HomeMy WebLinkAboutCAFR - FY 1997-98CITY OF DIAMOND BAR
Diamond Bar, California
Comprehensive Annual Financial Report
Year ended June 30, 1998
Prepared by
FINANCE DEPARTMENT
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CITY OF DIAMOND BAR
Comprehensive Annual Financial Report
Year ended June 30, 1998
TABLE OF CONTENTS
EXHIBIT Page
INTRODUCTORY SECTION:
Letter of Transmittal i
Officials of the City of Diamond Bar xii
Organization Chart xiii
Certificate of Award for Outstanding Financial Reporting (CSMFO) xiv
Certificate of Achievement for Excellence in Financial Reporting (GFOA) xv
1_2 _IQ
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Independent Auditors' Report 1
General Purpose Financial Statements:
• Combined Balance Sheet - All Fund Types and Account Groups AA 3
• Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types- BB 5
® Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental
Fund Types cc 6
® Combined Statement of Revenues, Expenses and Changes
in Retained Earnings - Proprietary Fund Type DD 8
® Combined Statement of Cash Flows - Proprietary Fund Type EE 9
® Notes to the Financial Statements 10
CITY OF DIAMOND BAR
Comprehensive Annual Financial Report
(Continued)
TABLE OF CONTENTS, (CONTINUED)
EXHIBIT Page
Supplemental Data:
General Fund:
® Comparative Balance Sheets A-1 29
• Revenue Detail - Budget and Actual A-2 30
® Expenditure Detail - Budget and Actual A-3 31
Special Revenue Funds:
® Combining Balance Sheet
B-1 34
® Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
B-2 36
• State Gas Tax Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-3 38
® Proposition A Transit Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-4 39
® Proposition C Transit Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-5 40
® Intermodal Surface Transportation Efficiency Act (ISTEA) Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-6 41
CITY OF DIAMOND BAR
Comprehensive Annual Financial Report
(Continued)
TABLE OF CONTENTS. (CONTINUED)
• Integrated Waste Management Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® State -Local Transportation Partnership Project Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Air Quality Improvement Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Bicycle and Pedestrian Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Park Fees Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Proposition A Safe Parks Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Park and Facility Development. Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Community Development Block Grant Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
EXHIBIT
Page
B-7
42
B-8
43
B-9 44
B-10 45
B-11 46
B-12 47
B-13 .48
B-14 49
CITY OF DIAMOND BAR
Comprehensive Annual Financial Report
(Continued)
TABLE OF CONTENTS, (CONTINUED)
® Citizens Option for Public Safety (COPS) Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Asset Seizure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Landscape Maintenance Districts Funds:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Capital Projects Funds:
® Combining Balance Sheet
® Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
® Grand Avenue Construction Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Capital Improvement Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
® Redevelopment Agency Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
EXHIBIT .
Page
B-15
50
B-16
51
B-17 52
C-1 54
C-2 55
C-3 56
C-4 57
C-5 58
CITY OF DIAMOND BAR
Comprehensive Annual Financial Report
(Continued)
TABLE OF CONTENTS. (CONTINUED)
EXHIBIT Page
Agency Fund:
Deferred Compensation Fund:
. Statement of Changes in Assets and Liabilities
General Fixed Assets Account Group:
® Comparative Schedule of General Fixed Assets by Source
® Schedule of General Fixed Assets by Function and Activity
® Schedule of Changes in General Fixed Assets by Function and Activity
D-1 60
E-1 62
E-2 63
E-3 64
Table No.
STATISTICAL SECTION:
General Governmental Expenditures by Function
1
General Governmental Revenues by Source
2
Secured Property Tax Levies and Collections
3
Assessed and Estimated Actual Values of Taxable Property
4
Property Tax Rates - All Direct and Overlapping Governments
5
Principal Taxpayers
6
Computation of Legal Debt Margin
7
Computation of Direct and Overlapping Debt
8
Schedule of Insurance in Force
9
Demographic and Miscellaneous Statistical Information
10
Residential and Commercial Construction
11
Ratio - Unreserved General Fund Balance to Annual General Fund Expenditures 12
j Schedule of Credits
13
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68
69
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21660 E. Copley Drive, Suite 100 - Diamond Bar, CA 91765-4177
(909) 860-2489 • Fax (909) 861-3117
Internet: http://www.ci.diamond-bar.ca.us - City Online (BBS): (909) 860-5463
November 19, 1998
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, 1998. Responsibility for both
the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the City. We believe the data
presented is accurate in all material respects; that it is presented in a manner
designed to fairly set forth the financial position and results of operations of the
City as measured by the financial activity of its various funds and account groups;
and that all disclosures necessary to enable the reader to gain a full understanding
of the City's financial affairs have been included.
The Comprehensive Annual Financial Report (CAFR) is presented in three
Carol Herrera
sections; introductory, financial and statistical. The introductory section includes
Mayor
this transmittal letter, the City's organizational chart and a list of principal officials.
The financial section includes general purpose financial statements and schedules,
Wen Chang
Mayor Pro Tem
the independent auditor's report, and the notes to the financial statements. The
statistical section includes selected financial and demographic information on a
Eileen R. Ansari
multi-year basis.
Council Member
In addition to the financial audit, the City is legally required to also conduct an
Robert S. Huff
Council Member
annual single audit in conformity with the provisions of the Single Audit Act of
1984 and the US Office of Management and Budget Circular A-133, Audits of
Deborah H. O'Connor
States, Local Governments. and Non -Profit Organizations Information related to
Council Member
this single audit, including the schedule of federal financial assistance, findings and
recommendations, and auditors' reports on the internal control structure and
compliance with applicable laws and regulations, are not included with this report
and are issued as a separate .document.
_i_
Recycled paper
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, 1997. 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, whose
contents conform to program standards. The CAFR must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of
Diamond Bar has received the Certificate of Achievement for the last three consecutive
years (fiscal years ended 1995, 1996, and 1997). We believe our current report
continues to conform to the Certificate of Achievement program requirements, and we
are submitting it to GFOA.
The City of Diamond Bar has also been awarded the Certificate of Award for
Outstanding Financial Reporting by the California Society of Municipal Finance Officers
for its comprehensive annual financial report for the last three consecutive years.
REPORTING ENTITY AND ITS SERVICES
This Comprehensive Annual Financial Report includes all funds and account groups 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, recreation services, park maintenance, capital improvement projects,
animal control, attorney services and engineering. Staff provided services include
customer service, community development (which includes planning, building and safety
management, and code enforcement), public works (which includes engineering, capital
projects administration, street maintenance contract management, traffic and
transportation matters, engineering contract management, and subsidized transit ticket
sales), community services (which includes senior services, park maintenance, recreation
contract management and landscape maintenance), economic development,
redevelopment, community relations, grant administration, financial management and
administrative management. All of these activities are included in this report.
Fire protection is provided by the Los Angeles County Fire District 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.
Located at the junction of the 57 and 60 freeways, 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 56,000, 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 and an 18 hole
public golf course.
During the past couple of years, the City of Diamond Bar's economy has seen a slight
improvement. This fiscal year was no exception as illustrated by stable sales tax
revenues, new business starts and a slight reduction in office vacancy rates. In addition,
this year saw the commencement of construction of two large previously approved
residential projects consisting of 157 high quality upper scale homes. This, in addition to
several new business commitments, is a signal that the economy in Diamond Bar is
improving and will continue to grow.
The -City's Community Redevelopment Agency saw the adoption of the Economic
Revitalization Project Area. By investing in the community, the Redevelopment Agency
is working to remove blighting conditions within the city's commercial areas and to
improve traffic flow on the City's major thoroughfares.
For the Year. In the FY97-98 budget, the City of Diamond Bar identified several major
programs and projects necessary to meet increased service levels and to prepare the City
for the future requirements of its residents. The following is a list of the significant
activities which were accomplished this fiscal year.
j The City Council pledged to improve communications with all citizens and seek out
public input on several key projects and issues. Advisory task forces on off-site parking
and trash collection were formed. These groups held several meetings throughout the
year and subsequently submitted their recommendations to the City Council for review
and possible action.
-m-
The City's Capital Improvement Program for FY 97-98 included several street
rehabilitation projects. These included Diamond Bar Boulevard from Grand to the
northerly City limits, Brea Canyon Road from Pathfinder to the southerly City limits,
and Pathfinder Road. The Diamond Bar Community Redevelopment Agency awarded
contracts for the design of five potential street improvement projects located on major
thoroughfares through out the redevelopment project area. It is anticipated that these
projects will be done in the near future.
Transportation and traffic continue to be major sources of concern for the City. The
City has continued its popular transit subsidy and Dial -a -Cab programs. The transit
subsidy program offers a 20% to 50% discount to citizens on transit passes for Foothill
Transit, Metrolink, and the MTA. The other extremely popular program implemented
by the City is the Dial -a -Cab program which offers senior and handicapped citizens
taxicab transportation at a nominal rate. To encourage citizens to commute via car pool
or bus, the City also participated in the expansion of one of the City's two park and ride
lots. All of these programs have been funded by Proposition A Transit Funds.
The City has implemented an ongoing traffic signal program, which is designed to place
signals at several warranted locations throughout the community. Traffic signals
installed this year include Golden Springs Boulevard at the intersections of Calbourne,
Goldrush and Palomino and Diamond Bar Boulevard at Montefino and Quail Summit.
In addition, the Diamond Bar Community Redevelopment Agency funded warrant
studies of fifteen additional possible signal locations within the Redevelopment project
area.
In its continuing effort to serve the citizens of Diamond Bar, the City has been striving to
improve and enhance recreational opportunities within the City. On that note, after
several years of planning and design, in FY 96-97, the City Council awarded a contract
for the construction of a new park, Pantera Park. This FY 97-98 saw the completion of
this wonderful new park facility. The 23.8 acre park features two softball fields, two
soccer fields, three lighted basketball courts, two tennis courts, concession/meeting room
facilities, a tot lot and several picnic areas. Funding for this new addition was provided
through a combination of developer mitigation fees, Quimby Park Fees, funding provided
through the Los Angeles County's Proposition A -Safe Neighborhood Parks Act and the
General Fund. Pantera Park was officially opened to public at its Grand Opening which
was held on July 25, 1998.
The City continued its implementation of an aggressive economic development program.
The mainstay of this program has been the marketing of Diamond Bar. The City has and
will continue to participate in trade shows in an effort to draw attention to the
opportunities which abound. In addition, another marketing tool being used is the City's
Internet World Wide Web site. The web site has a vast amount of useful information
about the City, ranging from a community calendar to a site selection area, which has
pictures, maps and availability of commercial sites within the City. The City has started
to see some results from these endeavors, including the reduced vacancies within the
Gateway Corporate Center, and a complete refurbishment of an existing hotel.
-iv-
In it's continued support of the Diamond Bar branch of the Los Angeles County Public
Library, last fiscal year the City's Redevelopment Agency provided funding to assist the
County in the refurbishment of the facility. This included the replacement of the roof,
air conditioning system, carpeting, and the installation of ceramic tile on previously
carpeted areas. The City also continued to support the library computer program
originally implemented by the City. This includes the provision of ongoing technical
assistance, various computer programs, and internet access. This program has provided
a wonderful resource to the community which can be used by. all, whether it is a student
working on a research paper or someone wanting -to look at the City's web page on the
internet.
For the Future - The accompanying financial statements reflect an excellent financial
condition. This has been accomplished through a combination of sound leadership and
management and a conservative financial approach.
Reserves have been built in anticipation of a funding loss which was anticipated to occur
in FY97-98. The City has received State subventions based upon an incorporation
population of 74,115. By law, starting in FY97-98, these subventions were to be based
on the actual population which is estimated to be 56,000. Assembly Bill 1226 and
Senate Bill 1584 reinstituted the City's incorporation population in January 1998. These
statutes also provide for the City to continue to receive State subventions based on the
incorporation population until December 31, 1999. Major changes and reductions were
implemented in FY97-98 to prepare for the anticipated reduction in revenues. As a
result the FY 98-99 budgeted operating expenditure levels have remained virtually the
same. The overall goal is to implement revenue enhancement activities and expenditure
reduction decisions that will mitigate the impact of this "shortfall", beginning in
FY99-00.
As stated earlier, to further increase economic growth opportunities within the City, the
City formed the Diamond Bar Community Redevelopment Agency in April 1996. The
Diamond Bar Economic Revitalization Area includes most of the City's commercial and
industrial districts. This redevelopment plan will provide a framework for future
activities. Some of these activities may include a Commercial and Industrial
Rehabilitation program, a Business Expansion and Retention Program, and a Parking
Improvements Program.
FINANCIAL. INFORMATION
Internal Control Structures
Management of the City is responsible for establishing and maintaining an internal
control structure designed to ensure the assets of the City are protected from loss, theft,
1 or misuse and to ensure that adequate accounting data is compiled to allow for the
preparation of financial statements in conformity with generally accepted accounting
principles. The internal control structure is designed to provide reasonable, but not
-v-
absolute, assurance that these objectives are met. The concept of reasonable assurance
recognizes that (1) the cost of a control should not exceed the benefits likely to be
derived; (2) the valuation of costs and benefits requires estimates and judgements by
management.
Budgetary Controls
The City adopts an annual budget prepared on the modified accrual basis for all of its
governmental funds: Revisions that alter the total appropriations of any funds are
approved by the City Council. Prior year appropriations lapse unless they are
reappropriated through the formal budget process. Expenditures may not legally exceed
j appropriations at the fund level.
As demonstrated by the statements and schedules included in the Financial section of this
Report, the City meets its responsibility for sound financial management.
Accounting System
The City's accounting records for general government operations and agency funds are
maintained on a modified accrual basis. Accordingly, revenues are recognized when
measurable and available, and expenditures are recognized when goods and services are
received. Accounting for the City's internal service operations are maintained on the
accrual basis. In addition, the City maintains a General Fixed Assets Account Group to .
account for fixed assets acquired by the City which are not part of the internal service
funds. The City also maintains a General Long Term Debt Account Group to record the
City's long term debt obligations including accumulated employee vacation and sick time.
General Government Functions
The following schedule presents a summary of general, special revenue, and capital
project fund revenues for the fiscal year ended June 30, 1998 and the amount and
percentage of increases or decreases in relation to prior year revenues.
INCREASE PERCENT
PERCENT (DECREASE) INCREASE
REVENUES
AMOUNT
OF TOTAL
FROM 1996-97
(DECREASE)
Taxes
5,511,755
28.05%
144,174
2.69%
Special Assessments
561,772
2.86%
31,397
5.92%
Licenses, Permits, and Fees
1,247,155
6.35%
(169,918)
-11.99%
Intergovernmental
9,178,049
46.72%
2,822,034
44.40%
Fines & Forfeitures
219,075
1.12%
42,808
24.29%
Charges for Services
432,020
2.20%
91,572
26.90%
Interest
1,166,554
5.94%
160,871
16.00%
Other Revenue
1,329,957
6.77%
1,287,101
3003.32%
TOTAL
19,646,337
100.00%
4,410,039
MM
Revenues for the 1996-97 fiscal year were $15,236,298 as compared with $19,646,337
for the 1997-98 fiscal year, an increase of $4,410,039, or 28.9 percent.
There were increases in several of the tax categories. The major increase was in the
Franchise Tax Revenue. The Cable TV franchise revenue increased due to two factors.-
The
actors:The major factor was due to an increase in Cable TV subscription rates. The second
factor is due to the City's cable TV operation changed ownership, as a result the
franchise payments are now made on a quarterly basis instead of annually. This method
allows the revenues to be recorded in a more timely manner. Property tax revenue
increased slightly due to a slight increase in the assessed valuation of properties. Sales
Tax also increased due to a continually improving economy. The Transient Occupancy
Tax (TOT) revenue was somewhat less than the previous year due to a one time spike in
revenues recognized in FY96-97. In addition one of the City's hotels was under
rehabilitation for a good portion of the year.
The Licenses, Permits and Fees category shows a somewhat significant decrease. This
is due to a decrease in revenues collected which are associated the recordation of
previously approved land subdivisions. These fees typically include Park in Lieu Fees,
and Traffic Mitigation fees. The other revenue sources summarized within this category
generally showed an increase. Building, Engineering, and Planning Fees increased by
$39,037 and Recreation Fees increased by $98,494. The Recreation Program continues
to grow each year due to several factors. These factors include increased marketing,
better class offerings and flexibility, additional athletic activities and the addition of new
programs.
Interest revenues rose due to the general increase in the City's cash balances. At the end
of FY96-97, the City's investable cash balances were $21,079,356 by the end of FY97-
98, the balance had increased to $23,732,074. This is an increase of $2,652,718.
Fines and Forfeiture Revenue increased in several categories. General and Parking Fines
grew by $29,464. The False Alarm revenues were also up this year due to increased
collection efforts.
The increase in the Charges for Services Category is primarily due to continued increase
in transit pass sales. This is as a result of increased usage of mass transit by the citizens
of Diamond Bar.
The Other Revenue category increase was due to the sale of land owned by the City.
This revenue from the sale of this land amounted to $1,297,575. It was the City
Council's direction to create a Park and Facility Development Fund with the proceeds
from this sale.
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The following schedule presents a summary of general, special revenue, and capital
project fund expenditures for the fiscal year ended June 30, 1998 and the amount and
percentage of increases and decreases in relation to prior years expenditures.
INCREASE PERCENT
PERCENT (DECREASE) INCREASE
EXPENDITURES
AMOUNT
OF TOTAL
FROM 1996-97
(DECREASE)
General Government
2,542,140
15.38%
377,201
17.42%
Public Safety
4,094,401
24.78%
(1,117)
-0.03%
Highways and Streets
1,864,176
11.28%
893,943
108.53%
Public Works
2,402,426
14.54%
122,695
5.38%
Community Development
603,117
3.65%
152,784
33.93%
Parks, Recreation, & Culture
1,666,198
10.08%
395,581
31.13%
Capital Outlay
3,324,851
20.12%
2,753,777
582.21%
Debt Service
28,064
0.17%
17,744
171.94%
TOTAL
16,525,373
100.00%
4,712,608
Expenditures for the 1996-97 fiscal year were $11,812,765 as compared with
$16,525,373 for the 1997-98 fiscal year, an increase of $4,712,608, or 39.8 percent.
The increases in the General Government category were spread across all divisions.
within this category. There were increases in costs associated with the City Council's
and City Manager's divisions due to increased lobbying activities associated with the
passage of state laws protecting the City's revenue sources. The City was a party to
lawsuits during the fiscal year causing the City Attorney expenditures to rise by
approximately $73,600. This fiscal year saw the implementation of a new financial
management system. As a result there were increases in personnel, training, and data
processing costs. Election costs.for this fiscal year were $14,025 when there were no
election costs last fiscal year.
During FY97-98, the City's street and public works expenditures were increased due to
the timing of several construction projects. In many cases the design was completed
during FY 96-97; however, the actual construction did not commence until the current
i fiscal year. Therefore expenditures were higher this year than last year.
The expenditure increase in the Community Development area was also due to several
factors. Building and Safety costs increased by $119,800 which is offset by a
corresponding increase in related revenues received. There were also continuing costs
incurred as a result of the formation of the Diamond Bar Economic Revitalization Area
by the City's redevelopment agency. It is anticipated that these costs will be easily
recovered via future tax increment revenues.
-viii-
The increase in the Parks, Recreation, and Culture section was largely due to the sale of
Proposition A -Transit funds in the amount of $385,000. The proceeds from the sale of
these funds were used for various parks, recreation and cultural activities.
Capital Outlay category was significantly higher this fiscal year due to the construction
and completion of Pantera Park. The cost incurred this fiscal year for this project, was
$2,072,679. The City also completed various ADA retrofitting projects. Retrofitted
improvements include various sidewalk, curb, public counter, and park projects. Other
major capital outlay items included the upgrade of the City's financial management
system, the furnishing and equipping of the new City Hall office facilities.
Debt Service requirements were increased as a result of the City redevelopment agency's
increased indebtedness.
Fund Balances
The General Fund ended the 1997-98 fiscal year with a fund balance of $13,242,7.26.
This an increase of $1,665,315 or approximately an 14.4% increase from the balance at
June 30, 1997. Of this, $850,367 is reserved for encumbrances, debt service and special
programs. In addition, there is $115,239 designated for specific projects and programs,
including $109,957 for library service enhancement. This leaves an undesignated fund
balance of $12,277,120.
Agency Fund
The agency fund accounts for assets held by the City in a trustee or agent capacity. The
City presently has a deferred compensation fund which is set up to account for
contributions for employee participation in an income deferral program.
Cash Management
The City invests temporarily idle funds in accordance with the Government Code and the
investment policy approved by the City Council. During FY97-98, funds were invested
in the Local Agency Investment Fund (LAIF), which is administered by the State
Treasurer's Office and a Money Market Mutual Fund account with Well's Fargo Bank,
The City invested in LAIF to the maximum balance of $20,000,000, any available cash
over and above the LAIF account is invested in the Money Market Mutual Fund. The
City manages. all of its cash and investments on a pooled basis with the exception of the
Deferred Compensation Funds which are managed by the appointed fiscal agents.
Interest earnings are allocated to the various funds based on their share of cash and
investment balances. The average yield on investments managed by the City was 5.25%.
Defined Benefit Pension Plan
The City has contracted with the California Public Employees Retirement System
(PERS) to provide retirement, disability, death and survivor benefits for all eligible full
and part-time City employees. The pension benefit obligation was computed as part of
an actuarial valuation performed as of June 30, 1995. Neither an actuarial nor an annual
update as of June 30, 1998 is available at this time. The total over -funded pension
obligation applicable to the'City employees was $212,408 at June 30, 1995. The City's
contribution to the system based on actuarially determined requirements was $169,458
for FY95-96.
For the three years ended June 30, 1996, 1997 and 1998 the total contribution to PERS
was 13.31%, 13.27%, and 13.65% respectively, of the annual covered payroll. The total
contribution paid by the City included employer contributions as well as member
contribution for which the City is contractually obligated to pay on behalf of its
employees.
Debt Administration
As of June 30, 1998, the City of Diamond Bar had no outstanding general obligation
bonds. In fiscal year 1994-95, the City entered into a lease agreement for financing the
acquisition of a telephone system in the amount of $22,356 to be paid in sixty monthly
installments ending in March 2000. The balance to be paid is $10,271 including $1,247
in interest.
Risk Management
The City of Diamond Bar is a member of the California Joint Powers Insurance
Authority (CJPIA) for the purpose of pooling its general liability losses and claims with
the approximately 84 other member cities. Each member city retains the first $20,000 of
each claim. Claims above $20,000 are shared by all the member cities up to a maximum
of $50,000,000 per occurrence.
The City has also established a self insurance internal service fund to cover the City's
share of any potential losses not covered by the CJPIA. The City Council established a
policy of annually transferring $100,000 to the fund to create a self-insurance reserve.
When the reserve reaches $1,000,000, the reserves will be deemed to be sufficient. The
self insurance reserve at June 30, 1998 was. $1,175,851.
Acknowledgements
The preparation of this Comprehensive Annual Financial Report on a timely basis 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.
-x-
I would also like to thank our independent auditor, Conrad& Associates 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,
Terrence L*Belanger
City Manager
OFFICIALS OF THE CITY OF DIAMOND BAR
June 30, 1998
CITY COUNCIL
Carol Herrera, Mayor
Wen Chang, Mayor Pro Tern
Eileen R. Ansari, Councilmember
Robert S. Huff, Councilmember
Deborah H. O'Connor, Councilmember
CITY OFFICIALS
Terrence L. Belanger, City Manager
James DeStefano, Deputy City Manager
Michael Je"s, City Attorney
Lynda Burgess, City Clerk
Bob Rose, Community Services Director
David G. Liu, Deputy Public Works Director
Linda G. Magnuson, Assistant Finance Director
xii
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xiv
Presented to
City of Diamond Bar,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1997
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.
NgE OfFjC �
OF 4��
u}I O AIIOATES v %%
N
c N President
72P SF AL Q,l
CRICA64
0,0
Executive Director
xv
HAI.
�
.JO��.( 11 Ea_i, L.L.P.
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
Honorable Mayor and City Council
City of Diamond Bar
Diamond Bar, California
Independent Auditors' Report
CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET, SUITE C
IRVINE, CALIFORNIA 92614
(949) 474-2020
Fax (949) 263-5520
We have audited the accompanying general purpose financial statements of the City of Diamond
Bar, California as of and for the year ended June 30, 1998, as listed in the table of contents.
These general purpose financial statements are the responsibility of the management of the City
of Diamond Bar, California. Our responsibility is to express an opinion on these general purpose
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test 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 management, as well as evaluating
the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Diamond Bar as of June 30, 1998, and the
results of its operations and the cash flows of its proprietary fund type for the year then ended in
conformity with generally accepted accounting principles.
During the year ended June 30, 1998, the City implemented GASB Statement No. 31 which
changed the manner in which the City accounts for investments, as discussed further in note 16
to the financial statements.
Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements listed in
the table of contents are presented for purposes of additional analysis and are not a required part
of the general purpose financial statements of the City of Diamond Bar, California. Such
information has been subjected to the auditing procedures applied in the audit of the general
purpose financial statements, and in our opinion, is fairly stated in all material respects in relation
to the general purpose financial statements taken as a whole. The scope of our audit did not
include the supplemental statistical schedules listed in the table of contents and we do not
express an opinion on them.
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
Honorable Mayor and City Council
City of Diamond Bar
Page Two
In accordance with Government Auditing Standards, we have also issued our report dated
October 23, 1998 on our consideration of the City of Diamond Bar's internal control over
financial reporting and our tests of its compliance with certain provision of laws, regulations,
contracts and grants.
4M4-1� As&-ee4k; /
October 23, 1998
(This page intentionally left blank)
CITY OF DIAMOND BAR
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1998
See accompanying notes to the financial statements.
3
Proprietary
Governmental Fund T
es Fund Type
General
SpecialCapital-n
Revenue
ern
Projects Service
Assets and other debits
Assets:
Cash and investments (note 2)
$12,727,816
9,786,255
201,584 1,070,496
Accounts receivable
194,671
23,766
- -
Interest receivable
296,678
-
- _
Due from other funds (note 11)
443,209
-
884,761 -
Due from other governments
1,007,208
1,217,566
- -
Prepaid expenses
-
-
- 107,096
Advances fo other funds (note 6)
741,526
-
- _
Fixed assets (note 3)
-
Other debits:
Amount to be provided for
retirement of general long-term
debt
_
_
_ _
Total assets
$15,411,108
11,027,587
1,086,345 1,177,592
Liabilities, equity and other credits
Liabilities:
Accounts payable
$ 1,266,109
178,953
674,101 1,741
Accrued payroll
115,455
2,926
699 -
Retentions payable
-
68,079
- -
Deferred revenue
38,384
-
Due to other funds (note 11)
254,620
1,073,350
- -
Deposits
493,814
-
Due to other governments
Compensatecrabsences
-
16,308
- -
payable (note 4) -
Obligations
-
under capital lease
(notes 4 and 5)
-
Advances from other funds
notes 4 and 6)
Deferred
-
compensation payable
(note 9)
-
_
_ _
Total liabilities
2,168,382
1,339,616
674,800 1,741
Equity and other credits:
investment in general fixed assets
-
-
_ _
Retained earnings:
Unreserved
-
-
- 1,175,851
Fund balances (note 8):
Reserved
850,367
689,751
- -
Unreserved - designated
115,239
8,998,220
411,545 -
Unreserved - undesignated
12,277,120
-
- _
Total equity and other credits
13,242,726
9,687,971
411,545 1,175,851
Total liabilities, equity
and other credits
$15,411,108
11,027,587
1,086,345 1,177,592
See accompanying notes to the financial statements.
3
Fiduciary Fund Type
Account Groups
Totals
Ueneral
Ueneral(Memorandum
Only)
Agency
Fixed Assets
Long-Term Debt
1998
1997
743,199
-
-
24,529,350
21,617,956
-
-
-
218,437
127,475
-
-
-
296,678
280,792
-
-
-
1,327,970
547,309
-
-
-
2,224,774
1,469,216
-
-
-
107,096
-
-
741,526
379,419
-
6,768,037
-
6,768,037
4,323,878
-
-
875,940
875,940
495,786
743,199
6,768,037
875,940
37,089,808
29,241,831
-
-
-
2,120,904
1,753,966
-
-
-
119,080
92,204
-
-
-
68,079
58,375
-
-
-
38,384
10,320
-
-
-
1,327,970
547,309
-
-
-
493,814
308,672
-
-
16,308
16,308
-
-
125,390
125,390
102,808
-
-
9,024
9,024
13,559
-
-
741,526
741,526
379,419
743,199
-
-
743,199
538,325
743,199
-
875,940
5,803,678
3,821,265
-
6,768,037
-
6,768,037
4,323,878
-
-
-
1,175,851
888,649
-
-
-
1,540,118
2,055,528
-
-
-
9,525,004
7,511,116
-
-
-
12,277,120
10,641,395
-
6,768,037
-
31,286,130
25,420,566
743,199
6,768,037
875,940
37,089,808
29,241,831
M
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Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
All Governmental Fund Types
Year ended June 30, 1998
Revenues:
Taxes
Special Assessments
Licenses, permits and fees
Intergovernmental
Fines and forfeits
Charges for services
Investment income
Other revenues
Total revenues
Expenditures:
Current:
Generalovernment
Public safety
Highway and streets
Public works
Community development
Parks, recreation and
culture
Capital outlay
Debt service:
Interest
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances
General
$ 5,511,755
1,247,155
3,341,094
219,075
633,803
32,382
10,985,264
Special
Revenue
561,772
5,836,955
432,020
523,387
1,297,575
8,651,709
2,542,140
4,088,861 5,540
11,468
1,265,894 1,115,302
- 139,848
1,256,426 409,772
247,987 20,410
9,401,308 1,702,340
Capital
Projects
9,364
9,364
1,852,708
21,230
463,269
3,056,454
28,064
5,421,725
Totals
Memorandum Onl
5,511,755
5,367,581
561,772
530,375
1,247,155.
1,417,073
9,178,049
6,356,015
219,075
176,267
432,020
340,448
1,166,554
1,005,683
1.329.957
42.856
19,646,337 15,236,298
2,542,140
4,094,401
1,864,176
2,402,426
603,117
1,666,198
3,324,851
EWA J1. 1:%,
16,525,373
2,164,939
4,095,518
970,233
2,279,731
450,333
1,270,617
571,074
10,320
11,812,765
1,583,956 6,949,369 (5,412,361 3,120,964 3,423,533
563,324 - 5,077,282 5,640,606 2,075,488
(481,965) (5,431,887) - (5,913,852) (2,345,381)
362,107 362,107 331,392
Total other financing
sources (uses) 81,359
Excess of revenues and
other financing sources
over expenditures and
other financing uses 1,665,315
Fund balances at be innin
of year, as restated note 6) 11,577,411
Fund balances at end of year $13,242,726
(5,431,887) 5,439,389 88,861 61,499
1,517,482
27,028
3,209,825
3,485,032
8,170,489
384,517
20,132,417
16,723,007
9,687,971
411,545
23,342,242
20,208,039
See accompanying notes to the financial statements.
U
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budgef and Actual
Revenues:
Taxes
Special Assessments
Licenses, permits and fees
Intergovernmental
Fines and forfeits
Charges for services
Investment income
Other revenues
Total revenues
Expenditures:
Current:
General government
Public saTety
Highways and streets
Public works
Community development
Parks, recreation and culture
Capital outlay
Debt service:
Interest
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances
All Governmental Fund Types
Year ended June 30, 1998
General
10.217.150
2,770,784
4,152,630
1,563,399
1,519,257
285,900
10,291,970
(74,820)
770,569
(676,219)
Total other financing sources (uses) 94,350
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses 19,530
Fund balances at be inning of year,
as restated (note 17j 11,577,411
Fund balances (deficit) at end of year $11,596,941
10,985,264
2,542,140
4,088,861
1,265,894
1,256,426
247,987
9.401.308
1,583,956
563,324
(481,965)
81,359
1,665,315
11,577,411
13,242,726
See accompanying notes to the financial statements.
R
768.114
228,644
63,769
297,505
262,831
37,913
890,662
1,658,776
(207,245)
194,254
—(219-91)
1,645,785
1,645,785
v ariance
Favorable
Budget
Actual
(Unfavorable)
$ 5,250,000
5,511,755
261,755
1,171,450
1,247,155
75,705
2,931,700
3,341,094
409,394
231,000
219,075
(11,925)
606,000
633,803
27,803
27,000
32,382
5,382
10.217.150
2,770,784
4,152,630
1,563,399
1,519,257
285,900
10,291,970
(74,820)
770,569
(676,219)
Total other financing sources (uses) 94,350
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses 19,530
Fund balances at be inning of year,
as restated (note 17j 11,577,411
Fund balances (deficit) at end of year $11,596,941
10,985,264
2,542,140
4,088,861
1,265,894
1,256,426
247,987
9.401.308
1,583,956
563,324
(481,965)
81,359
1,665,315
11,577,411
13,242,726
See accompanying notes to the financial statements.
R
768.114
228,644
63,769
297,505
262,831
37,913
890,662
1,658,776
(207,245)
194,254
—(219-91)
1,645,785
1,645,785
Special Revenue
EXHIBIT CC
Capital Proiects
v ariance
Favorable
Budget Actual (Unfavorable)
35,000 - (35,000)
9,364 9,364
35,000 9,3642� 5,636)
115,000
5,540
v ariance
Favorable
Budget
Actual
(Unfavorable)
549,616.
561,772
12,156
5,178,070
5,836,955
658,885
443,500
432,020
(11,480)
355,100
523,387
168,287
1,300,000
1,297,575
_((2,425)
7,826,286
8,651,709
825,423
EXHIBIT CC
Capital Proiects
v ariance
Favorable
Budget Actual (Unfavorable)
35,000 - (35,000)
9,364 9,364
35,000 9,3642� 5,636)
115,000
5,540
109,460
-
27,028 1,948,581
8,246,111
25,520
11,468
14,052
4,181,391
1,852708
,
2,328,683
1,287,050
1,115,302
171,748
-
21,230
21,230
193,
000
848
54,123
452,480
463,269
10,789
422,
409;772
12,228
-
-
-
127,045
20,410
106,635
4,507,456
3,056,454
1,451,002
-
-
-
-
28,064
(28,064)
2,170,586
1,702,340
468,246
9,141,327
5,421,725
3,719,602
5,655,700
6,949,369
1,293,6699
1(, 06,327)
(5A!2,361)
3,693,966
7,034,524
5,077,282
(1,957,242)
(7,463,694)
(5,431,887)
2,031,807
-
-
150,250
362,107
211,857
7,463,694 63,694)
(5,431,887)
2,031,807
7,184,774
5,439.389
(1,745,385)
(1,807,994)
1,517,482
3,325,476
(1,921,553)
27,028 1,948,581
8,246,111
8,170,489
(75,622)
384,517
384,517 -
6,438,117
9,687,971
3,249,854
(1,537,036)
411,545 1,948,581
6
fflyffirt
CITY OF DIAMOND BAR
Combined Statement of Revenues, Expenses, and Changes in Retained Earnings -
Proprietary Fund Type
Year ended June 30, 1998
See accompanying notes to the financial statements.
8
Internal Service
1998
1997
Operating expenses:
Insurance premiums
$ 28,143
163,577
Total operating expenses
28,143
163,577
Operating income (loss)(28,1,41�
r-11
163.577
Non-operating revenues:
Investment income
42,099
32,723
Total non-operating revenues
42.099
32,723
Income (loss) before operating transfers
13,956
(139,854
Transfer from other funds:
Operating transfer in
273,246
269,893
Total operating transfers
273,246
269,893
Net income
287,202
139,039
Retained earnings at beginning of year
888,649
749,610
Retained earnings at end of year
$1,175,851
888.649
See accompanying notes to the financial statements.
8
Combined Statement of Cash Flows - Proprietary Fund Type
Year ended June 30, 1998
Cash flows from operating activities:
Insurance rebates
Insurance payments
Net cash provided by (used for) operating activities
Cash flows from noncapital financing activities:
Transfer from other fund
Net cash provided by noncapital financing activities
Cash flows from investing activities:
Investment income
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Reconciliation of net operating income to net
cash provided by (used for) operating activities:
Operating income (loss)
Adjustments to reconcile operating income to net
cash provided by (used for) operating activities:
(Increase) decrease in prepaid insurance
(Decrease) increase in accounts payable
Net cash provided by (used for) operating activities
Internal Service
1998 1997
$ - 7,870
135,052) -
_
(135,052 7,870
273,246
273,246
42,099
42,099
180,293
890,203
$1,070,496
$ (28,143)
(107,096)
187
!(115,052)
See accompanying notes to the financial statements.
269,893
269,893
32,723
32,723
310,486
579,717
890,203
(163,577)
169,893
1,554
7,870
(This page intentionally left blank)
CITY OF DIAMOND BAR
Notes to the Financial Statements
Year ended June 30, 1998
(1) Summary of Significant Accounting Policies
(a) Description of the Reporting Entily
The City of Diamond Bar was incorporated April 18, 1989 under the general laws
of the State of California. The City operates under the Council - Manager form of
government and provides the following services as authorized by its general laws:
Public Safety (police), Highways and Streets, Park Facilities, Public
Improvements, Community Development (planning, building, zoning) and
General Administrative Services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. As required by generally accepted
accounting principles, these financial statements present the government and its
component units, entities for which the government is considered to be financially
accountable. The City is considered to be financially accountable for an
organization if the City appoints a voting majority of that organization's
governing body and the City is able to impose its will on that organization or
there is a potential for that organization to provide specific financial benefits to or
impose specific financial burdens on the City. The City is also considered to be
financially accountable if an organization is fiscally dependent (i.e., it is unable to
adopt its budget, levy taxes, set rates or charges, or issue bonded debt without
approval from the City). In certain cases, other organizations are included as
component units if the nature and significance of their relationship with the City
are such that their exclusion would cause the City's financial statements to be
misleading or incomplete.
All of the City's component units are considered to be blended component units.
Blended component units, although legally separate entities, are, in substance,
part of the government's operations and so data from these units are reported with
the interfund data of the primary government. The following organization is
considered to be a component unit of the City:
Diamond Bar Redevelopment Agency
The Diamond Bar Redevelopment Agency was established on February 6, 1996
pursuant to the State of California Health and Safety Code Section 33000 entitled
"Community Redevelopment Law". Its purpose is to prepare and carry out plans
for improvements, rehabilitation and redevelopment of blighted areas within the
territorial limits of the City of Diamond Bar. Even though it is legally separate, it
is reported as if it were part of the City because the City Council also serves as the
governing board of the Agency. Upon completion, separate financial statements
of the Agency can be obtained at City Hall.
10
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(b) Fund Accounting
The . basic accounting and reporting entity is a "fund." A fund is defined as an
independent fiscal and accounting entity with a self -balancing set of accounts,
recording resources, related liabilities, obligations, reserves and equities
segregated for the purpose of carrying out specific activities or attaining certain
objectives in accordance with special regulations, restrictions or limitations.
The accounting records of the City are organized on the basis of funds and
account groups classified for reporting purposes as follows:
GOVERNMENTAL FUNDS
General Fund
The General Fund is the general operating fund of the City. All general tax
revenues and other receipts that are not allocated by law or contractual agreement
to some other fund are accounted for in this fund. Expenditures of this fund
include the general operating expenses and capital improvement costs which are
not paid through other funds.
Special Revenue Funds
The Special Revenue Funds are used to account for proceeds of specific revenue
sources that are restricted by law or administrative action for specific purposes.
Capital Project Funds
Capital Project Funds are used to account for financial resources to be used for the
acquisition, construction or improvements of major capital facilities and
infrastructure.
The City applies all applicable GASB pronouncements in accounting and
reporting for its proprietary operations as well as the following pronouncements
issued on or before November 30, 1989, unless these pronouncements conflict
with or contradict GASB pronouncements: Financial Accounting Standards
Board (FASB) Statements and Interpretations, Accounting Principles Board
(APB) Opinions, and Accounting Research Bulletins (ARBs) of the Committee
on Accounting Procedures. Proprietary funds include the following fund type:
Notes to the Financial Statements
(Continued)
(1) Summm of Significant Accounting Policies, (Continued)
Internal Service Fund
The Internal Service Fund is used to account for goods and services provided by
one department to other departments on a cost reimbursement basis.
FIDUCIARY FUNDS
Agency Funds
Agency Funds are custodial in nature and account for assets that the City holds for
others in an agency capacity.
ACCOUNT GROUPS
General Fixed Assets Account Grou
The General Fixed Assets Account Group is used to account for the costs of fixed
assets acquired to perform general government functions.
Assets purchased are recorded as expenditures in the governmental Rinds and
capitalized at cost in the general fixed assets account group. Contributed fixed
assets are recorded in the general fixed assets account group at their estimated fair
market value when received. Fixed assets acquired under a capital lease are
recorded at the net present value of the future minimum lease payments.
Fixed assets consisting of certain improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems, have not been capitalized. Such assets normally are immovable
and of value only to the City. Therefore, the purpose of stewardship for capital
expenditures is satisfied without recording these assets.
No depreciation has been provided on general fixed assets.
General Long -Term Debt Account Group
The General Long -Term Debt Account Group is used to account for all long-term
debt of the City, except that accounted for in the proprietary funds.
12
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(c) Measurement Focus and Basis of Accounting
Governmental (general, special revenue, and capital projects) fund types are
accounted for on a "spending" measurement focus. Accordingly, only current
assets and current liabilities are included on their balance sheets. The reported
fund balance provides an indication of available, spendable resources. Operating
statements for governmental fund types report increases (revenues) and decreases
(expenditures) in available spendable resources.
The proprietary (internal service) fund types are accounted for on an "income
determination" or "cost of services" measurement focus. Accordingly, all assets
and liabilities are included on the balance sheet, and the reported fund equity
provides an indication of the economic net worth of the fund. Operating
statements for proprietary fund types report increases (revenues) and decreases
(expenses) in total economic net worth.
Agency funds are custodial in nature (assets equal liabilities) and do not involve
measurement of results of operations.
The modified accrual basis of accounting is followed by the governmental and
agency funds. Under the modified accrual basis of accounting, revenues are
susceptible to accrual when they become both measurable and available.
Available means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Expenditures, other than interest
on long-term debt, are recorded when a current liability is incurred. Liabilities are
considered current when they are normally expected to be liquidated with
expendable available financial resources.
Taxes, subventions, entitlements, and taxpayer -assessed tax revenues held at year-
end by an intermediary collecting government are recognized as revenue under the
modified accrual basis of accounting. Reimbursement grant revenues are
recognized when the related expenditures are incurred. Revenues from the use of
money and property are recorded when earned.
Licenses, permits, fines, forfeitures, charges for services, and miscellaneous
revenues are recorded as governmental fund revenues when received in cash
because they are generally not measurable until actually received.
The accrual basis of accounting is utilized by the proprietary funds. Revenues are
recognized when they are earned and expenses are recorded when the related
liability is incurred. Unbilled service receivables, if material, have been reflected
in the financial statements.
13
Notes to the Financial Statements
(Continued)
1) SuinmM of Significant Accounting Policies, (Continued
(d) Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis for all of
its governmental funds. Revisions that alter the total appropriations of any funds
( are approved by City Council. Prior year appropriations lapse unless they are
reappropriated through the formal budget process. Expenditures may not legally
exceed appropriations at the fund level. During the year, there were supplemental
budgetary appropriations amounting to $2,814,454.
(e) Interfund Transfers
Nonrecurring transfers of equity between funds are reported as an adjustment to
beginning fund balance. Operating transfers are reported as other sources and
uses of funds in the statement of revenues, expenditures, and changes in fund
balances for governmental fund types.
(f) Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of monies are recorded in order to reserve that
portion of the applicable appropriation, is employed as an extension of formal
budgetary control in the governmental funds. Encumbrances outstanding at year-
end do not constitute expenditures or liabilities, but are reported as reservations of
fund balance.
(g) Cash and Investments
Investments are reported in the accompanying balance sheet 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.
14
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(g) Cash and Investments, (Continued)
The City pools cash and investments of all funds, except for deferred
compensation assets and 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 balance,
except for $633,803 of investment income (associated with funds not legally
required to receive pooled investment income) that has been assigned to and
recorded as revenue of the general fund, as provided by California Government
Code Section 53647.
(h) Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-
term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary funds' share in the cash and investment pool of the City
of Diamond Bar.
(i) Due from Other Governments
The amounts recorded as a receivable due from other governments include sales
taxes, property taxes, and grant revenues, collected or provided by Federal, State,
County, and City Governments and unremitted to the City as of June 30, 1998.
The County of Los Angeles assesses, bills, and collects property taxes for the
City.
0) Employee Leave Benefits
Vacation and sick leave time begin to accumulate as of the first day of
employment to a maximum of 160 hours. Employees who accumulate sick leave
in excess of 160 hours are paid for the excess annually at one half the employee's
current wage rate. In governmental fund types, the cost of vacation and sick leave
benefits is recognized when payments are made to employees. A long-term
liability of $125,390 of accrued benefits has been recorded by using the vesting
method in the long-term debt account group representing the City's commitment
to fund such costs from future operations.
15
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(1) Suminary of Significant Accounting Policies, (Continued)
(k) Claims and Judgments
The City records a liability for material litigation, judgments, and claims
(including incurred but not reported losses) when it is probable that an asset has
been impaired or a material liability has been incurred prior to year end and the
probable amount of loss (net of any insurance coverage) can be reasonably
estimated.
(1) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
(m) Postem_ployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
for its employees.
(n) Pro -Pe 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 of Diamond Bar accrues only those taxes which
are received within 60 days after year end.
The property tax calendar is as follows:
Lien Date:
March 1
Levy Date:
July 1
Due Date:
First Installment - November 1
May 15
Second Installment - February 1
Delinquent Date:
First Installment - December 11
Second Installment - April 11
Taxes are collected by Los Angeles County and are remitted to the City
periodically. Dates and percentages are as follows:
December 10
30% Advance
January 16
Collection No. 1
April 10
10% Advance
May 15
Collection No. 2
July 31
Collection No. 3
16
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(o) Fixed Assets
Fixed assets are not capitalized in the funds used to acquire or construct them.
Instead, capital acquisition and construction are reflected as expenditures in
governmental funds, and the related assets are reported in the general fixed assets
account group. All purchased fixed assets ate valued at cost where historical
records are available and at an estimated historical cost where no historical
records exist. Donated fixed assets are valued at their estimated fair market value
on the date received.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized. Improvements are
capitalized and depreciated over the remaining useful lives of the related fixed
assets, as applicable.
Public domain ("infrastructure") general fixed assets consisting of roads, bridges,
curbs and gutters, streets and sidewalks, drainage systems and lighting systems
are not capitalized, as these assets are immovable and of value only to the
government.
Assets in the general fixed assets account group are not depreciated.
(p) Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the City's financial position and operations. However, comparative
(i.e., presentation of prior year totals by fund type) data have not been presented
in each of the statements since their inclusion would make the statements unduly
complex and difficult to read. Certain minor reclassifications of prior year data
have been made in order to enhance their comparability with current year figures.
(q) Memorandum Only Totals
Columns in the accompanying financial statements captioned "Totals
(Memorandum Only)" are not necessary for a fair presentation of the financial
statements in accordance with generally accepted accounting principles, but are
presented as additional analytical data. Interfund balances and transactions have
not been eliminated and the columns do not present consolidated financial
information.
17
• �� • �C�•
Notes to the Financial Statements
(Continued)
(2) Cash and Investments
Cash and investments held by the City at June 30, 1998 consisted of the following:.
Carrng Amount
Imprest cash on hand $ 300
Demand deposits 46,116
State Treasurer's investment pool 20,007,661
Deferred compensation mutual funds 743,199
Money market mutual fund 3,732,074
Total $24,529,350
The City is generally authorized under Section 53601 of the California Government Code
and the City's investment policy to invest in the following types of investments:
Medium term corporate notes
Demand deposits with financial institutions
Passbook savings accounts
Certificates of deposit
U.S. Treasury bills and notes
Bankers' acceptances
Commercial paper
California Local Agency Investment Fund
Repurchase Agreements
Negotiable certificates of deposit
Money market funds
Federal Agency Securities
Deferred compensation investments held in a fiduciary capacity for City employees
include investments legally authorized for the City as well as investments in mutual
funds.
Under the California Government Code, a financial institution is required to secure
deposits made by state or local governmental units by pledging securities held in the form
of an undivided collateral pool. 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.
18
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Deposits of cities and other state or local governments are classified in three categories to
give an indication of the level of credit risk assumed by the City.
Category 1 - includes deposits that are insured or collateralized with securities held by
the City or its agent in the City's name.
Category 2 - includes deposits collateralized with securities held by the pledging
financial institution's trust department or agent in the City's name. Category 2 also
includes deposits collateralized by an interest in an undivided collateral pool held by an
authorized Agent or Depository and subject to certain regulatory requirements under
State law.
Category 3 - includes deposits collateralized with securities held by the pledging
financial institution, or by its trust department or agent but not in the City's name.
Category 3 also includes any uncollateralized deposits.
Deposits held by the City as of June 30, 1998 are classified in risk categories as follows:
Form of Deposit
Demand deposits
Total deposits
Category Bank
1 2 3 Balance
$52,412 - - 52,412
$52,412 - - 52,412
Carrying
Amount
46,116
46,116
Investments held by the City as of June 30, 1998 are not classified by custodial risk
because they do not represent a direct investment in securities.
Carrying Market
Amount Value
Investments held by City not subject to categorization:
Investment in State Treasurer's Investment Pool $20,000,000 20,007,661
Investment in deferred compensation mutual funds 743,199 743,199
Money market mutual fund 3,732,074 3,732,074
Total investments
19
$24,475,273 24,482,934
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
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 of 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. Included in
LAIF's investment portfolio are collateralized mortgage obligations, mortgage-backed
securities, other asset-backed securities, loans to certain state funds, and floating rate
securities issued by federal agencies, government-sponsored enterprises, and
corporations.
(3) Fixed Assets
A summary of changes in general
fixed assets follows:
Balance at
Balance at
July 1, 1997
Additions
Retirements
June 30, 1998
Land
$1,969,899
-
400,001
1,569,898
Buildings
859,345
300,000
-
1,159,345
Improvements other than
buildings
579,301
2,336,050
-
2,915,351
d
Vehicles anequipment
q p
726,673
235,064
-
961,737
Furniture and fixtures
188,660
13,840
40,794
161,706
Total
$4,323,878
2,884,954
440,795
6,768,037
(4) General Long; -Term Debt
Changes in general long-term debt for the year
ended June 30, 1998 were
as follows:
Balance at
Balance at
July 1, 1997
Additions
Retirements
June 30, 1998
City: ompensated absences payable
$102,808
22,582
-
125,390
Obligations under capital lease
13,559
-
4,535
9,024
Redevelopment Agency:
Advances from other funds
379,419
362,107
-
741,526
Total
$495,786
384,689
4,535
875,940
20
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
Q Obligations UnderCapitalLease
Telephone System
The City has entered into a lease agreement as lessee for financing the acquisition of a
telephone system in the amount of $22,356 to be paid in sixty monthly installments
ending in March 2000. The balance to be paid is $10,271 including $1,247 in interest.
This lease agreement qualifies as a capital lease for accounting purposes and, therefore,
has been recorded at the present value of the future minimum lease payments as of the
inception date in the general fixed assets account group. Payments of principal and
interest are made from the General Fund.
The future minimum lease obligations and the net present value of the minimum lease
payments as of June 30, 1998 were as follows:
Year Ending
June 30
1999 $ 5,601
2000 4,670
Total minimum lease payments 10,271
Less amount representing interest 1 247)
Present value of minimum lease payments $9024
(6) Advances From/to Other Funds
During the fiscal year ended June 30, 1998, the General Fund advanced $362,107 to the
Redevelopment Agency Capital Projects Fund for various start up costs. The following
represents a summary of these transactions:
Balances at Balances at
July 1, 1997 Proceeds Repayments June 30, 1998
Agency expenditures
incurred by the City $379,419 362,107
741,526
Repayment of advances is not required until funds become available to the Agency.
Interest accrues on advances at the average daily rate earned on investments in the Local
Agency Investment Fund.
21
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(7) Obligations Under Operating Leases
The City leases building and office facilities under noncancelable operating leases. The
total costs for such leases were $154,629 for the year ended June 30, 1998. The lease for
Parks and Recreation expired on June 30, 1998. The future minimum lease payments for
the lease of building and office facilities are as follows:
Year ending June 30
1999 $208,336
2000 233,588
2001 233,588
2002 246,215
Total $921,727
(8) Reserves and Designations of Fund Balance
The City established "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods, or which are legally set aside for specific
future use. Fund "designations" also may be established to indicate tentative plans for
financial resource utilization in future periods.
Fund balances at June 30, 1998 consisted of the following reserves and designations:
Special Capital Total
General Fund Revenue Projects (Memorandum Only)
Reserved for:
Debt service $ 9,024 - - 9,024
Encumbrances 99,817 689,751 - 789,568
Advances to the Diamond Bar
Redevelopment Agency 741,526 - - 741,526
850,367 689,751 - 1,540,118
Unreserved:
Designated for:
Specific projects and programs 115,239 8,998,220 411,545 9,525,004
Undesignated 12,277,120 - 12,277,120
12,392,359 8,998,220 411,545 21,802,124
fll
Total fund balance $13,242,726 9,687,971 411,545 23,342,242
22
Notes to the Financial Statements
(Continued)
(9) Deferred Compensation
The City has made available to its employees a deferred compensation plan, created in
accordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment accounts.
Funds may be withdrawn by participants upon termination of employment or retirement.
The City makes no contribution under the plan. As of June 30, 1998, the deferred
compensation liability included in an Agency Fund was $743,199 carried at market value.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights, are
solely the property and rights of the City, subject only to the claims of the City's general
creditors. Because the City handles these funds in a fiduciary capacity, the Deferred
Compensation Fund is reported as an Agency Fund in the accompanying financial
statements. Recently approved Federal legislation will require that Section 457 plan
assets be held in trust for employees. This change, expected to be implemented by 1998,
will mean that employee assets held in Section 457 plans will no longer legally remain
the property of the City. At that time, they will no longer be subject to claims of the
City's general creditors.
f10) City Employees Retirement Plan
Plan Description
The City of Diamond Bar contributes to the California Public Employees Retirement
System (PERS), an agent multiple -employer public employee defined benefit pension
plan. PERS provides retirement, disability benefits, and death benefits to plan members
and beneficiaries. PERS acts as a common investment and administrative agent for
participating public entities within the State of California. Copies of PERS' annual
financial report may be obtained from its executive office: 400 "P" Street, Sacramento,
California 95814.
Funding Policy
Participants are required to contribute 7% of their annual covered salary. The City makes
the contributions required of City employees on their behalf and for their account. For
the year ended June 30, 1998, the amount contributed by the City on behalf of the
employees was $106,842. The City is required to contribute at an actuarially determined
rate calculated as a percentage of covered payroll. The employer contribution rate for the
year ended June 30, 1998 was 6.646% for non -safety employees. Police and fire
protection services are contracted services from outside agencies. Accordingly, no
contribution is required for police and fire protection services. Benefit provisions and all
other requirements are established by state statute and city contract with employee
bargaining groups.
23
Notes to the Financial Statements
(Continued)
(10) City Employees Retirement Plan, (Continued)
Annual Pension Cost (APC)
For the year ended June 30, 1998, the City's annual pension cost (employer contribution)
of $95,149 for miscellaneous employees was equal to the City's required and actual
contributions. The required contribution was determined as part of the June 30, 1995,
actuarial valuation using the entry age normal actuarial cost method. The actuarial
assumptions included (a) 8.5% investment rate of return (net of administrative expenses),
(b) projected annual salary increases that vary by duration of service, and (c) 2% per year
cost -of -living adjustments. Both (a) and (b) included an inflation component of 4.5%.
The actuarial value of PERS assets was determined using techniques that smooth the
effects of short-term volatility in the market value of investments over a four-year period
(smoothed market value). PERS' unfunded actuarial accrued liability is being amortized
as a level percentage of projected payroll on a closed basis. PERS has combined the prior
service unfunded liability and the current service unfunded liability into a single initial
unfunded liability. The single funding horizon for this initial unfunded liability is June
30, 2019.
Miscellaneous Employees
Three -Year Trend Information
Annual Pension Cost
Percentage of
Net Pension
('
I - Fiscal Year (Employer Contribution) APC Contributed
Obli ag tion
6/30/96 $91,831
100%
$0
6/30/97 95,274
100%
0
6/30/98 95,149
100%
0
Required Supplementary Information
Entry Age
Normal Actuarial
Unfunded
Annual
UAAL as
Actuarial Accrued Value
Liability/ Funded
Covered
a % of
Valuation Date Liability of Assets
(Excess Assets) Status
Payroll
Payroll
6/30/94 $ 693,577 $ 713,228
$ (19,651) 102.8%
$1,410,051
(1.394%)
_.f
6/30/95 897,229 944,519
(47,290) 105.3%
1,370,916
(3.450%)
6/30/96 1,149,112 1,260,660
(111,548) 109.7%
1,306,702
(8.537%)
24
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(11) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 1998 are as follows:
General fund
Special revenue funds:
State gas tax
Proposition A transit
Proposition C transit
State -local transportation partnership project
Safe parks
Intermodal surface transportation efficiency act
Community development block grant
Capital projects funds:
Capital improvement
Redevelopment agency
Total
(12) Expenditures in Excess of Appropriations
Current
Current
Interfund
Interfund
Receivables
Payables
$ 443,209
254,620
- 30,869
- 57,400
- 127,333
- 150,178
- 598,534
- 40,304
- 68,732
630,141 -
254,620 -
$1,327,970 1,327,970
Expenditures for the year ended June 30, 1998 exceeded the appropriations of the
following funds:
Budget Actual Variance
Special revenue funds:
Asset seizure $ - 1,800 (1,800)
(13) Risk Management - Coverage
The City participates in the California Joint Powers Insurance Authority (CJPIA). The
purpose of this organization is to reduce the cost of liability insurance coverage by having
the member cities act as self insurers among themselves. The City's self-insurance
retention level for Comprehensive General Liability claims is $20,000 with a pro rata
sharing of all member incurred losses up to $50,000,000 per occurrence.
W
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
13) Risk Manaaement - Coveraae. (Continued
The membership of CJPIA consists of 84 cities with similar interests and needs regarding
general liability insurance. Premiums are based upon the losses incurred by the insured
and rebates are possible if the losses are minimal. The Board of Directors sets the
premiums, and each member city is represented on the Board. For the past three years,
the City's liability for claims payable, if any, did not significantly exceed its deposit with
i CJPIA and therefore no liability for claims payable has been recorded in the general long-
term debt account group. In addition, for the past three years, claim payments have not
exceeded the amount of applicable insurance coverage. Risk of liability is maintained
with CJPIA.
The City also has a policy for worker's compensation insurance with the State
Compensation Insurance Fund, which insures the City for a maximum of $1,000,000 per
occurrence. Any amounts exceeding $1,000,000 per occurrence are to be funded by the
City's self-insurance fund. The City is required to pay insurance premiums each year
based on gross payroll and past claims experience.
(14) Contingent Liabilities
The City is a defendant in various litigation arising in the normal course of operations. In
the opinion of management and counsel, the outcome is not expected to materially
adversely affect the financial position of the City.
It is not certain what impact any "Year 2000" software/hardware deficiencies might have
on the operations or systems of the City, or upon the operations or systems of the various
vendors and government agencies that provide services or funds to the City. The scope of
an audit does not include an evaluation of the adequacy of management's plans to detect
or correct any "Year 2000" software/hardware deficiencies.
(15) Proposition 218
Proposition 218, which was approved by the voters in November 1996, provides certain
limitations over the ability of local governments within the State of California to impose,
increase and extend taxes, assessments and fees. Any new, increased, or extended taxes,
assessments, and fees subject to the provisions of Proposition 218, require voter approval
before they can be implemented. Additionally, Proposition 218 provides that these taxes,
assessments, and fees are subject to the voter initiative process and may, in some
circumstances, be rescinded in the future by the voters. As a result, the government's
ability to finance the services for which the taxes, assessments and fees were imposed
could be significantly impaired. Significant taxes, fees, and assessments that may be
26
CITY OF DIAMOND BAR
Notes to the Financial Statements
(Continued)
(15) Proposition 218, (Continued)
subject to the provisions of Proposition 218 which the government currently imposes for
its own benefit or as an agent for a special district, or receives from other governmental
agencies, potentially include lighting and landscape district assessments. The City's
management believes that language in the initiative is unclear as to the scope and impact
of the proposition. Future court rulings or state legislation may clarify these issues. At
this time management is uncertain as to the effect that Proposition 218 will have on the
government's ability to maintain or increase the revenue it receives from taxes,
assessments and fees, or its effect on interfimd payments in lieu of taxes. Also unclear is
the extent to which Proposition 218 is impacted by a 1995 California Supreme Court
ruling (the Guardino case) that upheld the voter approval requirements of a previously
enacted state initiative (Proposition 62), particularly with regard to taxes imposed or
increased between November 5, 1986 and December 11, 1995.
(16) Change in Accounting Principle
During the year ended June 30, 1998, the City implemented GASB Statement No. 31
which requires that the City use fair values (instead of amortized cost) for financial
reporting purposes, as described more fully in note 1 to the financial statements. The
cumulative effect of applying this statement upon the beginning fund balances (or
retained earnings) of each fund was not material, and accordingly, those balances have
not been restated.
(17) Restatement of Beginning Fund Balances
The accompanying financial statements reflect an adjustment which resulted in a
restatement of beginning fund balance of the Park Fees Fund in the Special Revenue
Fund.
(a) The City has decreased its beginning park fees fund balance for the over -accrual
of revenue for the Peterson Park lighting project.
Park Fees Fund
Fund balance as previously reported, June 30, 1997 $558,929
(a) Adjustment to the over -accrual of revenue _25,622)
Fund balance as restated, July 1, 1997 $483,307
27
To account for all of the general revenue of the City not specifically levied or collected for other
City funds and for expenditures related to rendering the general services provided by the City.
28
CITY OF DIAMOND BAR
General Fund
Comparative Balance Sheets
Assets
Cash and investments
Accounts receivable
Interest receivable
Due from other funds
Due from other governments
Advances to other funds
Total assets
Liabilities and fund eaui
Liabilities:
Accounts payable
Accrued payroll
Deferred revenue
Due to other funds
Deposits
Total liabilities
Fund equity:
Reserved for:
Debt service
Encumbrances
Advances to the Diamond Bar
Redevelopment Agency
Unreserved:
Designated for:
Specific projects and programs
Undesignated
Total fimd. equity
Total liabilities and Rind equity
June 30, 1998
29
1998
$12,727,816
194,671
296,678
443,209
1,007,207
741.527
$15,411,108
$ 1,266,109
115,455
38,384
254,620
493.814
2,168.382
9,024
99,817
741,526
115,239
12,277,120
13,242,726
$15,411,108
1997
11,303,329
114,327
280,792
441,420
730,103
379.419
13,249,.390
1,197,373
87,554
10,320
68,060
308.672
1,671,979
13,559
429,322
379,419
113,716
10,641,395
11,577,411
13,249,390
EXHIBIT A-2
CITY OF DIAMOND BAR
General Fund
Revenue Detail - Budget and Actual
Year ended June 30, 1998
Variance -
1998 Favorable 1997
Bum Actual (Unfavorable) Actual
Real estate transfer tax
$ 120,000
176,520
56,520
155,620
Sales and use tax
2,200,000
2,417,361
217,361
2,337,941
Franchise fees
650,000
725,397
75,397
638,541
Transient occupancy tax
235,000
228,720
(6,280)
311,280
Property tax allocation
2,045,000
1,963,757
81 243)
1,924,199
Total taxes
5,250,000
5,511,755
261,755
5,367,581
Licenses, permits and fees
1,171,450
1,247,155
75,705
1,024,511
Intergovernmental:
Motor vehicle in lieu tax
2,450,000
2,820,469
370,469
2,848,769
Homeowners exemption
30,000
35,229
5,229
36,382
Off highway tax
1,700
881
(819)
1,164
Grants
450,000
484,515
34,515
9,294
Total intergovernmental
2,931,700
3,341,094
409,394
2,895,609
Fines and forfeits
231,000
219,075-(U.,925)
176,267
Investment income
606,000
633,803
27,803
600,844
Other revenues:
Rental income
15,000
21,469
6,469
17,453
Donations
-
2,156
2,156
1,590
Miscellaneous
12,000
8,757
(3,243
23,813
Total other revenues
27,000
32,382
5,382
42,856
Total revenues
$10,217,150
10.985,264
768,114
10,107,668
30
CITY OF DIAMOND BAR
General Fund
Expenditure Detail - Budget and Actual
Year ended June 30, 1998
e
31
Variance -
1998
Favorable
1997
Budget
Actual
Unfavorable)
Actual
General government:
City Council
$ 149,194
137,263
11,931
105,335
City Manager
476,879
490,814
(13,935)
474,458
City Clerk
263,060
236,728
26,332
218,162
Finance
259,850
253,993
5,857
225,304
City Attorney
250,000
184,495
65,505
110,861
Planning
539,606
499,766
39,840
451,789
Economic development
101,015
78,797
22,218
57,763
General government
535,140
490,296
44,844
376,616
Communication and marketing
166,240
144,280
21,960
116,566
Community Service Center
29,800
25,708
4,092
28,085
Total general government
2,770,784
2,542,140
228,644
2,164,939
Public safety:
Law enforcement
3,712,050
3,667,380
44,670
3,749,325
Fire
7,530
7,359
171
7,359
Building and safety
341,000
336,800
4,200
261,451
Animal control
65,000
59,510
5,490
66,610
Emergency preparation
27,050
17,812
9,238
8,404
Total public safety
4,152,630
4,088,861
63,769
4,093,149
Public works
1,563,399
1,265,894
297,505
1,192,350
Parks, recreation, and culture
1,519,257
1,256,426
262,831
1,249,826
Capital outlay
285,900
247,987
37,913
77,146
Total expenditures
$10,291,970
9,401,308
890,662
8,777,410
e
31
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues that are legally restricted to
expenditure for particular purposes.
The City of Diamond Bar has fifteen Special Revenue Funds:
State Gas Tax Fund - To account for state gasoline taxes received under Sections 2105, 2106,
2107 and 2107.5 of the Streets and Highways Code. State law requires that these revenues be
utilized solely for street related purposes.
Proposition A Transit Fund - To account for the receipt and expenditure of the City's share of the
( %2 cent sales tax levied in Los Angeles County for local transit purposes.
Proposition C Transit Fund - To account for the receipt and expenditure of Proposition C funds
from the Los Angeles County Metropolitan Transportation Authority for the City's transit and
transit -related improvement projects.
Intermodal Surface Transportation Efficiency Act (ISTEA) Fund - To account for the receipt and
disbursement of funds received under the Federal Intermodal Surface Transportation Efficiency
Act (ISTEA) of 1991 program. This program restructured the Federal -Aid Highway Program
and revenues are awarded to local agencies by the Orange County Transportation Authority
and/or the State of California Department of Transportation.
Integrated Waste Management Fund - To account for revenues and expenditures related to the
City's waste reduction efforts as related to AB939.
State -Local Transportation Partnership Project (SLTPP) Fund - To account for the receipt and
disbursement of funds under the State -Local Transportation Partnership Program Guidelines
dated June 8, 1994. The fundings are awarded for the street rehabilitation projects of local
agencies by the State of California Department of Transportation.
Air Quality Improvement Fund - To account for motor vehicle registration fees received from the
South Coast Air Quality Management District to reduce air pollution from motor vehicles
pursuant to the California Clean Air Act of 1988.
Bicycle and Pedestrian Fund - To account for revenues and expenditures related to the receipt of
state funds allocated for the purpose of the construction of bike and pedestrian paths.
i
Park Fees Fund - To account for revenues received and expenditures made for park development
and improvement. The primary source of revenue is park development fees collected from
developers under the State of California's Quimby Act.
Proposition A Safe Parks Fund - To account for funds received and expended as a result of the
approval of the Los Angeles County Safe Neighborhood Parks Act passed in 1992. This Act
provides funds to cities to improve, preserve, and restore parks.
Park and Facility Development Fund - To account for the development and enhancement of the
City's parks.
32
SPECIAL REVENUE FUNDS, (CONTINUED)
Community Development Block Grant Fund - To account for the City's allotment of CDBG
funds from the federal government via the County of Los Angeles Community Development
Commission. These funds are used to fund community development programs and projects
benefiting low and moderate income citizens.
Citizens Option for Public Safety Fund (COPS) - To account for COPS grants received from
both the state and federal government. The purpose of these funds are to enhance the City's
public safety budget and to fund special public safety related projects.
Asset Seizure Fund - To account for Narcotics Asset Forfeiture funds received from the federal
government. It is required that these funds be used to enhance drug and law enforcement
activities.
Landscape Maintenance Districts Funds - To account for revenues and expenditures related to the
special property tax assessments which were set up in accordance with the Landscape and
Lighting Act of 1972. The purpose of these districts is to improve the landscaping of City owned
medians and hillsides.
33
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CITY OF DIAMOND BAR
Special Revenue Funds
Combining Balance Sheet
June 30, 1998
Liabilities and fund balances
Liabilities:
Accounts payable
$ -
70,866
-
Integrated
1,274
Bicycle
Accrued payroll
State
Prop. A
Prop. C
Waste
Air Quality
and
Retentions payable
Gas Tax
Transit
Transit ISTEA
Management
SLTPP Improvement
Pedestrian
Assets
30,869
57,400
127,333 40,304
- 150,178
-
-
Cash and investments
$2,624,444
1,707,011
2,076,845 -
177,543
- 135,692
29,259
Accounts receivable
-
-
- -
23,766
- -
-
Due from other
30.869
128,759
195.412 40,304
29.154 150,178
1,617
16,308
governments
107.725
56,010
75.422 40.304
16,179
150,178 16,008
Total assets
$2,732,169
1,763,021
2,152,267 40.304
217,488
150,178 151,700
29,259
Liabilities and fund balances
Liabilities:
Accounts payable
$ -
70,866
-
28,067 -
1,274
-
Accrued payroll
-
493
- -
1,087 -
343
-
Retentions payable
-
-
68,079 -
- _
-
_
Due to other funds
30,869
57,400
127,333 40,304
- 150,178
-
-
Due to other
governments
-
16.308
Total liabilities
30.869
128,759
195.412 40,304
29.154 150,178
1,617
16,308
Fund balances:
Reserved for:
Encumbrances
31,040
12,600
622,651
Contingencies
-
-
_
Unreserved:
Designated for:
Specific projects
and programs
2,670,260
1,621,662
1.334,204
188,334
150.083
12,951
Total fund balances
2,701,300
1,634,262
1.956,855
188.334
150,083
12,951
Total liabilities and
fund balances
$2,732.169
1,763,021
2.152.267 40.304
217,488 150,178
151,700
29.259
34
Park and Community Landscape
Park Prop. A Facility Development Asset Maintenance
Fees Safe Parks Development Block Grant COPS Seizure Districts
205,431 - 1,356,441
598,534
205.431 598,534 1,356,441
EXHIBIT B -i
Totals
1998 1997
- 269,009 319,508 885,072 9,786,255
8,123,195
- - - - 23,766
13,148
78,664 61.629 16,913 1,217,566
739.113
78.664 330.638 319.508 901,985 11.027.587
8,875.456
9,845 14,611 54,290 178,953 129,759
- - - 1,003 2,926 4,029
- - - - - - 68,079 -
598,534 - 68,732 - - - 1,073,350 479,249
16,308 16.308
598.534 78,577 14,611 55.293 1.339,616 629.345
23,373 - - 87 - - - 689,751 .1,134,228
- - - - - - - - 99,000
182,058 -
1,356,441
- 316.027
319.508
846,692
8,998,220
7,012,883
205,431
1.356,441
87 316,027
319.508
846.692
9.687.971
8.246.111
205,431 598,534
1.356,441
78,664 330.638
319.508
901,985
11,027,587
8.875,456
35
CITY OF DIAMOND BAR
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1998
wi
Integrated
Bicycle
State
Prop. A
Prop. C
Waste
Air Quality
and
Gas Tax
Transit
Transit
ISTEA
Management
SLTPP
Improvement
Pedestrian
Revenues:
Special Assessments
$
Licenses, permits
and fees
Intergovernmental
1,198,242
621,821
543,733
591,351
16,179
150,178
61,465
-
Charges for services
-
328,370
-
-
103,650
-
-
_
Investment income
146,951
90,319
114,706
-
8,163
-
6,193
1,577
Other revenues
Total revenues
1,345,193
1,040,510
658,439
591,351
127,992
150,178
67,658
1,577
Expenditures:
Current:
Public safety
-
-
-
_
_
_
_
_
Highways and streets
-
11,468
-
-
-
_
Public works
-
682,893
-
-
80,932
-
Community development
-
-
-
-
-
-
32,756
-
Parks, recreation and
culture
-
409,772
-
-
-
_
_
_
Capital outlay
823
Total expenditures
-
1,104,133
80,932
33.579
Excess (deficiency)
of revenues over
(under) expenditures
1,345.193
(63,623
658,439
591,351
47,060
150,178
34,079
1,577
Other financing sources (uses):
Operating transfers out
_ (1,230,534)
(57,400
744.083
(591,351
-
150,178
-
-
Total other financing
sources (uses)
(1,230,534)
57 40074(
4,083)
(591,351
-
150,178
-
-
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
114,659
(121,023)
(85,644)
-
47,060
-
34,079
1,577
Fund balances at beginning
of year, as restated
2,586,641
1,755,285 2,042,499
-
141,274
116,004
11.374
Fund balances at end of year
$2.701,300
1,634,262 1,956,855
188,334
150,083
12,951
wi
EXHIBIT B-2
- - - - 3,740 1,800 - 5,540
2,369
Park and
Community
- - - - - - 351,477 1,115,302
972,655
Landscape
128,508
- - - - - - - 409,772
Park
Prop. A
Facility
Development
1,243.375
Asset
Maintenance
Totals
Fees,
Safe Parks
Development
Block Grant
COPS
Seizure
Districts
1998
1997
-
-
-
-
-
-
561,772
561,772
530,375
-
-
-
-
-
-
-
-
271,562
-
2,072,679
-
385,774
192,038
3,495
-
5,836,955
3,438,347
-
-
-
-
-
-
-
432,020
340,448
29,191
-
58,866
-
12,726
17,242
37,453
523,387
397,252
1.297,575
1,297,575
29.191
2,072,679
1,356,441
385,774
204,764
20,737
599,225
8,651,709
4,977.984
- - - - 3,740 1,800 - 5,540
2,369
- - - - - - - 11,468
13,791
- - - - - - 351,477 1,115,302
972,655
- - - 107,092 - - - 139,848
128,508
- - - - - - - 409,772
20,791
- - 19.587 - 20,410
105.261
_ - - 107,092 23.327 1,800 351,477 1,702.340
1,243.375
29.191 2.072.679 1.356.441
307.067 2.072 679
307.067 2.072 679
(277,876) - 1,356,441
483.307
205.431 1.356,441
278,682 181,437 18,937 247,748 6,949,369 3,734,609
27( 8,595) 5.431,887 (2,005.347
278,595 5,431,887 2,005 347
87 181,437 18,937 247,748 1,517,482 1,729,262
134,590 300,571 598,944 8,170,489 6.516,849
87 316.027 319.508 846.692 9.687.971 8,246,111
37
CITY OF DIAMOND BAR
State Gas Tax Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998 -
38
Variance
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Intergovernmental
$ 978,500
1,198,242
219,742
Investment income
140,000
146,951
6,951
Total revenues
_ 1,118,500
1,345,193
226,693
Excess of revenues over
expenditures
1,118,500
1,345,193
226,693
Other financing sources (uses):
Operating transfers out
(2,554,874)
(L230 534)
1,324,340
Total other financing sources (uses)
_(2,554,874)
(L2L0.,534) 534)
1,324,340
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(1,436,374)
114,659
1,551,033
Fund balances at beginning of year
2,586,641
2,586,641
-
Fund balances at end of year
$1,150,267
2,701 300
1,551,033
38
CITY OF DIAMOND BAR
Proposition A Transit Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental
$ 630,150
621,821
(8,329)
Charges for services
378,000
328,370
(49,630)
Investment income
80,000
90,319
10,319
Total revenues
1,088,150
1,040,510
(4Z&40)
Expenditures:
Current:
Highways and streets
25,520
11,468
14,052
Public works
725,220
682,893
42,327
Parks, recreation and culture
422,000
409,772
12,228
Total expenditures
1,172,740
1,104,133
68,607
Excess (deficiency) of revenues
over (under) expenditures
84 590)
63,623)
20,967
Other financing sources (uses)
Operating transfers out
100 000)
57 400)
42,600
Total other financing sources (uses)
(100,000)
57 400
42,600
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
(184,590)
(121,023)
63,567
Fund balances at beginning of year
1,755,285
1,755,285
-
Fund balances at end of year
$1,570,695
1,634,262
63,567
39
CITY OF DIAMOND BAR
Proposition C Transit Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental
$ 526,600
543,733
17,133
Investment income
80,000
114,706
34,706
Total revenues
606,600
658,439
51,839
Excess of revenues over expenditures
606,600
658,439
51,839
Other financing sources (uses)
Operating transfers out
(1,540,800)
(744,083)
796,717
Total other financing sources (uses)
(1,540,800)
744 083
796,717
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
(934,200)
(85,644)
848,556
Fund balances at beginning of year
2,042,499
2,042,499
-
Fund balances at end of year
$1,108,299
1,956,855
848,556
40
EXHIBIT B-6
' CITY OF DIAMOND BAR
ISTEA Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
I
Variance
i
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Intergovernmental $ -
591,351
591,351
Total revenues -
591,351
591,351
Excess of revenues over expenditures -
591,351
591,351
(„ Other financing sources (uses):
I Operating transfers out -
(591,351)
(591,351)
Total other financing sources (uses) -
(591 351
(52L3
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses -
-
-
1 Fund balances at beginning of year -
-
-
Fund balances (deficit) at end of year
1'.
CITY OF DIAMOND BAR EXHIBIT B-7
Integrated Waste Management Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30 1998
42
Variance
Favorable
Budget
Actual
([Jnfavorable)
Revenues:
Intergovernmental
$ 17,360
16,179
(1,181)
Charges for services
65,500
103,650
38,150
Investment income
5,000
8,163
3,163
Total revenues
87,860
127,992
40,132
Expenditures:
Current:
Public works
102,553
80,932
21,621
Total expenditures
102,553
80,932
21,621
Excess (deficiency) of
revenues over (under)
expenditures
(14,693)
47,060
61,753
Fund balances at beginning of year
141,274
141,274
-
Fund balances at end of year
$126,581
188,334
61,753
42
CITY OF DIAMOND BAR
SLTPP Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
43
Variance
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Intergovernmental
$42,500
150,178
107,678
Total revenues
42,500
150,178
107,678
Excess of revenues over expenditures
42,500
150,178
107,678
Other financing sources (uses):
Operating transfers out
-a2-,500)—
(j50 178)
(107,678)
Total other financing sources (uses)
142,500)
(159,178)
(107 678
Excess of revenues over expenditures
-
-
-
Fund balances at beginning of year
-
-
-
Fund balances at end of year
$ -
-
-
43
IM121116.112J
CITY OF DIAMOND BAR
Air Quality Improvement Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental
$ 45,000
61,465
16,465
Investment income
7.500
6,193
jja0j7
Total revenues
52,500
67,658
15,158
Expenditures:
Current:
Community development
54,460
32,756
21,704
Capital outlay
6,045
823
5,222
Total expenditures
60,505
33,579
26,926
Excess (deficiency) of
revenues over (under)
expenditures
(8,005)
34,079
42,084
Fund balances at beginning of year
116,004
116,004
-
Fund balances at end of year
$107.999
150,083
42.084
44
CITY OF DIAMOND BAR
Bicycle and Pedestrian Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Investment income 1,577 1,577
Total revenues 1,577 1,577
Excess of revenues over expenditures - 1,577 1,577
Fund balances at beginning of year 11,374 11,374
Fund balances at end of year $11,374 12,951 1,577
45
EXHIBIT B-11
CITY OF DIAMOND BAR
Park Fees Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30 1998
46
Variance
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Investment income
$ 20,000
29,191
9,191
Total revenues
20,000
29,191
9,191
Excess of revenues over expenditures
20,000
29,191
9,191
Other financing sources (uses):
Operating transfers out
620 000)
(307,067)
312,933
Total other financing sources (uses)620
000)
(307,067)
312,933
Excess (deficiency) of
revenues and other financing
sources over (under) expenditures
and other financing uses
(600,000)
(277,876)
322,124
Fund balances at beginning of year,
as restated
558,929
483,307
75 622
Fund balances (deficit) at end of year
$ 41 071
205,431
246,502
46
CITY OF DIAMOND BAR
Proposition A Safe Parks Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
47
Variance
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Intergovernmental
$2,056,000
2,072,679
16,679
Total revenues
2,056,000
2,072,679
16,679
Excess of revenues over expenditures
2,056,000
2,072,679
16,679
Other financing sources (uses):
Operating transfers out
(2,056,000)
(2,072,679)
(16,679)
Total other financing sources (uses)
(2,056,000)
Q.022 679)
(!6,679)
Excess of revenues and other
financing sources over expenditures
and other financing uses
-
-
-
Fund balances at beginning of year
-
-
-
Fund balances at end of year
$ -
-
-
47
CITY OF DIAMOND BAR
Park and Facility Development Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable
Revenues:
Investment income
$ -
58,866
58,866
Other revenues
1,300,000
1,297,575
2 425
Total revenues
1,300,000
1,356,441
56,441
Excess of revenues over
expenditures
1,300,000
1,356,441
56,441
Fund balances at beginning of year
-
-
-
Fund balances at end of year
$1,300,000
1,356,441
56,441
48
CITY OF DIAMOND BAR
Community Development Block Grant Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
49
Variance
Favorable
Budizet
Actual
(Unfavorable)
Revenues:
Intergovernmental
$688.560
385,774
(302,786)
Total revenues
688,560
385,774
(302,786)
Expenditures:
Current:
Community development
139.511
107,092
32,419
Total expenditures
139.511
107,092
32,419
Excess of revenues over
expenditures
549.049
278,682
(270,367)
Other financing sources (uses):
Operating transfers out�.520
(278.595)
270,925
Total other financing sources (uses)_k549.520)
(278595)
270,925
Excess (deficiency) of
revenues and other financing
sources over (under) expenditures
and other financing uses
(471)
87
558
Fund balances at beginning of year
-
Fund balances (deficit) at end of year
L --L471)
87
558
49
laxffjavaClt
CITY OF DIAMOND BAR
COPS Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental
$193,400
192,038
(1,362)
Investment income
7,000
12,726
5,726
Total revenues
200,400
204,764
4,364
Expenditures:
Current:
Public safety
115,000
3,740
111,260
Capital outlay
121,000
19,587
101,413
Total expenditures
236,000
23,327
212,673
Excess (deficiency) of
revenues over (under)
expenditures
(35,600)
181,437
217,037
Fund balances at beginning of year
134,590
134,590
-
Fund balances at end of year
98,990
316,027
217,037
50
CITY OF DIAMOND BAR
Asset Seizure Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual CUnfavorable)
Revenues:
Intergovernmental
3,495
3,495
Investment income
17.242
17,242
Total revenues
20.737
20,737
Expenditures:
Public safety
1,800
J1 800)
Total expenditures
1,800
-(1,800)
Excess of revenues
over expenditures
18,937
18,937
Fund balances at beginning of year 300,571
300.571
-
Fund balances at end of year $300,571
319.508
18,937
51
CITY OF DIAMOND BAR EXHIBIT B-17
Landscape Maintenance Districts Funds
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budge Actual (Unfavorable)
Revenues:
Special assessments
$549,616
561,772
12,156
Investment income
15,600
37,453
21,853
Total revenues
565.216
599,225
34,009
Expenditures:
Current:
Public works
459,277
351,477
107,800
Total expenditures
459,277
351,477
107,800
Excess of revenues over
expenditures
105,939
247,748
141,809
Fund balances at beginning of year
598,944
598,944
-
Fund balances at end of year
$704.,883
846.,692
141,809
52
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for the purchase or construction of major capital
facilities which are not financed by Proprietary Funds or Trust Funds. Capital Projects Funds are
ordinarily not used to account for the acquisition of furniture, fixtures, machinery, equipment and
other relatively minor or comparatively short-lived general fixed assets.
The City of Diamond Bar has three Capital Projects Funds:
Grand Avenue Construction Fund - To account for the expenditure of funds received from the
County of San Bernardino in settlement of the Grand Avenue litigation. These funds are used for
street and traffic improvements along Grand Avenue.
Capital Improvement Fund - 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.
Redevelopment Ag�encfFund - To account for general fund monies transferred to the
Redevelopment Agency for approved capital projects and administrative costs.
53
CITY OF DIAMOND BAR
Capital Projects Funds
Combining Balance Sheet
June 30, 1998
I
54
Grand
Avenue
Capital
Redevelopment Totals
Construction
Improvement
Agencv
1998
1997
Assets
Cash and investments
$139,131
62,453
-
201,584
762,904
Due from other funds
630,141
254,620
884,761
105,889
Total assets
$139,131
692,594
254,620
1,086..,345
868,793
Liabilities and fund balances
Liabilities:
Accounts payable
$
419,481
254,620
674,101
425,280
Accrued payroll
699
-
699
621
Retentions payable
-
-
-
58,375
Total liabilities
420,180
254,620
674,800
484,276
Fund balances:
Reserved for:
Encumbrances
-
Unreserved:
Designated for:
Specific projects
and programs
139,131
272,414
411,545
384,517
Total fund balances
139,131
272,414
411,545,
384,517
Total liabilities
and fund balances
$139,131
692,594
254..,620
1,086,345,
868,793
54
EXHIBIT C-2
CITY OF DIAMOND BAR
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1998
Grand
Avenue Capital Redevelopment Totals
Construction Improvement Agency
1998
1997
Revenues:
Licenses, permits
and fees
$ - - -
-
121,000
Intergovernmental
- - -
-
22,059
Investment income
- 9,364 -
9,364
7,587
Total revenues
- 9,364 -
9,364
150,646
Expenditures:
Current:
Highways and streets
Public
- 1,852,708 -
1,852,708
956,442
works
- 21,230 -
21,230
114,726
Community development - 129,226 334,043
463,269
321,825
Capital outlay
Debt service:
- 3,056,454 -
3,056,454
388,667
Interest
- - 28,064
28,064
10,320
Total expenditures
- 5,059,618 362,107
5,421,725
1,791,980
Excess (deficiency) of
revenues over (under)
expenditures
- (5,050,254) (362,107)
5 412 361)
(1 64, 1,334)
Other financing sources:
Operating transfers in_
5,077,282 -
5,077,282
1,395,305
Proceeds of advances
362,107
362,107
331,392
Total other financing
sources
- 5,077,282 362,107
5,439,389
1,726,697
Excess of revenues and
other financing sources
over expenditures
- -
27,028
27,028
85,363
Fund balances at
beginning of year
139,131 245,386 -
384,517
299,154
Fund balances at end
of year
$139,131 272,414 -
411,545
384,517
55
CITY OF DIAMOND BAR
Grand Avenue Construction Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Expenditures:
Current:
Highways and streets
Total expenditures
Excess of revenues over
expenditures
Other financing sources:
Operating transfers in
Total other financing sources
Excess of revenues and other
financing sources over
expenditures
Fund balances at beginning of year
Fund balances at end of year
Variance
Favorable
Budget Actual (LJnf4vo!ghjgj
139,131 139,131
$139,131 139,131
56
CITY OF DIAMOND BAR
Capital Improvement Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Licenses, permits and fees
$ 35,000
-
(35,000)
Investment income
-
9,364
9,364
Total revenues
35,000
9,364
25 636
Expenditures:
Current:
Highways and streets
4,181,391
1,852,708
2,328,683
Public works
-
21,230
(21,230)
Community development
39,110
129,226
(90,116)
Capital outlay
4,507,456
3,056,454
1,451,002
Total expenditures
8,727,957
5,059,618
3,668,339
Excess (deficiency) of
revenues over (under)
expenditures
(8,692,957)
(5.05U54
3,642,703
Other financing sources:
Operating transfers in
7,034,524
5,077,282
(1,957,242)
Total other financing sources
7,034,524
5,077,282
(1 957 242
Excess (deficiency) of
revenues and other financing
sources over (under) expenditures
(1,658,433)
27,028
1,685,461
Fund balances at beginning of year
245,386
245,386
-
Fund balances (deficit) at end of year
$(1,413,047)
272,414
1,685,461
57
EXHIBIT C-5
CITY OF DIAMOND BAR
Redevelopment Agency Fund
Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual
Year ended June 30, 1998
58
Variance
Favorable
Budget
Actual
(Unfavorable)
Expenditures:
Current:
Community development
$413,370
334,043
79,327
Debt service:
Interest
- -
28.064
(28,064)
Total expenditures
413,370
362,107
51,263
Excess (deficiency) of
revenues over (under)
expenditures
(413,370)
(362.107
51,263
Other financing sources:
Proceeds of advances from the City
150,250
362,107
211,857
Total other financing sources
150,250
362.107
211,857
Excess (deficiency) of
revenues and other financing
sources over (under) expenditures
(263,120)
-
263,120
Fund balances at beginning of year
-
Fund balances (deficit) at end of year
jQal20
j
263,120
58
AGENCY FUND
Agency Funds are used to account for assets held by a government as an agent for individuals,
private organizations, other governments and/or other funds.
The City of Diamond Bar has one Agency Fund:
Deferred Compensation Agency Fund - To account for monies held in trust by the City for
employees who elect to defer a portion of their salary until retirement.
59
CITY OF DIAMOND BAR
Agency Fund
Statement of Changes in Assets and Liabilities
Year ended June 30, 1998
Deferred Compensation Fund
Balance at Balance at
July 1, 1997 Additions Deductions June 30, 1998
Assets
Cash and investments $538,325 209.468 45
,94 743,199
Liabilities
Deferred compensation payable $538.,325 209,468 4,594 743,199
60
GENERAL FIXED ASSETS ACCOUNT GROUP
61
CITY OF DIAMOND BAR
Comparative Schedule of General Fixed Assets by Source
June 30, 1998
General fixed assets:
Land
Buildings
Improvements other than buildings
Furniture and equipment
Total general fixed assets
Investment in general fixed assets by source:
General fund
Donations
Federal and state governments
Assessment districts
Total investment in general fixed assets
1998
$1,569,898
1,159,345
2,915,351
1,123.443
6,768.037
3,432,721
162,949
3,159,779
12.588
$6,768,037
1997
1,969,899
859,345
579,301
915.333
4323.878
3,144,189
97,949
1,069,152
12.588
4,323,878
1►;i. 1:
CITY OF DIAMOND BAR
Schedule of General Fixed Assets by Function and Activity
June 30, 1998
63
Improvements
Furniture
Other than
and
Function and Activity
Land
Buildings Buildings
Equipment
Total
General government:
City council
$ -
- -
8,969
8,969
Administration
-
- -
652,397
652,397
City clerk
-
- -
27,223
27,223
Community development
-
- -
19,563
19,563
Finance
-
- -
71,911
71,911
Other
9,898
-
11,000
20,898
Total general government
9,898
791,063
800,961
Public safety:
Sheriff
-
- -
102,077
102,077
Emergency preparedness
-
-
33,233
33,233
Total public safety
-
135,310
135,310
Public works
- -
22,463
22,463
Culture and recreation
1,560,000
1,159,345 2,915,351
142,180
5,776,876
Library
-
32,427
32,427
Total general fixed assets
$1,569,898
1,159,345 2,915,351
1,123,443
6,768,037
63
EXHIBIT E-3
CITY OF DIAMOND BAR
Schedule of Changes in General Fixed Assets by Function and Activity
Year ended June 30, 1998
Public safety:
Sheriff
Balance at
17,772
102,077
Balance at
Function and Activity
June 30, 1997
Additions
Deletions
June 30, 1998
General government:
135,310
Public works
22,463
City council
$ 8,969
-
-
8,969
Administration
482,297
210,461
40,361
652,397
City clerk
23,301
3,922
-
27,223
Community development
19,563
-
19,563
Finance
62,134
9,777
-
71,911
Other
420,899
400,001
20,898
Total general government
1,017,163
224,160
440,362
800,961
Public safety:
Sheriff
84,305
17,772
102,077
Emergency preparedness
26,833
6,400
33,233
Total public safety
111,138
24,172
135,310
Public works
22,463
22,463
Culture and recreation
3,140,254
2,636,622
- 5,776,876
Library
32,860
433 32,427
Total general fixed assets
$4,323,878
2,884,95.4
440,795 6,768,037
64
Table 1
City of Diamond Bar
General Governmental Expenditures by Function (1)
Since Incorporation in April, 1989
(unaudited)
Fiscal General Public Public Culture & Capital Debt
Year Government* Safe Works Recreation Outlay* Service Total
1988-89
$249,482
$438,805
$90,927
$31,296
$0
$6,325
$816,835
1989-90
$2,509,540
$3,235,362
$1,143,795
$357,604
$1,027,049
$90,842
$8,364,192
- 1990-91
$3,322,753
$3,600,879
$1,397,501
$603,997
$949,540
$0
$9,874,670
1991-92
$2,923,206
$3,794,887
$1,673,144
$740,687
$359,931
$0
$9,491,855
1992-93
$2,963,968
$3,478,006
$2,094,910
$822,559
$1,876,098
$100,000
$11,335,541
1993-94
$2,456,056
$3,819,724
$2,310,313
$976,957
$1,638,409
$564,790
$11,766,249
1994-95
$2,270,162
$4,099,515
$2,678,261
$1,072,288
$1,726,067
$108,780
$11,955,073
1995-96
$2,319,801
$4,110,104
$2,372,404
$1,127,136
$1,579,421
$104,930
$11,613,796
1996-97
$2,615,272
$4,095,518
$2,279,731
$1,270,617
$1,541,307
$10,320
$11,812,765
1997-98
$3,145,257
$4,094,401
$2,402,426
$1,666,198
$5,189,027
$28,064
$16,525,373
Total General Fund Expenditures
18
16 im
14
12
c 10
_o
8
6
4
2
0
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
(1) Includes General, Special Revenue and Capital Project Funds.
* Note: General Government includes Community Development Expenditures
Capital Outlay includes Street & Highways Expenditures
Source: City Finance Department
65
Table 2
City of Diamond Bar
General Governmental Revenues by Source (1)
Since Incorporation in April, 1989
(unaudited)
Fiscal
Special
Licenses &
Inter-
Fines &
Use of Money
Other
Year
Taxes*
Assessments
Permits
Governmental
Forfeitures
& Property
Revenue
Total
1988-89
$21,093
$0
$112,578
$1,371,326
$1,946
$1,650
$46,625
$1,555,218
1989-90
$3,497,401
$409,454
$841,525
$5,271,606
$193,852
$440,520
$8,313
$10,662,671
1990-91
$4,409,302
$422,038
$597,771
$5,993,281
$281,891
$506,081
$55,307
$12,265,671
1991-92
$4,593,790
$466,369
$864,260
$5,067,309
$97,730
$578,340
$273,078
$11,940,876
1992-93
$4,494,173
$469,671
$724,694
$5,910,715
$123,242
$451,077
$101,305
$12,274,877
1993-94
$5,060,850
$499,030
$965,835
$5,539,046
$187,430
$466,209
$38,372
$12,756,772
1994-95
$5,174,343
$476,148
$881,588
$5,640,400
$253,824
$732,693
$56,399
$13,215,395
1995-96
$5,538,406
$538,896
$1,066,475
$5,735,096
$261,138
$863,855
$50,787
$14,054,653
1996-97
$5,708,029
$530,375
$1,417,073
$6,354,150
$176,267
$1,005,683
$42,856
$15,234,433
1997-98
$5,943,775
$561,772
$1,247,155
$9,178,049
$219,075
$1,166,554
$1,329,957
$19,646,337
Total General Governmental Revenues
22
20
18
16
14
c 12
o_
10
8
6
4
2
0
1988-89 1989-90 1990791 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
(1) Includes General, Special Revenue and Capital Project Funds
Note: 1991-1992 "Other Revenue" includes $179,679 of developer fees collected in the Special Revenue Fund
* Note: Taxes category includes Charges for Services.
Source: City Finance Department
Fiscal
Year
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
2,000
1,500
v
c
1,000
0
H
500
City of Diamond Bar
Secured Property Tax Levies and Collections
Since Incorporation April 1989
(unaudited)
Total Current
Levy
Not Available
$908,401
$1,089,679
$1,232,346
$1,117,482
$1,180,435
$1,804,068
$1,796,593
$1,809,197
$1,781,264
Total Current Percent of Levy Deliquent Tax
Collections Collected Receivables
Not Available
$835,873
$1,013,572
$1,144,019
$1,025,382
$818,467
$1,625,911
$1,711,983
$1,625,252
$1,680,816
Not Available
92.02%
93.02%
92.83%
91.76%
69.34%
90.12%
95.29%
89.83%
94.36%
Property Tax Collections (in thousands)
Not Available
$72,529
$76,107
$88,327
$92,101
$361,969
$178,157
$84,610
$183,946
$100,449
Table 3
0
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
Note: The City of Diamond Bar settled a property tax lawsuit with Los Angeles County that resulted in
additional property tax payments totalling $1,882,789. The funds were received in three (3) payments
payments dated February 1994, August 1994 and August 1995. These amounts are not included in the
above figures as they were associated with the initial property tax transfer at the date of incorporation.
Source: Los Angeles County Auditor/Controller
M
Table 4
City of Diamond Bar
Assessed and Estimated Actual Values of Taxable Property
Since Incorporation inApril, 1989
(unaudited)
Tam
Secured Gross
Unsecured Gross
Percentage
Year
Value
Value
Public U0dy
Ex-emptions
Net Value
Increase
1988-89°
-
$2.345.946'186
$8
$O
$U
$2.345.946.185
Not Applicable
1980'90°
$2.663.648'618
$O
$O
$U
$2.663.848.618
13.54%
1080'91
$2.826.388.105
$0
$827.818
G5.409.199
$2.021.786.524
9.69%
1991-93
$3.285'467.698
$40.688.263
$602.390
$10'921.887
$3.315.936.684
13.49%
1092'83
$3.493.803.851
$45.032.160
$0°°
$27.932.643
$3.510.903.368
5.88!&
1993'94
$3.536.453.242
$49.700.273
$844.313
$25.110.888
$3.501.887.140
1.45%
1994'35
$3.819.436.021
$57.158.841
$820.862
$33.523.553
$3.643,892.171
2.30%
1885-96
$8.859.337.878
$60.689.091
$825.138
Q35.979.540
$3.884'872.585
1.12%
1996-97
$3.668.223.970
$64.187.086
$828.963
$27.479.616
$3.697.780.412
0.35%
1997-98
$3.645.884.575
$67.863.390
$884.347
$37.731.128
$3.677.011.183
-0.56%
Net Assessed Value (in millions)
4,000
3,500
2,500
2,000
1988-89* 1989-90* 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
1 Fiscal Year
*1988-89 and 1989-90 estimated by using the combined unincorporated areas of Pomona Unified School and Walnut Valley
Unified School District ' Source: California Municipal Statistics
Los Angeles County Auditor/Controller reported no Public Utility Valuations
Source Los Angeles County Auditor/ContruUor,HdLComn&Cone
M.
Typical Property Tax Rates
(Percent of Assessed Value)
2.000
City of Diamond Bar
1.750
1.500
Property Tax Rates - All Direct and Overlapping Governments
1.250
1.000
(Per $100 of Assessed Valuation)
0.750
0.500
Since Incorporation in April, 1989
0.250
i
0.000
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
(unaudited)
Fiscal
General
Los Angeles
Walnut Valley Walnut Valley L.A. County
L.A. County
Metropolitan
Year
LM
Coun
School District Water District Flood Control
Sanitation
Water District
1988-89
1989-90
-
-
- - --
-"
i 1990-91
1.0000000
0.0021040
0.1597230 0.0578770 0.0057860
0.0007470
0.0097000
1991-92
1.0000000
0.0018880
0.0404290 0.0516750 0.0053760
0.0002090
0.0089000
1992-93
1.0000000
0.0014090
0.0974170 0.0481650 0.0033970
0.0002060
0.0089000
1993-94
1.0000000.
0.0017130
0.0863570 0.0448070 0.0042120
0.0000000
0.0089000
1994-95
1.0000000
0.0019930
0.0649030 0.0000000 0.0060410
0.0000000
0.0089000
1995-96
1.0000000
0.0018140
0.0089866 0.0000000 0.0009630
0.0000000
0.0089000
1996-97
1.0000000
0.0016040
0.0850380 0.0000000 0.0019910
0.0000000
0.0089000
1997-98
1.0000000
0.0015840
0.1025300 0.0000000 0.0021970
0.0000000
0.0089000
Typical Property Tax Rates
(Percent of Assessed Value)
2.000
1.750
1.500
1.250
1.000
0.750
0.500
0.250
0.000
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
Note: Property tax rates based on a typical tax rate area
Source: Los Angeles County Auditor/Controller, HdL Coren & Cone
69
Table 5
TooAai
Not Available
Not Available
1.2359370
1.1084770
1.1594940
1.1459890
1.0818370
1.0206636
1.0975330
1.1152110
Taxpayer
Diamond Bar Business Associates
K8&HRealty PamarsU
Hidden Manna Corporation
PGP Inland Communities
Nikko Capital Corporation
Shea Homes Limited Partnership
Martin Brattrud Properties
Arden Realty Limited Partnership
Meyer NugitTrust, Et. Al.
Corporate Fund for Housing
Source: HdLComn&Cone
City of Diamond Bar
Principal Taxpayers
June 30, 1998
In
.
1987-1998
Percentage of Total
Prima[y Use
Assessed Valuation
Net Assessed Valuation
Commercial
$28.948'601
8.80Y6
Connnlevcio|
$20'668.119
0.55Y6
Commercial
$19.377.839
0.5296
Residential
$12.184.800
0.3396
Commercial
$11.585'739
0.31Y6
Industrial
$11'101'622
0.30Y6
Commercial
810.087'357
0.29Y6
Connnnoncia|
$10.400'447
0.28Y6
Commercial
$8.835.664
0.26%
Residential
$8,815,486
0.24%
In
.
City of Diamond Bar
Computation ofLegal Debt Margin
June 30, 1 8
Assessed Valuations:
Assessed Valu
Add Back: Exempt Property
Total Assessed Value
Legal Debt
Debt Limitation -1596ofTotal Assessed Value*
Debt Applicable boLimit
Total Bonded Debt
Less: Special Assessment Bonds
Revenue Bonds
Available for Repayment ofGeneral Obligation Bonds
Total Debt Applicable toLimitation
Legal Debt Margin
The City ofDiamond Bar has nobonded indebtedness.
^ Section 43G05ofthe California Governmemd'Cnde
Source: City Finance Department, Hdl Coren & Cone
71
$0
$0
$0
$0
$3'677.011.183
$0
`
City of Diamond Bar
Computation of Direct'and Overlapping Debt
June 30, 1998
Government
Los Angeles County Facilities 1S87Debt Service
LACoFlood Control (Storm Drain Bond No. 4)
Flood Control Ref. Bonds 19S3Debt Service
*Metropolitan Water District Area 1112 Debt Service
Pomona Unified School District Bond Debt Service
Walnut Valley Unified School District Debt Service
ism
Gross Bonded
Debt Balance
% Applicable
Debt al 6/30/98
$57'825'800
0.817Y6
$472'706
$4'000.000
0.831Y6
$38.234
$20.970.000
0.831%
Q174.298
$1'248.295'000
0.411Y6
$5.134'731
$10.000'000
20.435Y6
$2.043'514
$45.587'718
57.387%
$26.161.378
TOTAL GROSS DIRECT AND OVERLAPPING BONDED DEBT
1887/88Assessed Valuation: $3'877.011.183
Debt ToAssessed Va|uobonRaUoo: Direct Oetd
Overlapping Debt
Total Debt
0.000%
0.925%
0.925%
$34,024,862
Report reflects general obligation debt which isbeing repaid through indebtedness. It excludes
revenue, mortgage revenue, tax allocation bonds, interim financing obligations, non -bonded capital lease
obligations and certificates of participation
*This fund isoportion ofalarger agency, and ieresponsible for debt inareas outside tha.chy.
Source: Hd|Coren&Cnna
72
City of Diamond Bar
Schedule of Insurance In Force
June 30, 1998
Type of Coverage '
Limits/Deductibles
Insurer
Liability:
General Liability, Automobile
$50,000,000 combined single limit
Self Insured Program/
Liability, Bodily Injury, Property
limit each occurrence, $50,000,000
California Joint Powers
Damage, Personal Injury
aggregate. $20,000 self-insured
Insurance Authority
retention
Special Liability:
Errors and Ommissions, Employ-
$1,000,000 each occurrence,
Self Insured Program/
ment Practices Injury, Contractual
$2,000,000 aggregate. Retained
California Joint Powers
Liability Injury, Broadcast/Publication
loss of $20,000 per occurrence and
Insurance Authority
Publication Injury, Employee Benefits,
Administration Injury, Discimination
Injury
fProperty:
` All -Risk, including buildings,
$2,572,257 limit, deductible of
Zurich Insurance
contents, garaged vehicles,
$5,000 per occurrence
!, contractor's equipment, fine arts,
rental income and other mis-
cellaneous extensions of coverage
Automobile Physical Damage $175,275 limit, deductible of
$1,000 per occurrence
Crime:
Public Employee Blanket Fidelity Bond -
Faithful Performance Bond $'1,000,000 limit, deductible of
$5,000 per occurrence
Depositor's Forgery $1,000,000 limit, deductible of
$5,000 per occurrence
Crime - Money and Securities $1,000,000 limit, deductible of
$5,000 per occurrence
Workers' Compensation:
Work-related injury/illness claims
for temporary and permanent
disability
Source: City Finance Department
California statutory limit;
$1,000,000 employer's liability
73
Zurich Insurance
Hartford Insurance
Hartford Insurance
Hartford Insurance
State Compensation
Insurance Fund
Table 9
Policy Period
07/l/97-06/30/98
07/l/97-06/30/98
01/01/98 - 12/31/99
01/01/98 - 12/31/99
01/01/98 - 12/31/99
01/01/98 - 12/31/99
01/01/98 - 12/31/99
10/01/97 - 10/01/98
Table 10
CITY OF DIAMOND ::
JUNE 0 , ..
Date of Incorporation...............................................................................................April 18, 1989
Form of Government..........................................................................................Council-Manager
Area..................................................................................................................14.9 Square Miles
Milesof Streets.......................................................................................................................137
Employees(full-time)...............................................................................................................26
Fire Protection (Los Angeles County Consolidated Fire Protection District):
Numberof Stations...................................................................................................................3
Number of Firemen and Officers..............................................................................................40
Police Protection (Contract with Los Angeles County):
Numberof Stations...................................................................................................................1
Numberof Officers..................................................................................................................27
Sewers:
SanitarySewers...............................................................................................................146.88
StormSewers....................................................................................................................31.95
Recreation and Culture:
CommunityCenters..................................................................................................................1
Parks.......................................................................................................................................10
Park Acreage (developed)....................................................................................................60.9
Park Acreage (undeveloped)................................................................................................81.5
Education:
ElementarySchools(K-6)..............................................................................:...........................7
MiddleSchools(6-8).................................................................................................................2
Jr.. High Schools(7-8)...............................................................................................................3
HighSchools(9-12).....................................................................................................:............2
Population:*
Percentage
Date
Population
Increase
1989
60,000--
-
1990
53,672
-10.55
1991
53,596
- 0.14
1992
53,576
- 0.04
1993
54,315
1.32
1994
54,507
0.35
1995
54,284
- 0.41
1996
56,003
3.10
1997
56,659
1.17
1998
57,271
1.01
** Estimate Only
* Source: State of California, Department of Finance
74
Table 11
City of Diamond Bar
Residential and Commercial Construction
Since Incorporation in April, 1989
(Unaudited)
Fiscal
Residential (1)
New Construction
Year
Fiscal
Residential (1)
Commercial
Year
Units
Value
Units
Value
1988-89
$423,640,000
Not Available
1989-90'
Not Available
1989-90
39
$12,246,600
6
$269,372
1990-91
24
$6,989,816
17
$1,528,280
1991-92
26
$13,596,000
1
$500,000
1992-93
11
$6,757,000
2
$558,000
1993-94
10
$6,053,000
0
$0
1994-95
8
$4,619,400
0
$0
1995-96
26
$16,715,000
0
$0
1996-97
15
$9,516,000
1
$4,300,000
1997-98
66
$32,539,000
0
$0
Alterations and Additions
Fiscal
Residential (1)
Commercial
Year
Units
Value
Units
Value
1992-93
$371,506,000
1988-89
$379,581,000
Not Available
$423,640,000
Not Available
1989-90'
437
$4,085,588
212
$4,036,302
1990-91
744
$8,868,435
83
$11,361,825
1991-92
638
$10,799,186
68
$3,585,038
1992-93
600
$6,894,000
94
$6,259,900
1993-94
570
$5,781,300
95
$4,839,400
1994-95
487
$5,649,500
81
$2,454,800
1995-96
651
$7,285,100
52
$2,460,200
1996-97
595
$12,150,400
58
$3,826,800
1997-98
639
$8,618,400
52
$2,453,000
Bank DeDOSits
1988-89
$321,853,000
1989-90
$343,605,000
1990-91
$377,224,000
1991-92
$381,710,000
1992-93
$371,506,000
1993-94
$379,581,000
1994-95
$423,640,000
1996-97
$480,610,000
1997-98
$472,071,000
(1) Includes multiple dwellings
Source: City's Contract Building & Safety Provider, Findley Reports
75
City of Diamond Bar
Ratio - Unreserved General Fund Balance to Annual General Fund Expenditures
Since Incorporation in April, 1989
(unaudited)
General Fund =gatio
1.5
1.0
0.5
0.0
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
Source: City Finance Department
76
Table 12
Unreserved
Annual
General Fund
General Fund
Fiscal Year
Balance
Expenditures
Ratio
1988-89
$50,915
$798,947
0.064
1989-90
$1,375,030
$6,600,559
0.208
1990-91
$2,200,322
$8,031,932
0.274
19911-92
$3,019,852
$8;208,271
0.368
1992-93
$3,305,067
$8,232,941
0.401
1993-94
$5,677,619
$9,329,431
0.609
1994-95
$7,711,454
$8,241,463
0.936
1995-96
$9,600,649
$8,446,432
1.137
1996-97
$10,755,111
$8,777,410
1.225
1997-98
$12,392,358
$9,401,308
1.318
General Fund =gatio
1.5
1.0
0.5
0.0
1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98
Fiscal Year
Source: City Finance Department
76
Table 12
CITY OF DIAMOND BAR
Schedule of Credits
Year ended June 30, 1998
Name
Terrence L. Belanger, City Manager
Linda G. Magnuson, Assistant Finance Director
Joann M. Gitmed, Senior Accountant
Conrad and Associates, C.P.A., L.L.P.
Laurie A. Kajiwara,
Communications and Marketing Coordinator
Source: City of Diamond Bar
77
Table 13
Area of Contribution
General Overview
Letter of Transmittal
General Overview
Letter of Transmittal
Statistical Tables
Statistical Tables
Financial Statements
Notes to Financial Statements
Cover and Divider Page Design
(This page intentionally left blank)
City of Diamond Bar
21660 E. CopleyDrive,11 Diamond Bar, California91765-4177