percentage of overlapping debt applicable is estimated by using taxable assessed values. Applicable percentages were
estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's
boundaries and dividing it by each unit's total taxable assessed value.
138
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Operating Debt Service Requirements
Fiscal Year and Non-Net Revenue
Ended Gross Operating Available for
June 30 Revenues Expenses (1)Debt Service Principal Interest Total Coverage
2004 17,715,988$ 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
2013 21,761,836 19,208,263 2,553,573 320,000 2,819,064 3,139,064 0.81
(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
2004 -$ -$ -$ -$ -$ -$ -
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
2013 42,669,040 44,252,717 (1,583,677) 530,000 246,108 776,108 (2.04)
(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 Ten Fiscal Years
REVENUE BONDS - WATER FUND(1)
CERTIFICATES OF PARTICIPATION AND REVENUE BONDS - ELECTRIC FUND (2)
140
Table 19 - Pledged Revenue Coverage
Last Ten Fiscal Years (continued)
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
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
2013 2,500,116 4,573,251 (2,073,135)225,000 188,568 413,568 (5.01)
(1)Excludes interest and depreciation expense
Source: City of Azusa Finance Department
REVENUE BONDS - SEWER FUND
CITY OF AZUSA
141
Debt Service Requirements
Fiscal Year
Ended Tax
June 30 Increment Principal Interest Total Coverage
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
2013 4,660,561 1,235,000 3,091,833 4,326,833 1.08
(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 $9,022,800 of new Tax Allocation Bonds in 2005.
CITY OF AZUSA
Table 20 - Pledged Revenue Coverage
Tax Allocation Bonds - Redevelopment Agency (Successor Agency)
Last Ten Fiscal Years
142
Per Capita
Calendar City County Personal Personal Unemployment
Year Population Population (1)Income Income Rate
2003 47,072 9,979,600 681,232,000$ 14,472$ 7.6%
2004 48,022 10,107,451 730,067,000 15,203 7.1%
2005 48,189 10,226,506 766,560,000 15,907 5.8%
2006 48,127 10,245,572 815,960,000 16,954 5.2%
2007 48,191 10,331,939 850,576,000 17,650 5.5%
2008 48,399 10,363,850 862,032,000 17,811 8.1%
2009 48,755 10,393,185 843,804,000 17,307 12.6%
2010 49,207 10,441,080 871,702,000 17,715 13.7%
2011 46,618 9,889,520 854,741,000 18,335 13.3%
2012 47,586 9,958,091 882,863,000 18,553 10.1%
Sources: HdL Coren & Cone, Los Angeles County Assessor
(1) U.S. Department of Census and State Department of Finance
CITY OF AZUSA
Table 21 - Demographic and Economic Statistics
Last Ten Calendar Years
143
City of Azusa
Table 22 - Principal Employers
Current Year and Nine Years Ago
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Rank Employment
Azusa Unified School District 1580 1 0.00%1600 1 8.38%
Northrop Grumman 978 2 5.07%1400 2 7.33%
City of Azusa 378 3 1.96%430 4 2.25%
Costco Wholesale Corporation 325 4 1.68%290 6 0.00%
Dostalek Construction Company 300 5 1.55%(2)0.00%
S & S Foods LLC 250 6 1.30%200 7 0.00%
Buena Vista Food Products 165 7 0.85%(2)0.00%
Colorama Wholesale Nursery 152 8 0.79%(2)0.00%
Target Store 141 9 0.73%(2)0.00%
Hanson Distributing Company 135 10 0.70%(2)0.00%
Artisan Screen 120 11 0.62%80 8 0.00%
Ancra International LLC 106 12 0.55%(2)0.00%
Morris National Candy 101 13 0.52%300 5 0.00%
Azusa Pacific University (2)0.00%900 3 4.71%
Total of Top Employers 4,731 16.33%5,200 22.49%
Total Employees in City 19,300 (1)100 19,100 (1)
Sources:
Data from City of Azusa Business License Division unless noted.
(1)California Employment Development Department
(2)Data not available
Source: City of Azusa Business License Division
2012-13 2003-04
144
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m
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So
u
r
c
e
:
C
i
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f
A
z
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l
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D
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p
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z
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W
a
t
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p
a
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R
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c
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CI
T
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A
Ta
b
l
e
2
4
-
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p
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r
a
t
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n
d
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c
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t
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r
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b
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t
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s
t
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n
F
i
s
c
a
l
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a
r
s
Fi
s
c
a
l
Y
e
a
r
146
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
20
1
3
Po
l
i
c
e
:
St
a
t
i
o
n
s
1
1
1
1
1
1
1
1
1
1
Pu
b
l
i
c
W
o
r
k
s
:
St
r
e
e
t
s
(
l
i
n
e
a
l
m
i
l
e
s
)
17
0
17
0
17
0
17
0
17
0
17
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17
1
17
0
17
4
17
6
Tr
a
f
f
i
c
s
i
g
n
a
l
s
52
52
52
52
52
52
53
52
53
53
Pa
r
k
s
a
n
d
r
e
c
r
e
a
t
i
o
n
:
Pa
r
k
s
10
10
10
10
13
13
13
13
15
16
Pa
r
k
a
c
r
e
a
g
e
52
55
58
58
60
61
61
61
64
64
Co
m
m
u
n
i
t
y
c
e
n
t
e
r
s
1
2
2
2
3
3
3
3
3
3
W
a
t
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r
:
Wa
t
e
r
m
a
i
n
s
(
m
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l
e
s
)
30
2
30
2
30
5
30
8
31
1
31
2
31
5
31
5
31
5
31
5
Nu
m
b
e
r
o
f
f
i
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y
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r
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n
t
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4
7
5
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5
0
0
2,
5
2
5
2,
5
7
5
2,
5
8
5
2,
5
9
4
2,
5
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4
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6
0
0
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8
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0
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8
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5
Ma
x
i
m
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a
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p
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t
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40
,
0
0
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40
,
0
0
0
40
,
0
0
0
40
,
0
0
0
40
,
0
0
0
40
,
0
0
0
40
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0
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40
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0
0
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70
,
5
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,
5
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t
s
)
Li
g
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t
:
St
r
e
e
t
l
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g
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t
s
66
65
64
65
65
65
65
65
65
65
Ma
x
i
m
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m
d
a
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l
y
c
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n
s
u
m
p
t
i
o
n
17
0
17
1
15
3
16
9
16
9
16
9
16
9
16
2
16
9
16
2
(k
W
h
)
Se
w
e
r
:
Sa
n
i
t
a
r
y
s
e
w
e
r
s
(
m
i
l
e
s
)
60
61
61
61
61
61
61
61
80
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
16
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
60
(c
u
b
i
c
f
e
e
t
p
e
r
s
e
c
o
n
d
)
So
u
r
c
e
:
C
i
t
y
o
f
A
z
u
s
a
P
o
l
i
c
e
D
e
p
a
r
t
m
e
n
t
C
i
t
y
o
f
A
z
u
s
a
L
i
g
h
t
&
W
a
t
e
r
D
e
p
a
r
t
m
e
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
147
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, 2013
148