ABSTRACT: THE CITY OF CARMEL-BY-THE-SEA BASIC FINANCIAL STATEMENTS JUNE 30, 2015 document copy, prepared by Moss, Levy & Hartzheim, LLP, Culver City, California, October 24, 2016, is embedded. FINANCIAL HIGHLIGHTS
♦ As of June 30, 2015, total assets of the City exceeded its liabilities by $23,417,030 (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 $ (12,992,711). The portion of net position that is restricted and may only be used for specific purposes is $3,862,473. The remaining $32,547,268 is invested in capital assets, net of related debt. The large reduction in unrestricted net position is due to the implementation if GASB Statement 68, which requires municipalities to recognize accrued pension liabilities for the first time as of June 30, 2015. The City made a prior period adjustment in the amount of $15,703,462 to recognize this liability.
♦ As of June 30, 2015, the City’s governmental funds reported combined ending fund balances of $12,942,410. Of this balance, $3,903,533 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 $4,561,070 represents a Council commitment for economic uncertainties and anticipated future short-term structural deficits. The assigned fund balances in the General Fund, Special Revenue Fund, Capital Projects Fund, and Nonmajor Governmental Funds amounted to $3,621,057 and represented Capital Projects, Library, Parking, Traffic Safety, Streets and Roads, and Forest Theater items. The remaining fund balance is unassigned.
♦ Capital assets, net of depreciation, increased to $39,246,893 from $38,273,101, mostly due to an increase in Construction in Progress $1,417,137 and built-out capitals of $984,320, with an offset of depreciation of $1,427,665.
THE CITY OF CARMEL-BY-THE-SEABASIC FINANCIAL STATEMENTS
JUNE 30, 2015