HomeMy WebLinkAboutACFR - Fiscal Year 1999 00 (PDF)- CITY OF SARATOGA
California
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Comprehensive Annual Financial Report
- June 30, 2000
CITY OF SARATOGA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEARS ENDED JUNE 30, 2000 AND 1999
Prepared By:
ADMINISTRATIVE SERVICES DEPARTMENT
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CITY OF SARATOGA
Comprehensive Annual Financial Report
For the Years Ended .Tune 30, 2000 and 1999
Table of Contents
Page
INTRODUCTORY SECTION
_ Table of Contents.........................................................................................................................................
i
Letter of Transmittal................................................................... ........................
........................................
v
Elected Officials and Administrative Personnel.....................................................................................xiii
OrganizationChart ...................................................................................................................................xiv
GFOA Certificate of Achievement........................................................................................................... xv
_ FINANCIAL SECTION
IndependentAuditors' Report...................................................................................................................
1
General Purpose Financial Statements
Combined Balance Sheets - All Fund Types and Account Groups ...................................................
4
Combined Statements of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types...........................................................................
i
Combined Schedules of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - (Non-GAAP Legal Basis)
All Governmental Fund Types...........................................................................................................
8
Notes to General Purpose Financial Statements...............................................................................
10
Co►nbining Financial Statements and Schedules
General Fund:
_ Comparative Balance Sheets.......................................................................................................
26
Comparative Schedules of Revenues, Expenditures and Changes
in Fund Balances - (Non-GAAP Legal Basis) Budget and Actual ...........................................
.1
Special Revenue Funds:
Combining Balance Sheets.........................................................................................................:
0
Combining Statements of Revenues, Expenditures
and Changes in Fund Balances...................................................................................................
-
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual................................................................
. -I
0
CITY OF SARATOGA
—
Comprehensive Annual Financial Report
For the Years Ended June 30, 2000 and 1999
Table of Contents
Page
Capital Projects Funds:
BalanceSheets............................................................. ................................................................
40
Statements of Revenues, Expenditures
and Changes in Fund Balances..................................................................................................
41
Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual................................................................
42
Debt Service Funds:
BalanceSheet............................................................................... . .....................................
45
Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual................................................................
46
Agency Funds:
_
Combining Statement of Changes in Assets and Liabilities......................................................
4S
General Fixed Assets Account Group:
—
Comparative Schedules of General Fixed Assets - By Source ..................................................
50
Schedule of Changes in General Fixed Assets - By Source .......................................................
51 —
Schedule of General Fixed Assets - By Function.......................................................................
52
STATISTICAL SECTION
General Fund Revenues by Source - Last Ten Fiscal Years...........................................................
53
General Fund Expenditures by Function - Last'Ten Fiscal Years ...................................................
54
Property Tax Levies and Collections - Last Ten Fiscal Years.........................................................
55
General Fund Tax Revenue - Last Ten Fiscal Years........................................................................
56
Assessed and Estimated Market Value of Taxable Property
LastTen Fiscal Years................................................................................................................I......
57
Property Tax Rates - All Overlapping Governments - Last Ten
-
FiscalYears............................................................ ...................................................... ---
.............. 5b
Special Assessment Billings and Collections - Last Ten Fiscal Years ............................................
59
T
CITY OF SARATOGA
Comprehensive Annual Financial Report
For the Years Ended June 30, 2000 and 1999
Table of Contents
Page
STATISTICAL SECTION (Continued)
Ratio of General Obligation Bonded Debt to Assessed Value and Bonded
Debt Per Capita - Last Ten Fiscal Years.......................................................................................... 60
Ratio of Annual Debt Service Expenditures for General Bonded Debt to
General Fund Expenditures - Last Ten Fiscal Years....................................................................... 61
Demographic Statistics - Last Ten Fiscal Years............................................................................... 62
Property Values, Remodeling, Construction and Bank Deposits -
Last'Fen Fiscal Years....................................................................................................................... 63
Computationof Legal Debt Margin.................................................................................................. 64
Computation of Direct and Overlapping Debt.................................................................................. 65
Principal 'Taxpayers ...............................
Miscellaneous Statistics......................................................................................... ........................ 67
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13777 FRUITVALE AVENUE • SARATOGA, CALIFORNIA 95070 • (408) 868-1200
Incorporated OctDber 22, 1956
November 7, 2000
COUNCIL. MEMBERS):
Evan Raker
Stan Bogosran
John Mehaftey
McA Stfelt
Ann Waltonsmirh
To the Honorable ]Mayor, members of the City Council and Citizens of the City of Saratoga:
The Comprehensive Annual Financial Report (CAFR) of the City of Saratoga for the year ended
June 30, 2000, is hereby submitted as mandated by applicable statutes. These statutes require that
the City of Saratoga annually issue a report on its financial position and activity, and that this report
be audited by an ~independent firm of certified public accountants. Responsibilities for both the
accuracy of the data and the completeness and fairness of the presentation, including all disclosures,
rests with the City's management. The enclosed data are accurate in all material respects and are
reported in a mariner that presents fairly the financial position and results of operations of the
various funds, account groups and component units of the City of Saratoga. All disclosures
necessary to enablle the reader to gain an understanding of the City of Saratoga's activities have
been included.
The CAFR is presented in three sections: introductory, financial and statistical. The introductory
section, which is unaudited, includes this letter of transmittal, a list of the City of Saratoga's elected
officials and administrative personnel, an organization chart and certificate of award for financial
W reporting. The financial section includes the independent auditor's report on the financial
statements and schedules, general purpose financial statements (combined statements), notes to the
financial statements, and combining and account group financial statements and schedules. The
statistical section, which is unaudited, includes selected financial and demographic information,
generally presented on a multi -year basis.
The financial reporting entity (the City) includes all the funds and account groups of the primary
government, as well as all of its component units. Component units are legally separated entities
for which the City is fully accountable.
Blended component units, although legally separate entities, are, in substance, part of the City's
operations and are included as part of the City. Accordingly, the operations of the Landscaping and
Lighting Assessment District #1 and the agency cash flows and cash balances of the Saratoga
Public Finance Authority are reported in the City's financial statements.
,inted on recycled paper
(Governmental Structure and Related Information
r
The City, incorporated in 1956, is located 40 miles south of San Francisco in the Santa Clara
Valley. The City currently covers a land area of approximately 12 square miles and contains a
population of 31,320 as reported by the California Department of Finance. The City is a general
law city of the State of California and operates under a council-manager form of government.
Policy making and legislative authority are vested in the City Council, which consists of a Mayor,
Vice Mayor and three additional council members. City Council members are elected at -large for
staggered four-year tern -is. The Mayor is selected annually by the City Council. The City Council
is responsible for, among other things, passing ordinances, adopting the budget, appointing
members to the City's seven advisory commissions and hiring the City Manager and City Attorney.
The City Manager is responsible for implementing the policies and ordinances of the City Council,
overseeing the daily operations of the City, and recommending appointments of the City's
department directors to the City Council.
The City provides a limited range of services including public safety, development regulation,
public works, community and recreation activities and events, and general administrative functions. y
The City supports privatization and has supplemented its work force through numerous contracts
with others. Contracted services include, but are not limited to, public safety, infrastructure T
maintenance, engineering services, legal services and recreation activities. The City is also
committed to citizen participation in the evaluation, expansion and enhancement of services.
Saratoga residents who wish to assist the City Council in forming government policy may do so by
serving on an advisory commission. The commissions all act in an advisory capacity to the City
Council, and are comprised of the Finance Commission, Heritage Preservation Commission,
Library Commission, Parks and Recreation Commission, Planning Commission, Public Safety
Commission, and Youth Commission.
Economic Conditions and Outlook
Within a close proximity to many businesses associated with the high technology industry,
Saratoga is viewed as a desirable place to live and serves primarily as a residential community to
the Silicon Valley. There is limited commercial or industrial activity occurring within the City's --
boundaries.
Due to the community's residential character, the main measure of the City's economic condition is --
based on service charges and, to a lesser extent, sales activity. Service charges from development
activity have been brisk for the last several years. Sales taxes received primarily from restaurants,
retailers and food markets serving the local citizenry have kept pace with the region's economic —
growth. This is partially due to the renovation of one of the major retail outlets in the City, in
which two of the City's top five sales producers are located.
The region's strong economy has continued to fuel a surging real estate market that has seen
vi
assessed valuations of real property in the City increase by nearly 9% from 1999 to 2000. This
has resulted in corresponding increases in property tax apportionments to the City that account
for the largest single source of revenue to the City's General Fund. In fiscal year 1999-00 for
example, property tax receipts exceeded projections by about $100,000. Similarly, Motor
Vehicle License Fees remitted to the City by the State and interest earnings on the City's
investment portfolio each surpassed budgeted amounts by more than $200,000. These factors,
coupled with the fiscal and organizational reforms enacted by the City in I997 to deal with the
loss of the City's. Utility Users Tax and related revenues, have placed the City in a healthy fiscal
condition as of the end of fiscal year 1999-00.
— Each year, the City prepares a financial forecast that projects revenues and expenditures through
the next five fiscal years. This is done to facilitate the City's budget development process and
cash management activities. Additionally however, the forecast is used to identify opportunities
as well as potential problems in advance of their occurrence so the City can adjust proactively.
The forecast, which is based on generally conservative assumptions about the future performance
of the economy, suggests that the City will continue to exist in a stable and healthy Inancial
position during this time.
Saratoga continues to support policies and practices intended to maintain the City's financial
integrity. For example, a minimum $2.1 million General Fund operating reserve is maintained, as
well as a $200,000 contingency appropriation. The budget is built upon a conservative set of
assumptions for annual revenue growth and does not assume that any potential one-time revenue
sources will materialize if not yet committed or guaranteed to the City.
hinanc_i_al Information and Maior Tnitiatives
Management of the City is responsible for establishing and maintaining an internal control :;tr-ucture
designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure
that adequate accounting data are compiled to allow for the preparation of financial statements in
confon-nity with generally accepted accounting principles. The internal control structure is
designed to provide reasonable, but not absolute, assurance that these objectives are niz-t. The
concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed benefits
likely to be derived, and (2) the valuation of costs and benefits requires estimates and judgi-:lents by
management.
As a recipient of federal, state and local financial assistance, the City is also responsible for
guaranteeing that an adequate internal control structure is in place to ensure and document
-- compliance Nvith applicable laws and regulations related to these programs. This internal control
structure is subject to periodic evaluation by the City's management.
In addition, the City maintains extensive budgetary controls. The objective of these controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget approved h,
the City Council. Activities of the general fund, special revenue funds, capital projects funds ane
debt service funds are included in the annual appropriation.
vii
The level of budgetary control (i.e., the level at which expenditures cannot exceed the appropriated
amount) is at fund level. The City also maintains an encumbrance accounting system as another
method of maintaining budgetary control. Encumbered amounts lapse at year-end. However,
outstanding encumbrances of a material nature are typically reappropriated as part of the following
year's budget.
As demonstrated by the statements and schedules included in the financial section of this report, the
City continues to meet its responsibilities for sound financial management.
General Government Functions. The following schedule presents a summary of general fund,
special revenue funds, capital projects funds and debt service funds revenues for the year ended
June 30, 2000.
Increase
Total % of (Decrease) from
Revenues FY 1999-00 Total FY 1998-99
Property taxes
Special assessments
Other local taxes
Intergovernmental -State
Intergovernmental -Federal
Franchise fees
Use of money and property
Current service charges
Reimbursement of interfund cost allocations
Total revenues and transfers
$2,879,698
17%
$924,782
157,936
1
102,431
2,718,358
16
390,287
2,820,679
17
440,889
427,351
3
138,683
886,618
5
109,058
1,008,812
6
221,594
4,298,725
26
484,010
1,484,918
9
159,51
$16,683,095
100%
$2,971.250
The largest source of revenues City-wide is from current service charges, comprising about 26% of
total revenues. This is primarily development -related fees. Property taxes, other local taxes
(primarily sales taxes) and intergovernmental state revenues (primarily motor vehicle license fees)
also generate significant revenues for the City.
The largest revenue increase was from property taxes, primarily due to a one-time payment of Tax
Equity Allocation funds, as well as vigorous increases in the assessed valuation of property in
Saratoga. Current service charges increased significantly as well, due to the active development
environment that the City is currently experiencing. Increases in intergovernmental state revenues
resulted from higher motor vehicle license fee revenues. Other local taxes increased primarily as a
result of sales tax revenues.
The schedule below summarizes general fund, special revenue funds, capital projects fiends and
debt service funds expenditures for the year ended June 30, 2000.
Expenditures
Current:
Public safety
Environmental services
Public works services
Community services
Conununity support
General and inner -governmental services
Capital outlay
Debt Service:
Principal
Interest
Total expenditures and transfers
Total
FY 1999-00
Increase
% of (Decrease) from
Total FY .1998-99
S2,825,749
21%
16,075
2,452,845
19
448,427
3,567,958
27
(316,687)
1,358,636
10
49,888
232,916
2
(131,436)
1,404,530
11
185,835
1,240,312
9
87:.,585
80,000
0.8
`5,000
_ 18,783
0.2
712
$13.181,729
100%
$1,129,399
The increase in capital outlay expenditures was due to major park development, street repair and
storm drain projects that were completed during the fiscal year. Environmental services
expenditures increased as a result of development -related services and the City's Altrans congestion
-' management program. Public works services decreased due to the less expensive overlay phase of
the City's pavement management program that was completed this year, rather than the slurry seal
phase that is performed in alternating years.
General Fund Balance. The fund balance of the General Fund increased by S2,212,957 to
$9,085,620 during the fiscal year. As previously discussed, this was attributable to several factors,
- including higher than anticipated property taxes, sales taxes, development fees, and moto~ vehicle
ID
in lieu fees. Expenditures were also slightly lower than originally anticipated from savings
throughout the City's General Fund programs.
Debt Administration. At year-end, the City had a $185,000 general obligation bond debt
outstanding, which is repayable from lease revenues from the County of Santa Clara for the
Saratoga Library.
Cash Management Policies and Practices. Excess cash revenues were invested in U.S. Treasure
securities, certificates of deposit, and the California Local Agency Investment Fund during fiscal
year 1999-00. At June 30, 2000, investments in the City Treasury matured in less than one year.
The City's overall average rate of return on investments was 5.7% in fiscal year 1999-00.
ix
The City's investment policy minimizes credit and market risk while maintaining a competitive --
yield on its portfolio. The City invests primarily in the California Local Agency Investment Fund,
a State -sponsored investment pool with an excellent record of financial management and liquidity.
Remaining restricted investments were held in the bank's trust department with a separate account in the City's name.
Risk Management. During the year ended June 30, 2000, the City continued its participation in
the Association of Bay Area Governments (ABAG) risk plan and pool. ABAG is a non-profit
corporation formed by member cities to pool their insurance risk and help lower the overall cost of
providing insurance coverage for liability, property and workers compensation claims. Policy
limits are as follows: $7,000,000 liability, $100,000,000 (total plan assets) property, and
$10,000,000 workers compensation.
Other information
Independent Audit. California law requires cities to prepare an annual audit by an independent
certified public accountant. The firm of Maze and Associates was selected by the City Council to
prepare the accompanying financial reports. In addition to meeting the requirements set forth in
statutes, the audit was also designed to meet the requirements of the federal Single Audit Act of
1984 and the related U.S. Office of Management and Budget's Circular A-128. Generally accepted
auditing standards and the standards set forth in the General Accounting Officers Government
Auditing Standards were used by the auditors in conducting the engagement. The auditor's
unqualified report on the general purpose financial statements and combining fund statements and
schedules is included in the financial section of this report.
Awards. The Government Finance Officers Association (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City for the CAFR for the fiscal year
ended June 30, 1999. In order to be awarded a Certificate of Achievement, the City published an
easily readable and efficiently organized financial report. This report satisfied both generally
accepted accounting principles and applicable legal requirements.
The Certificate of Achievement is valid for a period of one year. We believe our current CAFR
continues to meet the Certificate of Achievement program's requirements and plan on submitting it
to the GFOA to determine its eligibility for another certificate.
x
Acknowledgments. This CAFR represents the culmination of numerous hours of hard work
expended by many individuals. In particular, we would like to express our appreciation to Rav
Galindo, the City's Accounting Supervisor. We commend him for his professionalism and
commitment to excellence. Furthermore, we would like to thank Maze and Associates for their
helpful and timely assistance in the preparation of this report. Finally, we would like to give credit
to the City Council and the Finance Advisory Commission for their ongoing interest and support in
planning. conducting and advising, on the operations of the City in a responsible and progressive
manner.
Respcctfully submitted,
Dave Anderson
City Manager
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Mary Jo Walker
Administrative Services Director
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CITY OF SARATOGA
ELECTED OFFICIALS AND
ADMINISTRATIVE PERSONNEL
JUNE 30, 2000
CITY COUNCIL
Stan Bogosian - Mayor
John Mehaffey - Vice Mayor
Evan Baker
Nick Streit
Ann Waltonsmith
CITY STAFF
Dave Anderson - City Manager
Mary Jo Walker - Administrative Services Director
James Walgren - Community Development Director
Joan M. Pisani - Recreation Director
- John Cherbone - Public Works Director
CITY ATTORNEY
Richard S. Taylor
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Saratoga,
California
For its Comprehensive Annual
-- Financial Report
for the Fiscal Year Ended
_.. June 30, 1999
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
s,,;stems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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11 WED STATES
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owrrou President
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• 5]Eel.l. oy�
Executive Director
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A(J,A47E &
ASSOCIATES
ACCOUNTANCY CORPORA FION
1670 Riviera Avenue - Suite 100
Walnut Creek, Califomia 94596
(925) 930-0902 « FAX (925) 930- 0135
E-Mail: maze(Ornaaeassociates.com
Website: www.ini�-eassociates.com
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and Members of the City Council
City of Saratoga, California
_ We have audited the general purpose financial statements of the City of Saratoga as of and for the years
ended June 30, 2000 and 1999 as listed in the Table of Contents. These financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our, audits in accordance with generally accepted auditing standards and the standards for
financial audits contained in Government Auditing Standards (1994 Revision), issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audits to obtain
reasonable assurance as to 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 estirmates made
by management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide 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 Saratoga at June 30, 2000 and 1999 and the resslts of its
operations for the years then ended, in conformity with generally accepted accounting principles.
Our audits were niade for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining financial statcrnents and schedules listed in the Table of Contents are.
presented for purposes of additional analNIsis and are not a required part of the general purpo�c nancial
statements of the City of Saratoga. Such information has been subjected to the auditing procedures applied
in our audits of the general purpose financial statements and in our opinion is fairy stated in all material
respects in relation to the general purpose financial statements taken as a whole.
The statistical section listed in the Table of Contents was not audited by us and we do not express an
opinion on this information.
October 27, 2000
A Professional Corporation
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(�5
CITY OF SARA'COGA
GENERAL PURPOSE FINANCIAL STATEMENTS
The fbllowing combined financial statements, along with the notes to the general purpose financial
staterrients, present an overview of the City's financial position and results of operations. Individual funds
and account groups used by the City are grouped as follows:
GOVERNMENTAL FUND TYPES
General, special revenue, capital projects and debt service funds are used to account for governmental
functions. The governmental fund measurement focus is on the "financial flow" basis, which accounts for
sources and uses of available spendable resources.
FIDUCIARY FUND TYPE
Agency funds are used to account for assets held by the City in an agent capacity for others.
ACCOUNT GROUPS
Account groups are used to establish accounting control of general fixed assets and the unmatured principal
of general long-term obligations. Assets and liabilities of these funds are neither spendable resources, nor
do they require current appropriation. Therefore, they are accounted for separately from the govemmental
fund types.
3
CITY OF SARATOGA
COMBINED BALANCE SHEETS - ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR ]LINE 30, 1999
FIDUCIARY
GOVERNMENTAL FUND TYPES FUNI) TYPE
Special Capital Debt
General Revenue Projects Scnice Agency
ASSETS AND OTI II:R DEBITS
Cash and imestmctits (Note 3)
Restricted cash and imcstments (Notes 3 and 6F)
Recei%ables.
Accounts
Interest
lfakone FOUnd3tiOn (Note 4A)
Ilousino rehabilitation loan program (Note 413)
Due from other funds (Note S)
Fixed assets (Note 5)
Other debits:
Amount available in debt set -vice funds
Amount to be provided for retirement of general
long -terns debt
Total Assets and Other Debits
LIABILITIES
Accounts payable
Accrued payroli
Accrued %acation and sick leave (Note 2M)
Due to other funds (Note B)
Due to assessment district bondholders
Deposit; payable
Deferred revenue (Hole 4)
Claims paI.abtc I —,te 10)
Long term dcht INotc b):
General ubli atir,n honds
Total Liabilities
FUND EQL..'•IT'Y AND O I'HER CRF-DI I'S
Other credits
Investment in general fixed asset:
fund balances (Note. 7)
Rcscnrtl Ior
[Lrcumbrmues
Licht srrti ire
Petty cash
L';rzrescr%cd
I)esi�flatcd for operations
t_Jndcsrgnatad
Total Fund Lquity and Other Credits
Total I iahiltties and fund Equity
& Other Credits
S8,763,104 $2,475,409 $2,206,636
196,205 656,976
19r),-95
169,075
450,111
1 sr) 233
$571,677
361,246
$9.457,412
S3,5S2,496 $2,266,636
S932,923
S133,450
S369,057 S122,672
49.207
33,768
159,233
`
$361 ?46
571,677
169,f175
450,11 1
401,792
1,012,169 122,672
932,923
1S1,912 332,264 267..i66
2,1 14,497
6, 7 S9,2 1 1 2,238,003 1,876.548
9,085,620 2,570,327 2.143,904
$9,487,412 S1582,496 $2,266.616 S9 2 923
See accompanying notes to financial statements
TOTALS
MVOUNT(3ROUPS (Memorandum Only)
General Fixed General Lon, --
Assets Yerro Obligations 2000 1999
$13,195,177
S13,195,177
$14,076,826 S10,754,413
361,246 313,539
853,181
576,759
199,795
105,271
169,075
207,641
450,1 1 1
492,501
159,231
153,302
13,19S,177
16,378,427
5,574
$353.096
353,096
425,612
$353,095
$29,817,740
S29,413,039
$025,171)
S511,x30
93,r_i;5
44,711)
S f ti,U'Ir,
I I S, 196
1 l 6, l; l
159,233
153,0_
161,24r1
307,73'1
571,677
477,149
619,156
700,142
50,000
100,00(;
100,000
185.000
185,i!u�i
2r,5,000
353 0')
2.,5'2.652
2 73("or,
S13,195,177 13,195,177
10,378,427
78 1 ,542
M 74
1,300
2,1 14,497
2,00(1 00i)
10,903,872
8,291,671
13.19�,17r 26,995,088
26,676972
S13,195,177 5353,096 $29,817,740
$29,413,039
�11
CITY OF SARATOGA
COMBINED STATEMENTS
OF REVENUES, EXPENDITURES
AND CHANGES
IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL
YEAR ENDED JUNE 30, 2000
— WITH COMPARATIVE AMOUNTS FOR THE FISCAL. YEAR ENDED JUNE 30, 1999
-_OTA1.S
GOVERNMENTAI. FE.'ND TYPES
(Mernorandunt Only)
Special Capital
Debt
General
Revenue Projects
Service
2000
1499
_ RLVFNLIES
Propertvtaxes
S2,790,294
$89,404
$2,879,698
$1,954,916
Special assessments
157936
1`,7,936
55,505
Other local taxes
2,718,358
2,7Is, 35ii
2 328.t171
Intergovernmental - State
1,623,583
1,197,096
2,Qi),(,79
2,379,790
Intergovernmental - Fedcral
427,351
427,-151
288,E 8
ianchise fees
886AI8
880,018
77-.,wo
Use of money and property
630,833
284.77(.)
$93 209
1,008.812
7b7,2I8
Current service charges
520,265
3,554,J00 S223,560
4,298,725
3.814,715
Reimbursement of interfund cost allocations (Note 2G)
1,484,918
l j4 ,4,916
1,525,4.02
Total Revenues
10,654.869
5,711,457 223,560
93,209
16,683,095
13,711,845
- F\PENDl-LURES
(_-urrent:
Public safety
2,?61,741
h4,008
2,825,741)
2,8()9.674
En 'ironmcntal services
129,849
2,322,990
2,452,845
2,004,�.18
Public «urks scr ices
1,113,570
2,454.11> 8
3,5(,7,958
3.S€,,(,45
Communitvservices
96393
1,2(,2,243
1,358.63(i
1 Crc .;'4A
Communiv� suppw7
76,15o
150.760
2.2,916
-61,352
General and intergovernmental srrviccs
1.404,530
1,41)4,530
1..21 1I.695
_ Capital outlay
578,612
331),121 331,579
t,2401312
727
Debt scrl ice:
Principal
S0.000
80.000
75,000
Interest and fiscal charges
lti,?
18.783
I8.071
— 'Total Fxpe rditures
6.161,151
0,590,216 331,579
98,783
13.181.729
12.(ISZ 33+)
EXCESS OF REVENUES
OVER (L'NDF..R)EXPENDITURES
4.493,718
(878.759) (108,019)
(5,574)
3,%1.360
1,6_ii,515
0"11-IER FINANCING SOURCES (USES)
Operatin;7 transfers in (Note 8)
22,267
2,761,661
2,783,9 88
2,771.893
Operatim transfers (out) (Note 8)
(2.303,028)
(480,900)
(2,783.928)
(2,771.03,:
Total Other Financing Sources (Caen)
(2.280,7611
2,280.761
I-V FSS OF RFC I'MIIiS AND OTHER
— S, )1_ R(_'E:S UVFR (CNDER) EXPENDITURES
ANI)OIHH?R SF.S
2'12957
1,402,002 (108,019)
(.5.574)
3.501,366
1.6;9.41;
Fund balances at beginning of year
6.871663
1,168,325 2,251!9S3
5-574
10>98.545
8.63 .03O
- Fund balances at end of year
$9,085,620
$2,570,327 $2,143,964
S 13,799-91 1
51(1,-9SS 445
_.
See accompanying
notes to financial stalements
%I
CITY OF SARATOGA
COMBINED SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
(NON-GAAP LEGAL BASIS)
AI.I. GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
WITH COMPARATIVE ACTT )AL AMOUNTS FOR THE FISCAL YEAR ENDED JLJNF 30, 1999
REVENUES
Property taxis
Special assessments
Otherlocaltaxes
Intergovernmental - State
Intergocemmcutal - Federal
Franchise tees
Use of money and property
Current service charges
Total Revenues
EXPENDITURES
Current
Public safely'
Environmental services
Public ,o,ks serviccs
Community services
Commumth support
General and mtrseovenunemal services
Indirect cost allocation (Note 2G)
Capital oudav
Debt service.
Principal
Interest and fiscal charges
Dotal Expenditures
I V ESS OF P b % I[N(11S
OVER (UNDER) I-XPLNDI TURFS
OTHER HER FINANCING SOI IRCES (11SES)
Operating transfers in
Operating transfer, (out)
Total O(her Financing Sources (Uses)
EXCESS OF RE V ENCES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES AND OTHER
IS1-ti
Fund balanecs at kcgimiir- ol,year
Fund baianc- at end of Vcnr
GENERAL FUND
SPECIAL REVENUE FUNDS
Vanance
Vanance
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
52,689,431
$2,790,294
$100,903
$71.750
S89,404
S15,654 .�
157.645
157936
291
2,270,561
2,718,358
447,797
1,336,270
1,623,583
287,313
1.011,839
1,197,(Y)6
185,258
970,988
427.351
(443,637)
781,200
SS6,618
105,418
411,473
630,833
219,360
150,500
284,770
134,270
482,414
520.265
37,851
2,629,611
3,554,900
925,299
7,971,349
9,169,951
1,199,602
4.894,332
5,711,457
817,125
2,960,905
2,761,741
199.064
101,199
64,008
37,191 `
177,974
129,S49
48,125
2,379,012
2.i22,996
56,016
1.153MA
1,113.A70
40,09E
2,649,600
2,454,i)B8
195.512
89,742
96,"93
(6,6'1)
1.157,581
1 '-6',243
1104d,62)
75,400
76,156
Cl (i1
315,529
156,760
158,769
2,097,563
2,037,857
59,706
(2,118,245)
(2,119,245)
610,716
578,612
32.104
591,071
330.121
240.950
5,047,923
4,676,233
371,690
7,183.992
6.590.216
593,776
2.923,426
4,493,719
1.570,292
(2,289,660)
(878.759)
L41090I
109,294
22,267
(97,027)
2.069.185
2,761,661
692.476 r
(1,676,336)
(2,303,028)
(626,692)
(467.030)
(480,900)
(13.8101
(1,567,042)
(2,25),761)
(71,,7I'))
1,602.155
2.280.761
678.606
S1,350,384
2,212,957
$556573
(5687,505)
1.402,002
S2 089.507
6,872,66
L 161%325
$9,085,620
S2.570,327
See accompanving notes to financial statements
m
TOTALS
CAPITAL PROJECTS FUND
DF,BT SERVICE FUND
(Memorandum OnN)
1999
Variance
Variance
% ariance
Favorable
Favorable
Fa�crable
- Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfawrable)
Actual
$2,763,181
$2,879,698
51.6,517
S1.954.916
157,645
157,936
291
5.505
2,270,561
2,718.358
4-17.797
2.3'IN -1
2,348,108
2,820,679
4,2.571
2,, 790
970,988
427,351
(4-13.6371
FS.IinS
781,200
886,618
1oi '418
--.,6)
$94.262
$93.209
(51,053)
656,235
1,008,812
', 2,577
$111,780
$223,500
S111,780
3,223,805
4.298,725
1.0'4.920
�.S14_T15
I11,780
223,560
111,780
94,262
93,209
(1,053)
13,071,723
15,198,177
2,126,454
3.062,004
2,823,749
2}6.255
2", 9.t,'4
2,55t.986
2,452,845
104.141
1(14.4 18
--
3,R03.568
3.567,958
-_5.610
r"1.1,45
1,247,323
1.358,636
11_-131
390,929
232,916
I- - i)I-
2,097,563
1037,857
1 --4-09:.
(2,118,2451
(2111R,245)
603,698
331,579
272,119
1,795,485
1,240,312
173
o-1.21).>
80,000
80,000
80,000
80,000
lil
_
13,505
18,783
(5,278)
13,505
18,783
27S1
:).1-!
603,698
331,579
272,119
93,505
98,783
(5,278)
12,929,118
11,696,811
1.-2.307
1%."'2 119
(491,918)
(108.019)
383,899
757
(5,57.•4)
(6,331)
142,005
3,501.366
�761
;
2,178,479
2,79.3.928
of,, .449
2. '.... _
--
(2,143,366)
(2,78:3.928)
ff-.u.562i
i=
35,113
_.113
($491.918)
UOK.019)
$383,899
$757
(5,574)
(56,331)
5177,7i8
3,501,366
S3.?_:.648
2.251.983
5.574
Y
$2, 143,964
S 13.7 9101 1
5: •
0
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 1 - GF,NERAL
The City of Saratoga is a largely residential community located in the foothills of the Santa Cruz
Mountains. The City was incorporated as a municipal corporation in 1956, population at June 30,
2000 was 31,320.
The City operates under the Council -Manager form of government, with five elected Council
members served by a full-time City Manager and staff. At June 30, 2000 the City's staff comprised
53 full time employees who were responsible for the following City -provided services:
Public Safety - the City provides round-the-clock police services under a contract with the County
Sheriff's offices. Fire services are provided by special districts. Emergency management, code
enforcement and inspection services are provided by 5 City employees.
Public Works/Maintenance - The City builds and maintains its parks, streets, curbs, gutters and
related public property with a force of 19 employees. Major projects may be contracted out to
reduce costs.
Community Development - Zoning administration, plan checking and advance planning services are
provided by 6 employees.
Culture, Recreation and Community Support services are provided by a total of 8 employees.
General Governmental services are provided by a total of 15 employees.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIF,S
The accounting policies of the City conform with generally accepted accounting principles
applicable to governments, as set forth below:
A. Reporting Entity
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 general purpose financial statements of the City include the financial
activities of the City and the Lighting and Landscaping District #1 since this District is controlled
by the City. City Council is the governing body and adopts the budget and authorizes expenditure
of funds for this District. The activities of the District have been merged (termed "blended) with
those of the Citv.
The City is collecting agent for Parking Assessment Districts #2 and #3 and the Leonard Road
Assessment District but is not obligated for the repayment of debt issued by these three Districts,
which have not been included in the general purpose financial statements.
The City acts as the agent for the Saratoga Public Financing Authority, which was established to
provide financing to Parking Assessment District #2 and the Leonard Road Assessment District.
The Authority's revenue source is assessments remitted from the above Districts; its activity is
included in the Assessment Districts Bonds Agency Fund.
10
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Financial statements for each of these component units may be obtained from the City o;' Saratoga,
13777 Fruitvale Avenue, Saratoga, CA, 95070.
B. Fund Accounfint
_ The accounts of the City are organized on the basis of funds and account groups, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a
separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues,
and expenditures. Government resources are allocated to, and accounted for, in individual funds
based upon the purposes for which they are to be spent and the means by which spending activities
are controlled. The various funds are grouped in the financial statement in this report as follows:
GOVERNMENTAL FUNDS
General Fund is the general operating fund of the City. It is used to account for all financial
resources except those required to be accounted for in another fund.
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other
than major capital projects) that are legally restricted to expenditures for specific purposes.
Debt Service Funds are used to account for financial resources to be used for the payment of'
principal and interest on long-term obligations.
Capital Projects Funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities.
FIDUCIARY FUNDS
Agency Funds are used to account for assets held by the City as an agent for its employees, other
individuals, private organizations or assessment districts in the City.
C. Measurement Focus
All governmental funds are accounted for on a spending or financial flow measurement focus
which means that only current assets and current liabilities are generally included on their balance
sheets. Their reported fund balance is their net current assets, which is considered orly to be a
measure of available spendable resources. Governmental fund operating statements present a
summary of sources and uses of available: spendable resources during a period by presenting
increases and decreases in net current assets.
Because of their spending measurement focus. governmental funds exclude fixed assets and
noncurrent liabilities. Instead., these assets and liabilities are reported in the General Fixed Assets
Account Group and the General Long -Term Obligations Account Group. These account-,roups
measure only financial position; they are not funds and they do not measure results of optratioM�.
-- They maintain accounting control over the City's governmental fund fixed assets and City debt
which will be repaid by governmental funds.
11
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In those cases when a governmental fund records a long-term receivable or other non -current asset, _
an offsetting credit is made to deferred revenue, or undesignated fund balance is reduced to reflect
the fact that this amount is not yet available.
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures are recognized in the accounts and
reported in the financial statements, regardless of the measurement focus applied. All --
governmental funds and agency funds are accounted for using the modified accrual basis of
accounting. These funds' revenues are recognized when they become measurable and available as
net current assets. Measurable means the amount of the transaction can be determined and
available means the amount is collectible within the current period or soon enough thereafter
(generally sixty days) to be used to pay liabilities of the current period. Amounts which could not
be measured or were not available were not accrued as revenue in the current fiscal year.
Revenues susceptible to accrual include property taxes, assessments, certain charges for services,
interest and rentals. Fines, forfeitures, licenses and permits, sales taxes and motor vehicle taxes are
not susceptible to accrual because they are not measurable until received in cash.
Expenditures are generally recognized when incurred under the modified accrual basis of
accounting. Exceptions to this general rule include principal and interest on general long-term debt,
which are recognized when due. Financial resources usually are appropriated in other funds for
transfer to a debt service fund in the period in which maturing debt principal and interest must be
paid. Such amounts thus are not current liabilities of the debt service fund, as their settlement will not require expenditure of existing fund assets.
E. Fixed Assets and Long -Term Liabilities
The General Fixed Assets Account Group provides accounting control over the cost of fixed assets
used by the City's governmental funds. The General Fixed Assets Account Group is not a fund and
its balances are not financial resources available for expenditure. Rather, they provide an historical
accounting record of resources expended on general fixed assets. Public domain (infrastructure)
general fixed assets, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage
systems and lighting systems, have not been capitalized because these assets are immovable and of
value only to the public. No depreciation has been provided on general fixed assets.
The General Long Term Obligations Account Group provides accounting control over the
unmatured principal of the City's general long term obligations. This debt will be repaid out of'
governmental funds but is not accounted for in these funds because this part of the obligations does
not require an appropriation or expenditure in this accounting period.
12
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Budgets rued Butl etaryAecounting
The City follows these procedures in establishing the budgetary data reflected in the; financial
statements:
1. The City Manager submits to the City Council a proposed operating budget for the fiscal year
commencing the following July 1. The operating budget includes proposed expencitures and
the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted through passage of a resolution.
4. The City Manager may authorize transfers of budget amounts within any fund. However, any
revisions that increase the total budgeted expenditures of any fund must be approved by the
City Council. Expenditures may not legally exceed budgeted appropriations at the fund level
without City Council approval.
5. Formal budgetary integration in the form of legally adopted budgets is employed as a
mam.gement control device for all Funds except the Agency Funds. Budgets are adopted on a
basis consistent with generally accepted accounting principles. Budgeted expenditures
-- reported are as amended by supplemental appropriation of the City Council.
G. Budget (lVon-GAAP Legal Basis)
The City uses a budget basis which differs from generally accepted accounting principles in that the
City allocates budgeted indirect costs to operating departments partially within the same fund. For
_ the year ended June 30, 2000 a total of $2,118,245 in indirect General Fund costs were al located, of
which $1,484,918 was allocated to other funds and S633,327 was allocated within the General
Fund. The City's Budget and its Budget Basis Statements of Revenues, Expenditures and Changes
in Fund Balances reflect the entire amount of indirect cost allocations as a separate line -item credit
` to expenditures, while for GAAP basis financial statement purposes the $633,327 of intra-General
Fund costt allocations has been eliminated and the remaining S1,484,918 classified as General Fund
revenue.
H. Excess oj'E_vpenditures over Appropriations
The following funds had expenditures in excess of budget in the following amounts for the year
ended June 30, 2000. Each of these funds had sufficient fund balance to cover these excess
expenditures.
Development Services Special Revenue Fund $40,615
Recreation Special Revenue Fund 104,662
Lighting, and Landscaping Assessment District #1
Special Revenue Fur1d 5.815
13
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) _
L Encumbrances and Appropriations
Under encumbrance accounting, purchase orders, contracts and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the applicable appropriation.
Encumbrance accounting is employed as an extension of formal budgetary integration.
Encumbrances outstanding at year end are reported as reservations of fund balances since they do
not constitute expenditures or liabilities. Unexpended appropriations lapse at year end and are
reappropriated in the following year.
J. Fund Balances, Resenes and Designations
Governmental fund balances represent the net current assets of each fund. Net current assets _
generally represent a fund's cash and receivables, less its liabilities. Portions of a fund's balance
may be reserved or designated for future expenditure. —
K. Deferred Compensation Plat
City employees may defer a portion of their compensation under City sponsored deferred
compensation plans created in accordance with Internal Revenue Code Section 457. Under these
plans, participants are not taxed on the deferred portion of their compensation until it is distributed
to them; distributions may be made only at termination, retirement, death or in an emergency as —
defined by the Plan.
The City has contracts with the International City Managers' Association and National Plan
Coordinators to manage and invest the assets of the Plans.
The City's contracts with ICMA and NPC require the establishment of separate trusts for assets in the Plans, which are held for the exclusive benefit of plan participants and their beneficiaries
and are not controlled by the City.
L. Property Taxes and Special Assessments
County tax assessments include secured and unsecured property taxes, and special assessments.
"Unsecured" refers to taxes on personal property. These tax assessments are secured by liens on
the property being taxed.
Revenue is recognized in the period for which the tax and assessment is levied. The County of --
Santa Clara levies, bills and collects property taxes for the City, the County remits the entire
amount levied and handles all delinquencies, retaining interest and penalties. Secured and
unsecured property taxes are levied on January 1.
Secured property tax is due in two installments, on November 1 and February 1, and becomes a lien
on those dates. It becomes delinquent on December 10 and April 10, respectively. Unsecured _
property tax is due on July I and becomes delinquent on August 31.
E
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued j
M. Accrued Vacation and Sick heave
- Employees accrue vacation and sick leave on a daily basis and have a vested interest in fifty percent
of accrued leave. The City's obligation for accrued vacation and sick leave is recorded in the
General Long Term Obligations Account Group since the amount is repayable from fixture
resources. The City does not pay post -retirement health care benefits. Accrued vacation and sick
leave increased $1,910 for fiscal year 1999-00.
N. Closed Funds
The City has closed the Hillside Street Repair Special Revenue Fund, the State Park Bond Capital
Projects Fund and the Quarry Creek Trust Agency Fund_ These funds have been removed from the
general purpose financial statements. The City changed the name of the State Gas Tax Special
Revenue Fund to the Streets and Roads Special Revenue Fund.
D. Total Columns on Combined Financial Statements
Although each of the City's funds is a separate accounting entity, the Combined Financial
Statements also include total columns, which are captioned Memorandum Only to indicate: that they
are presented only to facilitate financial analysis. Data in these columns do not present: financial
position, results of operations, or cash flows in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation, since no interfund elimination have
been made; in the aggregation of this data.
NOTE: 3 - CASH AND INVESTMENTS
The City's dependence on property tax receipts, which are received semi-annually, req wires it to
_ maintain significant cash reserves to finance operations during the remainder of the year. The Cit}°
pools cash. from all sources and all funds except that held by fiscal agents under debt indentures, and
the Housing Assistance and Rehabilitation Loans Program so that it can be safely invested at
maximum yields, consistent with safety and liquidity, while individual funds can make expenditures
- at any time.
A. Categorization of Credit Risk of Securities Instruments
The City invests in individual investments and in investment pools. Individual investments are
evidenced by specific identifiable pieces of paper called securities instruments, nts, or by an electronic
-- entry registering the owner in the records of the institution issuing the security, called the book enirl
system. In order to maximize security, the City employs the Trust Department of a bank as the
custodian of all its investments, regardless of their form.
The City categorizes its individual securities instruments in ascending order to reflect tl,.c relative
risk of loss of these instruments. This risk is called Credit Risk, the lower the number. the lower the
risk. The three levels of risk prescribed by generally accepted accounting principles are described
below:
Category .1 - Securities instruments in this category are in the City's name and are in the Possession
- of the Trust Department of the bank employed by the City solely for this purpose. The City is the
registered owner of securities held in book entry fonn by the bank's Trust Department.
IC
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 3 - CASH AND INVESTMENTS (Continued)
Category 2 - Securities instruments and book entry form securities in this category are in the bank's
name as the City's agent, but are held by its Trust Department in a separate account in the City's
name.
Category 3 - None of the City's investments are in this category, which would include only City -
owned securities instruments or book entry form securities which were not in the City's name or
which were not held by the bank's Trust Department.
Pooled Investments - Pooled investments are not categorized because of their pooled, rather than
individual, nature.
Cash and investments, recorded at fair value, were as follows at June 30:
Category i investments:
Certificates of deposit (insured)
Category 2 investments:
Certificates of deposit (collateralized)
Noncategorized investments:
California Local Agency Investment Fund
ins estment contract
Mutual funds (U.S. securities)
Cash deposits (overdraft)
Total cash and investments
B. Authorized Investments
2000
City 'Treasury
Available for
Operations Restricted Totals 1999 Totals
S200,000
$200,000
200,000
862,683
862,683
831,35S
12,603,437
12,603,437
8.659,598
S 100,N
160,0t12
160,000
142,70'7
142,709
12 S,106
410,706
S5,53
169,241
1.(188,590
S14,076,S26
S361,246
S14,438,072
S11,067,952
Under the City's Investment Policy, applicable debt indentures, and in accordance with the
California Government Code, the City may invest in the following t`-lics of investments:
U.S. Treasury Bills with maturity to one year
U.S. Treasury Notes with maturity of one to five years
U.S. Government Agency issues with a maturity of six months to five years
Certificates of Deposit or Time Deposits placed with commercial banks and/or savings and
loan companies, limited to 20% of the portfolio per issuing institution
Negotiable Certificates of Deposit, limited to 20% of the portfolio per issuing institution
Local Agency Investment Fund with a maximum investment of S20,000,000
Passbook Savings Account and Demand Deposits, limited to the minimum necessary for
current cash flows
Investment -grade obligations of state, local governments or public authorities, limited to 20'Si&
of the portfolio per issuing institution
Money market mutual funds, limited to 20% of the portfolio per issuing institution.
Investments held by the City's fiscal agent are governed by related debt indenture requirements.
16
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 3 - CASH AND INVESTMENTS (Continued)
C. LAIF
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by
California Government Code Section 16429 under the oversight of the Treasurer of the State of
California. The fair value of the City's investment in this pool is reported in the accompanying
financial statements at amounts based upon the City's pro-rata share of the fair value provided by
LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance
available for withdrawal is based on the accounting records maintained by LAIF, which are
recorded on an amortized cost basis. 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..
D. Cash and' Certificates of Deposit
` Cash and certificates of deposit are considered to be Category 1, because they are entirely insured,
or Category 2, because they are collateralized by the institution holding the deposit. California law
requires banks and savings and loan institutions to pledge government securities with a market value
of 110% of the deposit or first trust deed mortgage notes with a value of 150% of the deposit as
collateral for all municipal deposits. This collateral remains with the institution, but is considered
under the law to be held in the City's name and places the City ahead of general credi tors of the
institution.. The City has waived collateral requirements for the portion of deposits covered by
federal deposit insurance.
y The carrying amount of the City's cash and certificates of deposit was $1,531,924 at June 30, 2000.
Bank balances before reconciling items were $1,966,733 of which $708,869 was insured (category
1), and $1,257,864 was collateralized (category 2) as discussed above.
NOTE 4 - LOANS RECEIVABLE
Since none of the loans discussed below are due within the next year, the City has offset them
with deferred revenue.
A. Hakone 1"oundation
The City has a loan to the liakone Foundation, which bears interest at 6 1 /2% and matures March
1, 2004, with principal and interest payments due monthly. Proceeds of the loan Nve:-e used to
complete improvements at the Hakone Gardens Cultural Exchange Center. Effective July 1, 1997
the City and the Foundation amended the loan agreement to require the Foundation to assume
responsibility for operating and maintaining the Center and in exchange the City wall forgive
principal and interest due in accordance with the original amortization schedule. "l'he outstanding
balance on the loan was S 169,075 and 5207,641 at June 30, 2000 and 1999 respectively.
17
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 4 - LOANS RECEIVABLE (Continued)
B. Housing Rehabilitation Loan Program
The City administers a housing rehabilitation program called the Saratoga Housing Assistance
and Rehabilitation Program (SHARP) using Housing and Community Development Act funds.
Under the Program, individuals with incomes below a certain level and corporations building
rental housing for low and moderate income tenants are eligible to receive low interest loans,
secured by deeds of trust, for construction work on their homes. Federal funds received by the
City are deposited with a commercial bank. Upon approval of loans, the bank disburses the
funds, arranges for and collects repayments.
At June 30, 2000 and 1999, the City had outstanding Housing Assistance and Rehabilitation
Program loans of $450,111 and $492,501, respectively. During the year ended June 30, 2000, the
City received $47,546 from all participants.
NOTE 5 - GENERAL FIXED ASSETS
The City makes capital outlays for general fixed assets and for infrastructure. General fixed
assets include land, buildings and equipment used in City operations. Depreciation is not
provided on general fixed assets since the cost of these assets is accounted for as an expenditure,
reducing fund balance in the year they are acquired. General fixed assets comprise the following: _
June 30, 1999
Additions
Adjustment
June 30, 2000
Land and land improvements
$7,575,658
($2,777,810)
$4,797,848 _
Buildings
6,079,888
S144,767
(239,519)
5,985,136
Equipment and rolling stock
2,722,881
136,226
(446,914)
2,412,193
Total
$16,378,427
S280,993
(53,464,243)
$13,195,177
General fixed assets are stated at cost, or at estimated historical acquisition cost for assets
acquired before July 1, 1986. Estimated historical acquisition costs are based on an independent
appraisal of the City's general fixed assets. Donated fixed assets are valued at their fair market
value on the date donated. Fixed assets acquired under lease agreements are capitalized at cost,
based on the present value of future lease payments. �-
The City conducted a physical inventory of its general fixed assets during fiscal year 1999-2000.
An adjustment of $3,464,243 was recorded to reduce the historical cost of general fixed assets to _
the actual inventoried assets.
18
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 6 - LONG-TERM DEBT
A. Additions and Retirements
Long terra debt expected to be financed from governmental funds is accounted for in the general
long-term. obligations account group, not in governmental funds. Changes in general long term
debt were as follows:
Interest Final
Rates ]Maturity June 30, 1999 Retirements June 30, 2000
General Obligation 1976
Library Bonds 5%-7% 12/15/01 $265,000 $80,000 S 1 S5,00O
B. General Obligation Bonds
The City's general obligation bonds are due in 2001 and may be redeemed earlier. Principal
payments are payable annually on December 15, with interest payments payable semiarinually on
June 15 and December 15. The proceeds from these bonds were used to constrict a public
library wiaich is leased to Santa Clara County. Lease revenues received from the County are
pledged for repayment of the bonds.
C. Special Assessment Debt Without City Commitment
The City is the collecting and paying agent for bonds outstanding in the amount of S9 i. 5,000, as
of June 30, 2000 for Village Parking District itif2 and the Leonard Road Improvement Assessment
District. However, the City has no direct or contingent liability or moral obligation for the
payment of these bonds and has not reflected them in its financial statements. The City is also
responsible, as the Districts' agent, for the Districts' cash receipts, disbursements and balances.
which are reported as Agency Funds transactions in the Assessment Districts Bonds A`,tnc%
Fund.
D. Repayment Requirements
At June 30, 2000 future annual repayment requirements for long-term debt were as follows:
Year
Ending
June 30, 2000
General
Obli-ation
Bonds
2001
9 ,40 7
2002
102,950
196,357
Less Interest
11,357
Principal
SI SS,000
19
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 6 - LONG-TERM DEBT (Continued)
The bond indentures contain certain limitations and restrictions regarding annual debt service
requirements, maintenance and flow of monies through various restricted accounts. City
management believes the City is in compliance with all such indenture requirements.
E. Debt Authorized But Not Issued
On March 7, 2000 voters approved the issuance of General Obligation Bonds not to exceed $15
million for the expansion and renovation of the Saratoga Library. As of the issuance of this
report the bonds have not been issued.
F. Debt Service Reserves With Trustees
The City is required to maintain amounts of Restricted Cash and Investinents with trustees or fiscal
agents under the terms of certain debt issues_ These funds generally include unexpended debt
proceeds or amounts pledged as reserves to be used if the City fails to meet its obligations under the
debt issues. Reserves; unexpended debt proceeds and other funds with fiscal agents totaled
$361,246 and $313,539, respectively at June 30, 2000 and 1999.
The California Government Code requires these funds to be invested in accordance with City
ordinance, bond indentures or State statue. All these funds have been invested as permitted under
the Code.
NOTE 7 - FUND EQUITY
A. Reservations of Fund Balance
Fund equity consists of reserved and unreserved amounts. Reserved fund equity represents that
portion of a fund balance that has been appropriated for expenditure or is legally segregated for a
specific future use. The remaining portion is unreserved. Fund balances at June 30, 2000 are
reserved for encumbrances.
B. Designations of Fund Balance
A portion of unreserved fund balance may be designated by City Council to indicate plans for
financial resource utilization in a future period, such as for general contingencies or capital
projects. Such plans are subject to change and may never be legally authorized or result in _
expenditures.
City Council has designated an amount for Operations, which it has defined as being equal to the
greater of one -quarter of the total budgeted General Fund appropriations for the current budge:
year or $2,000,000. The designation is increased annually by an amount equal to the interest the
City earned on an equivalent amount of cash and investments.
20
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 8 - INTERFUND TRANrSACTIONS
A. Operatin); Transfers Between Funds
With Council approval, resources may be transferred from one City fund to another. "11te purpose
of the majority of transfers, called operating transfers, is to reimburse a fund which has made an
expenditure on behalf of another fund. Less often, a residual equity transfer may be made to open
or close a fund.
Operating; transfers between funds during the fiscal year ended June 30, 2000 were as follows:
Fund Receiving Transfers
Fund Making Transfers
Amount
Special Revenue Funds:
General Lund
Transportation Development Act
S3,748
General Fund
Recreation
7,816
General Fund
Environmental Programs
10,703
Special Revenue Funds:
State Gas Tax
Environmental Programs
319,366
State Gas Tax
Traffic Safety
139,267
State Gas Fax
General Fund
1,870,134
Community Development Block Grant
General Fund
9,050
Local Law Enforcement
General Fund
9,359
Recreation
General Fund
_ 414,485
S2, 783,928
B. Current Intetf ind Balances
Current interfund balances arise in the nonnal course of business and are expected to be repaid
shortly after the end of the fiscal year. At June 30, 2000 the General Fund was owed w141,242
from the Community Development Block Grant Special Revenue Fund and $17,991 from the
Traffic Safety Special Revenue Fund.
NOTE 9 - PENSION PLAN
CALPERS Miscellaneous Employee Plan
Substantially all City employees are eligible to participate in pension plans offered by California
Public Employees Retirement System (CALPERS), an agent multiple employer defined benefit
pension plan which acts as a common investment and administrative agent for its participating
member employers. CALPERS provides retirement and disability benefits, annual cost: of living
adjustments and death benefits to plan members, who must be public employees and beneficiaries.
The City's employees participate in the Miscellaneous Employee Plan. Benefit provisions under
the Plan are established by State statute and City resolution. Benefits are based on years of credited
service, equal to one year of full time employment. Funding contributions for the Plan arc:
determined annually on an actuarial basis as of June 30 by CALPERS; the City must contribute
these amounts. The Plans' provisions and benefits in effect at June 30, 2000, are summarized as
fellows:
21
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 9 - PENSION PLAN (Continucdj
Miscellaneous
Benefit vesting schedule 5 years service
Benefit payments Monthly for life
Retirement age 50
Monthly benefits, as a % of annual salary 1.092-2.418%
Required employee contribution rates 7%
Required employer contribution rates 0%
The City's labor contracts require it to pay employee contributions as well as its own.
CALPERS determines contribution requirements using a modification of the Entry Age Nonnal
Method. Under this method, the City's total normal benefit cost for each employee from date of
hire to date of retirement is expressed as a level percentage of the related total payroll cost. Normal
benefit cost under this method is the level amount the City must pay annually to fund an employee's
projected retirement benefit. This level percentage of payroll method is used to amortize any
unfunded actuarial liabilities. The actuarial assumptions used to compute contribution requirements
are also used to compute the unfunded actuarial accrued liability. The City does not have a net
pension obligation since it pays these actuarially required contributions monthly. Annual pension
costs, representing the payment of all contributions required by CALPERS, for the three fiscal years
ended June 30, 2000, 1999 and 1998 amount to $177,444, $164,830 and $289,056, respectively.
CALPERS uses the market related value method of valuing the Plan's assets. An investment rate of
return of 8.25% is assumed, including inflation at 3.50%. Annual salary increases are assumed to
vary by duration of service. Changes in liability due to plan amendments, changes in actuarial
assumptions, or changes in methods are amortized as a level percentage of payroll on a closed basis
over twenty years. Investment gains or losses are accumulated as they are realized and ten percent
of the net balance is amortized annually.
The Plan's actuarial value (which differs from market value) and funding progress over the most
recent three years available are set forth below at the actuarial valuation date of June 30:
Miscellaneous Plan:
Actuarial
Entry Age
Valuation
Accrued
Value of
Date
Liability
Assets
1996
$10,086,427
$10,722,758
1997
9,734,565
12,475,286
1998
10,540,332
15,721,109
is nfunded
Unfunded
Annual
(Overfunded)
(Overfunded)
Funded
Covered
Liability as
Liability
Ratio
Payroll
%, of Payroll
($636,331)
106.3%
$2,368,072
(26.871%)
(2,740,721)
128.2%
2,322,420
(118.011 %)
(5,180,777)
149.2%
2,12 7,63 8
(243.499%)
Audited annual financial statements and 10 year comparison statistics are available from CALPERS
at P.O. Box 942709, Sacramento, CA 94229-2709.
22
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTF, 9 - PENSION PLAN (Continued)
The market value of the net assets held for pension benefits in the Plans changed as follow, during
the year ended June 30, 1998, the most recent available:
Miscellaneous
Beginning Balance, June 30, 1997 $12,475,286
Contributions received 218,495
Benefits and Refunds Paid (334,826)
Expected Investment Earnings Credited 1,024,508
Expected Actuarial Value of Assets, June 30, 199 $13,383,463
- Market Value of Assets, June 30, 1998 $16,548,536
Actuarial Value of Assets, June 30, 1998 $15,721,109
Additional disclosures will be included when made available by PERS.
NOTE 10 - RISK MANAGEMENT
The City participates in the following public entity risk pools:
A. Risk Pooh;
ABAG Plan Corporation (ABAG PLAN) covers general liability claims in an amount up to
$7,000,000. The City has a deductible or uninsured liability of up to S25,000 per claim. Once the
City's deductible is met ABAG PLAN becomes responsible for payment of all claims up to the
limit. During the fiscal year ended June 30, 2000 the City contributed S76,520 for current year
coverage and received a refund of $52,919 of prior years excess contributions.
The ABAG Worker's Compensation Pool Insurance. Authority (ABAG Pool) covers worker's
compensation claims up to the statutory limit. The City has no deductible for these claims. During
_ the fiscal year ended June 30, 2000 the City contributed $75,756 for current year coverage.
Each risk pool is governed by a board consisting of representatives from member municipalities.
The board controls the operations of each risk pool, including selection of man;,gcmcnt and
approval ofoperating budgets, independent of any influence by member municipalities heyond their
representation on the Board.
The City's contributions to each risk pool equal the ratio of the City's payroll to the total payrolls of'
all entities participating in the same layer of each program, in each program year. Actual surpluses
or losses are shared according; to a formula developed from overall loss costs and spread to member
entities on a percentage basis after a retrospective rating.
Audited financial information for each risk pool may be obtained from ABAG at P.O. Hox 2089,
Oakland, CA 94604-2089.
23
CITY OF SARATOGA
Notes to General Purpose Financial Statements
NOTE 10 - RISK MANAGEMENT (Continued)
B. Liability for Uninsured Claims
The current portion of the City's estimated liability for uninsured claims is recorded in the General
Fund, and the noncurrent portion is recorded in the General Long Tenn Obligations Account
Group. These amounts were estimated by management based on claims experience; $6,530 was
paid in fiscal 2000 for uninsured claims losses. Changes in the estimated liability are as follows:
2000
General
Long -Term
Obligations
General Fund
Account Group
Total
1999 _
Liability at beginning of year
$50,000
$50,000
$100,000
$100,000
Losses paid
6,530
6,530
109
Provision for losses
(6,530)
(6,530)
(109)
Liability at end of year
$50,000
$50,000
s100,000
S100,000
NOTE I I- JOINT POWERS AGREEMENTS
The City is a member of the Santa Clara County "Traffic Authority, which consists of various
cities in the San Francisco Bay Area. The City is also a member of other JPAs, but has had no
material transactions with them.
The JPAs are governed by boards consisting of representatives from their members. The boards
control the operations of each JPA, including selection of management and approval of operating
budgets, independent of any influence by its members beyond their representation on the Board.
The Traffic Authority was formed in 1985 by a joint exercise of powers agreement between the
County of Santa Clara and the cities of Santa Clara County for the purpose of financing highway _
capital improvements within the County to serve transportation needs. Financial statements may
be obtained fi-om Santa Clara County Traffic Authority, 1754 Technology Drive, Suite 224, San
Jose, CA 95110.
\OTF 12 - CONTINGENT LIABII.ITIF.S
The City participates in Federal and State grant programs. These programs will be audited by the
City's independent accountants in accordance with the provisions of the federal Single audit Act
Amendments of 1996 and applicable State requirements. No cost disallowances are expected as a
result of these audits, however, these programs are subject to further examination by the grantors -'
and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot
be determined at this time. The City expects such amounts, if any, to be immaterial.
The City is subject to litigation arising in the normal course of business. In the opinion of the
City Attorney there is no pending litigation which is likely to have a material adverse ctfect on
the financial position of the City.
ME
CITY OF SARATOGA 1
GENERAL FUND
The General Fund is used to account for all of the general revenues of the City not specifically levied or
collected for other City funds and the related expenditures. The General Fund accounts for all financial
resources of the City which are not accounted for in another fund.
25
CITY OF SARATOGA
GENERAL FUND
COMPARATIVE BALANCE SLEETS
JUNE 30, 2000 AND 1999
ASSETS
Cash and investments
Receivables
Accounts
Interest
Hakone Foundation
Due from other funds
Total Assets
LIABILITIES
Accounts payable
Accrued payroll
Deferred revenues
[Jninsured claims
Total Liabilities
FUND BALANCES
Reserved for:
Petty cash
Encumbrances
Unreserved:
Designated for operations
Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
2000 1999
$8,763,104 $6,610,965
196,205
248,132
199,795
105,271
169,075
207,641
159,233
153,302
$9,487,412
$7,325,311
$133,450
$168,764
49,267
26,243
169,075
207,641
50,000
50,000
401,792 452,648
1.300
181,912
2,114,497
2,000.000
6,789.211
4.S71, 363
9,085,620
6,872,663
$9,487,412
$7,325,311
26
CITY OF SARATOGA
_ GENERAL FUND
COMPARATIVE SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
(NON-GAAP LEGAL. BASIS)
BUDGET AND ACTUAL,
FOR THE YEAR ENDED JUNE 30, 2000
WI I'll COMPARATIVE ACTUAL AMOUNTS FOR TIIF. YEAR ENDI-D DUNE 30, 1999
2000
REVENUFS
Property taxes
Other local taxes
lntergovemm(:ntal - State
Franchise fees
Usc of money and property
Current service charges
Total Revenues
EXPENDITURES
Current:
Public safety
Environmental services
Public works services
Community Services
Community support
General and intragovemmentat services
Ind1TUCt cost altocation
Capital outlay
Total Lkpenditures
C.XCESS OF REVENUES OVER
(UNDER) EXPENDIT'I )i:1,S
OTHER FINANCING SOURCES (USFS)
Operating transfers in
Operating transfers (out)
-total Other Financing Sources (l.ses)
EXCESS 01� REl FNUES AND OTIIER SOURCES
OVr:R (UNDI-R) L\11I{N1-1T1RliS AND
OTI11:R USES
Fund balances at beginning of year
Fund balances at end of v car
1999
Varlancc
Favorable
Budget
Actual
{Unfavorahlc!
Actual
S2,689,431
S2,790,294
$100,863
S1,864,766
2,270,561
2,718,358
447,797
2,32R,1171
1,336,270
1,623,583
287,313
1,6SO,00
781,200
886,618
1Oi,418
777,560
411,473
630,933
219,360
472.198
482,414
520,265
37,551
380,290
7,971,349
9,169,951
1,198,602
7,503,555
2,960,905
2,761,741
199!j64
2.719,188
177,1)74
129,849
4S.125
42,735
1,153,96S
1,113,870
40j)L9S
1.051,334
89,742
9(j,393
(t.6 1)
49,787
75,400
76,156
( 56)
71,845
2,097,')63
2,037,S57
59.-06
1.754,995
(2,118,245)
(2,11S,245)
(1,861,702i
610,716
578,()12
32.104
212,223
5,047,923
4,676.233
371,690
4 040,405
2,923,420
4,493,718
1.570.292
:.463.15')
109-194
22,267
(87.027)
0.242
(1,076,336)
(2.303,028)
(626,692)
2.444.102.!
(1,567,042)
(2,280,761)
(713.719)
1'.437,8601
S1,356,384
2,212,957
5856.5'3
] 025.29(1
6,872,663�;.
1-9,085,620
jr..872,663
27
IN "N
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
These funds account for the proceeds derived from specific revenue sources which are legally restricted
to expenditures for specified purposes.
Community Development Block Grant - This fund accounts for grant funds received from the
federal government for the purpose of developing viable urban communities and for the City's
rehabilitation loan program.
Traffic Safety - This fund accounts for vehicle code fine and forfeiture revenues and related
public satiety expenditures.
Streets and Roads - This fund accounts for revenues and expenditures received from tnc Federal
Government, under T.E.A. and State, under Street and Highway Code Sections 2105, 2106, 2107,
and 2107.5. The allocations must be spent for street maintenance or repairs; a limited amount
may be spent for engineering.
Lighting and Landscaping Assessment District #I - This fund accounts for lighting and
landscaping assessment revenues and the related maintenance expenditures.
Environmental Programs - This fund accounts for environmental fees accumulated to offset the.
- cost of environmental programs budgeted in the General Fund.
Development Services - This fund accounts for revenues and expenditures associated with
- development in the City.
Recreation - This fund accounts for the City's recreation program revenues and related program
expenditures.
Transportation Development Act - This fund accounts for grants received from the State of
California which are used for sidewalk construction.
Local Law Enforcement - This fund accounts for State Supplemental law Enforcement
entitlement allocated based on population.
29
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2000
WITH
COMPARATIVE AMOUNTS FOR JUNE 30, 1999
Lighting and
Community
Landscaping
Development Traffic
Streets
Assessment
Block Grant Safety
and Roads
District #1
ASSETS
Cash and investments
$84,567
S403,797
S114,271
Accounts receivable
97,920 $24,397
459,767
374
Housing rehabilitation loans receivable
450.111
Total Assets
$632,598 S24,397
$863,564
SI 14,645
LIABILITIES
Accounts payable
S41,000 S6,406
$216,888
S6.045
Accrued Payroll
245
7,942
660
Due to other funds
141,242 17,991
Deferred revenue
450,111
Total Liabilities
632,598 24,397
224.830
0,705
FUND I3A1_ANCFS
Reserved forcncumbrances
51,776
280,488
Unreserved, undesignated
(51,776)
358,246
107,940
Total Fund Balances
635,734
107,940 _
Total Liabilities and Fund balances $632.598 $24,397
58h3,,,64
Sl 14,645
1'ransportation
TOTALS
L•nvironmental
Development
Development Local Law
Programs _
SerViCCS
ReCieatl0n
Act Enforcement
2000
1999
S390,63.3
$1,396,581
S40,567
S44.893
$2,475,409
$1,410,156
67,477
6,476
565
056,976
328,627
450,111
492,501
$458,110
$1,403,157
S41,132
$44,893
S3,582,496
S2,231,284
S36; )59
S31, )76
$29,783
$369,057
$398,680
693
12,276
11,179
S774
33,768
18,476
159,233
153302
_
450,1 1 1
492,501
37,65 -
44,-, 52
40,961
774
1,012,109
1,062 959
332,264
1,358,905
171
44,119
2,238,063
1,168,325
420,45E
1,358,905
171
_ 44.119
2,570,327
1,168,325
S458,1IQ
$1,403,157
S41,132
S44,893
$3,582,496
S2,231,284
31
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
_
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR I[ IF FISCAL YEAR ENDED DUNE
30, 1999
Lighting
Community
Landscaping
Development Traffic
Streets
Assessment
Block Grant Safety
and Roads
District #I —.
REVENUES
Property
S89,404
Special assessments
157,936
Intergovernmental - State
$1,093,842
Intergovernmental - Federal $97,282
_.
Use of money and property 3,584
2,836
Current service charges 46,944 $150,523
143,163
—
Total Revenues 147,710 150,523
1,237,005
250,176
EXPENDITURES
—
Current:
Public safety 11,256
Environmental services
350,094
—
Public works services
2,249,433
204,655
Community services
Community support 156,760
Capital outlay
327,521
—
Total Expenditures 156,760 11,256
2,927,038
204,655
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (9,050) 139,267
(1,690,033)
45,521
OTHER FINANCING SOURCES (USES)
Operating transfers in 9,050
2,328,767
Operating transfers end (139,267)
Total other Financing Sources (Uses) 9,050 (139,267)
2,328,767
EXCESS OF REVE•NI_IFS AND 01-141:R FINANCING
SOURCES OVER (UNDER) EXPE'NDI I I IRFS
AND OTHER FINANCING USES
638,734
45,521
Fund balances at beginning 03 year
62,419
Fund balances at end of year
S638,734
$107,940
32
.Transportation
TOTALS
Gnvironinental
Development
Development
Local Law
Programs
Services
Recreation
Act
Lnforcement
2000
1999
$89,404
$90,150
157,936
55,505
S27,512
56,348
569,394
1,197,096
699,120
330,069
427,351
288,668
26,992
580,528
5168,375
2,455
284,770
217,777
601,718
1,925,282
687,370
3,554,900
3,322,645
986,291
2,005,810
855,745
6,348
71,849
5,711,457
4,673,865
52,752
64,008
90,486
43:3,799
1,534,1 14
2,322,996
1,961,683
2,454,088
2,833,311
1,262,24:
1,262,243
1,258,961
156,760
292,507
$2,600
330,121
73,000
438,798
1,534,114
1.262,243
2.600
52,752
6,590,210
6,509.948
547,493
471,096
(406,49i.)
3,748
19,097
(879,759)
(1,83r,,()831
414,484
9,359
2,701,661
2,705,651
(330,0091
(7,816)
(3,748)
(480,900)
(327,791 )
(130.069)
406,66S
(3,748)
9,359
2,290,761
2.437,860
217,424
411,696
171
28,456
1,402,002
601,777
20''M, 4
8, 7,�(19
15.603
1.168,325
506,548
$44,119
52.570,327
St,108,325
33
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CI1ANGES IN FUND BALANCES --BUDGET AND ACTUAL
FOR THE
FISCAL YEAR ENDED JUNE 30, 2000
COMMUNITY DEVELOF"OENT
BLOCK GRANT
TRAFFIC SAFETY
Variance
Variance
Favorable
Favorable
Budret Actual (Unfavorable)
Budget
Actual
(Unfavorable)
RLVLNLfF.S
Property taxes
Special assessments
Intergovernmental - State
Intergovernmental - Federal
$234,313 S97,282 ($137,031)
Use of money and property
2,000 3,584 1,584
Current service charges
46,844 46,844
146,0ou
150,523
S4,523
Total Revenues
236,313 147,710 (88,603)
146,000
150,523
4,523
EXPENDITURES
Current:
Public safety
22,311
11,256
11,055
Environmental services
Public works services
Community services
Community support
315,529 156.760 158,769
Capital outlay
Total Expenditures
315,529 156,760 158.769
22.311
11,256
1 i,055
EXCLSS 01 REVLNUIiti OVEK
(1"NDER)EXPENDIIUPES
(79.216) (9,050) 70,166
12316h9
139,267
1�.'?3 .F
OTHER FINANCING SOURCES (USFS)
Operating transfers in
9.050 9.050
Operating transfers (out)
(123,6a91
(139.267)
(15,5 _ S)
Total Other Financing Sources (Uses)
9,050 9,050
(123.i S't)
(139,267)
(15,57 '1
FXCESS OF REVENUES AND 01 HF.R SOURCES
0% ER (L INDER) EXPENDITURES AND 0111E'.R USES
(g79,216) S79.216
Fund balances at beginning of year
Fund balances at end of year
34
LIGHTING AND LANDSCAPING
STREETS AND ROADS
ASSESSMENT
DISTRICT
#1
ENVIRONMENTAL
PR06KAMS
Variance
Variance
� ariancc
-
Favorable
Iavorable
lavurablc
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
S"13,750
$99,404
$15,654
157,645
157,936
291
$919,938
$1,093,842
S173,904
$20,000
$27,512
S7,512
- 224,082
(224,082)
329.390
330.069
679
2,000
2,836
836
26,992
26,992
_- 13,566
143,163
129,597
2,800
(2,800)
527,290
601,718
74,428
1,157,586
1,237,005
79,419
2"6,195
250,176
13;)81
876,680
986,291
109,611
347,876 350,084 (2,208) 537,637 438,798 98,839
-- 2,450,760 2,249.433 201,327 198,840 204,655 (5,815)
482,983
327,521
155,462
- 3.281.619
2,927,038
354,581
198,840 204,655
0.815)
531,637
438.798
98.839
(2,124,033)
(1,690,033)
434A00
37,355 45.521
8.166
339.043
547,493
208,450
1.7,58 942
2.329.767
569,825
-
(329,r90)
(339.069)
(679)
1,758,942 -
2,328,767
569,825
01-9.3901
(330.069)
(679)
($365,091)
638,734
SI,003,825
$37,355 45,521
$8,166
S9.653
217.424
s207.771
62.419
-
5638.734
5 107940
$42u.458
(hnunt•edl
35
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES --BUDGET AND ACTUAL.
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
DEVELOPMENT SERVICL'S
RECREATION
Variance
Variance
favorable
Fay orablc
_
Budget
Actual
(Unfavorable)
Budget
Actual
(Untau orable)
REVENUES
Property taxes
—
Special assessments
Intergovemmental - State
Intergovernmental - Federal
ISsc of money and property
$80,528
$80,528
$146.500
$168,375
521.875
Current service charges
$1,283,100
1,925,282
642,192
656.855
687,370
UM15
Total Revenues
1,283,100
2,005,910
722,710
803,355
855,745
52,390
EXPFNDE'I ORES
`
Current
Public safety
Environmental services
1,493,499
1,534,114
(40,615)
Public tyorks services
Communitvservices
1,157,581
1,262243
(104.662) ..
Community support
Capital outlay
Total Expenditures
1,493,499
1,534,114
(40,615)
1,157,591
1,262,243
(104.0,2)
EXCESS OF RLVENUFS OVER
(17NDER)EXPENDITURFti
(210,399)
471,696
682,095
(354,226)
(40o_498j
(52,272)
01 HER FINANCING SOI RCIi S II ISES)
Operating transfers in
301.724
414ASS
11I. t'l
Operating transfers (out)
(7,578)
17.816)
t' �S)
Total Other Financing Sourccs(Uses)
294,146
406.669
112.5-3
EXCESS OI R1-:A FNUES AND O MER SOURCES
OVER (L:\ill:hj E\PLNI)ll liitliS :\ND U'fHh:R I.:S£S
($210,399)
471.696
$682,095
(S60,080)
171
S60.251
Fund balaucci at end of year
Fund balance; at end of vear
S171
36
TRANSPORTATION ULVELOFMLN'I' ACT LOCAI. LAW ENFORCEMENT
Vanancc Variance
Favorable Favorable
Budget Actual (Gnfav(Irable) Budd, t Actual (Unfavorable)
$6,348 $6,348 571,900 S69,394 (S2,506)
$83,203 (83,203)
2,455 2,455
83,203 6.348 (76,955) 71.900 71,849 (51)
78.888 52,752 26,136
98,089
2,600
95,488
98,088
2,600
95,488
78.889
52,752
26,136
(14,885)
3.748
18.633
(6.988)
19.091
26,085
c.519
9.359
840
_. (a.373)
(3.7U)
2.625
(6.373)
0.7441
2,625
9.519
9,359
840
-- (S21.258)
$21,258
SI.531
29,456
$26.925
(Continued)
37
CITY OF SARATOGA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES --BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
TOTALS
1999 `
Variance
favorable
Budget
Actual
(Unfavorable)
Actual
REVENUES
Property taxes
$73,750
S89,404
$15,654
$90,150 --
Special assessments
157,645
157,936
291
55,505
Intergovernmental - State
1,011,939
1.197,096
185,258
699,120 f
Intergovernmental - Federal
870,988
427,351
(443,637)
299,668
Use of money and property
150,500
284,770
134,270
217,777
Current service charges
2,629,611
3,554,900
925,289
3,322,645
Total Revenues
4,894,332
5,711,457
917,125
4,673,865
L:XPENDITURF-S
Current:
Public safety
101,199
64,008
37,191
90,486
Environmental services
2,379,012
2,322,996
56,016
1,961,683
Public works services
2,649,600
2,454,088
195„512
2,933,311
Community services
1,157,581
1,262,243
(104,662)
1.259,961 .�
Community support
315,529
156,760
158,769
292,507,
Capital outlay
581,071
330,121
250,950
73,006
Total Expenditures
7,183,992
6,590,216
593.776
6,509,97'�
EXCESS OF REVEiNI IFS OVER
(UNDER)L'XPENUiIURES
(2,299.660)
(878,759)
1,410.901
(1,836.083)
OTHER FINANCING SO(jRCL'S (USES)
Operating transfers in
2.069,185
2,761,661
692,476
2-765-651
Operating transters(out)
(467,030)
(480,900)
(13,870)
(321.549)
Iota] Other Financing Sources(Ilses)
1,602,155
2,280,761
678,606
2,444,102
FXCESS OF R1iV1N111 S AND O'LIIER SOURCES
01, LR (UNDE R) EXPENDITURES AND OTHER USES'
(S687,505)
1,402,002
$2.089.507
608,019
Fund balances at beginning of year
1.168,325
560,106
Fund balances at end of year
$2,570,327
S 1,168,325
38
CITY OF SARATOGA
CAPITAL PROJECTS FUND
Capital Projects Funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities.
Park Dewtopnaenr - is utilized to account for resources used for the acquisition and construction
of major capital facilities by the City, primarily the acquisition and construction of various City
parks.
39
CITY OF SARAT OGA
CAPITAL PROJECTS FUND
BALANCE SHEETS
JUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR JUNE 30, 1999
ASSETS
Cash and investments
Accounts receivable
Total Assets
LIABILITIES
Accounts payable
Total Liabilities
FUND BALANCE,
Reserved for encumbrances
Unreserved, undesignated
Total Fund Balances
Total Liabilities and Fund Balance
2000
1999
$2,266,636
S2,253,123
S2,266,636
S2,25 3,123
$122,672
$1.140
122,672
1.140
267.366
1,876.598
2.251.983
2,143,964
2,251.983
S2.266.636
S21253.123
40
CITY OF SARATOGA
CAPITAL PROJECTS FUND
STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEARS ENDED JUNE 30, 2000 AND 1999
REVENUES
Current service charges
Total Revenues
EXPENDITURES
Capital outlay
Total Expenditures
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
Fund balance, beginning; of the year
Fund balance, end of the year
2000 1999
$223,560
$111,7SO
223,560
111,780
331,579
83,504
331,579
83,504
(108,019)
28,276
2,251,983
2,223,707
$2,14 %964
S2,251,983
41
CITY OF SARATOGA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CIIANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED RUNE 30, 2000
2000
Variance
Favorable
Budget
Actual
(Unfavorable)
REVENUES
Current service charges $111,780
$223,560
$111,780
Total Operating Revenues 111,790
223,560
111,780
EXPENDI LURES
Capital outlay 603,698
331,579
272,119
Total Expenditures 603,698
331,579
272,119
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES ($491,918)
(108,019)
$383,899
Fund balance, beginning of the year
2,251,983
Fund balance, end of year
$2,143,964
42
CITY OF SARATOGA
DEBT SERVICE FUND
Debt Service Funds are used to account for the payment of interest and principal on the general debt
service of the City and related entities.
Library Debt - Santa Clara County lease revenues are accumulated in this fund to Fay annual
principal and interest payments on the 1976 library bonds.
43
oz
H
CITY OF SARATOGA
LIBRARY DEBT SERVICE FUND
BALANCE SHEET
JUNE 30, 2000
WITH COMPARATIVE. AMOUNTS FOR JUNE 30, 1999
2000 1999
ASSETS
Cash and investm,.nts
Restricted cash and investments
5,800
--- Total As.ets
$5,800
LIABILITIEiS
Accounts payable
S226
Total Liabilitics
226
FU14D BALANCE
Rosen ed for debt service
5,574
Total i-u-id Balance
74
-- Total Liabilitics and Fund Balance
S5,800
ELI
CITY OF SARATOGA
LIBRARY DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
_
BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDFA) JUNE 30, 2000
2000
Variance
Favorable
Budget Actual
(Unfavorable) r
REVENUES
Use of money and property $94,262 $93,209
($1,053)
Total Operating Revenues 94,262 93,209
(1,053)
EXPENDITURES
`
Debt service:
Principal 80.000 90,000
Interest and fiscal charges 13,505 18,783
(5,278)
Total Expenditures 93,505 98,783
(5,278)
EXCESS OF REVI[NUt.S OVER
(UNDER) EXPENDI I URNS 757 (5,574)
(6,331)
EXCESS OF REVENUES AND OTHER
F1NANfINO SOURCES OVER (UNDER)
$757 (5,574)
($6,331)
Fund balance, beginning of the year 5.574
Fund balance, end of year
46
CITY OF SARATOGA
AGENCY FUNDS
Agency Funds account for assets held by a governmental unit in the capacity of agent for individuals,
governmental entities and non-public organizations.
Cable T.1! Trust - This agency fund accounts for funds of the Saratoga Community Access T.V.
Foundation.
Assessment Districts Bonds - This fund accumulates monies for payment of Bonds for Village
Parking Districts #2 and #3, the Leonard Road Improvement District and the Saratoga Public;
Financing; Authority which are financed by assessments placed on the County tax roil.
Deposits - This fund accounts for deposits paid to the City which are subject to refund or held
solely in custodial capacity.
47
AGENCYFUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2000 _
Balance Ba l an c u
June 30, 1999 Additions Reductions June 30, 2000
Cablc T.V. Trust
Cash and investments $81,630 S4.073 S86,363,
Deposits payable S81,630 S4,673 S86?ii
Assessment Districts Bonds --
Parking District #2 Restricted Cash
Parking District #3 Restricted Cash
Saratoga Public Financing Authority Restricted Cash
Leonard Road Assessment District Restricted Cash
Total Assets
Accounts payable
Due to bondholders
Total Liabilities
is
Cash and investments
Accounts payable
Deposits payable
Total Liabilities
Iola] Aacncv Funds
Cash and investmems
Restricted cash and investments
'Iota] Assets
Accounts payable
Deposits payable
Due to bondholders
Total Liabilities
$11,871
$10,363
$1,508
9,550
$176,149
169,001
16,69S
245,165
57,546
302,711
41,153
10,653
11,477
40,329 --
$307,739
$244,348
11190,841
S361,246
$307,739
$244,348
S190.841
S361, 4;,
$307,739
S244,348
S190.841
S361,24,,
$398,539
$86,835
S485,3-4 -
$3,020
S:.020
395,519
S86,835
(1,020)
S485._- _
S398,539
S86,835
5485.3
$490,169
S91,508
S571,6--
307,739
244,348
S190.841
361.E-:
$787,908
S335,856
S190.S41
$3,020
5:.020
477,149
S91,508
307,739
244,348
190.841
361,2-•.
$787,908
$335,856
S191i.84193'
48
CITY OF SARATOGA
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Asset Account Group is used to record and account for the cost of all City property
and equipment except infrastructure.
49
CITY OF SARATOGA
COMPARATIVE SCHEDULES OF GENERAL FIXED ASSETS
BY SOURCE
JUKE 30, 2000 AND 1999
GENERAL FIXED ASSETS
Land and Land Improvements
Building
Equipment and Rolling Stock
Total General Fixed Assets
INVESTMENT IN GENERAL FIXED ASSETS
Donations
Expenditures from:
General Fund Revenues
Special Revenue Fund Revenues
Capital Projects Fund Revenues
Total General Fixed Assets
2000 1999
S4,797,848
S7.575,658
5,985,136
6.079,SS8
2,412,193
2,722,881
$13,195,177
$16,378.427
$1,500
S1,�00
11,883,918
15.111.686
876,400
829.SS2
433,359
431.359
S13,195,177
$16.378.427
50
CITY OF SARATOGA
- SCHEDULE OF CHANGES IN GENERAL, FIXED ASSETS
BY SOURCE
FOR THE YEAR ENDED JUNE 30, 2000
Land and Land
Equipment and
Improvements
Building
Rolling Stock
Total
BALANCE, JUKE 30, 1999
$7,575,658
$6,079,888
$2,722.881
S16.378.427
ADDITION'S:
Expenditures from:
General Fund Revenues
123,622
110,853,
234.475
Special Revenue Fund Revenues
21,145
25,373
46.518
Capital Projects Fund Revenues
Total Additions
144,767
136,226
2S(1.99
INVENTORY ADJUSTMENT:
General Fund Revenue
(2,777,810)
(239,519)
(446,9141
(3,464.214= 1
BALANCE,, JUNE> 30, 2000
$4,797,848
$5,985,136
$2,412,193
S13,19�.177
51
CITY OF SARATOGA
—
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION
JUNE 30, 2000
"
Land and Land
Equipment and
Improvements Building
_Rolling Stock
Total
Public Safety
$356,544
$356,544
Community Environment
$114,383
292,707
407,090
Public Works
$468,572 5,490
799,087
1,273,149 —
Recreation
45,933 78,632
267,318
391,883
Assessment Districts
51,415
51,415 _
Community Support
216
216
General Government
4,158,648 5,756,003
429,464
10,344,115
Intragovernmental
73,280 30,629
266,857
370,765
Total
$4,797,848 $5,985,136
$2,412,193
$13,195,177
52
CITY OF SARATOGA
GENERAL FUND REVENUES BY SOURCE
LAST TEN FISCAL YEARS
$2
$1
—
$0
IW:
1992 1993 1994
1995 1996
1997 1998
1999
2000
--
l'ropccyy 1'axcs
Franchise Fees
Othcr Local Faxes
Use of Molloy and
Pmpcn
]uter�•uvern�nental
Umem Scr io- Char,es
Use of
_
Other
Money
Current
Fiscal
Property
Local
I11tergovern-
Franchise
and
Service
Year
Taxes
Taxes
mental
Fees
Property
Charkcs
_Total
1991
1':n ..1 •1
S 1.972.750
I . ' ; =.I IU '
`♦:610.839
S612.603
S 1,282..'44
$6,598.977
1992
2.258.079
615,059
1.1107.3-t1
7,038,372
1993
:. +•.'
180.000
209,1 [ 1
1.55,;.690
6.630,132
1994
2.-+38.826
+'' .t:•.
?58,h1
183.U61
1.5;"425
6.943.361
_ 1995
2.134.07U
Ic•;.,,•
7(17.5_'2
'7'.4?5
I.')')n.ti74
7.(i96,339
1996
2.905.069
'.'»,�
h60.46
343.295
',t124,.S5.1
8,713,815
1997
2.424.825
'�i;..t.l
hti5,(Iti;
665.966
'..5`'.u50
9,771,821
1998
c,i,i. l.t.l
2.202,826
I . '+'.<V I
--„ 8
457,382
-
0 ; , . 18 2
-
8,526.3 ,
8-
1999
2.328.(171
n'e 1.6 t?
hl)
472.198
1,705.691
8.828,957
2000
2.718.358
i W-,'0"
SS6.618
630.83?
2.0011.181
10,654,869
Source: City of Saratoga Annual Financial Report
53
CITY OF SARATOGA
GENERAL FUND EXPENDiTuRES BY FUNCTION
LAST TEN FISCAL YEARS
$3,000
3.2,500
$2,000
$1,500
0
1�
$1,000
$500
$0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
I Public Safety Public W-k, f (3cceralAwriguNemmem I
Community Ln,irmancnt Rccication,( ommumi'N' Capital Outlay
Community
General/
Fiscal
Env]IWIJIICI)tal
Services &
Intra-
Year
Public Safety Services Public
Works
Support
_g gvemynent
Capital Qu
Total
1991
1,-,
2 15 49
$515.449
$7.495,823
1992
W,691)
1.955.104
10,024,094
1993
014
601,792
8,593,594
1994
240.88"
0,144,518
1995
531,607
9,370,061
1996
1 4�4, 1
177,
154.695
7,017,231
1997
j, 1
280.500
7,840,174
1998
(o �0'
220,310
5,021,873
1999
I "S
2,
211,213,
5.365.807
2000
7
-5.161,151
Source:
City ot'Saratoga Annual Financial Report
54
CITY OF SARATOGA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
$3,000
$5.0
$2,500
$4.5
■
■
$2,000
S4.0 1
■
�
■
-- o
$1,500
i
$3.5
$1,000
• • • •
$3.0
■
■
$500
$2.s
$a
$, 0
1991 1')93 1995 1997 1999
1991 1993 1995 1997 1999
1992 1994 1996 1998 2000
1992 1994 1996 19W 2000
Tax Levied
■ value of property'
-
Value of
Property
Property Tax
Subject to
_
Fiscal
Levied and
Local
Year
Collected
Tax Rate
1991
1992
1993
1994
1995
1997
2000
Sources: City of Saratoga Annual Financial Reports
Calilornia Municipal Statistics Inc. (1990-1992)
_ County of Santa Clara Tax Rates and Information Publication (1993-2000)
55
CITY OF SARATOGA
GENERAL FUND TAX REVENUE
LAST TEN FISCAL YEARS
6
5
4 it
1h
3
2
1991 1 1993 1994 1995 1996 1997 1998 1999 2000
Other "Faxes 0 Sales Tax M Property tax 0 Util. Users' Tax
Uti I itv
Fiscal Year
Users' I'a\ Property Tax (2)
Sales Tax
Other Taxes (I)
1991
Y)67,41 1
M51262
1 4� S 7 S'()
1992
5
f 'S I , " S 7,
1993
9 () I S 6 1
9 1 OX, 4
1994
1.04
9iy-•t 36
00S. 1 i I
1995
1,22
106. So.,
1996
1.i46.162
896.799
1 .3 3 K S 02
1997
1
-A 4 2. 1 S-1
966.901)
1. 1 -4 S A 0 1
1998
1.601.1 1.1
1.057.077
1. 1 1 i. 119
1999
1 ,804-7Ofi
979.192
1. 11-MV9
2000
1. 790.294
1.071.1212
1 . (). 1 ".2) .1) 6
(1) Other Taxes include:
'FlanSiC111 Occupancy Tax. Real I 'rope rty Transfer
Tax. Construction
Tax, Business
i-,iccT,se rax and Animal Licenses.
(2) Property tax le%y's are remitted in full by Santa Clara County which
handles delinquencies and retain,; all
interest and penalties.
Source: City ol'Saratoga
Finance Department
Total
$2,940,184
3,322,256
3,171.862
3384,801
3,655,166
4,511,231
4,507,279
3,866,970
4,192,837
5.508,652
56
CITY OF SARATOGA
ASSESSED AND ESTIMATED ACTUAL MARKET VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
1JJO 1997
1998 1999
20W
®� 1nsecured Property E Secured Property
Fiscal Secured Unsecured
Total
Estimated
Year Property Property
Assessed
Market
195r1 h,. l;r,
$2,623.305,289
$2,623,305,289
19� r2
2,809.614,703
2,809,614.70,
19"r3 '. rl,r,. I . i I " .:'
2,996,971,420
2,996,971-4-')
1994 153.1?r,.3tt� :� �
3,181,662,768
3.181,662,7r_,t'
1995 3'r,1.?-41- 6.1
3,289.435,553
3,289,435. ;.
1996 ?.. h.;_9r,.4.;3.I
3,398,224.679
3,398,224.E 9
1997 :.h6n-51.;.' :?
3,697,796,461
3,697,796.461
1 W8 I I -9Q4 ..
4,029.381,944
4,029,381.944
1999
4,432.656,416
4,432,656.4 � 6
2000t.7ti!.
4.823,743,087
4,823,743.087
Source: California Municipal Statistics Inc.
The California Constitution requires properties to be assessed at full market value
on the date of purchase but limits increases in assessed valuation to 2" b annually.
57
$1.2
$1.0
v
L
$0.6
rL
L
$0.4
S0.2
$0.0
CITY OF SARATOGA
PROPERTY TAX RATES
(PER $100 OF ASSESSED VALUATION)
ALL, OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
1996
1997 1998 1999 .....
000
d,N Peialta College ■ ichool Districts ■ Special districts ■ Caunt} Widc Levy
Basic
Special
Fiscal Count: Wide
School
Districts
Year Levy
Districts
and Other
1991 1 .1 11 '
50.001 1
$0.0164
1992 I . (i. I I '
0.0104
1993 1."." 1;
0.0105
1994 l .+);, i;
0_0 16
1995 I .ii.,.;'
0.090;
0.0 18 0
1996
0.111 17
1997 1.111t,5
O.U74;
f1.fII 112
1998 1.ii l I'
0.0098
1999 1.1,.104c
0.0647
0.0092
2000 1 (1." 1.1
f1.0012
0.0085
Source: County of'Santa Clara Tax Rates and Information Publication
58
CITY OF SARATOGA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
WC
$500
$400
$300
$200
$100
So loan 1
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Special Assessment
Special
Assessment
Billings
Fiscd
and
Year
Collections
1991
1992
18 82. 1)
1993
1 S0.068
199-"
17, 0, -, N 0
19V
1996
2111
1997
S31111
1999
1 o
1999
()
2000
157.9.10
Source: City of Saratoga Annual Financial Reports
Comprises Parking Districts #1 and #4 and
Lighting and Landscaping District #1 in 1992-1998
Prior years also include Parking Districts #2 and #3
59
CITY OF SARATOGA
RATIO OF GENERAL OBLIGATION BONDED DEBT
TO ASSESSED VALUE AND BONDED DEBT PER CAPITA
LAST' TEN FISCAL YEARS
$5 , 5
$5.0
$4.5
$4.0 ■
$3.5
$3.0
$2,5
$2.0
$15
1991 1993 1995 1997 1999
1992 1994 1996 1991 MOO
Assessed
Value
Fiscal
Assessed
Year
Population
VUILIC
1991
28,061
0 -, 3
1992
28,031
0 14.
1993
28,390
:.QQW) 1.4211
1994
28,709
18 1 06 2, 74- (,,S
1995
29,576
3. 4:3 . 5. 5
1996
29,579
1.:" X 1 -11 , (,
1997
30,591
6 -. - () ('' -4 j
1998
31,097
() 9. Z I,- I . 1) 4-1
1999
31,255
1-4' '.6 , 56.4 16
2000
31,320
-1. Is zj.',.(jS 7
Sources: County ol'Santa
Clara Tax Rate and Ini-ormation
Publication
California Municipal Statistics Inc.
Note: Includes Library Bonds only
$10
$25 •
$20 •
•
$15
$10 •
1991 1993 1995 1997 19)9
1992 1994 1996 1998 2(KX)
• Bonded Debt Per Capita
Net
Bonded
Bonded
Dcbt Per
Debt.
C vita
$770,000
720,000
16
670,000
24
615,000
555,000
19
490,000
1 -,
415,000
14
140,000
11
205,000
8
185,000
0
60
2.2%
2.0%
1.8%
1.4%
1.2%
1.0%
0.8%
CITY OF SARATOGA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO
TOTAL GENERAL FUND EXPENDITURES
LAST TEN FISCAL YEARS
M�Abkh.�
- --------------------------- ----- - ---- - -----------
----------------------------
- --------------
- - - —
1991 ---- ----- -
199'' ------------ -
1994 - -�
1995 -- L- 1997 --- -/:
1996 -=------- _
1998 1999------------ -
2000
Debt. Service %
Percent of
Total
Debt Service:
Fiscal
'Total
General Fund
to General Fund
Year
Principal
Interest
Debt Scrvice
Expenditures
Ex enditurc
1991
S50,000
$44,725
$94,725
$7,495,823
1.20�
- 1992
50,000
43.890
93,890
10,024,094
().941.4
1993
50,000
42,ti23
92,523
8,593,594
1.08'ii
1994
55,000
36,590
91,590
6,144.518
I .-19'I
1995
60,000
33,644
93,644
8,370.061
1.I21.4
1996
65,000
30,307
95,307
7,017,231
1.
1997
75,000
26,700
101,700
7,840,174
1.30';'r
1998
75,000
22,178
97,178
5,021,873
1 .9a':4
- 1999
75,000
18,071
93,071
5.365,807
1.7I'll
2000
80,000
18,783
98,783
6,161,151
1.60';
-- Includes General
Obligation Bonds
Sourer. City of Saratoga
Annual Financial Reports
61
CITY OF SARATOGA
DEMOGRAPHIC STATISTICS
LAST TFN FISCAL YEARS
32
---------------------------
1700
------------------
--------------1650 -- --- ------------
-------
31
f
---------- —
--- ---
-------
--------o-o--o-�-------------------�
- ---------
1600
-
--------------
30
--
---
-
------------------
---
--
1550
-
----- ---------
c
--
- -----
--------------------
---- — -----
-
-------------------- ---
--- ----------
1500
----
-- ----------------------------- ----------------------
i
28
--- -------- --------
--------------------------
1450
---
----------- — -----------------------------------------------
— ----
27
------
1400
]991 19o2 J
'993
-----------
19911 9)', 1993 19941995, ----------------
194 191)5
1 996 1997
996 1997 1998
--------- — --
lg,)8
1 oog
■
City
county Population
llop'lation
l.
. .. ......
Santa Clara
City
Fiscal
City
County
Population
Year
Population
_Population
% of Countti
1991
"'.061
1992
1993
lt)ji1.824
1994
1.81
1995
o
I Wl'f
1996
1 .8 3
1997
1 , x 5
1998
1 s 4 "1
1999
L 82
2000
1.3 If I
Source: Stab- of California Department of Financc - Population Research Unit
62
CITY OF SARATOGA
PROPERTY VALUES, REMODELING AND CONSTRUCTION
LAST TEN FISCAL YEARS
$5.0
$4.0
$3.0
$2.0
$1.0
Soo
1991 1993 1995 1997 1999
1992 1994 1996 1999 2000
Property Values
$60
$ 5 0
$40
$30
$20
$10
$0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Residential Remodeling & Construction
$7
.......
$400
$6
$300
o $4
$200
$1
S100
$
so
1941 1993
1995 1997 1999
1991
1992 1993 1994 1995 1996
1997 1998 1999 2000
1992
1994 1996 199E 2000
Commercial Remodeling
II & Construction
Batik Deposits,
Commercial Remodeling
Residential Remodeling
and Construction
. .. .......
and Construction
. .. ...... .
Fiscal
Property
Number
Number
Bank
Year
Values,
of Permits
Value
of Permits
Value Deposits
1991
.30
1371).,,()0
2,556
-,2S.0-4().�0o
19921
.53
61 1
2,493
1993
67
547.>02
2,481
20. 1 1.'40
1994
94
L509.805
2,653
1995
.57
L 147,7 11)
3,194
34;.0-" [ ('0
1996
69
1. 17 1, il,
2,535
0 0. 0 1 ".8 1)
1997
.52
S41.020
1,834
44.982.97-1
1998
47
1,844
4S. 2.' (). 11) 4
1999
"o .114,
66
1,916
66.2 I S. 150
2000
!;.11:C
57
4, 302,1,"5
1,960
65.90 1, 10'
Source: City ol-Sarato;za Building Departnim
Bank Deposits from Findley Reports and SheslicnoffInt"ormation Services
63
CITY OF SARATOGA
COMPUTATION OF LEGAL DEBT MARGIN
JUNE 30, 2000
ASSESSED VALUE $4 823 743, 887
BONDED DEBT LIMIT (151/. OF ASSESSED VALUE) $723,561,463
AMOUNT OF DEBT SUBJECT TO LIMIT:
Total Long Term Debt 185,000
LEGAL DEBT MARGIN $723,376,463
SOURCE: CITY OF SARATOGA FINANCE DEPARTMENT
E
CITY OF SARATOGA
COMPUTATION OF DIRECT AND OVERLAPPING DEIST
JUNE 30, 2000
PERCENTAGE
AMOUNT
APPLICABLE
APPLICABLE
TO CITY OF
TO CITY OF
SARATOGA
SARATOGA
DIRECT AND OVFRF.APPtTIG TAX AND ASSESSMENT DEBT:
Santa Clara County Flood Control and Water Conservation District Zone NC -I
11.473%
$101,5-.6
Santa Clara County Flood Control and Water Conservation District Zone W-1
3.643`,,'
426,049
Foothill -De Anza Community College District
1.815°%0
1,814,910
Fremont Union high School District
3.700°%0
1,406,000
Los Gatos Joint Union High School District
39.338".0
7,366,041
Campbell Union HighSchool District
5.644%
1,128,800
Campbell Union School District
7.2339,�d
3,050,757
Cupertino Union School District
6.443°io
4,434,394
Moreland School District
12.746%
303,3=19
Saratoga Union School District
86.546%
34,812,413
Midpeninsula Regional Open Space Park District
6.1150,'6
2,425,635
City of Saratoga
100.0000,10,
185,000
City of Saratoga 1915 Act Bonds
100.000170
765,000
TOTAL GROSS DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 61,719,884
Less: Santa Clara County Fc and l4%CD, Zone NC -I (100,'o Self Supporting) 101,5>6
TOTAL NET DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 61,618,348
DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT
_ Santa Clara County General Fund Obligations
3.475%
17,Sy7,293
Santa Clara County Board of Fducation Certificates of Participation
3.4751'0
682,143
Foothill-DeAnza CornmUnity College District Ccrtiticates of Participation
1-IS I5411�
623,634
West Valley Community College District Certificates of Participation
10.482`4,
2,264,1 : 2
Campbell Union School District Certificates of Participation
7 233
831,795
Cupertino Union School District Certificates of Participation
6.441%
741,5&9
Moreland School District Certificates of Participation
12-746`,o
?69,299
_. Midpeninsula Regional Open Space Park District Certificates of Participation
6.115",;0
4,545,171
Santa Clara Valley Water District Certificates of Participation
3.475�
4,392,41
Santa Clara County Central Fire District Certificates of Participation
14.066,'0
67,91� f
TOTAL DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT
32,506,3"0
GROSS COMBINED TOTAL DEBT S94,526,25-1
NET COMBINED TOTAI, DEBT $94,424,7 c
(.) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non -bonded
capital lease obligation.
Ratios to Assessed Valuation:
Direct Debt $185,000
0.004%
_ Total Gross Debt and Overlapping Tax and Assessment Debt
1 289%0
Total Net Direct and Overlapping Tax and Assessment Debt
Gross Combined Total Debt
1.961�
Net Combined Total Debt
1.960i0'
SOURCE: California Municipal Statistics, Inc.
m"
CITY OF SARATOGA
PRINCIPAL TAXPAYERS
JUNE 30, 2000
_.
Percent of
Assessed
"Total Assessed
Assessee
Use
Value
Value
- Income Opportunity Saratoga Co.
Office Building
$10,603,125
0.22%
Carson Estate Company
Shopping Center
8,630,000
0.18%
San ,lose Water Works
Water Utility
11,388,740
0.24%
Argonaut Associates LLC
Shopping Center
3,957,896
0.08%
Inn at Saratoga, Inc.
Commercial
4,062,020
0.08%
Public: Storage Props IX Inc.
Warehousing
7,735,653
0.16%
Pfeiffer Ranch Investors Inc.
Single Family Residential
9,374,682
0.19%
Baglierand 14efayat Navid
Single Family Residential
5,882,768
0.12%
Dr. Walter Donald Head
Office Building
4,466,628
0.09%
Cali Investments
Commercial
4,123,950
0.09%
Dannz. Blue Hills LLC
Office Building
4,685,238
0.10%
George and Gloria Janac
Single Family Residential
3,469,875
0.07%
John 11. and Judy It I lart
Single Family Residential
4,519,677
0.09%
Ray A. Russo, Sr., Trustee
Commercial
4,136,180
0.09%
Saratoga Oaks LLC:
Office Building
3,921,340
0.08%
David I.. House
Single Family Residential
4,013,489
0.08%
Ronnoco Saratoga Properties
Office Building
3.550,000
0.07%
William G. and Marguerite Paseman
Single Family Residential
3,510,000
0,07%
August Partners 11
Commercial
3,412,735
0.07%
Peninsula Recreation Inc.
Commercial
3,272,911
0.07%
Totals
$108,716,907
2.25%
Total :assessed valuation
$4,823,743,087
SOURCE: CALIFORNIA NC IMCIPAL
STATISTICS
66
CITY OF S,aRATOGA
MISCELLANEOI IS STATISTICS
JL.RvF. 30.2000
Date of Incorporation
Farm of Governnn:nt
—L'nrp (owes:
C'ily Manager's Office
Recrca[ion
Ill Works%Maintenance
Community Devchipment
Finance
Total
Area
Miles of Streets
Lenkllr aj'srorm drums
Fire Protccrioir
Saratoga Fire District
Number ofstations
Numbcr of firefighters
Number nfreserve frefightcrs
Central Fire District
Number of stations
Number of firefighters
Number of reserve firefighters
Police Proreclinn.
Nuntl,cr of sLvtions
Dumber ol'police offieers
Number of support personnel
San lose water Company
Number of meters
Average daily consumption
I.Cn_,Iii of water rnains
I,eneth of Storm Drains
See cr:
West Vallcv Sanitation District
Numbcr of uznnectiuns
I..ength of sclacr lines
Cuperbro S;mitalion District
Numbcr of a1111ceti011s
length of sewer lines
Culture and Rect—o-
Parks
Acres in parks
zr,t rrr�-.a./_
K,gr;rcred Durcrs
Pnjru6lrtorr
SOURCES: VARIOUS CITY Rl,:, ORIIS
1956
Council -Manager
5
9
19
9
9
51
13 Square miles
250
45 Miles
1
24
20
3
12
32
1
65
4
Il,Yizti
32 Gallons perhou;ehold
4s Miles
8,0 _ 1
t 22' Miles
2.0-4
35 Miles
14
4It. 20 Acres
$107,1 12,247
1S.0,,x
31,320
67