HomeMy WebLinkAboutAzusa CAFR Final
CITY OF AZUSA
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2015
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CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
PREPARED BY FINANCE DEPARTMENT
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CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
TABLE OF CONTENTS
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INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................. i
Organizational Chart .............................................................................................................................. vi
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
Statement of Net Position - Proprietary Funds ............................................................................... 24
Statement of Revenues, Expenses and Changes in Fund Net
Position - Proprietary Funds ........................................................................................................... 25
Statement of Cash Flows - Proprietary Funds ............................................................................... 26
Statement of Fiduciary Net Position - Fiduciary Funds .................................................................. 27
Statement of Changes in Fiduciary Net Position – Fiduciary Funds .............................................. 28
Notes to Financial Statements ........................................................................................................... 29
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
TABLE OF CONTENTS
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Number
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Changes in the Net Pension Liability and Related Ratios –
Agent Multiple-Employer Miscellaneous Plans ..................................................................................... 86
Schedule of Contributions – Agent Multiple-Employer Miscellaneous Plans ....................................... 87
Schedule of Proportionate Share of the Net Pension Liability –
Cost-Sharing Multiple-Employer Safety Plans ...................................................................................... 88
Schedule of Contributions – Cost-Sharing Multiple-Employer Safety Plans ........................................ 89
Schedule of Changes in the Net Pension Liability and Related Ratios –
Retirement Enhancement Plans ........................................................................................................... 90
Schedule of Contributions – Retirement Enhancement Plans ............................................................. 91
Schedule of Investment Returns – Retirement Enhancement Plans ................................................... 92
Budgetary Comparison Schedule by Department - General Fund ........................................................ 93
Note to Required Supplementary Information ...................................................................................... 94
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds ............................................................... 96
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds ............................................................ 102
Budgetary Comparison Schedules - Special Revenue Funds:
State Gasoline Tax ........................................................................................................................... 108
Proposition A .................................................................................................................................... 109
Proposition C .................................................................................................................................... 110
Community Development Block Grant ............................................................................................. 111
Senior Nutrition ................................................................................................................................. 112
Public Benefit Program ..................................................................................................................... 113
Air Quality Improvement ................................................................................................................... 114
Grants and Seizure ........................................................................................................................... 115
Fire Safety ........................................................................................................................................ 116
Monrovia Nursery ............................................................................................................................. 117
Employee Benefits ............................................................................................................................ 118
Utility Mitigation ................................................................................................................................. 119
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
TABLE OF CONTENTS
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Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONTINUED)
Highway 39 ................................................................................................................................... 120
LACMTA ....................................................................................................................................... 121
Measure R .................................................................................................................................... 122
AB939 Fee .................................................................................................................................... 123
Budgetary Comparison Schedules - Capital Projects Funds:
Park In-Lieu ................................................................................................................................... 124
Public Works Endowment ............................................................................................................. 125
Budgetary Comparison Schedules - Debt Service Fund:
Public Financing Authority ............................................................................................................ 126
Combining Statement of Net Position – Nonmajor Proprietary Funds ............................................ 127
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Nonmajor Proprietary Funds ........................................................................... 128
Combining Statement of Cash Flows – Nonmajor Proprietary Funds ............................................. 129
Combining Statement of Net Position – Internal Service Funds .................................................. 130
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Internal Service Funds ................................................................................. 132
Combining Statement of Cash Flows – Internal Service Funds ................................................... 134
Combining Statement of Changes in Assets and Liabilities – Agency Fund ............................... 136
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Water – Enterprise Fund ....................................................................................... 137
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Light – Enterprise Fund ......................................................................................... 138
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
TABLE OF CONTENTS
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STATISTICAL SECTION
Table 1 – Net Position by Component .......................................................................................... 141
Table 2 – Change in Net Position ................................................................................................. 142
Table 3 – Fund Balances of Governmental Funds ....................................................................... 144
Table 4 – Changes in Fund Balances of Governmental Funds ................................................... 145
Table 5 – Light Department, Electricity Sold by Type of Customer .............................................. 146
Table 6 – Electricity Rates ............................................................................................................ 147
Table 7 – Largest Electrical Customers ....................................................................................... 148
Table 8 – Water Sold by Type of Customer ................................................................................. 149
Table 9 – Water Rates .................................................................................................................. 150
Table 10 – Largest Water Customers .......................................................................................... 151
Table 11 – Assessed Value and Estimated Actual Value of Taxable Property ............................ 152
Table 12 – Direct and Overlapping Property Rates ...................................................................... 153
Table 13 – Principal Property Tax Payers .................................................................................... 154
Table 14 – Property Tax Levies and Collections .......................................................................... 155
Table 15 – Ratios of Outstanding Debt by Type .......................................................................... 156
Table 16 – Ratio of General Bonded Debt Outstanding ............................................................... 157
Table 17 – Direct and Overlapping Debt ...................................................................................... 158
Table 18 – Legal Debt Margin Information ................................................................................... 159
Table 19 – Pledged Revenue Coverage ...................................................................................... 160
Table 20 – Pledged Revenue Coverage,
Tax Allocation Bonds – Redevelopment Agency ....................................................... 162
Table 21 – Demographic and Economic Statistics ....................................................................... 163
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
TABLE OF CONTENTS
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STATISTICAL SECTION
Table 22 – Principal Employers .................................................................................................... 164
Table 23 – Full-time and Part-time Employees by Function ........................................................ 165
Table 24 – Operating Indicators by Function ............................................................................... 166
Table 25 – Capital Asset Statistics by Function ........................................................................... 167
Table 26 – Schedule of Credits .................................................................................................... 168
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The Canyon City-Gateway to the American Dream
January 29, 2016
Honorable Mayor and Council Members
City of Azusa
213 E. Foothill Blvd.
Azusa, CA 91702
Honorable Mayor and Council Members:
I am pleased to present to you the City of Azusa's Comprehensive Annual Financial
Report (CAFR) for the fiscal year ended June 30, 2015. The report is intended to update
readers on the status of the City's financial position and results of operations for the past
fiscal year, 2014-15.
Management assumes full responsibility for the completeness and reliability of the
information contained in this report, based upon a comprehensive framework of internal
control that it has established for this purpose. Because the cost of internal control
should not exceed anticipated benefits, the objective is to provide reasonable, rather
than absolute, assurance that the financial statements are free of any material
statements. This CAFR has been prepared in accordance with Generally Accepted
Accounting Principles (GAAP) as promulgated by the Governmental Accounting
Standards Board (GASB).
The report contains a citywide view of all governmental and business-type activities, as
well as a focus on the financial position and operating results of the City's major funds.
The financial statements included in this CAFR represent all City funds.
The City's financial statements have been audited by Lance, Soll & Lunghard, LLP
(LSL). LSL is an independent public accounting firm fully licensed and qualified to
perform audits of the State and local governments within the State of California.
The data presented is believed to be accurate in all material aspects and is designed to
set forth fairly the financial position and the results of the City's operations as measured
by the financial activity of the various funds. All necessary disclosures are included to
enable the reader to understand fully the financial activities and operations of the City.
The goal of the independent audit is to provide reasonable assurance that the financial
statements of the City for the fiscal year ended June 30, 2015, are free of material
misstatement. The City received a qualified opinion from its independent auditor for the
City's CAFR for the year ended June 30, 2015. The independent auditor's report is
presented as the first component of the financial section of the CAFR. The scope of the
examination did not include the statistical section of this report.
Finance Department• 213 E. Foothill Blvd.• P.O. Box 1395 • Azusa, CA 91702-1395
Tel: (626) 812-5203 • FAX (626) 334-6358
Management's discussion and analysis (MD&A) immediately follows the independent
auditor's report and provides a narrative introduction, overview, and analysis of the basic
financial statements. MD&A complements this letter of transmittal and should be read in
conjunction with it.
PROFILE OF THE GOVERNMENT
The City of Azusa was founded in 1887 and is located in the County of Los Angeles,
situated 27 miles northeast of the City of Los Angeles, and nestled against the San
Gabriel Mountain foothills. The City was incorporated in 1898 as a general law city and
operates as a Council/Manager form of government. The four City Council members are
elected at large for four-year terms with elections staggered at two-year intervals. The
Mayor is elected at-large for a two-year term. The City Council appoints the City
Manager to manage the City's staff and implement the policies established by the
Council. The City encompasses approximately 9 square miles.
The name Azusa can be traced to a native village that existed long before Spanish
explorers arrived in 1769. The City boomed in population after the arrival of the railroad
and was known as the "El Susa Rancho". The discovery of gold in the San Gabriel
Canyon increased the population base in 1854, and by 1860 over 2,000 inhabitants
resided in the area. The U.S. government bought a portion of the land from founder
Henry Dalton for homesteading purposes. However, it was not until Los Angeles banker,
Jonathan 0. Slauson acquired the prized orchard community of Azusa Rancho that the
foundation and eventual incorporation on December 29, 1898 took place.
Orange and lemon groves covered the land and gave way to homes and industry
affording new generations of families and entrepreneurs to pursue the American dream.
Today, the city prides itself on a vibrant industrial base and diverse neighborhoods.
Industry within Azusa is diversified with major employers encompassing the fields of
education, aerospace industry, light manufacturing, and retail services.
Azusa offers a full range of municipal services, including community development,
library, police, public works, recreation and family services, and general administration.
Fire services are contracted with Los Angeles County.
The City owns and operates an electric public utility for its citizens providing electric
services to customers within the City limits. The City also owns and operates a water
system whose service territory includes the City and adjoining portions of neighboring
cities and unincorporated areas of Los Angeles County.
LOCAL ECONOMIC CONDITIONS AND OUTLOOK
Azusa enjoys a diverse local economy and City revenues are less dependent on single
source or cyclical revenues than most of the surrounding Cities in the region. Sales Tax,
though important, is not the City's primary revenue source. Consequently, the City is
relatively better insulated from major economic downturns. The planned and funded
expansion of a commuter light railway transportation coming through the City, the Los
Angeles Metro Gold Line, is scheduled to open in March 2016. The Gold Line is
Finance Department• 213 E. Foothill Blvd.• P.O. Box 1395 • Azusa, CA 91702-1395
Tel: (626) 812-5203 • FAX (626) 334-6358
ii
anticipated to bring additional economic activity to the City's revitalizing Downtown with
transit oriented development projects that include a parking structure. The Gold Line will
have two stops in Azusa and is projected to bring additional visitors to the City.
Rosedale, the City's new housing development, continues to experience stable home
sales and is anticipated to be fully developed and sold in 2017. These home sales and
the improving economy are providing slight, but steady increases in property and sales
tax revenues.
The unemployment rate for the City in June 2015 is down to 5.5% from 8.9% of last
year. New businesses such as Chick-fil-A and ELS Outlet played a role in providing new
jobs in the City. Assessed valuation ("AV") of citywide properties for 2014-15 increased
by 8.0% and is attributable to the increased new homes sales in various housing
developments, such as the in Rosedale and other smaller tracts in the southern areas of
the City. In addition, the improving housing market is also a factor in the higher AV. The
AV has risen for the third straight year after three years of decline. In addition to the
housing construction in Rosedale, condominiums and townhomes continue to be
developed in several smaller vacant lands in the City. Thus, the future AV for the City is
expected to continue to rise.
Lagunitas Brewery, which is the nation's sixth largest craft brewing company, has
announced plans to open a new state-of-the art brewery in Azusa in early 2017. Also a
107-room Hilton Homes to Suites has been approved and is scheduled to be completed
and operational in 2017. These businesses will continue to expand the economic
development in Azusa by providing jobs and additional property tax revenue for the City.
In addition, 'the transient occupancy tax generated by the hotel will increase the General
Fund revenues. As the U.S. economy continues to improve, the City is projected to
remain on the path to financial recovery.
The City has adopted a balanced budget for FY 2015-16 without reducing services.
Moreover, the City has added 9.5 full-time equivalent (FTE) positions with 4.5 FTEs
allocated to the General Fund. Based on. the economic changes, mid-year adjustments
are made to revenues and expenditures. It is vital that the City continue to monitor and
control all potential expenditure increases due to the difficulty of revenues to keep pace.
LONG-TERM FINANCIAL PLANNING AND MAJOR INITIATIVES
The laws relating to the dissolution of the former Redevelopment Agency of the City of
Azusa ("RDA") continue to be a challenge to the City. The RDA properties transferred to
the City, to repay several loans, were ordered by the California State Department ·Of
Finance ("DOF") to be returned to the Successor Agency to the RDA ("SA"). However,
the City has already reinstated one of the loans with the SA and was approved by the
DOF. The first payment installment is expected in FY 2016-17. The City plans to
reinstate other loans between the City and the SA in order to be repaid immediately.
The City must also deal with its financial obligations for retirement and other post
employment benefits (OPEB), as well as ever-escalating healthcare costs, while trying
to maintain current service levels. The City expects retirement costs to continue to
increase due to the dramatic market losses of the stock market turmoil in 2008 and
2009, which eroded the value of the CalPERS pension fund. Retirement costs are also
Finance Department• 213 E. Foothill Blvd.• P.O. Box 1395 • Azusa, CA 91702-1395
Tel: (626) 812-5203 • FAX (626) 334-6358
iii
anticipated to rise because of the recent decision by the CalPERS Board of
Administration to change their amortization and smoothing policy. In April of 2013,
CalPERS approved an amortization and smoothing policy that will pay for all gains and
losses over a fixed 30-year period with the increases or decreases in the rate spread
directly over a 5-year period, as opposed to the previous policy which spread
investment returns over a 15-year period with gains and losses paid over a rolling 30-
year period. CalPERS pension costs are projected to account for 13.6% of total
operating expense in FY 2015-16. To address the increases, the management team of
the City will be proposing solutions with various employee groups to combat the
increasing pension costs.
Despite the dissolution of the Redevelopment Agency and increasing retirement costs,
the City continues to pursue economic development to increase the City's tax base,
revenue sources, create and retain jobs to ensure the improvement of its financial
health. Pursuing smart development opportunities as a mechanism to help revitalize the
City is crucial to the City's long-term economic health. Financial policies will continue to
be established and implemented to ensure that the City remains on the right path to
recovery. The City's goal is to set aside reserves to fare unforeseen circumstances
while continuing to maintain its service levels.
Many of these issues will be managed and completed to the benefit of the City in the
near future. Continued financial prudence by the Council and a resolve on the part of
staff and management to work together has resulted in the FY 2014-15 General Fund
operating surplus. Although the General Fund financial statement reflects a loss, the
negative balance is attributable to the transfer of several former RDA's properties, which
had been used to satisfy outstanding General Fund loans, back to the SA As these
properties are sold, the City hopes to recover a portion, if not all of the original amount
loan to the former RDA
RELEVANT FINANCIAL POLICIES
The City of Azusa has adopted a comprehensive set of financial policies and/or
ordinances. The City requires the adoption of a balanced annual operating budget (i.e.,
estimated revenues equal to or in excess of appropriations). In addition, budget
amendments of $100,000 or more must be approved by City Council. This is the legal
level of budgetary control. Capital Improvement Projects are maintained by project life.
Therefore, the budget appropriation for these projects may need to be re-budgeted in
subsequent accounting periods. An lnterfund Loan policy and a General Fund Reserve
policy were also established to ensure and guide the City to continued financial
recovery. Various policies are planned to be developed in FY 2015-16 related to debt,
internal controls and fiscal sustainability.
As a general law city, Azusa operates its pooled idle cash investments under the
Prudent Man Rule (California Civil Code Section 2261, et. seq.), which in essence states
that "in investing property for the benefit of another, a trustee shall exercise the judgment
and care, under circumstances then prevailing, which men of prudence, discretion and
intelligence exercise in the management of their own affairs ... " The City's cash
management system is designed to monitor and forecast expenditures and revenues as
accurately as possible and to invest funds to the fullest extent possible. The City
Finance Department• 213 E. Foothill Blvd.• P.O. Box 1395 • Azusa, CA 91702-1395
Tel: (626) 812-5203 • FAX (626) 334-6358
iv
attempts to obtain the highest available investment yields consistent with the criteria
established and outlined in the City's Investment Policy. Some of the instruments in
which the City may invest are: U.S. Government Securities, Certificates of Deposit,
Bankers' Acceptances, the State of California Local Agency Investment Fund (LAIF),
Treasury Bills, Repurchase Agreements, and regular savings and demand deposits.
As previously mentioned above, the City will continue to establish policies that will guide
staff and the departments to ensure continued financial health and stability.
ACKNOWLEDGMENTS
This document could not have been prepared without the dedicated efforts of the entire
Finance Department staff. We wish to thank all City departments for their assistance in
providing the data necessary to prepare this report. The City's independent auditors,
Lance, Soll and Lunghard, LLP, provided expertise and advice in preparing this financial
report.
Through the team effort of its City Council, management and employees, the City
expects to continue the high level of service, which is currently provided to the Azusa
community. Credit is due to the Mayor and City Council for their support in maintaining
the highest standard of professionalism in the management of the City of Azusa's
finances.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City of Azusa's
finances for all those with an interest in the agency's finances and overall fiscal
condition. If you have questions concerning any of the information provided in this report
or need additional financial information, contact the City's Finance Department by calling
(626)812-5203 or by directing correspondence to 213 East Foothill Blvd., P. 0. Box
1395, Azusa, California 91702-1395.
Finance Department• 213 E. Foothill Blvd.• P.O. Box 1395 • Azusa, CA 91702-1395
Tel: (626) 812-5203 • FAX (626) 334-6358
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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, 2017
Edward Alvarez Mayor Pro-Tem March, 2017
Angel Carrillo Councilmember March, 2019
Robert Gonzales Councilmember March, 2017
Uriel Macias Councilmember March, 2019
DEPARTMENT HEADS TITLE PHONE NUMBER
Troy L. Butzlaff City Manager 626-812-5238
Daniel Bobadilla Acting Director of Public Works 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
Amelia Ayala Director of Human Resources/Risk Management 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
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INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of City of Azusa, California,
(the City) as of and for the year ended June 30, 2015, 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.
Auditor’s 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.
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Basis for Qualified Opinion
The City of Azusa’s four defined benefit plans invested with the Public Agency Retirement System
(PARS), an agency managing pension benefit investments, is carried with a liability of $4,369,219 on the
Statement of Net Position. As described in Note 6d, the plan fiduciary net position for each PARS plan
was a factor in determining the net pension liability for the City’s proportionate share of the liability. We
were unable to obtain sufficient appropriate audit evidence about the carrying amount of the City’s
investment and allocation for their PARS defined benefit plans because the PARS auditors did not
provide an opinion on the beginning balances of the fiduciary net position for the plans. Consequently, we
were unable to determine whether any adjustments to these amounts were necessary.
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
paragraph, 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, 2015, and
the respective changes in financial position and, where applicable, cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Change in Accounting Principle
As discussed in Note 6 to the financial statements, in 2015 the City adopted new accounting guidance,
GASB Statement No. 68, Accounting and Financial Reporting for Pensions – An Amendment of
GASB Statement No. 27 and GASB Statement No. 71, Pension Transition for Contributions made
Subsequent to the Measurement Date – An Amendment of GASB Statement No. 68.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, the respective budgetary comparison schedule for the general fund, schedule of
changes in the net pension liability and related ratios – agent multiple-employer miscellaneous plans,
schedule of contributions – agent multiple-employer miscellaneous plans, schedule of proportionate share
of the net pension liability – cost-sharing multiple-employer safety plans, schedule of contributions -
cost-sharing multiple-employer safety plans, schedule of changes in the net pension liability and related
ratios – retirement enhancement plans, schedule of contributions – retirement enhancement plans, and
schedule of investment returns – retirement enhancement plans to 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.
2
To the Honorable Mayor and Members of the City Council
City of Azusa, California
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 and 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 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
the schedule of expenditures of federal awards 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.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
January 29, 2016 on our consideration of the City’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and
other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City’s internal control over
financial reporting and compliance.
Brea California
January 29, 2016
3
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4
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
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, 2015. 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 v of this report. All amounts, unless otherwise indicated, are expressed in
whole dollars.
Financial Highlights
The assets and deferred outflows of resources for the City exceeded its liabilities and deferred inflows
of resources at the close of fiscal year 2015 by $95,159,592 (net position).
Total City assets of $270,689,272 include $153,662,962 or 56.8% of non-current assets attributed to
capital assets, net of depreciation.
Total City liabilities of $169,260,874 include $154,336,946 or 91.2% of long-term liabilities attributed
mainly to tax allocation bonds, certificates of participation, OPEB and pension liabilities.
As of June 30, 2015, the City’s governmental funds reported combined fund balances of
$30,044,155.
At the end of the current fiscal year, the total fund balance for the General Fund was decreased by
$870,766 to $19,547,182. This was due to the transactions returning some of the land held for resale
to the Successor Agency to the former Redevelopment Agency of the City of Azusa.
Total General Fund revenues received for the year were $48,037,852 and total General Fund
expenditures for the year were $40,990,572, an excess of revenues over expenditures amounting to
$7,047,280. After extraordinary loss in the General Fund, there was an excess of $2,934,215. Of the
totals for both revenues and expenditures, a one-time amount of $11,035,286 is included as the
balance of a developer loan forgiven due to the terms of an expired agreement. This does not
include transfers. Details are located within the General Fund Budgetary Highlights within the
MD & 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 outflows, and
liabilities, and deferred inflows with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the City 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
5
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
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).
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 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 24 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. The Rosedale
Contribution (“RC”) fund is a separate fund, but is combined with the General Fund, as the funds in the
RC fund is considered unrestricted. Data from the other 23 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/Risk
Management, 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, 2015
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 position and in the proprietary fund statement of revenues, expenditures, and changes in
net position 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. The legally separate Successor Agency to the
former RDA of the City “Successor Agency” is reported as a private purpose trust fund.
3) Notes to the basic financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
Other supplementary information. The combining financial statements and schedules referred to
earlier in connection with non-major governmental funds and internal service funds are presented
immediately following the notes to the basic financial statements.
Government-wide Financial Analysis
The following table presents a summary of the City’s assets, liabilities and net 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.
Governmental Business-type
Activities Activities Total
2015 2014 2015 2014 2015 2014
Current and other assets 37,982,057$ 46,008,111$ 79,044,253$ 74,869,479$ 117,026,310$ 120,877,590$
Capital assets, net 29,912,255 29,959,431 123,750,707 127,134,338 153,662,962 157,093,769
Total assets 67,894,312 75,967,542 202,794,960 202,003,817 270,689,272 277,971,359
Deferred charge on refunding - - 1,138,433 1,198,351 1,138,433 1,198,351
Deferred pension related items 4,124,387 - 1,158,071 - 5,282,458 -
Total deferred outflows of resources 4,124,387 - 2,296,504 1,198,351 6,420,891 1,198,351
Current liabilities 3,732,207 4,541,446 11,191,721 8,857,114 14,923,928 13,398,560
Long-term liabilities 66,088,846 42,030,353 88,248,100 79,499,538 154,336,946 121,529,891
Total liabilities 69,821,053 46,571,799 99,439,821 88,356,652 169,260,874 134,928,451
Deferred pension related items 9,833,770 - 2,855,927 - 12,689,697 -
Total deferred inflows of resources 9,833,770 - 2,855,927 - 12,689,697 -
Net investment in capital assets 28,121,302 29,959,431 53,700,812 58,465,869 81,822,114 88,425,300
Restricted 10,502,851 9,222,166 15,085,506 9,845,901 25,588,357 19,068,067
Unrestricted (46,260,277) (9,785,854) 34,009,398 46,533,746 (12,250,879) 36,747,892
Total net position (7,636,124)$ 29,395,743$ 102,795,716$ 114,845,516$ 95,159,592$ 144,241,259$
As of June 30, 2015, the City’s assets and deferred outflows of resources exceeded liabilities and
deferred inflows of resources by $95,159,592. This represents a decrease of $49.1 million from the prior
year and can be attributed to the implementation of GASB 68, Accounting and Financial Reporting for
Pensions implemented in FY 2014-15. This statement has had a material impact on the City’s financial
statements. The primary objective of GASB 68 was to improve reporting by the state and local
governments for pensions. The statement establishes new standards for measuring and recognizing
liabilities and expenditures, as well as expands note disclosures and other information about the City’s
pensions. See Note 6 of the financial statements for further detail. The new pronouncement caused an
increase in long-term obligations by $46.5 million and is offset by a net increase of $13.6 million from
current year activities that included the forgiven loan balance of $11.0 million and a $2.0 million increase
in tax revenues.
7
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
The largest portion of the net position reflects the City’s $81.8 million investment in capital assets less
any capitalǦrelated outstanding debt. Capital assets are the aggregated value of land, buildings and
improvements that are used to provide services. Although the City’s investment in its capital assets is
reported net of related debt, the resources needed to repay this debt must be provided from other
sources since the capital assets themselves cannot be used to liquidate these liabilities.
Another portion of the City’s net position is subject to external restrictions, such as debt covenants,
grantor’s stipulations, or enabling legislation, on how they may be used. As of June 30, 2015, the
restricted assets were $25.6 million of the total net position. Of this amount, $15.1 million is for a rate
stabilization fund, $5.5 is for debt service, $5.2 million is restricted for community development projects
such as transportation projects and $3.8 million for capital projects such as street repair and
maintenance. The remaining amount relates to Police grants.
At June 30, 2015, the unrestricted net position was a negative $12.3 million due to the implementation of
GASB Statement No. 68.
The following chart shows the comparison of the three components of net position for Fiscal Years
2014-15 and 2013-14 (in millions).
Governmental activities. The following condensed summary of activities of the City’s governmental
activities for the year ended June 30, 2015 shows total net position is a negative $7,636,124, a decrease
of $37,031,867 from prior year and primarily attributable to the restatement related to GASB 68 and the
forgiven loan from a developer.
Business type activities. Business-type activities net position totaled $102,795,716, a decrease of
$12,049,800 (-10.5%) from the prior year. The key element is the restatement of GASB 68.
Net investment
in capital assets Restricted Unrestricted
Total Net
Position
FY 13/14 $88.4 $19.1 $36.7 $144.2
FY 14/15 $81.8 $25.6 $(12.3) $95.1
(20.0)
20.0
60.0
100.0
140.0
180.0
8
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
Governmental Business-type
Activities Activities Total
2015 2014 2015 2014 2015 2014
Program Revenues:
Charges for services 9,492,311$ 9,752,821$ 73,519,764$ 72,389,622$ 83,012,075$ 82,142,443$
Operating contributions and grants 13,916,073 3,836,479 - - 13,916,073 3,836,479
Capital contributions and grants 408,905 442,727 - - 408,905 442,727
General Revenues:
Taxes 31,314,539 29,315,094 574,179 542,409 31,888,718 29,857,503
Motor vehicle in lieu - 20,876 - - - 20,876
Investment earnings 353,285 (423,898) 378,713 300,515 731,998 (123,383)
Miscellaneous 629,507 759,132 224,680 399,293 854,187 1,158,425
Total Revenues 56,114,620 43,703,231 74,697,336 73,631,839 130,811,956 117,335,070
Expenses:
General government 7,834,391 8,843,327 - - 7,834,391 8,843,327
Public safety 21,279,643 21,284,020 - - 21,279,643 21,284,020
Community development 2,384,308 2,593,720 - - 2,384,308 2,593,720
Parks and recreation 3,878,961 3,808,038 - - 3,878,961 3,808,038
Public works 5,019,152 5,412,524 - - 5,019,152 5,412,524
Interest and fiscal charges 699,155 1,330,555 - - 699,155 1 ,330,555
Water - - 21,497,271 18,345,227 21,497,271 18,345,227
Light - - 44,328,679 45,011,550 44,328,679 45,011,550
Sewer/Wastewater - - 2,368,124 2,434,295 2,368,124 2,434,295
Refuse contract - - 3,042,337 2,938,255 3,042,337 2,938,255
Total Expenses 41,095,610 43,272,184 71,236,411 68,729,327 112,332,021 112,001,511
Increase/(decrease) in net position
before transfers 15,019,010 431,047 3,460,925 4,902,512 18,479,935 5,333,559
Transfers 1,458,028 1,535,996 (1,458,028) (1,535,996) - -
Extraordinary items (4,113,065) - - - (4,113,065) -
Change in Net Position 12,363,973 1,967,043 2,002,897 3,366,516 14,366,870 5,333,559
Net Position (Deficits) - Beginning 29,395,743 27,828,998 114,845,516 108,984,054 144,241,259 136,813,052
Restatement (49,395,840) (400,298) (14,052,697) 2,494,946 (63,448,537) 2,094,648
Net Position (Deficits) - Ending (7,636,124)$ 29,395,743$ 102,795,716$ 114,845,516$ 95,159,592$ 144,241,259$
City of Azusa - Smmary of Changes in Net Position (Deficits)
The City’s total revenues are $130,811,956 and the costs of all programs and services are $112,332,021.
Fiscal year 2014-15 revenues increased by $13,476,886 (11.5%). Expenses increased by $330,510
(0.3%) from prior year. Key factors include:
The increase in the governmental activities revenue was mainly due to the previously mentioned
forgiven loan. Approximately $1,999,445 of additional revenues was received from taxes that are
attributable to the increased economic development activities in the City. The City also received
a pass-through payment from the residuals of the former redevelopment agencies of $126,500.
The City experienced an increase of 7.10% in Franchise Fees and Utility User Tax related to
increases in Business-Type revenues even though the Water fund had lower revenues related to
the imposed water drought restrictions.
Community Development divisional revenues increased by $469,454 (6.7%) compared to
FY 2013-14. The increase was due to increased development in the City such as the
construction of new housing in the Rosedale housing development project, additional landfill, host
fee and rental inspection activities.
9
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
Key elements of this year’s summary of activities are as follows:
i Property tax revenue increased by $507,968, Sales tax revenue increased by a $346,448 and
Franchise fees increased by $571,269 from the prior year.
i Charges for services revenue decreased by 2.7% or $260,150; Use of money and property had a
positive balance of $353,285 primarily due to increase in interest income earned from an
improved cash position.
i Transient Occupancy Taxes (“TOT”) increased by 17.1% or $38,140 primarily due to the
voter-approved increase in the TOT rate from 7.5% to 10.0%. This increase only reflects the last
quarter that the new rate went into effect.
10
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
Total Governmental Activities expenses decreased $2,176,574 (-5.0%) over prior year.
Total General Fund expenses decreased $147,332 (-0.50%) compared to prior year. The
reduction is mainly due to a lower capital outlay expenses.
Community development expenditures decreased $166,366 (-10.1%) primarily due to reductions
in plan check activities. Public Safety increased by $648,116 (3.9%) mainly caused by retirement
payouts.
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, unrestricted 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 $30,044,155, an increase of $518,254 in comparison with the prior year’s fund balance.
The General Fund is the chief operating fund of the City of Azusa. During fiscal year 2014-15, its fund
balance decreased by $706,284, primarily as a result of the properties returned to the Successor Agency.
However, in removing the property transfer activities, the General Fund would have increased by
approximately $3.4 million. At the end of the current fiscal year, the General Fund total fund balance was
$19,547,182.
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City of Azusa
Management’s Discussion and Analysis
June 30, 2015
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 $36,970,514.
Total unrestricted net position decreased by $3,559,972 (-8.78%) and total net position decreased by
$8,056,804 (-7.11%) from the previous fiscal year. The reduction in total net position was caused by the
GASB 68 restatement of a negative $9,978,883.
Unrestricted net position of the City’s Water Utility at the end of the year amounted to $25,407,542 which
is a decrease of $3,645,514 (-12.55%) and total net position also decreased by $5,050,530 (-8.75%) from
the previous fiscal year. The GASB 68 restatement of a negative $4,370,660 was the primary cause.
Water revenues were down slightly by $309,959 and expenses increased by $3,097,480 of which
$3,012,046 was due to increase costs in sources of supply and cost of sales and services primarily
attributable to the drought issues.
Unrestricted net position of the City’s Light Utility at the end of the year amounted to $9,756,028. Total
unrestricted net position decreased by $11,880,536 (-16.16%) and total net position also decreased by
$1,925,519 (-4.27%) from the previous fiscal year. This negative change was primarily attributable to the
GASB 68 restatement of negative $3,848,694. Light revenues were actually higher by $1,121,509
(2.48%) while expenses were lower by $849,533 from prior year.
The following chart highlights total revenue and total expenses for each of the business type activities for
fiscal year end June 30, 2015.
Water Light Sewer/
Wastewater Refuse Contract
Revenue $21.7 $46.6 $2.7 $3.7
Expenses $21.8 $44.6 $2.5 $3.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
12
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
General Fund Budgetary Highlights
Following is a summary of budgetary changes and actual results for General Fund, revenues,
expenditures, and other financing sources:
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 27,285,945$ 27,392,345$ 29,245,228 1,852,883$
Charges for services 2,350,510 2,290,510 2,438,210 147,700
Assessments 1,666,880 1,704,880 1,299,713 (405,167)
Other revenue 2,697,250 2,923,550 15,054,701 12,131,151
Total revenue 34,000,585 34,311,285 48,037,852 13,726,567
EXPENDITURES
Operations 29,254,245 29,655,570 32,822,327 (3,166,757)
Capital Outlay 122,465 114,135 109,777 4,358
Debt Service 1,350,235 1,350,235 12,171,533 (10,821,298)
Total expenditures 30,726,945 31,119,940 45,103,637 (13,983,697)
Excess of revenues
over expenditures 3,273,640 3,191,345 2,934,215 27,710,264
OTHER FINANCING SOURCES (USES)
Transfers in 1,649,870 1,649,870 1,604,547 (45,323)
Transfers out 4,918,400 5,618,400 5,245,046 373,354
Total other financing sources (uses)(3,268,530) (3,968,530) (3,640,499) 328,031
Net change in fund balance 5,110 (777,185) (706,284) 70,901
Fund balance beginning of year 20,253,466 20,253,466 20,253,466 -
Fund balance end of year $20,258,576 $19,476,281 $19,547,182 $70,901
City of Azusa - General Fund Budgetary Summary
Revenues, Expenditures, and Changes in Fund Balance
June 30, 2015
Budgeted Amounts
The difference between the original expenditure budget and the final amended expenditure budget was
an increase of $392,995 with highlights as follows:
The budgets for the departments of the City Clerk and Human Resources rose to provide needed
part-time hours. Various employee group contractual agreements such as vacation payout
budgets were increased.
Public Safety budget rose due to contract obligations and retirement costs.
The Facilities Maintenance division budget was increased to cover maintenance costs for various
City facilities such as painting of City Hall.
13
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
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, 2015 amounted to $153,662,962 (net of accumulated depreciation). This investment
includes land, construction in progress, land improvements, buildings and structures, machinery and
equipment, automotive equipment and infrastructure.
2015 2014 2015 2014 2015 2014
Land 1,319,536$ 1,319,536$ 2,988,973$ 2,988,973$ 4,308,509$ 4,308,509$
Construction in Progress 1,333,303 473,263 825,486 1,103,150 2,158,789 1,576,413
Land Improvements 1,327,038 1,452,132 420,617 459,293 1,747,655 1,911,425
Buildings and Structures 6,796,645 7,096,152 12,905,633 13,403,746 19,702,278 20,499,898
Machinery and Equipment 1,418,399 1,323,308 2,952,321 3,369,035 4,370,720 4,692,343
Automotive Equipment 691,136 623,704 290,069 404,868 981,205 1,028,572
Infrastructure 17,026,198 17,671,336 103,367,608 105,405,273 120,393,806 123,076,609
Total 29,912,255$ 29,959,431$ 123,750,707$ 127,134,338$ 153,662,962$ 157,093,769$
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 4 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
$107,800,670. Of this amount, $31,155,756 is a liability of the Governmental Activities and $76,644,914
is a liability of the Business Type Activities. The increase in the outstanding balances is the result of
GASB 68 reporting.
Additional information on the City’s long-term debt can be found in Note 5 of Notes to the Basic Financial
Statements.
2015 2014 2015 2014 2015 2014
Employee Leave Benefits 3,704,926$ 3,710,262$ 1,369,793$ 1,323,419$ 5,074,719$ 5,033,681$
Net OPEB Liability 12,287,102 10,383,609 - - 12,287,102 10,383,609
Advance from the Successor Agency 8,208,833 8,208,833 - - 8,208,833 8,208,833
2003 COPS 2,285,000 2,540,000 1,400,000 1,985,000 3,685,000 4,525,000
2006 Water Revenue Bonds - - 52,270,000 53,315,000 52,270,000 53,315,000
2008 Taxable Pension Fnding Bd 3,205,000 4,075,000 - - 3,205,000 4,075,000
2011 Sewer Installment Loan - - 4,730,000 5,080,000 4,730,000 5,080,000
2012 Electric Refunding Bond - - 5,820,000 5,820,000 5,820,000 5,820,000
2012 Water Refunding Bonds - - 7,355,000 8,045,000 7,355,000 8,045,000
Developer Agreements - 10,700,656 - - - 10,700,656
Claims and Judgments Payable 1,430,273 2,356,493 - - 1,430,273 2,356,493
Unamortized Premium/Discount 34,622 55,500 3,700,121 3,931,119 3,734,743 3,986,619
Total 31,155,756$ 42,030,353$ 76,644,914$ 79,499,538$ 107,800,670$ 121,529,891$
City of Azusa - Outstanding Debt
Governmental Business Type
Activities Activites Total
14
City of Azusa
Management’s Discussion and Analysis
June 30, 2015
Economic Factors and Next Year’s Budgets and Rates
The revenue projections for the 2015-16 General Fund adopted budget reflected a growth of 0.35% over
the prior year’s final budget. Property taxes are anticipated to increase due to the home sales in
Rosedale; however, building permit fees are projected to be reduced as construction in Rosedale slows
down.
General Fund expenditures, including transfers out and capital outlay, were lower by 0.20% for the
2015-16 adopted budget. Costs related to elections and plan checks are projected to be lower due to an
off-year for elections and lower building and planning activities.
The City strives to maintain high quality services while adopting a balanced budget. For fiscal year
2015-16, the City adopted a balanced budget with a surplus of $250,815 for the General Fund without
any reductions in services and added 4.5 FTE to personnel positions.
Rising retirement costs, such as pension and retiree health care, are main concerns for the City. In
addition, the State’s dissolution of redevelopment agencies continues to negatively affect the City.
Negotiations with employee bargaining groups will address solutions to the pension and retiree health
care costs. The goal to develop properties owned by the former redevelopment agency is moving
forward in order to generate additional revenues to help address additional costs in the long term.
Furthermore, it is projected that property tax revenues will keep increasing as new home sales and the
improvement in the economy continue. Staff will continue to be prudent with its budget and to monitor
any legislative action that could impact the financial condition in Azusa.
Request for Information
This financial report is designed to provide a general overview of the financial position of the City of
Azusa for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to City of
Azusa Finance Department, 213 E. Foothill Blvd., Azusa, CA 91702.
15
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16
CITY OF AZUSA
STATEMENT OF NET POSITION
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 17,826,533$ 39,158,491$ 56,985,024$
Receivables:
Accounts 1,381,051 10,672,765 12,053,816
Taxes 1,631,600 - 1,631,600
Notes and loans 2,344,928 76,658 2,421,586
Accrued interest 7,663 25,378 33,041
Internal balances (4,987,053) 4,987,053 -
Due from other governments 7,324 - 7,324
Due from Successor Agency 9,276,337 2,616,012 11,892,349
Prepaid costs 88,668 20,791 109,459
Deposits 466 - 466
Inventories 124,568 1,640,836 1,765,404
Land held for resale 7,384,436 - 7,384,436
Restricted assets:
Cash and investments 2,308,717 13 2,308,730
Cash with fiscal agent 586,819 9,791,750 10,378,569
Cash held for rate stabilization - 10,054,506 10,054,506
Capital assets not being depreciated 2,652,839 3,814,459 6,467,298
Capital assets, net of depreciation 27,259,416 119,936,248 147,195,664
Total Assets 67,894,312 202,794,960 270,689,272
Deferred Outflows of Resources:
Deferred charge on refunding - 1,138,433 1,138,433
Deferred pension related items 4,124,387 1,158,071 5,282,458
Total Deferred Outflows
of Resources 4,124,387 2,296,504 6,420,891
Liabilities:
Accounts payable 1,641,584 3,818,864 5,460,448
Accrued liabilities 1,379,580 749,117 2,128,697
Accrued interest 143,543 1,562,668 1,706,211
Unearned revenue 554,947 - 554,947
Deposits payable 12,550 5,027,877 5,040,427
Due to other governments 3 33,195 33,198
Noncurrent liabilities:
Due within one year 4,973,560 3,794,565 8,768,125
Due in more than one year 13,895,094 72,850,349 86,745,443
Net OPEB liability 12,287,102 - 12,287,102
Net pension liability 34,933,090 11,603,186 46,536,276
Total Liabilities 69,821,053 99,439,821 169,260,874
Deferred Inflows of Resources:
Deferred pension related items 9,833,770 2,855,927 12,689,697
Net Position:
Net investment in capital assets 28,121,302 53,700,812 81,822,114
Restricted for:
Community development projects 5,163,437 - 5,163,437
Public safety 1,036,599 - 1,036,599
Capital projects 3,820,164 - 3,820,164
Debt service 482,651 5,031,000 5,513,651
Rate stabilization - 10,054,506 10,054,506
Unrestricted (46,260,277) 34,009,398 (12,250,879)
Total Net Position (7,636,124)$ 102,795,716$ 95,159,592$
JUNE 30, 2015
Primary Government
See Notes to Financial Statements 17
CITY OF AZUSA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2015
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 7,834,391$ 3,517,810$ 10,965,086$ -$
Public safety 21,279,643 741,551 1,167,536 408,905
Community development 2,384,308 3,044,683 306,888 -
Parks and Recreation 3,878,961 1,226,392 319,361 -
Public works 5,019,152 961,875 1,157,202 -
Interest on long-term debt 699,155 - - -
Total Governmental Activities 41,095,610 9,492,311 13,916,073 408,905
Business-Type Activities:
Water 21,497,271 21,515,397 - -
SLight 44,328,679 46,222,264 - -
SSewer/ Wastewater 2,368,124 2,636,707 - -
GRefuse Contract 3,042,337 3,145,396 - -
Total Business-Type Activities 71,236,411 73,519,764 - -
Total Primary Government 112,332,021$ 83,012,075$ 13,916,073$ 408,905$
General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Utility users tax
Other taxes
Use of money and property
Other
Extraordinary loss on transfers of land held for resale
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
Governmental Business-Type
Activities Activities Total
6,648,505$ -$ 6,648,505$
(18,961,651) - (18,961,651)
967,263 - 967,263
(2,333,208) - (2,333,208)
(2,900,075) - (2,900,075)
(699,155) - (699,155)
(17,278,321) - (17,278,321)
- 18,126 18,126
- 1,893,585 1,893,585
- 268,583 268,583
- 103,059 103,059
- 2,283,353 2,283,353
(17,278,321) 2,283,353 (14,994,968)
8,531,515 574,179 9,105,694
261,815 - 261,815
7,530,257 - 7,530,257
7,328,977 - 7,328,977
2,008,916 - 2,008,916
3,594,092 - 3,594,092
2,058,967 - 2,058,967
353,285 378,713 731,998
629,507 224,680 854,187
(4,113,065) - (4,113,065)
1,458,028 (1,458,028) -
29,642,294 (280,456) 29,361,838
12,363,973 2,002,897 14,366,870
29,395,743 114,845,516 144,241,259
(49,395,840) (14,052,697) (63,448,537)
(7,636,124)$ 102,795,716$ 95,159,592$
Net (Expenses) Revenues and Changes in Net Position
See Notes to Financial Statements 19
CITY OF AZUSA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2015
Other Total
Governmental Governmental
General Funds Funds
Assets:
Pooled cash and investments 4,042,960$ 11,090,480$ 15,133,440$
Receivables:
Accounts 583,301 797,654 1,380,955
Taxes 1,625,514 6,086 1,631,600
Notes and loans 2,154 2,342,237 2,344,391
Accrued interest 4,458 2,633 7,091
Prepaid costs 7,430 9,965 17,395
Deposits - 466 466
Due from other governments 7,324 - 7,324
Inventories 124,568 - 124,568
Land held for resale 7,384,436 - 7,384,436
Restricted assets:
Cash and investments 2,278,216 30,501 2,308,717
Cash and investments with fiscal agents 104,207 482,612 586,819
Advances to Successor Agency 9,276,337 - 9,276,337
Total Assets 25,440,905$ 14,762,634$ 40,203,539$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 510,575$ 369,662$ 880,237$
Accrued liabilities 1,195,718 125,951 1,321,669
Unearned revenues - 554,947 554,947
Deposits payable - 12,550 12,550
Due to other governments 3 - 3
Due to other funds - 15,410 15,410
Advances from other funds 4,187,427 750,000 4,937,427
Total Liabilities 5,893,723 1,828,520 7,722,243
Deferred Inflows of Resources:
Unavailable revenues - 2,437,141 2,437,141
Total Deferred Inflows of Resources - 2,437,141 2,437,141
Fund Balances:
Nonspendable:
Inventory 124,568 - 124,568
Prepaid costs 7,430 - 7,430
Land held for resale 7,384,436 - 7,384,436
Notes and loans 2,154 - 2,154
Advances to Successor Agency 9,276,337 - 9,276,337
Deposits - - -
Restricted for:
Community development projects - 5,163,437 5,163,437
Public safety - 1,036,599 1,036,599
Capital projects - 3,820,164 3,820,164
Debt service - 482,651 482,651
Unassigned 2,752,257 (5,878) 2,746,379
Total Fund Balances 19,547,182 10,496,973 30,044,155
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 25,440,905$ 14,762,634$ 40,203,539$
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, 2015
Fund balances of governmental funds 30,044,155$
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.29,438,626
Deferred Outflows related to contributions made after the actuarial measurement date
for the net pension liability.
Contributions made subsequent to measurement date 3,803,853$
Adjustment due to differences in proportions 209,789 4,013,642
Long-term debt and compensated absences
that have not been included in the governmental fund activity.
Long-term liabilities (13,733,455)
Compensated Absences (3,519,636) (17,253,091)
Governmental funds report all 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.(12,287,102)
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds.(143,543)
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.2,437,141
Governmental funds report all pension contributions as expenditures when paid
however in the statement of net position the actuarially calculated accrual basis
net pension liability is reported.(33,108,945)
Deferred Inflows related to unrecognized actuarial gains and losses for the net
pension liability:
Net difference between projected and actual earnings on plan investments (9,545,375)
Change in employer's proportion and differences between the employer's
contributions and the employer's proportionate share of contributions (17,754) (9,563,129)
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.(1,213,878)
Net Position of governmental activities (7,636,124)$
See Notes to Financial Statements 21
CITY OF AZUSA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
Other Total
Governmental Governmental
General Funds Funds
Revenues:
Taxes 29,245,228$ 2,069,311$ 31,314,539$
Assessments 1,299,713 - 1,299,713
Licenses and permits 1,600,109 - 1,600,109
Intergovernmental 728,188 3,946,500 4,674,688
Charges for services 2,438,210 2,209,045 4,647,255
Use of money and property 291,173 55,093 346,266
Fines and forfeitures 1,343,809 - 1,343,809
Contributions 10,798,039 66,446 10,864,485
Miscellaneous 293,383 385,240 678,623
Total Revenues 48,037,852 8,731,635 56,769,487
Expenditures:
Current:
General government 6,377,078 307,646 6,684,724
Public safety 17,228,141 4,550,928 21,779,069
Community development 1,479,675 884,883 2,364,558
Parks and recreation 3,036,100 553,852 3,589,952
Public works 588,268 3,445,084 4,033,352
Capital outlay 109,777 1,615,399 1,725,176
Debt service:
Principal retirement 11,905,286 255,000 12,160,286
Interest and fiscal charges 266,247 151,212 417,459
Total Expenditures 40,990,572 11,764,004 52,754,576
Excess (Deficiency) of Revenues
Over (Under) Expenditures 7,047,280 (3,032,369) 4,014,911
Other Financing Sources (Uses):
Transfers in 1,604,547 4,570,202 6,174,749
Transfers out (5,245,046) (324,189) (5,569,235)
Total Other Financing Sources
(Uses)(3,640,499) 4,246,013 605,514
Extraordinary loss (4,113,065) - (4,113,065)
Net Change in Fund Balances (706,284) 1,213,644 507,360
Fund Balances, Beginning of Year, as
previously reported 20,417,948 9,107,953 29,525,901
Restatements (164,482) 175,376 10,894
Fund Balances, Beginning of Year, as restated 20,253,466 9,283,329 29,536,795
Fund Balances, End of Year 19,547,182$ 10,496,973$ 30,044,155$
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, 2015
Net change in fund balances - total governmental funds 507,360$
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 1,807,786$
Depreciation (1,558,232) 249,554
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 12,160,286
Amortization of bond premiums/discounts 20,878
Accrued interest on obligation debt (334,630) 11,846,534
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.32,056
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.15,111
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.(1,903,493)
Pension obligation expenses reported in the statement of activities do not require the
use of current financial resources and, therefore, are not reported as expenditures in
the governmental funds.
Cost-Sharing Safety PERS 641,521
Agent Miscellaneous PERS 304,598
Retirement Enhancement Plan PARS (2,061) 944,058
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.(645,364)
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The net revenues (expenses) of the internal service funds is reported with
governmental activities.1,318,157
Change in net position of governmental activities 12,363,973$
See Notes to Financial Statements 23
CITY OF AZUSA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2015
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 23,007,273$ 11,443,162$ 2,988,852 $ 37,439,287$ 4,412,297 $
Receivables:
Accounts 4,789,951 4,972,135 721,757 10,483,843 189,018
Notes and loans 1,236 71,471 - 72,707 4,488
Accrued interest - 14,538 893 15,431 10,519
Prepaid costs 5,098 11,303 - 16,401 75,663
Due from other funds 49,626 - - 49,626 -
Inventories - 1,640,836 - 1,640,836 -
Restricted:
Cash and investments - 13 - 13 -
Cash with fiscal agent 6,192,569 2,145,329 1,453,852 9,791,750 -
Cash held for rate stabilization - 10,054,506 - 10,054,506 -
Total Current Assets 34,045,753 30,353,293 5,165,354 69,564,400 4,691,985
Noncurrent:
Advances to Successor Agency 2,616,012 - - 2,616,012 -
Advances to other funds 4,006,427 931,000 - 4,937,427 -
Capital assets - net of accumulated depreciation 83,478,863 28,912,008 10,832,707 123,223,578 1,000,758
Total Noncurrent Assets 90,101,302 29,843,008 10,832,707 130,777,017 1,000,758
Total Assets 124,147,055 60,196,301 15,998,061 200,341,417 5,692,743
Deferred Outflows of Resources:
Deferred charge on refunding 785,734 352,699 - 1,138,433 -
Deferred pension related items 336,735 377,676 87,495 801,906 466,910
Total Deferred Outflows of Resources 1,122,469 730,375 87,495 1,940,339 466,910
Total Assets and Deferred Outflows
of Resources:125,269,524$ 60,926,676$ 16,085,556$ 202,281,756$ 6,159,653$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 1,621,112$ 1,540,991$ 562,037$ 3,724,140$ 856,071$
Accrued liabilities 99,773 103,754 29,770 233,297 573,731
Accrued interest 1,435,894 126,774 - 1,562,668 -
Deposits payable 1,097,155 3,930,722 - 5,027,877 -
Due to other governments 33,195 - - 33,195 -
Due to other funds - - - - 34,216
Accrued compensated absences 324,367 363,945 78,509 766,821 345,595
Accrued claims and judgments - - - - 1,430,273
Bonds, notes, and capital leases 1,800,000 620,000 365,000 2,785,000 -
Total Current Liabilities 6,411,496 6,686,186 1,035,316 14,132,998 3,239,886
Noncurrent:
Accrued compensated absences 147,987 170,994 - 318,981 123,686
Bonds, notes, and capital leases 61,418,732 6,706,389 4,365,000 72,490,121 -
Net pension liability 3,780,403 3,248,816 1,060,530 8,089,749 5,337,582
Total Noncurrent Liabilities 65,347,122 10,126,199 5,425,530 80,898,851 5,461,268
Total Liabilities 71,758,618 16,812,385 6,460,846 95,031,849 8,701,154
Deferred Inflows of Resources:
Deferred pension related items 864,930 894,067 261,207 2,020,204 1,106,364
Total Deferred Inflows of Resources 864,930 894,067 261,207 2,020,204 1,106,364
Net Position:
Net investment in capital assets 23,441,934 22,175,190 7,556,559 53,173,683 1,000,758
Restricted for debt service 3,796,500 1,234,500 - 5,031,000 -
Restricted for rate stabilization - 10,054,506 - 10,054,506 -
Unrestricted 25,407,542 9,756,028 1,806,944 36,970,514 (4,648,623)
Total Net Position 52,645,976 43,220,224 9,363,503 105,229,703 (3,647,865)
Total Liabilities, Net Position
and Deferred Inflows of Resources 125,269,524$ 60,926,676$ 16,085,556$ 202,281,756$ 6,159,653$
Reconciliation of Net Position to the Statement of Net Position
Net Position per Statement of Net Position - Proprietary Funds 105,229,703$
Prior years' accumulated adjustment to reflect the consolidation of
internal service funds activities related to the enterprise funds (2,514,805)
Current years' adjustments to reflect the consolidation of internal
service activities related to enterprise funds 80,818
Net Position per Statement of Net Position 102,795,716$
Water Light
Business-Type Activities - Enterprise Funds
See Notes to Financial Statements 24
CITY OF AZUSA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2015
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Operating Revenues:
Sales and service charges 21,515,397$ 46,222,264$ 5,782,103$ 73,519,764$ 10,070,110$
Interdepartmental charges 45,136 44,172 - 89,308 -
Miscellaneous 13,394 102,884 19,094 135,372 13,123
Lease revenue 14,400 - - 14,400 -
Total Operating Revenues 21,588,327 46,369,320 5,801,197 73,758,844 10,083,233
Operating Expenses:
Administration and general 6,465,492 6,189,852 1,143,215 13,798,559 7,650,087
Source of supply 3,007,866 28,851,637 - 31,859,503 273,236
Pumping 45,584 - - 45,584 -
Transmission/collection 1,654,507 4,018,091 - 5,672,598 -
Treatment 438,633 - 517,198 955,831 -
Refuse collection - - 3,042,337 3,042,337 -
Cost of sales and services 3,209,755 56,636 - 3,266,391 -
Claims expense - - - - 802,209
Depreciation expense 3,725,639 1,270,648 485,675 5,481,962 254,284
Total Operating Expenses 18,547,476 40,386,864 5,188,425 64,122,765 8,979,816
Operating Income (Loss)3,040,851 5,982,456 612,772 9,636,079 1,103,417
Nonoperating Revenues (Expenses):
Taxes - - 574,179 574,179 -
Interest revenue 156,905 197,478 9,930 364,313 7,019
Interest expense (2,695,460) (259,708) (168,563) (3,123,731) -
Special franchise fees (359,078) (3,902,002) (53,473) (4,314,553) -
Contributions (303,634) - - (303,634) -
Gain (loss) on disposal of capital assets - - - - (16,521)
Total Nonoperating
Revenues (Expenses)(3,201,267) (3,964,232) 362,073 (6,803,426) (9,502)
Income (Loss) Before Transfers (160,416) 2,018,224 974,845 2,832,653 1,093,915
Transfers in - - - - 982,174
Transfers out - (95,049) (815,525) (910,574) (677,114)
Changes in Net Position (160,416) 1,923,175 159,320 1,922,079 1,398,975
Net Position:
Beginning of Year, as
previously reported 57,696,506 45,145,743 10,444,258 113,286,507 1,310,849
Restatements (4,890,114) (3,848,694) (1,240,075) (9,978,883) (6,357,689)
Beginning of Fiscal Year, as restated 52,806,392 41,297,049 9,204,183 103,307,624 (5,046,840)
End of Fiscal Year 52,645,976$ 43,220,224$ 9,363,503$ 105,229,703$ (3,647,865)$
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 1,922,079$
Adjustment to reflect the consolidation of current fiscal year
internal service funds activities related to enterprise funds 80,818
Changes in Net Position of Business-Type Activities per Statement of Activities 2,002,897$
Water Light
See Notes to Financial Statements 25
CITY OF AZUSA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2015
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Cash Flows from Operating Activities:
Cash received from customers and users 21,078,590$ 46,357,916$ 5,802,162$ 73,238,668$ 11,325,561$
Cash received from/(paid to) interfund service provided 2,964,782 44,172 - 3,008,954 -
Cash paid to suppliers for goods and services (7,928,288) (31,994,509) (3,490,374) (43,413,171) (1,640,559)
Cash paid to employees for services (6,470,589) (6,266,229) (1,157,212) (13,894,030) (7,728,442)
Net Cash Provided by (Used in) Operating Activities 9,644,495 8,141,350 1,154,576 18,940,421 1,956,560
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out - (95,049) (815,525) (910,574) (677,114)
Cash transfers in - - - - 982,174
Repayment received from other funds 3,878,100 - - 3,878,100 -
Repayment made to other funds (303,634) - (458,591) (762,225) (2,600)
Net Cash Used in
Non-Capital Financing Activities 3,574,466 (95,049) (1,274,116) 2,205,301 302,460
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (1,090,736) (1,092,492) - (2,183,228) (147,905)
Principal paid on capital debt (1,735,000) (585,000) (350,000) (2,670,000) -
Interest paid on capital debt (2,901,696) (270,736) (168,563) (3,340,995) -
Special franchise fees paid (359,078) (3,902,002) (53,473) (4,314,553) -
Advance to other funds (4,006,427) 50,000 - (3,956,427) -
Advance to Successor Agency (2,616,012) - - (2,616,012) -
Sales of capital assets - - 574,179 574,179 -
Net Cash Provided by (Used in)
Capital and Related Financing Activities (12,708,949) (5,800,230) 2,143 (18,507,036) (147,905)
Cash Flows from Investing Activities:
Issuance of new loans - 5,494 - 5,494 -
Repayment received on loans (3,292) - - (3,292) (2,600)
Interest received 156,913 197,489 9,071 363,473 3,874
Net Cash Provided by
Investing Activities 153,621 202,983 9,071 365,675 1,274
Net Increase (Decrease) in Cash
and Cash Equivalents 663,633 2,449,054 (108,326) 3,004,361 2,112,389
Cash and Cash Equivalents at Beginning of Year 28,536,209 21,193,956 4,551,030 54,281,195 2,299,908
Cash and Cash Equivalents at End of Year 29,199,842$ 23,643,010$ 4,442,704$ 57,285,556$ 4,412,297$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)3,040,851$ 5,982,456$ 612,772$ 9,636,079$ 1,103,417$
Adjustments to reconcile operating income (loss)
net cash provided by (used in) operating activities:
Depreciation 3,725,639 1,270,648 485,675 5,481,962 254,284
Gain (loss) on sale of capital assets - - - - (16,521)
(Increase) decrease in accounts receivable (464,601) 32,768 965 (430,868) 1,315,608
(Increase) decrease in inventories - 13,855 - 13,855 -
(Increase) decrease in prepaid expense (4,393) (9,702) 4,424 (9,671) (73,851)
Decrease of land held for resale to Successor Agency 2,919,646 - - 2,919,646 -
(Increase) decrease in deferred pension related outflows (336,735) (377,676) (87,495) (801,906) (466,910)
Increase (decrease) in accounts payable 334,083 334,819 58,520 727,422 254,975
Increase (decrease) in accrued liabilities 14,526 12,286 6,217 33,029 123,223
Increase (decrease) in deposits payable 97,100 592,883 - 689,983 -
Increase (decrease) in due to other governments 1,267 - - 1,267 -
Increase (decrease) in claims and judgments - - - - (926,220)
Increase (decrease) in compensated absences 42,439 (5,176) (8,164) 29,099 27,050
Increase (decrease) in net pension liability (590,257) (599,878) (179,545) (1,369,680) (744,859)
Increase (decrease) in deferred pension related inflows 864,930 894,067 261,207 2,020,204 1,106,364
Total Adjustments 6,603,644 2,158,894 541,804 9,304,342 853,143
Net Cash Provided by (Used in)
Operating Activities 9,644,495$ 8,141,350$ 1,154,576$ 18,940,421$ 1,956,560$
Non-Cash Investing, Capital, and Financing Activities:
Amortization of premiums (217,700)$ (13,298)$ -$ (230,998)$ -$
Amortization of deferred charge on refunding - 18,563 - 18,563 -
Water Light
See Notes to Financial Statements 26
CITY OF AZUSA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2015
Agency
Funds
Assets:
Pooled cash and investments 5,116,110$ 2,989,105$
Receivables:
Accounts 11,276 -
Taxes 59,703 -
Notes and loans - 1,160,987
Accrued interest - 195
Advances to City - 8,208,832
Land held for resale - 31,061,019
Restricted assets:
Cash and investments with fiscal agents - 2,319,605
Capital assets:
Capital assets, not being depreciated - 410,420
Capital assets, net of accumulated depreciation - 1,231,651
Total Assets 5,187,089$ 47,381,814
Deferred Outflows of Resources:
Deferred charge on refunding 310,088
Total Deferred Outflows of Resources 310,088$
Liabilities:
Accounts payable 188,985$ 461,621
Accrued liabilities 33,445 -
Accrued interest - 1,032,258
Deposits payable 4,944,964 -
Due to other governments 19,695 80
Long-term liabilities:
Due in one year - 1,525,000
Due in more than one year - 47,012,623
Due to City of Azusa - 11,892,349
Total Liabilities 5,187,089$ 61,923,931
Net Position:
Held in trust for other purposes (14,232,029)
Total Net Position (14,232,029)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 27
CITY OF AZUSA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2015
Additions:
Taxes 4,817,379$
Interest and change in fair value of investments 16,652
Contributions from other funds 303,634
Miscellaneous 3,885
Total Additions 5,141,550
Deductions:
Administrative expenses 27,010
Contractual services 115,261
Interest expense 3,250,752
Depreciation expense 82,348
Contributions to other governments 549,579
Total Deductions 4,024,950
Extraordinary gain on City transfers of land held for resale 4,113,065
Changes in Net Position 5,229,665
Net Position - Beginning of the Year (20,676,942)
Restatement 1,215,248
Net Position - End of the Year (14,232,029)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 28
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
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.
29
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
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.
30
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
The City reports the following major governmental fund:
x 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:
x 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.
x 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:
x Special Revenue Funds account for revenues which are restricted for specific
purposes.
x 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.
x Debt Service Funds account for the accumulation of resources and payment of
long-term debt.
x 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.
x 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.
x 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.
31
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
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.
32
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
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 proceeding 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:
x 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.
x Public Safety includes those activities which involve the protection of people
and property.
x Community Development includes those activities which involve the
enhancing of the general quality of life.
x Parks and Recreation includes those activities which involve community park
maintenance and recreational activities within the community.
x Public Works includes those activities which involve the maintenance and
improvement of City streets and roads.
x 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
x All inventories are valued at cost using the first-in/first-out (FIFO) method.
Inventory costs are recorded as an expense when used.
x 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.
x Land purchased for resale is capitalized as inventory at acquisition costs or
net realizable value, if lower.
33
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
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 two items that qualify for
reporting in this category. One is the deferred charge on refunding of long-term debt
that is a result from the difference in the carrying value of refunded debt and its
acquisition price. This has been presented in the Statements of Net Position. The
second item is the deferred outflows relating to the net pension obligation reported in
the government-wide statement of net position. These outflows are the results of
34
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
contributions made after the measurement period, which are expensed in the
following year, and of adjustments due to difference in proportions and the difference
between actual contributions made and the proportionate share of the risk pool’s total
contributions. These amounts are deferred and amortized over the expected average
remaining service life time.
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 two items that qualify for reporting in this
category. One 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. The second type of deferred inflow of resource relates to the net
pension obligation reported in the government-wide statement of net position. These
inflows are the result of the net difference between projected and actual earnings on
pension plan investments. This amount is deferred and amortized straight-line over a
five year period.
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.
Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of
resource related to pensions, and pension expense, information about the fiduciary
net position of the City of Azusa’s California Public Employees’ Retirement System
(CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net
position have been determined on the same basis as they are reported by CalPERS.
For this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
35
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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.
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.
36
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
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.
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.
37
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
f. Claims and Judgments
The City records a liability for litigation, judgments and claims when it is probable that an
asset has been impaired or a liability has been incurred prior to year-end and the
probable amount of loss (net of any insurance coverage) can be reasonably estimated.
Claims incurred but not reported are recorded as a liability when the liability has been
incurred or an asset has been impaired and the amounts can be reasonably determined.
This liability is recorded in the internal service fund that accounts for the City's
self-insurance activities.
g. Cash Equivalents for Statement of Cash Flows
For purposes of the statement of cash flows, cash equivalents are defined as short-term,
highly liquid investments that are both readily convertible to known amounts of cash or so
near their maturity that they present insignificant risk of change in value because of
changes in interest rates. Investments purchased within three months of original maturity
are considered to be cash equivalents. Cash and cash equivalents in the accompanying
statements include the proprietary funds' share of the cash and investment pool of the
City of Azusa. Cash and cash equivalents for proprietary funds are reported in the
accompanying financial statements as:
Enterprise Internal Service
Cash and investments 37,439,287$ 4,412,297$
Restricted:
Cash and investments 13 -
Cash with fiscal agent 9,791,750 -
Cash held for rate stabilization 10,054,506 -
Total 57,285,556$ 4,412,297$
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 ($13,733,455) long-term debt
difference is as follows:
Long-term debt:
Certificates of participation (2,285,000)$
Taxable pension bonds (3,205,000)
Deferred premium on bonds and COP
(to be amortized over life of debt)(34,622)
Successor Agency Loan (8,208,833)
Net adjustment to reduce fund balance of total
governmental funds to arrive at net position of
governmental activities (13,733,455)$
38
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
Explanation of certain differences between the governmental fund statement of revenues,
expenditures and changes in fund balances and the government-wide statement of
activities.
The governmental fund statement of revenues, expenditures and changes in fund
balances includes the reconciliation between net changes in fund balances of total
governmental funds and changes in net 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 $11,846,534 difference is as
follows:
Principal repayments and amortizations:
Certificates of participation 255,000$
Pension bonds 870,000
Developer loans 10,700,656
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.11,846,534$
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 COPS Universal Hiring, Highway 39, LACMTA, Rosedale Traffic
Mitigation, 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 $100,000 or more must be approved by City Council.
Spending control (legal level of control) is established by the amount of expenditures
budgeted at the department level. During the year, several supplementary appropriations
were necessary. Individual amendments were not material in relation to the original
appropriations.
39
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 2: Stewardship, Compliance and Accountability (Continued)
b. Deficit Fund Balance
The following funds had a deficit fund balance as of June 30, 2015:
Nonmajor Funds:
Governmental:
LACMTA 27$
Community Development Block Grant 5,518
Capital Projects 333
Fiduciary Funds:
Private Purpose Trust Fund: Successor
Agency of the Former Redevelopment Agency 14,542,117
Internal Service Funds:
Consumber Services 2,433,987
Central Services 3,509
IT Services 1,953,401
These deficits will be funded through future years’ revenues and transfers.
III. DETAILED NOTES ON ALL FUNDS
Note 3: Cash and Investments
As of June 30, 2015, cash and investments were reported in the accompanying financial
statements as follows:
Governmental Activities:
Cash and investments 17,826,533$
Restricted
Cash and investments 2,308,717
Cash with fiscal agents 586,819
Business-type activities:
Cash and investments 39,158,491
Restricted
Cash and investments 13
Cash with fiscal agents 9,791,750
Cash held for rate stabilization 10,054,506
Fiduciary Funds:
Agency Funds:
Cash and investments 5,116,110
Private-Purpose Trust:
Cash and investments 2,989,105
Restricted
Cash with fiscal agents 2,319,605
Total Cash and Investments 90,151,649$
40
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 3: Cash and Investments (Continued)
The City of Azusa maintains a cash and investment pool that is available for use for all funds.
Each fund type's position in the pool is reported on the combined balance sheet as cash and
investments. The City has adopted an investment policy, which authorizes it to invest in
various investments.
Deposits
At June 30, 2015, the carrying amount of the City’s deposits was $6,685,752 and the
bank balance was $7,659,921. The $974,169 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
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:
x U.S. Treasury Obligations (bills, notes and bonds)
x U.S. Government Agency Securities and Instrumentalities of Government
Sponsored Corporations
x Mutual Funds
x Commercial Paper
x Repurchase Agreements
x Certificates of Deposit
x Negotiable Certificates of Deposit
x Passbook Savings Accounts
x Medium Term Corporate Notes
x Bank Money Market Accounts
x 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.
41
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 3: Cash and Investments (Continued)
Investments in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by California Government Code Section 16429 under the oversight of the
Treasurer of the State of California. LAIF is overseen by the Local Agency Investment
Advisory Board, which consists of five members, in accordance with State statute. The
State Treasurer’s Office audits the fund annually. The fair value of the position in the
investment pool is the same as the value of the pool shares.
GASB Statement No. 31
The City adopted GASB Statement No. 31, Accounting and Financial Reporting for
certain investments and for External Investment Pools, as of July 1, 1997.
GASB Statement No. 31 establishes fair value standards for investments in participating
interest earning investment contracts, external investment pools, equity securities, option
contracts, stock warrants and stock rights that have readily determinable fair values.
Accordingly, the City reports its investments at fair value in the balance sheet. All
investment income, including changes in the fair value of investments, is recognized as
revenue in the operating statement.
Credit Risk
The City's investment policy limits investments in medium term notes (MTNs) to those
rated A or higher by Standard and Poor's (S&P) or by Moody's. At June 30, 2015, the
City’s investments in Federal Agency securities consisted of investments with Federal
Home Loan Bank and Federal Farm Credit Bank. At June 30, 2015, 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, 2015, 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, 2015, 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, 2015, the City has investments of $3,993,350 (5%) with Federal Farm
Credit Bank. Investments guaranteed by the U.S. government, investments in mutual
funds and external investment pools are excluded from this requirement.
42
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 3: Cash and Investments (Continued)
Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates. The City's investment
policy states that no investment may have a maturity of more than five years without
receiving prior City Council approval. The only exception to these maturity limits shall be
the investment of the gross proceeds of tax-exempt bonds. Reserve funds associated
with bond issues may have a maturity of more than five years. The City has elected to
use the segmented time distribution method of disclosure for its interest rate risk. As of
June 30, 2015, the City had the following investments and original maturities:
6 months 6 months 1 to 3 3 to 5 Fair
or less to 1 year years years Value
Local Agency Investment Fund 28,379,962$ -$ -$ -$ 28,379,962$
Certificates of Deposit 400,262 602,196 13,210,828 16,554,916 30,768,202
Money market mutual funds 1,530,152 - - - 1,530,152
Cash with Fiscal Agents:
Money market mutual funds 13,029,891 - - - 13,029,891
Federal agency securities - - 5,988,260 2,998,509 8,986,769
Certificates of Deposit 40,017 241,609 246,517 242,778 770,921
43,380,284$ 843,805$ 19,445,605$ 19,796,203$ 83,465,897$
Remaining Investment Maturities
43
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 4: Capital Assets
Capital asset activity for the year ended June 30, 2015, 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 473,263 860,040 - 1,333,303
Total Capital Assets
Not Being Depreciated 1,792,799 860,040 - 2,652,839
Capital Assets, Being Depreciated:
Land improvements 4,423,252 - - 4,423,252
Buildings and structures 12,716,411 - - 12,716,411
Machinery and equipment 8,006,491 398,983 - 8,405,474
Automotive equipment 3,194,624 347,502 (164,062) 3,378,064
Infrastructure 49,322,442 111,000 - 49,433,442
Total Capital Assets
Being Depreciated 77,663,220 857,485 (164,062) 78,356,643
Less Accumulated Depreciation:
Land improvements 2,971,120 125,094 - 3,096,214
Buildings and structures 5,620,259 299,507 - 5,919,766
Machinery and equipment 6,683,183 303,892 - 6,987,075
Automotive equipment 2,570,920 224,417 (108,409) 2,686,928
Infrastructure 31,651,106 756,138 - 32,407,244
Total Accumulated Depreciation 49,496,588 1,709,048 (108,409) 51,097,227
Total Capital Assets
Being Depreciated, Net 28,166,632 (851,563) (55,653) 27,259,416
Governmental Activities
Capital Assets, Net 29,959,431$ 8,477$ (55,653)$ 29,912,255$
44
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 4: Capital Assets (Continued)
Beginning Ending
Balance Transfers Increases Decreases Balance
Business-Type Activities:
Capital Assets, Not Being Depreciated:
Land 2,988,973$ -$ -$ -$ 2,988,973$
Construction-In-Progress 1,103,150 (1,458,450) 1,180,786 - 825,486
Total Capital Assets
Not Being Depreciated 4,092,123 (1,458,450) 1,180,786 - 3,814,459
Capital Assets, Being Depreciated:
Land improvements 1,212,318 - - - 1,212,318
Building and structures 22,635,772 - - - 22,635,772
Machinery and equipment 13,566,226 - 63,029 - 13,629,255
Automotive equipment 3,754,324 - - - 3,754,324
Infrastructure 154,019,721 1,458,450 957,984 - 156,436,155
Total Capital Assets
Being Depreciated 195,188,361 1,458,450 1,021,013 - 197,667,824
Less Accumulated Depreciation:
Land improvements 753,025 - 38,676 - 791,701
Building and structures 9,232,026 - 498,113 - 9,730,139
Machinery and equipment 10,197,191 - 479,743 - 10,676,934
Automotive equipment 3,349,456 - 114,799 - 3,464,255
Infrastructure 48,614,448 - 4,454,099 - 53,068,547
Total Accumulated Depreciation 72,146,146 - 5,585,430 - 77,731,576
Total Capital Assets
Being Depreciated, Net 123,042,215 1,458,450 (4,564,417) - 119,936,248
Business-Type Activities
Capital Assets, Net 127,134,338$ -$ (3,383,631)$ -$ 123,750,707$
Depreciation expense was charged to functions/programs of the primary government as
follows:
Governmental Activities:
General government 101,720$
Public safety 113,161
Community development 16,143
Parks and recreation 279,925
Public works 1,047,283
Internal service funds 150,816
Total 1,709,048$
Business-Type Activities:
Water 3,725,639$
Light 1,270,648
Sewer/Wastewater 485,675
Internal service funds 103,468
Total 5,585,430$
45
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: 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, 2015:
Beginning at Ending Due within
July 1, 2014 Adjustments Addition Deletion June 30, 2015 one year
City
Compensated Absences 3,534,747$ -$ 2,204,815$ 2,219,926$ 3,519,636$ 2,210,436$
Net OPEB Liability 10,383,609 - 1,903,493 - 12,287,102 -
Advance to the Successor Agency 8,208,833 - - - 8,208,833 -
2008 Taxable pension funding bonds 4,075,000 - - 870,000 3,205,000 965,000
Obligation under developer -
agreements 10,700,656 - 334,630 11,035,286 - -
36,902,845 - 4,442,938 14,125,212 27,220,571 3,175,436
Public Financing Authority
2003 Certificates of Participation 2,540,000 - - 255,000 2,285,000 265,000
Internal Service Funds:
Compensated Absences 175,515 - 109,651 99,876 185,290 102,851
Claims and Judgments payable 2,356,493 (104,784) * 1,535,057 2,356,493 1,430,273 1,430,273
Total Internal Service 2,532,008 (104,784) 1,644,708 2,456,369 1,615,563 1,533,124
Unamortized Premiums/Discounts
Premiums 69,087 - - 23,008 46,079 -
Discounts (13,587) - 2,130 - (11,457) -
Total Premiums/ Discounts 55,500 - 2,130 23,008 34,622 -
Total Governmental Long-term Debt 42,030,353$ (104,784)$ 6,089,776$ 16,859,589$ 31,155,756$ 4,973,560$
*This amount represents the changes in IBNR.
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 7 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 advanced 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, 2015, is $8,208,833.
46
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: 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 $1,175,000 on
January 1 each year from 2010 through 2018. The annual principal requirements to
amortize the 2008 Pension Funding Bonds outstanding as of June 30, 2015, are as
follows:
Principal Interest
2015-2016 965,000$ 208,325$
2016-2017 1,065,000 145,600
2017-2018 1,175,000 76,375
Total 3,205,000$ 430,300$
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, 2015, 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, 2015, was
$2,285,000.
The annual requirements to repay the outstanding indebtedness at June 30, including
interest, are shown in the schedule below:
Principal Interest
2015-2016 265,000$ 91,768$
2016-2017 275,000 80,968
2017-2018 285,000 69,590
2018-2019 300,000 57,337
2019-2020 315,000 44,071
2020-2024 845,000 18,590
Total 2,285,000$ 362,324$
2003 Certificates of
Participation
47
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: 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, $178,000 to Price Company
Then, balance divided 50% to the former Redevelopment Agency and 50% to Price
Company
On May 15, 1989, the former Redevelopment Agency entered into an agreement with the
City of Azusa to transfer all sales tax revenues received by the former Redevelopment
Agency under the Price Company developer agreement to the City, except that required
for repayment of the note or other required purposes.
Due to the dissolution of the former Redevelopment Agency, the City has elected to
continue this agreement under the City of Azusa.
Payments were to continue for a period of 25 years through October 31, 2014, or until all
accrued interest and principal are paid in full, whichever occurs first. In the event that the
entire interest and principal not been repaid as of October 31, 2014, the unpaid balance
was to be forgiven. The outstanding principal and matured unpaid interest balance was
written off during the year ended June 30, 2015.
48
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: Long-Term Debt (Continued)
b. Long-Term Debt – Business-Type Activities
The following is a summary of changes in long-term debt for the year ended
June 30, 2015:
Beginning at Ending Due within
July 1, 2014 Addition Deletion June 30, 2015 one year
Water Fund:
Compensated Absences 429,915$ 337,663$ 295,224$ 472,354$ 324,367$
2006 Water Revenue Bonds 53,315,000 - 1,045,000 52,270,000 1,090,000
2012 Water Refunding Bonds, Series A 8,045,000 - 690,000 7,355,000 710,000
Total Water Fund 61,789,915 337,663 2,030,224 60,097,354 2,124,367
Light Fund:
Compensated Absences 540,115 362,290 367,466 534,939 363,945
2003 Certificates of participation,
Series B and C 1,985,000 - 585,000 1,400,000 620,000
2012 Electric Refunding Bonds, Series B 5,820,000 - - 5,820,000 -
Total Light Fund 8,345,115 362,290 952,466 7,754,939 983,945
Sewer/Wastewater Fund:
Compensated Absences 86,673 79,574 87,738 78,509 78,509
2011 Sewer Installment, Series A 1,225,000 - 160,000 1,065,000 165,000
2011 Sewer Installment, Series B 3,855,000 - 190,000 3,665,000 200,000
Total Sewer/Wastewater Fund 5,166,673 79,574 437,738 4,808,509 443,509
Internal Service Funds:
Compensated Absences 266,716 245,253 227,978 283,991 242,744
Total Internal Service 266,716 245,253 227,978 283,991 242,744
Total Business-Type Funds 75,568,419$ 1,024,780$ 3,648,406$ 72,944,793 3,794,565$
Unamortized bond premiums 3,700,121
76,644,914$
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.
49
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: 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 $13,230,000
and interest ranges from 3.920% to 4.380%.
The annual requirements to amortize the outstanding bonds as of June 30, 2015,
including interest are as follows:
Principal Interest
2016 1,090,000$ 2,555,738$
2017 1,145,000 2,504,313
2018 1,200,000 2,445,688
2019 1,265,000 2,384,063
2020 1,330,000 2,319,188
2021-2025 7,735,000 10,507,438
2026-2030 9,795,000 8,443,719
2031-2035 12,565,000 5,669,375
2036-2040 16,145,000 2,098,625
Totals 52,270,000$ 38,928,147$
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 $955,000. Interest ranges from 2.000% to 5.000% and is
payable semi-annually on July 1 and January 1.
50
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding bonds as of June 30, 2015,
including interest are as follows:
Principal Interest
2015-2016 710,000$ 282,600$
2016-2017 735,000 260,925
2017-2018 755,000 238,575
2018-2019 780,000 211,650
2019-2020 810,000 182,975
2020-2025 3,565,000 362,450
Totals 7,355,000$ 1,539,175$
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, 2015, 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, 2015, was
$1,400,000.
The annual requirements to amortize the outstanding certificates of participation as of
June 30, 2015, including interest, are as follows:
Principal Interest
2015-2016 620,000$ 60,713$
2016-2017 650,000 25,344
2017-2018 130,000 3,621
Totals 1,400,000$ 89,678$
Electric - Certificates of
Participation, Series C
51
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: 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 $582,000. As of
June 30, 2015, the reserve requirement was fully funded.
The annual requirements to amortize the outstanding bonds as of June 30, 2015,
including interest are as follows:
Principal Interest
2016 -$ 175,569$
2017 - 175,569
2018 650,000 169,069
2019 795,000 150,644
2020 820,000 126,419
2021-2025 3,555,000 223,422
Totals 5,820,000$ 1,020,692$
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 $505,000. Interest rates on the
Series B installments are 3.600%.
52
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 5: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding installment agreements as of
June 30, 2015, including interest are as follows:
Principal Interest Principal Interest
2015 - 2016 165,000$ 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 - 2019 180,000 13,485 220,000 105,840
2019-2020 185,000 8,193 230,000 97,740
2020-2025 190,000 2,755 2,095,000 299,070
2025-2030 - - 505,000 9,090
Totals $1,065,000 $95,194 $3,665,000 $874,710
2011 Sewer Installment Series A 2011 Sewer Installment Series B
Note 6: Pension Plans
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.
Additionally, 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 and also contributes to the
PARS Retirement Enhancement Plan.
The different plans’ provisions, descriptions and benefits are described below.
a. Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan
I. General Information about the Pension Plans
Plan Descriptions – All qualified permanent and probationary employees are eligible
to participate in the City of Azusa’s Miscellaneous (all other than police and fire)
Plans, agent multiple-employer defined benefit pension plans administered by the
California Public Employees’ Retirement System (CalPERS), which acts as a
common investment and administrative agent for its participating member employers.
Benefit provisions under the Plan is established by State statute and City resolution.
53
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
Benefits Provided – CalPERS provides service retirement and disability benefits,
annual cost of living adjustments and death benefits to plan members, who must be
public employees and beneficiaries. Benefits are based on years of credited service,
equal to one year of full time employment. Members with five years of total service
are eligible to retire at age 50 with statutorily reduced benefits. All members are
eligible for non-duty disability benefits after 10 years of service. The death benefit is
one of the following: The Basic Death Benefit, the 1957 Survivor Benefit, or the
Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan
are applied as specified by the Public Employees’ Retirement Law.
The Plan’s provisions and benefits in effect at June 30, 2015, are summarized as
follows:
Miscellaneous
Classic
Miscellaneous
PEPRA
Hire date
Prior to January 1,
2013
January 1, 2013
and after
Benefit formula 2% @ 55 2.0% @ 62
Benefit vesting schedule 5 years service 5 years service
Benefit payments monthly for life monthly for life
Retirement age minimum 50 yrs minimum 50 yrs
Monthly benefits, as a % of
eligible compensation
1.4% - 2%, 50 yrs -
55+ yrs,
respectively
1% - 2%, 50 yrs -
62 yrs, respectively
Required employee
contribution rates 7.000%6.750%
Required employer
contribution rates 13.645%13.645%
Miscellaneous agent plans
Employees Covered – At June 30, 2015, the following employees were covered by
the benefits for each Plan:
Miscellaneous Plan
Inactive employees or beneficiaries currently receiving benefits 795
Inactive employees entitled to but not yet receiving benefits 267
Active employees 234
1,296
Contributions – Section 20814(c) of the California Public Employees’ Retirement
Law requires that the employer contribution rates for all public employers be
determined on an annual basis by the actuary and shall be effective on the July 1
following notice of a change in the rate. Funding contributions for the Plans are
determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially
determined rate is the estimated amount necessary to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any
unfunded accrued liability. The City is required to contribute the difference between
the actuarially determined rate and the contribution rate of employees.
54
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
II. Net Pension Liability
The City’s net pension liability for each Plan is measured as the total pension liability,
less the pension plan’s fiduciary net position. The net pension liability of each of the
Plans is measured as of June 30, 2014, using an annual actuarial valuation as of
June 30, 2013 rolled forward to June 30, 2014 using standard update procedures. A
summary of principal assumptions and methods used to determine the net pension
liability as show below.
Actuarial Assumptions – The total pension liabilities in the June 30, 2013 actuarial
valuations were determined using the following actuarial assumptions:
Actuarial Cost Method Entry Age Normal in accordance with the
requirements of GASB Statement No. 68
Discount Rate 7.50%
Inflation 2.75%
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 7.50% Net of Pension Plan Investment and
Administrative Expenses; includes Inflation
Mortality Rate Table (1) Derived using CalPERS’ Membership Data for
all Funds
Post Retirement Benefit
Increase Contract COLA up to 2.75% until Purchasing
Power Protection Allowance Floor on
Purchasing Power applies, 2.75% thereafter
Actuarial Assumptions
(1) The mortality table used was developed based on CalPERS’ specific data. The table includes
20 years of mortality improvements using Society of Actuaries Scale BB. For more details on this
table, please refer to the 2014 experience study report.
The underlying mortality assumptions and all other actuarial assumptions used in the
June 30, 2013 valuation were based on the results of a January 2014 actuarial
experience study for the period 1997 to 2011. Further details of the Experience Study
can found on the CalPERS website.
Discount Rate – The discount rate used to measure the total pension liability was
7.50% for the Miscellaneous Agent Multiple Employer Plan. To determine whether
the municipal bond rate should be used in the calculation of a discount rate for each
plan, CalPERS stress tested plans that would most likely result in a discount rate that
would be different from the actuarially assumed discount rate. Based on the testing,
none of the tested plans run out of assets. Therefore, the current 7.50 percent
discount rate is adequate and the use of the municipal bond rate calculation is not
necessary. The long term expected discount rate of 7.50 percent will be applied to all
plans in the Public Employees Retirement Fund (PERF). The stress test results are
presented in a detailed report that can be obtained from the CalPERS website.
55
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
According to Paragraph 30 of Statement 68, the long-term discount rate should be
determined without reduction for pension plan administrative expense. The
7.50 percent investment return assumption used in this accounting valuation is net of
administrative expenses. Administrative expenses are assumed to be 15 basis
points. An investment return excluding administrative expenses would have been
7.65 percent. Using this lower discount rate has resulted in a slightly higher Total
Pension Liability and Net Pension Liability. CalPERS checked the materiality
threshold for the difference in calculation and did not find it to be a material
difference.
CalPERS is scheduled to review all actuarial assumptions as part of its regular Asset
Liability Management (ALM) review cycle that is scheduled to be completed in
February 2018. Any changes to the discount rate will require Board action and proper
stakeholder outreach. For these reasons, CalPERS expects to continue using a
discount rate net of administrative expenses for GASB 67 and 68 calculations
through at least the 2017-18 fiscal year. CalPERS will continue to check the
materiality of the difference in calculation until such time as we have changed our
methodology.
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which best-estimate ranges of expected future real
rates of return (expected returns, net of pension plan investment expense and
inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both
short-term and long-term market return expectations as well as the expected pension
fund cash flows. Using historical returns of all the funds’ asset classes, expected
compound returns were calculated over the short-term (first 10 years) and the
long-term (11-60 years) using a building-block approach. Using the expected nominal
returns for both short-term and long-term, the present value of benefits was
calculated for each fund. The expected rate of return was set by calculating the
single equivalent expected return that arrived at the same present value of benefits
for cash flows as the one calculated using both short-term and long-term returns. The
expected rate of return was then set equivalent to the single equivalent rate
calculated above and rounded down to the nearest one quarter of one percent.
The table below reflects the long-term expected real rate of return by asset class.
The rate of return was calculated using the capital market assumptions applied to
determine the discount rate and asset allocation. These rates of return are net of
administrative expenses.
Asset Class
New Strategic
Allocation
Real Return
Years 1 - 10 (1)
Real Return
Years 11+ (2)
Global Equity 47.00%5.25%5.71%
Global Fixed Income 19.00 0.99 2.43
Inflation Sensitive 6.00 0.45 3.36
Private Equity 12.00 6.83 6.95
Real Estate 11.00 4.50 5.13
Infrastructure and Forestland 3.00 4.50 5.09
Liquidity 2.00 (0.55)(1.05)
(1) An expected inflation of 2.5% used for this period
(2) An expected inflation of 3.0% used for this period
56
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
III. Changes in the Net Pension Liability
The changes in the Net Pension Liability for the Miscellaneous Plan is detailed below:
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance at: 6/30/2013 (Valuation Date) (1)116,677,935$ 86,622,350$ 30,055,585$
Changes Recognized for the Measurement Period:
Service Cost 2,375,239 - 2,375,239
Interest on the Total Pension Liability 8,658,209 - 8,658,209
Contribution from the Employer - 2,434,002 (2,434,002)
Contributions from Employees - 1,029,164 (1,029,164)
Net Investment Income (2)- 14,908,401 (14,908,401)
Benefit Payments including Refunds of Employee
Contributions (4,845,540) (4,845,540) -
Net Changes During 2013-14 6,187,908 13,526,027 (7,338,119)
Balance at: 6/30/2014 (Measurement Date) (1)122,865,843$ 100,148,377$ 22,717,466$
Increase (Decrease)
(1) The fiduciary net position includes receivables for employee service buybacks,
deficiency reserves, fiduciary self-insurance and OPEB expense. This may differ from
the plan assets reported in the funding actuarial valuation report.
(2) Net of administrative expenses.
Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The
following presents the net pension liability of the City for each Plan, calculated using
the discount rate for each Plan, as well as what the City’s net pension liability would
be if it were calculated using a discount rate that is 1-percentage lower or
1-percentage point higher than the current rate:
Discount Rate - 1%
(6.50%)
Current Discount Rate
(7.5%)
Discount Rate +1%
(8.5%)
Plan's Net Pension
Liability/(Assets)40,057,987$ 22,717,466$ 9,145,857$
Pension Plan Fiduciary Net Position – Detailed information about the Plan’s net
position is available in the separately issued CalPERS financial reports.
57
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
IV. Pension Expenses and Deferred Outflows/Inflows of Resources Related to
Pensions
For the year ended June 30, 2015, the City recognized pension expense of
$1,895,352. At June 30, 2015, the Local Government reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following
sources:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Pension contributions subsequent to measurement date 2,461,163$ -$
Net Difference between Projected and Actual Earnings on
Pension Plan Investments - 6,799,469
Total 2,461,163$ 6,799,469$
$2,461,163 reported as deferred outflows of resources related to contributions
subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2016. Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized as pension expense as follows:
Measurement
Period ended
June 30:
Deferred
Outflows/(Inflows)
of Resources
2016 (1,699,867)$
2017 (1,699,867)
2018 (1,699,867)
2019 (1,699,868)
b. Safety Cost-Sharing Multiple-Employer Defined Benefit Pension Plan
I. General Information about the Safety Pension Plans
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living
adjustments and death benefits to plan members, who must be public employees and
beneficiaries. Benefits are based on years of credited service, equal to one year of
full time employment. Members with five years of total service are eligible to retire at
age 50 with statutorily reduced benefits. All members are eligible for non-duty
disability benefits after 10 years of service. The death benefit is one of the following:
the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement
2W Death Benefit. The cost of living adjustments for each Plan are applied as
specified by the Public Employees’ Retirement Law.
58
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
The Plans’ provisions and benefits in effect at June 30, 2015, are summarized as
follows:
Safety Classic Safety PEPRA
Hire date
Prior to
January 1, 2013
January 1, 2013
and after
Benefit formula 3.0% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service
Benefit payments monthly for life monthly for life
Retirement age minimum 50 yrs minimum 50 yrs
Monthly benefits, as a % of
eligible compensation 3.00% 2.70%
Required employee
contribution rates 9.000% 12.25%
Required employer
contribution rates 31.925% 12.25%
Safety Cost-Sharing Plans
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL)
requires that the employer contribution rates for all public employers be determined
on an annual basis by the actuary and shall be effective on the July 1 following notice
of a change in the rate. The total plan contributions are determined through the
CalPERS’ annual actuarial valuation process. The actuarially determined rate is
based on the estimated amount necessary to pay the Plan’s allocated share of the
risk pool’s costs of benefits earned by employees during the year, and any unfunded
accrued liability. The employer is required to contribute th1e difference between the
actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2015, the contributions recognized as a reduction to the
net pension liability for each Plan were as follows:
Safety Plans
Contributions - employer 2,074,024
Contributions - employee (paid by employer) 320,986
2,395,010
59
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
II. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of
Resources Related to Pensions
As of June 30, 2015, the City reported net pension liabilities for its proportionate
shares of the net pension liability of the Safety Classic Plan of $19,449,591.
The City’s net pension liability for each Plan is measured as the proportionate share
of the net pension liability. The net pension liability of each of the Plans is measured
as of June 30, 2014, and the total pension liability for each Plan used to calculate the
net pension liability was determined by an actuarial valuation as of June 30, 2013
rolled forward to June 30, 2014 using standard update procedures. The City’s
proportion of the net pension liability was based on a projection of the City’s
long-term share of contributions to the pension plans relative to the projected
contributions of all participating employers, actuarially determined. The City’s
proportionate share of the net pension liability for each Plan as of June 30, 2013 and
2014 was as follows:
Safety Classic
Proportion - June 30, 2013 0.44347%
Proportion - June 30, 2014 0.42717%
Change - Increase (Decrease)-0.01630%
For the year ended June 30, 2015, the City recognized a total pension expense of
$1,833,913 for all safety plans. At June 30, 2015, the City reported deferred outflows
and deferred inflows of resources related to pensions as follows:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Pension contributions subsequent to measurement date 2,475,434$ -$
Net Difference between Projected and Actual Earnings on
Pension Plan Investments - 5,872,474
Adjustment due to Difference in Proportions 146,439 -
Adjustment due to Difference in Proportions contribution - 17,754
Total 2,621,873$ 5,890,228$
$2,475,434 reported as deferred outflows of resources related to contributions
subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2016. Other amounts reported a deferred
outflows or deferred inflows of resources related to pensions will be recognized as
pension expense as follows:
Measurement
Period ended June
30:
Deferred
Outflows/(Inflows)
of Resources
2016 (1,420,492)$
2017 (1,420,492)
2018 (1,430,950)
2019 (1,471,855)
60
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
Actuarial Assumptions and Discount Rate
The same actuarial assumptions and discount rates are used in the Agent
Miscellaneous and Cost-Sharing Safety Plans. Refer to assumptions detailed in the
Agent Miscellaneous description.
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate
The following presents the City’s proportionate share of the net pension liability for
each Plan, calculated using the discount rate for each Plan, as well as what the City’s
proportionate share of the net pension liability would be if it were calculated using a
discount rate that is 1% point lower or 1% point higher than the current rate:
Safety Plans Net Pension
Liability
Discount Rate - 1%
6.50%
Current Rate - 1%
7.50%
Discount Rate + 1%
8.50%
Safety Classic 33,470,228$ 19,449,591$ 7,897,192$
Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in
the separately issued CalPERS financial reports.
c. Defined Contribution Pension Plan
The City of Azusa contributes to the 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, 2015, the covered payroll for employees in the plan was $610,256. Total payroll
for the City was $28,660,645. 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, 2015, the employer and the employees each
contributed an amount equal to $45,769. Under this plan, normal retirement age is
60 years of age. Plan assets are primarily invested in money market funds.
d. 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 plans
are 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:
61
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
Covered Employer Employee
Positions Contribution Contribution
IBEW 5.44%2.00%
SEIU 3.72%4.00%
AMMA 9.97%2.50%
Executive Management 14.00%0.00%
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires
that the employer contribution rates for all public employees be determined on an annual
basis by the actuary and shall be effective on the July 1 following notice of a change in
the rate. The total plan contributions are determined by an independent pension actuary
using information furnished by the City and by PARS. The actuarially determined rate is
the estimated amount necessary to finance the costs of benefits earned by employees
during the year, with an additional amount to finance any unfunded accrued liability. The
City is required to contribute the difference between the actuarially determined rate and
the contribution rate of employees. For the measurement period ended June 30, 2015
(the measurement date), the employer’s contribution rate is 17.04% of annual payroll,
and no contributions were made by the employees. Employer contribution rates may
change if plan contracts are amended. It is the responsibility of the City to make
necessary accounting adjustments to reflect the impact due to any Employer Paid
Member Contributions or situations where members are paying a portion of the employer
contribution.
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2015 (the measurement date), the total
pension liability was determined by rolling forward the June 30, 2014 total pension
liability. The June 30, 2014 and the June 30, 2015 total pension liabilities were based on
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Discount Rate 7.50%
Inflation 3.00%
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 7.50%
Cost of Living Adjustments 2.00%
Mortality Consistent with non-industrial rates used to value
the Miscellaneous CalPERS Pension Plan
Retirement Retirement rates of 20% per year for ages 55 to
69 and 100% at ages 70 and up
Maximum Benefits and Salary Final compensation is subject to IRC 401(a)(17)
limitations
Beneficiaries
85% of participants are assumed to have an
eligible spouse or domestic partner.
Beneficiaries are assumed to be the same age
as partici pant.
Actuarial Assumptions
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CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
Discount Rate
The plan’s fiduciary net position was projected to be available to make all projected future
benefit payments of current active and inactive employees. Therefore, the discount rate
for calculating the total pension liability is equal to the long-term expected rate of return.
The best-estimate range for the long-term expected rate of return is determined by
adding expected inflation to expected long-term real returns and reflecting expected
volatility and correlation. The capital market assumptions are per actuarial investment
consulting practice as of January 1, 2015.
The following assumptions detail out long-term expected rate of return for each PARS
benefit plan:
SEIU Bargaining Unit
Asset Class Index
Target
Allocation
Long-Term
Expected
Arithmetic
Real Rate of
Return
Long-Term
Expected
Geometric
Real Rate of
Return
Cash BofA Merril Lynch 90-Day T-Bills 5.14% 0.53% 0.53%
Core Fixed Income Barclays Aggregate 38.55% 2.03% 1.90%
Broad US Equities Russell 3000 40.61% 5.64% 4.25%
Developed Foreign Equities MSCI EAFE 12.08% 6.31% 4.58%
Emerging Market Equities MSCI Emerging Markets 3.62% 8.56% 5.11%
Assumed Inflation - Mean 2.76% 2.74%
Assumed Inflation - Standard Deviation 1.85% 1.85%
Portfolio Real Mean Return 4.17% 3.75%
Portfolio Nominal Mean Return 6.93% 6.50%
Portfolio Standard Deviation 9.85%
Long-Term Expected Rate of Return 7.00%
63
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
AMMA Bargaining Unit
Asset Class Index
Target
Allocation
Long-Term
Expected
Arithmetic
Real Rate of
Return
Long-Term
Expected
Geometric
Real Rate of
Return
Cash BofA Merril Lynch 90-Day T-Bills 4.62% 0.53% 0.53%
Core Fixed Income Barclays Aggregate 38.76% 2.03% 1.90%
Broad US Equities Russell 3000 40.83% 5.64% 4.25%
Developed Foreign Equities MSCI EAFE 12.15% 6.31% 4.58%
Emerging Market Equities MSCI Emerging Markets 3.64% 8.56% 5.11%
Assumed Inflation - Mean 2.76% 2.74%
Assumed Inflation - Standard Deviation 1.85% 1.85%
Portfolio Real Mean Return 4.19% 3.76%
Portfolio Nominal Mean Return 6.95% 6.51%
Portfolio Standard Deviation 9.90%
Long-Term Expected Rate of Return 7.00%
Executive/Contract Bargaining Group
Asset Class Index
Target
Allocation
Long-Term
Expected
Arithmetic
Real Rate of
Return
Long-Term
Expected
Geometric
Real Rate of
Return
Cash BofA Merril Lynch 90-Day T-Bills 3.83% 0.53% 0.53%
Core Fixed Income Barclays Aggregate 39.08% 2.03% 1.90%
Broad US Equities Russell 3000 41.17% 5.64% 4.25%
Developed Foreign Equities MSCI EAFE 12.25% 6.31% 4.58%
Emerging Market Equities MSCI Emerging Markets 3.67% 8.56% 5.11%
Assumed Inflation - Mean 2.76% 2.74%
Assumed Inflation - Standard Deviation 1.85% 1.85%
Portfolio Real Mean Return 4.22% 3.79%
Portfolio Nominal Mean Return 6.98% 6.54%
Portfolio Standard Deviation 9.99%
Long-Term Expected Rate of Return 7.00%
64
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
IBEW Employees
Asset Class Index
Target
Allocation
Long-Term
Expected
Arithmetic
Real Rate of
Return
Long-Term
Expected
Geometric
Real Rate of
Return
Cash BofA Merril Lynch 90-Day T-Bills 5.36% 0.53% 0.53%
Core Fixed Income Barclays Aggregate 38.46% 2.03% 1.90%
Broad US Equities Russell 3000 40.51% 5.64% 4.25%
Developed Foreign Equities MSCI EAFE 12.06% 6.31% 4.58%
Emerging Market Equities MSCI Emerging Markets 3.61% 8.56% 5.11%
Assumed Inflation - Mean 2.76% 2.74%
Assumed Inflation - Standard Deviation 1.85% 1.85%
Portfolio Real Mean Return 4.16% 3.74%
Portfolio Nominal Mean Return 6.93% 6.49%
Portfolio Standard Deviation 9.83%
Long-Term Expected Rate of Return 7.00%
A blended discount rate is generally required to be used to measure the Total Pension
Liability (the Actuarial Accrued Liability calculated using the Individual Entry Age Normal
Cost Method). The long-term expected return on plan investments may be used to
discount liabilities to the extent that the plan’s Fiduciary Net Position (fair market value of
assets) is projected to cover benefit payments and administrative expenses. A 20-year
high quality (AA/Aa or higher) municipal bond rate must be used for periods where the
Fiduciary Net Position is not projected to cover benefit payments and administrative
expenses. Determining the discount rate will often require that the actuary perform
complex projects of future benefit payments and asset values. Alternative evaluations of
projected solvency are allowed, if such evaluation can reliably be made.
The following tables show the changes in net pension liability recognized over the
measurement period for all the PARS plans.
SEIU Bargaining Group
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2014 448,297$ 259,568$ 188,729$
Changes for the year:
Service Cost 18,174 - 18,174
Interest on the Total Pension Liability 32,199 - 32,199
Benefit Payments (13,203) (13,203) -
Employer Contributions - 12,890 (12,890)
Member Contributions - 25,312 (25,312)
Net Investment Income - 7,232 (7,232)
Administrative Expenses - (1,510) 1,510
Balance as of June 30, 2015 485,467$ 290,289$ 195,178$
Increase (Decrease)
65
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
AMMA Bargaining Group
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2014 2,898,784$ 1,766,745$ 1,132,039$
Changes for the year:
Service Cost 102,116 - 102,116
Interest on the Total Pension Liability 207,196 - 207,196
Benefit Payments (83,368) (83,368) -
Employer Contributions - 138,866 (138,866)
Member Contributions - 46,205 (46,205)
Net Investment Income - 47,672 (47,672)
Administrative Expenses - (8,240) 8,240
Balance as of June 30, 2015 3,124,728$ 1,907,880$ 1,216,848$
Increase (Decrease)
Executive/Contract Bargaining Group
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2014 2,580,027$ 1,021,390$ 1,558,637$
Changes for the year:
Service Cost 176,286 - 176,286
Benefit Payments (125,424) (125,424) -
Employer Contributions - 78,751 (78,751)
Net Investment Income - 26,218 (26,218)
Administrative Expenses - (5,569) 5,569
Balance as of June 30, 2015 2,630,889$ 995,366$ 1,635,523$
Increase (Decrease)
IBEW Employees
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2014 2,782,999$ 1,499,095$ 1,283,904$
Changes for the year:
Service Cost 107,529 - 107,529
Interest on the Total Pension Liability 199,129 - 199,129
Benefit Payments (93,243) (93,243) -
Employer Contributions - 153,146 (153,146)
Member Contributions - 82,044 (82,044)
Net Investment Income - 41,194 (41,194)
Administrative Expenses - (7,492) 7,492
Balance as of June 30, 2015 2,996,414$ 1,674,744$ 1,321,670$
Increase (Decrease)
66
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
TOTAL PARS PLANS
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2014 8,710,107$ 4,546,798$ 4,163,309$
Changes for the year:
Service Cost 227,819 - 227,819
Interest on the Total Pension Liability 614,810 - 614,810
Benefit Payments (315,238) (315,238) -
Employer Contributions - 383,653 (383,653)
Member Contributions - 153,561 (153,561)
Net Investment Income - 122,316 (122,316)
Administrative Expenses - (22,811) 22,811
Balance as of June 30, 2015 9,237,498$ 4,868,279$ 4,369,219$
Increase (Decrease)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the City of Azusa, calculated using the
discount rate of 7.00%, as well as what the Plan’s net pension liability would be if it were
calculated using a discount rate that is 1% point lower (6.00%) or 1% point higher
(8.00%) than the current rate.
Discount Rate Current Discount Rate
- 1%Discount Rate + 1%
Net Pension Liability 6.00%7.00%8.00%
SEIU Bargaining Group 260,326$ 195,178$ 140,486$
AMMA Bargaining Group 1,570,747 1,216,848 833,402
Executive/Contract Bargaining Group 1,958,419 1,635,523 1,366,728
IBEW Employees 1,711,345 1,321,670 992,545
Pension Expense and Deferred Outflows/Inflows of Resources Related to Pensions
As of the start of the measurement period, July 1, 2014, the net pension liability was
$4,163,309. For the measurement period ending June 30, 2015, the City incurred a
pension expense of $427,312 for all the PARS Plan. As of the measurement date,
June 30, 2015, the net pension liability is $4,369,219.
Note that no adjustments have been made for contributions subsequent to the
measurement date. Adequate treatment of any contributions made after the
measurement date is the responsibility of the City.
67
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 6: Pension Plans (Continued)
As of June 30, 2015, the City reported deferred outflows and deferred inflows of
resources related to pensions as follows:
Deferred
Outflows of
Resources
Net difference between projected and actual earnings 162,251$
Adjustments due to difference in proportion contribution 37,171
Total $ 199,422
The amount above reflects the net difference between the projected and actual earnings
of the pension plan investment.
Amounts reported as deferred outflows and deferred inflows of resources related to
pensions will be recognized in future pension expense as follows:
Year Ended
June 30,
Deferred Outflows
of Resources
2016 50,344$
2017 50,344
2018 50,344
2019 48,390
Note 7: 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 $563,455 was made
during the 2014-2015 fiscal year and was not included in the June 30, 2015, actuarial
study. The purpose of the contribution was to pay current year premiums for retirees.
68
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 7: Post-Employment Benefits (Continued)
As a result, the City calculated and recorded a Net OPEB Liability, representing the
difference between the Annual Required Contribution (ARC) and actual contributions, as
presented below:
Annual required contribution (ARC)2,830,000$
Interest on Net OPEB Obligation 102,538
Adjustment to ARC (465,590)
Annual OPEB Cost 2,466,948
Contributions made (563,455)
(Decrease) increase in Net OPEB obligation 1,903,493
Net OPEB obligation (asset) June 30, 2013 10,383,609
Net OPEB obligation (asset) June 30, 2014 12,287,102$
The contribution rate of 21.06% is based on the ARC of $2,830,000, 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 2014-2015, the City’s annual OPEB cost (expense) of $2,466,948 was
less than the ARC. The last three year trend information on the annual OPEB cost,
percentage of Annual OPEB cost contributed, and Net OPEB Obligation is presented
below:
Fiscal Year
End
Annual
OPEB
Cost
Actual
Contribution (Net
of Adjustments)
Percentage of
Annual OPEB Cost
Contributed
Net OPEB
Obligation
(Asset)
6/30/2013 1,595,294$ 584,099$ 37% 8,372,606$
6/30/2014 2,596,922 585,919 23% 10,383,609
6/30/2015 2,466,948 563,455 23% 12,287,102
69
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 7: 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.
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 6/30/2013 - 32,567,000 0.0% 18,902,000 172% 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 5, 2015 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, 2015, was twenty-seven years. The number of active participants is 327.
Note 8: 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
$5,000,000.
70
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 8: Insurance (Continued)
For the past three years, no settlements or claims payments have exceeded the amount of
the applicable insurance coverage. For the past two fiscal years, the changes in the City's
liability for claims payable are summarized as follows:
Claims Incurred
Beginning and Changes Less Claim Ending
Balance in Estimates Payments Balance
2013-2014 2,125,263$ 816,616$ (585,386)$ 2,356,493$
2014-2015 2,356,493 (419,136) (507,084) 1,430,273
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 9: Interfund Receivables, Payables and Transfers
The composition of interfund balances as of June 30, 2015, was as follows:
Due To/From Other Funds
Nonmajor
Governmental Internal
Funds Service Total
Due from other funds:
Water 15,410$ 34,216$ 49,626$
Due to other funds
The due from other funds amounts listed above consisted of short-term loans to cover
negative cash.
Advances To/From Other Funds
Water Light
Funds Fund Fund Total
Advances From Other Funds:
General 4,006,427$ 181,000$ 4,187,427$
Nonmajor Governmental Funds - 750,000 750,000
Total 4,006,427$ 931,000$ 4,937,427$
Advances To Other Funds:
The Light Fund advanced $181,000 to the General Fund and $750,000 to the Capital
Projects Fund for various project expenditures.
71
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 9: Interfund Receivables, Payables and Transfers (Continued)
Interfund Transfers
Nonmajor
General Governmental Internal
Transfer Out: Fund Funds Service Funds Total
General Fund -$ 4,392,652$ 852,394$ 5,245,046$
Nonmajor Governmental
Funds 304,678 19,391 120 324,189
Light Fund - 95,049 - 95,049
Nonmajor Proprietary
Funds 685,865 - 129,660 815,525
Internal Service Funds 614,004 63,110 - 677,114
Total 1,604,547$ 4,570,202$ 982,174$ 7,156,923$
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.
Note 10: Fund Equity and Net Position Restatements
Governmental Funds General
Grants and
Seizure
Fund Balance as previously reported, June 30, 2014 20,417,948$ 1,056,517$
Reclass of prior period expenses related to 1% Cable Grant (190,445) -
Reclass of prior period activity between funds 25,963 (25,963)
Adjust for revenues related to prior years - 201,339
Fund Balance, as restated, July 1, 2014 20,253,466$ 1,231,893$
Enterprise Funds Water Light
Sewer/
Wastewater
Net position as previously reported, June 30, 2014 57,696,506$ 45,145,743$ 10,304,489$
Effect of retroactive application - GASB 68 (4,370,660) (3,848,694) (1,240,075)
Reclass of prior period expense paid in April 2015 (519,454) - -
Net position, as restated, July 1, 2014 52,806,392$ 41,297,049$ 9,064,414$
Internal Service Funds
Consumer
Services Self Insurance
Equipment
Replacement IT Services
Net position as previously reported, June 30, 2014 1,559,009$ (957,047)$ 744,673$ (32,276)$
Effect of retroactive application - GASB 68 (4,073,814) (81,579) - (1,927,048)
Restatement of improper capital asset recording - - (275,248) -
Net position, as restated, July 1, 2014 (2,514,805)$ (1,038,626)$ 469,425$ (1,959,324)$
72
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 10: Fund Balance and Net Position Restatements (Continued)
As discussed in Note 1 to the financial statements, the City adopted Statement of
Governmental Accounting Standards Board No. 68, Accounting and financial Reporting
for Pensions—an Amendment of GASB Statement No. 27. The estimated net pension
liability has been determined by CalPERS actuarial using benefit provisions and
assumptions described in Note 6. As a result, there has been a total restatement of
$62,664,729 for the City of Azusa relating to GASB 68 (PERS and PARS net pension
liabilities); governmental activities $49,131,486 and Water Fund $4,370,660, Light Fund
$3,848,694, Sewer/Wastewater Fund $1,240,075, and Consumer Services $4,073,814
included as part of business-type activities.
Government-wide
Governmental
Activities
Business-type
Activities
Net position as previously reported, June 30, 2014 29,395,743$ 114,485,516$
General fund restatements (164,482) -
Grants and seizure fund restatements 175,376 -
Equipment Replacement fund restatement (275,248) -
Water fund restatement to reclass prior period expense - (519,454)
Effect of retroactive application - GASB 68 (49,131,486) (13,533,243)
Restatement of Net Position (49,395,840) (14,052,697)
Net position, as restated, July 1, 2014 (20,000,097)$ 100,432,819$
73
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 11: Grants and Seizure Fund
The Grants and Seizure special revenue fund include the following items in its fund balance:
Grants & Seizures (8,942)$
PEG Cable 175,376
Jack Williams Memorial 600
Grants & Seizures-Police 17
Asset Seizure Federal - Department of Justice 155,578
Asset Seizure County 24,495
Asset Seizure Drug and Gang 1,572
Office of Traffic Safety 2,762
Asset Seizure Federal - Department of Treasury 88
Inmate Welfare Fund 5,712
Workforce Invest (19,850)
2014 JAG Grant (11,673)
OTS-SEL Traffic Enforcement (8,784)
Cities & Specified Excess Funding (21,246)
AQMD Tree Planting 3,131
Sr Cntr Cyn City Grant 4,241
Senior Restricted Donations 98
Public Library Grant 247,127
Library Restricted Donations 63,623
Gates Foundation 497
Broadband Grant (Lib)7,556
Family Place Grant 1,926
Book Clubs 467
Youth Programs 689
Summer Reading 3,481
Special Programs 75
General Plan Surcharge 609,256
Metro TOD Planning Grant (83,878)
AB29X Meters 86,607
Oil Block Grant 6,635
Beverage Container Recycling 44,332
Technology Grant 60,666
Safe Routes to Schools Grant (51,257)
CIP-Recreation Grants (269,879)
Rehab of Zacatecas Park 516
CIP-AZ Intermododal Transit (26,923)
LSTA-Inspired Citizens (5,071)
ABC Grant (3,928)
Total 995,692$
74
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 12: 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, 2015, is as follows:
Assets:
Current assets 3,078,945$
Restricted assets 1,453,852
Capital assets 10,832,707
Total assets 15,365,504
Deferred Outflows of Resources:
Deferred pension related items 87,495
Total Deferred Outflows of Resources 87,495
Liabilities:
Current liabilities 543,467
Noncurrent liabilities 5,425,530
Total liabilities 5,968,997
Deferred Inflows of Resources:
Deferred pension related items 261,207
Total Deferred Inflows of Resources 261,207
Net position:
Net Investment in capital assets 7,556,559
Unrestricted 1,666,236
Total net position 9,222,795$
Condensed Statement of Net Position
75
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 12: Segments of Enterprise Activities (Continued)
Sewer charges 2,649,440$
Depreciation expense (485,676)
Other operating expenses (1,660,413)
Operating income 503,351
Nonoperating revenues (expenses):
Investment earnings 9,930
Interest expense (168,562)
Special franchise fees (53,473)
Transfers out (132,865)
Change in net Position 158,381
Beginning net position, as originally reported 10,304,489
Restatement (1,240,075)
Ending net position 9,222,795$
Condensed Statement of Revenues, Expenses
and Changes in Net Position
Net cash provided by (used in):
Operating activities 1,013,599$
Noncapital financing activities (591,456)
Capital and related financing activities (572,036)
Investing activities 9,071
Net decrease in cash (140,822)
Beginning cash and cash equivalents 4,365,010
Ending cash and cash equivalents 4,224,188$
Condensed Statement of Cash Flows
Note 13: 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, 2015, 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 $47,460,000), 1% of SCPPA’s
$57,555,000 investment (at cost) in the Mead – Phoenix Transmission Project (with
related SCPPA indebtedness of $38,390,000), 2.2% of SCPPA’s $173,574,000
investment (at cost) in the Mead - Adelanto Transmission Project (with related SCPPA
indebtedness of $126,170,000), 14.7% of SCPPA’s $257,963,000 investment (at cost) in
76
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 13: Summary Financial Data for Joint Ventures (Continued)
the San Juan Generating Station (with related indebtedness of $71,880,000), and
4.2% of SCPPA’s $21,000 investment (at cost) in the Hoover Uprating Green Power
Project (with related SCPPA indebtedness of $7,930,000).
Note 14: Rate Stabilization Fund
The City of Azusa has provided for a rate stabilization fund in the amount of $10,054,506
(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 15: Commitments and Contingencies
The City of Azusa has been named as a defendant in numerous lawsuits and claims arising
in the course of operations. In the aggregate, these claims seek monetary damages in
significant amounts. To the extent the outcome of such litigation has been determined to
result in probable financial loss to the City, such loss has been accrued in the accompanying
combined financial statements.
Note 16: 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.
77
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Management believes, in consultation with legal counsel, that the obligations of the former
redevelopment agency due to the City are valid enforceable obligations payable by the
successor agency trust under the requirements of the Bill. The City’s position on this issue is
not a position of settled law and there is considerable legal uncertainty regarding this issue. It
is reasonably possible that a legal determination may be made at a later date by an
appropriate judicial authority that would resolve this issue unfavorably to the City.
In accordance with the timeline set forth in the Bill (as modified by the California Supreme
Court on December 29, 2011) all redevelopment agencies in the State of California were
dissolved and ceased to operate as a legal entity as of February 1, 2012. 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 2,989,105$
Restricted cash and Investments pooled with the City 2,319,605
Total Cash and Investments 5,308,710$
b. Capital Assets
An analysis of capital assets as of June 30, 2015, 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 746,536 58,400 - 804,936
Infrastructure 85,698 23,948 - 109,646
Total Accumulated Depreciation 832,234 82,348 - 914,582
Total Capital Assets being
depreciated, net 1,313,999 (82,348) - 1,231,651
Capital Assets 1,724,419$ (82,348)$ -$ 1,642,071$
Balance
July 1, 2014
Balance
June 30, 2015
78
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
c. Long-Term Debt
The following debt was transferred from the Redevelopment Agency to the Successor
Agency as of February 1, 2012, as a result of the dissolution.
A description of long-term debt outstanding (excluding defeased debt) of the Successor
Agency as of June 30, 2015, follows:
Balance
July 1, 2014 Additions* Repayments
Balance
June 30, 2015
Due Within
One Year
Fiduciary Funds:
2003 Refunding TABs 6,870,000$ -$ (6,870,000)$ -$ -$
2005 TABS, Series A 9,811,409 108,319 * - 9,919,728 -
2007 TABs, Series A 13,400,000 - (480,000) 12,920,000 505,000
2007 TABs, Series B 4,255,000 - (105,000) 4,150,000 110,000
2008 TABs, Series A 6,305,000 - (6,305,000) - -
2008 TABs, Series B 10,710,000 - (145,000) 10,565,000 155,000
2014 Refunding TAB - 10,470,000 - 10,470,000 755,000
Total Fiduciary Funds $ 51,351,409 $ 10,578,319 $ (13,905,000) 48,024,728 $ 1,525,000
Unamortized Premiums (Discounts) 512,895
Total Long-term Debt 48,537,623$ *Addition of $108,319 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 $81,755,129, 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 $4,817,379, and the debt service obligation on the bonds
was $4,220,963.
79
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: 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. This bond was refunded during the current year with the
issuance of the 2014 Refunding Tax Allocation Bonds.
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, 2015, was $9,919,728.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2015, including interest are as follows:
Principal Interest
2015-2016 -$ 349,425$
2016-2017 - 349,425
2017-2018 - 349,425
2018-2019 - 349,425
2019-2020 - 349,425
2021-2025 1,023,994 1,747,125
2026-2030 4,135,734 2,104,077
2031-2034 4,760,000 2,491,464
Totals 9,919,728$ 8,089,791$
Refunding Bonds
2005 Tax Allocation
80
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
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, 2015, was $12,920,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2015, including interest are as follows:
Principal Interest
2015-2016 505,000$ 767,084$
2016-2017 535,000 737,106
2017-2018 565,000 705,399
2018-2019 605,000 671,114
2019-2020 635,000 634,224
2021-2025 2,940,000 2,582,868
2026-2030 2,025,000 1,898,044
2031-2035 3,485,000 1,010,906
2036-2039 1,625,000 49,969
Totals 12,920,000$ 9,056,714$
Bonds, Series A
2007 Tax Allocation
2007 Tax Allocation Refunding Bonds, Series B
The Azusa Redevelopment Agency issued $4,790,000 Series A Merged Project Area
Tax Allocation Bonds, dated July 31, 2007 to refund the 1997 tax allocation bonds.
Current Interest Bonds are subject to annual sinking fund installment payments
ranging from $80,000 to $140,000 due beginning August 1, 2008 through
August 1, 2021, bearing interest rates ranging from 4.00% to 5.00% per annum.
Term Bonds are due beginning August 1, 2022 through August 1, 2036, with
installment payments ranging from $150,000 to $305,000, bearing interest rates
ranging from 5.25% to 5.30% per annum. Debt service payments on the bonds are
payable from pledged tax increment revenues. The outstanding principal balance at
June 30, 2015, was $4,150,000.
81
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2015, including interest are as follows:
Principal Interest
2015-2016 110,000$ 212,513$
2016-2017 110,000 207,439
2017-2018 120,000 202,075
2018-2019 125,000 196,286
2019-2020 130,000 190,198
2021-2025 745,000 844,288
2026-2030 970,000 620,734
2031-2035 1,245,000 329,263
2036-2039 595,000 31,933
Totals 4,150,000$ 2,834,729$
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. This bond
was refunded in the current year with the issuance of the 2014 Tax Allocation
Refunding Bond.
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, 2015, was $10,565,000.
82
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2015, including interest are as follows:
Principal Interest
2015-2016 155,000$ 724,689$
2016-2017 160,000 715,433
2017-2018 170,000 705,320
2018-2019 185,000 694,088
2019-2020 195,000 681,830
2021-2025 1,280,000 3,194,571
2026-2030 3,000,000 2,450,700
2031-2035 3,765,000 1,245,475
2036-2039 1,655,000 127,575
Totals 10,565,000$ 10,539,681$
Bonds, Series B
2008 Tax Allocation
2014 Subordinate Tax Allocation Refunding Bonds, Series A
The Azusa Redevelopment Agency issued $10,470,000 of Subordinate Tax
Allocation Refunding Bonds, Series A, dated September 30, 2014. Proceeds of the
bonds were to provide funds to refinance outstanding bonds of the Successor
Agency, satisfy the Reserve Requirement for the bond, and pay costs incurred in
connection with the issuance, sale and delivery of the Bonds. The bonds are due in
annual installments ranging from $180,000 to $1,900,000 maturing on
August 1, 2015 through August 1, 2034. The bonds carry interest rates of 2.00% and
5.00%. The outstanding principal balance at June 30, 2015, was $10,470,000. The
economic gain on refunding was $2,288,197. The difference in cash flow is
$2,075,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2015, including interest are as follows:
Principal Interest
2015-2016 755,000$ 428,094$
2016-2017 690,000 410,194
2017-2018 705,000 385,744
2018-2019 730,000 353,394
2019-2020 780,000 315,644
2021-2025 4,660,000 920,219
2026-2030 1,250,000 291,066
2031-2035 900,000 105,131
Totals 10,470,000$ 3,209,486$
Bonds, Series A
2014 Tax Allocation Refunding
83
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
d. Insurance.
The Successor Agency is covered under the City of Azusa’s insurance policies.
Therefore, the limitation and self-insured retentions applicable to the City also apply to
the Successor Agency. Additional information as to coverage and self-insured retentions
can be found in Note 8.
e. Extraordinary Item
The City was required to transfer land held for resale to the Successor Agency as part of
the dissolution of the former redevelopment activities. The City had purchased the
property but was subsequently ordered by the California State Controller Office to return
the properties.
f. Restatement of Net Position
The Successor Agency net position has been restated by $1,215,248 in order to correct
the accrual of interest on long-term debt.
g. Subsequent Events
On September 30, 2015, the Successor Agency to the Redevelopment Agency of the
City of Azusa issued $30,530,000 of Subordinate Tax Allocation Refunding Bonds to
provide funds to refinance outstanding bonds of the Successor Agency.
84
REQUIRED SUPPLEMENTARY INFORMATION
85
CITY OF AZUSA
AGENT MULTIPLE-EMPLOYER MISCELLANEOUS PLAN
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015
Total Pension Liability
Service cost 2,375,239$
Interest on total pension liability 8,658,209
Benefit payments, including refunds of employee contributions (4,845,540)
Net change in total pension liability 6,187,908
Total pension liability - beginning 116,677,935
Total pension liability - ending (a)122,865,843$
Plan Fiduciary Net Position
Contributions - employer 2,434,002$
Contributions - employee 1,029,164
Net investment income 14,908,401
Benefit payments (4,845,540)
Net change in plan fiduciary net position 13,526,027
Plan fiduciary net position - beginning 86,622,350
Plan fiduciary net position - ending (b)100,148,377$
Net pension liability - ending (a)-(b)22,717,466$
Plan fiduciary net position as a percentage of the total pension liability 81.51%
Covered-employee payroll 14,720,772$
Net pension liability as a percentage of covered-employee payroll 154.32%
Notes to Schedule:
Changes of Assumptions: None.
(1) Fiscal Year 2015 was the first year of implementation, therefore only one year is shown.
Benefit Changes: None.
86
CITY OF AZUSA
AGENT MULTIPLE-EMPLOYER MISCELLANEOUS PLAN
SCHEDULE OF CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015
MISCELLANEOUS CLASSIC:
Actuarially Determined Contribution 2,461,163$
Contribution in Relation to the Actuarially Determined Contributions (2,461,163)
Contribution Deficiency (Excess)-$
Covered-Employee Payroll 14,429,034$
Contributions as a Percentage of Covered-Employee Payroll 17.06%
Note to Schedule:
Valuation Date:June 30, 2012
Methods and assumptions used to determine contribution rates:
Single and Agent Employers Entry age normal
Amortization method Level Percent of Payroll
Remaining amortization period
Assets valuation method 15 Year Smoothed Market
Inflation 2.75%
Salary Increases 3.00%
Investment rate of return
Retirement age
Mortality RP-2000 Heath Annuitant Mortality Table
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year
of implementation, therefore only one year is shown.
29 Years as of the Valuation Date
7.50% Net of Pension Plan Investment and
Administrative Expenses; includes Inflation.
The probabilities of Retirement are based on the 2010
CalPERS Experience Study for the period from 1997 to
2007.
87
CITY OF AZUSA
COST-SHARING MULTIPLE EMPLOYER SAFETY PLANS
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015
SAFETY CLASSIC:
Proportion of the Net Pension Liability 0.31257%
Proportionate Share of the Net Pension Liability 19,449,591$
Covered-Employee Payroll 6,343,000$
Proportionate Share of the Net Pension Liability as
Percentage of Covered-Employee Payroll 306.63%
Plan Fiduciary Net Position 85,223,017$
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability 81.42%
Notes to Schedule:
Changes of Assumptions: None.
Benefit Changes: None.
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of
implementation, therefore only one year is shown.
88
CITY OF AZUSA
COST-SHARING MULTIPLE EMPLOYER SAFETY PLANS
SCHEDULE OF CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015
SAFETY CLASSIC:
Actuarially Determined Contribution 2,475,434$
Contribution in Relation to the Actuarially Determined Contributions (2,475,434)
Contribution Deficiency (Excess)-$
Covered-Employee Payroll 6,649,731$
Contributions as a Percentage of Covered-Employee Payroll 37.23%
Note to Schedule:
Valuation Date:June 30, 2012
Methods and assumptions used to determine contribution rates:
Single and Agent Employers Entry age normal
Amortization method Level percentage of payroll, closed
Remaining amortization period
Assets valuation method 15 Year Smoothed Market
Inflation 2.75%
Salary Increases
Investment rate of return
Retirement age 50 and 57 years
Mortality RP-2000 Heath Annuitant Mortality Table
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year
of implementation, therefore only one year is shown.
7.50% Net of Pension Plan Investment and
Administrative Expenses; includes Inflation
21 Years as of the Valuation Date
3.30% to 14.20% depending on Age, Service, and type
of employment
89
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA RETIREMENT ENHANCEMENT PLANS
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
MEASUREMENT PERIOD
SEIU
Bargaining
Group
AMMA
Bargaining
Group
Executive/
Contract
Bargaining
Group
IBEW
Employees
TOTAL PENSION LIABILITY
Service Cost 18,174$ 102,116$ -$ 107,529$
Interest on Total Pension Liability 32,199 207,196 176,286 199,129
Benefit Payments (13,203) (83,368) (125,424) (93,243)
Net Change in Total Pension Liability 37,170$ 225,944$ 50,862$ 213,415$
Total Pension Liability - Beginning 448,297 2,898,784 2,580,027 2,782,999
Total Pension Liability - Ending (a)485,467$ 3,124,728$ 2,630,889$ 2,996,414$
PLAN FIDUCIARY NET POSITION
Benefit Payments (13,203)$ (83,368)$ (125,424)$ (93,243)$
Employer Contributions 12,890 138,866 78,751 153,146
Member Contributions 25,312 46,205 - 82,044
Net Investment Income 7,232 47,672 26,218 41,194
Administrative Expenses (1,510) (8,240) (5,569) (7,492)
Net Change in Fiduciary Net Position 30,721$ 141,135$ (26,024)$ 175,649$
Plan Fiduciary Net Position - Beginning 259,568 1,766,745 1,021,390 1,499,095
Plan Fiduciary Net Position - Ending (b)290,289$ 1,907,880$ 995,366$ 1,674,744$
Plan Net Pension Liability/(Assets) - Ending (a) - (b)195,178$ 1,216,848$ 1,635,523$ 1,321,670$
59.80%61.06%37.83%55.89%
Covered-Employee Payroll 600,978$ 2,061,252$ 959,103$ 3,932,745$
32.48%59.03%170.53%33.61%
(2) Net of administrative expenses.
Notes to Schedule:
Changes of Assumptions: There were no changes in assumptions.
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability
Plan Net Pension Liability/(Asset) as a Percentage of
Covered-Employee Payroll
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after June
30, 2014. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden
Handshakes).
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of
implementation, additional years will be added as they become available in the future.
90
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA RETIREMENT ENHANCEMENT PLANS
SCHEDULE OF CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
SEIU
Bargaining
Group
AMMA
Bargaining
Group
Executive/
Contract
Bargaining
Group
IBEW
Employees
Actuarially Determined Contribution 12,890$ 138,866$ 115,922$ 153,146$
Contribution in Relation to the Actuarially Determined Contribution (12,890) (138,866) (115,922) (153,146)
Contribution Deficiency (Excess)-$ -$ -$ -$
Actual Contributions as a Percentage of Actuarial Determined Contributions 100.00% 100.00% 100.00%100.00%
Covered-Employee Payroll (3) (4)620,510$ 2,128,243$ 990,274$ 4,060,559$
Contributions as a Percentage of Covered-Employee Payroll (3)2.08% 6.52% 11.71%3.77%
Note to Schedule:
Valuation Date:June 30, 2013
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 6 years
Assets valuation method None
Inflation 3.00%
Salary Increases Varies by entry age and service
Investment rate of return
Retirement age
Mortality
(1) Historical information is required only for measurement for which GASB 68 is applicable.
Fiscal Year 2015 was the first year of implementation, additional years will be added as they
7.50%
Retirement rates of 20% per year for ages 55-69 and
100% at ages 70 and up
Consistent with non-industrial rates used to value the
Miscellaneous CalPERS Pension Plans
91
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA RETIREMENT ENHANCEMENT PLANS
SCHEDULE OF INVESTMENT RETURNS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
SEIU
Bargaining
Group
AMMA
Bargaining
Group
Executive/
Contract
Bargaining
Group
IBEW
Employees
Annual Money-Weighted Rate of Return, Net of Investment Expense 2.66% 2.64% 2.60% 2.64%
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the
first year of implementation, additional years will be added as they become available in the future.
92
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 20,253,466$ 20,253,466$ 20,253,466$ -$
Resources (Inflows):
Taxes 27,285,945 27,392,345 29,245,228 1,852,883
Assessments 1,666,880 1,704,880 1,299,713 (405,167)
Licenses and permits 1,057,250 1,165,250 1,600,109 434,859
Intergovernmental 250,300 398,600 728,188 329,588
Charges for services 2,350,510 2,290,510 2,438,210 147,700
Use of money and property 80,000 80,000 291,173 211,173
Fines and forfeitures 1,200,000 1,170,000 1,343,809 173,809
Contributions 21,000 21,000 10,798,039 10,777,039
Miscellaneous 88,700 88,700 293,383 204,683
Transfers in 1,649,870 1,649,870 1,604,547 (45,323)
Amounts Available for Appropriations 55,903,921 56,214,621 69,895,865 13,681,244
Charges to Appropriations (Outflow):
General government
City council 134,130 134,130 123,036 11,094
City Attorney 250,000 250,000 236,078 13,922
Administration 368,460 352,310 351,986 324
Promotion / Membership 169,770 165,770 155,706 10,064
City Clerk 479,585 498,930 484,268 14,662
Library Services - General 983,090 983,090 975,097 7,993
Library Services - Youth 31,430 31,430 31,520 (90)
Finance - Accounting 778,780 791,635 790,109 1,526
Cash Management 149,285 140,295 140,288 7
Purchasing 213,475 219,785 219,764 21
Printing Services 10,200 9,500 8,597 903
Human Resources 349,275 363,075 298,901 64,174
City-wide 2,398,210 2,424,940 2,261,623 163,317
Admin Services / Business Lic 1,550 1,550 - 1,550
Business License 312,340 327,340 300,105 27,235
Public safety
Police 16,069,455 16,079,455 15,956,404 123,051
Emergency Services 15,780 15,780 11,467 4,313
Police Department Contracts 734,370 869,370 857,124 12,246
Area D 100,000 215,100 115,075 100,025
Pension Safety 5,000 5,000 3,850 1,150
INF 391,130 361,280 284,221 77,059
Community development
Planning 442,075 432,675 357,356 75,319
Building Regulation 732,105 697,905 647,450 50,455
Code Enforcement 488,335 487,135 474,869 12,266
Parks and recreation
Recreation 1,349,805 1,394,685 1,394,374 311
Parks Maintenance 1,553,010 1,588,810 1,488,678 100,132
Senior Programs 154,030 163,630 135,120 28,510
Women's Club 24,550 24,550 17,928 6,622
Public works
Engineering Services 55,820 60,490 58,469 2,021
Graffiti Removal 77,015 77,015 41,573 35,442
Facilities Maintenance 432,185 488,910 488,226 684
Capital outlay 122,465 114,135 109,777 4,358
Debt service:
Principal retirement 1,070,000 1,070,000 11,905,286 (10,835,286)
Interest and fiscal charges 280,235 280,235 266,247 13,988
Transfers out 4,918,400 5,618,400 5,245,046 373,354
Extraordinary loss - - 4,113,065 (4,113,065)
Total Charges to Appropriations 35,645,345 36,738,340 50,348,683 (13,610,343)
Budgetary Fund Balance, June 30 20,258,576$ 19,476,281$ 19,547,182$ 70,901$
93
CITY OF AZUSA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2015
Budget Information
General Budget Policies
The City adheres to the following procedures in establishing the budgetary data reflected in its
financial statements:
1. In May of each year, the City Manager submits to the City Council a proposed financial plan
with an annual operating budget for the upcoming fiscal year commencing July 1. The
operating budget includes proposed expenditures and the sources of financing.
2. Public hearings are conducted at City Council meetings to obtain taxpayer comments.
3. On or before July 1, the financial plan for the fiscal year is adopted by Council action.
4. The City Manager is authorized to transfer funds appropriated with respect to those
classifications designated as other services and material and supplies within the same
department. The City Manager may transfer appropriated funds from any classification within
other expenditure categories to the capital outlay classification within the same department
only; however, any revisions that alter the total expenditures of any department must be
approved by the City Council. Activities of the General Fund, Special Revenue Funds, Capital
Projects Funds and Debt Service Funds are included in the annual appropriated budget. As
an additional internal control mechanism, project-length financial plans are adopted for the
Capital Improvement Program. The level of budgetary control (that is, the level at which
expenditures cannot legally exceed the appropriated amount) is established at the
department level within the General Fund and at the fund level for total expenditures and
transfers out for all other budgeted funds.
5. Formal budgetary integration is employed as a management control device during the year
for the governmental funds.
6. Legally adopted budgets for all governmental funds are established on a basis consistent
with generally accepted accounting principles (GAAP). For the current fiscal year, the
COPS Universal Hiring special revenue, Supplemental Law Enforcement special revenue,
Rosedale Traffic Mitigation special revenue and Capital Projects funds had no adopted
budgets.
Excess of Expenditures Over Appropriation
For purposes of evaluating legal compliance at the budgetary level of control (that is, the level at
which expenditures cannot legally exceed the appropriated amount), control is established at the
department level within the General Fund and at the fund level for total expenditures and
transfers out for all other budgeted funds.
94
CITY OF AZUSA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2015
Budget Information (Continued)
Expenditures Appropriations Excess
General Fund:
General Government:
Library Services - Youth 31,520$ 31,430$ (90)$
Debt Service
Principal Retirement 11,905,286 1,070,000 (10,835,286)
Fund
95
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
Assets:
Pooled cash and investments 142,226$ 808,661$ 1,872,745$ -$
Receivables:
Accounts - 27,521 3,655 37,922
Taxes - - - -
Notes and loans - - - 57,237
Accrued interest 19 217 607 -
Prepaid costs - - - -
Deposits - - 466 -
Restricted assets:
Cash and investments - - - -
Cash and investments with fiscal agents - - - -
Total Assets 142,245$ 836,399$ 1,877,473$ 95,159$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 94,596$ 28,860$ 34,558$ 25,982$
Accrued liabilities 30,294 13,866 9,738 2,102
Unearned revenues - 24,610 - 3,970
Deposits payable - - - -
Due to other funds - - - 7,388
Advances from other funds - - - -
Total Liabilities 124,890 67,336 44,296 39,442
Deferred Inflows of Resources:
Unavailable revenues - - - 61,235
Total Deferred Inflows of Resources - - - 61,235
Fund Balances:
Restricted for:
Community development projects 17,355 769,063 1,833,177 -
Public safety - - - -
Capital Projects - - - -
Debt service - - - -
Unassigned - - - (5,518)
Fund Balance Total 17,355 769,063 1,833,177 (5,518)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 142,245$ 836,399$ 1,877,473$ 95,159$
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
Special Revenue Funds
96
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
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
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
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)
7,442$ 474,636$ 112,133$ 1,016,014$
1,878 75,965 15,752 624,515
- - - -
- - - -
- 111 33 -
- 190 - 3,105
- - - -
- - - -
- - - -
9,320$ 550,902$ 127,918$ 1,643,634$
-$ 19,072$ 3,486$ 76,837$
9,320 5,178 - 44,884
- - - 435,315
- - - -
- - - -
- - - -
9,320 24,250 3,486 557,036
- - - 90,906
- - - 90,906
- 526,652 - -
- - - 995,692
- - 124,432 -
- - - -
- - - -
- 526,652 124,432 995,692
9,320$ 550,902$ 127,918$ 1,643,634$
Air Quality
Improvement
Grants and
Seizure
Senior
Nutrition
Public Benefit
Program
Special Revenue Funds
97
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
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
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
131,957$ -$ -$ 765,559$
2 - - 1,553
- - - 6,086
- - - -
- - - 274
- - 6,600 -
- - - -
- - - -
- - - -
131,959$ -$ 6,600$ 773,472$
-$ -$ -$ 14,977$
- - - 5,343
91,052 - - -
- - - 12,550
- - 6,600 -
- - - -
91,052 - 6,600 32,870
- - - -
- - - -
- - - -
40,907 - - -
- - - 740,602
- - - -
- - - -
40,907 - - 740,602
131,959$ -$ 6,600$ 773,472$
Monrovia
Nursery
Supplemental
Law
Enforcement Fire Safety
COPS
Universal
Hiring
Special Revenue Funds
98
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
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
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
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)
-$ 342,849$ 1,512,421$ -$
1,395 - - -
- - - -
- - - -
- - 481 -
- - - -
- - - -
- - - -
- - - -
1,395$ 342,849$ 1,512,902$ -$
-$ 20,309$ -$ -$
- - - -
- - - -
- - - -
1,395 - - 27
- - - -
1,395 20,309 - 27
- - - -
- - - -
- - 1,512,902 -
- - - -
- 322,540 - -
- - - -
- - - (27)
- 322,540 1,512,902 (27)
1,395$ 342,849$ 1,512,902$ -$
Employee
Benefits
Utility
Mitigation Highway 39 LACMTA
Special Revenue Funds
99
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
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
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
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
1,691,485$ 394,137$ 501,068$ 76,500$
- 7,496 - -
- - - -
- - - -
518 - 159 23
- 70 - -
- - - -
- - - -
- - - -
1,692,003$ 401,703$ 501,227$ 76,523$
22,457$ 11,183$ -$ -$
3,364 1,862 - -
- - - -
- - - -
- - - -
- - - -
25,821 13,045 - -
- - - -
- - - -
- - - -
- - - -
1,666,182 388,658 501,227 76,523
- - - -
- - - -
1,666,182 388,658 501,227 76,523
1,692,003$ 401,703$ 501,227$ 76,523$
Park In-lieu AB939 Fee
Rosedale
Traffic
Mitigation Measure R
Special Revenue Funds
100
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2015
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
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Total Nonmajor
Governmental
Funds
719,166$ 521,467$ 14$ 11,090,480$
- - - 797,654
- - - 6,086
- - 2,285,000 2,342,237
- 166 25 2,633
- - - 9,965
- - - 466
30,501 - - 30,501
- - 482,612 482,612
749,667$ 521,633$ 2,767,651$ 14,762,634$
-$ 17,345$ -$ 369,662$
- - - 125,951
- - - 554,947
- - - 12,550
- - - 15,410
750,000 - - 750,000
750,000 17,345 - 1,828,520
- - 2,285,000 2,437,141
- - 2,285,000 2,437,141
- 504,288 - 5,163,437
- - - 1,036,599
- - - 3,820,164
- - 482,651 482,651
(333) - - (5,878)
(333) 504,288 482,651 10,496,973
749,667$ 521,633$ 2,767,651$ 14,762,634$
Public
Financing
Authority
Public Works
Endowment
Capital
Projects
Debt Service
Funds Capital Projects Funds
101
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
Revenues:
Taxes -$ 841,572$ 697,759$ -$
Intergovernmental 1,231,176 150,290 - 436,189
Charges for services - 18,134 68,863 -
Use of money and property 600 3,410 11,423 -
Contributions - - - -
Miscellaneous 202 - 218 1,531
Total Revenues 1,231,978 1,013,406 778,263 437,720
Expenditures:
Current:
General government - - - -
Public safety - - - -
Community development - - - 324,368
Parks and recreation 58,991 - - -
Public works 1,305,702 587,615 433,331 -
Capital outlay 48,000 - 137,049 -
Debt service:
Principal retirement - - - -
Interest and fiscal charges 928 - - -
Total Expenditures 1,413,621 587,615 570,380 324,368
Excess (Deficiency) of Revenues
Over (Under) Expenditures (181,643) 425,791 207,883 113,352
Other Financing Sources (Uses):
Transfers in 55,583 - - -
Transfers out - - - -
Total Other Financing Sources (Uses)55,583 - - -
Net Change in Fund Balances (126,060) 425,791 207,883 113,352
Fund Balances, Beginning of Year 143,415 343,272 1,625,294 (118,870)
Restatements - - - -
Fund Balances, Beginning of Year, as Restated 143,415 343,272 1,625,294 (118,870)
Fund Balances, End of Year 17,355$ 769,063$ 1,833,177$ (5,518)$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
102
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
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)
-$ -$ -$ 6,315$
167,454 - 77,633 1,756,537
- 1,162,171 13,782 89,890
- 1,267 1,343 5,488
63,511 - - 2,935
13,790 - - 12,750
244,755 1,163,438 92,758 1,873,915
- 163,864 - 92,162
- - - 182,492
- 512,859 - 47,423
325,244 - - 169,617
- - 27,176 414,835
- - 200,261 1,203,587
- - - -
- - - -
325,244 676,723 227,437 2,110,116
(80,489) 486,715 (134,679) (236,201)
99,879 - - -
(19,390) - - -
80,489 - - -
- 486,715 (134,679) (236,201)
- 39,937 259,111 1,056,517
- - - 175,376
- 39,937 259,111 1,231,893
-$ 526,652$ 124,432$ 995,692$
Special Revenue Funds
Senior
Nutrition
Public Benefit
Program
Air Quality
Improvement
Grants and
Seizure
103
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
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
-$ -$ -$ -$
59,805 - - -
- 58,079 - 592,693
638 - - 4,548
- - - -
- - - -
60,443 58,079 - 597,241
- - - -
59,806 4,308,630 - -
- - - -
- - - -
- - - 224,790
- - - 14,201
- - - -
- - - -
59,806 4,308,630 - 238,991
637 (4,250,551) - 358,250
- 4,250,551 - -
- - - (304,678)
- 4,250,551 - (304,678)
637 - - 53,572
40,270 - - 687,030
- - - -
40,270 - - 687,030
40,907$ -$ -$ 740,602$
Special Revenue Funds
Supplemental
Law
Enforcement Fire Safety
COPS
Universal
Hiring
Monrovia
Nursery
104
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
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)
-$ -$ -$ -$
- - - 14,916
- - - -
- - 9,556 (27)
- - - -
- - - -
- - 9,556 14,889
46,995 - - -
- - - -
- - - -
- - - -
- 36,856 - 14,916
- - - -
- - - -
- - - -
46,995 36,856 - 14,916
(46,995) (36,856) 9,556 (27)
46,995 64,031 - -
- - - -
46,995 64,031 - -
- 27,175 9,556 (27)
- 295,365 1,503,346 -
- - - -
- 295,365 1,503,346 -
-$ 322,540$ 1,512,902$ (27)$
Employee
Benefits
Utility
Mitigation Highway 39 LACMTA
Special Revenue Funds
105
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
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
523,665$ -$ -$ -$
- - - 52,500
- 205,433 - -
9,806 - 3,165 354
- - - -
- - - -
533,471 205,433 3,165 52,854
- - - -
- - - -
- - - -
- - - -
255,372 121,082 - -
- - - -
- - - -
- - - -
255,372 121,082 - -
278,099 84,351 3,165 52,854
- - - -
- - - -
- - - -
278,099 84,351 3,165 52,854
1,388,083 304,307 498,062 23,669
- - - -
1,388,083 304,307 498,062 23,669
1,666,182$ 388,658$ 501,227$ 76,523$
Measure R AB939 Fee
Rosedale
Traffic
Mitigation Park In-lieu
Special Revenue Funds
106
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2015
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
Total Nonmajor
Governmental
Funds
-$ -$ -$ 2,069,311$
- - - 3,946,500
- - - 2,209,045
6 3,374 142 55,093
- - - 66,446
- - 356,749 385,240
6 3,374 356,891 8,731,635
- - 4,625 307,646
- - - 4,550,928
233 - - 884,883
- - - 553,852
- 23,409 - 3,445,084
- 12,301 - 1,615,399
- - 255,000 255,000
- - 150,284 151,212
233 35,710 409,909 11,764,004
(227) (32,336) (53,018) (3,032,369)
- - 53,163 4,570,202
- - (121) (324,189)
- - 53,042 4,246,013
(227) (32,336) 24 1,213,644
(106) 536,624 482,627 9,107,953
- - - 175,376
(106) 536,624 482,627 9,283,329
(333)$ 504,288$ 482,651$ 10,496,973$
Debt Service
Funds
Capital
Projects
Public Works
Endowment
Public
Financing
Authority
Capital Projects Funds
107
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
STATE GASOLINE TAX
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 143,415$ 143,415$ 143,415$ -$
Resources (Inflows):
Intergovernmental 1,274,530 1,274,530 1,231,176 (43,354)
Use of money and property 5,000 5,000 600 (4,400)
Miscellaneous - - 202 202
Transfers in 37,055 37,055 55,583 18,528
Amounts Available for Appropriations 1,460,000 1,460,000 1,430,976 (29,024)
Charges to Appropriations (Outflow):
Parks and recreation 59,000 59,000 58,991 9
Public works 1,300,235 1,388,315 1,305,702 82,613
Capital outlay - 48,000 48,000 -
Debt service:
Interest and fiscal charges - - 928 (928)
Total Charges to Appropriations 1,359,235 1,495,315 1,413,621 81,694
Budgetary Fund Balance, June 30 100,765$ (35,315)$ 17,355$ 52,670$
108
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 343,272$ 343,272$ 343,272$ -$
Resources (Inflows):
Taxes 833,260 833,260 841,572 8,312
Intergovernmental 105,000 105,000 150,290 45,290
Charges for services 20,900 20,900 18,134 (2,766)
Use of money and property 11,655 11,655 3,410 (8,245)
Amounts Available for Appropriations 1,314,087 1,314,087 1,356,678 42,591
Charges to Appropriations (Outflow):
Public works 747,875 885,075 587,615 297,460
Total Charges to Appropriations 747,875 885,075 587,615 297,460
Budgetary Fund Balance, June 30 566,212$ 429,012$ 769,063$ 340,051$
109
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,625,294$ 1,625,294$ 1,625,294$ -$
Resources (Inflows):
Taxes 691,170 691,170 697,759 6,589
Charges for services 96,235 96,235 68,863 (27,372)
Use of money and property 16,570 16,570 11,423 (5,147)
Miscellaneous - - 218 218
Amounts Available for Appropriations 2,429,269 2,429,269 2,403,557 (25,712)
Charges to Appropriations (Outflow):
Public works 609,340 722,890 433,331 289,559
Capital outlay - 1,420,000 137,049 1,282,951
Total Charges to Appropriations 609,340 2,142,890 570,380 1,572,510
Budgetary Fund Balance, June 30 1,819,929$ 286,379$ 1,833,177$ 1,546,798$
110
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (118,870)$ (118,870)$ (118,870)$ -$
Resources (Inflows):
Intergovernmental 781,240 781,240 436,189 (345,051)
Miscellaneous 2,600 2,600 1,531 (1,069)
Amounts Available for Appropriations 664,970 664,970 318,850 (346,120)
Charges to Appropriations (Outflow):
Community development 781,240 781,240 324,368 456,872
Total Charges to Appropriations 781,240 781,240 324,368 456,872
Budgetary Fund Balance, June 30 (116,270)$ (116,270)$ (5,518)$ 110,752$
111
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SENIOR NUTRITION
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Intergovernmental 115,100 117,678 167,454 49,776
Contributions 58,500 58,500 63,511 5,011
Miscellaneous 16,500 16,500 13,790 (2,710)
Transfers in 145,880 145,880 99,879 (46,001)
Amounts Available for Appropriations 335,980 338,558 344,634 6,076
Charges to Appropriations (Outflow):
Parks and recreation 335,980 338,558 325,244 13,314
Transfers out - - 19,390 (19,390)
Total Charges to Appropriations 335,980 338,558 344,634 (6,076)
Budgetary Fund Balance, June 30 -$ -$ -$ -$
112
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC BENEFIT PROGRAM
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 39,937$ 39,937$ 39,937$ -$
Resources (Inflows):
Charges for services 1,094,890 1,094,890 1,162,171 67,281
Use of money and property 3,000 3,000 1,267 (1,733)
Amounts Available for Appropriations 1,137,827 1,137,827 1,203,375 65,548
Charges to Appropriations (Outflow):
General government 267,255 267,255 163,864 103,391
Community development 728,500 728,500 512,859 215,641
Total Charges to Appropriations 995,755 995,755 676,723 319,032
Budgetary Fund Balance, June 30 142,072$ 142,072$ 526,652$ 384,580$
113
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 259,111$ 259,111$ 259,111$ -$
Resources (Inflows):
Intergovernmental 57,100 57,100 77,633 20,533
Charges for services 43,000 43,000 13,782 (29,218)
Use of money and property 1,500 1,500 1,343 (157)
Amounts Available for Appropriations 360,711 360,711 351,869 (8,842)
Charges to Appropriations (Outflow):
Public works 48,705 48,705 27,176 21,529
Capital outlay 209,280 225,280 200,261 25,019
Total Charges to Appropriations 257,985 273,985 227,437 46,548
Budgetary Fund Balance, June 30 102,726$ 86,726$ 124,432$ 37,706$
114
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
GRANTS AND SEIZURE
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 1,231,893$ 1,231,893$ 1,231,893$ -$
Resources (Inflows):
Taxes - 32,000 6,315 (25,685)
Intergovernmental 14,320,410 14,516,875 1,756,537 (12,760,338)
Charges for services - - 89,890 89,890
Use of money and property - - 5,488 5,488
Contributions - - 2,935 2,935
Miscellaneous 19,560 19,560 12,750 (6,810)
Transfers in - 93,580 - (93,580)
Amounts Available for Appropriations 15,571,863 15,893,908 3,105,808 (12,788,100)
Charges to Appropriations (Outflow):
General government 322,000 322,000 92,162 229,838
Public safety - 294,780 182,492 112,288
Community development - 48,671 47,423 1,248
Parks and recreation 11,285 191,929 169,617 22,312
Public works 389,960 451,575 414,835 36,740
Capital outlay 452,785 2,270,010 1,203,587 1,066,423
Total Charges to Appropriations 1,176,030 3,578,965 2,110,116 1,468,849
Budgetary Fund Balance, June 30 14,395,833$ 12,314,943$ 995,692$ (11,319,251)$
115
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
FIRE SAFETY
YEAR ENDED JUNE 30, 2015
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 58,079 (31,921)
Transfers in 4,252,195 4,252,195 4,250,551 (1,644)
Amounts Available for Appropriations 4,342,195 4,342,195 4,308,630 (33,565)
Charges to Appropriations (Outflow):
Public safety 4,342,195 4,342,195 4,308,630 33,565
Total Charges to Appropriations 4,342,195 4,342,195 4,308,630 33,565
Budgetary Fund Balance, June 30 -$ -$ -$ -$
116
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MONROVIA NURSERY
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 687,030$ 687,030$ 687,030$ -$
Resources (Inflows):
Charges for services 550,000 550,000 592,693 42,693
Use of money and property 4,800 4,800 4,548 (252)
Amounts Available for Appropriations 1,241,830 1,241,830 1,284,271 42,441
Charges to Appropriations (Outflow):
Public works 238,940 238,940 224,790 14,150
Capital outlay 14,210 14,210 14,201 9
Transfers out 304,000 304,000 304,678 (678)
Total Charges to Appropriations 557,150 557,150 543,669 13,481
Budgetary Fund Balance, June 30 684,680$ 684,680$ 740,602$ 55,922$
117
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
EMPLOYEE BENEFITS
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Transfers in 46,690 46,690 46,995 305
Amounts Available for Appropriations 46,690 46,690 46,995 305
Charges to Appropriations (Outflow):
General government 46,690 46,690 46,995 (305)
Total Charges to Appropriations 46,690 46,690 46,995 (305)
Budgetary Fund Balance, June 30 -$ -$ -$ -$
118
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
UTILITY MITIGATION
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 295,365$ 295,365$ 295,365$ -$
Resources (Inflows):
Transfers in 150,000 150,000 64,031 (85,969)
Amounts Available for Appropriations 445,365 445,365 359,396 (85,969)
Charges to Appropriations (Outflow):
Public works 300,000 300,000 36,856 263,144
Total Charges to Appropriations 300,000 300,000 36,856 263,144
Budgetary Fund Balance, June 30 145,365$ 145,365$ 322,540$ 177,175$
119
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
HIGHWAY 39
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,503,346$ 1,503,346$ 1,503,346$ -$
Resources (Inflows):
Use of money and property - 10,500 9,556 (944)
Miscellaneous - - - -
Amounts Available for Appropriations 1,503,346 1,513,846 1,512,902 (944)
Budgetary Fund Balance, June 30 1,503,346$ 1,513,846$ 1,512,902$ (944)$
120
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
LACMTA
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Intergovernmental - - 14,916 14,916
Use of money and property - - (27) (27)
Miscellaneous 849,670 849,670 - (849,670)
Amounts Available for Appropriations 849,670 849,670 14,889 (834,781)
Charges to Appropriations (Outflow):
Public works - 320,000 14,916 305,084
Capital outlay 524,000 524,000 - 524,000
Total Charges to Appropriations 524,000 844,000 14,916 829,084
Budgetary Fund Balance, June 30 325,670$ 5,670$ (27)$ (5,697)$
121
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MEASURE R
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,388,083$ 1,388,083$ 1,388,083$ -$
Resources (Inflows):
Taxes 518,380 644,880 523,665 (121,215)
Use of money and property - - 9,806 9,806
Amounts Available for Appropriations 1,906,463 2,032,963 1,921,554 (111,409)
Charges to Appropriations (Outflow):
Public works 218,850 527,289 255,372 271,917
Capital outlay 24,680 24,680 - 24,680
Total Charges to Appropriations 243,530 551,969 255,372 296,597
Budgetary Fund Balance, June 30 1,662,933$ 1,480,994$ 1,666,182$ 185,188$
122
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AB939 FEE
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 304,307$ 304,307$ 304,307$ -$
Resources (Inflows):
Charges for services 203,000 203,000 205,433 2,433
Amounts Available for Appropriations 507,307 507,307 509,740 2,433
Charges to Appropriations (Outflow):
Public works 192,440 192,440 121,082 71,358
Total Charges to Appropriations 192,440 192,440 121,082 71,358
Budgetary Fund Balance, June 30 314,867$ 314,867$ 388,658$ 73,791$
123
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PARK IN-LIEU
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 23,669$ 23,669$ 23,669$ -$
Resources (Inflows):
Intergovernmental 2,000 2,000 52,500 50,500
Use of money and property 20 20 354 334
Amounts Available for Appropriations 25,689 25,689 76,523 50,834
Budgetary Fund Balance, June 30 25,689$ 25,689$ 76,523$ 50,834$
124
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC WORKS ENDOWMENT
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 536,624$ 536,624$ 536,624$ -$
Resources (Inflows):
Use of money and property - 4,000 3,374 (626)
Amounts Available for Appropriations 536,624 540,624 539,998 (626)
Charges to Appropriations (Outflow):
Public works 21,750 30,050 23,409 6,641
Capital outlay 91,500 120,086 12,301 107,785
Total Charges to Appropriations 113,250 150,136 35,710 114,426
Budgetary Fund Balance, June 30 423,374$ 390,488$ 504,288$ 113,800$
125
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2015
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 482,627$ 482,627$ 482,627$ -$
Resources (Inflows):
Use of money and property 100 100 142 42
Miscellaneous - - 356,749 356,749
Transfers in 361,475 361,475 53,163 (308,312)
Amounts Available for Appropriations 844,202 844,202 892,681 48,479
Charges to Appropriations (Outflow):
General government 4,625 4,625 4,625 -
Debt service:
Principal retirement 255,000 255,000 255,000 -
Interest and fiscal charges 101,850 150,284 150,284 -
Transfers out - - 121 (121)
Total Charges to Appropriations 361,475 409,909 410,030 (121)
Budgetary Fund Balance, June 30 482,727$ 434,293$ 482,651$ 48,358$
126
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
NON-MAJOR PROPRIETARY FUNDS
JUNE 30, 2015
Totals
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 2,770,336$ 218,516$ 2,988,852$
Receivables:
Accounts 307,716 414,041 721,757
Accrued interest 893 - 893
Restricted:
Cash with fiscal agent 1,453,852 - 1,453,852
Total Current Assets 4,532,797 632,557 5,165,354
Noncurrent:
Capital assets - net of accumulated depreciation 10,832,707 - 10,832,707
Total Noncurrent Assets 10,832,707 - 10,832,707
Total Assets 15,365,504 632,557 15,998,061
Deferred Outflows of Resources:
Deferred pension related items 87,495 - 87,495
Total Deferred Outflows of Resources 87,495 - 87,495
Total Assets and Deferred Outflows of Resources 15,452,999$ 632,557$ 16,085,556$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 70,188$ 491,849$ 562,037$
Accrued liabilities 29,770 - 29,770
Accrued compensated absences 78,509 - 78,509
Bonds, notes, and capital leases 365,000 - 365,000
Total Current Liabilities 543,467 491,849 1,035,316
Noncurrent:
Bonds, notes, and capital leases 4,365,000 - 4,365,000
Net pension liability 1,060,530 - 1,060,530
Total Noncurrent Liabilities 5,425,530 - 5,425,530
Total Liabilities 5,968,997 491,849 6,460,846
Deferred Inflows of Resources:
Deferred pension related items 261,207 - 261,207
Total Deferred Inflows of Resources 261,207 - 261,207
Net Position:
Net investment in capital assets 7,556,559 - 7,556,559
Unrestricted 1,666,236 140,708 1,806,944
Total Net Position 9,222,795 140,708 9,363,503
Total Liabilities, Net Position
and Deferred Inflows of Resources 15,452,999$ 632,557$ 16,085,556$
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
127
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2015
Totals
Operating Revenues:
Sales and service charges 2,636,707$ 3,145,396$ 5,782,103$
Miscellaneous 12,733 6,361 19,094
Total Operating Revenues 2,649,440 3,151,757 5,801,197
Operating Expenses:
Administration and general 1,143,215 - 1,143,215
Treatment 517,198 - 517,198
Refuse collection - 3,042,337 3,042,337
Depreciation expense 485,675 - 485,675
Total Operating Expenses 2,146,088 3,042,337 5,188,425
Operating Income (Loss)503,352 109,420 612,772
Nonoperating Revenues (Expenses):
Taxes - 574,179 574,179
Interest revenue 9,930 - 9,930
Interest expense (168,563) - (168,563)
Special franchise fees (53,473) - (53,473)
Total Nonoperating
Revenues (Expenses)(212,106) 574,179 362,073
Income (Loss) Before Transfers 291,246 683,599 974,845
Transfers out (132,865) (682,660) (815,525)
Changes in Net Position 158,381 939 159,320
Net Position:
Beginning of Year, as originally reported 10,304,489 139,769 10,444,258
Restatements (1,240,075) - (1,240,075)
Beginning of Fiscal Year, as restated 9,064,414 139,769 9,204,183
End of Fiscal Year 9,222,795$ 140,708$ 9,363,503$
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
128
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2015
Totals
Cash Flows from Operating Activities:
Cash received from customers and users 2,655,693$ 3,146,469$ 5,802,162$
Cash paid to suppliers for goods and services (484,882) (3,005,492) (3,490,374)
Cash paid to employees for services (1,157,212) - (1,157,212)
Net Cash Provided by (Used in) Operating Activities 1,013,599 140,977 1,154,576
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (132,865) (682,660) (815,525)
Repayment made to other funds (458,591) - (458,591)
Net Cash Used in Non-Capital
Financing Activities (591,456) (682,660) (1,274,116)
Cash Flows from Capital
and Related Financing Activities:
Principal paid on capital debt (350,000) - (350,000)
Interest paid on capital debt (168,563) - (168,563)
Special franchise fees (53,473) - (53,473)
Taxes - 574,179 574,179
Net Cash Provided by (Used in)
Capital and Related Financing Activities (572,036) 574,179 2,143
Cash Flows from Investing Activities:
Interest received 9,071 - 9,071
Net Cash Provided by
Investing Activities 9,071 - 9,071
Net Decrease in Cash
and Cash Equivalents (140,822) 32,496 (108,326)
Cash and Cash Equivalents at Beginning of Year 4,365,010 186,020 4,551,030
Cash and Cash Equivalents at End of Year 4,224,188$ 218,516$ 4,442,704$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)503,352$ 109,420$ 612,772$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 485,675 - 485,675
(Increase) decrease in accounts receivable 6,253 (5,288) 965
(Increase) decrease in prepaid expense 4,424 - 4,424
(Increase) decrease in deferred pension related outflows (87,495) - (87,495)
Increase (decrease) in accounts payable 21,675 36,845 58,520
Increase (decrease) in accrued liabilities 6,217 - 6,217
Increase (decrease) in compensated absences (8,164) - (8,164)
Increase (decrease) in net pension liability (179,545) - (179,545)
Increase (decrease) in deferred pension related inflows 261,207 - 261,207
Total Adjustments 510,247 31,557 541,804
Net Cash Provided by (Used in)
Operating Activities 1,013,599$ 140,977$ 1,154,576$
There were no Non-Cash Investing, Capital, and Financing Activities
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
129
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2015
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 1,719,204$ 2,490,641$ -$ 9,823$
Receivables:
Accounts 188,922 - 96 -
Notes and loans 3,951 537 - -
Accrued interest 9,947 569 - 3
Prepaid costs 4,390 999 - -
Total Current Assets 1,926,414 2,492,746 96 9,826
Noncurrent:
Capital assets - net of accumulated depreciation 527,129 - 31,172 442,457
Total Noncurrent Assets 527,129 - 31,172 442,457
Total Assets 2,453,543 2,492,746 31,268 452,283
Deferred Outflows of Resources:
Deferred pension related items 356,165 9,368 - -
Total Deferred Outflows of Resources 356,165 9,368 - -
Total Assets and Deferred Outflows of Resources 2,809,708$ 2,502,114$ 31,268$ 452,283$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 94,724$ 664,950$ -$ -$
Accrued liabilities 515,820 23,184 561 -
Due to other funds - - 34,216 -
Accrued compensated absences 242,744 4,337 - -
Accrued claims and judgments - 1,430,273 - -
Total Current Liabilities 853,288 2,122,744 34,777 -
Noncurrent:
Accrued compensated absences 41,247 1,444 - -
Net pension liability 3,513,437 67,095 - -
Total Noncurrent Liabilities 3,554,684 68,539 - -
Total Liabilities 4,407,972 2,191,283 34,777 -
Deferred Inflows of Resources:
Deferred pension related items 835,723 20,082 - -
Total Deferred Inflows of Resources 835,723 20,082 - -
Net Position:
Net investment in capital assets 527,129 - 31,172 442,457
Unrestricted (2,961,116) 290,749 (34,681) 9,826
Total Net Position (2,433,987) 290,749 (3,509) 452,283
Total Liabilities, Net Position
and Deferred Inflows of Resources 2,809,708$ 2,502,114$ 31,268$ 452,283$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
Governmental Activities - Internal Service Funds
130
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2015
Assets and Deferred Outflows of Resources:
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
Deferred Outflows of Resources:
Deferred pension related items
Total Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable
Accrued liabilities
Due to other funds
Accrued compensated absences
Accrued claims and judgments
Total Current Liabilities
Noncurrent:
Accrued compensated absences
Net pension liability
Total Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources:
Deferred pension related items
Total Deferred Inflows of Resources
Net Position:
Net investment in capital assets
Unrestricted
Total Net Position
Total Liabilities, Net Position
and Deferred Inflows of Resources
Totals
192,629$ 4,412,297$
- 189,018
- 4,488
- 10,519
70,274 75,663
262,903 4,691,985
- 1,000,758
- 1,000,758
262,903 5,692,743
101,377 466,910
101,377 466,910
364,280$ 6,159,653$
96,397$ 856,071$
34,166 573,731
- 34,216
98,514 345,595
- 1,430,273
229,077 3,239,886
80,995 123,686
1,757,050 5,337,582
1,838,045 5,461,268
2,067,122 8,701,154
250,559 1,106,364
250,559 1,106,364
- 1,000,758
(1,953,401) (4,648,623)
(1,953,401) (3,647,865)
364,280$ 6,159,653$
Governmental Activities - Internal
Service Funds
IT Services
131
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2015
Operating Revenues:
Sales and service charges 6,361,701$ 2,341,154$ -$ -$
Miscellaneous - - - -
Total Operating Revenues 6,361,701 2,341,154 - -
Operating Expenses:
Administration and general 4,910,027 1,502,258 - 2,002
Source of supply 134,581 - - -
Claims expense 585,353 216,856 - -
Depreciation expense 103,468 - 2,599 148,217
Total Operating Expenses 5,733,429 1,719,114 2,599 150,219
Operating Income (Loss)628,272 622,040 (2,599) (150,219)
Nonoperating Revenues (Expenses):
Interest revenue - 7,335 - (316)
Gain (loss) on disposal of capital assets - - 571 (17,092)
Total Nonoperating
Revenues (Expenses)- 7,335 571 (17,408)
Income (Loss) Before Transfers 628,272 629,375 (2,028) (167,627)
Transfers in 129,660 700,000 2,029 150,485
Transfers out (677,114) - - -
Changes in Net Position 80,818 1,329,375 1 (17,142)
Net Position:
Beginning of Year, as originally reported 1,559,009 (957,047) (3,510) 744,673
Restatements (4,073,814) (81,579) - (275,248)
Beginning of Fiscal Year, as restated (2,514,805) (1,038,626) (3,510) 469,425
End of Fiscal Year (2,433,987)$ 290,749$ (3,509)$ 452,283$
Self Insurance
Central
Services
Equipment
Replacement
Governmental Activities - Internal Service Funds
Consumer
Services
132
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2015
Operating Revenues:
Sales and service charges
Miscellaneous
Total Operating Revenues
Operating Expenses:
Administration and general
Source of supply
Claims expense
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Gain (loss) on disposal of capital assets
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before Transfers
Transfers in
Transfers out
Changes in Net Position
Net Position:
Beginning of Year, as originally reported
Restatements
Beginning of Fiscal Year, as restated
End of Fiscal Year
Totals
1,367,255$ 10,070,110$
13,123 13,123
1,380,378 10,083,233
1,235,800 7,650,087
138,655 273,236
- 802,209
- 254,284
1,374,455 8,979,816
5,923 1,103,417
- 7,019
- (16,521)
- (9,502)
5,923 1,093,915
- 982,174
- (677,114)
5,923 1,398,975
(32,276) 1,310,849
(1,927,048) (6,357,689)
(1,959,324) (5,046,840)
(1,953,401)$ (3,647,865)$
Governmental Activities - Internal
Service Funds
IT Services
133
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2015
Cash Flows from Operating Activities:
Cash received from customers and users 7,666,499$ 2,348,387$ 571$ -$
Cash paid to suppliers for goods and services (642,720) (897,567) - (17,092)
Cash paid to employees for services (4,973,571) (1,502,413) - (2,002)
Net Cash Provided by (Used in) Operating Activities 2,050,208 (51,593) 571 (19,094)
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (677,114) - - -
Cash transfers in 129,660 700,000 2,029 150,485
Repayment made to other funds - - (2,600) -
Net Cash Provided by (Used in)
Non-Capital Financing Activities (547,454) 700,000 (571) 150,485
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (18,571) - - (129,334)
Net Cash Provided (Used) by
Capital and Related Financing Activities (18,571) - - (129,334)
Cash Flows from Investing Activities:
Repayment received on loans (2,600) - - -
Interest received (2,809) 7,000 - (317)
Net Cash Provided by (Used in)
Investing Activities (5,409) 7,000 - (317)
Net Increase (Decrease) in Cash
and Cash Equivalents 1,478,774 655,407 - 1,740
Cash and Cash Equivalents at Beginning of Year 240,430 1,835,234 - 8,083
Cash and Cash Equivalents at End of Year 1,719,204$ 2,490,641$ -$ 9,823$
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)628,272$ 622,040$ (2,599)$ (150,219)$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 103,468 - 2,599 148,217
Gain (loss) on sale of capital assets - - 571 (17,092)
(Increase) decrease in accounts receivable 1,309,188 6,420 - -
(Increase) decrease in prepaid expense (4,390) 813 - -
(Increase) decrease in deferred pension related outflows (356,165) (9,368)
Increase (decrease) in accounts payable (19,133) 224,461 - -
Increase (decrease) in accrued liabilities 96,347 21,048 - -
Increase (decrease) in claims and judgments - (926,220) - -
Increase (decrease) in compensated absences 17,275 3,615 - -
Increase (decrease) in net pension liability (560,377) (14,484) - -
Increase (decrease) in deferred pension related inflows 835,723 20,082 - -
Total Adjustments 1,421,936 (673,633) 3,170 131,125
Net Cash Provided by (Used in)
Operating Activities 2,050,208$ (51,593)$ 571$ (19,094)$
Governmental Activities - Internal Service Funds
Consumer
Services
Self
Insurance
Central
Services
Equipment
Replacement
134
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2015
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 Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Repayment received on 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
Gain (loss) on sale of capital assets
(Increase) decrease in accounts receivable
(Increase) decrease in prepaid expense
(Increase) decrease in deferred pension related outflows
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in claims and judgments
Increase (decrease) in compensated absences
Increase (decrease) in net pension liability
Increase (decrease) in deferred pension related inflows
Total Adjustments
Net Cash Provided by (Used in)
Operating Activities
Totals
1,310,104$ 11,325,561$
(83,180) (1,640,559)
(1,250,456) (7,728,442)
(23,532) 1,956,560
- (677,114)
- 982,174
- (2,600)
- 302,460
- (147,905)
- (147,905)
- (2,600)
- 3,874
- 1,274
(23,532) 2,112,389
216,161 2,299,908
192,629$ 4,412,297$
5,923$ 1,103,417$
- 254,284
- (16,521)
- 1,315,608
(70,274) (73,851)
(101,377) (466,910)
49,647 254,975
5,828 123,223
- (926,220)
6,160 27,050
(169,998) (744,859)
250,559 1,106,364
(29,455) 853,143
(23,532)$ 1,956,560$
Governmental Activities -
Internal Service Funds
IT Services
135
CITY OF AZUSA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2015
Balance Balance
7/1/2014 Additions Deductions 6/30/2015
Deposit Trust
Assets:
Pooled cash and investments 4,059,151$ 5,579,923$ 4,522,964$ 5,116,110$
Receivables:
Accounts 105,355 116,631 210,710 11,276
Taxes 106,456 166,157 212,910 59,703
Total Assets 4,270,962$ 5,862,711$ 4,946,584$ 5,187,089$
Liabilities:
Accounts payable 239,008$ 4,542,229$ 4,592,252$ 188,985$
Accrued liabilities 12,695 35,538 14,788 33,445
Deposits payable 4,002,864 951,667 9,567 4,944,964
Due to other governments 16,395 3,300 - 19,695
Total Liabilities 4,270,962 $ 5,532,734 $ 4,616,607 $ 5,187,089 $
136
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
WATER - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Water
Operating Revenues:
Residential sales 9,878,211$
Commercial sales 3,877,869
Industrial sales 2,305,504
Other sales 1,152,660
Fees 399,699
Other revenue 3,974,384
Total Operating Revenues 21,588,327
Operating Expenses:
Production 7,541,026
Transmission and distribution 2,384,800
Customer accounting and sales 4,072,337
Uncollectible accounts 35,856
Administrative and general 787,818
Depreciation 3,725,639
Total Operating Expenses 18,547,476
Operating Income (Loss)3,040,851
Nonoperating Revenues (Expenses):
Interest revenue 156,905
Interest expense (2,695,460)
Franchise and in-lieu-tax (359,078)
Contributions to the Successor Agency (303,634)
Total Nonoperating Revenues (Expenses)(3,201,267)
Net Income (160,416)
Net Position:
Beginning of Fiscal Year 57,696,506
Restatements (4,890,114)
Beginning of Fiscal Year, as restated 52,806,392
End of Fiscal Year 52,645,976$
137
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
LIGHT - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Light
Operating Revenues:
Sale/electricity - residential 12,995,948$
Sale/electricity - commercial and industrial 24,356,790
Sale/electricity - other 1,516,934
Sale/electricity - resale 7,287,845
Other revenue 211,803
Total Operating Revenues 46,369,320
Operating Expenses:
Purchase power 28,834,815
Transmission/dispatching 4,018,091
Operation and maintenance 2,486,322
Uncollectible accounts 56,636
Administration general expenditures 3,720,352
Depreciation 1,270,648
Total Operating Expenses 40,386,864
Operating Income 5,982,456
Nonoperating Revenues (Expenses):
Interest income 197,478
Interest expense (259,708)
Franchise and in-lieu-tax (3,902,002)
Total Nonoperating Revenues (Expenses)(3,964,232)
Net Income Before Transfers 2,018,224
Transfers Out (95,049)
Net Income 1,923,175
Net Position:
Beginning of Fiscal Year 45,145,743
Restatements (3,848,694)
Beginning of Fiscal Year, as restated 41,297,049
End of Fiscal Year 43,220,224$
138
Financial Trends
141 - 145
Revenue Capacity
146 - 155
Debt Capacity
156 - 162
Demographic and Economic Information
163 - 165
Operating Information
166 - 168
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.
These schedules contain trend information to help the reader understand how the City's
financial performance and well-being have changed over time.
139
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:
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b
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m
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)
Fi
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e
a
r
145
Fiscal Year Residential
Commercial/
Industrial Other Total
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 10,605,804 21,041,098 1,238,881 32,885,783
2012 11,769,253 22,392,573 1,272,683 35,434,509
2013 12,191,958 22,259,074 1,422,284 35,873,316
2014 11,970,815 22,893,681 1,595,780 36,460,276
2015 12,995,948 24,356,790 1,516,934 38,869,672
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
146
Fiscal Monthly Rate per Rate per
Year Ended Base 0 - 250 >250
June 30 Rate kWh kWh
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 0.1160 0.1487
2011 3.81 0.1160 0.1487
2012 3.81 0.1160 0.1487
2013 3.81 0.1160 0.1487
2014 3.81 0.1160 0.1487
2015 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.
147
20
0
9
20
1
0
20
1
1
20
1
2
20
1
3
20
1
4
20
1
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8
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4
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9
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2
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7
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4
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31
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5
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4
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7
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3
7
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7
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6
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3
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5
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3
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9
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6
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3
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1
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7
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5
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2
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72
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8
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0
3
%
67
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5
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61
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3
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61
2
,
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8
6
3
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61
3
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2
3
0
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7
3
1
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64
2
,
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6
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7
9
1
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64
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8
7
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7
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4
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0
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0
%
Cr
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r
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h
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82
3
,
6
0
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6
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87
6
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n
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s
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7
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24
7
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3
7
0.
8
0
9
%
15
6
,
8
9
8
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4
7
7
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22
6
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8
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No
r
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s
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1
6
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6
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9
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48
5
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7
6
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5
9
0
%
50
4
,
4
3
6
1.
5
3
4
%
46
8
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7
7
4
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2
3
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36
6
,
6
2
3
1.
0
2
2
%
48
2
,
7
8
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4
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%
Ra
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r
d
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.
/
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v
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91
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2
0
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9
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8
%
93
3
,
7
2
2
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8
3
9
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19
3
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4
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5
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%
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&
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d
s
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L
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0
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4.
2
6
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%
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7
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3
8
5
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5
0
7
%
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4
4
4
,
2
8
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3
9
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6
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1
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9
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2
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4
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4
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4
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6
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9
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6
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1
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14
5
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30
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40
1
,
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7
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1
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0
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%
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e
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18
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15
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%
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r
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c
52
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6
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7
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9
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54
3
,
6
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7
7
9
%
60
1
,
8
8
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8
3
0
%
89
4
,
4
9
3
2.
5
2
4
%
1,
0
6
4
,
2
4
1
2.
9
6
7
%
1,
2
0
5
,
3
2
6
3.
3
0
6
%
1,
3
5
7
,
6
4
1
3.
4
9
3
%
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o
t
a
l
9,
8
0
5
,
4
9
3
$
31
.
8
9
1
%
10
,
4
4
7
,
9
6
8
$
34
.
1
9
0
%
10
,
4
6
3
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148
Last Ten Fiscal Years
Fiscal Year Residential Commercial Industrial Other (2)Total
2006 8,084,959$ 3,147,304$ 2,274,028$ 831,254$ 14,337,545$
2007 9,145,318 3,260,316 2,697,339 900,043 16,003,016
2008 9,218,162 3,155,962 2,360,731 811,672 15,546,527
2009 7,740,102 2,770,336 2,551,733 746,171 13,808,342
2010 8,932,609 3,082,179 2,630,635 921,332 15,566,755
2011 9,640,301 3,461,006 2,532,726 1,018,571 16,652,604
2012 9,883,807 3,553,448 2,555,016 1,082,702 17,074,973
2013 10,434,389 3,815,664 2,621,551 1,267,068 18,138,672
2014 10,324,448 3,822,126 2,486,936 1,223,852 17,857,362
2015 9,878,211 3,877,869 2,305,504 1,152,660 17,214,244
Source: City of Azusa Light & Water Department
City of Azusa
Table 8 - Water Sold by Type of Customer
Type of Customer
149
Fiscal Monthly Tier 1 Tier 2 Tier 3
Year Ended Base Rate per Rate per Rate per
Activity Rate CCF CCF CCF
0-17 CCF >17 CCF
07/05-10/05 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
0-12 CCF 13-36 CCF >36 CCF
07/13-04/14 17.03 1.007 1.953
05/14-06/14 17.03 1.007 2.129 3.031
2015 17.03 1.007 2.129 3.031
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.
(3) A Phase III Drought was declared effective May 1, 2014, where a third tier was
implemented.
150
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151
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
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%
2014 2,239,991,812 284,125,347 904,950,465 3,429,067,624 0.13976 3,429,067,624 100.0%
2015 2,486,788,064 285,681,045 907,790,565 3,680,259,674 0.13976 3,680,259,674 100.0%
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)
152
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153
Table 13 - Principal Property Tax Payers (Top Ten)
Current Year and Nine Years Ago
2015 2006
Percentage of Percentage of
City City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Value Value
Northrop Grumman Systems Corporation 106,862,867$ 2.90% 1 128,498,609$ 4.98%
Rainbird Corp/CA Div.42,014,013 1.14% 2 35,007,317 1.36%
PPF Industrial 823 8th Street 32,361,715 0.88% 4 28,126,500 1.09%
Azusa Pacific University 31,153,343 0.85% - 0.00%
Citrus Crossing Properties Fee 24,057,536 0.65% - 0.00%
S & S Foods LLC 22,312,364 0.61% - 0.00%
VPM Soldano Senior Village LP 20,084,070 0.55% - 0.00%
Costco Wholesale Corporation 19,376,965 0.53% 5 17,245,739 0.67%
Public Storage Properties IV LTD 14,881,252 0.40% - 0.00%
MCS Edgewood Center LLC 14,420,518 0.39% - 0.00%
Sam Menlo Trust - 0.00% 7 16,618,743 0.64%
Coastal Pacific Glen LLC - 0.00% 3 31,770,701 1.23%
Criterion Catalyst Company LP - 0.00% 6 17,164,259 0.66%
Reichhold Inc - 0.00% 9 14,660,224 0.57%
JAR Azusa Association LTD - 0.00% 8 16,474,962 0.64%
Azusa Land Partners LLC - 0.00% 10 14,502,069 0.56%
327,524,643$ 8.90% 320,069,123$ 12.40%
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
154
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
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%
2014 3,743,370 3,632,433 97.0% 74,318 3,706,751 99.0%
2015 4,006,854 3,891,541 97.1% 47,305 3,938,847 98.3%
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
155
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156
Fiscal Year Certificates Tax Percentage Debt per
Ended of Allocation of Assessed City
June 30 Participation Bonds Total Values Capita
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% 58
2014 2,540,000 (1)2,540,000 0.07% 53
2015 2,285,000 (1)2,285,000 0.06% 47
(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.
Source: City of Azusa Finance Department
CITY OF AZUSA
Table 16 - Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
157
Percentage Net
Gross Bonded Applicable Bonded
Debt Balance To City Debt
APFA 2003 Lease Revenue COP 2,285,000$ 100 2,285,000$
Pension Bonds 3,205,000 100 3,205,000
Total Direct Debt 5,490,000
Metropolitan Water District 53,296,395$ 0.110 58,450$
Citrus CCD DS 2004 Series 2014D 77,687,251 15.567 12,093,541
Citrus CCD DS 2013 Refunding 12,320,000 15.567 1,917,849
Citrus CCD DS 2004 Series 2007B 2,750,000 15.567 428,091
Citrus CCD DS 2004 2009 Series C 7,105,302 15.567 1,106,079
Mount San Antonio Comm. College District 2001, 2006 Ser C 1,975,000 0.024 467
Mount San Antonio Comm. College District 2001, 2008 Ser D 21,706,654 0.024 5,133
Mount San Antonio Comm. College District 2008 Series 13A 203,861,691 0.024 48,204
Mount San Antonio Comm. College District 2008 Series 2013B 10,640,000 0.024 2,516
Mount San Antonio Comm. College District 2013 Ref Series A 73,910,000 0.024 17,476
Mount San Antonio Comm. College District 2013 Ref Series B 47,085,000 0.024 11,133
Azusa Unified School District 2002 Series 2007 2,078,763 64.406 1,338,848
Azusa Unified School District 2002 Series 2011 58,548,585 64.406 37,708,811
Covina Valley Unified School District 2001 Series B 15,402,411 0.226 34,863
Covina Valley Unified School District 2006, 07 Series B 14,673,731 0.226 33,214
Covina Valley Unified School District 2001 Ref 2010 Series A 12,215,000 0.226 27,649
Covina Valley Unified School District 2012 Series A 28,750,000 0.226 65,076
Covina Valley Unified School District 2013 Ref Bonds 39,805,000 0.226 90,099
Duarte Unified School District 1998 Series B 3,694,374 0.383 14,148
Duarte Unified School District 1998 Series C 4,794,734 0.383 18,361
Duarte Unified School District 1998 Series D 3,614,534 0.355 13,842
Duarte Unified School District Refunding 1998, 2010 Series A 12,527,314 0.383 47,973
Duarte Unified School District 2010 Series A 2,110,000 0.383 8,080
Duarte Unified School District 2010 Series B 19,512,780 0.383 74,724
Duarte Unified School District 2010 Series C 8,000,000 0.383 30,636
Duarte Unified School District 2013 Ref Bonds 2,030,000 0.383 7,774
Total Overlapping Debt 55,203,037
Total Direct and Overlapping Debt 60,693,037$
2014/15 Assessed Valuation: $2,865,858,608 after deducting $814,401,066 Incremental Value.
Debt to Assess Valuation Ratios:Direct Debt 0.19%
Overlapping Debt 1.93%
Total Debt 2.12%
Source: HdL Coren & Cone
City of Azusa
Table 17 - Direct and Overlapping Debt
June 30, 2015
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The percentage of overlapping debt
applicable is estimated by using taxable assessed values. Applicable percentages were estimated by determining the portion of another governmental
unit's taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.
158
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Debt Service Requirements
Fiscal Year Net Revenue
Ended Operating Operating Available for
June 30 Revenues(2)Expenses (3)Debt Service Principal Interest Total Coverage
2006 16,596,978$ 9,278,285$ 7,318,693$ 735,000$ 801,758$ 1,536,758$ 4.76
2007 21,229,600 11,935,540 9,294,060 750,000 794,258 1,544,258 6.02
2008 19,722,623 13,123,066 6,599,557 765,000 3,549,732 4,314,732 1.53
2009 16,273,690 11,945,339 4,328,351 790,000 3,444,146 4,234,146 1.02
2010 21,214,733 12,359,569 8,855,164 1,095,000 3,412,433 4,507,433 1.96
2011 18,326,599 12,413,196 5,913,403 1,135,000 3,370,921 4,505,921 1.31
2012 20,537,532 12,835,963 7,701,569 1,180,000 3,325,671 4,505,671 1.71
2013 21,761,836 12,206,073 9,555,763 320,000 2,819,064 3,139,064 3.04
2014 22,025,412 11,743,258 10,282,154 1,000,000 2,963,039 3,963,039 2.59
2015 21,745,232 14,821,837 6,923,395 1,735,000 2,871,805 4,606,805 1.50
(1)Calculation of debt coverage is in accordance with covenants set for in 2012 Series A Refunding Revenue Bonds.
(2)Includes interest revenue. Revenues restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
(3)Excludes depreciation expense. Expenses restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
Debt Service Requirements
Fiscal Year Net Revenue
Ended Operating Operating Available for
June 30 Revenues(2)Expenses (3)Debt Service Principal Interest Total Coverage
2006 39,514,991$ 32,070,850$ 7,444,141$ 400,000$ 101,658$ 501,658$ 14.84
2007 37,681,632 30,045,117 7,636,515 410,000 562,810 972,810 7.85
2008 39,123,270 34,104,940 5,018,330 425,000 527,038 952,038 5.27
2009 36,672,695 32,060,936 4,611,759 435,000 504,544 939,544 4.91
2010 37,562,799 34,960,983 2,601,816 455,000 481,021 936,021 2.78
2011 40,332,068 35,017,007 5,315,061 480,000 468,614 948,614 5.60
2012 41,587,035 34,151,821 7,435,214 505,000 443,151 948,151 7.84
2013 42,617,624 39,000,890 3,616,734 530,000 246,108 776,108 4.66
2014 45,422,351 39,977,366 5,444,985 555,000 300,680 855,680 6.36
2015 46,566,798 39,116,215 7,450,583 585,000 254,443 839,443 8.88
(1)Calculation of debt coverage in accordance with covenants set for in 2003 Certificates of Participation Series C and 2012 Series B
Refunding Revenue Bonds.
(2)Includes interest revenue. Revenues restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
(3)Excludes depreciation expense. Expenses restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
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 (1)
160
Last Ten Fiscal Years
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
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 - 33,110 33,110 10.16
2013 2,500,116 4,573,251 (2,073,135) 225,000 188,568 413,568 (5.01)
2014 2,577,662 2,202,296 375,366 325,000 179,595 504,595 0.74
2015 2,659,370 1,713,886 945,484 350,000 168,565 518,565 1.82
(1)Excludes interest and depreciation expense
Source: City of Azusa Finance Department
REVENUE BONDS - SEWER FUND
CITY OF AZUSA
Table 19 - Pledged Revenue Coverage (continued)
(Continued)
161
Debt Service Requirements
Fiscal Year
Ended Tax
June 30 Increment Principal Interest Total Coverage
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 (1)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
2014 5,097,292 1,295,000 2,925,110 4,220,110 1.21
2015 4,817,379 1,355,000 2,994,924 4,349,924 1.11
Source: City of Azusa Finance Department
CITY OF AZUSA
Table 20 - Pledged Revenue Coverage
Tax Allocation Bonds - Redevelopment Agency (Successor Agency)
Last Ten Fiscal Years
162
Per Capita
Calendar City County Personal Personal Unemployment
Year Population Population (1)Income Income Rate(1)
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%
2013 48,385 10,017,068 847,221,000 17,510 8.3%
2014 48,015 10,053,995 845,345,000 17,464 6.2%
2015 48,799 10,116,705 (2)(2)5.5%
Sources: HdL Coren & Cone, Los Angeles County Assessor
(1) U.S. Department of Census and State Department of Finance
(2) Data unavailable.
CITY OF AZUSA
Table 21 - Demographic and Economic Statistics
Last Ten Calendar Years
163
City of Azusa
Table 22 - Principal Employers
Current Year and Ten Years Ago
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Rank Employment
Azusa Pacific University 1433 1 6.60%900 3 4.37%
Azusa Unified School District 1250 2 5.76%1600 1 7.77%
Northrop Grumman 859 3 3.96%1400 2 6.80%
City of Azusa 383 4 1.76%530 4 2.57%
Costco Wholesale Corporation 295 5 1.36%290 7 1.41%
S & S Foods LLC 285 6 1.31%200 9 0.97%
Hanson Distributing Company 195 7 0.90%(2)
Buena Vista Food Products 186 8 0.86%(2)
Target Store 142 9 0.65%(2)
Artisan Screen 140 10 0.65%80 10 0.39%
Morris National Candy 240 6 1.17%
Pacific Precision Metals 250 8 1.21%
Perkin Elmer Optoelectronics 300 5 1.46%
Total of Top Employers 3,735 4,890
Total Employees in City 22,300 (1)20,600 (1)
Sources:
Data from City of Azusa Business License Division unless noted.
(1)California Employment Development Department
(2)Data not available
2014-15 2005-06
164
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8
0
9
86
6
Wa
t
e
r
:
Nu
m
b
e
r
o
f
s
e
r
v
i
c
e
c
o
n
n
e
c
t
i
o
n
s
23
,
1
2
6
(2
)
22
,
8
9
5
(2
)
22
,
8
6
8
(2
)
23
,
0
1
4
(2
)
23
,
0
3
6
(2
)
23
,
1
0
0
(2
)
23
,
1
0
4
(2
)
23
,
3
0
2
(2
)
23
,
5
9
7
(2
)
23
,
8
7
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(2
)
Av
e
r
a
g
e
d
a
i
l
y
c
o
n
s
u
m
p
t
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o
n
25
,
0
6
7
2
7
,
3
1
9
2
3
,
2
9
6
2
2
,
8
3
2
2
1
,
5
1
7
2
0
,
2
3
0
2
0
,
8
1
9
2
2
,
1
7
9
2
1
,
9
7
4
19
,
4
3
8
(h
u
n
d
r
e
d
c
u
b
i
c
f
e
e
t
)
Li
g
h
t
:
Nu
m
b
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r
o
f
s
e
r
v
i
c
e
c
o
n
n
e
c
t
i
o
n
s
15
,
3
5
8
1
5
,
5
3
1
1
5
,
6
5
0
1
5
,
4
0
3
1
5
,
2
7
6
(2
)
15
,
3
6
2
(2
)
15
,
5
6
7
(2
)
15
,
7
4
9
(2
)
15
,
9
5
5
(2
)
16
,
4
6
6
(2
)
Av
e
r
a
g
e
d
a
i
l
y
c
o
n
s
u
m
p
t
i
o
n
70
7
,
9
6
5
7
0
0
,
1
6
7
6
9
1
,
0
7
0
6
9
3
,
4
6
9
6
7
2
,
9
2
0
6
5
4
,
0
5
0
6
4
8
,
0
2
0
6
7
7
,
8
7
1
6
8
5
,
6
9
9
70
5
,
1
0
0
(k
W
h
)
Se
w
e
r
:
Nu
m
b
e
r
o
f
s
e
r
v
i
c
e
c
o
n
n
e
c
t
i
o
n
s
14
,
1
8
3
(2
)
14
,
3
4
4
(2
)
14
,
4
0
2
(2
)
14
,
0
7
3
(2
)
14
,
3
3
5
(2
)
14
,
0
7
1
(2
)
15
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2
3
5
(2
)
15
,
3
7
4
(2
)
15
,
3
7
4
(2
)
16
,
0
7
4
(2
)
Re
f
u
s
e
:
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m
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m
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r
s
11
,
2
0
6
(2
)
11
,
2
9
6
(2
)
12
,
0
5
3
(2
)
11
,
1
2
7
(2
)
11
,
2
5
4
(2
)
11
,
1
2
3
(2
)
11
,
2
9
3
(2
)
11
,
6
5
2
(2
)
11
,
8
6
6
(2
)
12
,
1
2
8
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)
Av
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g
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d
a
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c
o
l
l
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c
t
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n
15
8
1
0
9
1
1
4
1
2
2
1
8
4
1
7
7
1
7
8
1
7
9
1
8
0
18
5
(t
h
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s
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f
p
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s
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In
f
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m
a
t
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n
n
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b
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(2
)
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n
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b
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Y
2
0
0
6
t
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2
m
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.
So
u
r
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:
C
i
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f
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e
p
a
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a
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R
e
c
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t
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z
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u
b
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p
a
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t
CI
T
Y
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A
Z
U
S
A
Ta
b
l
e
2
4
-
O
p
e
r
a
t
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n
g
I
n
di
c
a
t
o
r
s
b
y
F
u
n
c
t
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n
La
s
t
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n
F
i
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c
a
l
Y
e
a
r
s
Fi
s
c
a
l
Y
e
a
r
166
20
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
Po
l
i
c
e
:
Stations
11
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
1
7
0
1
7
0
1
7
0
1
7
1
1
7
0
1
7
4
1
7
6
1
7
7
1
7
8
Traffic s
ignals
525
25
25
25
35
25
35
35
55
6
Pa
r
k
s
a
n
d
r
e
c
r
e
a
t
i
o
n
:
Parks
101
01
31
31
31
31
51
61
72
0
Park a
creage
585
86
06
16
16
16
46
47
78
4
Community c
enters
22
3
3
3
3
3
3
3
3
Wa
t
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r
:
Wa
t
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r
m
a
i
n
s
(
m
i
l
e
s
)
30
5
3
0
8
3
1
1
3
1
2
3
1
5
3
1
5
3
1
5
3
1
5
3
1
5
3
1
5
Nu
m
b
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r
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f
f
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r
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d
r
a
n
t
2,
5
2
5
2
,
5
7
5
2
,
5
8
5
2
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5
9
4
2
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5
9
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2
,
6
0
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0
Ma
x
i
m
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c
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t
y
40
,
0
0
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4
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0
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5
0
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,
5
0
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(h
u
n
d
r
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d
c
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b
i
c
f
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e
t
)
Li
g
h
t
:
St
r
e
e
t
l
i
g
h
t
s
64
65
65
65
65
65
65
65
65
65
Ma
x
i
m
u
m
d
a
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l
y
c
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n
s
u
m
p
t
i
o
n
15
3
1
6
9
1
6
9
1
6
9
1
6
9
1
6
2
1
6
2
1
6
2
1
6
2
1
6
2
(k
W
h
)
Se
w
e
r
:
Sanitary s
ewers (
miles)
6
16
16
16
16
16
18
08
08
08
0
Storm s
ewers (
miles)
151
51
51
51
51
51
51
61
61
6
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
4
8
48
48
48
48
48
48
60
60
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
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
Fi
s
c
a
l
Y
e
a
r
167
Susan Paragas General Overview
Director of Finance Letter of Transmittal
Management's Discussion and Analysis
Charts
Statistical Section
Richard Lam General Fund
Budget Analyst Footnotes
Naomi Narvaez
Senior Administrative Technician Statistical Section
Dave Nguyen General Overview
Senior Accountant Overall Coordination
Proprietary Funds
Non-Major Proprietary Funds
Capital Projects
Fixed Assets Accounting
Henry Quintero Non-Major Governmental Funds
Senior Accountant Internal Service Funds
Grants Funds (Single Audit)
Successor Agency
CITY OF AZUSA
Table 26 - Schedule of Credits
June 30, 2015
168