HomeMy WebLinkAboutFY 2015-16 CAFR FinalCITY OF AZUSA
CALIFORNIA
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2016
CITY OF AZUSA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
PREPARED BY THE FINANCE DEPARTMENT
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CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................. i
Organizational Chart ............................................................................................................................. vii
Officials of the City of Azusa ................................................................................................................ viii
GFOA Certificate of Achievement for Excellence in Financial Reporting .............................................. ix
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, 2016
TABLE OF CONTENTS
Page
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 –
SEIU Bargaining Retirement Enhancement Plan ................................................................................. 90
Schedule of Changes in the Net Pension Liability and Related Ratios –
AMMA Bargaining Retirement Enhancement Plan ............................................................................... 91
Schedule of Changes in the Net Pension Liability and Related Ratios –
Executive/Contract Bargaining Retirement Enhancement Plan ........................................................... 92
Schedule of Changes in the Net Pension Liability and Related Ratios –
IBEW Employees Retirement Enhancement Plan ................................................................................ 93
Schedule of Contributions – Retirement Enhancement Plans ............................................................. 94
Schedule of Investment Returns – Retirement Enhancement Plans ................................................... 95
Budgetary Comparison Schedule by Department - General Fund ....................................................... 96
Budgetary Comparison Schedule - Grants and Seizure ....................................................................... 97
Note to Required Supplementary Information ...................................................................................... 98
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds ............................................................. 100
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds ........................................................... 106
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
TABLE OF CONTENTS
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONTINUED)
Budgetary Comparison Schedules - Special Revenue Funds:
State Gasoline Tax .......................................................................................................................... 112
Proposition A ................................................................................................................................... 113
Proposition C ................................................................................................................................... 114
Community Development Block Grant ............................................................................................ 115
Senior Nutrition ................................................................................................................................ 116
Public Benefit Program .................................................................................................................... 117
Air Quality Improvement .................................................................................................................. 118
Supplemental Law Enforcement ...................................................................................................... 119
Fire Safety ....................................................................................................................................... 120
Monrovia Nursery ............................................................................................................................ 121
Employee Benefits ........................................................................................................................... 122
Utility Mitigation ................................................................................................................................ 123
LACMTA .......................................................................................................................................... 124
Measure R ....................................................................................................................................... 125
AB939 Fee ....................................................................................................................................... 126
Budgetary Comparison Schedules - Capital Projects Funds:
Park In-Lieu ..................................................................................................................................... 127
Public Works Endowment ................................................................................................................ 128
Combining Statement of Net Position – Nonmajor Proprietary Funds ............................................... 129
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Nonmajor Proprietary Funds .............................................................................. 130
Combining Statement of Cash Flows – Nonmajor Proprietary Funds ................................................ 131
Combining Statement of Net Position – Internal Service Funds ........................................................ 132
Combining Statement of Revenues, Expenses and Changes in
Fund Net Position – Internal Service Funds ....................................................................................... 134
Combining Statement of Cash Flows – Internal Service Funds ......................................................... 136
Combining Statement of Changes in Assets and Liabilities – Agency Fund ...................................... 138
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Water – Enterprise Fund ............................................................................................. 139
Supplemental Statement of Revenues, Expenses and Changes in
Net Position – Light – Enterprise Fund ............................................................................................... 140
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
TABLE OF CONTENTS
Page
Number
STATISTICAL SECTION
Table 1 – Net Position by Component ............................................................................................. 143
Table 2 – Change in Net Position .................................................................................................... 144
Table 3 – Fund Balances of Governmental Funds .......................................................................... 146
Table 4 – Changes in Fund Balances of Governmental Funds ...................................................... 147
Table 5 – Light Department, Electricity Sold by Type of Customer ................................................. 148
Table 6 – Electricity Rates ............................................................................................................... 149
Table 7 – Largest Electrical Customers .......................................................................................... 150
Table 8 – Water Sold by Type of Customer .................................................................................... 151
Table 9 – Water Rates ..................................................................................................................... 152
Table 10 – Largest Water Customers ............................................................................................. 153
Table 11 – Assessed Value and Estimated Actual Value of Taxable Property ............................... 154
Table 12 – Direct and Overlapping Property Rates ......................................................................... 155
Table 13 – Principal Property Tax Payers ....................................................................................... 156
Table 14 – Property Tax Levies and Collections ............................................................................. 157
Table 15 – Ratios of Outstanding Debt by Type ............................................................................. 158
Table 16 – Ratio of General Bonded Debt Outstanding .................................................................. 159
Table 17 – Direct and Overlapping Debt ......................................................................................... 160
Table 18 – Legal Debt Margin Information ...................................................................................... 161
Table 19 – Pledged Revenue Coverage ......................................................................................... 162
Table 20 – Pledged Revenue Coverage,
Tax Allocation Bonds – Redevelopment Agency .......................................................... 164
Table 21 – Demographic and Economic Statistics .......................................................................... 165
CITY OF AZUSA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
TABLE OF CONTENTS
Page
Number
STATISTICAL SECTION
Table 22 – Principal Employers ....................................................................................................... 166
Table 23 – Full-time and Part-time Employees by Function ........................................................... 167
Table 24 – Operating Indicators by Function .................................................................................. 168
Table 25 – Capital Asset Statistics by Function .............................................................................. 169
Table 26 – Schedule of Credits ....................................................................................................... 170
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vii
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 Councilmember March, 2017
Angel Carrillo Mayor Pro-Tem 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 Director of Public Works and City Engineer 626-812-5248
Kurt Christiansen Director of Economic & Community Development 626-812-5236
Steve Hunt 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
Talika M. Johnson Director of Finance 626-812-5202
Daryl L. Osby Fire Chief 626-974-8371
Marco Martinez City Attorney (Best, Best, & Krieger) 949-263-2603
viii
Certificate of
Presented to
City of Azusa
For its Comprehensive Annual
June 30, 2015
Executive Director/CEO
Financial Report
for the Fiscal Year Ended
Reporting
in Financial
for Excellence
Achievement
Text38:California
Government Finance Officers Association
ix
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x
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, 2016, 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.
203 N. Brea Blvd., Suite 203 Brea, CA 92821 Phone: 714.672.0022
An Association of Independent Accounting Firms
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City of Azusa, California, as of June 30, 2016, 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.
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 schedules for the general fund and grants
and seizure special revenue 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.
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. The information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the combining and individual nonmajor fund financial statements
and schedules are fairly stated in all material respects in relation to the basic financial statements as a
whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
2
To the Honorable Mayor and Members of the City Council
City of Azusa, California
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 28, 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
December 28, 2016
3
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4
City of Azusa
Management’s Discussion and Analysis
June 30, 2016
As management of the City of Azusa, California, we offer this narrative overview and analysis of the
financial activities of the City of Azusa for the fiscal year ended June 30, 2016. We encourage readers to
consider the information presented here in conjunction with additional information furnished in our letter of
transmittal, which can be found on pages i through vi of this report.
Financial Highlights
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows
of resources at the close of fiscal year 2016 by $103,715,028 (net position).
Total City assets of $277,112,325 include $154,300,230 or 55.7% of non-current assets attributed to
capital assets, net of depreciation.
Total City liabilities of $174,658,156 include $160,487,597 or 91.9% of long-term liabilities attributed
mainly to tax allocation bonds, certificates of participation and pension liabilities.
As of June 30, 2016, the City’s governmental funds reported combined fund balances of
$33,331,619.
At the end of the current fiscal year, the total fund balance for the General Fund was increased by
$3,605,997 to $23,153,179.
Total General Fund revenues received for the year were $39,238,567 and total General Fund
expenditures for the year were $32,500,505, an excess of revenues over expenditures amounting to
$6,738,062. 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 and liabilities, with the
difference between the two reported as net position. Over time, increases or decreases in net assets
may serve as a useful indicator of whether the financial position of the City of Azusa is improving or
deteriorating.
The statement of activities presents information showing how the government’s net position changed
during the most recent fiscal year. All changes in net assets are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues
and expenses are reported in this statement for some items that will only result in cash flows in future
fiscal periods (e.g. uncollected taxes and earned but unused vacation leave).
5
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, Public Works, and Grants & Seizures.
The business-type activity of the City includes the City’s Water, Light, Sewer/Wastewater, and Refuse
Contract Utility operations.
The government-wide financial statements include not only the City of Azusa itself (known as the primary
government), but also the legally separate Successor Agency to the former Redevelopment Agency of
the City of Azusa (“Successor Agency”) and the Azusa Public Financing Authority for which the City of
Azusa is financially accountable. Financial information for these component units has been included as
an integral part of the primary government.
2) Fund financial statements. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City of Azusa, like
other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as on balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental fund balance sheet and governmental fund statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City of Azusa maintains 23 individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund 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 21 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
Proprietary funds provide the same type of information as the government-wide financial statements
(business type activities), only in more detail. Information is presented separately in the proprietary fund
statement of net assets and in the proprietary fund statement of revenues, expenditures, and changes in
net assets for the Water and Light funds. The Water and Light funds are considered to be major funds.
The internal service funds are also presented in the proprietary fund financial statements.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside
the government, and the City’s role is purely custodial. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of those funds are not available to support
the City’s own programs. All assets reported in Fiduciary funds are offset by a liability; the accrual basis
of accounting is used to recognize receivables and payables.
3) Notes to the basic financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
Other supplementary information. The combining financial statements and schedules referred to
earlier in connection with non-major governmental funds and internal service funds are presented
immediately following the notes to the basic financial statements.
Government-wide Financial Analysis
The following table presents a summary of the City’s assets, liabilities and net position for its
governmental and business type activities. As noted earlier, a government’s net asset position may serve
over time as a useful indicator of its financial position.
2016 2015 2016 2015 2016 2015
Current and other assets 45,655,734$ 37,982,057$ 77,156,361$ 79,044,253$ 122,812,095$ 117,026,310$
Capital assets, net 35,170,643 29,912,255 119,129,587 123,750,707 154,300,230 153,662,962
Total assets 80,826,377 67,894,312 196,285,948 202,794,960 277,112,325 270,689,272
Deferred charge on refunding - - 1,677,882 1,475,168 1,677,882 1,475,168
Deferred pension related items 4,369,370 4,124,387 1,477,914 821,336 5,847,284 4,945,723
Total deferred outflows of resources 4,369,370 4,124,387 3,155,796 2,296,504 7,525,166 6,420,891
Current liabilities 5,005,885 3,732,207 9,164,674 11,191,721 14,170,559 14,923,928
Long-term liabilities 77,048,426 66,088,846 83,439,171 88,248,100 160,487,597 154,336,946
Total liabilities 82,054,311 69,821,053 92,603,845 99,439,821 174,658,156 169,260,874
Deferred pension related items 4,651,415 9,833,770 1,612,892 2,855,927 6,264,307 12,689,697
Total deferred inflows of resources 4,651,415 9,833,770 1,612,892 2,855,927 6,264,307 12,689,697
Net investment in capital assets 33,586,894 28,121,302 56,985,265 53,700,812 90,572,159 81,822,114
Restricted 12,664,389 10,502,851 11,448,778 15,085,506 24,113,167 25,588,357
Unrestricted (47,761,262) (46,260,277) 36,790,964 34,009,398 (10,970,298) (12,250,879)
Total net position (deficits)(1,509,979)$ (7,636,124)$ 105,225,007$ 102,795,716$ 103,715,028$ 95,159,592$
Summary of Net Position (Deficits) for the year ended June 30
Governmental Business Type
Activities Activities Total
As of June 30, 2016, the City’s assets and deferred outflows of resources exceeded liabilities and
deferred inflows of resources by $103,715,028. This represents an increase of $8.6 million from the prior
year and is mainly attributed to the increase in investment of capital assets, net of related debt.
The largest portion of the net position reflects the City’s $90.6 million investment in capital assets less
any capital‐related 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.
7
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, 2016, the
restricted assets were $24.1 million of the total net position. Of this amount, $10.2 million is for a rate
stabilization fund, $5.0 million is restricted for community development projects such as transportation
projects and $1.2 million for capital projects such as street repair and maintenance. The remaining
amount relates to Police grants.
At June 30, 2016 the unrestricted net position was a negative $11.0 million due 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 following chart shows the comparison of the three components of net position for Fiscal Years
2015-16 and 2014-15 (in millions):
Governmental activities. The following condensed summary of activities of the City’s governmental
activities for the year ended June 30, 2016 shows total net position is a negative $1,509,979 an increase
of $6,126,145 (80.2%) from prior year and primarily attributable the extraordinary loss of $4.1 million
recognized in FY 2014-15; the remaining $2.0 million increase is attributed to positive operating results,
where revenues exceeded expenditures.
Invested in Capital
Assets, Net of
Related Debt
Restricted Unrestricted Total Net Position
FY 14/15 $81.8 $25.6 $(12.3) $95.1
FY 15/16 $90.6 $24.1 $(11.0) $103.7
$(15.0)
$‐
$15.0
$30.0
$45.0
$60.0
$75.0
$90.0
$105.0
Government‐wide Net Assets
Year Ended June 30, 2016
8
Business type activities. Business type activities net position totaled $105,225,007, an increase of
$2,429,291 (2.4%) from the prior year and attributed to positive operating results.
2016 2015 2016 2015 2016 2015
Program Revenues:
Charges for services 9,369,835$ 9,492,311$ 66,927,275$ 73,519,764$ 76,297,110$ 83,012,075$
Operating contributions and grants 6,435,839 13,916,073 - - 6,435,839 13,916,073
Capital contributions and grants 328,662 408,905 - - 328,662 408,905
General Revenues:
Taxes 32,172,021 31,314,539 630,981 574,179 32,803,002 31,888,718
Investment earnings 183,908 353,285 532,303 378,713 716,211 731,998
Miscellaneous 1,709,757 629,507 2,347,066 224,680 4,056,823 854,187
Total Revenues 50,200,022 56,114,620 70,437,625 74,697,336 120,637,647 130,811,956
Expenses:
General Government 10,945,471 7,834,391 - - 10,945,471 7,834,391
Public Safety 22,689,580 21,279,643 - - 22,689,580 21,279,643
Community Development 2,605,120 2,384,308 - - 2,605,120 2,384,308
Parks and Recreation 4,546,965 3,878,961 - - 4,546,965 3,878,961
Public Works 5,331,169 5,019,152 - - 5,331,169 5,019,152
Interest on long-term debt 517,395 699,155 - - 517,395 699,155
Water - - 19,429,769 21,497,271 19,429,769 21,497,271
Light - - 41,383,802 44,328,679 41,383,802 44,328,679
Sewer/Wastewater - - 2,131,684 2,368,124 2,131,684 2,368,124
Refuse Contract - - 3,342,897 3,042,337 3,342,897 3,042,337
Total Expenses 46,635,700 41,095,610 66,288,152 71,236,411 112,923,852 112,332,021
Increase/(decrease) in net position
before transfers 3,564,322 15,019,010 4,149,473 3,460,925 7,713,795 18,479,935
Extraordinary items - (4,113,065) - - - (4,113,065)
Transfers 1,652,338 1,458,028 (1,652,338) (1,458,028) - -
Change in Net Position 5,216,660 12,363,973 2,497,135 2,002,897 7,713,795 14,366,870
Net Position (Deficits) - Beginning (7,636,124) 29,395,743 102,795,716 114,845,516 95,159,592 144,241,259
Restatement 909,485 (49,395,840) (67,844) (14,052,697) 841,641 (63,448,537)
Net Position (Deficits) - Ending (1,509,979)$ (7,636,124)$ 105,225,007$ 102,795,716$ 103,715,028$ 95,159,592$
Summary of Changes in Net Position (Deficits) for the year ended June 30
Governmental Business Type
Activities Activities Total
The City’s total revenues are $120,637,647 and the costs of all programs and services are $112,923,852.
Fiscal year 2015-16 revenues decreased by $10,174,309 (7.8%). Expenses increased by $591,831
(0.5%) from prior year. Key factors include:
The decrease of $10.2 million in the governmental activities revenue was mainly due to a
$11.0 million forgiven loan recorded in FY 2014-15. The decrease was offset by $0.9 million of
additional revenues received from taxes, which is attributable to the increased economic
development activities in the City.
Charges for services decreased $6.7 million, primarily due lower Water and Light Fund sales
revenues as a result of imposed water drought restrictions and energy cost savings passed on
through retail rates, respectively.
Miscellaneous revenues of $4.1 million increased $3.2 million over FY 2014-15. The increase is
attributable to recognition of light and water fund recognition of revenues from developer deposits
on hand of approximately $2.2 million; a pass-through payment received from the residuals of the
former redevelopment agency of $530,651, an increase of $404,113; one-time settlement monies
of $275,625 from Los Angeles County; and recognition of a $190,497 increase in the fair market
value of investments.
9
Key elements of this year’s summary of activities are as follows:
Property tax revenue increased by $602,569 (7.1%), Sales tax revenue increased by a $471,684
(6.3%) and Franchise fees increased by $246,529 (3.4%) from the prior year.
Charges for services revenue decreased by 1.3% or $122,476; Use of money and property had a
positive balance of $183,908 primarily due to interest income earned from an improved cash
position.
Transient Occupancy Taxes (“TOT”) increased by 32.9% or $86,150 primarily due to the voter-
approved increase in the TOT rate from 7.5% to 10.0%.
Charges for
services
19.4%
Contributions &
grants
14.0%
Property taxes
18.9%
Sales taxes
16.6%
Franchise taxes
15.7%
Business licenses
taxes
4.1%
Utility users
taxes
6.8%
Other taxes
4.2%
Investment
earnings/other
0.3%
Revenues by Source‐Governmental Activities
Year Ended June 30, 2016
10
Total Governmental Activities expenses increased $5.5 million (13.5%) over prior year.
Total General Government and Parks and Recreation expenses increased $3.1 million (39.7%)
and $668,004 (17.2%), respectively, compared to prior year. The increases are mainly due to
salaries and benefits related to filling of vacant positions and draw down of leave balances to
lower the City’s exposure to future high leave bank payouts.
Public Safety increased by $1,409,936 (6.7%) primarily due to retirement payouts. Public Works
increased by $312,017 (6.2%) attributable to special studies and outsourcing of engineering
services due to the high volume of transportation related projects. Community development
expenditures increased $220,812 (9.3%) mainly due to the increase in transactions related to
development throughout the City.
Financial Analysis of the City’s Funds
As noted earlier, the City of Azusa uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental funds. The focus of the City’s governmental funds is to provide information on near-term
inflows, outflows and balances of spendable resources. This information is useful in assessing the City’s
financing requirements. In particular, unreserved fund balance may serve as a useful measure of a
government’s net resources available for spending during the fiscal year.
General
government
23.5%
Public safety
48.7%
Community
development
5.6%
Parks and
recreation
9.7%
Public works
11.4%
Interest & fiscal
charges
1.1%
Expense by Activities‐Governmental Activities
Year Ended June 30, 2016
11
At the end of the current fiscal year, the City’s governmental funds reported combined ending fund
balances of $33,331,619, an increase of $2,810,609 in comparison with the prior year’s revised fund
balance. The increase is attributed to higher General Fund revenues, offset by a decrease of $3,231,730
in capital project restrictions. In addition, Advances to the Successor Agency increased to $9,750,019
from $9,276,337 because of interest earned on one of the former Redevelopment property loans
reinstated by the Department of Finance.
The General Fund is the chief operating fund of the City of Azusa. During fiscal year 2015-16, its fund
balance increased by $3,129,142, primarily as a result of increased tax and franchise fee revenues and
interest earnings related to Successor Agency loan reinstatements. At the end of the current fiscal year,
the General Fund total fund balance was $23,153,179.
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 $39,710,818.
Total unrestricted net position increased by $2,737,959 (7.4%) and total net position increased by
$2,429,291 (2.3%) from the previous fiscal year.
Unrestricted net position of the City’s Water Utility at the end of the year amounted to $27,293,656, an
increase of $1,886,114 (7.4%) Total net position also increased by $912,606 (1.7%) from the previous
fiscal year. Water revenues were down by $838,429 and expenses decreased by $1,911,451. The
decrease in revenues is a reflection of water conservation due to drought conditions and the decrease in
expenses reflects a one-time $2.0 million purchase of supplemental water supply recoded in FY 14-15.
Unrestricted net position of the City’s Light Utility at the end of the year amounted to $9,970,838. Total
unrestricted net position increased by $214,821 (2.2%) and total net position also increased by
$1,083,040 (2.5%) from the previous fiscal year. Light revenues and expenses were down by $3,848,899
(8.3%) and $3,008,775 (6.7%), respectively, from prior year. The decreases are a result of energy cost
savings which were passed on as savings through retail rates.
12
The following chart highlights total revenue and total expenses for each of the business type activities for
fiscal year end June 30, 2016.
Water Light Sewer/
Wastewater Refuse Contract
Revenue $20.9 $42.7 $2.7 $4.1
Expenses $20.0 $41.6 $2.3 $4.1
$‐
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
Business Type Activities ‐Revenues and Expenses
for the year ended June 30
13
General Fund Budgetary Highlights
Following is a summary of budgetary changes and actual results for General Fund, revenues,
expenditures, and other financing sources:
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes 28,257,445$ 28,332,445$ 29,983,620 1,651,175$
Charges for services 2,325,805 2,361,805 2,435,877 74,072
Assessments 1,824,745 1,771,595 1,875,271 103,676
Other revenue 2,870,680 5,129,725 4,943,799 (185,926)
Total revenue 35,278,675 37,595,570 39,238,567 1,642,997
Expenditures:
Operations 29,768,710 30,052,197 30,804,346 (752,149)
Capital Outlay - 500,000 496,083 3,917
Debt Service 1,188,685 1,188,685 1,200,076 (11,391)
Total expenditures 30,957,395 31,740,882 32,500,505 (759,623)
Excess of revenues
over expenditures 4,321,280 5,854,688 6,738,062 2,402,620
Other Financing Sources/(Uses):
Transfers in 1,413,515 1,413,515 1,413,515 -
Transfers out 5,483,980 5,704,880 5,022,435 682,445
Total other financing sources (uses)(4,070,465) (4,291,365) (3,608,920) 682,445
Net change in fund balance 250,815 1,563,323 3,129,142 1,565,819
Fund balance beginning of year 20,024,037 20,024,037 20,024,037 -
Fund balance end of year $20,274,852 $21,587,360 $23,153,179 $1,565,819
General Fund Budgetary Summary
Revenues, Expenditures, and Changes in Fund Balance
June 30, 2016
Budgeted Amounts
The difference between the original expenditure budget and the final amended expenditure budget was
an increase of $1,312,508 with highlights as follows:
Various employee group contractual agreements such as vacation payout and retroactive
compensation budgets were increased as a result of successful labor negotiations. Public Safety
budget rose due to contract obligations and retirement costs.
The budgets of the: City Clerk department was increased due to staffing re-organization; Public
Works department increased due to special studies and outsourcing of engineering services
resulting from a high volume of transportation related projects; Human Resources department
rose to provide needed part-time hours.
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, 2016 amounted to $154,300,230 (net of accumulated depreciation). This investment
includes land, construction in progress, land improvements, buildings and structures, machinery and
equipment, automotive equipment and infrastructure.
14
2016 2015 2016 2015 2016 2015
Land 1,819,536$ 1,319,536$ 2,988,973$ 2,988,973$ 4,808,509$ 4,308,509$
Construction in Progress 1,728,657 1,333,303 19,331 825,486 1,747,988 2,158,789
Land Improvements 1,204,276 1,327,038 382,045 420,617 1,586,321 1,747,655
Buildings and Structures 6,674,661 6,796,645 12,410,435 12,905,633 19,085,096 19,702,278
Machinery and Equipment 1,179,811 1,418,399 2,601,200 2,952,321 3,781,011 4,370,720
Automotive Equipment 585,195 691,136 332,647 290,069 917,842 981,205
Infrastructure 21,978,507 17,026,198 100,394,956 103,367,608 122,373,463 120,393,806
Total 35,170,643$ 29,912,255$ 119,129,587$ 123,750,707$ 154,300,230$ 153,662,962$
Capital Assets for the year ended June 30
(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
$107,434,410. Of this amount, $37,066,091 is a liability of the Governmental Activities and $70,368,319
is a liability of the Business Type Activities. The increase in the outstanding balances is the result of
GASB 68 reporting.
2016 2015 2016 2015 2016 2015
Employee Leave Benefits 3,778,294$ 3,704,926$ 1,182,274$ 1,369,793$ 4,960,568$ 5,074,719$
Net OPEB Liability 14,751,995 12,287,102 - 14,751,995 12,287,102
Advance from the Successor Agency 8,208,833 8,208,833 - 8,208,833 8,208,833
2003 COPS 2,020,000 2,285,000 780,000 1,400,000 2,800,000 3,685,000
2006 Water Revenue Bonds - -52,270,000 - 52,270,000
2008 Taxable Pension Funding Bond 2,240,000 3,205,000 - 2,240,000 3,205,000
2011 Sewer Installment Loan - 4,365,000 4,730,000 4,365,000 4,730,000
2012 Electric Refunding Bond - 5,820,000 5,820,000 5,820,000 5,820,000
2012 Water Refunding Bonds - 6,645,000 7,355,000 6,645,000 7,355,000
2015 Water Refunding Bonds - 47,740,000 - 47,740,000 -
2016 T.R.I.P Installment Sale 3,570,000 - -- 3,570,000 -
Claims and Judgments Payable 2,317,141 1,430,273 - 2,317,141 1,430,273
Unamortized Premium/(Discount)179,828 34,622 3,836,045 3,700,121 4,015,873 3,734,743
Total 37,066,091$ 31,155,756$ 70,368,319$ 76,644,914$ 107,434,410$ 107,800,670$
Outstanding Debt for the year ended June 30
Governmental Business Type
Activities Activates Total
Additional information on the City’s long-term debt can be found in Note 5 of Notes to the Basic Financial
Statements.
Economic Factors and Next Year’s Budgets and Rates
The revenue projections for the 2016-17 General Fund adopted budget reflected a growth of 8.5% over
the prior year’s final budget. Property and sales taxes are expected to continue to grow modestly due to
the home sales in Rosedale and other new construction throughout the City. The projected growth also
includes one-time revenues related to property sales.
General Fund expenditures, including transfers out and capital outlay, were higher by less than 1.0% for
the 2016-17 adopted budget. The increase reflects higher costs for: City Clerk department
re-organization; Los Angeles County fire service contractual obligation; professional services in the Public
Works department; and the addition of personnel positions in several departments.
15
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 $3.2 million, which includes one-time
revenues of $2.0 million, for the General Fund without any reductions in services and added 6.0 FTE to
personnel positions. Without the one-time revenues, the projected surplus is still $1.2 million.
Rising retirement costs, such as pension and retiree health care, are main concerns for the City.
Although the City successfully negotiated contracts with six of its seven bargaining units, where all units
agreed to pay between 7.0-9.0% of the employer’s portion of PERS contributions, continued negotiations
with employee bargaining groups will further address solutions to the pension and retiree health care
liabilities.
In addition, the State’s dissolution of redevelopment agencies continues to affect the City. The goal to
develop properties owned by the former redevelopment agency is moving forward in order to generate
additional revenues to help address additional costs in the long term. Furthermore, it is projected that
property tax revenues will keep increasing as new home sales and the improvement in the economy
continue. Staff will continue to be prudent with its budget and to monitor any legislative action that could
impact the financial condition in Azusa.
Request for Information
This financial report is designed to provide a general overview of the financial position of the City of
Azusa for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to City of
Azusa Finance Department, 213 E. Foothill Blvd., Azusa, CA 91702.
16
CITY OF AZUSA
STATEMENT OF NET POSITION
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 19,142,506$ 40,277,638$ 59,420,144$
Receivables:
Accounts 4,666,938 8,781,280 13,448,218
Taxes 2,583,658 - 2,583,658
Notes and loans 2,088,078 49,127 2,137,205
Accrued interest 103,406 25,477 128,883
Internal balances (6,749,062) 6,749,062 -
Due from other governments 16 - 16
Due from Successor Agency 9,750,019 2,616,012 12,366,031
Prepaid costs 142,310 16,045 158,355
Inventories 142,606 1,826,743 1,969,349
Land held for resale 7,384,436 - 7,384,436
Restricted assets:
Cash and investments 2,331,055 13 2,331,068
Cash with fiscal agent 4,069,768 6,603,340 10,673,108
Cash held for rate stabilization - 10,211,624 10,211,624
Capital assets not being depreciated 3,548,193 3,008,304 6,556,497
Capital assets, net of depreciation 31,622,450 116,121,283 147,743,733
Total Assets 80,826,377 196,285,948 277,112,325
Deferred Outflows of Resources:
Deferred charge on refunding - 1,677,882 1,677,882
Deferred pension related items 4,369,370 1,477,914 5,847,284
Total Deferred Outflows
of Resources 4,369,370 3,155,796 7,525,166
Liabilities:
Accounts payable 2,070,965 3,623,336 5,694,301
Accrued liabilities 1,755,317 978,155 2,733,472
Accrued interest 122,101 1,291,626 1,413,727
Unearned revenue 1,034,559 - 1,034,559
Deposits payable 12,370 3,261,485 3,273,855
Due to other governments 10,573 10,072 20,645
Noncurrent liabilities:
Due within one year 6,394,376 3,851,705 10,246,081
Due in more than one year 15,919,720 66,516,614 82,436,334
Net OPEB liability 14,751,995 - 14,751,995
Net pension liability 39,982,335 13,070,852 53,053,187
Total Liabilities 82,054,311 92,603,845 174,658,156
Deferred Inflows of Resources:
Deferred pension related items 4,651,415 1,612,892 6,264,307
Net Position:
Net investment in capital assets 33,586,894 56,985,265 90,572,159
Restricted for:
Community development projects 4,991,034 - 4,991,034
Public safety 147,294 - 147,294
Capital projects 7,038,060 - 7,038,060
Debt service 488,001 1,237,154 1,725,155
Rate stabilization - 10,211,624 10,211,624
Unrestricted (47,761,262) 36,790,964 (10,970,298)
Total Net Position (1,509,979)$ 105,225,007$ 103,715,028$
JUNE 30, 2016
Primary Government
See Notes to Financial Statements 17
CITY OF AZUSA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2016
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 10,945,471$ 4,157,243$ 187,941$ -$
Public safety 22,689,580 821,281 602,642 327,052
Community development 2,605,120 2,463,012 508,834 -
Parks and Recreation 4,546,965 1,188,778 265,207 -
Public works 5,331,169 739,521 4,871,215 1,610
Interest on long-term debt 517,395 - - -
Total Governmental Activities 46,635,700 9,369,835 6,435,839 328,662
Business-Type Activities:
Water 19,429,769 20,317,053 - -
Light 41,383,802 40,464,630 - -
Sewer/ Wastewater 2,131,684 2,679,660 - -
Refuse Contract 3,342,897 3,465,932 - -
Total Business-Type Activities 66,288,152 66,927,275 - -
Total Primary Government 112,923,852$ 76,297,110$ 6,435,839$ 328,662$
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
Transfers
Total General Revenues
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
(6,600,287)$ -$ (6,600,287)$
(20,938,605) - (20,938,605)
366,726 - 366,726
(3,092,980) - (3,092,980)
281,177 - 281,177
(517,395) - (517,395)
(30,501,364) - (30,501,364)
- 887,284 887,284
- (919,172) (919,172)
- 547,976 547,976
- 123,035 123,035
- 639,123 639,123
(30,501,364) 639,123 (29,862,241)
9,134,084 630,981 9,765,065
347,965 - 347,965
8,001,941 - 8,001,941
7,575,506 - 7,575,506
1,995,000 - 1,995,000
3,266,383 - 3,266,383
1,851,142 - 1,851,142
183,908 532,303 716,211
1,709,757 2,347,066 4,056,823
1,652,338 (1,652,338) -
35,718,024 1,858,012 37,576,036
5,216,660 2,497,135 7,713,795
(7,636,124) 102,795,716 95,159,592
909,485 (67,844) 841,641
(1,509,979)$ 105,225,007$ 103,715,028$
Net (Expenses) Revenues and Changes in Net Position
See Notes to Financial Statements 19
CITY OF AZUSA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2016
Other Total
Governmental Governmental
General Funds Funds
Assets:
Pooled cash and investments 6,697,068$ -$ 10,328,680$ 17,025,748$
Receivables:
Accounts 408,050 3,994,804 263,988 4,666,842
Taxes 2,578,727 - 4,931 2,583,658
Notes and loans 4,525 - 2,081,675 2,086,200
Accrued interest 98,435 - 4,714 103,149
Prepaid costs 37,860 8,730 4,428 51,018
Due from other governments 16 - - 16
Inventories 142,606 - - 142,606
Land held for resale 7,384,436 - - 7,384,436
Restricted assets:
Cash and investments 2,300,762 - 30,293 2,331,055
Cash and investments with fiscal agents 72,849 - 3,996,919 4,069,768
Advances to Successor Agency 9,750,019 - - 9,750,019
Total Assets 29,475,353$ 4,003,534$ 16,715,628$ 50,194,515$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 565,994$ 231,646$ 800,829$ 1,598,469$
Accrued liabilities 1,535,793 13,036 152,101 1,700,930
Unearned revenues 30,000 826,569 177,990 1,034,559
Deposits payable - - 12,370 12,370
Due to other governments 10,573 - - 10,573
Due to other funds - 1,716,020 103,228 1,819,248
Advances from other funds 4,179,814 - 750,000 4,929,814
Total Liabilities 6,322,174 2,787,271 1,996,518 11,105,963
Deferred Inflows of Resources:
Unavailable revenues - 3,666,713 2,090,220 5,756,933
Total Deferred Inflows of Resources - 3,666,713 2,090,220 5,756,933
Fund Balances:
Nonspendable:
Inventories 142,606 - - 142,606
Prepaid costs 37,860 8,730 4,428 51,018
Land held for resale 7,384,436 - - 7,384,436
Notes and loans 4,525 - - 4,525
Advances to Successor Agency 9,750,019 - - 9,750,019
Restricted for:
Community development projects - - 4,991,022 4,991,022
Public safety - - 147,294 147,294
Capital projects - - 7,038,060 7,038,060
Debt service - - 483,585 483,585
Unassigned 5,833,733 (2,459,180) (35,499) 3,339,054
Total Fund Balances 23,153,179 (2,450,450) 12,628,890 33,331,619
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 29,475,353$ 4,003,534$ 16,715,628$ 50,194,515$
Special
Revenue
Funds
Grants and
Seizure
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, 2016
Fund balances of governmental funds 33,331,619$
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.34,746,557
Deferred Outflows related to contributions made after the actuarial measurement date
for the net pension liability.
Miscellaneous contributions made subsequent to measurement date 1,254,472$
Safety contributions made subsequent to measurement date 2,408,176
Safety adjustments due to differences in proportions 334,308
PARS differences between expected and actual experience 37,119
PARS changes of assumptions 57,232
PARS net difference between projected and actual earnings on investment 129,951 4,221,258
Long-term debt and compensated absences
that have not been included in the governmental fund activity.
Long-term liabilities (16,218,661)
Compensated Absences (3,604,383) (19,823,044)
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.(14,751,995)
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds.(122,101)
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.
Miscellaneous net pension liability (13,627,758)
Safety net pension liability (22,831,275)
PARS net pension liability (1,541,783) (38,000,816)
Deferred Inflows related to unrecognized actuarial gains and losses for the net
pension liability:
Miscellaneous change in assumptions (818,044)
Safety change in assumptions (1,253,696)
Miscellaneous difference between expected and actual experiences (615,137)
Safety difference between expected and actual experiences (272,580)
Safety net difference between projected and actual earnings on plan investments (635,381)
Miscellaneous net difference between projected and actual earnings on plan
investments (530,069)
Safety change in employer's proportion and differences between the employer's
contributions and the employer's proportionate share of contributions (315,936)
PARS difference between expected and actual experience (71,702) (4,512,545)
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.5,756,933
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.(2,355,845)
Net Position of governmental activities (1,509,979)$
See Notes to Financial Statements 21
CITY OF AZUSA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
Other Total
Governmental Governmental
General Funds Funds
Revenues:
Taxes 29,983,620$ 48,165$ 2,140,236$ 32,172,021$
Assessments 1,875,271 - - 1,875,271
Licenses and permits 1,096,325 - - 1,096,325
Intergovernmental 496,497 1,126,742 2,012,651 3,635,890
Charges for services 2,435,877 54,538 2,015,429 4,505,844
Use of money and property 361,500 7,852 73,635 442,987
Fines and forfeitures 1,328,383 - - 1,328,383
Contributions 19,703 1,042 78,849 99,594
Miscellaneous 1,641,391 94,213 23,869 1,759,473
Total Revenues 39,238,567 1,332,552 6,344,669 46,915,788
Expenditures:
Current:
General government 7,248,290 - 297,153 7,545,443
Public safety 17,732,585 332,265 4,425,970 22,490,820
Community development 1,674,631 - 913,530 2,588,161
Parks and recreation 3,453,112 347,419 411,629 4,212,160
Public works 695,728 144,992 3,463,659 4,304,379
Capital outlay 496,083 3,954,018 1,983,217 6,433,318
Debt service:
Principal retirement 965,000 - 265,000 1,230,000
Interest and fiscal charges 235,076 - 327,454 562,530
Total Expenditures 32,500,505 4,778,694 12,087,612 49,366,811
Excess (Deficiency) of Revenues
Over (Under) Expenditures 6,738,062 (3,446,142) (5,742,943) (2,451,023)
Other Financing Sources (Uses):
Transfers in 1,413,515 - 5,425,558 6,839,073
Transfers out (5,022,435) - (293,905) (5,316,340)
Debt issued - - 3,570,000 3,570,000
Bond premium - - 168,899 168,899
Total Other Financing Sources
(Uses)(3,608,920) - 8,870,552 5,261,632
Net Change in Fund Balances 3,129,142 (3,446,142) 3,127,609 2,810,609
Fund Balances, Beginning of Year, as
previously reported 19,547,182 995,692 9,501,281 30,044,155
Restatements 476,855 - - 476,855
Fund Balances, Beginning of Year, as restated 20,024,037 995,692 9,501,281 30,521,010
Fund Balances, End of Year 23,153,179$ (2,450,450)$ 12,628,890$ 33,331,619$
Special
Revenue
Funds
Grants and
Seizure
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, 2016
Net change in fund balances - total governmental funds 2,810,609$
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 6,410,824$
Depreciation (1,532,357)
Gain/(loss) on sale of capital assets (3,166) 4,875,301
The issuance of long-term debt provides current financial resources to
governmental funds, while repayment of long-term debt consumes the
current financial resources.
Issuance of long-term debt (3,570,000)
Premium from issuance of long-term debt (168,899)
Principal repayments 1,230,000
Amortization of bond premiums/discounts 23,693 (2,485,206)
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.21,442
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.(84,747)
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.(2,464,893)
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 151,562
Agent Miscellaneous PERS 279,342
Retirement Enhancement Plan PARS (64,575) 366,329
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities. These are included in the intergovernmental revenues
in the governmental fund activity.3,319,792
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.(1,141,967)
Change in net position of governmental activities 5,216,660$
See Notes to Financial Statements 23
CITY OF AZUSA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2016
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 24,493,800$ 10,874,813$ 3,613,098 $ 38,981,711$ 3,412,685 $
Receivables:
Accounts 3,095,154 4,203,542 779,726 8,078,422 702,954
Notes and loans 2,195 40,055 3,160 45,410 5,595
Accrued interest - - 1,809 1,809 23,925
Prepaid costs 5,477 10,568 - 16,045 91,292
Due from other funds 1,819,248 - - 1,819,248 -
Inventories - 1,826,743 - 1,826,743 -
Restricted:
Cash and investments - 13 - 13 -
Cash with fiscal agent 3,004,269 2,142,582 1,456,489 6,603,340 -
Cash held for rate stabilization - 10,211,624 - 10,211,624 -
Total Current Assets 32,420,143 29,309,940 5,854,282 67,584,365 4,236,451
Noncurrent:
Advances to Successor Agency 2,616,012 - - 2,616,012 -
Advances to other funds 4,023,814 906,000 - 4,929,814 -
Capital assets - net of accumulated depreciation 79,913,587 28,266,476 10,433,586 118,613,649 940,024
Total Noncurrent Assets 86,553,413 29,172,476 10,433,586 126,159,475 940,024
Total Assets 118,973,556 58,482,416 16,287,868 193,743,840 5,176,475
Deferred Outflows of Resources:
Deferred charge on refunding 1,343,746 334,136 - 1,677,882 -
Deferred pension related items 427,429 481,283 82,577 991,289 634,737
Total Deferred Outflows of Resources 1,771,175 815,419 82,577 2,669,171 634,737
Total Assets and Deferred Outflows
of Resources:120,744,731$ 59,297,835$ 16,370,445$ 196,413,011$ 5,811,212$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 1,975,102$ 963,348$ 576,397$ 3,514,847$ 580,985$
Accrued liabilities 135,658 157,513 34,993 328,164 704,378
Accrued interest 1,119,269 109,507 62,850 1,291,626 -
Deposits payable 884,630 2,376,855 - 3,261,485 -
Due to other governments 10,072 - - 10,072 -
Accrued compensated absences 351,648 324,887 56,127 732,662 381,943
Accrued claims and judgments - - - - 2,317,141
Bonds, notes, and capital leases 1,885,000 650,000 375,000 2,910,000 -
Total Current Liabilities 6,361,379 4,582,110 1,105,367 12,048,856 3,984,447
Noncurrent:
Accrued compensated absences 9,804 215,188 - 224,992 16,588
Bonds, notes, and capital leases 56,242,954 6,043,091 3,990,000 66,276,045 -
Net pension liability 4,214,874 3,704,332 1,132,877 9,052,083 6,000,288
Total Noncurrent Liabilities 60,467,632 9,962,611 5,122,877 75,553,120 6,016,876
Total Liabilities 66,829,011 14,544,721 6,228,244 87,601,976 10,001,323
Deferred Inflows of Resources:
Deferred pension related items 488,416 520,538 173,158 1,182,112 569,650
Total Deferred Inflows of Resources 488,416 520,538 173,158 1,182,112 569,650
Net Position:
Net investment in capital assets 25,997,673 22,948,935 7,522,719 56,469,327 940,024
Restricted for debt service 135,975 1,101,179 - 1,237,154 -
Restricted for rate stabilization - 10,211,624 - 10,211,624 -
Unrestricted 27,293,656 9,970,838 2,446,324 39,710,818 (5,699,785)
Total Net Position 53,427,304 44,232,576 9,969,043 107,628,923 (4,759,761)
Total Liabilities, Net Position
and Deferred Inflows of Resources 120,744,731$ 59,297,835$ 16,370,445$ 196,413,011$ 5,811,212$
Reconciliation of Net Position to the Statement of Net Position
Net Position per Statement of Net Position - Proprietary Funds 107,628,923$
Prior years' accumulated adjustment to reflect the consolidation of
internal service funds activities related to the enterprise funds (2,433,987)
Current years' adjustments to reflect the consolidation of internal
service activities related to enterprise funds 30,071
Net Position per Statement of Net Position 105,225,007$
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, 2016
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Operating Revenues:
Sales and service charges 20,317,053$ 40,464,630$ 6,145,592$ 66,927,275$ 10,846,101$
Interdepartmental charges 336,923 1,911,972 - 2,248,895 -
Miscellaneous 11,228 75,652 11,291 98,171 50,195
Lease revenue 12,800 - - 12,800 -
Total Operating Revenues 20,678,004 42,452,254 6,156,883 69,287,141 10,896,296
Operating Expenses:
Administration and general 6,641,423 6,794,163 912,924 14,348,510 8,769,078
Source of supply 1,187,708 25,742,199 - 26,929,907 293,707
Pumping 70,336 - - 70,336 -
Transmission/collection 1,651,988 3,750,031 - 5,402,019 -
Treatment 294,223 - 524,338 818,561 -
Refuse collection - - 3,342,897 3,342,897 -
Cost of sales and services 3,551,366 56,865 - 3,608,231 -
Claims expense - - - - 2,556,766
Depreciation expense 3,752,679 1,274,013 488,339 5,515,031 219,680
Total Operating Expenses 17,149,723 37,617,271 5,268,498 60,035,492 11,839,231
Operating Income (Loss)3,528,281 4,834,983 888,385 9,251,649 (942,935)
Nonoperating Revenues (Expenses):
Taxes - - 630,981 630,981 -
Interest revenue 228,799 265,634 25,070 519,503 5,921
Interest expense (2,089,099) (225,136) (151,839) (2,466,074) -
Special franchise fees (403,189) (3,655,679) (54,244) (4,113,112) -
Loss on disposal of capital assets - - - - (8,487)
Gain on disposal of capital assets - - - - 455
Total Nonoperating
Revenues (Expenses)(2,263,489) (3,615,181) 449,968 (5,428,702) (2,111)
Income (Loss) Before Transfers 1,264,792 1,219,802 1,338,353 3,822,947 (945,046)
Transfers in - - - - 261,940
Transfers out (352,186) (136,762) (866,935) (1,355,883) (428,790)
Changes in Net Position 912,606 1,083,040 471,418 2,467,064 (1,111,896)
Net Position:
Beginning of Year, as
previously reported 52,645,976 43,220,224 9,363,503 105,229,703 (3,647,865)
Restatements (131,278) (70,688) 134,122 (67,844) -
Beginning of Fiscal Year, as restated 52,514,698 43,149,536 9,497,625 105,161,859 (3,647,865)
End of Fiscal Year 53,427,304$ 44,232,576$ 9,969,043$ 107,628,923$ (4,759,761)$
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 2,467,064$
Adjustment to reflect the consolidation of current fiscal year
internal service funds activities related to enterprise funds 30,071
Changes in Net Position of Business-Type Activities per Statement of Activities 2,497,135$
Water Light
See Notes to Financial Statements 25
CITY OF AZUSA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2016
Governmental
Other Activities-
Enterprise Internal
Funds Totals Service Funds
Cash Flows from Operating Activities:
Cash received from customers and users 22,035,878$ 41,308,875$ 6,098,914$ 69,443,667$ 10,348,620$
Cash received from/(paid to) interfund service provided 336,923 1,911,972 - 2,248,895 -
Cash paid to suppliers for goods and services (6,637,658) (31,867,606) (3,847,652) (42,352,916) (2,103,654)
Cash paid to employees for services (6,749,177) (6,755,059) (946,090) (14,450,326) (8,881,663)
Net Cash Provided by (Used in) Operating Activities 8,985,966 4,598,182 1,305,172 14,889,320 (636,697)
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (352,186) (136,762) (866,935) (1,355,883) (428,790)
Cash transfers in - - - - 261,940
Repayment received from other funds (1,769,622) - - (1,769,622) -
Repayment made to other funds - - - - (34,216)
Net Cash Used in
Non-Capital Financing Activities (2,121,808) (136,762) (866,935) (3,125,505) (201,066)
Cash Flows from Capital
and Related Financing Activities:
Bond issuance proceeds 50,808,742 - - 50,808,742 -
Payment to advanced refunding escrow agent (53,930,138) - - (53,930,138) -
Acquisition and construction of capital assets (187,403) (628,481) (89,218) (905,102) (175,844)
Principal paid on capital debt (1,800,000) (620,000) (365,000) (2,785,000) -
Interest paid on capital debt (3,133,118) (237,138) (156,833) (3,527,089) -
Special franchise fees paid (403,189) (3,655,679) (54,244) (4,113,112) -
Cash due from advances (17,387) - (17,387) -
Repayment made for advances - 25,000 - 25,000 -
Proceeds from sale of capital assets - - 630,981 630,981 8,866
Net Cash Provided by (Used in)
Capital and Related Financing Activities (8,662,493) (5,116,298) (34,314) (13,813,105) (166,978)
Cash Flows from Investing Activities:
Issuance of new loans - - (3,160) (3,160) (1,341)
Repayment received on loans 959 31,416 - 32,375 234
Interest received 226,881 280,172 24,154 531,207 6,236
Net Cash Provided by
Investing Activities 227,840 311,588 20,994 560,422 5,129
Net Increase (Decrease) in Cash
and Cash Equivalents (1,570,495) (343,290) 424,917 (1,488,868) (999,612)
Cash and Cash Equivalents at Beginning of Year 29,068,564 23,572,322 4,644,670 57,285,556 4,412,297
Cash and Cash Equivalents at End of Year 27,498,069$ 23,229,032$ 5,069,587$ 55,796,688$ 3,412,685$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)3,528,281$ 4,834,983$ 888,385$ 9,251,649$ (942,935)$
Adjustments to reconcile operating income (loss)
net cash provided by (used in) operating activities:
Depreciation 3,752,679 1,274,013 488,339 5,515,031 219,680
(Increase) decrease in accounts receivable 1,694,797 768,593 (57,969) 2,405,421 (527,657)
(Increase) decrease in inventories - (185,907) - (185,907) -
(Increase) decrease in prepaid expense (379) 735 - 356 (15,629)
(Increase) decrease in deferred pension related outflows (90,694) (103,607) 4,918 (189,383) (167,827)
Increase (decrease) in accounts payable 353,990 (579,472) 11,268 (214,214) (296,004)
Increase (decrease) in accrued liabilities 35,885 55,588 8,315 99,788 151,565
Increase (decrease) in deposits payable (212,525) (1,553,867) - (1,766,392) -
Increase (decrease) in due to other governments (23,123) - - (23,123) -
Increase (decrease) in claims and judgments - - - - 886,868
Increase (decrease) in compensated absences (110,902) 5,136 (22,382) (128,148) (70,750)
Increase (decrease) in net pension liability 434,471 455,516 72,347 962,334 662,706
Increase (decrease) in deferred pension related inflows (376,514) (373,529) (88,049) (838,092) (536,714)
Total Adjustments 5,457,685 (236,801) 416,787 5,637,671 306,238
Net Cash Provided by (Used in)
Operating Activities 8,985,966$ 4,598,182$ 1,305,172$ 14,889,320$ (636,697)$
Non-Cash Investing, Capital, and Financing Activities:
Amortization of premiums (217,700)$ (13,298)$ -$ (230,998)$ 8,866$
Amortization of deferred charge on refunding 558,012 18,563 - 576,575 -
Water Light
See Notes to Financial Statements 26
CITY OF AZUSA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2016
Agency
Funds
Assets:
Pooled cash and investments 6,453,149$ 4,881,822$
Receivables:
Accounts 269,249 -
Taxes 48,554 -
Notes and loans - 1,151,482
Accrued interest - 160
Advances to City - 8,208,832
Land held for resale - 27,605,917
Restricted assets:
Cash and investments with fiscal agents - 354,314
Capital assets:
Capital assets, not being depreciated - 410,420
Capital assets, net of accumulated depreciation - 1,359,923
Total Assets 6,770,952$ 43,972,870
Deferred Outflows of Resources:
Deferred charge on refunding 3,237,236
Total Deferred Outflows of Resources 3,237,236$
Liabilities:
Accounts payable 248,063$ 101,411
Accrued liabilities 7,966 -
Accrued interest - 1,031,212
Unearned revenues - 20,000
Deposits payable 6,491,878 -
Due to other governments 23,045 -
Long-term liabilities:
Due in one year - 1,845,000
Due in more than one year - 47,142,334
Due to City of Azusa - 12,366,031
Total Liabilities 6,770,952$ 62,505,988
Net Position:
Held in trust for other purposes (15,295,882)
Total Net Position (15,295,882)$
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, 2016
Additions:
Taxes 3,843,267$
Interest and change in fair value of investments 106,851
Gain on sale of capital assets 107,686
Total Additions 4,057,804
Deductions:
Administrative expenses 20,324
Contractual services 173,307
Interest expense 3,345,820
Depreciation expense 129,151
Loss on sale of assets 968,181
Contributions to other governments 369,605
Total Deductions 5,006,388
Changes in Net Position (948,584)
Net Position - Beginning of the Year (14,232,029)
Restatement (115,269)
Net Position - End of the Year (15,295,882)$
Private-
Purpose Trust
Fund
RDA
Successor
Agency Fund
See Notes to Financial Statements 28
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2016
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. The Authority is financially
interdependent and provide financial benefit/burden to the City.
29
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016
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.
x The Grants and Seizure Fund accounts for various federal, state, and local
grants which the City receives.
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
31
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
resources are reported as general revenues rather than as program revenues. Likewise,
general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
The principal operating revenues of the Enterprise Funds are charges to customers for
sales and services. Operating expenses for Enterprise Funds include the cost of sales
and services, administrative expenses and depreciation on capital assets. All revenues
and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
When both restricted and unrestricted resources are available for use, it is the City's
policy to use restricted resources first, then unrestricted resources as needed.
The City’s fiduciary funds consist of an Agency fund and Private Purpose Trust funds.
Agency funds are custodial in nature, assets equal liabilities. The Private Purpose Trust
funds accounts for the assets and liabilities of the 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, 2016
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, 2016
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, 2016
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, 2016
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, by resolution, 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, 2016
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, 2016
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 38,981,711$ 3,412,685$
Restricted:
Cash and investments 13 -
Cash with fiscal agent 6,603,340 -
Cash held for rate stabilization 10,211,624 -
Total 55,796,688$ 3,412,685$
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 ($16,218,661) long-term debt
difference is as follows:
Long-term debt:
Certificates of participation (2,020,000)$
Taxable pension bonds (2,240,000)
T.R.I.P. installment sale (3,570,000)
Deferred premium on bonds and COP
(to be amortized over life of debt) (179,828)
Successor Agency Loan (8,208,833)
Net adjustment to reduce fund balance of total
governmental funds to arrive at net position of
governmental activities (16,218,661)$
38
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
i. Effect of New Accounting Standard
During the fiscal year ended June 30, 2016, the City implemented the following
Governmental Accounting Standards Board (GASB) standards GASB Statement No. 72
- Fair Value Measurement and Application. The changes resulting from this
implementation are reflected in Note 3.
II. STEWARDSHIP
Note 2: Stewardship, Compliance and Accountability
a. Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis of accounting
for the general, special revenue, debt service and capital projects funds and on the
accrual basis of accounting for the proprietary funds of the City. According to
Section 3.04.040 of the Azusa Municipal Code, the City Council is required to adopt the
annual budget on or before the first Monday in July. The City is not legally required to
report on the budget approved. Where appropriations exceed actual expenditures, the
excess amounts lapse but can be re-appropriated in the subsequent year subject to
City Council approval. The Highway 39, Rosedale Traffic Mitigation, Public Financing
Authority, 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 $100,000 or more must be approved by City Council.
Spending control (legal level of control) is established by the amount of expenditures
budgeted at the department level. During the year, several supplementary appropriations
were necessary. Individual amendments were not material in relation to the original
appropriations.
39
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 2: Stewardship, Compliance and Accountability (Continued)
b. Deficit Fund Balance
The following funds had a deficit fund balance as of June 30, 2016:
Nonmajor Funds:
Governmental:
LACMTA 27$
Community Development Block Grant 22,517
Employee Benefits 12,414
Capital Projects 541
Fiduciary Funds:
Private Purpose Trust Fund: Successor
Agency of the Former Redevelopment Agency 15,295,882
Internal Service Funds:
Consumer Services 2,403,896
Central Services 856,361
IT Services 1,945,302
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, 2016, cash and investments were reported in the accompanying financial
statements as follows:
Governmental Activities:
Cash and investments 19,142,506$
Restricted
Cash and investments 2,331,055
Cash with fiscal agents 4,069,768
Business-type activities:
Cash and investments 40,277,638
Restricted
Cash and investments 13
Cash with fiscal agents 6,603,340
Cash held for rate stabilization 10,211,624
Fiduciary Funds:
Agency Funds:
Cash and investments 6,453,149
Private-Purpose Trust:
Cash and investments 4,881,822
Restricted
Cash with fiscal agents 354,314
Total Cash and Investments 94,325,229$
40
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016, the carrying amount of the City’s deposits was $9,309,443 and the
bank balance was $10,021,882 . The $712,439 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, 2016
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.
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, 2016, the
City’s investments in Federal Agency securities consisted of investments with Federal
Home Loan Bank and Federal Farm Credit Bank. At June 30, 2016, 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, 2016, 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, 2016, 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, 2016, the City has investments of $11,007,350 (13%) with Federal Farm
Credit Bank, $11,007,990 (13%) with Federal Home Loan Mortgage Corporation, and
$8,006,530 (9%) with Federal Home Loan Bank. Investments guaranteed by the U.S.
government, investments in mutual funds and external investment pools are excluded
from this requirement.
42
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 3: Cash and Investments (Continued)
Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates. The City's investment
policy states that no investment may have a maturity of more than five years without
receiving prior City Council approval. The only exception to these maturity limits shall be
the investment of the gross proceeds of tax-exempt bonds. Reserve funds associated
with bond issues may have a maturity of more than five years. The City has elected to
use the segmented time distribution method of disclosure for its interest rate risk. As of
June 30, 2016, the City had the following investments and original maturities:
6 months 6 months 1 to 3 3 to 5 Fair
or less to 1 year years years Value
LAIF 27,967,931$ -$ -$ -$ 27,967,931$
Federal Farm Credit Bank - - 6,000,220 4,007,870 10,008,090
Federal Home Loan Bank - - 2,000,050 5,003,450 7,003,500
Federal Home Loan Mortgage Corp.- - - 8,005,740 8,005,740
Federal National Mortgage Assoc.- - 1,000,170 - 1,000,170
Certificates of Deposit - 100,333 493,410 4,708,865 5,302,608
Corporate Bonds - - 1,002,460 - 1,002,460
Money Market Mutual Funds 3,487,708 - - - 3,487,708
Cash with Fiscal Agents:
Money Market Mutual Funds 14,471,694 - - - 14,471,694
Federal Farm Credit Bank - - 999,260 - 999,260
Federal Home Loan Bank - - 1,003,030 - 1,003,030
Federal Home Loan Mortgage Corp.- - - 3,002,250 3,002,250
Certificates of Deposit 245,728 - - 996,438 1,242,166
Repurchase Agreement 519,179 - - - 519,179
46,692,240$ 100,333$ 12,498,600$ 25,724,613$ 85,015,786$
Remaining Investment Maturities
43
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 3: Cash and Investments (Continued)
Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. The hierarchy is based on the
valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted
prices in active markets for identical assets; Level 2 inputs are significant other
observable inputs; Level 3 inputs are significant unobservable inputs. The City has the
following recurring fair value measurements as of June 30, 2016:
Totals 1 2 3
LAIF 27,967,931$ -$ 27,967,931$ -$
Federal Farm Credit Bank 10,008,090 - 10,008,090 -
Federal Home Loan Bank 7,003,500 - 7,003,500 -
Federal Home Loan Mortgage Corp.8,005,740 - 8,005,740 -
Federal National Mortgage Assoc.1,000,170 - 1,000,170 -
Certificates of Deposit 5,302,608 - 5,302,608 -
Corporate Bonds 1,002,460 - 1,002,460 -
Cash with Fiscal Agents:
Federal Farm Credit Bank 999,260 - 999,260 -
Federal Home Loan Bank 1,003,030 - 1,003,030 -
Federal Home Loan Mortgage Corp 3,002,250 - 3,002,250 -
Certificates of Deposit 1,242,166 - 1,242,166 -
Totals 66,537,205$ -$ 65,295,039$ -$
Money Market Mutual Funds 3,487,708$
Cash with Fiscal Agents:
Repurchase Agreement 519,179
Money Market Mutual Funds 14,471,694
Totals 18,478,581
Total Investments 85,015,786$
Level
Investments by fair value level
Investments measured at amortized cost
Local Agency Investment Funds, U.S. Agency Securities, Certificates of Deposit,
Corporate Bonds classified in Level 2 of the fair value hierarchy are valued using
institutional bond quotes or specified fair market value factors.
44
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 4: Capital Assets
Capital asset activity for the year ended June 30, 2016, was as follows:
Adjusted
Beginning Ending
Balance Transfers Increases Decreases Balance
Governmental Activities:
Capital Assets, Not Being Depreciated:
Land 1,319,536$ -$ 500,000$ -$ 1,819,536$
Construction-in-progress 1,765,933 (5,625,019) 5,587,743 - 1,728,657
Total Capital Assets
Not Being Depreciated 2,652,839 (5,625,019) 6,087,743 - 3,548,193
Capital Assets, Being Depreciated:
Land improvements 4,423,252 - - - 4,423,252
Buildings and structures 12,716,411 180,118 - - 12,896,529
Machinery and equipment 8,405,474 - 31,263 - 8,436,737
Automotive equipment 3,378,064 - 101,190 (272,469) 3,206,785
Infrastructure 49,433,442 5,444,901 267,833 - 55,146,176
Total Capital Assets
Being Depreciated 78,356,643 5,625,019 400,286 (272,469) 84,109,479
Less Accumulated Depreciation:
Land improvements 3,096,214 - 122,762 - 3,218,976
Buildings and structures 5,919,766 - 302,102 - 6,221,868
Machinery and equipment 6,987,075 - 269,851 - 7,256,926
Automotive equipment 2,686,928 - 187,067 (252,405) 2,621,590
Infrastructure 32,407,244 - 760,425 - 33,167,669
Total Accumulated Depreciation 51,097,227 - 1,642,207 (252,405) 52,487,029
Total Capital Assets
Being Depreciated, Net 27,259,416 5,625,019 (1,241,921) (20,064) 31,622,450
Governmental Activities
Capital Assets, Net 29,912,255$ -$ 4,845,822$ (20,064)$ 35,170,643$
45
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 825,486 (1,179,570) 373,415 - 19,331
Total Capital Assets
Not Being Depreciated 3,814,459 (1,179,570) 373,415 - 3,008,304
Capital Assets, Being Depreciated:
Land improvements 1,212,318 - - - 1,212,318
Building and structures 22,635,772 - - - 22,635,772
Machinery and equipment 13,629,255 - 118,672 - 13,747,927
Automotive equipment 3,754,324 - 148,926 (23,738) 3,879,512
Infrastructure 156,436,155 1,179,570 362,728 - 157,978,453
Total Capital Assets
Being Depreciated 197,667,824 1,179,570 630,326 (23,738) 199,453,982
Less Accumulated Depreciation:
Land improvements 791,701 - 38,572 - 830,273
Building and structures 9,730,139 - 495,198 - 10,225,337
Machinery and equipment 10,676,934 - 469,793 - 11,146,727
Automotive equipment 3,464,255 - 106,348 (23,738) 3,546,865
Infrastructure 53,068,547 - 4,514,950 - 57,583,497
Total Accumulated Depreciation 77,731,576 - 5,624,861 (23,738) 83,332,699
Total Capital Assets
Being Depreciated, Net 119,936,248 1,179,570 (4,994,535) - 116,121,283
Business-Type Activities
Capital Assets, Net 123,750,707$ -$ (4,621,120)$ -$ 119,129,587$
Depreciation expense was charged to functions/programs of the primary government as
follows:
Governmental Activities:
General government 100,625$
Public safety 111,942
Community development 15,969
Parks and recreation 276,911
Public works 1,026,910
Internal service funds 109,850
Total 1,642,207$
Business-Type Activities:
Water 3,752,679$
Light 1,274,013
Sewer/Wastewater 488,339
Internal service funds 109,830
Total 5,624,861$
46
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016:
Beginning at Ending Due within
July 1, 2015 Addition Deletion June 30, 2016 one year
City
Compensated Absences 3,519,636$ 2,510,670$ 2,425,923$ 3,604,383$ 2,484,335$
Net OPEB Liability 12,287,102 3,127,288 662,395 14,751,995 -
Advance to the Successor Agency 8,208,833 - - 8,208,833 -
2008 Taxable pension funding bonds 3,205,000 - 965,000 2,240,000 1,065,000
2016 TRIP Installment Sale - 3,570,000 - 3,570,000 80,000
27,220,571 9,207,958 4,053,318 32,375,211 3,629,335
Public Financing Authority
2003 Certificates of Participation 2,285,000 - 265,000 2,020,000 275,000
Internal Service Funds:
Compensated Absences 185,290 259,334 270,713 173,911 172,900
Claims and Judgments payable 1,430,273 2,890,352 2,003,484 2,317,141 2,317,141
Total Internal Service 1,615,563 3,149,686 2,274,197 2,491,052 2,490,041
Unamortized Premiums/Discounts
Premiums 46,079 168,899 25,823 189,155 -
Discounts (11,457) - (2,130) (9,327) -
Total Premiums/ Discounts 34,622 168,899 23,693 179,828 -
Total Governmental Long-term Debt 31,155,756$ 12,526,543$ 6,616,208$ 37,066,091$ 6,394,376$
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, 2016, is $8,208,833.
47
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 $1,175,000 on
January 1 each year from 2010 through 2018. The annual principal requirements to
amortize the 2008 Pension Funding Bonds outstanding as of June 30, 2016, are as
follows:
Principal Interest
2017 1,065,000$ 145,600$
2018 1,175,000 76,375
Total 2,240,000$ 221,975$
Taxable Pension Funding Bonds
Series 2008
2016 Local Measure R Sales Tax Revenue (Installment Sale) Certificates of Participation
On March 17, 2016, California Communities issued Local Measure R Sales Tax Revenue
(Installment Sale) Certificates of Participation (T.R.I.P. – Total Road Improvement
Program) in the amount of $6,355,000 to the City of San Fernando ($2,785,000) and the
City of Azusa ($3,570,000). The proceeds will be used to pay the costs of acquisition
and construction of the Project and to pay the incidental costs and expenses related
thereto as provided in the Trust Agreement. The certificates of participation mature in
annual installments beginning on June 1, 2017 through June 1, 2039, in amounts ranging
from $80,000 to $220,000. Interest ranges from 2.000% to 5.000% and is payable
semi-annually on June 1 and December 1. The outstanding principal balance at
June 30, 2016, was $3,570,000.
The annual requirements to amortize the outstanding certificates of participation as of
June 30, 2016, including interest, are as follows:
Principal Interest
2017 80,000$ 147,460$
2018 105,000 124,494
2019 105,000 121,344
2020 110,000 118,194
2021 115,000 113,794
2022-2026 650,000 492,019
2027-2031 810,000 335,219
2032-2036 950,000 194,750
2037-2039 645,000 42,250
Total 3,570,000$ 1,689,524$
Taxable Pension Funding Bonds
Series 2008
48
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 5: Long-Term Debt (Continued)
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, 2016, was
$2,020,000.
The annual requirements to repay the outstanding indebtedness at June 30, including
interest, are shown in the schedule below:
Principal Interest
2017 275,000$ 80,968$
2018 285,000 69,590
2019 300,000 57,337
2020 315,000 44,071
2021 845,000 18,590
Total 2,020,000$ 270,556$
2003 Certificates of
Participation
49
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016:
Beginning at Ending Due within
July 1, 2015 Defeased Addition Deletion June 30, 2016 one year
Water Fund:
Compensated Absences 472,354$ -$ 348,640$ 459,542$ 361,452$ 351,648$
2006 Water Revenue Bonds 52,270,000 51,180,000 - 1,090,000 - -
2012 Water Refunding Bonds, Series A 7,355,000 - - 710,000 6,645,000 735,000
2015 Water System Refunding Bonds - - 47,740,000 - 47,740,000 1,150,000
Total Water Fund 60,097,354 51,180,000 48,088,640 2,259,542 54,746,452 2,236,648
Light Fund:
Compensated Absences 534,939 - 326,933 321,797 540,075 324,887
2003 Certificates of participation,
Series B and C 1,400,000 - - 620,000 780,000 650,000
2012 Electric Refunding Bonds, Series B 5,820,000 - - - 5,820,000 -
Total Light Fund 7,754,939 - 326,933 941,797 7,140,075 974,887
Sewer/Wastewater Fund:
Compensated Absences 78,509 - 41,403 63,785 56,127 56,127
2011 Sewer Installment, Series A 1,065,000 - - 165,000 900,000 170,000
2011 Sewer Installment, Series B 3,665,000 - - 200,000 3,465,000 205,000
Total Sewer/Wastewater Fund 4,808,509 - 41,403 428,785 4,421,127 431,127
Internal Service Funds:
Compensated Absences 283,991 - 204,926 264,297 224,620 209,043
Total Internal Service 283,991 - 204,926 264,297 224,620 209,043
Total Business-Type Funds 72,944,793$ 51,180,000$ 48,661,902$ 3,894,421$ 66,532,274 3,851,705$
Unamortized bond premiums 3,836,045
70,368,319$
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.
50
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 were payable from pledged revenues comprising primarily of
installment payments received by the Authority from the City. Serial bonds were to
mature in annual installments beginning on July 1, 2009 through July 1, 2017, in amounts
ranging from $200,000 to $1,200,000. Interest ranged from 4.000% to 5.000% and was
payable semi-annually on July 1 and January 1. Term bonds were to 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 bonds were
fully refunded in the current year with the issuance of the 2015 Water System Revenue
Refunding 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 $955,000. Interest ranges from 2.000% to 5.000% and is
payable semi-annually on July 1 and January 1.
The annual requirements to amortize the outstanding bonds as of June 30, 2016,
including interest are as follows:
Principal Interest
2017 735,000$ 260,925$
2018 755,000 238,575
2019 780,000 211,650
2020 810,000 182,975
2021 835,000 153,200
2022-2024 2,730,000 209,250
Totals 6,645,000$ 1,256,575$
2012 Water Refunding Revenue
Bonds, Series A
2015 Water System Refunding Revenue Bonds
On July 23, 2015, the City issued $47,740,000 of 2015 Water System Refunding
Revenue Bonds. The proceeds were used to refinance all of the City’s obligations in
connection with the Azusa Public Financing Authority Parity Revenue Bonds
(Water System Capital Improvements Program) Series 2006, and pay costs of issuance
incurred in connection with the issuance of the 2015 Bonds. 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. The refunding resulted in a difference between the
51
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 5: Long-Term Debt (Continued)
reacquisition price and the net carrying amount of the old debt of $625,426, which is
reported as a deferred outflow of resources in the accompanying financial statements
and amortized over the remaining life of the refunded debt. The City completed the
refunding to reduce its total debt service payments by $3,440,000 and to obtain an
economic gain (difference between the present values of the old and new debt service
payments) of $14,486,840. Serial bonds mature in annual installments beginning on
July 1, 2016 through July 1, 2039, in amounts ranging from $1,150,000 to $3,035,000.
Interest ranges from 3.000% to 5.000% and is payable semi-annually on July 1 and
January 1.
The annual requirements to amortize the outstanding bonds as of June 30, 2016,
including interest are as follows:
Principal Interest
2017 1,150,000$ 1,949,338$
2018 1,185,000 1,908,388
2019 1,245,000 1,853,563
2020 1,310,000 1,789,688
2021 1,375,000 1,722,563
2022-2026 8,010,000 7,479,688
2027-2031 9,960,000 5,523,538
2032-2036 12,055,000 3,426,669
2037-2040 11,450,000 938,600
Totals 47,740,000$ 26,592,035$
2015 Water System Refunding
Revenue Bonds
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, 2016, 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, 2016, was
$780,000.
52
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 5: Long-Term Debt (Continued)
The annual requirements to amortize the outstanding certificates of participation as of
June 30, 2016, including interest, are as follows:
Principal Interest
2017 650,000$ 25,344$
2018 130,000 3,621
Totals 780,000$ 28,965$
Electric - Certificates of
Participation, Series C
2012 Electric Refunding Revenue Bonds
On May 23, 2012, the City issued $5,820,000 of 2012 Electric System Refunding
Revenue Bonds, Series B. The proceeds were primarily used to advance refund all of the
City’s obligations in connection with the Financing Authority for Resource Efficiency of
California Certificates of Participation, Series B. The bonds are payable solely from the
Electric net revenues, and the City is not obligated to pay them except from the
applicable Electric net revenues. Serial bonds mature in annual installments beginning
on July 1, 2017 through July 1, 2023, in amounts ranging from $650,000 to $930,000.
Interest ranges from 2.000% to 5.000% and is payable semi-annually on July 1 and
January 1.
Debt covenants require that the City maintain a reserve account equal $582,000. As of
June 30, 2016, the reserve requirement was fully funded.
The annual requirements to amortize the outstanding bonds as of June 30, 2016,
including interest are as follows:
Principal Interest
2017 -$ 175,569$
2018 650,000 169,069
2019 795,000 150,644
2020 820,000 126,419
2021 845,000 99,331
2022-2024 2,710,000 124,091
Totals 5,820,000$ 845,123$
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%.
53
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 5: Long-Term Debt (Continued)
The Series B installments have annual principal payments beginning on August 1, 2012
through August 1, 2025 ranging from $120,000 to $505,000. Interest rates on the
Series B installments are 3.600%.
The annual requirements to amortize the outstanding installment agreements as of
June 30, 2016, including interest are as follows:
Principal Interest Principal Interest
2017 170,000$ 23,635$ 205,000$ 121,050$
2018 175,000 18,633 210,000 113,580
2019 180,000 13,485 220,000 105,840
2020 185,000 8,193 230,000 97,740
2021 190,000 2,755 235,000 89,370
2022-2026 - - 2,365,000 218,790
Totals 900,000$ 66,701$ 3,465,000$ 746,370$
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 and Safety Cost-Sharing Multiple-Employer Defined Benefit
Pension Plans
Plan Description
The City of Azusa contributes to the California Public Employees Retirement System
(PERS); to both a miscellaneous agent multiple-employer and safety cost-sharing
multiple employer defined benefit pension plans. 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 its executive office:
400 P Street, Sacramento, California 95814.
54
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 for
non-duty disability benefits after 10 statutorily reduced benefits.
The Plans’ provisions and benefits in effect at June 30, 2016, are summarized as
follows:
Miscellaneous
Classic
Miscellaneous
PEPRA
Hire date
Prior to
January 1, 2013
January 1, 2013 and
after
Benefit formula 2.5% @ 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
2% - 2.5%, 50 yrs -
55+ yrs, respectively
1% - 2%, 50 yrs - 62
yrs, respectively
Required employee
contribution rates 7.00%6.75%
Required employer
contribution rates 16.076%16.076%
Miscellaneous agent plans
Safety Classic
Safety
Tier 2 Safety PEPRA
Hire date
Prior to
October 15, 2012
Between October 15, 2012
through December 31, 2012
January 1, 2013
and after
Benefit formula 3.0% @ 50 2.0% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service 5 years service
Benefit payments monthly for life monthly for life monthly for life
Retirement age minimum 50 yrs minimum 50 yrs minimum 50 yrs
Monthly benefits, as a % of
eligible compensation 3.00%2%
1% - 2.7%, 50 yrs -
57 yrs,
respectively
Required employee
contribution rates 9.00%9.00%12.25%
Required employer
contribution rates 22.598%20.380%11.923%
Safety cost-sharing plans
Employees Covered
At June 30, 2016, the following employees were covered by the benefit terms for the
Miscellaneous Plans:
Miscellaneous Plans
Inactive employees or beneficiaries currently receiving benefits 260
Inactive employees entitled to but not yet receiving benefits 291
Active employees 231
782
55
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
Contribution Description
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
CalPERS’ annual actuarial valuation process. The actuarially determined rate is the
estimated amount necessary to finance the costs of benefits earned by employees
during the year, with an additional amount to finance any unfunded accrued liability.
The employer is required to contribute the difference between the actuarially
determined rate and the contribution rate of employees.
For the year ended June 30, 2016, the contributions recognized as a reduction to the
net pension liability was $2,461,163 and $2,475,434 for the miscellaneous and safety
plans, respectively.
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, 2015 total pension liabilities were based on the following
actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal in accordance with the
requirements of GASB Statement No. 68
Discount Rate 7.65%
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.
All other actuarial assumptions used in the June 30, 2014 valuation were based on
the results of an actuarial experience study for the period from 1997 to 2011,
including updates to salary increase, mortality and retirement rates. The Experience
Study report can be obtained at CalPERS’ website under Forms and Publications.
56
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
Change of Assumptions
GASB 68, paragraph 68 states that the long-term expected rate of return should be
determined net of pension plan investment expense but without reduction for pension
plan administrative expense. The discount rate of 7.50 percent used for the
June 30, 2014 measurement date was net of administrative expenses. The discount
rate of 7.65 percent used for the June 30, 2015 measurement date is without
reduction of pension plan administrative expense.
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent. 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 7.65 percent discount rate is adequate and the use of the municipal bond rate
calculation is not necessary. The long-term expected discount rate of 7.65 percent is
applied to all plans in the Public Employees Retirement Fund. The stress test results
are presented in a detailed report called “GASB Crossover Testing Report” that can
be obtained at CalPERS’ website under the GASB 68 section.
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.
57
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
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. Such cash flows were developed assuming that both members and
employers will make their required contributions on time and as scheduled in all
future years. Using historical returns of all the funds’ asset classes, expected
compound (geometric) returns were calculated over the short-term (first 10 years)
and the long-term (11-60 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 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 geometric 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 51.0%5.25%5.71%
Global Fixed Income 19.0 0.99 2.43
Inflation Sensitive 6.0 0.45 3.36
Private Equity 10.0 6.83 6.95
Real Estate 10.0 4.50 5.13
Infrastructure and Forestland 2.0 4.50 5.09
Liquidity 2.0 (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
Pension Plan Fiduciary Net Position
The plan fiduciary net position disclosed in the GASB 68 accounting valuation report
may differ from the plan assets reported in the funding actuarial valuation report due
to several reasons. First, for the accounting valuations, CalPERS must keep items
such as deficiency reserves, fiduciary self-insurance and OPEB expense included as
assets. These amounts are excluded for rate setting purposes in the funding actuarial
valuation. In addition, differences may result from early Comprehensive Annual
Financial Report closing and final reconciled reserves.
Net Pension and Liability and Changes in Net Pension Liability
As of June 30, 2016, the City reported net pension liabilities of each as follows:
Miscellaneous agent 25,353,119$
Safety cost-sharing proportionate share 22,831,275
Total Net Pension Liability:48,184,394$
Net Pension Liability
58
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
For the Safety proportionate share of the net pension liability, it is measured as of
June 30, 2015, 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, 2014
rolled forward to June 30, 2015 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 the Safety plans as of
June 30, 2014 and June 30, 2015 is as follows:
Safety Classic Safety Tier 2
PEPRA Safety
Police Total Plans
Proportion - June 30, 2014 0.42717% 0.00000% 0.00000% 0.42717%
Proportion - June 30, 2015 0.55412% 0.00000% 0.00000% 0.55412%
Change - Increase (Decrease) 0.12695% 0.00000% 0.00000% 0.12695%
The following table shows the changes in net pension liability recognized over the
measurement period for the miscellaneous agent multiple-employer plan.
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance at: 6/30/2014 (Valuation Date) (1)122,865,843$ 100,148,377$ 22,717,466$
Changes Recognized for the Measurement Period:
Service Cost 2,302,623 - 2,302,623
Interest on the Total Pension Liability 8,989,759 - 8,989,759
Difference between Expected and Actual Experience (1,723,872) - (1,723,872)
Difference between Expected and Actual Earnings - (5,333,154) 5,333,154
Changes of Assumptions (2,292,502) - (2,292,502)
Plan to Plan Resource Management - (145) 145
Contribution from the Employer - 1,522,405 (1,522,405)
Contributions from Employees - 1,032,337 (1,032,337)
Net Investment Income (2)- 7,531,325 (7,531,325)
Benefit Payments including Refunds of Employee
Contributions (4,975,226) (4,975,226) -
Administration expense - (112,413) 112,413
Net Changes During 2014-15 2,300,782 (334,871) 2,635,653
Balance at: 6/30/2015 (Measurement Date) (1)125,166,625$ 99,813,506$ 25,353,119$
Increase (Decrease)
Note: Contributions from the Employer (City) has been adjusted from the GASB 68 report to reflect
the actual contributions for the year ended June 30, 2015.
(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.
59
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the Plans as of the measurement
date, calculated using the discount rate of 7.65 percent, as well as what the
net pension liability would be if it were calculated using a discount rate that is
1 percentage-point lower (6.65 percent) or 1 percentage-point higher (8.65 percent)
than the current rate:
Discount Rate - 1%
6.65%
Current Rate - 1%
7.65%
Discount Rate + 1%
8.65%
Miscellaneous Plans 42,832,856$ 25,353,119$ 19,865,170$
Safety Plans 37,603,392 22,831,275 10,718,410
Recognition of Gains and Losses
Under GASB 68, gains and losses related to changes in total pension liability and
fiduciary net position are recognized in pension expense systematically over time.
The first amortized amounts are recognized in pension expense for the year the gain
or loss occurs. The remaining amounts are categorized as deferred outflows and
deferred inflows of resources related to pensions and are to be recognized in future
pension expense.
The amortization period differs depending on the source of the gain or loss:
Difference between projected and
actual earnings
5 year straight-line amortization
All other amounts Straight-line amortization over the
average expected remaining service
lives of all members that are provided
with benefits (active, inactive, and
retired) as of the beginning of the
measurement period
The expected average remaining service lifetime (EARSL) is calculated by dividing
the total future service years by the total number of plan participants (active, inactive,
and retired).
The EARSL for the Plan for the 2014-15 measurement period is 3.8 years for safety
cost-sharing and 3.1 for miscellaneous agent, which was obtained by dividing the
total service years of 467,023 safety and 2,425 miscellaneous (the sum of remaining
service lifetimes of the active employees) by 122,410 safety and 781 miscellaneous
(the total number of participants: active, inactive, and retired). Note that inactive
employees and retirees have remaining service lifetimes equal to 0. Also note that
total future service is based on the members’ probability of decrementing due to an
event other than receiving a cash refund.
60
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
Pension Expense and Deferred Outflows and Deferred Inflows of Resources
Related to Pensions
For the year ended June 30, 2016, the City recognized pension expense of $912,437
and $2,256,614 for the miscellaneous and safety plans, respectively. As of
June 30, 2016, the City reported deferred outflows of resources and deferred inflows
of resources related to pensions from the following sources:
Miscellaneous Agent Multiple-Employer Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date 2,381,498$ -$
Change in Assumptions - 1,552,985
Difference between Projected and Actual Experience - 1,167,784
Net Difference between Projected and Actual Earnings on
Pension Plan Investments - 833,079
Total Miscellaneous 2,381,498$ 3,553,848$
Safety Cost-Sharing Multiple-Employer
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date 2,408,176$ -$
Change in Assumptions - 1,253,696
Difference between Projected and Actual Experience - 272,580
Net Difference between Projected and Actual Earnings on
Pension Plan Investments - 635,381
Adjustment due to Difference in Proportions 334,308 -
Adjustment due to Difference in Proportions contribution - 315,936
Total Safety 2,742,484$ 2,477,593$
Total Plans
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension contributions subsequent to measurement date 4,789,674$ -$
Change in Assumptions - 2,806,681
Difference between Projected and Actual Experience - 1,440,364
Net Difference between Projected and Actual Earnings on
Pension Plan Investments - 1,468,460
Adjustment due to Difference in Proportions 334,308 -
Adjustment due to Difference in Proportions contribution - 315,936
Total Safety 5,123,982$ 6,031,441$
61
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
$4,789,674 reported as deferred outflows of resources related to contributions
subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended June 30, 2016. Other amounts reported as deferred outflows
and deferred inflows of resources related to pensions will be recognized in future pension
expense as follows:
Measurement
Period ended
June 30:
Deferred
Outflows/(Inflows) of
Resources
2016 (2,922,749)$
2017 (2,931,940)
2018 (1,689,046)
2019 1,846,602
b. 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, 2016, the covered payroll for employees in the plan was $672,064. Total payroll
for the City was $29,322,573. 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, 2016, the employer and the employees each
contributed an amount equal to $50,405. Under this plan, normal retirement age is
60 years of age. Plan assets are primarily invested in money market funds.
c. 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. PARS is a 401(a)
tax-qualified single-employer benefit plan made up of California governmental agencies.
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:
62
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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.
For the year ended June 30, 2016, the contributions recognized as a reduction to the
net pension liability was $509,240.
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 participant.
Actuarial Assumptions
63
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 4.07% 0.42% 0.41%
Core Fixed Income Barclays Aggregate 38.64% 2.12% 1.99%
Broad US Equities Russell 3000 43.90% 5.12% 3.81%
Developed Foreign Equities MSCI EAFE 10.03% 5.85% 4.20%
Emerging Market Equities MSCI Emerging Markets 3.36% 8.07% 4.79%
Assumed Inflation - Mean 2.32% 2.30%
Assumed Inflation - Standard Deviation 1.89% 1.89%
Portfolio Real Mean Return 3.94% 3.45%
Portfolio Nominal Mean Return 6.26% 5.83%
Portfolio Standard Deviation 9.73%
Long-Term Expected Rate of Return 7.00%
64
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 4.30% 0.42% 0.41%
Core Fixed Income Barclays Aggregate 38.55% 2.12% 1.99%
Broad US Equities Russell 3000 43.79% 5.12% 3.81%
Developed Foreign Equities MSCI EAFE 10.01% 5.85% 4.20%
Emerging Market Equities MSCI Emerging Markets 3.35% 8.07% 4.79%
Assumed Inflation - Mean 2.32% 2.30%
Assumed Inflation - Standard Deviation 1.89% 1.89%
Portfolio Real Mean Return 3.94% 3.45%
Portfolio Nominal Mean Return 6.25% 5.83%
Portfolio Standard Deviation 9.71%
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 4.24% 0.42% 0.41%
Core Fixed Income Barclays Aggregate 38.54% 2.12% 1.99%
Broad US Equities Russell 3000 43.82% 5.12% 3.81%
Developed Foreign Equities MSCI EAFE 10.01% 5.85% 4.20%
Emerging Market Equities MSCI Emerging Markets 3.36% 8.07% 4.79%
Assumed Inflation - Mean 2.32% 2.30%
Assumed Inflation - Standard Deviation 1.89% 1.89%
Portfolio Real Mean Return 3.94% 3.45%
Portfolio Nominal Mean Return 6.26% 5.83%
Portfolio Standard Deviation 9.71%
Long-Term Expected Rate of Return 7.00%
65
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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 4.07% 0.42% 41.00%
Core Fixed Income Barclays Aggregate 38.64% 2.12% 1.99%
Broad US Equities Russell 3000 43.90% 5.12% 3.81%
Developed Foreign Equities MSCI EAFE 10.03% 5.85% 4.20%
Emerging Market Equities MSCI Emerging Markets 3.36% 8.07% 4.79%
Assumed Inflation - Mean 2.32% 2.30%
Assumed Inflation - Standard Deviation 1.89% 1.89%
Portfolio Real Mean Return 3.94% 3.45%
Portfolio Nominal Mean Return 6.26% 5.83%
Portfolio Standard Deviation 9.73%
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, 2015 485,467$ 290,289$ 195,178$
Changes for the year:
Service Cost 15,670 - 15,670
Interest on the Total Pension Liability 37,853 - 37,853
Effect of Economic/Demographic Gains or Losses 38,614 - 38,614
Effect of Assumptions Changes or Inputs 9,089 - 9,089
Benefit Payments (16,451) (16,451) -
Employer Contributions - 24,410 (24,410)
Member Contributions - 26,100 (26,100)
Net Investment Income - (863) 863
Administrative Expenses - (5,041) 5,041
Balance as of June 30, 2016 570,242$ 318,444$ 251,798$
Increase (Decrease)
66
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2015 3,124,728$ 1,907,880$ 1,216,848$
Changes for the year:
Service Cost 88,388 - 88,388
Interest on the Total Pension Liability 216,255 - 216,255
Effect of Economic/Demographic Gains or Losses (221,832) - (221,832)
Effect of Assumptions Changes or Inputs 131,142 - 131,142
Benefit Payments (67,291) (67,291) -
Employer Contributions - 172,625 (172,625)
Member Contributions - 43,558 (43,558)
Net Investment Income - (6,961) 6,961
Administrative Expenses - (11,509) 11,509
Balance as of June 30, 2016 3,271,390$ 2,038,302$ 1,233,088$
Increase (Decrease)
Executive Bargaining Group
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2015 2,630,889$ 995,366$ 1,635,523$
Changes for the year:
Service Cost - - -
Interest on the Total Pension Liability 201,357 - 201,357
Effect of Economic/Demographic Gains or Losses 201,732 - 201,732
Effect of Assumptions Changes or Inputs 106,795 - 106,795
Benefit Payments (127,936) (127,936) -
Employer Contributions - 97,284 (97,284)
Net Investment Income - (5,857) 5,857
Administrative Expenses - (8,348) 8,348
Balance as of June 30, 2016 3,012,837$ 950,509$ 2,062,328$
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, 2015 2,996,414$ 1,674,744$ 1,321,670$
Changes for the year:
Service Cost 100,474 - 100,474
Interest on the Total Pension Liability 210,235 - 210,235
Effect of Economic/Demographic Gains or Losses (61,026) - (61,026)
Effect of Assumptions Changes or Inputs 28,545 - 28,545
Benefit Payments (124,197) (124,197) -
Employer Contributions - 214,921 (214,921)
Member Contributions - 79,015 (79,015)
Net Investment Income - (4,679) 4,679
Administrative Expenses - (10,938) 10,938
Balance as of June 30, 2016 3,150,445$ 1,828,866$ 1,321,579$
Increase (Decrease)
67
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2015 9,237,498$ 4,868,279$ 4,369,219$
Changes for the year:
Service Cost 204,532 - 204,532
Interest on the Total Pension Liability 665,700 - 665,700
Effect of Economic/Demographic Gains or Losses (42,512) - (42,512)
Effect of Assumptions Changes or Inputs 275,571 - 275,571
Benefit Payments (321,069) (321,069) -
Employer Contributions - 509,240 (509,240)
Member Contributions - 148,673 (148,673)
Net Investment Income - (18,360) 18,360
Administrative Expenses - (35,836) 35,836
Balance as of June 30, 2016 10,019,720$ 5,150,927$ 4,868,793$
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 327,415$ 251,798$ 189,022$
AMMA Bargaining Group 1,661,990 1,233,088 872,274
Executive/Contract Bargaining Group 2,450,278 2,062,328 1,741,068
IBEW Employees 1,753,649 1,321,579 959,804
Pension Expense and Deferred Outflows/Inflows of Resources Related to Pensions
As of the start of the measurement period, July 1, 2015, the net pension liability was
$4,369,219. For the measurement period ending June 30, 2016, the City incurred a
pension expense of $680,629 for all the PARS Plan. As of the measurement date,
June 30, 2016, the net pension liability is $4,868,793.
Note that no adjustments have been made for contributions subsequent to the
measurement date. Adequate treatment of any contributions made after the
measurement date is the responsibility of the City.
68
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 6: Pension Plans (Continued)
As of June 30, 2016, the City reported deferred outflows and deferred inflows of
resources related to pensions as follows:
PARS Plans
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Change in Assumptions 185,872$ 232,866$
Difference between Projected and Actual Experience 120,550 -
Net Difference between Projected and Actual Earnings on
Pension Plan Investments 416,880 -
Total Safety 723,302$ 232,866$
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:
Measurement
Period ended
June 30:
Deferred
Outflows/(Inflows) of
Resources
2017 239,581$
2018 102,458
2019 102,461
2020 61,897
2021 (9,466)
Thereafter (6,495)
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 $662,395 was made
during the 2015-2016 fiscal year and was not included in the June 30, 2016, actuarial
study. The purpose of the contribution was to pay current year premiums for retirees.
69
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 7: Post-Employment Benefits (Continued)
As a result, the City calculated and recorded a Net OPEB Liability, representing the
difference between the Annual Required Contribution (ARC) and actual contributions, as
presented below:
Annual required contribution (ARC)3,339,000$
Interest on Net OPEB Obligation 121,572
Adjustment to ARC (333,284)
Annual OPEB Cost 3,127,288
Contributions made (662,395)
(Decrease) increase in Net OPEB obligation 2,464,893
Net OPEB obligation (asset) June 30, 2015 12,287,102
Net OPEB obligation (asset) June 30, 2016 14,751,995$
The contribution rate of 19.84% is based on the ARC of $3,339,000, 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 2015-2016, the City’s annual OPEB cost (expense) of
$3,127,288 was less than the ARC. The last three year trend information on the annual
OPEB cost, percentage of Annual OPEB cost contributed, and Net OPEB Obligation is
presented below:
Fiscal Year
End
Annual
OPEB
Cost
Actual
Contribution (Net
of Adjustments)
Percentage of
Annual OPEB Cost
Contributed
Net OPEB
Obligation
(Asset)
6/30/2014 2,596,922$ 585,919$ 23% 10,383,609$
6/30/2015 2,466,948 563,455 23% 12,287,102
6/30/2016 3,127,288 662,395 21% 14,571,995
70
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016, was twenty-five years. The number of active participants is 237.
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
$5,000,000.
71
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 8: Insurance (Continued)
For the past three years, no settlements or claims payments have exceeded the amount of
the applicable insurance coverage. For the past two fiscal years, the changes in the City's
liability for claims payable are summarized as follows:
Claims Incurred
Beginning and Changes Less Claim Ending
Balance in Estimates Payments Balance
2014-2015 2,356,493$ (419,136)$ (507,084)$ 1,430,273$
2015-2016 1,430,273 2,890,352 (2,003,484) 2,317,141
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, 2016, was as follows:
Due To/From Other Funds
Grants and Nonmajor
Seizure Governmental
Fund Funds Total
Due from other funds:
Water 1,716,020$ 103,228$ 1,819,248$
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 4,023,814$ 156,000$ 4,179,814$
Nonmajor Governmental Funds - 750,000 750,000
Total 4,023,814$ 906,000$ 4,929,814$
Advances To Other Funds:
The Light Fund advanced $156,000 to the General Fund and $750,000 to the Capital
Projects Fund for various project expenditures.
72
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 9: Interfund Receivables, Payables and Transfers (Continued)
Interfund Transfers
Nonmajor
General Governmental Internal
Transfer Out: Fund Funds Service Funds Total
General Fund -$ 4,908,610$ 113,825$ 5,022,435$
Nonmajor Governmental
Funds 293,905 - - 293,905
Water Fund - 336,406 15,780 352,186
Light Fund - 136,762 - 136,762
Nonmajor Proprietary
Funds 734,600 - 132,335 866,935
Internal Service Funds 385,010 43,780 - 428,790
Total 1,413,515$ 5,425,558$ 261,940$ 7,101,013$
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
Fund Balance as previously reported, June 30, 2015 19,547,182$
DOF approved recalculation of accrued interest on Note Payable to
Successor Agency 372,692
Correction to eliminate accrued interest on governmental bonds 104,163
Fund Balance, as restated, July 1, 2015 20,024,037$
Enterprise Funds Water Light
Sewer/
Wastewater
Net position as previously reported, June 30, 2015 52,645,976$ 43,220,224$ 9,363,503$
Reclass of prior period cash balances (131,278) (70,688) 201,966
Correction of prior period interest expense and
accrual - - (67,844)
Net position, as restated, July 1, 2015 52,514,698$ 43,149,536$ 9,497,625$
Government-wide
Governmental
Activities
Business-type
Activities
Net position as previously reported, June 30, 2015 (7,636,124)$ 102,795,716$
DOF approved recalculation of accrued interest on Note Payable to
Successor Agency 372,692 -
Correction to eliminate accrued interest on governmental bonds 104,163 -
Restatement to capitalize prior period costs 432,630 -
Correction of prior period interest expense and accrual - (67,844)
Restatement of Net Position 909,485 (67,844)
Net position, as restated, July 1, 2015 (6,726,639)$ 102,727,872$
73
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 11: Grants and Seizure Fund
The Grants and Seizure special revenue fund include the following items in its fund balance:
Grants & Seizures (8,940)$
1% DIVA/PEG Cable Fees 177,603
Jack Williams Memorial 600
Grants & Seizures - Police 17
2015 JAG Grant (17,289)
Asset Seizure Federal - Dept. of Justice 158,006
Asset Seizure County 25,268
Office of Traffice Safety 2,762
Asset Seizure Federal - Dept. of Treasury 248
Inmate Welfare Fund 4,603
OCTDETF (5,274)
OTS-Sel Traffic Enf Prg (!5/16)(11,048)
AQMD Tree Planting 3,157
Sr Cntr Cyn City Grant 4,277
Senior Restricted Donations 98
Public Library Grant 237,150
Library Restricted Donations 64,160
Gates Foundation 497
Broadband Grant (Lib)7,615
Family Place Grant 1,943
Book Clubs 467
Youth Programs 689
Summer Reading 3,481
Special Programs 75
Workforce Invest Act 15-16 (6,680)
LSTA-Neighborhood Con FY 15/16 (2,238)
General Plan Surcharge 663,795
Metro TOD Planning Grant (83,875)
AB29X Meters 86,607
Oil Block Grant 6,717
Beverage Container Recycling 44,332
Technology Grant 13,698
Safe Routes to Schools Grant (13,572)
TDA Grant 1
CIP-Recreation Grants (269,879)
Rehab of Zacatecas Park 516
CIP-AZ Intermodal Transit (3,524,757)
CIP Street Maintenance (15,280)
Total (2,450,450)$
74
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016, is as follows:
Assets:
Current assets 3,698,727$
Restricted assets 1,456,489
Capital assets 10,433,586
Total assets 15,588,802
Deferred Outflows of Resources:
Deferred pension related items 82,577
Total Deferred Outflows of Resources 82,577
Liabilities:
Current liabilities 559,357
Noncurrent liabilities 5,122,877
Total liabilities 5,682,234
Deferred Inflows of Resources:
Deferred pension related items 173,158
Total Deferred Inflows of Resources 173,158
Net position:
Net Investment in capital assets 7,522,719
Unrestricted 2,293,268
Total net position 9,815,987$
Condensed Statement of Net Position
Sewer charges 2,684,684$
Depreciation expense (488,339)
Other operating expenses (1,437,262)
Operating income 759,083
Nonoperating revenues (expenses):
Investment earnings 25,070
Interest expense (151,839)
Special franchise fees (54,244)
Transfers out (119,000)
Change in net Position 459,070
Beginning net position, as originally reported 9,222,795
Restatement 134,122
Ending net position 9,815,987$
Condensed Statement of Revenues, Expenses
and Changes in Net Position
75
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 12: Segments of Enterprise Activities (Continued)
Net cash provided by (used in):
Operating activities 1,166,395$
Noncapital financing activities (119,000)
Capital and related financing activities (665,295)
Investing activities 20,994
Net decrease in cash 403,094
Beginning cash and cash equivalents 4,426,154
Ending cash and cash equivalents 4,829,248$
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, 2016, 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 $24,440,000), 0.7% of
SCPPA’s $80,165,000 investment (at cost) in the Mead – Phoenix Transmission Project
(with related SCPPA indebtedness of $50,656,000), 1.8% of SCPPA’s $200,987,000
investment (at cost) in the Mead - Adelanto Transmission Project (with related SCPPA
indebtedness of $112,098,000), 14.7% of SCPPA’s $257,963,000 investment (at cost) in
the San Juan Generating Station (with related indebtedness of $0), and
4.2% of SCPPA’s $21,000 investment (at cost) in the Hoover Uprating Green Power
Project (with related SCPPA indebtedness of $2,141,000).
Note 14: Rate Stabilization Fund
The City of Azusa has provided for a rate stabilization fund in the amount of $10,211,624
(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.
76
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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.
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.
77
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
a. Cash and investments
Cash and investments reported in the accompanying financial statements consisted of
the following:
Cash and Investments pooled with the City 4,881,822$
Restricted cash and Investments pooled with the City 354,314
Total Cash and Investments 5,236,136$
b. Capital Assets
An analysis of capital assets as of June 30, 2016, follows:
Adjusted
Additions Deletions
Nondepreciable Assets:
Land 410,420$ -$ -$ 410,420$
Depreciable Assets:
Land Improvements 1,427,803 - - 1,427,803
Building and Structures 468,042 - - 468,042
Infrastructure 718,430 - - 718,430
Total Capital Assets being
depreciated 2,614,275 - - 2,614,275
Less Accumulated Depreciation
Land Improvements 804,936 58,400 - 863,336
Building and Structures 210,619 46,803 - 257,422
Infrastructure 109,646 23,948 - 133,594
Total Accumulated Depreciation 1,125,201 129,151 - 1,254,352
Total Capital Assets being
depreciated, net 1,489,074 (129,151) - 1,359,923
Capital Assets 1,899,494$ (129,151)$ -$ 1,770,343$
Balance
July 1, 2015
Balance
June 30, 2016
78
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
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, 2016, follows:
Balance
July 1, 2015 Defeased Additions Repayments
Balance
June 30, 2016
Due Within
One Year
Fiduciary Funds:
2005 TABS, Series A 9,919,728$ (9,919,728)$ -$ * -$ -$ -$
2007 TABs, Series A 12,920,000 (7,935,000) - (505,000) 4,480,000 535,000
2007 TABs, Series B 4,150,000 - - (110,000) 4,040,000 110,000
2008 TABs, Series B 10,565,000 (10,410,000) - (155,000) - -
2014 Refunding TAB 10,470,000 - - (755,000) 9,715,000 690,000
2015 Refunding TAB, Series A - - 14,315,000 - 14,315,000 -
2015 Refunding TAB, Series B - - 16,215,000 - 16,215,000 510,000
Total Fiduciary Funds $ 48,024,728 $ (28,264,728) $ 30,530,000 $ (1,525,000) $ 48,765,000 $ 1,845,000
Unamortized Premiums (Discounts) 222,334
Total Long-term Debt 48,987,334$
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 $73,755,647, 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 $3,843,267, and the debt service obligation on the bonds
was $4,006,805.
79
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
Tax Allocation Bonds Payable
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 consisted of $7,765,000 Current Interest Bonds which were
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 were secured by tax
increment revenues. Debt service payments on the bonds were payable from
pledged tax increment revenues. The bonds were fully refunded in the current year
with the issuance of the 2015 A & B Subordinate Tax Allocation Refunding Bonds.
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 bonds were partially refunded in
the current year with the issuance of the 2015 A & B Subordinate Tax Allocation
Refunding Bonds. The outstanding principal balance at June 30, 2016, was
$4,480,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2016, including interest are as follows:
Principal Interest
2017 535,000$ 737,106$
2018 565,000 705,399
2019 605,000 671,114
2020 635,000 634,224
2021 670,000 595,400
2022-2023 1,470,000 1,064,660
Totals 4,480,000$ 4,407,903$
Bonds, Series A
2007 Tax Allocation
80
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
2007 Tax Allocation Refunding Bonds, Series B
The Azusa Redevelopment Agency issued $4,790,000 Series A Merged Project Area
Tax Allocation Bonds, dated July 31, 2007 to refund the 1997 tax allocation bonds.
Current Interest Bonds are subject to annual sinking fund installment payments
ranging from $80,000 to $140,000 due beginning August 1, 2008 through
August 1, 2021, bearing interest rates ranging from 4.00% to 5.00% per annum.
Term Bonds are due beginning August 1, 2022 through August 1, 2036, with
installment payments ranging from $150,000 to $305,000, bearing interest rates
ranging from 5.25% to 5.30% per annum. Debt service payments on the bonds are
payable from pledged tax increment revenues. A portion of the bonds were refunded
during the fiscal year. The outstanding principal balance at June 30, 2016, was
$4,040,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2016, including interest are as follows:
Principal Interest
2017 110,000$ 207,439$
2018 120,000 202,075
2019 125,000 196,286
2020 130,000 190,198
2021 135,000 183,703
2022-2026 785,000 804,644
2027-2031 1,020,000 568,233
2032-2036 1,310,000 261,555
2037-2039 305,000 8,083
Totals 4,040,000$ 2,622,216$
Bonds, Series B
2007 Tax Allocation
2008 Housing Tax Allocation Bonds, Series B
The Azusa Redevelopment Agency issued $11,580,000 of Housing Tax Allocation
Bonds, Series B, dated November 25, 2008. Proceeds of the bonds were to provide
funds to finance low and moderate income housing within or of benefit to the project
area, satisfy the reserve requirement for the bonds, and pay costs incurred in
connection with the issuance. The bonds consisted 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 had interest rates ranging from 3.5% through 6.6%.
The term bonds carried interest rates of 6.75% and 7.0%. Debt service payments on
the bonds were payable from pledged tax increment revenues. The bonds were fully
refunded in the current year with the issuance of the 2015 A & B Subordinate Tax
Allocation Refunding Bonds.
81
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
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 economic gain on refunding was $2,288,197. The difference in cash flow
was $2,075,000.The outstanding principal balance at June 30, 2016, was
$9,715,000.
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2016, including interest are as follows:
Principal Interest
2017 690,000$ 410,194$
2018 705,000 385,744
2019 730,000 353,394
2020 780,000 315,644
2021 820,000 275,644
2022-2026 4,030,000 725,469
2027-2031 1,345,000 237,275
2032-2035 615,000 78,028
Totals 9,715,000$ 2,781,392$
Bonds, Series A
2014 Tax Allocation Refunding
2015 Subordinate Tax Allocation Refunding Bonds, Series A & B
The Successor Agency to the Redevelopment Agency of the City of Azusa issued
$30,530,000 of Subordinate Tax Allocation Refunding Bonds, Series A & B, dated
September 8, 2015. 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 refunding resulted in a difference between the reacquisition price
and the net carrying amount of the old debt of $3,080,678, which is reported as a
deferred outflow of resources in the accompanying financial statements and
amortized over the remaining life of the debt. The City completed the refunding to
reduce its total debt service payments by $2,755,111 and to obtain an economic gain
(difference between the present values of the old and new debt service payments) of
$4,413,928. The bonds are due in annual installments ranging from $315,000 to
$2,635,000 maturing on August 1, 2016 through August 1, 2036. The bonds carry
interest rates of 1.00% and 4.50%.
82
CITY OF AZUSA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2016
Note 16: Successor Agency Trust For Assets of Former Redevelopment Agency (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of
June 30, 2016, including interest are as follows:
Principal Interest Principal Interest
2017 -$ 504,213$ 510,000$ 615,544$
2018 - 504,213 315,000 610,631
2019 - 504,213 325,000 605,019
2020 - 504,213 330,000 598,056
2021 - 504,213 330,000 589,806
2022-2026 - 2,521,063 5,075,000 2,658,900
2027-2031 2,535,000 2,397,481 9,230,000 961,159
2032-2036 11,205,000 1,082,881 100,000 6,750
2037 575,000 10,781 - -
Totals $14,315,000 $8,533,271 $16,215,000 $6,645,865
2015 Subordinate Tax Allocation
Refunding Bonds, Series A
2015 Subordinate Tax Allocation
Refunding Bonds, Series B
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. Due to City of Azusa
The Successor Agency owes $12,366,031 to the City of Azusa for properties purchased,
and have been approved by the State Controller’s Office. There is $9,750,019 and
$2,616,012 owed to the City of Azusa’s General Fund and Water Fund, respectively.
f. Restatement of Net Position
The Successor Agency net position has been restated by ($115,269) as a result of the
following events:
The DOF approved a recalculation of accrued interest on a note payable to the
Successor Agency from the City ($372,692).
The Successor Agency upgrades a capital asset, and found the asset had never
been initially capitalized. This asset had a net book value of $257,423 as of
June 30, 2016.
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84
REQUIRED SUPPLEMENTARY INFORMATION
85
CITY OF AZUSA
AGENT MULTIPLE-EMPLOYER MISCELLANEOUS PLAN
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2016 2015
Total Pension Liability
Service cost 2,302,623$ 2,375,239$
Interest on total pension liability 8,989,759 8,658,209
Differences between expected and actual experience (1,723,872) -
Changes in assumptions (2,292,502) -
Benefit payments, including refunds of employee contributions (4,975,226) (4,845,540)
Net change in total pension liability 2,300,782 6,187,908
Total pension liability - beginning 122,865,843 116,677,935
Total pension liability - ending (a)125,166,625$ 122,865,843$
Plan Fiduciary Net Position
Contributions - employer 2,461,163$ 2,434,002$
Contributions - employee 93,579 1,029,164
Difference in projected and actual earnings (5,333,154) -
Plan to plan resource movement (145) -
Net investment income 7,531,325 14,908,401
Benefit payments (4,975,226) (4,845,540)
Administrative expense (112,413) -
Net change in plan fiduciary net position (334,871) 13,526,027
Plan fiduciary net position - beginning 100,148,377 86,622,350
Plan fiduciary net position - ending (b) 99,813,506$ 100,148,377$
Net pension liability - ending (a)-(b)25,353,119$ 22,717,466$
Plan fiduciary net position as a percentage of the total pension liability 79.74%81.51%
Covered-employee payroll 13,633,510$ 14,720,772$
Net pension liability as a percentage of covered-employee payroll 185.96%154.32%
Notes to Schedule:
(1) Fiscal Year 2015 was the first year of implementation, therefore only two years are shown.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which
occurred after the June 30, 2014 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years
Additional Service Credit (a.k.a. Golden Handshakes).
Changes of Assumptions: The discount rate was changed from 7.5 percent (net of administration expense) to 7.65 percent.
86
CITY OF AZUSA
AGENT MULTIPLE-EMPLOYER MISCELLANEOUS PLAN
SCHEDULE OF CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2016 2015
MISCELLANEOUS CLASSIC:
Actuarially Determined Contribution 2,203,894$ 2,352,288$
Contribution in Relation to the Actuarially Determined Contributions (2,203,894) (2,352,288)
Contribution Deficiency (Excess)-$ -$
Covered-Employee Payroll 13,035,458$ 13,633,510$
Contributions as a Percentage of Covered-Employee Payroll 16.91%17.25%
MISCELLANEOUS PEPRA:
Actuarially Determined Contribution 177,604$ 108,875$
Contribution in Relation to the Actuarially Determined Contributions (177,604) (108,875)
Contribution Deficiency (Excess)-$ -$
Covered-Employee Payroll 1,077,766$ 795,524$
Contributions as a Percentage of Covered-Employee Payroll 16.48%13.69%
Note to Schedule:
Valuation Date:June 30, 2013
Methods and assumptions used to determine contribution rates:
Single and Agent Employers
Amortization method
Remaining amortization period
Assets valuation method
Inflation
Salary Increases
Investment rate of return
Retirement age
Mortality RP-2000 Heath Annuitant Mortality Table
Entry age normal
(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 two years are shown.
Level Percent of Payroll
29 Years as of the Valuation Date
15 Year Smoothed Market
2.75%
3.00%
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)
2016 2015
SAFETY CLASSIC:
Proportion of the Net Pension Liability 0.33264%0.31257%
Proportionate Share of the Net Pension Liability 22,832,315$ 19,449,591$
Covered-Employee Payroll 6,142,486$ 6,343,000$
Proportionate Share of the Net Pension Liability as
Percentage of Covered-Employee Payroll 371.71%306.63%
Plan Proportionate Share of Fiduciary Net Position as a Percentage of the Total
Pension Liability 79.82%78.40%
SAFETY TIER 2:
Proportion of the Net Pension Liability 0.00000%
Proportionate Share of the Net Pension Liability (850)$
Covered-Employee Payroll 366,493$
Proportionate Share of the Net Pension Liability as
Percentage of Covered-Employee Payroll -0.23%
Plan Proportionate Share of Fiduciary Net Position as a Percentage of the Total
Pension Liability 79.82%
PEPRA SAFETY POLICE PLAN:
Proportion of the Net Pension Liability 0.00000%
Proportionate Share of the Net Pension Liability (190)$
Covered-Employee Payroll 140,752$
Proportionate Share of the Net Pension Liability as
Percentage of Covered-Employee Payroll -0.13%
Plan Proportionate Share of Fiduciary Net Position as a Percentage of the Total
Pension Liability 79.82%
Notes to Schedule:
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which
occurred after the June 30, 2014 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years
Additional Service Credit (a.k.a. Golden Handshakes).
Changes of Assumptions: The discount rate was changed from 7.5 percent (net of administration expense) to 7.65 percent.
(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 two years are 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)
2016 2015
SAFETY CLASSIC:
Actuarially Determined Contribution 2,302,789$ 2,362,398$
Contribution in Relation to the Actuarially Determined Contributions (2,302,789) (2,362,398)
Contribution Deficiency (Excess)-$ -$
Covered-Employee Payroll 5,354,109$ 6,142,486$
Contributions as a Percentage of Covered-Employee Payroll 43.01%38.46%
SAFETY TIER 2:
Actuarially Determined Contribution 72,278$ 95,794$
Contribution in Relation to the Actuarially Determined Contributions (72,278) (95,794)
Contribution Deficiency (Excess)-$ -$
Covered-Employee Payroll 327,064$ 366,493$
Contributions as a Percentage of Covered-Employee Payroll 22.10%26.14%
PEPRA SAFETY POLICE PLAN:
Actuarially Determined Contribution 33,109$ 17,242$
Contribution in Relation to the Actuarially Determined Contributions (33,109) (17,242)
Contribution Deficiency (Excess)-$ -$
Covered-Employee Payroll 259,523$ 140,752$
Contributions as a Percentage of Covered-Employee Payroll 12.76%12.25%
Note to Schedule:
Valuation Date:June 30, 2013
Methods and assumptions used to determine contribution rates:
Single and Agent Employers Entry age normal
Amortization method Level percentage of payroll, closed 20 years
Assets valuation method Market Value
Inflation 2.75%
Salary Increases
Investment rate of return
Retirement age 50 and 57 years
Mortality RP-2000 Heath Annuitant Mortality Table
3.30% to 14.20% depending on age, service, and type of
employment
7.50% Net of Pension Plan Investment and
Administrative Expenses; includes Inflation
(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 two years are shown.
89
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA SEIU BARGAINING RETIREMENT ENHANCEMENT PLAN
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
MEASUREMENT PERIOD 2016 2015
TOTAL PENSION LIABILITY
Service Cost 15,670$ 18,174$
Interest on Total Pension Liability 37,853 32,199
Effect of Economic/Demographics Gains or Losses 38,614 -
Effect of Assumptions Changes or Inputs 9,089 -
Benefit Payments (16,451) (13,203)
Net Change in Total Pension Liability 84,775$ 37,170$
Total Pension Liability - Beginning 485,467 448,297
Total Pension Liability - Ending (a)570,242$ 485,467$
PLAN FIDUCIARY NET POSITION
Benefit Payments (16,451)$ (13,203)$
Employer Contributions 24,410 12,890
Member Contributions 26,100 25,312
Net Investment Income (863) 7,232
Administrative Expenses (5,041) (1,510)
Net Change in Fiduciary Net Position 28,155$ 30,721$
Plan Fiduciary Net Position - Beginning 290,289 259,568
Plan Fiduciary Net Position - Ending (b) 318,444$ 290,289$
Plan Net Pension Liability/(Assets) - Ending (a) - (b) 251,798$ 195,178$
55.84%59.80%
Covered-Employee Payroll 620,510$ 600,978$
40.58%32.48%
(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
(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 two years are shown.
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).
90
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA AMMA BARGAINING RETIREMENT ENHANCEMENT PLAN
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
MEASUREMENT PERIOD 2016 2016
TOTAL PENSION LIABILITY
Service Cost 88,388$ 102,116$
Interest on Total Pension Liability 216,255 207,196
Effect of Economic/Demographics Gains or Losses (221,832) -
Effect of Assumptions Changes or Inputs 131,142 -
Benefit Payments (67,291) (83,368)
Net Change in Total Pension Liability 146,662$ 225,944$
Total Pension Liability - Beginning 3,124,728 2,898,784
Total Pension Liability - Ending (a)3,271,390$ 3,124,728$
PLAN FIDUCIARY NET POSITION
Benefit Payments (67,291)$ (83,368)$
Employer Contributions 172,625 138,866
Member Contributions 43,558 46,205
Net Investment Income (6,961) 47,672
Administrative Expenses (11,509) (8,240)
Net Change in Fiduciary Net Position 130,422$ 141,135$
Plan Fiduciary Net Position - Beginning 1,907,880 1,766,745
Plan Fiduciary Net Position - Ending (b) 2,038,302$ 1,907,880$
Plan Net Pension Liability/(Assets) - Ending (a) - (b) 1,233,088$ 1,216,848$
62.31%61.06%
Covered-Employee Payroll 2,128,243$ 2,061,252$
57.94%59.03%
(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
(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 two years are shown.
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).
91
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA EXECUTIVE/CONTRACT BARGAINING 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 2016 2015
TOTAL PENSION LIABILITY
Interest on Total Pension Liability 201,357$ 176,286$
Effect of Economic/Demographics Gains or Losses 201,732 -
Effect of Assumptions Changes or Inputs 106,795 -
Benefit Payments (127,936) (125,424)
Net Change in Total Pension Liability 381,948$ 50,862$
Total Pension Liability - Beginning 2,630,889 2,580,027
Total Pension Liability - Ending (a)3,012,837$ 2,630,889$
PLAN FIDUCIARY NET POSITION
Benefit Payments (127,936)$ (125,424)$
Employer Contributions 97,284 78,751
Net Investment Income (5,857) 26,218
Administrative Expenses (8,348) (5,569)
Net Change in Fiduciary Net Position (44,857)$ (26,024)$
Plan Fiduciary Net Position - Beginning 995,366 1,021,390
Plan Fiduciary Net Position - Ending (b) 950,509$ 995,366$
Plan Net Pension Liability/(Assets) - Ending (a) - (b) 2,062,328$ 1,635,523$
31.55%37.83%
Covered-Employee Payroll 990,274$ 959,103$
208.26%170.53%
(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
(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 two years are shown.
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).
92
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA IBEW BARGAINING 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 2016 2015
TOTAL PENSION LIABILITY
Service Cost 100,474$ 107,529$
Interest on Total Pension Liability 210,235 199,129
Effect of Economic/Demographics Gains or Losses (61,026) -
Effect of Assumptions Changes or Inputs 28,545 -
Benefit Payments (124,197) (93,243)
Net Change in Total Pension Liability 154,031$ 213,415$
Total Pension Liability - Beginning 2,996,414 2,782,999
Total Pension Liability - Ending (a)3,150,445$ 2,996,414$
PLAN FIDUCIARY NET POSITION
Benefit Payments (124,197)$ (93,243)$
Employer Contributions 214,921 153,146
Member Contributions 79,015 82,044
Net Investment Income (4,679) 41,194
Administrative Expenses (10,938) (7,492)
Net Change in Fiduciary Net Position 154,122$ 175,649$
Plan Fiduciary Net Position - Beginning 1,674,744 1,499,095
Plan Fiduciary Net Position - Ending (b) 1,828,866$ 1,674,744$
Plan Net Pension Liability/(Assets) - Ending (a) - (b) 1,321,579$ 1,321,670$
58.05%55.89%
Covered-Employee Payroll 4,060,559$ 3,932,745$
32.55%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
(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 two years are shown.
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).
93
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA AMMA BARGAINING RETIREMENT ENHANCEMENT PLAN
SCHEDULE OF CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
SEIU Bargaining Group 2016 2015
Actuarially Determined Contribution 24,410$ 12,890$
Contribution in Relation to the Actuarially Determined Contribution (24,410) (12,890)
Contribution Deficiency (Excess)-$ -$
Actual Contributions as a Percentage of Actuarial Determined Contributions 100.00%100.00%
Covered-Employee Payroll (3) (4)544,976$ 620,510$
Contributions as a Percentage of Covered-Employee Payroll (3)4.48%2.08%
AMMA Bargaining Group
Actuarially Determined Contribution 172,625$ 138,866$
Contribution in Relation to the Actuarially Determined Contribution (172,625) (138,866)
Contribution Deficiency (Excess)-$ -$
Actual Contributions as a Percentage of Actuarial Determined Contributions 100.00%100.00%
Covered-Employee Payroll (3) (4)1,880,944$ 2,128,243$
Contributions as a Percentage of Covered-Employee Payroll (3)9.18%6.52%
Executive/ Contract Bargaining Group
Actuarially Determined Contribution 97,284$ 115,922$
Contribution in Relation to the Actuarially Determined Contribution (97,284) (115,922)
Contribution Deficiency (Excess)-$ -$
Actual Contributions as a Percentage of Actuarial Determined Contributions 100.00%100.00%
Covered-Employee Payroll (3) (4)672,625$ 990,274$
Contributions as a Percentage of Covered-Employee Payroll (3)14.46%11.71%
IBEW Employees
Actuarially Determined Contribution 214,921$ 153,146$
Contribution in Relation to the Actuarially Determined Contribution (214,921) (153,146)
Contribution Deficiency (Excess)-$ -$
Actual Contributions as a Percentage of Actuarial Determined Contributions 100.00%100.00%
Covered-Employee Payroll (3) (4)4,117,972$ 4,060,559$
Contributions as a Percentage of Covered-Employee Payroll (3)5.22%3.77%
Note to Schedule:
Valuation Date:June 30, 2014
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 25 years
Assets valuation method None
Inflation 2.75%
Salary Increases Not applicable
Investment rate of return
Retirement age
Mortality
7.00%
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
(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 two years are shown.
94
CITY OF AZUSA
REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
AZUSA AMMA BARGAINING RETIREMENT ENHANCEMENT PLAN
SCHEDULE OF INVESTMENT RETURNS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
Annual Money-Weighted Rate of Return, Net of
Investment Expense 2016 2015
SEIU Bargaining Group -0.28% 2.66%
AMMA Bargaining Group -0.35% 2.64%
Executive/Contract Bargaining Group -0.60% 2.60%
IBEW Employees -0.27% 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, therefore only two years are shown.
95
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1, as restated 20,024,037$ 20,024,037$ 20,024,037$ -$
Resources (Inflows):
Taxes 28,257,445 28,332,445 29,983,620 1,651,175
Assessments 1,824,745 1,771,595 1,875,271 103,676
Licenses and permits 1,181,480 942,480 1,096,325 153,845
Intergovernmental 257,000 369,420 496,497 127,077
Charges for services 2,325,805 2,361,805 2,435,877 74,072
Use of money and property 90,000 90,000 361,500 271,500
Fines and forfeitures 1,205,200 1,160,200 1,328,383 168,183
Contributions 17,000 17,000 19,703 2,703
Miscellaneous 120,000 550,625 1,641,391 1,090,766
Transfers in 1,413,515 1,413,515 1,413,515 -
Capital lease proceeds - 2,000,000 - (2,000,000)
Amounts Available for Appropriations 56,716,227 59,033,122 60,676,119 1,642,997
Charges to Appropriations (Outflow):
General government
City Council 127,250 127,250 131,156 (3,906)
City Attorney 250,000 250,000 267,524 (17,524)
Administration 427,120 462,540 467,839 (5,299)
Promotion / Membership 197,075 197,075 192,892 4,183
City Clerk 448,065 433,652 492,903 (59,251)
Library Services - General 1,007,140 1,009,640 1,021,305 (11,665)
Library Services - Youth 31,430 31,430 32,391 (961)
Finance - Accounting 851,460 871,160 996,029 (124,869)
Cash Management 202,440 202,440 201,940 500
Purchasing 222,945 224,695 231,182 (6,487)
Printing Services 7,800 7,800 8,826 (1,026)
Human Resources 339,115 437,595 429,200 8,395
City-wide 2,770,930 2,709,010 2,504,989 204,021
Admin Services / Business Lic 1,650 1,650 - 1,650
Business License 297,290 249,290 270,114 (20,824)
Public safety
Police 16,090,890 16,138,910 16,588,096 (449,186)
Emergency Services 7,100 7,100 3,289 3,811
Police Department Contracts 782,845 802,845 746,267 56,578
Area D 100,000 76,850 49,100 27,750
Pension Safety 5,000 5,000 2,000 3,000
INF 358,315 318,315 343,833 (25,518)
Community development
Planning 398,965 373,465 402,103 (28,638)
Building Regulation 670,520 670,520 680,969 (10,449)
Code Enforcement 435,605 555,605 591,559 (35,954)
Parks and recreation
Recreation 1,378,250 1,443,850 1,549,366 (105,516)
Parks Maintenance 1,615,295 1,615,295 1,726,117 (110,822)
Senior Programs 158,810 158,810 157,267 1,543
Women's Club 21,170 21,170 20,362 808
Public works
Engineering Services 51,220 126,220 124,714 1,506
Graffiti Removal 17,200 17,200 58,030 (40,830)
Facilities Maintenance 495,815 505,815 512,984 (7,169)
Capital outlay - 500,000 496,083 3,917
Debt service:
Principal retirement 965,000 965,000 965,000 -
Interest and fiscal charges 223,685 223,685 235,076 (11,391)
Transfers out 5,483,980 5,704,880 5,022,435 682,445
Total Charges to Appropriations 36,441,375 37,445,762 37,522,940 (77,178)
Budgetary Fund Balance, June 30 20,274,852$ 21,587,360$ 23,153,179$ 1,565,819$
96
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
GRANTS AND SEIZURE
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 995,692$ 995,692$ 995,692$ -$
Resources (Inflows):
Taxes 34,000 40,000 48,165 8,165
Intergovernmental 5,803,505 6,466,556 1,093,295 (5,373,261)
Charges for services - - 54,538 54,538
Use of money and property 100 100 7,852 7,752
Contributions 2,000 2,000 1,042 (958)
Miscellaneous 7,000 7,000 94,213 87,213
Transfers in - 40,000 - (40,000)
Amounts Available for Appropriations 6,842,297 7,551,348 2,294,797 (5,256,551)
Charges to Appropriations (Outflow):
Public safety 240,725 430,150 298,818 131,332
Parks and recreation 67,500 427,268 347,419 79,849
Public works 26,100 222,221 144,992 77,229
Capital outlay 16,340 1,334,560 3,954,018 (2,619,458)
Total Charges to Appropriations 350,665 2,414,199 4,745,247 (2,331,048)
Budgetary Fund Balance, June 30 6,491,632$ 5,137,149$ (2,450,450)$ (7,587,599)$
97
CITY OF AZUSA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2016
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).
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.
98
CITY OF AZUSA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2016
Budget Information (Continued)
Expenditures Appropriations Excess
General Fund:
General Government:
City Council 131,156$ 127,250$ (3,906)$
City Attorney 267,524 250,000 (17,524)
Administration 467,839 462,540 (5,299)
City Clerk 492,903 433,652 (59,251)
Library Services - General 1,021,305 1,009,640 (11,665)
Library Services - Youth 32,391 31,430 (961)
Finance - Accounting 996,029 871,160 (124,869)
Purchasing 231,182 224,695 (6,487)
Printing Services 8,826 7,800 (1,026)
Business License 270,114 249,290 (20,824)
Public Safety:
Police 16,588,096 16,138,910 (449,186)
INF 343,833 318,315 (25,518)
Community Development:
Planning 402,103 373,465 (28,638)
Building Regulation 680,969 670,520 (10,449)
Code Enforcement 591,559 555,605 (35,954)
Parks and Recreation:
Recreation 1,549,366 1,443,850 (105,516)
Parks Maintenance 1,726,117 1,615,295 (110,822)
Public Works:
Graffiti Removal 58,030 17,200 (40,830)
Facilities Maintenance 512,984 505,815 (7,169)
Debt Service:
Interest and fiscal charges 235,076 223,685 (11,391)
Grants & Seizure Fund 4,745,247 2,414,199 (2,331,048)
Fund
99
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments 111,979$ 1,235,190$ 1,152,069$ -$
Receivables:
Accounts - 29,114 13,766 112,469
Taxes - - - -
Notes and loans - - - 57,237
Accrued interest - 675 645 -
Prepaid costs - - - -
Restricted assets:
Cash and investments - - - -
Cash and investments with fiscal agents - - - -
Total Assets 111,979$ 1,264,979$ 1,166,480$ 169,706$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable 57,049$ 19,601$ 47,468$ 39,403$
Accrued liabilities 54,930 23,617 15,910 6,570
Unearned revenues - - - -
Deposits payable - - - -
Due to other funds - - - 89,392
Advances from other funds - - - -
Total Liabilities 111,979 43,218 63,378 135,365
Deferred Inflows of Resources:
Unavailable revenues - - 13,362 56,858
Total Deferred Inflows of Resources - - 13,362 56,858
Fund Balances:
Nonspendable:
Prepaid costs - - - -
Restricted for:
Community development projects - 1,221,761 1,089,740 -
Public safety - - - -
Capital Projects - - - -
Debt service - - - -
Unassigned - - - (22,517)
Fund Balance Total - 1,221,761 1,089,740 (22,517)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 111,979$ 1,264,979$ 1,166,480$ 169,706$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
100
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
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:
Nonspendable:
Prepaid costs
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)
48,686$ 777,204$ 145,721$ 223,763$
2,178 70,950 17,826 -
- - - -
- - - -
- 421 78 -
12 - - -
- - - -
- - - -
50,876$ 848,575$ 163,625$ 223,763$
364$ 41,719$ 2,928$ 3,320$
22,456 10,466 - -
- - - 177,990
- - - -
- - - -
- - - -
22,820 52,185 2,928 181,310
- - - -
- - - -
12 - - -
28,044 796,390 - -
- - - 42,453
- - 160,697 -
- - - -
- - - -
28,056 796,390 160,697 42,453
50,876$ 848,575$ 163,625$ 223,763$
Special Revenue Funds
Senior
Nutrition
Public Benefit
Program
Air Quality
Improvement
Supplemental
Law
Enforcement
101
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
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:
Nonspendable:
Prepaid costs
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
104,841$ 743,665$ -$ 728,940$
- 1,603 1,395 -
- 4,931 - -
- - - -
- 434 - -
- - - -
- - - -
- - - -
104,841$ 750,633$ 1,395$ 728,940$
-$ 33,481$ -$ 7,365$
- 6,912 - -
- - - -
- 12,370 - -
- - 13,809 -
- - - -
- 52,763 13,809 7,365
- - - -
- - - -
- - - -
- - - -
104,841 - - -
- 697,870 - 721,575
- - - -
- - (12,414) -
104,841 697,870 (12,414) 721,575
104,841$ 750,633$ 1,395$ 728,940$
Special Revenue Funds
Fire Safety
Monrovia
Nursery
Employee
Benefits
Utility
Mitigation
102
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
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:
Nonspendable:
Prepaid costs
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
1,524,775$ -$ 1,430,843$ 400,713$
- - - 14,687
- - - -
- - 2,948 1,490
879 - 1,016 -
- - - -
- - - -
- - 3,513,489 -
1,525,654$ -$ 4,948,296$ 416,890$
-$ -$ 432,849$ 5,549$
- - 5,665 5,575
- - - -
- - - -
- 27 - -
- - - -
- 27 438,514 11,124
- - - -
- - - -
- - - -
1,525,654 - - -
- - - -
- - 4,509,782 405,766
- - - -
- (27) - -
1,525,654 (27) 4,509,782 405,766
1,525,654$ -$ 4,948,296$ 416,890$
Special Revenue Funds
Highway 39 LACMTA Measure R AB939 Fee
103
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
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:
Nonspendable:
Prepaid costs
Restricted for:
Community development projects
Public safety
Capital Projects
Debt service
Unassigned
Fund Balance Total
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Special
Revenue
Funds
505,159$ 78,381$ 719,166$ 397,430$
- - - -
- - - -
- - - -
291 40 - 235
- - - -
- - 30,293 -
- - - -
505,450$ 78,421$ 749,459$ 397,665$
-$ 41,501$ -$ 68,232$
- - - -
- - - -
- - - -
- - - -
- - 750,000 -
- 41,501 750,000 68,232
- - - -
- - - -
- - - -
- - - 329,433
- - - -
505,450 36,920 - -
- - - -
- - (541) -
505,450 36,920 (541) 329,433
505,450$ 78,421$ 749,459$ 397,665$
Capital Projects Funds
Rosedale
Traffic
Mitigation Park In-lieu
Capital
Projects
Public Works
Endowment
104
CITY OF AZUSA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2016
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
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:
Nonspendable:
Prepaid costs
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
155$ 10,328,680$
- 263,988
- 4,931
2,020,000 2,081,675
- 4,714
4,416 4,428
- 30,293
483,430 3,996,919
2,508,001$ 16,715,628$
-$ 800,829$
- 152,101
- 177,990
- 12,370
- 103,228
- 750,000
- 1,996,518
2,020,000 2,090,220
2,020,000 2,090,220
4,416 4,428
- 4,991,022
- 147,294
- 7,038,060
483,585 483,585
- (35,499)
488,001 12,628,890
2,508,001$ 16,715,628$
Debt Service
Funds
Public
Financing
Authority
105
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
Revenues:
Taxes -$ 873,361$ 723,224$ -$
Intergovernmental 1,066,267 207,530 - 506,152
Charges for services - 22,545 43,696 -
Use of money and property 53 8,633 12,016 -
Contributions - - - -
Miscellaneous 2,684 - 1,610 2,001
Total Revenues 1,069,004 1,112,069 780,546 508,153
Expenditures:
Current:
General government - - - -
Public safety - - - -
Community development - - - 338,988
Parks and recreation 52,118 - - -
Public works 1,094,143 659,371 538,446 -
Capital outlay - - 985,537 191,682
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,146,261 659,371 1,523,983 530,670
Excess (Deficiency) of Revenues
Over (Under) Expenditures (77,257) 452,698 (743,437) (22,517)
Other Financing Sources (Uses):
Transfers in 59,902 - - 5,518
Transfers out - - - -
Debt issued - - - -
Bond premium - - - -
Total Other Financing Sources (Uses) 59,902 - - 5,518
Net Change in Fund Balances (17,355) 452,698 (743,437) (16,999)
Fund Balances, Beginning of Year 17,355 769,063 1,833,177 (5,518)
Fund Balances, End of Year -$ 1,221,761$ 1,089,740$ (22,517)$
Special Revenue Funds
State
Gasoline Tax Proposition A Proposition C
Community
Development
Block Grant
106
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
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
Debt issued
Bond premium
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
(CONTINUED)
-$ -$ -$ -$
127,592 - 62,837 27,680
- 1,070,202 13,294 -
- 5,364 1,060 1,546
78,849 - - -
17,574 - - -
224,015 1,075,566 77,191 29,226
- 231,499 - -
- - - 27,680
- 574,329 - -
346,244 - - -
- - 23,400 -
- - 17,526 -
- - - -
- - - -
346,244 805,828 40,926 27,680
(122,229) 269,738 36,265 1,546
150,285 - - -
- - - -
- - - -
- - - -
150,285 - - -
28,056 269,738 36,265 1,546
- 526,652 124,432 40,907
28,056$ 796,390$ 160,697$ 42,453$
Senior
Nutrition
Supplemental
Law
Enforcement
Special Revenue Funds
Public Benefit
Program
Air Quality
Improvement
107
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
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
Debt issued
Bond premium
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
-$ -$ -$ -$
- - - -
144,841 515,195 - -
- 6,571 - -
- - - -
- - - -
144,841 521,766 - -
- - 61,029 -
4,398,290 - - -
- - - -
- - - -
- 270,593 - 42,518
- - - -
- - - -
- - - -
4,398,290 270,593 61,029 42,518
(4,253,449) 251,173 (61,029) (42,518)
4,358,290 - 48,615 441,553
- (293,905) - -
- - - -
- - - -
4,358,290 (293,905) 48,615 441,553
104,841 (42,732) (12,414) 399,035
- 740,602 - 322,540
104,841$ 697,870$ (12,414)$ 721,575$
Special Revenue Funds
Fire Safety
Monrovia
Nursery
Employee
Benefits
Utility
Mitigation
108
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
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
Debt issued
Bond premium
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
(CONTINUED)
-$ -$ 543,651$ -$
- - - -
- - - 205,656
12,752 - 16,060 -
- - - -
- - - -
12,752 - 559,711 205,656
- - - -
- - - -
- - - -
- - - -
- - 496,675 188,548
- - 718,232 -
- - - -
- - 240,103 -
- - 1,455,010 188,548
12,752 - (895,299) 17,108
- - - -
- - - -
- - 3,570,000 -
- - 168,899 -
- - 3,738,899 -
12,752 - 2,843,600 17,108
1,512,902 (27) 1,666,182 388,658
1,525,654$ (27)$ 4,509,782$ 405,766$
LACMTA Measure R AB939 Fee Highway 39
Special Revenue Funds
109
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
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
Debt issued
Bond premium
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Special
Revenue
Funds
-$ -$ -$ -$
- 14,593 - -
- - - -
4,223 571 5 3,850
- - - -
- - - -
4,223 15,164 5 3,850
- - - -
- - - -
- - 213 -
- 13,267 - -
- - - 149,965
- 41,500 - 28,740
- - - -
- - - -
- 54,767 213 178,705
4,223 (39,603) (208) (174,855)
- - - -
- - - -
- - - -
- - - -
- - - -
4,223 (39,603) (208) (174,855)
501,227 76,523 (333) 504,288
505,450$ 36,920$ (541)$ 329,433$
Park In-lieu
Capital
Projects
Public Works
Endowment
Rosedale
Traffic
Mitigation
Capital Projects Funds
110
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2016
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
Debt issued
Bond premium
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Total Nonmajor
Governmental
Funds
-$ 2,140,236$
- 2,012,651
- 2,015,429
931 73,635
- 78,849
- 23,869
931 6,344,669
4,625 297,153
- 4,425,970
- 913,530
- 411,629
- 3,463,659
- 1,983,217
265,000 265,000
87,351 327,454
356,976 12,087,612
(356,045) (5,742,943)
361,395 5,425,558
- (293,905)
- 3,570,000
- 168,899
361,395 8,870,552
5,350 3,127,609
482,651 9,501,281
488,001$ 12,628,890$
Public
Financing
Authority
Debt Service
Funds
111
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
STATE GASOLINE TAX
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 17,355$ 17,355$ 17,355$ -$
Resources (Inflows):
Intergovernmental 1,119,365 1,119,365 1,066,267 (53,098)
Use of money and property 500 500 53 (447)
Miscellaneous - - 2,684 2,684
Transfers in 35,400 35,400 59,902 24,502
Amounts Available for Appropriations 1,172,620 1,172,620 1,146,261 (26,359)
Charges to Appropriations (Outflow):
Parks and recreation 59,000 59,000 52,118 6,882
Public works 1,381,900 1,397,580 1,094,143 303,437
Total Charges to Appropriations 1,440,900 1,456,580 1,146,261 310,319
Budgetary Fund Balance, June 30 (268,280)$ (283,960)$ -$ 283,960$
112
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 769,063$ 769,063$ 769,063$ -$
Resources (Inflows):
Taxes 853,250 853,250 873,361 20,111
Intergovernmental 116,000 116,000 207,530 91,530
Charges for services 22,270 22,270 22,545 275
Use of money and property 2,100 2,100 8,633 6,533
Amounts Available for Appropriations 1,762,683 1,762,683 1,881,132 118,449
Charges to Appropriations (Outflow):
Public works 762,950 812,950 659,371 153,579
Total Charges to Appropriations 762,950 812,950 659,371 153,579
Budgetary Fund Balance, June 30 999,733$ 949,733$ 1,221,761$ 272,028$
113
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,833,177$ 1,833,177$ 1,833,177$ -$
Resources (Inflows):
Taxes 707,750 707,750 723,224 15,474
Charges for services 75,370 75,370 43,696 (31,674)
Use of money and property 5,500 5,500 12,016 6,516
Miscellaneous 1,520,000 1,520,000 1,610 (1,518,390)
Amounts Available for Appropriations 4,141,797 4,141,797 2,613,723 (1,528,074)
Charges to Appropriations (Outflow):
Public works 556,930 753,475 538,446 215,029
Capital outlay - 1,507,490 985,537 521,953
Total Charges to Appropriations 556,930 2,260,965 1,523,983 736,982
Budgetary Fund Balance, June 30 3,584,867$ 1,880,832$ 1,089,740$ (791,092)$
114
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (5,518)$ (5,518)$ (5,518)$ -$
Resources (Inflows):
Intergovernmental 428,635 428,635 506,152 77,517
Miscellaneous 114,050 114,050 2,001 (112,049)
Transfers in - - 5,518 5,518
Amounts Available for Appropriations 537,167 537,167 508,153 (29,014)
Charges to Appropriations (Outflow):
Community development 603,675 794,221 338,988 455,233
Capital outlay 242,370 484,740 191,682 293,058
Total Charges to Appropriations 846,045 1,278,961 530,670 748,291
Budgetary Fund Balance, June 30 (308,878)$ (741,794)$ (22,517)$ 719,277$
115
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SENIOR NUTRITION
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Intergovernmental 112,400 118,870 127,592 8,722
Contributions 58,500 58,500 78,849 20,349
Miscellaneous 16,500 16,500 17,574 1,074
Transfers in 150,285 150,285 150,285 -
Amounts Available for Appropriations 337,685 344,155 374,300 30,145
Charges to Appropriations (Outflow):
Parks and recreation 339,725 346,195 346,244 (49)
Total Charges to Appropriations 339,725 346,195 346,244 (49)
Budgetary Fund Balance, June 30 (2,040)$ (2,040)$ 28,056$ 30,096$
116
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC BENEFIT PROGRAM
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 526,652$ 526,652$ 526,652$ -$
Resources (Inflows):
Charges for services 1,102,950 1,102,950 1,070,202 (32,748)
Use of money and property 1,000 1,000 5,364 4,364
Amounts Available for Appropriations 1,630,602 1,630,602 1,602,218 (28,384)
Charges to Appropriations (Outflow):
General government 288,615 288,615 231,499 57,116
Community development 728,500 728,500 574,329 154,171
Capital outlay 282,175 282,175 - 282,175
Total Charges to Appropriations 1,299,290 1,299,290 805,828 493,462
Budgetary Fund Balance, June 30 331,312$ 331,312$ 796,390$ 465,078$
117
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 124,432$ 124,432$ 124,432$ -$
Resources (Inflows):
Intergovernmental 59,400 59,400 62,837 3,437
Charges for services 15,320 15,320 13,294 (2,026)
Use of money and property 1,400 1,400 1,060 (340)
Miscellaneous - 30,000 - (30,000)
Amounts Available for Appropriations 200,552 230,552 201,623 (28,929)
Charges to Appropriations (Outflow):
Public works 32,320 32,320 23,400 8,920
Capital outlay 19,345 96,750 17,526 79,224
Total Charges to Appropriations 51,665 129,070 40,926 88,144
Budgetary Fund Balance, June 30 148,887$ 101,482$ 160,697$ 59,215$
118
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
SUPPLEMENTAL LAW ENFORCEMENT
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 40,907$ 40,907$ 40,907$ -$
Resources (Inflows):
Intergovernmental - 28,340 27,680 (660)
Use of money and property - - 1,546 1,546
Amounts Available for Appropriations 40,907 69,247 70,133 886
Charges to Appropriations (Outflow):
Public safety - 28,340 27,680 660
Total Charges to Appropriations - 28,340 27,680 660
Budgetary Fund Balance, June 30 40,907$ 40,907$ 42,453$ 1,546$
119
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
FIRE SAFETY
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Charges for services 40,000 40,000 144,841 104,841
Transfers in 4,358,290 4,358,290 4,358,290 -
Amounts Available for Appropriations 4,398,290 4,398,290 4,503,131 104,841
Charges to Appropriations (Outflow):
Public safety 4,398,290 4,398,290 4,398,290 -
Total Charges to Appropriations 4,398,290 4,398,290 4,398,290 -
Budgetary Fund Balance, June 30 -$ -$ 104,841$ 104,841$
120
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MONROVIA NURSERY
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 740,602$ 740,602$ 740,602$ -$
Resources (Inflows):
Charges for services 606,000 606,000 515,195 (90,805)
Use of money and property 3,700 3,700 6,571 2,871
Amounts Available for Appropriations 1,350,302 1,350,302 1,262,368 (87,934)
Charges to Appropriations (Outflow):
Public works 331,695 331,695 270,593 61,102
Transfers out 293,905 293,905 293,905 -
Total Charges to Appropriations 625,600 625,600 564,498 61,102
Budgetary Fund Balance, June 30 724,702$ 724,702$ 697,870$ (26,832)$
121
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
EMPLOYEE BENEFITS
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Transfers in 540,180 540,180 48,615 (491,565)
Amounts Available for Appropriations 540,180 540,180 48,615 (491,565)
Charges to Appropriations (Outflow):
General government 540,180 715,980 61,029 654,951
Total Charges to Appropriations 540,180 715,980 61,029 654,951
Budgetary Fund Balance, June 30 -$ (175,800)$ (12,414)$ 163,386$
122
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
UTILITY MITIGATION
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 322,540$ 322,540$ 322,540$ -$
Resources (Inflows):
Transfers in 125,000 125,000 441,553 316,553
Amounts Available for Appropriations 447,540 447,540 764,093 316,553
Charges to Appropriations (Outflow):
Public works 120,000 186,000 42,518 143,482
Total Charges to Appropriations 120,000 186,000 42,518 143,482
Budgetary Fund Balance, June 30 327,540$ 261,540$ 721,575$ 460,035$
123
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
LACMTA
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (27)$ (27)$ (27)$ -$
Resources (Inflows):
Intergovernmental 820,000 820,000 - (820,000)
Amounts Available for Appropriations 819,973 819,973 (27) (820,000)
Charges to Appropriations (Outflow):
Public works - 305,084 - 305,084
Capital outlay 500,000 500,000 - 500,000
Total Charges to Appropriations 500,000 805,084 - 805,084
Budgetary Fund Balance, June 30 319,973$ 14,889$ (27)$ (14,916)$
124
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
MEASURE R
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,666,182$ 1,666,182$ 1,666,182$ -$
Resources (Inflows):
Taxes 527,750 527,750 543,651 15,901
Use of money and property 6,000 6,000 16,060 10,060
Debt issued - - 3,570,000 3,570,000
Bond premium - - 168,899 168,899
Amounts Available for Appropriations 2,199,932 2,199,932 5,964,792 3,764,860
Charges to Appropriations (Outflow):
Public works 211,725 588,435 496,675 91,760
Capital outlay 25,000 791,430 718,232 73,198
Debt service:
Interest and fiscal charges - - 240,103 (240,103)
Total Charges to Appropriations 236,725 1,379,865 1,455,010 (75,145)
Budgetary Fund Balance, June 30 1,963,207$ 820,067$ 4,509,782$ 3,689,715$
125
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
AB939 FEE
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 388,658$ 388,658$ 388,658$ -$
Resources (Inflows):
Charges for services 215,100 215,100 205,656 (9,444)
Amounts Available for Appropriations 603,758 603,758 594,314 (9,444)
Charges to Appropriations (Outflow):
Public works 244,780 244,780 188,548 56,232
Total Charges to Appropriations 244,780 244,780 188,548 56,232
Budgetary Fund Balance, June 30 358,978$ 358,978$ 405,766$ 46,788$
126
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PARK IN-LIEU
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 76,523$ 76,523$ 76,523$ -$
Resources (Inflows):
Intergovernmental 10,000 10,000 14,593 4,593
Use of money and property 50 50 571 521
Amounts Available for Appropriations 86,573 86,573 91,687 5,114
Charges to Appropriation (Outflow):
Parks and recreation 35,970 35,970 13,267 22,703
Capital outlay - 41,500 41,500 -
Total Charges to Appropriations 35,970 77,470 54,767 22,703
Budgetary Fund Balance, June 30 50,603$ 9,103$ 36,920$ 27,817$
127
CITY OF AZUSA
BUDGETARY COMPARISON SCHEDULE
PUBLIC WORKS ENDOWMENT
YEAR ENDED JUNE 30, 2016
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 504,288$ 504,288$ 504,288$ -$
Resources (Inflows):
Use of money and property - - 3,850 3,850
Amounts Available for Appropriations 504,288 504,288 508,138 3,850
Charges to Appropriations (Outflow):
Public works 107,500 234,330 149,965 84,365
Capital outlay 24,395 77,095 28,740 48,355
Total Charges to Appropriations 131,895 311,425 178,705 132,720
Budgetary Fund Balance, June 30 372,393$ 192,863$ 329,433$ 136,570$
128
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
NON-MAJOR PROPRIETARY FUNDS
JUNE 30, 2016
Totals
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 3,372,759$ 240,339$ 3,613,098$
Receivables:
Accounts 320,999 458,727 779,726
Notes and loans 3,160 - 3,160
Accrued interest 1,809 - 1,809
Restricted:
Cash with fiscal agent 1,456,489 - 1,456,489
Total Current Assets 5,155,216 699,066 5,854,282
Noncurrent:
Capital assets - net of accumulated depreciation 10,433,586 - 10,433,586
Total Noncurrent Assets 10,433,586 - 10,433,586
Total Assets 15,588,802 699,066 16,287,868
Deferred Outflows of Resources:
Deferred pension related items 82,577 - 82,577
Total Deferred Outflows of Resources 82,577 - 82,577
Total Assets and Deferred Outflows of Resources 15,671,379$ 699,066$ 16,370,445$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 30,387$ 546,010$ 576,397$
Accrued liabilities 34,993 - 34,993
Accrued interest 62,850 - 62,850
Accrued compensated absences 56,127 - 56,127
Bonds, notes, and capital leases 375,000 - 375,000
Total Current Liabilities 559,357 546,010 1,105,367
Noncurrent:
Bonds, notes, and capital leases 3,990,000 - 3,990,000
Net pension liability 1,132,877 - 1,132,877
Total Noncurrent Liabilities 5,122,877 - 5,122,877
Total Liabilities 5,682,234 546,010 6,228,244
Deferred Inflows of Resources:
Deferred pension related items 173,158 - 173,158
Total Deferred Inflows of Resources 173,158 - 173,158
Net Position:
Net investment in capital assets 7,522,719 - 7,522,719
Unrestricted 2,293,268 153,056 2,446,324
Total Net Position 9,815,987 153,056 9,969,043
Total Liabilities, Net Position
and Deferred Inflows of Resources 15,671,379$ 699,066$ 16,370,445$
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
129
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2016
Totals
Operating Revenues:
Sales and service charges 2,679,660$ 3,465,932$ 6,145,592$
Miscellaneous 5,024 6,267 11,291
Total Operating Revenues 2,684,684 3,472,199 6,156,883
Operating Expenses:
Administration and general 912,924 - 912,924
Treatment 524,338 - 524,338
Refuse collection - 3,342,897 3,342,897
Depreciation expense 488,339 - 488,339
Total Operating Expenses 1,925,601 3,342,897 5,268,498
Operating Income (Loss)759,083 129,302 888,385
Nonoperating Revenues (Expenses):
Taxes - 630,981 630,981
Interest revenue 25,070 - 25,070
Interest expense (151,839) - (151,839)
Special franchise fees (54,244) - (54,244)
Total Nonoperating
Revenues (Expenses)(181,013) 630,981 449,968
Income (Loss) Before Transfers 578,070 760,283 1,338,353
Transfers out (119,000) (747,935) (866,935)
Changes in Net Position 459,070 12,348 471,418
Net Position:
Beginning of Year, as originally reported 9,222,795 140,708 9,363,503
Restatements 134,122 - 134,122
Beginning of Fiscal Year, as restated 9,356,917 140,708 9,497,625
End of Fiscal Year 9,815,987$ 153,056$ 9,969,043$
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
130
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2016
Totals
Cash Flows from Operating Activities:
Cash received from customers and users 2,671,401$ 3,427,513$ 6,098,914$
Cash paid to suppliers for goods and services (558,916) (3,288,736) (3,847,652)
Cash paid to employees for services (946,090) - (946,090)
Net Cash Provided by (Used in) Operating Activities 1,166,395 138,777 1,305,172
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (119,000) (747,935) (866,935)
Net Cash Used in Non-Capital
Financing Activities (119,000) (747,935) (866,935)
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (89,218) - (89,218)
Principal paid on capital debt (365,000) - (365,000)
Interest paid on capital debt (156,833) - (156,833)
Special franchise fees (54,244) - (54,244)
Taxes - 630,981 630,981
Net Cash Provided by (Used in)
Capital and Related Financing Activities (665,295) 630,981 (34,314)
Cash Flows from Investing Activities:
Issuance of new loans (3,160) - (3,160)
Interest received 24,154 - 24,154
Net Cash Provided by
Investing Activities 20,994 - 20,994
Net Decrease in Cash
and Cash Equivalents 403,094 21,823 424,917
Cash and Cash Equivalents at Beginning of Year 4,426,154 218,516 4,644,670
Cash and Cash Equivalents at End of Year 4,829,248$ 240,339$ 5,069,587$
Reconciliation of Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Operating income (loss)759,083$ 129,302$ 888,385$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 488,339 - 488,339
(Increase) decrease in accounts receivable (13,283) (44,686) (57,969)
(Increase) decrease in deferred pension related outflows 4,918 - 4,918
Increase (decrease) in accounts payable (42,893) 54,161 11,268
Increase (decrease) in accrued liabilities 8,315 - 8,315
Increase (decrease) in compensated absences (22,382) - (22,382)
Increase (decrease) in net pension liability 72,347 - 72,347
Increase (decrease) in deferred pension related inflows (88,049) - (88,049)
Total Adjustments 407,312 9,475 416,787
Net Cash Provided by (Used in)
Operating Activities 1,166,395$ 138,777$ 1,305,172$
Sewer/
Wastewater
Refuse
Contract
Business-Type Activities - Enterprise Funds
131
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2016
Assets and Deferred Outflows of Resources:
Assets:
Current:
Cash and investments 1,295,927$ 1,871,925$ 3,309$ 18,888$
Receivables:
Accounts 702,858 - 96 -
Notes and loans 3,717 537 - -
Accrued interest 23,668 257 - -
Prepaid costs - 25,752 - -
Total Current Assets 2,026,170 1,898,471 3,405 18,888
Noncurrent:
Capital assets - net of accumulated depreciation 515,938 - 29,680 394,406
Total Noncurrent Assets 515,938 - 29,680 394,406
Total Assets 2,542,108 1,898,471 33,085 413,294
Deferred Outflows of Resources:
Deferred pension related items 486,625 16,455 - -
Total Deferred Outflows of Resources 486,625 16,455 - -
Total Assets and Deferred Outflows of Resources 3,028,733$ 1,914,926$ 33,085$ 413,294$
Liabilities, Net Position and Deferred Inflows of Resources:
Liabilities:
Current:
Accounts payable 108,489$ 355,038$ -$ -$
Accrued liabilities 649,991 4,465 561 -
Accrued compensated absences 209,043 3,033 - -
Accrued claims and judgments - 2,317,141 - -
Total Current Liabilities 967,523 2,679,677 561 -
Noncurrent:
Accrued compensated absences 15,577 1,011 - -
Net pension liability 4,018,769 92,943 - -
Total Noncurrent Liabilities 4,034,346 93,954 - -
Total Liabilities 5,001,869 2,773,631 561 -
Deferred Inflows of Resources:
Deferred pension related items 430,780 (2,344) - -
Total Deferred Inflows of Resources 430,780 (2,344) - -
Net Position:
Investment in capital assets 515,938 - 29,680 394,406
Unrestricted (2,919,854) (856,361) 2,844 18,888
Total Net Position (2,403,916) (856,361) 32,524 413,294
Total Liabilities, Net Position
and Deferred Inflows of Resources 3,028,733$ 1,914,926$ 33,085$ 413,294$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
Governmental Activities - Internal Service Funds
132
CITY OF AZUSA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2016
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
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:
Investment in capital assets
Unrestricted
Total Net Position
Total Liabilities, Net Position
and Deferred Inflows of Resources
Totals
222,636$ 3,412,685$
- 702,954
1,341 5,595
- 23,925
65,540 91,292
289,517 4,236,451
- 940,024
- 940,024
289,517 5,176,475
131,657 634,737
131,657 634,737
421,174$ 5,811,212$
117,458$ 580,985$
49,361 704,378
169,867 381,943
- 2,317,141
336,686 3,984,447
- 16,588
1,888,576 6,000,288
1,888,576 6,016,876
2,225,262 10,001,323
141,214 569,650
141,214 569,650
- 940,024
(1,945,302) (5,699,785)
(1,945,302) (4,759,761)
421,174$ 5,811,212$
Governmental Activities - Internal
Service Funds
IT Services
133
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2016
Operating Revenues:
Sales and service charges 6,856,766$ 2,464,950$ -$ -$
Miscellaneous 18,527 30,507 - 1,069
Total Operating Revenues 6,875,293 2,495,457 - 1,069
Operating Expenses:
Administration and general 5,727,559 1,660,752 - -
Source of supply 158,096 - - -
Claims expense 553,282 2,003,484 - -
Depreciation expense 109,830 - 1,492 108,358
Total Operating Expenses 6,548,767 3,664,236 1,492 108,358
Operating Income (Loss)326,526 (1,168,779) (1,492) (107,289)
Nonoperating Revenues (Expenses):
Interest revenue - 5,889 - 32
Loss on disposal of capital assets - - - (8,487)
Gain on disposal of capital assets - - - 455
Total Nonoperating
Revenues (Expenses)- 5,889 - (8,000)
Income (Loss) Before Transfers 326,526 (1,162,890) (1,492) (115,289)
Transfers in 132,335 15,780 37,525 76,300
Transfers out (428,790) - - -
Changes in Net Position 30,071 (1,147,110) 36,033 (38,989)
Net Position:
Beginning of Year (2,433,987) 290,749 (3,509) 452,283
End of Fiscal Year (2,403,916)$ (856,361)$ 32,524$ 413,294$
Consumer
Services Self Insurance
Central
Services
Equipment
Replacement
Governmental Activities - Internal Service Funds
134
CITY OF AZUSA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2016
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
Loss on disposal of capital assets
Gain 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
End of Fiscal Year
Totals
1,524,385$ 10,846,101$
92 50,195
1,524,477 10,896,296
1,380,767 8,769,078
135,611 293,707
- 2,556,766
- 219,680
1,516,378 11,839,231
8,099 (942,935)
- 5,921
- (8,487)
- 455
- (2,111)
8,099 (945,046)
- 261,940
- (428,790)
8,099 (1,111,896)
(1,953,401) (3,647,865)
(1,945,302)$ (4,759,761)$
Governmental Activities - Internal
Service Funds
IT Services
135
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2016
Cash Flows from Operating Activities:
Cash received from customers and users 6,347,636$ 2,470,704$ -$ 1,069$
Cash paid to suppliers for goods and services (559,052) (1,445,247) - -
Cash paid to employees for services (5,817,001) (1,666,154) - -
Net Cash Provided by (Used in) Operating Activities (28,417) (640,697) - 1,069
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (428,790) - - -
Cash transfers in 132,335 15,780 37,525 76,300
Repayment made to other funds - - (34,216) -
Net Cash Provided by (Used in)
Non-Capital Financing Activities (296,455) 15,780 3,309 76,300
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (98,639) - - (77,205)
Proceeds from sale of capital assets - - - 8,866
Net Cash Provided (Used) by
Capital and Related Financing Activities (98,639) - - (68,339)
Cash Flows from Investing Activities:
Issuance of new loans - - - -
Repayment received on loans 234 - - -
Interest received - 6,201 - 35
Net Cash Provided by (Used in)
Investing Activities 234 6,201 - 35
Net Increase (Decrease) in Cash
and Cash Equivalents (423,277) (618,716) 3,309 9,065
Cash and Cash Equivalents at Beginning of Year 1,719,204 2,490,641 - 9,823
Cash and Cash Equivalents at End of Year 1,295,927$ 1,871,925$ 3,309$ 18,888$
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)326,526$ (1,168,779)$ (1,492)$ (107,289)$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 109,830 - 1,492 108,358
(Increase) decrease in accounts receivable (527,657) - - -
(Increase) decrease in prepaid expense 4,390 (24,753) - -
(Increase) decrease in deferred pension related outflows (130,460) (7,087) - -
Increase (decrease) in accounts payable 13,140 (330,205) - -
Increase (decrease) in accrued liabilities 134,796 1,574 - -
Increase (decrease) in claims and judgments - 886,868 - -
Increase (decrease) in compensated absences (59,371) (1,737) - -
Increase (decrease) in net pension liability 505,332 25,848 - -
Increase (decrease) in deferred pension related inflows (404,943) (22,426) - -
Total Adjustments (354,943) 528,082 1,492 108,358
Net Cash Provided by (Used in)
Operating Activities (28,417)$ (640,697)$ -$ 1,069$
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets -$ -$ -$ 8,866$
Governmental Activities - Internal Service Funds
Consumer
Services
Self
Insurance
Central
Services
Equipment
Replacement
136
CITY OF AZUSA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2016
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
Proceeds from sale of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Issuance of new loans
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
(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
Non-Cash Investing, Capital, and Financing Activities:
Gain/(Loss) on disposition of capital assets
Totals
1,529,211$ 10,348,620$
(99,355) (2,103,654)
(1,398,508) (8,881,663)
31,348 (636,697)
- (428,790)
- 261,940
- (34,216)
- (201,066)
- (175,844)
- 8,866
- (166,978)
(1,341) (1,341)
- 234
- 6,236
(1,341) 5,129
30,007 (999,612)
192,629 4,412,297
222,636$ 3,412,685$
8,099$ (942,935)$
- 219,680
- (527,657)
4,734 (15,629)
(30,280) (167,827)
21,061 (296,004)
15,195 151,565
- 886,868
(9,642) (70,750)
131,526 662,706
(109,345) (536,714)
23,249 306,238
31,348$ (636,697)$
-$ 8,866$
IT Services
Governmental Activities -
Internal Service Funds
137
CITY OF AZUSA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2016
Balance Balance
7/1/2015 Additions Deductions 6/30/2016
Deposit Trust
Assets:
Pooled cash and investments 5,116,110$ 4,904,976$ 3,567,937$ 6,453,149$
Receivables:
Accounts 11,276 269,249 11,276 269,249
Taxes 59,703 48,554 59,703 48,554
Total Assets 5,187,089$ 5,222,779$ 3,638,916$ 6,770,952$
Liabilities:
Accounts payable 210,153$ 3,627,946$ 3,590,036$ 248,063$
Accrued liabilities 12,277 5,349 9,660 7,966
Deposits payable 4,944,964 5,687,987 4,141,073 6,491,878
Due to other governments 19,695 4,750 1,400 23,045
Total Liabilities 5,187,089 $ 9,326,032 $ 7,742,169 $ 6,770,952 $
138
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
WATER - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
Water
Operating Revenues:
Residential sales 8,599,454$
Commercial sales 3,429,934
Industrial sales 2,282,486
Other sales 1,031,834
Fees 344,224
Other revenue 4,990,072
Total Operating Revenues 20,678,004
Operating Expenses:
Production 6,003,201
Transmission and distribution 2,357,683
Customer accounting and sales 4,388,600
Uncollectible accounts 36,777
Administrative and general 610,783
Depreciation 3,752,679
Total Operating Expenses 17,149,723
Operating Income (Loss)3,528,281
Nonoperating Revenues (Expenses):
Interest revenue 228,799
Interest expense (2,089,099)
Franchise and in-lieu-tax (403,189)
Total Nonoperating Revenues (Expenses)(2,263,489)
Net Income 912,606
Net Position:
Beginning of Fiscal Year 52,645,976
Restatements (131,278)
Beginning of Fiscal Year, as restated 52,514,698
End of Fiscal Year 53,427,304$
139
CITY OF AZUSA
SUPPLEMENTAL STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
LIGHT - ENTERPRISE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2016
Light
Operating Revenues:
Sale/electricity - residential 12,570,806$
Sale/electricity - commercial and industrial 21,957,543
Sale/electricity - other 1,340,305
Sale/electricity - resale 4,567,753
Other revenue 2,015,847
Total Operating Revenues 42,452,254
Operating Expenses:
Purchase power 25,726,445
Transmission/dispatching 3,750,031
Operation and maintenance 2,689,607
Uncollectible accounts 56,476
Administration general expenditures 4,120,699
Depreciation 1,274,013
Total Operating Expenses 37,617,271
Operating Income 4,834,983
Nonoperating Revenues (Expenses):
Interest income 265,634
Interest expense (225,136)
Franchise and in-lieu-tax (3,655,679)
Total Nonoperating Revenues (Expenses)(3,615,181)
Net Income Before Transfers 1,219,802
Transfers Out (136,762)
Net Income 1,083,040
Net Position:
Beginning of Fiscal Year 43,220,224
Restatements (70,688)
Beginning of Fiscal Year, as restated 43,149,536
End of Fiscal Year 44,232,576$
140
Pages
Financial Trends
143-147
Revenue Capacity
148-157
Debt Capacity
158-164
Demographic and Economic Information
165-167
Operating Information
168-170
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.
141
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3
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t
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s
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n
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1
1
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9
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7
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8
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3
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t
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l
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3
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1
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s
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4
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l
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n
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b
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14
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8
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3
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s
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9
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0
6
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2
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6
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4
9
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0
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6
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9
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a
s
s
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g
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2
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6
2
5
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3
8
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8
7
,
4
6
7
)
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7
6
,
8
7
0
)
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2
5
,
5
7
6
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(1
2
,
4
7
8
)
(3
5
,
4
9
9
)
To
t
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l
a
l
l
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h
e
r
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m
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t
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l
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s
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5,
5
6
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1
1
2
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10
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8
8
2
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6
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5
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1
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7
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4
9
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6
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147
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
2016 12,570,806 21,957,543 1,340,305 35,868,654
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
148
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
2016 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.
149
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5
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&
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150
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
2016 8,899,454 3,429,934 2,282,486 1,031,834 15,643,708
Source: City of Azusa Light & Water Department
City of Azusa
Table 8 - Water Sold by Type of Customer
Type of Customer
151
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
2016 17.03 1.007 2.129 3.031
NOTE:
(2) Tiers changed from 17 to 12 in July 2009.
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.
152
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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
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%
2016 2,718,542,945 291,006,304 963,951,180 3,973,500,429 0.13976 3,973,500,429 100.0%
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)
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155
Table 13 - Principal Property Tax Payers (Top Ten)
Current Year and Ten Years Ago
2016 2006
Percentage of Percentage of
City City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Value Value
Northrop Grumman Systems Corporation 107,917,280$ 2.72% 1 128,498,609$ 4.98%
Rainbird Corp/CA Div.41,385,518 1.04% 2 35,007,317 1.36%
PPF Industrial 823 8th Street 33,008,298 0.83% 3 28,126,500 1.09%
Citrus Crossing Properties Fee 30,070,764 0.76% 4 0.00%
Azusa Pacific University 29,190,041 0.73% 5 0.00%
Rosedale Land Partners II LLC 24,604,669 0.62% 6 14,502,069 0.56%
Cemex Inc 23,994,112 0.60% 7 0.00%
Azusa Land Reclamation Inc.22,366,328 0.56% 8 0.00%
S & S Foods LLC 21,561,710 0.54% 9 0.00%
VPM Soldano Senior Village LP 20,484,995 0.52% 10 0.00%
Costco Wholesale Corporation 0.00%17,245,739 0.67%
Sam Menlo Trust 0.00%16,618,743 0.64%
Coastal Pacific Glen LLC 0.00%31,770,701 1.23%
Criterion Catalyst Company LP 0.00%17,164,259 0.66%
Reichhold Inc 0.00%14,660,224 0.57%
JAR Azusa Association LTD 0.00%16,474,962 0.64%
354,583,715$ 8.92%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 - Page 35 of 2015-16 Property Data
City of Azusa
156
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
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%
2016 4,503,235 4,399,245 97.7%66,910 4,466,155 99.2%
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
157
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158
Fiscal Year Certificates Tax Debt per
Ended of Allocation City
June 30 Participation Bonds Total Capita
2007 4,120,000 24,271,206 28,391,206 589
2008 3,910,000 39,546,698 43,456,698 898
2009 3,695,000 57,056,201 60,751,201 1,246
2010 3,480,000 55,814,889 59,294,889 1,205
2011 3,255,000 54,768,014 58,023,014 1,245
2012 3,025,000 (1)3,025,000 64
2013 2,785,000 (1)2,785,000 58
2014 2,540,000 (1)2,540,000 53
2015 2,285,000 (1)2,285,000 47
2016 2,020,000 (1)2,020,000 41
(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
159
Percentage Net
Gross Bonded Applicable Bonded
Debt Balance To City Debt
APFA 2003 Lease Revenue COP 2,020,000$ 100 2,020,000$
2008 Taxable Pension Bonds 2,240,000 100 2,240,000
2016 T.R.I.P Installment Bonds 3,570,000 100 3,570,000
Total Direct Debt 7,830,000
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 63,033,037$
2015/16 Assessed Valuation: $3,038,069,746
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, 2016
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The percentage of overlapping debt applicable is estimated by using taxable
assessed values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's boundaries and dividing it by
each unit's total taxable assessed value.
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Debt Service Requirements
Fiscal Year Net Revenue
Ended Operating Operating Available for
June 30 Revenues(2)Expenses (3)Debt Service Principal Interest Total Coverage
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
2016 20,906,803 13,397,044 7,509,759 1,800,000 3,133,118 4,933,118 1.52
Calculation of debt coverage is in accordance with covenants set for in 2012 Series A Refunding Revenue Bonds.
Includes interest revenue. Revenues restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
Excludes depreciation expense. Expenses restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
Interest payment of $1,266,469 made at time of refunding the 2006 bonds excluded.
Debt Service Requirements
Fiscal Year Net Revenue
Ended Operating Operating Available for
June 30 Revenues(2)Expenses (3)Debt Service Principal Interest Total Coverage
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
2016 42,717,899 36,343,258 6,374,641 620,000 237,138 857,138 7.44
Calculation of debt coverage in accordance with covenants set for in 2003 Certificates of Participation Series C and 2012 Series B
Refunding Revenue Bonds.
Includes interest revenue. Revenues restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
Excludes depreciation expense. Expenses restated from Fiscal Year 2012/13 CAFR to reflect calculation set forth in bond covenants.
City of Azusa Administrative Services-Finance Department
CITY OF AZUSA
Table 19 - Pledged Revenue Coverage
REVENUE BONDS - WATER FUND(1)
CERTIFICATES OF PARTICIPATION AND REVENUE BONDS - ELECTRIC FUND (1)
Last Ten Fiscal Years
162
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
2007 1,586,403 1,141,303 445,100 85,000 139,604 224,604 1.98
2008 1,671,968 1,195,146 476,822 95,000 123,547 218,547 2.18
2009 1,636,336 1,518,931 117,405 100,000 120,611 220,611 0.53
2010 1,642,481 1,545,220 97,261 105,000 123,892 228,892 0.42
2011 1,672,986 1,543,754 129,232 115,000 106,313 221,313 0.58
2012 2,225,335 1,888,871 336,464 0 33,110 33,110 10.16
2013 2,500,116 4,573,251 (2,073,135) 225,000 188,568 413,568 (5.01)
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
2016 2,707,398 1,437,262 1,270,136 365,000 156,833 521,833 2.43
Excludes interest and depreciation expense.
City of Azusa Finance Department
REVENUE BONDS - SEWER FUND
CITY OF AZUSA
Table 19 - Pledged Revenue Coverage (Continued)
Last Ten Fiscal Years
163
Debt Service Requirements
Fiscal Year
Ended Tax
June 30 Increment Principal Interest Total Coverage
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 4,817,379 730,000 3,560,840 4,290,840 1.12
2016 3,843,267 1,525,000 3,345,820 4,870,820 0.79
Source: City of Azusa Finance Department
CITY OF AZUSA
Table 20 - Pledged Revenue Coverage
Last Ten Fiscal Years
164
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%
2016 49,690 10,170,292
(2)(2)3.8%
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
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6
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Pa
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Nu
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Av
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Av
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:
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Av
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10
9
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So
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C
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A
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R
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C
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168
20
0
7
20
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20
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20
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20
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1
20
1
2
20
1
3
20
1
4
20
1
5
20
1
6
Po
l
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c
e
:
St
a
t
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s
1
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1
1
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1
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Pu
b
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c
W
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s
:
St
r
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s
(
l
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a
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m
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17
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6
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7
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8
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Tr
a
f
f
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s
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n
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s
52
52
52
53
52
53
53
55
56
57
Pa
r
k
s
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c
r
e
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t
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n
:
Pa
r
k
s
10
13
13
13
13
15
16
17
20
21
Pa
r
k
a
c
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58
60
61
61
61
64
64
77
84
85
Co
m
m
u
n
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y
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t
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s
2
3
3
3
3
3
3
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Wa
t
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r
:
Wa
t
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r
m
a
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n
s
(
m
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l
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s
)
30
8
31
1
31
2
31
5
31
5
31
5
31
5
31
5
31
5
28
1
Nu
m
b
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f
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n
t
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5
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5
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5
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8
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Ma
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p
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40
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0
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5
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5
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5
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5
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d
c
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b
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c
f
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)
Li
g
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t
:
Me
t
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r
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d
S
t
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e
t
l
i
g
h
t
s
65
65
65
65
65
65
65
65
65
64
Da
i
l
y
c
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n
s
u
m
p
t
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o
n
(
k
W
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)
16
9
16
9
16
9
16
9
16
2
16
2
16
2
16
2
16
2
16
4
Un
M
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t
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S
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t
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2,
4
2
3
Da
i
l
y
c
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n
s
u
m
p
t
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n
(
k
W
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)
56
Se
w
e
r
:
Sa
n
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t
a
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y
s
e
w
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r
s
(
m
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l
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s
)
61
61
61
61
61
80
80
80
80
80
St
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m
s
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w
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r
s
(
m
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l
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s
)
15
15
15
15
15
15
16
16
16
16
Ma
x
i
m
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m
d
a
i
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y
t
r
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a
t
m
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n
t
c
a
p
a
c
i
t
y
48
48
48
48
48
48
60
60
60
60
(c
u
b
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c
f
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p
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s
e
c
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d
)
So
u
r
c
e
:
C
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t
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f
A
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s
a
P
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c
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D
e
p
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5
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r
169
Talika M. Johnson General Overview
Director of Finance Letter of Transmittal
Management's Discussion and Analysis
Charts
General Fund
Richard Lam
Budget Analyst 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, 2016
170