1. business and industrial
2. company
3. annual report

TABLE OF CONTENTS
PREFACE
How to Use the Comprehensive Annual Financial Report Document
Organization of the City's Funds
i
ii
INTRODUCTORY SECTION
Transmittal Memorandum
GFOA Certificate of Achievement for Excellence in Financial Reporting
CSMFO Certificate of Award for Outstanding Financial Reporting
Directory of Officials and Advisory Bodies
Organization of the City of San Luis Obispo
1
26
27
28
29
FINANCIAL SECTION
Independent Auditors' Report
31
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures and Changes in Fund Balances
All Governmental Fund Types
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General, Special Revenue and Debt Service Funds
Combined Statement of Revenues, Expenses and Changes in Retained Earnings
Proprietary Fund Type - Enterprise Funds
Combined Statement of Cash Flows - Proprietary Fund Type - Enterprise Funds
Notes to the General Purpose Financial Statements
33
35
36
37
38
40
Combining, Individual Fund, and Account Group Statements and Schedules
Governmental Funds
General Fund
Overview
Balance Sheet
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TABLE OF CONTENTS, continued
Governmental Funds, continued
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PREFACE - HOW TO USE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT DOCUMENT
The Comprehensive Annual Financial Report (CAFR) of the City of San Luis Obispo, California (City) has been prepared in order to present the City's monetary
results of operations and financial condition as of June 30, 1997, as well as to provide statistical information of general interest about the San Luis Obispo
community. To achieve these goals, the City's CAFR has been organized into the following four major sections:
INTRODUCTORY SECTION
The primary item in this section of the CAFR is the Transmittal Memorandum from the City's Director of Finance, which provides a comprehensive analysis of the
City's financial position as of June 30, 1997 as well as summaries of significant policies and practices which affect the City's management of its financial affairs.
The Introductory section also includes a directory of City officials and advisory bodies, an organization chart of the City, the Certificate of Excellence in Financial
Reporting awarded to the City by the Government Finance Officers Association of the United States and Canada (GFOA) for the City's June 30, 1996 CAFR, and
the Certificate of Award for Outstanding Financial Reporting 1995-96 from the California Society of Municipal Finance Officers.
FINANCIAL SECTION
This section includes the primary financial statements of the City, and is organized into three major parts:
n
Independent auditors' report.
n
General purpose financial statements including notes thereto, which summarize the City's financial results of operations and financial position at the "Fund
Type" level.
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Supplemental financial statements, which provide financial information for each of the City's funds and account groups organized by fund type: Governmental
Funds (General, Special Revenue, Debt Service, and Capital Project); Proprietary Funds (Enterprise Funds); Fiduciary Funds (Agency Funds); and General
Fixed Asset Account Group. An overview introduces each of these supplemental financial statements which describes the purpose of each fund or account
group.
STATISTICAL SECTION
This section includes the following demographic and financial tables which provide current and historical trend information for the City, and is organized into three
major parts:
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General financial trends. Ten year summary information on governmental revenues and expenditures.
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Long-term indebtedness. Ten year summary information on general obligation debt ratios and debt service requirements.
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Demographics. Ten year summary information on business tax receipts, taxable sales, and building permits and valuations; and information on local
housing and population.
SINGLE AUDIT SECTION
i
This section presents required reports on internal controls and compliance with rules and regulations related to federal financial assistance.
PREFACE - ORGANIZATION OF THE CITY'S FUNDS
In accordance with generally accepted accounting principles, the City's financial reporting system is organized on a fund basis consisting of three major fund types Governmental, Proprietary and Fiduciary;- and two self-balancing Account Groups: general fixed assets and general long-term debt. The City's various funds, as
summarized below, have been established in order to segregate and identify those financial transactions and resources associated with providing specific activities or
programs in conformance with special regulations, restrictions, or limitations.
GOVERNMENTAL FUNDS
Most of the City's programs and functions are provided and financed through the following Governmental Funds, which are distinguished by their measurement
focus in determining financial position and changes in financial position, rather than upon determining net income:
General Fund
Special Revenue Funds
Business Improvement Area (BIA)
Gas Tax
Transportation Development Act (TDA)
Community Development Block Grant (CDBG)
Debt Service Fund
Capital Project Funds
Capital Outlay
Parkland Development
Transportation Impact Fee
Open Space Protection
Equipment Replacement
PROPRIETARY FUNDS
Proprietary type funds are distinguished from Governmental type funds by their similarity to private sector enterprises, as the intent is that the costs of providing
services - whether this service is to the public (Enterprise Funds) or internally to the organization (Internal Service Funds) - are to be financed or recovered
primarily through user charges. Enterprise funds may also be established to account for operations under which the organization or an outside granting agency has
decided that a periodic determination of net income under full accrual accounting is appropriate for capital maintenance, public policy, management control,
accountability, or other public purposes The following five enterprise funds are used by the City: Water, Sewer, Parking, Transit, and Golf. The City has no internal
service funds.
FIDUCIARY FUNDS
The following agency funds are used to account for assets held by the City solely in a custodial capacity for private individuals, organizations, or other governmental
agencies:
Whale Rock Commission
Jack House
Joint Recreational Use
Narcotics Task Force
General Agency
CDBG Loan Program
Bomb Task Force
ii
Duvall Fund
Hazardous Materials Task Force
CCCSIF Workers’ Compensation Insurance
CCCSIF Liability Insurance
ACCOUNT GROUPS
Except for assets and liabilities associated with Proprietary or Fiduciary fund types, the self-balancing Account Groups of General Fixed Assets and General LongTerm Debt are used for accounting control and accountability for the City's general fixed assets and the unmatured portion of principal outstanding on its general
long-term debt.
ii
General Fund, Continued
Schedule of Revenues - Budget and Actual
Schedule of Expenditures - Budget and Actual:
Public Safety
Transportation
Leisure, Cultural and Social Services
Community Development
General Government
Special Revenue Funds
Overview
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
Business Improvement Area (BIA) Fund
Gas Tax Fund
Transportation Development Act (TDA) Fund
Community Development Block Grant (CDBG) Fund
72
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75
76
77
78
79
80
81
82
83
84
85
Debt Service Fund
Overview
Balance Sheet
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
87
88
89
Capital Projects Funds
Overview
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
91
92
93
TABLE OF CONTENTS, continued
Proprietary Funds
Enterprise Funds
Overview
Combining Balance Sheet
Combining Statement of Revenues, Expenses, and Changes in Retained Earnings
Combining Statement of Cash Flows
95
96
99
100
Water Fund
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings
Statement of Cash Flows
102
103
104
Sewer Fund
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings
Statement of Cash Flows
106
107
108
Parking Fund
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings
Statement of Cash Flows
110
111
112
Transit Fund
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings
Statement of Cash Flows
114
115
116
Golf Fund
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings
Statement of Cash Flows
118
119
120
TABLE OF CONTENTS, continued
Fiduciary Funds
Agency Funds
Overview
Combining Statement of Changes in Assets and Liabilities
123
124
General Fixed Assets Account Group
Overview
Schedule of Changes in General Fixed Assets and Investment in General Fixed Assets
Schedule of General Fixed Assets by Program and Activity
Schedule of Changes in General Fixed Assets by Program and Activity
131
132
133
134
STATISTICAL SECTION - UNAUDITED
Statistical Overview
135
General Financial Trends
Governmental Revenues - Last Ten Fiscal Years
Governmental Expenditures by Function - Last Ten Fiscal Years
Tax Revenues by Source - Last Ten Fiscal Years
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years
Property Tax Rates - Last Ten Fiscal Years
Secured Property Tax Roll Levies and Collections - Last Ten Fiscal Years
136
137
138
139
140
141
TABLE OF CONTENTS, continued
STATISTICAL SECTION - UNAUDITED, continued
Long-Term Indebtedness
Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - Last Ten Fiscal Years
Computation of Legal Debt Margin - Fiscal Year Ended June 30, 1997
Direct and Overlapping Long-Term Debt - Fiscal Year Ended June 30, 1997
Ratio of Annual Debt Service for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years
Revenue Bond Coverage - Water Fund - Last Nine Fiscal Years
Revenue Bond Coverage - Parking Fund - Last Ten Fiscal Years
Demographics and Economic Base
Population and Housing - City of San Luis Obispo
Major Sources of Employment - Fiscal Year Ended June 30, 1997
Schedule of Business Tax Certificates Issued - Fiscal Years Ended June 30, 1997 and 1996
Schedule of Taxable Sales and Permits by Category - Last Ten Calendar Years
Schedule of Building Permits and Valuations - Last Ten Fiscal Years
Principal Property Taxpayers - City of San Luis Obispo
Municipal Services Provided by Other Agencies or Private Companies Fiscal Years Ended June 30, 1997 and 1996
142
143
144
145
146
147
148
149
150
151
152
153
154
SINGLE AUDIT SECTION
Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of
Financial Statements Performed in Accordance with Government Auditing Standards
Independent Auditors' Report on Compliance with Requirements Applicable to Each Major Program and
Internal Control over Compliance in Accordance with OMB Circular A-133
Schedule of Expenditures of Federal Awards
Schedule of Findings, Recommendations, and Questioned Costs
Status of Prior Year's Findings and Questioned Costs
155
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159
160
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city of San Luis Obispo
990 Palm Street, San Luis Obispo, CA 93401
December 20, 1998
TO:
City Council
FROM:
Bill Statler, Director of Finance/City Treasurer
Prepared by: Carolyn Dominguez, Accounting Manager
SUBJECT:
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR 1996-97
FINANCIAL CONDITION OVERVIEW
The City's fiscal condition at the end of 1996-97, continues to be strong by local, state and national standards. Overall, the City's fiscal results for 1996-97
met or exceeded projections in virtually all areas of our operations.
Most importantly, the General Fund balance at June 30, 1997 compares favorably with budget estimates. After adjusting for encumbrances, the ending
unreserved General Fund balance is $6,034,400. This is 28% of operating expenditures compared with the City's financial plan policy of 20%; and is
$1,130,100 greater than expected. As discussed in greater detail below, improved revenues primarily accounted for this favorable variance. In summary,
while significant financial challenges continue to face the City in maintaining basic service levels and achieving our capital improvement goals, we are wellpositioned at the end of 1996-97 to meet these challenges.
REPORT PURPOSE AND ORGANIZATION
The Comprehensive Annual Financial Report (CAFR) for the City of San Luis Obispo, California (City) for the fiscal year ended June 30, 1997 was
prepared by the City's Department of Finance. Responsibility for both the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material aspects; that it is presented in a
manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and
that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included.
This report is presented in four sections: introductory, financial, statistical, and single audit. These sections are introduced by a preface which includes
guidelines for using the CAFR and an explanation of the organization of the City's funds. The introductory section includes this transmittal memorandum,
directory of officials and advisory bodies, and the City's organization chart. The financial section includes the independent auditors' report, the general
purpose financial statements and the combining and individual fund and account group financial statements and schedules. As reflected in their letter, the
auditors believe that the general purpose financial statements present fairly the City's financial position as of June 30, 1997, and the results of its
1
DIRECTORY OF OFFICIALS AND ADVISORY BODIES
CITY COUNCIL
Allen Settle, Mayor
Kathy Smith, Vice-Mayor
Bill Roalman, Council Member
Dave Romero, Council Member
Dodie Williams, Council Member
ADVISORY BODIES
Architectural Review Commission
Bicycle Committee
Board of Appeals
Business Improvement Association
Cultural Heritage Committee
Housing Authority
Human Relations Commission
Jack Residence Advisory Committee
Joint Recreational Use Committee
Mass Transportation Committee
Parks and Recreation Commission
Personnel Board
Planning Commission
Promotional Coordinating Committee
Tree Committee
APPOINTED OFFICIALS AND DEPARTMENT HEADS
John Dunn
James Gardiner
Bonnie Gawf
Ken Hampian
Arnold Jonas
Jeffrey G. Jorgensen
Paul LeSage
Mike McCluskey
John Moss
Robert F. Neumann
Ann Slate
Bill Statler
City Administrative Officer
Police Chief
City Clerk
Assistant City Administrative Officer
Director of Community Development
City Attorney
Director of Parks & Recreation
Director of Public Works
Director of Utilities
Fire Chief
Director of Personnel
Director of Finance/City Treasurer
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
operations and the cash flows of its proprietary fund types for the year then ended in accordance with generally accepted accounting principles. The statistical
section includes selected financial and demographic information, generally presented on a multi-year basis. The single audit section presents required reports
on internal controls and compliance with laws and regulations related to federal awards.
CITY SERVICES AND REPORT SCOPE
The City provides a wide range of municipal services, including police and fire protection, water and sewer utilities, street maintenance, public transportation,
parking, parks and recreation, planning, building and safety, and other general government services. Several municipal services are provided through other
governmental agencies or private utility companies, including the following:
Service
Animal Control
Elementary and Secondary Schools
Cuesta Community College
Solid waste collection and disposal
Gas, Electric, and Telephone
Agency
County of San Luis Obispo
San Luis Coastal Unified School District
San Luis Obispo County Community College District
San Luis Garbage Company
Private Utility Companies
Financial data for all funds and account groups through which services are provided by the City have been included in this report based on the criteria
adopted by the Governmental Accounting Standards Board (GASB), which is the authoritative body in establishing generally accepted accounting principles
for local governments.
As required by generally accepted accounting principles, these financial statements present the City (the primary government) and its component units
(entities for which the government is considered to be financially accountable). Blended component units (although legally separate entities) are in substance
part of the government's operations, and so data from these units are combined with data of the primary government. The San Luis Obispo Capital
Improvement Board provides financing for the construction, acquisition, and maintenance of City facilities. The Board is comprised solely of members of the
City Council. Activities of the Board are accounted for in the applicable City governmental or enterprise fund.
MAJOR INITIATIVES
For the Year
The following summarizes the status of the major City goals (as outlined in the 1995-97 Financial Plan) at June 30, 1997:
O Water Supply Development. Executed amendment with Woodward-Clyde for Phase III work on the Salinas reservoir project; scheduled a series
of joint Council meetings with North County communities; completed joint staff level analysis of concerns/impacts; released revised draft EIR
for Salinas Reservoir expansion with detailed mitigation; and worked with other agencies and the County on the Nacimiento Participants
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
Advisory Committee.
O Solid Waste Reduction. Hired a Regional Authority Manager (County); approved a solid waste coordination budget as part of new Utilities
Conservation Office; began implementing SRRE local programs; and completed a solid waste/recycling franchise renewal.
O Circulation element implementation. Prepared and began implementing walk-and-bike-to-school plans; measured voluntary trip reduction
activities and monitored City employee trip reduction activities; prepared and implemented transit improvement plans; began designing and
constructing interim neighborhood traffic management improvements; constructed minor bikeway projects; designed and began construction on
Jennifer street pedestrian/bikeway bridge; and designed and purchased properties for the railroad pedestrian/bikeway paths.
O Parks and recreation element/master plan. Adopted the Parks and Recreation Element/Master Plan; approved funding to begin implementing
the plan; began implementing the parks & recreation activities component; developed a strategy for implementing field renovation projects;
began implementing portable gymnasium projects; and completed design and began implementing neighborhood park improvements.
O Homeless day care center. Worked with volunteer groups and businesses to construct and develop use agreements for a homeless services center on a
city-owned site; received approval for community development block grant funds; and began program uses in September 1997.
O Open space preservation. Received Council approval for open space acquisitions using existing funds; obtained Council approval of long-term
funding strategy for open space program; and contracted with local land trust to assist with implementation.
O Natural resource protection. Continued to implement standards and
resource protection enhancement programs; adopted creek setback
ordinance; completed a resource mapping through Cal Poly contract; and developed and implemented a system for distributing and displaying
resource data.
O Existing economic development implementation. Continued to implement the existing economic development program; completed development
agreement relative to the Dalidio proposal (pending receipt a formal application for this site); and provided annual reports to the Council
regarding the overall status of the program.
O Expanded economic development program. Economic Advisory Committee appointed/began activities; targeted recruitment strategy adopted
by Council; and expanded economic development program fully underway.
O Seismic retrofit program. Completed evaluation of data collected from the structural analysis phase; established individual and total estimated
retrofitting costs, based on structural analysis; began internal process to strategize additional incentives; reviewed results of structural analysis
with the City Council and Seismic Task Force, and further discussed need for project management services; began regular meetings with the
Seismic Task Force to develop alternatives and conceptual approaches to the problem; developed staff report for the City Council outlining
alternatives for both mandatory and voluntary programs, including timeframes, priorities, potential incentives, alternative financing options,
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
outreach program strategy and related resources; received direction from Council for preferred course of action developed and began an outreach
program for building owners to offer financing alternatives to match individual financial needs; finalized public and private financing
alternatives; held public hearing to adopt comprehensive mitigation measures; and began implementation of mitigation requirements.
O Financing seismic, fire & sewer lateral improvements. Determined cost of making seismic retrofit improvements; expanded the level of
funding for the no-interest, deferred loan program for making seismic retrofit improvements; began regular meetings with Seismic Task Force
and other staff in finalizing financing options; presented a report to Council outlining financing alternatives in conjunction with broader report on
program options and priorities; finalized private/public financing options; developed and began implementing outreach program to match
individual owner needs for seismic retrofit and fire sprinkler needs; held public hearing to adopt comprehensive mitigation plan and begin
implementation; presented lateral rehabilitation options to Council identifying future program costs; began preparing a financing program that
reflects Council direction regarding property owner financial responsibilities, financing assistance from the City, and appropriate level of
funding from general purpose sewer rates; and prepared financing recommendation for Council consideration and began implementation.
O Long term fiscal health. Adopted the 1995-97 Financial Plan and began implementing the specific budget-balancing expenditure and revenue
programs set forth in it; continued to provide on-line, up-to-date financial information to departmental staff; continued to issue timely and
accurate monthly financial reports; continued to issue comprehensive quarterly financial reports and status reports on achieving major City goals
and CIP projects; and presented reports to Council as needed on any major unanticipated fiscal issues.
For the Future
The Council has outlined a number of major City goals which have been incorporated into the 1997-99 Financial Plan:
Public Utilities
O Long-term water supply development. Meet the City's long-term water supply needs by: reaching agreement with North County cities on the
Nacimiento pipeline and Salinas reservoir projects; and completing phase 1 of the water reuse project.
Transportation
O Street and sidewalk maintenance. Complete an inventory of current street and sidewalk conditions, update the City’s pavement management
plan as needed, and continue ongoing maintenance of City streets and sidewalks.
O Flood protection. Adopt and begin implementing flood management plans for creeks, open channels and storm drainage systems.
O Transit service. Maintain existing level of service provided by the City’s transit system.
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
O Parking system improvements. Begin building the Marsh street parking garage expansion.
Leisure, Cultural & Social Services
O Youth athletic fields. Develop a sports facilities complex, subject to resolving neighborhood and environmental concerns.
O Parks and recreation element implementation. Continue implementing the parks and recreation element of the General Plan, emphasizing
neighborhood parks, at-risk youth, youth and seniors.
Community Development
O Airport area annexation. Prepare the prerequisite specific plan and related infrastructure master plans in order to implement the General Plan
goal of annexing the airport area to the City.
O Madonna plaza and central coast mall revitalization. Proactively work to revitalize Madonna Plaza and the Central Coast Mall.
O Economic development. Continue implementing the economic development program, including focused business recruitment efforts consistent
with the results of the targeted industry cluster study.
O Neighborhood preservation. Continue neighborhood preservation efforts relating to noise, traffic and maintenance; continue to support efforts
encouraging additional “on-campus” student housing; and evaluate ways of improving neighborhood participation in the development review
process.
General Government
O Long-term fiscal health. Protect the City's long-term fiscal health by maintaining a balanced budget, an adequate capital improvement plan and
an adequate unreserved fund balance.
O Community partnerships. Encourage creating non-profit corporations for projects such as open space acquisition and adobe preservation.
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
ECONOMIC CONDITION AND OUTLOOK
Summary of Local Economy
The City is the governmental, cultural, and commercial center of California's central coast. The economic base of the City consists principally of
governmental services, higher education, the tourist industry and public utilities. The City is home to the renowned Mozart Festival, the International Film
Festival, the Mardi Gras parade and activities, and a highly successful downtown Farmers Market which operates all year round.
The County employs approximately 3,400 individuals; and the State employs 2,000 individuals at California Polytechnic State University and 1,700 at the
California Men's Facility. In addition, Pacific Gas and Electric employs approximately 2,000 individuals in various capacities throughout the County.
Additionally, a number of federal and state regional offices are located in the City.
Retail trade provides the largest single category of employment in the County. Retail trade establishments employing the most workers are restaurants, food
stores and miscellaneous retail stores. The government and educational sector is second to retail trade in the number of jobs provided. Service is the third
largest industry group in the County. The largest sector in the service area is health services, followed by hotels and business services.
Recent economic forecasts and an analysis of the regional trends indicate that San Luis Obispo is experiencing positive economic growth, and local
businesses report plans for overall workforce expansion. The general sentiment is that business conditions are the healthiest seen since the onset of the 199194 recession. Continued improvements are being experienced in two key areas of economic condition measurement: retail sales and tourism.
Future Outlook
Through the adoption of the 1997-99 Financial Plan, the City has taken several steps to ensure its long-term fiscal health. The 1997-99 Financial Plan
presents a balanced budget over the next two years for all of the City's funds: based on projected revenues and beginning fund balances, adequate
resources are available to fund the recommended appropriations while assuring that operating revenues fully cover operating expenditures, and that
fund balances are maintained at policy levels.
Balancing the budget for 1997-99 while assuring that adequate resources are allocated to achieve Council goals was less difficult than it has been for
the past four years. This is largely due to an improving local economy and a significant reduction by PERS in our retirement contribution rates.
However, it also reflects the hard work of the department staff and the Budget Review Team in performing extensive and detailed reviews of
operating and capital expenditures. It also required approval by the Council of a limited number of fee increases in selected areas. And it was also
possible because of the past actions the City has taken to improve our long-term fiscal health. In short, while perhaps less difficult than in the past,
producing a balanced budget for 1997-99 was not easy: it built on the tough policy decisions made in the past; and the careful policy decisions made
by the Council as it was being developed.
The 1997-99 Financial Plan is founded on the basic budget preparation framework set by the Council as part of the goal-setting process:
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
þ
Limiting operating cost increases and reviewing service levels for expenditure reduction opportunities.
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Developing a capital improvement plan (CIP) that adequately maintains our existing infrastructure and facilities.
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Considering new revenue opportunities as allowed under Proposition 218.
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If needed, making strategic use of fund balance and temporarily taking it below policy levels, subject to preparing a definite plan for restoring
this balance in the future.
The Financial Plan reflects all of these principles with the exception of taking fund balances below policy levels. Specific approaches taken by the
staff in holding the line on operating costs include:
þ
From-the-ground-up budgeting. Departments were instructed to take a detailed look at their operating budgets from the “ground-up” to ensure
that all requested line items budget amounts were justified and necessary. Resulting department budget submittals were then evaluated in-depth
by Budget Review Team members.
þ
Fresh look at programs. Departments took a fresh look at their programs to identify opportunities to deliver services differently at a lower cost
while maintaining service standards.
þ
Holding-the-line on staffing. As a service organization, our largest cost area is for regular staffing. As part of the budget instructions to staff
for 1997-99, a fundamental principle was “no new staff” (regular full-time positions). Had it not been for this instruction, in considering
perceived needs by several departments, several new positions would have been requested, building in this higher costs of operation into future
years.
While the General Fund budget for 1997-99 is balanced, and funds Council goals and objectives, we will continue to be faced with ongoing
challenges in maintaining service levels and achieving capital improvement goals. Addressing these needs in the future will require continued efforts
to maintain and strengthen our fiscal position. In addition to a number of programs set forth in our land use, circulation, open space and parks &
recreation elements of the General Plan, projects and issues not fully addressed in this two-year timeframe include:
O Downtown improvements. There are a number of improvements in the Conceptual Physical Plan for the City’s Center that would be desirable
to achieve. In this context, a major work effort for the coming year will be to prepare a master schedule of coordinated infrastructure
improvements for the downtown.
O Laguna lake master plan. We will be finalizing Army Corps of Engineer permit requirements and design during the next two years. Once this
is complete, we will incur significant costs in implementing planned lake and park improvements.
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Comprehensive Annual Financial Report: Fiscal Year 1996-97
O Open space funding. With the narrow defeat of Measure O, and the approval of Proposition 218, the City currently has no identified source of
funding for desired open space protection projects, except as funds can be made available through the General Fund, or supplemented by
available but limited grant funds.
O Pavement management. For the first time since 1989-91, the budget provides funding for pavement sealing and overlay at levels recommended
in the 1988 pavement management plan. However, this plan will be updated within the coming year, and it is possible that additional resource
commitments may be required to support one of our largest infrastructure investments. There is a general perception that the City has not been
doing enough to keep up with the necessity of properly maintaining our street system.
O Transit system operations. Although we believe we can fund our current service levels through 1997-98, maintaining transit system service
levels beyond then in light of federal cutbacks will be very difficult.
O Flood protection. While limited resources are provided in the 1997-99 Financial Plan for flood protection improvements, we will be completing
a comprehensive update to our flood management policy. It is likely that implementing this master plan will require significant new resources.
O Capital improvement plan (CIP). The challenges that will be facing us in the next two-year Financial Plan are pointed out by the CIP proposed
for third and fourth years of this plan. For example, the average General Fund commitment to the CIP is $2.4 million for 1997-99; for 1999-01,
this increases to $3.7 million, an annual increase of $1.3 million.
O Diablo canyon. A recent change in the method used by the State to allocate sales tax dollars from individual purchases for refueling at Diablo
Canyon will result in the loss of approximately $200,000 annually in sales tax revenues. Electrical restructuring, and its possible effect on
PG&E, could also have significant impacts on the local economy and on the City’s revenue picture.
O Adobe preservation. The City has taken-on ownership of three historical adobes over the past few years (Canet, Bowden/La Loma, and
Rodriguez), and with this comes responsibility for preserving and maintaining them. While this process may be helped by the formation of a nonprofit group with this interest, there is already pressure on the City to do more in preserving and improving these historic buildings.
The long-term fiscal health goal included in the 1997-99 Financial Plan as a result of Council goal-setting sets forth four action plans to help us meet
these challenges:
þ
Improving organizational productivity.
þ
Preparing a long-term funding strategy that can achieve broad-based community support.
þ
Evaluating the costs and benefits of annexing Cal Poly.
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þ
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Continuing to closely review and monitor our fiscal condition.
Departmental Service Efforts and Accomplishments
Each year we take this opportunity to highlight the efforts and accomplishments of a selected program, division, or department. This year our focus is on the
Revenue Management Division in the Department of Finance.
The Revenue Management division has designed and implemented an on-going business tax verification program. The purpose of the business tax
verification program is to ensure that business taxes are paid fairly and equitably, not only for the City, but for the taxpayer as well. Most businesses pay
their “fair share” as set forth in the City’s business tax ordinance, but an ongoing verification program provides assurance to those who correctly pay their
taxes that the City is taking reasonable steps to ensure that others are doing the same.
Working closely with the business community, the intent of the program is to independently verify gross receipts for all businesses over a five-year period.
Approximately 1,300 (20%) of the 6,000 businesses renewing their business tax certificates in 1996-97 were chosen to participate in the first year of this five
year verification program process. These 1,300 businesses received a letter explaining the verification program and the documentation required to be
submitted with their renewal form. The 4,700 businesses not chosen to participate in the program this past year also received a letter explaining the program
and that their business would be participating in a subsequent renewal year.
In conjunction with the City’s financial software vendor, the program was automated to increase efficiency of administering and monitoring the program.
Businesses are selected for the verification program by classification code, location or individually through the software program. Once the business account
is selected, the software prints a special renewal form indicating the business has been selected to participate in the verification program and what is required
for a successful renewal. Throughout the renewal process, the software tracks the type of verification document provided by the business (IRS form, CPA
letter, or similar “third party” verification) and sends out follow-up letters if the renewal form is received without the verification documentation. Most
importantly, the software will not allow a business tax certificate to be issued until the verification is complete by indicating that all documentation has been
received.
Of the 1,300 businesses chosen to participate in the program, only 118 sent in their renewal without the requested verification documents, and only 21 have
not responded with any form of renewal. While it is difficult to evaluate the fiscal impact of this program in light of other enforcement activities and an
improving economy, business tax revenues in general increased by 10% between 1995-96 and 1996-97, compared with sales tax increases of 7% during this
same period. We believe that this verification program is partially responsible for this increase. More importantly, we believe that the credibility and
accountability of our business tax program have been enhanced by creating an ongoing verification program.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
FINANCIAL MANAGEMENT AND ACCOUNTING POLICIES
The City's accounting system is organized and operated on a fund basis. Each fund and account group is a distinct self-balancing accounting entity. Various
funds and account groups utilized by the City are fully described in Note 1 of Notes to the General Purpose Financial Statements. The City's accounting
records for governmental, and agency fund types are maintained on a modified accrual basis whereby revenues are recognized when measurable and
available and expenditures are recognized when materials and services are received. Accounting records for the proprietary fund types are recorded on an
accrual basis.
City management is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from
loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally
accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs
and benefits requires estimates and judgments by management. The following is a summary of key financial policies:
n Budgetary Policy and Control. Budgets are legally adopted annually by the Council by resolution, and are prepared for each fund in accordance with
its basis of accounting. As provided under City Charter, the City Administrative Officer (CAO) is responsible for preparing the budget and for its
implementation after adoption. Since the City utilizes a two-year financial plan, operating appropriations not expended during the first year may be
carried forward into the second year for specific purposes with the approval of the CAO. At the end of the final year of the two-year plan, operating
appropriations lapse unless they are encumbered by contract or purchase order. Project-length budgets are adopted for capital projects. The Council has
the legal authority to amend the budget at any time during the fiscal year. The CAO has the authority to make administrative adjustments to the budget
as long as those changes will not have a significant policy impact nor affect budgeted year-end balances. The City's budgetary policies are more fully
described in Note 1 of the Notes to the General Purpose Financial Statements.
Expenditure and budgeting detail is maintained by the City for each fund and department by program area at the line item level. Budgetary control is
exercised through an on-line computerized system which is interfaced with the City's general ledger. The system maintains an on-going record of budget
balances throughout the year based on actual expenditures and unfilled purchase orders. Open encumbrances at year-end are reported as reservations of
fund balance.
n Fund Balance. It is the City's policy to maintain an unreserved fund balance in the General Fund of at least 20% of operating expenditures. This policy
objective has been achieved for 1996-97. The City maintains a similar policy for working capital balances in the enterprise funds.
n Expenditure Limitation. Article XIII B of the Constitution of the State of California (Proposition 9) provides for the limitation of expenditures by state
and local governments that are funded by general purpose tax revenues. Under these provisions, City appropriations funded through tax sources may not
exceed Fiscal Year 1979 appropriation levels except as adjusted for increases in population and the cost of living. Excluded from this limitation are
appropriations funded through charges for services, fines and forfeitures, grants, transfers of service responsibilities between governmental agencies, debt
used to purchase qualified capital outlay, and qualified indebtedness incurred prior to Fiscal Year 1979. Pursuant to subsequent State legislation adopted
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
after the passage of Proposition 9, the City is required to annually establish and adopt its appropriations limit by resolution. For 1996-97, the City's
appropriations limit was $25,962,100 compared with actual appropriations subject to limitation of $13,764,200, for a favorable variance of
$12,197,900.
n Cash Management. The City's investment management plan addresses a wide variety of investment practices, including: primary investment objectives,
investment authority, allowable investment vehicles, investment maturity terms, eligible financial institutions, capital preservation, and cash flow
management. Under the City's policies, investments in the City's portfolio are intended to be held until maturity; and accordingly, investment terms are
selected for consistency with the City's cash flow needs. Reports are issued monthly to the Council, the CAO, and Department Heads by the Department
of Finance providing detailed information regarding the City's investments and compliance with City policy. Additionally, an investment oversight
committee comprised of the CAO, Assistant CAO, Director of Finance/City Treasurer, Revenue Manager, and the City's independent auditor meet
quarterly to review the City's investment activities and compliance with the Investment Management Plan.
Under the City's investment policies, the City's primary investment objective is to achieve a reasonable rate of return on public funds while minimizing
risks and preserving capital. In evaluating the performance of the City's portfolio in achieving this objective, it is expected that yields on City investments
will regularly meet or exceed the average return on three month U.S. Treasury Bills. This objective was achieved for the 1996-97 fiscal year: during this
period the City experienced an average weighted annual yield of 5.68% compared with an average return on three month U.S. Treasury Bills of 5.34%.
n Debt Administration. At June 30, 1997, the City had outstanding general obligation bonds payable of $430,000, revenue bonds of $28.1 million,
certificates of participation of $7.3 million, and a loan from the State of California of $26.4 million. These liabilities are more fully discussed in Note 7
of the Notes to the General Purpose Financial Statements.
The City's debt management policies are comprehensively stated in the Policies and Objectives section of the 1997-99 Financial Plan. Key components
of this policy include the City's commitment to monitor all forms of debt annually coincident with the City's Financial Plan preparation and review
process. Also, the City will generally conduct financing on a competitive basis and will seek an investment grade rating (Baa or greater) on any direct
debt, and will seek credit enhancements such as letters of credit or insurance when necessary for marketing purposes, availability, and cost-effectiveness.
The City will not obligate the General Fund to secure long-term financing, except when marketability can be significantly enhanced. Projects may be
considered for long-term financing when it is immediately required to meet or relieve capacity needs and current sources are unavailable; is mandated by
state or federal requirements and current revenues and fund balances are insufficient; and the life of the project is ten years or longer. An internal
feasibility analysis is prepared for each long-term financing which analyzes the impact on current and future budgets for debt service, operations, and the
reliability of revenues to support debt service.
n Risk Management. The Council adopted a comprehensive risk management program in March of 1992. The program is staffed by a Risk Manager and
includes systems for risk identification, evaluation, treatment, implementation of treatment and monitoring results in the areas of tort liability, workers'
compensation, property, contracts and safety. Some of the activities included in the program are maintaining a city-wide Safety Committee and a
Wellness Program; coordinating claims processing with workers' compensation and liability third-party administrators; reviewing contracts for proper
insurance; and evaluating the risks of proposed special events. The City also participates in the Central Coast Cities Self-Insurance Fund which operates
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
in accordance with a joint powers authority agreement between its member cities to provide various workers' compensation and general liability
programs.
n Interim Financial Reporting. A comprehensive mid-year budget review is prepared each year, and formal financial reports are prepared quarterly using
a "pyramid" approach in presenting varying levels of detail to the Council, CAO and Department Heads. Detailed reports are issued to departmental staff
on a monthly basis which provide information regarding revenues and expenditures for all program areas by line item, including year-to-date estimates,
year-to-date and monthly actual, encumbrances and budget variances. Additionally, on-line status reporting is available to staff throughout the
organization.
n Goals and Objectives Reporting. The Financial Plan identifies major goals to be accomplished over its two year timeframe. Formal reports are
provided to the Council on an ongoing basis which report our progress in accomplishing these goals as well as the status of capital improvement plan
projects and other key objectives.
n Competitive Bidding Policies. City purchases for materials, equipment, services, and construction projects during the fiscal year were made pursuant
to competitive bidding procedures as outlined in the purchasing section of the City's Financial Management Manual. Under these provisions, open market
bidding procedures are required for purchases in excess of $5,000; and formal bidding procedures are required for purchases in excess of $15,000.
n Personnel Policies. The City maintains written policies and procedures addressing a wide variety of personnel and payroll practices, including
recruitment, promotions, compensation, classification, disciplinary actions, and other conditions of employment. With the exception of the City
Attorney, the CAO has the sole authority for the appointment or removal of all City officers and employees. General Unit and Sworn (Police and Fire)
employees are represented in labor relations matters by separate bargaining units; department heads and other management employees are unrepresented.
n Single Audit for Federal Grant Programs. The City is subject to the financial and compliance reporting requirements of the Single Audit Act of 1984,
which are applicable to all local and state governments receiving federal awards. As part of the City's single audit, tests are made to determine the
adequacy of the internal control system, including that portion related to federal award programs, as well as to determine that the City has complied with
applicable laws and regulations. The results of the City's single audit for the fiscal year ended June 30, 1997 provided no instances of material
weaknesses in the internal control system or significant violations of laws and regulations applicable to each of its major federal programs. Additional
information about the City's federal awards for the year ended June 30, 1997 is provided in the Single Audit section of this report.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
FINANCIAL HIGHLIGHTS
Governmental Funds
The following schedule presents a summary of revenues for the governmental funds (General, Special Revenue, Debt Service, and Capital Projects Funds)
for the fiscal year ended June 30, 1997 and the amount and percentage of increase or decrease in relation to prior fiscal year
revenues.
Increase
Percent
Percent of
(Decrease)
Increase
Revenues
1995-96
1996-97
Total
from 1996 (Decrease)
Taxes
$ 17,649,700 $
18,392,400
64% $
742,700
4%
Fines, forfeitures and penalties
103,500
131,800
0%
28,300
27%
Use of money and property
507,400
689,700
2%
182,300
36%
Subventions and grants
4,792,900
4,218,800
15%
(574,100)
-12%
Charges for services
2,623,100
3,483,500
12%
860,400
33%
Other revenues
1,536,800
1,706,200
6%
169,400
11%
$ 27,213,400 $
28,622,400
100% $ 1,409,000
5%
Total
As reflected above, revenues for governmental fund operations totaled $28.6 million in 1996-97, an increase of 5% from the prior fiscal year. The following
is a summary of significant revenue highlights:
Tax Revenues
þ
Sales tax revenue, the City's largest single governmental fund revenue source, was $7.0 million, which includes $127,600 in Proposition 172 public
safety revenues. While general sales tax revenues increased overall by $279,500 (4%), point-of-sale revenues increased by about 7% from 1995-96; the
remaining variance was due to decreases in the City's share of "pool" allocations resulting from a change in the method of allocating sales tax generated
by refueling activities at Diablo Canyon power plant.
þ
General property tax revenues remained fairly constant, increasing by only 1% ($51,600) when compared to total prior year revenues. This was less
than projected due to downward property value re-assessments during the year and County adjustments for prior year taxes.
þ
An increase of $203,500 in transient occupancy tax (TOT) revenues over the prior year reflects an 8% increase in the taxable base. The 1996-97
increase in TOT revenues indicates a continuing sign of economic recovery in the tourism industry.
O Consistent with budget projections, utility user taxes increased by 4% ($102,800).
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
O Business tax revenues increased by 10% ($81,400). As noted above, we believe this increase is due to a combination of an improving local economy and
our new verification program.
Fines, Forfeitures and Penalties
The $28,300 increase in this revenue source over the prior year is from vehicle code fines collected by the state and passed through to the city.
Use of Money and Property
Interest revenues were greater than prior years due to higher cash balances available for investment.
Subventions and Grants
The decrease in grant revenue results from several capital improvement plan projects approved for funding through the Community Development Block
Grant program that were not started during the fiscal year. Reimbursement grant revenues will not be available until expenditures are incurred in subsequent
years.
Charges for Services
A 33% increase in service charge revenues is a combination of increases in several revenue sources:
O Fire department revenues increased $240,700 over the prior year which includes a full year of medical emergency recovery fees ($81,500) and $139,000
in mutual aid reimbursements.
O An increase in development activity resulted in development review fees rising $302,100 over the prior year for services such as planning & zoning
($19,900), infrastructure plan check & inspections ($61,400); construction plan check & inspections ($137,600); fire plan check & inspections
($31,900); and encroachment permits ($51,300).
Other Revenues
One-time revenues from the sale of surplus property ($736,300), PERS surplus refunds ($705,600) and insurance refunds and workers compensation
insurance reimbursements ($97,100) account for the increase in other revenues.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
The following schedule presents a summary of expenditures for the governmental fund types for the fiscal year ended June 30, 1997 and the percentage of
increase or decrease in relation to June 30, 1996.
Increase
Percent
Percent of
(Decrease)
Increase
Expenditures
1995-96
1996-97
Total
from 1996
(Decrease)
Operating
Public safety
$
10,273,800 $ 10,546,500
36%
272,700
3%
Transportation
1,472,200
1,989,400
7%
517,200
35%
Leisure, cultural and social services
3,329,300
3,392,600
12%
63,300
2%
Community development
2,551,100
2,736,400
9%
185,300
7%
General government
2,888,500
3,259,600
11%
371,100
13%
75%
Total operating
20,514,900
21,924,500
1,409,600
7%
Capital Outlay
9,706,400
5,944,800
20%
(3,761,600)
-39%
Debt Service
792,600
1,312,600
4%
520,000
66%
TOTAL
$
31,013,900 $ 29,181,900
100%
(1,832,000)
-6%
As reflected above, total expenditures for the governmental funds were $29.2 million, a decrease of 6% from the prior fiscal year. This was primarily due to
reduced capital spending. Operating expenditures reflect a 7% net increase. The following highlights significant variances from the prior year:
O Transportation. The 35% variance in transportation expenditures is primarily due to a deferral of the 1995-96 street maintenance program until 1996-
97 when two years worth of street maintenance was accomplished. Contract costs for street sealing were $424,000 in 1996-97; there were no similar
costs in 1995-96. The remainder of the variance is a result of increased staffing costs in the transportation planning and pavement maintenance
programs.
O Community Development. The increase in community development activities results from a complete year of operations in the economic development
and natural resources protection programs, which only operated for a partial year in 1995-96.
O General Government. The increase in general government expenditures is primarily a result of an organization-wide conversion to Windows 95 and
improvements to GIS and information systems programs.
O Capital Outlay. The decrease in capital outlay expenditures is due to an unusually large capital improvement program in 1995-96, which included major
projects such as the headquarters fire station, the parks and recreation administration building, and the Marsh Street renovation.
O Debt Service. The planned increase in debt service expenditures of $520,000 reflects the first year of principal and interest payments on the 1996 Lease
Revenue Bonds.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
General Fund
The accompanying financial statements for the General Fund provide budget and actual comparisons for 1996-97. The following summarizes changes in
fund balance in the General Fund compared with projected results for the fiscal year ended June 30, 1997:
Changes in General Fund Balance
1996-97
Estimated
Revenues
Expenditures*
Other sources (uses)
Fund balance, beginning of year
Unreserved fund balance, end of year
Encumbrances
Available working capital
$
23,633,800
21,649,900
(3,578,700)
6,499,100
4,904,300
$
4,904,300
Variance
1996-97 Favorable (Unfavorable)
Actual
Amount
Percent
24,559,500
21,315,600
(3,379,400)
6,499,100
6,363,600
(329,200)
6,034,400
925,700
334,300
199,300
-1,459,300
(329,200)
1,130,100
4%
2%
6%
--
* Includes estimated expenditure savings of $462,100.
As reflected above, the available year-end fund balance was 28% of operating expenditures, which meets the City's policy of maintaining unreserved fund
balances that are at least 20% of operating expenditures. After adjusting for year-end encumbrances, overall expenditures were less than 1% lower than the
budgeted amount, and revenues were 4% greater than projected.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
General Fund Revenues. The following compares actual revenues with budget estimates for the top ten General Fund revenue sources, which account for
over 90% of total general fund revenues, and virtually all of the variance from total revenue projections:
Variance
Top Ten General Fund Revenues
1996-97
1996-97 Favorable Unfavorable)
Estimated
Actual
Amount
Percent
Sales tax (1)
Property tax
Utility users tax
Transient occupancy tax
Vehicle in-lieu subvention
Business tax
Development review fees (2)
Franchise fees
Recreation fees
Interest on investments
Total - Top Ten Revenues
6,462,900
3,932,700
2,807,200
2,826,400
1,665,700
900,000
919,300
856,900
820,200
415,500
21,606,800
6,869,000
3,873,500
2,828,200
2,845,300
1,694,600
905,900
1,112,600
841,000
773,200
551,400
22,294,700
406,100
(59,200)
21,000
18,900
28,900
5,900
193,300
(15,900)
(47,000)
135,900
687,900
6%
-2%
1%
1%
2%
1%
21%
-2%
-6%
33%
3%
(1) Exclusive of Proposition 172 sales tax revenues restricted for public safety ($127,600).
(2) Includes building permits, planning fees, engineering fees, and fire plan check fees.
As depicted above, most revenue sources were right on target with their projections. The following highlights key variances from budget estimates:
n Sales tax. The variance in sales tax revenues is solely due to the timing of “pool” revenues, which are highly volatile as a result of Diablo Canyon
refueling activities. Adjusting for pool revenues, point-of-sales revenues were 7% higher than 1995-96, which is right on target with budget projections
for 1996-97.
n Property tax. These revenues were less than projected due to downward property value re-assessments during the year.
n Development review fees. An increase of 21% over projected revenues reflects a higher level of private sector construction activity than anticipated.
n Interest revenue. Between 65% to 70% of the City's portfolio was invested in the Local Agency Investment Fund (LAIF) during 1996-97 as well as
during 1995-96. While LAIF rates have also held steady at about 5.8% over the two years, investment earnings are higher than anticipated due to greater
cash balances available for investment during the year .
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
General Fund Expenditures. An overview of General Fund operating program expenditures for 1996-97 by function, compared with year-end budget
estimates follows:
Operating Expenditures
Public Safety
Transportation
Leisure, Cultural, and Social Services
Community Development
General Government
Subtotal
Cost Reimbursement
Total General Fund Operating Expenditures
Expenditure Savings
Encumbrances
TOTAL
1996-97
Estimated
1996-97
Actual
10,866,100
1,916,400
3,201,200
2,713,600
5,837,600
24,534,900
(2,422,900)
22,112,000
(462,100)
10,546,500
1,989,400
3,223,700
2,522,500
5,459,100
23,741,200
(2,425,600)
21,315,600
$ 21,649,900
329,200
21,644,800
Variance
Favorable (Unfavorable)
Amount
Percent
319,600
(73,000)
(22,500)
191,100
378,500
793,700
2,700
796,400
(462,100)
(329,200)
5,100
3%
-4%
-1%
7%
6%
3%
0%
4%
0%
As reflected above, departmental operating expenditures were less than 1% lower than budget after adjusting for estimated expenditure savings and
encumbrances. The following highlights the two functional areas where expenditures exceeded projections:
O Transportation. The anticipated purchase of the City’s street lighting system and related savings did not occur until after the end of the fiscal year,
resulting in $77,700 more in street lighting costs than projected.
O Leisure, Cultural and Social Services. Due to a dryer-than-projected winter, irrigation costs for the City’s parks and landscaping cost $49,000 more
than projected. These overages were offset by savings in other programs to result in a 1% unfavorable budget variance.
General Fund Other Sources and Uses. Lower operating transfers than projected to the Capital Outlay Fund accounted for all of the favorable variance of
$199,300. This was due to two factors: revenues from the sale of the old headquarters fire station were greater than budgeted by $118,300 ($718,300
compared with the budget estimate of $600,000); and capital outlay fund service charges and contributions were $98,700 greater than projected. These
favorable variances were partially offset by lower than projected operating transfers in from the gas tax and TDA funds.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Enterprise Operations
The City's enterprise operations are comprised of the following five funds: water, sewer, parking, transit, and golf. The following summarizes the financial
operations and changes in financial position for each of the City's enterprise funds:
Water Fund. The water fund accounts for providing water service to customers inside the City as well as some customers in the County. During 1996-97,
2,224 million gallons (6,427 acre feet) were delivered to approximately 13,300 customers. This compares with a current safe annual yield of 7,735 acre feet.
The following summarizes changes in working capital in the water fund compared with the anticipated results for 1996-97:
1996-97
Estimated
Revenue
Water service charges
Impact fees
Interest earnings
Other revenues
Operating expenditures
Capital outlay
Debt service
Balance, beginning of year
Balance, end of year
Capital project carryover
Encumbrances
Available working capital
$
7,685,600
175,000
375,000
60,900
4,849,400
5,236,500
1,433,900
4,955,700
1,732,400
$
1,732,400
1996-97
Actual
8,213,600
300,800
411,200
107,400
4,204,200
996,500
1,459,000
4,955,700
7,329,000
(4,240,000)
(323,900)
2,765,100
Variance
Favorable (Unfavorable)
Amount
Percent
528,000
125,800
36,200
46,500
645,200
4,240,000
(25,100)
-5,596,600
(4,240,000)
(323,900)
1,032,700
7%
72%
10%
76%
13%
81%
-2%
--
Ending available working capital balance is about $1 million higher than projected level and compares favorably with the 20% working capital policy
($840,900). The increase results primarily from a favorable variance in water service charges. After an unusually wet winter in the prior year that resulted in
lower levels of consumption, customer water usage is currently increasing. Increased development activity resulted in impact fees that were 72% higher than
anticipated. Operating expenditure savings are primarily due to energy savings realized in operating the water treatment plant. Other revenues include a onetime PERS surplus reimbursement of $49,300.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Sewer Fund. The sewer fund accounts for providing wastewater collection, treatment, and reclamation services to customers inside the City as well as some
County customers. For the fiscal year ended June 30, 1997, average daily plant flows were 4.1 million gallons per day (MGD) servicing approximately
12,900 customers. This compares with a plant capacity of 5.1 MGD. The following summarizes working capital in the sewer fund compared to anticipated
results for the fiscal year ended June 30, 1997:
1996-97
Estimated
Revenue
Sewer service charges
Impact fees
Interest earnings
Other revenues
Operating expenditures
Capital outlay
Debt service
Balance, beginning of year
Balance, end of year
Capital project carryover
Encumbrances
Available working capital
$
5,814,600
156,500
200,000
60,600
3,622,600
1,513,800
2,135,700
3,575,800
2,535,400
$
2,535,400
1996-97
Actual
5,671,800
235,400
237,700
48,600
3,049,700
840,400
2,139,600
3,575,800
3,739,600
(673,400)
(332,600)
2,733,600
Variance
Favorable (Unfavorable)
Amount
Percent
(142,800)
78,900
37,700
(12,000)
572,900
673,400
(3,900)
-1,204,200
(673,400)
(332,600)
198,200
-2%
50%
19%
-20%
16%
44%
0%
--
As reflected above, ending available working capital balances were $198,200 higher than projected levels. While service charges were slightly less than
anticipated, increased development activity resulted in impact fees 50% higher than anticipated. Expenditure savings of 16% result from lower energy bills
and other operating costs at the water reclamation facility.
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Parking Fund. The City's two parking structures, 1,600 meters in parking lots and on streets, and four residential parking districts are operated in
accordance with the Parking Management Plan. The purpose of the plan is to maintain downtown as a viable economic/community center by providing easy
access to stores and offices; and to mitigate parking problems in residential areas. The plan also provides a financial program for improving and maintaining
parking and access to the downtown. A summary of changes in working capital in the parking fund compared to anticipated results follows:
Revenue
Operating expenditures
Capital outlay
Debt service
Balance, beginning of year
Balance, end of year
Capital project carryover
Encumbrances
Available working capital
$
1996-97
Estimated
1996-97
Actual
2,306,000
907,900
1,148,700
651,000
2,436,400
2,034,800
2,335,500
864,400
188,900
651,000
2,436,400
3,067,600
(959,800)
(84,800)
2,023,000
2,034,800
Variance
Favorable (Unfavorable)
Amount
Percent
(29,500)
43,500
959,800
--1,032,800
(959,800)
(84,800)
(11,800)
After adjusting for encumbrances and capital project carryover at year end, working capital in the parking fund is within 1% of projections.
21
-1%
5%
84%
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Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Transit Fund. The transit fund accounts for the operation and maintenance of the City transit system. The primary revenue sources are federal and state
grants rather than user fees. The following summarizes changes in working capital in the transit fund compared to anticipated results for the fiscal year ended
June 30, 1997:
Variance
1996-97
1996-97
Favorable (Unfavorable)
Estimated
Actual
Amount
Percent
Revenue
TDA grant revenue
1,044,700
672,300
(372,400)
-36%
Section 9 grant
1,862,000
699,200
(1,162,800)
-62%
Other grants
2,073,000
4,000
(2,069,000)
-100%
Fare revenue
289,800
308,800
19,000
7%
Interest earnings
2,600
700
(1,900)
-73%
Other revenues
3,700
3,900
200
5%
Operating expenditures
1,309,600
1,332,700
(23,100)
-2%
Capital outlay
3,886,600
320,800
3,565,800
92%
Balance, beginning of year
48,200
48,200
--Balance, end of year
127,800
83,600
(44,200)
Carryovers
Deferred revenue
316,000
316,000
Grant revenue carryover
3,353,400
3,353,400
Capital project carryover
(3,565,800)
(3,565,800)
Encumbrances
(19,600)
(19,600)
Available working capital
$
127,800
167,600
39,800
For the purpose of this working capital summary, all grants are reflected as revenues. In the financial statements capital grants are recorded as contributed
capital. The City anticipates utilizing available Transportation Development Act (TDA) and Federal Section 9 grant funds to finance capital projects. Interest
revenues were significantly less than projected due to lower cash balances available to invest. Contract costs to operate the transit system were 2% more than
projected. The City continues to monitor volatile federal and state revenue sources and adjusts operating and capital costs accordingly.
22
Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
Golf Fund. The golf fund accounts for the operations of the nine-hole Laguna Lake Golf Course. The following summarizes changes in working capital in
the golf fund compared to anticipated results for 1996-97:
Variance
1996-97
1996-97
Favorable (Unfavorable)
Estimated
Actual
Amount
Percent
Revenue:
Operations
Disaster recovery grant
Operating expenditures
Capital outlay
Operating transfer from the General Fund
Expenditure savings
Balance, beginning of year
Balance, end of year
Carryovers
Grant revenue
Capital project carryover
Available working capital
310,200
75,000
382,900
77,400
54,500
15,200
900
(4,500)
$
(4,500)
337,800
900
18,000
27,600
(75,000)
7,700
77,400
-(15,200)
-22,500
75,000
(77,400)
15,600
75,000
(77,400)
20,100
375,200
54,500
9%
2%
100%
---
As set forth in the 1997-99 Financial Plan, it is likely that ongoing operating transfers from the General Fund will be made indefinitely to supplement golf
fund revenues.
INDEPENDENT AUDIT
The City Charter requires an annual independent audit of the records and accounts of the City by an independent certified public accountant. The auditors'
report on the general purpose financial statements, which expresses an unqualified (favorable) opinion on the City's financial position, is included in the
financial reports section of the CAFR.
23
Transmittal Memorandum
Comprehensive Annual Financial Report: Fiscal Year 1996-97
AWARDS
Government Finance Officers Association of the United States and Canada (GFOA)
The GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of San Luis Obispo for its Comprehensive Annual
Financial Report (CAFR) for the fiscal year ended June 30, 1996. The Certificate of Achievement is a prestigious national award recognizing conformance
with the highest standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual
financial report whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. The City of San Luis Obispo has received a Certificate of Achievement for the last eight
consecutive years. We believe our current CAFR continues to conform to the Certificate of Achievement program requirements, and we are submitting it to
GFOA for the fiscal year ended June 30, 1997.
California Society of Municipal Finance Officers (CSMFO)
The CSMFO has also awarded a Certificate of Award of Outstanding Financial Reporting to the City for our CAFR for the fiscal year ended June 30, 1996
and the three previous consecutive years We also believe the current CAFR continues to conform to the CSMFO Award Program requirements.
ACKNOWLEDGMENTS
The preparation and development of this report would not have been possible without the year-round efficiency of the Department of Finance staff and their
special efforts, working in conjunction with the City's independent auditors, to produce this document. We would like to take this opportunity to compliment
all those staff members of both the City and our independent auditors who were associated with the preparation of this report. We would also like to thank the
Council for their continued interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
24
CITY OF SAN LUIS OBISPO, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 1997 WITH COMPARATIVE TOTALS FOR 1996
GOVERNMENTAL FUND TYPES
SPECIAL
GENERAL REVENUE
DEBT
CAPITAL
SERVICE PROJECTS
PROPRIETARY FIDUCIARY
FUND TYPE
FUND TYPES
ENTERPRISE
AGENCY
ACCOUNT GROUPS
GENERAL
GENERAL
FIXED LONG-TERM
ASSETS
DEBT
TOTALS
(memorandum only)
1997
1996
LIABILITIES, FUND EQUITY
AND OTHER CREDITS
LIABILITIES:
Accounts payable
359,100
Accrued salaries and compensated absences 907,000
Other liabilities
Due to other funds
Deferred revenue
545,300
Interest payable
Current portion long-term debt
Long-term debt (net of current portion)
General obligation
Lease revenue, net of $413,800 deferred
Certificates of participation
Loan payable
Capital lease payable
Due to agency participants
Total liabilities
1,811,400
FUND EQUITY AND OTHER CREDITS:
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved
Unreserved
Fund balances:
Reserved
329,200
Unreserved:
Designated
Undesignated
6,034,400
Total fund equity and other credits
6,363,600
TOTAL LIABILITIES, FUND EQUITY
AND OTHER CREDITS
8,175,000
35,500
6,600
244,800
435,700
441,900
1,075,100
2,702,900
12,925,100
79,800
882,000
853,300
2,162,800
1,035,500
2,471,800
401,300
405,700
490,100
891,600
2,083,700
430,000
27,904,300
7,460,000
26,427,000
51,300
245,000
27,274,300
7,085,000
25,116,300
51,300
16,139,200
80,452,900
10,958,400
80,959,400
18,099,300
35,595,500
17,900,000
37,167,700
1,897,400
35,292,400
1,897,400
29,948,200
1,347,400
12,925,100
79,800
20,700
316,000
853,300
2,162,800
245,000
16,268,800
3,350,000
25,116,300
142,600
244,800
49,189,800
11,005,500
3,735,000
12,925,100
18,099,300
35,595,500
1,897,400
35,292,400
1,318,600
1,875,500
3,523,300
3,180,200
20,700
20,700
1,318,600
3,029,200
1,373,800
6,278,500
55,289,100
3,029,200
7,428,900
104,866,000
4,790,300
6,796,100
101,679,900
163,300
1,318,600
6,523,300
104,478,900
185,318,900
182,639,300
35,595,500
12,925,100
35,595,500
16,139,200
The accompanying notes are an integral part of the general purpose financial statements.
33
Continued
CITY OF SAN LUIS OBISPO, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
GENERAL FUND
BUDGET
ACTUAL
REVENUES:
Taxes
########## 18,392,400
Fines, forfeitures and penalties 103,500
131,800
Use of money and property
415,500
551,400
Subventions and grants
2,090,600 2,025,700
Charges for services
2,340,200 2,615,400
Other revenues
667,500
842,800
TOTAL REVENUES
23,633,800 24,559,500
EXPENDITURES:
Current:
Public safety
10,866,100 10,546,500
Transportation
1,916,400 1,989,400
Leisure, cultural and
social services
3,201,200 3,223,700
Community development
2,713,600 2,522,500
General government
3,414,700 3,033,500
Capital Projects
Debt service:
Principal
Interest
TOTAL EXPENDITURES
22,112,000 21,315,600
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 1,521,800 3,243,900
SPECIAL REVENUE FUNDS
VARIANCE
Favorable
(Unfavorable)
375,900
28,300
135,900
(64,900)
275,200
175,300
925,700
BUDGET
ACTUAL
3,000
4,400
######## 1,339,200
205,800
202,200
3,300
3,300
######## 1,549,100
VARIANCE
Favorable
(Unfavorable)
DEBT SERVICE FUND
BUDGET
ACTUAL
VARIANCE
Favorable
(Unfavorable)
272,000
214,500
223,400
########
168,900
213,900
226,100
114,100
1,400
(699,900)
(3,600)
(702,100)
103,100
600
(2,700)
1,236,400
796,400
########
723,000
1,337,400
1,722,100
190,800
826,100
635,300
######## ########
(6,100)
2,100
(4,000)
(4,000)
ACTUAL
375,900
28,300
137,300
(764,800)
271,600
175,300
223,600
######### 10,546,500
1,916,400 1,989,400
319,600
(73,000)
3,392,600
2,736,400
3,259,600
114,100
376,300
382,400
932,300
930,200
######### 23,351,200
404,000
2,757,400
462,100
650,000
VARIANCE
Favorable
(Unfavorable)
18,392,400
131,800
555,800
3,364,900
2,817,600
846,100
26,108,600
3,473,200
2,928,100
3,638,100
1,350,500
376,300 382,400
932,300 930,200
######## ########
OTHER FINANCING SOURCES (USES):
Expenditure savings
462,100
(462,100)
Proceeds from debt financing
Operating transfers in
852,600
839,500
(13,100)
Operating transfers out
(4,431,300) (4,218,900)
212,400
Total other financing
sources (uses)
(3,116,600) (3,379,400) (262,800)
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES
(1,594,800) (135,500) 1,459,300
FUND BALANCES,
BEGINNING OF YEAR
6,499,100 6,499,100
FUND BALANCES,
END OF YEAR
$ 4,904,300 6,363,600 1,459,300
BUDGET
#########
103,500
418,500
4,129,700
2,546,000
670,800
#########
319,600
(73,000)
(22,500)
191,100
381,200
TOTALS (memorandum only)
80,600
191,700
378,500
1,236,400
(6,100)
2,100
2,129,800
2,353,400
(462,100)
(650,000)
(843,200) (830,100)
13,100
(193,200) (830,100)
(636,900)
(2,400)
(4,000)
24,700
24,700
22,300
20,700
######## ########
4,000
2,161,200 2,152,100
(5,274,500) (5,049,000)
(9,100)
225,500
######## ########
4,000
(2,651,200) (2,896,900)
(245,700)
(1,600)
(1,600)
The accompanying notes are an integral part of the general purpose financial statements.
36
(1,597,200)
(139,500)
######## ########
7,842,400
7,842,400
######## ########
6,245,200
7,702,900
1,457,700
1,457,700
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
OPERATING REVENUES:
Water sales
Connection charges
Impact fees
Other charges
TOTAL OPERATING REVENUES
$ 8,193,700
19,900
300,800
107,400
8,621,800
7,332,400
22,800
86,500
51,600
7,493,300
971,700
71,300
276,900
661,200
539,200
211,900
533,600
32,000
906,400
4,204,200
444,700
110,000
4,758,900
3,862,900
1,021,100
73,600
254,900
654,300
499,100
203,700
553,000
33,000
880,000
4,172,700
320,400
110,000
4,603,100
2,890,200
457,900
340,000
33,100
373,100
OPERATING EXPENSES:
Water source of supply
Groundwater supply
Utilities conservation
Water treatment
Water distribution
Water customer service
Water engineering and administration
Disaster recovery
General government
Total operating expenses before depreciation and amortization
Depreciation
Amortization
TOTAL OPERATING EXPENSES
OPERATING INCOME
NONOPERATING REVENUES:
Interest
Grants
457,900
TOTAL NONOPERATING REVENUES
NONOPERATING EXPENSES :
Interest
Estimated claims and judgements
875,200
TOTAL NONOPERATING EXPENSES
NET INCOME
RETAINED EARNINGS, BEGINNING OF YEAR
RETAINED EARNINGS, END OF YEAR
119
875,200
901,500
998,000
1,899,500
3,445,600
12,860,400
1,363,800
11,496,600
$ 16,306,000
12,860,400
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1996
$ 8,560,600 7,656,000
(2,709,300) (2,787,700)
(1,402,500) (1,335,900)
4,448,800 3,532,400
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on debt financing
Interest paid on debt financing
Cash payments on claims and judgements
Cash contribution
Net cash used in capital and related financing activities
(857,600)
(570,000)
(1,000,500)
(496,100)
(535,000)
(892,300)
(998,000)
988,100
(2,428,100) (1,933,300)
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and investments
Cash and investments at beginning of year
Cash and investments at end of year
456,000
456,000
333,200
333,200
2,476,700
6,151,200
1,932,300
4,218,900
$ 8,627,900
120
#########
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Amortization
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Decrease in due from other funds
Increase in accounts payable
Increase in accrued salaries and compensated absences
Total adjustments
Net cash provided by operating activities
$ 3,862,900
2,890,200
444,700
110,000
320,400
110,000
(61,200)
98,700
64,000
30,600
18,500
642,200
3,532,400
77,400
15,000
585,900
$ 4,448,800
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Cash and investments held by fiscal agent
Total cash and investments
End
of Year
Beginning
of Year
161,700
7,172,500
1,293,700
$ 8,627,900
109,500
4,794,700
1,247,000
6,151,200
$
Noncash investing, capital, and financing activities:
None
121
1996
CITY OF SAN LUIS OBISPO, CALIFORNIA
SEWER FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1996
$ 6,090,900 5,704,500
(1,651,000) (1,837,000)
(1,298,300) (1,240,600)
3,141,600 2,626,900
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on loan
Interest paid on loan
Cash contribution
Net cash provided by (used in) capital and related financing activities
(766,100) (302,700)
(1,271,000) (1,236,000)
(938,900) (899,700)
3,081,600
(2,976,000)
643,200
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase in cash and investments
Cash and investments at beginning of year
Cash and investments at end of year
233,400
233,400
115,500
115,500
399,000
5,033,900
3,385,600
1,648,300
$ 5,432,900
122
5,033,900
CITY OF SAN LUIS OBISPO, CALIFORNIA
SEWER FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
Decrease in accounts receivable
Decrease in due from other funds
Increase (decrease) in accounts payable
Increase in accrued salaries and compensated absences
Total adjustments
Net cash provided by operating activities
1997
1996
$ 1,826,800
1,493,500
1,079,300
1,106,100
135,100
86,000
14,400
1,314,800
$ 3,141,600
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Total cash and investments
End
of Year
Beginning
of Year
119,800
5,313,100
$ 5,432,900
112,300
4,921,600
5,033,900
$
Noncash investing, capital, and financing activities:
None
123
1,400
54,600
(38,800)
10,100
1,133,400
2,626,900
CITY OF SAN LUIS OBISPO, CALIFORNIA
PARKING FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1997
1996
$ 2,153,400
(498,200)
(379,800)
1,275,400
2,040,100
(481,900)
(355,700)
1,202,500
Cash flows from noncapital financing activities:
Transfer in from General Fund
Net cash provided by noncapital financing activities
48,000
48,000
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on revenue bond maturities
Interest paid on revenue bonds
Net cash used by capital and related financing activities
(188,900) (1,055,900)
(242,600) (233,000)
(408,400) (422,100)
(839,900) (1,711,000)
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
237,200
237,200
Net increase (decrease) in cash and investments
Cash and investments at beginning of year
672,700
3,352,500
Cash and investments at end of year
$ 4,025,200
124
213,500
213,500
(247,000)
3,599,500
3,352,500
CITY OF SAN LUIS OBISPO, CALIFORNIA
PARKING FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
Increase in accounts receivable
(Increase) decrease in due from other governments
Decrease in due from other funds
Increase (decrease) in accounts payable
Increase in accrued salaries and compensated absences
Decrease in deferred revenue
Total adjustments
Net cash provided by operating activities
$
125
924,800
964,000
323,900
238,500
350,600
$ 1,275,400
(4,500)
(4,300)
21,300
5,100
(17,600)
238,500
1,202,500
End
of Year
Beginning
of Year
74,900
3,320,400
629,900
$ 4,025,200
60,900
2,664,900
626,700
3,352,500
$
Noncash investing, capital, and financing activities:
None
1996
(5,300)
4,300
41,300
(17,100)
3,500
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Cash and investments held by fiscal agent
Total cash and investments
1997
CITY OF SAN LUIS OBISPO, CALIFORNIA
TRANSIT FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash used in operating activities
$
Cash flows from noncapital financing activities:
Operating grants received
Cash overdraft increase (decrease)
Net cash provided by noncapital financing activities
Cash flows from capital and related financing activities:
Capital grants received
Acquisition and construction of capital assets
Net cash provided by capital and related financing activities
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
371,000
342,500
(1,247,300) (1,161,300)
(88,200) (108,700)
(964,500) (927,500)
1,080,500
(112,900)
967,600
891,100
9,600
900,700
340,200
(321,100)
19,100
66,200
(40,800)
25,400
700
700
Net decrease in cash and investments
Cash and investments at beginning of year
22,900
Cash and investments at end of year
$
126
1996
22,900
1,400
1,400
CITY OF SAN LUIS OBISPO, CALIFORNIA
TRANSIT FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Reconciliation of operating income to net cash used in operating activities:
Operating loss
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation
Changes in assets and liabilities:
Decrease in due from other governments
Increase (decrease) in accounts payable
Increase (decrease) in accrued salaries and compensated absences
Total adjustments
Net cash used in operating activities
1996
$(1,217,900) (1,140,200)
197,900
58,300
(1,200)
(1,600)
253,400
$ (964,500)
Reconciliation of cash and investments to the balance sheet:
End
of Year
Cash and cash equivalents
Investments
Total cash and investments
$
$
Noncash investing, capital, and financing activities:
None
127
500
22,400
22,900
196,600
3,200
11,400
1,500
212,700
(927,500)
Beginning
of Year
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOLF FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash used in operating activities
$
Cash flows from noncapital financing activities:
PERS surplus
Transfer in from the general fund
Net cash provided by noncapital financing activities
1997
1996
334,000
(187,700)
(194,300)
(48,000)
290,700
(165,400)
(190,700)
(65,400)
2,100
61,100
63,200
Cash flows from capital and related financing activities:
Sale of property
Disaster recovery
Net cash provided by capital and related financing activities
19,600
1,800
21,400
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
1,800
1,800
2,200
2,200
Net increase (decrease) in cash and investments
17,000
(41,800)
Cash and investments at beginning of year
20,200
62,000
37,200
20,200
Cash and investments at end of year
$
128
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOLF FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating loss to net cash used in by operating activities:
Operating loss
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation
Changes in assets and liabilities:
(Decrease) in accounts payable
Increase (decrease) in accrued salaries and compensated absences
Total adjustments
Net cash used in operating activities
$
$
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Total cash and investments
$
$
Noncash investing, capital, and financing activities:
None
129
1997
1996
(57,900)
(81,700)
16,700
16,600
(4,300)
(2,500)
9,900
(48,000)
(2,300)
2,000
16,300
(65,400)
End
of Year
Beginning
of Year
7,300
29,900
37,200
500
19,700
20,200
OVERVIEW
The General Fund accounts for all financial resources that are not restricted as to their use, such as sales taxes, business tax certificates, utility users taxes, franchise taxes, and various
subventions such as motor vehicle in-lieu fees received from the State of California. With the exception of grant programs, General Fund resources can be utilized for any legitimate
governmental purpose.
Due to the scale and flexibility of General Fund revenues, a broad range of municipal activities are provided through this fund. The following is a summary of the services primarily financed
through the General Fund by Department:
Office of the City Administrative Officer
Department of Personnel
Department of Public Works (1)
Implementation of City Council policies
Coordination and guidance of programs
and projects
Intergovernmental relations
Community promotion and cultural activities
Economic development
Natural resource protection
Employee relations
Recruitment and selection
Salary and benefits administration
Risk management and insurance
Office of the City Attorney
Patrol
Traffic enforcement
Crime prevention
Investigations
Animal regulation
Police and fire dispatch
Engineering services
Transportation planning and engineering
Street paving and sweeping
Sidewalk and street maintenance
Traffic signal and street light maintenance
Flood control
Tree maintenance
Parks and landscape maintenance
Vehicle and equipment maintenance
Building maintenance
Geodata services
Legal advisor to City Council
Contract review
Litigation
Police Department
Department of Community Development
Development review
General plan
Environmental impact reporting
Demographic information
Design review
Building and safety
Office of the City Clerk
Fire Department
Official City recordkeeping
Council meeting agendas and minutes
Elections
Department of Finance
Fire suppression
Medical emergency response
Hazard prevention
Disaster preparedness
Radio communications
Department of Parks and Recreation (2)
Budget preparation and financial reporting
Accounting
Revenue management and collections
Investment management
Project financings and debt management
Information technology
Support services (telephone communications, copiers,
ventures & contingencies)
Youth and senior activities
Adult sports
Preschool and "latch-key" programs
Trips and classes
Aquatics
Parks planning
Social services
Although several of these programs may be partially financed through other funds, the primary source of funding for these services is the General Fund. For example, internal service
functions provided by the Departments of Finance and Personnel are organized in the General Fund, but provide similar services to other funds. Reimbursement transfers are made from the
enterprise funds to the General Fund based on a cost allocation plan prepared for this purpose which distributes shared costs in a uniform, consistent manner in accordance with generally
69
CITY OF SAN LUIS OBISPO, CALIFORNIA
GENERAL FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
ASSETS
1997
1996
LIABILITIES AND FUND BALANCE
LIABILITIES:
Cash and cash equivalents
$
121,200
Cash and investments with fiscal agent
41,500
Investments
5,662,900
Receivables:
Taxes
888,800
Accounts receivable
50,000
Accrued interest
24,700
Employee computer purchase program 150,300
Due from other governments
721,800
Due from other funds
79,800
Deposits
434,000
122,000
19,000
5,671,300
8,175,000
7,761,300
TOTAL ASSETS
$
762,400
38,400
18,500
917,400
212,300
Accounts payable
Accrued salaries
Due to other funds
Deferred revenue
Total liabilities
$
359,100
907,000
347,100
812,800
55,200
545,300
47,100
1,811,400 1,262,200
FUND BALANCE:
Reserved for:
Encumbrances
329,200
263,200
Unreserved:
Designated for subsequent year expenditures
666,700
Undesignated
6,034,400 5,569,200
Total fund balance
6,363,600 6,499,100
TOTAL LIABILITIES AND FUND BALANCE
70
$
8,175,000 7,761,300
CITY OF SAN LUIS OBISPO, CALIFORNIA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
BUDGET
Transportation:
Transportation planning and engineering
Streets/general
Streets/pavement
Traffic signals and street lights
Flood control
Total transportation
$
194,000
387,100
892,600
323,700
119,000
1,916,400
1996
VARIANCE
Favorable
ACTUAL (Unfavorable)
199,000
382,000
880,300
411,700
116,400
1,989,400
(5,000)
5,100
12,300
(88,000)
2,600
(73,000)
73
BUDGET
157,600
392,700
602,600
406,000
120,000
1,678,900
VARIANCE
Favorable
ACTUAL (Unfavorable)
139,400
357,600
432,500
423,300
119,400
1,472,200
18,200
35,100
170,100
(17,300)
600
206,700
CITY OF SAN LUIS OBISPO, CALIFORNIA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Leisure, Cultural and Social Services:
Recreation Programs:
Recreation administration
Aquatics
Day care/children services
Classes & adult athletics
Major events/facilities
Youth sports & special events
Teen & senior services
Maintenance Programs:
Swim center maintenance
Parks and landscape maintenance
Tree maintenance
Cultural & Social Service Programs:
Human relations
Cultural activities
Total leisure, cultural and social services
$
1996
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
410,300
177,700
364,900
219,700
89,600
149,600
79,400
415,000
168,600
398,100
203,100
73,200
155,400
92,200
(4,700)
9,100
(33,200)
16,600
16,400
(5,800)
(12,800)
443,700
182,000
363,400
259,100
444,200
180,600
363,800
241,700
(500)
1,400
(400)
17,400
159,300
77,200
153,500
75,100
5,800
2,100
222,300
1,004,500
248,900
235,600
1,028,200
238,100
(13,300)
(23,700)
10,800
234,800
1,026,100
203,700
234,800
1,005,700
157,400
20,400
46,300
94,700
139,600
3,201,200
80,800
135,400
3,223,700
13,900
4,200
(22,500)
92,100
164,700
3,206,100
86,000
157,000
3,099,800
6,100
7,700
106,300
74
CITY OF SAN LUIS OBISPO, CALIFORNIA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Community Development:
Planning:
Commissions and committees
Community development administration
Long range planning
Development review
Natural resource protection
Construction Regulation:
Building and safety
Engineering development review
CIP project engineering
Economic Health:
Community promotion
Economic development
Total community development
$
1996
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
25,800
360,000
188,000
259,400
166,700
12,600
326,600
187,700
249,300
151,700
13,200
33,400
300
10,100
15,000
29,300
330,300
214,300
253,300
124,000
12,200
312,100
213,000
248,500
78,800
17,100
18,200
1,300
4,800
45,200
452,200
183,200
601,500
426,400
162,000
603,000
25,800
21,200
(1,500)
434,500
776,400
411,900
721,200
22,600
55,200
312,300
164,500
2,713,600
289,100
114,100
2,522,500
295,200
138,400
2,595,700
285,500
40,100
2,323,300
9,700
98,300
272,400
23,200
50,400
191,100
75
CITY OF SAN LUIS OBISPO, CALIFORNIA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
BUDGET
1996
VARIANCE
Favorable
ACTUAL (Unfavorable)
General Government:
Legislation
City Council
$
99,000
85,600
General Administration
City administration
447,500
428,900
Public works administration
458,500
453,800
Legal Services
City attorney
256,200
238,400
City Clerk Services
Administration and records
254,300
216,900
Elections
32,200
27,000
Organization Support Services
Personnel administration
360,500
343,500
Risk management
805,900
781,900
Financial administration
194,600
173,000
Revenue management
355,800
336,600
Accounting
372,600
337,000
Information systems
663,100
542,300
Geodata services
232,300
191,200
Support services
357,100
319,900
Building and Vehicle Maintenance
Buildings
543,800
520,400
Vehicle and equipment maintenance
404,200
462,700
Total general government before cost reimbursement 5,837,600 5,459,100
Cost Reimbursement *
(2,422,900) (2,425,600)
Total general government
3,414,700 3,033,500
TOTAL EXPENDITURES
$ 22,112,000 21,315,600
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
13,400
101,600
90,700
10,900
18,600
4,700
454,400
425,400
433,100
427,900
21,300
(2,500)
17,800
252,900
249,000
3,900
37,400
5,200
228,600
6,000
177,700
2,700
50,900
3,300
17,000
24,000
21,600
19,200
35,600
120,800
41,100
37,200
381,700
831,400
173,300
351,000
369,100
476,900
245,500
370,300
377,600
771,800
170,000
340,400
330,400
316,600
126,000
301,700
4,100
59,600
3,300
10,600
38,700
160,300
119,500
68,600
23,400
(58,500)
378,500
2,700
381,200
498,600
476,200
400,500
432,200
5,567,200 5,024,000
(2,230,800) (2,230,800)
3,336,400 2,793,200
796,400
21,503,700 19,962,300
22,400
(31,700)
543,200
543,200
1,541,400
* All the City's general government and engineering programs are initially accounted and budgeted for in the General Fund. However, these support service programs also
benefit the City's enterprise and agency fund operations, and accordingly, transfers are made from these funds to reimburse the General Fund for these services. The
transfers are based on a Cost Allocation Plan prepared for this purpose which distributes the shared costs in a uniform, consistent manner in accordance with generally
accepted accounting principles.
76
accepted accounting principles.
1.
2.
Also responsible for transit and parking operations, which are accounted for as enterprise funds.
Also responsible for golf course operations, which are accounted for as an enterprise fund.
70
OVERVIEW
The following funds are used by the City to account for the financial resources used in the construction or acquisition of major capital facilities or equipment
(with the exception of those financed primarily through proprietary funds):
Capital Outlay Fund
This fund was established to account for all of the City's construction projects and capital purchases in excess of $15,000 with the exception of those funded
through the Parkland Development Fund, Transportation Impact Fee Fund, Open Space Protection Fund, Equipment Replacement Fund and Enterprise Funds.
Financing is provided primarily through operating transfers in from the General Fund, and from State and Federal grants.
Parkland Development Fund
This fund was established to account for construction projects related to park acquisition and development that will be financed primarily with park in-lieu fees.
Transportation Impact Fee Fund
This fund was established to account for construction projects that will be financed primarily with transportation impact fees.
Open Space Protection Fund
This fund was established to account for projects funded as part of the City’s open space protection program to enhance open space and agricultural
conservation on lands within and surrounding the City, improve passive recreational and nature study opportunities, and restore and enhance wildlife habitat.
Projects in this fund will be financed with an annual General Fund contribution and outside contributions.
Equipment Replacement Fund
This fund was established to account for the financing and replacement of equipment for all General Fund programs of the City. Financing is primarily
provided through operating transfers in from the General Fund funds as well as from interest earnings and sales of surplus property.
95
CITY OF SAN LUIS OBISPO, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE TOTALS FOR 1996
BUSINESS
IMPROVEMENT
AREA (BIA)
GAS TAX
TRANSPORTATION
DEVELOPMENT
ACT (TDA)
COMMUNITY
DEVELOPMENT
BLOCK GRANT (CDBG)
TOTALS
1997
1996
ASSETS
Cash and cash equivalents
Investments
Accrued interest receivable
Due from other funds
Due from other governments
TOTAL ASSETS
$
800
33,900
300
$
35,000
$
4,900
4,100
800
33,900
300
128,300
128,300
128,300
163,300
800
35,200
300
7,300
91,000
134,600
30,600
2,500
79,800
15,400
128,300
35,500
6,600
79,800
20,700
142,600
63,500
4,900
35,100
6,400
109,900
128,300
20,700
20,700
163,300
24,700
24,700
134,600
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable
Accrued salaries
Due to other funds
Deferred revenue
Total liabilities
5,300
14,300
FUND BALANCES:
Unreserved:
Undesignated
Total fund balances
TOTAL LIABILITIES AND FUND BALANCES
$
20,700
20,700
35,000
80
CITY OF SAN LUIS OBISPO, CALIFORNIA
BUSINESS IMPROVEMENT AREA (BIA) FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
REVENUES:
Use of money and property
Charges for services
Business tax surcharge
Other revenues
TOTAL REVENUES
$
EXPENDITURES:
Current:
Community development - business improvement area
TOTAL EXPENDITURES
BUDGET
ACTUAL
3,000
119,300
86,500
3,300
212,100
4,400
113,700
88,500
3,300
209,900
214,500
214,500
213,900
213,900
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES(2,400)
1996
VARIANCE
Favorable
(Unfavorable)
1,400
(5,600)
2,000
(2,200)
600
600
(4,000)
(2,400)
(4,000)
FUND BALANCE, BEGINNING OF YEAR
24,700
24,700
$ 22,300
20,700
FUND BALANCE, END OF YEAR
3,000
128,100
75,100
4,500
210,700
4,000
118,000
85,800
4,500
212,300
1,000
(10,100)
10,700
210,700
210,700
207,700
207,700
3,000
3,000
4,600
4,600
(1,600)
OTHER FINANCING SOURCES - Operating transfers in
EXCESS OF REVENUES AND OTHER SOURCES OVER
(UNDER) EXPENDITURES
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
(1,600)
(1,600)
85
10,000
10,000
10,000
14,600
10,100
10,100
20,100
24,700
1,600
4,600
4,600
CITY OF SAN LUIS OBISPO, CALIFORNIA
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
ACTUAL
BUDGET
######## 509,100
1,195,900 509,100
(686,800)
(686,800)
1,378,600
1,378,600
787,100
787,100
(591,500)
(591,500)
252,000
79,400
95,300
426,700
951,900
1,378,600
229,500
20,100
95,300
344,900
442,200
787,100
22,500
59,300
BUDGET
REVENUES:
Subventions and Grants:
Community Development Block Grant
TOTAL REVENUES
EXPENDITURES:
Current:
Leisure, cultural, & social services
Community development
General government
Total Operating Programs
Capital Projects
TOTAL EXPENDITURES
1996
VARIANCE
Favorable
(Unfavorable)
272,000
168,900
103,100
223,400
495,400
1,350,500
1,845,900
226,100
395,000
114,100
509,100
(2,700)
100,400
1,236,400
1,336,800
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER SOURCES
Proceeds from debt financing
650,000
(650,000)
EXCESS OF REVENUES AND OTHER SOURCES OVER
(UNDER) EXPENDITURES
FUND BALANCE, BEGINNING OF YEAR
FUND BALANCE, END OF YEAR
$
-
86
VARIANCE
Favorable
ACTUAL (Unfavorable)
81,800
509,700
591,500
OVERVIEW
The City has established a debt service fund to account for the payment and accumulation of resources related to general long-term debt principal and interest
for the following debt issues:
Capital Improvement Board 1994 Refunding Lease Revenue Bonds
These bonds were issued to refund the 1986 Lease Revenue Bonds and to continue to finance parking structures and various road improvement and property
acquisition projects. The Board has entered into a lease agreement with the City under which the City is responsible for making lease payment to the Board's
Trustee in order to fund the annual debt service requirements. Debt service related to the parking structures is recorded directly in the Parking Fund while debt
service related to the road improvement and property acquisition projects is recorded in the debt service fund. The City Council serves as the governing body of
the Board.
Capital Improvement Board Certificates of Participation of 1990
The certificates of participation were issued during Fiscal Year 1991 by the San Luis Obispo Capital Improvement Board to finance improvements to the
recreation center for the City, acquire land to be used as a park and site for Parks and Recreation administration offices, and to implement impending open
space acquisitions. The Board has entered into a lease agreement with the City under which the City is responsible for making lease payment to the Board's
Trustees to fund the annual debt service requirements. The bonds were issued from the capital projects funds and the debt service is recorded in the debt
service fund.
Capital Improvement Board 1996 Lease Revenue Bonds
These bonds were issued to accomplish several high priority capital improvement projects:
n
n
n
n
n
n
Headquarters fire station
City Hall seismic and HVAC improvements
Mission plaza expansion and improvements
Mathews property acquisition
Bowden adobe adjacent lot purchase
Street lighting system purchase
The Board has entered into a lease agreement with the City under which the City is responsible for making lease payment to the Board's Trustees in order to
fund the annual debt service requirements. The City Council serves as the governing body of the Board.
95
OVERVIEW
Enterprise funds are distinguished by their similarity to private sector activities as the intent is to finance or recover the cost of providing services primarily
through user charges. As such, the measurement focus is on net income in addition to financial position, and changes in cash flows. An accrual basis of
accounting, with depreciation recorded as an expense, is utilized. Enterprise Funds may also be established in order to account for operations under which the
City or an outside grantor agency has decided that a periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability, or other purposes. The City of San Luis uses the following five enterprise funds:
Water Fund
This fund was established by the City in order to account for the provision of water services to the residents of the City as well as some customers in the
County. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance,
improvements, and debt service.
Sewer Fund
This fund was established by the City in order to account for the provision of waste water collection and treatment services to the residents of the City as well as
some customers in the County. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration,
operations, maintenance, improvements, and debt service.
Parking Fund
This fund was established to account for the operation of municipal parking lots, parking structures, and street parking meters. All activities necessary to
provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, improvements, and debt service.
Transit Fund
This fund was established to account for the operation and maintenance of the City's transit system. Although user fees are not the primary funding source for
the operation of the system, the State of California and the Federal government, which provide the major funding sources for the system, require that local
transit systems be accounted for on an enterprise fund basis.
Golf Fund
This fund was established to account for the operation and maintenance of the municipal golf course.
95
OVERVIEW
All of the city's fixed assets of a tangible nature, except those relating to the proprietary fund types, are accounted for in the General Fixed Asset Account
Group. As these assets are not financial resources available for expenditure or appropriation, they are not accounted for with Governmental Funds, but as an
account group, and exist solely as accounting records of the City's fixed assets. The City's general fixed assets have been accounted for at cost, and do not
include public domain or infrastructure fixed assets such as roads, streets, bridges, storm drains, or sidewalks, as these assets are immovable and only of value
to the City of San Luis Obispo.
The following schedules have been included in the City's comprehensive annual financial report regarding general fixed assets:
n
Schedule of changes in general fixed assets and investment in general fixed assets
n
Schedule of general fixed assets by program and activity
n
Schedule of changes in general fixed assets by program and activity
95
OVERVIEW
The City of San Luis Obispo has established the following agency funds, which are used to account for funds held by the City as an agent for private
individuals, organizations, or other governmental agencies:
Whale Rock Fund. This fund was established to account for the financial activities of the Whale Rock Commission, a joint venture providing water service to
the City, the California Polytechnic University, and the California Men's Colony.
Leff, Bond, and Ramona Sewer Fund. This fund was established to account for special assessments collected on the property tax roll by the City on behalf of
the property owners within the Ramona Drive Assessment District. The assets and liabilities of this fund were liquidated during the fiscal year ended June 30,
1997.
McMillian Sewer Fund. This fund was established to account for special assessments collected on the property tax roll by the City on behalf of the property
owners within the McMillian Sewer Assessment District. The assets and liabilities of this fund were liquidated during the fiscal year ended June 30, 1997
CCCSIF Workers' Compensation Insurance Fund. This fund was established to account for the financial activities of a workers' compensation self-insurance
joint power authority involving several local government entities.
CCCSIF Liability Insurance Fund. This fund was established to account for the financial activities of a liability self-insurance joint power authority
involving several local government entities.
Jack House Fund. This fund was established to account for the financial activities of the Jack House Committee, which includes the rehabilitation and use of a
historic house.
Joint Recreational Use Fund. This fund was established to account for the financial activities of the committee on Joint Recreational Use, which includes the
development and use of recreational facilities built on school district property.
CDBG Loan Program Fund. This fund was established to provide low interest loans for the purpose of local housing rehabilitation.
Narcotics Task Force. This fund was established to account for the financial activities of the County task force.
Bomb Task Force. This fund was established to account for the financial activities of the County task force.
Hazardous Materials Task Force. This fund was established to account for the financial activities of the County task force.
General Agency Fund. This fund was established to account for a broad category of funds, including donations, provided to the City to be utilized for specific
purposes.
Duvall Fund. This fund was established to account for funds donated to the City by the Duvall family to provide for the maintenance and renovation of
historical structures as well as park and recreation facilities.
95
95
OVERVIEW
The City has established the following four special revenue funds in order to account for the proceeds from revenue sources that are restricted to expenditures
for specified purposes:
Business Improvement Area (BIA) Fund
This fund has been established to account for the receipt of a surcharge derived from a supplemental assessment upon businesses within the downtown area.
Pursuant to the provisions of the Municipal code, this surcharge is equal to 100% of the City's general business tax. Expenditures from the fund are limited to
four basic purposes: decorating public places within the BIA; promoting public events in the downtown core; promoting trade activities; and improving parking
in the downtown core.
Gas Tax Fund
Portions of the tax rate per gallon levied by the State of California on all gasoline purchases are allocated to cities throughout the State on a population basis.
These funds are restricted for expenditures by the State of California for street-related purposes only. Under the City's Financial Plan policies, all gas tax
revenues are transferred to the General Fund for street maintenance purposes.
Transportation Development Act (TDA) Fund
The State of California has designated 1/4% of the sales tax levied statewide for local transportation purposes. Funding for this program was provided during
the 1971 legislative session with the enactment of the Transportation Development Act, which extended the state sales tax to include purchases of gasoline.
Revenues allocated to the City of San Luis Obispo under this program are divided into two categories: Article 3 funds, which are restricted for the improvement
and maintenance of street systems including pedestrian and bicycle facilities; and Article 4 funds, which are restricted for public transit systems and are
recorded directly in the Transit Fund. The purpose of the City's TDA Fund is to account for Article 3 funds. Under the City's Financial Plan policies, all TDA
revenues are allocated for alternative transportation purposes. Accordingly, allocations to this fund are used for bicycle planning purposes. The balance of the
City's TDA funds are allocated to the transit system, which is accounted for as an enterprise fund.
Community Development Block Grant (CDBG) Fund
This fund has been established to account for federal funds received by the City specifically to benefit low and moderate income persons, aid in the elimination
of blight, and meet other community development needs as allowed by block grant regulations.
95
CITY OF SAN LUIS OBISPO, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
BUDGET
EXPENDITURES - Debt service:
Principal
Interest
TOTAL EXPENDITURES
OTHER FINANCING SOURCES:
Operating transfers in
Proceeds from debt financing
Total Other Financing Sources
1996
VARIANCE
Favorable
ACTUAL (Unfavorable)
$ 376,300
382,400
932,300
930,200
1,308,600 1,312,600
(6,100)
2,100
(4,000)
1,308,600 1,312,600
4,000
1,308,600 1,312,600
4,000
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
FUND BALANCE, BEGINNING OF YEAR
1,318,600 1,318,600
FUND BALANCE, END OF YEAR
######## 1,318,600
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
285,800
503,700
789,500
286,900
505,700
792,600
789,500
792,600
512,300
512,300
1,301,800 1,304,900
512,300
512,300
806,300
806,300
1,318,600 1,318,600
89
(1,100)
(2,000)
(3,100)
3,100
3,100
CITY OF SAN LUIS OBISPO, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
BUDGET
EXPENDITURES - Debt service:
Principal
Interest
TOTAL EXPENDITURES
OTHER FINANCING SOURCES:
Operating transfers in
Proceeds from debt financing
Total Other Financing Sources
1996
VARIANCE
Favorable
ACTUAL (Unfavorable)
$ 376,300
382,400
932,300
930,200
1,308,600 1,312,600
(6,100)
2,100
(4,000)
1,308,600 1,312,600
4,000
1,308,600 1,312,600
4,000
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
FUND BALANCE, BEGINNING OF YEAR
1,318,600 1,318,600
FUND BALANCE, END OF YEAR
######## 1,318,600
BUDGET
VARIANCE
Favorable
ACTUAL (Unfavorable)
285,800
503,700
789,500
286,900
505,700
792,600
789,500
792,600
512,300
512,300
1,301,800 1,304,900
512,300
512,300
806,300
806,300
1,318,600 1,318,600
89
(1,100)
(2,000)
(3,100)
3,100
3,100
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
ASSETS
161,700
7,172,500
1,054,700
21,000
8,409,900
109,500
4,794,700
993,500
19,100
5,916,800
1,293,700
1,247,000
122,000
189,200
79,900
570,000
961,100
184,800
14,534,700
1,095,000
12,244,100
860,000
28,918,600
5,140,800
23,777,800
184,800
13,393,600
952,600
12,533,500
970,000
28,034,500
4,696,100
23,338,400
357,400
371,200
$ 33,838,800
30,873,400
LONG-TERM DEBT, less current portion:
Cash held by fiscal agent
PROPERTY, PLANT AND EQUIPMENT:
Land
Buildings and improvements
Equipment
Construction in progress
Whale Rock Reservoir investment
Total property, plant and equipment
Less accumulated depreciation
Net property, plant and equipment
OTHER ASSETS:
TOTAL ASSETS
Accounts payable
$ 199,400
Accrued salaries and compensated absences
204,200
Interest payable
77,300
Current portion of long-term debt
600,000
Total current liabilities
1,080,900
CURRENT LIABILITIES:
$
RESTRICTED ASSETS:
Unamortized bond discount
and issuance costs
1996
LIABILITIES AND FUND EQUITY
CURRENT ASSETS:
Cash and cash equivalents
Investments
Accounts receivable
Accrued interest receivable
Total current assets
1997
Bonded debt
Lease revenue bonds
Certificates of participation
Total long-term debt
Total liabilities
245,000
10,140,000
3,350,000
13,735,000
430,000
10,335,000
3,570,000
14,335,000
14,815,900
15,296,100
2,716,900
2,716,900
1,245,500
15,060,500
19,022,900
1,245,500
11,614,900
15,577,300
$33,838,800
30,873,400
FUND EQUITY:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved
Total fund equity
TOTAL LIABILITIES AND FUND EQUITY
110
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
OPERATING REVENUES:
Water sales
Connection charges
Impact fees
Other charges
TOTAL OPERATING REVENUES
$ 8,193,700
19,900
300,800
107,400
8,621,800
7,332,400
22,800
86,500
51,600
7,493,300
971,700
71,300
276,900
661,200
539,200
211,900
533,600
32,000
906,400
4,204,200
444,700
110,000
4,758,900
3,862,900
1,021,100
73,600
254,900
654,300
499,100
203,700
553,000
33,000
880,000
4,172,700
320,400
110,000
4,603,100
2,890,200
457,900
340,000
33,100
373,100
OPERATING EXPENSES:
Water source of supply
Groundwater supply
Utilities conservation
Water treatment
Water distribution
Water customer service
Water engineering and administration
Disaster recovery
General government
Total operating expenses before depreciation and amortization
Depreciation
Amortization
TOTAL OPERATING EXPENSES
OPERATING INCOME
NONOPERATING REVENUES:
Interest
Grants
457,900
TOTAL NONOPERATING REVENUES
NONOPERATING EXPENSES :
Interest
Estimated claims and judgements
875,200
TOTAL NONOPERATING EXPENSES
NET INCOME
RETAINED EARNINGS, BEGINNING OF YEAR
RETAINED EARNINGS, END OF YEAR
119
875,200
901,500
998,000
1,899,500
3,445,600
12,860,400
1,363,800
11,496,600
$ 16,306,000
12,860,400
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1996
$ 8,560,600 7,656,000
(2,709,300) (2,787,700)
(1,402,500) (1,335,900)
4,448,800 3,532,400
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on debt financing
Interest paid on debt financing
Cash payments on claims and judgements
Cash contribution
Net cash used in capital and related financing activities
(857,600)
(570,000)
(1,000,500)
(496,100)
(535,000)
(892,300)
(998,000)
988,100
(2,428,100) (1,933,300)
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and investments
Cash and investments at beginning of year
Cash and investments at end of year
456,000
456,000
333,200
333,200
2,476,700
6,151,200
1,932,300
4,218,900
$ 8,627,900
120
#########
CITY OF SAN LUIS OBISPO, CALIFORNIA
WATER FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Amortization
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Decrease in due from other funds
Increase in accounts payable
Increase in accrued salaries and compensated absences
Total adjustments
Net cash provided by operating activities
$ 3,862,900
2,890,200
444,700
110,000
320,400
110,000
(61,200)
98,700
64,000
30,600
18,500
642,200
3,532,400
77,400
15,000
585,900
$ 4,448,800
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Cash and investments held by fiscal agent
Total cash and investments
End
of Year
Beginning
of Year
161,700
7,172,500
1,293,700
$ 8,627,900
109,500
4,794,700
1,247,000
6,151,200
$
Noncash investing, capital, and financing activities:
None
121
1996
CITY OF SAN LUIS OBISPO, CALIFORNIA
SEWER FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1996
$ 6,090,900 5,704,500
(1,651,000) (1,837,000)
(1,298,300) (1,240,600)
3,141,600 2,626,900
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on loan
Interest paid on loan
Cash contribution
Net cash provided by (used in) capital and related financing activities
(766,100) (302,700)
(1,271,000) (1,236,000)
(938,900) (899,700)
3,081,600
(2,976,000)
643,200
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase in cash and investments
Cash and investments at beginning of year
Cash and investments at end of year
233,400
233,400
115,500
115,500
399,000
5,033,900
3,385,600
1,648,300
$ 5,432,900
122
5,033,900
CITY OF SAN LUIS OBISPO, CALIFORNIA
SEWER FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
Decrease in accounts receivable
Decrease in due from other funds
Increase (decrease) in accounts payable
Increase in accrued salaries and compensated absences
Total adjustments
Net cash provided by operating activities
1997
1996
$ 1,826,800
1,493,500
1,079,300
1,106,100
135,100
86,000
14,400
1,314,800
$ 3,141,600
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Total cash and investments
End
of Year
Beginning
of Year
119,800
5,313,100
$ 5,432,900
112,300
4,921,600
5,033,900
$
Noncash investing, capital, and financing activities:
None
123
1,400
54,600
(38,800)
10,100
1,133,400
2,626,900
CITY OF SAN LUIS OBISPO, CALIFORNIA
PARKING FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by operating activities
1997
1996
$ 2,153,400
(498,200)
(379,800)
1,275,400
2,040,100
(481,900)
(355,700)
1,202,500
Cash flows from noncapital financing activities:
Transfer in from General Fund
Net cash provided by noncapital financing activities
48,000
48,000
Cash flows from capital and related financing activities:
Acquisition and construction of capital assets
Principal paid on revenue bond maturities
Interest paid on revenue bonds
Net cash used by capital and related financing activities
(188,900) (1,055,900)
(242,600) (233,000)
(408,400) (422,100)
(839,900) (1,711,000)
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
237,200
237,200
Net increase (decrease) in cash and investments
Cash and investments at beginning of year
672,700
3,352,500
Cash and investments at end of year
$ 4,025,200
124
213,500
213,500
(247,000)
3,599,500
3,352,500
CITY OF SAN LUIS OBISPO, CALIFORNIA
PARKING FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating income to net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation
Changes in assets and liabilities:
Increase in accounts receivable
(Increase) decrease in due from other governments
Decrease in due from other funds
Increase (decrease) in accounts payable
Increase in accrued salaries and compensated absences
Decrease in deferred revenue
Total adjustments
Net cash provided by operating activities
$
125
924,800
964,000
323,900
238,500
350,600
$ 1,275,400
(4,500)
(4,300)
21,300
5,100
(17,600)
238,500
1,202,500
End
of Year
Beginning
of Year
74,900
3,320,400
629,900
$ 4,025,200
60,900
2,664,900
626,700
3,352,500
$
Noncash investing, capital, and financing activities:
None
1996
(5,300)
4,300
41,300
(17,100)
3,500
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Cash and investments held by fiscal agent
Total cash and investments
1997
CITY OF SAN LUIS OBISPO, CALIFORNIA
TRANSIT FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash used in operating activities
$
Cash flows from noncapital financing activities:
Operating grants received
Cash overdraft increase (decrease)
Net cash provided by noncapital financing activities
Cash flows from capital and related financing activities:
Capital grants received
Acquisition and construction of capital assets
Net cash provided by capital and related financing activities
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
371,000
342,500
(1,247,300) (1,161,300)
(88,200) (108,700)
(964,500) (927,500)
1,080,500
(112,900)
967,600
891,100
9,600
900,700
340,200
(321,100)
19,100
66,200
(40,800)
25,400
700
700
Net decrease in cash and investments
Cash and investments at beginning of year
22,900
Cash and investments at end of year
$
126
1996
22,900
1,400
1,400
CITY OF SAN LUIS OBISPO, CALIFORNIA
TRANSIT FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
Reconciliation of operating income to net cash used in operating activities:
Operating loss
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation
Changes in assets and liabilities:
Decrease in due from other governments
Increase (decrease) in accounts payable
Increase (decrease) in accrued salaries and compensated absences
Total adjustments
Net cash used in operating activities
1996
$(1,217,900) (1,140,200)
197,900
58,300
(1,200)
(1,600)
253,400
$ (964,500)
Reconciliation of cash and investments to the balance sheet:
End
of Year
Cash and cash equivalents
Investments
Total cash and investments
$
$
Noncash investing, capital, and financing activities:
None
127
500
22,400
22,900
196,600
3,200
11,400
1,500
212,700
(927,500)
Beginning
of Year
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOLF FUND
STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Cash flows from operating activities:
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash used in operating activities
$
Cash flows from noncapital financing activities:
PERS surplus
Transfer in from the general fund
Net cash provided by noncapital financing activities
1997
1996
334,000
(187,700)
(194,300)
(48,000)
290,700
(165,400)
(190,700)
(65,400)
2,100
61,100
63,200
Cash flows from capital and related financing activities:
Sale of property
Disaster recovery
Net cash provided by capital and related financing activities
19,600
1,800
21,400
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
1,800
1,800
2,200
2,200
Net increase (decrease) in cash and investments
17,000
(41,800)
Cash and investments at beginning of year
20,200
62,000
37,200
20,200
Cash and investments at end of year
$
128
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOLF FUND
STATEMENT OF CASH FLOWS, continued
FOR THE FISCAL YEAR ENDED JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
Reconciliation of operating loss to net cash used in by operating activities:
Operating loss
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation
Changes in assets and liabilities:
(Decrease) in accounts payable
Increase (decrease) in accrued salaries and compensated absences
Total adjustments
Net cash used in operating activities
$
$
Reconciliation of cash and investments to the balance sheet:
Cash and cash equivalents
Investments
Total cash and investments
$
$
Noncash investing, capital, and financing activities:
None
129
1997
1996
(57,900)
(81,700)
16,700
16,600
(4,300)
(2,500)
9,900
(48,000)
(2,300)
2,000
16,300
(65,400)
End
of Year
Beginning
of Year
7,300
29,900
37,200
500
19,700
20,200
CITY OF SAN LUIS OBISPO, CALIFORNIA
SEWER FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
ASSETS
1996
Accounts payable
$ 137,400
Accrued salaries and compensated absences
164,600
Interest payable
742,900
Current portion long-term debt
1,310,800
Total current liabilities
2,355,700
51,400
150,200
778,600
1,271,100
2,251,300
LIABILITIES AND FUND EQUITY
CURRENT ASSETS:
Cash and cash equivalents
Investments
Accounts receivable
Accrued interest receivable
Total current assets
1997
CURRENT LIABILITIES:
$
119,800
5,313,100
648,700
13,700
6,095,300
112,300
4,921,600
783,800
9,400
5,827,100
2,025,900
48,599,300
1,544,000
356,500
52,525,700
6,773,200
45,752,500
2,025,900
48,013,700
1,520,200
125,500
51,685,300
5,693,900
45,991,400
PROPERTY, PLANT AND EQUIPMENT:
LONG-TERM DEBT, less current portion:
Land
Buildings and improvements
Equipment
Construction in progress
Total property, plant and equipment
Less accumulated depreciation
Net property, plant and equipment
State revolving loan note payable
Total long-term debt
Total liabilities
$ 51,847,800
51,818,500
26,427,000
26,427,000
27,472,000
28,678,300
9,799,100
9,799,100
14,576,700
24,375,800
13,341,100
23,140,200
$51,847,800
51,818,500
FUND EQUITY:
Contributed capital
Retained earnings:
Unreserved
Total fund equity
TOTAL ASSETS
25,116,300
25,116,300
TOTAL LIABILITIES AND FUND EQUITY
111
CITY OF SAN LUIS OBISPO, CALIFORNIA
PARKING FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
CURRENT ASSETS:
3,415,800
60,900
2,664,900
4,500
12,900
4,300
41,300
2,788,800
629,900
626,700
74,900
3,320,400
9,800
10,700
37,800
38,900
33,100
242,600
352,400
6,542,600
(413,800)
6,128,800
6,794,600
(458,200)
6,336,400
2,547,000
9,231,300
92,600
194,900
12,065,800
1,824,800
10,241,000
2,547,000
9,218,900
92,600
18,400
11,876,900
1,500,900
10,376,000
6,477,000
6,688,800
1,854,000
1,854,000
651,900
5,371,000
7,876,900
651,900
4,667,900
7,173,800
67,200
71,100
$ 14,353,900
13,862,600
$14,353,900
13,862,600
Accounts payable
$
Accrued salaries and compensated absences
Interest payable
Current portion of long-term debt
Total current liabilities
LONG-TERM DEBT, less current portion:
Cash held by fiscal agent
PROPERTY, PLANT AND EQUIPMENT:
Land
Buildings and improvements
Equipment
Construction in progress
Total property, plant and equipment
Less accumulated depreciation
Net property, plant and equipment
OTHER ASSETS
TOTAL ASSETS
20,700
42,400
33,100
252,000
348,200
CURRENT LIABILITIES:
$
RESTRICTED ASSETS
Unamortized bond discount
and issuance costs
1996
LIABILITIES AND FUND EQUITY
ASSETS
Cash and cash equivalents
Investments
Accounts receivable
Accrued interest receivable
Due from other governments
Due from other funds
Total current assets
1997
Lease revenue bonds
Deferred amount on refunding
Total long-term debt
Total liabilities
FUND EQUITY:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved
Total fund equity
TOTAL LIABILITIES AND FUND EQUITY
112
CITY OF SAN LUIS OBISPO, CALIFORNIA
TRANSIT FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
ASSETS
76,600
13,000
316,000
405,600
77,800
14,600
112,900
436,600
641,900
2,043,700
491,900
2,535,600
1,844,400
532,400
2,376,800
2,941,200
3,018,700
CURRENT LIABILITIES:
$
500
22,400
466,300
489,200
690,100
690,100
1,150,700
2,609,400
122,000
3,882,100
1,430,100
2,452,000
1,132,500
2,343,800
84,500
3,560,800
1,232,200
2,328,600
2,941,200
3,018,700
PROPERTY, PLANT AND EQUIPMENT:
Accounts payable
$
Accrued salaries and compensated absences
Due to other funds
Deferred revenue
Total current liabilities
FUND EQUITY:
Buildings and improvements
Equipment
Construction in progress
Total property, plant and equipment
Less accumulated depreciation
Net property, plant and equipment
TOTAL ASSETS
1996
LIABILITIES AND FUND EQUITY
CURRENT ASSETS:
Cash and cash equivalents
Investments
Due from other governments
Total current assets
1997
$
Contributed capital
Retained earnings - unreserved
Total fund equity
TOTAL LIABILITIES AND FUND EQUITY
113
$
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOLF FUND
BALANCE SHEET
JUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR 1996
1997
1996
ASSETS
1,600
17,700
19,300
5,900
20,200
26,100
CURRENT LIABILITIES:
37,300
500
19,700
200
6,600
27,000
$
7,300
29,900
100
Land
1,368,900
Buildings and improvements
136,900
Equipment
69,700
Total property, plant and equipment 1,575,500
Less accumulated depreciation
115,600
Net property, plant and equipment
1,459,900
1,368,900
136,900
69,700
1,575,500
98,900
1,476,600
$ 1,497,200
1,503,600
PROPERTY, PLANT AND EQUIPMENT:
TOTAL ASSETS
1996
LIABILITIES AND FUND EQUITY
CURRENT ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
Due from other funds
Total current assets
1997
Accounts payable
$
Accrued salaries and compensated absences
Total current liabilities
FUND EQUITY:
Contributed capital
Accumulated deficit
Total fund equity
TOTAL LIABILITIES AND FUND EQUITY
114
1,685,600
(207,700)
1,477,900
$ 1,497,200
1,685,600
(208,100)
1,477,500
1,503,600
115
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
CCCSIF WORKERS' COMPENSATION INSURANCE FUND
ASSETS:
Cash and cash equivalents
Investments
Accounts receivable
Accrued interest receivable
TOTAL ASSETS
$ 137,800
6,035,400
137,800
6,035,400
183,300
4,586,500
137,800
2,493,100
183,300
8,128,800
28,800
$ 6,202,000
28,800
6,202,000
26,600
4,796,400
28,800
2,659,700
26,600
8,338,700
$
29,900
6,172,100
$ 6,202,000
29,900
6,172,100
6,202,000
45,800
2,120,800
2,166,600
29,900
29,900
45,800
8,292,900
8,338,700
$
93,000
4,073,000
21,400
$ 4,187,400
93,000
4,073,000
21,400
4,187,400
88,600
2,899,000
16,200
3,003,800
93,000
3,044,500
21,400
3,158,900
88,600
3,927,500
16,200
4,032,300
$
18,600
4,168,800
4,187,400
24,700
18,600
161,200
179,800
24,700
4,007,600
4,032,300
LIABILITIES:
Accounts payable
Due to agency participants
TOTAL LIABILITIES
CCCSIF LIABILITY INSURANCE FUND
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
TOTAL ASSETS
LIABILITIES:
Accounts payable
Due to agency participants
TOTAL LIABILITIES
18,600
4,168,800
$ 4,187,400
124
24,700
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
600
2,700
100
3,400
700
30,900
100
31,700
UTILITY BILLING CONTROL FUND
ASSETS
Cash and cash equivalents
Investments
$
$
TOTAL ASSETS
2,200
94,900
97,100
(2,200)
(94,900)
(97,100)
200
96,900
97,100
(200)
(96,900)
(97,100)
1,100
49,100
50,200
(1,100)
(49,100)
(50,200)
3,300
46,900
50,200
(3,300)
(46,900)
(50,200)
LIABILITIES:
Accounts payable
Due to other funds
TOTAL LIABILITIES
$
$
PAYROLL CONTROL FUND
ASSETS
Cash and cash equivalents
Investments
$
$
TOTAL ASSETS
LIABILITIES:
Accounts payable
Other liabilities
TOTAL LIABILITIES
$
$
JACK HOUSE FUND
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
TOTAL ASSETS
$
$
600
27,700
100
28,400
600
27,700
100
28,400
700
5,900
100
6,700
$
$
28,400
28,400
28,400
28,400
3,300
3,300
LIABILITIES:
Accounts payable
Other liabilities
TOTAL LIABILITIES
125
31,700
31,700
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
JOINT RECREATIONAL USE FUND
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
$
TOTAL ASSETS
$
400
17,400
100
17,900
LIABILITIES - Other liabilities
$
17,900
400
17,400
100
17,900
17,900
900
1,200
300
1,200
300
400
18,300
100
18,800
18,800
DEFERRED COMPENSATION FUND
ASSETS - Investments
$ 4,729,400
(4,729,400)
LIABILITIES - Deferred compensation benefits payable
$ 4,729,400
(4,729,400)
CDBG LOAN PROGRAM FUND
ASSETS - Cash and cash equivalents
$
96,900
96,900
36,700
79,700
53,900
LIABILITIES - Due to agency participants
$
96,900
96,900
36,700
79,700
53,900
126
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
NARCOTICS TASK FORCE FUND
ASSETS:
Cash and cash equivalents
Investments
Due from agency participants
Accrued interest receivable
$
200
136,800
200
10,000
100
131,700
2,900
100
134,800
7,500
2,500
10,000
7,500
2,500
10,000
7,600
134,700
142,300
7,500
137,200
144,700
7,600
$
4,200
186,400
800
$ 191,400
4,200
186,400
800
191,400
5,100
50,200
700
56,000
4,200
11,000
800
16,000
5,100
225,600
700
231,400
$
200
191,200
191,400
200
40,000
40,200
200
200
231,200
231,400
$
TOTAL ASSETS
200
9,600
200
9,600
200
10,000
200
137,200
100
4,500
2,900
100
7,600
LIABILITIES:
Accounts payable
Due to agency participants
TOTAL LIABILITIES
$
$
7,600
BOMB TASK FORCE
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
TOTAL ASSETS
LIABILITIES:
Accounts payable
Due to agency participants
TOTAL LIABILITIES
200
191,200
$ 191,400
127
200
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
400
1,300
1,700
400
15,900
16,300
900
900
16,300
16,300
3,900
121,800
125,700
149,400
411,100
560,500
HAZARDOUS MATERIALS TASK FORCE
ASSETS:
Cash and cash equivalents
Investments
TOTAL ASSETS
$
$
400
16,800
17,200
400
16,800
17,200
400
400
800
$
$
17,200
17,200
17,200
17,200
$ 137,700
169,000
$ 306,700
137,700
169,000
306,700
15,600
363,900
379,500
$
8,700
298,000
306,700
262,500
262,500
LIABILITIES:
Due to agency participants
TOTAL LIABILITIES
GENERAL AGENCY FUND
ASSETS:
Cash and cash equivalents
Investments
TOTAL ASSETS
LIABILITIES:
Accounts payable
Other liabilities
TOTAL LIABILITIES
8,700
298,000
$ 306,700
128
8,700
8,700
560,500
560,500
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
DEDUCTIONS
BALANCE
JUNE 30, 1997
DUVALL FUND
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
$
TOTAL ASSETS
3,800
166,700
700
$ 171,200
3,800
166,700
700
171,200
200
9,000
600
9,800
700
700
4,000
175,700
600
180,300
TOTAL LIABILITIES - Other
$ 171,200
171,200
9,800
700
180,300
$ 485,200
15,875,500
53,400
44,500
(3,300)
481,900
(4,873,400) 11,002,100
53,400
44,500
326,700
6,338,500
53,300
44,500
#########
(4,876,700) 11,581,900
338,500
8,618,700
45,400
5,200
2,900
9,010,700
6,763,000
493,700
13,282,300
45,500
5,200
2,900
13,829,600
66,600
31,300
525,600
79,200
34,000
276,500
66,600
31,300
10,800
79,200
34,000
791,300
10,958,400
(4,876,700) 11,581,900
2,345,700
2,735,400
379,000
487,700
12,925,100
13,829,600
TOTALS - ALL AGENCY FUNDS
ASSETS:
Cash and cash equivalents
Investments
Accrued interest receivable
Due from other governments
Due from agency participants
TOTAL ASSETS
LIABILITIES:
Accounts payable
Accrued salaries
Other liabilities
Due to other funds
Deferred compensation benefits payable
Due to agency participants
TOTAL LIABILITIES
$
70,100
31,300
572,500
96,900
4,729,400
10,958,400
#########
(3,500)
(46,900)
(96,900)
(4,729,400)
129
CITY OF SAN LUIS OBISPO, CALIFORNIA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
JUNE 30, 1996
RESTATED
BALANCE
ADJUSTMENT JUNE 30, 1996 ADDITIONS
130
DEDUCTIONS
BALANCE
JUNE 30, 1997
CITY OF SAN LUIS OBISPO, CALIFORNIA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS AND INVESTMENT IN GENERAL FIXED ASSETS
FOR THE FISCAL YEAR ENDED JUNE 30, 1997
BALANCE
June 30, 1996
GENERAL FIXED ASSETS:
Land
Buildings and improvements
Equipment
Construction in progress
TOTAL
$14,271,200
9,531,200
5,623,100
7,742,200
$37,167,700
INVESTMENT IN GENERAL FIXED ASSETS:
General Fund
$18,234,000
Capital Outlay Fund
17,229,900
Revolving Trust Fund
13,800
Parkland Development Fund
1,669,000
Whale Rock Fund
21,000
TOTAL
$37,167,700
Adjustments
5,712,300
5,712,300
5,703,700
8,600
5,712,300
RESTATED
June 30, 1996
ADDITIONS
DELETIONS
RECLASSIFICATIONS
14,271,200
9,531,200
5,623,100
2,029,900
31,455,400
455,300
576,300
1,047,800
2,456,600
4,536,000
116,000
279,900
395,900
12,530,300
17,229,900
13,800
1,660,400
21,000
31,455,400
4,025,400
116,000
134
230,700
4,256,100
116,000
BALANCE
June 30, 1997
14,726,500
10,107,500
6,554,900
4,206,600
35,595,500
16,439,700
17,229,900
13,800
1,891,100
21,000
35,595,500
CITY OF SAN LUIS OBISPO, CALIFORNIA
STATISTICAL OVERVIEW
FISCAL YEAR ENDED JUNE 30, 1997
Location: Central Coast of California, 235 Miles South of San Francisco and 200 Miles North of Los Angeles
Incorporated: February 19, 1856
Chartered: May 1, 1876
Form of Government: Council-Mayor-Administrative Officer
Total City Dwellings: 18,550
Population (January 1, 1997): 42,074
Physical Size - Square Miles: 10.7
Median Age: 27.2
Average Family Income (1994): $60,903
Streets:
Estimated Miles of Paved Streets - 116
Number of Street Lights - 1,870
Building Permits:
Permits Issued - 554
Approximate Value - $28,510,340
Business Tax Receipts:
Certificates Issued - 6,291
Business Tax Revenues - $905,900
Sanitation Services (wastewater collection, treatment, and reclamation):
Customer Accounts - 12,916
Plant Capacity - 5.1 MGD
Miles of Sewerline - 126
Average Daily Plant Flows - 4.1 MGD
Water Services (Retail Sale of Water):
Customer Accounts - 13,265
Water Delivered - 2,224 Million Gallons (6,427 AF)
Source of Supply - Salinas Reservoir (Capacity: 23,300 AF)
Miles of waterline - 287
Whale Rock Reservoir (City share of capacity: 22,380 AF)
Combined safe annual yield from both reservoirs is estimated to be 7,235 AF per year
Regular Authorized Positions:
Public Safety
Public Utilities
Transportation
Leisure, Cultural & Social Services
Community Development
General Government
TOTAL
Sworn Officials:
Authorized No. of Sworn Police Personnel
Authorized No. of Sworn Fire Personnel
General Fund Other Funds
134.0
55.5
14.0
9.0
26.0
3.0
33.6
53.7
261.3
67.5
57
43
Total
1997 1996
134.0 134.0
55.5 55.5
23.0 23.0
29.0 29.0
33.6 33.6
53.7 53.7
328.8 328.8
Ratio of Sworn Police Personnel per 1,000 Population : 1.36
Ratio of Sworn Fire Personnel per 1,000 Population: 1.03
Sources: City Finance, Community Development, and Utilities Departments
135
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOVERNMENTAL REVENUES
LAST TEN FISCAL YEARS
FISCAL
YEAR
Fines,
Licenses Forfeitures
Taxes and Permits and Penalties
Use of
Money and
Property
1987-88
$ 13,192,355
$ 245,977
$ 420,660
$ 1,332,312
1988-89
14,330,889
369,808
464,004
1989-90
14,955,325
185,697
1990-91
15,312,524
1991-92
Subventions
and Grants
Other
Revenues
Total
Revenues
3,102,721
$ 1,199,988
$ 1,072,111
1,233,176
2,444,953
985,287
373,307
20,201,424
577,572
1,574,426
2,803,849
1,640,615
1,833,973
23,571,457
159,117
332,785
1,621,259
2,802,034
1,578,822
1,529,100
23,335,641
16,049,690
124,349
133,569
1,342,534
2,921,608
1,701,014
2,799,774
25,072,538
1992-93
16,553,200
205,200
159,600
982,300
2,761,700
1,775,900
456,200
22,894,100
1993-94
16,880,800
377,000
144,600
825,000
2,741,600
1,545,500
986,900
23,501,400
1994-95
17,073,600
504,000
92,200
638,300
2,948,900
1,692,700
690,400
23,640,100
1995-96
17,649,700
103,500
507,400
4,792,900
2,623,100
1,536,800
27,213,400
1996-97
18,392,400
131,800
689,700
4,218,800
3,483,500
1,706,200
28,622,400
*
*
$
Charges for
Services
Effective 6/30/96 amounts formerly deemed licenses and permits are properly classified as charges for services.
NOTE: Includes all Governmental Fund Types
136
$
20,566,124
CITY OF SAN LUIS OBISPO, CALIFORNIA
GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
FISCAL
YEAR
Public Public
Safety Utilities
1987-88 $ 6,929,385
$ -
CURRENT EXPENDITURES
Leisure,
Total
Cultural and Community
General
Trust
Current
Transportation Social SvcsDevelopment Government Expenditures Expenditures
$
CAPITAL
PROJECTS
DEBT
SERVICE
TOTAL
1,356,381
$2,339,849
$1,939,647
$ 2,377,187
$ 576,952
$ 15,519,401
$3,993,450
$1,114,821
$ 20,627,672
1988-89
7,112,048
-
1,188,183
2,616,841
2,128,571
2,602,957
264,131
15,912,731
3,002,614
1,162,524
20,077,869
1989-90
8,022,196
-
1,368,914
2,758,884
2,356,882
2,732,301
285,189
17,524,366
3,042,438
574,194
21,140,998
1990-91
8,625,489
15,587
1,604,111
3,291,167
2,608,172
2,975,134
266,515
19,386,175
3,218,710
540,551
23,145,436
1991-92
9,342,052
58,029
1,592,581
3,560,273
2,841,818
3,176,005
204,807
20,775,565
3,764,653
945,548
25,485,766
1992-93
9,604,900
67,800
1,614,600
3,137,400
2,812,900
2,917,700
-
20,155,300
5,212,800
951,300
26,319,400
1993-94
9,792,600 105,300
1,514,600
2,936,700
2,652,300
2,514,200
-
19,515,700
7,920,300
947,400
28,383,400
1994-95 10,210,700
80,000
1,565,600
3,040,400
2,606,500
2,848,900
-
20,352,100
3,348,400
663,600
24,364,100
1995-96 10,273,800
-
1,472,200
3,329,300
2,551,100
2,888,500
-
20,514,900
9,706,400
792,600
31,013,900
1996-97 10,546,500
-
1,989,400
3,392,600
2,736,400
3,259,600
-
21,924,500
5,944,800
1,312,600
29,181,900
NOTES:1. Includes all Governmental Fund Types
2. The solid waste program in Public Utilities was initiated in fiscal year 1990-91. In 1995-96 the program was incorporated into the Utilities
Conservation program in the Water Fund.
137
CITY OF SAN LUIS OBISPO, CALIFORNIA
TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
Sales
and Use
FISCAL
YEAR
Prop. 172
Public
Safety
Property (1)
1987-88
$ 5,873,112
$ 3,035,976
1988-89
6,047,328
1989-90
$
-
Transient
Occupancy
Franchise
Business
Tax
Real
Property
Transfer
Utility
Users
TOTAL
$ 1,178,379
$ 469,327
$ 401,189
$ 102,839
$ 2,009,752
$
13,070,574
3,363,678
1,316,638
510,273
462,924
136,705
2,183,941
14,021,487
6,351,043
3,714,750
1,427,768
548,908
502,369
137,769
2,272,718
14,955,325
1990-91
6,285,963
4,129,858
1,396,471
569,236
554,169
94,284
2,282,543
15,312,524
1991-92
5,850,902
4,314,778
1,940,440
663,544
606,047
68,403
2,605,576
16,049,690
1992-93
6,212,400
4,016,100
2,276,700
700,300
714,400
69,600
2,563,700
16,553,200
1993-94 (2)
6,029,900
4,163,100
106,700
2,337,100
714,200
746,800
84,900
2,698,100
16,880,800
1994-95 (3)
6,422,400
3,714,700
133,500
2,462,000
728,600
787,800
79,000
2,745,600
17,073,600
1995-96
6,589,500
3,821,900
142,800
2,641,500
831,900
824,500
72,200
2,725,400
17,649,700
1996-97
6,869,000
3,873,500
127,600
2,845,300
841,000
905,900
101,900
2,828,200
18,392,400
NOTES:
Includes all Governmental Fund Types
1). Property tax revenues are presented net of SB2557 County administrative fees (approximately 3% of total property tax revenues).
2). Effective with 1993-94 the City has elected to receive its property tax revenues based on the Teeter Plan method of collection whereby the
County remits 100% of taxes levied, pursues collection and retains any delinquent taxes and related taxes and penalties. Of the $4,163,100 received
in 1993-94, $515,600 was due to a one-time distribution of the City's prior year delinquencies, resulting in comparable property tax revenues from
the prior year of $3,647,500. This significant reduction is solely due to state takeaways, as the assessed value for the City grew by 2.6%.
3). During 1994-95, the state again reduced City property tax revenue distributions. This significant revenue reduction is due solely to this additional
state takeaway, as assessed value increased by 2.4%
138
CITY OF SAN LUIS OBISPO, CALIFORNIA
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Gross Assessed Valuation (Note 2)
Secured
Fiscal Year
1987-88
Exemptions
Total
Utility
$ 37,312,841
$ 1,300,426,967
$ 65,930,350
1988-89 (Note 3)
38,536,891
1,494,531,494
7,819,573
1989-90
40,752,628
1,673,692,310
8,409,947
1990-91
41,548,906
1,868,582,365
8,232,609
1991-92
41,489,345
2,020,143,311
8,264,504
1992-93
41,525,703
2,102,097,726
1993-94
41,103,241
1994-95
Unsecured
Exemptions
Total
$
5,900
TOTAL
Market Value
Percentage
Change
$ 94,437,748
$ 1,460,795,065
$ 1,460,795,065
12.1%
106,915,270
1,609,266,337
1,609,266,337
10.2%
110,305,548
1,792,407,805
1,792,407,805
11.4%
124,523,521
2,001,338,495
2,001,338,495
11.7%
7,000
137,448,400
2,165,856,215
2,165,856,215
8.2%
4,117,985
7,000
135,724,405
2,241,940,116
2,241,940,116
3.5%
2,164,132,740
4,031,558
7,000
131,366,683
2,299,530,981
2,299,530,981
2.7%
42,371,058
2,261,974,364
4,107,800
7,000
131,501,158
2,397,583,322
2,397,583,322
4.3%
1995-96
42,950,373
2,340,218,028
4,218,441
7,000
138,273,149
2,482,709,618
2,482,709,618
3.6%
1996-97 (Note 4)
41,703,052
2,378,848,739
2,450,464
7,000
142,147,862
2,523,447,065
2,523,447,065
1.6%
7,000
NOTES: 1. Valuations are established by the County Assessor of the County of San Luis Obispo, except for property owned by private utility companies,
which is valued by the State of California.
2. For comparison purposes, gross assessed valuations include homeowners' exemptions. Although these exemptions reduce property tax
collections, the revenue loss is reimbursed by the State of California. As such, gross assessed valuation is the revenue base used in establishing
property tax-related revenues.
3. The decrease in the value of utility taxable property effective FY 1988-89 is due to the passage of AB454 which changed the way the State Board
of Equalization allocated the values on the utility roll with respect to the different tax rate areas.
4. The decrease in the value of utility taxable property in 1996-97 is due solely to the reduction in value of Southern Pacific
Transportation Company parcels.
SOURCE: San Luis Obispo County Auditor-Controller
1995-96 & 1996-97 data from HdL Coren & Cone; San Luis Obispo County Assessor Combined Tax Rolls
139
140
CITY OF SAN LUIS OBISPO, CALIFORNIA
PROPERTY TAX RATES
LAST TEN FISCAL YEARS
Proposition 13 Maximum Tax Rate (Note 2)
Voter Approved Indebtedness:
State Water Project
Community College Bonds
Elementary and High School
Bonds and Lease Agreements
TOTAL (Note 3)
1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
0.006
0.008
0.006
0.005
0.007
0.006
0.006
0.004
0.109
0.000
0.109
0.000
0.009
0.000
0.009
0.000
0.009
0.000
0.006
0.000
0.000
1.014
0.000
1.011
0.000
1.013
0.000
1.010
0.107
1.216
0.107
1.216
0.108
1.117
0.108
1.117
0.108
1.117
0.108
1.114
NOTES:
1. Property tax rates are levied per $100 of assessed valuation. The tax rate information provided is for Tax Rate Area 003-000, which is the largest tax
tax rate area in the City.
2. The passage of Proposition 13 on June 6, 1978 established a maximum County-wide levy for general revenue purposes of 1% of market value.
Voter-approved tax rates for the retirement of long-term liabilities were excluded from this limit.
3. As noted above, it is not possible to identify tax rates for individual agencies. However, the following is a summary of derived property tax
allocations within Tax Rate Area 003-000 for Fiscal Year 1996-97
Basic
Rate
San Luis Coastal Unified School District
San Luis Obispo County - General Fund
City of San Luis Obispo
San Luis Obispo Community College District
County School Services
City/County Library
Port San Luis Harbor
Other Agencies
Education Revenue Augmentation Fund (ERAF)
Total
36.1
30.3
18.4 *
6.4
3.8
2.0
1.6
1.4
100.0%
ERAF
Allocation
Net
Apportionment
0.0
(11.0)
(3.4)
0.0
0.0
(0.3)
(0.4)
(0.3)
15.4
0.0%
36.1
19.3
15.0
6.4
3.8
1.7
1.2
1.1
15.4
100.0%
* The County further adjusts the 18.4% base rate for revenue shifts to school districts as directed by the state as part of their cuts to local
agencies, resulting in an effective rate for the City of approximately 15%.
SOURCE:
Prepared by HdL Coren & Cone
Data Source: San Luis Obispo County Assessor 1996/97 Annual Tax Increment Tables
140
CITY OF SAN LUIS OBISPO, CALIFORNIA
SECURED PROPERTY TAX ROLL LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Total Secured
Tax Levy
Current Year
Collections
Current Year
Delinquencies
Percent
Delinquent
1987-88
$2,826,498
$2,723,234
$103,264
3.7%
1988-89
3,246,315
3,027,826
218,489
6.7%
1989-90
3,461,254
3,290,236
171,018
4.9%
1990-91
3,834,108
3,596,229
237,879
6.2%
1991-92
4,107,573
3,814,957
292,617
7.1%
1992-93
3,862,410
3,606,643
255,767
6.6%
1993-94
3,583,000
3,583,000
*
*
1994-95
3,811,700
3,811,700
*
*
1995-96
3,841,700
3,841,700
*
*
1996-97
3,883,425
3,883,425
*
*
Fiscal Year
NOTE: The secured property tax roll is composed of ad valorem taxes as well as special assessments, and is calculated by the San Luis
Obispo County Auditor-Controller. The San Luis Obispo County Tax Collector is responsible for all property tax roll collections within the
City of San Luis Obispo. The amount reported is before the SB2557 County administrative fees of approximately 3% of total property tax
revenues.
* In 1993-94 the City elected the Teeter Plan method of property tax collection, whereby the County remits 100% of taxes levied and
pursues collection and retains any delinquent taxes and related penalties and interest.
SOURCE: San Luis Obispo County Auditor-Controller
141
CITY OF SAN LUIS OBISPO, CALIFORNIA
COMPUTATION OF LEGAL DEBT MARGIN
FISCAL YEAR ENDED JUNE 30, 1997
Gross Assessed Valuation
$2,523,447,065
Legal Debt Limit - 3.75% of Gross Assessed Valuation
$94,629,265
General Obligation Bonded Debt
$430,000
Other Long-term Debt:
Revenue Bonds Secured by Capital Leases
Water Revenue Bonds
Certificates of Participation
17,800,100
10,335,000
7,305,000
35,440,100
LESS DEDUCTIONS ALLOWED BY LAW:
Revenue Bonds Secured by Capital Leases
Water Revenue Bonds
Certificates of Participation
17,800,100
10,335,000
7,305,000
35,440,100
TOTAL DEBT APPLICABLE TO COMPUTED LIMIT
$430,000
LEGAL DEBT MARGIN
$94,199,265
NOTE: The California Government Code provides for a legal debt limit of 15% of gross assessed valuation based on 25% of market
value, or a legal debt limit of 3.75%. The City's debt management policy, however, sets a direct debt limit of 2% of assessed
valuation.
143
CITY OF SAN LUIS OBISPO, CALIFORNIA
DIRECT AND OVERLAPPING LONG-TERM DEBT
FISCAL YEAR ENDED JUNE 30, 1997
Percent Applicable
to the City of
San Luis Obispo
San Luis Obispo County Certificates of Participation
San Luis Coastal Unified School District Certificates of Participation
City of San Luis Obispo General Obligation Bonds 1959
City of San Luis Obispo 1994 Refunding Revenue Bonds
City of San Luis Obispo Revenue Bonds 1993
City of San Luis Obispo Certificates of Participation 1990 & 1988
City of San Luis Obispo Revenue Bonds 1996
Cuesta Community College District Certificates of Participation
TOTAL GROSS DIRECT AND OVERLAPPING LONG-TERM DEBT
17.157%
49.437%
100.000%
100.000%
100.000%
100.000%
100.000%
17.097%
Amount Applicable
to the City of
San Luis Obispo
as of June 30, 1997
$
4,035,326
152,886
430,000
10,875,100
10,335,000
7,305,000
7,015,000
771,075
40,919,387
Less self-supporting issues:
General Obligation Bonds (Water) 1959
Refunding Revenue Bonds (Parking) 1994
Revenue Bonds (Water) 1993
Certificates of Participation (Water) 1988
Total self-supporting issues
TOTAL NET DIRECT AND OVERLAPPING LONG-TERM DEBT
$
RATIO OF LONG-TERM DEBT TO ASSESSED VALUATION AND POPULATION:
Gross Assessed Valuation
Population
$2,523,447,065
42,074
Amount
Percent of Gross
Assessed Valuation
430,000
6,794,600
10,335,000
3,570,000
21,129,600
19,789,787
Per Capita
Long-Term Debt
Direct and Overlapping Debt:
Gross
Net
$40,919,387
19,789,787
1.6%
0.8%
$973
470
Direct Debt:
Gross
Net
$35,960,100
14,830,500
1.4%
0.6%
$855
352
SOURCE: California Municipal Statistics, Inc.
144
CITY OF SAN LUIS OBISPO, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
LAST TEN FISCAL YEARS
Fiscal Year
Principal
Total
Less Debt Service
Debt
Payable From
Service Enterprise Revenues
Interest
1987-88
$ 130,000
76,075
$
206,075
$
206,075
1988-89
130,000
71,005
201,005
201,005
1989-90
135,000
65,935
200,935
1990-91
140,000
60,565
1991-92
150,000
1992-93
0
20,077,869
0.0%
200,935
0
21,140,998
0.0%
200,565
200,565
0
23,145,436
0.0%
54,897
204,897
204,897
0
25,485,700
0.0%
155,000
49,615
204,615
204,615
0
26,319,400
0.0%
1993-94
160,000
40,100
200,100
200,100
0
28,383,400
0.0%
1994-95
165,000
37,000
202,000
202,000
0
24,364,100
0.0%
1995-96
170,000
29,700
199,700
199,700
0
31,013,900
0.0%
1996-97
180,000
22,800
202,800
202,800
0
29,181,900
0.0%
145
-
$
Ratio of Net Debt
Service to Total
General Expenditures
0.0%
Includes all Governmental Fund Types
$
Total General
Expenditures
20,627,672
NOTE:
$
Net
Debt
Service
CITY OF SAN LUIS OBISPO, CALIFORNIA
REVENUE BOND COVERAGE - WATER FUND
LAST NINE FISCAL YEARS
Operating
Expenses
Net Revenue
Available for
Debt Service
Fiscal
Year
Gross
Revenue (2)
Debt Service Requirements (1)
Principal
Interest
Total
Coverage
1988-89
$4,765,500
$3,302,500
$1,463,000
$250,000
$248,200
$498,200
294%
1989-90
4,609,200
3,451,000
1,158,200
265,000
412,200
677,200
171%
1990-91
5,496,600
4,037,600
1,459,000
280,000
398,300
678,300
215%
1991-92
5,574,500
3,934,600
1,639,900
295,000
383,000
678,000
242%
1992-93
5,629,300
4,058,800
1,570,500
310,000
367,500
677,500
232%
1993-94
6,572,100
3,758,600
2,813,500
350,000
1,068,600
1,418,600
198%
1994-95
7,056,400
3,959,500
3,096,900
515,000
926,400
1,441,400
215%
1995-96
7,971,500
4,172,700
3,798,800
535,000
901,500
1,436,500
264%
1996-97
8,778,900
4,204,200
4,574,700
570,000
875,200
1,445,200
317%
NOTE: 1). Debt service requirements include 1988 Certificates of Participation required to be repaid from Water Fund revenues, 1959 general obligation debt
supported through rates; and 1993 Water Revenue Bonds The 1993 issue requires net revenues of 125% of the annual debt service on the 1988
payments, the bonds, and all outstanding parity obligations.
2). Gross revenues exclude development impact fees.
3). Excludes depreciation.
146
CITY OF SAN LUIS OBISPO, CALIFORNIA
REVENUE BOND COVERAGE - PARKING FUND
LAST TEN FISCAL YEARS
Net Revenue
Gross
Operating Available for
Revenue Expenses (3) Debt Service
Fiscal
Year
Debt Service Requirements
Principal Interest
Total
1987-88 (1)
$962,900
$273,200
$689,700
N/A $686,300
1988-89
1,438,700
609,500
829,200
241,800
1989-90
1,548,300
650,600
897,700
1990-91
1,852,700
822,900
1991-92
1,939,000
1992-93
Coverage
$686,300
100%
686,284
928,084
89%
255,000
671,800
926,800
97%
1,029,800
274,400
655,700
930,100
111%
793,500
1,145,500
292,900
637,600
930,500
123%
1,860,400
785,500
1,074,900
316,200
622,700
938,900
114%
1993-94
1,906,400
828,100
1,078,300
339,400
594,900
934,300
115%
1994-95
2,173,700
841,100
1,332,600
151,200
478,900
630,100
211%
1995-96
2,285,300
864,000
1,421,300
233,000
482,700
715,700
199%
1996-97
2,348,100
864,400
1,483,700
242,600
456,700
699,300
212%
NOTES:
1)
2)
3)
In June 1986, $13,970,000 of Capital Improvement Board Lease Revenue Bonds were issued. Of this issue, $8,695,500 is designated for
the Parking Fund, the balance is general long-term debt. The first interest payment was due 12/1/86 and the first principal payment was
made 6/1/89.
On October 19, 1994 the Capital Improvement Lease Revenue Bonds were refinanced resulting in new debt of $11,660,000
with interest rates ranging from 3.90% to 6.12% due in periodic payments through 2014.
Excludes depreciation.
147
CITY OF SAN LUIS OBISPO, CALIFORNIA
POPULATION AND HOUSING
Population and Housing - City of San Luis Obispo - Last Ten Years (See Note):
Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Projected
2002
2007
2012
2017
2022
Population
39,850
41,027
41,772
42,020
42,249
42,361
42,552
41,295
41,943
42,074
47,300
49,700
52,200
54,900
57,200
Housing Characteristics - City of San Luis Obispo - 1997
Single Family Units
2-4 Unit Structures
5 or more Unit Structures
Mobile Homes
Total
Note:
Increase (Decrease)
Amount
Percent
1,568
4.1%
1,177
3.0%
745
1.8%
248
0.6%
229
0.5%
112
0.3%
191
0.5%
(1,257)
-3.0%
648
1.6%
131
0.3%
2,300
2,400
2,500
2,700
2,300
5.1%
5.1%
5.0%
5.2%
4.2%
Number
9,879
2,319
4,821
1,531
18,550
Housing Units
16,987
17,377
17,630
18,090
18,167
18,216
18,269
18,352
18,403
18,550
20,100
21,000
22,200
23,300
24,300
Increase (Decrease)
Amount
Percent
414
2.0%
390
2.3%
253
1.5%
460
2.6%
77
0.4%
49
0.3%
53
0.3%
83
0.5%
51
0.3%
147
0.8%
1,000
900
1,200
1,100
1,000
Percentage
53.3%
12.5%
26.0%
8.3%
100.0%
Population and housing data is provided as of January 1 of each year. In May 1996 the State of California released revised population
estimates from April 1, 1990 to January 1, 1996. For the purposes of the Gann Limit and other revenue calculations, the City is not
required to drop below the optional population base of 43,919 which was provided as of January 1, 1994.
Source: Department of Community Development, City of San Luis Obispo, June 1997
State of California Demographic Research Unit, May 1996
148
5.2%
4.5%
5.7%
5.0%
4.3%
CITY OF SAN LUIS OBISPO, CALIFORNIA
MAJOR SOURCES OF EMPLOYMENT
FISCAL YEAR ENDED JUNE 30, 1997
Number of
Employees
MANUFACTURING:
SAES Pure Gas, Inc
Ziatech Corporation
Strasbaugh, R. Howard
JBL Scientific
NON-MANUFACTURING:
County of San Luis Obispo *
Cal Poly State University *
California Men's Colony *
Cal Poly Foundation *
P.G. & E. (Diablo Canyon) *
San Luis Coastal Unified School District
Cuesta Community College *
Sierra Vista Regional Medical Center
American Eagle Airlines
French Hospital
City of San Luis Obispo
San Luis Obispo General Hospital
Madonna Inn
P.G. & E. (General Construction)
P.G. & E. (Transmission and Distribution)
Mission Medical Center
Seashell Senior Communities
McLintock's Saloon & Dining *
Pacific Bell
*
Principal Product/Service
141
90
73
54
Purifier systems-semiconductors
Electronics
Optical Lens Guilding Equipment
Medical research
3,426
2,000
1,700
1,200
1,500
670
664
533
400
364
328
300
269
250
240
233
203
200
200
County Government
Higher Education
Correctional Facility
Non-profit Corp. Administration
Power Plant
Education
Higher Education
Health Care
Transportation
Health Care
City Government
Health Care
Lodging and Restaurant
Public Utility
Public Utility
Health Care
Health Care/Retirement Residence
Restaurant
Telephone Company
Although outside of the City limits, these companies or agencies are located immediately adjacent to the City's boundaries, and are
major sources of employment for the San Luis Obispo Community. In the case of the County of San Luis Obispo, which is seated in
the City, the total above represents County-wide employment, of which 1,800 are estimated to work in the City.
Primary Source: "Community Economic Profile" prepared by the San Luis Obispo Chamber of Commerce, January 1997
149
CITY OF SAN LUIS OBISPO, CALIFORNIA
SCHEDULE OF BUSINESS TAX CERTIFICATES ISSUED
FISCAL YEARS ENDED JUNE 30, 1997 and 1996
1997
No. of
Certificates
1996
Percent
No. of
Certificates
Percent
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Professional vocations
Property rental/residential
Property rental/non-residential
Services
Total business certificates issued
585
104
40
222
1,098
916
1,427
422
1,477
6,291
9.3%
1.7%
0.6%
3.5%
17.5%
14.6%
22.7%
6.7%
23.5%
100.0%
541
103
35
200
1,089
914
1,460
196
1,434
5,972
9.1%
1.7%
0.6%
3.3%
18.2%
15.3%
24.4%
3.3%
24.0%
100.0%
Home occupations
Located outside City limits
198
1,139
3.1%
18.1%
199
1,086
3.3%
18.2%
150
CITY OF SAN LUIS OBISPO, CALIFORNIA
SCHEDULE OF TAXABLE SALES AND PERMITS BY CATEGORY
LAST TEN CALENDAR YEARS
1987
1988
1989
1990
1991
1992
1993
1994
1995
SALES (in thousands of dollars):
Apparel Stores
$22,639
$24,873
$27,517
$28,689
$28,309
$29,058
$27,753
$29,189
$27,890
General Merchandise Stores
65,140
63,865
67,369
71,339
64,950
66,006
64,216
65,645
61,612
Drug Stores
10,620
11,385
10,606
10,562
11,025
11,989
13,845
14,570
14,129
Food Stores
22,300
22,995
26,562
26,352
25,435
28,450
23,382
25,503
26,539
Packaged Liquor Stores
4,252
4,101
3,905
3,906
4,021
4,856
3,959
3,662
3,667
Eating & Drinking Places
50,803
54,413
57,665
55,018
61,367
58,061
58,922
61,130
64,473
Home Furnishings & Appliances17,419
19,890
21,771
20,067
17,912
15,986
15,030
16,214
15,729
Building Materials & Farm Tools26,552
28,853
33,637
27,878
23,160
20,050
20,415
22,309
22,865
Auto Dealers & Supplies
107,987
109,035
118,990
115,800
105,525
104,772
102,651
110,759
116,145
Service Stations
27,883
33,154
31,306
37,239
36,903
36,723
39,545
36,507
36,426
Other Retail Stores
47,649
59,787
68,011
67,186
64,545
66,211
66,756
73,360
76,512
Total Retail Stores
403,244
432,351
467,339
464,036
443,152
442,162
436,474
458,848
465,987
All Other Outlets
78,735
78,910
66,215
77,414
73,127
73,560
80,378
84,941
84,616
TOTAL
$481,979 $511,261 $533,554 $541,450 $516,279 $515,722 $516,852 $543,789 $550,603
PERMITS:
Apparel Stores
66
General Merchandise Stores
14
Drug Stores
13
Food Stores
38
Packaged Liquor Stores
10
Eating & Drinking Places
131
Home Furnishings & Appliances
65
Building Materials & Farm Tools 30
Auto Dealers & Supplies
39
Service Stations
34
Other Retail Stores
183
Total Retail Stores
623
All Other Outlets
804
TOTAL
1,427
81
13
13
37
10
144
70
30
37
33
212
680
831
1,511
76
19
11
41
10
141
77
30
40
27
224
696
860
1,556
80
17
11
45
10
139
78
31
41
27
248
727
955
1,682
67
18
11
40
10
142
73
31
38
27
245
702
962
1,664
N/A = Information not available
Source:
State Board of Equalization, State of California
151
67
16
11
45
9
136
68
29
36
24
262
703
1,008
1,711
62
18
8
48
10
141
64
26
36
22
262
697
1,076
1,773
62
15
8
46
10
143
68
23
32
24
261
692
1,100
1,792
60
15
8
47
9
151
67
23
33
25
269
707
1,156
1,863
1996
N/A
CITY OF SAN LUIS OBISPO, CALIFORNIA
SCHEDULE OF BUILDING PERMITS AND VALUATIONS
LAST TEN FISCAL YEARS
1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95
BUILDING PERMITS ISSUED:
Residential:
Single Family Residential
Multi-Family Residential
Condominiums (See Note 2)
Non-Residential:
Industrial (See Note 3)
Commercial
Other Permits:
Additions & Alterations
Swimming Pools (See Note 4)
Other Improvements
TOTAL
1995-96
1996-97
158
16
32
302
17
40
91
17
48
14
16
4
53
66
42
77
6
132
2
85
6
5
18
15
18
27
9
12
5
10
8
13
15
297
5
126
657
506
2
10
910
400
425
454
406
424
399
396
448
3
538
496
1
487
2
466
2
544
15
505
11
554
0
554
$16,824
383
$10,857
761
4,351
9,676
12,331
7,217
0
$33,889
0
$28,511
BUILDING PERMIT VALUATIONS (IN THOUSANDS OF DOLLARS):
Residential:
Single Family Residential
$17,659 $37,911 $12,201 $7,410 $2,722 $7,855 $8,477 $9,709
Multi-Family Residential
1,107
1,438
2,512
1,977
356
1,169
1,552
Condominiums
2,300
3,334
Non-Residential:
Industrial
3,205
3,101
Commercial
7,149
6,123
5,380
4,447
5,725
5,792
7,744
3,777
Other Permits:
Additions & Alterations
5,750
8,832
8,499
9,865
6,199
2,325
7,237 11,931
Swimming Pools
107
17
Other Improvements
4,491
5,613
67
4
64
124
1,420
TOTAL
$41,768 $66,369 $28,659 $23,699 $15,006 $16,036 $24,751 $28,389
Notes:1. Excludes special permits such as plumbing, mechanical, electrical, signs, and grading as well as plancheck permits.
2. Effective May 1989, condominiums are included with single family residential.
3. Effective May 1989, industrial buildings are included with commercial.
4. Effective May 1989, swimming pools are included with additions & alterations.
Source: Department of Community Development, City of San Luis Obispo
152
CITY OF SAN LUIS OBISPO, CALIFORNIA
PRINCIPAL PROPERTY TAXPAYERS
FISCAL YEAR ENDED JUNE 30, 1997
Owner (Number of Parcels)
French Hospital Medical Center (4)
Sierra Vista Hospital Inc (2)
MRP Institutional Associates (4)
Wallace Business Forms Inc. (2)
Copelands Investments Partnership (4)
AF Partners General Partnership (2)
Nesbitt Partners SLO Venture Limited (2)
LAFAMCO Inc (3)
John P. Scripps Newspapers (1)
Mustang Village Apartments (4)
Mutual Life Insurance Company of New York (7)
Mike Tre Desimoni (2)
Walter Brothers Construction Company Inc. (3)
Frederick E. & Nellie P. Connelly (1)
Southwood Project (2)
A. Madonna (28)
Tenet Physician Partners LLC (8)
Quality Suites SLO Et. Al. (1)
Las Brisas Retirement Residence (1)
Laguna Village Associates (4)
The Promontory (1)
E. Gottschalk & Co. Inc. (1)
SJL of California (5)
TOTAL
Type of
Business
Health Care
Health Care
Retail Mall
Computer Forms & Printing
Retail
Hospitality
Hospitality
Cemetery & Mortuary
Newspaper
Property Management
Insurance/Finance
Real Estate
Construction
Real Estate
Residential Development
Retail/Real Estate
Health Care
Hospitality
Residential Development
Retail
Property Management
Retail
Communications
SOURCE: Prepared by - Hdl, Coren & Cone
Data source: San Luis Obispo County Assessor 1996-97 Combined Tax Rolls
153
Assessed
Value
$34,442,487
32,219,196
14,867,168
13,832,098
13,424,371
11,511,373
10,792,670
10,700,469
9,663,159
9,661,129
8,952,158
8,401,971
8,232,522
8,216,035
8,170,300
7,985,788
7,757,620
7,700,000
7,583,603
7,119,358
6,511,070
6,507,955
6,188,055
$260,440,555
Estimated
Percent of Total
Total Tax City Assessed Value
$63,247
1.39%
59,164
1.30%
2,753
0.60%
25,400
0.56%
22,139
0.54%
21,138
0.46%
20,147
0.43%
20,089
0.43%
17,744
0.39%
17,741
0.39%
16,711
0.36%
15,429
0.34%
15,117
0.33%
15,337
0.33%
15,003
0.33%
14,792
0.32%
13,024
0.31%
14,139
0.31%
13,926
0.31%
13,290
0.29%
11,956
0.26%
12,149
0.26%
11,363
0.25%
$451,798
10.48%