ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2013 (FY 2012/13)

City Annual Financial Report FYE 6-30-2013

CITY OF CARMEL-BY-THE-SEA, CALIFORNIA
ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2013 (FY 2012/13)

FINANCIAL HIGHLIGHTS

♦ As of June 30, 2013, total assets of the City exceeded its liabilities by $32,377,893 (net position). The portion of net position that may be used to meet the government’s ongoing obligations to citizens and creditors (unrestricted net position) is $2,205,463. The portion of net position that is restricted and may only be used for specific purposes is $566,992. The remaining $29,605,438 is invested in capital assets.

♦ As of June 30, 2013, the City’s governmental funds reported combined ending fund balances of $10,558,901. Approximately .4% of this total amount ($46,747) is non-spendable to indicate that it is not available because it represents amounts that are more long-term in nature or will never be converted to cash. Of the remaining balance, $566,992 is restricted because it represents resources that are required to be spent for specific purposes as provided by an external source. The committed balance of $2,898,615 represents a Council commitment for economic uncertainties and anticipated future short-term structural deficits. The assigned fund balances in Special Revenue Funds amounted to $1,793,249 and represented Library, Parking and Ambulance Fund items. The remaining fund balance is unassigned.

♦ Capital assets, net of depreciation, decreased to $37,285,185 from $39,349,535, due to depreciation and adjustments of ($1,256,304) and net capital asset retirements and adjustments of ($808,046).