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CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
JUNE 30, 2010
CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30.2O1O
TABLE OF QONTENTS
INTRODUCTORY SECTION
i
Le�erofTrenornhta--------------------------------.----'------.
GFOA Certificate of Achievement for Excellence in Financial Reporting ................................................. vi
[roon�otk�nviiCho�---------------------------`----------------.
~ viiiUedofEkactedandAdnin�t��veOf�o�\e---------------------------'--_'
FINANCIAL SECTION
IndependentAuditors' Report ................................................................................................................... /
Managements Discussion and Analysis (Required Supplementary | ------------3
BASIC FINANCIAL STATEMENTS
Government -wide Financial Statements
Statement ofNet Aooa17
�----------------------------'--------
18
StatementofAnt��ee''.'.'...'.''.'....'.....—'....'----'—....'--....'...'..—'....—.'—.'.''.
Fund Financial Statements
Balance Sheet — Governmental Funds ....................................................................................... 2u
Reconciliation ofthe Balance Sheet ofGovernmental Funds
tothe Statement ofNet Assets 22
---------------------------_—_--_
Statement of Revenues, Expenditures and Changes in Fund Balances .................................... 24
Reconciliation ofStatement ofRevenues, Expenditures and Changes \n
Fund Balances of the Governmental Funds to the Statement of Activities ................................ 26
BudootaryConlparisonSchedu|e-Benera Fund -----------------------2/
Budgetary Comparison Schedule ' Transportation Grant Fund ----------------28
StmtamentnfNetAasato—PFunds .-------------------------. 29
Statement ofRevenues, Expenses and Changes inFund Net
3O
/
Assets —Propr�ta�Funds ----------------------_----_--_—___
StotementofCaehFkovvo—P Funds ........................................................................... 31
33
CITY OFDIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 3O.2O1O
TABLE OF CONTENTS
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet -NonnnjorGovernmental Funds .........................................................
5G �
Combining Statement ofRevenues, Expenditures and Changes in
)
Fund Balances -NonnnjorGovernmental Funds ...........................................................................
|
82 '
Budgetary Comparison Schedules - Special Revenue Funds:
State Gas Tax Fund ------------------------------____—____G7
|
PropositionATransit Fund ..........................................................................................................
88
Proposition CTransit Fund -----------------------------------6S
Integrated Waste Management Fund ..........................................................................................
7O i
TrafficImprovement Fund ............................................................................................................
71 (
Traffic Congestion Relief Fund ---------------------------------72
AirQuality Improvement Fund .....................................................................................................
73
Proposition 18Bond Special Revenue Fund ...............................................................................
74 \
Park and Facility Development Special Revenue Fund ...............................................................
75 '
Community Development Block Grant kCOBG\Fund .................................................................
7G
Citizens Option for Public Safety (COP8) Fund ..................................................... ....................
77 |
AssetSeizure Fund ......................................................................................................................
78 (
California Law Enforcement Equipment Program kCLEEP\Fund ...............................................
7Q
JAGGrant Fund ...........................................................................................................................
8O
Maintenance District --'—'.--------- .. .
Landscape� �----------.---�
81 {
/
MeasureRLocal Return Fund .....................................................................................................
82
EECBGFund ...............................................................................................................................
83
Budgetary Comparison Schedules — Capital Projects Funda:
(
Capital Improvement Fund -----------------------------------'84
Budgetary Comparison Schedules —Debt Service Funds:
|
Public -----------------------------------'85
i
CombininQStetamentofNetAeeets—|nterna Service Funds .......................................................
8G
Combining Statement ofRevenues, Expenses and Changes in
Fund Net Assets — Internal Service Funds ......................................................................................
87
CITY OF DIAMOND BAR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2010
TABLE OF CONTENTS
STATISTICAL SECTION
Financial Trends'
Net Assets Last E�htF�na Years ......................................................................90
}
Changes in Net Assets ^Component-Laat Eight Fiscal Years ............................................................................ S2
Fund Balances of Governmental Funde-LaatEightFiscalYeora----------------. 94
Changes in Fund Balances of Governmental Funds - Last Eight Fiscal Years .............................. 96
Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years ..................... 98
! DirectemdOvorappingPropertyTaxRotae-LaatTenFisce Years ............................................. 1OO
[Too18Prooe�YTaxpayers rnyntFisooYearendNineFiscaYeon*Aoo 102
Secured Propy Tax Levies and Collections — Last Ten Fiscal Years ......................................... 1O3
Debt
Ratios
of ' d\ngDebt bv�Ype'LaaTenFiooaYeore-------------------1O4
' ' �O5
Direct and ngDebt -----------------------------------'
Computation Legal
Debt Margin - Last Ten Fiscal Years ...........................................................
1OG
Demographic and Economic Information:
Demographic and Economic Statistics
-Las Ten Calendar Years �1O7
Operating Information:
Full -Time Eou�ohantCUxEnlp�veesbvFunction - Last Ten F�oeYears ----'-------'1Ug
Operating
'- Last Ten Fiscal Years .............................................................. 11O
THIS PAGE INTENTIONALLY LEFT BLANK
Steve Tye
Mayor
Ling -Ling Chang
Mayor Pro Tem
Ron Everett
Council Member
Carol Herrera
Council Member
Jack Tanaka
Council Member
Recycled paper
November 22, 2010
City of Diamond d i.
21825 Copley Drive • Diamond Bar, CA 91765-4178
(909) 839-7000 • Fax (909) 861-3117
www.CityofDiamondBar.com
Honorable Mayor and Members of the City Council
City of Diamond Bar
Diamond Bar, California
It is a pleasure to submit the Comprehensive Annual Financial Report of
the City of Diamond Bar for the fiscal year ended June 30, 2010. This
report consists of management's representations concerning the finances
of the City. Consequently, responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the City's management. To provide a
reasonable basis for making these representations, management of the
City has established a comprehensive internal control framework that is
designed both to protect the City's assets from loss, theft, or misuse and
to compile sufficient reliable information for the preparation of the
City's financial statements in conformance with generally accepted
accounting principles (GAAP). Because the cost of internal controls
should not outweigh their benefits, the City's comprehensive framework
of internal controls has been designed to provide assurance that the
financial statements will be free from misstatement. As management,
we assert that, to the best of our knowledge and belief, this financial
report is complete and reliable in all material aspects.
The City's financial statements have been audited by Lance, Soll, &
Lunghard, LLP, a firm of certified public accountants. The goal of the
independent audit was to provide reasonable assurance that the financial
statements of the City for fiscal year ended June 30, 2010, are
free of material misstatement. The independent audit involved
zexamining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting
principles used and significant estimates made by management; and
evaluating the overall financial statement presentation. The independent
auditor concluded based upon the audit that there was a reasonable basis
for rendering an unqualified opinion that the City's financial statements
for the fiscal year ended June 30, 2010, were fairly presented
in conformity with GAAP. The independent auditor's report is presented as the first
component of the financial section of this report.
The independent audit of the financial statements of the City of Diamond Bar was part of a
broader, federally mandated "Single Audit" designed to meet the special needs of federal
grantor agencies. The standards governing Single Audit engagements require the
independent auditor to report not only on the fair presentation of the financial statements,
but also on the audited City's internal controls and legal requirements involving the
administration of federal awards. These reports are available in the City's separately
issued Single Audit Report.
GAAP requires that management provide a narrative introduction, overview, and analysis
to accompany the basic financial statements in the form of Management's Discussion and
Analysis (MD&A). This letter of transmittal is designed to complement MD&A and
should be read in conjunction with it. The City's MD&A can be found immediately
following the report of the independent auditors.
The City, incorporated in 1989, is located at the junction of the 57 and 60 freeways. As
a result, the City of Diamond Bar is at the hub of the Los Angeles basin transportation
network. A twenty-five mile radius encompasses Pasadena, downtown Los Angeles,
Long Beach, Irvine and Riverside. Diamond Bar is a relatively young residential
community of about 61,020, situated among the meandering hills and valleys of Brea
Canyon. Many desired services can be found in Diamond Bar's shopping and business
centers. Recreational opportunities within the City include more than 70 acres of
developed park facilities, hiking trails, a new community center, an 18 -hole public golf
course and 370 acres of undeveloped publicly owned open space.
The City has operated under the council-manager form of government since
incorporation. Policy making and legislative authority are vested in a five member City
Council. The City Council is responsible, among other things, for passing ordinances,
adopting the budget, appointing committees and task forces, and hiring both the City
Manager and City Attorney. The City Manager is responsible for overseeing the day -to
day operations of the City, and for appointing the heads of the various departments.
The Council is elected on a non-partisan basis. Council members serve four-year
staggered terms, with elections held every other year. Each December, the City Council
selects a mayor and mayor pro tem from its membership.
The City of Diamond Bar is a contract city and as such contracts for many of its
services. This includes police services, building and safety services, engineering, road
maintenance and landscape maintenance.
The Los Angeles County Fire District provides fire protection, which is independent of
the City. Funds are collected through property tax bills and are disbursed directly to the
Los Angeles County Fire District by the Los Angeles County Tax Collector's Office.
Water services for the City are provided by the Walnut Valley Water District. Refuse
collection is provided by private waste collection companies. Additionally, schools are
provided by both the Walnut Valley Unified School District and the Pomona Unified
School District. Accordingly, none of these activities are included in this report.
]ECONOMIC CONDITION AND OUTLOOK
The continuing recession has had a significant impact on the national, state and local
economies. Retail sales were down and unemployment numbers reached new heights.
This along with the major budget shortfalls experienced by the State, are of a major
concern to the City of Diamond Bax.
Recent headlines have been filled with news about the slowing economy and budget
woes at the State level. With the status of State funds as uncertain as ever, it is
anticipated that more of the financial burden will fall upon municipal agencies. This is
evidenced by the State's continuing shifting of funds. The City's FY2010-2011 budget
has been developed keeping this in mind. The operating budget was kept at or below the
prior year's levels.
The erosion of the City's sales tax base continues to be a major concern. The City's
interest in promoting economic development has become increasingly more difficult
with the tightening of credit and poor retail sales outlook. Since the City is located at a
major freeway interchange several of the City's major sales tax producers are service
stations, so the price of gasoline greatly influences the sales tax revenue received. It has
been the City's economic development goal to diversify its sales tax base. As a part of
this strategy the City completed the annexation of the Crestline area this year. The main
purpose for annexing this area was to capture sales tax from a major sales tax producer
in the area. Unfortunately, changes in the operation of this business significantly
reduced the tax benefit to the City of Diamond Bar. The City continues to explore other
economic development opportunities.
In October 2007, Majestic Realty announced its plans to develop a professional football
stadium based entertainment, retail and office development in the neighboring city, City
of Industry. Although discussions of this project have stalled the City is mindful of the
potential impacts a development of this nature would bring. The City will be seriously
impacted by increased traffic since the primary access to the venue will be at the
Orange (SR57) and Pomona (SR -60) interchange located within the City of Diamond
Bar. To mitigate these concerns, the City has a settlement agreement with the City of
Industry addressing environmental and operational concerns. This agreement provides
much needed funding for traffic improvements, noise mitigation, and future funding for
City facilities.
During the year the City successfully negotiated new waste hauler franchise agreements
which came into effect in early FY10-11. These contracts enacted a franchise fee which
the City had never received previously which is unlike many other cities in the area.
These new agreements will provide much needed funds to assist in providing services.
Part of the fallout from the economic decline is the decline in property values. This has
provided the City with an opportunity to purchase a building at a great savings. This
50+ thousand square foot building will provide a permanent home for the City of
Diamond Bar's City Hall. It is anticipated that City Hall will occupy a little over half of
the building. The balance of the space will house the Diamond Bar Branch of the
County Library assuming the relocation of the library is approved by the County.
Escrow closed on the purchase in August 2010. Although it was a cash purchase, the
City has reserved the option of financing this purchase at a future date.
The City's future economic health is being secured by building healthy reserves through
fiscally conservative budgets and policies in addition to aggressively pursuing economic
development opportunities.
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to
the City of Diamond Bar for its comprehensive annual financial report for the fiscal
year ended June 30, 2009. The Certificate of Achievement is a prestigious national
award recognizing conformance with the highest standards for preparation of state and
local 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, with
contents that 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
Diamond Bar has received the Certificate of Achievement for the last fifteen
consecutive years (fiscal years ended 1995 through 2009 ). We believe our current
report continues to meet the Certificate of Achievement Program's requirements and we
are submitting it to GFOA to determine its eligibility for another certificate.
This Comprehensive Annual Financial Report includes all funds of the City. The City
directly provides a limited range of services and contracts for several other services.
The City's significant reliance on contracted services has the benefit of reducing
expenses to the citizens of the City of Diamond Bar while simultaneously providing the
City with a high degree of flexibility in responding to changing economic conditions.
Contracted services include police protection, building and safety, street maintenance,
iv
park maintenance, capital improvement projects, animal control, attorney services and
engineering. Staff provided services include: community development (which includes
planning, economic development, building and safety management, and neighborhood
improvement), public works (.which includes engineering, capital projects
administration, street maintenance contract management, traffic and transportation
matters, engineering contract management, and solid waste contract management),
community services (which includes senior services, park maintenance, recreation
services, community center operation, and landscape maintenance), community
relations, subsidized transit ticket sales, grant administration, financial management,
and administrative management. All of these activities are included in this report.
The City of Diamond Bar's accounting system has been developed by giving
consideration to the adequacy of internal accounting controls. Internal accounting
controls are implemented by the City to provide reasonable assurance that assets are
safeguarded against loss from unauthorized use or disposition; and that the City's
financial records used for preparing financial statements are maintained in a reliable
fashion. The concept of reasonable assurance recognizes that the cost of these controls
should not exceed the benefits derived from them. The City's internal controls
accomplish these objectives.
ACKNOWLEDGEMENTS
The preparation of this Comprehensive Annual Financial Report was made possible by
the dedicated service of the City's Finance Department staff, and through the
cooperation of the entire City staff. Each staff member has my sincere appreciation for
the contributions made in the preparation of this Report.
I would also like to thank our independent auditor, Lance, Soll and Lunghard L.L.P., for
its expertise and advice in the preparation of the City's Comprehensive Annual
Financial Report.
In closing, without the leadership and support of the City Council of the City of
Diamond Bar, the preparation of this Report would not have been possible.
Sincerely,
'J's -- :'OL -P
City Managi Jr
-V-
revolm
Califomia
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2009
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada. to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
ACID H
CANA
COVORATION
AM President
Executive Director
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VII
CITY OF DIAMOND BAR
ELECTED AND ADMINISTRATIVE OFFICIALS
—
'Mayor -
Carol Herrera
Mayor Pro Tern
Steve Tye
Coumciirnernbar
Wen Chang
Counci|nnember
Jack Tanaka
Counci|mnember
Ron Everett
City Manager
JamaaDe8tafono
Assistant City Manager
David Doyle
City Clerk
Tommye Chbbina
Director of:
Community Services
Bob Rose
Community Development
GnegGubmon
Finance
Linda Magnuson
Information Systems
Ken Dnsfbrgea
Public Works
David Liu
viii
CERTIFIED PUBLIC ACCOUNTANTS
"mandon W. Burrows, CPA
^ Donald LParker, CPA
° Michael K.Chu, CPA
" David s.Hale, CPA, CFP
Apmm,mmx mm
° Donald o.Slater, CPA
" Richard K.Kikuchi, CPA
" Susan EMatz, CPA
"Ghu}ly K.Ja:NomCPA
|NDEPENDENTAUDITORS'REPORT
�
To the Honorable Mayor and Members ofthe City Council
City ofDiamond Bar, California
|
We have audited the accompanying financial statements of the governmental activities, each majorfund.
and the aggregate remaining fund information of the City of Diamond Bar. California, as of and for the
year ended June 30. 2010. which collectively comprise the City's basic financial otetanoanta as listed in
| ' the accompanying table of contents. These financial statements are the responsibility of the City of
( |
Diamond Bar's management. Our responsibility is to express an opinion on these financial statements
based onour audit.
Weconducted our audit inaccordance with auditing standards generally accepted inthe United States of
America and the standards applicable tofinancial audits contained in Government Auditing 8tundonJa
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit ' obtain reasonable oaeunanoa about whether the financial statements are free of
nnobaha| mieebetennonba. An audit includes examining on atest basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by nnanogennent, as well as avo|ued|ng the overall financial
statement presentation. VVebelieve that our audit provides areasonable basis for our opinions.
In our opinkzn, the financial statements ne#srnad to above present faidv, in all material respects, the
�| !
respective financial position ofthe governmental activities, each major fund.
and the aggregate remaining
fund information of the City of Diamond
Bar as of June 30. 2010. and the respective changes in financial
position and cash f|ovvn, where opp|iceb|o, and the respective budgetary comparison for the General
Fund and the Transportation Grant Fund Special Revenue Fund for the year then ended in conformity
| '
with accounting principles generally accepted in the United States of America.
in accordance with Government Auditing Standards, we have also issued our report doted
November 4, 2010. on our consideration oftho Cit/ of Diamond Bar's internal control over financial
reporting and our tests of its compliance with certain |evvo` ragu|atione, oontraots, grant agreements and
other matters. The purpose of that report is to describe the scope ofour testing of internal control over
hnonoio| reporting and compliance and the results ofthat testing, and not to provide an opinion on the
internal control over 5nennie| reporting or on compliance. That report is an integral part of on audit
performed in accordance with Government Auditing Standards and should be considered in assessing
the results ofour audit.
The managements discussion and analysis and the other required supplementary information identified
in the accompanying table of contents are not a required part ofthe basic financial statements but are
supplementary information required bvthe accounting principles generally accepted in the United States
of America. We have applied certain limited procedures to the managements discussion and ena|yeio,
which consisted principally of inquiries of management regarding the methods of measurement and
presentation of this required supplementary information. Hovvover, we did not audit the managements
discussion and analysis and express noopinion onit.
Lance, Sall & Lunghord,LLIP 203North Brea Boulevard " Suite 2O8"Brea, CA92821"TEL: 714.072.0022°Fax: 714.072.U331 www.iulopun.com
0-w40
LSL
Tothe Honorable Mayor and Members ofthe City Council
City of Diamond Bar, California
Our audit was conducted for the purpose offorming opinions onthofinonoia|atatemantothotoo|eotiveb
comprise the C�vofD�n�ond Bar's basic baa�nstatements.| statements. accompanyingThe introductory oact� '.
the combining and individual fund etatennenta, budgetary schedules and statistical bob|sm are presented
for purposes of additional analysis and are not a required part of the basic financial statements. The
accompanying combining and individual nonmn jorfund financial statements and budgetary schedules
have been subjected to the auditing procedures applied in the audit of the basic financial statements and
in our opinion are fairly stated in all material respects in relation to the basic financial statements taken as
owho|a. The accompanying introductory section and statistical tables have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, ocoord|ng|y, we express
not opinion on them.
November 4, 2010
K
Management's Discussion and Analysis
As management of the City of Diamond Bar, we offer readers of the City of
Diamond Bar's financial statements this narrative overview and analysis of
the financial activities of the City of Diamond Bar for the fiscal year ended
June 30, 2010. We encourage readers to consider the information presented
here in conjunction with additional information that we have furnished in our
letter of transmittal.
Financial Highlights
• The total revenues from all sources equaled $25,746,246.
9 The total cost of all City programs equaled $25,879,178.
The assets of the City of Diamond Bar exceeded its liabilities at the
close of the fiscal year by $416,022,622 (net assets). Of this amount,
$34,215,610 (unrestricted net assets) may be used to meet the City's
ongoing obligations to citizens and creditors.
There were prior period adjustments amounting to $885,096 which
affected the beginning fund balance amount and Net Assets at the
beginning of the year. These adjustments were from timing differences
in the recognition of revenue ($763,166) and the recordation of an
expenditure in the wrong fiscal year ($76,814).
e As of the close of the current fiscal year, the City of Diamond Bar's
governmental funds reported combined ending fund balances of
$35,730,035, a decrease of $548,588 in comparison with the prior
year. Approximately $32 million of that amount is available for
spending at the City's discretion.
• At the end of the current fiscal year, unreserved fund balance for the
general fund was $28,841,621, or over one and two thirds the amount
of general fund expenditures. At the end of the fiscal year, the City
entered into an agreement to purchase a building at a cost of
approximately $10 million. The remaining $20 million may be used for
economic development activities or future capital projects to benefit the
community.
As a part of the FY09-10 State budget, the State borrowed 8% of the
City's property tax revenue. Additionally the State budget included the
Prop A Securitization Program which allowed the City to sell its
receivable with virtually no gain or loss to the City, thus making the City
whole again.
Although there hasn't been any recent movement on the NFL football
stadium project, in April 2009, the City reached a settlement with the
City of Industry over issues related to the proposed construction of
such a stadium. This agreement has the potential to provide millions
of dollars for traffic and noise mitigation and future community facilities
to the City of Diamond Bar.
During fiscal year 2010, the City completed the annexation of a small
unincorporated area into the City of Diamond Bar. It is hoped that this
annexation will provide additional property and sales taxes to the City.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the
City of Diamond Bar's basic financial statements. The City of Diamond Bar's
basic financial statements comprise three components: 1) government -wide
financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains other supplementary information in
addition to the basic financial statements themselves.
Government -wide financial statements — The government —wide financial
statements are designed to provide readers with a broad overview of the City
of Diamond Bar's finances, in a manner similar to a private -sector business.
The statement of net assets presents information on all of the City of
Diamond Bar's assets and liabilities, with the difference between the two
reported as net assets. Over time, increases or decreases in new assets may
serve as a useful indicator of whether the financial position of the City of
Diamond Bar is improving or deteriorating.
The statement of activities presents information showing how the City's net
assets changed during the most recent fiscal year. All changes in net assets
are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus, revenues and expenses
are reported in this statement for some items that will only result in cash flows
in future fiscal periods (e.g., uncollected taxes and earned but unused
vacation leave).
Both of the government -wide financial statements distinguish functions of the
City of Diamond Bar that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions
that are intended to recover all or a significant portion of their costs through
user fees and charges (business -type activities). The governmental activities
of the City of Diamond Bar include general government, public safety,
highways and streets, community development, and parks and recreation.
The City of Diamond Bar currently has no business -type activities or
enterprise funds.
The government -wide financial statements include not only the City of
Diamond Bar itself, but also a legally separate financing authority. Although
legally separate, the Diamond Bar Financing Authority is included because
the City is financially accountable for it.
Fund financial statements — A fund is a grouping of related accounts that is
used to maintain control over resources that have been segregated for
specific activities or objectives. The City of Diamond Bar, like other state and
local governments, uses fund accounting to ensure and demonstrate
compliance with finance -related legal requirements. All of the funds of the
City can be divided into two categories: governmental funds, and proprietary
funds.
Governmental Funds — Governmental funds are used to account for
essentially the same functions reported as governmental activities in the
government -wide financial statements. However, unlike the government -wide
financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources, available at the end of the
fiscal year. This information helps to determine whether there are more or
fewer financial resources that can be spent in the near future to finance the
City's programs.
Because the focus of governmental funds is narrower than that of the
government -wide financial statements, it is useful to compare the information
presented for governmental funds with similar information presented for
governmental activities in the government -wide financial statements. By
doing so, readers may better understand the long-term impacts of the City's
near-term financing decisions. Both the governmental fund balance sheet
and the governmental fund statement of revenues, expenditures, and
changes in fund balances provide a reconciliation to facilitate this comparison
between governmental funds and governmental activities.
The City of Diamond Bar adopts an annual appropriated budget for its general
fund. A budgetary comparison statement has been provided for the general
fund to demonstrate compliance with this budget.
Proprietary Funds — The type of proprietary funds that the City maintains are
internal service funds that are used to allocate costs internally among the
various functions of the City. The City of Diamond Bar uses these funds to
account for its liability insurance costs and vehicle and computer replacement
costs. Because these services predominantly benefit governmental rather
than business -type functions, they have been included within governmental
activities within the government -wide financial statements.
Notes to the Financial Statements — The notes provide additional
information that is essential to a full understanding of the data provided in the
government -wide and fund financial statements.
Other Information — In addition to the basic financial statements and
accompanying notes, this report also presents certain required supplementary
information concerning the City's budgetary control and accounting and
expenditures in excess of appropriations.
Government -wide Financial Analysis
As mentioned earlier, net assets may serve over time as a useful indicator of
the City's financial position. The City of Diamond Bar's assets exceeded
liabilities by $416,022,622 at the close of 2010. (see Table 1)
By far the largest component of the City's net assets (90 percent) is its
investment in capital assets (e.g., land, buildings, infrastructure, machinery,
equipment, and construction in progress), less the related outstanding debt
used to acquire those assets. The City of Diamond Bar uses these capital
assets to provide services to its citizens; consequently, these assets are not
available for future spending. Although the City's investment in its capital
assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the
capital assets themselves cannot be used to liquidate these liabilities.
Table 1
CITY OF DIAMOND BAR'S
Statement of Net Assets
Current and other assets
Capital assets
Total Assets
Long-term debt outstanding
Other Liabilities
Total Liabilities
Net assets:
Invested in capital assets, net of debt
Restricted
Unrestricted
Total Net Assets
N.
Governmental Activities
2010 2009
$44,579,964 $44,603,746
390,209,829 380,179,867
434,789,793 424,783,613
12,383,585
12,542,475
6,383,586
5,214,479
18,767,171
17,756,954
377,940,738 367,529,907
3,866,274 4,942,668
34,215,610 34,554,084
$416,022,622 $407,026,659
The City's Net Assets increased by $8,995,963. This increase is due to the
additional capital assets acquired through the Crestline area annexation. The
infrastructure for this area has been valued at $13,352,026. This amount was
offset by a decrease in the total value of capital assets due to the aging and
resulting depreciation of the City's capital assets.
At the end of fiscal year 2010 the City reports a slight decrease of $338,474 in
unrestricted net assets from the prior fiscal year. The City has continually
expended its resources conservatively in anticipation of economic downturns
and future capital needs which has resulted in being able to end the year with
$34,215,610 in Unrestricted Net Assets. This year by using some of its
resources the City was able to preserve service levels and continue to
maintain its assets at the level the citizens of Diamond Bar have enjoyed
since incorporation 21 years ago. This conservation of funds has afforded the
City the enviable opportunity to purchase a building for City Hall from its
reserves.
Table 2
City of Diamond Bar's
Changes in Net Assets
2010 2009
Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General Revenues
Property taxes
Transient occupancy taxes
Sales Taxes
Franchise Taxes
Other taxes
Motor vehicle in lieu
Use of money & property
Other
Total revenues
Expenses:
General Government
Public Safety
Highways and Streets
Community Development
Parks, Recreation and Culture
Interest and Fiscal Charges
Total expenses
Increase(Decrease) in net assets
Net assets - 0701/09 & 07/01/08
Restatement of Net Assets
Net assets - 06/30/10 & 06/30/09
$4,991,932 $4,605,467
4,358,895 5,588,818
15,960,279 2,272,580
3,837,288 4,001,276
569,916
633,075
3,122,229
3,085,223
1,115,980
1,093,039
259,384
199,365
4,599,922
4,687,515
618,963
833,270
7,090
304,463
39,441,878
27,304,091
4,973,685
5,159,300
5,526,099
5,396,083
12,287,325
13,931,211
1,624,547
1,959,303
5,091,215
4,950,687
57,948
177,633
a
29,560,819 31,574,217
9,881,059 (4,270,126)
407,026,659 411,296,785
(885,096)
$416,022,622 $407,026,659
Revenues
In the Statement of Activities, the City's total revenues were $39.4 million,
while the total cost of all programs and services was $29.6 million. Revenues
this fiscal year were 44% higher than those of the prior year. This significant
increase is primarily due to the capital contribution of infrastructure for the
recently annexed Crestline area. If this contribution amount was deducted
from the total then the revenue would be $26.1 million which is a 13.4%
decrease from the previous year. There were increases and decreases
across the revenue categories which resulted in the overall change in
revenue. The following are highlights of some of the major differences:
In November 2008 the Los Angeles County voters approved
Measure R which provides additional funding for transportation
improvements through additional sales tax. The receipt of these
funds for the first time in FY09-10 caused an increase in the
Charges for Services category. Other revenues included in this
category remained fairly stable with slight increases and decreases
throughout.
The dramatic decrease of over $1.2 million or 28% in operating
grants and contributions is due to several different factors. In
FY08-09, the City received grants and allocations from various
entities for specific purposes including traffic improvements, road
maintenance and park improvements. Additionally Prop A & C
transportation revenues were down this year due to the drop in
retail sales throughout the County.
® The dramatic increase in the Capital Grants & Contributions is due
to this year's finalization of the Crestline annexation. This resulted
in the City adding $13.3 million in infrastructure to the City's fixed
assets.
As anticipated Property Tax revenues were somewhat lower than
FY08-09. This is due to lower housing prices and the revaluation of
properties.
® Transient Occupancy Taxes continue to decline as a result of the
poor economy.
Sales Tax and Property Tax in Lieu of Sales were somewhat higher
this year due to a slight increase in gasoline prices. The City is
located at the intersection of several freeways and as a result some
of its highest sales tax producers are service stations.
Lease revenue included in the Use of Money and Property category
is derived from the lease payments made to cover the debt service
0
on the outstanding variable rate lease revenue bonds. As the
interest rates have dropped the City has experienced a similar drop
in the interest paid for these bonds.
Investment Income has decreased once again due to the drop in
investment yields. Interest rates started failing during FY07-08 and
have continued to drop. At the end of FY08-09 the City was
earning 1.377% average yield on a majority of its investments. By
the end of FY08-09, the average yield on its investments had
dropped to .70%.
Expenses
Due to the poor economy it was anticipated that the City's revenues would be
less resulting in a rigorous effort to cut costs where ever possible. This
included the freezing of positions and other cost containment measures. As a
result, this year expenses for the City totaled $29.6 million which is
approximately $2 million or 6.8% less than the previous fiscal year. There
were both increases and decreases in the various categories. The following
are the highlights of the major differences:
• There was an increase in Public Safety expenditures of approximately
2.4% this year. Contract rates with the L.A. County Sheriff's
Department rose 3% this fiscal year. This increase however was
slightly offset by liability trust fund savings realized late in the fiscal
year.
• Streets and Highways category was lower this year by a little over $1.6
million. During FY2008-09 the City completed additional rehabilitation
of Grand Avenue. This was the major reason this category was higher
last year. This year work continued on the traffic management system
and with the assistance of ARRA funds two slurry seal projects were
completed during the year.
The economic downturn caused a decrease in Community
Development expenditures this year. Many development projects have
been put on hold.
• The City continued to enjoy the benefits of low interest rates on the
outstanding variable rate lease revenue bonds. Last fiscal year the
City changed bond remarketing firms and found that this firm who has
been able to obtain better rates for
addition to lower outstanding principal
City.
N
the City's bond issue. This in
amount provided savings to the
Financial Analysis of the City's Funds
As noted earlier the City of Diamond Bar uses fund accounting to ensure and
demonstrate compliance with finance -related legal requirements.
Governmental funds - The focus of the City of Diamond Bar's governmental
funds is to provide information on near-term inflows, outflows, and balances
of spendable resources. Such information is useful in assessing the City's
financing requirements. In particular, unreserved fund balance may serve as
a useful measure of a City's net resources available for spending at the end
of the fiscal year.
As of the end of the current fiscal year, the City of Diamond Bar's
governmental funds reported combined ending fund balances of $35,730,035,
a decrease of $1,400,366 in comparison with the prior year. Of this amount,
there is $2,037,712 reserved to liquidate contracts and purchase orders
outstanding at the end of the year.
The general fund is the chief operating fund of the City of Diamond Bar. At
the end of the current fiscal year, the unreserved fund balance of the general
fund was $28,841,621, while the total fund balance was $30,797,098. As a
measure of the general fund's liquidity, it may be useful to compare both
unreserved fund balance and total fund balance to total fund expenditures.
Unreserved fund balance represents 166.5% of total general fund
expenditures, while total fund balance represents 177.9% of the same
amount.
Since the City's incorporation in 1989, the City has been fiscally conservative
contributing to healthy fund balance reserves. Several years ago the City
chose to fund major maintenance projects from General Fund reserves when
other funds were not available for this purpose. This fiscal year General Fund
Reserves dropped $856,440.
Factors contributing to the change in General Fund balance reserves are as
follows:
General Fund revenues were down nearly 9% or $1.5 million from
FY08-09. As reported earlier, the City's revenues continue to drop due
to the poor economy. Nearly all revenue categories were down this
fiscal year with the exception recreation user fees which were up
slightly.
For the past few years the City has been struggling with three
landscape and lighting assessment districts which are in financial
straits. The assessments for these districts have not been adjusted to
keep up with the cost of maintaining these districts. The general fund
has continued to subsidize these districts while the City Council
considers various options to make these districts self sustaining.
`[s7
The City used General Fund reserves to assist in the funding of the
irrigation system upgrades. Grants were received to assist with this
funding, however the balance covered by reserves equaled
approximately $350 thousand.
0 General Fund reserves were used to assist in the funding of two road
maintenance projects, the traffic signal interconnect links project and
the traffic management system.
Conservative expenditure budgets over the years have contributed to
the City's general fund healthy fund balance reserve. This includes a
contract city business model which aides the City in containing costs.
The City was a recipient of Federal ARRA funds this year. These funds
greatly subsidized this year's arterial slurry seal and ADA sidewalk
construction activities.
The Gas Tax and Prop A Fund both ended the year with deficit fund
balances. It is anticipated that these deficits will be eliminated in FY1 0-11.
Transportation Grant Fund had a prior year restatement of fund balance. The
revenue recorded in this fund was received from an exchange of federal
transportation funds for County transportation funds. With this exchange the
funds were transmitted to the City, however they are deemed unearned since
they haven't been expended. In FY08-09 the revenue was recorded
erroneously. The fund now reflects the proper unearned revenue and fund
balance.
The Capital Projects Fund ended the year with a negative fund balance of
$521,242 as opposed to a negative of $425,089 in the previous year. Ideally
this fund should carry a zero fund balance. Capital project expenditures are
accounted for in this fund along with their offsetting revenues and transfers.
Due to revenue and expenditure accruals, it is not unusual for the fund to
carry a negative balance since many of the capital improvement projects are
funded with reimbursable grants.
General Fund Budgetary Highlights
Original revenue budget projections were decreased during the year by 3.2%
to reflect more conservative revenue projections. The actual revenue came in
less than 1 % less than anticipated.
The General Fund taxes category include property taxes, sales tax, franchise
tax and property transfer tax. These revenues came in $244,647 more than
anticipated. The variance between the amount budgeted and the amount
11
received is primarily due to the under estimation of anticipated sales tax
revenue however several other tax revenues came in higher as well.
The City anticipated receiving FEMA reimbursement which has been
disallowed. This caused the budgeted revenue in the Intergovernmental
category to exceed actual revenue received.
The revenue anticipated for Licenses, Permits and Fees was increased
during the year. Unfortunately the actual revenue received was nearer the
original budget projection.
Transfers in were less than anticipated due to the related expenditures being
less than budgeted.
Due to revenue uncertainties the General Fund appropriations were reduced
during the year by $315,618 or 1.6%from the original budget to the amended
budget. The final expenditures actually came in $1.1 million less than the
amended budget. At the end of the year there were open encumbrances of
$302,635 which was carried over into FY1 0-11. Reasons for the difference
between budget and actual expenditures include salary savings from staff
vacancies, savings from low interest rates on the City's variable rate debt,
various studies and projects which were either postponed or cancelled and
overall cost cutting measures implemented by all departments.
Capital Asset and Debt Administration
Capital assets - The City of Diamond Bar's investment in capital assets for
its governmental activities as of June 30, 2010 amounts to $390,209,829 (net
of accumulated depreciation). This investment in capital assets includes land,
buildings and improvements, furniture and fixtures, vehicles and equipment,
infrastructure and construction in progress. The total increase in the City's
investment in capital assets was approximate 2.6% from the previous year.
Table 3
City of Diamond Bar
Capital Assets
(net of depreciation)
Land
Right of Way
Buildings and Improvements
Furniture and Fixtures
Vehicles & Equipment
Infrastructure
Construction in Progress
12
2010
2009
$6,587,349
$6,587,349
265,614,104
256,536,095
13,411,866
14,564,532
11,854
17,260
961,586
515,494
101,705,484
100,633,516
1,917,586
1,325,621
$390,209,829
$380,179,867
The City's capital assets increased in value $10,029,962 during FY09-10.
The total value of capital assets increase is due to the previously mentioned
Crestline area annexation.
Significant additions to capital assets include:
This year with the assistance of grants, the City upgraded its irrigation
systems with new irrigation controllers throughout the City. The
equipment purchased for this upgrade amounted to $517 thousand. It
is anticipated that these new water conserving controllers will result in
cost savings and water conservation in the future.
* The City's aging vehicle fleet was partially replaced with the purchase
of three hybrid vehicles. The City was able to use air quality funds to
purchase these vehicles.
® Traffic signal improvements include the completion of Phase I and
Phase 11 of the City's Interconnect Links. These projects are a part of
the implementation of the City's traffic management system. In addition
five traffic signals have been improved to include a backup battery
system to provide power to the signals in the case of a power outage.
The Crestline annexation resulted in the City receiving the following
infrastructure assets:
Land: Right of Way $9,078,432
Storm Drains
657,325
Sewers
930,079
Street Lights
125,535
Traffic Signals
247,000
Pavement or Streets
1,933,508
Sidewalks
308,427
Curb & Gutter
71,717
Total
$13,352,023
• Sidewalk additions include new ADA curb ramps for areas near Castle
Rock and Evergreen Springs elementary schools.
Construction in progress at the end of the year included nine projects in
various stages of design or construction. There were four park improvement
projects in progress totaling $660,708. There was a city hall computer room
sprinkler improvement project and a median project in progress at the end of
the year as well. The other four projects equaling $1,249,166 include the
traffic management system, the reconstruction of Lycoming St.. and two
median projects.
13
Additional information on the City's capital assets can be found in note 5.
Long-term debt — At the end of the current fiscal year, the City of Diamond
Bar's total long-term debt equaled $13,003,585. Of this amount $121,710 is
the City's Net OPEB obligation. At this time the City is using a pay as you go
methodology for funding its OPEB. The City's long-term debt includes the net
OPEB obligation which is the difference between the amounts paid on the pay
as you go basis versus the actuarially computed Annual Required
Contribution. The following table shows the breakdown of the long-term debt
outstanding.
Outstanding Long Term Debt at Year-end
Variable Rate Lease Revenue Bonds
(backed by the Public Financing
Authority)
12,480,000
Unamoritzed Bond Discount
(105,455)
Compensated Absences
507,330
Net OPEB Obligation
121,710
$13,003,585
Economic Factors and Next Year's Budgets and Rates
While the City maintains a diverse and upscale housing stock, the City's
economy is equally dependent on commercial and retail revenues. The City's
concentration on maintaining and attracting new business clientele is of
utmost importance.
The City's 2010-2011 budget is a fiscally conservative budget. The poor
economy and worsening condition of the State's budget continue to be a
major concern. As a result anticipated revenues in the General Fund have
been reduced. The ongoing operations budget has been reduced as well. To
take advantage of the poor real estate market the City has chosen to use
General Fund Reserves to purchase a building to house City Hall.
Incorporated in the FY1 0-11 budget are expenditures related to the purchase,
design and relocation to the new facility. This budget presents an operating
plan that permits the City to live within a reasonable estimate of revenues
while continuing to provide community programs and services to the residents
of the City of Diamond Bar.
As mentioned in the previous paragraph, the City purchased a building in
September 2010. With more than four times the square footage of the current
City Hall location the building offers a unique setting for the provision of
government services. The City is currently working with the County of Los
Angeles to partner with the City by relocating and expanding the Diamond Bar
Library into the facility. This move would solve a variety of issues for the
14
library including the provision of additional library services and parking
spaces.
To combat some of the economic uncertainties the City recently completed a
fee study. This study evaluated the City's current fee structure to verify that
costs associated with fees are recovered. Although not total cost recovery,
the new fee structure has been established to recover a higher percentage of
the costs. It has a fee escalator built into it to keep the fees somewhat even
with the escalation of costs. These new fees were implemented in November
2010.
When the City's waste hauler contracts were set to expire, the City looked at
other jurisdictions in the area and found that it was not unreasonable to
negotiate a franchise fee into the new contracts. These fees effective in
August, 2010 will provide the City with an addition revenue stream in which to
fund operations.
The 57/60 freeway interchange which transverses the City of Diamond Bar
affects City traffic on a daily basis thus significantly impacting the City's
residents. The City continues to work tirelessly towards a "big fix" for this
interchange by working with the City of Industry and the LACIVITA to form
creative solutions and obtain funding for this several million dollar project.
The City has made a conscientious decision to use some general fund
balance reserves for economic development purposes. As a result, the FY1 1
budget includes an appropriation for economic development. It is anticipated
that these efforts will continue to be rewarded in the near future with the
development of several new retail spaces.
Contacting the City's Financial Management
This financial report is designed to provide our citizens, taxpayers, customers,
and creditors with a general overview of the City of Diamond Bar's finances
and to show the City's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact
the City's Finance Department, at the City of Diamond Bar, 21825 Copley
Drive, Diamond Bar, California 91765.
im
THIS PAGE INTENTIONALLY LEFT BLANK
16
CITY OFDIAMOND BAR
STATEMENT 0FNET ASSETS
JUNE 3D281O
Assets:
Cash and investments
Receivables:
Accounts
Notes and loans
Accrued interest
Due from other governments
Deferred charges
Restricted assets:
Cash with fiscal agent
Due from employees
Capital assets not being depreciated
Capital 000ete. net ofdepreciation
Total Assets
Liabilities:
Accounts payable
Accrued liabilities
Accrued interest
Unearned revenue
Deposits payable
Due to other governments
Retentions payable
Noncurrent liabilities:
Due within one year
Due inmore than one year
Total Liabilities
Net Assets:
Invested incapital assets,
net ofrelated debt
Restricted for:
Community development projects
Public safety
Capital projects
Debt service
Unrestricted
Total Net Assets
See Notes toFinancial Statements 17
Governmental
Activities
$ 40.446.953
333.758
242,626
58,526
2,319,352
484.341
684,815
9,595
274.119.039
116.080.700
434,789,793
2J3 ,312
208,986
3.550
1,292,357
972,773
242,626
306,976
620,000
12,383,585
18,767,171
377.940,738
725,667
559,920
2,260,872
319,815
34,215,610
$ 416,022,622
CITY OF DIAMOND BAR
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
Governmental Activities:
General government
Net
$ 131,633
(Expenses)
$ - $ (4,842,052)
Revenues and
5,526,099
Changes in
Program Revenues
Net Assets
Operating Capital
1,624,547
Charges for Contributions Contributions
Governmental
Expenses Services and Grants and Grants
Activities
Governmental Activities:
General government
$ 4,973,685
$ 131,633
$ -
$ - $ (4,842,052)
Public safety
5,526,099
1,014,237
135,195
- (4,376,667)
Community development
1,624,547
21,106
1,310,271
177,615 (115,555)
Parks, recreation and culture
5,091,215
1,754,789
308,430
- (3,027,996)
Highways and Streets
12,287,325
2,070,167
2,604,999
15,782,664 8,170,505
Interest on long-term debt
57,948
-
-
- (57,948)
Total Governmental Activities
29,560,819
4,991,932
4,358,895
15,960,279 (4,249,713)
Total Primary Government $ 29,560,819 $ 4,991,932 $ 4,358,895 $ 15,960,279 (4,249,713)
General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other
Total General Revenues, Contributions,
Special Items and Transfers
Change in Net Assets
Net Assets at Beginning of Year
Restatement of Net Assets
Net Assets at End of Year
See Notes to Financial Statements 18
3,837,288
569,916
3,122,229
1,115, 980
259,384
4,599,922
618,963
7,090
14,130,772
9,881,059
407,026,659
(885,096)
$ 416,022,622
GOVERNME0TALPUNDS
GENERALFUND
The General Fund has been classified as u major fund and is used to account for resources traditionally
associated with government, which are not legally or by sound financial management tobeaccounted for
inanother fund.
SPECIAL REVENUE FUND
The Special Revenue Funds are used to accountfor the proceeds of specific revenue sources that are
restricted by law or administrative action for a specified purpose. The following Special Revenue Funds
have been classified oamajor fundainthemccompanyingfinancia|etotenlonto
The TranSDortation Grant Fund has been classified as a major fund and is used to account for various
Federal and State transportation grants received bythe City.
CAPITAL PROJECTS FUND
The Cnital Proiects Fund is used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by Special Revenue Funds).
Capital Improvement Fund - This fund is used to account for the costs of constructing street
' public improvements not normally included within the other
Capital Projectsfunda. Financing is provided by developer fees and interfund transfers from the Special
Revenue Funds and the General Fund.
W*
• 'll0l3 -. M.
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2010
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Deposits payable
Due to other governments
Due to other funds
Retentions payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
Reserved for bond retirement
Unreserved:
Unreserved, reported in nonmajor:
$ 1,823,513 $
- $ 67,317 $
Special
201,582
- -
7,404
388,775
Revenue
Capital
-
751,616 -
540,741
Funds
Projects Funds
_
-
- -
242,626
Capital
Other
232,506
-
Transportation
Improvement
Governmental
General
Grant Fund
Fund
Funds
Assets:
Pooled cash and investments
$ 31,764,656
$ 755,891
$ -
$ 5,952,484
Receivables:
Accounts
299,609
-
-
34,147
Notes and loans
-
-
-
242,626
Accrued interest
58,526
-
_
_
Due from other governments
1,045,571
-
697,573
576,208
Due from other funds
640,784
-
-
_
Due from employees
9,595
-
_
_
Restricted assets:
Cash and investments with fiscal agents
365,000
-
-
319,815
Total Assets
$ 34,183,741
$ 755,891
$ 697,573
$ 7,125,280
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Deposits payable
Due to other governments
Due to other funds
Retentions payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
Reserved for bond retirement
Unreserved:
Unreserved, reported in nonmajor:
$ 1,823,513 $
- $ 67,317 $
557,710
201,582
- -
7,404
388,775
- 437,355
93,278
-
751,616 -
540,741
972,773
- -
_
-
- -
242,626
-
- 408,278
232,506
-
- 305,865
1,111
3,386,643
751,616 1,218,815
1,675,376
302,635
1,652,842
1,499,540 235,537
Special revenue funds - - - 4,894,552
Debt service funds - - - 319,815
Undesignated 28,841,621 4,275 (2,020,782) -
Total Fund Balances 30,797,098 4,275 (521,242) 5,449,904
Total Liabilities and Fund Balances $ 34,183,741 $ 755,891 $ 697,573 $ 7,125,280
See Notes to Financial Statements 20
CITY OFDIAMOND BAR
BALANCE SHEET
GOVER0K8E0TALFuNDS
JUNE 30, 2810
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Accrued interest
Due from other governments
Due from other funds
Due from employees
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Deposits payable
Due toother governments
Due tuother funds
Retentions payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
Reserved for bond retirement
Unreserved:
Unreserved, reported innonme)or
Special revenue funds
Debt service funds
Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
Gem Notes to Financial Statements 21
Tota
Governmental
Funds
$ 38.473.031
333,756
242,626
58.528
2,319,352
640,784
9,595
$ 42,762,485
� 2,448,540
208,986
919,408
1,292,357
972,773
242.020
640,784
306,976
7,032,450
2,037,712
1,652,842
CITY OF DIAMOND BAR
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2010
Fund balances of governmental funds $ 35,730,035
Amounts reported for governmental activities in the statement of net assets are
different because:
Capital assets net of depreciation have not been included as financial resources
in governmental fund activity 390,191,762
Long-term debt and compensated absences
that have not been included in the governmental fund activity:
Bonds Payable $ (12,480,000)
Deferred charges for issuance costs 484,341
Bonds discount 105,455
Compensated absences (507,330)
Other post employment benefit obligation (121,710) (12,519,244)
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds (3,556)
Revenues reported as deferred revenue in the governmental funds and recognized
in the Statement of Activities. These are included in the intergovernmental revenues
in the governmental fund activity. 919,408
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The assets and liabilities of the internal service funds must be added to the
statement of net assets 1,704,217
Net assets of governmental activities $ 416,022,622
See Notes to Financial Statements 22
THIS PAGE INTENTIONALLY LEFT BLANK
23
CITY OF DIAMOND BAR
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Special
Revenue Capital
Funds Projects Funds
Expenditures:
Current:
General government
4,435,858
-
Capital
Other
Public safety
5,510,951
Transportation
Improvement
Governmental
Community development
General
Grant Fund
Fund
Funds
Revenues:
3,591,552
-
-
63,477
Taxes
$ 8,591,893
$ -
$ -
$ 556,989
Licenses and permits
640,287
-
-
-
Intergovernmental
4,854,137
224,741
1,734,028
4,665,550
Charges for services
1,757,805
-
-
1,433,611
Use of money and property
276,420
4,275
-
367,808
Fines and forfeitures
607,936
-
-
-
Miscellaneous
27,868
-
-
2,898
Total Revenues
16,756,346
229,016
1,734,028
7,026,856
Expenditures:
Current:
General government
4,435,858
-
-
-
Public safety
5,510,951
-
-
13,328
Community development
1,186,608
-
-
417,612
Parks, recreation and culture
3,591,552
-
-
63,477
Highways and streets
2,461,342
-
-
2,722,622
Capital outlay
129,533
-
4,559,335
473,056
Debt service:
Principal retirement
-
-
-
280,000
Interest and fiscal charges
-
-
-
33,904
Total Expenditures
17,315,844
-
4,559,335
4,003,999
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(559,498)
229,016
(2,825,307)
3,022,857
Other Financing Sources (Uses):
Transfers in
1,371,877
-
2,729,154
278,687
Transfers out
(1,592,005)
(11,550)
-
(3,191,819)
Total Other Financing Sources
(Uses)
(220,128)
(11,550)
2,729,154
(2,913,132)
Net Change in Fund Balances
(779,626)
217,466
(96,153)
109,725
Fund Balances, Beginning of Year, as
previously reported
31,653,538
473,161
(425,089)
5,428,791
Restatements
(76,814)
(686,352)
-
(88,612)
Fund Balances, Beginning of Year, as restated
31,576,724
(213,191)
(425,089)
5,340,179
Fund Balances, End of Year
$ 30,797,098
$ 4,275
$ (521,242)
$ 5,449,904
See Notes to Financial Statements 24
0
CITY OF DIAMOND BAR
STATEMENT OFREVENUES,
EXPENDITURES AND CHANGES YNFUND BALANCES
GOVERNk8ENTALFUNDS
YEAR ENDED JUNE 3O.2D1U
/
Tota
--
>
/Governmental
Fund
| Revenues:
$ �14O --
Taxes
640,287
Licenses and permits
Intergovernmental
1147D45G
, .
� \ Charges for eemioeo
31Q141G
. .
Use ofmoney and property
848503
.
Fines and forfeitures
607936
.
|
{ ' Miscellaneous
30,766
Total Revenues
\
25,746,246
| / Expenditures:
Current:
4435858
General government
. .
� PubUoaafe�
5524.27Q
.
/
ydeveopment
community
1
1,604 ,220
onandcu\turo
Parks, recreation
3,655,029
3
/ Highways and street
.183 'Q04
5,183,964
�5,161,924
Capital outlay
Debt service:
2D0OOO
Principal retirement
.
|33Q04
| Interest and fiscal charges
Total Expenditures
25,879,178
� Excess (Deficienny)ofRevenues
Over (Undor)Expenditures
(132,932)
i [>therFinanpin0Sou,cas(0sea):
` Transfers in
437Q718
. .
Transfers out
4
Total Other Financing Sources (415,656)
(Uses)
Net Change inFund Balances (548,588)
Fund Balances, Beginning ofYear, as
37130/01
previously reported .
!
Restatements (851,778)
�
Fund Balances, Beginning ofYear, aorestated 36278623
/
Fund Balances, End ufYear $ 35,730,035
�
(
See Notes to Financial Statements 25
CITY OF DIAMOND BAR
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities, the costs of those assets is allocated over their estimated useful lives
as depreciation expense. This is the amount by which capital outlays exceeded
depreciation in the current period:
Capital expenditures
Capital contributions
Depreciation expense
Repayment of bond principal is an expenditure in the governmental funds, but the
repayment reduces long-term liabilities in the statement of net assets:
Principal payment
Amortization of bond discount
Amortization of issuance costs
Other post employment benefit obligation
Compensated absences
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period.
Revenues reported as deferred revenue in the governmental funds and recognized
in the Statement of Activities. These are included in the intergovernmental revenues
in the governmental fund activity.
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The net revenues (expenses) of the internal service funds is reported with
governmental activities
Change in net assets of governmental activities
See Notes to Financial Statements 26
$ (548,588)
$ 2,672,303
13,351,603
(5,937,557)
280,000
(4,585)
(21,059)
(56,923)
(49,602) 147,831
1,600
329,577
(135,710)
$ 9,881,059
CITY OF DIAMOND BAR
BUDGETARY COMPARISON STATEMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2010
See Notes to Financial Statements 27
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1 as restated
$ 31,576,724
$31,576,724
$ 31,576,724
$ -
Resources (Inflows):
Taxes
8,937,000
8,351,000
8,591,893
240,893
Licenses and permits
677,750
776,500
640,287
(136,213)
Intergovernmental
5,880,000
4,961,888
4,854,137
(107,751)
Charges for services
1,686,972
1,692,972
1,757,805
64,833
Use of money and property
550,000
300,000
276,420
(23,580)
Fines and forfeitures
528,900
566,900
607,936
41,036
Miscellaneous
23,500
26,510
27,868
1,358
Transfers in
1,552,062
1,548,392
1,371,877
(176,515)
Amounts Available for Appropriation
51,412,908
49,800,886
49,704,947
(95,939)
Charges to Appropriation (Outflow):
General government
City Council
177,600
192,600
168,742
23,858
City Attorney
215,000
195,000
149,701
45,299
City Manager/Clerk
1,098,240
1,098,240
1,037,032
61,208
Finance
454,900
439,400
415,649
23,751
Human resources
226,130
226,130
173,768
52,362
Information systems
750,500
750,500
819,713
(69,213)
General government
1,546,540
1,351,040
1,142,457
208,583
Public information
519,620
577,420
528,796
48,624
Subtotal general government
4,988,530
4,830,330
4,435,858
394,472
Public safety
Law enforcement
5,425,502
5,425,502
5,326,790
98,712
Fire protection
11,360
11,360
7,359
4,001
Animal control
132,000
132,000
126,716
5,284
Emergency preparedness
42,140
60,640
50,086
10,554
Subtotal public safety
5,611,002
5,629,502
5,510,951
118,551
Community development
1,505,550
1,598,048
1,186,608
411,440
Parks, recreation and culture
3,801,350
3,809,060
3,591,552
217,508
Public works
3,511,285
2,740,533
2,461,342
279,191
Capital outlay
500
330,387
129,533
200,854
Transfers out
928,498
1,151,037
1,592,005
(440,968)
Total Charges to Appropriations
20,346,715
20,088,897
18,907,849
1,181,048
Budgetary Fund Balance, June 30
$ 31,066,193
$29,711,989
$ 30,797,098
$ 1,085,109
See Notes to Financial Statements 27
CITY OF DIAMOND BAR
BUDGETARY COMPARISON STATEMENT
TRANSPORTATION GRANT FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July I as restated $ (213,191) $ (213 191)$ (213,191) $
Resources (inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
500,000 500,000
224,741
(275,259)
- -
4,275.
4,275
286,809 286,809
15,825.
(270,984)
-500,000
11,550
488,450
- — 500,000
11,550
488,450
$ 286,809 $__1213,1911
$ 4,275
$ 217,466
See Notes to Financial Statements 28
CITY OF DIAMOND BAR
STATEMENT 0FNET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2010
Governmental
Activities -
Internal
Service Funds
Assets:
Current:
Cash and investments
Total Current Assets
Noncurrent:
Capital assets ' net ofaccumulated depreciation
Total Noncurrent Assets
Total Assets
| |
Liabilities and Net Assets:
Liabilities:
Curren
Accounts payable
Total Current Liabilities
Total Liabilities
Net Assets:
Invested incapital assets, net of related debt
Unrestricted
Total Net Assets
Total Liabilities and Net Assets
/ See Notes to Financial Statements 29
1,973,922
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
Operating Expenses:
Insurance premiums
Maintenance and operations
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before Transfers
Transfers in
Changes in Net Assets
Net Assets:
Beginning of Year
End of Fiscal Year
See Notes to Financial Statements 30
Governmental
Activities -
Internal
Service Funds
$ 373,250
169,498
23,070
565,818
(565,818)
14,452
14,452
(551,366)
415,656
(135,710)
1,839,927
$ 1,704,217
| CITY OF DIAMOND BAR
STATEMENT QFCASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 3D 2010
Cash Flows from Operating Activities:
Insurance premiums
Payments hosuppliers
Net Cash Provided (Used)byOperating Activities
Cosh Flows from Non -Capital
Financing Activities:
Cash transfers in
Net Cash Provided (0sed)by
Non -Capital Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Dsed)by
Investing Activities
Net Increase (Oecreooe)inCash
and Cash Equivalents
Cash and Cash Equivalents otBeginning ofYear
Cash and Cash Equivalents otEnd ofYear
Reconciliation mfOperating Income toNet Cash
Provided (Umed)byOperating Activities:
Operating income (|ooa)
Adjustments toreconcile operating income (iosa)
net cash provided (umed)byoperating activities:
Depreciation
Increase (decne000)inaccounts payable
Total Adjustments
Net Cash Provided (Uoed)by
Operating Activities
See Notes boFinancial Statements 31
Governmental
Activities -
Internal
Service Funds
$ (373,250)
(193,517)
(566,767)
(13G,6S9)
2,110,581
THIS PAGE INTENTIONALLY LEFT BLANK
32
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies
a. Description of Reporting Entity
The City of Diamond Bar (the City) was incorporated April 18, 1989, as a "General Law'
City governed by an elected five -member city council. As required by accounting
principles generally accepted in the United States of America, these financial statements
present the City of Diamond Bar (the primary government) and its component units. The
component units discussed below are included in the City's reporting entity because of
the significance of their operational or financial relationship with the City. These entities
are legally separate from each other. However, the City of Diamond Bay's elected
officials have a continuing full or partial accountability for fiscal matters of the other
entities. The financial reporting entity consists of: (1) the City (2) organizations for which
the City is financially accountable; and, (3) organizations for which the nature and
significance of their relationship with the City are such that exclusion would cause the
City's financial statements to be misleading or incomplete.
An organization is fiscally dependent on the primary government if it is unable to adopt its
budget, levy taxes or set rates or charges, or issue bonded debt without approval by the
primary government. In a blended presentation, a component unit's balances and
transactions are reported in a manner similar to the balances and transactions of the City.
Component units are presented on a blended basis when the component unit's governing
body is substantially the same as the City's or the component unit provides services
almost entirely to the City.
Blended Component Units
The Diamond Bar Community Redevelopment Agency (the Agency) was established
February 6, 1996, pursuant to the State of California Health and Safety Code, Section
33000, entitled "Community Redevelopment Law". Although it is a legally separate entity
from the City, the Agency is reported as if it were part of the City because of its purpose
to prepare and execute plans for improvement, rehabilitation and redevelopment of
blighted areas within the territorial limits of the City. According to the California Supreme
Court's decision on August 9, 2000, the Agency's Redevelopment Plan was deemed
invalid. No activities occurred during the year ended June 30, 2010. Accordingly, no
financial statements of the Agency were issued.
The Diamond Bar Public Financinq Authority (the Authority) was formed on
November 19, 2002. The purpose of the Authority is to issue debt to finance public
improvements and other capital purchases for the City and Agency. The activity of the
Authority is reported in debt service and capital projects funds.
b. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the
statement of changes in net assets) report information on all of the nonfiduciary activities
of the City. For the most part, the effect of interfund activity has been removed from
these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business -type activities, which
rely to a significant extent on fees and charges for support. The City has no business -
type activities.
The statement of activities demonstrates the degree to which the direct expenses of a
given function or segment are offset by program revenues. Direct expenses are those
33
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
that are clearly identifiable with a specific function or segment. Program revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and proprietary funds.
Major individual governmental funds are reported as separate columns in the, fund
financial statements.
c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The basic financial statements of the City are composed of the following:
® Government -wide financial statements
® Fund financial statements
• Notes to basic financial statements
The government -wide financial statements and proprietary fund financial statements are
reported using the economic resources measurement focus and the accrual basis of
accounting. Under the economic resources measurement focus, all assets and liabilities
(current and long-term) are reported. Under the accrual basis of accounting, revenues
are recorded when earned and expenses are recorded when a liability is incurred,
regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the fiscal year, which the taxes are levied. Revenue from grants,
entitlements, and donations is recognized in the fiscal year in which all the eligibility
requirements imposed by the provider have been met.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing
and delivering goods in connection with a proprietary funds principal ongoing operations.
The principal operating revenues of the City's internal service funds are charges to
departments for services. Operating expenses for the proprietary funds include the cost
of services, administrative expenses, and depreciation on capital assets. All revenues
and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Under the
current financial resources measurement focus, generally only current assets and
liabilities are reported in the governmental funds. Governmental fund operating
statements present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets. Under the modified accrual
basis of accounting, revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this
purpose, the government considers revenues to be available if they are collected within
60 days of the end of the current fiscal period with the exception of gas tax which is 210
days. Expenditures generally are recorded when a liability is incurred, except for
principal and interest on long-term liabilities, claims and judgments, and compensated
absences which are recognized as expenditures only when payment is due.
34
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
Property taxes, taxpayer -assessed taxes, such as sales taxes, gas taxes, and transient
occupancy taxes, and interest associated with the current fiscal period are all considered
to be susceptible to accrual and have been recognized as revenues of the current fiscal
period. Only the portion of special assessments receivable due within the current fiscal
period is considered to be susceptible to accrual as revenue of the current period to the
extent normally collected within the availability period. All other revenue items are
considered to be measurable and available only when cash is received by the City.
The accounts of the City are organized and operated on the basis of funds, each of which
is considered a separate accounting entity with a self -balancing set of accounts,
established for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions or limitations.
When both restricted and unrestricted resources are combined in a fund, expenses are
considered to be paid first from restricted resources, and then from unrestricted
resources.
d. Fund Classifications
The City reports the following major governmental funds
The General Fund is the primary operating fund of the City and is used to account for all
revenues and expenditures of the City not legally restricted as to use. A broad range of
municipal activities are provided through this fund including City Manager, City Attorney,
Finance, City Clerk, Public Works, Building and Safety, and Parks and Recreation.
The Transportation Grant Special Revenue Fund is used to account for various Federal
and State transportation grants received by the City.
The Capital Improvement Capital Projects Fund is used to account for the costs of
constructing street improvements, park improvements and other public improvements not
normally included within the other Capital Projects funds. Financing is provided by
developer fees and interfund transfers from the Special Revenue Funds and the General
Fund.
The City's fund structure also includes the following fund types
Governmental Funds
Special Revenue Funds are used to account for the proceeds of specific revenue sources
that are restricted by law or administrative action for a specified purpose.
Debt Service Fund is used primarily to account for the accumulation of resources for the
payment of principal and interest on long-term liabilities of the City.
Proprietary Funds
Internal Service Funds have been established to finance and account for goods and
services provided by one City department to other City departments or agencies. These
activities include self-insurance, equipment and computer maintenance.
35
C * - T-1 TlNk I A m 7
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
e. Investments
For financial reporting purposes, investments are stated at fair value.
Changes in fair value that occur during a fiscal year are recognized as investment income
reported for that fiscal year. Investment income includes interest earnings, changes in fair
value, and any gains or losses realized upon the liquidation or sale of investments.
The City pools cash and investments of all funds, except for assets held by fiscal agents.
Each fund's share in this pool is displayed in the accompanying financial statements as
cash and investments. Investment income earned by the pooled investments is allocated
to the various funds based on each fund's average cash and investment balances.
f. Cash and Cash Equivalents
For purposes of the statement of cash flows, cash and cash equivalents are defined as
short-term, highly liquid investments that are both readily convertible to known amounts
of cash or so near their maturity (an original maturity date of three months or less from
the date of purchase) that they present insignificant risk of changes in value because of
changes in interest rates. Cash and cash equivalents also represent the proprietary
funds' share in the cash and investment pool of the City. All cash and investments of the
proprietary (internal service) funds are pooled with the City's pooled cash and
investments and are therefore considered cash equivalents for purposes of the
statement of cash flows.
g. Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are
available and at an estimated original cost where no historical records exist. Contributed
capital assets are valued at their estimated fair market value at the date of contribution.
Capital asset purchases (other than infrastructure) in excess of $1,500 are capitalized if
they have an expected useful life of three years or more.
Capital assets include additions to public domain (infrastructure), certain improvements
including roads, streets, sidewalks, medians and storm drains within the City. In the
fiscal year ended June 30, 2010, the City, with the assistance of an outside consultant,
valued and recorded its public domain assets acquired prior to July 1, 2002. The City now
has all of its infrastructure asset data valued and recorded in its entirety as of
June 30, 2010.
Capital assets used in operations are depreciated over their estimated useful lives using
the straight-line method in the Government -wide and Proprietary Fund Financial
Statements. Depreciation is charged as an expense against operations and accumulated
depreciation is reported on the respective balance sheet. The lives used for depreciation
purposes of each capital asset class are:
Buildings and improvements 10 - 20 years
Furniture and fixtures 3 - 5 years
Vehicles and equipment 5 years
Infrastructure 10 - 50 years
36
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
h. Compensated Absences
Vacation and sick leave time begin to accumulate as of the first day of employment to a
maximum of 320 hours and 280 hours, respectively. Employees who accumulate sick
leave in excess of 200 hours are paid for the excess annually at one half the employees
current wage rate.
A liability is recorded for unused vacation and similar compensatory leave balances since
the employees' entitlement to these balances are attributable to services already
rendered and it is probable that virtually all of these balances will be liquidated by either
paid time off or payments upon termination or retirement.
A liability is recorded for unused sick leave balances only to the extent that it's probable
that the unused balances will result in termination payments. This is estimated by
including in the liability the unused balances of employees currently entitled to receive
termination payments, as well as those who are expected to become eligible to receive
termination benefits as a result of continuing their employment with the City.
If an employee retires, resigns, or terminates in good standing with a minimum of five
years of service, the employee is entitled to receive 100% of unused sick leave at one
half the employees current wage rate.
Deferred Charges
Deferred charges represent capitalized costs incurred in connection with the issuance of
long-term debt. These costs are amortized over the life of the debt on a straight-line
basis.
j. Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1 %
of assessed value, plus other increases approved by the voters. The property taxes go
into a pool, and are then allocated to the cities based on complex formulas. Accordingly,
the City accrues only those taxes which are received from the County within 60 days after
yearend.
Property taxes are assessed and collected each fiscal year according to the following
property tax calendar:
Lien date
January 1
Levy date
July 1
Due dates
November 1 - 1 st installment
February 1 - 2nd installment
Collection dates
December 10 - 1st installment
April 10 - 2nd installment
Delinquent dates
December 11 - 1st installment
April 11 - 2nd installment
M
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Reporting Entity and Significant Accounting Policies (Continued)
k. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenditures during the reporting period. Actual results could
differ from those estimates.
Note 2: Stewardship, Compliance and Accountability
a. Budgetary Data
General Budget Policies
The City adopts an annual budget prepared on the modified accrual basis of
accounting for its governmental funds and on the accrual basis of accounting for its
proprietary funds. The City manager or his designee is authorized to transfer
budgeted amounts between the accounts of any department or funds that are
approved by City Council. Prior year appropriations lapse unless they are approved
for carryover into the following fiscal year. Expenditures may not legally exceed
appropriations at the department level.
'S• T1i ME i c
Encumbrances are estimations of costs related to unperformed contracts for goods
and services. These commitments are recorded for budgetary control purposes in
the General, Special Revenue, and similar governmental funds. Encumbrances
outstanding at year-end are reported as a reservation of fund balance. They
represent the estimated amount of the expenditure ultimately to result if unperformed
contracts in process at year end are completed. They do not constitute expenditures
or estimated liabilities.
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally
accepted accounting principles (GAAP).
b. At June 30, 2010, the following funds had deficit fund balances:
Major Fund
Capital Improvement Capital Projects Fund
$ 521,242
Other Governmental Fund:
State Gas Tax Special Revenue Fund
101,101
Proposition A Transit Fund
97,996
Edward Byrne Justice Assistance Grant Fund
90
Landscape Maintenance District Fund
13,901
EECBG Grant Fund
393
38
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 2: Stewardship, Compliance and Accountability (Continued)
c. Excess of expenditures over appropriations are as follows:
Expenditures for the year ended June 30, 2010, exceeded the appropriations of the
General Fund as follows:
Budget Actual Variance
iGeneral Fund:
General Government
Information systems $ 750,500 $ 819,713 $ (69,213)
Note 3: Cash and Investments
Cash and Investments
Cash and investments at June 30, 2010, consisted of the following:
Statement of Net Assets:
Cash and investments $ 40,446,953
Cash and investments with fiscal agents 684,815
$ 41,131,768
Cash and investments held by the City at June 30, 2010, consisted of the following:
Imprest cash on hand $
1,246
Demand deposits
472,549
Escrow deposits
15,000
Investments:
United States Government Sponsored Enterprise Securities
5,000,000
Local Agency Investment Fund
34,973,158
Held by Bond Trustee:
Money Market Mutual Funds
669,815
$
41,131,768
Investments Authorized by the California Government Code and the City's
Investment Polic
The table below identifies the investment types that are authorized for the City by the
California Government Code (or the City's investment policy, where more restrictive). The
table also identifies certain provisions of the California Government Code (or the City's
investment policy, where more restrictive) that address' interest rate risk, credit risk, and
concentration of credit risk. This table does not address investments of debt proceeds held by
bond trustee that are governed by the provisions of debt agreements of the City, rather than
the general provisions of the California Government Code or the City's investment policy.
K9
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 3: Cash and Investments (Continued)
40
Maximum Maximum
Maximum
Percentage of Investment in
Authorized Investment Type Maturity
Portfolio One Issuer
United States Treasury Obligations 5 years
None None
United States Government Sponsored Enterprise
Securities 5 years
40% None
Banker's Acceptance 180 days
40% 30%
Time Certificates of Deposits 5 years
None None
Commercial Paper 270 days
25% 10%
Negotiable Certificates of Deposit 5 years
30% None
Money Market Mutual Funds 5 years
15% None
Repurchase Agreements 1 year
None None
Medium -Term Corporate Notes (1) 5 year
30% None
Local Agency Investment Fund (LAIF) N/A
None $ 40,000,000
*-Excluding amounts held in bond trustees that are not subject to California
Government Code Restrictions
(1) Notes must be rated "A" or better
N/A - Not Applicable
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed
by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the
City's investment policy. The table below identifies the investment types that are authorized
for investments held by bond trustee. The table also identifies certain provisions of these debt
agreements that address interest rate risk, credit risk, and concentration of credit risk.
40
)
> CITY OF DIAMOND BAR
' NOTES TOBASIC FINANCIAL STATEMENTS(CONTINUED)
|
JUNE 30 2010
�
Note 3: Cash and Investments (CmnOnued)
�
Maximum Maximum
' Mmdrnunn Percentage Investment in
iMaturity ofPorMh|io One Issuer
/
Authorized .� --- —
United States Treasury Obligations None None None
{
United States Government Sponsored
Enterprise Securities None 10% None
Banker's Acceptance 1year None None
'
Time Certificate ofDeposits None None None
�
Local Agency Investment Fund None None None
/
Money Market Funds Nona None None
`
Repurchase Obligations Tax Exempt 30 days None None
Taxable Government Money Market Portfolios None Equal tosix None
months of
principal and
�
interest inthe
bonds
Disclosures Relatinci to Interest Rate Risk\
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
/
value of an investment. Generally, the longer the maturity of an inveotmont, the greater the
sensitivity of its fair value to changes in market interest rates. One of the ways that the City
manages its exposure to interest rate risk is by purchasing a combination of shorter term and
�
longer term investments and by timing cash Movve from maturities so that a portion of the
�
portfolio is maturing or coming close to maturity evenly over time as necessary to provide the
cash flow and liquidity needed for operations.
/
Information about the sensitivity of the hair values of the City's investments (including
investments held by bond trustee) to market interest nate fluctuations is provided by the
following table that shows the distribution of the City's investments by maturity:
Remaining Maturity (in Months)|
Investment TypeLess 25 - 60 months
United States Government Sponsored
Enterprise Securities
Local Agency Investment Fund (LA|F)
Held byBond Trustees:
Money Market Mutual Funds
41
12Months or
$ - $ 5.000,000
34,973,158 -
$ 5,000,000
34,973,158
684,815 - 684,815
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010 1
Note 3: Cash and Investments (Continued)
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to
the holder of the investment. This is measured by the assignment of a -rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required by
(where applicable) the California Government Code, the City's investment policy, or debt
agreements, and the actual rating, as reported by Standard and Poor's, as of year end for
each investment type:
Minimum
Total as of Legal
Investment Type June 30,2010 Rating
United States Government Sponsored
Enterprise Securities $ 5,000,000 N/A
Local Agency Investment Fund (LAIF) 34,973,158 NIA
Held by Bond Trustees:
Money Market Mutual Funds 684,815 A
Total $ 40,657,973
Disclosures Relating to Custodial Credit Risk
AAA Unrated
$ 5,000,000 $ -
- 34,973,158
684,815 -
$ 5,684,815 $ 34,973,158
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities that are in the possession of an outside party. The custodial
credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g.,
broker-dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California
Government Code and the City's investment policy do not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits or investments,
other than the following provision for deposits: The California Government Code requires that
a financial institution secure deposits made by state or local governmental units by pledging
securities in an undivided collateral pool held by a depository regulated under state law
(unless so waived by the governmental unit). The market value of the pledged securities in
the collateral pool must equal at least 110% of the total amount deposited by the public
agencies. California law also allows financial institutions to secure City deposits by pledging
first trust deed mortgage notes having a value of 150% of the secured public deposits. The
City does not accept 150% of the secured public totals. At June 30, 2010, the City deposits
(bank balances) were insured by the Federal Depository Insurance Corporation up to
$250,000 and the remaining balances were collateralized under California Law. The cash and
investments held by Bond Trustee are uninsured and uncollateralized.
42
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 3: Cash and Investments (Continued)
Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by California Government Code Section 16429 under the oversight of the Treasurer
of the State of California. The fair value of the City's investment in this pool is reported in the
accompanying financial statements at amounts based upon the City's pro -rata share of the
fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of
that portfolio). The balance available for withdrawal is based on the accounting records
maintained by LAIF, which are recorded on an amortized cost basis.
Note 4: Interfund Receivables, Payables and Transfers
The composition of interfund balances as of June 30, 2010, is as follows:
Due To/From Other Funds
Receivable Fund Payable Fund Amount
Capital Improvement Capital
General Fund Projects Fund $ 408,278
Other Governmental Funds 232,506
$ 640,784
The amounts loaned from the General Fund to the Capital Improvement Capital Projects
Fund and Other Governmental Funds are to provide short-term loans to fund temporary cash
shortfalls.
Interfund Transfers
Transfers In Transfer Out Amount
General Fund Other Governmental Funds $ 1,371,877
Capital Improvement Capital Projects Fund
General Fund 897,662
Transportation Grant Fund
Special Revenue Fund 11,550
Other Governmental Funds 1,819,942
Other Governmental Funds General Fund 278,687
Internal Service Funds General Fund 415,656
$ 4,795,374
Transfers to the General Fund from the Other Governmental Funds were made to reimburse
the General Fund for various capital projects and administrative expenditures.
43
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 4: Interfund Receivables, Payables and Transfers (Continued)
Transfers to the Capital Improvement Capital Projects Fund were made to provide funding for
various capital projects.
Transfers from the General Fund to the Other Governmental Funds were made to provide for
debt service payments.
Transfers from the General Fund to the Internal Service Funds were made to provide for
purchases of a vehicle and equipment and uninsured insurance losses.
Note 5: Capital Assets
A summary of changes in the Governmental Activities capital assets at June 30, 2010, is as
follows:
Capital assets not being depreciated:
Land
Right of way
Construction in progress
Total Capital Assets Not
being Depreciated
Capital assets being depreciated:
Buildings and improvements
Furniture and fixtures
Vehicles and equipment
Infrastructure
Total Capital Assets
being Depreciated
Less accumulated depreciation for:
Buildings and improvements
Furniture and fixtures
Vehicles and equipment
Infrastructure
Total Accumulated
Depreciation
Total Capital Assets
Being Depreciated, Net
Governmental Activities
Capital Assets, Net
24,676,271
128,655 24,804,926
Adjusted
24,807,197
84,372
I
Balance at
- 84,372
Balance
- 1,746,425 -
626,295
Balance at June
July 1, 2009
Adjustments
July 1, 2009
Transfers
Additions Deletions
30, 2010
208,233,889
128,655 208,362,544 562,955
5,632,791
122,802 214,435,488 l
$ 6,587,349
$ -
$ 6,587,349
$ -
$ - $
$ 6,587,349 1
256,536,095
-
256,536,095
-
9,078,009 -
265,614,104
1,325,621
(158,188)
1,167,433
562,955
1,313,108 -
1,917,586
264,449,065
(158,188)
264,290,877
562,955
10,391,117 -
274,119,039
24,676,271
128,655 24,804,926
2,271
24,807,197
84,372
- 84,372 -
-
- 84,372
1,746,425
- 1,746,425 -
626,295
122,802 2,249,918
181,726,821
- 181,726,821 562,955
5,004,225
- 187,294,001
208,233,889
128,655 208,362,544 562,955
5,632,791
122,802 214,435,488 l
10,111,739
3,785 10,115,524
1,279,807 -
11,395,331
67,112
- 67,112
5,406 -
72,518
1,230,931
- 1,230,931
- 176,914 119,513
1,288,332
81,093,305
- 81,093,305
4,495,212 -
85,588,517
92,503,087
3,785 92,506,872
- 5,957,339 119,513
98,344,698
115,730,802
124,870 115,855,672
562,955 (324,548) 3,289
116,090,790
$ 380,179,867 _§___(L3,3181 $ 380,146,549 $ - $ 10,066,569 $ 3,289 $ 390,209,829
44
/
|
/ CITY OF DIAMOND BAR
� NOTES TO BASIC FINANCIAL STATEMENTS /C��N7FKNQED)
`
| J�J0�3�' 2010
Note 5: Capital Assets (Continued)
( Depreciation expense was charged to functions in the Statement of Activities as follows:
� General government
$ 83.234
Public safety
'
1,820
.
Highvvayaand streets
Highways
4.546.027
Community development
1.303.188
| Internal Service Funds depreciation charges toprogram
23070
Note 6: Long -Term Liabilities
Long-term liability activity for the year ended June 30, 2010, was as follows:
Bonds
Revenue Bonds
Compensated absences
Net OPEB obligation (Note 9)
Total
Net unenlortizedbond discount
Net Long -Term Debt
BondaPavable
Balance Balance atJune Due Within
July 1, 2009 Add0onoDeletions 30 ,2010 One Year
-----' ------ -----
8 12.700,000 $
457,728
- $ 280.000 $ 12,480,000 $ 290,000
378.724 329,122 507,330 330.000
O4 121,710
(105,455)
$ 13,003,585
In December 2002.the Diamond Bar Public Financing Authority issued $13J55,00Oof 2002
Series A Variable Rote Lease Revenue Bonds to finance the construction of a
(
community/senior center p'eotand other public improvements within the City. The bonds
/ are special limited obligations of the Authority payable solely from rovenueo, consisting
primarily ofbase rental payments paid bythe City. The variable interest rate onthe bonds ia
( '
reset on a bi-weekly basis. As of June 30, 2010, $12,480,000 of the bonds is outstanding.
In conjunction with the Bonds, the Authority executed a rate cap agreement on
December 2, 2002' (the Agreement) with JPNorgan Chase (Counterparty) to minimize debt
service cost on the 2002 Lease Revenue Bonds (the Bonds) by setting ecap on the interest
rate on the Bonds. Under the Agreement, the Counterparty will pay the Authority on amount
equal to the product of: (I) the amount by which the floating nate exceeds 4.5%, (ii) the
notional principal amount and (iii) the actual number ofdays in the calculation period divided
by 365 days. The Agreement iofor onotional amount equal tothe outstanding principal
amount of the Bonds and will decline as the principal amount declines. The Agreement
terminates onJanuary 1.2O13.
45
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 6: Long -Term Liabilities (Continued)
Fair Value
At June 30, 2010, the Agreement had a positive fair value of $5,839. This is the amount that
the Authority would receive in the event that the Agreement is terminated. The fair value was
estimated by the City's financial advisor.
Credit Risk
The Counterparty, JPMorgan Chase, has the following credit ratings of: (i) Standard & Poor's,
AA- and (ii) Moody's, Aa2.
Basis Risk
The Agreement does not expose the Authority to basis risk, which refers to a mismatch
between the interest rate cap of 4.5% and the variable rate payments to be made on the
debt.
Termination Risk
If the rate cap is terminated, the rate on the Bonds that the Authority would prospectively
have to pay will not be subject to the cap rate of 4.5%. The termination of the Agreement
could therefore increase the Authority's total debt service in the event that the variable rate is
higher than the cap rate of 4.5%. At June 30, 2010, the Agreement had a positive fair value of
$5,839.
Payments and Associated Debt
Using a variable rate of 1.30% as of June 30, 2010, debt service requirements of the Bonds
and the Counterparty's payments, assuming current interest rates remain the same for
remainder of the term of the Agreement, are as follows. As rates vary, the variable rate
interest payments and net rate cap payments will vary.
Year Ending June 30
2011
2012
2013
2014
2015
2015-2020
2020-2025
2025-2030
2030-2035
Totals
Compensated Absences
Variable Rate Debt
Principal
Interest
Total
$ 290,000
$ 166,523
$ 456,523
305,000
162,506
467,506
320,000
158,288
478,288
335,000
153,866
488,866
350,000
149,243
499,243
2,010,000
669,060
2,679,060
2,535,000
516,341
3,051,341
3,195,000
323,831
3,518,831
3,140,000
87,278
3,227,278
$ 12,480,000 $ 2,386,936 $ 14,866,936
The City's policies relating to compensated absences are described in Note 1. This liability,
amounting to $507,330 at June 30, 2010, is expected to be paid in future years from future
resources, typically liquidated from the General Fund.
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS 0E0\
JUNE 302O1W
Note 7: Liability, Property and Workers' Compensation Protection
The City is o member of the California Joint Powers Insurance Authority (Insurance
Authority). The Insurance Authority is composed of 122 California public entities and is
organized'' under a joint powers agreement pursuant to California Government Code Section
6500 at. seq. The purpose of the Insurance Authority is to arrange and administer programs
for the pooling ofself-insured |osees, to purchase excess insurance or neinounance, and to
arrange for group purchased insurance for property and other lines of coverage. The
Insurance Authority's pool began covering o|oime of its nnannbnra in 1978. Each member
government has an elected official as its representative on the Board of Directors. The Board
operates through ag-rnemberExecutive Committee.
o. Self -Insurance Programs wfthe Authority
General Liability
Each member government pays aprimary deposit tocover estimated losses for afiscal
year (claims yeah. After the close of fiscal year, outstanding dmhno are valued. A
retrospective deposit computation is then made for each open dainna year. Claims are
pooled separately between police and non -police. Costs are allocated to members by the
following methods within each of the four layers of coverage: (1) the first $30,000 of each
occurrence is charged directly to the member's primary deposit; (2) costs from $30,000 to
$750,000 and the loss development reserves associated with losses up to $750,000 are
pooled based on the mennbo/o share of losses under $30,000; (3) |oaoee from $760.000
to $5,000,000 and the associated |oee development naearvem are pooled based on
payroll; (4a) oo�u of covered claims from $5.O00.000 to $10.000,000 are paid under
and on* subject to o �250OOOO annual aggregate deductible;
reinsurance' � policies' . .
(4b\ costs of covered claims horn $1O.000.000 to $50.000.000 are covered through
excessinsurance policies; (4u) Costs of covered claims for subsidence |noaea are paid
by exoaeo insurance with a aub'|\rnit of $25,000,000 per occurrence per member. This
$25.000.000 subsidence sub -limit is composed of $10.000.000 in reinsurance and
$15.O0O.O00inexcess insurance. The excess insurance layer has a$15.0OO.000annual
aggregate. The costs associated with 4o' 4b. and 4c are aobnnoted using actuarial
models and pre -funded aapart ofthe primary and retrospective deposits.
The overall policy limit for each member including all layers of coverage is $50.000,000
per occurrence.
Workers' Compensation
The City also oo�i�poten in the workers' compensation pooladministered by the
�
Insurance Authority. Each member pays xtocovermstimated losses for a
fiooa| year (claims yeah. After the dose of fiscal year, outstanding dairne are valued. A
retrospective deposit computation is then made for each open Claims year. Claims are
pooled separately between public safety and non-public safety. Costa are allocated to
members by the following methods within each of the four layers of coverage: (1) the first
$50,000 of each loss is charged directly to the members primary deposit; (2) losses from
$50'000 to $100,000 and the |000 development reserve associated with |oaeee up to
$100.000 are pooled based on the member's share of losses under $50'000; (3) |ooaeo
from $100,000 to $2.000.000 and the loss development reserves associated with those
|naoea are pooled based on payroll; (4) losses from $2.000.000 up to statutory |inn\te are
paid under an oxoeee insurance policy. Protection is provided per statutory liability under
California Workers' Compensation law.
M
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Liability, Property and Workers' Compensation Protection (Continued)
Employer's liability losses are pooled among members to ; $2,000,000, coverage from
$2,000,000 to $4,000,000 is purchased as part of an excess insurance policy, and losses
from $4,000,000 to $10,000,000 are pooled among members.
b. Purchased Insurance
Environmental Insurance
The City participates in the pollution legal liability and remediation legal liability insurance
which is available through the Insurance Authority. This policy covers sudden and
gradual pollution of scheduled property, streets, and storm drains owned by the City.
Coverage is on a claims -made basis. There is a $50,000 deductible. The Insurance
Authority has a limit of $50,000,000 for the 3 -year period from July 1, 2008 through
July 1, 2011. Each member of the Insurance Authority has a $10,000,000 limit during the
3 -year term of the policy.
Property Insurance
The City participates in the all-risk property protection program of the Insurance Authority.
This insurance protection is underwritten by several insurance companies. The City's
property is currently insured according to a schedule of covered property submitted by
the City to the Insurance Authority. The City's property currently has all-risk property
insurance protection in the amount of $19,050,858. There is a $5,000 deductible per
occurrence except for non -emergency vehicle insurance which has a $1,000 deductible.
Premiums for the coverage are paid annually and are not subject to retroactive
adjustments.
Crime Insurance
The City purchases crime insurance coverage in the amount of $1,000,000 with a $2,500
deductible. The fidelity coverage is provided through the Insurance Authority. Premiums
are paid annually and are not subject to retroactive adjustments.
c. Adequacy of Protection
During the past three fiscal (claims) years none of the above programs of protection have
had settlements or judgments that exceed pooled or insured coverage. There have been
no significant reductions in pooled or insured liability coverage from coverage in the prior
year.
The aforementioned information is not included in the accompanying financial
statements. Complete financial statements for the Authority may be obtained at their
administrative office located at 8081 Moody Street, La Palma, California 90623.
48
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 8: Pension Plan
Plan Description
The City of Diamond Bar participates in the Miscellaneous 2% at 55 Risk Pool of the
California Public Employee's Retirement System (PERS), a cost-sharing, multiple -employer
defined benefit pension plan administered by PERS. PERS provides retirement and disability
benefits, annual cost -of -living adjustments, and death benefits to plan members and
beneficiaries. Benefit provisions and all other requirements are established by State statue
and District ordinance. Copies of the PERS' annual financial report may be obtained from the
PERS Executive Office -400 P Street, Sacramento, California 95814.
The contribution requirements of the plan members are established by State statute and the
employer contribution rate is established and may be amended by PERS. Active City
employees are required to contribute 7% of their annual covered salary to PERS. The city
makes the contributions required of City employees on their behalf and for their account. The
City is required to contribute the actuarially determined remaining amounts necessary to fund
the benefits for its members. The current rate is 10.73% of covered payroll. The City's
contributions to CalPERS for the years ending June 30, 2010, 2009 and 2008, were
$396,087, $392,608 and $373,818, respectively and were equal to the required contribution
for each year.
Plan Description
In connection with the retirement benefits for employees described in Note 8, the City
provides post-retirement health care benefits to retirees through the California Public
Employees' Retirement System Health Benefits program (the PERS Health program). The
program is an agent multiple -employer defined benefit health care plan that provides
healthcare insurance for eligible retirees, through the City's group plans, which cover both
active and retired employees. Employees become eligible to retire and receive City -paid
healthcare benefits upon attainment of age 50 and 5 years of covered PERS service, or by
qualifying disability retirement status. Retired employees over the age of 65 must join one of
the supplemental (Medicare -coordinated) options under the PERS Health Program. Benefits
are paid for the lifetime of the retiree. Benefit provisions are established by city ordinance
which references state statutes (the Public Employee Medical and Hospital Care Act). The
PERS Health Program does not issue a publicly available financial report.
Funding Policy
The City sets its monthly contribution rates for health insurance on behalf of all eligible
retirees according to the PERS Health Program's statutory minimum ($101/month for
calendar 2009 and $101/month for calendar 2010, increased in all future years according to
the rate of medical inflation). The City pays a 0.45% of premium administrative charge on
behalf of all retirees. The City is currently funding this OPEB obligation on a pay-as-you-go
basis. For the year ended June 30, 2010, the City paid $5,594 in health care costs for its
retirees and their covered dependents.
49
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 9: PmatemnploynnemtBenefits Other than Pensions
Annual OPEB Cost and Net OPEB Obligation
The City's annual OPE8 coo is calculated based on the annual required
contribution of the employer K\RC\' on amount actuarially determined in accordance with
parameters of GASB Statement 45. The ARC represents o |ava| offunding that, if paid on on
ongoing booie, is projected to oovernonna| cost each year and to amortize any unfunded
liabilities ofthe plan over aperiod not toexceed thirty years.
The following table shows the components ofthe City's annual OPEBcost for the year, the
amount actually contributed to the plan, and changes in the City's net OPEB obligation to the
PERS Health Program (in thousands):
Annual required contribution
$ 82.171
Interest onnet OPEBobligation
3,239
Adjustment boannual required contribution
Obligation
Annual OPEBcost (expenae)
62.517
Contributions made
5,594
Increase innet OPEBobligation
66.923
Net OPEBobligation ' beginning ofyear
64,787
NatOPEB obligation -end of year
$ 121,710
Three -Year Trend Information
For fiscal year 2010, the City's annual {}PEB coot $62,517 was equal to the
ARC. Since this fiscal year is the transition year, information on the annual OPEB nooto,
the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation
ieonly available for the current fiscal year, uopresented below:
Fiscal Year Annual OPEB Actual
Ended Costs Contributions
6/30/10 62,517 5,594
Funded Status and Funding Pro.
gress
Percentage of
Annual OPEBCosts
Net OPEB
Contributed
Obligation
8.95%
121.710
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence ofevents far into the future. Examples
include assumptions about future enlp|oyment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the City are subject to continual revision as actual results are compared with
past expectations and new estimates are made about the future.
50
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 9:
Postemployment Benefits Other than Pensions (Continued)
Remaining
Project Name
The schedule of funding progress below presents multiyear trend information
about whether
Park Improvements
the actuarial value of plan assets is increasing or decreasing over time
relative to the
Street Improvements
actuarial accrued liabilities for benefits. The information is as of the latest actuarial valuation.
1,050,611
Unfunded
UAAL as a
165,941
Actuarial Actuarial Actuarial Actuarial
Percent of
Type of
Valuation Value of Accrued Accrued Funded Covered
Covered interest
Valuation
Date Assets Liability Liability Ratio Payroll
Payroll Rate
Actual
7/1/2008 $ - $ 402,007 $ 402,007 0.0% $ 3,657,956
10.99% 5.00%
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and the plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and the plan members at that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets consistent with the
Ion g -term perspective of the calculations.
In the July 1, 2008, actuarial valuation, the projected unit credit method was used. The
actuarial assumptions included a discount rate of 5.0% per annum, a rate of return on assets
of 5.0% per annum and a healthcare cost trend rate of 8.0% initially, reduced by annual
decrements of 1.0% to an ultimate rate of 5.0% after three years. The City's unfunded
actuarial accrued liability will be amortized as a level dollar over an open period of 30 years.
Note 10: Contingencies
The City is presently involved in other matters of litigation that have arisen in the normal
course of the City's business. City management believes, based upon consultation with the
City Attorney, that these cases, in the aggregate, are not expected to have a material
adverse financial impact on the City.
Note 11: Construction Commitments
The following material construction commitments existed at June 30, 2010:
$ 407,985 $ 1,262,131
51
Expenditure as of
Remaining
Project Name
June 30, 2010
Commitments
Park Improvements
$ 324,334
$ 45,579
Street Improvements
36,593
1,050,611
Misc. Improvements
47,058
165,941
$ 407,985 $ 1,262,131
51
CITY OF DIAMOND BAR
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 12: Operating Leases
The City leases building and office facilities under non -cancelable operating leases. The total
costs for such leases were $268,997 for the year ended June 30, 2010. The future minimum
lease payments for the lease of building and office facilities are as follows:
Year Ending
June 30,
2011
Total
Note 13: Fund Balance
$ 179,332
$ 179,332
Fund balance restatements:
Major governmental funds:
General Fund:
To adjust fund balance for revenue that was incorrectly
$ (76,814)
recognized in the prior year
Transportation Grant Fund:
To adjust fund balance for revenue that was incorrectly
recognized in the prior year
(686,352)
Nonmajor governmental funds:
Proposition A Transit Fund:
To move expenditures that were placed in the current year
but actually incurred in the prior year.
(88,612)
Total Fund Balance Restatements
$ (851,778)
In addition to the adjustments to fund balance, the following restatements have been made to
net assets:
Government -wide Net Assets:
Fund balance restatements (above) $ (851,778)
To adjust beginning balance of capital assets to reflect projects that were completed
in the prior year and not moved to depreciable assets when completed (33,318)
Total Net Asset restatements $ (885,096)
6��
a
CITY OF DIAMOND BAR
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 14: Transactions with the State of California
a. Proposition 1A Borrowing by the State of California
Under the provisions of Proposition 1A and as part of the 2009-10 budget package
passed by the California state legislature on July 28, 2009, the State of California
borrowed 8% of the amount of property tax revenue, including those property taxes
associated with the in -lieu motor vehicle license fee, the triple flip in lieu sales tax, and
supplemental property tax, apportioned to cities, counties and special districts (excluding
redevelopment agencies). The state is required to repay this borrowing plus interest by
June 30, 2013. After repayment of this initial borrowing, the California legislature may
consider only one additional borrowing within a ten-year period. The amount of this
borrowing pertaining to the City of Diamond Bar was $379,119.
Authorized with the 2009-10 State budget package, the Proposition 1A Securitization
Program was instituted by the California Statewide Communities Development Authority
("California Communities"), a joint powers authority sponsored by the California State
Association of Counties and the League of California Cities, to enable local governments
to sell their Proposition 1A receivables to California Communities. Under the
Securitization Program, California Communities simultaneously purchased the
Proposition 1A receivables and issued bonds ("Prop 1A Bonds") to provide local agencies
with cash proceeds in two equal installments, on January 15, 2010 and May 3, 2010. The
purchase price paid to the local agencies equaled 100% of the amount of the property tax
reduction. All transaction costs of issuance and interest were paid by the State of
California. Participating local agencies have no obligation on the bonds and no credit
exposure to the State. The City participated in the securitization program and accordingly
property taxes have been recorded in the same manner as if the State had not exercised
its rights under Proposition 1A. The receivable sale proceeds were equal to the book
value and, as a result, no gain or loss was recorded.
b. Delay of State Gas Tax Payments
In March 2010, the State Legislature passed legislation delaying a variety of State
payments to local agencies in response to anticipated State cash flow problems in fiscal
year 2010-2011. AB5 8x contains provisions to delay a portion (approximately 60%) of
the payments of State Gas Tax monies for the first nine months of 2010-2011 (July 2010
through March 2011) to be paid no later than April 28, 2011.
53
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54
THIS PAGE INTENTIONALLY LEFT BLANK
55
CITY OF DIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS 1
JUNE 30, 2010
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ -
Special Revenue Funds
I.
7,453
Accrued liabilities
-
5,253
Integrated
1,720
Deferred revenues
-
-
Waste
-
State Gas Tax
Proposition A
Proposition C
Management
-
Fund
Transit Fund
Transit Fund
Fund
Assets:
Due to other funds
193,569
-
-
Pooled cash and investments
$ -
$ 232,834
$ 2,021,163
$ 545,128
Receivables:
Total Liabilities
193,569
330,964
r
Accounts
-
134
-
34,013 Il
Notes and loans
-
-
-
-
Due from other governments
92,468
-
-
7,492
Restricted assets:
Unreserved:
Cash and investments with fiscal agents
-
-
-
- f
Total Assets
$ 92,468
$ 232,968
$ 2,021,163
$ 586,633
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ -
$ 325,711
$ 9,910 $
7,453
Accrued liabilities
-
5,253
-
1,720
Deferred revenues
-
-
-
-
Unearned revenues
-
-
-
-
Due to other governments
-
-
-
-
Due to other funds
193,569
-
-
-
Retention payable
-
-
-
-
Total Liabilities
193,569
330,964
9,910
9,173
Fund Balances:
Reserved:
Reserved for encumbrances
-
-
32,726
-
Unreserved:
Designated for debt service
-
-
-
-
Undesignated
(101,101)
(97,996)
1,978,527
577,460
Total Fund Balances
(101,101)
(97,996)
2,011,253
577,460
Total Liabilities and Fund Balances
$ 92,4.68
$ 232,968
$ 2,021,163 $
586,633
56
CITY 0FDIAMOND BAR
COMBINING BALANCE SHEET
NONKOAJC3BGOVERNMENTAL FUNDS
JUNE 30, 2010 d
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Due from other governments
�
Restricted assets:
|
Cash and investments with fiscal agents
/
Total Assets
Liabilities and Fund Balances:
Liabilities:
/
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due toother governments
Due toother funds
!
Retention payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
� Unnaonn/ad:
Designated for debt service
Undesignated
.
Total Fund Balances
Total Liabilities and Fund Boanm
Special Revenue Funds
Traffic
Traffic
Air Quality
Improvement
Congestion
Improvement
Proposition
Fund
Relief Fund
Fund
1BBond Fund
$ 266.534
$ 295.835
$ 129.839
$ 493.749
-
-
-
'
-
'
152.811
-
-
18.368
-
-
-
-
-
-
�
' - -
- - -
- - 493,749
' - -
493,749
' - -
- - -
_
- - - -
80,072 448,646 148,207-
245,344 448,646 148,207-
57
CITY OFDIAMOND BAR
C0KUENN|NG BALANCE SHEET
NONMAdOR GOVERNMENTAL FUNDS
JUNE 30,
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Special Revenue Funds
Accrued liabilities
'
Park and
Deferred revenues
70.038
22'340 - -
Unearned revenues
Facility
- - -
Due toother governments
-
242.628 - -
Development
'
38.544 - -
Asset Seizure
-
Fond
CDB(0Fund
COPS Fund
Fund
Assets:
Reserved:
Pooled cash and investments
$ 886.301
$ -
$ 130'612
$ 365'116
Receivables:
Designated for debt service
-
- - -
Accounts
'
-
-
-
Notes and loans
-
242.626
-
-
Due from other govammanta
152.816
117.121
7.548
-
Restricted assets:
Cash and investments with fiscal agents
-
-
-
-
Total Assets
$ 1,039,217
$ 359,747
$ 138,160
$ 365,116
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ 54,695 $
Accrued liabilities
'
431
Deferred revenues
70.038
22'340 - -
Unearned revenues
-
- - -
Due toother governments
-
242.628 - -
Due bzother funds
'
38.544 - -
Retention payable
-
1,111
Total Liabilities
70,938
359,747 - -
Fund Balances:
Reserved:
Reserved for encumbrances
7.788
- - -
Unreserved:
Designated for debt service
-
- - -
Undesignated
960511
- 138160 365,116
Total Fund Balances
968279
- 138160 365116
Total Liabilities and Fund Ba|enu/
58
CITY OFDIAMOND BAR
COMBINING BALANCE SHEET
NONK0AJCJR GOVERNMENTAL FUNDS
JUNE 30, 2010 (Continued)
Assets:
Pooled oeeh and investments
Racokmb|ao:
Accounts
Notes and loans
Due from other govonnmantu
/
Restricted assets:
|
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due to other governments
Due toother funds
Retention payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
Unreserved:
Designated for debt service
Undesignated
Total Fund Balances
Total Liabilities and Fund Bm|nnc/
Special Revenue Funds
Edward Byrne
- - - -
- -
'
-
Justice
Aooiotmoco
Landscape
Measure
Grant (JAG)
Maintenance
Local Return
CLEEP Fund Fund
District Fund
Fund
$ 56,644 $ 46'902
$ 97.388
$ 384.481
18,434 '
�
- � - $ 129,701
- - '
- - -
-
46,992 -
' - -
46,992 129,701
' - -
- - -
_
�
8,574 - 21.197 -
-
'
-
-
-M
CITY OFDIAMOND BAR
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30,2010
Assets:
Pooled cash and investments
Receivables:
Accounts
Notes and loans
Due from other governments
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenues
Unearned revenues
Due toother governments
Due boother funds
Retention payable
Total Liabilities
Fund Balances:
Reserved:
Reserved for encumbrances
Unreserved:
Designated for debt service
Undesignated
Total Fund Balances
Total Liabilities and Fund Balmno/
0
Special
Revenue Debt Service
Funds Funds
Public
EECBG Grant Financing
Fund Authority
$ - $ - $ 5.952,484
- - 34'147
- - 242.626
8.050 - 576.208
' 319815 319815
�
Total
Governmental
Funds
9,050 557J10
- - 7,404
- '
93,278
- - 540,741
- - 242.626
393 - 232.506
- - 1.111
9,443 1,675,376
- - 235,537
' 319.815 319.815
- 4,894,552
319,815 5449904
THIS PAGE INTENTIONALLY LEFT BLANK
3
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUE,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 3022010
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
Public safety
Community development
Parks, recreation and culture
Highways and streets
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
Special Revenue Funds
Integrated
Waste
State Gas Proposition A Proposition C Management
Tax Fund Transit Fund Transit Fund Fund
1,053,209 767,942 637,041 11,275
- 997,413 - 436,198
381 2,704 16,128 4,005
1,053,590 1,768,059 653,169 451,478
- - 128,568
63,477 - -
1,974,830 54,436 -
2,038,307 54,436 128,568
1,053,590 (270,248) 598,733 322,910
(1,101,900) _ (19,690) (275,664) (168,112)
(1,101,900)
(19,690)
(275,664)
(168,112)
(48,310)
(289,938)
323,069
154,798
(52,791)
280,554
1,688,184
422,662
-
(88,612)
-
-
(52,791)
191,942
1,688,184
422,662
$ (101,101)
$ (97,996)
$ 2,011,253
$ 577,460
0
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUE,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30 2010 (Continued)
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
Public safety
Community development
Parks, recreation and culture
Highways and streets
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
I
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
Special Revenue Funds
Traffic
Traffic
Improvement
Congestion
Fund
Relief Fund
Air Quality
Improvement Proposition
Fund 1B Bond Fund
547,799 87,267 359,101
2,979 2,054 1,455 -
- - 2,898 -
2,979 549,853 91,620 359,101
176 -
89,645 - - -
- - 88,855 -
89,645 - 89,031
(86,666) 549,853 2,589 359,101
(53,921) (579,588) - (391,113)
(53,921) (579,588) - (391,113)
(140,587) (29,735) 2,589 (32,012)
385,931 478,381 145,618 32,012
385,931 478,381 145,618 32,012
$ 245,344 $ 448,646 $ 148,207 $ -
63
COMBINING STATEMENT OF REVENUE,
EXPENDITURES AND CHANGES IN FUND BALANCES
WOND0AJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 3012010
Revenues:
Taxes
Intergovernmental
Charges for services
Use ofmoney and property
Miscellaneous
Total Revenues
Expenditures:
Current:
Public safety
Community development
Parks, recreation and culture
Highways and streets
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (OoOcienoy)ofRevenues
Over (Undor)Expenditures
Other Financing Sources (Qaea):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change inFund Balances
Fund Balances, Beginning ofYear
Restatements
Fund Balances, Beginning ofYear, aoRestated
Fund Balances, End nfYear
Sr)euial Revenue Funds
Park and
Facility
0eva|mpnummt Asset Seizure
Fund CQBG Fond COPS Fund Fund
81.978 518.851 121,747 '
- - - '
8,965 - 1,243 3.168
- - - -
90,943 518,851 122,990 3,168
' - 9,258 3,573
5.200 190.118 ' '
- ' - -
- ' - -
- - - -
- - - -
- - - -
5,200 190,118
85,743 328,733 113
-
- 18,845
1,057,7937 - 119,315 385,521
- - - -
1,057,767- 119,315
��
{
\
CITY 0FDIAMOND BAR
�
COMBINING STATEMENT OF REVENUE,
|
EXPENDITURES AND CHANGES INFUND BALANCES
NO0K8AJQR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30,2010 (Continued)
W
Special Revenue Funds
Edward[
/
Byrne Justice
Assistance
Landscape
Measure
Grant (JAG)
Maintenance
Local Return
�
'
CLEEPFnnd
Fund
District Fund
Fund
Revenues:
Taxes
$ -
$ -
$ 556,989
$ '
/ intergovernmental
'
2'800
-
383.293
( ) Charges for services
-
-
'
'
Use ofmoney and property
495
-
415
1.188
Miscellaneous
-
-
'
-
Total Revenues
405
2,890
557404
384,461
Expenditures:
| Current:
Public safety
407
-
-
-
Community development
-
-
-
-
\ Parks, recreation and culture
-
-
-
-
/ Highways and streets
-
-
603.711
-
Capital outlay
-
-
384.201
-
Debt service:
/ Principal retirement
Interest and fiscal charges
-
-
-
-
Total Expenditures
/
407
-
987913
-
Excess (Defidency)ofRevenues
Over (Under)Expenditures
2,890
384,461
Other Financing Sources (Oeeo):
Transfers in
-
-
278.687
'
> Transfers out
/
-
-
'
Total Other Financing Sources
. (Uses)
-
��OG87
-
Net Change \nFund Balances
384,461
/ Fund Balances, Beginning ofYear
56.646
-
137.920
-
' Restatements
-
'
-
-
,
Fund Balances, Beginning ofYear, onRestated
56846
-
137920
-
� Fund Balances, End mfYear
W
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUE,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30.2010
Revenues:
Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total Revenues
Expenditures:
Current:
Public safety
Community development
Parks, recreation and culture
Highways and streets
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Restatements
Fund Balances, Beginning of Year, as Restated
Fund Balances, End of Year
Special
Revenue Debt Service
Funds Funds
Public Total
EECBG Grant Financing Governmental
Fund Authority Funds
$ - $
-
$ 556,989
93,157
-
4,665,550
-
-
1,433,611
-
322,648
367,808
-
-
2,898
93,157
322,648
7,026,856
-
-
13,328
93,550
-
417,612
-
-
63,477
-
-
2,722,622
-
-
473,056
-
280,000
280,000
-
33,904
33,904
93,550
313,904
4,003,999
(393)
8,744
3,022,857
-
-
278,687
-
-
(3,191,819)
-
-
(2,913,132)
(393)
8,744
109,725
-
311,071
5,428,791
-
-
(88,612)
-
311,071
5,340,179
$ (393) $
319,815
$ 5,449,904
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
STATE GAS TAX FUND
YEAR ENDED JUNE 30, 2010
67
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (52,791)
$ (52,791)
$ (52,791)
$ -
Resources (Inflows):
I ntergovem mental
1,099,050
950,300
1,053,209
102,909
Use of money and property
2,000
2,000
381
(1,619)
Amounts Available for Appropriation
1,048,259
899,509
1,000,799
101,290
Charges to Appropriation (Outflow):
Transfers out
-
1,011,900
1,101,900
(90,000)
Total Charges to Appropriations
-
1,011,900
1,101,900
(90,000)
Budgetary Fund Balance, June 30
$1,048,259
$ (112,391)
$ (101,101)
$ 11,290
67
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PROPOSITION A TRANSIT FUND {I
YEAR ENDED JUNE 30, 2010
Variance with
0
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1 as restated
$ 191,942
$ 191,942
$ 191,942
$ -
Resources (Inflows):
Intergovernmental
981,900
981,900
767,942
(213,958)
Charges for services
1,000,000
1,000,000
997,413
(2,587)
Use of money and property
8,000
8,000
2,704
(5,296)
Amounts Available for Appropriation
2,181,842
2,181,842
1,960,001
(221,841)
Charges to Appropriation (Outflow):
Parks, recreation and culture
-
72,700
63,477
9,223
Highways and Streets
-
2,081,450
1,974,830
106,620
Transfers out
-
-
19,690
(19,690)
Total Charges to Appropriations
-
2,154,150
2,057,997
96,153
Budgetary Fund Balance, June 30
$ 2,181,842
$ 27,692
$ (97,996)
$ (125,688)
0
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PROPOSITION C TRANSIT FUND
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Highways and Streets
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$1,688,184
$ 1,688,184
$ 1,688,184
$ -
760,000
760,000
637,041
(122,959)
20,000
20,000
16,128
(3,872)
2,468,184
2,468,184
2,341,353
(126,831)
-
113,712
54,436
59,276
-
399,000
275,664
123,336
-
512,712
330,100
182,612
$ 2,468,184
$ 1,955,472
$ 2,011,253
$ 55,781
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
INTEGRATED WASTE MANAGEMENT FUND f
YEAR ENDED JUNE 30, 2010
70
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 422,662
$ 422,662
$ 422,662
$ - l
Resources (Inflows):
Intergovernmental
45,500
28,650
11,275
(17,375)
Charges for services
466,000
466,000
436,198
(29,802)
Use of money and property
10,000
4,000
4,005
5
Amounts Available for Appropriation
944,162
921,312
874,140
(47,172)
Charges to Appropriation (Outflow):
1
Community development
-
268,550
128,568
139,982 {
Transfers out
-
175,000
168,112
6,888
Total Charges to Appropriations
-
443,550
296,680
146,870 S
Budgetary Fund Balance, June 30
$ 944,162
$ 477,762
$ 577,460
$ 99,698
70
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
TRAFFIC IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2010
71
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 385,931
$ 385,931
$ 385,931
$
Resources (inflows):
Use of money and property
5 ,000
5,000
2,979
(2,021)
Amounts Available for Appropriation
390,931
390,931
388,910
(2,021)
Charges to Appropriation (Outflow):
Highways and Streets
-
279,916
89,645
190,271
Transfers out
135,000
53,921
81,079
Total Charges to Appropriations
414,916
143,566
271,350
Budgetary Fund Balance, June 30
$ 390,931
$ (23,985)
$ 245,344
$ 269,329
71
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
TRAFFIC CONGESTION RELIEF FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 478,381 $ 478,381 $ 478,381 $ -
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
570,934
543,483
547,799
4,316
1,000
1,000
2,054
1,054
1,050,315
1,022,864
1,028,234
5,370
-
543,483
579,588
(36,105)
-
543,483
579,588
(36,105) -
$1,050,315
$ 479,381
$ 448,646
$ (30,735)
72
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2010
73
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 145,618
$ 145,618
$ 145,618
$ -
Resources (Inflows):
Intergovernmental
72,000
72,000
87,267
15,267
j Use of money and property
4,000
4,000
1,455
(2,545)
Miscellaneous
-
-
2,898
2,898
Amounts Available for Appropriation
221,618
221,618
237,238
15,620
Charges to Appropriation (Outflow):
Community development
-
13,000
176
12,824
Capital outlay
-
100,000
88,855
11,145
Total Charges to Appropriations
-
113,000
89,031
23,969
Budgetary Fund Balance, June 30
i
$ 221,618
$ 108,618
$ 148,207
$ 39,589
73
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PROPOSITION 1 B BOND SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2010
74
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July
$ 32,012
$ 32,012
$ 32,012
$ -
Resources (Inflows):
Intergovernmental
-
700,985
359,101
(341,884)
Use of money and property
5,000
5,000
-
(5,000)
Amounts Available for Appropriation
37,012
737,997
391,113
(346,884)
Charges to Appropriation (Outflow):
Transfers out
-
325,659
391,113
(65,454)
Total Charges to Appropriations
-
325,659
391,113
(65,454)
Budgetary Fund Balance, June 30
$ 37,012
$ 412,338
$ -
$ (412,338)
74
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PARK AND FACILITY DEVELOPMENT SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2010
75
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$1,057,767
$ 1,057,767
$ 1,057,767
$ -
Resources (Inflows):
Intergovernmental
125,998
125,998
81,978
(44,020)
Use of money and property
22,000
22,000
8,965
(13,035)
Amounts Available for Appropriation
1,205,765
1,205,765
1,148,710
(57,055)
Charges to Appropriation (Outflow):
Community development
-
-
5,200
(5,200)
Parks, recreation and culture
-
12,968
-
12,968
Capital outlay
-
150,000
-
150,000
Transfers out
-
401,850
175,231
226,619
Total Charges to Appropriations
-
564,818
180,431
384,387
Budgetary Fund Balance, June 30
$1,205,765
$ 640,947
$ 968,279
$ 327,332
75
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ $ _ $ _ $ _
Resources (Inflows):
Intergovernmental
608,547 671,455
518,851
(152,604)
Amounts Available for Appropriation
608,547 671,455
518,851
(152,604)
Charges to Appropriation (Outflow):
Community development
- 256,769
190,118
66,651
Transfers out
- 414,686
328,733
85,953
Total Charges to Appropriations
- 671,455
518,851
152,604
Budgetary Fund Balance, June 30
$ 608,547 $ -
$ -
$
76
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CITIZENS OPTION FOR PUBLIC SAFETY (COPS) FUND
YEAR ENDED JUNE 30, 2010
W1
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 119,315
$ 119,315
$ 119,315
$ -
Resources (Inflows):
Intergovernmental
100,000
100,000
.121,747
21,747
Use of money and property
1,500
1,500
1,243
(257)
Amounts Available for Appropriation
220,815
220,815
242,305
21,490
Charges to Appropriation (Outflow):
Public safety
-
38,900
9,258
29,642
Transfers out
-
111,300
94,887
16,413
Total Charges to Appropriations
-
150,200
104,145
46,055
Budgetary Fund Balance, June 30
$ 220,815
$ 70,615
$ 138,160
$ 67,545
W1
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
ASSET SEIZURE FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 3651521 $ 365,521 $ 365,521 $
Resources (inflows):
Use of money and property
10,000 10,000
3,168
(6,832)
Amounts Available for Appropriation
375,521 375,521
368,689
(6,832)
Charges to Appropriation (Outflow):
Public safety
- 4,000
3,573
427
Total Charges to Appropriations
4,000
3,573
427
Budgetary Fund Balance, June 30
$ 375,521 $ 371,521
$ 365,116
$ (6,405)
78
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CALIFORNIA LAW ENFORCEMENT EQUIPMENT PROGRAM (CLEEP) FUND
YEAR ENDED JUNE 30, 2010
0
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 56,646
$ 56,646
$ 56,646
$
Resources (inflows):
Use of money and property
1,500
1,500
495
(1,005)
Amounts Available for Appropriation
58,146
58,146
57,141
(1,005)
Charges to Appropriation (Outflow):
Public safety
56,646
497
56,149
Total Charges to Appropriations
56,646
497
56,149
Budgetary Fund Balance, June 30
$ 58,146
$ 1,500
$ 56,644
$ 55,144
0
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
JAG GRANT FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ - $ - $ - $ -
Resources (Inflows):
Intergovernmental
55,152 55,152
2,890
(52,262)
Use of money and property
- -
-
-
Amounts Available for Appropriation
55,152 55,152
2,890
(52,262)
Charges to Appropriation (Outflow):
Transfers out
- 55,152
2,980
52,172
Total Charges to Appropriations
- 55,152
2,980
52,172
Budgetary Fund Balance, June 30
$ 55,152 $ -
$ (90)
$ (90)
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
LANDSCAPE MAINTENCE DISTRICT FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 137,920
$ 137,920
$ 137,920
$ -
Resources (Inflows):
Taxes
554,157
554,157
556,989
2,832
Use of money and property
1,200
1,200
415
(785)
Transfers in
523,844
520,381
278,687
(241,694)
Amounts Available for Appropriation
1,217,121
1,213,658
974,011
(239,647)
Charges to Appropriation (Outflow):
Highways and Streets
-
774,302
603,711
170,591
Capital outlay
-
384,210
384,201
9
, Total Charges to Appropriations
-
1,158,512
987,912
170,600
Budgetary Fund Balance, June 30
$1,217,121
$ 55,146
$ (13,901)
$ (69,047)
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
MEASURE R LOCAL RETURN FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ - $ - $ - $ -
Resources (Inflows):
Intergovernmental 310,858 310,858 383,293 72,435
Use of money and property - - 1,168 1,168
Amounts Available for Appropriation 310,858 310,858 384,461 73,603
Charges to Appropriation (Outflow):
Transfers out - 310,858 - 310,858
Total Charges to Appropriations - 310,858 - 310,858
Budgetary Fund Balance, June 30 $ 310,858 $ - $ 384,461 $ 384,461
FIN
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
EECBG FUND
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Community development
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Budget Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts (Negative)
516,500 93,157 (423,343)
516,500 93,157 (423,343)
516,500 93,550 422,950
516,500 93,550 422,950
$ - $ - $ (393) $ (393)
83
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund balance, July 1
$ (425,089)
$ (425,089)
$ (425,089)
$
Resources (Inflows):
Licenses and permits
250,000
250,000
-
(250,000)
Intergovernmental
3,282,772
3,282,772
1,734,028
(1,548,744)
Transfers in
3,526,326
3,130,536
2,729,154
(401,382)
Amounts Available for Appropriation
6,634,009
6,238,219
4,038,093.
(2,200,126)
Charges to Appropriation (Outflow):
Capital outlay
-
8,186,585
4,559,335
3,627,250
Total Charges to Appropriations
8,186,585
4,559,335
3,627,250
Budgetary Fund Balance, June 30 $ 6,634,009 $ (1,948,366) $ (521,242) $ 1,427,124
84
CITY OF DIAMOND BAR
BUDGETARY COMPARISON SCHEDULE
PUBLIC FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2010
N
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 311,071
$ 311,071
$ 311,071
$ -
Resources (inflows):
Use of money and property
--
—3-11-,-0-11--
322,648
322,648
Amounts Available for Appropriation
311,07-1
633,719
322,648
Charges to Appropriation (Outflow):
Debt service:
Principal retirement
-
280,000
(280,000)
Interest and fiscal charges
33,904
(33,904)
Total Charges to Appropriations
313,904
(313,904)
Budgetary Fund Balance, June 30
$ 311,071
$ 311,071
$ 319,815
$ 8,744
N
CITY OF DIAMOND BAR
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
JUNE 30, 2010
Governmental Activities - Internal Service Funds
Assets:
Current:
Cash and investments
Total Current Assets
Noncurrent:
Capital assets - net of accumulated depreciation
Total Noncurrent Assets
Total Assets
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable
Total Current Liabilities
Total Liabilities
Net Assets:
Invested in capital assets, net of related debt
Unrestricted
Total Net Assets
Total Liabilities and Net Assets
Computer
Self Equipment Equipment
Insurance Replacement Replacement
Fund Fund Fund Totals
$ 1,364,540 $ 249,157 $ 360,225 $ 1,973,922
1,364,540 249,157 360,225 1,973,922
7,292 10,775 18,067
- 7,292 10,775 18,067
$ 1,364,540 $ 256,449 $ 371,000 $ 1,991,989
$ 269,388 $
- $ 18,384 $
287,772
269,388
- 18,384
287,772
269,388
- 18,384
287,772
-
7,992 10,775
18,767
1,095,152
248,457 341,841
1,685,450
1,095,152
256,449 352,616
1,704,217
$ 1,364,540 $ 256,449 $ 371,000 $ 1,991,989
CITY OF DIAMOND BAR
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2010
Governmental Activities - Internal Service Funds
Computer
Equipment Equipment
Self Insurance Replacement Replacement
Fund Fund Fund Totals
Operating Expenses:
Insurance premiums
$ 373,250
$ -
$ -
$ 373,250
Maintenance and operations
-
-
169,498
169,498
Depreciation expense
-
19,478
3,592
23,070
Total Operating Expenses
373,250
19,478
173,090
565,818
Operating Income (Loss)
(373,250)
(19,478)
(173,090)
(565,818)
Nonoperating Revenues (Expenses):
Interest revenue
8,780
2,155
3,517
14,452
Total Nonoperating
Revenues (Expenses)
8,780
2,155
3,517
14,452
Income (Loss) Before Transfers
(364,470)
(17,323)
(169,573)
(551,366)
Transfers in
365,656
-
50,000
415,656
Changes in Net Assets
1,186
(17,323)
(119,573)
(135,710)
Net Assets:
Beginning of Year
1,093,966
273,772
472,189
1,839,927
End of Fiscal Year
$ 1,095,152
$ 256,449
$ 352,616
$ 1,704,217
C:10—
CITY OF DIAMOND BAR
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 382U1O
Governmental Activities - Internal Service Fund
Computer
Equipment Equipment
'
Self Insurance Replacement Replacement
Fund Fund Fund Totals
Cash Flows from Operating Activities:
Insurance premiums $ (373.250) $ - $ ' $ (373,250)
Payments hosuppliers - - 1
Net Cash Provided (Usod)byOperating Activities' 1
Cash Flows from Non -Capital
Financing Activities:
Cash transfers in50,000 415,656
Net Cash Provided (Joed)by
Non -Capital Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase (Oecreaee)inCash
and Cash Equivalents
Cash and Cash Equivalents atBeginning ofYear
Cash and Cash Equivalents etEnd ofYear
Reconciliation ofOperating Income toNet Cash
Provided (Uoed)byOperating Activities:
Operating income (luss)
Adjustments toreconcile operating income (|oos)
net cash provided (uned)byoperating activities:
Depreciation
Increase (deuruauo)\naccounts payable
Total Adjustments
Net Cash Provided (Jeed)by
Operating Activities
-
365,656 50,000 415,656
8,780 2,15517 14,452
8,780 2,155 3,517 14,452
1,363,3542,110,581
M.
- 19,478 3,592 23,070
' - (24.019) (24.018)
-
THIS PAGE INTENTIONALLY LEFT BLANK
11:2
City of Diamond Bar
Capital Asset Statistics by Function
Last Eight Fiscal Years
Fiscal Year Ended June 30,
Function 2003 2004 2005 2006 2007 2008 2009 2010
Public safety (1)
Police:
Station 1
Patrol units (all shifts combined) 20
Fire stations (2) 3
Highways and streets (3)
1
1
1
1
1
1
1
20
20
19
19
18
18
18
3
3
3
3
3
3
3
Streets (miles)
128
128
128
128
128
128
128
129.4
Streetlights
(a)
(a)
(a)
(a)
233
233
233
294
Traffic signals
(a)
(a)
(a)
(a)
74
74
74
76
Culture and recreation:(4)
Parks acreage (developed)
62.7
62.7
62.7
62.7
62.7
62.7
62.7
62.7
Parks acreage (undeveloped)
439.0
439.0
439.0
439.0
439.0
439.0
439.4
439.4
Parks
11
11
11
11
11
11
12
12
Public Tennis courts
8
8
8
8
8
8
8
8
Community centers
3
3
3
3
3
3
3
3
Golf Course:(5)
County golf courses 1 1 1 1 1 1 1 1
Sewer (3)
Sanitary sewers (miles) (a) (a) (a) (a) 157 157 157 158.4
(e Unavailable
Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Department, Division VIII Office
(3) City Public Works Department
(4) City Community Services Department
(5)LA County Golf Course
Note:
The City is a contract city and as such contracts for many of its services. This includes police services,
fire services, building and safety services, engineering, road maintenance and landscape maintenance.
No capital asset indicators are available for the general government function.
Function
Police: (1)
City of Diamond BB[
Operating Indicators hmFunction
Last
Ten Fiscal Years
FiscalYearEnd dJune3O
-----2003 2004 2005
Physical arrests
784
571
552
481
520
Street SweepingParking Citation
2.996
7.995
0.602
6.710
6,250
Fins: (2)
Number ofemergency calls
2.647
2.666
2,741
2.755
2.615
Inspections
( )
(a)
(a)
`'
(a)
` '
12DG
,
1 1GS
.
Public works: (3)
Street resurfacing hnilee\
24.6
197
18.5
5.0
18'6
Parks and nacreoton:(4)
Number ofrecreation classes
1'062
947
915
1.022
1'102
Number offacility rentals
785
785
1.021
1'738
4.123
Fiscal Year Ended June 30
Function
2007
2008
2009
2010
Po|ice:Unfiscal year) (1)
Physical arrests
558
582
543
591
700
Street Sweeping Parking Citation
5.790
5'684
5.200
5.103
6.110
Fire: (in fiscal year) (2)
Number ofemergency calls
2.592
2.612
2.595
2.561
2.675
|naoaoUonm
837
1.114
1.085
1'100
1.093
Public works: (in fiscal yeah (3)
Street resurfacing (miles)
16.8
19'6
18.5
13.8
23.3
Parks and naoreaton:Unfiscal yemh(4)
Number ofraacnaationdaeoea(5)
1.376
1.568
1.569
1'315
2/450
Number of facility rentals
4,305
4,555
4,103
4,299
4,111
(a) Unavailable
Sources:
(1) Police Bar Station
(2)0County Fire Dep East Regional Operation Bureau
(3)City Public Works Department
(4)City Community Services Department
(5)Includes online classes
Note: Indicators are not available for the general government function.
110
City OfDiamond Ba[
Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Function
General government
Community development
Community services
Public works
Function
General government
Community development
Community services
Public works
Fiscal Year Ended June 30,
2001
2002
2003
2004
2005
24
24
24
25
25
4
4
4
5
7
30
37
38
45
74
4
4
5
0
7
70 09 71 81 113
Fiscal Year Ended June 30,
2006
2007
2008
2000
2010
22
21
24
25
21
8
8
8
7
8
77
74
OS
71
75
7
8
10
10
S
Total 114 111 100 113 113
Nota:
The City is a contract city and as such contracts for many of its services. This includes police services,
Source: City Finance Department
109
City DfDiamond Bar
2009 Principal E[nplOyG[8°
(unaudited)'
Number of % of City
Company Name Address Map City Employees Employment
South Coast Air Quality Management
21865 copleyOr
Diamond Bar
786
6.13%
Walnut Valley Unified
Various
Diamond Bar
500
3.90%
Travelers
21688Gateway Center Or#3O0
Diamond Bar
401
3.1396
SouthcoastCabinet Inc
755PinofaUaAve
Diamond Bar
280
2.1896
Pomona Unified
Various
Diamond Bar
211
1.6596
AAA Auto Club ofCalifornia
2843SDiamond Bar Blvd
Diamond Bar
200
1.56Y6
OnAssignment Healthcare
21G8OGateway Center Or#31O
Diamond Bar
200
1.5096
JFJ|nc
05GBrea Canyon Road
Diamond Bar
180
1.40%
First Team Real Estate
1A5OSBrea Canyon Road #1
Diamond Bar
150
1.1796
JFShea Company
S55Brea Canyon Road
Diamond Bar
135
1.05%
Century 21 Diamond Realty
21O15Pathfinder Road #10O
Diamond Bar
120
0.0496
Goodrich Sensors And |ntgndSystems
155OValley Vista Or
Diamond Bar
120
0.9496
QTCMedical Svc Inc
135OValley Vista Or
Diamond Bar
120
0.0496
Southwest Patrol
55GNDiamond Bar Blvd #2O7
Diamond Bar
120
0.9496
StamideSecurity &Investigation
1Q3OSBrea Canyon Road #22O
Diamond Bar
120
0.9496
City ofDiamond Bar
21825Copley Dr
Diamond Bar
113
0.88%
First Mortgage
Various
Diamond Bar
110
0.88%
Administaff
1440BhdgegoteDr#100
Diamond Bar
100
0.7896
Bryan AStirndAnd Associates
13GOValley Vista Dr
Diamond Bar
100
0.7896
Daoor
1440BhdgegetoDr#200
Diamond Bar
100
0.78%
Total of Top Employers
Total Employees in City
Notes:
WIN
4166 32.51%
12.815
City of Diamond Bar
Demographic and Economic Statistics
General Information
Date of Incorporation April 18, 1989
Form of Government Council -Manager
Area 14.76 Square Miles
Miles of Streets 128
Public Safet
Police Protection
Los Angeles County Sheriff Department
Fire Protection
Los Angeles County Fire Department
Water Services
Calendar
Service Provider
Walnut Valley Water District
Education
Unemployment
School District
Pomona Unified School District
Schools
1 High School, 1 Middle School, & 4 Elementary Schools
School District
Walnut Valley Unified School District
Schools
1 High School, 2 Middle Schools, & 4 Elementary Schools
Demoaraahic and Statistical Information (Last Ten Calendar Years
Sources: Info USA
HdL Cornen & Cone
107
Pop 25+
Median Bachelor
Age Degree
36.4 42.2%
39.2 46.7%
Personal
Per Capita
Calendar
Income
Personal
Unemployment
Year
Population
(In Thousands)
Income
Rate
2000
$ 56,287
$ 1,431,529
$ 25,433
3.80%
2001
57,032
1,468,388
25,747
4.00%
2002
58,035
1,499,464
25,837
4.80%
2003
58,843
1,555,942
26,442
4.90%
2004
59,304
1,642,869
27,703
4.60%
2005
59,528
1,721,421
28,918
3.80%
2006
59,497
1,827,966
30,724
3.40%
2007
59,629
1,903,585
31,924
3.60%
2008
59,920
1,929,498
32,201
5.30%
2009
60,184
1,885,698
31,332
8.30%
Sources: Info USA
HdL Cornen & Cone
107
Pop 25+
Median Bachelor
Age Degree
36.4 42.2%
39.2 46.7%
Fiscal Year
Net assessed value
Add back: Exemptions
Gross assessed value
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
City Debts:
Revenue bonds
Legal debt margin
Fiscal Year
Net assessed value
Add back: Exemptions
Gross assessed value
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
City Debts:
Revenue bonds
Legal debt margin
City of Diamond Bar
Computation of Legal Debt Margin
Last Ten Fiscal Years
(unaudited)
2001 2002 2003 2004 2005
$ 4,125,665,929 $ 4,357,791,664 $ 4,688,804,659 $ 5,080,985,735 $ 5,446,817,363
40,088,648
41,869,703
44,188,829
47,621,182
39,831,091
4,165,754,577
4,399,661,367
4,732,993,488
5,128,606,917
5,486,648,454
25%
25%
25%
25%
25%
1,041,438,644
1,099,915,342
1,183,248,372
1,282,151,729
1,371,662,114
15%
15%
15%
15%
15%
156,215,797
164,987,301
177,487,256
192,322,759
205,749,317
0
13,755,000
13,755,000
13,755,000
13,755, 000
$ 156,215,797 $ 151,232,301 $ 163,732,256 $ 178,567,759 $ 191,994,317
2006 2007 2008 2009 2010
$ 5,874,950,276 $ 6,421,927,342 $ 6,894,023,460 $ 7,201,620,222 $ 7,095,299,195
51,408,286
28,682,577
39,859,238
48,909,164
66,422,679
5,926,358,562
6,450,609,919
6,933,882,698
7,250,529,386
7,161,721,874
25%
25%
25%
25%
25%
1,481,589,641
1,612,652,480
1,733,470,675
1,812,632,347
1,790,430,469
15%
15%
15%
15%
15%
222,238,446
241,897,872
260,020,601
271,894,852
268,564,570
13, 520,000
13, 280,000
13,025,000
12,760,000
12,480, 000
$ 208,718,446 $ 228,617,872 $ 246,995,601 $ 259,134,852 $ 256,084,570
The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However,
this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal
year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The
computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation
the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local govern-
ment located within the state.
Source: Section 43605 of the California Government Code
Hdl Coren & Cone
City Finance Department
106
City ofDiamond Bar
Direct and Overlapping Debt
June 30,201Q
Direct Debt asof June 30, 2009
Diamond Bar Lease Revenue Bond
Overlapping Debts 000fJune m0,uVoepq
33O1UMetropolitan Water District
809.50 Mt San Antonio Com Col Dio2O01Ser S-A
8OS.51K8tSan AmomiuCom Col Dis2U04Ser 8
8US.52MtSan xooumiuCCD DSO5Ref Bond
8OS.53MtSan 8n0omioCDOGU1.U0Ser C
809.54M1San An8zmiuDS2OO1.2OUDSeries D
S15.57Pomona Unified School District Refund Ser 19S7A
S15.02Pomona Unified School District 2OO8Ser A
815.O4Pomona Unified SDRefunding 2OO1 Ser ADebt Svcs
815.O5Pomona Unified GD2OO2Ser ADebt Service
815.8OPomona Unified School District 2OU2Ser B
915.O7Pomona Unified School District 2002Ser C
S15.88Pomona Unified School District 2OU2Ser D
S15.O9Pomona Unified School District 2OO2Ser E
S15JUPomona Unified School District 2OO7Ref 8da
S15.71Pomona Unified School District 2OOBSeries A
S80.55Walnut Valley Unified GORefund Series 1S87A
98O.5OWalnut Valley Unified SD2ODUSeries A
S8O.50Walnut Valley Unified GD20OOSeries C
S0O.58Walnut Valley Unified GD2UOOSeries D
98U.OUWalnut Valley Unified GD2OUOSeries E
88O.O1Walnut Valley Unified GD2UO5Ref Bonds
SOO.O2Walnut Valley Unified SO2OU7(Measure 8)
38O.O3Walnut Valley Unified 8D2OO7(Measure Y)
Total Overlapping Debts:
Grand Total Direct and Overlapping Debt:
Debt »pAssessed Valuation Ratios aspfJune on.2u1n:
2009/10 Net Assessed Valuation: $7.OS5.29S.185
2009 Estimated Total City Population: 60,407
Debt
Outstanding
$ 12,480,000
% City's Share of
Applicable (1) 8eb 06/30/10
100.000 $ 12,480,000
121,475156
0.823
989,840
2,250,000
10.500
237,598
8.870.000
10.580
1.042.201
81.525.843
10.560
0,497.068
79.695,008
10.500
8,415707
25,480.293
10.560
2.685,412
32.125.000
18.327
6.208.738
17.800.800
19.327
3.401.519
18.375.000
19.327
3.551,302
8,105,000
19.327
1,578,034
12.655.000
19.327
2,445.008
13,195,000
18.327
2,550.173
13,500,000
18.327
2.608.120
12,280,000
19.327
2,373,333
8.952.834
19.327
1J30.317
35,000,000
19.327
6J04,304
26.437.718
58.773
15.538.206
230.000
58.773
135.178
0.710.000
58.773
3.943.875
21.108.114
58.773
12.452.811
6,001,837
58.773
3.527,406
11.705.000
58.773
0.879.391
29�95,000
58.773
17,100.033
7145887
58.773
4199059
580607790
116867389
$ 593.087.780
$ 129.347.389
Direct Debt
0.18.&
$207
Overlapping Debt
1.65%
$1.935
Total Debt
1.82%
$2.142
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city.
(2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hd|Coren&Cone
105
City of Diamond Bar
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Note:
(a) Details regarding the City's outstanding lease revenue bonds can be found in the notes to the financial stateme
(b) Details regarding the City's population and per capita income can be found in the Demographic and Economic
Statistics Table.
Source: City Finance Department
104
Governmental Activities
Fiscal Year
Lease
Other
Total
Total
% of
Debt
Ended
Revenue
Bond &
Governmental
Primary
Per Capita
Per
June 30
Bonds (a)
Loans
Activities
Government
Income (b)
Capita (b)
2001
$ -
$ -
$ -
$ -
0.00%
$ -
2002
13,755,000
0
13,755,000
13,755,000
0.92%
237
2003
13,755,000
0
13,755,000
13,755,000
0.88%
234
2004
13,755,000
0
13,755,000
13,755,000
0.84%
232
2005
13,655,000
0
13,655,000
13,655,000
0.79%
229
2006
13,520,000
0
13,520,000
13,520,000
0.74%
227
2007
13,280,000
0
13,280,000
13,280,000
0.70%
223
2008
13,025,000
0
13,025,000
13,025,000
0.68%
217
2009
12,760,000
0
12,760,000
12,760,000
0.68%
212
2010
12,480,000
0
12,480,000
12,480,000
0.66%
207
Note:
(a) Details regarding the City's outstanding lease revenue bonds can be found in the notes to the financial stateme
(b) Details regarding the City's population and per capita income can be found in the Demographic and Economic
Statistics Table.
Source: City Finance Department
104
City of Diamond Bar
Secured Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
Fiscal Year
Taxes Levied
Collected within the
Collections in
Total Collections
Ended
for the
Fiscal Year of Levy
Subsequent
to Date
June 30
Fiscal Year
Amount
% to Levy
Years
Amount
% of Levy
2001
$ 2,104,530
$ 2,027,817
96.35%
$ 106,713
$ 2,033,335
96.62%
2002
2,289,208
2,161,417
94.42%
127,792
2,261,747
98.80%
2003
2,474,222
2,376,390
96.05%
97,831
2,401,626
97.07%
2004
2,699,991
2,584,106
95.71%
115,884
2,533,329
93.83%
2005
2,870,810
2,739,911
95.44%
130,899
2,812,366
97.96%
2006
3,107,457
2,800,968
90.14%
306,489
3,079,327
99.09%
2007
3,378,087
3,116,729
92.26%
261,359
3,367,552
99.69%
2008
3,582,055
3,260,073
91.01%
321,981
3,575,656
99.82%
2009
3,781,997
3,458,210
91.44%
323,786
3,726,933
98.54%
2010
3,715,310
3,424,173
92.16%
291,137
3,687,298
99.25%
103
City of Diamond B8[
Top 10Property Taxpayers
�
2009- 10
Percentage ofTotal
! Current Taxpayers
Assessed Valuation
Net Assessed Valuation
Diamond Bar Business Corporation
49.470.000
0.700%
|
' Country hills Holding LLc
45.676.620
0.640%
Behringer Harvard Western Portfolio LP
41.548.291
0.580%
<
CRP 2Holdings CCLP
39.535,200
0.56096
) V|FUHampton AtDiamond Bar LLC
/
37.539.894
0.530%
Target Corporation
28,424I01
0.400%
� | Dorothy V.CauffmonFamily LP
25.950.550
0.370%
Muller Rock 2Gateway
�
24.992.888
0.36096
/ Danari Diamond Bar LLC
24.087.082
0.34096
Gateway Corporate Center LP
`
18.227.808
0.28096
335,450,423
4.750%
(
2000-01
Percentage ufTotal
Taxpayers Ten Years Ago
Assessed Valuation
Net Assessed Valuation
[RPM Muller Associates LLC
/.
$21.624.000
0.520Y6
M&HRealty Partners ||
19.008.800
0.460%
( Diamond Bar Business Corporation
(
15.495.213
0.380%
Martin BrottmdProperties
13.889.845
0.340%
/ HRBarnosFamily LP
13.888.000
0.330%
PGP Inland Communities
12.011.440
0.310%
/ Shea Homes LP
11.827.729
0.29096
Lakeview Village Corporation
11.611.777
0.28096
/
Arden Realty Finance III LLC
10.848.728
0.260%
Lincoln Emerald Pointe
/ .
8.680.980
0.210Y6
139,344,512
3.380%
/
/ . Source: Hd|Coen&Cone, L/\County Assessor 2OOQ/1Ocombined tax rolls.
2005/06 2006/07 2007/08 2008/09 2009/10
1.00000 1.00000 1.00000 1.00000 1.00000
0.00080 0.00066 0.00000 0.00000 0.00000
0.00005 0.00005 0.00000 0.00000 0.00000
0.00520 0.00470 0.00450 0.00430 0.00430
0.02122 0.02530 0.01750 0.02333 0.02571
0.12488 0.12401 0.11379 0.11577 0.14546
0.03633 0.07429 0.06944 0.07029 0.06769
0.09140 0.08749 0.08462 0.11297 0.11674
1.2799 1.3165 1.2899 1.3267 1.3599
0.05192 0.05192 0.05192 0.05192 0.05192
0.0529 0.0528 0.0549 0.0527 0.0527
101
City of Diamond Bar
Direct and Overlapping Property Tax Rates
(Rate per $100 of Assessed Value)
Agency 2000/01 2001/02 2002/03 2003/04 2004105
Basic Levy* 1.00000 1.00000 1.00000 1.00000 1.00000
County Detention Facilities 1987 Debt
LA County Flood Control
Metropolitan Water District
Mt. San Antonio College
Pomona Unified School Dist
Rowland Heights Unified
Walnut Valley Unified School Dist
Total Direct & Overlapping Tax Rates
City's Share of 1% Levy Per Prop 13*
General Obiligation Debt Rate
Redevelopment Rate*
Total Direct Rate*
0.00131
0.00113
0.00103
0.00099
0.00092
0.00155
0.00107
0.00088
0.00046
0.00025
0.00880
0.00770
0.00670
0.00610
0.00580
0.00000
0.00000
0.01946
0.01525
0.01473
0.13493
0.12202
0.12342
0.12633
0.12910
0.03734
0.03636
0.03618
0.03780
0.03885
0.08840
0.09163
0.10086
0.09660
0.09515
1.2723
1.2599
1.2885
1.2835
1.2848
0.05192
0.05192
0.05192
0.05192
0.05192
0.0519 0.0485 0.0512 0.0513 0.0531
*
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared
by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners
are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds for
the Pomona Unified School District or Walnut Valley Unified School Districts in Diamond Bar depending on which school
district the property is located in.
Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping
rates apply to all city property owners.
RDA rate is based on the largest RDA tax rate area(TRA) and includes only rate(s) from indebtedness adopted prior to 1989
per California State statute. RDA direct and overlapping rates are applied only to the incredmental property values.
Total Direct Rate is the weighted average of all individual direct rates applied by the government preparing the statistical
section information.
Source: Hdl Coren & Cone
`/1
THIS PAGE INTENTIONALLY LEFT BLANK
w
City of Diamond Bar
Assessed and Estimated Actual Values of Taxable Property
2000/01 - 2009/10 Taxable Property Values
(unaudited)
Fiscal
Year
Ended Net Tax
June 30, Secured Unsecured Nonunitary * Taxable Values Exemptions % Change
2000-01
$ 4,058,203,577 $
67,345,947 $
116,405
$ 4,125,665,929 $
40,088,648
2001-02
4,286,132,334
71,531,889
127,441
4,357,791,664
41,869,703
5.63%
2002-03
4,618,700,097
69,981,865
122,697
4,688,804,659
44,188,829
7.60%
2003-04
5,003,437,689
77,407,924
140,122
5,080,985,735
47,621,182
8.36%
2004-05
5,370,469,396
76,173,121
174,846
5,446,817,363
39,831,091
7.20%
2005-06
5,791,564,163
83,223,023
163,090
5,874,950,276
51,408,286
7.86%
2006-07
6,331,041,269
90,751,985
134,088
6,421,927,342
28,682,577
.9.31%
2007-08
6,784,318,579
109,704,881
0
6,894,023,460
39,859,238
7.35%
2008-09
7,102,450,158
99,170,064
0
7,201,620,222
48,909,164
4.46%
2009-10
7,004,770,702
90,528,493
0
7,095,299,195
66,422,679
-1.48%
RM
Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual
market value of taxable property and is subject to the limitations described above.
* Prior to 2007, all SBE Nonunitary Railroad Properties were taxed at the tax rate area level. As of 2007, there was
legislation passed that requires Counties to track this value for the each county in a specific tax rate area and it's
distributed differently. Therefore from this year forward, Cities can no longer keep tracking how much value there
is on railroad properties within each City.
Source: Los Angeles County Auditor/Controller, Hdl Coren & Cone
Net Assessed Value
$8,000,000,000
$7,000,000,000
$6,000,000,000
$5,000,000,000IMM
400
MEMO
IN
MIM
o $4,000,000,000In
R
OMAN
III
$3,000,000,000
T51-1
'30151SIZE
'110,
NIMPE
IRM
IN
ap
$2,000,000,000
'vg
$1,000,000,000
$-
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06 2006-07 2007-08 2008-09 2009-10
Fiscal
Year
RM
Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual
market value of taxable property and is subject to the limitations described above.
* Prior to 2007, all SBE Nonunitary Railroad Properties were taxed at the tax rate area level. As of 2007, there was
legislation passed that requires Counties to track this value for the each county in a specific tax rate area and it's
distributed differently. Therefore from this year forward, Cities can no longer keep tracking how much value there
is on railroad properties within each City.
Source: Los Angeles County Auditor/Controller, Hdl Coren & Cone
Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual
market value of taxable property and is subject to the limitations described above.
* Prior to 2007, all SBE Nonunitary Railroad Properties were taxed at the tax rate area level. As of 2007, there was
legislation passed that requires Counties to track this value for the each county in a specific tax rate area and it's
distributed differently. Therefore from this year forward, Cities can no longer keep tracking how much value there
is on railroad properties within each City.
Source: Los Angeles County Auditor/Controller, Hdl Coren & Cone
2008
2009
2010
$10,165,881
$ 9,119,375
$ 8,559,012
543,561
550,822
556,989
9,896,948
12,081,466
11,511,337
1,111,655
1,460,828
2,292,247
637,484
601,533
607,936
3,121,476
1,445,324
1,547,672
1,629,257
938,053
340,322
826,177
1,018,956
327,833
27,932,439
27,216,357
25,743,348
3,987,656
5,071,860
4,435,858
4,933,958
5,407,476
5,524,279
4,926,418
5,607,870
5,183,964
3,714,762
3,673,282
3,655,029
2,246,496
1,945,951
1,601,322
4,271,890
5,508,167
5,161,924
255,000
265,000
280,000
411,583
187,212
33,904
24,747,763 27,666,818 25,876,280
3,184,676 (450,461) (132,932)
7,266,149 6,629,225 4,294,720
(7,608,749) (7,039,825) (4,710,376)
(342,600) (410,600) (415,656)
2,842,076 (861,061) (548,588)
2.89% 2.08% 1.54%
97
Revenues:
Taxes
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Licenses and permits
Investment income
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Highway and streets
Parks, recreation and culture
Community development
Capital outlay
Debt service
Principal
Interest charges
Fiscal charges
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
City of Statistical
Changes in Fund Balances, Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Year Ended June 30,
2003 2004 2005 2006 2007
$ 7,432,575 $ 7,759,331 $ 8,632,837 $ 9,508,757 $ 9,876,760
557,601
555,232
593,778
504,908
541,382
8,602,856
6,353,152
8,306,557
8,821,141
11,169,052
706,137
709,011
761,040
870,314
1,002,210
813,617
733,903
713,201
589,922
546,902
1,467,127
1,457,345
1,732,555
2,389,149
4,247,626
658,922
395,929
654,066
1,250,570
1,716,194
74,818
234,951
480,740
792,216
767,457
20,313,653
18,198,854
21,874,774
24,726,977
29,867,583
3,163,516
3,663,055
3,787,005
3,551,659
4,402,235
4,973,248
4,857,179
4,954,630
5,404,259
4,880,290
1,006,768
1,365,737
4,301,146
4,769,497
5,114,274
1,946,025
2,114,090
2,750,815
2,613,834
3,475,549
2,808,613
3,419,856
1,050,025
2,748,539
2,292,757
8,057,482
9,261,289
1,682,830
5,320,597
5,344,935
235,000 240,000
86,562 145,580 237,487 404,075 493,840
1,080,940
23,123,154 24,826,786 18,763,938 25,047,460 26,243,880
(2,809,501) (6,627,932) 3,110,836 (320,483) 3,623,703
Bond issued 13,755,000
Bonds discount and issuance costs (769,300)
Transfers in 10,259,848 9,906,970 2,363,367 6,469,523 6,030,764
Transfers out (10,453,243) (10,090,723) (2,600,654) (6,733,961) (6,354,106)
Total other financing
sources (uses)
Net changes in fund balances
Debt service as a
percentage of noncapital
expenditures
12,792,305 (183,753) (237,287) (264,438) (323,342)
9,982,804 (6,811,685) 2,873,549 (584,921) 3,300,361
7.48% 0.82% 1.38% 3.18% 2.91%
The City has elected to show only six years of data for this schedule.
Source: City Finance Department
0.1
2009 2010
$ 1,612,181 $ 1,955,477
30,041,357 28,756,623
31,653,538 30,712,100
2,754,526
5,423,979
(2,701,642)
1,735,077
5,303,640
(2,020,782)
5,476,863 5,017,935
$ 37,130,401 $ 35,730,035
95
City of Diamond Bar
Fund Balances of Governmental Funds
Last Eight Fiscal Years
(modified accrual basis of accounting)
Total all other governmental funds 14,018,456 6,896,895 6,498,307 5,148,389 4,366,089 5,061,948
Total fund balances $36,372,082 $ 29,560,397 $ 32,433,946 $ 31,562,005 $ 34,827,639 $37,991,462
The City has elected to show only seven years of data for this schedule.
Source: City Finance Department
Fiscal Year Ended 30,
2003
2004
2005
2006
2007
2008
General fund:
Reserved
$ 440,407 $
866,843
$ 1,125,918
$ 1,310,172 $
1,893,287
$ 1,864,387
Unreserved
21,913,219
21,796,659
24,809,721
25,103,444
28,568,263
31,065,127
Total general fund
22,353,626
22,663,502
25,935,639
26,413,616
30,461,550
32,929,514
All other governmental funds:
Reserved
5,719,861
105,861
5,555,988
2,274,829
3,311,451
5,810,250
Unreserved, reported in:
Special revenue funds
8,030,278
6,043,352
6,111,202
5,485,933
5,736,366
4,955,552
Debt Service Fund
505,915
274,426
Capital projects funds
268,317
241,767
(5,443,309)
(2,612,373)
(4,681,728)
(5,703,854)
Total all other governmental funds 14,018,456 6,896,895 6,498,307 5,148,389 4,366,089 5,061,948
Total fund balances $36,372,082 $ 29,560,397 $ 32,433,946 $ 31,562,005 $ 34,827,639 $37,991,462
The City has elected to show only seven years of data for this schedule.
Source: City Finance Department
1/' 2009 2010
$ 4,473,666 $ 5,159,300 $4,973,685
4,944,729
5,396,083
5,526,099
12,034,669
13,931,211
12,287,325
2,251,196
1,959,303
1,624,547
5,188,977
4,950,687
5,091,215
392,548
177,633
57,948
29,285,785 31,574,217 29,560,819
225,553
132,262
131,633
1,176,931
1,017,336
1,014,237
2,851,187
1,732,985
2,070,167
23,351
17,602
21,106
1,581,597
1,705,282
1,754,789
4,307,074
5,588,818
4,358,895
219,193
2,272,580
15,960,279
10,384,886 12,466,865 25,311,106
3,927,073 4,001,276 3,837,288
800,390 633,075 569,916
4,102,177 3,085,223 3,122,229
1,024,710 1,093,039 1,115,980
283,433 199,365 259,384
4,563,127 4,687,515 4,599,922
1,420,988 833,270 618,963
4,388 304,463 7,090
16,126,286 14, 837,226 14,130,772
$ (2,774,613) $ (4,270,126) $9,881,059
93
Expenses:
Governmental activities:
General government
Public safety
Highways and streets
Community development
Parks, recreation and culture
Interest on long-term debt
Total general revenues
Program revenues:
Governmental activities:
Charges for services
General Government
Public safety
Highways and streets
Community development
Parks, recreation and culture
Operating grants and contributions
Capital grants and contributions
Total governmental activities
program revenues
General revenues:
Taxes
Property taxes
Transient occupancy taxes
Sales taxes
Franchise taxes
Property transfer tax
City of Diamond Bar
Changes in Net Assets
Last Eight Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30,
2003 2004 2005 2006 2007
$ 3,315,082 $ 3,713,530 $ 3,997,319 $4,203,123 $4,784,314
4,988,449
4,875,823
4,969,183
5,418,005
4,876,435
1,006,768
1,365,737
4,622,014
5,240,568
14,019,550
3,370,116
5,724,606
1,050,025
2,759,718
2,292,757
2,309,150
2,580,454
3,814,887
3,737,071
4,779,588
535,752
171,223
270,735
423,320
498,042
15,525,317 18,431,373 18,724,163 21,781,805 31,250,686
74,805
225,656
486,925
707,272
262,541
813,617
733,902
1,159,264
1,277,170
1,512,195
517,930
529,330
1,328,637
1,555,993
3,493,798
908,330
933,985
7,888
16,841
21,297
558,227
610,772
1,147,088
1,260,849
1,385,788
4,390,722
4,068,446
4,040,785
5,281,308
6,968,824
1,779,510
261,994
1,150
1,254,314
9,043,141 7,364,085 8,170,587 10,100,583 14,898,757
2,727,712
2,717,949
3,191,006
3,555,244
3,754,955
578,680
628,564
717,879
718,889
774,757
2,965,292
3,167,901
3,508,341
3,949,349
3,943,345
828,242
912,531
941,319
996,567
1,064,621
367,638
367,464
413,247
416,423
331,096
Unrestricted Motor vehicle in lieu
3,370,387
2,716,134
4,386,800
3,663,061
4,356,641
Use of money and property
439,455
182,069
532,091
1,051,922
1,476,010
Other revenues
84,795
250,250
676,292
361,622
41,362
Total general revenues
11,362,201
10,942,862
14,366,975
14,713,077
15,742,787
Change in net assets
$ 4,880,025
$ (124,426)
$ 3,813,399
$3,031,855
$ (609,142)
Note:
The City implemented GASB 34 for the fiscal year ended June 30, 2003. Information prior to the implementation of GASB 34 is
not available.
Source:
City Finance Department
RE
2008 2009 2010
$ 370,949,296 $ 367,529,907 $ 377,940,738
2,912,276
3,526,991
2,260,872
889,176
568,280
725,667
541,482
559,920
309,533
305,915
319,815
36,236,504
34,554,084
34,215,610
$ 411,296,785 $
407,026,659 $
416,022,622
9E
City OfDiamond B8[
Net Assets h«Component
Last Eight Fiscal Years
(accrual basis Ofaccounting)
Note
The City implemented GA8B34for the fiscal year ended June 3U'20O3.
Information prior to the implementation of GAS13 34 is not available.
As allowed by GAS13 34, the value of infrastructure placed in service prior to July 1, 2002 was not included
in the net assets until the fiscal year ended June 30, 2007.
9E
Fiscal Year Ended June 3O
(2003
2004
2005
2006
2007
Governmental activities:
' Invested incapital assets,
| net ofrelated debt(1)
$ 8,237.553
$1O.844OO7
$ 10.682.694
$ 14.593.935 $
375.216.400
Restricted for:
Capital projects
5.988.178
241.767
3.775.552
3.323.474
3.446.873
( Community development
1.308.057
1.296.806
1.013.495
\ Public safety
Debt service
245.763
243.697
321.747
Unrestricted
26,205 ,849
31,231,827
29,775,169
29,461 ,178
34,072,884
| > Total governmentol activities net assets
Note
The City implemented GA8B34for the fiscal year ended June 3U'20O3.
Information prior to the implementation of GAS13 34 is not available.
As allowed by GAS13 34, the value of infrastructure placed in service prior to July 1, 2002 was not included
in the net assets until the fiscal year ended June 30, 2007.
9E
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