GOVERNMENTAL FUND FINANCIAL STATEMENTS
The Governmental Funds of the City are outlined below:
General Fund - The General Fund accounts for all revenues and expenditures used to finance the traditional services
associated with a municipal government which are not accounted for in the other funds. In Hermosa Beach, these services
include general government, safety, community development, culture and recreation and public works.
Major Fund Nonmajor Governmental
General Funds Total
ASSETS
Cash and investments $ 8,934,842 $ 5,359,484 $ 14,294,326 Accounts receivable 1,417,522 68,177 1,485,699 Property taxes receivable, net 228,932 8,899 237,831 Reimbursable grants receivable - 270,116 270,116 Interest receivable on investments 22,484 9,117 31,601 Other receivable 6,075 - 6,075 Other assets 172,739 - 172,739 Due from other funds 113,148 - 113,148
Total assets $ 10,895,742 $ 5,715,793 $ 16,611,535
LIABILITIES AND FUND BALANCES Liabilities:
Accounts payable and accrued liabilities $ 1,369,657 $ 829,372 $ 2,199,029 Accrued wages and benefits payable 1,941,575 44,447 1,986,022 Refundable deposits 369,076 - 369,076 Deferred revenues 241,791 79,711 321,502 Due to other funds - 113,148 113,148
Total liabilities 3,922,099 1,066,678 4,988,777 Fund Balances: Nonspendable 21,589 - 21,589 Restricted 391,504 3,659,218 4,050,722 Committed 10,592 142,631 153,223 Assigned 6,549,958 847,266 7,397,224
Total fund balances 6,973,643 4,649,115 11,622,758
Total liabilities and fund balances $ 10,895,742 $ 5,715,793 $ 16,611,535
City of Hermosa Beach
Balance Sheet
Governmental Funds
June 30, 2013
See accompanying Notes to Basic Financial Statements.
Total Fund Balances - Total Governmental Funds $ 11,622,758
Amounts reported for governmental activities in the Statement of Net Position were reported differently because:
Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. Government-Wide Statement of Net Position Internal Service Funds Nondepreciable $ 23,303,382 $ (163,841) 23,139,541 Depreciable, net 40,832,359 (1,641,669) 39,190,690
Total capital assets $ 64,135,741 $ (1,805,510) 62,330,231
Net other postemployment benefit assets are not available to pay for current
period expenditures and therefore, are not reported in the governmental funds. 119,872
Internal Service Funds were used by management to charge the costs of certain activities, such as insurance and equipment replacement to individual funds. The assets and liabilities of the Internal Service Funds were included in the governmental activities in the Government-Wide Statement of Net Position.
Insurance Fund 5,846,916
Equipment Replacement Fund 6,438,808
Total Internal Service Funds 12,285,724
Compensated absences were not due and payable in the current period.
Therefore, they were not reported in the Governmental Funds Balance Sheet. (877,717)
Net Position of Governmental Activities $ 85,480,868
June 30, 2013
to the Government-Wide Statement of Net Position
Reconciliation of the Governmental Funds Balance Sheet
Major Funds Nonmajor Governmental
General Funds Total
REVENUES:
Property taxes $ 12,151,229 $ 467,350 $ 12,618,579 Other taxes 9,226,890 849,701 10,076,591 Licenses and permits 783,121 - 783,121 Fines and forfeitures 2,369,887 46,144 2,416,031 Use of money and property 789,897 312,900 1,102,797 Intergovernmental 115,388 780,828 896,216 Charges for services 6,215,835 96,896 6,312,731 Miscellaneous 259,624 210,101 469,725 Interest earned on investments 80,583 51,166 131,749
Total revenues 31,992,454 2,815,086 34,807,540
EXPENDITURES:
Current:
Legislative and legal 893,460 - 893,460 General government 2,330,856 219,306 2,550,162 Public safety 16,809,078 116,936 16,926,014 Community development 1,265,160 14,839 1,279,999 Culture and recreation 1,080,685 29,771 1,110,456 Public works 3,738,890 1,207,533 4,946,423 Capital outlay 101,009 1,712,981 1,813,990
Total expenditures 26,219,138 3,301,366 29,520,504
REVENUES OVER (UNDER) EXPENDITURES 5,773,316 (486,280) 5,287,036
OTHER FINANCING SOURCES (USES):
Transfers in 375,570 1,000,807 1,376,377 Transfers out (5,231,806) (550,570) (5,782,376)
Total other financing sources (uses) (4,856,236) 450,237 (4,405,999)
NET CHANGE IN FUND BALANCES 917,080 (36,043) 881,037
FUND BALANCES:
Beginning of year 6,056,563 4,685,158 10,741,721
End of year $ 6,973,643 $ 4,649,115 $ 11,622,758
City of Hermosa Beach
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2013
See accompanying Notes to Basic Financial Statements.
Net Change in Fund Balances - Total Governmental Funds $ 881,037
Governmental activities in the Statement of Activities were reported differently because:
Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. The amount of capital assets recorded in the current period is listed below.
Total capital outlay expenditures reported in governmental funds 1,813,990 Less: repair and maintenance expenditures (146,516)
Total 1,667,474
The net effect of various miscellaneous adjustments involving capital assets. (150,957)
Depreciation expense of capital assets is reported in the Government-Wide Statement of Activities, but they do not require the use of current financial resources. Therefore, depreciation expense is not reported as expenditures in the governmental funds except for the Internal Service Fund amounts listed below.
Total depreciation reported in Government-Wide Statement of Activities (3,183,587) Less: depreciation reported in Internal Service Funds 374,847
Total (2,808,740)
Changes in net other postemployment benefit assets reported in the Statement of Activities do not use current
financial resources and, therefore, are not reproted as an expendtiures in governmental funds. 119,872
Compensated absences were reported in the Government-Wide Statement of Activities, but they did not require the use of current financial resources. Therefore, compensated absences were not reported as expenditures in
the governmental funds. (27,240)
Internal Service Funds are used by management to charge the costs of certain activities, such as insurance and equipment replacement, to individual funds. The net revenue of the Internal Service Funds is reported in
governmental activities. 5,830,987
Change in Net Position of Governmental Activities $ 5,512,433
