Reso 2013-029 - Laserfiche WebLink

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11 Water Pollution Control Plant 68% Environmental Services 10% Stom Water Utility 7% Shoreline 15% Recreation and culture expenses cover the operation and maintenance of Library, community centers, pools as well as providing essential connection to people and their needs in the community and meeting the educational, cultural and informational needs of citizens of the City. Cost attributed to this function decreased by 10% ($1.1 million) from the prior year due to the projects such as Park and Par Course improvements which were completed in fiscal year 2010-11. Interest on debt was 1.9% ($1.86 million) less that prior fiscal year. This is primarily attributable to the dissolution of the Redevelopment Agency as Debt was transferred to the private purpose trust fund. Business-Type Activities. The City’s business-type activities include the Water Pollution Control Plant, Shoreline, Storm Water Utility and Environmental Services. Business-Type activities net assets increased by $1.9 million from prior fiscal year due the increase in capital assets mainly due to expansion and of the Water Pollution Control Plant. Expenses by Function - Business-Type Activities Revenues by Source – Business-Type Activities FINANCIAL ANALYSIS OF INDIVIDUAL FUNDS Governmental Funds. The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financial requirements. In particular, Unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. However, it should be noted that most of the unassigned amounts are designated by the City Council for specific uses. As of June 30, 2012, the City’s governmental funds, including the general, special reserve, debt service, and capital projects reported combined ending fund balances of $42 million, a decrease of 30% ($18.3 million) compared to the prior fiscal year primarily due to the dissolution of the RDA wherein funds transferred to the private purpose trust fund as of February 1, 2012. For 2011-12, the Governmental Accounting Standards Board (GASB) Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions is described explicitly in Note 10 under Net Assets and Fund Balance. The term fund balance is used to describe the difference between assets (what is owned) and liabilities (what is owed) reported within the fund. In the past, fund balances have been classified into three separate components: Reserved, Designated, and Undesignated. The new GASB 54 defines five new Charges for Services 95% Others 5%